CAFR Report - 1992-1993 i
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CITY OF TIGARD
I OREGON
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COMPREHENSIVE
ANNUAL
FINANCIAL
REPORT
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Fiscal year ended June 30, 1993
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1 13125 SW Hall Blvd., Tigard, OR 97223 (503) 639 -4171 TDD (503) 684 -2772
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CITY OF TIGARD, OREGON
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
for the fiscal year ended June 30, 1993
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prepared by the City of Tigard - Department of Finance
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS
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INTRODUCTORY SECTION:
Letter of Transmittal i -vii
Mayor and City Council Members viii
Organization Chart ix
Certificate of Achievement for Excellence in Financial Reporting x
FINANCIAL SECTION:
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Report of Independent Accountants 1
GENERAL PURPOSE FINANCIAL STATEMENTS ( "Liftable" Financial Statements): I
Combined Balance Sheet - All Fund Types and Account Groups 2
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types 3
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 4
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings /Fund Balances - All Proprietary Fund Types
and Similar Trust Funds 5
Combined Statement of Cash Flows - All Proprietary Fund Types-
Enterprise Funds 6
Notes to General Purpose Financial Statements 7 -21
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SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and other Financial Schedules):
General Fund -
Schedule of Revenues and Expenditures - Budget and Actual 22
Special Revenue Funds:
Combining Balance Sheet 23
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 24
Schedules of Revenues and Expenditures - Budget and Actual:
Forfeitures from Criminal Activity Fund 25
State Tax Street Fund 26
Parks SDC Fund 27
County Gas Tax Fund 28
Traffic Impact Fund 29
Water Quality & Quantity Fund 30
Debt Service Funds: I
Combining Balance Sheet 31
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 32
Schedule of Revenues and Expenditures - Budget and Actual:
General Obligation Bond Debt Service Fund 33
Certificate of Participation Debt Service Fund 34
Bancroft Bond Debt Service Fund 35
Capital Projects Fund:
Combining Balance Sheet 36
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 37
Schedule of Revenues and Expenditures - Budget and Actual: t
Local Improvement Capital Projects Fund 38
Road Improvement Bond Fund 39
Park Levy Capital Improvement Fund 40
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
Page
I FINANCIAL SECTION, continued
SUPPLEMENTARY DATA (Combining and Individual Fund and
I Account Group Statements and Other Financial Schedules, Continued)
Enterprise Funds:
Combining Balance Sheet 41
Combining Statement of Revenues, Expenses and Changes in Retained Earnings 42
I Combining Statement of Cash Flows 43
Schedule of Revenues and Expenditures - Budget and Actual:
Sewer Fund 44
I Storm Drainage Fund 45
Fiduciary Funds:
Combining Balance Sheet 46
I Statement of Changes in Assets and Liabilities -
Agency Fund - Deferred Compensation Fund 47
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 48
I Schedule of Changes in General Fixed Assets - By Sources 48
Schedule of General Fixed Assets - By Function and Activity 49
Schedule of Changes in General Fixed Assets - By Function and Activity 50
I Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 51
Schedule of Bond and Bond Interest Transactions 52
Schedule of Future Debt Service Requirements of Bancroft Improvement Bonds 53
1 Schedule of Future Debt Service Requirements of General Obligation Bonds 54
STATISTICAL SECTION:
General Governmental Expenditures by Function -
Budgetary Basis - for the last ten fiscal years 55
General Governmental Revenues by Source -
; 1 Budgetary Basis - for the last ten fiscal years 56
Property Tax Levies and Collections - for the last ten fiscal years 57
Assessed and Estimated Actual Value of Taxable
Property - for the last ten fiscal years 58
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 59
Special Assessment Collections - for the last ten fiscal years 60
I Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 61
Computation of Legal Debt Margin 62
I Computation of Overlapping General Obligation Debt 63
Ratio of Annual Debt Service Expenditures for Long -Term
Debt to Total General Governmental Expenditures -
for the last ten fiscal years 64
I Property Value, Construction and Bank Deposits - for the last ten fiscal years 65
Principal Taxpayers 66
Demographic Statistics 67
I Miscellaneous Statistical Data 68
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS:
Introductory Comments 69
Internal Control Structure 70
Other Comments and Disclosures 71
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INTRODUCTORY SECTION
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CITY OF TIGARD
O REGON
September 15, 1993
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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, 1993. 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, the Southeast Washington County Joint Water Agency (formerly Tigard
Water 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 of Tigard is located in eastern Washington County just 12 miles southwest of downtown Portland,
' Oregon. Tigard has :been one of the fastest growing cities in Washington County and, with a population
of approximately 31,000, is the eleventh largest city in the State.
1 Over the past several years commercial and residential development has been steady and strong.
Residential single family development was at its lowest level in 1991/92 with the construction of only 218
units. However, 1992/93 saw a dramatic increase with 408 units developed at an approximate value of
$43,000,000. Commercial construction was down in 1992/93 from previous year's levels, but showed very
healthy signs late in the fiscal year. 1993/94 promises to be another healthy year in all categories of
development.
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13125 SW Hall Blvd., Tigard, OR 97223 (503) 639 -4171 TDD (503) 684 -2772
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Tigard'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. The unemployment rate
in the Portland Metropolitan area averaged 5.8 percent during the fiscal year.
Tigard's assessed value of $2,009,784,217 is twice the amount it was just seven years ago. This dramatic i
growth in values together with prudent fiscal management has allowed the City to provide quality services
at a very low tax rate. The total rate resulting from City levies in 1992/93 was $2.80/1,000 assessed value.
The economic outlook for the City of Tigard remains good. The City has continued to experience growth
in most areas including the local economy, population, assessed value and commercial development.
Development continues to be strong in spite of the recessionary national economy.
MAJOR INITIATIVES
The Pacific Corporate Center Local Improvement District (LID) project was completed in June 1990. The
project included the construction of street, sewer and storm drainage improvements between Bonita and
Carmen Drive adjacent to Interstate 5 and 72nd Avenue. The improvements allow the development of
approximately 40 acres of commercially zoned land. Development in this area has been greatly enhanced
by the LID improvements. Over 280,000 square feet of prime office space has already been completed.
Currently, a new Home Depot retail home improvement facility is under construction which will include
110,000 square feet.
The Lincoln/Locust Street Local Improvement District was formed and bond anticipation notes were issued 1
in May 1990 in the amount of $300,000 to fund certain street improvements adjacent to an office building
constructed by Trammel Crow. The improvements were completed in 1991. Special assessment bonds
in the amount of $405,000 were issued in September 1991.
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Fiscal year 1993 was the second fiscal year of the five year financial plan which began with the voter
approved tax base in 1990. A ballot measure was placed before the citizens of Tigard in November 1990
to increase the tax base by $860,000 to provide continued funding for the non -fee services for the next five
year financial plan period. The ballot measure passed with a 52% vote.
On the same November 1990 ballot, Oregon voters passed a property tax limitation measure referred to
as Measure 5. This measure limits non - school property taxes to one percent of assessed value beginning
July 1, 1991. Although the limitation has not affected Tigard's already low tax rates, the 1993/94 budget
includes no new positions or programs. Some state shared revenues could be reduced in future years.
The Dartmouth Street Local Improvement District project is now under construction. The Local
Improvement District was formed in the early 1980s, however several lawsuits by property owners, have
delayed improvements. The road improvement is important because it will link Interstate 5 with Highway
99 and will provide access to over 300 acres of undeveloped commercially zoned property in the City.
Concurrent with the construction of the road, a Cub Foods facility is under construction and is scheduled
to open next spring. In addition, Costco has announced plans to build a new store in this area.
Interim notes were issued in 1992 in the amount of $2,890,000 to fund construction of the Dartmouth LID 1
project. The notes mature on February 1, 1994. New notes will be issued to facilitate completion of the
project since construction will not be finished in time to issue long term bonds prior to February 1, 1994.
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I FINANCIAL INFORMATION
Management of the City is responsible for establishing and maintaining an internal control system designed
I 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
I 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 valuation of costs
and benefits requires estimates and judgments by management.
I BUDGETING CONTROLS
I 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
I expenditures cannot legally exceed the appropriated amount) is established by program within each
individual fund. The City also maintains an encumbrance accounting system as one technique of
enhancing budgetary control. Encumbered amounts lapse at year end. However, encumbrances generally
are reappropriated as part of the following year's budget.
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.
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GENERAL GOVERNMENT FUNCTIONS
I Revenues for general governmental functions (all governmental funds) on a generally accepted accounting
principles basis totaled $13,788,267 in fiscal year 1993. The 7.3% increase from fiscal year 1992 resulted
primarily from increases in tax revenues, special assessments and charges for services. Revenues from
I various sources and changes from last year are shown below:
% of Inc(Dec) % Inc
I Function Amount Total from F/Y 1992 (Dec)
Taxes $5,493,516 39.8% $ 530,187 10.7%
I Franchise fees 1,320,686 9.6% 32,892 2.6%
Special assessments 688,664 5.0% 400,090 138.6%
Licenses and permits 1,682,341 12.2% 22,799 1.4%
I Intergovernmental revenues 3,073,728 22.3% 23,053 .8%
Charges for services 301,569 2.2% 199,488 195.4%
Fines and forfeitures 316,947 2.3% (5,671) (1.8 %)
1 Miscellaneous revenues 910,816 6.6% ( 265,421) (22.6 %)
$ 13,788,267 100.0 % $ 937,417 7.3%
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Property tax revenue increased 10.7% over last year. The tax base levy was 6% higher than the previous
year's levy due to the statutorily allowed tax base increase.
Miscellaneous revenues consist largely of interest earnings. Earnings were less than the previous year due
to declining balances in the Road Improvement Bond Fund as projects were completed and declining
interest rates. A portion of such earnings are for future rebate to the Federal Government in accordance
with the Tax Reform Act of 1986.
The following schedule presents a summary of Program Expenditures across all governmental funds
including debt service for the fiscal year ended June 30, 1993, - and the changes from last year:
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of Inc (Dec) % Inc
Function Amount Total from F/Y 1992 (Dec)
Community services $4,755,049 35.1% $ 234,566 5.2%
Community development 2,459,618 18.2% (7,156) (.3 %)
Policy and administration 1,223,269 9.0% 66,064 5.7%
City -wide support functions 199,343 1.5% (66,131) (24.9 %)
Capital projects 2,250,274 16.6% (1,485,774) (39.8 %)
Debt service 2,652,428 19.6% 9,254 .4%
$13,539,981 100.0/0 $(,1,249,177) (8.4 %)
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Total expenditures decreased 8.4% from the previous year. Decreases are mostly attributable to declining I
expenditures for capital improvements in the Road Bond and Park Levy Capital Improvement funds.
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FUND BALANCES
Total unreserved fund balances of the City were $7,548,167 at June 30, 1993, consisting of $2,632,544 I
in the General Fund, $1,574,075 in the Special Revenue Funds, $830,080 in the Debt Service Funds, and
$2,511,468 in the Capital Projects Funds. I
The total reserved and unreserved fund balance in the General Fund of $2,745,756 increased $534,921
from last year.
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ENTERPRISE OPERATIONS
The City's enterprise activities include sanitary sewer and storm sewer 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 $1,151,294. Operating expenses
totaled $971,312 resulting in net income of $225,232 after non - operating interest revenues and operating
transfers out.
' Storm drainage operating revenues amounted to $613,002. Storm drainage operating expenses totalled
$792,573 resulting in a net loss of $154,968 after non - operating interest revenues and operating transfers
out.
' 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
1 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 investment policy in Certificates
of Deposit, Banker's Acceptances, Commercial Paper, U.S. Treasury Notes, and the State of Oregon Local
Government Investment Pool approved by the Council. Pension trust funds are invested by the agents with
which investment funds have been deposited and are therefore not included in the City's investment
activities.
Results of investment activity for the fiscal year are shown below in comparison with the previous year:
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Investment Income 1993 1992
General Fund $97,851 $ 131,341
Special Revenue Funds 61,400 59,947
Capital Projects Funds 121,504 176,831
Debt Service Funds 58,012 53,847
Enterprise Funds 116,353 119,546
Pension Trust Fund 155,740 108,744
$ 610,860 $ 650,256
The objective of the City's investment policy is to provide for the preservation of City assets, to ensure that
such assets are available to meet obligations and to provide for a reasonable rate of return on those
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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.
DEBT MANAGEMENT
At June 30, 1993 the City had the following Debt issues outstanding:
General Obligation Bonds $ 8,920,000 1
Bancroft Improvement Bonds 2,751,000
Certificates of Participation 630,000
Bond Anticipation Notes 2,644,523
$14,945,523
The Certificates of year
Participation are for park improvements and are scheduled to be repaid over a five
P P P P Y
period, ending in fiscal 1995, from a parks serial levy.
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 totalled $60,293,527 at June 30, 1993. The City's net debt
subject to this limit was $8,920,000. Bancroft Bonds are not subject to the limitation. $51,373,527 is
available for future indebtedness.
The City has an Al bond rating from Moody's Investment Services on its general obligation bonds. I
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 1
Municipal Corporations as prescribed by the Secretary of State in cooperation with the Oregon State Board
of Accountancy; and to have an independent auditor express an opinion upon the financial position, results
of operations and cash flows as reported by the municipal corporation 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 I
For the last ten 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.
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I 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 it to the GFOA to determine its eligibility for another certificate.
In addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its last five
adopted budgets. In order to qualify for the Distinguished Budget Presentation Award, the government's
I budget document was judged to be proficient in several categories including policy document, financial plan,
operations guide and communications device.
I 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
I 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
I report would not have been possible.
Sincerely,
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atrick J. I ne ow
y C ry
City Administrator Finance Director "...r-----
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CITY OF TIGARD, OREGON I
MAYOR AND COUNCIL MEMBERS AS OF June 30, 1993 1
Name Term Expires
Mayor Gerald R. Edwards December 31, 1994 1
10390 SW Meadow
Tigard, Oregon 97223
Councilman Paul Hunt December 31, 1996
10320 SW Century Oak Drive
Tigard, Oregon 97224
Councilwoman Judy Fessler December 31, 1994
11180 SW Fonner
Tigard, Oregon 97223
Councilwoman Wendi Conover Hawley December 31, 1996
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14790 SW 79th Avenue
Tigard, Oregon 97223
Councilman John Schwartz December 31, 1994
15900 SW 76th
Tigard, Oregon 97224 1
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Patrick J. Reilly, City Administrator I
Wayne Lowry, Director of Finance
Mary E. Gruss, Accounting Manager
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LEGAL COUNSEL
O'Donnell, Ramis, Crew & Corrigan
1727 N.W. Hoyt
Portland, Oregon 97209
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City of Tigard, Oregon
I Organization Chart
as of June 30, 1993
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& City Council
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AdmYistrata
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e Lsa W f p gy Emit AQN M e
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_ Administration _ Circulotlon - AdrinlEraflon _ Administration Capital - city Accanting
I - Improvements Recorder -
Detectives Education Facilities Advaioe Development Community Computer
- Services - Mdrvenance - Planning - Review - Involvement - Systems Reactor
I - COpaeratlons - Service _ Fleet
- - Signals fs/ - esaaces - Court
I Support Technical - Parks _ Curtest RISK Office
Services - Service Mdrienance Marring Mandgerttettt - Services
- Traffic ' -
Sews - Purchasing
I Storm
- D _ Records
I Street
- Martenance
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I *The law firm of O'Donnell, Ramis, Crew & Corrigan provide legal services to the City.
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Certificate
Achievement
for Excellence
in Financial
Reporting 1
Presented to t
City of Tigard Ii
Oregon
For its Comprehensive Annual
Financial Report I
for the Fiscal Year Ended
June 30, 1992
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.
N tu N y
i President
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X 09g ELL 4e. JyA
CNtC660 Y� `
Executive Director
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FINANCIAL SECTION
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REPORT OF INDEPENDENT ACCOUNTANTS
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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, 1993, 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 and the Minimum Standards for
' Audits for Oregon Municipal Corporations. 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, 1993, 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 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
By: 4
Nicholas H. Gray, a partne
Portland, Oregon
September 15, 1993
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CITY OF TIGARD
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1993
Governmental Fund Types I
Special Debt
ASSETS AND OTHER DEBITS General Revenue Service
Assets: I
Cash and investments $3,120,802 $1,614,102 $ 818,226
Restricted cash & investments
Accounts receivable 5,850
Property taxes receivable 266,102 125,345
Assessment liens receivable 174,606 2,196,388
Accrued interest on delinquent assessments 52,698
Prepaid insurance 94,940
Inventory 18,272
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 $3,505,966 $1,788,708 $3,192,657
LIABILITIES, FUND EQUITY AND OTHER CREDITS ,
Liabilities:
Accounts payable and accrued liabilities $ 497,903 $ 52,044 $ 21,718
Deposits 56,672
Deferred revenues:
Property taxes 205,635 95,268
Assessment liens receivable 162,589 2,192,972
Accrued interest on delinquent
assessments 52,619
Certificates of Participation
Accrued vacation payable
Deferred compensation payable
Bond anticipation notes payable
Bonds payable
Bond arbitrage rebate liability
Special assessment bonded debt
with government commitment
Total Liabilities 760,210 214,633 2,362,577
Fund Equity and Other Credits:
Contributed capital
Investment in general fixed assets
Retained earnings
Fund balances:
Reserved for prepaid insurance 94,940
Reserved for inventory 18,272
Reserved for employee retirement benefits I
Unreserved and designated for debt service 830,080
Unreserved and undesignated 2,632,544 1,574,075
Total Fund Equity and Other Credits 2,745,756 1,574,075 830,080
Total Liabilities, Fund Equity and Other Credits $3,505,966 $1,788,708 $3,192,657
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The accompanying notes are an integral part
of the general purpose financial statements.
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Proprietary Fiduciary
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Fund Types Fund Types Account Groups Total
Capital Trust General Long- (Memorandum
Projects Enterprise and Agency Fixed Assets Term Debt Only)
$2,517,597 $ 1,210,082 $3,133,535 $ $ $12,414,344
• 1,990,344 1,990,344
79 515,468 521,397
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391,447
9,065 2,380,059
52,698
94,940
I 18,272
9,368,659 8,514,356 17,883,015
830,080 830,080
1 14,529,190 14,529,190
$2,517,676 $13,093,618 $3,133,535 $8,514,356 $15,359,270 $51,105,786
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$ 6,208 $ 856,130 $ $ $ $ 1,434,003
I 56,672
300,903
7,943 2,363,504
1 52,619
630,000 630,000
27,615 297,747 325,362
I 1,012,106 1,012,106
2,644,523 2,644,523
8,920,000 8,920,000
116,000 116,000
I 2,751,000 2,751,000
6,208 891,688 1,012,106 15,359,270 20,606,692
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10,073,412 10,073,412
I 2,128,518 8,514,356 8,514,356
2,128,518
94,940
18,272
I 2,121,429
830,080
2,511,468 6,718,087
I 2,511,468 12,201,930 2,121,429 8,514,356 30,499,094
$2,517,676 $13,093,618 $3,133,535 $8,514,356 $15,359,270 $51,105,786
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CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
I IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1993
I Total
Special Debt Capital (Memorandum
I General Revenue Service P Only)
Revenues:
Taxes $3,761,694 $ $1,731,822 $ $5,493,516
Franchise fees 1,320,686 1,320,686
Special assessments 688,664 688,664
I
Licenses and permits 990,963 691,378 1,682,341
Intergovernmental revenues 1,537,538 1,476,638 59,552 3,073,728
Charges for services 92,396 209,173 301,569
Fines and forfeitures 316,947 316,947
I Miscellaneous revenues,
primarily interest 216,489 122,655 285,092 286,580 910,816
Total revenues 8,236,713 2,499,844 2,705,578 346,132 13,788,267
I Expenditures:
Community services 4,740,579 14,470 4,755,049
Community development 1,550,326 909,292 2,459,618
I Policy and administration 1,134,955 88,314 1,223,269
City-wide support functions 171,107 28,236 199,343
Capital projects 104,825 1,285,931 859,518 2,250,274
Debt service 2,652,428 2,652,428
ill Total expenditures 7,701,792 2,326,243 2,652,428 859,518 13,539,981
Excess of revenues over
I (under) expenditures 534,921 173,601 53,150 ( 513,386) 248,286
Other financing sources (uses):
Proceeds from issuance
I of refunding bonds 7,700,557 7,700,557
Payment to escrow agent (7,619,224) (7,619,224)
Operating transfers in 75,000 75,000
Operating transfers out ( 28,500) ( 28,500)
I Total other financing sources (uses) ( 28,500) 156,333 127,833
Excess of revenues and
I other sources over (under)
expenditures and other uses 534,921 145,101 209,483 ( 513,386) 376,119
Fund balances - beginning of year 2,210,835 1,428,974 620,597 3,024,854 7,285,260
I Residual deficit transfer in ( 262) ( 262)
Residual deficit transfer out 262 262
' Fund balances - end of year $2,745,756 $1,574,075 $ 830,080 $2,51® $7,661,379
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I - The accompanying notes are an integral part
of the general purpose financial statements.
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CITY OF TIGARD, OREGON I
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
I
for the fiscal year ended June 30, 1993
General Fund Special Revenue Funds
I
Variance Variance
Revised Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues: 11 Taxes $3,654,677 $3,761,694 $ 107,017 $ $ $
Franchise fees 1,337,000 1,320,686 (16,314)
Special assessments
Licenses and permits 783,200 990,963 207,763 876,000 691,378 (184,622) ,
Intergovernmental revenues 1,554,821 1,537,538 (17,283) 1,515,700 1,476,638 (39,062)
Charges for services 79,000 92,396 13,396 245,400 209,173 (36,227)
Fines and forfeitures 315,000 316,947 1,947
Miscellaneous revenues,
I
primarily interest 330,760 216,489 ( 114,271) 60,450 100,423 39,973
Total revenues 8,054,458 8,236,713 182,255 2,697,550 2,477,612 ( 219,938)
Expenditures:
I
Community services 4,878,680 4,740,579 138,101 18,764 14,470 4,294
Community development 1,757,132 1,550,326 206,806 1,025,996 909,292 116,704
Policy and administration 1,160,846 1,134,955 25,891 88,567 88,314 253
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City -wide support functions 198,333 171,107 27,226 32,730 28,236 4,494
Contingency 547,000 547,000 237,956 237,956
Capital projects 183,672 104,825 78,847 2,111,594 1,285,931 825,663
Debt service 111 Total expenditures 8,725,663 7,701,792 1,023,871 3,515,607 2,326,243 1,189,364
Excess of revenues over
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(under) expenditures ( 671,205) 534,921 1,206,126 ( 818,057) 151,369 969,426
Other financing sources (uses):
Proceeds from issuance
I
of refunding bonds
Payment to escrow agent
Operating transfers in
Operating transfers out ( 28,500) ( 28,500) I
Total other financing
sources (uses) ( 28,500) ( 28,500)
Excess of revenues and other i
sources over(under) expenditures
and other uses (671,205) 534,921 1,206,126 818,057 122,869 940,926
Fund balances - budgetary basis,
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beginning of year 2,016,992 2,210,835 193,843 818,057 1,428,974 610,917
Residual deficit transfer in ( 262)
Residual deficit transfer out 262
Fund balances - budgetary basis,
end of year $1,345,787 $2,745,756 $1,403,007 $ $1,551,843 $1,551,843
Adjustments to generally accepted
accounting principles basis -
June 30, 1993 fund balances of
nonbudgeted funds 22,232
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Fund balances - generally accepted
accounting principles basis,
June 30, 1993 $1,574,075
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The accompanying notes are an integral part
of the general purpose financial statements
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I Debt Service Funds Capital Projects Funds Total (Memorandum Only)
Variance Variance Variance
Revised Favorable Revised Favorable Revised Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
I $1,671,626 $1,731,822 $ 60,196 $ $ $ $5,326,303 $5,493,516 $ 167,213
1,337,000 1,320,686 (16,314)
250,183 688,664 438,481 250,183 688,664 438,481
I 1,659,200 1,682,341 23,141
3,125,321 3,073,728 (51,593)
324,400 301,569 (22,831)
315,000 316,947 1,947
I 300,358 285,092 ( 15,266) 58,200 213,655 155,455 749,768 815,659 65,891
2,222,167 2,705,578 483,411 113,000 273,207 160,207 13,087,175 13,693,110 605,935
I 4,897,444 4,755,049 142,395
2,783,128 2,459,618 323,510
I 1,249,413 1,223,269 26,144
231,063 199,343 31,720
784,956 784,956
3,127,600 859,518 2,268,082 5,422,866 2,250,274 3,172,592
I 2,413,456 2,652,428 ( 238,972) 2,413,456 2,652,428 (238,972)
2,413,456 2,652,428 ( 238,972) 3,127,600 859,518 2,268,082 17,782,326 13,539,981 4,242,345
I ( 191,289) ( 53,150) 244,439 (3,014,600) ( 586,311) 2,428,289 ( 4,695,151) 153,129 4,848,280
I 7,985,000 7,700,557 (284,443) 7,985,000 7,700,557 (284,443)
(7,985,000) (7,619,224) 365,776 (7,985,000) (7,619,224) 365,776
75,000 75,000 75,000 75,000
I ( 28,500) ( 28,500)
75,000 156,333 81,333 75,000 127,833 52,833
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(116,289) 209,483 325,772 (3,014,600) (586,311) 2,428,289 (4,620,151) 280,962 4,901,113
I 319,814 620,597 300,783 3,014,600 3,024,854 10,254 6,169,463 7,285,260 1,115,797
$ 203,525 $ 830,080 $ 626,555 $ $2,438,543 $2,438,543 $1,549,312 $7,566,222 $6,016,910
I
72,925 95,157
I $2,511,468 $7,661,379
CITY OF TIGARD, OREGON I
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, 1993
Total
I
Pension (Memorandum
Enterprise Trust Only)
Operating revenues:
I
Service charges $1,761,804 $ $1,761,804
Contributions 406,173 406,173
Interest 155,740 155,740
Miscellaneous 2,492 2,492
Total operating revenues 1,764,296 561,913 2,326,209
Operating Expenses:
I
Salaries and wages 936,423 936,423
Contracted services 16,719 16,719
General and administrative and other 382,483 382,483
Depreciation 428,260 428,260
I Benefit payments and withdrawals 55,079 55,079
Total operating expenses 1,763,885 55,079 1,818,964
Operating income 411 506,834 507,245
I
Nonoperating revenues -
Interest 116,353 116,353
Income before operating transfer 116,764 506,834 623,598
Operating transfer out ( 46,500) ( 46,500)
Net income 70,264 506,834 577,098
Add depreciation on fixed assets donated
or acquired from capital contributions
that reduces contributed capital 234,072 234,072
Increase in retained earnings 304,336 506,834 811,170
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Retained earnings - beginning of Y ear 1 824 182 1 614 595 3 438 777
Retained earnings - end of year $2,128,518 $2,121,429 $4,249,947 I
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The accompanying notes are an integral part
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of the general purpose financial statements
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I CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CASH FLOWS
I ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS
for the fiscal year ended June 30, 1993
I Cash flows from operating activities:
Operating income $ 411
I Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation 428,260
Increase in accounts receivable (132,009)
I Decrease in assessments receivable 414
Increase in accounts payable and accrued liabilities 224,731
Increase in accrued vacation payable 13,584
Increase in deferred revenue 1 ,129
I Net cash provided by operating activities 536,520
Cash flows used in noncapital financing activities -
I Operating transfers out ( 46,500)
Cash flows from capital and related financing activities:
Capital contributions 165,459
I Acquisition of fixed assets ( 38,503)
Net cash provided by capital and related financing activities 126,956
Cash flows from investing activities -
Interest earnings 116,353
Net increase in cash and cash equivalents 733,329
Cash and cash equivalents - beginning of year 2,467,097
Cash and cash equivalents - end of year $3,200,426
1 Supplemental Schedule of Noncash Investing, Capital
and Financing Activities -
I Contributed sewer and storm lines $ 779,171
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The accompanying notes are an integral part
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of the general purpose financial statements
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NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
I Governmental Entities Included In the Combined Financial Statements
I The City is the lowest level of government exercising oversight responsibility for all general governmental operations within
its boundaries. As a result, all significant activities and organizations have been included in the combined financial
statements. The following criteria were established to evaluate the manifestation of oversight responsibility at the lowest
level of legislative authority:
Financial interdependency The City is responsible for its debts and is entitled to surpluses. No separate agency
receives a financial benefit nor imposes a financial burden on the City.
III Election of the governing authority - The locally elected City Council is exclusively responsible for all public decisions
and accountable for the decisions made.
I - Designation of management - The City Council appoints the management of the City. The activities under the purview
of management are within the scope of the reporting entity and the management is accountable to the City Council
for the activities being managed.
I - Ability to significantly influence operations - The City Council has the statutory authority under the provisions of the
Oregon Revised Statutes to significantly influence operations. This authority includes, but is not limited to, adoption
S of the budget, control over all assets, including facilities and properties, short-term borrowing, signing contracts, and
developing the programs to be provided.
- Accountability for fiscal matters - The responsibility and accountability over all funds is vested with City Council.
There are many governmental agencies including Washington County and certain school districts and various service
districts which provide services within the City. These agencies have independently elected governing boards and the City
I does not manifest any oversight responsibility. Therefore, financial information for these agencies is not included in the
accompanying general purpose financial statements.
I Measurement Focus and Basis of Accounting
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
II 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.
II 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
I these funds are included on the combined balance sheet.
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
I and available and expenditures are recorded at the time liabilities are incurred, except for:
- Interfund transactions for services which are recorded on the accrual basis.
5 - Interest on bonds payable which is recorded on its due date.
I - Earned but unpaid vacations which are recorded as expenditures to the extent they are expected to be liquidated with
expendable available financial resources.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies: (continued)
Measurement Focus and Basis of Accounting (continued)
Revenues which were measurable and available at June 30, 1993 under the modified accrual basis of accounting were as
follows:
- State, county, and local shared revenues for cigarette4ax, liquor tax and other.
- Property tax revenues and assessment lien principal installments which are collected within sixty days following year
end.
The Enterprise Funds and Pension Trust Fund are accounted for utilizing the accrual basis of accounting. Under the
accrual basis of accounting, revenues are recorded at the time they are earned and expenses are recorded at the time ■
liabilities are incurred.
The bases of accounting described above are in accordance with generally accepted accounting principles. 1
Total (Memorandum Only) Columns
The Total (Memorandum Only) columns on the combined financial statements represent an aggregate of the columnar
statements by fund type and account group; they do not represent consolidated financial information.
Investments I
Investments, included in unrestricted and restricted cash and investments, are carried at cost which approximates market.
Deferred Compensation Fund investments are carried at market value.
Cash Equivalents
For purposes of the combined statement of cash flows - all proprietary fund types - Enterprise Funds, cash equivalents are
short-term investments with original maturities or remaining maturities of less than three months when purchased.
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, including services earned but not billed.
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. 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 II
receivable are due from property owners within the City.
. y
Assessments in the governmental funds are recognized as receivables at the time property owners are assessed for I
property improvements. Assessments receivable expected to be collected within sixty days after year end are considered
measurable and available and are recognized as revenues. All other assessments receivable are offset by a deferred
revenue account and, accordingly, have not been recorded as revenue. I
Accrued interest on delinquent assessments is recorded as a receivable and entirely offset by a deferred revenue account, •
and accordingly, has not been recorded as revenue.
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CITY OF TIGARD, OREGON
I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies: (continued)
I Inventory
Inventory of parts is stated at cost on the first -in, first -out basis and is charged to expenditures as used.
Restricted Cash and Investments
Cash and investments which may only be used for construction of fixed assets in accordance with applicable laws and
regulations have been segregated from unrestricted cash and investments on the combined balance sheet.
1 Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated historical cost when historical cost is not available.
I Donated assets are recorded at fair market value at date of donation. Estimated fair market value of donated assets is
determined based on 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:
I Building 40 years
Sewer System 40 years
Storm Drainage System 40 years
1 Equipment 5 to 10 years
Autos and Trucks 3 years
1 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 historical 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
I 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.
I 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.
Long-Term Debt
I 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 Certificate of Participation is paid for by property taxes levied beginning in fiscal 1991 and payments
! I are made from a Debt Service Fund. The bond arbitrage rebate liability will be paid from the Capital Projects 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.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies: (continued)
'1
Accrued Vacation Payable
Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by employees. In Governmental Fund ,I
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 1
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 1
Enterprise Funds:
- Receipts of federal and state grants for acquisitions of fixed assets.
- Fixed assets contributed from other funds or the General Fixed Assets Account Group. 3
- Contributions from others for the acquisition or construction of fixed assets. I
- Transfers from retained earnings for depreciation on fixed assets donated or acquired by contributed capital resources.
Budget II
A budget is prepared for each fund except for the Fiduciary Fund Types, in accordance with the modified accrual basis of
accounting for governmental funds, and for the Enterprise Funds, and in accordance with the legal requirements set forth
in the Oregon Local Budget Law. The ordinance authorizing appropriations for each fund sets the level by which
expenditures cannot legally exceed appropriations. Appropriations are made at the major program level for each fund.
Appropriations lapse at the end of each fiscal year. The detail budget document, however, is required to contain more ,�
specific 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, 1993 there was one 1
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 outlay I
applicable to that program. - Capital outlay expenditures benefiting the City and not an identifiable program are reported
separately.
Budgeted amounts presented herein are as originally adopted or as amended by the City Council. the net effect of
amending ordinances and resolutions passed during the fiscal year was an appropriations increase of $60,638.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation:
I 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's financial operations are accounted for in the following funds and account groups.
I 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 the 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.
Streets SDC Fund - This fund accounts for system development charges to be used for major repair and
improvement to extra capacity street facilities.
Parks SDC Fund - This fund accounts for system development charges for major improvements to recreational
facilities within the City.
County Gas Tax Fund - This fund accounts for road tax monies received from Washington County for the
maintenance and operation of roads.
Traffic Impact Fund - This fund accounts for traffic impact fees charged for new development. This voter
approved county -wide fee takes the place of the City's Street SDC Fund. Funds will be used for highway and
transit capital improvements approved by the County that provide additional capacity to the major transportation
system.
Water Quality & 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 Fund - This fund accounts for monies received from developers for future underground
utility improvements.
Debt Service Funds:
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 from property taxes from a Parks serial levy.
Bancroft Bond Debt Service Fund - This fund accounts for payment of Bancroft improvement bond principal
and interest. The principal source of revenue is from collections of assessments against benefitted property,
interest and contributions from other funds for their share of costs.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation: (continued)
Governmental Fund Types: continued I
Capital Projects Funds:
Local Improvement Capital Projects Funds - This fund accounts for construction of Local Improvement District
projects from the sale of Bond Anticipation Notes and certain other debt.
Road Improvement Bond Fund - This fund accounts for the proceeds of the sale of bonds issued in 1989 to
fund improvements to segments of ten major streets in the City.
Park Levy Capital Improvement Fund - This fund accounts for proceeds from the sale of Certificates of
Participation and improvements to Tigard's park system. I
Library Capital Improvement Fund - This fund accounts for monies received from a private donation to be
used for the Library Phase II expansion.
Proprietary Fund Types
Enterprise Funds: I
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. I
Fiduciary Fund Types:
Deferred Compensation Fund - This agency fund accounts for monies withheld from employees under deferred 1
compensation plans and earnings on investment of those funds.
1 Pension Trust Fund - This fund accounts for the City's general 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.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
I 3. Cash and Investments:
I 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
i those of other City funds.
Cash and investments are comprised of the following at June 30, 1993:
I Cash on hand $ 12,171
Cash Held by Department of Finance, Washington County 51,348
Deposits with financial institutions 1,314,685
Investments 13,026,484
$14,404,688
I Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts. The total bank balance is
$1,096,153 (book balance is $1,314,685). Of these deposits, $100,000 was covered by federal depository insurance, and
I $996,153 was fully collateralized with securities held by financial institutions acting as custodians for the City in the City's
name. 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.
I Investments
I 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.
I The City's investments are categorized below to give an indication of the level of risk assumed by the City at June 30, 1993.
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.
I Category Carrying Market
1 2 3 Amount Value
1
US Government Securities $ 775,103 $ 775,103 $ 775,103
I Held by custodians under
deferred compensation and
pension plans - mutual
I fund investments 3,133,535 3,133,535
State Treasurer's Investment
Pool 9,117,846 9,117,846
I
Total Investments $13,0_ 026 484
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1
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 at 7 to 13 percent. At June 30, 1993, the portion of the assessments receivable balance that represents delinquent
accounts is $81,117.
5. Fixed Assets:
Fixed assets in the Enterprise Funds at June 30, 1993 are as follows:
Land $ 2,484
Building 53,540
Sewer system 7,312,900
Storm drainage system 6,680,714
Equipment 123,457
Autos and trucks 479.153 J
14,652,248
Less accumulated depreciation: ( 5,283,589) 1
$ 9 368 659
Changes in fixed assets in the General Fixed Asset Account Group for the year ended June 30, 1993 are as follows:
'I
Balances Balances
June 30, 1992 Additions Retirements June 30. 1993
Land $2,064,908 $ $ (20,136) $2,044,772
Buildings 3,728,594 234,490 (43,564) 3,919,520
Equipment 627,754 47,399 (2,728) 672,425
Autos and trucks 930,960 97,966 (85,253) 943,673
Office equipment 855,904 78,062 933,966
$8,208,120 $457,917 $Q2 $8,51®
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6. Lon0 -Tenn Debt:
Bonds Payable
Bonds payable transactions for the year ended June 30, 1993 and future maturities of bond principal and interest at 1
June 30, 1993 are as follows:
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
I 6. Long -Term Debt: (continued)
I Outstanding Outstanding
June 30, Paid Issued Refunded June 30,
1992 During Year During Year During Year 1993 Interest
i General Obligation Bonds:
General obligation bonds; interest
rates 2.40% to 10.60:
I Fiscal Year:
1993 $ 120,000 $ (120,000) $ $ $ $
1994 830,000 (845,000) 150,000 135,000 28,430
I 1995 945,000 140,000 1,085,000 407,492
1996 1,055,000 145,000 1,200,000 350,277
1997 1,165,000 1,150,000 (1,165,000) 1,150,000 254,457
I 1998 -2002 4,635,000 4,880,000 (4,635,000) 4,880,000 549,975
2003 - 2004 480,000 470,000 ( 480,000) 470,000 33,625
$9 230 000 $( 965,000) $6 935 000 $(6280 $ 8 920 000 $1 624 256
I Outstanding Called/ Outstanding
June 30, Paid Issued Refunded June 30,
1992 During Year During Year During Year 1993 Interest
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Bancroft Improvement Bonds:
1 General obligation improvement bond
issues; interest rates from 4.2% to 16.0 %;
payable first from assessments to benefitted
I properties and second, from the general
credit of the City:
Fiscal Year
1993 $ 414,000 $ (414,000) $ $ $ $
1994 203,000 203,000 158,323
1995 218,000 218,000 141,640
1996 145,000 145,000 130,240
I 1997 155,000 155,000 121,777
1998-2002 1,215,000 60,000 (275,000) 1,000,000 473,124
2003 -2006 1015,000 600,000 ( 585,000) 1,030,000 186,105
1 $3,365,000 $( 414,000) $ 660,000 $( 860,000) $2,751,000 $1,211,209
10 On May 3, 1993, the City issued $6,935,000 in General Obligation Bonds with an average interest rate of 3.7% to advance refund $6,280,000 of
outstanding 1987 and 1989 Series bonds with an average interest rate of 5.2 %. Also on May 3, 1993, the City issued $660,000 in General Obligation
Improvement Refunding Bonds and used $200,000 of available cash, with an average interest rate of 4.7% for a current refunding of a portion of
outstanding 1982, 1989 and 1990 Series bonds. The net proceeds for both the advance and current refunding, were deposited in an irrevocable trust
I with an escrow agent to provide for future debt service payments on the refunded bond Series. As a result, these bond Series are considered to be
defeased and the liability for those bonds has been removed from the General Long Term Debt Account Group.
I The refundings were done to obtain an economic gain or present value savings of $265,436 on the advance refunding of the 1987 and 1989 Series
bonds and $76,031 savings on the current refunding of the 1982, 1989 and 1990 Series bonds.
I The City issued $405,000 in Special Assessment Bonds bearing a 6% interest rate in fiscal year 1992. The bonds were used to repay interim financing
issued to finance the Lincoln and Locust Street Local Improvement District.
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CITY OF TIGARD , OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
6. Long -Term Debt: (continued)
1
In fiscal year 1987, the City issued $2,215,000 in General Obligation Bonds to advance refund $1,640,000 of outstanding 1984 Series bonds. The 1
net proceeds were deposited in an irrevocable trust with an escrow agent to provide for future debt service payments on the 1984 Series bonds. As
a result, the 1984 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, 1993, the outstanding balance on the 1984 Series bonds is $1,640,000.
Other Long-Term Debt
I
Other long -term debt recorded in the General Long -Term Debt Account Group and the changes thereto for the year ended June 30, 1993 are as
follows:
Balance Balance
June 30 1992 Additions Deletions June 30 1993
Certificates of participation, interest
rates of 6.625 %; annual payments to be
made solely from a special
five year parks serial levy $ 905,000 $ $ 275,000 $ 630,000
Arbitrage rebate liability, 1
due in fiscal year 1994 $ 116,000 $ $ $ 116,000
Accrued vacation payable $ 284,007 $ 297,747 $ 284,007 $ 29_
Bond Anticipation Notes, due fiscal
year 1994; interest rate 4.5% $2,644,523 $ $ $2,644,523 I
The bond arbitrage rebate liability represents amounts due to the federal government as required by Internal Revenue Service regulations from interest
earnings on the proceeds of $8,500,000 general obligation bonds issued in May 1989 in excess of the effective yield on the bonds. I
Future maturities of other long -term debt recorded in the Long -Term Debt Account Group and related interest at June 30, 1993 are:
I i
Certificates Arbitrage Accrued Bond
•
Fiscal of Rebate Vacation Anticipation
Year Participation Liability Payable Notes
1994 $ 346,737 $ 116,000 $ 297,747 $2,890,000
1995 346,541
Total 693,278 116,000 297,747 2,890,000 i
Less amounts
representing
interest 63,278 245,477
Total $ 63® $ 11® $ 29� $2®
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CITY OF TIGARD, OREGON
I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
7. Contributed Capital:
I The changes in contributed capital were as follows:
i Balance - beginning of year $ 9,362,854
Transfer of depreciation on certain contributed
fixed assets from retained earnings (234,072)
Contributions from customers 944,630
Balance - end of year $10,073,412
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8. Retirement Plans:
1 The City contributes to retirement plans on behalf of all eligible employees. At June 30, 1993, the following employee
groups were covered by the following retirement plans:
Group Retirement Plan
Management/Professional Staff International City Managers
(Non union) Association Retirement Corporation
It (ICMARC) Money Purchase Plan
Oregon Public Employees Union ICMARC
Tigard Police Officers Association State of Oregon Public Employes
Retirement System (PERS)
I ICMARC Plans:
The City contributes to defined contribution, single employer plans at a specified percent of gross salary depending on the
employment group, for all employees who are not covered under the police pension plan. Employees do not make
contributions to these plans. The City is required to make contributions to these plans under authority of City Council
resolution and the plan documents. Employees become eligible to participate in the plans after six months of service and
vest immediately. Employees may withdraw funds upon retirement or termination of employment. Contributions to the plans
are made to a fiduciary. The fiduciary holds the funds in trust and makes distributions as provided by the plans. Required
and actual expenditures by the City for the plans were $406,173 for the year ended June 30, 1993. Current year covered
payroll amounted to $3,310,397. Required and actual expenditures as a percentage of covered payroll was approximately
I 12.4 percent.
Police Plan:
1 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, 1993 was $1,817,118; the City's total payroll was $5,137,642.
PERS benefits vest after five years of continuous service. Retirement is allowed at either age 58 for general employees
and 55 for fire and police personnel with unreduced benefits, but retirement is generally available after age 55 for general
1 employees and 50 for fire and police personnel 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
i statutes.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
8. Retirement Plans: (continued)
The rate of employer contributions to PERS is determined periodically by PERS based on actuarial valuations. It is the I.
City's policy to recognize pension expenditures or expenses as currently funded. The City's required employer contribution
rate is 15.51% of covered employees' salaries. The required employee contribution of 6% of covered compensation is paid
by the City in conformance with its labor contract.
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,
1992. Significant actuarial assumptions used in the valuation include (a) a rate of return on the investment of present and
future assets of 8 %, (b) projected salary increases of 6% 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.
The net assets in excess of the pension benefit obligation applicable for all City participants, based on the last actuarial
valuation on December 31, 1991 and actuarial update on December 31, 1992 are as follows:
December 31, December 31,
1992 1991 1
Net assets available for benefits (at market value) $2,440,810 $2,261,317 1
Pension benefit obligation - current employees:
Member account balance 645,305 505,355
Vested accrued benefits 657,253 415,838
Nonvested accrued benefits 167,382 116,885
Total 1,469,940 1,038,078
Assets in excess of pension benefit obligation $ 970,870 $1,223,239
Net assets available for benefits as a
percentage of the pension benefit obligation 166% 218%
Assets in excess of pension benefit obligation as a
percentage of covered payroll 53% 73% I
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
8. Retirement Plans: (continued)
I 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
I the City's information available. The first valuation performed by PERS for the City was as of December 31, 1991. An
actuarial update was performed as of December 31, 1992. Accordingly, certain trend information is available only as of
December 31, 1991 and 1992.
I 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:
I
1993 1992 1991 1990
I Employer's portion $301,686 $281,267 $242,954 $ 25,235
Employee "pick -up" 108,095 93,994 83,726 9,209
I I Total employer cost $409,781 $375,261 $326,680 $ 34,444
I Employer and employee
contribution as a percentage
of covered payroll 23.0% 23.0% 19.0/o _/o
I 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.
I 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.
1 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.
•
I Certain historical trend information showing the system's progress in accumulating assets to pay benefits when due may
r be found in the June 30, 1993 Oregon Public Employes Retirement System annual financial report.
Deferred Compensation Plan:
The City offers certain employees a deferred compensation plan created in accordance with Internal Revenue Code Section
I 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years.
Contributions for the plan are made to fiduciaries who hold the funds in trust for the plan participants. The deferred
compensation is not available to employees until termination, retirement, death, or unforeseeable emergency.
j All amounts of compensation deferred under the plan, 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 plan), subject only
I to the claims of the City's general creditors. Participants' rights under the plan, 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
1 losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
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 II
(USA) and remits all collections to USA except for 30 percent of sewer service charges collected and 20 percent of
connection charges collected and a certain amount for revenue bond debt service, in accordance with an agreement I
between the City and USA dated June 25, 1991. Payments of $4,055,038 were made to USA during 1993 under this
agreement.
The City has a similar agreement with the Regional Surface Water Management Agency, which is an affiliate of USA for
storm water systems. Payments made to the Agency during 1993 under the agreement were $281,929.
The net amount retained by the City is reported as revenues in the Enterprise Funds in the Combined Statement of
Revenues, Expenses and Changes in Retained Earnings /Fund Balance -- All Proprietary Fund Types - Enterprise Funds. it
Revenues are reported net because the City acts in a fiduciary capacity on behalf of USA.
10. Segment Information for Enterprise Funds: III
The City's two Enterprise Funds account for the acquisition, operation, and maintenance of sewer and storm drainage
systems which are supported by user charges. Segment information as of and for the year ended June 30, 1993 is as
1 follows:
Sewer Storm Drainage
Fund Fund Total
Operating revenue $1,151,294 $ 613,002 $1,764,296
it
Depreciation 261,266 166,994 428,260
Operating income(loss) 179,982 (179,571) 411
Operating transfers out 28,500 18,000 46,500
Net income(loss) 225,232 (154,968) 70,264
Current capital contributions 419,846 524,784 944,630
Fixed asset additions 38,430 73 38,503
Net working capital 521,465 312,397 833,862
Total assets 7,880,232 5,213,386 13,093,618
Total equity 7,062,500 5,139,430 12,201,930
11. Overexpenditure of Appropriations and Deficit Fund Balance: I
For fiscal year 1993 the Road Improvement Bond Fund appropriations for capital projects were overexpended by $41,541.
1
12. Commitments:
Commitments for capital construction projects amounted to approximately $1,727,000 at June 30, 1993. 1
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I CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1
13. Passage of Constitutional Property Tax Limitation:
I 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
I government operations other than the public school system. The limitation specifies $10.00 is the maximum allowable tax
for each $1,000 of property real market value imposed on local governments other than the public school system beginning
with the 1992 -93 fiscal year.
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 owners option;
I 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;
I 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
1 significant.
14. Operating Transfers:
I Operating transfers in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All
Governmental Fund Types for the year ended June 30, 1993, do not equal because of transfers made with proprietary fund
types. Following is a reconciliation of operating transfers for the year ended June 30, 1993:
1 Total operating transfers in, included in the
Combined Statement of Revenues, Expenditures
I and Changes in Fund Balances - All Governmental
Fund Types $75,000
1 Operating transfers out to governmental funds from
proprietary funds (46,500)
Total operating transfers out, included in the
I Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types $28,500
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I SUPPLEMENTARY DATA
(Combining and Individual Fund and Account Group Statements
I and Other Financial Schedules)
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I 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.
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CITY OF TIGARD, OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
Variance I
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ 3,654,677 $ 3,761,694 $ 107,017
Franchise fees 1,337,000 1,320,686 (16,314)
Licenses and permits 783,200 990,963 207,763
Intergovernmental revenues 1,554,821 1,537,538 (17,283)
Charges for services 79,000 92,396 13,396
Fines and forfeitures 315,000 316,947 1,947
Miscellaneous revenues, primarily interest 330,760 216,489 (114,271)
Total revenues 8,054,458 8,236,713 182,255
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 2,016,992 2,210,835 193,843
Total $10,071,450 $10,447,548 $37®
Revised
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES: I
Community services $ 4,878,680 $ 4,740,579 $138,101
Community development 1,757,132 1,550,326 206,806
Policy and administration 1,160,846 1,134,955 25,891
City -wide support functions 198,333 171,107 27,226
Contingency 547,000 547,000
Capital projects 183,672 104,825 78,847
Total expenditures $ 8,725,663 $ 7,701,792 $1,023,871 I
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I SPECIAL REVENUE FUNDS
I 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:
I • Forfeitures from Criminal Activity Fund
• State Tax Street Fund
I • Streets SDC Fund (nonbudgeted fund)
• Parks SDC Fund
I • County Gas Tax Fund
I • Traffic Impact Fund
• Water Quality & Quantity Fund
I • Underground Utility Fund (nonbudgeted fund)
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CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1993
Forfeitures
From State County Water
Criminal Tax Parks Gas Traffic Quality & Underground
Activity Street SDC Tax impact Quantity Utility
Fund Fund Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $ 3,320 $358,625 $214,824 $ 18,595 $ 911,329 $ 85,222 $ 22,187 $1,614,102
Assessments receivable 174,606 174,606
Total assets $ 3,320 $358,625 $214,824 $ 18,595 $1,085,935 $ 85,222 $ 22,187 $1,788,708
LIABILITIES AND FUND BALANCES
LIABILITIES:
N
W
Accounts payable $ $ 49,944 $ $ $ 2,100 $ $ $ 52,044
Deferred revenues 162,589 162,589
Total liabilities 49,944 164,689 214,633
FUND BALANCES UNRESERVED 3,320 308,681 214,824 18,595 921,246 85,222 22,187 1,574,075
Total liabilities and fund
balances $ 3,320 $ 358,625 $ 214,824 $ 18,595 $1,085,935 $ 85,222 $ 22,187 $1,788,708
s 1111111 11111111 MB - 111110 N SS M MI - MI - - i r MI BM
u um Ns us up ea am am an me am s am gm no am 1111111 OM I
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1993
Forfeitures
From State Water Underground
Criminal Tax Street Streets Parks County Gas Traffic Quality & Utility
Activity Fund Fund SDC Fund SDC Fund Tax Fund Impact Fund Quantity Fund Fund Total
REVENUES:
Licenses and permits $ $ $ $ $ $ 671,758 $ 19,620 $ $ 691,378
Intergovernmental
revenues 1,336,247 140,391 1,476,638
Charges for services 12,423 196,750 19,620 209,173
Miscellaneous revenues 1 41 45 5,433 937 48,290 3 22,187 122
Total revenues 1,457 1,389,937 45 202,183 141,328 720 22,659 22 2,499
EXPENDITURES: .
Community services 14,470 14,470
Community development 732,165 123,570 53,557 909,292
Policy and admin-
istration 67,082 21,232 88,314
City -wide support
functions 22,998 5,238 28,236
Capital projects 640,684 162,523 482,724 1,285
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A. Total
expenditures 14,470 1,462,929 162,523 150,040 536,281 2,326
Excess of revenues over
(under) expenditures (13,013) (72,992) 45 39,660 (8,712) 18,767 22,659 22,187 173,601 .
Other financing uses -
Operating transfers out ( 28,500) ( 28,500)
Excess of revenues over (under)
expenditures and other uses (13,013) (101,492) 45 39,660 (8,712) 183,767 22,659 22,187 145,101
FUND BALANCES -
beginning of year 16,333 410,173 ( 307) 175,164 27,307 737,741 62,563 1,428,974
Residual deficit transfer in ( 262)
Residual deficit transfer out 262
FUND BALANCES -
end of year $ 3, 320 $ 308,681 $ $ 214 $ 18,595 $ 921,246 $ 85,222 $ 22 $1,574,075
CITY OF TIGARD, OREGON
FORFEITURES FROM CRIMINAL ACTIVITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
1
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES- I
Miscellaneous $ 400 $ 1,457 $ 1,057
BEGINNING FUND BALANCE AVAILABLE 1
FOR APPROPRIATION 18,364 16,333 ( 2,031)
Total $ 18,764 $ 17,790 974 1
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES -
Community services $ 18 764 $ 14,470 $ 4,294 1
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STATE TAX STREET FUND
I SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
I Variance
Favorable
I Budget Actual (Unfavorable)
REVENUES:
I State gas tax $1,373,700 $1,336,247 $ (37,453)
Lighting subdivisions 15,000 12,423 (2,577)
Interest 35,000 15,654 (19,346)
I Miscellaneous 25,613 25,613
Total revenues 1,423,700 1,389,937 (33,763)
/
I BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 428,891 410,173 ( 18,718)
I Total $1,852,591 $1,800,110 $( 52,481)
I Variance
Budgeted Favorable
I Appropriations Actual (Unfavorable)
EXPENDITURES:
I Community development $ 819,165 $ 732,165 $ 87,000
Policy and administration 67,104 67,082 22
City -wide support functions 26,658 22,998 3,660
I Contingency 100,000 100,000
Capital projects 839,664 640,684 198,980
Total expenditures 1,852,591 1,462,929 389,662
I OTHER FINANCING USES -
i Operating transfers out 28,500 ( 28,500)
Total $1,852,591 $1,491,429 $361,162
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CITY OF TIGARD, OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
I
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
System development charges $ 230,400 $ 196,750 $ (33,650) 1
Interest 5,850 5,433 (417)
Total revenues 236,250 202,183 (34,067) 1
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 163,171 175,164 11,993 1
Total $ 399,421 $ 377,347 $( 22,074)
1
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES -
Capital projects $ 369,421 $ 162,523 $ 206,898
Contingency 30,000 30,000
Total $ 399,421 $ 162,523 $ 236,898 1
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CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
Variance
Budget Actual Unfavorable
I REVENUES:
County gas taxes $ 142,000 $ 140,391 $ (1,609)
Interest 1,200 937 ( 263)
Total revenues 143,200 141,328 (1,872)
I BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 41,753 27,307 ( 14,446)
Total $ 184,953 $ 168,635 $( 16 318
Budgeted Variance
Appropriations Actual Favorable
g EXPENDITURES:
Community development $ 149,462 $ 123,570 $ 25,892
Policy and administration 21,463 21,232 231
City-wide support functions 6,072 5,238 834
Contingency 7,956 7,956
r Total $ 184,953 $ 150,040 $ 34,913
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TRAFFIC IMPACT FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
Variance I
Favorable
Budget Actual (Unfavorable)
REVENUES:
Traffic impact fees $ 876,000 $ 671,758 $(204,242)
Interest 18,000 48,290 30,290
Total revenues 894,000 720,048 (173,952) 1
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 106,753 737,741 62 38
Residual deficit transfer in ( 262)
Total $1,000,753 $1,457,527 $456,774 I
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Budgeted Variance
Appropriations Actual Favorable I
EXPENDITURES:
Community development $ 57,369 $ 53,557 $ 3,812 ,
Contingency 100,000 100,000
Capital projects 843,384 482,724 360,660
Total $1,000,753 $ 536,281 $464,472 I
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CITY OF TIGARD, OREGON
WATER QUALITY & QUANTITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
Variance
Budget Actual Favorable
REVENUES:
Water quality & quantity fees $ 19,620 $ 19,620
Interest 3,039 3,039
Total revenues 22,659 22,659
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION $ 59,125 62,563 3,438
Total $ 59,125 $ 85,222 $ 26,097
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Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES -
Capital projects $ 59,125 $ $ 59,125
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DEBT SERVICE FUNDS
' The Debt Service Funds account for the payment of general obligation bond 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 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.
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CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
June 30, 1993
I
General Certificate of
Obligation Participation Bancroft I
Bond Debt Debt Service Bond Debt
Service Fund Fund Service Fund Total
ASSETS:
1
Cash and investments $ 46,728 $ 49,803 $ 721,695 $ 818,226
Property taxes receivable 100,922 24,423 125,345
Assessment liens receivable - 2,196,388 2,196,388
Accrued interest on delinquent
assessments 52,698 52,698
Total assets $ 147,650 $ 74,226 $2,970,781 $3,192,657
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LIABILITIES AND FUND BALANCES: i
LIABILITIES -
Accounts payable and accrued i
liabilities $ 21,438 $ $ 280 $ 21,718
Deferred revenues: 1
Property taxes 76,057 19,211 95,268
Assessment liens receivable 2,192,972 2,192,972 I
Accrued interest on delinquent
assessments 52,619 52,619
Total liabilities 97,495 19,211 2,245,871 2,362,577
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FUND BALANCES - UNRESERVED i
AND DESIGNATED
FOR DEBT SERVICE 50,155 55,015 724,910 830,080
Total liabilities and
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fund balances $ 147,650 $ 74,226 $2,97® $3,192,657
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CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1993
I
I General
Obligation Certificate of
Participation Bancroft
Bond Debt Debt Service Bond Debt
Service Fund Fund Service Fund Total
I
REVENUES:
I Taxes $1,387,609 $ 344,213 $ $1,731,822
Special assessments 688,664 688,664
Miscellaneous revenues,
primarily interest 19,706 11,330 254,056 285,092
Total revenues 1,407,315 355,543 942,720 2,705,578
I EXPENDITURES:
I Debt service 1,406,103 334,956 911,369 2,652,428
Excess of revenues over
(under) expenditures 1,212 20,587 31,351 53,150
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Other financing sources (uses):
I Proceeds from issuance
of refunding bonds 6,935,000 765,557 7,700,557
Payment to escrow agent (6,907,805) (711,419) (7,619,224)
I Operating transfers in 75,000 75,000
Total other financing
sources 27,195 129,138 156,333
I Excess of revenues and other
sources over expenditures 28,407 20,587 160,489 209,483
I FUND BALANCES - beginning of
year 21,748 34,428 564,421 620,597
1 FUND BALANCES - end of year $ 50,155 $ 55,015 $ 724,910 $ 830,080
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CITY OF TIGARD, OREGON I
GENERAL OBLIGATION BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
i
for the fiscal year ended June 30, 1993
I
Variance
Revised Favorable
I
Budget Actual (Unfavorable)
REVENUES: I
Taxes $1,341,376 $1,387,609 $ 46,233
Interest 30,000 19,706 ( 10,294)
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Total revenues 1,371,376 1,407,315 35,939
Other financing sources - I
Proceeds from issuance
of refunding bonds 7,000,000 6,935,000 (65,000)
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BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 44,782 21,748 ( 23,034)
Total $8,416,158 $8,364,063 $(51
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Revised Variance
Budgeted Favorable I
Appropriations Actual (Unfavorable)
EXPENDITURES:
Debt service $1,416,158 $1,406,103 $ 10,055
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Other financing uses -
Payment to escrow agent 7,000,000 6,907,805 92,195 1
Total $8,41® $8,31® $102,250
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CITY OF TIGARD, OREGON
CERTIFICATE OF PARTICIPATION DEBT SERVICE FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
I
I Variance
Budget Actual Favorable
I REVENUES:
Taxes $ 330,250 $ 344,213 $ 13,963
I Interest 4,000 11,330 7,330
Total revenues 334,250 355,543 21,293
Il BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 23,647 34,428 10,781
I Total $ 357,897 $ 389,971 $ 32,074
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Budgeted
Appropriations Actual
I EXPENDITURES:
I Debt service $ 334,956 $ 334,956 $
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CITY OF TIGARD, OREGON I
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
I
for the fiscal year ended June 30, 1993
I
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Collection of bonded
I
assessments $ 250,183 $ 688,664 $438,481
Interest 266,358 254,056 ( 12,302)
Total revenues 516,541 942,720 426,179 I
OTHER FINANCING SOURCES:
Proceeds from issuance
of refunding bonds 985,000 765,557 (219,443)
Operating transfers in 75,000 75,000 1
Total other financing sources 1,060,000 840,557 (219,443)
Total revenues and other sources 1,576,541 1,783,277 206,736 1
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 251,385 564,421 313,036
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Total $1,827,926 $2,347,698 $519,772
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Revised Variance
Budgeted Favorable I
Appropriations Actual (Unfavorable)
EXPENDITURES:
Debt service $ 947,342 $ 911,369 $ 35,973 I
Other financing uses - 1
Payment to escrow agent 700,000 711,419 ( 11,419)
Total $1,647,342 $1,622,788 $ 24,554
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' 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
• Road Improvement Bond Fund
• Park Levy Capital Improvement Fund
• Library Capital Improvement Fund (nonbudgeted fund)
Local Improvement Capital Projects Fund is funded by proceeds from the sale of Bond Anticipation Notes and other
short term debt.
Road Improvement Bond Fund is funded by proceeds from the sale of General Obligation Bonds. Such projects
are expected to be completed within a three year period.
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.
Library Capital Improvement Fund is funded by monies received from a private donation. Monies will be used to
help fund Phase II of the library expansion project.
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CITY OF TIGARD, OREGON
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
June 30, 1993
Local
Improvement Road Park Levy Library
Capital Improvement Capital Capital
Projects Bond Improvement Improvement
Fund Fund Fund Fund Total I
ASSETS:
Cash and Investments $2,180,350 $ 194,961 $ 69,361 $ 72,925 $2,517,5971
Accounts receivable 79 79
Total assets $2,180,429 $ 194,961 $ 69,361 $ 72,925 $2,517,6761
LIABILITIES AND FUND BALANCES:
LIABILITIES -
Accounts payable and accrued
liabilities $ 6,208 $ $ $ $ 6,208
FUND BALANCES - UNRESERVED 2,174,221 194,961 69,361 72,925 2,511,468
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Total liabilities and
fund balances $2,180,429 $ 194,961 $ 69,361 $ 72,925 $2,517,6761
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CITY OF TIGARD, OREGON
CAPITAL PROJECT FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1993
I
I Local
Improvement Road Park Levy Library
Capital Improvement Capital Capital
I Projects Bond
Fund Improvement Improvement
Fund Fund Fund Total
I REVENUES:
Intergovernmental revenues $ $ $ 59,552 $ $ 59,552
Miscellaneous 79 91,886 300 72,811 165,076
II Interest 95,178 13,700 12,512 114 121,504
Total revenues 95,257 105,586 72,364 72,925 346,132
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EXPENDITURES:
I Capital projects 196,376 344,541 318,601 859,518
Total expenditures 196,376 344,541 318,601 859,518
Revenues over (under) expenditures ( 101,119) ( 238,955) ( 246,237) 72,925 ( 513,386)
I FUND BALANCES - beginning of
year 2,275,340 433,916 315,598 3,024,854
FUND BALANCES - end of year $2,174,221 $ 194,961 $ 69,361 $ 72,925 $2,511,468
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CITY OF TIGARD, OREGON
LOCAL IMPROVEMENT CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
Variance 1
Favorable
Budget Actual (Unfavorable)
REVENUES:
Miscellaneous $ $ 79 $ 79
Interest 54,000 95,178 41,178 1
Total revenues 54,000 95,257 41,257
BEGINNING FUND BALANCE AVAILABLE 1
FOR APPROPRIATION 2,399,000 2,275,340 123,660
Total $2,453,000 $2,370,597 $ 82 403 1
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Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES -
Capital projects $2,453,000 $ 196,376 $2,25®
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I CITY OF TIGARD, OREGON
ROAD IMPROVEMENT BOND FUND
I SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
I
Variance
I Budget Actual Favorable
REVENUES:
I Miscellaneous $ $ 91,886 $ 91,886
Interest 3,000 13,700 10,700
Total revenues 3,000 105,586 102,586
' BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 300,000 433,916 133,916
Total $ 303,000 $ 539,502 $ 236,502
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I Budgeted Variance
Appropriations Actual Unfavorable
I EXPENDITURES:
Capital projects $ 303,000 $ 344 541 $(41,541)
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CITY OF TIGARD, OREGON
PARK LEVY CAPITAL IMPROVEMENT FUND
SCHEDULE OF REVENUES AND EXPENSES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
Variance
Favorable
Budget Actual ( Unfavorable)
REVENUES:
Intergovernmental revenues $ 54,800 $ 59,552 $ 4,752
Miscellaneous 300 300
Interest 1 ,200 12,512 11,312 '
Total revenues 56,000 72,364 16,364
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 315,600 315,598 ( 2)
Total $ 371,600 $ 387,962 $ 16,362
Revised '
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES -
Capital projects $ 371,600 $ 318,601 $ 52,999 '
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' ENTERPRISE FUNDS
These funds are used to finance and account for the acquisition and maintenance of sewer and storm drainage
facilities which are supported by user charges. Funds included in this fund category are:
' • Sewer Fund
• Storm Drainage Fund
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CITY OF TIGARD, OREGON I
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
June 30, 1993
I
Storm
Sewer Drainage
I Fund Fund Total
ASSETS:
Current assets:
Cash and investments $ 920,657 $ 289,425 $1,210,082
Accounts receivable 418,540 96,928 515,468
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Total current assets 1,339,197 386,353 1,725,550
Noncurrent assets
Il
Restricted cash and investments 1,171,635 818,709 1,990,344
Assessments receivable 9,065 9,065
Fixed assets, net 5,360,335 4,008,324 9,368,659
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Total noncurrent assets 6,541,035 4,827,033 11,368,068
Total assets $7,880,232 $5,213,386 $13,093,618 I
LIABILITIES AND FUND EQUITY:
I
LIABILITIES:
Accounts payable and accrued I
liabilities $ 793,798 $ 62,332 $ 856,130
Deferred revenues 7,943 7,943
I Accrued vacation payable 15,991 11,624 27,615
Total liabilities 817,732 73,956 891,688
FUND EQUITY: I
Contributed capital 5,071,107 5,002,305 10,073,412 I
Retained earnings 1,991,393 137,125 2,128,518
Total fund equity 7,062,500 5,139,430 12,201,930
I Total liabilities and fund equity $7,88_ $5,213,386 $13,0®
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CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
for the fiscal year ended June 30, 1993
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Storm
I Sewer Drainage
Fund Fund Total
OPERATING REVENUES:
Service charges $1,148,835 $ 612,969 $1,761,804
Miscellaneous 2,459 33 2,492
1 Total operating revenues 1,151,294 613,002 1,764,296
OPERATING EXPENSES:
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Salaries and wages 494,706 441,717 936,423
Contracted services 13,277 3,442 16,719
I General and administrative and other 202,063 180,420 382,483
Depreciation 261,266 166,994 428,260
I Total operating expenses 971,312 792,573 1,763,885
Operating income(loss) 179,982 (179,571) 411
I NONOPERATING REVENUES -
Interest 73,750 42,603 116,353
I Income(loss) before operating transfer 253,732 (136,968) 116,764
' Operating transfer out ( 28,500) ( 18,000) ( 46,500)
Net income(loss) 225,232 (154,968) 70,264
I Add depreciation on fixed assets
donated or acquired from capital
contributions that reduces
contributed capital 119,263 114,809 234,072
Increase(decrease) in retained earnings 344,495 ( 40,159) 304,336
I RETAINED EARNINGS - beginning of year 1,646,898 177,284 1,824,182
RETAINED EARNINGS - end of year $1,991,393 $ 137,125 $2,128,518
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CITY OF TIGARD, OREGON
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ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the fiscal year ended June 30, 1993
Storm I
Sewer Drainage
Fund Fund Total
Cash flows from operating activities:
Operating income(loss) $ 179,982 $ (179,571) $ 411
Adjustments to reconcile operating
income(loss) to net cash provided
by operating activities:
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Depreciation 261,266 166,994 428,260
Increase in accounts receivable (108,763) (23,246) (132,009)
Decrease in assessments
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receivables 414 414
Increase in accounts payable
and accrued liabilities 224,509 222 224,731
Increase in accrued vacation I
payable 8,597 4,987 13,584
Increase in deferred revenues 1,129 1,129 I
Net cash provided by(used in)
in operating activities 567,134 ( 30,614) 536,520
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Cash flows from noncapital financing activities -
Operating transfers out ( 28,500) ( 18,000) ( 46,500)
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Cash flows from capital and related
financing activities:
Capital contributions 165,459 165,459
Acquisition of fixed assets ( 38,430) ( 73) ( 38,503)
Net cash provided by(used in) capital
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and related financing activities ( 38,430) 165,386 126,956
Cash flows from investing activities - I
Interest earnings 73,750 42,603 116,353
Net increase in cash and cash
I equivalents 573,954 159,375 733,329
Cash and cash equivalents - beginning of
year 1,518,338 948,759 2,467,097 I
Cash and cash equivalents - end of year $2,092,292 $1,108,134 $3,20®
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Supplemental Schedule of Noncash Investing, Capital
and Financing Activities -
Contributed sewer and storm lines $ 419,846 $ 35® $ 77® 1
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I CITY OF TIGARD, OREGON
SEWER FUND
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SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
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I
Variance
Budget Actual Favorable
REVENUES:
I Service charges $1,144,250 $1,148,835 $ 4,585
Interest 60,000 73,750 13,750
I Miscellaneous 2,459 2,459
Total revenues 1,204,250 1,225,044 20,794
I BEGINNING WORKING CAPITAL AVAILABLE
FOR APPROPRIATION 1,197,635 1,261,349 63,
I Total $2,401,885 $2,486,393 $ 84,508
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Variance
Budgeted Favorable
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API)roprlations Actual (Unfavorable)
EXPENDITURES:
I Community development $ 484,809 $ 412,801 $ 72,008
Policy and administration 267,073 261,573 5,500
I City -wide support function 47,362 40,860 6,502
Contingency 500,000 500,000
Capital projects 1 24,644 1,077,997
Total expenditures 2,401,885 739,878 1,662,007
OTHER FINANCING USES -
I Operating transfers out 28,500 ( 28,500)
Total $2 $ 768,378 $1,633,507
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CITY OF TIGARD, OREGON I
STORM DRAINAGE FUND ,
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1993
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Variance
Favorable
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Budget Actual (Unfavorable)
REVENUES:
Service charges $ 672,600 $ 778,428 $ 105,828
Interest 42,000 42,603 603
Miscellaneous 33 33
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Total revenues 714,600 821,064 106,464
BEGINNING WORKING CAPITAL AVAILABLE
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FOR APPROPRIATION 938,068 949,970 11,902
Total $1,652,668 $1,771,034 $ 118,366)
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Revised Variance
Budgeted Favorable
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Appropriations Actual (Unfavorable)
EXPENDITURES:
Community development $ 454,724 $ 421,308 $ 33,416 I
Policy and administration 131,722 128,464 3,258
City -wide support function 17,772 15,332 2,440
Contingency 225,000 225,000
Capital projects 823,450 55,562 767,888
Total expenditures 1,652,668 620,666 1,032,002
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OTHER FINANCING USES -
Operating transfers out 18,000 ( 18,000) 1
Total $1,652,668 $ 638,666 $1,014,002
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FIDUCIARY FUNDS
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These funds account for resources received and held by the City in a fiduciary capacity. Disbursements from these funds are
I 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 Fund - General Employees Pension Plan
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CITY OF TIGARD, OREGON
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1993
Pension
Trust Fund
Agency Fund- General
Deferred Employees
Compensation Pension
Fund Plan Total 1
ASSETS -
Cash and investments $1 $2 $3,133,535 I
LIABILITIES AND FUND BALANCE: 1
LIABILITIES -
Deferred compensation I
payable $1,012,106 $1,012,106
FUND BALANCE -
Reserved for employee I
retirement benefits $2,121,429 2,121,429
$1,012,106 $2,121,429 $3,1_
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CITY OF TIGARD, OREGON
AGENCY FUND - DEFERRED COMPENSATION FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1993
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Balance Balance
' June 30, June 30,
1992 Additions Deletions 1993
ASSETS -
I Cash and investments $ 898,065 $ 180,269 $ 66,228 $1,012,106
1 LIABILITIES -
Deferred compensation
payable $ 89® $ 18� $ 66,228 $1,01®
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GENERAL FIXED ASSETS ACCOUNT GROUP
This account group accounts for the City's investment 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, 1993
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GENERAL FIXED ASSETS
Land $2,044,772
Buildings 3,919,520
Equipment 672,425
Autos and trucks 943,673
Office equipment 933,966
Total investment in general fixed assets $8,514,356
INVESTMENT IN GENERAL FIXED ASSETS
Balance - beginning of year $8,208,120
Additions were provided by -
General Fund 457,917
Retirements ( 151,681)
Balance - end of year $8514,356
CHANGES IN GENERAL FIXED ASSETS
Autos and Office
Land Buildings Equipment Trucks Equipment Total
Balance - beginning of
year $2,064,908 $3,728,594 $ 627,754 $ 930,960 $ 855,904 $8,208,120
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Additions from -
General Fund 234,490 47,399 97,966 78,062 457,917
Deduct -
Retirements ( 20,136) ( 43,564) ( 2,728) ( 85,253) ( 151,681) 1
Balance - end of
year $2,044,772 $3 $ 672 $ 943,673 $ 933,966 $8,514,356 1
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III CITY OF TIGARD
SCHEDULE OF GENERAL FIXED ASSETS
I BY FUNCTION AND ACTIVITY
June 30, 1993
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Machinery,
I Equipment,
Function and Activity Total Land Buildings and Other
Community services:
I Police $ 714,870 $ $ $ 714,870
Library 226,734 294,399
Parks 294,399 226,734
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Total community services 1,236,003 1,236,003
Community development:
CD -Dev. serv. admin 51,492 51,492
Building 47,519 47,519
I Planning 24,404 24,404
Engineering 170,484 170,484
Operations/admin. 56,918 56,918
I Operations/shops 62,874 62,874
Streets 515,074 515,074
Operations/management 5,191 5,191
1 Total community development 933,956 933,956
Policy and administration:
I Mayor and city council 9,840 9,840
City administration 26,647 26,647
Finance 8,256 8,256
I Computer services 42,540 42,540
Accounting 37,732 37,732
Office services 55,685 55,685
Records 35,506 35,506
I Court 7,754 7,754
Total policy and
' administration 223,960 223,960
General government 6,120,437 2,044,772 3,919,520 156,145
I Total investment in general fixed assets $8,514,356 $2,044,772 $3,919,520 $2,550,064
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CITY OF TIGARD
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
for the fiscal year ended June 30, 1993
1
General General
Fixed Assets Transfers/ Fixed Assets
Function and Activity June 30, 1992 Additions Retirements June 30, 1993
Community services:
Police $ 673,120 $ 89,852 $ (48,102) $ 714,870
Library 268,718 25,681 294,399
Parks 237,116 2,687 ( 13,069) 226,734
II Total community services 1,178,954 118,220 ( 61,171) 1,236,003
Community development:
CD -Dev. serv. admin. 43,420 14,661 (6,589) 51,492
Building 43,649 11,183 (7,313) 47,519
Planning 23,437 967 24,404
Engineering 162,006 9,309 (831) 170,484
Operations /admin. 55,351 1,567 56,918
Operations/shops 61,421 5,600 (4,147) 62,874
Streets 489,792 33,513 (8,231) 515,074
Operations /management 4,973 218 5,191
Total community development 884,049 77,018 ( 27,111) 933,956
Policy and administration:
• Mayor and city council 8,809 1,031 9,840
City administration 24,091 2,556 26,647
Finance 8,061 195 8,256
Computer services 31,073 11,467 42,540
Accounting 32,657 5,075 37,732
Office services 48,537 7,148 55,685
Records 34,606 900 35,506
Court 7,754 7,754
ll Total policy and administration 195,588 28,372 223,960
General government 5,949,529 234,307 ( 63,399) 6,120,437
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Total investment in general
fixed assets $8,208,120 $ 457,917 $( 151,681) $8,514,356
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OTHER SCHEDULES
1
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
1 • Future Debt Service Requirements of General Obligation Bonds
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CITY OF TIGARD, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS
AND OUTSTANDING BALANCES I
for the fiscal year ended June 30, 1993
1
Property Add Property
Taxes Levy as Taxes
Receivable Extended Deduct Add Receivable
June 30, By Discounts (Deduct) Add Deduct June 30,
1992 Assessor Allowed Adjustments Interest Collections 1993
I
1992 -93 $ $5,548,159 $ (120,746) $ 2,998 $4,330 $(5,213,266) $ 221,475
1991 -92 249,580 154 (8,468) 12,408 (154,716) 98,958 1
1990 -91 90,036 6 (3,402) 9,360 (50,900) 45,100
1989 -90 50,305 2 (3,534) 10,201 (37,628) 19,346
1988 -89 13,714 (248) 4,391 (14,613) 3,244
1987 -88 5,056 (239) 1,018 (2,511) 3,324
and prior
$ 408,691 $5,548,159 $ (120,584) $ UM) $41, 708 $(5,473,634) $ 39_
Property Taxes II
Cash Receivable
Collections June 30, 1993
Distributed as follows:
General Fund:
Current $3,567,959 $ 151,476
Prior years' levies 177,851 114,626
1
Total General Fund 3,745,810 266,102
Debt Service Funds: I
Current 1,645,307 69,999
Prior years' levies 82,517 55,346
Total Debt Service Fund 1,727,824 125,345
Total $5,473,634 $ 39_ 1
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sob mg ma am aii AM MINI 111111 mit NW um 111111 IMO MIMI alp 1111 IIIII INS Ma
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1993
Bond Transactions Interest Transactions
Out- Out-
standing standing
Original June 30, Issued June 30,
Bancroft Bonds Issue 1992 (Redeemed) Matured Paid 1993 Matured Paid
Issued August 1, 1975 $ 57,840 $ 15,000 $ $ 3,000 $ (9,000) $ 6,000 $ 525 $ 525
Issued September 1, 1982 184,664 110,000 (55,000) 10,000 (10,000) 45,000 11,628 11,628
Issued October 1, 1982 1,371,200 215,000 215,000 (215,000) 9,944 12,950
Issued September 1, 1984 492,000 200,000 60,000 (60,000) 140,000 15,065 15,065
Issued December 1, 1989 340,000 265,000 (165,000) 20,000 (20,000) 80,000 14,013 14,013
Issued August 1, 1990 2,244,000 2,155,000 (575,000) 100,000 (100,000) 1,480,000 132,745 132,745
Issued August 1, 1991 405,000 405,000 (65,000) 340,000 24,300 24,300
Issued May 1, 1993 660,000 660 660,000
$3,365,000 $ 2( ) $401292 $(41.1 $2,751,000 $ 208,220 $ 211,226
tv General Obligation Bonds
Issued June 6, 1984 $2,200,000 $ 170,000 $ $ 80,000 $ (80,000) $ 90,000 $ 16,670 $ 16,670
Issued February 24, 1987 2,215,000 2,005,000 (1,620,000) 40,000 (40,000) 345,000 68,366 68,366
Issued May 1, 1989 8,500,000 7,055,000 (4,660,000) 695,000 (695,000) 1,700,000 234,148 312,435
Issued May 1, 1993 6,935,000 6,935,000 ( 150,000) 6,785 43
$9 $ 655,000 $ $( $8,920,000 $ 319,184 $a.19
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CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS
As of June 30, 1993
Issued Issued Issued Issued Issued Issued Issued
August 1, 1975, September 1, 1982 September 1, 1984 December 1, 1989 August 1, 1990 August 1, 1991 May 3, 1993
Year of Total Requirements 6.0% to 7.0% 10.25% to 11.75% 7.6% to 16.0% 5.75% to 6.2% 6.0% to 6.5% 6.0% 4.20% to 5.5%
Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
1993 -94 $ 203,000 $ 158,323 $ 3,000 $ 315 $ 45,000 • $ $ 65,000 $ 9,610 $ 20,000 $ 4,090 $ 105,000 $ 89,220 $ $ 20,400 $ $ 34,688
1994 -95 218,000 141,640 3,000 105 75,000 3,375 20,000 2,970 110,000 82,770 20,400 32,020
1995 -96 145,000 130,240 20,000 1,800 115,000 76,020 20,400 32,020
1996 -97 155,000 121,777 20,000 600 125,000 68,757 20,400 32,020
1997 -98 140,000 113,248 135,000 60,828 20,400 32,020
1998 -99 145,000 104,635 145,000 52,215 20,400 32,020
1999-2000 210,000 94,223 150,000 43,033 20,400 60,000 30,790
2000 -01 165,000 83,108 165,000 33,148 20,400 29,560
to 2001 -02 340,000 77,910
W 27,950 340,000 20,400 29,560
2002 -03 110,000 54,980 27,950 110,000 27,030
2003 -04 52,450 27,950 24,500
2004 -05 52,450 27,950 24,500
2005 -06 920,000 26,225 430,000 13,975 490,000 12,250
Totals $2,751,000 $1,211,209 $ 6,000 $ 420 $ 45,000 $ $ 140,000 $ 12,985 $ 80,000 $ 9,460 $1,480,000 $ 631,766 $ 340,000 $ 183,600 $ 660,000 $ 372,978
• Issue was called on 6/1/93. Amounts outstanding are bearer bonds which have not been presented for payment.
Am or - r 41111 r NM I it ON r - - - '- am .am - ■ir
11111 1•11 Mil ON NIS IIIIIII INIII BIN 1111111 gur gm ilig 11111 Mil MI 11111111 111M1 Mt 11111
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
as of June 30, 1993
■
Issued Issued Issued I
June 6, 1984 February 24, 1987 May 1, 1989 May 3, 1993
Year of Total 9.7% to 10.60% 5.95% to 6% 6.40% to 6.70% 2.40% to 4.75%
Maturity Principal Interest Prind Interest Principal Interest Principal Interest Principal Interest
1993 -94 $ 135,000 $ 28,430 $ 90,000 $ 8,910 $ 45,000 $ 19,520 $ $ $ $
1994 -95 1,085,000 407,492 145,000 15,319 800,000 133,988 140,000 258,185
1995 -96 1,200,000 350,277 155,000 10,332 900,000 85,400 145,000 254,545
1996 -97 1,150,000 254,457 4,262 1,150,000 250,195
1997 -98 1,385,000 211,095 1,385,000 211,095
1998 -99 1,490,000 161,235 1,490,000 161,235
1999 -2000 1,570,000 104,615 1,570,000 104,615
2000 -01 210,000 41,030 210,000 41,030
2001 -02 225,000 32,000 225,000 32,000
∎ 4
■ 2002 -03 225,000 21,988 225,000 21,988
2003 -04 245,000 11,637 245,000 11,637
$8,920,000 $1,624,256 $ 90 ,000 $ 8,910 $ 345,000 $ 49,433 $1,700,000 $ 219,388 $6,785,000 $1,346,525
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i CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
I BUDGETARY BASIS
for the last ten fiscal years
III
City -Wide
I Support
Functions,
Fiscal Capital
Year Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service Total
1984 $1,680,374 $1,507,879 $237,028 $241,984 $449,545 $4,116,810
1 1985 1,592,319 817,741 114,787 1,414,569 710,366 4,649,782
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
I 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
I 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
1 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
1 Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
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CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCE - 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
1984 $904,238 $468,020 $286,318 $921,613 $243,102 $ 70,425 $932,657 $3,826,373 1
1985 897,843 591,246 524,059 1,058,600 413,124 134,040 1,195,098 4,814,010
1986 1,226,373 941,264 548,689 1,371,804 375,982 167,610 903,175 5,534,897 I
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 II
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 I
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 1
1993 5,493,516 1,320,686 1,682,341 3,073,728 301,569 316,947 1,599,480 13,788,267
Includes special assessment collections 11
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types. II
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CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
for the last ten fiscal years
Percent Percent
Fiscal Total Tax Delinquent
Year Percent Delinquent Total Collections Outstanding Taxes
Ended Total Current Tax of Levy Tax Tax To Tax Delinquent to Tax
June 30 Tax Levy Collections Collections Collections Collections Levy Taxes Levy
1984 $985,234 $876,215 88.93% $ 71,058 $947,273 96.15% $158,045 16.04%
1985 962,280 864,334 89.82 90,687 955,021 99.24 164,558 17.10
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
to
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 3,918,774 91.86 224,988 4,143,762 97.13 372,918 8.74
1992 5,148,022 4,717,610 91.64 228,047 4,945,657 96.07 408,691 7.94
1993 5,548,159 5,213,266 93.96 260,368 5,473,634 98.66 391,447 7.06
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.
CITY OF TIGARD, OREGON
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
for the last ten fiscal years
Ratio of
Total
Public Assessed
Fiscal Real Property Personal Property Utility Property Total to Total
Year Estimated Estimated Estimated Estimated Estimated
Ended Assessed Actual Assessed Actual Assessed Actual Assessed Actual Actual
June 30 Value Value Value Value Value Value Value Value Value
1984 $712,347,200 $ 786 ,812,100 $37,192,100 $40,973,590 $26,504,200 $29,153,338 $776,043,500 $856,939,028 91
1985 779,545,300 813,339,300 44,855,600 46,750,700 28,347,800 29,528,963 852,748,700 889,618,963 96
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
In 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
Co
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
1 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
All property is assessed as of January 1, preceding the fiscal year beginning July 1.
Source: Washington County Department of Assessment and Taxation.
MIS r MI - MN • 1111111 U r Mr M MI - d IIIIII MB ON r M rr
NS UM r ■w - - - all - r - r 1111111 - - it r E NM
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 County County
Year Metzger Water School School Tigard Unified Tualatin Rural Fire Portland Education Other
Ended Water District City of Washington District District Water Metzger Sewerage Rural fire District Community Service Taxing
June 30 District Combined Tigard County No. 23-J No. 48 District Sanitary Agency District No. 1 College District Agencies
1984 1.18 1.88 12.67 13.97 .36 .61 3.15 2.70 .57 .26 1.48
1985 1.06 1.97 12.12 13.76 .37 .49 3.12 2.71 .57 .26 1.62
1986 1.35 1.93 11.55 13.25 .32 .36 2.60 2.65 .58 .25 1.48
1987 1.94 2.82 11.36 13.40 .27 .25 2.99 2.61 .85 .25 1.66
1988 .03 .53 2.03 2.81 12.10 13.13 - .19 .24 .36 2.70 2.65 .89 .26 .63
1989 .02 .59 1.98 2.95 14.46 16.49 .15 .36 2.49 2.62 .92 .26 .73
1990 .02 .61 2.79 2.02 14.54 16.67 .13 .27 2.52 .94 .26 1.69
1991 .02 .53 2.76 2.94 14.60 15.82 .11 .25 2.41 .91 .25 .57
1992 .02 .48 2.76 1.41 16.73 13.44 .09 .19 1.99 .81 .21 .49
1993 .48 2.80 1.42 15.95 14.16 .08 .18 1.98 .90 .21 .43
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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 district's 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 benefitted 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 district and
sewer and water district boundaries. Total overlapping tax rates for property in Tigard in 1993 ranged from $22.16/1000 to $24.35/1000.
Source: Washington County Department of Assessment and Taxation.
•
CITY OF TIGARD, OREGON
I
SPECIAL ASSESSMENT COLLECTIONS
for the last ten fiscal years I
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Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding
June 30 Due (1) Collected (2) to Amount Due Assessments
1984 $174,464 $469,969 269.4% $2,417,184
1985 200,000 467,195 233.6 2,552,458
1986 250,000 361,268 144.5 1,945,334
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1987 278,000 547,106 196.8 1,565,038
1988 308,000 532,224 172.8 1,218,351 1
1989 328,000 372,584 113.6 828,575
1990 693,000 818,094 118.1 892,780 1
1991 90343,000 279,468 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 1
(1) This amount is equal to the matured principal on Bancroft improvement bonds. I
(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. I
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CITY OF TIGARD, OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
I NET BONDED DEBT PER CAPITA
for the last ten fiscal years
I
Gross
I General Ratio of
Fiscal Obligation Less Debt Net Bonded
Year Bonded Service Net Debt to Net Bonded
I Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value standing Available Debt Value Capita
I 1984 18,287 $776,043,500 $2,200,000 - $2,200,000 .28 120.30
1985 19,113 852,748,700 2,200,000 1,215 2,198,785 .26 115.04
1986 20,250 906,368,927 2,160,000 125,133 2,034,867 .22 100.49
1987 22,000 957,116,828 2,665,000 38,858 2,626,142 .27 119.37
r 1988 24,782 1,176,774,852 2,580,000 17,871 2,562,129 .21 103.39
I 1989 25,602 1,326,114,462 10,990,000 45,028 10,944,972 .83 427.50
1990 27,050 1,423,135,772 11,990,000** 165,664 11,824,336 .83 437.13
1991 29,652 1,588,084,841 13,304,000** 345,050 12,958,950 .82 437.03
1992 30,835 1,910,326,437 12,595,000** 620,597 11,974,403 .63 388.34
III 1993 31,271 2,009,784,217 11,671,000** 830,080 10,840,920 .54 346.68
I ** Excludes bond anticipation notes payable.
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County
Department of Assessment and Taxation.
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CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1993
i
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 (1992 -93) (1) $2,009,784,217 I
General obligation debt limit x3%
60,293,527 I
Gross bonded debt $11,671,000 I
Excludable debt - Bancroft improvement bonds ( 2,751,000)
Debt subject to limitation 8,920,000 1
Legal debt margin - amount available for future indebtedness $ 51,373,527
(1) From Washington County Department of Assessment and Taxation. I
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CITY OF TIGARD, OREGON
COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT
1 June 30, 1993
I Percent
Applicable Amount Apollo-
N et Debt Inside City able Inside
Jurisdiction Outstanding of Tigard City of Tigard
Tigard/Tualatin School District #23 -J $ 42,160,000 52.0035% $21,924,675
I Tri- Metropolitan Transport District 125,000,000 3.6940 4,617,500
1 Port of Portland 75,245,000 3.3676 2,533,950
Metro Service District 64,940,000 3.7040 2,405,377
I Beaverton School District #48 73,520,000 2.6771 1,968,203
Portland Community College 36,033,585 4.7691 1,718,477
I Washington County 12,285,000 11.7168 1,439,408
2 Unified Sewerage Agency 8,560,000 12.4719 1,067,594
II Tualatin Rural Fire District 2,145,000 16.9603 363,798
Tigard Water District 440,000 71.2244 313,387
$440,328,585 $38,352,369
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1 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 GOVERNMENTAL EXPENDITURES
for the last ten fiscal years
1
Total Percent of Debt
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
1984 $174,464 $275,081 $449,545 $4,116,810 10.9% 1
1985 200,000 510,366 710,366 4,649,782 15.3
1986 290,000 507,154 797,154 7,066,768 11.3
1987 348,000 460,888 808,888 6,017,179 13.4 1
1988 393,000 390,369 783,369 7,165,233 10.9
1989 418,000 354,739 772,739 9,401,443 8.2 1
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 1
1993 1,939,000 713,428 2,652,428 13,539,981 19.6
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Source: Comprehensive Annual Financial Reports of the City.
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I CITY OF TIGARD, OREGON
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
1 for the last ten fiscal years
1 Commercial Residential
Fiscal Year Construction(1) Construction(1)
Ended Number of Number of Bank Deposits
I June 30 Permits Value Permits Value (In thousands) (2)
1984 25 $4,079,306 214 $14,006,305 $118,124
II 1985 33 9,890,600 231 16,948,338 129,152
I 1986 175 12,746,938 432 26,920,055 142,031
1987 169 10,717,219 442 44,412,105 175,236
1 1988 228 34,991,735 633 32,524,988 165,107
1989 212 21,189,454 604 35,826,025 N /A'
1 1990 320 27,495,457 749 40,729,414 N /A*
1991 62 27,985,499 268 28,160,790 N /A*
I 1992 37 31,498,832 218 24,259,243 N/A*
I 1993 28 25,685,703 408 43,687,254 N/A*
I (1) From City of Tigard Building Department
(2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities
1 Information not available
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CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS
June 30, 1993 1
1
Percentage
Of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Seiyu International Lincoln Center Office Park $ 54,042,400 2.70% 1
Nesbitt Partners Embassy Suites Hotel 40,307,800 2.00
Square Land Co., Ltd. Shopping Center 26,003,800 1.29 1
GTE Northwest Communications 18,109,490 .90
Pacific Realty Co. Business Park 15,902,470 .79
Real Estate Equities Commercial Real Estate 11,431,500 .57 1
Robinson, Chester L. Koll Business Center 10,435,800 .52
Durham Park Partners Shopping Center 9,495,900 .47
1
Portland General Electric Power Operations 9,079,200 .45
PFI Sunflower Limited Apartments 7,992,400 .40 1
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Total Principal Taxpayers 202,800,760 10.09
All Other Taxpayers 1,806,983,457 89.91 1
Total $2,009,784,217 100.00%
1
Source: City of Tigard Planning Department.
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1 CITY OF TIGARD, OREGON
DEMOGRAPHIC STATISTICS
1 for the last ten fiscal years
III Assessed (2)
Value Unemployment
I of Taxable (3) Rate
( Property School Portland
Fiscal Year Population Per Capita Enrollment Metro. Area
1 1984 18,450 $42,436 6,358 8.4%
I 1985 20,250 44,616 6,387 7.4
1986 20,765 44,759 6,474 7.1
1 1987 23,335 43,488 7,064 5.3
1988 24,782 47,485 7,050 4.8
1 1989 25,602 51,797 7,236 4.5
1990 27,050 52,611 7,940 4.1
I 1991 29,652 53,557 8,795 4.9
1 1992 30,835 61,953 8,965 6.2
1993 31,271 64,270 9,427 5.8
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Sources of information:
I (1) Portland State University, Population Research & Census Center.
1 (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, 1993
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Date of incorporation 1961
Form of govemment 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 50
Education:
Attendance centers 14
Number of teachers 596
Number of students 9,427
Sanitary sewers 109.5 miles
Storm lines 36.1 miles
Open ditches 62.5 miles 1
Building permits issued (1993) 436 permits
Recreation and culture:
Number of parks 15
Number of libraries 1
Number of volumes (estimated) 73,000 volumes
Employees:
Classified service (union) 123
Unclassified (non- union) 47
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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 DISCLOSURES
REQUIRED BY STATE REGULATIONS
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AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
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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
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I. Internal Control Structure:
We have audited the general purpose financial statements of the City of Tigard, Oregon as of and for the year 1
ended June 30, 1993 and have issued our report thereon dated September 15, 1993.
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing '
Standards, issued by the Comptroller General of the United States. 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.
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In planning and performing our audit of the general purpose financial statements of the City of Tigard, Oregon for
the year ended June 30, 1993, 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.
The management of the City of Tigard, Oregon, is responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and procedures. The objectives of an
internal control structure are to provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit the preparation of general purpose financial
statements in accordance with generally accepted accounting principles. Because of inherent limitations in any
intemal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate
because of changes in conditions or that the effectiveness of the design and operation of policies and procedures
may deteriorate. 1
For the purpose of this report, we have classified the significant internal control structure policies and procedures
in the following categories: 1
• Revenue /receipts
• Purchases/disbursements
• Payroll
For all of the internal control structure categories listed above, we obtained an understanding of the design of
relevant policies and procedures and whether they have been placed in operation, and we assessed control risk. 1
Our consideration of the internal control structure would not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or operation of one or more of the
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. We noted no matters involving the internal control structure and its operations that we consider to be
material weaknesses as defined above.
However, we noted certain matters involving the internal control structure and its operation that we have reported
to the management of the City of Tigard, Oregon, in a separate letter dated September 15, 1993.
This report is intended for the information of management and the State of Oregon, Secretary of State, Division 1
of Audits. However, this report is a matter of public record and its distribution is not limited.
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AUDIT COMMENTS AND DISCLOSURES (cont.)
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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, 1993, and our report thereon is included on Page 1 of this report. Our audit was conducted in
accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller
General of the United States and the Minimum Standards for Audits of Oregon Municipal Corporations.
In connection with our audit, nothing came to our attention that caused us to believe the City was not in compliance
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• ORS 294.305 to 294.520 in the preparation and adoption of its budget and tax levies for the fiscal years ended
' June 30, 1993 and June 30, 1994.
• the legal requirements relating to debt,
• the appropriate law, rules, and regulations pertaining to programs funded wholly or partially by other
govemmental 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,
• the collateral requirements for public fund deposits specified in ORS Chapter 295,
1 • ORS Chapter 279 in the awarding of public contracts and the construction of public improvements,
except, the Road Improvement Bond Fund appropriations for capital projects were overexpended by $41,541.
1 However, it should be noted our examination was not directed primarily toward obtaining knowledge of
noncompliance with such requirements.
1 Additionally, we make the following other comments:
• We found the City's accounting records to be adequate for audit purposes.
1 • We reviewed the City's insurance and fidelity bond coverage at June 30, 1993 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, 1993, are adequate.
COOPERS & LYBRAND
By
' Nicholas H. Gray, a partner
1 Portland, Oregon
September 15, 1993
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