CAFR Report - 2003-2004
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Comprehensive Annual Financial Report Cover Description/Narrative
On the Front Cover:
The featured gazebo is located in the Tupling Memorial Butterfly Garden, which
is one of the many new features at Cook Park. Cook Park is one of the City's
twelve parks and is the City's largest park at 79 acres. Other new features
added during the Cook Park Expansion include sports fields, expanded parking,
additional restrooms, concession stand, 4 acre wetland area, picnic shelter,
playground, new maintenance building, trails, and pathways.
The Cook Park Expansion, which cost over $2,000,000, was completed in Spring
2003. This Project was funded by a State loan from the Oregon Economic
Community Development Department (OECDD), a State grant, and a generous
donation from Christine Tupling. The obtainment of the OECDD loan at a
favorable rate allowed the City to complete the expansion in one phase. By
completing the project in one phase, the City saved over $471,000 in projected
construction costs as well as minimizing interest costs.
Cover photo courtesy of Sheryl Qualls, City of Tigard, Financial Operations.
Cover design courtesy of Nancy Lof, City of Tigard, Office Services.
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CITY OF TIGARD, OREGON
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o COMPREHENSIVE ANNUAL FINANCIAL REPORT
O For the fiscal year ended June 30, 2004
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O City of Tigard - Finance Department
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p City of Tigard, Oregon
o Table of Contents
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0 INTRODUCTORY SECTION:
0 Letter of Transmittal 1-5
O Certificate of Achievement for Excellence in Financial Reporting 6
Organization Chart ..............................................................................7
0 Mayor and City Council Members ...................................................................8
FINANCIAL SECTION:
Independent Auditors' Report .....................................................................9
Management's Discussion and Analysis 10-22
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets 23
Statement of Activities 24
Fund Financial Statements
Major Governmental Funds:
Balance Sheet ...........................................................................25
Statement of Revenues, Expenditures, and Changes in Fund Balances 26
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances to the Statement of Activities 27
Proprietary Funds:
Statement of Net Assets ....................................................................28
Statement of Revenues, Expenses, and Changes in Fund Net Assets .................................29
Statement of Cash Flows ...................................................................30
Pension Trust Fund:
Statement of Net Assets 31
Statement of Changes in Net Assets 31
Notes to Basic Financial Statements 32-48
Required Supplementary Information:
Schedule of Revenues and Expenditures - Budget and Actual:
General Fund ............................................................................49
Other Supplementary Information:
Nonmajor Governmental Funds Combining Statements:
Combining Balance Sheet 50
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 51
Special Revenue Funds:
Combining Balance Sheet - Nonmajor Special Revenue Funds 52
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances - Nonmajor Special Revenue Funds 53
Schedules of Revenues and Expenditures - Budget and Actual:
p Criminal Forfeiture Fund ....................................................................54
Gas Tax Fund 55
Parks Capital Fund ........................................................................56
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City of Tigard, Oregon
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Table of Contents, Continued •
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FINANCIAL SECTION, Continued:
Other Supplementary Information, Continued: •
Special Revenue Funds, Continued:
Schedules of Revenues and Expenditures - Budget and Actual, Continued: •
Traffic Impact Fund ........................................................................57
Electrical Inspection Fund ...................................................................58 '
Underground Utility Fund ....................................................................59
Insurance Fund 60 •
Building Fund 61
Urban Services Traffic Impact Fee Fund 62 •
Urban Services Fund ......................................................................63
Tree Replacement Fund ....................................................................64 •
Street Maintenance Fee Fund ................................................................65
Debt Service Funds: •
Schedules of Revenues and Expenditures - Budget and Actual:
Bancroft Debt Service Fund .................................................................66 •
General Obligation Bond Debt Service Fund 67
Capital Projects Funds: •
Combining Balance Sheet - Nonmajor Capital Projects Funds 68
Combining Statement of Revenues, Expenditures and •
Changes in Fund Balances - Nonmajor Capital Projects Funds 69
Schedules of Revenues and Expenditures - Budget and Actual: •
Facility Fund .............................................................................70
Dartmouth Local Improvement District /Capital Improvement Project Fund 71 •
Wall Street Local Improvement District Fund 72
Proprietary Funds:
Enterprise Funds: •
Schedules of Revenues and Expenditures - Budget and Actual: •
Sanitary Sewer Fund .......................................................................73 •
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses - Sanitary Sewer Fund ................................................74 •
Storm Drainage Fund 75
Water Quality and Quantity Fund 76 •
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses - Storm Sewer Funds .................................................77 •
Water General Fund .......................................................................78 •
Water Systems Development Fund 79
Water Capital Projects Fund 80
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses- Water Funds 81 •
Reconciliation of Budgetary Fund Balances to Generally Accepted •
Accounting Principles Basis Net Assets 82
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Internal Service Funds: •
Combining Statement of Net Assets 83 .
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets 84
Combining Statement of Cash Flows 85 •
Schedules of Revenues and Expenditures - Budget and Actual: •
Central Service Fund .......................................................................86 •
Fleet/Property Management Fund .............................................................87
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City of Tigard, Oregon
Table of Contents, Continued
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FINANCIAL SECTION, Continued:
Other Supplementary Information, Continued:
Capital Assets Used in the Operation of Governmental Funds:
Comparative Schedules by Source ...........88
Schedule by Function and Activity 89
Schedule of Changes by Function and Activity 90
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 91
Schedule of Bond and Bond Interest Transactions 92
Schedule of Future Debt Service Requirements of
Long-term Notes Payable 93
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 94
Schedule of Future Debt Service Requirements of
General Obligation Bonds ....................................................................95
STATISTICAL SECTION:
Government-wide Expenses by Function ............................................................96
Government-wide Revenues 97
General Governmental Expenditures By Function - Budgetary Basis -
for the last ten fiscal years ......................................................................98
General Governmental Revenues By Sources - Budgetary Basis -
for the last ten fiscal years 99
Property Tax Levies and Collections - for the last ten fiscal years 100
Market Value and Assessed Value of Taxable Property -
for the last ten years 101
Special Assessment Collections - for the last ten fiscal years 102
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 103
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 104
Computation of Legal Debt Margin - June 30, 2002 ....................................................105
Computation of Overlapping General Obligation Debt - June 30, 2003 106
Ratio of Annual Debt Service Expenditures for Long-Term Debt to
Total General Governmental Expenditures
for the last ten years 107
Property Value, Construction - for the last ten fiscal years 108
Principal Taxpayers - June 30, 2003 109
Demographic Statistics - for the last ten fiscal years 110
• Miscellaneous Statistical Data - June 30, 2003 111
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
STATE REGULATIONS:
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• Auditors' Comments and Disclosures 112-114
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INTRODUCTORY SECTION.'
October 22, 2004
CITY OF TIGARD
Citizens of Tigard OREGON
Honorable Mayor
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, 2004.
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 generally accepted accounting principles (GAAP) and audited in accordance with
generally accepted auditing standards by a 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 Pauly, Rogers, and Co., 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, 2004, 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 auditor 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 30, 2004, are fairly presented, in all material
respects, in conformity with GAAP. The independent auditor's report on the Basic Financial
Statements 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 MD&A and should be read in
conjunction with it. The City's MD&A can be found immediately following the report of the
independent auditors.
Profile of the Government
i The City of Tigard is located in eastern Washington County just 10 miles southwest of downtown
Portland, Oregon along major highways; Interstate 5 and Highway 217. 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 11.4 square miles and has a population of 44,070. From 1990 to 2000, the
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13125 SW Hall Blvd., Tigard, OR 97223 (503) 639-4171 TDD (503) 684-2772
City's population grew 39%. The City is the eleventh largest city in the State of Oregon. It is
projected that the City will have a population of over 47,000 by 2005. The City can extend its
corporate limits by annexation which is permitted by state statute.
Incorporated in 1961, the City is 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.
Local economy
The City's location in the Portland metropolitan area provides citizens with many diverse
• employment opportunities. The unemployment rate in the Portland metropolitan area averaged
8.06% during the year 2003; however, recent data on the unemployment rate shows it declining
with the rate being 6.80% at June 30, 2004.
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.
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Summary of Economic Data
Number of Businesses, 2004 2,759
Jobs (1997 Economic Census estimate) 28,233
Median Household Income (2000) $51,581
Primary Economic Sector (receipts/sales) Wholesale Trade
Tax Rate $2.51310 per $1000
of assessed value
Total Assessed Value (2003) $3,754,359,399
Long-term financial planning
The City has developed a comprehensive long-term financial forecast every year since the
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 (CIP) that is also updated every year. The CIP is
developed through a process separate from, but parallel to the budget process. The impact on
future operating and maintenance costs are projected from the CIP 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.
To set forth operational principles, which minimize the cost and financial risk of local government
consistent with services, desired by the public.
To employ revenue policies, which prevent undue or unbalanced reliance on any one source,
distribute the cost of municipal services fairly and provide adequate funds to operate desired
programs.
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To provide and maintain essential public facilities, utilities, infrastructure, and capital
equipment.
To protect and enhance the City's credit rating.
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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 Vision Task Force Goals, departmental needs, and City Council priorities. In the goal setting
• meeting, the City Council reviews information and develops a short list of goals. Council goals
set the priorities for City government and are incorporated into departmental work plans.
The Council established the following goals for 2004:
Goal 1 - Financial Strategy
A. Develop and implement a sustainable long-term financial strategy for issues such as:
1. General Fund needs
2. Library
3. Transportation
4. Parks and open space
5. Washington Square regional center
6. Central Business District
7. Water system
Goal 2 - Tigard Central Business District
A. Support the activities of the Downtown Task Force as it defines a vision for
redevelopment.
B. Select a consultant to carry out the Transportation Growth Management (TGM) grant to
create a redevelopment plan based upon the recommendations of the Task Force and
Council.
C. Choose a financing mechanism, such as tax increment financing, for carrying out the
• redevelopment plan or vision.
D. Broaden the Task Force to include citywide representation.
Goal 3 - Transportation
• A. Aggressively pursue solutions to congestion of state, county and city facilities that cross
through Tigard.
• 1. Re-forming the Transportation Financing Task Force.
2. Identify project priorities and funding needs for state and city facilities.
B. Continue working with Tri-Met to carry out the Memorandum of Understanding and
. identify and fund additional improvements with an emphasis on intra-city bus routes.
' C. Council shall meet with ODOT representatives at least once in 2004 to discuss state road
facilities in Tigard and the related funding needs and priorities.
• Goal 4 - Parks and Recreation
A. Meet with the Park and Recreation Advisory Committee to:
1. Discuss the vision of the Task Force and the Council related to the City need for
parks and recreation.
2. Discuss possible acquisition needs and financing for the City of Tigard as well as
• unincorporated Bull Mountain.
3. Discuss options and interest in creating a park and recreation district.
B. Continue to participate in discussions with the Tigard-Tualatin School District and
. neighboring cities to consider the school district's funding needs.
C. Meet with the Skate Park Committee and formulate a plan of action.
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D. Continue to support the efforts of the Youth Forum.
Goal 5 - Growth Management
A. Continue looking at Bull Mountain and other urban areas for future annexation to the City.
B. Develop a framework/timetable for a Comprehensive Plan update.
C. Negotiate with Washington County staff to determine who will prepare the plan and
zoning for the Urban Growth Boundary Extension Areas 63 and 64, and identify the
source of funding for the plan.
Goal 6 - Communication
A. Increase Tigard's communication with other local officials and elected bodies through
active participation of City Council members and staff.
B. Improve and expand communication with citizens, particularly communicating successes
and future concerns.
C. Support the Tigard Beyond Tomorrow goal to maximize citizen involvement opportunities
through educational programs by implementing a citizen leadership series.
D. Investigate the possibility of supporting the mission of the Tigard Youth Advisory Council
"to empower, improve and connect the lives of Tigard's youth" by adding a youth
representative to all City boards and committees.
E. Investigate the possibility of supporting the Tigard Beyond Tomorrow strategy to
"encourage public participation through accessibility and education with an annual
citizen's fair for community events and businesses."
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, 2003. This was the nineteenth consecutive year
that the government has received this prestigious 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 Program's requirements and we are
submitting it to the GFOA to determine its eligibility for another certificate.
In addition, the government also received the GFOA's Distinguished Budget Presentation Award
for its annual budget for fiscal year 2004-2005. This was the seventeenth consecutive year that
the government has received this prestigious award. In order to qualify for the Distinguished
Budget Presentation Award, the government's budget document was judged to be proficient. in
several categories, including as, a policy document, a financial plan, an operations guide, and a
communications device.
The 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. 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.
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Respectfully submitted,
illiam A. Monahan Craig Ptbsser
City Manager Finance Director
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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, 2003
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.
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AN H ORATION President
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Executive Director
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ORGANIZATION CHART
City of Tigard, Oregon •
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Citizens •
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Mayor & City
City Council Attorney
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City Manager " •
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Police Library Public Works Community Engineering Cry Finance •
J Development Administration •
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Administration Administration Administration Administration Engineering City Finance
Department Management Depar tment •
Operations Readers SeNces Sanitary Sewer Building Inspection Street Lights/Signals Mayor & Financial •
Council Operations
Support Technical Seruces Storm Sewer Current Human Resources Office SeNces
Ser\Aces Planning •
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Circulation Water Long Range Risk Management Records •
Planning •
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Street Network Seruces Municipal Court
Maintenance •
Fleet Maintenance
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Property Mgmt. •
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Parks and •
Grounds •
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City of Tigard, Oregon
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• PRINCIPAL OFFICIALS AS OF JUNE 30, 2004
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ELECTED OFFICIALS:
• Name Term Expires
Mayor Craig Dirksen December 31, 2004
Councilor Tom Woodruff December 31, 2004
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Councilor Brian Moore December 31, 2004
Councilor Sydney Sherwood December 31, 2006
Councilor Nick Wilson December 31, 2006
APPOINTED OFFICIALS:
William A. Monahan, City Manager
Craig Prosser, Finance Director
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• All may be reached at:
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13125 SW Hall Boulevard
• Tigard, OR 97223
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• LEGAL COUNSEL
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Ramis, Crew, Corrigan & Bachrach
• 1727 NW Hoyt Street
• Portland, OR 97209
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FINANCIAL SECTION
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PAULY, ROGERS AND CO., P.C.
firrie CERTIFIED PUBLIC ACCOUNTANTS
• 12700 SW 72ND AVENUE • TIGARD, OREGON 97223
• (503) 620-2632 • FAX (503) 684-7523
October 22, 2004
To the City Council and Citizens
City of Tigard, Oregon
Tigard, Oregon
INDEPENDENT AUDITORS' REPORT
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, 2004, 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 opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our 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 City of Tigard, Oregon, as of June 30, 2004, and the
respective changes in financial position and cash flows, where applicable, thereof for the year then ended
in conformity with accounting principles generally accepted in the United States of America.
Management's discussion and analysis commencing on page 10 is not a required part of the basic
financial statements, but is supplementary information required by accounting principles generally
accepted in the United States of America. We have applied certain limited procedures which consisted
principally of inquiries of management regarding the methods of measurement and presentation of this
required supplementary information. However, we did not audit the information and express no opinion on
• it.
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Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
• comprise the City's basic financial statements. The accompanying supplementary information including
the budgetary comparison information for the General Fund (which is required supplementary
• information), and the combining and individual nonmajor fund financial statements, 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. Such required supplementary information and supplementary information has been
• subjected to the auditing procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects, in relation to the basic financial statements taken as a
• whole. Other supplementary information, other than management's discussion and analysis, such as the
• introductory section and the statistical section, have not been subjected to the auditing procedures applied
in the audit of the basic financial statements and, accordingly, we express no opinion on them.
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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,
2004. This Management's Discussion and Analysis (MD&A) is based on currently
known facts, decisions, and conditions that existed as of the date of the independent
auditor's report.
We encourage readers to consider the information presented here in conjunction with
the transmittal letter at the front of this report and the City's financial statements which
follow this discussion and analysis.
Financial Highlights
The assets of the City exceeded its liabilities at the close of the most recent fiscal
year by $265.8 million (net assets). Of this amount, $41.1 million (unrestricted net
assets) may be used to meet the City's ongoing obligations to citizens and creditors.
• The City's net assets increased $4.1 million over the course of this year's operations.
Within this total the net assets of our business-type activities increased by $3.0
million or nearly 4.1%, and net assets of our governmental activities also increased
by $1.1 million or.6%.
0 During the fiscal year, the City generated $23.5 million in taxes, charges for services,
and other revenues for governmental programs while incurring expenses from
governmental activities totaling $22.4 million, for an increase in net assets of $1.1
million.
• In the City's business-type activities, operating revenues decreased by less than $.3
million or 2.8%, while operating expenses increased by $.3 million or 4.1
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• • As of the close of the current fiscal year, the City's governmental funds reported
combined ending fund balances of $22.9 million, a decrease of $9.0 million. The
majority of the decrease is directly attributable to the completion of a new library and
• the related capital expenditures.
• 0 At the end of the fiscal year, unreserved fund balance for the General Fund was $8.4
• million, an increase of $.5 million or 5.9% from the previous year.
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• The City's total debt decreased by $1.4 million during the fiscal year. The key factors
• in this reduction where a combination of the early retirement of some local
• improvement bonds and normal annual debt service payments on both the general
• obligation bonds and long-term note.
Overview of the Financial Statements
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• 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 and schedules of the non-major finds.
•
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
•
• 10
•
•
•
section, required supplementary information that further explains and supports the
information in the financial statements.
The following chart illustrates how the various sections of this annual report are arranged
relative to another.
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)
Notes to Basic Financial Statements •
1
REQUIRED SUPPLEMENTAL INFORMATION
(other than MD&A) •
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 City's assets and
liabilities, with the difference between the two reported as net assets. Over time,
increases or decreases in net assets may serve as a useful indicator of whether the
financial position of the City is improving or deteriorating.
The Statement of Activities presents information showing how the City's net assets
changed during the most recent fiscal year. All changes in net assets are reported as
soon as the underlying event giving rise to the change occurs, regardless of the timing of
related cash flows. Thus, revenues and expenses are reported in this statement for
some items that will result in cash flows in a future fiscal period. Examples of such items •
include earned, but uncollected property taxes, and earned, but unused compensated .
absences.
Both of the government-wide financial statements distinguish functions of the City that
are principally supported by taxes and intergovernmental revenues (governmental
activities) from other functions that are intended to recover all or a significant portion of
their costs through user fees and charges (business-type activities).
The governmental activities of the City include the following:
• Community services, police, library, and social services
• Public works, including parks and recreation
11 ~
• Development services, planning and engineering
• Policy and administration
The business-type activities of the City include the following:
• Sanitary sewer
• Storm water
• Water
The government-wide financial statements can be found on pages 23-24 of this report.
Fund Financial Statements are designed to demonstrate compliance with finance-
related legal requirements overseeing 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. All of the funds of the City can be
divided into two categories: governmental funds and proprietary funds.
Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike
the government-wide financial statements, governmental fund financial statements 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 financing requirements.
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 18 individual governmental funds. Information is presented
separately in the governmental fund balance sheet and the governmental fund 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 three major funds: General Fund, Facility Fund, and Bancroft Debt Service Fund.
Data from the other 15 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.
In fiscal year 2003, the City closed four funds to consolidate like activities. This trend
continued with the beginning fund balance in the Tree Replacement Fund transferred to
the Parks Capital Fund to close out this fund and finalize consolidation of park capital
improvement activities. Also, through a supplemental budget process, the City Council
established a Street Maintenance Fee Fund. This fund was created to track the
revenues and expenses for the Street Maintenance Fee that the City Council approved
through Ordinance No. 03-10 in November, 2003. This new fee will be used for the
repair of roads throughout the City and individual projects are targeted to address the
$4.0 million backlog of street repairs that need to be completed.
The City adopts an annual appropriated budget for all of its funds. A budgetary
comparison statement has been provided for each fund individually to demonstrate
• compliance with their budgets.
12
•
•
•
•
The basic governmental fund financial statements can be found on pages 25-27 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 Storm Sewer Fund
and the Water Quality/Quantity Fund; and the Water Fund, which includes the Water
Fund, Water SDC Fund, and Water CIP Fund. 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 73-82 of
this report. Budgetary comparisons for the internal service funds are provided on pages •
83-87 of this report. •
•
The proprietary fund financial statements can be found on pages 28-30 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.
•
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 32- •
48 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 notes to the •
financial statements. Combining and individual fund statements and schedules can be
found on pages 52-65 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 $265.8
million at the close of the most recent fiscal year. •
•
•
13 •
The largest portion of the City's net assets (81.2%) 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 are part of the City infrastructure and, therefore, these assets are not available for
future spending. Although the City's investment in capital assets is reported net of
related debt, it should be noted that the resources needed to repay this debt must be
provided from other sources, since capital assets themselves cannot be used to liquidate
these liabilities.
City of Tigard, Oregon
Net Assets as of Fiscal Year-end
(in millions)
Governmental Business-type
Activities Activities Total
Assets 2004 2003 2004 2003 2004 2003
Current and other assets $ 32.0 $ 39.9 $ 27.1 $ 26.2 $ 59.1 $ 66.1
Net capital assets 181.8 171.9 50.2 48.0 232.0 219.9
Total assets 213.8 211.8 77.3 74.2 291.1 286.0
Liabilities
Other liabilities 6.4 6.1 1.7 1.6 8.1 7.7
Long-term debt outstanding 17.1 16.5 - - 17.1 16.5
Total liabilities 23.5 22.6 1.7 1.6 25.2 24.2
Net Assets
Invested in captial assets,
net of related debt 167.3 165.6 50.2 48.0 217.5 213.6
Restricted 1.8 2.5 5.5 5.8 7.3 8.3
Unrestricted 21.2 21.1 19.90 18.8 41.1 39.9
Total net assets $190.3 $189.2 $75.6 $ 72.6 $ 265.9 $ 261.8
The City's net assets increased by $4.1 million during the fiscal year. The largest portion
of this increase is related to the increase in charges for services. The substantial
increase in charges for services from Governmental Activities is a direct result of the
allocation of license and permit fees in addition to some fine & forfeiture revenues
directly to program activities instead of as general revenues.
The remainder of the growth can be directly related to increases in service charges from
the water utility operations and other fees that are adjusted annually based on certain
price indexes.
The increase in the expenses for policy and administration is due in part to the recording
of the disposal of fixed assets. In previous years, this loss/disposal was recorded as an
adjustment to general revenues. This resulted in showing a significant change in the
growth of net assets from the previous fiscal year in Governmental activities.
The revenues and expenses shown on the next table explain changes in net assets for
fiscal year 2004.
14
•
City of Tigard, Oregon •
Changes in Net Assets •
(in millions)
Governmental Business-type •
Activities Activities Total
FY 03-04 FY 02-03 FY 03-04 FY 02-03 FY 03-04 FY 02-03
Revenues
Program revenues •
Charges for services $ 4.5 $ 0.1 $ 10.2 $ 10.0 $ 14.7 $ 10.1
Operating grants and contributions 0.3 0.1 - - 0.3 0.1
Total Program Revenues 4.8 0.2 10.2 10.0 15.0 10.2
Taxes 9.8 10.5 - - 9.8 10.5 •
Interest 0.9 0.9 0.4 0.6 1.3 1.5 •
Other 8.0 11.3 0.0 0.3 8.0 11.6
Total General Revenues 18.7 22.7 0.4 0.9 19.1 23.6
Total revenues 23.5 22.9 10.6 10.9 34.1 33.8 .
Expenses
Community services 8.7 8.1 - - 8.7 8.1
Public works 2.7 1.9 - 2.7 1.9 •
Development services 3.8 3.3 - - 3.8 3.3 •
Policy and administration 6.2 3.5 - - 6.2 3.5
Interest on long-term debt 1.0 0.6 - - 1.0 0.6
Sewer - - 0.9 0.9 0.9 0.9 •
Storm water - - 1.1 1.1 1.1 1.1
Water - - 5.6 5.3 5.6 5.3 •
Total expenses 22.4 17.4 7.6 7.3 30.0 24.7
Changes in net assets 1.1 5.4 3.0 3.6 4.1 9.1 •
Beginning net assets 189.2 183.7 72.6 69.0 261.8 252.7
Ending net assets $ 190.3 $189.1 $ 75.6 $ 72.6 $ 265.9 $ 261.8 •
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 by the measure. The measure established FY 1997-98 assessed value at FY
1995-96 values less 10%. •
•
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% 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.
15 •
•
•
•
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 53% 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 - $2,431,324.
• Licenses and permit revenues include fees charged primarily relating to
development activities in the City - $288,446.
• Intergovernmental revenue is the other significant revenue category in other
revenues and totals $2,367,882. 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 City'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, and other miscellaneous types of fees and charges - $1,532,601.
Governmental Activities Fiscal Year 2004
Revenues by Source
$23,493,191
I
Interest, $890,785
Taxes, $9,763,281 4%
42%
\ Other, $8,057,604
\ r.y 34%
Operating Grants Charges for
and Service,
• Contributions, $4,528,716
$252,805 19%
• 1%
Business-type Activities
Charges for services represent 96% 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 and
are set by the agency each year. The City Council, through an intergovernmental
agreement with other water system participants, sets the water rates.
• 16
•
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 (42%) relate to the City Library and Police Department
within the Community services activity.
Overall, expenses in Governmental activities increased by $5.0 million over the previous
fiscal year. The majority of this increase was the result of the change in recording of the.
disposal of fixed assets in policy and administration and the increase in depreciation
expense in Public works.
Expenses by Service Type Fiscal Year 2004 •
Governmental Activites
$22,394,907 •
•
Interest on long-
Policy and term debt, $947,848
administration, 5% Community •
$6,175,917 services, $8,744,613
22% 42% •
•
k
Development •
services, $3,791,317 Public works,
18% $2,735,212 •
13%
•
•
•
Business-type Activities
The majority of the expenses (74%) relate to the drinking water service provider activity.
Sewer and storm water expenses were essentially at the same level as the previous
fiscal year. The increase of $.3 million in water is related to day-to-day inflationary
factors.
Expenses by Service Type Fiscal Year 2004 •
Business-type Activites .
$7,591,242
Sewer $945,102 •
12% \ Storm water, .
$1,090,550 14%a
Water •
$5,555,590 74%
•
•
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Financial Analysis of the City's Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental Funds
The focus of the City's governmental funds is to provide information on near-term
inflows, outflows, and balances of spendable resources. Such information is useful in
assessing the City's financing requirements. In particular, 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 FY 2004, the City's governmental funds reported combined ending
fund balances of $22.9 million. Of this amount, $7.3 million is reserved for capital
projects, debt service, and prepaid insurance.
General Fund
The General Fund is the chief operating fund of the City. At the end of the FY 2004, the
unreserved fund balance was $8.4 million and can be used for funding of City programs.
This was an increase of approximately $.5 million over the previous fiscal year. This
increase can be directly attributable to a decrease in the transfer to other funds of close
to $.5 million. In FY 02-03, a one-time transfer was made to the Gas Tax Fund as an
inter-fund loan in support of a local improvement district. The Gas Tax Fund will repay
the loan over a five year period.
Facilitv Fund
This fund is used for future renewal, replacement, and expansion of City facilities. The
decrease of $7.8 million in reserved fund balance was due to the substantial completion
of a new library. The voters had approved a bond measure for the construction of a new
library and the City also received bequests from two estates for support of children's art
and enhancement of the new facility.
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 2004, the fund balance was
$1.0 million, a decrease of close to $.2 million. During the year, the City issued a- bond
to retire a note that had been used as temporary funding for a local improvement district.
Proprietary Funds
The City's proprietary funds include the Sanitary Sewer, Storm Sewer, Water Funds, and
• Internal Services.
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 $19.7 million.
The total growth in net assets for these funds was slightly over $2.9 million.
The factors concerning the finances of the funds have already been addressed in the
discussion of the City's business-type activities.
•
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•
•
•
General Fund Budgetary Highlights
The City Council approved 12 budget amendments to the adopted General Fund budget.
Total increase in appropriations was $182,410. The changes can be briefly summarized
as follows:
• $144,902 increase in the Police Department for appropriating various grant funds
as well as for the funding of vehicle replacements.
• Increase of $24,832 in Engineering for the creation of the position of Right-of-
Way Manager.
• $10,568 for support of economic developments programs in the Community
Development Department.
• Increase of $2,108 for support of a local housing program.
Capital Asset and Debt Administration
Capital Assets
Governmental Activities
The City's investment in capital assets for its governmental activities as of June 30,
2004, amounts to $181.7 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 & sidewalks,
signage, streetlights and right-of-ways. Construction in Progress represents that portion
of the new library that was completed during the fiscal year. The new library opened its
doors to the public in August, 2004. The total increase in the City's investment in
governmental activities capital assets was 5.7%.
Business-type Activities
The City's investment in capital assets for its business-type activities as of June 30,
2004, amounts to $50.1 million (net of accumulated depreciation). In addition to
machinery and 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 4.2%.
City of Tigard, Oregon
Capital Assets at Year-end
(Net of Depreciation)
(in millions)
Governmental Business-type
Activities Activities Total
2004 2003 2004 2003 2004 2003
Land $ 5.8 $ 6.7 $ 1.0 $ 1.0 $ 6.8 $ 7.7
Construction in Progress 16.1 4.6 0.9 - 17.0 4.6 .
Buildings and building improvements 5.7 4.3 0.7 0.7 6.4 5.0
Land improvements 2.4 1.9 0.0 0.0 2.4 1.9
Sewer System - - 11.8 10.5 11.8 10.5
Storm drainage system - - 9.8 9.6 9.8 9.6 •
Water system - - 25.4 25.9 25.4 25.9
Machinery and equipment 0.2 1.0 0.0 0.1 0.3 1.0
Autos and trucks 0.3 0.3 0.5 0.3 0.8 0.6
Office equipment 0.0 1.1 - - 0.0 1.1 .
Infrastructure 151.2 152.0 - - 151.2 152.0 .
Total capital assets $181.7 $171.9 $ 50.1 $ 48.1 $ 231.8 $ 219.9
19 •
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Additional information on the City's capital assets can be found in the notes on pages
41-42 of this report.
Debt Outstanding
As of year-end, the City had three types of debt currently outstanding, which are all
governmental. They include general obligation bonds ($12.5 million) secured by the
City's authority to levy property taxes, and assessment bonds ($3.7 million) secured by
installment payment contracts with property owners. The third is a loan ($1.9 million)
through the Oregon Economic Community Development Department (OECDD). This
loan was secured by current and future park system development charges collected by
the City.
During the year, the City refinanced bond anticipation notes by issuing local
improvement district bonds for the remaining properties in the Dartmouth Local
Improvement District. The source of revenue for repayment of the bonds will be
installment payments by the benefited property owners. In addition, the City retired the
1993-B Refunding Bancroft Bond and called a portion of the Dartmouth 1998 Bancroft
Bond because of prepayments made by some property owners.
The most recent bond rating occurred in 1993 and 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 city limits. The City's
total outstanding general obligation debt is significantly below the 3 percent limit of
$154.6 million.
Additional information on the City's debt can be found on pages 43-44 of this report.
. City of Tigard, Oregon
. Outstanding Debt at Fiscal Year-end
(in millions)
Total
Totals Percentage
2004 2003 Change
• Governmental:
General obligation $ 12.5 $ 13.0 -3.8%
Local improvement 3.7 2.4 54.2%
Bond anticipation notes - 2.0 -100.0%
Long-term note 1.9 2.1 -9.5%
Total outstanding debt $ 18.1 $ 19.5 -7.2%
S
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20
Economic Factors
Tigard's location in the Portland metropolitan area provides its citizens with many
diverse employment opportunities. However, the unemployment rate in the Portland
metropolitan area averaged 8.06% during the year 2003, representing an increase of •
3.3% from the previous year. February 2004 unemployment rates did show a slight •
decline in the rate, but the Portland metropolitan area continues to have unemployment
rates greater than the national average.
Value added through new construction continues to increase assessed value. Due to
the state of the economy, the increase is not as large as in previous years. The results
of the first half of FY 03-04 showed building activity about the same or slightly higher
than the same period in FY 02-03.
The City of Tigard has developed a comprehensive long term financial forecast every
year since the 1980s. 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 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 new years are
budgeted.
•
The City's current Five Year Financial Forecast shows that, overall, the City's current
financial condition is good. The FY 2004-05 Budget continues to actively manage the
expenditures of the General Fund. The financial forecast suggests, however, that strong
financial management alone may not be sufficient to avoid future deficits. The demand
for City services is greater than the resources available to pay for them. The financial
forecast suggests the need to go to voters in the forecast period to request additional
General Fund resources. The City continues to monitor its revenues and expenditures •
and will continue to develop plans and options to manage its resources to continue to •
provide quality services to its citizens.
Funding for roads in the City continues to be an area of major concern, as it does for •
most other cities in Oregon. Traditional funding sources such as the gas tax are simply •
not adequate to meet projected needs and to build and maintain roads that can handle
current and expected traffic loads. Maintenance of roads is being deferred, which
creates larger capital needs in the future as deferred maintenance leads to break-down
of the infrastructure. In response, the City Council adopted a new Street Maintenance
Fee that went into effect in the spring of 2004. By the end of FY 03-04, the City had .
collected over $124,000 for this program.
The City is currently reviewing the need for water rate increases given the forecasted •
operating and capital needs for the forecast period.
•
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•
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In addition to the steps taken during the budget process, the City Council adopted a
Strategic Finance Plan in April 2003. This plan identifies major financial issues expected
over the next several years and several revenue options. Council organized the issues
into "Major" and "Other" categories and then set top priorities within each category. The
top priorities are:
Maior Other
Local Option Property Tax Fee Increases
Bull Mountain Annexation Urban Renewal
New Revenue Sources Water Revenue Bond
Staff and the Council have already taken steps to review and make revisions to the
City's Fees and Charges Resolution in addition to adopting a new Street Maintenance
Fee.
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 Finance Director, City of Tigard, 13125 SW Hall Blvd.,
Tigard, Oregon 97223.
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0
0
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U
of ~ _ a ~a
TALC FINANCIAL'
..a 'f r' • ~ a f 1 r Y a . V " i ~
CITY OF TIGARD, OREGON
STATEMENT OF NET ASSETS
June 30, 2004
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments $ 27,412,355 $ 18,415,441 $ 45,827,796
Restricted cash and investments - 5,548,696 5,548,696
Accounts receivable 673,324 2,592,449 3,265,773
Property taxes receivable 388,096 17 388,113
Assessment liens receivable 3,471,643 - 3,471,643
Prepaid expenses 69,069 448,664 517,733
Inventory 21,927 103,869 125,796
Capital assets:
Land and construction in process 21,859,465 1,889,394 23,748,859
Other capital assets (net of accumulated depreciation) 159,858,461 48,297,200 208,155,661
/ Total Assets 213,754,340 77,295,730 291,050,070
LIABILITIES
Accounts payable and accrued liabilities 2,900,958 1,441,255 4,342,213
Customer deposits 1,181,302 354,415 1,535,717
Due to (from) other activities 219,382 (219,382) -
Accrued interest payable 435,405 - 435,405
Accrued compensated absences 616,320 107,106 723,426
Noncurrent liabilities:
Due with one year
Notes payable 210,563 - 210,563
Bond anticipation notes payable - - -
Bonds payable 475,908 - 475,908
Special assessment bonded debt
with government commitment 325,568 - 325,568
Due in more than one year
Notes payable 1,681,637 - 1,681,637
Bonds payable 12,060,540 - 12,060,540
Special assessment bonded debt
with government commitment 3,377,503 - 3,377,503
Total Liabilities 23,485,086 1,683,394 25,168,480
NET ASSETS
Invested in capital assets, net of related debt 167,289,278 50,186,594 217,475,872
Restricted for:
Capital projects - 5,548,698 5,548,698
Debt service 1,713,313 - 1,713,313
Other purposes 69,069 - 69,069
Unrestricted 21,197,594 19,877,044 41,074,638
Total Net Assets $ 190,269,254 $ 75,612,336 $ 265,881,590
The accompanying notes are an integral part of the basic financial statements.
23
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CITY OF TIGARD, OREGON
STATEMENT OF ACTIVITIES
For the fiscal year ended June 30, 2004
Program Revenues •
Charges Operating •
for Grants and •
Functions/Programs Expenses Services Contributions
Governmental activities:
Community services $ 8,744,613 $ 114,454 $ 71,356 •
Public works 2,735,212 603,352 181,449 •
Development services 3,791,317 2,928,733 -
Policy and administration 6,175,917 882,177 -
Interest on long-term debt 947,848 - -
Total governmental activities 22,394,907 4,528,716 252,805 •
Business-type activities:
Sewer 945,102 1,809,032 -
Storm Water 1,090,550 1,156,863 -
Water 5,555,590 7,202,910 -
Total business-type activities 7,591,242 10,168,805 - •
Total $ 29,986,149 $ 14,697,521 $ 252,805 !
General Revenues:
Taxes •
Franchise fees •
Intergovernmental revenues
Interest earnings
Miscellaneous .
Total general revenues, special items, and transfers .
Change in net assets
Net assets--beginning •
Net assets--ending
The accompanying notes are an integral part of the basic financial statements.
•
•
•
•
•
•
•
i
•
24 •
•
•
Net (Expense) Revenue and
Changes in Net Assets
Primary Government
Governmental Business-Type
Activities Activities Total
$ (8,558,803) $ - $ (8,558,803)
(1,950,411) - (1,950,411)
(862,584) - (862,584)
(5,293,740) - (5,293,740)
(947,848) - (947,848)
(17,613,386) - (17,613,386)
863,930 863,930
66,313 66,313
1,647,320 1,647,320
2,577,563 2,577,563
(17,613,386) 2,577,563 (15,035,823)
9,763,281 - 9,763,281
2,431,324 - 2,431,324
5,204,135 - 5,204,135
890,785 426,853 1,317,638
422,145 23,754 445,899
18,711,670 450,607 19,162,277
1,098,284 3,028,170 4,126,454
189,170,970 72,584,166 261,755,136
$ 190,269,254 $ 75,612,336 $ 265,881,590
•
CITY OF TIGARD, OREGON •
GOVERNMENTAL FUNDS
BALANCE SHEET
June 30, 2004 •
•
•
Bancroft Other Total •
General Facility Debt Service Governmental Governmental
Fund Fund Fund Funds Funds •
ASSETS
Cash and investments $ 9,168,091 $ 4,934,519 $ 1,053,933 $ 11,065,347 $ 26,221,890
Accounts receivable 289,396 - - 383,884 673,280
Property taxes receivable 359,296 - 28,800 388,096
Assessment liens receivable - 3,344,436 127,207 3,471,643
Prepaid insurance 69,069 - 69,069 •
Total assets $ 9,885,852 $ 4,934,519 $ 4,3981369 $ 11,605,238 $ 30,823,978
•
LIABILITIES .
Accounts payable and accrued liabilities $ 824,452 $ 761,997 $ 277 $ 1,092,712 $ 2,679,438
Customer deposits 383,933 - - 797,369 1,181,302 •
Deferred revenues: .
Property taxes 264,636 - 21,945 286,581
Assessment liens receivable - 3,344,471 426,845 3,771,316 •
Accrued interest on delinquent assessments - 2,629 2,629 •
Total liabilities 1,473,021 761,997 3,347,377 2,338,871 7,921,266
•
FUND BALANCES
Reserved for:
Capital projects 4,172,522 - 1,312,684 5,485,206 •
Debt service - 1,050,992 662,321 1,713,313 .
Prepaid insurance 69,069 - - 69,069
Unreserved, reported in:
General Fund 8,343,762 - 8,343,762 •
Special revenue funds - 7,282,391 7,282,391
Capital projects funds - - - 8,971 8,971 .
Total fund balances 8,412,831 4,172,522 1,050,992 9,266,367 22,902,712
Total liabilities and fund balances $ 9,885,852 $ 4,934,519 $ 4,398,369 $ 11,605,238 •
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 $44,656,367 181,717,926 •
Other long-term assets are not available to pay for current-period •
expenditures and, therefore are deferred in the funds:
Assessment Liens (includes interest on delinquent liens) 3,773,945
Property taxes earned but not available 286,581
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. 658,146 •
Accrued compensated absences are not due and payable in the .
current period and therefore are not reported in the funds. (502,932) .
Long-term liabilities - not reported in the funds: •
Bonds, notes payable and other liabilities, not due and •
payable in current period (18,131,719)
Accrued interest payable, not due and payable in the current period (435,405) •
Net Assets of Governmental Activities $ 190,269,254 •
•
•
The accompanying notes are an integral part of the basic financial statements. •
•
•
25 •
•
•
•
CITY OF TIGARD, OREGON
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
For the fiscal year ended June 30, 2004
Bancroft Other Total
General Facility Debt Service Governmental Governmental
Fund Fund Fund Funds Funds
REVENUES
Taxes $ 9,168,597 $ - $ $ 606,728 $ 9,775,325
Franchise fees 2,431,324 - - 2,431,324
Special assessments - - 568,971 - 568,971
Licenses and permits 288,446 - - 3,379,889 3,668,335
Intergovernmental revenues 2,367,882 - 3,089,058 5,456,940
Charges for service 1,532,601 52,752 234,554 1,819,907
Fines and forfeitures 613,785 - - - 613,785
Interest earnings 149,207 146,265 349,012 235,586 880,070
Miscellaneous 34,706 41 385,643 420,390
Total revenues 16,586,548 199,017 918,024 7,931,458 25,635,047
EXPENDITURES
Current operating:
Community services 9,014,200 - - - 9,014,200
Public works 2,104,617 - 2,104,617
Development services 2,228,781 1,662,710 3,891,491
Policy and administration 3,527,547 - 523,929 4,051,476
Debt service:
Principal - 637,900 663,079 1,300,979
Interest 300,022 629,390 929,412
Fiscal charges - 21,660 - 21,660
Capital outlay - 8,736,706 - 4,473,872 13,210,578
Total expenditures 16,875,145 8,736,706 959,582 7,952,980 34,524,413
Excess (deficiency) of revenues
over(under)expenditures (288,597) (8,537,689) (41,558) (21,522) (8,889,366)
OTHER FINANCING SOURCES (USES)
Proceeds from Bancroft
Improvement Bond - - 1,947,678 - 1,947,678
Transfers in 1,278,324 655,483 - 647,861 2,581,668
Transfers out (514,008) - (2,067,660) (2,581,668)
Total other financing sources (uses) 764,316 655,483 1,947,678 (1,419,799) 1,947,678
Net change in fund balances 475,719 (7,882,206) 1,906,120 (1,441,321) (6,941,688)
Fund balances - beginning
as previously stated 7,937,112 12,054,728 1,213,935 10,707,688 31,913,463
Prior period adjustment (Note 12) - - (2,069,063) - (2,069,063)
Fund balances - beginning
as restated 7,937,112 12,054,728 (855,128) 10,707,688 29,844,400
Fund balances -ending $ 8,412,831 $ 4,172,522 $ 1,050,992 $ 9,266,367 $ 22,902,712
The accompanying notes are an integral part of the basic financial statements.
26
•
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, 2004 •
•
Net change in fund balances--total governmental funds $ (6,941,688) •
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 life of the assets. This is •
the amount by which capital outlay exceeded depreciation •
in the current period.
Expenditures for capital assets - less donated $ 15,315,524 .
Less current year depreciation (3,760,070) 11,555,454 •
In the Statement of Activities, the loss on the disposition
of capital assets is reported. The loss is not a use of •
current resources and thus is not reported in the funds. (1,619,886) •
Revenues in the Statement of Activities that do not
provide current financial resources are not reported •
as revenues in the funds. •
Property taxes (12,044)
Assessment Liens (1,481,400) (1,493,444)
Bond proceeds provide current financial resources to •
governmental funds, but issuing debt increases long- •
term liabilities in the Statement of Net Assets. Repayment .
of bond principal is an expenditure in the governmental •
funds, but the repayment reduces long-term liabilities in
the Statement of Net Assets. This is the amount by which •
proceeds exceeded repayments.
Bond and loan proceeds (1,947,678)
Principal payments 1,300,979 (646,699)
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 (60,529) •
Accrued interest on debt 18,436 (42,093) •
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 382,187 •
Less amount attributable to Business-Type Activities (95,547) 286,640 •
Change in Net Assets of Governmental Activities $ 1,098,284 •
•
The accompanying notes are an integral part of the basic financial statements. •
•
•
•
•
27 •
•
•
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF NET ASSETS
June 30, 2004
Business-type Activities Governmental
Enterprise Funds Activities
Internal
Sanitary Storm Service
Sewer Sewer Water Totals Funds
ASSETS
Current assets:
Cash and investments $ 4,856,300 $ 1,805,983 $ 11,753,158 $ 18,415,441 $ 1,190,465
Accounts receivable 1,213,597 294,501 1,084,351 2,592,449 44
Property taxes receivable - - 17 17 4,059
Prepaid expenses 448,664 448,664 -
Inventory - - 103,869 103,869 21,926
Total current assets 6,069,897 2,100,484 13,390,059 21,560,440 1,212,435
Noncurrent assets:
Restricted cash and investments 3,987,380 993,089 568,227 5,548,696 -
Capital assets:
Land and construction in process - - 891,660 891,660 -
Other capital assets (net of accumulated depreciation) 11,952,386 9,814,741 27,527,807 49,294,934
Total noncurrent assets 15,939,766 10,807,830 28,987,694 55,735,290 -
Total assets 22,009,663 12,908,314 42,377,753 77,295,730 1,212,435
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 823,077 67,449 550,729 1,441,255 221,519
Customer deposits - 2,118 352,297 354,415 -
Accrued compensated absences 21,417 20,230 65,459 107,106 113,388
Total current liabilities 844,494 89,797 968,485 1,902,776 334,907
NET ASSETS
Invested in capital assets, net of related debt 11,952,386 9,814,741 28,419,467 50,186,594 -
Restricted for capital projects 3,987,380 993,089 568,229 5,548,698 -
Unrestricted 5,225,403 2,010,687 12,421,572 19,657,662 877,528
Total net assets $ 21,165,169 $ 12,818,517 $ 41,409,268 75,392,954 $ 877,528
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 219,382
Net assets of business-type activities $ 75,612,336
The accompanying notes are an integral part of the basic financial statements.
•
•
•
•
• 28
•
•
•
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS •
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS •
For the fiscal year ended June 30, 2004
•
•
Business-type Activities Governmental •
Enterprise Funds Activities •
Internal •
Sanitary Storm Service •
Sewer Sewer Water Totals Funds
OPERATING REVENUES •
Service charges $ 1,809,032 $ 1,156,863 $ 6,286,871 $ 9,252,766 $ 4,958,951
Miscellaneous 5,302 4,438 14,014 23,754 2,340 •
Total operating revenues 1,814,334 1,161,301 6,300,885 9,276,520 4,961,291
•
OPERATING EXPENSES ,
Salaries and wages 343,527 420,711 1,037,537 1,801,775 2,800,480
Contracted services 11,843 3,554 113,348 128,745 542,801 •
General, administrative and other 83,636 111,586 3,186,474 3,381,696 1,250,109 i
Depreciation 414,041 350,063 991,585 1,755,689 -
Services performed by other funds 257,687 395,082 1,089,115 1,741,884 - •
Total operating expenses 1,110,734 1,280,996 6,418,059 8,809,789 4,593,390 •
Operating income (loss) 703,600 (119,695) (117,174) 466,731 367,901 •
•
NONOPERATING REVENUES
Investment revenue 148,969 44,866 233,018 426,853 14,286 •
System development revenue 446,113 405,223 1,187,703 2,039,039 - •
Total nonoperating revenue 595,082 450,089 1,420,721 2,465,892 14,286 •
Change in net assets 1,298,682 330,394 1,303,547 2,932,623 382,187
Net assets--beginning 19,866,487 12,488,123 40,105,721 72,460,331 495,341
Netassets--ending $ 21,165,169 $ 12,818,517 $ 41,409,268 75,392,954 $ 877,528 •
•
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 219,382
Net assets of business-type activities $ 75,612,336
•
•
•
The accompanying notes are an integral part of the basic financial statements. •
•
•
•
•
•
•
•
•
•
•
•
29 •
•
•
•
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
For the fiscal year ended June 30, 2004
Increase (decrease) in cash and cash equivalents
Governmental
Business-type Activities - Enterprise Funds Activities
Sanitary Storm Internal
Sewer Sewer Water Totals Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 1,821,558 $ 1,160,523 $ 6,655,813 $ 9,637,894 $ 4,944,921
Payments to suppliers (166,258) (138,771) (3,642,679) (3,947,708) (1,792,910)
Payments to employees (343,088) (422,389) (1,045,785) (1,811,262) (2,800,480)
Other receipts 5,302 4,438 14,011 23,751 2,340
Internal activity-payments to other funds (257,687) (395,082) (1,089,115) (1,741,884)
Net cash provided by operating activities 1,059,827 208,719 892,245 2,160,791 353,871
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital contributions 446,113 405,223 1,187,703 2,039,039 -
Acquisition of fixed assets (1,741,541) (520,150) (1,668,893) (3,930,584)
Net cash (used) by capital and related
financing activities (1,295,428) (114,927) (481,190) (1,891,545)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 148,969 44,866 233,018 426,853 14,286
Net increase (decrease) in cash and cash equivalents (86,632) 138,658 644,073 696,099 368,157
Balances--beginning of the year 8,930,312 2,660,414 11,677,312 23,268,038 822,308
Balances--end of the year $ 8,843,680 $ 2,799,072 $ 12,321,385 $ 23,964,137 $ 1,190,465
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ 703,600 $ (119,695) $ (117,174) $ 466,731 $ 367,901
Adjustments to reconcile operating income to net cash
provided by operating activities:
Cash flows reported in other categories:
Depreciation expense 414,041 350,063 991,585 1,755,689 -
Change in assets and liabilities:
Receivables, net 12,526 3,660 27,275 43,461 4,015
• Prepaid expenses - - (448,664) (448,664) -
• Inventory (24,548) (24,548) (3,101)
• Accounts payable and accrued liabilities (70,779) (23,631) 130,355 35,945 (8,050)
• Accrued compensated absences 439 (1,678) (8,248) (9,487) (6,894)
Deferred revenue - (3) (3)
• Customer deposits - - 341,667 341,667
• Net cash provided by operating activities $ 1,059,827 $ 208,719 $ 892,245 $ 2,160,791 $ 353,871
•
• Supplemental Schedule of Noncash
• Capital and Related Financing Activities:
Contributed sewer, storm and water lines $ 291,610 $ 301,244 $ 249,694 $ 842,548
•
•
• The accompanying notes are an integral part of the basic financial statements.
•
• , 30
•
•
•
!
•
CITY OF TIGARD, OREGON
•
STATEMENT OF PLAN NET ASSETS •
PENSION TRUST FUND •
June 30, 2004 •
•
•
•
Cash and investments $ 10,192,921 •
s
!
•
Net assets held in trust for pension benefits (see note # 8) $ 10,192,921 •
•
!
•
STATEMENT OF CHANGES IN PLAN NET ASSETS •
PENSION TRUST FUND •
For the fiscal year ended June 30, 2004
!
•
•
Additions: •
Contributions $ 918,491 •
Investment income 1,058,175
•
Total additions 1,976,666
Deductions: •
Benefit payments and withdrawals (683,208)
•
•
Increase in net assets 1,293,458 •
•
Net assets held in trust for pension benefits (see note # 8): •
Beginning of year 8,899,463 •
End of year $ 10,192,921 !
•
•
•
•
•
The accompanying notes are an integral part of the basic financial statements. !
•
•
31 •
•
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•
Ste: • i
Fos
.~,;~te.
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 component
units.
The financial statements of the City have been prepared in accordance with Generally
Accepted Accounting Principles (GAAP). GAAP statements include all relevant
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 contradicts GASB pronouncements.
The City applies the provisions of all applicable Governmental Accounting Standards Board
(GASB) Statements that define requirements and the reporting model for the annual financial
reports of state and local governments. In accordance with GASB Statement No. 34, as
amended, 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
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 reporting government as
a whole. For the most part, the effect of interfund activity ha been removed from these
statements. These statements focus on the sustainability of the City as an entity and the
change in aggregate financial position resulting from the activities of the fiscal period. 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. Taxes and other items not properly included among program revenues are
reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and
the pension trust fund, even though the pension trust fund is excluded from the government-
wide financial statements. Major individual governmental funds and major individual
enterprise funds are reported as separate columns in the fund financial statements.
Fund financial statements display information at the individual fund level. Each fund is
considered to be a separate accounting entity. Funds are classified and summarized as
governmental, proprietary, or fiduciary.
•
32
•
•
•
•
City of Tigard, Oregon •
Notes to Basic Financial Statements •
•
1. Summary of Significant Accounting Policies, Continued:
•
Currently, the City has only governmental and proprietary type funds. Non-major funds are •
consolidated into a single column within each fund type in the financial section of the basic •
financial statements and are detailed in the supplemental information. •
All material interfund activity has been eliminated from the government-wide financial •
statements. These charges are included in direct program expense. •
•
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, reserves, fund equity, revenues and expenditures/expenses. The various •
funds are reported by generic classification within the financial statements.
Professional standards set forth minimum criteria (percentage of the assets liabilities, •
revenues or expenditures/expenses or either fund category or the governmental and •
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 •
funds are combined in a column in the fund financial statements and detailed elsewhere in •
the financial report. •
Measurement Focus and Basis of Accounting •
•
Measurement focus is a term used to describe which transactions are recorded within the •
various financial statements. Basis of accounting refers to when transactions are recorded •
regardless of the measurement focus. •
The Government-wide financial statements and the proprietary funds financial statements are •
presented on a full accrual basis of accounting with an economic resource measurement •
focus. An economic resource focus concentrates on an entity or fund's net assets. All •
transactions and events that affect the total economic resources (net assets) during the •
period are reported. An economic resources measurement focus is inextricably connected
with full accrual accounting. Under the full accrual basis of accounting, revenues are •
recorded when earned and expenses are recorded at the time liabilities are incurred,
regardless of the timing of related cash inflows and outflows. •
Governmental funds financial statements are presented on a modified accrual basis of •
accounting with a current financial resource measurement focus. This measurement focus •
concentrates on the fund's resources available for spending currently or in the near future. •
Only transactions and events affecting the fund's current financial resources during the period •
are reported. Similar to the connection between an economic resource measurement focus •
and full accrual accounting, a current financial resource measurement focus is inseparable
from a modified accrual basis of accounting. Under modified accrual accounting, revenues •
are recognized as soon as they are both measurable and available. Revenues are •
considered to be available when they are collectible with then current period or soon enough •
thereafter to pay liabilities of the current period. For this purpose, the City considers •
revenues to be available if they are collected within 60 days of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as under accrual •
accounting. •
•
•
•
•
•
33 •
•
•
•
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies, Continued:
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 period. 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 City 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 financial statements.
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital
grants and contributions. Internally dedicated resources are reported as general revenues
rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services, and producing
and delivering goods in connection with a proprietary fund's principal ongoing operations.
• The principal operating revenues of the City's Sanitary Sewer, Storm Sewer and Water
• Funds are charges to customers for sales and services. The Sanitary Sewer, Storm Sewer
• and Water Funds also recognize fees intended to recover the cost of connecting new
• customers to the City's utility systems as operating revenues. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses and
• overheads, and depreciation on capital assets. All revenues and expenses not meeting this
• definition are reported as non-operating revenues and expenses.
• Assets, Liabilities, and Equity
•
• Inventories
• Inventories of parts, materials and supplies are stated at cost on the first-in, first-out basis in
the proprietary funds. The purchases method is used in accounting for inventory for all funds
• on the budgetary basis and for the government-wide presentation, while the consumption
• method is used for proprietary funds and business-type activities.
•
•
•
• 34
•
•
•
0
City of Tigard, Oregon 40
Notes to Basic Financial Statements 0
•
1. Summary of Significant Accounting Policies, Continued:
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. •
roads pathways, street lights etc.) are reported in the applicable governmental or business 0
type activities columns in the government-wide financial statements. Capital assets are 0
charged to expenditures as purchased in the governmental fund statements, and capitalized
in the proprietary fund statements. Capital assets are recorded at historical cost or estimated
historical cost. Donated assets are recorded at estimated fair market value as of the date of
the donation. •
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 40
Activities with accumulated depreciation reflected in the Statement of Net Assets and is 410
provided on the straight-line basis over the following estimated useful lives: •
Asset Years 0
Buildings and improvements 25-40 40
Improvements other than buildings 10-20 0
Machinery and equipment 5-10 0
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 0
pay benefits. There is no liability for unpaid accumulated sick leave, since the City does not 0
have a policy to pay any amounts when employees separate from the City. All vacation pay 0
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. 40
0
Long-term Debt is
In the government-wide financial statements, and proprietary fund types in the fund financial 0
statements, long-term debt and other long-term obligations are reported as liabilities in the
applicable governmental activities, business-type activities, or proprietary fund type in the
Statement of Net Assets. Bond premiums and discounts are deferred and amortized over the 0
life of the bonds. Bonds payable are reported net of the applicable bond premium or
discount. Bond issuance costs, which are immaterial, are treated as period costs 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 40
discounts, as well as bond issuance costs, during the current period. The face amount of 40
debt issued is reported as other financing sources while discounts on debt issuances are .
reported as other financing uses. Issuance costs, whether or not withheld form the actual
debt proceeds received, are reported as debt service expenditures.
35
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Fund Equity
• In the fund financial statements, governmental funds report reservations of fund balance for
amounts that are not available for appropriation or are legally restricted by outside parties for
use for a specific purpose. Designations of fund balance represent tentative management
plans that are subject to. change.
Use of Estimates
0 In preparing the City's financial statements, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported
• amounts of revenues and expenses/expenditures during the reporting period. Actual results
could differ from those estimates.
• Restricted Cash and Investments
Cash and investments which may only be used for construction of capital assets in
accordance with applicable laws and regulations have been reported as restricted cash and
investments on the combined balance sheet
Investments
Investments included in cash and investments are stated at 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.
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, Nondepartmental, Debt Service, Capital Improvements and 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 Council. After budget approval,
• the City Council may approve supplemental budgeted appropriations if an occurrence,
condition, or need exists which had not been ascertained at the time the budget was
• adopted. A supplemental budget 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, 2004, twenty three appropriation
• transfers were made to the budget and one supplemental budget was adopted.
•
•
•
36
•
•
•
•
City of Tigard, Oregon •
Notes to Basic Financial Statements
•
1. Summary of Significant Accounting Policies, Continued:
Budget, Continued: •
•
The budgets for each of the funds include capital outlay expenditures.
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 financial
resources, rather than upon net income determination. The following are the 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 related to the City's other funds. •
Bancroft Debt Service Fund - This fund accounts for payment of Bancroft
improvement bond principal and interest. The principal source of revenue is the •
collection of assessments against benefited property, interest and contributions
from other funds for their share of costs. •
Facility Fund - This capital projects fund accounts for monies set aside for future
major City facility improvements.
•
Proprietary Funds
Proprietary funds are used to account for the acquisition, operation and maintenance of
sewer, storm drainage, and water systems in the City. These funds are entirely or
predominantly self-supported through user charges to customers. The measurement focus •
is upon net income determination, rather than upon determination of changes in current
financial resources. The following are the City's major proprietary funds:
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 •
which consists of the following two budgetary funds: Storm Sewer Fund and Water
Quality/Quantity Fund. •
•
Water Fund - This fund accounts for the City's water operations which consists of •
the following three budgetary funds: Water Fund, Water SDC Fund and Water CIP •
Fund.
•
•
•
37 •
•
•
•
City of Tigard, Oregon
Notes to Basic Financial Statements
2. Fund Types, Continued:
Proprietary Funds, Continued
. Additionally, the City reports the following fund type. Neither of these funds are a major
fund:
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.
•
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
• Gas Tax Fund
•
Parks Capital Fund
Traffic Impact Fee Fund
Electrical Inspection Fund
Underground Utility Fund
Insurance Fund
Building Fund
Urban Services Traffic Impact Fee Fund
•
• Urban Services Fund
•
Tree Replacement Fund
Street Maintenance Fee Fund
•
•
•
•
•
•
•
• 38
•
•
•
•
City of Tigard, Oregon •
•
Notes to Basic Financial Statements •
2. Fund Types, Continued:
•
Nonmajor Governmental Funds, Continued:
Debt Service Fund: •
•
General Obligation Debt Service •
•
Capital Projects Funds: .
SW Dartmouth Local Improvement District Fund •
•
Wall Street Local Improvement District Fund •
Fiduciary Fund Type: •
•
Pension Trust Fund - This fund accounts for the City's employee defined •
contribution pension plan.
3. Cash and Investments: •
•
The City maintains a cash and investment pool that is available for use by all funds, except •
the Pension Trust Fund. Each fund type's portion of this pool is displayed on the combined •
balance sheet as "cash and investments". The investments of the Pension Trust Fund are
held separately from those of other City funds. •
Cash and investments are comprised of the following at June 30, 2004:
•
Cash on hand $ 11,127 •
Cash held by Department of Finance, Washington County 57,726 •
Deposits with financial institutions 1,106,287 •
Investments 50,201,352
$ 51,376,492 •
•
Cash and investments are displayed on balance sheet as follows:
•
Cash and investments
$ 45,827,796
Restricted cash and investments 5,548,696 •
$ 51,376,492 •
•
Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts.
The total bank balance is $1,789,935 (book balance is $1,106,287). Of these deposits,
$100,000 was covered by federal depository insurance and $1,689,935 was collateralized
with securities held by collateral pool managers. Oregon Revised statutes require the
depository institution to maintain on deposit, with a collateral pool manager, securities
having a value not less than 25 percent of the outstanding certificates of collateral issued by •
the poll manager. The City's deposits are fully collaterlized in accordance with state law.
•
•
•
•
•
39 •
•
City of Tigard, Oregon
Notes to Basic Financial Statements
3. Cash and Investments, Continued:
Investments
State statutes authorize the City to invest primarily in general obligations of the U.S.
government and its agencies, certain bonded obligations of Oregon municipalities, bank
repurchase agreements, bankers' acceptances, certain commercial paper and the state
Treasurer's Investment pool, among others.
The City 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.
The LGIP is administered by the State Treasurer and the Oregon Investment Council with
the advice of the Oregon Short-Term Fund Board. The Oregon State Treasurer's Office has
calculated the fair value of the underlying investments of the LGIP and the City's share of
fair value is reflected below.
The City's investments are categorized below to give an indication of the level of credit risk
assumed by the City at June 30, 2004. Category 1 includes uninsured investments for
which the securities are held by the City or its agent in the City's name by the trust
department of the financial institution selling the security to the City. Category 2 includes
uninsured and unregistered, investments for which the securities are held by the trust
department of the bank which acquired the securities for the City, in the City's name.
Category 3 includes uninsured and unregistered investments for which the securities are
held by the financial institution selling the security to the City, but not in the City's name.
The City does not use brokers or dealers for its investments.
Category 1 2 3 Amount
U.S. Government Securities $ 40,176,302 $ 40,176,302
State Treasurer's Local
Government Investment Pool 10,025,050
Total Investments $ 50,201,352
The City's employees participate in a defined contribution pension plan. These funds are
held by custodians under pension plans - mutual fund investments and recorded in the
City's Pension Trust Fund. The balance at June 30, 2004 is $10,192,921. This balance is
not included in the government-wide or fund financial statements, but is shown separately.
4. Assessment Liens Receivable:
Assessment liens receivable represent the uncollected amounts levied against benefited
property for the cost of local improvements. Because the assessments are liens against the
benefited property, an allowance for uncollectible amounts is not deemed necessary.
Substantially all assessments are payable over a period of 10 to 20 years. Assessments
bear interest from 5.2 to 9.4 percent. At June 30, 2004, the portion of the assessments
receivable balance that represents delinquent accounts is approximately $16,805.
40
City of Tigard, Oregon
Notes to Basic Financial Statements
•
5. Capital Assets: •
•
Capital asset activity for governmental activities for the year ended June 30, 2004 was as
follows: •
June, 30 June, 30
2003 Additions Adjustments Retirements 004
Land $ 6,710,069 $ - $ (922,684) $ (1,375) $1 ",786,010 •
Construction in progress 4,620,012 12,920,397 (1,466,954) - 16,073,455 0
Total non-depreciable 11,330,081 12,920,397 (2,389,638) (1,375) 21,859,465 0
Building and building improvements 6,188,741 56,332 1,509,343 - 7;754,416 •
Land improvements 3,565,806 258,514 1,104,369 - ~-`4,928,689 •
Machinery and equipment 1,704,871 6,899 (22,502) (496,778-- A' ,192,490
Autos and trucks 1,568,789 106,728 22,502 (44,678) -"_-,,-1,653,341 0
Office equipment 1,504,077 - (885) (1,077,055) y426,137 •
Infrastructure 186,824,866 1,734,889 - - 188,559,755
Total depreciable 201,357,150 2,163,362 2,612,827 (17618,511) 204,514,828
Accumulated depreciation •
Building and building improvements (1,888,669) (156,929) (6,782) - 4,052,380) •
Land improvements (1,625,584) (880,555) (32,167),538,306) •
Machinery and equipment (749,902) (139,338) (54,470) - ✓(943,710) •
Autos and trucks (1,224,266) (140,542) (18,217) ' (t,383,025)
Office equipment (414,558) (19,925) 36,020 - ,/x'398,463) ~
Infrastructure (34,917,702) (2,422,781) - - (37,340,483)
Total accumulated depreciation (40,820,681) (3,760,070) (75,616) - (44,656,367)
Governmental activities •
capital assets, net $ 171,866,550 $11,323,689 $ 147,573 $ (1,619,886) $ 181,717,926
•
•
-Adjustments column include reclassifications and construction in progress in pervious years that were ~
completed within the current fiscal year. •
Depreciation expense for governmental activities is charged to functions as follows: •
General government $ 1,037,484 UJF ~ •
•
Community services 229,099 _
Public works 2,459,059 i Pu y kl~ -I •
Developmental services 7,900 •
Policy and administration 26,528 .
Total depreciation for governmental activities $ 3,760,070 •
•
•
•
•
•
•
•
•
41 •
•
•
•
City of Tigard, Oregon
Notes to Basic Financial Statements
5. Capital Assets, Continued:
Capital assets activity for business-type activities for the year ended June 30, 2004, was as
follows:
Balances Balances
June 30, 2003 Additions Adjustments Retirements June 30, 2004 _
Land - non-depreciable $ 997,734 $ - $ - $ - -M'997,7345
Construction in progress - 891,660 - - 891,660
Total - non-depreciable 997,734 891,660 - - 1,889,394
Land imrpovements 360,669 - 27,960 (27,960) 360,669
Buildings and building improvements 1,072,019 - 8,810 (8,810) ,/1,072,019°x-
Sewer system 14,861,673 1,552,205 150,885 - ,/16,564,763
Storm drainage system 12,623,878 422,597 100,499 - ,146,974 C
Water system 40,343,299 312,632 74,676 (2,925) 40,727,682
Equipment 852,474 - 216,764 (227,629) 841,609 '1
Auto and trucks 1,038,006 238,544 12,325 (60,746) /1,228,129 3
Total depreciable 71,152,018 2,525,978 591,919 (328,070) 73,941,845
Accumulated depreciation
Land imrpovements (322,537) (21,299) 1,291 24,204 (318,341)
Buildings and building improvements 384,365 29,670 2,830 3,222 407,983 .
Sewer system (4,369,605) (366,686) (65,630) - ,'t36't;921)
Storm drainage system (3,051,906) (317,978) (19,086) Zl,388,970)
Water system (14,483,182) (882,073) 7,760 145 5,357,350)
Equipment (762,874) (39,926) 14,023 163,322 625,455)
Auto and trucks (763,584) (98,057) 56,270 60,746 ✓ (744,625)
Total accumulated depreciation (24,138,053) (1,755,689) (2,542) 251,639 (25,644,645)
Business-type activities
capital assets, net $ 48,011,699 $ 1,661,949 $ 589,377 $ (76,431) $ 50,186,594
"Adjustments column include reclassifications from previous years recording of capital assets.
Depreciation expense for business-type activities is charged to activities as follows:
Sanitary sewer $ 414,041
Storm sewer 350,063
Water 991,585
Total depreciation for business-type activities $ 1,755,689
42
•
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, 2004, and future maturities of bond principal •
and interest, are as follows: •
General o 0
Obli9ation bond issues _ Interest rates from 3.4/o to 4.75/o
•
Fiscal Year Outstanding Paid Outstanding Future
Due June 30, 2003 Additions During Year June 30, 2004 Interest •
2004 $ 463,552 $ - $ (463,552) $ - $ -
2005 475,908 - 475,908 498,505
2006 488,335 - 488,335 484,228 •
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
2015-2022 7,049,251 - - 7,049,251 1,715,008 •
$ 13,000,000 $ - $ (463,552) $ 12,536,448 $5,975,743
Bancroft Improvement Bonds: •
Bancroft improvement bond issues - Interest rates from 3.75% to 11.75%; payable first from •
assessments to benefited properties and second, from the general credit of the City. •
Paid and
Outstanding Additions Called Outstanding •
Fiscal Year June 30, During During June 30, Future •
Due 2003 Year Year 2004 Interest •
2004 $ 285,950 $ - $ (285,950) $ - $ - •
2005 195,799 147,770 343,569 196,600 •
2006 285,522 161,001 (105,000) 341,523 180,944 •
2007 215,861 169,399 - 385,260 164,366
2008 226,631 178,236 (177,489) 227,378 136,958
2009 141,436 187,533 (69,461) 259,508 126,469 •
2010 50,500 197,315 - 247,815 115,614
2011-2022 991,594 906,424 - 1,898,018 620,181 •
$ 2,393,293 $ 1,947,678 $ (637,900) $ 3,703,071 $ 1,541,132 •
•
•
•
•
•
43 •
•
•
'l •
City of Tigard, Oregon
Notes to Basic Financial Statements
6. Long-term Debt and Other Debt, Continued:
Notes Payable:
Note payable issued January 23, 2003 - Interest rates from 3.00% to 4.35%; payable from
Parks SDC Fund.
Fiscal
Year Outstanding Paid Outstanding Future
Due June 30, 2003 During Year June 30, 2004 Interest
2004 $ 199,527 $ (199,527) $ - $ -
2005 210,563 - 210,563 72,563
2006 216,630 - 216,630 66,246
2007 222,820 - 222,820 59,205
2008 229,201 - 229,201 51,072
2009 235,690 - 235,690 42,363
2010 247,318 - 247,318 32,935
2011 259,053 - 259,053 22,795
2012 270,925 - 270,925 11,785
Totals $ 2,091,727 $ (199,527) $ 1,892,200 $ 358,964
Other debt recorded in the Bancroft Bond Debt Service Fund (and payable from that fund)
and the changes thereto during the year ended June 30, 2004, are as follows:
Balance Balance
June 30, June 30,
2003 Additions Retirements 2004
Bond anticipation notes due
May 1, 2004; interest rate 4.39% $ 2,058,003 $ - $ (2,058,003) $ -
Other Debt
Other long-term obligations for accrued compensated absences and changes thereto during the year ended
June 30, 2004 are as follows:
Balance Balance Due
June 30, June 30, within
2003 Additions Retirements 2004 one year
Governmental activities:
Compensated absences $ 653,672 $616,320 $ (653,672) $ 616,320 $ 616,320
Business -type activities:
Compensated absences $ 146,664 $107,106 $ (146,664) $ 107,106 $ 107,106
Compensated absences for governmental activities are generally liquidated by the fund
expensing the respective payroll.
44
•
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,
2004, the following employee groups were covered by the following retirement plans:
Group Retirement Plan
•
Management/Professional Staff (Nonunion) International City Managers Association •
Retirement Corp. (ICMARC) Money
Purchase Plan •
Oregon Public Employees Union Employees ICMARC 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 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 97281-3700. •
Funding Policy •
•
The City's annual required contribution rate, as of the most recent actuarial valuation of July •
1, 2002, is 6.67% of covered payroll.
The City is required by State Statute to contribute its current employer rate of 6.67% of •
covered wages, and has contractually committed to pay the employee contributions of
6%. •
•
The City's annual required contribution rate to PERS increased, as of July 1, 2003, to 8.61%
of covered payroll. •
•
•
•
45 •
•
•
•
City of Tigard, Oregon
Notes to Basic Financial Statements
8. Retirement Plans, Continued:
Annual Pension Cost
Because all OPERS participating employers are required by law to submit the contributions
as adopted by the OPERS Retirement Board, there is no net pension obligation to report
and the annual contributions are equal to the annual pension cost. For the fiscal years
ended June 30, 2004, 2003 and 2002, the City's annual pension cost was approximately
$505,230, $435,000 and $279,000, respectively.
The City's pension liability and the annual required contribution rate were determined as part
of the December 31, 2001 actuarial valuation using the entry age actuarial cost method.
The unfunded actuarial accrued liability in amortized as a level percentage of covered
payroll over a 30-year closed period. The actuarial assumptions include a rate of return on
investment of present and future assets of 8% per year, projected salary increase of 5% per
year, and cost of living adjustments of 2% per year for post-retirement benefits. At the
December 31, 2001 actuarial valuation, the actuary did not provide the City with the value of
the City's assets and actuarial liability, but instead pooled these items with several other
governments to calculate the overfunded actuarial liability.
The following table presents a schedule of funding progress for the City's multiple-employer
pension plan:
Actuarial
Overfunded Liability as a
Actuarial Actuarial Actuarial Percent of
Actuarial Value of Accrued Accrued Funded Covered Covered
Valuation Date Assets Liability Liability Ratio Payroll Payroll
December 31, 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 Pooled Pooled 4,990,154 Pooled 3,072,422 162%
•
• 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.
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 invests in various money
market and equity mutual funds.
Required and actual contributions to the plan were $877,147 for the year ended June 30,
• 2004. Covered payroll was $7,974,064, for the year ended June 30, 2004. Contributions
as a percentage of payroll range from 10 to 11 percent for all eligible employees
participating in the plans.
• 46
4
•
•
0
City of Tigard, Oregon
Notes to Basic Financial Statements
•
8. Retirement Plans, Continued:
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 0
II collections to Clean Water Services remits except for 0
19.62 percent of sewer service charges collected and 20 percent of connection charges •
collected, in accordance with an agreement between the City and Clean Water Services. •
Payments of $5,717,615 were made to Clean Water Services during fiscal year 2004 under
this agreement. •
The City has a similar agreement with the Regional Surface Water Management Agency, 0
which is an affiliate of Clean Water Services, for storm water systems. Payments made to •
the Agency during fiscal year 2004 under the agreement were $389,229. •
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. •
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 $10.00
is the maximum allowable tax for each $1,000 of property real market value imposed by
local governments other than the public school system. •
The limitation applies to all state and local taxes and charges on property except for the
following:
•
1. Incurred charges for goods or services received at the owner's option;
2. assessments for capital construction that provide a special benefit to 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. •
•
•
•
•
•
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City of Tigard, Oregon
Notes to Basic Financial Statements
10. Constitutional Property Tax Limitations, Continued:
During May 1997, Oregon voters approved Measure 50 which limits taxes on each property
by reducing the 1997-98 assessed value of each property to 90% of its 1995-96 value.
Measure 50 also limits future growth of the taxable value of each property to 3% per year
with certain exceptions. Measure 50 also establishes permanent tax rates for Oregon's
local taxing districts, which replace the former tax base amounts of the districts. Tigard's
taxing authority is limited to its permanent rate of $2.51 per thousand dollars of assessed
value.
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.
12. Prior Period Adjustment:
Prior to July 1, 2002, the City calculated the fund balance of the Bancroft Debt Service Fund,
presented in the fund financial statements, in error. This error was carried through the
financial statements of the City for the year ended June 30, 2003. The fund balance on a
budgetary basis was, however, correct. Accordingly, the beginning fund balance of this fund
has been reduced by $ 2,069,063 at July 1, 2003 to correct this error. There is no effect on
the operations of the fund or the activities of the City for the year ended June 30, 2004. The
net assets of the City's governmental activities at June 30, 2003 were appropriately
presented.
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CITY OF TIGARD, OREGON
GENERALFUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
REVENUES: Original Final Amounts (Unfavorable)
Taxes $ 9,115,977 $ 9,115,977 $ 9,168,597 $ 52,620
Franchise fees 2,508,866 2,508,866 2,431,324 (77,542)
Licenses and permits 2,437,500 2,437,500 288,446 (2,149,054)
Intergovernmental revenues 2,202,154 2,256,446 2,367,882 111,436
Charges for services 415,500 415,500 913,717 498,217
Fines and forfeitures 434,127 434,127 613,785 179,658
Interest earnings 156,304 156,304 149,207 (7,097)
Miscellaneous 33,500 36,032 34,706 (1,326)
Total revenues 17,303,928 17,360,752 15,967,664 (1,393,087)
EXPENDITURES:
Community services 9,459,862 9,629,511 9,014,200 615,311
Public works 2,470,000 2,478,756 2,104,617 374,139
Development services 2,362,828 2,398,228 2,228,781 169,447
Policy and administration 310,775 310,775 297,624 13,151
Contingency 1,000,000 829,414 - 829,414
Total expenditures 15,603,465 15,646,684 13,645,222 2,001,462
• Change in fund balance
. before other financing sources (uses) 1,700,463 1,714,068 2,322,442 608,375
• Other financing sources (uses):
• Operating transfer in 2,227,982 2,227,982 1,897,208 (330,774)
Operating transfer out (3,931,115) (3,944,721) (3,743,931) 200,790
•
• Total other financing sources (uses) (1,703,133) (1,716,739) (1,846,723) (129,984)
• Change in fund balance (2,670) (2,671) 475,719 478,391
•
A UNDESIGNATED, UNRESERVED -
• FUND BALANCE BEGINNING OF YEAR 7,065,185 7,065,185 7,937,112 871,927
• UNDESIGNATED, UNRESERVED -
• FUND BALANCE END OF YEAR $ 7,062,515 $ 7,062,514 $ 8,412,831 $ 1,350,318
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• CITY OF TIGARD, OREGON
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2004
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General
to Obligation
Special Capital Bond Debt
Revenue Projects Service
Funds Funds Fund Total
ASSETS:
•
• Cash and investments $ 10,347,967 $ 61,914 $ 655,466 $ 11,065,347
• Accounts receivable 383,884 - - 383,884
• Taxes receivable - - 28,800 28,800
Assessment liens receivable 127,207 - - 127,207
• Total assets $ 10,859,058 $ 61,914 $ 684,266 $ 11,605,238
* LIABILITIES:
Accounts payable $ 1,039,769 $ 52,943 $ - $ 1,092,712
Customer deposits 797,369 - - 797,369
Deferred revenues - Property taxes - - 21,945 21,945
Deferred revenues - Other 426,845 - - 426,845
•
• Total Liabilities 2,263,983 52,943 21,945 2,338,871
• FUND BALANCES -
• Reserved - for debt service - - 662,321 662,321
Unreserved 8,595,075 8,971 - 8,604,046
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Total fund balances 8,595,075 8,971 662,321 9,266,367
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• Total liabilities and fund balances $ 10,859,058 $ 61,914 $ 684,266 $ 11,605,238
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CITY OF TIGARD, OREGON
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the fiscal year ended June 30, 2004
General
Obligation
Special Capital Bond Debt
Revenue Projects Service
Funds Funds Fund Total
REVENUES:
S
Property taxes $ - $ - $ 606,728 $ 606,728
Licenses and permits 3,379,889 - - 3,379,889
Intergovern mental revenues 3,089,058 - - 3,089,058 •
Charges for services 234,554 - - 234,554
Interest earnings 222,503 146 12,937 235,586
Miscellaneous revenues 385,643 - - 385,643
~
Total revenues 7,311,647 146 619,665 7,931,458
EXPENDITURES:
Development services 1,662,710 - - 1,662,710 •
Policy and administration 523,929 - - 523,929
Debt Service 278,075 - 1,014,394 1,292,469
Capital projects 4,365,739 108,133 - 4,473,872
Total expenditures 6,830,453 108,133 1,014,394 7,952,980
Changes in fund balance
before other financing sources (uses) 481,194 (107,987) (394,729) (21,522) •
Other financing sources (uses):
Operating transfer in 539,953 107,908 - 647,861
Operating transfer out (2,067,660) - - (2,067,660) •
Total other financing sources (uses) (1,527,707) 107,908 - (1,419,799)
Changes in fund balance (1,046,513) (79) (394,729) (1,441,321) •
FUND BALANCE - beginning of year 9,641,588 9,050 1,057,050 10,707,688
FUND BALANCE - end of year $ 8,595,075 $ 8,971 $ 662,321 $ 9,266,367
51
'~Speci,. RevenUe'-funds
None of the City's special revenue funds meet the. criteria for major'. fund reporting..'
Therefore, the combining statements for, all individual special, revenue funds. are reported
here: ' The; combined.. totals, "are reported tin the; combining ,nonMajor, governmental -fund,
statements.
Schedules of'revenues, expenditures; and changes. in fund-balance =budget and actua.I are
also presented here for each-individual special revenue,fund`::,
Norimaioe Special Revenue Funds:
Criminal Forfeiture- Fund - Th•is.fund accounts for,fu,nds and property" seized from criminals
~iri connection with crimes committed prior to passage.of Ballot Measure 3
Gas .Tax'' Fund ='Thi's fund accounts for. revenues received fro ' state 'and. county gasoline=
taxes' which, are 'to be expended as specified in the.. ,Constitution of the State of
..Oregon,
Article IX, Sectiori 3. ,
Parks .Capital: Fund. This, fund accounts for 'system deVelopment :charges for. major,
improvements to.recreationdi facilities within the City. ;
Traffic" ;Impact,I.Fee Fund =This fund accounts for traffic impact fees charged for ne'w
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 Utilif 'Fund - This`.fund accounts.--for monies -received 'fro `Jdevelopers.:for. '
future underground utility improvements.',
t, - Insurance Fund=•- Records. refunds, of, prior, years workers'- compensation prpmium, s' "and,
other•-insurance'related revenues.
Building. Fund - This-fund accounts for fees charged for building inspection and:plan review"
activities.'
Urban Services. Traffic Impact 'Fee 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 inthe'City's Capital ]M' eovement Plan,(CIP).
Urban Services Fund- --This'-fund'accounts for,all revenues and- expenditures related -to
0 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;.Wasfiington. :
County.. : .
Tree'Replacement Fund fn'.FY.2003=04; the fund; balance in the, Tree Replacement` Fund -
-was transferred to -the •Parks•Capital`Fund "and revenues will now`be deposited in this fund.
" ",Street Maintenance Fee. Fund - This fund was established in FY 2003-04'-to track the.,
revenues and•.expenditures for the'-Street Mairtenance 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, 2004
Urban Services Street
Criminal Gas Parks Traffic Electrical Underground Traffic Urban Tree Maintenance
Forfeiture Tax Capital Impact Fee Inspection Utility Insurance Building Impact Fee Services Replacement Fee
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $ 23,467 $ 1,635,151 $ 2,096,084 $ 1,860,318 $ 231,722 $ 377,664 $ 574,999 $ 1,446,335 $ 813,649 $ 1,218,268 $ - $ 70,310 $ 10,347,967
Accounts receivable 325,135 450 - - 225 - 4,248 53,826 383,884
Assessment liens receivable 127,207 127,207
Total assets $ 23,467 $ 1,635,151 $ 2,421,219 $ 1,987,525 $ 232.172 $ 377,664 $ 574,999 $ 1,446,560 $ 813,649 $ 1,222,516 $ $ 124,136 $ 10,859,058
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable $ $ 18,305 $ 10,544 $ 854,160 $ 60 $ 10,150 $ - $ 91,439 $ 54,814 $ 297 $ $ $ 1,039,769
Customer deposits 304,162 6,194 - 9,456 - 4,475 - 473,082 797,369
Deferred revenues - 325,134 101,711 - - - 426,845
Total liabilities 322,467 341,872 955,871 9,516 10,150 95,914 54,814 473,379 2,263,983
FUND BALANCE UNRESERVED 23,467 1,312,684 2,079,347 1,031,654 222,656 367,514 574,999 1,350,646 758,835 749,137 124,136 8,595,075
N
Total liabilities and fund
balances $ 23.467 $ 1,635,151 $ 2,421,219 $ 1,987,525 $ 232.172 $ 377,664 $ 574,999 $ 1,446,560 $ 813,649 $ 1,222,516 _ $ - $ 124,136 $ 10,859,058
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, 2004
Urban Services Street
Criminal Gas Parks Traffic Electrical Underground Workers' Traffic Urban Tree Maintenance
Forfeiture Tax Capital Impact Fee Inspection Utility Compensation Building Impact Fee Services Replacement Fee
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
REVENUES:
Licenses and permits $ - $ - $ 418,062 $ 479,311 $ 225,019 $ - $ - $ 1,522,279 $ 270,574 $ 464,643 $ - $ - $ 3,379,889
Intergovernmental revenues 2,159,090 181,449 748,518 - - 3,089,058
Charges for services 14,806 - - 80,309 10,020 5,364 124,055 234,554
Interest earnings 493 21,068 31,219 102,020 3,516 5,396 9,049 19,072 14,980 15,611 - 81 222,503
Miscellaneous revenues 11,615 77,241 245,128 27,037 24,622 - 385,643
Total revenues 493 2,206,579 707,971 1,574,977 228,535 85,705 36,086 1,575,993 285,554 485,618 - 124,136 7,311,647
EXPENDITURES:
Development services 361,228 - - - - - 1,301,482 - - - - 1,662,710
Policy and administration 523,929 - - 523,929
Debt Service - - 278,075 - - - - - - - - 278,075
Capital projects 473,406 315,874 2,915,083 60,218 - 601,158 - 4,365,739
Total expenditures 1,358,563 593,949 2,915,083 60,218 1,301,482 601,158 - 6,830,453
Ln Changes in fund balance
W before other financing sources (uses) 493 848,016 114,022 (1,340,106) 228,535 25,487 36,086 274,511 (315,604) 485,618 124,136 481,194
Other financing sources (uses):
Transfer in - - 39,707 - - - - 500,246 - - - 539,953
Transfer out (44,611) (599,581) (193,101) (186,721) (485,146) (37,540) (498,297) (22,663) (2,067,660)
Total other financing sources (uses) (44,611) (599,581) 39,707 (193,101) (186,721) - 15,100 (37,540) (498,297) (22,663) (1,527,707)
Changes in fund balance (44,118) 248,435 153,729 (1,533,207) 41,814 25,487 36,086 289,611 (353,144) (12,679) (22,663) 124,136 (1,046,513)
FUND BALANCE - beginning of year 67,585 1,064,249 1,925,618 2,564,861 180,842 342,027 538,913 1,061,035 1,111,979 761,816 22,663 9,641,588
FUND BALANCE - end of year $ 23,467 $ 1,312,684 $ 2,079,347 $ 1,031,654 $ 222,656 $ 367,514 $ 574,999 $ 1,350,646 $ 758,835 $ 749,137 $ $ 124,136 $ 8,595,075
CITY OF TIGARD, OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES- BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ 1,220 $ 1,220 $ 493 $ (727)
Change in fund balance
before other financing (uses) 1,220 1,220 493 (727)
Other financing (uses):
Transfer out (62,220) (62,220) (44,611) 17,609
Change in fund balance (61,000) (61,000) (44,118) 16,882
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 61,000 61,000 67,585 6,585
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ 23,467 $ 23,467
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CITY OF TIGARD, OREGON
GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
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Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable) •
REVENUES: •
•
Federal grants $ 163,258 $ 163,258 $ - $ (163,258) •
State gas tax 1,686,559 1,686,559 1,973,251 286,692
County gas tax 170,110 170,110 185,839 15,729
Street lighting fees 6,000 6,000 14,806 8,806 •
Interest earnings 12,552 12,552 21,068 81516 •
Miscellaneous - - 11,615 11,615
•
Total revenues 2,038,479 2,038,479 2,206,579 168,100 •
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EXPENDITURES:
Development services 418,000 418,000 361,228 56,772 •
Contingency 124,000 124,000 - 124,000
Capital projects 757,894 757,894 473,406 284,488
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Total expenditures 1,299,894 1,299,894 834,634 465,260 •
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Change in fund balance
before other financing (uses) 738,585 738,585 1,371,945 633,360 •
Other financing (uses):
Transfer out (1,359,753) (1,359,753) (1,123,510) 236,243 •
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Change in fund balance (621,168) (621,168) 248,435 869,603
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UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 627,593 627,593 1,064,249 436,656
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 6,425 $ 6,425 $ 1,312,684 $ 1,306,259 •
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CITY OF TIGARD, OREGON
PARKS CAPITAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
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Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
•
System development charges $ 350,000 $ 350,000 $ 418,062 $ 68,062
Intergovernmental revenues 194,078 269,078 181,449 (87,629)
Tree replacement revenue 10,000 10,000 10,750 750
Interest earnings 30,089 30,089 31,219 1,130
Miscellaneous 390,000 390,000 66,491 (323,509)
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• Total revenues 974,167 1,049,167 707,971 (341,196)
EXPENDITURES:
Debt Service 278,075 278,075 278,075 -
Contingency 162,000 166,764 - 166,764
Capital projects 826,886 897,122 315,874 581,248
Total expenditures 1,266,961 1,341,961 593,949 748,012
Change in fund balance
before other financing sources (292,794) (292,794) 114,022 406,816
Other financing sources:
Transfer in 55,000 55,000 39,707 (15,293)
• Proceeds from long-term note 278,075 278,075 - (278,075)
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Total other financing sources 333,075 333,075 39,707 (293,368)
• Change in fund balance 40,281 40,281 153,729 113,448
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UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,504,435 994,434 1,925,618 931,184
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UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 1,544,716 $ 1,034,715 $ 2,079,347 $ 1,044,632
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CITY OF TIGARD, OREGON
TRAFFIC IMPACT FEE FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
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Variance •
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES: •
•
Federal grants $ 660,000 $ 660,000 $ - $ (660,000) •
Intergovernmental revenues - - 748,518 748,518 •
System development charges 527,250 527,250 479,311 (47,939)
Interest earnings 55,000 55,000 102,020 47,020
Miscellaneous 118,446 118,446 245,128 126,682
Total revenues 1,360,696 1,360,696 1,574,977 214,282 •
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EXPENDITURES: •
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Contingency 495,000 495,000 - 495,000
Capital projects 3,309,166 3,309,166 2,915,083 394,083 •
Total expenditures 3,804,166 3,804,166 2,915,083 889,083
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Change in fund balance •
before other financing sources (uses) (2,443,470) (2,443,470) (1,340,106) 1,103,365 •
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Other financing sources (uses):
Transfer in 568,000 568,000 - (568,000) •
Transfer out (240,890) (240,890) (193,101) 47,789 •
Total other financing sources (uses) 327,110 327,110 (193,101) (520,211)
•
Change in fund balance (2,116,360) (2,684,360) (1,533,207) 1,151,154
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UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 2,750,000 2,750,000 2,564,861 (185,139)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 633,640 $ 65,640 $ 1,031,654 $ 966,015 •
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CITY OF TIGARD, OREGON
ELECTRICAL INSPECTION FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Electrical permit fees $ 214,200 $ 214,200 $ 218,154 $ 3,954
Electrical plan check fees 3,060 3,060 6,865 3,805
Interest earnings 3,184 3,184 3,516 332
Total revenues 220,444 220,444 228,535 8,091
EXPENDITURES:
Contingency 28,000 28,000 - 28,000
Change in fund balance
before other financing (uses) 192,444 192,444 228,535 36,091
Other financing (uses):
Transfer out (190,695) (190,695) (186,721) 3,974
Change in fund balance 1,749 1,749 41,814 40,065
UNDESIGNATED, UNRESERVED
• FUND BALANCE, BEGINNING OF YEAR 159,180 159,180 180,842 21,662
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 160,929 $ 160,929 $ 222,656 $ 61,727
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CITY OF TIGARD, OREGON
UNDERGROUND UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
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Variance
Budgeted Amounts Actual Favorable .
Original Final Amounts (Unfavorable) •
REVENUES:
•
Charges for services $ 47,530 $ 47,530 $ 80,309 $ 32,779
Interest earnings 7,759 7,759 5,396 (2,363) •
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Total revenues 55,289 55,289 85,705 30,416
EXPENDITURES:
•
Contingency 15,000 5,000 - 5,000 •
Capital projects 105,000 115,000 60,218 54,782
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Total expenditures 120,000 120,000 60,218 59,782
Change in fund balance (64,711) (64,711) 25,487 90,198 •
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UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 387,954 387,954 342,027 (45,927) •
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 323,243 $ 323,243 $ 367,514 $ 44,271 •
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CITY OF TIGARD, OREGON
INSURANCE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ 10,564 $ 10,564 $ 9,049 $ (1,515)
Miscellaneous 31,500 31,500 27,037 (4,463)
Total revenues - change in fund balance 42,064 42,064 36,086 (5,977)
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 528,184 528,184 538,913 10,729
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 570,248 $ 570,248 $ 574,999 $ 4,752
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CITY OF TIGARD, OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
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Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable) •
REVENUES:
•
Licenses and permits $1,048,022 $1,048,022 $1,522,279 $ 474,257 •
Charges for services 9,180 9,180 10,020 840 •
Interest earnings 18,846 18,846 19,072 226
Miscellaneous - - 24,622 24,622 .
Total revenues 1,076,048 1,076,048 1,575,993 499,945
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EXPENDITURES: •
Development services 1,201,220 1,313,289 1,301,482 11,807
Contingency 250,000 137,931 - 137,931 •
Total expenditures 1,451,220 1,451,220 1,301,482 149,738 •
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Change in fund balance
before other financing sources (uses) (375,172) (375,172) 274,511 649,683 •
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Other financing sources (uses):
Transfer in 451,954 451,954 500,246 48,292
Transfer out (485,146) (485,146) (485,146) - •
Total other financing sources (uses) (33,192) (33,192) 15,100 48,292
Change in fund balance (408,364) (408,364) 289,611 697,975 •
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UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 942,281 942,281 1,061,035 118,754
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 533,917 $ 533,917 $ 1,350,646 $ 816,729
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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, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
System development charges $ 100,000 $ 100,000 $ 270,574 $ 170,574
Interest earnings 25,492 25,492 14,980 (10,512)
Total revenues 125,492 125,492 285,554 160,062
EXPENDITURES:
Contingency 148,000 148,000 - 148,000
Capital projects 950,000 950,000 601,158 348,842
Total expenditures 1,098,000 1,098,000 601,158 496,842
Change in fund balance
before other financing (uses) (972,508) (972,508) (315,604) 656,904
Other financing (uses):
Transfer out (40,049) (40,049) (37,540) 2,509
•
Change in fund balance (1,012,557) (1,012,557) (353,144) 659,413
• UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,274,575 1,274,575 1,111,979 (162,596)
•
• UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 262,018 $ 262,018 $ 758,835 $ 496,817
•
•
•
•
•
•
•
•
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62
•
•
CITY OF TIGARD, OREGON
URBAN SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
•
For the fiscal year ended June 30, 2004
•
1
•
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable) •
REVENUES:
Licenses and permits $ 436,076 $ 436,076 $ 464,643 $ 28,567
Charges for services 3,150 3,150 5,364 2,214
Interest earnings 12,669 12,669 15,611 2,942
•
Total revenues 451,895 451,895 485,618 33,723 •
EXPENDITURES:
•
Contingency 111,000 111,000 - 111,000 •
Change in fund balance
before other financing (uses) 340,895 340,895 485,618 144,723
Other financing (uses): !
Transfer out (512,810) (512,810) (498,297) 14,513 •
•
Change in fund balance (171,915) (171,915) (12,679) 159,236
r
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 633,433 633,433 761,816 128,383 •
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 461,518 $ 461,518 $ 749,137 $ 287,619
63 r
r
CITY OF TIGARD, OREGON
TREE REPLACEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
Other financing (uses)
and change in fund balance:
Transfer out $ (30,000) $ (30,000) $ (22,663) $ 7,337
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 30,000 30,000 22,663 (7,337)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ - $ -
Note: This fund was closed to the Parks Capital Fund in the year ended June 30, 2004
64
f
CITY OF TIGARD, OREGON
STREET MAINTENANCE FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 2004
•
•
Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES:
Fees and charges $ 200,000 $ 200,000 $ 124,055 $ (75,945) •
Interest earnings - - 81 81
Total revenues - change in fund balance 200,000 200,000 124,136 (75,864)
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR - - - - •
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 200,000 $ 200,000 $ 124,136 $ (75,864)
•
•
•
•
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•
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65
•
•
✓ Debt Service Funds-..
The balance sheet. and statement of revenues, expenditures; and changes -in furid'balance' .
of the. rionmajgr debt service :fund is reported in the combining. nonmajor governmental fund
statements.' Fund statements for the major. debt service. fund are reported' in W6 basic w
finaricibl statements;.
Schedules of:revenues; expenditures, and changes in fund"balance- budget and actual are
also presented* here fior each debt service fund:.- _
Maior Debt Service. Fund:
Bancroft..Debt• Service Fund = .This fund accounts for payment -of Bancroft -.improvement.':,
bond''principal and interest: The: sou'rc'es 'of revenue .is'the, collection of.:assessments. "
against..benefited property, interest•and, contributions' from other funds,:for. their;,share of
costs:
Nonmai.or Debt `Servi6e,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, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Collection of bonded assessments $ 418,136 $ 418,136 $ 557,911 $ 139,775
Interest earnings 177,973 202,148 349,012 146,864
Miscellaneous - - 41 41
Total revenues 596,109 620,284 906,964 286,680
EXPENDITURES:
Debt service 3,052,820 3,202,820 3,017,585 185,235
Change in fund balance
before other financing sources (2,456,711) (2,582,536) (2,110,621) 471,915
Other financing sources:
Proceeds from issuance of bancroft
improvement bond 2,225,706 2,225,706 1,947,678 (278,028)
Change in fund balance (231,005) (356,830) (162,943) 193,887
DESIGNATED - FUND BALANCE,
BEGINNING OF YEAR 1,012,697 1,012,697 1,213,935 201,238
DESIGNATED FUND BALANCE,
• END OF YEAR $ 781,692 $ 655,867 $ 1,050,992 $ 395,125
4)
•
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• 66
•
CITY OF TIGARD, OREGON
GENERAL OBLIGATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2004
•
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES: ~
Taxes $ 594,648 $ 594,648 $ 606,728 $ 12,080
Interest earnings 22,908 22,908 12,937 (9,971) •
•
Total revenues 617,556 617,556 619,665 2,109
EXPENDITURES:
•
Debt service 1,014,395 1,014,395 1,014,394 1
Change in fund balance (396,839) (396,839) (394,729) 2,110 •
DESIGNATED FUND BALANCE, •
•
BEGINNING OF YEAR 1,145,382 1,145,382 1,057,050 (88,332)
DESIGNATED FUND BALANCE,
END OF YEAR $ 748,543 $ 748,543 $ 662,321 $ (86,222)
•
•
•
•
•
•
e
e
67
- A .
ed "ere' ndS ' re'reP is .
u {unds a er►
'
'Pr ' rojects find statem
01E is
• C a or capital P , over'.
~ta mentai basic fjnanc~al
maj°r. J . , rtea -in the
a ;dual npnm 1 non 'repo
p all ;ndN bin109
fior , , .e cam fur` are
state meats- d:in the d are
`
binir<9 ' . are.repo• ital pCOlects. d actua:
Co►7! ~osmbined totals J the or .cap budget, an
The eats V. fund balance-
Fund; statem as ►r'
s and chars J
Jun fun..
expenditure . 'rojects d.
of revenues, cap
e ital P
dutes . tor'each {aci;ity
Sch- resented:here ma'ar City rv
also P und__ aside for fotuce, . _
wits monies set
Ca Ita► PrO - is; for
N►a or d . accoun
I I V, .Fund This I _ This fund .
fun
lac 1 ments: ± ect fund { `bond.
OPrOVe - una: vemerlt; prc?! the, sale °
r Ca ital p!ra ects trictlCaplta► .IDs{°ct projects...{rom
Non ma ° ent.p~s ent ;
1 Im ,,6vern.. ImPrOVem of -a,
uth al construction . • .
oLoca . of Loc
er aebt, ounts for City,s portion
on _ {und'acc, : The.
partm - onstructi
oth
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accOUnnQtes,and c t Fun nticip c~ee'~und
anticipatio. plstric and a imPa
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local imPr°ve► {uhded by a tran
e
of the,P101, ct ~s ' . .
. , - ' - "
CITY OF TIGARD, OREGON
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
June 30, 2004
Dartmouth Wall Street
Local Local
Improvement Improvement
District District
Fund Fund Total
ASSETS:
Cash and investments $ 8,971 $ 52,943 $ 61,914
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable and accrued liabilities $ - $ 52,943 $ 52,943
FUND BALANCES -
UNRESERVED 8,971 - 8,971
Total liabilities and fund balances $ 8,971 $ 52,943 $ 61,914
• 68
•
•
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, 2004
•
i~
•
•
Dartmouth Wall Street •
Local Local
Improvement Improvement
District District
Fund Fund Total
REVENUES:
•
Interest earnings $ 146 $ - $ 146
EXPENDITURES:
Capital projects 225 107,908 108,133
Change in fund balance •
before other financing sources (79) (107,908) (107,987)
•
Other financing sources:
Transfers in - 107,908 107,908 •
Total other financing sources (uses) - 107,908 107,908 •
•
Change in fund balance (79) - (79) 0
•
UNDESIGNATED, UNRESERVED FUND BALANCE, •
BEGINNING OF YEAR 9,050 - 9,050
UNDESIGNATED, UNRESERVED FUND BALANCE, •
END OF YEAR $ 8,971 $ - $ 8,971
0
•
•
•
•
•
•
s
•
,0
•
•
69
•
•
•
CITY OF TIGARD, OREGON
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ 234,076 $ 234,076 $ 146,265 $ (87,811)
EXPENDITURES:
Contingency 1,190,000 - - -
Capital projects 7,387,380 8,927,380 8,736,706 190,674
Total expenditures 8,577,380 8,927,380 8,736,706 190,674
Change in fund balance
before other financing sources (uses) (8,343,304) (8,693,304) (8,590,441) 102,863
Other financing sources (uses):
Transfers in 775,485 775,485 708,235 (67,250)
Transfers out (568,000) (568,000) - 568,000
Total other financing sources (uses) 207,485 207,485 708,235 500,750
f
Change in fund balance (8,135,819) (8,485,819) (7,882,206) 603,613
• UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 11,703,778 11,703,778 12,054,728 350,950
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 3,567,959 $ 3,217,959 $ 4,172,522 $ 954,563
•
•
•
•
•
•
•
i
•
• 70
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•
CITY OF TIGARD, OREGON
DARTMOUTH LOCAL IMPROVEMENT DISTRICT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
•
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable) •
REVENUES:
Interest Earnings $ 183 $ 183 $146 $ (37) •
EXPENDITURES:
•
Capital projects 9,319 9,319 225 9,094
Change in fund balance (9,136) (9,136) (79) 9,057 •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 9,136 9,136 9,050 (86)
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ 8,971 $ 8,971 •
•
•
•
•
•
•
•
•
•
•
•
•
•
71 •
•
•
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, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
EXPENDITURES:
Capital projects $ 150,000 $ 150,000 $ 107,908 $ 42,092
Total expenditures and change in fund
balance before other financing sources 150,000 150,000 107,908 42,092
Other financing sources:
Transfer in 150,000 150,000 107,908 (42,092)
Change in fund balance - - -
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR - - - -
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ - $ -
72
!
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City of Tigard, Oregon •
•
•
1
1
1
'Enterp,rtse,,Funds
For GAAP .reporting' purposes, :the' "City" reports three', proprietaryfunds as'-major. funds.- r
:These funds are, the • Sanitary. Sewer Fund; the 'Storm; Sewer. Fund, `which consists 'of the "
Storm, Sewer Fund' arid. the' 1Nater,Quality/Quantity Fund;' a'nd the Water Fund„which;
includes the Water Fund, Water. SDC.•Fund and Water,C I.P Fund However, for budgetary
: and legal purposes these funds are `accounted for,separately as listed below.
All ,of the. City's enterprise,funds* meet: too criteria` for major fund;reporting and are reported -
in-,the- basic'financial.statements:
;'Sclediales:or revenues and changes in fund net assets budget and actual are. presented
h`ere'fo,reaeh individual enterprise. fund as required by=Oregon regulations:
MaW'Enterprise Funds:
Sanitary Sewer Fund -,.This fund accounts for the City's sewerr.utility_ operations:
$ewerFund -,,This fund'accou its~for ; e"City's storm drainage operations::
Storm.
Storm $ewer.Fund (budgetary basis financial,, statements'only)
. .:Water Quality/.Quantity Fund,(budgetary"bass'fnancial statements only)
Water Fund -'This fund accounts for the Gity's water operations:..
~''.'Water Fund: (budggetary basis financial' statements, on{y) . , ; " , " ' , • , • . • , .
Water.SDC•F'und.(budgetary.basi s. fnancial statements only);
Water,ClP'Fund (budgetary ' ;basis:finaneial statements only)' a
%
CITY OF TIGARD, OREGON
SANITARY SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Service charge $ 1,515,310 $1,740,010 $ 1,809,032 $ 69,022
Miscellaneous - - 5,302 5,302
Interest earnings 167,762 167,762 148,969 (18,793)
Total revenues 1,698,072 1,922,772 1,963,303 40,531
EXPENDITURES:
Public works 627,883 627,883 471,733 156,150
Contingency 282,000 68,000 - 68,000
Capital projects 922,300 1,351,000 1,262,264 88,736
Total expenditures 1,832,183 2,046,883 1,733,997 312,886
Change in fund balance
before other financing (uses) (134,111) (124,111) 229,306 353,417
Other financing (uses):
Transfer out (290,353) (290,353) (257,687) 32,666
• Change in fund balance (424,464) (414,464) (28,381) 386,083
•
• UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 8,388,092 8,388,092 9,262,579 874,487
•
• UNDESIGNATED, UNRESERVED
• FUND BALANCE, END OF YEAR $ 7,963,628 $ 7,973,628 $ 9,234,198 $ 1,260,570
•
•
•
•
•
•
•
•
•
•
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• 73
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•
•
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, 2003 •
•
•
Operating and •
Non Operating Expenditures / •
Revenues Expenses •
•
Sanitary Sewer $ 1,963,303 $ 1,733,997
•
•
System development revenue 446,113 - •
Change in accrued compensated absences - 439 •
Expenditures capitalized - (1,295,430) •
Services performed by other funds - 257,687
Depreciation expense - 414,041 •
•
Revenue and expenses - page 27 $ 2,409,416 $ 1,110,734 •
•
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74 •
CITY OF TIGARD, OREGON
STORM SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Intergovernmental revenue $ 15,000 $ 15,000 $ - $ (15,000)
Service charge 1,157,423 1,157,423 1,120,363 (37,060)
Miscellaneous - - 4,438 4,438
Interest earnings 15,640 15,640 13,859 (1,781)
Total revenues 1,188,063 1,188,063 1,138,660 (49,403)
EXPENDITURES:
Public works 593,025 593,025 524,814 68,211
Contingency 200,000 200,000 - 200,000
Capital projects 278,500 278,500 121,795 156,705
Total expenditures 1,071,525 1,071,525 646,609 424,916
Change in fund balance
before other financing (uses) 116,538 116,538 492,051 375,513
• Other financing (uses):
• Transfer out (457,325) (457,325) (394,002) 63,323
Change in fund balance (340,787) (340,787) 98,049 438,836
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 782,000 782,000 974,578 192,578
• UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 441,213 $ 441,213 $1,072,627 $ 631,414
75
•
CITY OF TIGARD, OREGON •
WATER QUALITY/QUANTITY FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2004
•
•
•
•
•
•
•
Variance `
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES: •
•
Service charge $ 40,000 $ 40,000 $ 36,500 $ (3,500) •
Interest earnings 38,120 38,120 31,007 (7,113) •
•
Total revenues 78,120 78,120 67,507 (10,613) •
EXPENDITURES: •
•
Contingency 1,660 1,660 - 1,660 •
Capital projects 10,000 10,000 5,849 4,151 •
•
Total expenditures 11,660 11,660 5,849 5,811
Change in fund balance •
before other financing (uses) 66,460 66,460 61,658 (4,802) •
•
Other financing (uses): •
Transfer out (1,080) (1,080) (1,080) - •
•
Change in fund balance 65,380 65,380 60,578 (4,802)
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 1,905,983 1,905,983 1,890,798 (15,185)
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 1,971,363 $1,971,363 $1,951,376 $ (19,987) •
•
•
•
•
•
•
•
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•
76 •
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, 2003
Operating and
Non Operating Expenditures /
Revenues Expenses
Storm Sewer $ 1,138,660 $ 646,609
Water Quality / Quantity 67,507 5,849
Total 1,206,167 652,458
System development revenue 405,223 -
Change in accrued compensated absences - (1,678)
Expenditures capitalized - (114,929)
Services performed by other funds - 395,082
Depreciation expense - 350,063
Revenue and expenses - page 27 $ 1,611,390 $ 1,280,996
•
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•
• 77
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CITY OF TIGARD, OREGON •
WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2004 •
•
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES:
•
Service charge $ 5,416,093 $ 5,418,593 $ 6,286,871 $ 868,278 •
System development charges 110,000 110,000 250,955 140,955 •
Interest earnings 124,052 145,052 134,667 (10,385) •
Miscellaneous 34,000 34,000 14,014 (19,986) •
Total revenues 5,684,145 5,707,645 6,686,507 978,862
•
EXPENDITURES: •
•
Public works 4,879,819 4,879,819 4,458,056 421,763 •
Contingency 1,086,000 1,086,000 - 1,086,000 •
Capital projects 779,372 779,372 298,073 481,299 •
Total expenditures 6,745,191 6,745,191 4,756,129 1,989,062 •
•
Change in fund balance •
before other financing (uses) (1,061,046) (1,037,546) 1,930,378 2,967,924 •
•
Other financing (uses): •
Transfer out (2,772,832) (2,772,832) (1,089,115) 1,683,717 0
Total other financing sources (uses) (2,772,832) (2,772,832) (1,089,115) 1,683,717 •
•
Change in fund balance (3,833,878) (3,810,378) 841,263 4,651,641 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 6,202,622 6,202,622 6,529,718 327,096 •
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 2,368,744 $ 2,392,244 $ 7,370,981 $ 4,978,737 •
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78 •
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CITY OF TIGARD, OREGON
WATER SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
System development charges $ 300,000 $ 300,000 $ 452,129 $ 152,129
Interest earnings 28,668 28,668 28,439 (229)
Total revenues 328,668 328,668 480,568 151,900
EXPENDITURES:
Contingency 203,500 203,500 - 203,500
Capital projects 225,000 225,000 - 225,000
Total expenditures 428,500 428,500 - 428,500
Change in fund balance
before other financing (uses) (99,832) (99,832) 480,568 580,400
Other financing (uses):
Transfer out (392,578) (392,578) - 392,578
Change in fund balance (492,410) (492,410) 480,568 972,978
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,433,393 1,433,393 1,529,040 95,647
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 940,983 $ 940,983 $ 2,009,608 $ 1,068,625
• 79
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CITY OF TIGARD, OREGON
WATER CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable) •
REVENUES: •
•
System development charges $ 225,000 $ 225,000 $ 393,624 $ 168,624 •
Interest earnings 82,206 82,206 69,912 (12,294)
Total revenues 307,206 307,206 463,536 156,330
•
EXPENDITURES: •
•
Contingency 902,000 902,000 - 902,000
Capital projects 4,490,857 4,490,857 1,167,373 3,323,484
Debt Service 1,929,032 1,929,032 - 1,929,032 •
Total expenditures 7,321,889 7,321,889 1,167,373 6,154,516
•
Change in fund balance •
before other financing sources (uses) (7,014,683) (7,014,683) (703,837) 6,310,846
Other financing sources (uses): •
Bond proceeds 23,847,312 23,847,312 - (23,847,312) •
Transfers in 1,929,032 1,929,032 - (1,929,032)
•
Total other financing sources (uses) 25,776,344 25,776,344 - (25,776,344)
•
Change in fund balance 18,761,661 18,761,661 (703,837) (19,465,498)
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 4,515,423 4,515,423 4,258,954 (256,469) •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 23,277,084 $ 23,277,084 $ 3,555,117 $(19,721,967)
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CITY OF TIGARD, OREGON
WATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
For the fiscal year ended June 30, 2003
Operating and
Non Operating Expenditures /
Revenues Expenses
Water $ 6,686,507 $ 4,756,129
Water SDC 480,568 -
Water CIP 463,536 1,167,373
Total 7,630,611 5,923,502
System development revenue 90,995 -
Change in inventory - (24,548)
Change in accrued compensated absences - (8,248)
Expenditures capitalized - (1,553,347)
Services performed by other funds - 1,089,115
Depreciation expense - 991,585
Revenue and expenses - page 27 $ 7,721,606 $ 6,418,059
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CITY OF TIGARD, OREGON
RECONCILIATION OF BUDGETARY FUND BALANCE TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS NET ASSETS
For the fiscal year ended June 30, 2004
•
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Total Total
Sanitary Storm Total
Sewer Sewer Water
Fund balance - budget basis $ 9,234,198 $ 3,024,003 $ 12,935,706 •
S
Adjustments from budgetary basis to •
generally accepted accounting principles basis: •
Change in inventory - - 15,685 •
Inventory - - 103,869 •
Capital assets, net 11,952,386 9,814,741 28,419,467 •
Accrued vacation payable (21,417) (20,230) (65,459) •
Total Net Assets -
generally accepted accounting
principles basis - page 26 $ 21,165,167 $ 12,818,514 $ 41,409,268
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CC n~S mpiried (totals' are
~Ce r ere. Th:e°
Se rtea`h is
terra,." . funds are repo ncial.statemen :4 are
1n rnalaerv± basin fina actual .
ats for ante funds in the, budget, and
• bining state me.the enterpr►se nd not assets on regulations
ep rted alongside es ,-and,:changeS asuCequired`by ,Greg ithinf '
$ expens:: lce'fun
of revenues, internal sere fu w
„
Schedules resented here for each - the, Central administrative; nct►ons
also. preSen ThiS •fund acGOUnts. f^or. gated to :,the Fleet
gervlces fund is foc all activity, re
Central; d, accoun
City. _ This fin the'C
the er;t Fund vistoris,in
anagerr': ~rient di
o ' i tY .M Man8ge
1e aReGe and Ptope Y . i
Mainter►
,
s :CAPITAL] .AS:S,ETS
USED 'IN:.'1'FIE OPERATION
OF.00VERNMENTAL FUNDS
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2004
Central Fleet/Property
Services Management
Fund Fund Total
ASSETS
Current assets:
Cash and investments $ 1,112,651 $ 77,814 $ 1,190,465
Accounts Receivable 44 - 44
Inventory 15,414 6,512 21,926
Total assets 1,128,109 84,326 1,212,435
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities 194,889 26,630 221,519
Accrued compensated absences 105,944 7,444 113,388
Total liabilities 300,833 34,074 334,907
NET ASSETS
Net assets $ 827,276 $ 50,252 $ 877,528
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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, 2004
•
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Central Fleet/Property i
Services Management
Fund Fund Total ~
OPERATING REVENUES: ~
Service charges $ 4,228,579 $ 730,372 $ 4,958,951
Miscellaneous 1,133 1,207 2,340
•
Total operating revenues 4,229,712 731,579 4,961,291
•
OPERATING EXPENSES:
Salaries and wages 2,487,878 312,602 2,800,480 •
Contracted services 429,669 113,132 542,801
General, administrative and other 942,580 307,529 1,250,109
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Total operating expenses 3,860,127 733,263 4,593,390
i
Operating income (loss) 369,585 (1,684) 367,901
NONOPERATING REVENUE:
•
Interest revenue 13,903 383 14,286
•
Net income (loss) 383,488 (1,301) 382,187
•
NET ASSETS - beginning of year 443,788 51,553 495,341 '
NET ASSETS - end of year $ 827,276 $ 50,252 $ 877,528
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CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For the fiscal year ended June 30, 2004
Increase (decrease) in cash and cash equivalents
Central Fleet/Property
Services Management
Fund Fund Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 4,228,579 $ 730,372 $ 4,958,951
Payments to suppliers (1,382,023) (424,917) (1,806,940)
Payments to employees (2,487,878) (312,602) (2,800,480)
Other receipts 1,133 1,207 2,340
Net cash provided (used) by operating activities 359,811 (5,940) 353,871
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 13,903 383 14,286
Net increase (decrease) in cash and cash equivaler 373,714 (5,557) 368,157
Balances--beginning of the year 738,937 83,371 822,308
Balances--end of the year $ 1,112,651 $ 77,814 $ 1,190,465
a RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
• Operating income (loss) 369,585 (1,684) 367,901
Adjustments to reconcile operating income to net cash
• provided (used) by operating activities:
• Change in assets and liabilities:
Receivables, net 4,015 - 4,015
Inventories (4,243) 1,142 (3,101)
' Accounts payable (3,252) (4,798) (8,050)
Accrued compensated absences (6,294) (600) (6,894)
Net cash provided (used) by operating activities $ 359,811 $ (5,940) $ 353,871
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CITY OF TIGARD, OREGON •
CENTRAL SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
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Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
•
Interest earnings $ 10,461 $ 10,461 $ 13,903 $ 3,442
Miscellaneous - - 1,133 1,133
Total revenues 10,461 10,461 15,036 4,575
EXPENDITURES:
•
Policy and administration 3,604,470 3,636,542 3,481,096 155,446
Contingency 249,000 130,533 - 130,533 •
General government 394,920 494,920 324,270 170,650
Total expenditures 4,248,390 4,261,995 3,805,366 456,629 S
•
Change in fund balance
before other financing sources (uses) (4,237,929) (4,251,534) (3,790,330) 461,204
Other financing sources (uses):
Transfer in 4,445,018 4,463,623 4,228,579 (235,044) .
Transfer out (73,614) (73,614) (61,053) 12,561
Total other financing sources (uses) 4,371,404 4,390,009 4,167,526 (222,483)
Change in fund balance 133,475 138,475 377,196 238,721 r
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 523,050 523,050 556,025 32,975 •
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 656,525 $ 661,525 $ 933,221 $ 271,696
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CITY OF TIGARD, OREGON
FLEET/PROPERTY MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2004
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ 1,200 $ 1,200 $ 383 $ (817)
Miscellaneous - - 1,207 1,207
Total revenues 11200 1,200 1,590 390
EXPENDITURES:
Public works 806,368 806,368 660,068 146,300
Contingency 60,000 60,000 - 60,000
Total expenditures 866,368 866,368 660,068 206,300
Change in fund balance
before other financing sources (uses) (865,168) (865,168) (658,478) (205,910)
Other financing sources (uses):
Transfer in 880,630 880,630 730,371 (150,259)
Transfer out (74,641) (74,641) (73,796) 845
Total other financing sources (uses) 805,989 805,989 656,575 (149,414)
Change in fund balance (59,179) (59,179) (1,903) (355,324)
i
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 60,000 60,000 59,596 (404)
• UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 821 $ 821 $ 57,693 $ 56,872
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City of Tigard, Oregon
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` CITY OF TIGARD,
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
COMPARATIVE SCHEDULES BY SOURCE
June 30, 2004 and 2003
2004 2003
Governmental funds capital assets:
Land $ 5,786,010 $ 6,710,069
Improvements other than buildings 4,928,689 3,565,806
Buildings and building improvements 7,754,415 6,188,741
Office equipment 426,137 1,504,077
Equipment 1,192,490 1,704,871
Autos and trucks 1,653,341 1,568,789
Infrastructure assets 188,559,755 186,824,866
Construction in progress 16,073,456 4,620,012
Total governmental funds capital assets $ 226,374,293 $ 212,687,231
Investment in governmental funds capital assets by source
General Fund $ 216,220,454 $ 206,154,986
Special revenue funds 4,768,879 3,941,337
Capital projects funds 5,384,960 2,618,758
Total governmental funds capital assets $ 226,374,293 $ 212,687,231
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88
CITY OF TIGARD, OREGON
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE BY FUNCTION AND ACTIVITY
JUNE 30, 2004
Machinery, Construction
Equipment, in
Function and Activity Total Land Buildings and Other Infrastructure progress
Community services:
Police $ 1,314,714 $ $ $ 1,314,714 $ $
Library 199,075 199,075 -
Parks 621,882 621,882
Total community services 2,135,671 - 2,135,671 -
Community development:
Administration 24,451 - - 24,451 -
Building 117,339 - - 117,339 -
00 Planning 6,751 - 6,751 -
co Engineering 118,220 - - 118,220 - -
Operations/admin. 45,728 - - 45,728 -
Operations/shops 54,210 - 54,210 -
Streets 196,449,743 - - 1,814,626 188,559,755 6,075,362
Operations/management (13,704) - - (13,704) - -
Total community development 196,802,738 2,167,621 188,559,755 6,075,362
Policy and administration:
Mayor and City Council 5,696 5,696 -
City administration - - - -
Finance 10,842 - 10,842
Computer services 98,071 - - 98,071 -
Accounting 7,981 - - 7,981 -
Office services 12,104 - 12,104 -
Records 20,688 - - 20,688 -
Court - - -
Total policy and administration 155,382 - - 155,382
General government 27,280,502 5,786,010 7,754,416 3,741,983 - 9,998,093
Total governmental funds capital assets $ 226,374,293 $ 5,786,010 $ 7,754,416 $ 8,200,657 $ 188,559,755 $ 16,073,455
•~••60*410410 0 ••41090*0 40900000900104'0111041141900000 00t000411
CITY OF TIGARD, OREGON
CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS
SCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY
For the fiscal year ended June 30, 2004
Governmental Governmental
Funds Funds
Capital Assets Capital Assets
Function and Activity June 30, 2003 Additions Deductions June 30, 2004
Community services:
Police $ 1,746,058 $ 63,537 $ (494,881) $ 1,314,714
Library 435,313 - (236,238) 199,075
Parks 722,249 - (100,367) 621,882
Total community services 2,903,620 63,537 (831,486) 2,135,671
Community development:
Administration 61,966 - (37,515) 24,451
Building 143,540 43,191 (69,392) 117,339
Planning 34,900 - (28,149) 6,751
Engineering 232,227 - (114,007) 118,220
Operations/admin. 74,718 - (28,990) 45,728
Operations/shops 54,210 - - 54,210
Streets 190,631,815 6,086,630 (268,702) 196,449,743
Operations/management 28,363 - (42,067) (13,704)
Total community development 191,261,739 6,129,821 (588,822) 196,802,738
Policy and administration:
Mayor and City Council 19,868 - (14,172) 5,696
City administration 46,385 - (46,385) -
Finance 15,059 - (4,217) 10,842
Computer services 317,196 - (219,125) 98,071
Accounting 39,371 - (31,390) 7,981
Office services 40,804 - (28,700) 12,104
Records 50,712 - (30,024) 20,688
Court 5,111 - (5,111) -
• Total policy and administration 534,506 - (379,124) 155,382
• General government 17,987,366 11,504,113 (2,210,977) 27,280,502
• Total governmental funds capital assets $ 212,687,231 $ 17,697,471 $ (4,010,409) $ 226,374,293
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City of Tigard, Oregon
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CITY OF TIGARD, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS AND OUTSTANDING BALANCES
For the fiscal year ended June 30, 2004
Property Add Property
Taxes Levy as Taxes
Receivable Extended Deduct Add Receivable
June 30, by Discounts (Deduct) Add Deduct June 30,
2003 Assessor Allowed Adjustments Interest Collections 2004
2003 - 2004 $ - $ 10,072,155 $ (253,014) $ (58,561) $ 4,020 $ (9,519,258) $ 245,342
2002 - 2003 267,349 - 238 (14,105) 11,336 (178,463) 86,355
2001-2002 75,662 - 60 (6,340) 6,904 (40,185) 36,101
2000 - 2001 33,036 - 37 (4,228) 5,580 (21,142) 13,284
1999 - 2000 12,288 - 34 (3,341) 3,085 (8,966) 3,099
1998- 1999 3,189 - 55 (2,064) 627 (280) 1,527
1997 - 1998 & Prior 3,289 - 36 (1,129) 530 (321) 2,404
$ 394,814 $ 10,072,155 _L_(?§2,553j $ (89,768) $ 32,081 $ (9,768,616) $ 388,113
Property Taxes
Cash Receivable
Distributed as follows: Collections June 30, 2004
General Fund:
Current $ 8,936,956 $ 230,335
Prior years' levies 223,377 128,961
Total General Fund 9,160,333 359,296
Enterprise Funds:
Prior Years' levies - 17
Debt Service Funds:
Current 582,302 15,008
Prior years' levies 25,981 13,792
Total Debt Service Funds 608,283 28,800
Total $ 9,768,616 $ 388,113
NOTE: Other than property taxes are included in Taxes revenue on the
• Governmental Funds Statement of Revenues, Expenditures,
and Changes in Fund Balance (page 26).
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CITY OF TIGARD, OREGON •
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
For the fiscal year ended June 30, 2004 •
•
Bond Transactions Interest Transactions •
•
Outstanding Matured/ Outstanding •
Bancroft Bonds Original Issue June 30, 2003 Additions Called Paid June 30, 2004 Matured Paid
Issued May 1, 1993 $ 660,000 $ 105,000 $ $105,000 $(105,000) $ - $ 5,200 $ (5,200) •
Issued November 30, 1998 1,565,576 1,008,524 500,000 (500,000) 508,524 33,726 (33,726) •
•
Issued June 27, 2002 1,307,969 1,279,769 32,900 (32,900) 1,246,869 93,712 (93,712)
Issued December 3, 2003 1,947,678 - 1,947,678 - - 1,947,678 33,971 (33,971) '
$ 2,393,293 $ 1,947,678 $637,900 $(637,900) $ 3,703,071 $166,609 $ (166,609)
General Obligation Bonds •
Issued December 4, 2002 $ 13,000,000 $ 13,000,000 $ - $463,552 $(463,552) $12,536,448 $ 550,842 $ (550,842) •
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CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF LONG TERM NOTES PAYABLE
JUNE 30, 2004
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, 2005 $ 210,563 $ 72,563 3.00% $ 283,126
January 1, 2006 216,630 66,246 3.25% 282,876
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 $ 1,892,200 $ 358,964 $ 2,251,164
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CITY OF TIGARD, OREGON `
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS •
June 30, 2004
•
•
Issued Issued Issued
December 1, 1998 June 27, 2002 December 3, 2003 .
Year of Total Requirements 4.39% 7.25% 3.90% •
Maturity Principal Interest Principal Interest Principal Interest Principal Interest •
2004-2005 $ 325,569 $ 196,600 $ 160,499 $ 32,519 $ 17,300 $ 91,003 $ 147,770 $ 73,078 •
2005-2006 365,123 180,944 167,622 25,396 36,500 88,491 161,001 67,057
2006-2007 383,860 164,366 175,061 17,957 39,400 85,795 169,399 60,614 •
•
2007-2008 225,878 136,958 5,342 235 42,300 82,888 178,236 53,835
2008-2009 232,933 126,469 - - 45,400 79,766 187,533 46,703
2009-2010 246,015 115,614 48,700 76,416 197,315 39,198 •
2011-2022 1,923,693 620,181 - - 1,017,269 546,746 906,424 73,435 !
Totals $3,703,071 $1,541,132 $ 508,524 $ 76,107 $1,246,869 $1,051,105 $1,947,678 $413,920 •
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CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
June 30, 2004
Fiscal Issued: December 4, 2002
Year of Total Debt 3.00% to 4.75%
Maturity Requirement Principal Interest
2004-2005 $ 974,413 $ 475,908 $ 498,505
2005-2006 972,563 488,335 484,228
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
2014-2022 8,764,259 7,049,251 1,715,008
$ 18,512,191 $ 12,536,448 $ 5,975,743
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CITY OF TIGARD, OREGON
GOVERNMENT-WIDE EXPENSES BY FUNCTION
For the last ten fiscal years
Fiscal Interest on
Year Ended Community Development Policy and Long-Term Storm
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 1,090,550 5,555,590 29,986,149
This schedule has been added with the implementation of GASB 34 effective fiscal year 2003.
to Source: Comprehensive Annual Financial Report of the City.
CITY OF TIGARD, OREGON
GOVERNMENT-WIDE REVENUES
For the last ten 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 Fees 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 14,697,521 252,805 - 9,763,281 2,431,324 5,204,135 1,317,638 445,899 34,112,603
'This schedule has been added with the implementation of GASB 34 effective fiscal year 2003.
Source. Comprehensive Annual Financial Report of the City.
4
~~~040 40 00••••••••••••••!••••••400000 000040.00000000 00 0••
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
1995 $ 5,656,128 $ 2,745,236 $ 1,332,630 $ 2,148,786 $ 2,388,061 $ 14,270,841
1996 6,073,218 3,230,316 1,482,194 2,895,552 5,152,515 18,833,795
1997 6,537,097 3,507,919 1,699,813 3,182,818 2,117,957 17,045,604
1998 6,973,417 4,072,109 1,914,207 5,084,190 2,171,542 20,215,465
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 2,287,819 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
98
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CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCES- •
BUDGETARY BASIS •
For the last ten fiscal years •
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Fiscal Licenses Inter- Charges •
Year Ended Franchise and governmental For Fines and Miscellaneous •
June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues' Total
1995 $ 6,107,116 $ 1,592,707 $ 2,344,386 $ 3,350,614 $ 418,965 $ 325,970 $ 851,444 $ 14,991,202 •
1996 5,860,948 1,669,784 2,555,271 3,717,655 357,571 304,246 1,534,205 15,999,680 •
1997 7,699,435 1,736,933 3,746,604 3,834,114 798,129 397,637 1,632,664 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 7,876,219 1,960,768 2,271,148 4,658,795 675,323 371,594 3,404,178 21,218,025 •
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 •
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Includes special assessments collections and private donations. •
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types •
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99 •
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CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
For the last ten fiscal years
Percent Percent
Total Tax Delinquent
Fiscal Total Percent Delinquent Total Collections Outstanding Taxes
Year Ended Tax Current Tax of Levy Tax Tax To Tax Delinquent To Tax
June 30 Levy Collections Collections Collections Collections Levy Taxes Levy
1995 $ 6,212,684 $ 5,864,693 94.40% $ 242,923 $ 6,107,616 98.31% $ 285,651 4.60%
1996 5,982,372 5,671,785 94.81% 198,054 5,869,839 98.12% 245,387 4.10%
1997 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%
Taxes are levied as of July 1 each year and are payable in three installments, without interest, on November 15, February 15, and May
15. Interest is charged at the rate of 1% per month on delinquent taxes. Tax liens are foreclosed after three year's delinquencies.
Taxpayers receive a discount of 3% for payment in full by November 15 and 2% for payment of two thirds of the total taxes due.
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CITY OF TIGARD, OREGON
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY •
For the last ten fiscal years •
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Fiscal Market Value •
Year Public •
Ended Real Personal Utility Total •
June 30 Property Property PropertyTotal Assessed Value
1995 $ 2,229,444,147 $ 156,419,813 $ 72,874,589 $ 2,458,738,549 $ 2,458,738,549
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1996 2,499,277,057 164,967,611 70,968,422 2,735,213,090 2,735,213,090
1997 2,870,072,277 165,084,982 76,231,065 3,111,388,324 3,111,388,324 •
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1998 3,122,530,514 205,073,620 97,363,138 3,424,967,272 2,711,669,298
1999 3,277,118,168 214,501,804 109,989,369 3,601,609,341 2,869,660,834 •
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2000 3,592,171,408 225,516,583 120,517,828 3,938,205,819 3,033,029,082
2001 3,972,873,890 229,782,176 151,476,268 4,354,132,334 3,254,596,701 •
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2002 4,238,288,273 221,640,972 164,079,792 4,624,009,037 3,470,578,863 •
2003 4,410,039,009 215,829,652 178,925,500 4,804,794,161 3,621,710,974 •
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2004 4,773,922,756 206,044,262 171,923,502 5,151,890,520 3,754,359,399
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All property is assessed as of July 1. •
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Assessed value, up until June 30, 1997, was defined as market value. A new property tax limitation known as
Measure 50 passed in May 1997 which disconnected assessed value from market value for purposes of distributing •
property tax levies. Measure 50 reduced assessed value for 1997/98 to the 1995/96 market value less 10% plus new •
construction. According to the 1998/99 Washington County summary of assessment and tax roll, assessed values
for most properties are now about 80% of market value. •
Source: Washington County Department of Assessment and Taxation. •
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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
1995 $ 208,000 $ 146,548 70.46% $ 2,250,041
1996 135,000 218,667 161.98% 2,088,745
1997 145,000 353,977 244.12% 1,846,910
1998 275,000 173,947 63.25% 6,046,590
1999 1,565,576 2,056,305 131.34% 4,613,840
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
(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
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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 Tigard Unified Rural Fire Rural Fire Portland Education Other
Ended District City of Washington District District Water Sewerage Protection District Community Service Taxing
June 30 Combined Tigard County No. 23-J No. 48 District Agency District No. 2 College District Agencies Total
1995 $ 0.25 $ 2.51 $ 1.27 $13.88 $ 12.41 $ 0.07 $ 0.07 $ 1.76 $ 0.82 $ 0.19 $ 0.38 $ 33.61
1996 0.25 2.18 1.52 14.01 12.07 0.06 0.09 1.66 0.79 0.18 0.38 33.19
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
CD 2000 0.21 2.59 2.54 6.31 6.19 1.56 1.29 0.36 0.70 21.75
W
2001 0.25 2.60 2.53 7.24 6.12 1.59 1.30 0.37 0.70 22.70
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
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 rate by the passage of measure 50 in 1997. Permanent rates cannot be changed. Prior to Measure 50, rates were dependent on both the levy and assessed
value.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with territory in the County. The County collects all taxes against property in the County (except assessments for
improvements charged to benefited property and distributes taxes collected at least monthly. No charges are made to the taxing districts for these services.
NOTE: - Not all taxing districts are charged on each parcel of property, actual rates on tax bills are a combination of the above depending upon the location of the parcel and the school district and sewer and water
district boundaries. Total overlapping tax rates for property in Tigard in 2004 ranged from $12.11/$1,000 to $16.64/$1,000.
Source: Washington County Department of Assessment and Taxation.
CITY OF TIGARD, OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
For the last ten fiscal years
Gross
General Ratio of
Obligation Less Debt Net Bonded
Fiscal Year Bonded Service Net Debt to Net Bonded
Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value Standing Available Debt Value Capita
1995 33,744 $ 2,458,738,549 $ 8,385,000 $ 422,107 $ 7,962,893 0.32% $ 235.98
1996 35,021 2,735,213,090 6,795,000 387,102 6,407,898 0.23% 182.97
1997 35,925 3,111,388,324 5,125,000 4,514,054 6,407,898 0.21% 178.37
1998 36,680 2,711,669,298 3,360,000 206,712 3,153,288 0.12% 85.97
1999 37,200 2,869,660,834 2,991,249 792,529 2,198,720 0.08% 59.11
2000 39,672 3,033,029,082 2,442,075 1,492,889 949,186 0.03% 23.93
2001 42,260 3,254,596,701 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 3,621,710,974 15,393,293 2,270,985 13,122,308 0.36% 297.76
2004 45,130 3,754,359,399 16,239,519 1,713,313 14,526,206 0.39% 321.87
Excludes bond anticipation notes payable.
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County Department of
Assessment and Taxation.
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CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN •
June 30, 2004 •
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ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property
within the city boundaries:
True cash value (2003-2004) $ 5,151,890,520
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General obligation debt limit X 3%
154,556,716 •
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Gross bonded debt $ 18,131,719 !
Excludable debt - Bancroft improvement bonds (3,703,071)
Debt subject to limitation 14,428,648 •
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Legal debt margin - amount available for future indebtedness $ 140,128,068
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Source: Washington County Department of Assessment and Taxation
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CITY OF TIGARD, OREGON
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 2004
Percent Amount
Applicable Applicable
Net Debt Inside City Inside City
Jurisdiction Outstanding of Tigard of Tigard
Tigard/Tualatin School District #23-J $ 66,461,843 51.8221% $ 34,441,923
Tri-Metropolitan Transportation District 3,487,367 3.7378% 130,351
Port of Portland 1,860,889 3.4066% 63,393
Metro 5,724,580 3.7216% 213,046
Beaverton School District #48 12,034,255 3.9045% 469,877
Portland Community College 13,992,607 4.6803% 654,896
Washington County 6,805,784 10.1970% 693,986
Tualatin Valley Fire & Rescue District 873,554 13.5856% 118,678
Tualatin Valley Water (Metzger Bond) 491,832 62.2572% 306,201
Sub-Total of Overlapping Debt 111,732,711 37,092,350
City of Tigard 18,131,719 100.0000% 18,131,719
Total for Overlapping (Underlying) Debt $ 129,864,430 $ 55,224,069
Source: Oregon State Treasury Debt Management Division
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CITY OF TIGARD, OREGON •
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR LONG-TERM DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES •
For the last ten fiscal years •
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Total Percent of Debt
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
1995 $ 1,828,000 $ 560,061 $ 2,388,061 $ 18,301,040 13.05%
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1996 4,385,000 767,516 5,152,516 14,270,841 36.11%
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% •
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1999 6,190,576 659,946 6,850,522 25,555,433 26.81% •
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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% •
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2004 3,358,982 929,462 4,288,444 34,524,413 12.42%
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Source: Comprehensive Annual Financial Reports of the City.
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(1) Includes bond anticipation notes principal and interest.
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(2) Includes bond anticipation notes interest and certificates of participation principal and interest •
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CITY OF TIGARD, OREGON
PROPERTY VALUE AND CONSTRUCTION
For the last ten fiscal years
Commercial Residential
Fiscal Year Construction (1) Construction (1)
Ended Number of Number of
June 30 Permits Value Permits Value
1995 24 $ 31,873,570 452 $ 63,699,561
1996 37 34,644,201 496 65,935,382
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
(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
108
CITY OF TIGARD, OREGON •
PRINCIPAL TAXPAYERS
June 30, 2004 •
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Percentage
of Total •
Assessed Assessed
Taxpaver Type of Business Valuation Valuation .
Pacific Realty Associates Oregon Business Park $ 143,381,150 3.82% •
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PPR Washington Square, LLC Washington Square Shopping Mall 80,092,343 2.13% •
EOP-Lincoln, LLC Lincoln Center Complex 68,331,810 1.82%
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Verizon Northwest Inc Utility - Communications 52,296,628 1.39%
Calwest Industrial Holdings, LLC Property Management 30,253,710 0.81% •
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Sprint Spectrum Utility - Communications 27,083,650 0.72% •
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Portland General Electric Utility - Power Operations 26,378,000 0.70% •
Robinson, Constance Property Management 22,980,660 0.61% •
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Northwest Natural Gas Utility - Power Operations 22,008,100 0.59% •
Portland Hotel Associates Embassy Suites Hotel 21,862,600 0.58% •
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Total Principal Taxpayers 494,668,651 13.18% •
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All Other Taxpayers 3,259,690,748 86.82% •
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Total $ 3,754,359,399 100.00% •
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Source: Washington County Assessment & Taxation records. •
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CITY OF TIGARD, OREGON
DEMOGRAPHICS STATISTICS
For the last ten fiscal years
Assessed (2)
Value Unemployment
of Taxable (3) Rate
Fiscal Year (1) Property School Portland
Ended June 30 Population Per Capita Enrollment Metro Area
1995 33,744 $ 72,864 9,644 4.70%
1996 35,021 78,102 10,579 4.20%
1997 35,925 86,608 10,829 3.90%
1998 36,680 73,928 11,071 4.30%
1999 37,200 74,537 11,080 4.50%
2000 39,672 76,453 11,145 4.10%
2001 42,260 77,014 11,500 4.50%
2002 43,040 80,636 11,785 7.50%
2003 44,070 82,181 11,686 8.80%
2004 45,130 83,190 11,831 6.80%
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
110
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CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
June 30, 2004
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Date of Incorporation 1961
Form of government Mayor / Council with a City •
Manager as the administrative
head of the government of the City
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Area (Square Miles - incorporated area) 11
Miles of streets 150.00
Population 45,130 •
Drinking Water: •
Water mains 210 miles •
Reservoirs 13
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Police protection:
Number of stations 1
Number of sworn police officers 57 •
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Education:
Attendance centers 15 •
Number of teachers 630
Number of students 11,831 •
Sanitary sewers 146 miles
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Storm sewer lines 114 miles
Building Permits issued (2003-2004) 392
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Recreation and culture: •
Number of parks 13, totaling 176 acres
Greenways 171 acres •
Number of libraries 1 •
Number of volumes (estimated) 115,618 .
Employees:
Classified service (union) 194 •
Unclassified (non-union) 83
Information obtained from the various departments of the City of Tigard, Oregon •
and Tigard/Tualatin School District #23-J - City student totals not available
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111 •
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PAULY, ROGERS AND CO., P.C.
® CERTIFIED PUBLIC ACCOUNTANTS
• 12700 SW 72ND AVENUE • TIGARD, OREGON 97223
• (503) 620-2632 • FAX (503) 684-7523
October 22, 2004
2003-2004 AUDITORS' COMMENTS AND DISCLOSURES
Oregon Administrative Rules 162-10-000 through 162-16-000 (the Minimum Standards for Audits of Oregon
Municipal Corporations, prescribed by the Secretary of State in cooperation with the Oregon State Board of
Accountancy) enumerate the financial statements, schedules, comments and disclosures required in audit reports.
The required statements and schedules are set forth in preceding pages of this report. Required comments and
disclosures related to our audit of such statements and schedules are set forth as follows.
REPORT ON INTERNAL ACCOUNTING CONTROL
We have audited the basic financial statements of City of Tigard, Oregon, as of and for the year ended June 30,
2004, and have issued our report thereon dated October 22, 2004.
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.
The management of City of Tigard, Oregon, is responsible for establishing and maintaining an internal control. In
fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits
and related costs of internal control policies and procedures. The objectives of an internal control are to provide
management with reasonable, but not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit the preparation of basic financial statements in accordance with
generally accepted accounting principles. Because of inherent limitations in any internal control, errors or
irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the internal control
to future periods is subject to the risk that procedures may become inadequate because of changes in conditions
or that the effectiveness of the design and operation of policies and procedures may deteriorate.
In planning and performing our audit of the basic financial statements of City of Tigard, Oregon, for the year ended
June 30, 2004, we obtained an understanding of the internal control. With respect to the internal control, we
obtained an understanding of the design of relevant policies and procedures and whether they have been placed
in operation, and we assessed control risk in order to determine our auditing procedures for the purpose of
expressing our opinion on the basic financial statements and not to provide an opinion on the internal control.
Accordingly, we do not express such an opinion.
Our consideration of the internal control would not necessarily disclose all matters in the internal control that might
be material weaknesses under standards established by the American Institute of Certified Public Accountants.
112
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2003-2004 AUDITORS' COMMENTS AND DISCLOSURES (Continued) S
A material weakness is a reportable condition in which the design or operation of one or more of the specific
internal control elements does not reduce to a relatively low level the risk that errors and irregularities in amounts
that would be material in relation to the basic financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their assigned functions. We noted no
matters involving the internal control and its operations that we consider to be material weaknesses as defined
above.
This report is intended for the information of City management, the City Council, and the State of Oregon,
Secretary of State, Audits Division. However, this report is a matter of public record and its distribution is not
limited.
ACCOUNTING RECORDS
The City's accounting records were adequate to meet the City's financial accounting requirements.
BUDGET TRANSACTIONS
Expenditures of the various funds were within authorized appropriations for the City's budget period.
2003-2004 and 2004-2005 BUDGETS
The budgets adopted by the City for the current and ensuing fiscal years were reviewed during the audit. Based
on our testing, the budget preparation and adoption procedures followed by the City were in compliance with the
Oregon Local Budget Law.
COLLATERAL SECURING BANK DEPOSITS
Based on our selective testing, collateral pledged by the depositories appeared to be adequate at all times during
the year to meet requirements of Oregon Law. Each depository is required by ORS Chapter 295 to maintain
securities having a value of not less than 25% of the face amount of the collateral certificate issued by the pool
manager, for funds deposited in the depository in excess of the amounts insured by the Federal Deposit Insurance
Corporation. Deposits in the State Local Government Investment Pool and are not required to be collateralized. •
INVESTMENTS
The City's investments held during the year ending June 30, 2004, were reviewed and appeared to comply with the .
legal requirements pertaining to the investment of public funds contained in ORS 294.035. •
PUBLIC CONTRACTS AND PURCHASING
The City's procedures for awarding public contracts were reviewed and appeared to be in compliance with ORS •
Chapter 279.
HIGHWAY FUNDS
We reviewed and tested, to the extent we considered necessary, the City's compliance with the requirements to
expend highway funds exclusively for road, footpath, and bicycle path improvements and construction. We noted
no noncompliance with those requirements.
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2003-2004 AUDITORS' COMMENTS AND DISCLOSURES (Continued)
INSURANCE AND FIDELITY BONDS
Details concerning insurance and fidelity bond coverage were reviewed during the audit. The coverage provided
appears to meet legal requirements. We do not have the professional expertise to state whether the insurance
coverage is adequate.
STATUTORY BONDED DEBT LIMITATION
The City's statutory bonded debt limitation was not exceeded during the fiscal year 2002-2004. The debt
outstanding appeared to be within this limit.
OUTSTANDING WARRANTS
The City had no outstanding endorsed warrants at June 30, 2004.
PROGRAMS FUNDED FROM OUTSIDE SOURCES
We reviewed and tested, to the extent we considered necessary in the circumstances, transactions and reports
0 relative to federal and state grant programs. Based on our testing, we noted no noncompliance with rules and
regulations related to programs funded from outside sources.
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