CAFR Report - 1994-1995
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CITY OF TIGARD
OREGON
~ CITY OF TIGARD, ORECi01`I
1
~ Comprehensive Annual
Financial Report
~ For The Fiscal Year Ended
~ June 30, 1995
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CITY OF TIGARD, OREGON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
for the fiscal year ended June 30, 1995
prepared by the City of Tigard - Department of Finance
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City of Tigard, Oregon
Table of Contents
Page
INTRODUCTORY SECTION:
Letter of Transmittal i-viii
Mayor and City Council Members ix
Organizational Chart x
Certificate of Achievement for Excellence in Financial Reporting Xi
FINANCIAL SECTION:
Report of Independent Accountants I
GENERAL PURPOSE FINANCIAL STATEMENTS
("Liftable" Financial Statements):
Combined Balance Sheet - All Fund Types and Account Groups 3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types 4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental
Fund Types 5
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balances - All Proprietary Fund Types
and Similar Trust Funds 6
Combined Statement of Cash Flows - All Proprietary Fund Types -
Enterprise Funds 7
Notes to General Purpose Financial Statements 8-27
SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial Schedules):
General Fund:
Schedule of Revenues and Expenditures - Budget and Actual 28
Special Revenue Funds:
Combining Balance Sheet 29
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances 30
Schedules of Revenues and Expenditures - Budget and Actual:
Forfeitures From Criminal Activity Fund 31
State Tax Street Fund 32
Parks SDC Fund 33
County Gas Tax Fund 34
Traffic Impact Fund 35
Electrical Inspection Fund 36
Water Quality & Quantity Fund 37
Underground Utility Fund 38
City of Tigard, Oregon
Table of Contents
Page
FINANCIAL SECTION, Continued:
SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and Other Financial Schedules), Continued:
Debt Service Funds:
Combining Balance Sheet 39
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 40
Schedule of Revenues and Expenditures - Budget and Actual:
General Obligation Bond Debt Service Fund 41
r. Certificate of Participation Debt Service Fund 42
Bancroft Bond Debt Service Fund 43
Capital Projects Funds:
Combining Balance Sheet 44
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 45
Schedule of Revenues and Expenditures - Budget and Actual:
Local Improvement Capital Projects Fund 46
Park Levy Capital Improvement Fund 47
Bull Mountain Road Improvement Fund 48
Enterprise Funds:
Combining Balance Sheet 49
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings 50
Combining Statement of Cash Flows 51
Schedule of Revenues and Expenditures - Budget and Actual:
Sewer Fund 52
Storm Drainage Fund 53
Water General Fund 54
Water Systems Development Fund 55
Water Capital Projects Fund 56
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City of Tigard, Oregon
Table of Contents
Page
FINANCIAL SECTION, Continued:
SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and Other Financial Schedules), Continued:
Fiduciary Funds:
Combining Balance Sheet 57
Pension Trust Funds:
Combining Balance Sheet 58
Combining Statement of Revenues, Expenses and Changes
in Fund Balance 59
Statement of Changes in Assets and Liabilities - Agency Fund -
Deferred Compensation Fund 60
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 61
Schedule of Changes in General Fixed Assets - By Sources 61
Schedule of General Fixed Assets - By Function and Activity 62
Schedule of Changes in General Fixed Assets - By Function and Activity 63
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 64
Schedule of Bond and Bond Interest Transactions 65
Schedule of Future Debt Service Requirements of 1
Bancroft Improvement Bonds 66
Schedule of Future Debt Service Requirements of
General Obligation Bonds 67
STATISTICAL SECTION:
General Governmental Expenditures by Function - Budgetary Basis -
for the last ten fiscal years 68
General Governmental Revenues by Sources - Budgetary Basis -
for the last ten fiscal years 69
Property Tax Levies and Collections - for the last ten fiscal years 70
Assessed and Estimated Actual Value of Taxable Property - '
for the last ten fiscal years 71
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 72
Special Assessment Collections - for the last ten fiscal years 73
City of Tigard, Oregon
Table of Contents
Page
STATISTICAL SECTION, Continued:
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 74
Computation of Legal Debt Margin - June 30, 1995 75
Computation of Overlapping General Obligation Debt -
June 30, 1995 76
Ratio of Annual Debt Service Expenditures for Long-Term
Debt to Total General Governmental Expenditures -
for the last ten fiscal years 77
Property Value, Construction and Bank Deposits -
for the last ten fiscal years 78
Principal Taxpayers - June 30, 1995 79
Demographic Statistics - for the last ten fiscal years 80
Miscellaneous Statistical Data - June 30, 1995 81
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
STATE REGULATIONS:
Introductory Comments 82
Internal Control Structure 83
Other Comments and Disclosures 83
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INTR~~ SEC floN
CITY OF TIGARD
OREGON
October 7, 1995
Honorable Mayor and Members of the City Council
City of Tigard, Oregon
Submitted herewith is the Comprehensive Annual Financial Report of the City of Tigard (the City)
for the fiscal year ended June 30, 1995. This report was prepared by the City's Finance department.
Responsibility for both the accuracy of the presented data and the completeness and fairness of
presentation, including all disclosures, rests with the City. We believe the data, as presented, is
accurate in all material respects and is presented in a manner designed to fairly set forth the financial
position and results of operations of the various funds and account groups of the City. All
disclosures necessary to enable the reader to gain the maximum understanding of the City's financial
activities have been included.
The Comprehensive Annual Financial Report is presented in four sections: introductory, financial,
statistical and audit comments and disclosures. The introductory section includes this transmittal
letter, the City's organizational chart and a list of principal officials. The financial section includes
the general purpose financial statements and the combining and individual fund and account group
financial statements and schedules. The statistical section includes selected financial and
demographic information, generally presented on a multi-year basis. The audit comments and
disclosures section contains audit comments and disclosures required by State regulations.
This report includes all funds and account groups of the City under the direction of the City Council.
The City provides a full range of services including police protection; sewer, storm drainage, streets
and parks repair and maintenance; community planning and building inspection; and infrastructure
improvements. Tigard/Tualatin School District, Tualatin Valley Water District, and the Tualatin
Valley Fire and Rescue District have not met the established criteria for inclusion in this reporting
entity and, accordingly, are excluded from this report.
Economic Condition and Outlook
The City is located in eastern Washington County dust 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 34,000, is the eleventh largest city in the State.
13125 SW Hail Blvd., Tigard, OR 97223 (503) 639-4171 TDD (503) 684-2772
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Over the past several years, new construction activity has remained strong. The average addition to
assessed value from new construction from 1988 through 1992 was $58,590,000. New construction
value grew to over $69,000,000 in 1992/93, $126,700,000 in 1993/94 and continued strong with a
total addition in 1994/95 of $95,573,131.
The Residential share of new value has averaged over $25,000,000 during the past several years but
has exceeded $43,000,000 since 1992/93. Residential construction value added in 1994/95 reached
an all time high of $63,699,561. This included permits of 344 new homes with an average value per
home of $173,000. There were permits for 108 multi-family units issued in 1994/95 with a value of
$4,274,000.
Commercial activity continued strong with the third highest new construction value added in the
City's history of $31,874,000. 1995/96 promises to be another strong year for new construction
value and development in Tigard.
The City's proximity to the Portland Metropolitan area provides its citizens with many diverse
employment opportunities. Over 74,000 jobs are located within a ten minute drive from Tigard,
Oregon. The unemployment rate in the Portland Metropolitan area averaged just under 5.0% during
the year.
The City's assessed value for 1994/95 was $2,458,738,549 which represents a 13% increase over the
previous year. This continued growth in assessed value together with prudent fiscal management has
allowed the City to provide quality services at a very low tax rate. The total property tax rate
resulting from City levies in 1994/95 was $2.51 per thousand dollars of assessed value.
The economic outlook for the City remains good. The City has continued to experience growth in
most areas including the local economy, population, assessed value and development activity.
Major Initiatives
The City has been operating since 1980 using five year financial plans. Each plan sets forth the
activities and services that will be provided to citizens over the next five year period. Along with the
services to be provided, the plan calls for a certain level of property taxation to support those
services. Before each five year plan has been implemented, voters have had the opportunity to
decide whether to support the needed level of taxes. Tigard voters have supported the last four such
property tax increase requests since 1980.
The most recent request was placed on the November 1994 ballot and was passed by Tigard voters.
The measure called for a $1,700,000 increase in the tax base. The new levy authority will be levied
in 1996/97. The five year plan, which covers the operation of the City from 1996/97 through
2000/01 calls for the addition of eighteen police positions over the life of the plan. Several of the
new police positions were filled in 1995/96 in anticipation of the new plan in 1996/97.
City Management and Elected Officials use the five year plan to help evaluate annual financial
decisions and their future impacts. Each budget presented to the budget committee includes a
comparison to the plan to ensure that the intent of the plan is continued from year to year.
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The Pacific Corporate Center development continues to progress. This development is the result of a
Local Improvement District that was used to install streets and other infrastructure. Since the
completion of the improvements in 1990, over 300,000 square feet of prime office space has been
built. Recently added to the development is a Marriot Hotel with 110 guest rooms. Other additions
this year include a restaurant, a bank and over 100,000 square feet of new office and retail space.
' The Dartmouth Local Improvement District project was completed in the summer of 1994. The road
improvement provided a connection between Highway 99W and Interstate 5 in an area referred to as
' the Tigard Triangle. This opened up hundreds of acres of raw land for commercial development.
Cub Foods and Costco have opened for business with over 220,000 square feet of retail space. An
additional 23,000 square feet of retail space was added with the opening of an Office Max office
supply discount store.
Although building has not yet begun, preliminary approval has been given for a large office and
1 retail development on the south side of Dartmouth street across from Cub Foods. The development
is planned to include one building of 143,000 square feet for discount retail and five other buildings
and associated pads for other office and retail businesses. Total square footage is planned to exceed
' 340,000.
From a development perspective, both of these Local Improvement Districts have been very
successful in attracting high value commercial development. It is estimated that the total value at
build out from both areas will exceed $40,000,000. The costs of the improvements which have been
or will be assessed to the benefiting property owners is just under $6,500,000.
1994/95 was the last year of the five year Park Improvements Serial Levy of $350,000 per year. In
addition, the final payment was made on funds borrowed through Certificates of Participation using
the serial levy revenues as repayment resources. The park improvements have been substantially
completed although several small projects will continue into 1995/96.
The City finished 1994/95 in a strong financial position. Ending fund balances for most funds were
greater than estimated. Outstanding debt is decreasing as are property tax rates. Assessed value
continues to increase and development activity remains strong. All of these things taken together
make Tigard one of the most financially viable communities in the State.
Financial Information
Management of the City is responsible for establishing and maintaining an internal control system
designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure
that adequate accounting data is compiled to allow for the preparation of financial statements in
conformity with generally accepted accounting principles. The internal control system is designed to
provide reasonable, but not absolute, assurance that these objectives are met. The concept of
reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to
be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by
management.
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Management believes that the internal accounting controls adequately safeguard the assets and
provide reasonable assurance of proper recording of all financial transactions.
Budgeting Controls ,
In addition, the City maintains budgetary controls, the objective of which is to ensure compliance
with legal provisions in the annual appropriated budget adopted by the Tigard City Council.
Activities of all funds are included in the annual adopted budget. The level of budgetary control
(that is, the level at which expenditures cannot legally exceed the appropriated amount) is
established by program within each individual fund.
As demonstrated by the statements and schedules included in the financial section of this report, the
City continues to meet its responsibility for sound financial management.
General Governmental Functions
Revenues for general governmental functions (all governmental funds) on a generally accepted
accounting principles basis totaled $14,991,202 in fiscal year 1995. The 1.89% decrease from fiscal
year 1994 resulted primarily from decreases in licenses and permits, miscellaneous revenues and
offsetting increases in taxes and intergovernmental revenues. Revenues from various sources and
changes from last year are shown below:
Increase/
% of (Decrease)
Functions Amount Total from FN 1994 % '
Taxes $ 6,107,116 40.74 % $ 212,875 3.61 %
Franchise fees 1,446,159 9.65 (1,509) (0.01)
Special assessments 146,548 0.98 (39,488) (21.20)
Licenses and permits 2,344,386 15.64 (210,366) (8.23)
Intergovernmental revenues 3,350,614 22.35 245,258 7.90
Charges for services 418,965 2.79 25,616 6.51
Fines and forfeitures 325,970 2.17 17,988 5.84
Miscellaneous revenues 851,444 5.68 (539,199) (38.77)
Total $ 14,991,202 100.00 % $ (288,825) 1.89 %
Property tax revenue increased 3.61% over last year. The tax base levy was 3.2% higher than the
previous year's levy due to the statutorily allowed tax base increase. License and permit revenue has
decreased due to decreased building activity. Miscellaneous revenues decreased from last year due
to the completion of the Bull Mountain Road capital improvement project. 1
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The following schedule presents a summary of Program Expenditures across all governmental funds
including debt service for the fiscal year ended June 30, 1995, and the changes from last year:
' Increase/
% of (Decrease)
Functions Amount Total from F/Y 1994 %
Community services $ 5,656,128 39.63 % $ 567,416 11.15 %
Community development 2,745,236 19.24 103,542 3.92
Policy and administration 1,332,630 9.34 14,658 1.11
City-wide support functions 276,195 1.94 (14,012) (4.83)
Capital projects 1,872,591 13.12 (1,442,132) 43.51
Debt service 2,388,061 16.73 (3,259,671) (57.72)
$ 14,270,841 100.00 % $ (4,030,199) (22.02)%
' Total expenditures decreased 22.02% from the previous year. The decrease is primarily attributable
to reduced debt service and capital project expenditures. The Dartmouth LID project was
substantially completed in the prior year. In addition, prior years' debt service expenditures included
the repayment of the 1992 Dartmouth construction financing and the City's payment of an arbitrage
rebate on the 1989 Road Bond issue. The increase in the community services program expenditures
was the result of the addition of staff and equipment to police and library programs in 1994/95.
Fund Balances
Total unreserved fund balances of the City were $8,298,775 at June 30, 1995, consisting of
1 $3,462,747 in the General Fund, $3,474,430 in the Special Revenue Funds, $422,107 in the Debt
Service Funds, and $939,491 in the Capital Projects Funds.
The total reserved and unreserved fund balance in the General Fund at June 30, 1995 is $3,604,699
which is $357,001 greater than last year.
Enterprise Operations
The City's enterprise activities include sanitary sewer, storm sewer and water operations. Although
the Unified Sewerage Agency (USA) owns and operates sewage treatment plants and sets the sewer
rates, the City bills sewer accounts and maintains all sewer lines within the City. The City also
maintains the storm sewer system throughout the City and charges a monthly surface water fee at a
rate set by the Regional Surface Water Management Agency, a regional entity affiliated with USA.
Sewer operating revenues derived from service charges amounted to $1,234,674. Operating
expenses totaled $1,209,899 resulting in net income of $158,144 after nonoperating interest revenues
totaling $133,369.
Storm drainage operating revenues amounted to $703,195. Storm drainage operating expenses
totalled $903,935 resulting in a net loss of $138,463 after nonoperating interest revenues.
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Water operating revenues derived from user charges amounted to $4,019,069. Operating expenses
totaled $3,564,779 resulting in net income of $740,410 after nonoperating interest revenues.
Pension Trust Funds
The City Provides a retirement plan for each employee group. Non-Police personnel, including both
management and non-management, are covered by ICMA money purchase plans. Effective July 1,
1989, police personnel were included in the State of Oregon Public Employes Retirement System.
In addition, all employees have the option to contribute to an ICMA deferred compensation program.
The money purchase plans are accounted for in a pension trust fund. The deferred compensation ,
plan is accounted for in an agency fund.
Cash Management
Temporarily idle cash during the year was invested in accordance with the City's investment policy
in certificates of deposit, banker's acceptances, commercial paper, U.S. Treasury Notes, and the State
of Oregon Local Government Investment Pool. Pension trust funds and deferred compensation
funds are invested by the agents with which investment funds have been deposited.
Results of investment activity for the fiscal year are shown below in comparison with the previous
year:
Investment Income 1995 1994
General Fund $ 186,552 $ 104,194 ,
Special Revenue Funds 155,571 79,652
Capital Projects Funds 49,280 61,621
Debt Service Funds 53,247 69,765 '
Enterprise Funds 481,766 171,401
Pension Trust Fund 331,506 223,039
$ 1,257,922 $ 709,672
The objective of the City's investment policy is to provide for the preservation of City assets and
ensure that such assets are available to meet obligations and to provide for a reasonable rate of return
on those assets.
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Risk Management
The City has initiated a risk management program to include regular risk categories such as property
and liability as well as worker's compensation. Such risks are currently being insured by third party
insurance companies, however, participation in insurance pools and/or self insurance is being '
discussed.
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Debt Management
At June 30, 1995, the City has the following debt issues outstanding:
General obligation bonds $ 6,655,000
Bancroft improvement bonds 1,730,000
Bond anticipation notes 3,080,000
$ 11,465, 000
The State of Oregon mandates a general obligation debt limit of 3 percent of true cash value of
' taxable property within the City boundaries. The limit totaled $73,762,156 at June 30, 1995. The
City's net debt subject to this limit was $6,655,000. Bancroft Bonds are not subject to the limitation.
Therefore, $67,107,156 is available for future indebtedness.
The City has an Al bond rating from Moody's Investment Services on its general obligation bonds.
Independent Audit
Oregon State Law requires every municipal corporation to submit an annual financial report to the
Secretary of State; to have its combined financial statements examined by an independent certified
public accountant in accordance with generally accepted auditing standards and Minimum Standards
for Audits of Oregon Municipal Corporations; and to have an independent auditor express an
opinion upon the financial position, results of operations and cash flows for the period under audit.
The City is in full compliance with the aforementioned requirements, and the auditor's opinion has
been included in this report.
Awards
For the last twelve 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. In order to be awarded a Certificate of Achievement for Excellence, a
governmental unit must publish an easily readable and efficiently organized comprehensive annual
financial report, which conforms to program standards. Such reports must satisfy both generally
accepted accounting principles and applicable legal requirements. In our opinion, this report
conforms to these standards.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting to the GFOA to determine its eligibility for another certificate.
1 VII
In addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its
last six adopted budgets. In order to quality for the Distinguished Budget Presentation Award, the
government's budget document was judged to be proficient in several categories including policy
document, financial plan, operations guide and communications device.
Acknowledgements
The preparation of the comprehensive annual financial report was made possible by the dedicated ,
service of the entire staff of the Finance Department. Each member of the Department has our
sincere appreciation for the contributions made in the preparation of this report. ,
In closing, without the leadership and support of the City Council of the City of Tigard, preparation
of this report would not have been possible.
Sincerely,
William A. Monahan Wayne Lowry
Interim City Administrator Finance Director
VI11
1 City of Tigard, Oregon
MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1995
Name Term Expires
Mayor James Nicoli December 31, 1998
10594 S.W. Windsor Ct.
' Tigard, Oregon 97223
Councilor Paul Hunt December 31, 1996
1 10320 S.W. Century Oak Drive
Tigard, Oregon 97224
Councilor Bob Rohlf December 31, 1998
12430 S.W. North Dakota
Tigard, Oregon 97223
Councilor Wendi Conover Hawley December 31, 1996
14790 S.W. 79th Avenue
Tigard, Oregon 97223
Councilor Ken Scheckla December 31, 1998
10890 S.W. Fairhaven Way
1 Tigard, Oregon 97223
William A. Monahan, Interim City Administrator
Wayne Lowry, Director of Finance
Sandra K. Cincotta, Financial Operations Manager
LEGAL COUNSEL
O'Donnell, Ramis, Crew, Corrigan, & Bachrach
1 1727 N.W. Hoyt
Portland, Oregon 97209
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City of Tigard, Oregon '
Organization Chart
Mayor
& City Council ,
Crry ,
Administrator
Maintenance Community City '
-I I Police Library Services Development Engineering Administration Finance
Administration Administration Administration Administration Egineering City Analyst
Recorder
Operations Readers Sanitary Building Sit Community
Services Sewer Inspection Lights/Signals Involvement Accounting
Investigations Technical Storm Current Human Office ,
Services Sewer Planning Resources Services
Support Advance Risk
Svcs Circulation Water Planning Managment Records
Traffic Street Municipal ,
Maintenance Court
Shops t
8 Services
Property
Management
x '
Certificate of
1 Achievement
for Excellence
In Financial
i
Reporting
Presented to
City of Tigard,
1 Oregon
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1994.
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.
~~E OfpjC 1
A, N(1E0 M
u?i AND N
WPM= President
s
' aaASO fJC~
Executive Director
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VIN XN cl XL
SECTION
' Coo ers Coopers & Lybrand L.L.P.
& Ly rand
a professional services firm
Report of Independent Accountants
Honorable Mayor and Council Members
City of Tigard
' Tigard, Oregon
We have audited the general purpose financial statements of the City of Tigard, Oregon as of and for
the year ended June 30, 1995, as listed in the table of contents. These general purpose financial
statements are the responsibility of the City's management. Our responsibility is to express an
opinion on these general purpose financial statements based on our audit.
' We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the general
' purpose financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall general purpose financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
' In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Tigard, Oregon as of June 30, 1995, and the
results of its operations and cash flows of its Enterprise Funds for the year then ended in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial
statements referred to above. The combining and individual fund and account group statements and
other financial schedules listed as supplementary data in the table of contents are presented for
purposes of additional analysis and are not a required part of the general purpose financial statements
1
' Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a limited liability association incorporated in Switzerland.
of the City of Tigard, Oregon. Such information has been subjected to the auditing procedures
applied in the audit of the general purpose financial statements and, in our opinion, is fairly
presented in all material respects in relation to the general purpose financial statements taken as a '
whole.
The other data included in this report, designated as the statistical section in the table of contents, has '
not been audited by us and, accordingly, we express no opinion on such data.
COOPERS & LYBRAND L.L.P. '
Y
B L 2aner
Brent
A. Macey, '
Portland, Oregon
October 5, 1995
2 '
General Purpose Financial Statements
City of Tigard
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1995 '
Governmental '
Special
ASSETS AND OTHER DEBITS General Revenue
Assets: '
Cash and investments $ 4,157,481 $ 3,464,703
Restricted cash and investments
Accounts receivable 11 '
Property taxes receivable 195,795
Assessment liens receivable 221,705
Due from other funds 13,824
Accrued interest on delinquent assessments
Prepaid insurance 122,768 ,
Inventories 19,184
Fixed assets, net
Amount available for bonded debt service
Amount to be provided for retirement of general
long-term debt
Total Assets and Other Debits $ 4,509,063 $ 3,686,408
LIABILITIES, FUND EQUITY ,
AND OTHER CREDITS
Liabilities:
Accounts payable and accrued liabilities $ 641,080 $ 10,277 '
Customer deposits 119,561
Deferred revenues:
Property taxes 143,723
Assessment liens receivable 187,877
Accrued interest on delinquent assessments '
Due to other funds 13,824
Certificates of Participation
Accrued vacation payable
Deferred compensation payable
Bond anticipation notes payable '
General obligation bonds payable
Special assessment bonded debt with
government commitment
Total Liabilities 904,364 211,978 '
Fund Equity and Other Credits:
Contributed capital
Investment in general fixed assets '
Retained earnings
Fund balances:
Reserved for prepaid insurance 122,768
Reserved for inventory 19,184 '
Reserved for employee retirement benefits
Unreserved and designated for debt service
Unreserved and undesignated 3,462,747 3,474,430
Total Fund Equity and Other Credits 3,604,699 3,474,430 '
Total Liabilities, Fund Equity and Other Credits $ 4,509,063 $ 3,686,408
The accompanying notes are in integral part of the general purpose financial statements. '
3
Fiduciary Account Groups
Fund Types Proprietary Fund Type General Total
Debt Capital Fund Type Trust General Long-Term (Memorandum
Service Projects Enterprise and Agency Fixed Assets Debt Only)
$ 400,298 $ 941,884 $ 6,198,943 $ 5,550,406 $ 20,713,715
4,433,995 4,433,995
79 1,386,575 1,386,665
80,104 9,752 285,651
1,862,079 4,961 2,088,745
13,824
69,347 69,347
' 122,768
127,816 147,000
29,830,050 $ 9,474,172 39,304,222
$ 422,107 422,107
11,380,870 11,380,870
$ 2,411,828 $ 951,715 $ 41,982,340 $ 5,550,406 $ 9,474,172 $ 11,802,977 $ 80,368,909
$ 5,372 $ 1,128,135 $ 1,784,864
' 51,006 170,567
$ 60,031 6,852 210,606
1,860,343 4,889 2,053,109
' 69,347 69,347
13,824
91,165 $ 337,977 429,142
$ 1,703,091 1,703,091
' 3,080,000 3,080,000
6,655,000 6,655,000
1,730,000 1,730, 000
1,989, 721 12,224 1,275,195 1,703,091 11,802,977 17,899,550
36,637,312 36,637,312
' $ 9,474,172 9,474,172
4,069,833 4,069,833
122,768
19,184
3,847,315 3,847,315
422,107 422,107
939,491 7,876,668
422,107 939,491 40,707,145 3,847,315 9,474,172 62,469,359
$ 2,411,828 $ 951,715 $ 41,982,340 $ 5,550,406 $ 9,474,172 $ 11,802,977 $ 80,368,909
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City of Tigard, Oregon
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types
for the fiscal year ended June 30, 1995
Total
Special Debt Capital (Memorandum
General Revenue Service Projects Only)
' Revenues:
Taxes $ 4,225,130 $ 1,814,875 $ 67,111 $ 6,107,116
Franchise fees 1,446,159 1,446,159
Special assessments 146,548 146,548
Licenses and permits 1,158,984 $ 1,185,402 2,344,386
Intergovernmental revenues 1,699,890 1,643,796 6,928 3,350,614
Charges for services 103,423 315,542 418,965
Fines and forfeitures 325,970 325,970
Miscellaneous revenues 351,387 213,067 237,264 49,726 851,444
Total revenues 9,310,943 3,357,807 2,198,687 123,765 14,991,202
Expenditures:
Current:
Community services 5,656,128 5,656,128
Community development 1,832,998 912,238 2,745,236
Policy and administration 1,174,462 158,168 1,332,630
City-wide support functions 237,105 39,090 276,195
1 Capital projects 53,249 953,175 866,167 1,872,591
Debt service 2,388,061 2,388,061
Total expenditures 8,953,942 2,062,671 2,388,061 866,167 14,270,841
' Revenues over (under) expenditures 357,001 1,295,136 (189,374) (742,402) 720,361
Fund balances - beginning of year 3,247,698 2,179,294 611,481 1,681,893 7,720,366
' Fund balances -end of year $ 3,604,699 $ 3,474,430 $ 422,107 $ 939,491 $ 8,440,727
The accompanying notes are an integral part of the general purpose financial statements.
4
City of Tigard, Oregon
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental Fund Types
for the fiscal year ended June 30, 1995 '
General Fund Special Revenue Funds
Variance Variance
Favorable Favorable
Revised (Unfavor- Revised (Unfavor-
Budget Actual able) Budget Actual able) '
Revenues:
Taxes $ 4,161,900 $ 4,225,130 $ 63,230
Franchise fees 1,506,000 1,446,159 (59,841)
Special assessments
Licenses and permits 1,281,200 1,158,984 (122,216) $ 1,021,000 $ 1,185,402 $ 164,402
Intergovernmental revenues 1,753,850 1,699,890 (53,960) 11663,000 1,643,796 (19,204)
Charges for services 110,000 103,423 (6,577) 402,800 315,542 (87,258)
Fines and forfeitures 327,700 325,970 (1,730)
Miscellaneous revenues 148,870 351,387 202,517 172,630 213,067 40,437 '
Total revenues 9,289,520 9,310,943 21,423 3,259,430 3,357,807 98,377
Expenditures:
Current:
Community services 5,916,264 5,656,128 260,136 20,100 20,100
Community development 1,967,871 1,832,998 134,873 954,039 912,238 41,801
Policy and administration 1,256,994 1,174,462 82,532 196,099 158,168 37,931
City-wide support functions 239,895 237,105 2,790 39,549 39,090 459 ,
Contingency 263,775 263,775 371,600 371,600
Capital projects 70,336 53,249 17,087 3,347,599 953,175 2,394,424
Debt service
Total expenditures 9,715,135. 8,953,942 761,193 4,928,986 2,062,671 2,866,315 '
Revenues over (under)
expenditures (425,615) 357,001 782,616 (1,669,556) 1,295,136 2,964,692
Fund balances - budgetary basis, ,
beginning of year 3,000,000 3,247,698 247,698 1,692,700 2,179,294 486,594
Fund balances - budgetary basis,
end of year $ 2,574,385 $ 3,604,699 $ 1,030,314 $ 23,144 $ 3,474,430 $ 3,451,286
The accompanying notes are an integral part of the general purpose financial statements.
I
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Debt Service Funds Capital Projects Funds Total (Memorandum Only)
Variance Variance Variance
Favorable Favorable Favorable
(Unfavor- (Unfavor- Revised (Unfavor-
Budget Actual able) Budget Actual able) Budget Actual able)
$ 1,880,516 $ 1,814,875 $ (65,641) $ 60,000 $ 67,111 $ 7,111 $ 6,102,416 $ 6,107,116 $ 4,700
1,506,000 1,446,159 (59,841)
' 31298,200 146,548 (3,151,652) 3,298,200 146,548 (3,151,652)
2,302,200 2,344,386 42,186
6,928 6,928 3,416,850 3,350,614 (66,236)
512,800 418,965 (93,835)
327,700 325,970 (1,730)
224,500 237,264 12,764 44,500 49,726 5,226 590,500 851,444 260,944
5,403,216 2,198,687 (3,204,529) 104,500 123,765 19,265 18,056,666 14,991,202 (3,065,464)
5,936,364 5,656,128 280,236
2,921,910 2,745,236 176,674
1,453,093 1,332,630 120,463
279,444 276,195 3,249
635,375 635,375
1,704,500 866,167 838,333 5,122,435 1,872,591 3,249,844
5,684,688 2,388,061 3,296,627 5,684,688 2,388,061 3,296,627
' 5,684,688 2,388,061 3,296,627 1,704,500 866,167 838,333 22,033,309 14,270,841 7,762,468
(281,472) (189,374) 92,098 (1,600,000) (742,402) 857,598 (3,976,643) 720,361 4,697,004
' 539,900 611,481 71,581 1,600,000 1,681,693 81,893 6,832,600 7,720,366 887,766
$ 258,428 $ 422,107 $ 163,679 $ $ 939,491 $ 939,491 $ 2,855,957 $ 8,440,727 $ 5,584,770
1
City of Tigard, Oregon '
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings/Fund Balances ,
All Proprietary Fund Types and Similar Trust Funds
for the fiscal year ended June 30, 1995 '
Total '
Pension (Memorandum
Enterprise Trust Only)
Operating revenues: ,
Service charges $ 5,933,403 $ 5,933,403
Contributions $ 550,369 550,369
Interest 331,506 331,506 '
Miscellaneous 23,535 23,535
Total operating revenues 5,956,938 881,875 6,838,813
Operating expenses: '
Salaries and wages 2,696,411 2,696,411
Contracted services 45,848 45,848 '
General and administrative and other 1,436,736 1,436,736
Depreciation 1,499,618 1,499,618
Benefit payments and withdrawals 171,610 171,610
Total operating expenses 5,678,613 171,610 5,850,223 '
Operating income 278,325 710,265 988,590 '
Nonoperating revenues - interest 481,766 481,766
Net income 760,091 710,265 1,470,356 '
Add depreciation on fixed assets donated or
acquired from capital contributions that
reduces contributed capital 446,335 446,335
Increase in retained earnings 1,206,426 710,265 1,916,691
Retained earnings - beginning of year 2,863,407 3,137,050 6,000,457
Retained earnings - end of year $ 4.069.833 $ 3.847.315 $ 7.917.148
The accompanying notes are an integral part of the general purpose financial statements.
6
City of Tigard, Oregon
Combined Statement of Cash Flows
All Proprietary Fund Types - Enterprise Funds
for the fiscal year ended June 30, 1995
Cash flows from operating activities:
Operating income $ 278,325
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation 1,499,618
Increase in accounts receivable (331,763)
Decrease in assessments receivable 588
Increase in inventory (23,786)
Decrease in customer deposits (26,225)
i Decrease in accounts payable and accrued liabilities (130,058)
Increase in accrued vacation payable 20,339
Decrease in deferred revenue (487)
Net cash provided by operating activities 1,286,551
Cash flows from capital and related financing activities:
Capital contributions 997,115
Acquisition of fixed assets (527,801)
Net cash provided by capital and related financing activities 469,314
Cash flows from investing activities:
Interest earnings 481,766
Net increase in cash and cash equivalents 2,237,631
Cash and cash equivalents - beginning of year 8,395,307
Cash and cash equivalents - end of year $ 10,632,938
Supplemental schedule of noncash investing, capital and related financing activities:
Contributed sewer, storm and water lines $ 1,219,473
Cash and cash equivalents are displayed on the balance sheet as follows:
Cash and investments $ 6,198,943
Restricted cash and investments 4,433,995
$ 10,632,938
The accompanying notes are an integral part of the general purpose financial statements.
7
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.y
Notes to General Purpose Financial Statements
City of Tigard, Oregon
Notes to General Purpose Financial Statements
1. Summary of Significant Accounting Policies:
The City of Tigard, under its Charter of 1962, is governed by an elected mayor and four council
members who comprise the City Council. The City has no component units.
Measurement Focus
The financial statements of the Governmental Fund Types are accounted for using a current
financial resources measurement focus. With this measurement focus, only current assets and
current liabilities generally are included on the combined balance sheet. Operating statements
of governmental funds present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets. Agency funds do not present
operating results.
The Proprietary Fund Type (Enterprise Funds) and Pension Trust Fund are accounted for using
a flow of economic resources measurement focus. With this measurement focus, all assets and
all liabilities associated with the operation of these funds are included on the combined balance
sheet.
Bases of Accounting
The Governmental Fund Types and Agency Fund are maintained on the modified accrual basis
of accounting. Under the modified accrual basis of accounting, revenues are recorded in the
accounting period in which they become measurable and available and expenditures are
recorded in the time liabilities are incurred.
Revenues which were measurable and available at June 30, 1995 under the modified accrual
basis of accounting were as follows:
• State, county, and local shared revenues for cigarette tax, liquor tax and other.
• Property tax revenues and assessment liens principal installments which are collected within
sixty days following year end.
The accrual basis of accounting is utilized by the Proprietary Fund Type and Pension Trust
Fund. Under this method, revenues are recorded when earned and expenses are recorded at the
~r
time liabilities are incurred. The proprietary funds have applied all Financial Accounting
Standards Board (FASB) Statements and Interpretations, Accounting Principles Board
Opinions and Accounting Research Bulletins of the Committee and Accounting Procedure
issued on or before November 30, 1989, unless those pronouncements conflict with or
contradict Governmental Accounting Standards Board (GASB) pronouncements.
The bases of accounting described above are in accordance with generally accepted accounting
principles.
8
' City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
Receivables
Receivables for state, county and local shared revenues are recorded as revenue in the
Governmental Funds as earned.
' Receivables of the Enterprise Funds are recorded as revenue as earned.
Substantially all accounts receivable for sewer and water service are either current or less than
30 days delinquent and are considered collectible. Therefore, an allowance for uncollectible
accounts has not been provided. All accounts receivable balances are due from customers
within the City's boundaries.
Property taxes receivable for the Governmental Fund Types which have been collected within
sixty days subsequent to year end are considered measurable and available and are recognized
as revenues. All other property taxes are offset by deferred property tax revenues and,
accordingly, have not been recorded as revenue. Property taxes become a lien and are levied on
July 1. Collection dates are November 15, February 15, and May 15 following the lien date.
Discounts are allowed if the amount due is received by November 15. Taxes unpaid and
outstanding on May 16 are considered delinquent. All property taxes received are due from
property owners within the City.
Assessments in the governmental funds are recognized as receivables at the time property
owners are assessed for property improvements. Assessments receivable expected to be
collected within sixty days after year end are considered measurable and available and are
recognized as revenue. All other assessments receivable are recorded as deferred revenue and,
accordingly, have not been recorded as revenue.
Accrued interest on delinquent assessments which has been collected within sixty days
subsequent to year end is considered measurable and available is recognized as revenues. The
remaining accrued interest on delinquent accounts is offset by a deferred revenue account and,
accordingly, has not been recorded as revenue.
Inventories
Inventories of parts, materials and supplies are stated at the lower of cost or market on the
first-in, first-out basis and are charged to expenditures as used.
Restricted Cash and Investments
Cash and investments which may only be used for construction of fixed assets in accordance
y y with applicable laws and regulations have been segregated from unrestricted cash and
investments on the combined balance sheet.
9
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued 1
1. Summary of Significant Accounting Policies, Continued:
Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated historical cost when historical
cost is not available. Donated assets are recorded at fair market value on the date of donation.
Estimated fair market value of donated assets is determined based on the engineering estimates
of current cost or price indexed cost. Depreciation is computed on assets in service, using the
straight-line method over their estimated useful lives:
Buildings 40 years
Sewer System 40 years
Storm Drainage System 40 years
Water System 50 years
Equipment 5 to 10 years
Autos and Trucks 3 years
Depreciation expense on fixed assets donated or acquired from capital contributions is
recognized as a reduction of contributed capital. Such reduction is recorded by a transfer from
retained earnings.
Normal maintenance and repairs are charged to operations as incurred. Major additions,
improvements and replacements are capitalized. Gains or losses from sales or retirements of.
fixed assets are included in operations.
General Fixed Assets
General fixed assets are stated at historical cost or estimated cost when historical cost is not
available. Fixed assets are charged to expenditures in the Governmental Fund Types as
purchased and capitalized in the General Fixed Assets Account Group. Maintenance and
repairs of fixed assets are charged to expenditures in the Governmental Fund Types as incurred
and are not capitalized. As fixed assets are disposed of, the historical cost or estimated
historical cost is removed from this account group; proceeds from sales of general fixed assets
are recorded as General Fund revenue. Depreciation is not computed on general fixed assets.
Expenditures for public domain fixed assets (streets, sidewalks, curbs and gutters, lighting
systems and similar assets) that are immovable and of value only to the City as a governmental
unit are reported as expenditures as incurred and are not capitalized.
10
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
Long-Term Debt
All unmatured long-term debt is recorded in the General Long-Term Debt Account Group.
Periodic principal and interest repayments on bonded debt are made from special assessments
and property tax levies and are recorded in the Debt Service Funds. The Certificates of
Participation are to be repaid from property taxes and payments are made from a Debt Service
Fund. Bond anticipation notes are expected to be paid from general obligation bond proceeds
when due. The accrued vacation liability will be paid from the various governmental funds.
The City has no long-term debt in its Enterprise Funds.
Accrued Vacation Payable
Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by
employees. In Governmental Fund Types the amounts, if any, expected to be liquidated with
expendable available resources are accrued as liabilities of the funds and the amount payable
from future resources is recorded in the General Long-Term Debt Account Group. Sick pay,
which does not vest, is recorded in all funds when leave is taken.
Contributed Capital
Contributed capital in the Enterprise Funds represents the accumulation of contributions in the
form of cash or other assets which generally do not have to be returned to the contributor. Such
contributions are recorded directly to contributed capital and, accordingly, are not recognized
as revenue. The following transactions are recorded in contributed capital in the Enterprise
Funds:
j~ Receipts of federal and state grants for acquisition of fixed assets.
• Fixed assets contributed from other funds or the General Fixed Assets Account Group.
• Contributions from others for the acquisition or construction of fixed assets.
• Transfers from retained earnings for depreciation on fixed assets donated or acquired by
contributed capital resources.
• Meter installation and waterline hookup fees from customers, and pipe installations by
developers.
Budget
A budget is prepared for each governmental fund except for the Fiduciary Fund Types, in
accordance with the modified accrual basis of accounting for governmental funds, and on
the accrual basis of accounting for the Enterprise Funds, and in accordance with the legal
11
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
Budget, Continued
requirements set forth in Oregon Local Budget Law. The resolution authorizing appropriations
sets the maximum level of expenditures for each fund. Expenditure appropriations may not be
legally overexpended. Appropriations lapse at the end of each fiscal year. Appropriations are
made at the major program level for each fund. The detail budget document, however, is
required to contain more special detailed information for the above-mentioned expenditure
categories. Budget amounts include original approved amounts and all subsequent
appropriations transfers approved by the City Council. After budget approval, the City Council
may approve supplemental budgeted appropriations if an occurrence, condition, or need exists
which had not been ascertained at the time the budget was adopted. A supplemental budget
requires hearings before the public, publications in newspapers and approval by the City
Council. Original and supplemental budgets may be modified by the use of appropriations
transfers between the levels of control. Such transfers require approval by the City Council.
Management may not amend the budget without Council approval. During the fiscal year
ended June 30, 1995 there was one supplemental budget and several appropriation transfers
were made.
The budgets for each of the governmental funds include capital outlay expenditures in each
program for capital outlays applicable to that program. Capital outlay expenditures benefitting
the City and not an identifiable program are reported separately. Debt service is also budgeted
separately.
2. Fund Types and Account Groups:
The City's financial operations are accounted for in the following funds and account groups:
Governmental Fund Types
General Fund: This fund accounts for the City's general operations. It is used to account
for all transactions not specifically related to the City's other funds.
Special Revenue Funds:
Forfeitures From Criminal Activity Fund - This fund accounts for funds and
property seized from criminals in connection with crimes committed.
State Tax Street Fund - This fund accounts for revenues received from state
gasoline taxes which are to be expended as specified in the Constitution of the State
of Oregon, Article IX, Section 3.
Parks SDC Fund - This fund accounts for system development charges for major
improvements to recreational facilities within the City.
12
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
2. Fund Types and Account Groups, Continued:
Governmental Fund Types, Continued
Special Revenue Funds, Continued:
County Gas Tax Fund - This fund accounts for road tax monies received from
Washington County for the maintenance and operation of roads.
Traffic Impact Fund - This fund accounts for traffic impact fees charged for new
development. This voter approved county-wide fee takes the place of the City's Street
SDC Fund. Funds will be used for highway and transit capital improvements
approved by the County that provide additional capacity to the major transportation
system.
Electrical Inspection Fund - This fund accounts for fees charged for permits and
inspection of electrical improvements.
j Water Quality and Quantity Fund - This fund accounts for fees charged on certain
developments in lieu of on-site surface water improvements. Funds can be used for
surface water drainage improvements.
Underground Utility -
This fund accounts for monies received from
developers for future underground utility improvements.
Debt Service Funds:
General Obligation Bond Debt Service Fund - This fund accounts for payment of
general obligation bond principal and interest. The principal source of revenue is
from property taxes.
Certificate of Participation Debt Service Fund - This fund accounts for payment of
certificate of participation principal and interest. The principal source of revenue is
property taxes.
Bancroft Bond Debt Service Fund - This fund accounts for payment of Bancroft
improvement bond principal and interest. The principal source of revenue is the
collection of assessments against benefitted property, interest and contributions from
other funds for their share of costs.
Capital Projects Funds:
Local Improvement Capital Projects Fund - This fund accounts for construction of
Local Improvement District projects from the sale of bond anticipation notes and
certain other debt.
13
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
2. Fund Types and Account Groups, Continued:
Governmental Fund Types, Continued
Capital Projects Fund, Continued:
Park Levy Capital Improvement Fund - This fund accounts for proceeds from the
sale of certificates of participation and improvements to Tigard's park system.
Bull Mountain Road Improvement Fund - This fund accounts for monies received
from Washington County to be used to make improvements to Bull Mountain Road.
Proprietary Fund Types
Enterprise Funds:
Sewer Fund - This fund accounts for the City's sewer utility operations.
Storm Drainage Fund - This fund accounts for the City's storm drainage operations.
Water Fund - This fund accounts for the City's water operations.
Water General Fund (budgetary basis financial statements only)
Water Systems Development Fund (budgetary basis financial statements only)
Water Capital Projects Fund (budgetary basis financial statements only)
Fiduciary Fund Types: ,
Deferred Compensation Fund - This agency fund accounts for monies withheld
from employees under deferred compensation plans and earnings on investment of
those funds.
Pension Trust Funds - These funds account for the City's General and Water Fund
employee defined contribution plans.
Account Groups
General Fixed Assets - This account group accounts for the City's investment in fixed assets,
with the exception of those assets recorded in the Enterprise Funds.
General Long-Term Debt - This account group accounts for general long-term indebtedness
of the City.
14
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
3. Cash and Investments:
The City maintains a cash and investment pool that is available for use by all funds, except the
Deferred Compensation Fund and Pension Trust Fund. Each fund type's portion of this pool is
displayed on the combined balance sheet as "cash and investments". The investments of the
Deferred Compensation Fund and Pension Trust Fund are held separately from those of other
City funds.
Cash and investments are comprised of the following at June 30, 1
g 995:
Cash on hand $ 10,034
Cash held by Department of Finance, Washington County 65,979
Deposits with financial institutions 598,645
Investments 24,473,052
$ 25,147,710
Cash and investments are displayed on the balance sheet as follows:
Cash and investments $ 20,713,715
Restricted cash and investments 4,433,995
$ 25,147,710
Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts.
The total bank balance is $704,057 (book balance is $598,645). Of these deposits, $100,000
was covered by federal depository insurance, $375,000 was fully collateralized with securities
held by financial institutions acting as custodians for the City in the City's name, and the
remainder of $229,057 was uninsured and uncollateralized. 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 participation issued by
the pool manager. The uncollateralized amount of $229,057 represents funds in excess of the
portion required to be collateralized under Oregon law.
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.
15
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
3. Cash and Investments, Continued:
Investments, Continued
The City's investments are categorized below to give an indication of the level of risk assumed
by the City at June 30, 1995. Category 1 includes investments that are insured or for which the
securities are held by the City in the City's name. Category 2 includes uninsured investments
for which the securities are held in the City's name by the trust department of the financial
institution selling the security to the City. Category 3 includes uninsured investments for
which the securities are held by the financial institution selling the security to the City or by its
trust department, but not in the City's name. The City does not use brokers or dealers for its
investments.
Category Carrying Market
1 2 3 Amount Value
U.S. Government Securities $ 3,401,212 $ 3,401,212 $ 3,401,212
Held by custodians under
deferred compensation
and pension plans -
mutual fund
investments 5,550,406 5,550,406
State Treasurer's Invest-
ment Pool 15,521,434 15,521,434
Total investments $ 24,473,052 $ 24,473,052
Market value of investments approximates carrying amount due to the short-term nature of
maturities of the investments.
4. Assessment Liens Receivable:
Assessment liens receivable represent the uncollected amounts levied against benefitted
property for the cost of local improvements. Because the assessments are liens against the
benefitted property, an allowance for uncollectible amounts is not deemed necessary.
Substantially all assessments are payable over a period of 10 to 20 years. Assessments bear
interest to 7 to 13 percent. At June 30, 1995, the portion of the assessments receivable balance
that represents delinquent accounts is $69,347.
16
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
5. Fixed Assets:
Fixed assets and accumulated depreciation by major classes in the Enterprise Funds at June 30,
1995 are as follows:
1 Balances Balances
June 30, June 30,
1994 Additions Retirements 1995
Land $ 1,182,655 $ 1,182,655
Building 1,464, 774 1,464,774
Sewer system 7,420,370 $ 90,957 7,511,327
Storm drainage system 6,771,293 93,970 6,865,263
Water system 24,259,788 1,516,306 25,776,094
Equipment 1,615,943 46,041 $ (3,008) 1,658,976
Autos and trucks 623,090 (4,206) 618,884
43,337,913 $ 1,747,274 $ (7,214) 45,077,973
Less accumulated
depreciation (13,755,519) $ (1,499,618) $ 7,214 (15,247,923)
$ 29,582,394 $ 29,830,050
Changes in fixed assets in the General Fixed Asset Account Group for the year ended June 30,
1995 are as follows:
Balances Balances
June 30, June 30,
1994 Additions Retirements 1995
Land $ 2,256,596 $ 6,470 $ (3,450) $ 2,259,616
Buildings 4,232,570 81,904 (25,582) 4,288,892
Equipment 712,142 89,510 (37,786) 763,866
Autos and trucks 1,003,499 177,608 (216,616) 964,491
Office equipment 1,011,576 213,370 (27,639) 1,197,307
$ 9,216,383 $ 568,862 $ (311,073) 1 9,474,172
r
17
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
6. Long-Term Debt:
Bonds Payable
Bonds payable transactions for the year ended June 30, 1995 and future maturities of bond
principal and interest at June 30, 1995 are as follows:
Outstanding Outstanding
June 30, Paid June 30,
1994 During Year 1995 Interest
General Obligations Bonds:
General obligation bond issues;
interest rates 3.40% to
5.50%:
Fiscal year:
1995 $ 145,000 $ 145,000
1996 1,200,000 1,045,000 $ 155,000 $ 12,331
1997 1,150,000 1,150,000 234,907
1998 1,385,000 1,385,000 186,165
1999 1,490,000 1,490,000 132,925
2000-2004 2,475,000 2,475,000 158,963
$ 7,845,000 $ 1,190,000 $ 6,655,000 $ 725,291
Outstanding Paid Called Outstanding
June 30, During During June 30,
1994 Year Year 1995 Interest
Bancroft Improvement Bonds:
General obligation improvement bond
issues; interest rates from 4.1%
to 16.0%; payable first from
assessments to benefited
properties and second, from the
general credit of the City:
Fiscal year:
1995 $ 25,000 $ (5,000) $ 20,000
1996 208,000 (208,000)
1997 135,000 135,000 $ 92,890
1998 145,000 145,000 84,427
1999 135,000 135,000 75,898
2000-2006 1,385,000 $ (90,000) 1,295,000 281,422
$ 2,033,000 $ (213,000) $ (90,000) $ 1,730,000 $ 534,637
18
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
6. Long-Term Debt, Continued:
Bonds Payable, Continued
In fiscal year 1993, the City issued $6,935,000 in General Obligation Bonds to advance refund
$6,280,000 of outstanding 1987 and 1989 Series bonds. The net proceeds were deposited in an
irrevocable trust with an escrow agent to provide for future debt service payments on the 1987
and 1989 Series bonds. As a result, the 1987 and 1989 Series bonds are considered defeased
and the liability for those bonds has been removed from, and not included in, the General
Long-Term Debt Account Group. At June 30, 1995, the outstanding balance on the 1987 and
1989 Series bonds is $6,280,000.
During fiscal year 1994, the City issued $3,080,000 in bond anticipation notes dated January 1,
1994 with an interest rate of 3.25% payable January 1, 1996. The notes are secured by and
payable from assessments and the proceeds of permanent financing to be sold upon completion
of assessment projects.
Other Long-Term Debt
Other long-term debt recorded in the General Long-Term Debt Account Group and the changes
thereto during the year ended June 30, 1995 are as follows:
Balance Balance
June 30, June 30,
1994 Additions Deletions 1995
Certificates of participation,
interest rates of 6.625%;
annual payments to be
made solely from a special
five year parks serial levy $ 325,000 $ - $ 325,000 $ -
Accrued vacation payable $ 316,380 $ 337,977 $ 316,380 $ 337,977
Bond anticipation notes due
fiscal year 1996; interest
rate 3.25% $ 3,080,000 $ - $ - $ 3,080,000
The City intends to issue Bancroft Improvement Bonds during fiscal year 1996 to retire the
bond anticipation notes.
19
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
6. Long-Term Debt Continued:
Other Long-Term Debt, Continued
Future maturities of other long-term debt recorded in the Long-Term Debt Account Group and i
related interest at June 30, 1995 are:
Accrued
Vacation Bond Anticipation Notes
Fiscal Year Payable Principal Interest
1996 $ 337,977 $ 3,080,000 $ 50,050
7. Contributed Capital:
The changes in contributed capital were as follows:
Balance - beginning of year $ 34,867,059
Transfer of depreciation on certain contributed fixed
assets from retained earnings (446,335)
Contributions from customers 2,216,588
Balance - end of year $ 36,637,312
8. Retirement Plans:
The City contributes to retirement plans on behalf of all eligible employees. At June 30, 1995,
the following employee groups were covered by the following retirement plans:
Group Retirement Plan
Management/Professional Staff International City Managers
(Nonunion) Association Retirement Corporation
(ICMARC) Money Purchase Plan
Oregon Public Employees Union Employees (ICMARC) Money Purchase Plan
Tigard Water Fund Employees Ameritus
Tigard Police Officers State of Oregon Public Employes
Retirement System (PERS)
20
1
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
.r
8. Retirement Plans, Continued:
ICMARC Plans
The City contributes to defined contribution, single employer retirement plans at a specified
percent of gross salary depending on the employment group, for all employees who are not
covered under the police pension plan. Employees do not make contributions to these plans.
The City is required to make contributions to these plans under authority of City Council
resolution and the plan documents. In response to a ballot measure approved by the voters,
City employees participating in the plan will be required to pay their share of the contribution
beginning after December 31, 1995. Employees become eligible to participate in the plan after
six months of service and vest immediately. Employees may withdraw funds upon retirement
or termination of employment.
Contributions to the plan 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.
Required and actual expenditures by the City for the plan were $550,369 for the year ended
June 30, 1995. Current year covered payroll amounted to $4,547,988. Required and actual
expenditures as a percentage of covered payroll was 11.6 percent.
Ameritus Plan
Beginning January 1, 1994 the City assumed the operations of the Southeast Washington
County Joint Agency (the Agency). In addition, the City assumed responsibility of the
Agency's defined contribution retirement plan (Ameritus Plan). The Ameritus Plan participants
were transferred to the ICMARC Plan on January 1, 1994 and no further contributions to the
Ameritus Plan will be made. Ameritus Plan assets accumulated through January 1, 1994 will
remain in the plan. Employees may withdraw funds upon retirement or termination of
employment.
The fiduciary holds the funds in trust and makes distributions as provided by the plan. Since
the plan is administered by the City, the assets, equity and operations of the plan are accounted
for. in the Water Fund Employees Pension Plan Fund, a pension trust fund.
' Police Plan
Substantially all full-time Police employees are participants in the State of Oregon Public
' Employes Retirement System (PERS), an agent multiple-employer public employee retirement
system. The City's payroll for employees covered by PERS for the year ended June 30, 1995
was $2,016,404; the City's total payroll was $6,564,392.
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21
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
r
8. Retirement Plans, Continued:
Police Plan, Continued
PERS benefits vest after five years of continuous service. Retirement is allowed at age 55, but
retirement is generally available after age 50 with reduced benefits. Retirement benefits are
based on salary and length of service, are calculated using a formula and are payable in a lump
sum or monthly using several payment options. PERS also provides death and disability '
benefits. These benefit provisions and other requirements are established by state statutes.
The rate of employer contributions to PERS is determined periodically by PERS based on
actuarial valuations. It is the City's policy to recognize pension expenditures or expenses as
currently funded. The City's required employer contribution rate is 9.80% of covered
employees' salaries. The required employee contribution of 6% of covered compensation is
currently paid by the City in conformance with its personnel policy. In response to a ballot
measure approved by the voters requiring employees to pay their share of the PERS
contribution, Police employees will begin paying the 6% of covered compensation after their
current labor contract expires on June 30, 1996.
The amount shown below as the "pension benefit obligation" is a standardized disclosure
measure of the present value of pension benefits, adjusted for the effects of projected salary
increases estimated to be payable in the future as a result of employee service to date. The
measure is intended to help users assess the funding status of PERS on a going-concern basis,
assess progress made in accumulating sufficient assets to pay benefits when due, and make
comparisons among employers. The measure is the actuarial present value of credited
projected benefits, and is independent of the funding method used to determine contributions to
PERS.
The pension benefit obligation was computed as part of the most recent actuarial update
performed as of December 31, 1994. Significant actuarial assumptions used in the update are
the same as the assumptions used in the December 31, 1993 actuarial valuation and include (a)
a rate of return on the investment of present and future assets of 8%, (b) projected salary
increases of 5.5% per year attributable to general wage adjustments with additional salary
increases due to promotions and longevity that vary by age and service, (c) projected automatic
post-retirement benefit increases of 2% per year (the maximum allowable), and (d)
demographic assumptions that have been chosen to reflect the best estimate of emerging
experience of the members in PERS. No obligation for retirees is attributed to the City as
PERS pools the risk related to retired employees among all employers. PERS assumes the ,
obligation for benefits from the individual entity when benefits become payable. Accordingly,
the "pension benefit obligation" covers only current employees.
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22 ,
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
8. Retirement Plans, Continued:
Police Plan, Continued
The net assets in excess of the pension benefit obligation applicable for all City participants,
based on an actuarial valuation on December 31, 1993 and actuarial updates on December 31,
1994 and 1992 are as follows:
December 31, December 31, December 31,
1994 1993 1992
Net assets available for benefits (at
market value) $ 5,446,361 $ 6,011,265 (1)
Pension benefit obligation - current
employees:
Member account balance 1,958,396 1,796,951
Vested accrued benefits 3,205,603 3,112,717
Nonvested accrued benefits 175,969 169,530
Total 5,339,968 5,079,198 (1)
Assets in excess of pension
benefit obligation $ 106,393 $ 932,067 (1)
December 31, December 31, December 31,
' 1994 1993 1992
Net assets available for benefits as a
percentage of the pension benefit
obligation 102% 118% (1)
Assets in excess of pension benefit
obligation as a percentage of
covered payroll 48% 48% (1)
(1) As a result of the December 31, 1993 PERS actuarial valuation it was determined that net
assets available for benefits and the pension benefit obligation amount previously presented
for December 31, 1992 were not accurate. It is not currently practical to obtain updated
information concerning these balances.
23
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
i8. Retirement Plans, Continued:
Police Plans, Continued
Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation,
and assets in excess of pension benefit obligation in isolation can be misleading. Expressing
the net assets available for benefits as a percentage of the pension benefit obligation provides
one indication of the District's funding status on a going-concern basis. Analysis of this
percentage over time indicates whether the program is becoming financially stronger or weaker.
Generally, the greater this percentage, the stronger the program. Trends in unfunded pension
benefit obligation and annual covered payroll are both affected by inflation. Expressing the
assets in excess of pension benefit obligation as a percentage of annual covered payroll
approximately adjusts for the effects of inflation and aids analysis of the program's progress ,
made in accumulating sufficient assets to pay benefits when due. Generally, the greater this
percentage, the stronger the program.
Actuarial valuations are made by PERS for all employers every two years. Police employees
became subject to the PERS plan in 1989. No valuation for the City was made as of
December 31, 1989 because as of that date PERS did not have the City's information available; '
1991 was the first year a valuation was performed. Accordingly, certain trend information is
available only as of December 31, 1993, 1992 and 1991.
City contributions to PERS for the last four fiscal years, since police employees became
members of the plan, which were made in accordance with actuarially determined requirements,
follow:
1995 1994 1993 1992 '
Employer's portion $ 197,608 $ 188,953 $ 301,686 $ 281,267
Employee "pick-up" 120,984 115,652 108,095 93,994
Total employer cost $ 318,592 $ 304,605 $ 409,781 $ 375,261
Employer and employee
contribution as a
percentage of covered
payroll 16% 16% 23% 23%
The amounts intended to cover normal costs and to amortize any unfunded actuarial accrued
liability are not available from the actuary. All contributions were made in accordance with
actuarially determined requirements.
24
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1 8. Retirement Plans, Continued:
Police Plans, Continued
PERS policy provides for actuarially determined periodic contributions that are sufficient to
pay benefits when due. The contribution rate for normal cost is determined using the "entry age
actuarial cost method". A thirty year amortization is used to amortize the costs of the unfunded
actuarial liabilities. Any benefit increases are funded over 30 years.
The significant actuarial assumptions used to compute the actuarially determined contribution
requirement are the same as those used to compute the pension benefit obligation described
above.
Certain historical trend information showing the system's progress in accumulating assets to
pay benefits when due may be found in the June 30, 1995 Oregon Public Employes Retirement
System annual financial report.
Deferred Compensation Plans
The City offers certain employees deferred compensation plans created in accordance with
Internal Revenue Code Section 457. The plans, available to City employees, permits them 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 is
not available to employees until termination, retirement, death or unforeseeable emergency.
All amounts of compensation deferred under the plans, all property and rights purchased with
those amounts, and all income attributable to those amounts, property, or rights are (until paid
or made available to the employee or other beneficiary) solely the property and rights of the
City (without being restricted to the provisions of benefits under the plans), subject only to the
claims to the City's general creditors. Participants' rights under the plans, are equal to those of
general creditors of the City in an amount equal to the fair market value of the deferred account
for each participant. The City believes that it is unlikely that it will use the assets to satisfy the
claims of general creditors in the future. The City has no liability for losses under the plans but
does have the duty of due care that would be required of an ordinary prudent investor.
9. Transactions with Unified Sewerage Agency of Washington County:
The City collects charges for treatment of City sewage on behalf of the Unified Sewerage
Agency of Washington County (USA) and remits all collections to USA except for 30 percent
of sewer service charges collected, 20 percent of connection charges collected and a certain
amount for revenue bond debt service, in accordance with an agreement between the City and
USA dated June 25, 1991. Payments of $4,239,773 were made to USA during 1995 under this
agreement.
25
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
r
9. Transactions with Unified Sewerage Agency of Washington County, Continued:
The City has a similar agreement with the Regional Surface Water Management Agency, which
is an affiliate of USA for storm water systems. Payments made to the Agency during 1995
under the agreement were $216,548.
The net amount retained by the City is reported as revenue in the Enterprise Funds in the
Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balance -
All Proprietary Fund Types - Enterprise Funds. Revenues are reported net because the City
acts in a fiduciary capacity on behalf of USA.
10. Segment Information for Enterprise Funds:
The City's Sewer Fund and Storm Drainage Fund account for the acquisition, operation, and
maintenance of sewer and storm drainage systems which are supported by user charges. The
City's Water Fund accounts for the operation and maintenance of the City's water system and is
supported through user charges. Segment information as of and for the year ended June 30,
1995 is as follows:
Storm
Sewer Drainage Water
Fund Fund Fund Total
Operating revenue $ 1,243,674 $ 703,195 $ 4,019,069 $ 5,965,938
Depreciation 409,002 316,228 774,388 1,499,618
Operating income (loss) 24,775 (200,740) 454,290 278,325
Net income (loss) 158,144 (138,463) 740,410 760,091
Current capital contributions 37,740 2,178,848 2,216,588
Fixed asset additions 95,813 98,825 1,552,636 1,747,274
Net working capital 776,509 332,277 5,329,353 6,438,139
Total assets 8,374,795 5,157,144 28,450,401 41,982,340
Total equity 7,510,278 5,068,461 28,128,406 40,707,145
11. Passage of Constitutional Property Tax Limitation:
In November 1990, the Oregon voters approved a State constitutional limit on property taxes '
for schools and nonschool government operations. Under the provision 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 1,000 of property real market value imposed by local govemments
other than the public school system beginning with the 1993-94 fiscal year.
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26
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
11. Passage of Constitutional Property Tax Limitation, Continued:
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 least ten years;
3. taxes to repay bonded debt authorized by the state constitution;
4. taxes to repay existing bonded debt for capital construction, and
5. taxes to repay new bonded debt for capital construction if approved by voters.
At the present time, the financial effect of the limitation on the City's future years' operations is
not expected to be significant.
12. Contingencies:
The City is a defendant in a lawsuit that is currently pending in the Circuit Court for
Washington County, Oregon. The plaintiffs are seeking damages for an alleged taking of their
property as a result of the City's decision to impose certain requirements upon the plaintiffs for
easements as a condition of allowing the plaintiffs to erect improvements on property owned by
the plaintiffs within the City. The plaintiffs are claiming damages of inverse condemnation and
violation of the Federal Civil Rights Act and are seeking damages of approximately
$2,500,000.
' The case is currently being defended by Northland Insurance Company pursuant to an
insurance policy issued to the City. As such, all attorney fees and costs are the responsibility of
Northland Insurance Company. However, Northland Insurance Company has issued a
reservations of rights letter to the City on the inverse condemnation claim of the plaintiffs and
as a result, a portion of any judgment entered against the City may not be covered by the
insurance policy.
The case is scheduled to go to trial on March 5, 1996. The insurance company's legal counsel
believes that the charges against the insurance company can be successfully defended. If the
insurance company is not successful in defending the charges, the effect on the City, of the
insurance company's reservations of rights letter cannot be presently be determined.
27
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General Fund
This fund accounts for the financial operations of the City which are not accounted for in any other
fund. Principal resources are property taxes, franchise fees, intergovernmental revenues, and
licenses and permits. Primary expenditures in the General Fund are made for police protection,
community development and administration.
City of Tigard, Oregon ,
General Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
1
Variance
Revised Favorable
Budget Actual (Unfavorable) '
Revenues:
Taxes $ 4,161,900 $ 4,225,130 $ 63,230
Franchise fees 1,506,000 1,446,159 (59,841)
Licenses and permits 1,281,200 1,158,984 (122,216)
Intergovernmental revenues 1,753,850 1,699,890 (53,960)
Charges for services 110,000 103,423 (6,577)
Fines and forfeitures 327,700 325,970 (1,730)
Miscellaneous revenues 148,870 351,387 202,517
Total revenues 9,289,520 9,310,943 21,423
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 3,000,000 3,247,698 247,698
$ 12,289,520 $ 12,558,641 $ 269,121
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community services $ 5,916,264 $ 5,656,128 $ 260,136
Community development 1,967,871 1,832,998 134,873
Policy and administration 1,256,994 1,174,462 82,532
City-wide support functions 239,895 237,105 2,790
Contingency 263,775 263,775
Capital projects 70,336 53,249 17,087
Total expenditures 9,715,135 $ 8,953,942 $ 761,193
UNAPPROPRIATED ENDING FUND BALANCE 2,574,385
$ 12,289,520 '
28 ,
December 6, 1995 CITY Of hGARD
OREGON
George Burgess
13475 SW Village Glen
Tigard, Oregon 97223
Dear George:
The 1996/97 Budget season is almost upon us. We will begin working with Departments on their budget
requests in mid December. Their requests are due to Finance in early February.
I mailed applications for funding to the various agencies and groups involved in last years process.
Those applications are due back on January 31, 1996. We expect to hold a budget committee meeting
in early March to discuss the funding of Social Services and Arts/Events.
The Tentative Budget Committee schedule anticipates meetings beginning the week of April 15 and
continuing through the first week of May. The final budget hearing before the City Council is currently
scheduled for June 11, 1996.
1 am enclosing a calendar for April and May 1996. Please be thinking about times and dates when you
can not meet during these months. We will be asking for more up to date information on times and dates
in late January as we begin to fine tune the budget calendar.
I have also enclosed the audited financial statements for 1994/95 for your review. If you have any
questions, please give me a call. We will discuss this report further at our first meeting in March.
You will also find some information from the Broadway Rose about this past season.
If you have any questions about the budget process or any thing else, please call me at 639-4171 ext.
345.
Sincerely
Wayne Lowry
Finance yf') Director
13125 SW Hall Blvd., Tigard, OR 97223 (503) 639-4171 TDD (503) 684-2772
Special Revenue Funds
The Special Revenue Funds account for revenue derived from specific taxes or other earmarked
revenue sources which are legally restricted to finance particular functions or activities. Funds
included in this fund category are:
• Forfeitures From Criminal Activity Fund
• State Tax Street Fund
• Parks SDC Fund
• County Gas Tax Fund
• Traffic Impact Fund
• Electrical Inspection Fund
• Water Quality & Quantity Fund
• Underground Utility Fund
City of Tigard, Oregon
Special Revenue Funds
Combining Balance Sheet
June 30, 1995
Forfeitures
From State County Water
Criminal Tax Parks Gas Traffic Electrical Quality & Underground
Activity Street SDC Tax Impact Inspection Quantity Utility
Fund Fund Fund Fund Fund Fund Fund Fund Total
ASSETS
Cash and investments $ 16,390 $ 749,993 $ 465,436 $ 31,308 $1,923,717 $ 184,418 $ 93,441 $ 3,464,703
Accounts receivable - $ 30,000 30,000
Assessment liens receivable 191,705 191,705
Total assets $ 16,390 $ 749,993 $ 465,436 $ 31,308 $2,115,422. $ 30,000 $ 184,418 $ 93,441 $ 3,686,408
N
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 6,315 $ 3,741 $ 221 $ 10,277
Deferred revenues 187,877 187,877
Due to other funds 13,824 13,824
Total liabilities 6,315 191,618 14,045 211,978
Fund balances, unreserved $ 16,390 $ 749,993 459,121 $ 31,308 1,923,804 15,955 $ 184,418 $ 93,441 3,474,430
Total liabilities and fund balances $ 16,390 $ 749,993 4 $ 31,308 $2,115,422 $ 30,000 $ 184,418 $ 93,441 $ 3,686,408
City of Tigard, Oregon
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
for the fiscal year ended June 30, 1995
Forfeitures
From State County Water
Criminal Tax Parks Gas Traffic Electrical Quality & Underground
Activity Street SDC Tax Impact Inspection Quantity Utility
Fund Fund Fund Fund Fund Fund Fund Fund Total
Revenues:
Licenses and permits $1,169,978 $ 15,424 $ 1,185,402
Intergovernmental revenues $1,495,864 $ 147,932 1,643,796
Charges for services 10,540 $ 190,330 30,000 $ 84,672 315,542
Miscellaneous revenues $ 740 78,624 23,454 1,206 89,013 6,086 $ 13,944 213,067
Total revenues 740 1,585,028 213,784 149,138 1,258,991 45,424 90,758 13,944 3,357,807
W
CD Expenditures:
Community development 724,689 96,328 61,752 29,469 912,238
Policy and administration 121,440 36,728 158,168
City-wide support functions 31,116 7,974 39,090
Capital projects 225,565 253,085 474,525 953,175
Total expenditures 1,102,810 253,085 141,030 536,277 29,469 2,062,671
Revenues over (under) expenditures 740 482,218 (39,301) 8,108 722,714 15,955 90,758 13,944 1,295,136
FUND BALANCES, beginning of year 15,650 267,775 498,422 23,200 1,201,090 93,660 79,497 2,179,294
FUND BALANCES, end of year $ 16,390 $ 749,993 $ 459,121 $ 31,308 $1,923,804 $ 15,955 $ 184,418 $ 93,441 $ 3,474,430
City of Tigard, Oregon '
Forfeitures From Criminal Activity Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Miscellaneous $ 20,100 $ 740 $ (19,360)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 11,000 15,650 4,650
$ 31,100 $ 16,390 $ (14,710)
Budgeted Variance
Appropriations Actual Favorable '
Expenditures:
Community services $ 20,100 $ - $ 20,100
UNAPPROPRIATED ENDING FUND BALANCE 11,000
$ 31,100 ,
31
City of Tigard, Oregon
State Tax Street Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Revised Favorable
Budget Actual (Unfavorable)
Revenues:
State gas tax $ 1,513,000 $ 1,495,864 $ (17,136)
Lighting subdivisions 16,000 10,540 (5,460)
Interest 15,000 31,874 16,874
Miscellaneous 58,930 46,750 (12,180)
Total revenues 1,602,930 1,585,028 (17,902)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 200,000 267,775 67,775
$ 1,802,930 $ 1,852,803 $ 49,873
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community development $ 784,260 $ 724,689 $ 59,571
Policy and administration 128,013 121,440 6,573
City-wide support functions 31,482 31,116 366
Capital projects 801,373 225,565 575,808
Contingency 46,000 46,000
Total expenditures 1,791,128 $ 1,102,810 $ 688,318
UNAPPROPRIATED ENDING FUND BALANCE 11,802
$ 1,802,930
32
City of Tigard, Oregon
Parks SDC Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
System development charges $ 336,800 $ 190,330 $ (146,470)
Interest 15,000 23,454 8,454
Total revenues 351,800 213,784 (138,016) ,
BEGINNING OF BALANCE AVAILABLE
FOR APPROPRIATION 440,000 498,422 58,422
$ 791,800 $ 712,206 $ (79,594)
Budgeted Variance
Appropriations Actual Favorable
Expenditures: '
Capital projects $ 723,800 $ 253,085 $ 470,715
Contingency 68,000 68,000
Total expenditures $ 791,800 $ 253,085 $ 538,715
33
City of Tigard, Oregon
County Gas Tax Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
County gas taxes $ 150,000 $ 147,932 $ (2,068)
Interest 1,206 1,206
Total revenues 150,000 149,138 (862)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATIONS 18,000 23,200 5,200
$ 168,000 $ 172,338 $ 4,338
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
' Community development $ 107,319 $ 96,328 $ 10,991
Policy and administration 38,428 36,728 1,700
City-wide support functions 8,067 7,974 93
Capital projects 6,586 6,586
Contingency 7,600 7,600
Total expenditures $ 168,000 $ 141,030 $ 26,970
34
City of Tigard, Oregon
Traffic Impact Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Budget Actual Favorable
Revenues: ,
Traffic impact fees $ 1,021,000 $ 1,169,978 $ 148,978
Interest 50,000 89,013 39,013
Total revenues 1,071,000 1,258,991 187,991
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATIONS 920,000 1,201,090 281,090
$ 1,991,000 $ 2,460,081 $ 469,081
Budgeted Variance
Appropriations Actual Favorable
Expenditures: ,
Community development $ 62,460 $ 61,752 $ 708
Capital projects 1,678,540 474,525 1,204,015 ,
Contingency 250,000 250,000
Total expenditures $ 1,991,000 $ 536,277 $ 1,454,723
35
City of Tigard, Oregon
Electrical Inspection Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Budget Actual Favorable
Revenues:
Electrical permit fees $ 15,412 $ 15,412
Charges in lieu of assessments $ 30,000 30,000
Interest 12 12
Total revenues $ 30,000 $ 45,424 $ 15,424
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Building inspection $ 29,658 $ 29,469 $ 189
UNAPPROPRIATED ENDING FUND BALANCE 342
$ 30,000
36
City of Tigard, Oregon
Water Quality & Quantity Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
i
1
Variance
Budget Actual Favorable
Revenues: ,
Water quality & quantity fees $ 20,000 $ 84,672 $ 64,672
Interest 3,000 6,086 3,086
Total revenues 23,000 90,758 67,758
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATIONS 78,700 93,660 14,960 ,
$ 101,700 $ 184,418 $ 82,718
Budgeted Variance
Appropriations Actual Favorable
Expenditures: ,
Capital projects $ 101,700 $ - $ 101,700
37
City of Tigard, Oregon
Underground Utility Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Budget Actual Favorable
Revenues:
Interest $ 600 $ 3,926 $ 3,326
Other 10,000 10,018 18
Total revenues 10,600 13,944 3,344
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATIONS 25,000 79,497 54,497
$ 35,600 $ 93,441 $ 57,841
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital projects $ 35,600 $ - $ 35,600
38
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Debt Service Funds
The Debt Service Funds account for the payment of debt principal and interest. The City's debt
service funds consist of:
• General Obligation Bond Debt Service Fund
• Certificate of Participation Debt Service Fund
• Bancroft Bond Debt Service Fund
Principal sources of revenues are property taxes for the General Obligation Bond Debt Service Fund
and the Certificate of Participation Debt Service Fund, and special assessment collections and
interest earnings for the Bancroft Bond Debt Service Fund.
i
City of Tigard, Oregon '
Debt Service Funds
Combining Balance Sheet '
June 30, 1995
General Certificate of
Obligation Participation Bancroft
Bond Debt Debt Service Bond Debt
Service Fund Fund Service Fund Total ,
ASSETS
Cash and investments $ 241,306 $ 8,632 $ 150,360 $ 400,298
Property taxes receivable 73,354 6,750 80,104
Assessment liens receivable 1,862,079 1,862,079
Accrued interest on the delinquent ,
assessments 69,347 69,347
Total assets $ 314,660 $ 15,382 $ 2,081,786 $2,411,828
LIABILITIES AND FUND BALANCES '
Liabilities: ,
Deferred revenues:
Property taxes $ 54,692 $ 5,339 $ 60,031
Assessment liens receivable $ 1,860,343 1,860,343
Accrued interest on delinquent '
assessments 69,347 69,347
Total liabilities 54,692 5,339 1,929,690 1,989,721
FUND BALANCES - unreserved and
designated for debt service 259,968 10,043 152,096 422,107
Total liabilities and fund balances $ 314,660 $ 15,382 $ 2,081,786 $2,411,828
39 '
' City of Tigard, Oregon
Debt Service Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
for the fiscal year ended June 30, 1995
General Certificate of
Obligation Participation Bancroft
Bond Debt Debt Service Bond Debt
Service Fund Fund Service Fund Total
Revenues:
Taxes $ 1,533,905 $ 280,970 $ 1,814,875
Special assessments $ 146,548 146,548
Miscellaneous revenues 54,254 11,387 171,623 237,264
Total revenues 1,588,159 292,357 318,171 2,198,687
Expenditures:
Debt service 1,520,083 346,532 521,446 2,388,061
Revenues over (under)
expenditures 68,076 (54,175) (203,275) (189,374)
FUND BALANCES - beginning of year 191,892 64,218 355,371 611,481
FUND BALANCES - end of year $ 259,968 $ 10,043 $ 152,096 $ 422,107
40
City of Tigard, Oregon '
General Obligation Bond Debt Service Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the year ended June 30, 1995
Variance '
Favorable
Budget Actual (Unfavorable)
Revenues: '
Taxes $ 1,611,516 $ 1,533,905 $ (77,611)
Interest 35,000 32,817 (2,183)
Miscellaneous 21,437 21,437
Total revenues 1,646,516 1,588,159 (58,357)
BEGINNING FUND BALANCE AVAILABLE '
FOR APPROPRIATION 17,900 191,892 173,992
$ 1,664,416 $ 1,780,051 $ 115,635 '
Budgeted Variance '
Appropriations Actual Favorable
Expenditures: '
Debt service $ 1,664,416 $ 1,520,083 $ 144,333
_ 41 '
City of Tigard, Oregon
Certificate of Participation Debt Service Fund
' Schedule of Revenues and Expenditures - Budget and Actual
for the year ended June 30, 1995
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes $ 269,000 $ 280,970 $ 11,970
Interest 10,000 11,387 1,387
Miscellaneous 5,000 (5,000)
Total revenues 284,000 292,357 8,357
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 71,000 64,218 (6,782)
$ 355,000 $ 356,575 $ 1,575
Budgeted Variance
Appropriations Actual Favorable
Expenditures: _
Debt service $ 346,532 $ 346,532 $
UNAPPROPRIATED ENDING FUND BALANCE 8,468
$ 355,000
42
City of Tigard, Oregon
Bancroft Bond Debt Service Fund
Schedule of Revenues and Expenditures - Budget and Actual ,
for the year ended June 30, 1995
Variance
Budget Actual (Unfavorable)
Revenues: ,
Collection of bonded assessments $ 218,200 $ 146,548 $ (71,652)
Interest 174,500 171,623 (2,877)
Total revenues 392,700 318,171 (74,529) ,
Other financing source:
Proceeds from issuance of bond
anticipation notes 3,080,000 (3,080,000)
Total revenues and other source 3,472,700 318,171 A~ (3,154,529) '
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 451,000 355,371 (95,629) '
$ 3,923,700 $ 673,542 $ (3,250,158)
Budgeted Variance '
Appropriations Actual Favorable
Expenditures: '
Debt service $ 3,673,740 $ 521,446 $ 3,152,294
UNAPPROPRIATED ENDING FUND BALANCE 249,960 '
$ 3,923,700 ,
43 t
Capital Projects Funds
The Capital Projects Funds are used to account for the construction of major capital projects. Capital
Projects Funds include:
• Local Improvement Capital Projects Fund
• Park Levy Capital Improvement Fund
• Bull Mountain Road Improvement Fund
The Local Improvement Capital Projects Fund is funded by proceeds from the sale of bond
anticipation notes and other short-term debt.
The Park Levy Capital Improvement Fund is funded by proceeds from the sale of certificates of
participation. Such improvements are expected to be completed within a three year period.
The Bull Mountain Road Improvement Fund accounts for monies received from Washington County
to be used to make improvements to Bull Mountain Road.
i
City of Tigard, Oregon '
Capital Projects Funds
Combining Balance Sheet '
June 30, 1995
Local Bull ,
Improvement Park Levy Mountain
Capital Capital Road
Projects Improvement Improvement ,
Fund Fund Fund Total
ASSETS
Cash and investments $ 769,860 $ 66,893 $ 105,131 $ 941,884
Property taxes receivable 9,752 9,752
Accounts receivable 79 79
Total assets $ 769,939 $ 76,645 $ 105,131 $ 951,715 1
LIABILITIES AND FUND BALANCES '
Liabilities:
Accounts payable and accrued '
liabilities $ 2,448 $ 2,924 $ 5,372
Deferred revenues 6,852 6,852
Total liabilities 2,448 9,776 12,224 '
Fund balances - unreserved 767,491 66,869 $ 105,131 939,491
Total liabilities and fund '
balances $ 769,939 $ 76,645 $ 105,131 $ 951,715,
44 ,
' City of Tigard, Oregon
Capital Projects Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
for the fiscal year ended June 30, 1995
Local Bull
Improvement Park Levy Mountain
Capital Capital Road
Projects Improvement Improvement
Fund Fund Fund Total
Revenues:
Property taxes $ 67,111 $ 67,111
Intergovernmental revenues 6,928 6,928
Miscellaneous $ 446 446
Interest 46,242 3,038 49,280
Total revenues 46,688 77,077 123,765
Expenditures:
Capital projects 420,910 77,584 $ 367,673 866,167
Revenues under expenditures (374,222) (507) (367,673) (742,402)
FUND BALANCES - beginning of year 1,141,713 67,376 472,804 1,681,893
FUND BALANCES - end of year $ 767,491 $ 66,869 $ 105,131 $ 939,491
45
City of Tigard, Oregon ,
Local Improvement Capital Projects Fund
Schedule of Revenues and Expenditures - Budget and Actual '
for the fiscal year ended June 30, 1995
Variance '
Budget Actual Favorable
Revenues: ,
Miscellaneous $ 446 $ 446
Interest $ 30,000 46,242 16,242
Total revenues 30,000 46,688 16,688
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,100,000 1,141,713 41,713
$ 1,130,000 $ 1,188,401 $ 58,401
Budgeted Variance ,
Appropriations Actual Favorable
Expenditures: '
Capital projects $ 1,130,000 $ 420,910 $ 709,090
46
City of Tigard, Oregon
Park Levy Capital Improvement Fund
Schedule of Revenues and Expenses - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Budget Actual Favorable
Revenues:
Property taxes $ 60,000 $ 67,111 $ 7,111
Interest 2,500 3,038 538
Intergovernmental revenues 6,928 6,928
Total revenues 62,500 77,077 14,577
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 50,000 67,376 17,376
$ 112,500 $ 144,453 $ 31,953
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital projects $ 112,500 $ 77,584 $ 34,916
47
City of Tigard, Oregon '
Bull Mountain Road Improvement Fund
Schedule of Revenues and Expenses - Budget and Actual '
for the fiscal year ended June 30, 1995
Variance '
Favorable
Budget Actual (Unfavorable)
Revenues: '
Interest $ 12,000 $ (12,000)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 450,000 $ 472,804 22,804
Total revenues-t, $ 462,000 $ 472,804 $ 10,804
Budgeted Variance '
Appropriations Actual Favorable
Expenditures:
Capital projects $ 462,000 $ 367,673 $ 94,327
48 ,
1
Enterprise Funds
The sewer and storm drainage funds are used to account for the acquisition and maintenance of
sewer and storm drainage facilities which are supported by user charges. The water fund is used to
account for the operations and maintenance of the water system and is supported through user
charges. For financial reporting and operating purposes, management considers the activities of the
water fund as a unitary enterprise. However, for budgetary and legal purposes these activities are
accounted for in the funds listed below. Budget to actual schedules for these funds, prepared on the
modified accrual basis of accounting are included in this subsection.
Funds included in this fund category are:
• Sewer Fund
• Storm Drainage Fund
• Water Fund
• • Water General Fund
• • Water Systems Development Fund
• • Water Capital Projects Fund
City of Tigard, Oregon
Enterprise Funds '
Combining Balance Sheet
June 30, 1995
Storm ,
Sewer Drainage Water
Fund Fund Fund Total
ASSETS '
Current assets:
Cash and investments $ 1,006,633 $ 290,176 $ 4,902,134 $ 6,198,943
Accounts receivable 634,393 130,784 621,398 1,386,575
Inventory 127,816 127,816
Total current assets 1,641,026 420,960 5,651,348 7,713,334 '
Noncurrent assets:
Restricted cash and investments 1,786,236 993,089 1,654,670 4,433,995
Assessments receivable 4,961 4,961
Fixed assets, net 4,942,572 3,743,095 21,144,383 29,830,050
11 i3'+• 1'0
Total noncurrent assets 6,733,769 4,736,184 22,799,053 34,269,006 '
Total assets $ 8,374,795 $ 5,157,144 $ 28,450,401 $41,982,3 An
LIABILITIES AND FUND EQUITY '
Current liabilities:
Accounts payable and accrued ,
liabilities $ 822,448 $ 67,048 $ 238,639 $ 1,128,135
Customer deposits 12,823 38,183 51,006
Deferred revenues 4,889 4,889
Accrued vacation payable 24,357 21,635 45,173 91,165 '
Total current liabilities 864,517 88,683 321,995 1,275,195
Fund equity: '
Contributed capital 4,859,848 4,946,964 26,830,500 36,637,312
Retained earnings 2,650,430 121,497 1,297,906 4,069,833
Total fund equity 7,510,278 5,068,461 28,128,406 40,707,145
Total liabilities and fund equity $ 81374,795 $ 5,157,144 $ 28,450,401 $ 41,982,340 '
I
49 '
City of Tigard, Oregon
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
' for the fiscal year ended June 30, 1995
Storm
Sewer Drainage Water
Fund Fund Fund Total
Operating revenues:
Service charges $ 1,231,412 $ 702,814 $ 3,999,177 $ 5,933,403
Miscellaneous 3,262 381 19,892 23,535
Total operating revenues 1,234,674 703,195 4,019,069 5,956,938
Operating expenses:
Salaries and wages 518,527 384,428 1,793,456 2,696,411
Contracted services 7,302 1,204 37,342 45,848
General, administrative and other 275,068 202,075 959,593 1,436,736
Depreciation 409,002 316,228 774,388 1,499,618
Total operating expenses 1,209,899 903,935 3,564,779 5,678,613
Operating income (loss) 24,775 (200,740) 454,290 278,325
Nonoperating revenue:
Interest revenue 133,369 62,277 286,120 481,766
Net income (loss) 158,144 (138,463) 740,410 760,091
Add depreciation on fixed assets
donated or acquired from capital
contributions that reduces
contributed capital 126,778 128,474 191,083 446,335
Increase (decrease) in retained
earnings 284,922 (9,989) 931,493 1,206,426
Retained earnings - beginning of year 2,365,508 131,486 366,413 2,863,407
Retained earnings - end of year $ 2,650,430 $ 121,497 $ 1,297,906 $ 4,069,833
50
City of Tigard, Oregon
Enterprise Funds '
Combining Statement of Cash Flows
for the fiscal year ended June 30, 1995
Storm
Sewer Drainage Water
Fund Fund Fund Total
Cash flows from operating activities: ,
Operating income (loss) $ 24,775 $ (200,740) $ 454,290 $ 278,325
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation 409,002 316,228 774,388 1,499,618
Increase in accounts receivable (227,246) (62,527) (41,990) (331,763)
Decrease in assessments '
receivables 588 588
Decrease in accounts payable and
accrued liabilities (11,542) (8,445) (110,071) (130,058) '
Increase (decrease) in customer
deposits 2,975 (29,200) (26,225)
Increase in accrued vacation
payable 6,184 8,042 6,113 20,339 '
Increase in inventory (23,786) (23,786)
Decrease in deferred revenues (487) (487)
Net cash provided by operating
activities 204,249 52,558 1,029,744 1,286,551
Cash flows from capital and related '
financing activities:
Capital contributions 37,740 959,375 997,115
Acquisition of fixed assets (95,813) (98,825) (333,163) (527,801) '
Net cash provided by (used in)
capital and related financing
activities (95,813) (61,085) 626,212 469,314 ,
Cash flows from investing activities:
Interest earnings 133,369 62,277 286,120 481,766
Net increase in cash and cash
equivalents 241,805 53,750 1,942,076 2,237,631
Cash and cash equivalents - t
beginning of year 2,551,064 1,229,515 4,614,728 8,395,307
Cash and cash equivalents -
end of year $ 2,792,869 $ 1,283,265 $ 6,556,804 $ 10,632,938
Supplemental Schedule of Noncash
Capital and Related Financing
Activities:
Contributed sewer, storm and ,
water lines $ - $ - $ 1,219,473 $ 1,219,473
51 '
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1 City of Tigard, Oregon
i Sewer Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
1
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Service charges $ 1,340,000 $ 1,231,412 $ (108,588)
Interest 80,000 133,369 53,369
Miscellaneous 3,262 3,262
Total revenues 1,420,000 1,368,043 (51,957)
BEGINNING FUND BALANCE AVAILABLE
i FOR APPROPRIATION 2,000,000 2,114,406 114,406
$ 3,420,000 $ 3,482,449 $ 62,449
r
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community development $ 451,928 $ 407,764 $ 44,164
' Policy and administration 349,237 332,945 16,292
City-wide support function 51,119 50,525 594
Contingency 76,800 76,800
i Capital projects 1,500,000 99,290 1,400,710
Total expenditures 2,429,084 $ 890,524 $ 1,538,560
1 UNAPPROPRIATED ENDING
FUND BALANCE 990,916
$ 3,420,000
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City of Tigard, Oregon
Storm Drainage Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
i
1
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Service charges $ 851,000 $ 740,554 $ (110,446)
Interest 45,000 62,277 17,277
Miscellaneous 381 381
Total revenues 896,000 803,212 (92,788)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,100,000 1,211,915 111,915 '
$ 1,996,000 $ 2,015,127 $ 19,127
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community development $ 469,709 $ 410,320 $ 59,389
Policy and administration 157,572 149,026 8,546
City-wide support function 19,676 19,448 228
Contingency 87,200 87,200
Capital projects 1,000,000 99,695 900,305 '
Total expenditures 1,734,157 $ 678,489 $ 1,0551668
UNAPPROPRIATED ENDING
FUND BALANCE 261,843
$ 1,996,000
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City of Tigard, Oregon
Water General Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
1
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Service charges $ 3,677,450 $ 4,459,077 $ 781,627
Interest 65,000 186,011 121,011
Miscellaneous 62,570 19,892 (42,678)
Total revenues 3,805,020 4,664,980 859,960
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 2,800,000 2,660,150 (139,850)
$ 6,605,020 $ 7,325,130 $ 720,110
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Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community development $ 2,918,331 $ 2,628,701 $ 289,630
Policy and administration 206,887 199,412 7,475
City-wide support function 43,288 42,785 503
Contingency 292,000 292,000
Capital projects 585,400 245,413 339,987
Total expenditures 4,045,906 $ 3,116,311 $ 929,595
UNAPPROPRIATED ENDING
FUND BALANCE 2,559,114
$ 6,605,020
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City of Tigard, Oregon
Water Systems Development Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
Variance
Budget Actual Favorable
Revenues:
Service charges $ 349,250 $ 499,475 $ 150,225
Interest 45,000 68,130 23,130
Total revenues 394,250 567,605 173,355
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,200,000 1,445,767 245,767
$ 1,594,250 $ 2,013,372 $ 419,122
i
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital projects $ 1,594,250 $ 24,917 $ 1,569,333
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1
City of Tigard, Oregon
Water Capital Projects Fund
r Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1995
rr
' Variance
Budget Actual Favorable
Revenues:
Interest $ 18,000 $ 31,979 $ 13,979
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 630,000 632,782 2,782
$ 648,000 $ 664,761 $ 16,761
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Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital projects $ 648,000 $ - $ 648,000
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Fiduciary Funds
These funds account for resources received and held by the City in a fiduciary capacity.
Disbursements from these funds are made in accordance with the trust agreement or conditions of
the trust for the particular fund. Funds included in this category are:
• Agency Fund - Deferred Compensation Fund
• Pension Trust Funds - General and Water Fund Employees Pension Plans
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City of Tigard, Oregon
Fiduciary Funds
Combining Balance Sheet
June 30, 1995
1
Agency Fund -
Deferred
Compensation Pension
Fund Trust Funds Total
ASSETS
Cash and investments $ 1,703,091 $ 3,847,315 $ 5,550,406
LIABILITIES AND FUND BALANCE
Liabilities:
Deferred compensation payable $ 1,703,091 $ 1,703,091
Fund balance:
Reserved for employee retirement benefits $ 3,847,315 3,847,315
$ 1,703,091 $ 3,847,315 $ 5,550,406
57
City of Tigard, Oregon
Pension Trust Funds
Combining Balance Sheet
June 30, 1995
General Water Fund
Employees Employees
Pension Pension
Plan Plan Total
ASSETS
Cash and investments $ 3,162,807 $ 684,508 $ 3,847,315
FUND BALANCE
Reserved for employee retirement benefits $ 3,162,807 $ 684,508 $ 3,847,315
58
City of Tigard, Oregon
Pension Trust Funds
Combining Statement of Revenues, Expenses
and Changes in Fund Balance
for the fiscal year ended June 30, 1995
General Water Fund
Employees Employees
Pension Pension
Plan Plan Total
Operating revenues:
Contributions $ 550,369 $ 550,369
Interest 278,957 $ 52,549 331:506
Total operating revenues 829,326 52,549 881,875
Operating expenses:
Benefit payments and withdrawals 142,000 29,610 171,610
Operating income 687,326 22,939 710,265
Retained earnings - beginning of year 2,475,481 661,569 3,137,050
Retained earnings - end of year $ 1,162,807 $ 684,508 $ 3,847,315
69
City of Tigard, Oregon
Agency Fund - Deferred Compensation Fund
Statement of Changes in Assets and Liabilities
for the fiscal year ended June 30, 1995
Balance Balance
June 30, June 30,
1994 Additions Deletions 1995
ASSETS
Cash and investments $1,451,870 $ 583,135 $ 331,914 $1,703,091
LIABILITIES
Deferred compensation payable $1,451,870 $ 583,135 $ 331,914 $1,703,091
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1
General Fixed Assets Account Group
This account group accounts for the City's investoren
gt'p t in fixed assets, with the exception of those
assets in the Enterprise Funds.
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City of Tigard, Oregon
Schedule of General Fixed Assets - By Sources
June 30, 1995
GENERAL FIXED ASSETS
Land $ 2,259,616
Buildings 4,288,892
Equipment 763,866
Autos and trucks 964,491
Office equipment 1,197,307
Total investment in general fixed assets $ 9,474,172
INVESTMENT IN GENERAL FIXED ASSETS
Investment in general fixed assets from:
Investment in property acquired prior to June 30, 1994 $ 8,905,310
Investment in property acquired after June 30, 1994 from:
General Fund 568,862
Total investment in general fixed assets $ 9,474,172
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61
City of Tigard, Oregon
Schedule of General Fixed Assets -
' By Function and Activity
June 30, 1995
Machinery,
1 Equipment,
Function and Activity Total Land Buildings and Other
Community services:
Police $ 922,299 $ 922,299
Library 344,624 344,624
Parks 265,601 265,601
Total community services 1,532,524 1,532,524
Community development:
Administration 52,755 52,785
Building 97,083 97,083
Planning 26,416 26,416
Engineering 159,673 159,673
Operations/admin. 45,435 45,435
Operations/shops 51,645 51,645
Streets 398,549 398,549
Operations/management 26,521 26,521
Total community development 858,107 858,107
Policy and administration:
Mayor and city council 12,047 12,047
City administration 35,579 35,579
Finance 28,822 28,822
Computer services 139,211 139,211
Accounting 40,848 40,848
Office services 76,865 76,865
Records 37,847 37,847
Court 8,241 8,241
Total policy and administration 379,460 379,460
General government 6,704,081 $ 2,259,616 $ 4,288,892 155,573
Total investment in general
fixed assets $ 9,474,172 $ 2,259,616 $ 4,288,892 $ 2,925,664
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1
City of Tigard, Oregon
Schedule of Changes in General Fixed Assets - ,
By Function and Activity
for the fiscal year ended June 30, 1995
General General
Fixed Assets Fixed Assets
Function and Activity June 30, 1994 Additions Retirements June 30, 1995
Community services:
Police $ 808,953 $ 213,657 $ (100,311) $ 922,299
Library 315,208 29,416 344,624
Parks 252,270 22,299 (8,968) 265,601
Total community services 1,376,431 265,372 (109,279) 1,532,524
Community development:
Administration 55,791 i 5,462 (8,468) 52,785
Building 42,146 54,937 97,083
Planning 24,672 9,278 (7,534) 26,416
Engineering 157,668 8,360 (6,355) 159,673
Operations/admin. 58,822 475 (13,862) 45,435
Operations/shops 62,342 299 (10,996) 51,645
Streets 506,342 8,482 (116,275) 398,549
26,010 511 26,521
Operations/management
Total community development 933,793 87,804 (163,490) 858,107
Policy and administration:
Mayor and city council 11,333 714 12,047
City administration 29,424 9,716 (3,561) 35,579
Finance 9,228 19,867 (273) 28,822
Computer services 52,432 87,687 (908) 139,211
Accounting 37,134 5,964 (2,250) 40,848
Office services 77,640 595 (1,370) 76,865
Records 35,987 2,770 (910) 37,847 ,
Court 8,241 8,241
Total policy and administration 261,419 127,313 (9,272) 379,460
General government 6,644,740 88,373 (29,032) 6,704,081
Total investment in general
fixed assets $ 9,216,383 $ 568,862 $ (311,073) $ 9,474,172
63
Other Schedules
Schedules included in this section are:
• Property Tax Transactions and Outstanding Balances
• Bond and Bond Interest Transactions
• Future Debt Service Requirements of Bancroft Improvement Bonds
• Future Debt Service Requirements of General Obligation Bonds
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City of Tigard, Oregon
Schedule of Property Tax Transactions
and Outstanding Balances
for the fiscal year ended June 30, 1995
Property Add Property '
Taxes Levy as Taxes
Receivable Extended Deduct Receivable
June 30, By Discounts Deduct Add Deduct June 30,
1994 Assessor Allowed Adjustments Interest Collections 1995
1994-95 $ 6,212,684 $ (151,157) $ (29,017) $ 3,846 $ (5,864,693) $ 171,663
1993-94 $ 189,148 (3,695) 10,375 (133,393) 62,435
1992-93 77,451 (3,852) 9,328 (50,507) 32,420
1991-92 43,211 (2,330) 10,390 (39,955) 11,316
1990-91 14,657 (2,304) 4,502 (13,469) 3,386
1989-90 and prior 8,731 (1,121) 1,920 (5,099) 4,431
$ 333,198 $ 6,212,684 $ (151,157) $ 4( 2,319) $ 40,361 $ (6,107,116) $ 285,651 ,
Property
Taxes
Receivable
Cash June 30,
Collections 1995
Distributed as follows:
General Fund:
Current $ 4,095,978 $ 117,589
Prior years' levies 129,152 78,206
Total General Fund 4,225,130 195,795
Debt Service Funds:
Current 1,754,118 48,066
Prior years' levies 60,757 32,038
Total Debt Service Funds 1,814,875 80,104
Capital Projects Funds:
Current 67,111 6,088
Prior years' levies 3,664
Total Capital Projects Funds 67,111 9,752
Total $ 6,107,116 $ 285,651
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City of Tigard, Oregon
Schedule of Bond and Bond Interest Transactions
for the fiscal year ended June 30, 1995
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Bond Transactions Interest Transactions
Outstanding Outstanding
Original June 30, June 30,
Bancroft Bonds Issue 1994 Called Matured Paid 1995 Matured Paid
Issued August 1, 1975 $ 57,840 $ 3,000 $ 3,000 $ (3,000) $ 105 $ 105
Issued September 1, 1982 184,664 25,000 (5,000) $ 20,000 (2,529) (864)
Issued September 1, 1984 492,000 75,000 75,000 (75,000) 3,375 3,375
1 issued December 1, 1989 340,000 60,000 20,000 (20,000) 40,000 2,990 2,990
Issued August 1, 1990 2,244,000 945,000 110,000 (110,000) 835,000 54,820 54,820
Issued August 1, 1991 405,000 265,000 $ (40,000) 225,000 15,900 15,900
Issued May 1, 1993 660,000 660,000 (50,000) 610,000 32,020 32,020
$ 2 0_33 000 $ (90,000) $ 208,000 $_C213 000 $ 1,730,000 $ 106,681 $ 108,346
General Oblation Bonds
Issued February 24, 1987 2,215,000 $ 300,000 $ 145,000 $ (145,000) $ 155,000 $ 16,138 $ 16,138
Issued May 1, 1989 8,500,000 900,000 800,000 (900,000) 85,400 59,400
Issued May 1, 1993 6,935,000 6,645,000 145,000 (145,000) 6,500,000 256,365 254,545
$ 7,845,000 $ $1,090,000 $(1,1901000) $ 6,655,000 $ 357,903 $ 330,083
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City of Tigard, Oregon
Schedule of Future Debt Service Requirements
of Bancroft Improvement Bonds
as of June 30, 1995
Issued Issued Issued Issued Issued
September 1, 1984 December 1, 1989 August 1, 1990 August 1, 1991 May 1,1993
Year of Total Requirements 16.0% 6.00/6 6.0% to 6.3% 6.0% 4.10% to 5.0%
Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
1995-96 $ 155,000 $ 92,890 $ 20,000 ' $ 20,000 $ 1,800 $115,000 $ 48,070 $ 13,500 $ 29,520
1996-97 145,000 84,427 20,000 600 125,000 40,807 13,500 29,520
1997-98 135,000 75,898 135,000 32,878 13,500 29,520
1998-99 145,000 67,285 145,000 24,265 13,500 29,520
1999-2000 210,000 56,872 150,000 15,082 13,500 $ 60,000 28,290
2000-01 165,000 45,758 165,000 5,198 13,500 27,060
2001-02 225,000 33,810 $ 225,000 6,750 27,060
2002-03 110,000 24,530 110,000 24,530
2003-04 22,000 22,000
2004-05 22,000 22,000
2005-06 440,000 9,167 440,000 9,167
2006-07
Totals $1,730,000 $ 534,637 $ 20,000 $ - $ 40,000 $ 2,400 $ 835,000 $188,300 $ 225,000 $ 87,750 $ 610,000 $ 278,187
'Issue was called on 6/1/93. Amounts outstanding are bearer bonds which have not been presented for payment.
City of Tigard, Oregon
Schedule of Future Debt Service Requirements
of General Obligation Bonds
as of June 30, 1995
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Issued Issued
' February 24, 1987 May 1, 1993
Year of Total 5.5% 3.4% to 4.75%
Maturity Principal Interest Principal Interest Principal Interest
1995-96 $ 155,000 $ 12,331 $ 155,000 $ 12,331
' 1996-97 1,150,000 234,907 4,262 $ 1,150,000__,', $ 230,6451
1997-98 1,385,000 186,165' 1,385,000 186,165
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1998-99 1,490,000 132,925 1,490,000 132,925
1999-2000 1,570,000 72,822 1,570,000 72,822
2000-01 210,000 36,515 210,000 36,515
2001-02 225,000 26,994 225,000 26,994
2002-03 225,000 16,813 225,000 16,813
2003-04 245,000 5,819 245,000-° 5;819
$ 6,655,000 $ 725,291 $ 155,000 $ 16,593 $ 6,500,000 $ 708,698
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~ STATISTICAL
~ SECTION
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City of Tigard, Oregon
General Governmental Expenditures by Function -
Budgetary Basis
for the last ten fiscal years
City-Wide
Support
Functions,
Fiscal Capital
Year Ended Community Community Policy and Projects Debt
June 30, Services Development Administration and Other Service Total
1986 $ 2,157,622 $ 968,778 $ 132,846 $ 3,010,368 $ 797,154 $ 7,066,768
1987 2,450,459 1,462,456 111,909 1,183,467 808,888 6,017,179
1988 3,042,321 1,764,513 121,016 1,452,149 785,234 7,165,233
1989 3,357,664 1,980,927 112,966 3,177,147 772,739 9,401,443
1990 3,539,680 2,096,431 253,593 4,977,930 3,481,870 14,349,504
1991 4,347,338 2,558,534 281,180 7,216,338 4,157,959 18,561,349
1992 4,520,483 2,466,774 1,157,205 4,001,522 2,643,174 14,789,158
1993 4,755,049 2,459,618 1,223,269 2,449,617 2,652,428 13,539,981
1994 5,08b,712 2,641,694 1,317,972 3,604,930 5,647,732 18,301,040
1995 5,656,128 2,745,236 1,332,630 2,148,786 2,388,061 14,270,841
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
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City of Tigard, Oregon
General Governmental Revenues by Sources -
Budgetary Basis
for the last ten fiscal years
Fiscal
Year Licenses Inter- Charges ,
Ended Franchise and governmental for Fines and Miscellaneous
June 30, Taxes Fees Permits Revenues Services Forfeitures Revenues' Total
1986 $ 1,226,373 $ 941,264 $ 548,689 $ 1,371,804 $ 375,982 $ 167,610 $ 903,175 $ 5,534,897
1987 1,807,800 745,520 650,961 1,246,840 382,384 144,559 1,127,693 6,105,757
1988 2,152,792 849,844 1,031,018 1,220,779 514,048 254,154 1,160,391 7,183,026
1989 2,408,597 1,031,791 1,059,725 1,517,777 599,002 240,849 1,113,184 7,970,925
1990 3,746,834 1,100,181 1,445,011 2,040,711 39,818 232,332 2,183,206 10,788,093
1991 4,160,790 1,179,833 1,206,920 2,379,431 79,370 259,497 1,627,675 10,893,516
1992 4,963,329 1,287,794 1,659,542 3,050,675 102,081 322,618 1,464,811 12,850,850
1993 5,493,516 1,320,686 1,682,341 3,073,728 301,569 316,947 1,599,480 13,788,267
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
'Includes special assessments collections.
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
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City of Tigard, Oregon
Property Tax Levies and Collections
for the last ten fiscal years
Fiscal Percent Percent
Year Percent Delinquent Total Total Tax Outstanding Delinquent
Ended Total Current Tax of Levy Tax Tax Collections Delinquent Taxes to
June 30, Tax Levy Collections Collections Collections Collections to Tax Levy Taxes Tax Lew
1986 $ 1,283,711 $ 1,159,480 90.32 % $ 98,222 $ 1,257,702 97.97 % $ 181,944 14.17 %
1987 1,946,727 1,773,229 91.09 114,319 1,887,548 96.96 216,864 11.14
1988 2,229,786 2,023,790 90.76 124,659 2,148,449 96.35 254,595 11.42
1989 2,455,914 2,240,508 91.23 150,511 2,391,019 97.36 289,212 11.78
1990 3,812,090 3,520,898 92.36 193,334 3,714,232 97.43 332,144 8.71
1991 4,266,155 3,916,774 91.86 224,988 4,143,762 97.13 372,918 8.74
' 1992 5,148,022 4,717,610 i.64 228,047 4,945,657 96.07 408,691 7.94
1993 5,548,159 5,213,266 93.96 260,368 5,473,634 98.66 391,447 7.06
1994 5,984,204 5,622,050 93.95 272,191 5,894,241 98.50 333,198 5.57
1995 6,212,684 5,864,693 94.40 242,923 6,107,616 98.30 285,651 4.60
Taxes are levied as of July 1 each year and are payable in three installments, without interest, on November 15, February 15, and May 15. Interest is
charged at the rate of 1% per month on delinquent taxes. Tax liens are foreclosed after three year's delinquencies. Taxpayers receive a discount of
3% for payment in full by November 15 and 2% for payment of two-thirds of the total taxes due.
Information derived from Comprehensive Annual Financial Reports.
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City of Tigard, Oregon
Assessed and Estimated Actual Value of Taxable Property
for the last ten fiscal years
Ratio of Total
Assessed
_ Real Property Personal Property Public Utility Property Total Value to
Fiscal Estimated Estimated Estimated Estimated Total
Year Ended Assessed Actual Assessed Actual Assessed Actual Assessed Actual Estimated
June 30, Value Value Value Value Value Value Value Value Actual Value
1986 $ 824,906,100 $ 824,906,100 $ 49,240,710 $ 49,240,710 $ 32,222,117 $ 32,222,117 $ 906,368,927 $ 906,368,927 100 %
1987 867,279,500 867,279,500 61,379,940 61,379,940 28,457,428 28,457,428 957,116,868 957,116,868 100
1988 1,057,515,500 1,057,515,500 86,733,050 86,733,050 32,526,302 32,526,302 1,176,774,852 1,176,774,852 100
1989 1,200,581,900 1,200,581,900 93,401,270 93,401,270 32,131,292 32,131,292 1,326,114,462 1,326,114,462 100
1990 1,278,128,284 1,278,128,284 106,268,976 106,268,976 38,738,512 38,738,512 1,423,135,772 1,423,135,772 100
1991 1,435,394,724 1,435,394,724 115,983,044 115,983,044 36,707,073 36,707,073 1,588,084,841 1,588,084,841 100
1992 1,755,342,623 1,755,342,623 114,457,543 114,457,543 40,526,271 40,526,271 1,910,326,437 1,910,326,437 100
1993 1,820,521,857 1,820,521,857 139,064,986 139,064,986 50,197,374 50,197,374 2,009,784,217 2,009,784,217 100
1994 1,972,696,888 1,972,696,888 142,496,210 142,496,210 60,467,981 60,467,981 2,175,651,079 2,175,661,079 100
1995 2,229,444,147 2,229,444,147 156,419,813 156,419,813 72,874,589 72,874,589 2,458,738,549 2,458,738,549 100
All property is assessed as of January 1, preceding the fiscal year beginning July 1.
Source: Washington County Department of Assessment and Taxation.
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City of Tigard, Oregon
Property Tax Rates - Direct and Overlapping Governments
(Per $1, 000 of Assessed Value)
for the last ten fiscal years
Tigard/ Washington Washington
Fiscal Metzger Tualatin Beaverton Tualatin County County
Year Metzger Water School School Tigard Unified Rural Fire Rural Fire Portland Education Other
Ended Water District City of Washington District District Water Metzger Sewerage Protection District Community Service Taxing
June 30, District Combined Tigard County No. 234 No. 48 District Sanitary Agency District No.1 College District Agencies
1986 135 1.93 11.55 13.25 0.32 0.36 2.60 2.65 0.58 0.25 1.48
1987 1.94 2.82 11.36 13.40 0.27 0.25 2.99 2.61 0.85 0.25 1.66
1988 0.03 0.53 2.03 2.81 12.10 13.13 0.19 0.24 0.36 2.70 2.65 0.89 0.26 0.63
1989 0.02 0.59 1.98 2.95 14.46 16.49 015 0.36 2.49 2.62 0.92 0.26 0.73
1990 0.02 0.61 2.79 2.02 14.54 16.67 0.13 0.27 2.52 0.94 0.26 1.69
1991 0.02 0.53 2.76 2.94 14.60 15.82 0.11 0.25 2.41 0.91 0.25 0.57
N 1992 0.02 0.48 2.76 1.41 16.73 13.44 0.09 0.19 1.99 0.81 0.21 0.49
1993 0.48 2.80 1.41 15.95 14.16 0.08 0.18 1.98 0.90 0.21 0.43
1994 0.42 2.77 1.36 15.58 13.39 0.08 0.12 1.88 0.87 0.20 0.37
1995 0.25 2.51 1.27 13.88 12.41 0.07 OX 1.76 0.82 0.19 0.38
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. The operating levy may be increased annually to 106% of the highest
levy in the prior three years. Levy increases are permitted in the year following expansion of a districts boundaries. Special operating levies may be approved for periods not exceeding 10 years. Each district with outstanding general obligation
bonded debt is required to levy taxes sufficient, with other available funds, to meet principal and interest payments when due.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with territory in the County. The County collects all taxes against property in the County (except assessments for improvements charged to
benefited property) and distributes taxes collected at least monthly. No charges are made to the taxing districts for these services.
NOTE: - Not all taxing districts rates 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 districtand sewer and water district boundaries. Total
overlapping tax rates for property in Tigard in 1994 ranged from $21.041$1000 to $23.57/$1000.
Source: Washington County Department of Assessment and Taxation.
City of Tigard, Oregon
Special Assessment Collections
for the last ten fiscal years '
Fiscal Current Ratio of Total
Year Ended Assessments Assessments Collections Outstanding
June 30, Due (1) Collected (2) to Amount Due Assessments
1986 $ 250,000 $ 361,268 144.5% $ 1,945,334
1987 278,000 547,106 196.8 1,565,038
1988 308,000 532,224 172.8 1,218,351
1989 328,000 372,584 113.6 828,575
1990 693,000 818,094 118.1 892,780
1991 343,000 279,468 81.5 3,181,495
1992 427,000 288,574 67.6 2,900,352
1993 408,000 688,664 168.8 2,380,059
1994 193,000 186,036 96.4 2,250,041 ,
1995 208,000 146,548 70.5 2,088,745
(1) This amount is equal to the matured principal on Bancroft improvement bonds.
(2) Represents collections of current assessments for payment of Bancroft improvement bonds as well
as assessment collections on projects for which such bonds have not been issued. ,
Source: City assessment records.
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City of Tigard, Oregon
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 Bonded Service Net Debt to Net Bonded
Year Ended Assessed Debt Monies Bonded Assessed Debt Per
June 30, Population Value Outstanding Available Debt Value Capita
1986 20,250 $ 906,368,927 $ 2,160,000 $ 125,133 $ 2,034,867 0.22 % $ 100.49
19137 22,000 957,116,828 2,665,000 38,858 2,626,142 0.27 119.37
1988 24,782 1,176,774,852 2,580,000 17,871 2,562,129 0.21 103.39
1 1989 25,602 1,326,114,462 10,990,000 45,028 10,944,972 0.83 427.50
1990 27,050 1,423,135,772 11,990,000 " 165,664 11,824,336 0.83 437.13
' 1991 29,652 1,588,084,841 13,304,000 345,050 12,958,950 0.82 437.03
1992 30,835 1,910,326,437 12,595,000 620,597 11,974,403 0.63 388.34
1993 31,271 2,009,784,217 11,671,000 830,080 10,840,920 0.54 346.68
1994 33,802 2,175,661,079 9,878,000 611,481 9,266,519 0.43 274.14
1995 33,744 2,458,738,549 8,385,000 422,107 7,962,893 0.32 235.98
"Excludes bond anticipation notes payable.
Sources: City budget documents, Comprehensive Annual Financial Reports in the City and Washington County Department of Assessment and
Taxation.
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City of Tigard, Oregon
Computation of Legal Debt Margin
June 30, 1995
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 (1994-95) (1) $ 2,458,738,549
General obligation debt limit x 3 % ,
73,762,156
Gross bonded debt $ 8,385,000 '
Excludable debt - Bancroft improvement bonds (1,730,000)
Debt subject to limitation 6,655,000 ,
Legal debt margin - amount available for future indebtedness $ 67,107,156
(1) From Washington County Department of Assessment and Taxation.
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City of Tigard, Oregon
Computation of Overlapping General Obligation Debt
June 30, 1995
Percent Amount
Applicable Applicable
Net Debt Inside City Inside City
Jurisdiction Outstanding of Tigard of Tigard
Tigard/Tualatin School District #23-J $ 57,335,000 51.5570 % $ 29,560,206
Tri-Met 117,425,000 3.6981 4,342,494
Port of Portland 56,002,322 3.3642 1,884,030
Metro 61,515,000 3.7113 2,283,006
Beaverton School District 948 98,390,000 2.8108 2,765,546
Portland Community College 56,713,585 4.7823 2,712,214
' Washington County 90,639,289 11.4938 10,417,899
Unified Sewerage Agency 8,400,000 12.2494 1,028,950
' Tualatin Rural Fire Protection District 1,435,000 16.5735 237,830
Tigard Water District 155,000 70.6897 109,569
$ 548,010,196 $ 55,341,744
Source: Oregon Municipal Debt Advisory Commission.
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City of Tigard, Oregon ,
Ratio of Annual Debt Service Expenditures for Long-Term
Debt to Total General Governments Expenditures
for the last ten fiscal years
Fiscal Total Percent of Debt
Year Total General Service to
Ended Debt Governmental Total General
June 30, Principal Interest Service Expenditures Expenditures
1986 $ 290,000 $ 507,154 $ 797,154 $ 7,066,768 11.3 %
1987 348,000 460,888 808,888 6,017,179 13.4 ,
1988 393,000 390,369 783,369 7,165,233 10.9
1989 418,000 354,739 772,739 9,401,443 8.2 ,
1990 2,383,000 1,098,870 3,481,870 14,349,504 24.3
1991 3,034,760 1,123,199 4,157,959 18,561,349 22.4 ,
1992 1,664,000 979,174 2,643,174 14,789,158 17.9 ,
1993 1,939,000 713,428 2,652,428 13,539,981 19.6
1994 4,742,523 (1) 905,209 (1) 5,647,732 18,301,040 30.1 ,
1995 1,828,000 (2) 560,061 (2) 2,388,061 14,270,841 16.7
Source: Comprehensive Annual Financial Reports of the City. '
(1) Includes bond anticipation notes principal and interest.
(2) Includes bond anticipation notes interest and certificates of participation principal and interest.
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City of Tigard, Oregon
Property Value, Construction and Bank Deposits
for the last ten fiscal years
Commercial Residential
Fiscal Construction(1) Construction(1)
Year Ended Number of Number of Bank Deposits
June 30, Permits Value Permits Value (in thousands) (2)
1986 175 $ 12,746,938 432 $ 26,920,055 $ 142,031
1987 169 10,717,219 442 44,412,105 175,236
1988 228 34,991,735 633 32,524,988 165,107
1989 212 21,189,454 604 35,826,025 N/A*
1990 320 27,495,457 749 40,729,414 N/A*
' 1991 62 27,985,499 268 28,160,790 N/A*
1992 37 31,498,832 218 24,259,243 N/A*
' 1993 28 25,685,703 408 43,687,254 N/A*
1994 40 63,946,411 683 62,765,587 N/A*
1995 24 31,873,570 452 63,699,561 N/A*
(1) From City of Tigard Building Department. Multi-family permits are included in the number of permits
issued for residential construction.
' (2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities.
*Information not available.
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City of Tigard, Oregon
Principal Taxpayers
June 30, 1995
Percentage '
of Total
Assessed Assessed
TTa gayer Type of Business Valuation Valuation
Winmar Co. Washington Square Shopping Mall $ 74,335,600 3.02 %
SF Oregon Co. Ltd. Lincoln Center Office Park 55,061,200 2.24
Pacific Realty Associates Oregon Business Park 53,146,490 2.16
GTE Northwest, Inc. Telephone Company 34,133,206 1.39
Spieker Properties Park 217 retail office center and ,
Nelson Business Park 27,844,010 1.13
Nesbitt Partners Embassy Suites Hotel 20,465,000 0.83
Robinson Trust Scholls Business Center 14,718,700 0.60 '
Spieker-Hosford-Eddy-Southern
Limited Partnership Tech Center Business Park 13,876,460 0.56
The May Dept. Stores Co. Meier & Frank Dept. Store 12,494,700 0.51
Westwood Holding Corp. Tigard Town Square Shopping Center 12,343,290 0.50 ,
Total Principal Taxpayers 318,418,656 12.94
All other taxpayers 2,140,319,893 87.06 ,
Total $ 2,458,738,549 100.00 %
Source: City of Tigard Planning Department.
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City of Tigard, Oregon
Demographic Statistics
for the last ten fiscal years
Assessed (2)
Value Unemployment
Fiscal of Taxable (3) Rate
Year Ended (1) Property School Portland
' June 30, Population Per Capita Enrollment Metro. Area
1986 20,765 $ 44,759 6,474 7.1 %
1987 23,335 43,488 7,064 5.3
1988 24,782 47,485 7,050 4.8
1989 25,602 51,797 7,236 4.5
1990 27,050 52,611 7,940 4.1
1991 29,652 53,557 8,795 4.9
1992 30,835 61,953 8,965 6.2
1993 31,271 64,270 9,427 5.8
1994 33,802 64,365 9,644 4.8
1995 33,744 72,865 10,579 4.7
Sources of information:
(1) Portland State University, Population Research & Census Center.
(2) U.S. Bureau of Labor Statistics.
(3) Tigard/Tualatin School District #23-J.
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City of Tigard, Oregon
Miscellaneous Statistical Data
June 30, 1995
Date of incorporation 1961
Form of government Council - Mayor - Administrator
Area 10.44 square miles
Miles of streets 104 miles
Number of street lights:
City owned 1,485
City maintained (PGE owned) 641 '
Police protection:
Number of stations 1
Number of policemen and officers 47
Education:
Attendance centers 14
Number of teachers 604 '
Number of students 10,579
Sanitary sewers 109.5 miles ,
Storm lines 36.1 miles
Open ditches 62.5 miles
Building permits issued (1995) 476 permits
Recreation and culture: '
Number of parks 13
Number of libraries 1
Number of volumes (estimated) 73,000 volumes
Employees:
Classified service (union) 137 ,
Unclassified (non-union) 61
Information obtained from the various departments of the City of Tigard, Oregon, and Tigard/Tualatin School
District #23-J.
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~ AUDIT COMMENTS AND
~ ISCLOSURES REQUIRED BY
~ STATE REGULATIONS
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Audit Comments and Disclosures
Required By State Regulations
' Oregon Administrative Rules 162-10-050 through 162-10-320 incorporate the Minimum Standards
for Audits of Oregon Municipal Corporations. These standards, prescribed by the Secretary of State
in cooperation with the Oregon State Board of Accountancy, enumerate the financial statements,
schedules, comments and disclosures required in audit reports. The required statements and
schedules are set forth in the preceding sections of this report. Required comments and disclosures
related to our audit of such statements and schedules are set forth following.
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Audit Comments And Disclosures
1. Internal Control Structure: '
In planning and performing our audit of the general purpose financial statements of the City of '
Tigard, Oregon for the year ended June 30, 1995, we considered its internal control structure in
order to determine our auditing procedures for the purpose of expressing our opinion on the
general purpose 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 the specific internal control structure elements
does not reduce to a relatively low level the risk that errors and irregularities in amounts that
would be material in relation to the general purpose 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. However, 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 solely for the information and use of the City Council, management and
the State of Oregon, Division of Audits. ,
II. Other Comments and Disclosures: '
We have audited the general purpose financial statements of the City of Tigard, Oregon as of
and for the year ended June 30, 1995, and our report thereon is included on Pages 1 and 2 of '
this report. Our audit was made in accordance with generally accepted auditing standards.
In connection with our audit, nothing came to our attention that caused us to believe the City
was not in compliance with: '
• ORS 294.305 to 294.520 in the preparation and adoption of its budget and tax levies
for the fiscal years ending June 30, 1995 and June 30, 1996, ,
• the legal requirements relating to debt,
• the appropriate law, rules and regulations pertaining to programs funded wholly or
partially by other governmental agencies,
• the cost accounting guidelines developed by the State of Oregon Executive ,
Department with regard to the City's cost accounting system,
• ORS 294.035 in the investment of public monies,
• ORS Chapter 279 in the awarding of public contracts and the construction of public '
improvements,
• the legal requirements, (as contained in Article IX, Section 3a of the Oregon '
Constitution), pertaining to the use of revenue from taxes on motor vehicle use and
fuel, '
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Audit Comments and Disclosures, Continued
Il. Other Comments and Disclosures, Continued:
• except for the City was not in compliance with the collateral requirements for public
fund deposits specified in ORS Chapter 295 at certain times throughout the year.
' However, it should be noted our audit was not directed primarily toward obtaining knowledge
of noncompliance with such requirements.
' Additionally, we make the following other comments:
• We found the City's accounting records to be adequate for audit purposes.
• We reviewed the City's insurance and fidelity bond coverage at June 30, 1995 and
ascertained such policies appeared to be in force. We are not competent by training to
state whether the insurance policies covering City-owned property in force at June 30,
' 1995, are adequate.
COOPERS & LYBRAND L.L.P.
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' By •
Brent A. Macey, a partner
Portland, Oregon
' October 5, 1995
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