CAFR Report - 2002-2003
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Comprehensive Annual Financial Report Cover Description/Narrative
On the Front Cover:
The Sorg Rhododendron Garden is registered with the American Rhododendron Society
and named in honor of Mr. Otto Sorg, a long-time Tigard resident. A bronze memorial
plaque was placed in the garden during the dedication ceremony on May 8, 2002. The
plaque bears a quote from Mr. Sorg, "Please take care of my garden." The City, along
with Mr. Sorg's grandson Jeffrey, began transplanting the flowers in May 2000 from the
site Mr. Sorg had originally maintained as his own garden.
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Cover design courtesy of Nancy Lof, City of Tigard Office Services
CITY OF TIGARD, OREGON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the fiscal year ended June 30, 2003
Prepared by:
City of Tigard - Finance Department
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City of Tigard, Oregon
Table of Contents
Page
INTRODUCTORY SECTION:
Letter of Tra nsmittal .............................................................................1-4
Certificate of Achievement for Excellence in Financial Reporting 5
Organization Chart ..............................................................................6
Mayor and City Council Members ...................................................................7
. FINANCIAL SECTION:
Independent Auditors' Report .....................................................................8
Management's Discussion and Analysis 9-20
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Assets 21
Statement of Activities 22
• Fund Financial'Statements
Major Governmental Funds:
Balance Sheet 23
Statement of Revenues, Expenditures, and Changes in Fund Balances 24
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances to the Statement of Activities 25
Proprietary Funds:
Statement of Net Assets 26
Statement of Revenues, Expenses, and Changes in Fund Net Assets 27
Statement of Cash Flows ...................................................................28
Pension Trust Fund:
Statement of Net Assets 29
Statement of Changes in Net Assets 29
Notes to Basic Financial Statements 30-47
Required Supplementary Information:
Schedule of Revenues and Expenditures - Budget and Actual:
General Fund .............................................................................48
• Other Supplementary Information:
. Nonmajor Governmental Funds Combining Statements:
Combining Balance Sheet 49
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 50
Special Revenue Funds:
. Combining Balance Sheet - Nonmajor Special Revenue Funds 51
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances - Nonmajor Special Revenue Funds 52
Schedules of Revenues and Expenditures - Budget and Actual:
. Criminal Forfeiture Fund ....................................................................53
• Gas Tax Fund 54
Parks Capital Fund ........................................................................55
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City of Tigard, Oregon i
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:
County Gas Tax Fund .......................................................................56 •
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
Debt Service Funds:
Schedules of Revenues and Expenditures - Budget and Actual: •
Bancroft Debt Service Fund .................................................................65
General Obligation Bond Debt Service Fund .....................................................66
Capital Projects Funds:
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Combining Balance Sheet - Nonmajor Capital Projects Funds 67
Combining Statement of Revenues, Expenditures and •
Changes in Fund Balances - Nonmajor Capital Projects Funds 68
Schedules of Revenues and Expenditures - Budget and Actual:
Facility Fund ............................................................................69 •
69th Avenue Local Improvement District Fund 70 •
Dartmouth Local Improvement District /Capital Improvement Project Fund 71
Metro Greenspaces Fund ...................................................................72
Park Levy Improvement Fund .................................................................73
Wall Street Local Improvement District Fund 74 •
Proprietary Funds:
Enterprise Funds:
Schedules of Revenues and Expenditures - Budget and Actual: •
Sanitary-Sewer Fund ........................................................................75 •
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses - Sanitary Sewer Fund ................................................76
Storm Drainage Fund 77
Water Quality and Quantity Fund 78 •
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
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Revenues and Expenses - Storm Sewer Funds .................................................79
Water General Fund .......................................................................80-
Water Systems Development Fund ............................................................81 •
Water Capital Projects Fund 82 .
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses- Water Funds 83
Reconciliation of Budgetary Fund Balances to Generally Accepted
Accounting Principles Basis Net Assets 84 •
Internal Service Funds:
Combining Statement of Net Assets 85
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets 86 •
Combining Statement of Cash Flows 87 •
Schedules of Revenues and Expenditures - Budget and Actual:
Central Service Fund .......................................................................88
Fleet/Property Management Fund .............................................................89
City of Tigard, Oregon
Table of Contents, Continued
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FINANCIAL SECTION, Continued:
Other Supplementary Information, Continued:
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 90
Schedule of Bond and Bond Interest Transactions 91
Schedule of Future Debt Service Requirements of
Long-term Notes Payable 92
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 93
Schedule of Future Debt Service Requirements of
General Obligation Bonds ....................................................................94
STATISTICAL SECTION:
Government-wide Expenses by Function ............................................................95
Government-wide Revenues 96
General Governmental Expenditures By Function - Budgetary Basis -
for the last ten fiscal years ......................................................................97
General Governmental Revenues By Sources - Budgetary Basis -
for the last ten fiscal years ..................................98
Property Tax Levies and Collections - for the last ten fiscal years 99
Market Value and Assessed Value of Taxable Property -
for.the last ten years 100
Special Assessment Collections - for the last ten fiscal years 101
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 102
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 103
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Computation of Legal Debt Margin - June 30, 2002
Computation of Overlapping General Obligation Debt - June 30, 2003 105
Ratio of Annual Debt Service Expenditures for Long-Term Debt to
Total General Governmental Expenditures
for the last ten years 106
Property Value, Construction - for the last ten fiscal years 107
Principal Taxpayers - June 30, 2003.......... • ......................................................108
Demographic Statistics - for the last ten fiscal years 109
Miscellaneous Statistical Data - June 30, 2003 110
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
STATE REGULATIONS:
. Auditors' Comments and Disclosures 111-113
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City of Tigard, Oregon
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INTRODUCTORY SECTION
December 16, 2002
'ITY OF ITIGARD
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, 2003.
This report consists of management's representations concerning the finances of the
City. Consequently, responsibility for the data and the completeness and fairness of the
presentation, including all disclosures, rest with management. To provide a reasonable
basis for making these representations, management has established internal controls
designed to safeguard City assets against loss, theft, or misappropriation, and to ensure
the reliability of financial records for preparing financial statements in conformity with
generally accepted accounting principles (GAAP) and meet the requirements of the
standards prescribed by the Secretary of State. The internal control has been designed
to provide reasonable, but not absolute, assurance that these objectives are being met.
The concept of reasonable assurance recognizes (1) the cost of the control structure
should not exceed the benefits likely to be derived; and (2) the evaluation of cost and
benefits require estimates and. judgments by management. We believe that the City's
internal controls adequately safeguards assets and provides reasonable assurance oft
proper recording of financial transactions. To the best of our knowledge and belief, the
enclosed data is presented accurately, in all material respects, along with disclosures
necessary to provide the reader with a reasonable understanding of the City's financial
affairs.
This report was prepared. in accordance with the Governmental Accounting Standards
Board (GASB) Statement No. 34 Basic Financial Statements - and Management's .
Discussion and Analysis - for State and Local Governments and the related Omnibus
Statement No. 37. Implementation of these GASB statements has dramatically
changed how the City's financial information is reported this year in comparison to prior
years. The format and purpose of these changes are addressed in the Management's
Discussion and Analysis (see pages 9-20). We hope you will find this new presentation
helpful in your understanding of the financial picture of the City.
.Reporting Entity
For financial reporting purposes the City is a primary government. Its governing Council
is elected by the citizens in a general election. This report includes all organizations and
activities for which the elected officials exercise financial control. The City interacts or
contracts with various other governmental entities, but is not financially accountable for
those entities.
13125 SW Hall Blvd., Tigard, OR 97223 (503) 639-4171 TDD (503) 684-2772
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Report Contents
There are three main sections to this report:
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1. Introductory Section - Includes the table of contents, a list of the City's principal •
officials, the City organization chart, and this transmittal letter. •
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2. Financial Section - Includes the report of independent accountants, Management •
Discussion and Analysis, basic financial statements for the- City as a whole, fund
financial statements, notes to the basic financial statements, as well as supplemental A
combining and individual statements and schedules for the City's funds. A
3. Statistical Section - Includes ten years of summary financial data, debt analysis •
and a variety of demographic, economic and general information. •
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Additionally, following the Statistical Section are Reports of Independent.Certified Public
Accountants that are required by Oregon Statutes.
Organization Overview •
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The City of Tigard is located in eastern Washington County just 12 miles southwest of •
downtown Portland, Oregon. Tigard has continued to be one of the fastest growing •
cities in Washington County and, with a population of approximately 44,070, is the •
eleventh largest city in the State.
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Incorporated in 1961, the City of Tigard is governed by an elected Mayor and four 0
council members who comprise the City Council. The City's Charter established the . A
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 •
Mayor 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 the following service activities: •
• Police
• Library
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• Road and street maintenance and construction
• Park facilities and maintenance
• Community development activities, including the following:
♦ Planning
♦ Building Inspection
♦ Engineering
♦ Street Lights
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• Water
• Municipal Court
The City also maintains the wastewater and storm drainage system within the City limits
under an agreement with Clean Water Services (formerly named Unified Sewerage
Agency).
Fiscal Policies
The City of Tigard has an important responsibility to its citizens to carefully account for
public funds, manage municipal finances wisely, and plan adequate funding of services
and facilities desired and needed by the public.
In support of this effort, the City has established a set of fiscal policies to ensure that the
• public's trust is upheld. With such fiscal policies, the City has established the framework
• under which it will conduct its fiscal affairs, ensuring that it is and will continue to be
capable of funding and providing outstanding local government services.
• The goals of Tigard's fiscal policies are:
• • To enhance the City Council's policy-making ability by providing accurate information
on program and operating costs.
• To assist sound management of the City government by providing accurate and
timely information on current and anticipated financial conditions.
• To provide sound principles to guide important decisions of the Council and
management which have significant fiscal impact.
• To set forth operational principles, which minimize the cost and financial risk of local
• government consistent with services, desired by the public.
• To employ revenue policies, which prevent undue or unbalanced reliance on any one
• source, distribute the cost of municipal services fairly and provide adequate funds to
• operate desired programs.
• To provide and maintain essential public facilities, utilities, infrastructure, and capital
equipment.
• To protect and enhance the City's credit rating.
• • To insure that all surplus cash is prudently invested in accordance with the.
investment policy adopted by the Council to protect City funds and realize a
reasonable rate of return.
Budgeting Controls
• In addition, the City, maintains budgetary controls, 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.
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Independent Audit •
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Oregon State Law requires every municipal corporation to submit an annual financial •
report to the Secretary of State and to have its combined financial statements audited by •
an independent certified public accountant in accordance with generally accepted •
auditing standards and the Minimum Standards for Audits of Oregon Municipal •
Corporations as prescribed by the Secretary of State. The independent auditors' opinion
has been included in this report. 0
Awards •
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For the last eighteen consecutive years, the City has received the Certificate of •
Achievement for Excellence in Financial Reporting from the Government 'Finance
Officers Association of the United States and Canada (GFOA). In order to be awarded a
Certificate of Achievement for Excellence, a governmental unit must publish an easily •
readable. and efficiently organized, comprehensive annual financial report, which •
conforms to program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements. In our opinion, this report conforms to these standards. •
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A Certificate of Achievement is valid for a period of one year only. We believe, that our
current comprehensive annual financial report continues to -meet the Certificate of
Achievement Program's requirements, and we are submitting to the GFOA to determine •
its eligibility for another certificate. •
In addition, the City also received the GFOA s Award for Distinguished Budget
Presentation for its last fourteen adopted budgets.. In order to qualify for the •
Distinguished Budget Presentation Award, the City's budget document was judged to be •
proficient in several categories including policy document, financial plan, operations •
guide and communications device. •
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Acknowledgements 0
The preparation of the comprehensive annual financial report was made possible by the •
dedicated service of the entire staff of the Finance Department and our auditors, Pauly, •
Rogers and Co., P.C. Each member of the Department has our sincere appreciation for 49
the contributions made in the preparation of this report. •
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In closing, without the leadership and support of the City Council, preparation of this
report would not have been possible.
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Sincerely,
William A. Monahan CraigProsser
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, 2002
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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• 6E OFFjC
ETTM~`
W UxnFU STATES
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c CORPORATION President
SEAL
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• Executive Director
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ORGANIZATION CHART
City of Tigard, Oregon •
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Citizens
Mayor & City
City Council Attorney •
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City Manager •
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Police Library Public orks Community FEnWgi n eenng ? city
- Finance W'
Development Administration
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Administration Administration Administration Administration Engineering City Finance •
Depar tment Management Depar tment •
Operations Readers Services Sanitary Sewer Building Inspection Street Lights/Signals Mayor & Financial
Incil Operations
Support Technical Services Storm Sewer Current Human Resources Office Services
Services I Planning
Circulation Water Long Range Risk Management Records
Planning I I •
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Street Network Services Municipal Court
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Maintenance f.
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Fleet Maintenance
Property Mgmt.
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Parks and •
Grounds
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City of Tigard, Oregon
PRINCIPAL OFFICIALS AS OF JUNE 30, 2003
ELECTED OFFICIALS:
Name Term Expires
Mayor James Griffith* December 31, 2006
Councilor Craig Dirksen December 31, 2004
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
All may be reached at:
13125 SW Hall Boulevard
Tigard, OR 97223
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• LEGAL COUNSEL
• Ramis, Crew, Corrigan & Bachrach
• 1727 NW Hoyt Street
Portland, OR 97209
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• * Mayor Griffith passed away on November 28, 2003. The City Council has
• appointed Council President Craig Dirksen to fill the Mayor's position until
December 31, 2004. An election for the Mayor's position will be held on
• November 2, 2004.
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City of Tigard, Oregon
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FINANCIAL SECTION
PAULY, ROGERS AND CO., P.C.
® CERTIFIED PUBLIC ACCOUNTANTS
• 12700 SW 72ND AVENUE • TIGARD, OREGON 97223 December 16, 2003
• (503) 620-2632 • FAX (503) 684-7523
To the Honorable Mayor and
Members of the City Council
City of 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, 2003, which collectively comprise the City's basic financial statements, as
listed in the table of contents. - The basic financial statements are the responsibility of the City's
management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain ,reasonable assurance about
whether the basic financial statements are free of material misstatement. An audit includes examining; on a
test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the basic financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, -the
respective financial position of the governmental activities, the business-type activities, each major fund, and
the aggregate remaining fund information of the . City of Tigard, Oregon, as of June 30, 2003, 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.
As described in Note 1, the City has implemented a new financial reporting model, as required by the
provisions of GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and
Analysis-for State and Local Governments, for the year ended June 30, 2003.
Management's discussion and analysis and budgetary comparison information for the General Fund are not
• a -required part of the basic financial statements but are -supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted
• principally of inquiries of management regarding the methods of measurement and presentation, of
• management's discussion and analysis. However, we did not audit the information and express no opinion
• on it.
• Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
• comprise the City of Tigard, Oregon's basic financial statements. The introductory section, the other
• schedules on pages 90-94 and the statistical section on pages 95-110 are presented for purposes of
additional analysis and are not a required part of the basic financial statements. The combining and
• ,individual nonmajor fund financial 'statements and schedules, and the budgetary comparison information for
• the City's General Fund, have been subjected to the auditing procedures applied in the audit of the basic
• financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole. The introductory section, the other schedules, 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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City of Tigard, Oregon
Management's Discussion and Analysis
As management of the City of Tigard, Oregon, we offer readers this narrative overview
and analysis of the financial activities of the City of Tigard for the fiscal year ended June
30, 2003. We encourage readers to consider the information presented here" in
conjunction .with additional information that we have furnished in our letter of transmittal,
which can be found on pages 1-4 of this report.
This is the first year that the City has presented its financial statements in conformity
with GASB Statement No. 34, a sweeping change to financial reporting requirements for
governments. Efforts have been made to provide comparison to prior year data when
such data is available. In subsequent years, comparison to prior year data will be
provided for all key financial information.
Financial Highlights
• The net assets of the City of Tigard in the government-wide financial statements are
$261,755,136. Of this amount, $213,596,001 was invested in capital assets, net of .
• related debt; $8,345,637 is restricted for capital projects and debt service; and the
balance of $39,813,498 is considered unrestricted.
• At June 30, 2003 the City's governmental funds reported combined ending fund
balances of $31,913,463. 'Of this amount, $12,054,728 is committed to completing
construction of a new library; $2,103,514 is committed to future debt service, and the
balance is primarily available for funding of future program needs.
• At June 30, 2003, the General Fund had an unreserved fund balance of $7,878,589
and will be used for maintaining current program levels.
Overview of the Financial Statements
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This discussion and analysis is intended to serve as an introduction to the City of
• Tigard's basic financial statements. The basic financial statements are comprised of
• three components: 1) government-wide financial statements, 2) fund financial
statements, and 3) notes to the financial statements. This report also contains other
. supplementary information in addition to the basic financial statements themselves.
Government-Wide Financial Statements. The government-wide financial statements
• are designed to provide readers with a broad overview of the City's finances, in a
• manner similar to a private-sector business.
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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
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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 •
• 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 21-22 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 that 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 22 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.
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Data from the other 19 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.
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.
The basic governmental fund financial statements can be found on pages 22-25 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 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 77-82 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 26-28 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 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 30-48 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 51-55 of this report.
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Government-Wide Financial Analysis •
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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
$261,755,136 at the close of the most recent fiscal year.
The largest portion of the City's net assets (76.9%) 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.
The City's net assets increased by $9,043,073 during the fiscal year. The largest portion
of this increase is related to the acquisition of land for a new library and completion of a'
major street renovation project. The remainder of the growth can be directly related to
increases in service charge revenues from the water utility operations and other fees
that were adjusted during the fiscal year. •
The revenues and expenses shown on next page explain changes in net assets for the
fiscal year 2003.
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Changes in Net Assets
For Fiscal Year Ending June 30, 2003
Governmental Business-type Total Percentage
Activities Activities Government of Total
Revenues
Program Revenues
Charges for Services $ 73,332 $ 10,048,172 $ 10,121,504 30.00%
Grants and Contributions 133,253 - 133,253 0.39%
Total Program Revenues 206,585 10,048,172 10,254,757 30.40%
Taxes 10,472,108 - 10,472,108 31.04%
Interest 912,288 593,484 1,505,772 4.46%
Other 11,256,482 248,885 11,505,367 34.10%
Total General Revenues 22,640,878 842,369 23,483,247 69.60%
Total Revenues 22,847,463 10,890,541 33,738,004 100.00%
Expenses
Community services 8,058,670 8,058,670 32.63%
Public works 1,890,644 1,890,644 7.66%
Development services 3,311,058 3,311,058 13.41%
Policy and administration 3,548,649 3,548,649 14.37%
Interest on long-term debt 602,291 - 602,291 2.44%
Sewer - 901,779 901,779 3.65%
Storm water - 1,056,795 1;056,795 4.28%
Water - 5,325,045 5,325,045 21.56%
Total expenses 17,411,312 7,283;619 24,694,931 100.00%,
Changes in net assets 5,436,151 3,606,922 9,043,073
Beginning net assets 183,734,819 68,977,244 252,712,063
Ending net assets $ 189,170,970 $ 72,584,166 $ ,261,755,136
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 occurred in FY
1999-00.
•
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13
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•
•
Measure 50 did not change the basis for calculating General Obligation (GO) debt
service levies. GO debt senlice 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, 0
2002, voters approved a bond measure in the amount of $13.0 million for a new library. 0
The City sold the bonds to the Oregon Economic and Community Development 0
Department. Taxes collected through the tax levy will repay this bonded debt. 0
Other revenues constitute 34.1% 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, 0
telecommunications, cable television, and solid waste haulers - $2,567,881.
0
• Licenses and permit revenues include fees charged primarily relating to 0
development activities in the City - $3,505,499.
• Intergovernmental revenue is the other significant revenue category in Other
revenues and totals $4,704,729. These revenue sources include state shared 0
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. 0
Business-type Activities 0
Charges for services represent 30.0% of total revenues and are composed of fees that 0
are charged to all users for services provided such as water, sanitary sewer, and storm 0
water. The sanitary and storm water fees are established by Clean Water Services and 0
are set by the agency each year. The City Council; through an intergovernmental 0
agreement with other water system participants, sets the water rates. 0
i
Expenses 0
•
Governmental Activities
Expenses related to governmental activities are shown in the chart below and are 0
expressed as a percent of total expenses for all governmental activities. Because this is 0
the first year to report governmental activities on the new standard comparison to the 0
prior year is not possible. In subsequent years, this section will discuss and analyze 0
significant differences. 0
0
The majority of the expenses (47%) relate to the City Library and Police Department 0
within the Community services activity. 0
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Expenses by Service Type Fiscal Year 2003
Governmental Activities
$17,411,312
Interest on
Policy and long-term
admin debt
$ 3,548.649 $ 602,291
20% 3% Community
services,
$ 8,058,670
Development
services, Public works,
$ 3,311,058 $ 1,890,644
19% 11%
Business-type Activities
As with the preceding chart, this is the first year to report business-type activities on the
new standard. Comparison to the prior year is not possible. In subsequent years, this
section will discuss and analyze significant differences.
The majority of the expenses (44%) relate to the drinking water service provider activity.
Expenses by Service Type Fiscal Year 2003
Business-type Activities
$7,283,619
Sewer
$ 907,433
8J%
Storm water,
Water, $ 1,067,492
$ 5,356,930 9%
44%
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.
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As of the end of the FY 2003, the City's governmental funds reported combined ending •
fund balances of $31,913,463. Of this amount, $15,670,677 is reserved for capital •
projects, debt service, and prepaid insurance. The largest of the reserve is in the Facility
Fund in the amount of $12,054,728 and represents the bond proceeds for completing
construction of the new library.
The General Fund is the chief operating fund of the City. At the end of the FY 2003, the •
unreserved fund balance was $7,878,589 and can be used for funding of City programs.
The remaining balance of $8,355,147 is i.n the City's Special Revenue Funds and is •
available for discretionary use in such activities as park development, street •
development and maintenance, and the operation of the City's building inspection and
permitting programs.
•
Proprietary Funds
The City's Proprietary Funds include the Sanitary Sewer, 'Storm Water, Water
Quality/Quantity, and Water funds. On a budgetary basis, the unreserved fund balance
in these funds increased by $2,690,759. The majority of the increase was in the
Sanitary Sewer and Water Funds. This was primarily due to user fees that were •
increased during the fiscal year. These balances will be used for. both meeting future
operating and capital needs.
Internal Service Funds
The City's Internal Service Funds include the Central Services and Fleet/Property •
Management Fund. These funds are essentially designed to operate on a "break-even" •
basis; however, a fund balance in the Central Services Fund is being maintained for •
future replacement of various technology and software needs of the City. •
Budgetary Highlights
•
The City Council approved seven amendments to the adopted budget during the, year •
involving six different funds. The first amendment moved funds from the contingency in
the Parks Capital Fund for the preparation of a street tree inventory on a citywide basis. •
•
The second amendment was a contingency transfer in the General Fund to the Library
for the funding of a Senior Library Assistant position. The third amendment involved the
General, Facility, and the Fleet/Property Management Funds. This amendment was •
needed to more accurately reflect the funding source for specific capital improvement •
projects. Budget amendment number four was for the funding of space planning for City •
Hall and the current City Library. The City is building a new library and the old library will •
be used for City office space. A space planning effort was initiated in preparation of •
moving other City departments into the old library site. A new position to manage Water •
Fund capital projects was created with the fifth budget amendment. The long term •
Water Master Plan calls for a new reservoir and related improvements to serve the City. •
The City's Police Department received a Local Law Enforcement Block Grant for the
purchase of various types of .law enforcement and public safety related equipment and •
software. The sixth budget amendment appropriated the grant funds to be used during •
the fiscal year. Unanticipated legal expenses resulted in the need for the seventh
budget amendment. •
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Capital Asset and Debt Administration
Capital Assets
Governmental Activities
The City's investment in capital assets for its governmental activities as of June 30,
2003, amounts to $171,866,550 (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 commenced during the fiscal year and the significant increase
in land represents the acquisition of the property to build the new library. The total
increase in the City's investment in governmental activities capital assets was 3.72%.
Capital Assets at Year-End
(Net of Depreciation)
Total
Governmental Percentage
Activities Change
2002 2003 2002-2003
Land $3,505,365 $6,710,069 91.42%
Construction in Progress 181,685 4,620,012 2442.87%
Buildings and building improvements 4,411,484 4,300,072 -2.53%
Land improvements 2,610,887 1,940,222 -25.69%
Machinery and equipment 1,084,756 954,969 -11.96%
Autos and trucks 708,819 344,523 -51.39%
Office equipment 1,258,241 1,089,519 -13.41%
Infrastructure 151,946,730 151,907,164 -0.03%
Total $165,707,967 $171,866,550 3.72%
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• 17
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Business-type Activities
The City's investment in capital assets for its business-type activities as of June 30,
2003, amounts to $48,011,698 (net of accumulated depreciation). In addition to
machinery and equipment and rolling stock, 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 1.55%. Any decreases were
attributable to scheduled depreciation.
Capital Assets at Year-End
(Net of Depreciation) •
Total
Business-type Percentage •
Activities Change .
2002 2003 2002-2003 •
Land $997,734 $997,734 0.00%
Buildings and building improvements 717,324 687,654 -4.31%
Land improvements 64,250 38,132 -68.49% •
Sewer System 9,795,283 10,492,068 6.64%
Storm drainage system 9,268,668 9,571,972 3.17%
Water system 25,713,529 25,860,116 0.57%
Machinery and equipment 215,861 89,600 -140.92% •
Autos and trucks 493,791 274,422 -79.94% •
Total $47,266,440 $48,011,698 1.55%
•
Additional information on the City's capital assets can be found in note 5 on pages 39-40 •
of this report.
•
Debt Outstanding
As of year-end, the City had four types of debt currently outstanding, which are all
governmental. They include general obligation bonds ($13,000,000) secured by the
City's authority to levy property taxes and assessment bonds ($2,393,293) secured by
installment payment contracts with property owners. Also included are short-term bond •
anticipation notes secured by the City's full faith and credit and the ability to assess •
property owners when the related project is complete. The fourth is a loan though the
Oregon Economic Community Development Department (OECDD). This loan was •
secured by current and future park system development charges collected by the City.
The most recent bond rating occurred in 1993 and rating 'given by Moody's was Al.
Existing debt levels have no direct impact on current or future City operations.
•
Additional information on the City's debt can be found on page 41-42 of this report.
•
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Outstanding Debt At Year End
Total
Percentage
Totals Change
2002 2003 2002-2003
Governmental:
General obligation $ 245,000 $ 13,000,000 5206.1%
Local improvement 2,579,268 2,393,293 -7.2%
Bond anticipation notes 3,773,003 2,058,003 -45.5%
Long-Term Note 2,290,248 2,091,727 -8.7%
Total outstanding debt $8,887,519 $19,543,023 119.9%
Economic Factors
Tigard's location in the Portland metropolitan area provides its citizens with many,
diverse employment opportunities. However, the Portland metropolitan is experiencing
higher unemployment rates than the national average. The unemployment rate in the
Portland metropolitan area averaged 8.52% during fiscal year 2003 representing an
increase of 14.84% from fiscal year 2002. There has been a slight decline in the
unemployment rate at the time of publishing of this report.
Value added through new construction continues to increase assessed value. Due to
the decline in the economy, the increase is not as large as in previous years. The
results of the first half of Fiscal Year 2002-03 showed building activity lower than the
same time period in FY 2001-02. However, the City is again seeing an increase in
construction activity during the first half of FY 2003-04.
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 2003-04 forecast; however, identified three problem
areas that require attention: the General Fund, the Gas Tax Fund, and the Water Fund.
In response to the forecast, the adopted budget for FY 2003-04 took additional steps to
actively mange 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 simply greater than the resources available to
• pay for them. The financial forecast suggests the need to go to the voters sometime
within the five years to request additional General Fund resources.
19
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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 has adopted a new Street
Maintenance Fee that will go into effect in the spring of 2004. •
The City is currently reviewing the need for water rate increases given the forecasted •
operating and capital needs for the forecast period.
•
The FY 2003-04 adopted budget does not allow the City to continue "business as usual," •
rather it represents a significant shift of management priorities toward extending the •
useful life of equipment and vehicles, reduced spending in many areas, and making do
with less. The budget, as adopted, eliminated 4.45 positions.
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:
Major 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. The City has started discussions on the possible annexation of the Bull Mountain
area, begun reviewing the possibility of implementing a utility privilege tax, and analyzing
alternative cost saving measures that could be implemented throughout the City.
•
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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TSMEN'TS
B NCIAL- S"'rA
ASIC FINA
•
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CITY OF TIGARD, OREGON
STATEMENT OF NET ASSETS
June 30, 2003
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments $ 34,116,035 $ 17,657,016 $ 51,773,051
Restricted cash and investments - 5,816,599 5,816,599
Accounts receivable 1,141,787 2,636,842 3,778,629
Property taxes receivable 394,796 101 394,897
Assessment liens receivable 4,150,052 - 4,150,052
Prepaid insurance 58,523 58,523
Inventory 14,119 84,027 98,146
Capital assets:
Land and construction in process 11,330,081 997,734 12,327,815
Other capital assets (net of accumulated depreciation) 160,536,469 47,013,964 207,550,433
Total Assets 211,741,862 74,206,283 285,948,145
LIABILITIES
Accounts payable and accrued liabilities 1,732,304 1,462,705' 3,195,009
Customer deposits 641,893 12,748 654,641
Accrued vacation payable 653,672 146,664 800,336
Noncurrent liabilities:
Due with one year
Notes payable 199,527 - 199,527
Bond anticipation notes payable 2,058,003 - 2,058,003
Bonds payable 463,552 - 463,552
Special assessment bonded debt
with government commitment 285,950 - 285,950
0 Due in more than one year
Notes payable 1,892,200 - 1,892,200
Bonds payable 12,536,448 - 12,536,448
4 Special assessment bonded debt
with government commitment 2,107,343 - 2,107,343
Total Liabilities 22,570,892 1,622,117 24,193,009
O NET ASSETS
Invested in capital assets, net of related debt 165,584,303 48,011,698 213,596,001
® Restricted for:
Capital projects - 5,816,599 5,816,599
® Debt service 2,470,515 - 2,470,515
Other purposes 58,523 58,523
Unrestricted 21,057,629 18,755,869 39,813,498
e Total Net Assets $ 189,170,970 $ 72,584,166 $ 261,755,136
® The accompanying notes are an integral part of the basic financial statements.
21
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CITY OF TIGARD, OREGON f
STATEMENT OF ACTIVITIES
For the fiscal year ended June 30, 2003
Program Revenues
Charges Operating
for Grants and
Functions/Programs Expenses Services Contributions
Governmental activities:
Community services $ 8,058,670 $ - $ 104,451
Public works 1,890,644 - 3,900 a,
Development services 3,311,058 73,332 24,902 .
Policy and administration 3,548,649 - -
Interest on long-term debt 602,291 - -
Total governmental activities 17,411,312 73,332 133,253
Business-type activities:
Sewer 901,779 1,923,598 - .
Storm Water 1,056,795 1,246,809 -
Water 5,325,045 6,877,765 -
Total business-type activities 7,283,619 10,048,172 •
Total $ 24,694,931 $ 10,121,504 $ 133,253 .
s
General Revenues:
Taxes
Franchise fees
Special assessments
Licenses and permits
Intergovernmental revenues •
Fines and forfeitures
Interest earnings
Donated assets
(Loss) on disposition of fixed assets •
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. ,
22
Net (Expense) Revenue and
Changes in Net Assets
Primary Government
Governmental Business-Type
Activities Activities Total
$ (7,954,219) $ - $ (7,954,219)
(1,886,744) - (1,886,744)
(3,212,824) - (3,212,824)
(3,548,649) - (3,548,649)
(602,291) - (602,291)
(17,204,727) - (17,204,727)
- 1,021,819 1,021,819
- 190,014 190,014
- 1,552,720 1,552,720
- 2,764,553 2,764,553
(17,204,727) 2,764,553 (14,440,174)
10,472,108 - 10,472,108
2,567,881 - 2,567,881
87,760 - 87,760
3,505,499 - 3,505,499
4,704,729 - 4,704,729
480,963 - 480,963
912,288 593,484 1,505,772
(27,850) - (27,850)
(491,023) - (491,023)
428,523 248,885 677,408
22,640,878 842,369 23,483,247
5,436,151 3,606,922 9,043,073
• 183,734,819 68,977,244 252,712,063
$ 189,170,970 $ 72,584,166 $ 261,755,136
S
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CITY OF TIGARD, OREGON •
GOVERNMENTALFUNDS
BALANCE SHEET
June 30, 2003
r
Bancroft Other Total .
General Facility Debt Service Governmental Governmental
Fund Fund Fund Funds Funds
ASSETS •
Cash and investments $ 8,550,842 $ 12,137,197 $ 1,203,213 $ 11,608,052 $ 33,499,304
Accounts receivable 6,442 - - 1,132,301 1,138,743
Property taxes receivable 354,372 - 40,424 394,796 .
Assessment liens receivable - 3,957,244 192,808 4,150,052
Prepaid insurance 58,523 - - 58,523
Total assets $ 8,970,179 $ 12,137,197 $ 5,160,457 $ 12,973,585 $ 39,241,418 •
LIABILITIES
Accounts payable and accrued liabilities $ 550,358 $ 82,469 $ 338 $ 509,993 $ 1,143,158
Customer deposits 213,973 - - 427,920 641,893
Deferred revenues:
Property taxes 268,736 - 29,889 298,625 •
Assessment liens receivable - 1,885,552 1,298,095 3,183,647
Accrued interest on delinquent assessments 2,629 - 2,629
Bond anticipation notes payable 2,058,003 - 2;058,003 •
Total liabilities 1,033,067 82,469 3,946,522 2,265,897 7,327,955 •
FUND BALANCES '
Reserved for:
Capital projects 12,054,728 - 1,086,911 13,141,639
Debt service - 1,213,935 1,256,580 2,470,515 •
Prepaid insurance 58,523 - - 58,523
Unreserved, reported in: •
General Fund 7,878,589 - - 7,878,589 S
Special revenue funds - - 8,355,147 8,355,147
Capital projects funds - 9,050 9,050
Total fund balances 7,937,112 12,054,728 1,213,935 10,707,688 31,913,463
Total liabilities and fund balances $ 8,970,179 $ 12,137,197 $ 5,160,457 $ 12,973,585
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 $40,820,682 171,866,550
Other long-term assets are not available to pay for current-period
expenditures and, therefore are deterred in the funds:
Assessment Liens (includes interest on delinquent liens) 3,186,276
Property taxes earned but not available 298,625
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. 371,506 s)~
Accrued compensated absences are not due and payable in the
current period and therefore are not reported in the funds. (563,461) Ir
Long-term liabilities - not reported in the funds: 1i
Bonds payable, not due and payable in current period (17,485,020)
Accrued interest payable, not due and payable in the current period (416,969) "
Net Assets of Governmental Activities $ 189,170,970
11
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The accompanying notes are an integral part of the basic financial statements.
23 1!
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CITY OF TIGARD, OREGON
GOVERNMENTALFUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
For the fiscal year ended June 30, 2003
Bancroft Other Total
General Facility Debt Service Governmental Governmental
Fund Fund Fund Funds Funds
REVENUES
Taxes $ 9,178,139 $ $ $ 1,275,853 $ 10,453,992
Franchise fees 2,567,881 - 2,567,881
Special Assessments - 542,816 - 542,816
Licenses and permits 43,872 - 3,461,627 3,505,499
Intergovernmental revenues 2,587,674 2,250,308 4,837,982
Charges for service 1,466,344 73,332 1,539,676
Fines and forfeitures 480,963 - - 480,963
Interest earnings 225,544 165,631 201,607 309,530 902,312
Miscellaneous 43,376 5,354 375,795 424,525
Total revenues 16,593,793 165,631 749,777 7,746,445 25,255,646
EXPENDITURES
Current operating:
Community services 8,692,327 - 8,692,327
Public works 2,236,753 - 2,236,753
Development services 2,246,459 1,381,779 3,628,238
Policy and administration 3,377,914 - 506,969 3,884,883
Debt service:
Principal - 1,900,975 443,521 2,344,496
Interest 176,282 118,971 295,253
Fiscal charges - - 7,421 - 7,421
Capital outlay 13,858 3,642,381 - 2,957,588 6,613,827
Total expenditures 16,567,311 3,642,381 2,084,678 5,408,828 27,703,198
Excess (deficiency) of revenues
over (under) expenditures 26,482 (3,476,750) (1,334,901) 2,337,617 (2,447,552)
OTHER FINANCING SOURCES (USES)
Proceeds from long-term note - 13,000,000 - 1,509,175 14,509,175
Transfers in 1,277,123 715,746 445,322 1,309,458 3,747,649
Transfers out (1,161,565) - (2,586,084) (3,747,649)
Total other financing sources (uses) 115,558 13,715,746 445,322 232,549 14,509,175
Net change in fund balances 142,040 10,238,996 (889,579) 2,570,166 12,061,623
'Fund balances - beginning 7,795,072 1,815,732 2,103,514 8,137,522 19,851,840 `
. Fundbalances - ending $ 7,937,112 $ 12,054,728 $ 1,213,935 $ 10,707,688 $ 31,913,463
The accompanying notes are an integral part of the basic financial statements.
•
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•
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, 2003
Net change in fund balances--total governmental funds $12,061,623
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 $ 7,745,505
Less current year depreciation (1,123,748) 6,621,757
In the Statement of Activities, the donation of capital assets are
reported. The donation is not a receipt of current resources
and thus is not reported in the funds. 27,850
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. (491,023)
Revenues in the Statement of Activities that do not
provide current financial resources are not reported
as revenues in the funds.
Property taxes 18,116
Assessment Liens (455 056) (436 940)
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 (14,509,175) •
Principal payments 2,344,496 (12,164,679) •
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 (34,081)
Accrued interest on debt (307,038) (341,119)
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.
158,682 .
Change in Net Assets of Governmental Activities $ 5,436,151
The accompanying notes are an integral part of the basic financial statements.
25
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF NET ASSETS
June 30, 2003
Business-type Activities Governmental
Enterprise Funds Activities
Total
Internal
Sanitary Storm Service
Sewer Sewer Water Totals Funds
ASSETS
Current assets:
Cash and investments $ 5,125,764 $ 1,667,325 $ 10,658,350 $ 17,451,439 $ 822,308
Accounts receivable 1,226,123 298,161 1,111,644 2,635,928 4,059
Inventory - - 79,321 79,321 18,825
Total current assets 6,351,887 1,965,486 11,849,315 20,166,688 845,192
Noncurrent assets:
Restricted cash and investments 3,804,548 993,089 1,018,962 5,816,599 -
Capital assets:
Land and construction in process 20,433 - 1,451,811 1,472,244 -
Other capital assets (net of accumulated depreciation) 10,604,453 9,644,654 26,290,347 46,539,454 -
Total noncurrent assets 14,429,434 101637;743 28,761,120 53,828,297 -
Total assets 20,781,321 12,603,229 40,610,435 73,994,985 845,192
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 893,856 91,080 420,377 1,405,313 229,569
Customer deposits - 2,118 10,630 12,748 -
Accrued vacation payable 20,978 21,908 73,707 116,593 120,282
Total current liabilities 914,834 115,106 504,714 1,534,654 349,851
NET ASSETS
Invested in capital assets, net of related debt 10,624,886 9,644,654 27,742,158 48,011,698
Restricted for capital projects 3,804,548 993,089 1,018,962 .5,816,599
Unrestricted 5,437,053 1,850,380 11,344,601 18,632,034 495,341
Total net assets $ 19,866,487 $ 12,488,123 $ 40,105,721 72,460,331 $ 495,341
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 123,835
• Net assets of business-type activities $ 72,584,166
•
• The accompanying notes are an integral part of the basic financial statements.
•
•
•
•
•
•
•
26
•
•
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS •
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
For the fiscal year ended June 30, 2003
0
Business-type Activities Governmental .
Enterprise Funds Activities
Total
Internal
Sanitary Storm Service
Sewer Sewer Water Totals Funds
OPERATING REVENUES 0
Service charges $ 1,923,598 $ 1,246,809 $ 6,145,422 $ 9,315,829 $ 5,040,408
Miscellaneous 141,308 36 106,209 247,553 5,330 •
Total operating revenues 2,064,906 1,246,845 6,251,631 9,563,382 5,045,738
0
OPERATING EXPENSES •
Salaries and wages 310,519 405,249 948,143 1,663,911 2,927,562
Contracted services 21,844 7,463 101,917 131,224 563,523
General, administrative and other 72,363 74,583 3,032,173 3,179,119 1,356,380
Depreciation 385,126 332,857 965,184 1,683,167 -
Total operating expenses 789,852 820,152 5,047,417 6,657,421 4,847,465 •
Operating income 1,275,054 426,693 1,204,214 2,905,961 198,273
NONOPERATING REVENUES
Investment revenue 223,690 67,711 298,757 590,158 13,302 0
System development revenue 322,453 332,671 1,260,447 1,915,571 -
Total nonoperating revenue 546,143 400,382 1,559,204 2,505,729 13,302 .
Net income before transfers 1,821,197 827,075 2,763,418 5,411,690 211,575 0
r
Transfers out (262,595) (520,233) (1,147,254) (1,930,082) - •
Change in net assets 1,558,602 306,842 1,616,164 3,481,608 211,575 0
Netassets--beginning 18,307,885 12,181,281 38,489,557 68,978,723 283,766
Net assets--ending $ 19,866,487 $ 12,488,123 $ 40,105,721 72,460,331 $ 495,341 •
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 123,835
Net assets of business-type activities $ 72,584,166 0
•
0
•
The accompanying notes are an integral part of the basic financial statements.
•
•
0
0
•
•
•
•
27
40
41
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
For the fiscal year ended June 30, 2003
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 $ 1,524,177 $ 1,067,357 $ 5,730,535 $ 8,322,069 $ 5,040,408
Payments to suppliers (356,802) (602,279) (4,281,344) (5,240,425) (1,919,903)
Payments to employees (310,519) (405,249) (948,143) (1,663,911) (2,881,749)
Other receipts 141,308 36 106,209 247,553 5,330
Net cash provided by operating activities 998,164 59,865 607,257 1,665,286 244,086
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Capital contributions 517,482 517,482
Acquisition of fixed assets (481,852) (37,928) (472,189) (991,969)
Net cash provided (used) by capital and related (481,852) (37,928) 45,293 (474,487)
financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 223,690 67,711 298,757 590,158 13,302
Net increase in cash and cash equivalents 740,002 89,648 951,307 1,780,957 257,388
Balances--beginning of the year 8,190,310 2,570,766 10,726,005 21,487,081 564,920
Balances--end of the year $ 8,930,312 $ 2,660,414 $ 11,677,312 $ 23,268,038 $ 822,308
RECONCILIATION OF OPERATING INCOME TO
O NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income $ 1,275,054 $ 426,693 $ 1,204,214 $ 2,905,961 $ 198,273
Adjustments to reconcile operating income to net cash
O provided by operating activities:
Cash flows reported in other categories:
Depreciation expense 385,126 332,857 965,184 1,683,167
Transfers (262,595) (520,233) (1,075,586) (1,858,414)
Change in assets and liabilities:
O Receivables, net (556,465) (140,513) (447,630) (1,144,608) (1,252)
Inventories 25,029 25,029 (6,200)
Accounts payable 157,242 (33,741) 22,184 145,685 45,365
Accrued compensated absences (198) (5,198) (11,562) (16,958) 7,900
Deferred revenue - (16) (16) -
Deposits - (74,560) (74,560)
Net cash provided by operating activities $ 998,164 $ 59,865 $ 607,257 $ 1,665,286 $ 244,086
Supplemental Schedule of Noncash
Capital and Related Financing Activities:
Contributed sewer, storm and water lines $ 552,281 $ 566,775 $ 547,886 $ 1,666,942
• The accompanying notes are an integral part of the basic financial statements.
28
!
•
•
CITY OF TIGARD, OREGON !
STATEMENT OF PLAN NET ASSETS
PENSION TRUST FUND
June 30, 2003 •
•
•
•
•
•
Cash and investments $ 8,899,463
!
!
Net assets held in trust for pension benefits $ 8,899,463
!
!
•
STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUND •
For the fiscal year ended June 30, 2003 •
•
•
•
Additions: •
Contributions $ 2,415,334
Investment (loss) (1,202,371) •
!
Total additions 1,212,963
Deductions: •
Benefit payments and withdrawals (508,460)'
!
Increase in net assets 704,503 •
Net assets held in trust for pension benefits (see note # 8):
Beginning of year 8,194,960 !
End of year $ 8,899,463 !
•
The accompanying notes are an integral part of the basic financial statements. •
!
!
29
•
Notes to Basic Financial Statements
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies:
The City of Tigard, under its Charter of 1961, is governed by an elected mayor and four
council members who comprise the City Council. The City Council appoints a City Manager,
who acts as the administrative head of government for the City. The City has no 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.
In June 1999, the GASB approved Statement No. 34 Basic Financial Statements and
Management Discussion and Analysis for State and Local Governments (GASB34). This
Statement provides for significant changes in financial reporting. As a part of this Statement"
there is a new reporting requirement regarding the local government's infrastructure (roads,
paths, street lights, etc.). The City of Tigard's financial statements for the fiscal year ended
June 30, 2003 comply with the requirements of GASB 34
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.
•
• Fund financial statements display information at the individual fund level. Each fund is
• considered to be a separate accounting entity. Funds are classified and summarized as
governmental, proprietary, or fiduciary. Currently, the City has only governmental and
• proprietary type funds. Major individual governmental funds and major individual enterprise
• funds are reported as separate columns in the fund financial statements. 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.
•
•
30
•
•
•
41
City of Tigard, Oregon w
Notes to Basic Financial Statements 0
•
1. Summary of Significant Accounting Policies, Continued: •
As a general rule the effect of interfund activity has been eliminated from the government- w
wide financial statements. These charges are included in direct program expense. 4
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.
The new GASB34 model sets 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 0
funds are combined in a column in the fund financial statements and detailed elsewhere in •
the financial report. •
Measurement Focus and Basis of Accounting 0
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 40
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 0
with full accrual accounting. Under the full accrual basis of accounting, revenues are e
recorded when earned and expenses are recorded at the time liabilities are incurred, 40
regardless of the timing of related cash inflows and outflows. •
Governmental funds financial statements are presented on a modified accrual basis of 0
accounting with a current financial resource measurement focus. This measurement' focus 41
concentrates on the fund's resources available for spending currently or in the near future. 0
Only transactions and events affecting the fund's current financial resources during the period 0
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 0
are recognized as soon as they are both measurable and available. Revenues are 0
considered to be available when they are collectible with then current period or soon enough 0
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 0
accounting. 0
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
31
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies, Continued:
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, while the consumption method is used for proprietary funds on the
GAAP basis.
32
•
•
City of Tigard, Oregon !
Notes to Basic Financial Statements •
•
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 •
type activities columns in the government-wide financial statements. Capital assets are •
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 40
more, and an estimated useful life of greater than five years. Additions or improvements and •
other capital outlays that significantly extend the useful life of an asset, or that significantly
increase the capacity of an asset are capitalized. Other costs for repairs and 'maintenance •
are expensed as incurred. •
Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of •
Activities with accumulated depreciation reflected in the Statement of Net Assets and is 0
provided on the straight-line basis over the following estimated useful lives: •
Asset Years •
Buildings and improvements 25-40 •
Improvements other than buildings 10-20 •
Machinery and equipment 5-10 •
Vehicles 5-10 •
Utility systems 25-40 •
Infrastructure 20-40
•
•
Accrued Compensated Absences and Sick Pay
Accumulated vested vacation pay is accrued as it is earned. For governmental funds, the
non-current portion (the amount estimated to be used in subsequent fiscal years) is •
maintained separately and represents a reconciling item between the fund-level and •
government-wide presentations. Only the current portion is reported in the governmental •
funds, and is calculated based on historical trends. In business-type/enterprise funds both •
the current and long-term liabilities are recorded. •
Sick pay, which does not vest, is recognized in all funds when leave is taken. •
•
Long-term Debt •
In the government-wide financial statements, and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the •
applicable governmental activities, business-type activities, or proprietary fund type in the
Statement of Net Assets. Bond premiums and discounts are deferred and amortized over the
life of the bonds. Bonds payable are reported net of the applicable bond premium or •
discount. Bond issuance costs, which are immaterial, are treated as period costs in the year
of-issue and are shown as other financing uses.
•
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of •
debt issued is reported as other financing sources while 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. •
33
•
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
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, 2003, seven appropriation transfers
• were made to the budget and no supplemental budget was adopted.
•
•
• 34
•
r
City of Tigard, Oregon .41
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 to 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, 0
excluding those accounted for in proprietary funds, are accounted for through governmental 0
funds. The measurement focus is upon determination of changes in current financial 0
resources, rather than upon net income determination. The following are the City's major 0
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 0
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 40
financial resources. The following are the City's major proprietary funds: 0
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. 0
the following three budgetary funds: Water Fund, Water SDC Fund and Water CIP 49
Fund. 1111111
•
35
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
County Gas Tax 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
• Debt Service Fund:
•
• General Obligation Debt Service
•
•
•
•
•
36
•
City of Tigard, Oregon
•
Notes to Basic Financial Statements •
2. Fund Types, Continued:
Nonmajor Governmental Funds, Continued:
Capital Projects Funds: •
69th Ave. Local Improvement District Fund
•
SW Dartmouth Local Improvement District Fund •
•
Park Levy Improvement Fund
Metro Greenspaces 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, 2003:
•
Cash on hand $ 4,586
Cash held by Department of Finance, Washington County 46,929 •
Deposits with financial institutions 2,392,578
Investments 55,145,557 •
$ 57,589,650 •
Cash and investments are displayed on balance sheet as follows: •
•
Cash and investments $ 51,773,051
Restricted cash and investments 5,816,599 •
$ 57,589,650 •
•
Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts.
The total bank balance is $2,573,142 (book balance is $2,392,578). Of these deposits,
'$100,000 was covered by federal depository insurance and $2,473,142 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.
0
37
•
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, 2002. 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 $ 28,822,949 $ 28,822,949
State Treasurer's Local
Government Investment Pool 26,322,608
Total Investments $ 55,145,557
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, 2003 is $8,889,463. 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, 2003, the portion of the assessments
receivable balance that represents delinquent accounts is approximately $102,293.
•
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City of Tigard, Oregon
•
Notes to Basic Financial Statements
5. Capital Assets: •
Capital asset activity for governmental activities for the year ended June 30, 2003 was as
follows:
•
Balances Balances •
June, 30 June, 30 •
2002 Additions Retirements 2003 S
Land $ 3,505,365 $ 3,204,704 $ - $ 6,710069
Construction in progress 181,685 4,438,327 - 4,620,012 •
Total non-depreciable 3,687,050 7,643,031 - 11,330,081
Building and building improvements 6,148,367 40,374 - 6,188,741
Land improvements 3,565,806 - - 3,565,806 •
Machinery and equipment 1,710,037 97,688 (102,854) 1,704,871 •
Autos and trucks 1,776,244 12,349 (219,804) 1,568,789
Office equipment 1,652,964 19,477 (168,364) 1,504,077
Infrastructure 184,479,507 2,345,359 - 186,824,866
Total depreciable 199,332,925 2,515,247 (491,022) 201,357,150
Accumulated depreciation •
•
Building and building improvements (1,736,883) (151,786) - (1,888',6E39),
Land improvements (954,919) (670,665) - (1,625,584)
Machinery and equipment (625,281) (124,621) - (749,902)
Autos and trucks (1,067,425) (156,841) - (1,224,266)
Office equipment (394,723) (19,835) - (414,558) •
Infrastructure (32,532,777) (2,384,925) - (34,917,702) •
Total accumulated depreciation (37,312,008) (3,508,673) - (40,820,681)
Governmental activities
capital assets, net $ 165,707,967 $ 6,649,605 $ (491,022) $ 171,866,550
Depreciation expense for governmental activities is charged to functions as follows:
General government $ 822,451 •
Community services 239,302 •
Public works 2,413,686
Developmental services 8,911 •
Policy and administration 24,323 •
Total depreciation for governmental activities $ 3,508,673 •
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0
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, 2003, was as
follows:
• Balances Balances
• June 30, 2002 Additions Retirements June 30, 2003
. Land - non-depreciable $ 997,734 $ - $ - $ 997,734
Land imrpovements 360,669 360,669
Buildings and building improvements 1,072,019 - - 1,072,019
• Sewer system 13,827,540 1,034,133 14,861,673
Storm drainage system 12,019,176 604,702 - 12,623,878
• Water system 39,346,304 996,995 - 40,343,299
• Equipment 938,347 - (85,873) 852,474
Auto and trucks 1,159,538 23,079 (144,611) 1;038,006
• Total depreciable 68,723,593 2,658,909 (230,484) 71,152,018
• Accumulated depreciation
Land imrpovements (296,419) (26,118) - (322,537)
• Buildings and building improvements (354,695) (29,670) - (384,365)
• Sewer system (4,032,257) (337,348) - (4,369,605)
• Storm drainage system (2,750,508) (301,398) (3,051,906)
• Water system (13,632,775) (850,408) - (14,483,183)
Equipment (722,486) (40,388) (762,874)
• Auto and trucks (665,747) (97,837) (763,584)
• Total accumulated depreciation (22,454,887) (1,683,167) - (24,138,054)_
• Business-type activities
• capital assets, net $ 47,266,440 $ 975,742 $ (230,484) $ 48,011,698
•
• Depreciation expense for business-type activities is charged to activities as follows:
• Sanitary sewer $ 385,126
• Storm sewer 332,857
• Water 965,184
• Total depreciation for business-type activities $ 1,683,167
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1
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City of Tigard, Oregon
Notes to Basic Financial Statements
6. Long-term Debt and Other Debt: •
0
General Obligation Bonds payable
Bond transactions for the year ended June 30, 2003, and future maturities of bond- principal
and interest, are as follows:
General Obligation bond issues - Interest rates from 3.4% to 4.75%
Fiscal Year Outstanding Paid Outstanding Future
Due June 30, 2002 Additions During Year June 30, 2003 Interest
2003 $ 245,000 $ - $ (245,000) $ - $ - ,
2004 - 463,552 - 463,552 550,842
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
2013-2022 - 7,682,038 - 7,682,038 2,055,215
$ 245,000 $ 13,000,000 $ (245,000) $ 13,000,000 $6,526,586
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 Called Outstanding
Fiscal Year June 30, During June 30, Future •
Due 2002 Year 2003 Interest .
2003 $ 285,347 $ (185,975) $ 99,372 $ 2;103 ,
2004 186,578 - 186,578 136,786 .
2005 195,799 - 195,799 127,540
.
2006 285,522 - 285,522' 117,814
2007 215,861 - 215,861 102,323 .
2008 226,631 - 226,631 91,541 .
2009 141,436 - 141,436 80,193 .
2010-2022 1,042,094 - 1,042,094 584,522
$ 2,579,268 $ (185,975) $ 2,393,293 $ 1,242,822
41
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 Total
Year Future Debt
Due Principal Interest Service
2004 $ 199,527 $ 78,548 $ 278,075
2005 210,563 72,563 283,126
2006 216,630 66,246 282,876
2007 222,820 59,205 282,025
2008 229,201 51,072 280,273
2009 235,690 42,363 278,053
2010 247,318 32,935 280,253
2011 259,053 22,795 281,848
2012 270,925 11,785 282,710
Totals $ 2,091,727 $ 437,512 $ 2,529,239
Balance Balance
June 30, June 30,
2002 Additions Retirements 2003
Bond anticipation note (18 month)
purchased June 30, 2000, matures
January 2, 2002: interest rate 5.1 % $ 1,715,000 $ - $ (1,715,000) $ -
Other Debt
Other long-term obligations for accured vacation payable and the changes thereto during
the year ended June 30, 2003 are as follows:
Balance Balance ,
June 30, June 30,
2002 Additions Retirements 2003
Vacations payable $ 529,380 $563,461 $ (529,380) $ 563,461
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, 2003, are as follows:
Balance Balance
June 30, June 30,
2002 Additions Retirements 2003
Bond anticipation notes due
May 1, 2003; interest rate 4.39% $2,056,003 $ 2,000 $ - $ 2,058,003
42
•
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,
2003, 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. S
•
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. •
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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, 2003, 2002 and 2001, the City's annual pension cost was approximately
$435,000, $279,000 and $211,000, 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 $822,585 for the year ended June 30,
2003. Covered payroll was $7,478,045, for the year ended June 30, 2003.
Contributions 'as a percentage of payroll were 11 percent for all eligible employees
participating in the plans.
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City of Tigard, Oregon
Notes to Basic Financial Statements
1
8. Retirement Plans, Continued: .
Deferred Compensation Plans
A
The City offers certain employees deferred compensation plans created in accordance with
Internal Revenue Code Section 457. The plans permit employees to defer a portion of their
salary until future years. Contributions for the plans are made to fiduciaries who hold the '
funds in trust for the plans' participants. The Deferred Compensation Plans are not •
considered City funds and are excluded from the City's financial statements.
9. Transactions with Clean Water Services of Washington County:
The City collects charges for treatment of City sewage on behalf of the Clean Water
Services of Washington County and remits all collections to Clean Water Services except for
20.7 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. 0
Payments of $5,545,331 were made to Clean Water Services during fiscal year 2003 under
this agreement. 0
The City has a similar agreement with the Regional Surface Water Management Agency, 41
which is an affiliate of Clean Water Services, for storm water systems. Payments made to 0
the Agency during fiscal year 2003 under the agreement were $339,573.
The net amount retained by the City is reported as revenue in the Enterprise Funds in the 0
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. Segment Information for Enterprise Funds:
A
The City's Sewer Fund and Storm Drainage Fund account for the acquisition, 0
operation, and maintenance of sewer and storm drainage systems which are supported by 0
user charges. The City's Water Fund accounts for the operation and maintenance of the •
City's water system and is supported through user charges. Segment information as of and .
for the year ended June 30, 2003, is as follows:
0
Sanitary Storm 0
Sewer Sewer Water 0
Fund Fund Fund Total 49
Operating revenue $ 2,064,906 $ 1,246,845 $ 6,251,631 $ 9,563,382
Depreciation 385,126 332,857 965,184 1,683,167
Operating income 1,275,054 426,693 1,204,214 2,905,961 0
Net income (loss) 1,821,197 827,075 2,763,418 5,411,690 0
Current capital contributions 552,281 566,775 547,886 1,666,942 0
Fixed asset additions 481,852 37,928 472,189 991,969 0
Net working capital 5,437,053 1,850,380 11,344,601 .18,632,034 •
Total assets 20,781,321 12,603,229 40,610,435 73,994,985 '
Total equity 19,866,487 12,488,123 40,105,721 72,460,331
0
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City of Tigard, Oregon
Notes to Basic Financial Statements
11. 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.
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.
12. Overexpenditures of Appropriations:
For . the year ended June 30, 2003, the following fund had an overexpenditure of
appropriations:
Central Service Fund General Government $9,393
13. 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.
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City of Tigard, Oregon
Notes to Basic Financial Statements
•
14. Restatements: •
As of and for the year ended June 30, 2003 the District implemented the following S
Governmental Accounting Standards Board Statements:
• No. 33 - Accounting and Financing Reporting for Non-exchange •
Transactions
• No. 34 - Basic Financial Statements - and Management's Discussion and . .
Analysis - for State and Local Governments •
• No. 36 - Recipient Reporting for Certain Shared Non-exchange Revenues -
An Amendment of GASB No. 33 •
• No. 37 - Basic Financial Statements - Management's Discussion and •
Analysis - for State and Local Governments: Omnibus
• No. 38 - Certain Financial Statement Note Disclosures .
The most significant changes required by the new standard included:
•
• Management's discussion and analysis
• Basic financial statements that included:
• Government-wide financial statements, prepared using the •
economic resources measurement focus and accrual basis of
accounting
• Fund financial statements, consisting of a series of statements
that focus on a government's major governmental funds
• Schedules to reconcile the fund financial statements to the
government-wide financial statements .
• Notes to the basic financial statements
• Required supplementary information,, including certain budgetary
schedules.
As a result of implementing these pronouncements the following restatements to the
June 30, 2002 fund balances were made to determine July 1, 2002 beginning net assets:
•
Governmental Business-Type •
Activities Activities
Fund balances - June 30, 2002 $ 19,851,840 $ 68,906,303 •
Capital assets 203,019,975 - .
Accumulated depreciation on capital assets (37,312,009)
Deferred revenues - property taxes, assessment liens 3,921,841 - e
Bonds and capital leases payable, net of discounts/(premiums) (5,320,341) -
Compensated absences payable (529,380) - •
Accrued interest on bonds, and capital leases payable (109,931) - - •
Reclassification of internal service funds 212,824 70,941
Net assets - July 1, 2002 $ 183,734,819 $ 68,977,244
•
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Required Supplementary Information'
CITY OF TIGARD, OREGON
GENERALFUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
REVENUES: Original Final Amounts (Unfavorable)
Taxes $ 8,983,869' $ 8,983,869 $ 9,178,139 $ 194,270
Franchise fees 2,284,167 2,284;167 2,567,881 283,714
Licenses and permits 38,414 38,414 43,872 5,458
Intergovernmental revenues 2,429,764 2,429,764 2,587,674 157,910
Charges for services 311,700 311,700 791,910 480,210
Fines and forfeitures 407,530 407,530 480,963 73,433
Interest earnings 234,150 234,150 225,544 (8,606)
Miscellaneous 47,610 47,610 43,376 (4,234)
Total revenues 14,737,204 14,737,204 15,919,359 1,182,156
EXPENDITURES:
Community services 9,400,166 9,438,872 8,692,327 746,545
Public works 2,511,437 2,511,437 2,236,753 274,684
Development services 2,573,110 2,573,110 2,246,459 326,651
Policy.and administration 298,407 298,407 279,753 18,654
Contingency 997,000 1,240,794 - 1,240,794
Capital projects 326,250 43,750 13,858 29,892
Total expenditures 16,106,370 16,106,370 13,469,150 21637,220
• Change in fund balance
• before other financing sources (uses) (1,369,166) (1,369,166) 2,450,209 3,819,376
• Other financing sources (uses):
• Operating transfer in 2,131,077 2,131,077 1,951,557 (179,520)
• Operating transfer out (4,566,781) (4,566,781) (4,259,726) 307,055
Total other financing sources (uses) (2,435,704) (2,435,704) (2,308,169) 127,535
•
Change in fund balance (3,804,870) (3,804,870) 142,040. 3,946,911
•
UNDESIGNATED, UNRESERVED -
• FUND BALANCE BEGINNING OF YEAR 6,643,662 6,643,662 7,795,072 1,151,410
• UNDESIGNATED, UNRESERVED -
• FUND BALANCE END OF YEAR $ 2,838,792 $ 2,838,792 $ 7,937,112 $ 5,098,321
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Kit,
CITY OF TIGARD, OREGON
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2003
General
Obligation
Special Capital Bond Debt
Revenue Projects Service
Funds Funds Fund Total
ASSETS:
Cash and investments $ 10,530,797 $ 30,740 $ 1,046,515 $ 11,608,052
Accounts receivable 1,132,301 - - 1,132,301
Taxes receivable - - 40,424 40,424
Assessment liens receivable 192,808 - - 192,808
Total assets $ 11,855,906 $ 30,740 $ 1,086,939 $ 12,973,585
LIABILITIES:
Accounts payable $ 488,303 $ 21,690 $ - $ 509,993
Customer deposits 427,920 - - 427,920
Deferred revenues 1,298,095 - 29,889 1,327,984
Total Liabilities 2,214,318 21,690 29,889 2,265,897
FUND BALANCES -
Reserved - for debt service - - 1,057,050 1,057,050
Unreserved 9,641,588 9,050 - 9,650,638
Total fund balances 9,641,588 9,050 1,057,050 10,707,688
• Total liabilities and fund balances $ 11,855,906 $ 30,740 $ 1,086,939 $ 12,973,585
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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, 2003
General
Obligation
Special Capital Bond Debt
Revenue Projects Service
Funds Funds Fund Total
REVENUES: 4*
Property taxes $ - $ - $ 1,275,853 $ 1,275,853
Licenses and permits 3,461,627 - - 3,461,627
Intergovernmental revenues 2,250,308. - - 2,250,308
Charges for services 73,332 - - 73,332
Interest earnings 294,712 234 14,584 309,530
Miscellaneous revenues 375,795 - - 375,795
!e
Total revenues 6,455,774 234 1,290,437 7,746,445
EXPENDITURES:
Development services 1,381,779 - - 1,381,779
Policy and administration 506,969 - - 506,969
Debt Service 277,861 - 284,631 562,492
Capital projects 2,827,280 130,308 - 2,957,588
Total expenditures 4,993,889 130,308 284,631 5,408,828
Changes in fund balance
before other financing sources (uses) 1,461,885 (130,074) 1,005,806 2,337,617
Other financing sources (uses):
Proceeds from long-term note 1,509,175 - - 1,509,175
Operating transfer in 1,179,150 130,308 - 1,309,458
Operating transfer out (2,359,353) (226,731) - (2,586,084)
Total other financing sources (uses) 328,972 (96,423) - 232,549 •
S
Changes in fund balance 1,790,857 (226,497) 1,005,806 2,570,166 •
FUND BALANCE - beginning of year 7,850,731 235,547 51,244 8,137,522 •
FUND BALANCE - end of year $ 9,641,588 $ 9,050 $ 1,057,050 $ 10,707,688
50
Special 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 in the combining nonmajor governmental fund
statements.
Schedules of revenues, expenditures, and changes in fund balance - budget and actual are
also presented here for each individual special revenue fund.
Nonmaior Special Revenue Funds:
Criminal Forfeiture Fund - This fund accounts for funds and property seized from criminals
in connection with crimes committed prior to passage of Ballot Measure 3
Gas Tax Fund - This fund accounts for revenues received from state and county gasoline
taxes which are to be expended as specified in the Constitution of the State of Oregon,
Article IX, Section 3.
Parks Capital Fund - This fund accounts for system development charges for major
improvements to recreational facilities within the City.
County Gas Tax Fund - In FY 2002-03, the fund balance in the County Gas Tax Fund was
transferred to the Gas Tax Fund and revenues will now be deposited in that fund.
Traffic Impact Fee Fund - This fund accounts for traffic impact fees charged for new
development. Funds will be used for highway and transit capital improvements approved in
the City's Capital Improvement Plan. (CIP).
Electrical Inspection Fund - This fund accounts for fees charged for permits, plan check
fees and inspection of electrical improvements.
Underground Utility Fund - This fund accounts for monies received from developers for
future underground utility improvements.
Insurance Fund - Records refunds of prior years workers' compensation premiums and
other insurance related revenues.
Building Fund - This fund accounts for fees charged for building inspection and plan review
activities.
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 in'the City's Capital Improvement Plan (CIP).
Urban Services Fund - This fund accounts for all revenues and expenditures related to
services provided to the urban service areas of Washington County. The City of Tigard
provides services to this area pursuant to an intergovernmental agreement with Washington
County.
Tree Replacement Fund - In FY 2002-03, the fund balance in the Tree Replacement Fund
was transferred to the Parks Capital Fund and revenues will now be deposited in this fund.
CITY OF TIGARD, OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2003.
County Urban Services
Criminal Gas Parks Gas Traffic Electrical Underground Traffic Urban Tree
Forfeiture Tax Capital Tax Impact Fee Inspection Utility Insurance Building Impact Fee Services Replacement
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $ 67,585 $ 1,442,767 $ 1,981,414 $ $ 2,659,862 $ 190,397 $ 347,032 $ 538,913 $ 1,148,726 $ 1,281,973 $ 849,465 $ 22,663 $ 10,530,797
Accounts receivable - - 340,134 790,649 - - - - - 1,518 - 1,132,301
Assessment liens receivable 192,808 192,808
Total assets $ 67,585 $ 1,442,767 $ 2,321,548 $ $ 3,643,319 $ 190,397 $ 347,032 $ 538,913 $ 1,148,726 $ 1,281,973 $ 850,983 $ 22,663 $ 11,855,906
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable $ . - $ 90,774 $ 55,796 $ $ 120,497 $ - $ 5,005 $ - $ 45,625 $ 169,994 $ 612 $ - $ 488,303
Customer deposits 287,744 - 9,555 - 42,066 88,555 427,920
Deferred revenues 340,134 957,961 1,298,095
Total liabilities 378,518 395,930 1,078,458 9,555 5,005 87,691 169,994 89,167 2,214,318
FUND BALANCE UNRESERVED 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
Total liabilities and fund
balances $ 67,585 $ 1,442,767 $ 2,321,548 $ $ 3,643,319 $ 190,397 $ 347,032 $ 538,913 $ 1,148,726 $ 1,281,973 $ 850,983 $ 22,663 $ 11,855,906
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, 2003
County Urban Services
Criminal Gas Parks Gas Traffic Electrical Underground Workers' Traffic Urban Tree
Forfeiture Tax Capital Tax Impacl Fee Inspection Utility Compensation Building Impact Fee Services Replacement
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
REVENUES:
Licenses and permits $ - $ - $ 407,578 $ - $ 917,346 $ 227,409 $ - $ - $ 1,258,786 $ 192,900 $ 457,609 $ - $ 3,461,627
Intergovernmental revenues - 1,948,504 - - 301,804 - - - - - - - 2,250,308
Charges for services - 4,187 - - - 54,480 - 11,170 - 3,495 - 73,332
Interest earnings 1,707 29,272 64,102 88,156 3,819 10,593 13,513 23,429 38,552 21,569 294,712
Miscellaneous revenues 811 7,220 64,527 264,317 38,129 790 375,795
Total revenues 2,518 1,989,183 536,207 1,571,623 231,228 65,073 51,642 1,294,175 231,452 482,673 6,455,774
EXPENDITURES:
Development services - 401,623 - - - - - 980,156 - - - 1,381,779
Policy and administration 506,969 - - 506,969
Debt Service - 277,861 - 277,861
Capital projects 222,340 1,047,418 967,223 100,000 490,299 2,827,280
Total expenditures 1,130,932 1,325,279 967,223 100,000 980,156 490,299 - 4,993,889
Ul Changes in fund balance
N before other financing sources (uses) 2,518 858,251 (789,072) 604,400 231,228 (34,927) 51,642 314,019 (258,847) 482,673 1,461,885
Other financing sources (uses):
Proceeds from long-term note - - 1,509,175 - - - - - - - 1,509;175
Transfer in - 463,271 379,270 - - - - 336,609 - - 1,179,150
Transfer out (3,471) (925,085) 6( 5,410) (234,494) (166,178) (272,088) (41,159) (451,468) (200,000) (2,359,353)
Total other financing sources(uses) (3,471) (461,814) 1,888,445 (65,410) (234,494) (166,178) - - 64,521 (41,159) (451,468) (200,000) 328,972
Changes in fund balance (953) 396,437 1,099,373 (65,410) 369,906 65,050 (34,927) 51,642 378,540 (300,006) 31,205 (200,000) 1,790,857
FUND BALANCE - beginning of year 68,538 667,812 826,245 65,410 2,194,955 115,792 376,954 487,271 682,495 1,411,985 730,611 222,663 7,850,731
FUND BALANCE - end of year $ 67,585 $ 1,064,249 $ 1,925,618 $ $ 2,564,861 $ 160,842 $ 342,027 $ 538,913 $ 1,061,035 $ 1,111,979 $ 761,816 $ 22,663 $ 9,641,588
000000000000000000000000000000 0000000000000000000000000
CITY OF TIGARD, OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES- BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ 2,400 $ 2,400 $ 1,707 $ (693)
Miscellaneous - - 811 811
Total revenues 2,400 2,400 2,518 118
EXPENDITURES:
Contingency 1,500 1,500 - (1,500)
Change in.fund balance
before other financing (uses) 900 900 2,518 1,618
Other financing (uses):
Transfer out (10,000) (10,000) (3,471) 6,529
Change in fund balance (9,100) (9,100) (953) 8,147
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 69,220 69,220 68,538 (682)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 60,120 $ 60,120 $ 67,585 $ 7,465
r
53
•
•
CITY OF TIGARD, OREGON
GAS TAX F.U N D
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
•
For. the fiscal year ended June 30, 2003
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable) •
REVENUES: •
•
State gas tax $ 1,610,201 $ 1,610,201 $ 1,772,260 $ 162,059 •
County gas tax 166,068 166,068 176,244 10,176 •
Street lighting fees 8,480 8,480 4,187 (4,293)
Interest earnings 20,212 20,212 29,272 9,060 is
Miscellaneous 2,000 2,000 7,220 5,220 , •
Total revenues 1,806,961 1,806,961 1,989,183 182,222 •
0
EXPENDITURES: •
•
Development services 475,000 475,000 401,623 73,377 •
Contingency 293,000 293,000 - 293,000 •
Capital projects 510,000 510,000 222,340 287,660 •
Total expenditures 1,278,000 1,278,000 623,963 654,037 •
•
Change in fund balance •
before other financing sources (uses) 528,961 528,961 1,365,220 836,259 •
0
Other financing sources (uses): •
Transfer in 477,861 477,861 463,271 (14,590) •
Transfer out (1,581,583) (1,581,583) (1,432,054). 149,529 •
Total other financing sources (uses) (1,103,722) (1,103,722) (968,783) 134,939
•
Change in fund balance (574,761) (574,761) 396,437 971,198 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 577,500 577,500 667,812 90,312 •
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 2,739 $ 2,739 $ 1,064,249 $ 1,061,510 •
•
•
0
•
•
54
•
•
0
u
CITY OF TIGARD, OREGON
PARKS CAPITAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
O
U For the fiscal year ended June 30, 2003
O
O
O
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
System development charges $ 442,043 $ 442,043 $ 407,578 $ (34,465)
Intergovernmental revenues 211,400 211,400 - (211,400)
Tree replacement revenue 12,000 12,000 9,375 (2,625)
Interest earnings 33,930 33,930 64,102 30,172
Miscellaneous 225,000 225,000 55,152 (169,848)
Total revenues 924,373 924,373 536,207 (388,166)
EXPENDITURES:
Public works - 10,000 - 10,000
Debt Service 277,861 277,861 277,861 -
Contingency 273,000 273,000 - 273,000
Capital projects 1,576,100 1,566,100 1,047,418 518,682-
1 expenditures 2,126,961 2,126,961 1,325,279 801,682
O Change in fund balance
before other financing sources (792,588) (792,588) (789,072) 3,516
Other financing sources:
• Transfer in 410,000 410,000 379,270 (30,730)
• Proceeds from long-term note 840,248 840,248 1,509,175 668,927
Total other financing sources 1,250,248 1,250,248 1,888,445 638,197
•
Change in fund balance 457,660 457,660 1,099,373 641,713
O
UNDESIGNATED, UNRESERVED
. FUND BALANCE, BEGINNING OF YEAR 994,434 994,434 826,245 (168,189)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 1,452,094 $ 1,452,094 $ 1,925,618 $ 473,524
O
•
•
O
•
CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
•
For the fiscal year ended June 30, 2003
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable) •
Other financing (uses) •
and change in fund balance: •
Transfer out $ (80,000) $ (80,000) $ (65,410) $ 14,590
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 80,000 80,000 65,410 (14,590)
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ - $
•
Note: This fund was closed to the Gas Tax Fund in the year ended June 30, 2003
•
•
•
•
•
•
•
•
•
•
•
•
•
•
56
•
•
•
CITY OF TIGARD, OREGON
TRAFFIC IMPACT FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Federal grants $ 660,000 $ 660,000 $ - $ (660,000)
Intergovernmental revenues 435,013 435,013 301,804 (133,209)
System development charges 815,015 815;015 917,346 102,331
Interest earnings 56,877 56,877 88,156 31,279
Miscellaneous - - 264,317 264,317
Total revenues 1,966,905 1,966,905 1,571,623 (395,281)
EXPENDITURES:
Contingency 41,013 41,013 - 41,013
Capital projects 3,125,000 3,125,000 967,223 2,157,777
Total expenditures 3,166,013 3,166,013 967,223 2,198,790
Change-in fund balance
before other financing (uses) (1,199,108) (1,199,108) 604,400 1,803,509
Other financing (uses):
Transfer out (405,786) (405,786) (234,494) 171,292.
Change in fund balance (1,604,894) (1,604,894) 369,906 1,974,801
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,605,059 1,605,059 2,194,955 589,896
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 165 $ 165 $ 2,564,861 $ 2,564,697
57
•
CITY OF TIGARD, OREGON
ELECTRICAL INSPECTION FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
•
•
•
•
•
•
Variance •
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES: •
Electrical permit fees $ 146,000 $ 146,000 $ 219,490 $ 73,490
Electrical plan check fees 6,600 6,600 7,919 1,319
Interest earnings 5,000 5,000 3,819 (1,181) •
•
Total revenues 157,600 157,600 231,228 73,628
•
EXPENDITURES: •
Contingency 25,000 25,000 - 25,000
•
Change in fund balance
before other financing (uses) 132,600 132,600 231,228 98,628
•
Other financing (uses):
Transfer out (169,612) (169,612) (166,178) 3,434 •
Change in fund balance (37,012) (37,012) 65,050 102;062
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 135,296 135,296 115,792 (19,504)
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 98,284 $ 98,284 $ 180,842 $ 82,558 •
•
•
•
•
•
•
•
•
•
•
•
•
•
58
•
•
•
CITY OF TIGARD, OREGON
UNDERGROUND UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Charges. for services $ 49,000 $ 49,000 $ 54,480 $ 5,480
Interest earnings 10,700 10,700 10,593 (107)
Total revenues 59,700 59,700 65,073 5,373
EXPENDITURES:
Contingency 15,000 15,000 - 15,000
Capital projects 100,000 100,000 100,000 -
Total expenditures 115,000 115,000 100,000 15,000
Change in fund balance (55,300) (55,300) (34,927) 20,373
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 305,760 305,760 376,954 71,194
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 250,460 $ 250,460 $ 342,027 $ 91,567
.59
•
CITY OF TIGARD, OREGON
INSURANCE FUND
SCHEDULE OF REVENUES AND EXPENDITURES -BUDGET AND ACTUAL •
1
For the fiscal year ended June 30, 2003 •
•
•
•
•
•
Variance. •
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable) •
REVENUES: •
Interest earnings $ 17,486 $ 17,486 $ 13,513 $ (3,973)
Miscellaneous 40,000 40,000 38,129 (1,871)
Total revenues - change in fund balance 57,486 57,486 51,642 (5,843) •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 499,600 .499,600 487,271 (12,329) •
U NDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 557,086 $ 557,086 $ 538,913 $ (18,1.72)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
60
•
•
CITY OF TIGARD, OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Licenses and permits $ 839,100 $ 839,100 $1,258,786 $ 419,686
Charges for services 7,100 7,100 11,170 4,070
Interest earnings 20,000 20,000 23,429 3,429
Miscellaneous - - 790 790
Total revenues 866,200 866,200 1,294,175 427,975
EXPENDITURES:
Development services 992,792 992,792 980,156 12,636 .
Contingency 190,000 190,000 - 190,000
Total expenditures 1,182,792 1,182,792 980,156 202,636
Change in fund balance
before other financing sources (uses) (316,592) (316,592) 314,019 630,611
Other financing sources (uses):
Transfer in 456,287 456,287 336,609 (119,678)
Transfer out (287,243) (287,243) (272,088) 15,155
Total other financing sources (uses) 169,044 169,044 64,521 (104,523)
Change in fund balance (147,548) (147,548) 378,540 526,088
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 799,928 799,928 682,495. (117,433)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ .652,380 $ 652,380 $1,061,035 $ 408,655
61
•
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, 2003
•
•
•
•
•
Variance •
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES: •
System development charges $ 317,900 $ 317,900 $ 192,900 $ (125,000)
Interest earnings 52,590 52,590 38,552 (14,038)
Total revenues 370,490 370,490 231,452 (139,038)
•
EXPENDITURES:
Contingency 134,000 134,000 - 134,000
Capital projects 850,000 850,000 490,299 359,701
•
Total expenditures 984,000 984,000 490,299 493,701
•
Change in fund balance
before other financing (uses) (613,510) (613,510) (258,847) (632,739)
Other financing (uses):
Transfer out (46,813) (46,813) (41,159) 5,654
Change in fund balance (660,323) (660,323) (300,006) (627,085)
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,502,558 1,502,558 1,411,985 (90,573)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 842,235 $ 842,235 $ 1,111,979 $ (717,658)
•
•
•
•
•
•
•
•
62
•
•
CITY OF TIGARD, OREGON
URBAN SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Intergovernmental revenues $ 50,000 $ 50,000 $ - $ (50;000)
Licenses and permits 536,100 536,100, 457,609 (78,491)
Charges for services 3,600 3,600 3,495 (105)
Interest earnings 18,000 18,000 21,569 3,569
Total revenues 607,700 607,700 482,673 (125,027)
EXPENDITURES:
Contingency 93,000 94,500 - 94,500
Capital projects 50,000 200,000 - 200,000
Total expenditures 143,000 294,500 - 294,500
Change in fund balance
before other financing (uses) 464,700 313,200 482,673 169,473
Other financing (uses):
Transfer out (584,276) (584,276) (451,468) 132,808
Change in fund balance (119,576) (271,076) 31,205 302,281
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 662,346 662,346 730,611 68,265
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ . 542,770 $ 391,270 $ 761,816 $ 370,546
63
•
CITY OF TIGARD, OREGON
•
TREE REPLACEMENT FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2003
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
•
Other financing (uses)
and change in fund balance: •
Transfer out $ (200,000) $ (200,000) $ (200,000) $ -
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 200,000 200,000 222,663 22,663.
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ 22,663 $ 22,663
•
Note: This fund was closed to the Parks Capital Fund in the year ended June 30, 2003
•
•
•
•
•
r
•
•
•
•
•
•
•
•
•
•
•
64
•
Debt Service Funds
The balance sheet and statement of revenues, expenditures, and changes in fund balance
of the nonmajor debt service fund is reported in the combining nonmajor governmental fund
statements. Fund statements for the major debt service fund are reported in the basic
financial statements.
Schedules of revenues, expenditures, and changes in fund balance - budget and actual are
also presented here for each debt service fund.
Major Debt Service Fund:
Bancroft Debt Service Fund - This fund accounts for payment of Bancroft improvement
bond principal and interest. The sources of revenue is the collection of assessments
against benefited property, interest and contributions from other funds for their share of
costs. .
Nonmaior Debt Service Fund:
General Obligation Debt Service Fund - This fund accounts for payment of general
obligation bond principal and interest. The sources of revenue is from property taxes .and
interest earnings.
CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Collection of bonded assessments $ 289,777 $ 289,777 $ 542,816 $ 253,039
Interest earnings 158,712 158,712 201,607 42,895
Miscellaneous - - 5,354 5,354
Total revenues 448,489 448,489 749,777 301,288
EXPENDITURES:
Debt service 5,014,973 5,014,973 2,084,678 2,930,295
Change in fund balance
before other financing sources (4,566,484) (4,566,484) (1,334,901) 3,231,583
Other financing sources:
Transfers in 535,273 535,273 445,322 (89,951)
Proceeds from issuance of bond
anticipation notes 3,586,800 3,586,800 - (3,586,800)
Total other financing sources 4,122,073 4,122,073 445,322 (3,676,751)
Change in fund balance (444,411) (444,411) (889,579) (445,168)
DESIGNATED - FUND BALANCE,
BEGINNING OF YEAR 495,914 495,914 2,103,514 1,607,600
DESIGNATED FUND BALANCE,
END OF YEAR $ 51,503 $ 51,503 $ 1,213,935 $ 1,162,432
65
CITY OF TIGARD, OREGON •
GENERAL OBLIGATION DEBT SERVICE FUND •
•
SCHEDULE ,OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2003 •
•
•
•
•
•
Variance •
.Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES: •
Taxes $1,334,138 $1,334,138 $1,275,853 $ (58,285)
Interest earnings 5,000 5,000 14,584 9,584 •
Total revenues 1,339,138 1,339,138 1,290,437 (48,701)
!
EXPENDITURES: •
•
Debt service 1,324,138 1,324,138 284,631 1,039,507 !
•
Change in fund balance 15,000 15,000 1,005,806 990,806 •
DESIGNATED FUND BALANCE, •
BEGINNING OF YEAR 20,000 20,000 51.,244 31,244 •
•
DESIGNATED FUND BALANCE, •
END OF YEAR $ 35,000 $ 35,000 $1,057,050 $ 1,022,050 •
•
•
•
•
•
•
•
•
•
•
•
•
•
7
•
•
•
•
66
•
•
•
Capital Projects Funds
Combining statements for all individual nonmajor capital projects funds are reported here.
The combined totals are reported in the combining nonmajor governmental fund statements.
Fund statements for the major capital projects fund are reported in the basic financial
statements.
Schedules of revenues, expenditures, and changes in fund balance - budget and actual are
also presented here for each capital projects fund.
Manor Capital Projects Fund:
Facility Fund - This fund accounts for monies set, aside for future major City facility
improvements.
Nonmaior Capital Projects Fund:
69th Ave. Local Improvement District Fund - In FY 2002-03, the fund balance in this fund
was transferred to the Bancroft Debt Service Fund.
Dartmouth Local Improvement District/Capital Improvement Project Fund - This fund
accounts for construction of Local Improvement District projects from the sale of bond
anticipation notes and certain other debt.
Park Levy Improvement Fund - In FY 2002-03, the fund balance in this fund was
transferred to the Parks Capital Fund and used for funding of the parks capital improvement
program.
Metro Greenspaces Fund - In FY 2002-03, the fund balance in this fund was transferred to
the Parks Capital Fund and used for funding of the parks capital improvement program.
Wall Street Local Improvement District Fund - This fund accounts for construction of a
local improvement district project from the sale of bond anticipation notes. The City's portion
of the project is funded by a transfer of resources from the Traffic Impact Fee Fund.
CITY OF TIGARD, OREGON
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
June,30, 2003
69th Avenue Dartmouth Wall Street
Local Local Local
Improvement Improvement Metro Park Levy Improvement
District District Greenspaces Improvement District
Fund' Fund Fund * Fund " Fund - Total
ASSETS:
Cash and investments $ - $ 9,050 $ $ - $ 21,690 $ 30,740
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable and accrued liabilities $ - $ - $ - $ $ 21,690 $ 21,690
FUND BALANCES -
UNRESERVED - 9,050 - - 9,050
Total liabilities and fund balances $ $ 9,050 $ $ - $ 21,690 $ 30,740
* = Closed during the year ended June 30, 2003
67
•
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, 2003
•
•
69th Avenue Dartmouth Wall Street •
Local Local Local •
Improvement Improvement Metro, Park Levy Improvement
District District Greenspaces Improvement District
Fund Fund Fund Fund Fund Total •
REVENUES:
•
Interest earnings $ $ 234 $ $ $ $ 234 •
EXPENDITURES: •
Capital projects - 130,308 130,308 •
Change in fund balance •
before other financing sources (uses) 234 (130,308) (130,074) •
Other financing sources (uses): •
Transfers in - 130,308 130,308 •
Transfers out (47,461) (56,464) (122,806) - (226,731) •
Total other financing sources (uses) (47,461) (56,464) (122,806) 130,308 (96,423) •
Change in fund balance (47,461) 234 (56,464) (122,806) - (226,497) •
UNDESIGNATED, UNRESERVED FUND BALANCE, •
BEGINNING OF YEAR 47,461 8,816 56,464 122,806 235,547 •
UNDESIGNATED, UNRESERVED FUND BALANCE, •
END OF YEAR $ $ 9,050 $ $ $ $ 9,050 •
•
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•
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•
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•
•
•
•
•
•
68
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•
•
CITY OF TIGARD, OREGON
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ 421,247 $ 421,247 $ 165,631 $ (255,616)
EXPENDITURES:
Contingency 254,800 254,800 - 254,800
Capital projects 4,032,500 4,067,700 3,642,381 425,319
Total expenditures 4,287,300 4,322,500 3,642,381 680,119
Change in fund balance
before other financing sources (uses) (3,866,053) (3,901,253) (3,476,750) 424,503
Other financing sources (uses):
Operating transfer in 715,746 715,746 715,746 -
Bond proceeds 13,000,000 13,000,000 13,000,000 -
Operating transfer out (290,000) (254,800) - 254,800
Total other financing sources (uses) 13,715,746 13,715,746 13,715,746 -
Change in fund balance 10,270,940 10,235,740 10,238,996 168,887
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 2,795,619 2,795,619 1,815,732 (979,887)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 13,066,559 $13,031,359 $12,054,728 $ (811,000)
69
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CITY OF TIGARD, OREGON
•
69th AVE. LOCAL IMPROVEMENT DISTRICT FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2003 •
•
•
•
•
•
Variance •
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable) •
•
Other financing (uses) and •
change in fund balance - f
Transfer out $ (137,412) $ (137,412) $ (47,461) $ 89,951 •
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 137,412 137,412 47,461 (89,951) •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ - $ - $ - $ - •
•
•
Note: This fund was closed to the Bancroft Debt Service Fund in the year ended June 30, 2003 •
•
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•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
70 •
•
•
CITY OF TIGARD, OREGON
DARTMOUTH LOCAL IMPROVEMENT DISTRICT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest Earnings $ 314 $ 314 $ 234 $ (80)
EXPENDITURES:
Capital projects 9,281 9,281 - 9,281
Change in fund balance (8,967) (8,967) 234 9,201
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 8,967 8,967 8,816 (151)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ 9,050 $ 9,050
71
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CITY OF TIGARD, OREGON •
-METRO GREENSPACES FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
•
For the fiscal year ended June 30, 2003 •
•
•
•
•
Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable) •
•
Other financing (uses) and •
change in fund balance - •
Transfer out $ (75,000) $ (75,000) $ (56,464) $ 18,536 •
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 75,000 75,000 56,464 (18,536) •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ - $ - $ - $ - •
•
Note: This fund was closed to the Parks Capital Fund in the year ended June 30, 2003 •
•
•
•
•
•
•
•
•
•
•
•
•
•
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•
•
•
•
•
•
•
•
•
•
72 •
•
•
•
CITY OF TIGARD, OREGON
PARK LEVY IMPROVEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
Other financing (uses) and
change in fund balance -
Transfer out $ (135,000) $ (135,000) $ (122,806) $ 12,194
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 135,000 135,000 122,806 (12,194)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ - $ -
Note: This fund was closed to the Parks Capital Fund in the year ended June 30, 2003
73
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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, 2003
•
•
•
•
•
Variance
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable) •
EXPENDITURES:
Contingency $ 100,000 $ 100,000 $ - $ 100,000 •
Capital projects 2,000,000 2,000,000 130,308 1,869,692 •
Total expenditures and change in fund •
balance before other financing sources 2,100,000 2,100,000 130,308 1,969,692
Other financing sources: •
Transfer in 300,000 300,000 130,308 (169,692)
Bond proceeds 1,800,000 1,800,000 - (1,800,000) .
Total other financing sources 2,100,000 2,100,000 130,308 (1,969,692)
•
Change in fund balance - - - - •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR - - - - •
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ - $ - $ - $ -
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
74
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•
•
Enterprise Funds
For GAAP reporting purposes, the City reports three proprietary funds as major funds.
These funds are the Sanitary Sewer Fund; the Storm Sewer Fund, which consists of the
Storm Sewer Fund and the Water Quality/Quantity Fund; and the Water Fund, which
includes the Water Fund, Water SDC Fund and Water CIP Fund. However, for budgetary
and legal purposes these funds are accounted for separately as listed below.
All of the City's enterprise funds meet the criteria for major fund reporting and are reported
in the basic financial statements.
Schedules or revenues and changes in fund net assets - budget and actual are presented
here for each individual enterprise fund as required by Oregon regulations.
Major Enterprise Funds:
Sanitary Sewer Fund - This fund accounts for the City's sewer utility operations.
Storm Sewer Fund - This fund accounts for the City's storm drainage operations.
Storm Sewer Fund (budgetary basis financial statements only)
Water Quality/Quantity Fund (budgetary basis financial statements only)
Water Fund - This fund accounts for the City's water operations.
Water Fund (budgetary basis financial statements only)
Water SDC Fund (budgetary basis financial statements only)
Water CIP Fund (budgetary basis financial statements only)
CITY OF TIGARD, OREGON
SANITARY SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Service charge $ 1,750,813, $1,750,813 $1,923,598 $ 172,785
Miscellaneous 12,000 12,000 141,308 129,308
Interest earnings 276,713 276,713 223,690 (53,023)
Total revenues 2,039,526 2,039,526 2,288,596 249,070
EXPENDITURES:
Public works 487,658 456,791 404,923 51,868
Contingency 475,000 475,000 - 475,000
Capital projects 2,300,000 2,300,000 481,852 1,818,148
Total expenditures 3,262,658 3,231,791 886,775 2,345,016 '
Change in fund balance
before other financing (uses) (1,223,132) (1,192,265) 1,401,821 2,594,086
Other financing (uses):
Transfer out (268,000) (268,000) (262,595) 5,405
Change in fund balance (1,491,132) (1,460,265) 1,139,226 2,599,491
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 7,906,080 7,906,080 8,123,353 217,273
UNDESIGNATED, UNRESERVED -
FUND BALANCE, END OF YEAR $ 6,414,948 $ 6,445,815 $ 9,262,579 $ 2,816,764
75
•
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
•
Expenditures /
Revenues Expenses !
Sanitary Sewer $ 2,288,596 $ 886,775
•
System development revenue 322,453 - •
Change in accrued vacation - (197) •
Expenditures capitalized - (481,852) •
Depreciation expense - 385,126
Revenue and expenses - page 27 $ 2,611;049 $ 789,852
•
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•
•
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•
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•
•
•
•
•
•
•
76
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•
•
CITY OF TIGARD, OREGON
STORM SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES -.BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Service charge $1,577,126 $1,577,126 $1,204,892 $ (372,234)
Miscellaneous - - 36 36
Interest earnings 24,310 24,310 19,151 (5,159)
Total revenues 1,601,436 1,601,436 1,224,079 (377,357)
EXPENDITURES:
Public works 506,733 506,733 492,493 14,240
Contingency 213,000 213,000 - 213,000
Capital projects 200,000 200,000 34,583 165,417
Total expenditures 919,733 919,733 527,076 392,657
Change in fund balance
before other financing (uses) 681,703 681,703 697,003 15,300
Other financing (uses):
Transfer out (555,813) (555,813) (519,051) 36,762
Change in fund balance 125,890 125,890 177,952 52,062
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 694,580 694,580 796,626 102,046
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 820,470 $ 820,470 $ 974,578 $ 154,108
77
•
CITY OF TIGARD, OREGON
•
WATER QUALITY/QUANTITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
•
•
•
Variance •
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Service charge $ 50,000 $ 50,000 $ 41,917 $ (8,083) •
Interest earnings 62,135 62,135 48,560 (13,575)
•
Total revenues 112,135 112,135 90,477 (21,658)
EXPENDITURES: •
•
Contingency 4,900 4,900 - 4,900
Capital projects 32,000 32,000 3,345 28,655
Total expenditures 36,900 36,900 3,345 33,555
•
Change in fund balance •
before other financing (uses) 75,235 75,235 87,132 - 11,897
Other financing (uses): •
Transfer out (1,270) (1,270) (1,182) 88 •
Change in fund balance 73,965 73,965 85,950 11,985
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,775,280 1,775,280 1,804,848 29,568
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $1,849,245 $ 1,849,245 $1,890,798 $ 41,553 .
•
•
•
•
•
78
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•
•
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
Expenditures /
Revenues Expenses
Storm Sewer $ 1,224,079 $ 527,076
Water. Quality / Quantity 90,477 3,345
Total 1,314,556 530,421
System development revenue 332,671 -
Change in accrued vacation - (5,198)
Expenditures capitalized - (37,928)
Depreciation expense - 332,857
Revenue and expenses - page 27 $ 1,647,227 $ 820,152
79
•
CITY OF TIGARD, OREGON •
WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL t,
For the fiscal year ended June 30, 2003
•
•
•
•
. Variance
Budgeted Amounts Actual Favorable, •
Original Final Amounts (Unfavorable)
REVENUES:
Service charge $ 6,254,467 $ 6,254,467 $ 6,145,422 $ (109,045)
System development charges 230,000 230,000 193,845 (36,155) •
Interest earnings 225,000 225,000 154,131 (70,869)
Miscellaneous 51,380 51,380 106,209 54,829 •
•
Total revenues 6,760,847 6,760,847 6,599,607 (1611240)
•
EXPENDITURES:
Public works 4,644,051 4,644,051' 4,126,506 517,545
Contingency 1,025,000 .1,025,000 - 1,025,000
Capital projects 1,373,000 1,373,000 433,863 939,137
Total expenditures 7,042,051 7,042,051 4,560,369 2,481,682
•
Change in fund balance •
before other financing sources (uses) (281,204) (281,204) 2,039;238 2,320,442 .
Other financing sources (uses):
Transfer in 394,875 394,875 - (394,875)
Transfer out (1,157,742) (1,157,742) (1,147,254) 10,488 S
Total other financing sources (uses) (762,867) (762,867) (1,147,254) (384,387)
Change in fund balance (1,044,071) (1,044,071) 891,984 1,936,055 '
•
UNDESIGNATED,UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 6,291,423 6,291,423 5,637,734 (653;689)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 5,247,352 $ 5,247,352 $ 6,529,718 $ 1,282,366
•
•
•
80
•
•
CITY OF TIGARD, OREGON
WATER SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
System development charges $ 445,000 $ 445,000 $ 394,356 $ (50,644)
Interest earnings 27,500 27,500 33,695 6,195
Total revenues 472,500 472,500 428,051 (44,449) .
EXPENDITURES:
Contingency 119,231 119,231 - 119,231
Capital projects 400,000 400,000 32,404 367,596
Total expenditures 519,231 519,231 32,404 486,827
Change in fund balance
before other financing (uses) (46,731) (46,731) 395,647 442,378
Other financing (uses):
Transfer out (394,875) - - -
Change in fund balance (441,606) (46,731) 395,647 442,378
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 794,075 794,075 1,133,393 339,318
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 352,469 $ 747,344 $1,529,040 $ 781,696
81
CITY OF TIGARD, OREGON
WATER CIP FUND «
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2003 •
•
•
•
•
•
•
Variance •
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable) •
REVENUES: .
System development charges $ - $ - $ 305,184 $ 305,184
Interest earnings 142,200 142,200 110,931 .(31,269) •
Total revenues 142,200 142,200 416,115 273,915 •
EXPENDITURES:
Public works - 16,200 - 16,200 •
Contingency 100,500 84,300 - 84,300 •
Capital projects 670,000 670,000 277,444 392,556
•
Total expenditures 770,500 770,500 277,444 493,056 •
•
Change in fund balance (628,300) (628,300) 138,671 766,971 S
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 4,062,226 4,062,226 4,120,283 58,057 •
UNDESIGNATED,UNRESERVED
FUND BALANCE, END OF YEAR $ 3,433,926 $ 3,433,926 $ 4,258,954 $ 825,028
•
•
•
•
•
•
•
•
•
•
82
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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
Expenditures /
Revenues Expenses
Water $ 6,599,607 $ 4,560,369
Water SDC 428,051 32,404
Water CIP 416,115 277,444
Total 7,443,773 4,870,217
System development revenue 367,062 -
Change in inventory - (44,273)
Expenditures capitalized - (743,711)
Depreciation expense - 965,184
Revenue and expenses - page 27 $ 7,810,835 $ 5,047,417
83
CITY OF TIGARD, OREGON •
RECONCILIATION OF BUDGETARY FUND BALANCE TO •
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS NET ASSETS •
For the fiscal year ended June 30, 2003
•
•
•
Total Total !
Sanitary Storm Total •
Sewer Sewer Water
•
Fund balance - budget basis $ 9,262,579 $ 2,865,377 $ 12,317,712
•
Adjustments from budgetary basis to
generally accepted accounting principles basis:
Change in inventory - - 40,237
Inventory - - 79,321 •
Capital assets, net 10,624,886 9,644,654 27,742,158
Accrued vacation payable (20,978) (21,908) (73,707) .
•
Total Net Assets -
generally accepted, accounting •
principles basis - page 26 $ 19,866,487 $ 12,488,123 $ 40,105,721 !
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84 •
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0
0
0
Internal Service Funds
0
Combining statements for internal service funds are reported here. The combined totals are
reported alongside the enterprise funds in the basic financial statements.
Schedules of revenues, expenses, and changes in fund net assets - budget and actual are
also presented here for each internal service fund as required by Oregon regulations.
Central Services Fund - This fund accounts for the central administrative functions within
the City
Fleet/Property Management Fund = This fund accounts for all activity related to the Fleet
Maintenance and Property Management divisions in the City
0
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2003
Central Fleet/Property
Services Management
Fund Fund Total
ASSETS
Current assets:
Cash and investments $ 738,937 $ 83,371 $ 822,308
Accounts Receivable 4,059 - 4,059
Inventory 11,171 7,654 18,825
Total assets 754,167 91,025 845,192
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities 198,141 31,428 229,569
Accrued vacation payable 112,238 8,044 120,282
Total liabilities 310,379 39,472 349,851
NET ASSETS
Net assets $ 443,788 $ 51,553 $ 495,341
O 85
O
O - ,
O
•
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, 2003 •
•
•
Central Fleet/Property •
Services Management
Fund Fund. Total
OPERATING REVENUES: •
•
Service charges $ 4,160,335 $ 880,073 $ 5,040,408 •
Miscellaneous 5,330 - 5,330
Total operating revenues 4,165,665 880,073 5,045,738 •
•
OPERATING EXPENSES: •
Salaries and wages 2,535,027 392,535 2,927,562
Contracted services 448,520 115,003 563,523 •
General, administrative and other 1,043,634 312,746 1,356,380
Total operating expenses 4,027,181 820,284 4,847,465 •
Operating income 138,484 59,789 198,273 •
•
NONOPERATING REVENUE: •
•
Interest revenue 11,148 2,154 13,302 •
Net income 149,632 61,943 211,575 •
•
NET ASSETS (DEFICIT) - beginning of year 294,156 (10,390) 283,766 •
•
NET ASSETS - end of year $ 443,788 $ 51,553 $ 495,341
•
•
•
•
•
•
•
. O
•
•
O
q
O
86 O
O
O
O
CITY OF TIGARD, OREGON
® INTERNAL SERVICE FUNDS
® COMBINING STATEMENT OF CASH FLOWS
For the fiscal year ended June 30, 2003
0 Increase'(decrease) in cash and cash equivalents
0
Central Fleet/Property
Services Management
Fund Fund Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 4,160,335 $ 880,073 $ 5,040,408
Payments to suppliers (1,486,251) (433,652) (1,919,903)
Payments to employees (2,486,773) (394,976) (2,881,749)
Other receipts 5,330 5,330
Net cash provided by operating activities 192,641 51,445 244,086
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 11,148 2,154 13,302
Net increase in cash and cash equivalents 192,641 51,445 257,388
Balances--beginning of the year 535,148 29,772 564,920
O Balances--end of the year $ 727,789 $ 81,217 $ 822,308
0
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income 138,484 59,789 198,273
Adjustments to reconcile operating income to net cash
0 provided by operating activities:
0 Change in assets and liabilities:
Receivables, net (1,252) - (1,252)
Inventories (6,347) 147 (6,200)
0 Accounts payable 51,415 (6,050) 45,365
Accrued compensated absences 10,341 (2,441) 7,900
Net cash provided by operating activities $ 192,641 $ 51,445 $ 244,086
Q
0
0
O 87
O
CITY OF TIGARD, OREGON
•
CENTRAL SERVICES FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2003 •
•
•
4
•
•
A
Variance •
Budgeted Amounts Actual Favorable •
Original Final Amounts (Unfavorable)
REVENUES: •
Interest earnings $ - $ - $ 11,148 $ 11,148 •
Miscellaneous - - 5,330 5,330 •
Total revenues - - 16,479 16,479 •
EXPENDITURES: •
Policy and administration 3,993,242 3,993,242 3,692,690 300,552 •
Contingency 398,049 373,049 - 373,049
General government 192,100 217,100 226,493 (9,393) •
Total expenditures 4,583,391 4,583,391 3,919,183 664,208 •
•
Change in fund balance •
before other financing sources (uses) (4,583,391) (4,583,391) (3,902,704) 680,687 •
Other financing sources (uses): •
Transfer in 4,521,569 4,521,569 4,160,335 (361,234) •
Transfer out (113,177) (113,177) (97,658) 15,519 •
•
Total other financing sources (uses) 4,408,392 4,408,392 4,062,676 (345,715) •
Change in fund balance (174,999) (174,999). 159,972 334,972
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 400,000 400,000 396,053 (3,947) •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR . $ 225,001 $ 225,001 $ 556,025 $ 331,025
•
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•
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•
•
88 •
•
CITY OF TIGARD, OREGON
FLEET/PROPERTY MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2003
Variance
Budgeted Amounts Actual Favorable
Original Final Amounts (Unfavorable)
REVENUES:
Interest earnings $ - $ - $ 2,154 $ 2,154
EXPENDITURES:
Public works 875,447 875,447 740,754 134,693
Contingency 50,000 50,000 - 50,000
Total expenditures 925,447 925,447 740,754 184,693
Change in fund balance
before other financing sources (uses) (925,447) (925,447) (738,600) (182,539)
® Other financing sources (uses):
Transfer in 1,009,664 1,009,664 880,073 (129;591)
Transfer out (81,972) (81,972) (81,972) -
Total other financing sources (uses) 927,692 927,692 798,101 (129,591)
Change in fund balance 2,245 2,245 59,501 (312,130)
Q UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR - - 95 95
O UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 2,245 $ 2,245 $ 59,596 $ (312,035)
0
0
0
0 89
O
City of Tigard, Oregon •
t
O
O
m
® Other Supplementary Schedules
O
Schedules included in this section are:
m
O
® • Property Tax Transactions, and Outstanding
® Balances
® • Bond and Bond .Interest Transactions
® Future Debt Service Requirements of Long
O
Term Notes Payable
• Future Debt Service Requirements of Bancroft
Improvement Bonds
O Future Debt Service Requirements of General
Obligation Bonds
O
o.
O
CITY OF TIGARD, OREGON
,O SCHEDULE OF PROPERTY TAX TRANSACTIONS AND OUTSTANDING BALANCES
For the fiscal year ended June 30, 2003
Property Add Property
Taxes Levy as Taxes
O Receivable Extended Deduct Add Receivable
June 30, by Discounts (Deduct) Add Deduct June 30,
2002 Assessor Allowed Adjustments Interest Collections 2003
O 2002 - 2003 $ - $ 10,521,836 $ (260,998) $ (55,150) $ 4,134 $ (9,942,473) $ 267,349
2001 -2002 240,642 - 460 (14,692) 10,763 (161,510) 75,663
2000 - 2001 77,308 - 47 (2,807) 7,453 (48,964) 33,037
O 1999 - 2000 38,093 - 13 (2,015) 6,724 (30,527) 12,288
1998-1999 12,681 - 19 (1,596) 3,323 (11,238) 3,189
1997-1998 2,020 - 12 (647) 336 (491) 1,230
1996 - 1997 & Prior 2,997 - 21 (1,167) 452 (162) 2,141
$ 373,741 $ 10,521,836 $ (260,426) $ (78,074) $ 33,185 $(10,195,365) $ 394,897
Property Taxes
Cash Receivable
Distributed as follows: Collections June 30, 2003
General Fund:
Current $ 8,742,530 $ 354,372
Prior years' levies 176,924 -
Total General Fund 8,919,454 354,372
Enterprise Funds:
Prior Years' levies 59 101
0 Debt Service-Funds:
Current 1,269,969 23,399
Prior years' levies 5,883 17,025
Total Debt Service Funds 1,275,852 40,424
Total $ 10,195,365 $ 394,897
0
90
•
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS •
For the fiscal year ended June 30, 2003
•
•
•
•
Bond Transactions Interest Transactions •
•
•
Outstanding •
June 30, Matured/ Outstanding
Bancroft Bonds Original Issue 2002 Additions Called Paid June 30, 2003 Matured Paid •
Issued May 1, 1993 $ 660,000 $ 190,000 $ $ 85,000 . $ (85,000) $ 105,000 $ 7,105 $ (7,105) •
•
Issued November 30, 1998 1,565,576 1,081,299 72,775 (72,775) 1,008,524 45,847 (45,847) •
Issued June 27, 2002 1,307,969 1,307,969 28,200 (28,200) 1,279,769 96,673 (96,673) •
$ 2,579,268 $ $185,975 $(185,975) $ 2,393,293 $149,625 $(149,625) •
•
General Obligation Bonds •
Issued May 1, 1993 $ 6,935,000 $ 245,000 $ $245,000 $(245,000) $ - $ 11,638 $ (11,638) •
Issued December 4, 2002 $13,000,000 - 13,000,000 - - 13,000,000 - •
$ 245,000 $ 13,000,000 $245,000 1(245,000) $13,000,000 $ 11,638 $ (11,638) •
•
•
•
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•
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•
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•
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•
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•
•
•
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91
•
•
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF LONG TERM NOTES PAYABLE
JUNE 30, 2003
O
Issued - January 23, 2002
3.00% to 4.35%
O Original Issue - $ 2,290,248
Total
Payment Coupon Debt
Date Principal Interest Rate Service
January 1, 2004 $ 199,527 $ 78,548 3.00% $ 278,075
O 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
O January 1, 2008 229,201 51,072 3.80% 280,273
January 1, 2009 235,690 42,363 4.00% 278,053
Q 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 $ 2,091,727 $ 437,512 $ 2,529,239
O
O
O
O
O
O
O
O
O 92
0
O
•
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF.BANCROFT IMPROVEMENT BONDS •
June 30, 2003
•
•
•
•
Issued Issued Issued •
May 1, 1993 December 1, 1998 June 27, 2002 •
Year of Total Requirements 4.10 % to 5.00% 4.39% 7.25%
Maturity Principal Interest Principal Interest Principal Interest Principal Interest •
2003-2004 $ 186,578 $ 136,786 $ $ 5,250 $ 153,678 $ 39,340 $ 32,900 $ 92,196
•
2004-2005 195,799 127,540 - 5,250 160,499 32,519 35,300 89,771 '
2005-2006 310,522 117,814 105,000 5,250 167,622 25,396 37,900 87,168 •
2006-2007 215,861 102,323 - - 175,061 17,957 40,800 84,366
•
2007-2008 226,631 91,541 - 182,831 10,187 43,800 81,354 •
2008-2009 141,436 80,193 - 94,436 2,073 47,000 78,120
2010-2022 1,042,069 584,522 - 1,042,069 584,522 •
•
Totals $2,318,896 $1,240,719 $105,000 $ 15,750 $ 934,127 $ 127,472 $1,279,769 $1,097,497 •
•
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•
•
•
•
•
•
93
•
•
•
CITY OF TIGARD, OREGON
• SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
June 30, 2003
O
O
O
O
Fiscal Issued: December 4, 2002
Year of Total Debt 3.00% to 4.75%
O Maturity Requirement Principal Interest
2003-2004 $ 1,014,394 $ 463,552 $ 550,842
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
O
2008-2009 974,913 536,063 438,850
0 2009-2010 976,563 553,795 422,768
2010-2011 976,383 571,890 404,493
O 2011-2012 974,758 590,281 384,477
2012-2013 977,118 613,891 363,227
O
2013-2022 9,737,253 7,682,038 2,055,215
$ 19,526,586 $ 13,000,000 $ 6,526,586
O
O
O
O
O
O
O
O
O
O
O
O
O 94
a
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O
*0000
10 000+0000
C
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V
STATISTICAL SECTION
OOOG O 00 O O O O O O O 00 00 O
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 Internal
June 30 Services Public Works Services Administration Debt Sewer Water Water Services Total
2003' $ 8,058,670 $ 1,890,644 $ 3,311,058 $ 3,548,649 $ 602,291 $ 901,779 $ 1,056,795 $ 5,325,045 #REF! #REF!
'This schedule has been added with the implementation of GASB 34 effective fiscal year 2003.
Source: Comprehensive Annual Financial Report of the City.
tJ1
CITY OF TIGARD, OREGON
GOVERNMENT-WIDE REVENUES
For the last ten fiscal years
Program Revenues General Revenues
Gain (Loss)
Fiscal Charges Operating on Disposition
Year Ended for Grants and Special Licenses Intergovernmental Fines and Interest Donated of Capital
June 30 Services Contributions Taxes Franchise Fees Assessments and Permits Revenues Forfeitures Earnings Assets Assets Miscellaneous Total
2003' $ 10,121,504 $ 133.253 $ 10,472,108 $ 2,567,881 $ 87,760 $ 3,505,499 $ 4,704,729 $ 480.963 $ 1,505.772 $ (27,850) $ (491,023) $ 677,408 $ 33,738,004
'This schedule has been added with the implementation of GASB 34 effective fiscal year 2003.
Source: Comprehensive Annual Financial Report of the City.
CITY OF TIGARD, OREGON
GENERAL FUND EXPENDITURES BY FUNCTION -
BUDGETARY BASIS
For the last ten fiscal years
City-Wide
O Support
Public Works Functions,
Fiscal and Capital
Year Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service Total
1994 $ 5,088,712 $ 2,641,694 $ 1,317,972 $ 3,604,930 $ 5,647,732 $ 18,301,040
0
1995 5,656,128 2,745,236 1,332,630 2,148,786 2,388,061 14,270,841
Q 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
O 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
0 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
Q
0
4
97
•
CITY OF TIGARD, OREGON •
GENERAL FUND REVENUES BY SOURCES - •
BUDGETARY BASIS •
For the last ten fiscal years •
•
•
Fiscal Licenses Inter- Charges •
Year Ended Franchise and governmental For Fines and Miscellaneous •
June 30 Taxes Fees Permits ' Revenues Services Forfeitures Revenues' Total' •
1994 $ 5,894,241 $ 1,447,668 $ 2,554,752 $ 3,105,356 $ 393,349 307,982 $ 1,576,679 $ 15,280,027 •
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 24,581,213 •
•
Includes special assessments collections and private donations. •
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types •
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98
•
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•
CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
O For the last ten fiscal years
O
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
O June 30 Levy Collections Collections Collections Collections Levy Taxes Levy
1994 $ 5,984,204 $ 5,622,050 93.95% $ 272,191 $ 5,894,241 98.50% $ 333,198 5.57%
O 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%
O 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%
0 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%
Taxes are levied as of July 1 each year and are payable in three installments, without interest, on November 15, February 15, and May
0 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.
99
•
•
CITY OF TIGARD, OREGON
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY •
For the last ten fiscal years
•
s
•
•
•
•
•
Fiscal Market Value •
Year Public
•
Ended Real Personal Utility Total •
June 30 Property Property Property Total Assessed Value
•
1994 $ 1,972,696,888 $ 142,496,210 $ 60,467,981 $ 2,175,661,079 $ 2,175,661,079
•
2,458,738,549 2,458,738,549
1995 2,229,444,147 156,419,813 72,874,589
•
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 •
•
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 •
•
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 •
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 •
All property is assessed as of July 1. •
•
Assessed value, up until June 30, 1997, was defined as market value. A new property tax limitation known as •
Measure 50 passed in May 1997 which disconnected assessed value from market value for purposes of distributing
property tax levies. Measure 50 reduced assessed value for 1997/98 to the 1995/96 market value less 10% plus new •
construction. According to the 1998/99 Washington County summary of assessment and tax roll, assessed values •
for most properties are now about 80% of market value. •
Source: Washington County Department of Assessment and Taxation. •
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•
•
•
•
100
•
•
•
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
1994 $ 193,000 $ 186,036 96.39%a $ 2,380,059
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
(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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• 101
•
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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
1994 $ 0.42 $ 2.77 $ 1.36 $15.58 $ 13.39 $ 0.08 $ 0.12 $ 1.88 $ 0.87 $ 0.20 $ 0.37 $ 37.04
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 03 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
C) 1999 0.28 3.10 2.57 6.65 6.17 1.53 1.15 0.35 0.81 22.61
N
2000 0.21 2.59 2.54 6.31 6.19 1.56 1.29 0.36 0.70 21.75
2001 0.25 2.60 2.53 7.24 6.12 1.59 1.30 0.37 0.70 22.70
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
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 can not be changed. Prior to Measure 50, rates were dependent on both the levy and assessed
value.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with territory in the County. The County collects all taxes against property in the County (except assessments for
improvements charged to benefited property and distributes taxes collected at least monthly. No charges are made to the taxing districts for these services.
NOTE: - Not all taxing districts are charged on each parcel of property, actual rates on tax bills are a combination of the above depending upon the location of the parcel and the school district and sewer and water
district boundaries. Total overlapping tax rates for property in Tigard in 2003 ranged from $12.24/$1,000 to $16.89/$1,000.
Source: Washington County Department of Assessment and Taxation.
•••••!••••••••••••••••••••••••••i••••••!•••••••••••!•0•
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
1994 33,802 $ 2,175,661,079 $ 9,878,000 $ 611,481 $ 9,266,519 0.43% $ 274.14
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
Excludes bond anticipation notes payable.
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County Department of
Assessment and Taxation.
103
♦
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 2003 •
•
•
•
♦
•
•
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 (2002-2003) $ 4,804,794,161 •
General obligation debt limit X 3% •
144,143,825
•
•
•
Gross bonded debt $ 21,845,482
•
Excludable debt - Bancroft improvement bonds (2,318,896) •
Debt subject to limitation 19,526,586
•
Legal debt margin - amount available for future indebtedness $ 124,617,239 •
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Source: Washington County Department of Assessment and Taxation
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104 •
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CITY OF TIGARD, OREGON
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 2003
Percent Amount
Applicable Applicable
Net Debt Inside City Inside City
Jurisdiction Outstanding of Tigard of Tigard
Tigard/Tualatin School'District #23-J $ 78,318,813 51.4591% $ 40,302,156
Tri-Metropolitan Transportation District 3,780,140 3.7520% 141,831
Port of Portland 1,868,359 3.4123% 63,754
Metro 9,718,684 3.7366% 363,148
Beaverton School District #48 9,862,457 3.6660% 361,558
Portland Community College 14,627,263 4.7340% 692,455
Washington County 7,281,023 10.6763% 777,344
Tualatin Valley Fire & Rescue District 1,009,467 13.5408% 136,690
Tualatin Valley Water (Metzger Bond) 731,162 62.4925% 456,921
Sub-Total of Overlapping Debt 127,197,368 43,295,857
City of Tigard 21,845,482 100.0000% 21,845,482
Total for Overlapping (Underlying) Debt $ 149,042,850 $ 65,141,339
Source: Oregon State Treasury Debt Management Division
105
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 •
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1994 $ 4,742,523 $ 905,209 $ 5,647,732 $ 13,539,981 41.71%
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1995 1,828,000 560,061 2,388,061 18,301,040 13.05% •
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1996 4,385,000 7671,516 5,152,516 14,270,841 36.11% •
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1997 5,755,000 447,957 6,202,957 21,130,604 29.36%, •
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1998 6,390,000 406,542 6,796,542 20,215,465 33.62% •
1999 6,190,576 659,946 6,850,522. 25,555,433 26.81% •
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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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Source: Comprehensive Annual Financial Reports of the City. •
(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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106 •
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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
1994 40 $ 63,946,411 683 $ 62,765,587
1995 24 31,873,570 452 63,699,561
1996 37 . 34,644,201 496 65,935,382
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
(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
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CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS •
June 30, 2003 •
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Percentage •
of Total
Assessed Assessed •
Taxpayer Type of Business Valuation Valuation •
Pacific Realty Associates Oregon Business Park $ 135,347,900 3.74% •
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EOP-Lincoln, LLC Lincoln Center Complex 68,331,810 1.89% •
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Verizon Northwest Inc Nelson Business Park 54,444,627 1.50% •
PPR Washington Square, LLC Washington Square Shopping Mall 53,316,280 1.47% •
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Calwest Industrial Holdings, LLC Property Management 30,273,110 0.84%
Portland General Electric Utility - Power Operations 24,083,076 0.66% •
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Sprint Spectrum Utility - Communications 23,410,070 0.65%
AT&T Communications Inc Utility- Communications 22,189,886 0.61% •
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Portland Hotel Associates Embassy Suites Hotel 21,902,160 0.60% •
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Northwest Natural Gas Utility - Power Operations 20,328,100 0.56% .
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Total Principal Taxpayers 453,627,019 12.53% •
All Other Taxpayers 3,168,083,955 87.47% •
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Total $ 3,621,710,974 100.00% •
Source: City of Tigard Planning Department, estimated from 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
1994 33,802 $ 64,365 9,427 4.80%
1995 33,744 72,864 9,644 4.70%
1996 35,021 78,102 10,579 4.20%
1997 35,925 86,608 10,829 3.90%
1998 36,680 73,928 11,071 4.30%
1999 37,200 74,537 11,080 4.50%
2000 39,672 76,453 11,1.45 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%
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
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CITY OF TIGARD, OREGON •
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MISCELLANEOUS STATISTICAL DATA •
June 30, 2003
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Date of Incorporation 1961
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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) 10.92 •
Miles of streets 142.46
Population 44,070
Drinking Water: •
Water mains 210.12
Reservoirs 13 •
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Police protection: •
Number of stations 1 •
Number of sworn police officers 54
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Education:
Attendance centers 15
Number of teachers 623
Number of students 11,686 •
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Sanitary sewers 755,040 ft. •
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Storm sewer lines 591,360 ft •
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Building Permits issued (2002-2003) 385 •
Recreation and culture:
Number of parks 11, totaling' 160.8 acres
Greenways 132.7 acres
Number of libraries 1 •
Number of volumes (estimated) 114,094 •
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Employees: .
Classified service (union) 193 .
Unclassified (non-union) 79
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Information obtained from the various departments of the City of Tigard, •
Oregon, and Tigard/Tualatin School District #23-J - City student totals not available •
110 •
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AUDIT COMMENTS AND
DISCLOSURE REQUIRED BY
STATE REGULATIONS
PAULY, ROGERS AND CO., RC.
® CERTIFIED PUBLIC ACCOUNTANTS
• 12700 SW 72ND AVENUE • TIGARD, OREGON 97223
• (503) 620-2632 • FAX (503) 684-7523
December 16, 2003,
AUDITORS' COMMENTS AND DISCLOSURES
Oregon Administrative Rules 162-10-000 through 162-16-000, the Minimum Standards
.for Audits of Oregon Municipal Corporations, prescribed by the Secretary of State in
cooperation with the Oregon State Board of Accountancy, enumerate the financial
statements, schedules, comments and disclosures required in audit reports. Certain
required disclosures, statements and schedules are set forth in preceding pages of
this report. Additional required comments and disclosures related to our audit of such
statements and schedules are set forth as follows:
REPORT ON INTERNAL ACCOUNTING CONTROL
We have audited the basic financial statements of the City of Tigard, Oregon, as of
and for the year ended June 30, 2003, and have issued our report thereon dated
December 16, 2003.
The management of the City of Tigard, Oregon, is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. The objectives of an
internal control structure 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 structure, errors or irregularities may
nevertheless occur and not be detected. Also, projection of any evaluation of the
structure 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 the City of
Tigard, Oregon, for the year ended June 30, 2003, we considered its internal control
structure in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and not to provide assurance on the internal
control structure. Our consideration of the internal control structure would not.
necessarily disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or operation of
one or more of the specific internal control structure elements does not reduce to a
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AUDITORS' COMMENTS AND DISCLOSURES (CONTINUED) •
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relatively low. level the risk that errors and irregularities in amounts that would be •
material in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control structure and its •
operation that we consider to be material weaknesses as defined above. •
•
This report is intended for the information ofmanagement, the Mayor, City Council,
and the State of Oregon,. Secretary of State,-Audits Division. However, this report is a •
matter of public record and its distribution is not limited. •
ACCOUNTING RECORDS •
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The City's accounting records were adequate for audit. •
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BUDGET TRANSACTIONS •
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Expenditures were within the authorized appropriation levels for the year ended June •
30, 2003 except for the over expenditure indicated in Note 14 to the basic financial
statements.
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2002-2003 and 2003-2004 BUDGETS •
•
The budgets. adopted by the City for the current year and ensuing fiscal year were •
reviewed during. the audit. Budget preparation and adoption procedures followed by •
the City appeared to be in compliance with the Oregon Local Budget Law. •
STATE HIGHWAY FUNDS
•
The City's compliance with requirements of Article IX, Section 3a of the Oregon
.Constitution and ORS 294 and" 373 was reviewed and the City appears to have •
complied with the restrictions on the use of revenue from taxes on motor vehicle use •
and fuel. •
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COLLATERAL SECURING BANK DEPOSITS •
•
Based on our selective testing, collateral pledged by one depository appeared not to •
be in conformity with the requirements of Oregon Law during the year. Each •
depository is required by ORS Chapter 295 to maintain securities having a value of not •
less than 25% of the face amount of the collateral certificate issued by the pool •
manager, for funds deposited, in the depository in excess of the amounts insured by •
the Federal Deposit Insurance Corporation. Deposits in the State Local Government
Investment Pool are not required to be collateralized. •
INVESTMENTS
•
The City's investments for the year ending June 30, 2003 were reviewed and
appeared to have been in compliance with the legal requirements pertaining to the •
investment of public funds contained in ORS 294.035. •
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AUDITORS' COMMENTS AND DISCLOSURES (CONTINUED)
PUBLIC CONTRACTS AND PURCHASING
The City's procedures for awarding public contracts were reviewed and appeared to
have been in compliance with ORS Chapter 279.
INSURANCE AND FIDELITY BONDS
Details concerning insurance and fidelity bond coverage were reviewed during the
audit. The coverage provided appears to have met legal requirements. We do not
have the professional expertise to state whether the insurance coverage is adequate.
STATUTORY BONDED DEBT LIMITATION
The City's bonded debt outstanding was well within the limitation established by
Oregon Law.
OUTSTANDING WARRANTS
The City did not have any outstanding endorsed warrants at June 30, 2003.
PROGRAMS FUNDED FROM OUTSIDE SOURCES
We reviewed and tested, to the extent we considered necessary in the circumstances,
transactions and reports relative to federal and state grant programs. . The City
appeared to have appropriate procedures for making expenditures on behalf of, and
reporting for, such programs.
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