CAFR Report - 1990-1991
CITY OF TIGARD
' OREGON
1
1
1
COMPREHENSIVE
t
ANNUAL
FINANCIAL
REPORT
Fiscal year ended June 30, 1991
' 13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639-4171
I CITY OF TIGARD, OREGON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1991
i
1
prepared by the City of Tigard - Department of Finance
Wayne Lowry - Director of Finance
i~
(This page intentionally left blank.)
II
i
:I
CITY OF TIGARD, OREGON
TABLE OF CONTENTS
INTRODUCTORY SECTION: Page
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:
Report of Independent Accountants 1
GENERAL PURPOSE FINANCIAL STATEMENTS ("Liftable"
Financial Statements):
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 7-22
' SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and other Financial Schedules):
General Fund:
Schedule of Revenues and Expenditures - Budget and Actual 23
Special Revenue Funds:
Combining Balance Sheet 24
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances 25
Schedules of Revenues and Expenditures - Budget and Actual
' Forfeitures from Criminal Activity Fund 26
State Tax Street Fund 27
Streets SDC Fund 28
Parks SDC Fund 29
County Road Levy Fund 30
County Gas Tax Fund 31
Traffic Impact Fund 32
' Water Quality & Quantity Fund 33
CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
Page 1
FINANCIAL SECTION, Continued
SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial
Schedules, Continued)
Debt Service Funds: '
Combining Balance Sheet 34
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 35
Schedule of Revenues and Expenditures - Budget
and Actual
Bond Debt Service Fund 36
Certificate of Participation Debt Service Fund 37
Bancroft Bond Debt Service Fund 38
Capital Projects Fund:
Combining Balance Sheet 39
Combining Statement of Revenues, Expenditures and
and Changes in Fund Balances 40
Schedule of Revenues and Expenditures - Budget
and Actual
Local Improvement Capital Projects Fund 41
Road Improvement Bond Fund 42 '
Park Levy Capital Improvement Fund 43
Enterprise Funds:
Combining Balance Sheet 44
Combining Statement of Revenues, Expenses and Changes '
in Retained Earnings 45
Combining Statement of Cash Flows 46
Schedule of Revenues and Expenditures - ,
Budget and Actual
Sewer Fund 47
Storm Drainage Fund 48
Fiduciary Funds:
ry Combining Balance Sheet 49
Statement of Changes in Assets and Liabilities -
Agency Fund - Deferred Compensation Fund 50 '
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 51
Schedule of Changes in General Fixed Assets - ,
By Sources 52
Schedule of General Fixed Assets - By Function
and Activity 53
Schedule of Changes in General Fixed Assets -
By Function and Activity 54
Other Schedules:
Schedule of Property Tax Transactions and
Outstanding Balances 55
Schedule of Bond and Bond Interest Transactions 56
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 57
Schedule of Future Debt Service Requirements of
General Obligation Bonds 58
CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
Page
STATISTICAL SECTION:
General Governmental Expenditures by Function -
Budgetary Basis - for the last ten fiscal years 59
General Governmental Revenues by Source -
Budgetary Basis - for the last ten fiscal years 60
Property Tax Levies and Collections - for the last ten
fiscal years 61
Assessed and Estimated Actual Value of Taxable
Property - for the last ten fiscal years 62
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 63
Special Assessment Collections - for the last ten-fiscal
1 years 64
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal
years 65
Computation of Legal Debt Margin 66
Computation of Overlapping General Obligation Debt 67
Ratio of Annual Debt Service Expenditures for Long-Term
Debt to Total General Governmental Expenditures -
for the last ten fiscal years 68
Property Value, Construction and Bank Deposits -
' for the last ten fiscal years 69
Principal Taxpayers 70
Demographic Statistics 71
Miscellaneous Statistical Data 72
' AUDIT COMMENTS AND DISCLOSURES REQUIRE BY STATE REGULATIONS:
Introductory Comments 73
Internal Control Structure 74
Other Comments and Disclosures 74
(This page intentionally left blank.)
O~UGT~SY SECTION. - .
,
CITY OF TIGARD
OREGON
October 1, 1991
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, 1991. 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 three sections: introductory, financial, and
statistical. 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
1 section includes selected financial and demographic information, generally presented on a mufti-year basis.
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, Tigard 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 Portland, Oregon.
Tigard has been one of the fastest growing cities in Washington County and, with a population of
approximately 30,000, is the twelfth largest city in the State.
Over the past several years commercial and residential development has been steady and strong. The
' current fiscal year however saw a decline in development activity due to the Gulf war and the ensuing
recessionary economy. There were 268 single and mufti-family residential permits issued in 1990/91 along
with 62 commercial/industrial permits, with a total value of $56,146,289. Although residential single and
mufti-family development is down significantly from last year, commercial development activity continues
to be strong.
i
13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639-4171
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 just under 5 percent during the fiscal year.
Tigard's assessed value has grown from $906,368,927 to over $1,588,000,000 in just six years. This ,
dramatic 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 1990/91 was $2.77/1,000
assessed value.
The economic outlook for the City of Tigard remains solid. The City has continued to experience growth
in all areas including the local economy, population, assessed value, and commercial and residential ,
development. The recessionary national economy has significantly slowed residential development.
MAJOR INITIATIVES
Tigard voters, in November 1988 approved a tax supported local bond issue in the amount of $8,500,000
to fund construction of a variety of road and traffic improvements within the City over a three year period. ,
1990/91 was the second of the three years. Over $4,600,000 was spent during the year on specific road
improvement projects.
In September 1989, the voters of Tigard approved a five year serial levy of $350,000 per year to fund
specific park land acquisitions and improvements. The City sold Certificates of Participation in the amount
of $1,260,000 in May 1990 pledging the park serial levy for repayment. The proceeds of the Certificates ,
of Participation will fund the Park Improvements scheduled to be completed within three years. Over
$640,000 was spent during the year on specific Park Capital Improvement Projects.
The Pacific Corporate Center Local Improvement District project, which began last fiscal year, was ,
completed in June 1990. The interim financing was paid off by the proceeds of the sale of $2,244,000 in
Bancroft Bonds. 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. The development is slated to include
a hotel, athletic club, medical facilities, restaurants, and a variety of other commercial facilities. The first
phase of commercial office development was completed and occupied during the fiscal year. ,
The Lincoln/Locust Street Local Improvement District was formed and bond anticipation notes were issued
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 to be completed in the Spring of 1991. Special
assessment bonds in the amount of $405,000 were issued in September 1991.
Fiscal year 1991 was the last fiscal year of the five year financial plan which began with the voter approved
tax base in 1986. 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 will not initially affect Tigard's already low tax rates, the 1991/92
budget includes no new positions or programs. Some state shared revenues could be reduced in future '
years.
FINANCIAL INFORMATION
Management of the City of Tigard is responsible for establishing and maintaining an internal control system
designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that
adequate accounting data is compiled to allow for the preparation of financial statements in conformity with
generally accepted accounting principles. The internal control system is designed to provide reasonable,
but not absolute, assurance that these objectives are met. The concept of reasonable assurance
recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the
valuation of costs and benefits requires estimates and judgments by management.
BUDGETING CONTROLS
In addition, the City maintains budgetary controls, the objective of which is to ensure compliance with legal
provisions in the annual appropriated budget adopted by the Tigard City Council. Activities of all funds are
included in the annual adopted budget. The level of budgetary control (that is, the level at which
expenditures cannot legally exceed the appropriated amount) is established by program within each
individual fund. 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.
GENERAL GOVERNMENT FUNCTIONS
' Revenues for general governmental functions (all governmental funds) on a generally accepted accounting
principles basis totaled $10,893,516 in fiscal year 1991, an increase of .9 percent over last year. The minor
increase over last year results primarily from increases in tax revenues, franchise fees and
intergovernmental revenues netted against lower revenues from special assessments and building permits.
Revenues from various sources and changes from last year are shown below:
Increase
Percent (Decrease) Percentage
of from Increase
Function Amount Total Fiscal 1990 (Decrease)
Taxes $4,160,790 38.2% $ 413,956 11.0%
Franchise fees 1,179,833 10.8 79,652 7.2
Special assessments 297,468 2.7 (520,759) (63.6)
Licenses and permits 1,206,920 11.1 (238,091) (16.5)
' Intergovernmental revenues 2,379,431 21.9 338,720 16.6
Charges for services 79,370 .7 39,552 99.3
Fines and forfeitures 259,497 2.4 27,165 11.7
Miscellaneous revenues 1,339,207 12.2 (34,772 ) (2.5)
$10,893,516 100% $ 105,423
iii
Property tax revenue increased 11.0% over last year due to the first year of the Parks serial levy of
$350,000. In addition, the tax base levy was increased by 6%, as allowed by statute, over the previous
years levy.
Special assessments received from property owners for benefits derived from local improvement district ,
participation decreased 63.6% from the previous year due to collections from participants in the 135th
Avenue Local Improvement District received last year, which was completed in December 1989.
Intergovernmental revenues increased 16.6% due to increased state gasoline tax distributions, and
increases in other state revenues tied to population including cigarette tax, liquor tax, and state revenue
sharing. The increase can also be attributed to higher hotel/motel tax distributions. ,
Miscellaneous revenue consists 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. 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, 1991, and the percentage of increase and
decrease in relation to prior years.
Increase
Percent (Decrease) Percentage
of from Increase
Function Amount Total Fiscal 1990 (Decrease)
Community services $ 4,347,338 23.4% $ 807,658 22.8% ,
Community development 2,558,534 13.8 462,103 22.0
Policy and administration 281,180 1.5 27,587 10.9
City-wide support functions 384,028 2.1 (147,301) (27.7)
Capital projects 6,832,310 36.8 2,385,709 53.6
Debt service 4,157,959 22.4 676,089 19.4 '
$18,561,349 100% $4,211,845
Total expenditures increased 29% over the previous year, however, most increases are attributable to
greater expenditures for capital improvements in the Road Bond and Park Levy Capital Improvement funds,
and increased Debt Service expenditures.
The increase in Community services of 22.8% is due in part to the addition of a Traffic Unit in the Police
Department and to the transfer of certain expenditures from city-wide support to Community Services.
The 22% increase in Community development is due to the implementation of the Regional Surface Water
Management Agency program which is offset by surface water charges. '
1
iv
FUND BALANCES
Total unreserved fund balances of the City were $5,960,384 at June 30, 1991, consisting of $1,766,369
in the General Fund, $655,196 in the Special Revenue Funds, $345,050 in the Debt Service Funds, and
$3,193,769 in the Capital Projects Funds.
' The total reserved and unreserved fund balance in the General Fund of $1,865,330 decreased $336,970
from last year. The decrease was primarily due to the fact that 1990/91 was the last year in the five year
financial plan and the fifth year of the 1986 tax base. The 1991 fund balance is over $328,000 greater than
the target adopted in the 1991 Budget.
ENTERPRISE OPERATIONS
The City's enterprise activities include sanitary sewer and storm sewer activities. 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 each month 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 $907,258. Operating expenses
' totaled $822,669 resulting in net income of $134,860 after non-operating interest revenues and operating
transfers out.
Storm drainage revenues amounted to $549,961. Storm drainage operating expenses totalled $475,682
resulting in net income of $101,016 after non-operating interest revenues and operating transfers out.
1 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 an ICMA money purchase plan. Effective July 1,
1989, police personnel were included in the State of Oregon Public Employes Retirement System. In
addition, all employees have the option to contribute to an ICMA deferred compensation program. The
money purchase plan is accounted for in a pension trust fund. The deferred compensation plan is
accounted for in an agency fund.
' CASH MANAGEMENT
Cash temporarily idle during the year was invested in accordance with the Council approved investment
policy in Certificates of Deposit, Banker's Acceptances, Commercial Paper, U.S. Treasury Notes, and the
State of Oregon Local Government Investment Pool. Pension trust funds are invested by the agents with
which investment funds have been deposited and are therefore not included in the City's investment
activities.
r
v
Results of investment activity for the fiscal year are shown below in comparison with the previous year: ,
Investment Income 1991 1990
General Fund $ 214,953 $ 173,792
Special Revenue Funds 51,302 50,604 '
Capital Projects Funds 508,721 657,797
Debt Service Funds 325,931 72,257
Enterprise Funds 114,027 107,436
Pension Trust Fund 84,260 62,316
,
$1,299,194 $161_ 241.202
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
assets. '
RISK MANAGEMENT
During the later part of 1988/89, the City 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, 1991, the City had the following Debt issues outstanding:
General Obligation Bonds $ 9,920,000 '
Bancroft Improvement Bonds 3,384,000
Certificates of Participation 1,155,000
Bond Anticipation Notes 300,000
$14,759,000
The Certificates of Participation are for park improvements and are scheduled to be repaid over a five year
period 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 $47,642,545 at June 30, 1991. The City's net debt
subject to this limit was $9,920,000. Bancroft Bonds are not subject to the limitation. $37,722,545 is '
available for future indebtedness.
The City's bond rating from Moody's Investment Services on its general obligation bonds was upgraded '
to A-1, prior to the issuance of certain general obligation bonds in May 1989.
Vi
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
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
' For the last eight 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 Certif icate of Achievement for Excellence, a governmental unit must publish an
easily readable and efficiently organized comprehensive annual financial report, that conforms to program
standards. Such reports must satisfy both generally accepted accounting principles and applicable legal
requirements. In our opinion, this report conforms to these standards.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting 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 four
adopted budgets. In order to qualify for the Distinguished Budget Presentation Award, the government's
budget document was judged to be proficient in several categories including policy document, financial plan,
operations guide and communications device.
ACKNOWLEDGEMENTS
The preparation of the comprehensive annual financial report was made possible by the dedicated service
of the entire staff of the Finance Department. Each member of the Department has our sincere
appreciation for the contributions made in the preparation of this report.
In closing, without the leadership and support of the City Council of the City of Tigard, preparation of this
report would not have been possible.
Sincerely,
ow
' Patrick J. ~~ny Y ry
City Administrator Finance Director
vii
(This page intentionally Jett blank.)
1
CITY OF TIGARD, OREGON
MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1991
Name Term Expires
1 Mayor Gerald R. Edwards December 31, 1994
10390 SW Meadow
Tigard, Oregon 97223
Councilman Joe Kasten December 31, 1992
9885 SW Ventura Court
' Tigard, Oregon 97223
Councilwoman Carolyn Eadon December 31, 1994
11825 SW Wildwood Court
Tigard, Oregon 97224
' Councilwoman Valerie Johnson December 31, 1992
12265 SW Walnut
Tigard, Oregon 97223
Councilman John Schwartz December 31, 1994
15900 SW 76th
Tigard, Oregon 97224
Patrick J. Reilly, City Administrator
Wayne Lowry, Director of Finance
LEGAL COUNSEL
O'Donnell, Ramis, Crew & Corrigan
1727 N.W. Hoyt
Portland, Oregon 97209
viii
Organization Chart
July 1, 1991
Municipal Court City Council Boards d Committees
City Attorney City Admin k i l ii !Ion Personnel T City Recorder Comm Involvement
x' Polic• Library Admin Services Field Operations Comm Development Engineering Finance
Adminletration Reference Risk Management Sewer 71 1 Building [nap Accounting
Petrol Readers Services Office Services Storm Current Planning omputer Syatema
Investigation Support Services Records Street Advance Planning Purchasing
Support Services Educ Serv Municipal Court Parks
Traffic Shops
Prop Mgmt
rr rr r~ r ~ . r r ~r rr r~ rr r~ ~r it rr r
Certificate of
1
Achievement
1 for Excellence
in Financial
1
Reporting
1
Presented to
City of Tigard,
Oregon
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1990
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 (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
`~ISGTa'O
p~ President
T
5EMU
cPaoo
Executive Director
x
intentional) left blank. ,
(This page y )
1
1
F~NANGIAL SECTION ~ '
'
' ~ ~ `
' -
Coo certified public accountants
&LYbrpers
and
1
REPORT OF INDEPENDENT ACCOUNTANTS
Honorable Mayor and Council Members
City of Tigard
Tigard, Oregon
' We have audited the general purpose financial statements of the City of Tigard, Oregon as of and for the year
ended June 30, 1991, 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, 1991, 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, individual fund, and individual account group financial 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:
John L. Dethman, a partner
Portland, Oregon
' September 20, 1991
t
CITY OF TIGARD ,
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS '
June 30, 1991
Governmental Fund Types '
Special Debt
ASSETS General Revenue Service
Assets: ,
Cash and investments $2,129,019 $ 650,440 $ 591,256
Restricted cash & investments
Accounts receivable
Property taxes receivable 245,530 127,388 '
Assessment liens receivable 3,181,495
Accrued interest on delinquent assessments 49,022
Due from other funds 369,503 415,909
Prepaid insurance 74,630 '
Inventory of gasoline and parts 24,331
Fixed assets, net
Amount available for bonded debt service
Amount to be provided for retirement of '
general long-term debt
Total Assets $2,843,013 $1,066,349 $3,949,161
LIABILITIES, FUND EQUITY AND ,
OTHER CREDITS
Liabilities: '
Accounts payable and accrued liabilities $ 475,066 $ $ 2,580
Deposits 95,169
Due to other funds 220,458 411,153 293,004
Deferred revenues: '
Property taxes 186,990 89,373
Assessment liens receivable 3,170,132
Accrued interest on delinquent
assessments 49,022
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 977,683 411,153 3,604,111
Fund Equity and Other Credits: ,
Contributed capital
Investment in general fixed assets
Retained earnings
Fund balances:
Reserved for prepaid insurance 74,630
Reserved for inventory 24,331
Reserved for employee retirement benefits
Unreserved and designated for debt service 345,050
Unreserved and undesignated 1,766,369 655,196
Total Fund Equity and Other Credits 1,865,330 655,196 345,050
Total Liabilities, Fund Equity and Other Credits $2,843,013 $1,066,349 $3,949,161 '
The accompanying notes are an integral part
'
of the general purpose financial statements.
2
Proprietary Fiduciary
Fund Types Fund Types Account Groups Total
Capital Trust General General Long- (Memorandum
Proiects Enterprise and Agency Fixed Assets Term Debt Only)
$4,209,945 $ 685,285 $1,960,546 $ $ $10,226,491
1,306,150 1,306,150
78 265,540 265,618
372,918
3,181,495
49,022
13,816 125,387 924,615
74,630
24,331
9,078,140 7,684,318 16, 762,458
345,050 345,050
14, 789,940 14, 789,940
$4,223,839 $11,460,502 $1,960,546 $7,684,318 $15,134,990 $48,322,718
1
$1,030,070 $ 432,744 $ $ $ $1,940,460
95,169
924,615
' 276,363
3,170,132
49,022
1,155,000 1,155,000
26,598 220,990 247,588
747,201 747,201
300,000 300,000
9,920,000 9,920,000
155,000 155,000
3,384,000 3,384,000
1,030,070 459,342 747,201 15,134,990 22,364,550
' 9,402,700 9,402,700
7,684,318 7,684,318
1,598,460 1,598,460
74,630
24,331
1,213,345 1,213,345
345,050
' 3,193,769 5,615,334
3,193,769 11,001,160 1,213,345 7,684,318 25,958,168
' $4,223,839 $11,460,502 $1,96® $7,684,318 $15,134,990 $48,322,718
(This page intentionally left blank.) ,
I
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENT FUND TYPES
for the fiscal year ended June 30, 1991
Total
Special Debt Capital (Memorandum
General Revenue Service Projects Only)
' Revenues:
Taxes $2,554,087 $ $1,491,580 $ 115,123 $4,160,790
Franchise fees 1,179,833 1,179,833 ✓
Special assessments 297,468 297,468
Licenses and permits 875,251 331,669 1,206,920
Intergovernmental revenues 1,187,120 1,192,311 2,379,431 ✓
Charges for services 48,150 31,220 79,370 -
Fines and forfeitures 259,497 259,497
Miscellaneous revenues,
primarily interest 438,493 57,062 325,931 508,721 1,330,207
Total revenues 6,542,431 1,612,262 2,114,979 623,844 10,893,516
' Expenditures
Current:
Community services 4,312,354 34,984 4,347,338
Community development 1,610,172 840,386 107,976 2,558,534
Policy and administration 241,351 39,829 281,180
City-wide support functions 329,631 54,397 384,028
Capital projects 385,893 629,530 5,816,887 6,832,310
Debt service:
Principal 3,034,760 3,034,760
Interest 1,123,199 1,123,199
Total expenditures 6,879,401 1,599,126 4,157,959, 5,924,863 18,561,349
' Excess of revenues over
(under) expenditures (336,970 ) 13,136 (2,042,980) (5,301,019) (7,667,833)
Other financing sources (uses):
Bancroft bond proceeds 2,157,366 82,584 2,239,950
Operating transfers in 65,000 65,000
Operating transfers out (40,000 ) 4( 0,000)
Total other financing sources
(uses) (40,000 ) 2,222,366 82,584 2,264,950
' Excess of revenues and
other sources over (under)
expenditures and other uses (336,970) (26,864) 179,386 (5,218,435) (5,402,883)
' Fund balances,
beginning of year 2,202,300 682,060 165,664 8,412,204 11,462,228
Fund balances,
' end of year $1,865,330 $ 655,196 $ 345,050 $3,193,769 $ 6,059,345
The accompanying notes are an integral part
of the general purpose financial statements.
3
CITY OF TIGARD, OREGON '
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1991
General Fund Special Revenue Funds
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues:
Taxes $2,493,015 $2,554,087 $ 61,072 $ $ $ ,
Franchise fees 1,150,411 1,179,833 29,422
Special assessments
Licenses and permits 785,125 875,251 90,126 540,000 331,669 (208,331) '
Intergovernmental revenues 1,268,858 1,187,120 (81,738) 1,336,000 1,192,311 (143,689)
Charges for services 44,600 48,150 3,550 4,500 31,220 26,720
Fines and forfeitures 272,600 259,497 (13,103)
Miscellaneous revenues,
primarily interest 356,371 438,493 82,122 44,900 57,062 12,162 '
Total revenues 6,370,980 6,542,431 171,451 1,925,400 1,612,262 31( 3,138)
Expenditures ,
Current:
Community services 4,540,490 4,312,354 228,136 38,647 34,984 3,663
Community development 1,697,354 1,610,172 87,182 908,423 840,386 68,037
Policy and administration 245,852 241,351 4,501 40,572 39,829 743
City-wide support functions 366,709 329,631 37,078 60,516 54,397 6,119
Capital projects 586,300 385,893 200,407 1,017,624 629,530 388,094
Contingency 386,696 386,696 397,122 397,122
Debt service: ,
Bond principal
Note principal
Certificates of
participation principal
Interest
Total expenditures 7,823,401 6,879,401 944,000 2,462,904 1,599,126 863,778
Excess of revenues over '
(under) expenditures (1,452,421) 3( 36,970) 1,115,451 53( 7,504) 13,136 550,640
Other financing sources (uses):
Bancroft bond proceeds
Operating transfers in
Operating transfers out (40,000) (40,000)
Total other financing
sources (uses) (40,000 ) (40,000)
Excess of revenues '
and other sources
over (under) expenditures
and other uses (1,452,421) (336,970) 1,115,451 (537,504) (26,864) 510,640
Fund balances, '
beginning of year 1,452,421 2,202,300 749,879 537,504 682,060 144,556
Fund balances, ,
end of year $ - $1,865,330 $1,865,330 $ - $ 655,196 $ 655,196
The accompanying notes are an integral part
of the general purpose financial statements
4
Debt Servioe Funds Capital Projects Funds Total (Memorandum Only)
' Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$1,438,572 $1,491,580 $ 53,008 $ 120,000 $ 115,123 $ (4,877) $4,051,587 $4,160,790 $ 109,203
1,150,411 1,179,833 29,422
467,844 297,468 (170,376) 467,844 297,468 (170,376)
1,325,125 1,206,920 (118,205)
2,604,858 2,379,431 (225,427)
49,100 79,370 30,270
272,600 259,497 (13,103)
318,997 325,931 6,934 248,000 508,721 260,721 968,268 1,330,207 361,939
2,225,413 2,114,979 11( 0,434) 368,000 623,844 255,844 10,889,793 10,893,516 3,723
4,579,137 4,347,338 231,799
120,000 107,976 12,024 2,725,777 2,558,534 167,243
' 286,424 281,180 5,244
427,225 384,028 43,197
7,698,000 5,816,887 1,881,113 9,301,924 6,832,310 2,469,614
569,398 569,398 1,353,216 1,353,216
' 930,000 930,000 930,000 930,000
1,999,760 1,999,760 1,999,760 1,999,760
105,000 105,000 105,000 105,000
1,320,665 1,123,199 197,466 1,320,665 1,123,199 197,466
4,924,823 4,157,959 766,864 7,818,000 5,924,863 1,893,137 23,029,128 18,561,349 4,467,779
(2,699,410 ) (2,042,980) 656,430 (7,450,000 (5,301,019 2,148,981 (12,139,335 ) 7 6( 67,833) 4,471,502
2,360,000 2,157,366 (202,634) 82,584 82,584 2,360,000 2,239,950 (120,050)
65,000 65,000 65,000 65,000
(40,000 ) (40,000
)
2,425,000 2,222,366 20( 2,634) 82,584 82,584 2,425,000 2,264,950 (160,050
(274,410) 179,386 453,796 (7,450,000) (5,218,435) 2,231,565 (9,714,335) (5,402,883) 4,311,452
274,410 165,664 (108,746) 7,450,000 8,412,204 962,204 9,714,335 11,462,228 1,747,893
' $ - $ 345,050 $ 345,050 $ - $3,193,769 $3,193,769 $ - $6,059,345 $6,05®
CITY OF TIGARD, OREGON '
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGSIFUND BALANCES
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS '
for the fiscal year ended June 30, 1991
Total ,
Pension (Memorandum
Enterprise Trust Only)
Operating revenues:
Service charges $1,457,219 $ $1,457,219 '
Contributions 407,608 407,608
Interest 84,260 84,260
Total operating revenues 1,457,219 491,868 1,949,087
Operating Expenses:
Salaries and wages 735,762 735,762
Contracted services 5,506 5,506
General and administrative and other 245,254 245,254
Depreciation 311,829 311,829
Benefit payments and withdrawals 120,615 120,615
Total operating expenses 1,298,351 120,615 1,418,966 ,
Operating income 158,868 371,253 530,121
Nonoperating revenues (expenses): '
Interest 114,027 114,027
)
Loss on disposal of fixed assets 1( 2,019) (12,019
Income before operating transfer 260,876 371,253 632,129 ,
)
Operating transfer out 2! 5,000) (25,000
Net income 235,876 607,129
Add depredation on fixed assets donated
or acquired from capital contributions
that reduces contributed capital 200,606 200,606
Increase in retained eamings/fund balances 436,482 371,253 807,735
Retained eamings/fund balances
- beginning of year 1,161,978 842,092 2,004,070
Retained eamings/fund balances
- end of year $1,598,460 $1,213,345 $2,811,805
The accompanying notes are an integral part ,
of the general purpose financial statements
5
' CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CASH FLOWS
' ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS
for the fiscal year ended June 30, 1991
Cash Flows from Operating Activities
Operating Income $ 158,868
Adjustments to reconcile operating income
to net cash provided by operating activities:
' Depreciation 311,829
Increase in accounts receivable (123,134)
Increase in due from other funds (14,436)
Decrease in accounts payable and accrued liabilities (272,466)
Increase in accrued vacation payable 278
Decrease in due to other funds (5,772)
Net cash provided by operating activities 55,167
Cash flows from capital and related financing activities:
Capital contributions 123,415
Operating transfers out (25,000)
' Acquisition of fixed assets 19~ 5,382)
7)
Net cash used in capital and related financing activities (96,96
Cash flows from investing activities
Interest earnings 114,027
' Net increase in cash and cash equivalents 72,227
Cash and cash equivalents, beginning of year 1,919,208
Cash and cash equivalents, and of year $1,991,435
' Noncash capital and related financing activities:
During fiscal 1991, the enterprise funds received donated properties (fixed assets) of $1,455,660 through contributed capital additions.
The accompanying notes are an integral part
of the general purpose financial statements
6
,
(This page intentionally let blank.)
t
. Np,NC1A►- STATEMENTS
' T4 GENERAL PVRppSE f`
NOTES
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
' Governmental Entities Included in the Combined Financial Statements
' 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.
' - Election of the governing authority - The locally elected City Council is exclusively responsible for all public decisions and
accountable for the decisions its makes.
' - 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.
' - 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 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 does not
manifest any oversight responsibility. Therefore, financial information for these agencies is not included in the accompanying
general purpose financial statements.
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 combined balance
' sheet. Operating statements of governmental funds present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets. Agency funds do not present operating results.
The Proprietary Fund Type (Enterprise Funds) and Pension Trust Fund are accounted for using a flow of economic resources
' measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds
are included on the combined balance sheet.
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) '
1. Summary of Significant Accounting Policies (continued):
Basis of Accounting (continued) '
The Governmental Fund Types and Agency Fund are maintained on the modified accrual basis of accounting. Under the '
modified accrual basis of accounting, revenues are recorded in the accounting period in which they become measurable and
available and expenditures are recorded at the time liabilities are incurred, except for:
- Interfund transactions for services which are recorded on the accrual basis. '
- Interest on bonds payable which is recorded on its due date.
- Earned but unpaid vacations which are recorded as expenditures to the extent they are expected to be liquidated with t
expendable available financial resources.
Revenues which were measurable and available at June 30, 1991 under the modified accrual basis of accounting were as ,
follows:
- State, county, and local shared revenues for cigarette tax, liquor tax and other. '
- Property tax revenues and assessment 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. ,
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 '
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 of less than three months.
Receivables ,
Receivables for state, county, and local shared revenues are recorded as revenue in the Governmental Funds as earned.
1
1
'
8
CITY OF TIGARD, OREGON
' NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
' Receivables (continued)
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 on January 1 for
' personal property and on July 1 for real property. All taxes 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 receivable are due from property owners within the City.
' Assessments are recognized as receivables at the time property owners are assessed for property improvements.
Assessments receivable expected to be collected within sixty days after year end are considered measurable and available
and are recognized as revenues. All other assessments receivable are offset by a deferred revenue account and, accordingly,
' have not been recorded as revenue.
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.
Inventory of Gasoline and Parts
' Inventory of gasoline and 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.
' Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated historical cost when historical cost is not available. Donated
' assets are recorded at fair market value 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.
' Building 40 years
Sewer System 40 years
Storm Drainage System 40 years
' Equipment 5 to 10 years
Autos and Trucks 3 years
Depreciation expense on fixed assets donated or acquired from capital contributions is recognized as a reduction of contributed
capital. Such reduction is recorded by a transfer from retained earnings.
' 9
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) '
1. Summary of Significant Accounting Policies (continued):
Enterprise Fund Fixed Assets (continued) '
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 Types as
incurred and are not capitalized. As fixed assets are disposed of, the estimated historical cost or historical cost is removed
from this account group; proceeds from sales of general fixed assets are recorded as General Fund revenue. Depreciation '
is not computed on general fixed assets.
Expenditures for public domain fixed assets (streets, sidewalks, curbs and gutters, lighting systems and similar assets) that ,
are immovable and of value only to the City as a governmental unit are reported as expenditures as incurred and are not
capitalized.
Long-Term Debt '
All unmatured long term debt is recorded in the General Long Term Debt Account Group. Periodic principal and interest
repayments on bonded debt are made from special assessments and property tax levies and are recorded in the debt service ,
funds. Certificates of participation will be paid for by property taxes levied beginning in fiscal 1991 and payment will be 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.
Accrued Vacation Payable
Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by employees. In Governmental Fund ,
Types the amounts, if any, expected to be liquidated with expendable available resources are accrued as liabilities of the funds
and the amount payable from future resources is recorded in the General Long-Term Debt Account Group. Sick pay, which '
does not vest, is recorded in all funds when leave is taken.
Contributed Capital
Contributed capital in the Enterprise Funds represents the accumulation of contributions in the form of cash or other assets
which generally do not have to be returned to the contributor. Such contributions are recorded directly to contributed capital
and, accordingly, are not recognized as revenue. The following transactions are recorded in contributed capital in the '
Enterprise Funds:
Receipts of federal and state grants for acquisitions of fixed assets. '
Fixed assets contributed from other funds or the General Fixed Assets Account Group.
- Contributions from others for the acquisition or construction of fixed assets. '
- Transfers from retained earnings for depreciation on fixed assets donated or acquired by contributed capital resources.
10
,
CITY OF TIGARD, OREGON
' NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
' Budget
' 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, the accrual basis of accounting for 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 appropriations K an occurrence, condition, or need exists which had not been ascertained at the
time the budget was adopted. Management may not amend the budget without Council approval. During the fiscal year ended
June 30, 1991, several appropriations transfers were made.
' The budgets for each of the governmental funds include capital outlay expenditures in each program for capital outlay
applicable to that program. Capital outlay expenditures benefiting the City and not an identifiable program are reported
separately.
' 2. Organization and Operation:
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.
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 Road Levy Fund - This fund accounts for a special, one-time property tax levy from Washington County
for the maintenance and repair of roads.
County Gas Tax Fund - This fund accounts for road tax monies received from Washington County for the
maintenance and operation of roads.
CITY OF TIGARD, OREGON t
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation: (continued)
Governmental Fund Types, continued ,
Special Revenue Funds: (continued)
Traff ic Impact Fund - This fund accounts for traff ic impact fees charged for new development. This voter approved '
county-wide fee takes the place of the City's Street SDC. 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.
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 certif icate 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. ,
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 Lew Capital Improvement Fund - This fund accounts for proceeds from the sale of Certificates of Participation '
and improvements to Tigard's park system.
Enterprise Funds:
Sewer Fund - This fund accounts for the City's sewer utility operations. '
Storm Drainage Fund - This fund accounts for the City's storm drainage operations. '
Fiduciary Fund Types:
Deferred Compensation Fund - This agency fund accounts for monies withheld from employees under deferred '
compensation plans and earnings on investment of those funds.
Pension Trust Fund - This fund accounts for the City's general employee defined contribution plans. ,
12 '
rt CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation: (continued)
Governmental Fund Types, (continued)
' Account Groups
' General Fixed Assets - This account group accounts for the City's investment in fixed assets, with the exception
of those assets held by the Enterprise Funds.
General Long-Term Debt - This account group accounts for general long-term indebtedness of the City.
3. Cash and Investments:
' The City maintains a cash and investment pool that is available for use by all funds, except the Deferred Compensation Fund
and Pension Trust Fund. Each fund type's portion of this pool is displayed on the combined balance sheet as "cash and
investments." The investments of the Deferred Compensation Fund and Pension Trust Fund are held separately from those
' of other City funds.
Cash and investments are comprised of the following at June 30, 1991:
' Cash on hand $ 7,166
Cash Held by Department of Finance, Washington County 34,565
Deposits with financial institutions 95,504
' Investments 11,395,406
$11,532,641
Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts. The total bank balance is
$221,112 (book balance is $95,504). Of these deposits, $100,000 was covered by federal depository insurance, and $121,112
' 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.
Investments
State statutes authorize the City to invest primarily in general obligations of the U.S. Government and its agencies, certain
' bonded obligations of Oregon municipalities, bank repurchase agreements, bankers' acceptances, certain commercial paper
and the State Treasurer's Investment Pool, among others.
The City's investments are categorized below to give an indication of the level of risk assumed by the City at June 30, 1991.
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.
13
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) ,
3. Cash and Investments: (continued)
Investments (continued) '
Category Carrying Market '
1 2 3 Amount Value
US Government Securities $ 491,832 $ 491,832 $ 491,832 '
Bankers' Acceptances 989,158 989,158 989,158
$ - $1,480,990 $ - 1,480,990 1,480,990
Held by custodians under '
deferred compensation and
pension plans - mutual ,
fund investments 1,960,546 1,960,546
State Treasurer's Investment '
Pool 7,953,870 7,953,870
Total Investments $11,395,406 $11,395,406
4. Assessment Liens Receivable:
Assessment liens receivable represent the uncollected amount 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 percent to 13 percent. The portion of assessments receivable balance at June 30, 1991 that represent delinquent '
accounts is $73,110.
14
' CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
t 5. Interfund Receivables and Payables:
t Interfund receivables and payables at June 30, 1991, are:
Due from other funds: Due to other funds:
' General Fund: General Fund:
Streets SDC Fund $369,503 State Tax Street Fund $ 70,074
County Gas Tax Fund 11,181
State Tax Street Fund: Road Improvement Bond Fund 13,816
General Fund 70,074 Sewer Fund 101,818
Storm Drain Fund 23,569
County Gas Tax Fund:
General Fund 11,181 220,458
Streets SDC Fund: State Tax Street Fund:
' Bancroft Bond Debt Streets SDC Fund 34,569
Service Fund 293,004
State Tax Street Fund 34,569 County Gas Tax Fund:
' County Gas Tax Fund 7,081 Streets SDC Fund 7,081
334,654 Bancroft Bond Debt Service Fund:
Streets SDC Fund 293,004
' Road Improvement Bond Fund:
General Fund 13,816 Streets SDC Fund:
General Fund 369,503
Sewer Fund:
General Fund 101,818
Storm Drain Fund:
' General Fund 23,569
Total $ 924,615 Total $ 924,615
' 6. Fixed Assets:
' Fixed assets in the Enterprise Funds at June 30, 1991 are as follows:
Land $ 2,484
Building 53,540
Sewer system 6,669,502
Storm drainage system 6,321,390
Equipment 204,728
Autos and trucks 298,801
13,550,445
' Less accumulated
depreciation 4,472,305
$ 9,078,140
' 15
CITY OF TIGARD, OREGON '
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) '
6. Fixed Assets: (continued)
Changes in fixed assets in the General Fixed Asset Account Group for the year ended June 30, 1991 are as follows: '
Balances Balances ,
June 30, 1990 Additions Retirements June 30, 1991
Land $1,749,269 $ 313,551 $ $2,062,820 '
Buildings 3,204,258 244,962 3,449,220
Equipment 560,977 82,573 75,813 567,737
Autos and trucks 780,865 118,205 73,586 825,484 '
Office equipment 1,040,683 164,082 425,708 779,057
Library books 660,503 101,100 761,603
$7,996,555 $1,024,473 $1,336,710 $7,684,318 ,
7. Long-Term Debt: '
Bonds Payable
Bonds payable transactions for the year ended June 30, 1991 and future maturities of bond principal and interest at June 30,
1991 are as follows:
Outstanding Matured Outstanding
June 30, and Paid June 30,
1990 During Year 1991 Interest
General Obligation Bonds:
General obligation
bonds; interest rates
6.40% to 10.60%:
Fiscal Year:
1991 $ 105,000 $(105,000) $ $
1992 590,000 (475,000) 115,000 395,198
1993 695,000 695,000 619,845
1994 830,000 830,000 568,770
1995 945,000 945,000 508,910
1996 1,055,000 1,055,000 445,598
1997-2000 5,375,000 5,375,000 986,414
2001-2004 905,000 905,000 139,500
$10,5®0 $(580,000) $ 9,920,000 $ 3,664,235
16
' CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
7. Long-Term Debt: (continued)
1 Issued Matured
Outstanding During and Paid Outstanding
June 30, 1990 Year During Year June 30, 1991 Interest
Bancroft Improvement Bonds:
General obligation
improvement bond issues;
' interest rates from
6% to 11.5%; payable first
from assessments to
1 benefitted properties
and second, from the
general credit of the City:
Fiscal Year
1991 318,000 (315,000)
1992 338,000 89,000 430,000 220,430
1993 308,000 100,000 408,000 185,291
1994 98,000 105,000 203,000 161,335
1995 108,000 110,000 218,000 146,207
1996 30,000 115,000 145,000 133,705
1997 30,000 125,000 155,000 124,148
1 1998-2002 250,000 595,000 (35,000) 810,000 449,184
2003-2006 10,000 1,005,000 1,015,000 229,212
$1,490,000 $2,244,000 $(350,000 ) $3,384,000 $11649,512
' During fiscal year 1991, the City called for early redemption, $35,000 of its series 1989 Bancroft Bonds. As a result of the early
redemption, the City reduced its future interest payments by approximately $20,000.
1 During fiscal year 1991, the City issued $2,244,000 General Obligation Improvement Bonds bearing interest rates from 6.0 to
6.3 percent. The bonds were used to retire interim financing notes payable for street improvements in the Pacific Corporate
Center Local Improvement District.
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 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, 1991, the
outstanding balance on the 1984 Series bonds is $1,640,000.
i
1
1
1
1 17
1
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) ,
7. Long-Term Debt: (continued)
Other Long-Term Debt
Other long-term debt recorded in the General Long-Term Debt Account Group and the changes thereto for the year ended '
June 30, 1991 are as follows:
Balance Balance '
June 30, 1990 Additions Deletions June 30, 1991
Notes payable, due ,
August 9, 1990; interest
rates varying from 10%
to 10.5%; subsequently,
refinanced on August 8, 1990 '
with General Obligation
Improvement Bonds $1,999,760 $ - $1,999,760 $ -
Certificates of participation, '
interest rates of 6.625%; annual
payments to be made solely from
property taxes from a special
five year parks serial levy $1,260,000 $ - $ 105,000 $1,155,000
Arbitrage rebate liability, '
due in 1994 $ 140,000 $_151000 $ - $ 155,000
Accrued vacation payable $ 198,309 $ 220,990 $ 198,309 $ 220,990
Bond Anticipation Notes, '
due in fiscal 1992 (Note 13)
Interest rate of 6.5% $ 300,000 $ - $ - $ 300,000 '
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.
18 '
' CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
7. Long-Term Debt: (continued)
' Future maturities of other long-term debt recorded in the Long-Term Debt Account Group and related interest at June 30, 1991
are:
' Certificates Arbitrage Accrued Bond
Fiscal of Rebate Vacation Anticipation
Year Participation Liability Payable Notes
' 1992 $ 326,518 $ $220,990 $324,950
1993 334,956
' 1994 346,737 155,000
1995 346,541
Thereafter
TOTAL 1,354,752 155,000 220,990 324,950
' Less amounts
representing
' interest 199,752 24,950
Total $16155,000 $155,000 $220,990 $3006000
' 8. Contributed Capital:
The changes in contributed capital were as follows:
' Balance, beginning of year $8,024,231
Transfer of depreciation on certain contributed
fixed assets from retained earnings (200,606)
Contributions from customers 1,579,075
' Balance, end of year $9,402,700
9. Retirement Plans:
The City contributes to retirement plans on behalf of all eligible employees. At June 30, 1991, 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
(ICMARC) Money Purchase Plan
' Oregon Public Employees Union ICMARC
Tigard Police Officers Association State of Oregon Public Employes
Retirement System (PERS)
' 19
CITY OF TIGARD, OREGON '
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
9. Retirement Plans: (continued) ,
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 $407,608 for the year ended June 30, 1991. Current year covered payroll
amounted to $2,614,343. Required and actual expenditures as a percentage of covered payroll was 15.6 percent.
Police Plan: ,
Substantially all full-time Police employees are participants in the State of Oregon Public Employes Retirement System (PERS),
an agent multiple-employer public employee retirement system. The City's payroll for employees covered by PERS for the ,
year ended June 30, 1991 was $1,716,441; the City's total payroll was $4,429,860.
PERS benefits vest after five years of continuous service. Retirement is allowed at age 58 for general employees and 55 for
fire and police personnelVith unreduced benefits, but retirement is generally available after age 55 for general 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 statutes. ,
The rate of employer contributions to PERS is determined periodically by PERS based on actuarial valuations. It is the City's
policy to recognize pension expenditures or expenses as currently funded. The City's required employer contribution rate is
15.51% of covered employees' salaries to PERS. The required employee contribution of 6% of covered compensation is paid ,
by the City in conformance with its labor contract.
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. PERS makes actuarial valuations for all employers every two years. No actuarial valuation was made for police
employees under this plan as of December 31, 1989 because police employees were transferred to PERS in 1989 and PERS
did not have the information available to perform the valuation. PERS intends to perform an actuarial valuation as of December '
31, 1991.
PERS policy provides for actuarially determined periodic contributions that are sufficient to pay benefits when due. The
contribution rate for normal cost is determined using the "entry age actuarial cost method." A thirty year amortization is used '
to amortize the costs of the unfunded actuarial liabilities. Any benefit increases are funded over 30 years.
The significant actuarial assumptions used to compute the actuarially determined contribution requirement include (a) a rate '
of return on the investment of present and future assets of 8%; (b) projected salary increases of 6% per year in addition to
salary increases due to promotions and longevity and; (c) post-retirement benefit increases of 2% per year (the maximum
allowable). '
Certain ten-year historical trend information showing the system's progress in accumulating assets and pay benefits for the
plan as a whole due may be found in the June 30, 1991 Oregon Public Employees Retirement System Annual Financial report.
20
' CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
9. Retirement Plans: (continued)
' City contributions to PERS for the last two years, since police employees became members of the plan, which were made in
accordance with actuarially determined requirements, follow:
' 1991 1990
' Employer's portion $242,954 $25,235
Employee "pick-up" 83,726 9,209
Total employer cost 326,680 34,444
Employer and employee
' contribution as a percentage
of covered payroll 19% 2.1%
' No breakdown of the components of the fiscal 1991 contribution as to normal cost and amortization of the unfunded actuarial
liability is available.
' Deferred Compensation Plan
The City offers certain employees a deferred compensation plan created in accordance with Internal Revenue Code Section
' 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.
' 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 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.
' Expenditures by the City for the deferred compensation plan were $85,682 for the year ended June 30, 1991.
10. Transactions with Unif ied Sewerage Agency of Washington County:
' The City of Tigard collects charges for treatment of City sewage on behalf of the Unified Sewerage Agency of Washington
County (USA) and remits all collections to USA except for 30 percent of sewer service charges collected and 20 percent of
connection charges collected and a certain amount for revenue bond debt service, in accordance with an agreement between
' the City and USA dated June 25, 1991. Payments of $2,483,149 were made to USA during 1991 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 1991 under the agreement were $266,693.
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. Revenues are
t reported net because the City acts in a fiduciary capacity on behalf of USA.
' 21
CITY OF TIGARD, OREGON '
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
11. Segment Information for Enterprise Funds: '
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 for the year ended June 30, 1991 is as follows: '
Sewer Storm Drainage
Fund Fund Total
Operating revenue $ 907,258 $ 549,961 $1,457,219 '
Depreciation 183,791 128,038 311,829
Operating income 84,589 74,279 158,868
Net income 134,860 101,016 235,876
Current capital contributions 867,731 711,344 1,579,075
Fixed asset additions 976,526 674,514 1,651,040
Net working capital 408,785 208,085 616,870 '
Total assets 6,732,384 4,728,118 11,460,502
Total equity 6,332,878 4,668,282 11,001,160
12. Deficit Fund Balances/Retained Earnings:
'
The Local Improvement Capital Projects Fund (a capital projects fund) had a fund balance deficit of $66,092 at June 30, 1991. '
The deficit is expected to be eliminated through issuance of Bond Anticipation Notes.
13. Subsequent Event '
On September 3, 1991, the City issued $405,000 Special Assessment Bonds bearing interest rates at 6.0 percent. The
proceeds of the bonds were used to retire Bond Anticipation Notes maturing on September 3, 1991. (Note 7)
14. Commitments
Commitments for capital construction projects in the City amounted to approximately $2,460,000 at June 30, 1991. '
15. Passage of Constitutional Property Tax Limitation
The Oregon voters approved a State constitutional limit on property taxes for schools and nonschool government operations. ,
Under the provision of the limitation, tax revenues are separated into those for the public school system and those for local
government operations other than the public school system. The limitation specifies $10.00 is the maximum allowable tax for
each $1,000 of property real market value imposed on local governments other than the public school system beginning with '
the 1991-92 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;
2. assessments for capital construction that provide a special benefit to the property and that can be paid off over at least
ten years; ,
3. taxes to repay bonded debt authorized by the state constitution;
4. taxes to repay existing bonded debt for capital construction, and
5. taxes to repay new bonded debt for capital construction if approved by voters. '
At the present time, the financial effect of the limitation on the City's future years' operations is not determinable.
22
SUPPLEMENTARY DATA
(Combining and Individual. Fund and Account Group Statements
and Other Financial Schedules)
r
r
r
r
r
r GENERAL FUND
r 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.
r
1
r
1
r
r '
r
1
1
r
r
CITY OF TIGARD, OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL '
for the fiscal year ended June 30, 1991
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES: '
Taxes $2,493,015 $2,554,087 $ 61,072
Franchise fees 1,150,411 1,179,833 29,422
Licenses and permits 785,125 875,251 90,126
Intergovernmental revenues 1,268,858 1,187,120 (81,738)
Charges for services 44,600 48,150 3,550
Fines and forfeitures 272,600 259,497 (13,103)
Miscellaneous revenues,
primarily interest 356,371 438,493 82,122
Total revenues 6,370,980 6,542,431 171,451
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,452,421 2,202,300 749,879
Total $7,823,401 $8,74 $ 921.6330
Revised Variance
Budgeted Favorable ,
Appropriations Actual (Unfavorable)
EXPENDITURES: 1
Community services $4,540,490 $4,312,354 $ 228,136
Community development 1,697,354 1,610,172 87,182
Policy and administration 245,852 241,351 4,501
City-wide support functions 366,709 329,631 37,078
Capital projects 586,300 385,893 200,407
Contingency 386,696 386,696
Total $7,823,401 $6,8791401 $ 944 000
i
1
1
1
23
SPECIAL REVENUE FUNDS
' The Special Revenue Funds account for revenue derived from specific taxes or other earmarked revenue sources which are
legally restricted to finance particular functions or activities. Funds included in this fund category are:
• Forfeitures from Criminal Activity Fund
• State Tax Street Fund
• Streets SDC Fund
• Parks SDC Fund
' County Road Levy Fund
• County Gas Tax Fund
• Traffic Impact Fund
• Water Quality & Quantity Fund
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1991
Forfeitures
From State County Water
Criminal Tax Street Streets Parks Road County Gas Traffic Quality &
Activity Fund Fund SDC Fund SDC Fund Levy Fund Tax Fund Impact Fund Quantity Fund Total
ASSETS
Cash and investments $ 7,864 $ 351,045 $ 52,227 $ 74,171 $ 11,440 $ 16,186 $ 125,882 $ 11,625 $ 650,440
Due from other funds 70,074 334,654 11,181 415,909
Total assets $ 7,864 $ 421,119 $ 386,881 $ 74,171 $ 11,440 $ 27,367 $ 125,882 $ t t,625 $11066,349
LIABILITIES AND
FUND BALANCES
LIABILITIES:
Due to other funds $ $ 34,569 $ 369,503 $ $ $ 7,081 $ $ $ 411,153
FUND BALANCES -
UNRESERVED 7,864 386,550 17,378 74,171 11,440 20,286 125,882 11,625 655,196
c~ Total liabilities
A and fund balance $ 7,864 $ 421,119 $ 386,881 $ 74,171 $ 11,440 $ 27,367 $ 125,882 $ 11,625 $1,066,349
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1991
Forfeitures
From State County Water
Criminal Tax Street Streets Parks Road County Gas Traffic Quality &
Activity Fund Fund SDC Fund SDC Fund Levy Fund Tax Fund Impact Fund Quantity Fund Total
REVENUES:
Licenses and permits $ $ $ 123,437 $ 82,350 $ $ $ 125,882 $ $ 331,669
Intergovernmental
revenues 1,056,475 135,836 1,192,311
Charges for services 19,595 11,625 31,220
Miscellaneous revenues 1,781 45,236 5,192 996 979 2,878 57,062
Total revenues 1,781 1,121,306 128,629 83,346 979 138,714 125,882 11,625 1,612,262
EXPENDITURES:
Community services 25;069 9,915 34,984
Community development 703,634 45,264 91,488 840,386
Policy and admini-
stration 32,440 7,389 39,829
City-wide support
functions 44,305 10,092 54,397
Capital projects 178,617 400,348 13,610 36,955 629,530
N
lJl
Total
expenditures 984,065 445,612 13,610 155,839 1,599,126
Excess of revenues
over (under)
expenditures 1,781 137,241 (316,983) 69,736 979 (17,125) 125,882 11,625 13,136
Other financing uses:
Operating transfers
out 4( 0,000) 4( 0,000)
Excess of revenues over
(under) expenditures
and other uses 1,781 137,241 (356,983) 69,736 979 (17,125) 125,882 11,625 (26,864)
FUND BALANCES -
beginning of year 6,083 249,309 374,361 4,435 10,461 37,411 682,060
FUND BALANCES -
end of year $ 7,864 $ 386,550 $ 17,378 $ 74,171 $ 11,440 $ 20,286 $ 125,882 $ 11,625 $ 655,196
CITY OF TIGARD, OREGON
FORFEITURES FROM CRIMINAL ACTIVITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL '
for the fiscal year ended June 30, 1991
Variance ,
Favorable
Budget Actual (Unfavorable)
REVENUES:
Miscellaneous $ $ 1,781 $ 1,781 i
BEGINNING FUND BALANCE
AVAILABLE FOR
APPROPRIATION 6,083 6,083
Total $ - $ 7,864 $ 7,864 '
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ - $ - $ -
26
CITY OF TIGARD, OREGON
STATE TAX STREET FUND
' SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
1 REVENUES:
State gas tax $1,200,000 $1,056,475 $ (143,525)
Lighting subdivisions 4,500 19,595 15,095
Interest 25,000 39,476 14,476
Miscellaneous 5,760 5,760
Total revenues 1,229,500 1,121,306 (108,194)
1 BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 181,730 249,309 67,579
)
Total $1,411,230 $1,370,615 $ (40,615
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community Services $ 27,580 $ 25,069 $ 2,511
1 Community Development 757,094 703,634 53,460
Policy and administration 33,045 32,440 605
City-wide support functions 49,289 44,305 4,984
Capital projects 200,000 178,617 21,383
Contingency 344,222 344,222
' Total $1,411,230 $ 984,065 $ 427,165
27
CITY OF TIGARD, OREGON
STREETS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL '
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
System development charges $ 390,000 $ 123,437 $ (266,563)
Interest 13,800 5,192 (8,608)
Total revenues 403,800 128,629 (275,171)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 325,549 374,361 48,812
Total $ 729,349 $ 502,990 $(266,359
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community Development $ 50,542 $ 45,264 $ 5,278
Capital projects 628,807 400,348 228,459
Contingency 50,000 50,000
Total 729,349 445,612 283,737
Other financing uses:
Operating transfer out 40,000 (40,000
Total $ 729,349 $ 4851612 $ 243,737
1
1
1
28
1
CITY OF TIGARD, OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
1 Budget Actual (Unfavorable)
REVENUES:
' System development charges $ 150,000 $ 82,350 $ (67,650)
Interest 2,900 996 (1,904)
Total revenues 152,900 83,346 (69,554)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 4,435 4,435
Total $ 152,900 $ 87,781 $ (65,119
)
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $ 150,000 $ 13,610 $ 136,390
Contingency 2,900 2,900
Total $ 152,900 $ 13,610 $ 139,290
r
' 29
CITY OF TIGARD, OREGON
COUNTY ROAD LEVY FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Interest $ $ 979 $ 979
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 10,461 10,461
Total $ $ 11,440 $ 11,440
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital Projects $ - $ - $ -
1
1
30
CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
1 County gas taxes $ 136,000 $ 135,836 $ (164)
Interest 3,200 2,878 (322)
Total revenues 139,200 138,714 (486)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 30,225 37,411 7,186
~j Total $ 169,425 $ 176,125 $ 6,700
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 11,067 $ 9,915 $ 1,152
Community development 100,787 91,488 9,299
Policy and administration 7,527 7,389 138
City-wide support functions 11,227 10,092 1,135
1 Capital projects 38,817 36,955 1,862
Total $ 169,425 $ 155,839 $ 13,586
31
CITY OF TIGARD, OREGON
TRAFFIC IMPACT FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Traffic impact fees $ - $ 125,882 $ 125,882
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES: r,
Capital Projects $ - $ - $
32
CITY OF TIGARD, OREGON
WATER QUALITY & QUANTITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
1 Water quality & quantity fees $ - $ 11,625 $ 11,625
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital Projects $ - $ - $ -
r
1 33
i
1
1
i
(This page intentionally left blank.)
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:
• 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.
CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
June 30, 1991
Certificate of
Participation Bancroft
Bond Debt Debt Service Bond Debt
ASSETS Service Fund Fund Service Fund Total
Cash and investments $ 110,159 $ 15,930 $ 465,167 $ 591,256 ,
Property taxes receivable 108,496 18,892 127,388
Assessment liens receivable 3,181,495 3,181,495
Accrued interest on delinquent
Assessments 49,022 49,022
Total assets $ 218,655 $ 34,822 $3,695,684$36949 ,161
LIABILITIES AND FUND BALANCES
LIABILITIES:
Accounts payable and accrued
liabilities $ $ $ 2,580 $ 2,580
Deferred revenues:
Property taxes 78,466 10,907 89,373
Assessment liens receivable 3,170,132 3,170,132
Accrued interest on delinquent
assessments 49,022 49,022
Due to other funds 293,004 293,004
Total liabilities 78,466 10,907 3,514,738 3,604,111
FUND BALANCES - UNRESERVED 140,189 23,915 180,946 345,050
Total liabilities and
fund balances $ 218,655 $ 34,822 $3,695,684 $3,949,161
34
CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
' COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1991
Certificate of
Participation Bancroft
Bond Debt Debt Service Bond Debt
REVENUES: Service Fund Fund Service Fund Total
Taxes $1,276,752 $ 214,828 $ $1,491,580
Special assessments 297,468 297,468
Miscellaneous revenues
Primarily interest 41,569 3,417 280,945 325,931
Total revenues 1,318,321 218,245 578,413 2,114,979
EXPENDITURES:
Debt Service:
Principal 580,000 105,000 2,349,760 3,034,760
Interest 686,994 89,330 346,875 1,123,199
Total expenditures 1,266,994 194,330 2,696,635 4,157,959
Excess of revenues
over (under) expenditures 51,327 23,915 (2,118,222 ) (2,042,980)
Other financing sources:
Bancroft bond proceeds 2,157,366 2,157,366
Operating transfers in 65,000 65,000
Total other financing
sources 2,222,366 2,222,366
' Excess of revenues
and other sources
over expenditures 51,327 23,915 104,144 179,386
FUND BALANCES - beginning of
year 88,862 76,802 165,664
FUND BALANCES - end of year $ 140,189 $ 23,915 $ 180,946 $ 345,050
35
CITY OF TIGARD, OREGON
BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
i
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ 1,239,022 $ 1,276,752 $ 37,730
Interest 25,915 41,569 15,654
Total revenues 1,264,937 1,318,321 53,384
BEGINNING FUND BALANCE
AVAILABLE FOR APPROPRIATION 2,057 88,862 86,805
Total $ 1,266,994 $ 1,407,183 $ 140,189
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES: ,
Debt service:
Principal $ 580,000 $ 580,000 $
Interest 686,994 686,994
Total $ 1,266,994 $ 1,266,994 $
36
CITY OF TIGARD, OREGON
CERTIFICATE OF PARTICIPATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ 199,550 $ 214,828 $ 15,278
Interest 5,900 3,417 (2,483)
Total revenues $ 205,450 $ 218,245 $ 12,795
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Debt service:
Principal $ 105,000 $ 105,000 $
1 Interest 93,678 89,330 4,348
Contingency 6,772 6,772
Total $ 205,450 $ 194,330 $ 11,120
37
CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Collection of bonded
assessments $ 467,844 $ 297,468 $ (170,376) ,
Interest 287,182 280,945 (6,237)
Total revenues 755,026 578,413 17( 6,613)
OTHER FINANCING SOURCES:
Bond issuance proceeds 2,360,000 2,157,366 (202,634)
Operating transfers in 65,000 65,000
Total other financing
sources 2,425,000 2,222,366 20( 2,634)
Total revenues and other
sources 3,180,026 2,800,779 (379,247)
BEGINNING FUND BALANCE
AVAILABLE FOR APPROPRIATION 272,353 76,802 (195,551
) ,
Total $3,452,379 $2,877,581 $(574,798
)
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Debt Service: ,
Note principal $1,999,760 $1,999,760 $
Bond principal 350,000 350,000
Interest 539,993 346,875 193,118
Contingency 562,626 562,626
Total $3,452,379 $2,696,635 $ 755,744
38
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
Sources of revenues for Local Improvement District Capital Projects include proceeds from the sale of Bond
1 Anticipation Notes and other short term debt.
Road Improvement Bond Projects are 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 Improvements are funded by proceeds from the sale of Certificates of Participation. Such
improvements are expected to be completed within a three year period.
~ a
CITY OF TIGARD, OREGON
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
June 30, 1991
Local
Improvement Road Park Levy
Capital Improvement Capital
Projects Bond Improvement
Fund Fund Fund Total ,
ASSETS:
Cash and Investments $ (49,060) $3,516,471 $ 742,534 $4,209,945
Accounts receivable 78 78
Due from other funds 13,816 13,816
Total assets $(48,982 ) $3,530,287 $ 742,534 $4,223,839
LIABILITIES AND FUND EQUITY: a
LIABILITIES:
Accounts payable and accrued
liabilities $ 17,110 $ 917,731 $ 95,229 $1,030,070
Total liabilities 17,110 917,731 95,229 1,030,070
FUND EQUITY:
Fund balances (deficit):
Unreserved (66,092 ) 2,612,556 647,305 3,193,769 ,
Total fund equity (66,092 ) 2,612,556 647,305 3,193,769
Total liabilities and
fund equity $(48,982 ) $3,530,287 $ 742,534 $4,223,839
39
o
CITY OF TIGARD, OREGON
CAPITAL PROJECTS FUND
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1991
Local
Improvement Road Park Levy
Capital Improvement Capital
Projects Bond Improvement
Fund Fund Fund Total
REVENUES:
Property taxes $ $ $ 115,123 $ 115,123
Interest 15,429 415,212 78,080 508,721
Total revenues 15,429 415,212 193,203 623,844
EXPENDITURES:
Community development 107,976 107,976
Capital projects 479,826 4,691,022 646,039 5,816,887
Total expenditures 479,826 4,798,998 646,039 5,924,863
Revenues
under expenditures 46~ 4,397) (4,383,786 ) 45( 2,836) (5,301,019)
OTHER FINANCING SOURCES:
Bond proceeds 82,584 82,584
Revenues and other sources
under expenditures (381,813) (4,383,786) (452,836) (5,218,435)
FUND BALANCES,
beginning of year 315,721 6,996,342. 1,100,141 8,412,204
FUND BALANCES (DEFICIT),
end of year $ 6( 6,092) $2,612,556 $ 647,305 $3,193,769
40
CITY OF TIGARD, OREGON '
LOCAL IMPROVEMENT CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Interest $ 5,000 $ 15,429 $ 10,429
OTHER FINANCING SOURCES: ,
Bond proceeds 82,584 82,584
BEGINNING FUND BALANCE
AVAILABLE FOR APPROPRIATION 360,000 315,721 (44,279)
Total $365,000 $413,734 $ 48,734
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $ 365,000 $ 479,826 $(114,826
r
r
r
r
1
r
41
r
' CITY OF TIGARD, OREGON
ROAD IMPROVEMENT BOND FUND
SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
r REVENUES:
Rental $ $ 10,185 $ 10,185
Interest 220,000 .405,027 185,027
Total revenues 220,000 415,212 195,212
BEGINNING FUND BALANCE
AVAILABLE FOR APPROPRIATION 5,880,000 6,996,342 1,116,342
Total $61100,000 $7,411,554 $1,311,554
r
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community development $ 120,000 $ 107,976 $ 12,024
Capital projects 5,980,000 4,691,022 1,288,978
Total expenditures $6,100,000 $4,798,998 $1,301,002
r
r
1
1
r
r
42
CITY OF TIGARD, OREGON '
PARK LEVY CAPITAL IMPROVEMENT FUND
SCHEDULE OF REVENUES AND EXPENSES BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Property taxes $ 120,000 $ 115,123 $ (4,877) ,
Interest 23,000 78,080 55,080
Total revenues 143,000 193,203 50,203
BEGINNING FUND BALANCE
AVAILABLE FOR APPROPRIATION 1,210,000 1,100,141 10( 9,859) ,
)
Total $1,353,000 $1,293,344 $(59,656
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $11353,000 $_646 6039 $ 706,961
43
e
r
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
i
CITY OF TIGARD, OREGON ,
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
June 30, 1991
Storm
Sewer Drainage
Fund Fund Total
ASSETS:
Current assets: ,
Cash and investments $ 515,936 $ 169,349 $ 685,285
Accounts receivable 190,537 75,003 265,540
Due from other funds 101,818 23,569 125,387
Total current assets 808,291 267,921 1,076,212
Noncurrent assets '
Restricted cash and investments 824,157 481,993 1,306,150
Fixed assets, net 5,099,936 3,978,204 9,078,140
Total noncurrent assets 5,924,093 4,460,197 10,384,290
Total assets $6,732,384 $41728,118 $11,460,502
LIABILITIES AND FUND EQUITY:
LIABILITIES:
Current liabilities:
Accounts payable and accrued
liabilities $ 383,353 $ 49,391 $ 432,744
Accrued vacation payable 16,153 10,445 26,598
Total current liabilities 399,506 59,836 459,342
FUND EQUITY:
Contributed capital 4,868,266 4,534,434 9,402;700
Retained earnings 1,464,612 133,848 1,598,460
Total fund equity 6,332,878 4,668,282 11,001,160
$6,732,384 $4,728,118 $11,460;502 ,
44
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
for the fiscal year ended June 30, 1991
Storm
Sewer Drainage
Fund Fund Total
OPERATING REVENUES:
Service charges $ 907,258 $ 549,961 $1,457,219
OPERATING EXPENSES:
Salaries and wages 475,029 260,733 735,762
Contracted services 5,506 5,506
General and administrative
and other 158,343 86,911 245,254
Depreciation 183,791 128,038 311,829
1 Total operating expenses 822,669 475,682 1,298,351
Operating income 84,589 74,279 158,868
' NONOPERATING REVENUES (expenses):
Interest 77,290 36,737 114,027
)
Loss on disposal of fixed assets 1( 2,019) (12,019
Income before operating transfer 149,860 111,016 260,876
' Operating transfer out (15,000 ) (10,000 (25,000)
Net income 134,860 101,016 235,876
Add depreciation on fixed assets
donated or acquired from capital
contributions that reduces
contributed capital 102,578 98,028 200,606
Increase in retained earnings 237,438 199,044 436,482
RETAINED EARNINGS (DEFICIT)
- beginning of year 1,227,174 (65,196 1,161,978
RETAINED EARNINGS
- end of year $1,464,612 $_1 33 848 $1,598,460
r
45
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the fiscal year ended June 30, 1991
Storm
Sewer Drainage
Fund Fund Total
Cash flows from operating activities '
Operating income $ 84,589 $ 74,279 $ 158,8.68
Adjustments to reconcile operating
income to net cash provided
(used) by operating activities:
Depreciation 183,791 128,038 311,829
Increase in accounts receivable (72,816) (50,318) (123,134)
(Increase) decrease in due from
from other funds 9,133 (23,569) (14,436)
Increase (decrease) in accounts
payable and accrued liabilities (321,857) 49,391 (272,466) ,
Increase in accrued vacation
payable 190 88 278
Decrease in due to other funds (5,772) (5,772)
Net cash provided by (used in) ,
operating activities 11( 6,970) 172,137 55,167
Cash flows from capital and related
financing activities:
Capital contributions 123,415 123,415 '
Operating transfers out (15,000) (10,000) (25,000)
Acquisition of fixed assets (99,327 ) (96,055 ) 19( 5,382)
Net cash provided by (used in) capital
)
and related financing activities (114,327 17,360 (96,967
Cash flows from investing activities:
Interest earnings 77,290 36,737 114,027
Net increase (decrease) in cash
and cash equivalents (154,007) 226,234 72,227
Cash and cash equivalents, beginning
of year 1,494,100 425,108 1,919,208
Cash and cash equivalents, end
of year $1,340,093 $ 651,342 $1,991,435
r
46
' CITY OF TIGARD, OREGON
SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Service charges $ 980,800 $ 907,258 $ (73,542)
Interest 37,200 77,290 40,090
Total revenues 1,018,000 984,548 (33,452)
BEGINNING WORKING CAPITAL
AVAILABLE FOR APPROPRIATION 993,653 1,018,960 25,300
i Total $2,011,653 $2,003,508 $ (8,145
' Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
' EXPENDITURES:
Community services $ 187,482 $ 168,849 $ 18,633
' Community development 508,573 431,492 77,081
Policy and administration 58,709 57,635 1,074
City-wide support function 87,570 78,716 8,854
Capital projects 603,871 1,514 602,357
Contingency 565,448 565,448
Total expenditures 2,011,653 738,206 1,273,447
' OTHER FINANCING USES:
Operating transfers out 15,000 (15,000)
$2,011,653 $ 753,206 $1,258,447
47
CITY OF TIGARD, OREGON ,
STORM DRAINAGE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL ,
for the fiscal year ended June 30, 1991
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Service charges $ 626,000 $ 673,376 $ 47,376 ,
Interest 18,000 36,737 18,737
Total revenues 644,000 710,113 66,113
BEGINNING WORKING CAPITAL
AVAILABLE FOR APPROPRIATION 339,746 433,661 93,915
Total $ 983,746 $16143,774 $ 160,028 i
Variance ,
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES: ,
Community services $ 97,928 $ 88,257 $ 9,671
Community development 388,646 285,330 103,316 ,
Policy and administration 22,030 21,626 404
City-wide support function 32,859 29,537 3,322
Capital projects 348,288 18,950 329,338
Contingency 93,995 93,995
Total expenditures 983,746 443,700 540,046
OTHER FINANCING USES:
Operating transfers out 10,000 (10,000) .
$ 983,746 $ 453,700 $ 530,046
48
FIDUCIARY FUNDS
These funds account for resources received and held by the City in a fiduciary capacity. Disbursements from these
funds are made in accordance with the trust agreement or conditions of the trust for the particular fund. Funds
included in this category are:
• Agency Fund - Deferred Compensation Fund
• Pension Trust Fund
General Employees Pension Plan
CITY OF TIGARD, OREGON ,
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1991
Pension ,
Trust Fund
Agency Fund- General
Deferred Employees
Compensation Pension
Fund Plan Total ,
ASSETS:
Cash and investments $ 747,201 $1,213,345 $1,960,546 ,
LIABILITIES AND FUND BALANCE:
LIABILITIES:
Deferred compensation
payable $ 747,201 $ $ 747,201
FUND BALANCE:
Reserved for employee
retirement benefits 1,213,345 1,213,345
$ 747,201 $ 1,213,345 $1,960,546
i
1
1
i
1
49
' CITY OF TIGARD, OREGON
AGENCY FUND - DEFERRED COMPENSATION FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1991
' Balance Balance
June 30, June 30,
1990 Additions Deletions 1991
ASSETS
' Cash and investments $ 630,188 $ 141,119 $ 24,106, $ 747,201
LIABILITIES
Deferred compensation
payable $ 630,188 $ 141,119 $ 24,106 $ 747,201
i
1
1
1
50
1
(This page intentionally left blank.)
' GENERAL FIXED ASSETS ACCOUNT GROUP
This account group accounts for the fixed assets of the City other than those recorded in the Enterprise Funds.
i
1
i
1
1
1
i
1
1
1
1
1
(This page intentionally left blank.)
' CITY OF TIGARD, OREGON
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
June 30, 1991
GENERAL FIXED ASSETS
Land $2,062,820
' Buildings 3,449,220
Equipment 567,737
Autos and trucks 825,484
Office equipment 779,057
' Total general fixed assets $7,684,318
INVESTMENT IN GENERAL FIXED ASSETS
' Balance, beginning of year $7,996,555
Additions were provided by:
General Fund 1,024,473
Retirements 1,336,710
Total investment in general fixed assets $7,6841318
51
e
CITY OF TIGARD, OREGON
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES
for the fiscal year ended June 30, 1991 '
Autos and Office Library
'
Land Buildings Equipment Trucks Equipment Books Total
Balance, beginning
of year $1,749,269 $3,204,258 $ 560,977 $ 780,865 $1,040,683 $ 660,503 $7,996,555
Additions from:
General Fund 313,551 244,962 82,573 118,205 164,082 101,100 1,024,473 '
Deduct:
Retirements 75,813 73,586 425,708 761,603 1,336,710 '
Balance, end of
year $2,062,820 $3,449,220 $ 567737 $ 825,484 $ 779,057 $ - $7,684,318
52
' CITY OF TIGARD
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
June 30, 1991
' Machinery,
Equipment,
Function and Activity Total Land Buildings and Other
Community services:
' Police $ 596,186 $ $ $ 596,186
Finance 6,711 6,711
Computer services 20,762 20,762
Accounting 31,479 31,479
Admin/risk 3,813 3,813
Office services 39,284 39,284
Records 34,606 34,606
Court 7,754 7,754
Library 242,425 242,425
' Total community services 983,020 983,020
Community development:
CD-Dev. serv. admin 41,695 41,695
Building 42,353 42,353
Planning 13,699 13,699
Engineering 146,652 146,652
Operations/admin. 53,291 53,291
Operations/shops 54,988 54,988
Streets 440,500 440,500
Parks 193,258 193,258
Operations/management 4,498 4,498
Total community development 990,934 990,934
i Policy and administration:
Mayor and city council 8,809 8,809
' City administration 8,756 8,756
Total policy and
administration 17,565 17,565
' General government 5,692,799 2,062,820 3,449,220 180,759
' Total general fixed assets $7,684,318 $26062,820 $3,449,220 $2,172,278
53
CITY OF TIGARD '
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY ,
for the fiscal year ended June 30, 1991
General General ,
Fixed Assets Fixed Assets
Function and Activity June 30, 1990 Additions Retirements June 30, 1991 '
Community services:
Police $ 556,635 $ 109,969 $ (70,418) $ 596,186 ,
Finance 7,524 1,847 (2,660) 6,711
Computer services 7,509 13,253 20,762
Accounting 88,286 5,206 (62,013) 31,479 '
Admin/risk 3,861 819 (867) 3,813
Office services 100,150 4,036 (64,902) 39,284
Records 32,604 2,002 34,606
Court 6,624 2,912 (1,782) 7,754 '
Library 877,944 140,512 77( 6,031) 242,425
Total community ,
services 1,681,137 280,556 97( 8,673) 983,020
Community development:
CD-Dev. serv. admin. 32,211 9,484 41,695 '
Building 40,309 2,044 42,353
Planning 12,374 1,325 13,699
Engineering 146,397 14,720 (14,465) 146,652
Operations/admin. 60,067 3,307 (10,083) 53,291
Operations/shops 40,657 14,331 54,988
Streets 397,045 52,260 (8,805) 440,500
Parks 205,420 50,017 (62,179) 193,258
Operations/management 4,023 475 4,498
Total community '
development 938,503 147,963 (95,532) 990,934
Policy and administration: '
Mayor and city council 8,384 425 8,809
City administration 7,302 2,094 (640) 8,756
Total policy and ,
administration 15,686 2,519 (640) 17,565
General government 5,361,229 593,435 (261,865 5,692,799 '
Total general fixed
assets $7,996,555 $1,024,473 $(1,3361710 ) $7,6846318
54
OTHER SCHEDULES
Schedules included in this section are:
' • Property Tax Transactions and Outstanding Balances
• Bond and Bond Interest Transactions
' Future Debt Service Requirements of Bancroft Improvement Bonds
• Future Debt Service Requirements of General Obligation Bonds
q
CITY OF TIGARD, OREGON '
SCHEDULE OF PROPERTY TAX TRANSACTIONS
AND OUTSTANDING BALANCES
for the fiscal year ended June 30, 1991
Property Add Add Property
Taxes Levy as (Deduct) Taxes
Receivable Extended Corrections Deduct Deduct Receivable '
June 30, By and Cash Add Discounts June 30,
1990 Assessor Adiustments Collections Interest Allowed 1991
1990-91 $ $4,266,155 $ (31,499) $(3,918,774) $ 3,718 $(91,158) $ 228,442
1989-90 216,286 3,117 (139,248) 11,142 43 91,340
1988-89 65,372 3,011 (40,697) 7,800 10 35,496
1987-88 32,562 1,720 (30,684) 8,388 38 12,024 ,
1986-87 14,154 (752) (13,897) 4,376 10 3,891 '
1985-86 3,770 (2,213) (462) 632 (2) 1,725
and prior
$332,144 $4,266,155 $ 26 616 $ 4 1( 43,762) $366056 $ 9( 1,059) $3726918 '
Property Taxes '
Cash Receivable
Collections June 30, 1991 '
Distributed as follows:
General Fund:
Current $2,375,953 $ 138,504
Prior years' levies 168,252 107,026
Total General Fund 2,544,205 245,530
Debt Service Funds: '
Current 1,542,821 89,937
Prior years' levies 56,736 37,451 ,
Total Debt Service Fund 1,599,557 127,388
Total $4;143,762 $372,918 '
Q
55
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1991
Bond Transactions Interest Transactions
Out- Out- Out- Out-
standing standing standing standing
Original June 30, June 30, June 30, June 30,
Bancroft Bonds Issue 1990 Matured Paid 1991 1990 Matured Paid 1991
Issued August 1, 1975 $ 57,840 $ 15,000 $ 3,000 $ $ 15,000 $ $ 945 $ 945 $
Issued November 1,
1981 374,795 115,000 55,000 55,000 60,000 1,469 10,370 11,253 586
Issued September 1,
1982 184,664 130,000 10,000 10,000 120,000 280 13,640 13,085 835
Issued October 1,
1982 838,600 10,000 10,000 200 200
Issued October 1,
1982 1,371,200 575,000 170,000 170,000 405,000 928 44,742 44,965 705
L„ Issued September 1,
1984 492,000 305,000 50,000 50,000 255,000 1,457 24,410 24,410 1,457
Issued December 1,
1989 340,000 340,000 55,000 55,000 285,000 20,280 20,280
Issued August 1,
1990 2,244,000 2,244,000 70,543 70,543
$1,490,000 $ 343,000 $ 350,000 $3,384,000 $ 4,334 $ 184,930 $ 185,681 $ 3,583
General Obligation
Bonds
Issued June 6, 1984 $2,200,000 $ 310,000 $ 65,000 $ 65,000 $ 245,000 $ $ 30,832 $ 30,832 $
Issued February 24,
1987 2,215,000 2,085,000 40,000 40,000 2,045,000 120,092 120,092
Issued May 1, 1989 8,500,000 8,105,000 475,000 475,000 7,630,000 536,070 536,070
$10,500,000 $ 580,000 $ 580,000 $9,920,000 $ $ 686,994 $ 686,994 $
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS
As of June 30, 1991
Year Issued Issued Issued Issued Issued Issued Issued
of August 1, 1975, November 1, 1981, September 1, 1982 October 1, 1982 September 1, 1984 December 1, 1989 August 1, 1990
Matur- Total Requirements 6% to 7% 11-1/4% to 13% 10.1/4% to 11-3/4% 8-2110% to 13-114% 7.6% to 16% 5-3/4% to 6-1/5% 6% to 6.5%
ity Principal Principal Interest Principal Interest Principal Interest Principal Interest Principal, Interest Principal Interest Principal Interest
1991-
92 $ 430,000 $ 220,430 $ 6,000 $ 735 $ 60,000 $ 3,570 $ 10,000 $ 12,640 $190,000 $ 28,532 $ 55,000 $ 19,998 $ 20,000 $ 16,540 $ 89,000 $ 138,415
1992-
93 408,000 185,291 3,000 525 10,000 11,628 215,000 9,943 60,000 15,065 20,000 15,385 100,000 132,745
1993-
94 203,000 161,335 3,000 315 10,000 10,590 65,000 9,610 20,000 14,225 105,000 126,595
1994-
95 218,000 146,207 3,000 105 10,000 9,527 75,000 3,375 20,000 13,055 110,000 120,145
1995-
96 145,000 133,705 10,000 8,445 20,000 11,865 115,000 113,395
1996-
97 155,000 124,148 10,000 7,350 20,000 10,665 125,000 106,133
1997-
98 145,000 114,512 10,000 6,245 10,065 135,000 98,202
1998-
99 155,000 104,785 10,000 5,130 10,065 145,000 89,590
to 1999-
2000 325,000 89,445 10,000 4,005 165,000 5,032 150,000 80,408
2000-
2001 175,000 73,392 10,000 2,870 165,000 70,522
2001-
2002 10,000 67,050 10,000 1,725 65,325
2002-
2003 10,000 65,900 10,000 575 65,325
2003-
2004 65,325 65,325
2004-
2005 65,325 65,325
2005-
2006 1,005,000 32,662 1,005,000 32,662
Totals $3,384,000 $1,649,512 $ 15,000 $ 1,680 $ 60,000 $ 3,570 $120,000 $ 80,730 $405,000 $ 38,475 $255,000 $ 48,048 $285,000 $106,897 $2,244,000 $1,370,112
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
' OF GENERAL OBLIGATION BONDS
as of June 30, 1991
' Issued Issued Issued
June 6, 1984 February 24, 1987 May 1, 1989
Year of Total 9.7% to 10.600/6 5.95% to 6% 6.40% to 6.70%
' Maturity Principal Interest Principal Interest Principal Interest Principal Interest
1991-92 $ 115,000 $ 395,198 $ 75,000 $ 24,170 $ 40,000 $ 118,193 $ $ 252,835
1992-93 695,000 619,845 80,000 16,670 40,000 116,192 575,000 486,983
' 1993-94 830,000 568,770 90,000 8,910 45,000 114,152 695,000 445,708
1994-95 945,000 508,910 145,000 111,790 800,000 397,120
1995-96 1,055,000 445,598 155,000 104,178 900,000 341,420
1996-97 1,165,000 374,123 165,000 95,653 1,000,000 278,470
1997-98 1,270,000 294,783 170,000 86,413 1,100,000 208,370
1998-99 1,415,000 206,953 185,000 76,638 1,230,000 130,315
1999-2000 1,525,000 110,555 195,000 66,000 1,330,000 44,555
2000-01 210,000 54,300 210,000 54,300
2001-02 215,000 41,700 215,000 41,700
2002-03 235,000 28,800 235,000 28,800
2003-04 245,000 14,700 245,000 14,700
$9,920,000 $3,664,235 $ 245,000 $ 49,750 $2,045,000 $1,028,709 $7,630,000 $2,585,776
58
(This page intentionally left blank.) '
t
TAT►STICAI. SECTION
' CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
BUDGETARY BASIS
for the last ten fiscal years
City-Wide
1 Support
Functions,
Fiscal Capital
' Year Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service Total
1981 $1,398,867 $ 871,638 $ 208,062 $ 638,894 $ 61,827 $ 3,179,288
1982 1,591,208 1,113,210 282,349 551,917 75,425 3,614,109
' 1983 1,527,913 1,126,758 154,184 367,684 212,282 3,388,821
1984 1,680,374 1,507,879 237,028 241,984 449,545 4,116,810
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
' 1988 3,042,321 1,764,513 121,016 1,452,149 785,234 7,165,233
1989 3,357,664 1,980,927 112,966 3,177,147 772,739 9,401,443
1990 3,539,680 2,096,431 253,593 4,977,930 3,481,870 14,349,504
' 1991 4,347,338 2,558,534 281,180 7,216,338 4,157,959 18,561,349
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
' 59
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 '
1981 $ 287,157 $ 348,596 $ 379,121 $1,179,130 $ 65,612 $ 56,177 $ 261,328 $2,577,121
1982 690,118 390,637 267,598 1,381,121 67,286 57,343 491,988 3,346,091 '
1983 728,641 449,778 347,798 1,456,325 43,460 55,651 1,235,048 4,316,701
1984 904,238 468,020 286,318 921,613 243,102 70,425 932,657 3,826,373
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 '
1987 1,807,800 745,520 650,961 1,246,840 382,384 144,559 1,127,693 6,105,757
1988 2,152,792 849,844 1,031,018 1,220,779 514,048 254,154 1,160,391 7,183,026
1989 2,408,597 1,031,791 1,059,725 1,517,777 599,002 240,849 1,113,184 7,970,925
1990 3,746,834 1,100,181 1,445,011 2,040,711 39,818 232,332 2,183,206 10,788,093 '
1991 4,160,790 1,179,833 1,206,920 2,379,431 79,370 259,497 1,627,675 10,893,516
' Includes special assessment collections ,
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types. '
t
1
60 '
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 Lev
1981 $ 308,904 $ 271,649 87.94% $ 26,884 $ 298,533 96.64% $ 41,516 13.44%
1982 756,116 675,712 89.37 19,150 694,862 91.90 85,411 11.30
1983 817,642 722,215 88.33 42,635 764,850 93.54 130,010 15.90
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
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
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
1981 $ 452,209,070 $ 481,071,400 $ 22,605,561 $ 25,281,960 $15,544,626 $20,345,534 $ 490,359,257 $ 526,698,894 93%
1982 566,426,435 693,465,000 31,197,001 33,662,670 20,139,054 26,271,473 617,762,490 753,399,143 82
1983 630,046,800 745,709,900 33,540,700 39,470,220 22,611,500 26,570,277 686,199,000 811,750,397 85
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 29,528,963 852,748,700 889,618,863 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
rn 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
N
1988 1,057,515,500 1,057,515,500 86,733,050 86,733,050 32,526,302 32,526,302 1,176,774,852 1,176,774,852 100
1989 1,200,581,900 1,200,581,900 93,401,270 93,401,270 32,131,292 32,131,292 1,326,114,462 1,326,114,462 100
1990 1,278,128,284 1,278,128,284 106,268,976 106,268,976 38,738,512 38,738,512 1,423,135,772 1,423,135,772 100
1991 1,435,394,724 1,435,394,724 115,983,044 115,983,044 36,707,073 36,707,073 1,588,084,841 1,588,084,841 100
All property is assessed as of January 1, preceding the fiscal year beginning July 1.
Source: Washington County Department of Assessment and Taxation.
CITY OF TIGARD, OREGON
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
(Per $1,000 of Assessed Value)
for the last ten fiscal years
Washington Washington
Fiscal Metzger Tigard 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 No. 48 District Sanitary Agency District No. 1 College District A ep ims
1981 .60 1.65 10.81 12.73 .34 .36 3.08 .30 .43 .28 .38
1982 1.19 4.23 11.34 14.95 .33 .35 2.86 .35 .58 .26 .80
1983 1.12 4.02 13.01 14.76 .51 .55 3.28 2.70 .57 .26 1.23
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
T
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 1991 ranged from $22.30/1000 to $26.49/1000.
Source: Washington County Department of Assessment and Taxation.
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS ,
for the last ten fiscal years
Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding '
June 30 Due 1 Collected (2) to Amount Due Assessments
1981 $ 37,082 $ 46,405 125.1% $ 374,788
1982 32,000 61,068 190.8 2,067,732 ,
1983 34,795 775,749 2,229.5 2,751,376
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
1987 278,000 547,106 196.8 1,565,038 '
1988 308,000 532,224 172.8 1,218,351 '
1989 328,000 372,584 113.6 828,575
1990 693,000 818,094 118.1 892,780 '
1991 343,000 279,468 81.5 3,181,495
(1) This amount is equal to the matured principal on Bancroft improvement bonds.
(2) Represents collections of current assessments for payment of Bancroft improvement bonds as well as assessment
collections on projects for which such bonds have not been issued.
1
Source: City assessment records.
64 ,
CITY OF TIGARD, OREGON
' RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
for the last ten fiscal years
Gross
' General Ratio of
Fiscal Obligation Less Debt Net Bonded
Year Bonded Service Net Debt to Net Bonded
' Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value standing Available Debt Value Capita
1981 14,690 $ 490,359,257 $ 10,000 $ $ 10,000
1982
' 1983
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
' 1988 24,782 1,176,774,852 2,580,000 17,871 2,562,129 .21 103.39
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
' There was no outstanding general obligation bonded debt in 1982 and 1983.
Excludes bond anticipation notes payable.
' Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County
Department of Assessment and Taxation.
' 65
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN ,
June 30, 1991
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 (1990-91) (1) $1,588,084,841 ,
General obligation debt limit x3% ,
47,642,545
Gross bonded debt $13,304,000 '
Excludable debt - Bancroft improvement bonds (3,384,000)
Debt subject to limitation 9,920,000
Legal debt margin - amount available for future indebtedness $ 37,722,545 '
(1) From Washington County Department of Assessment and Taxation. '
66 '
CITY OF TIGARD, OREGON
' COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 1991
' Percent
Applicable Amount Appli-
' Net Debt Inside City cable Inside
Jurisdiction Outstanding of Tigard City of Tigard
Port of Portland $ 94,014,982 3.4106% $ 3,206,475
' Washington County 12,254,993 12.0615 1,478,136
Unified Sewerage Agency 12,604,995 14.6449 1,845,989
Metro Service District 61,854,995 3.7461 2,317,150
' Tualatin Valley Water District 23,239,734 10.3619 2,408,078
Tigard Water District 694,998 73.9909 514,236
' Tualatin Rural Fire District 2,679,999 18.1184 485,573
' Tigard School District #23-J 45,804,999 53.5505 24,528,806
Beaverton School District #48 22,719,978 2.7930 634,569
' $2751869,673 $37,419,012
1
1 Source: Oregon Municipal Debt Advisory Commission.
1
' 67
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
Total Percent of Debt '
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
1981 $ 47,082 $ 14,745 $ 61,827 $ 3,179,288 1.9% ,
1982 42,000 33,425 75,425 3,614,109 2.1 ,
1983 34,795 177,487 212,282 3,388,821 6.3
1984 174,464 275,081 449,545 4,116,810 10.9 ,
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 '
1988 393,000 390,369 783,369 7,165,233 10.9
1989 418,000 354,739 772,739 9,401,443 8.2 ,
1990 2,383,000 1,098,870 3,481,870 14,349,504 24.3
1991 3,034,760 1,123,199 4,157,959 18,561,349 22.4 '
Source: Comprehensive Annual Financial Reports of the City. ,
68 ,
CITY OF TIGARD, OREGON
' PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
for the last ten fiscal years
Commercial Residential
Fiscal Year Construction(1) Construction(1)
' Ended Number of Number of Bank Deposits
June 30 Permits Value Permits Value (in thousands) (2)
1981 131 $ 8,013,746 289 $ 18,343,452 $ 101,520
1982 85 2,918,475 196 11,679,358 98,558
' 1983 102 3,940,579 244 13,281,694 102,314
1984 25 4,079,306 214 14,006,305 118,124
' 1985 33 9,890,600 231 16,948,338 129,152
1986 175 12,746,938 432 26,920,055 142,031
1987 169 10,717,219 442 44,412,105 175,236
1988 228 34,991,735 633 32,524,988 165,107
1989 212 21,189,454 604 35,826,025 N/A*
' 1990 320 27,495,457 749 40,729,414 N/A*
1991 62 27,985,499 268 28,160,790 N/A*
(1) From City of Tigard Building Department
' (2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities
* Information not available .
r
' 69
CITY OF TIGARD, OREGON '
PRINCIPAL TAXPAYERS
June 30, 1991 ,
Percentage
Of Total ,
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Seiyu International Lincoln Center Office Park $54,042,400 3.40% ,
Nesbitt Partners Embassy Suite Hotel 40,307,800 2.53
Square Land Co., Ltd. Shopping Center 26,003,800 1.64 '
GTE Northwest Communications 18,109,490 1.14
Pacific Realty Co. Business Park 15,902,470 1.00 ,
Real Estate Equities Commercial Real Estate 11,321,750 .71 '
Robinson, Chester L. Koll Business Center 10,435,800 .66
Durham Park Partners Shopping Center 9,495,900 .60
Portland General Electric Power Operations 9,079,200 .57
PFI Sunflower Limited Apartments 7,992,400 .51 ,
Total Principal Taxpayers 202,691,010 12.76
All Other Taxpayers 1,385,393,831 87.24 '
Total $1,588,084,841 100.00%
Source: City of Tigard Planning Department. ,
70 ,
1
CITY OF TIGARD, OREGON
DEMOGRAPHIC STATISTICS
for the last ten fiscal years
Assessed (2)
' Value Unemployment
of Taxable (3) Rate
(1) Property School (Portland)
Fiscal Year Population Per Capita Enrollment Metro. Area
1981 15,500 $33,380 6,428 8.0%
1982 17,700 34,902 6,491 N/A
1983 17,850 38,122 6,561 9.8
1984 18,450 42,436 6,358 8.4
1985 20,250 44,616 6,387 7.4
' 1986 20,765 44,759 6,474 7.1
t 1987 23,335 43,488 7,064 5.3
1988 24,782 47,485 7,050 4.8
' 1989 25,602 51,797 7,236 4.5
1990 27,050 52,611 7,940 4.1
' 1991 29,652 53,557 8,795 4.9
Sources of information:
(1) Portland State University, Population Research & Census Center.
' (2) U.S. Bureau of Labor Statistics.
(3) Tigard Tualatin School District #23-J
' N/A - Not available.
71
CITY OF TIGARD, OREGON '
MISCELLANEOUS STATISTICAL DATA
June 30, 1991
Date of incorporation 1961 ,
Form of government Council - Mayor - Administrator
Area 10.44 square miles
Miles of streets 104 miles
Number of street lights ,
City owned 1,485
City maintained (PGE owned) 641
Police protection:
Number of stations 1
Number of policemen and officers 45
Elementary Junior High High School
Education (elementary only):
Attendance centers 9 2 1
Number of teachers 222 85 78
Number of students 5,058 2,006 1,731
Sanitary sewers 109.5 miles '
Storm lines 36.1 miles
Open ditches 62.5 miles '
Building permits issued (1991) 330 permits ,
Recreation and culture:
Number of parks 12 '
Number of libraries 1
Number of volumes (estimated) 78,000 volumes
Employees: '
Classified service (union) 115
Unclassified (non-union) 56
Information obtained from the various departments of the City of Tigard, Oregon, and Tigard-Tualatin School District.
72 ,
GOM AND O'SGLOSURES . ,
TS
~Av4 ULp,T10NS
AUptT gTATE REG
REQUiREU 6Y
i
AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
Oregon Administrative Rules 162-10-050 through 162-10-320 incorporate the Minimum Standards for audits of
' Oregon Municipal Corporations. These standards prescribed by the Secretary of State in cooperation with the
Oregon State Board of Accountancy, enumerate the financial statements, schedules, comments and disclosures
required in audit reports. The required statements and schedules are set forth in the preceding sections of this
' report. Required comments and disclosures related to our examination of such statements and schedules are set
forth following.
' 73
AUDIT COMMENTS AND DISCLOSURES '
1. Internal Control Structure:
We have audited the general purpose financial statements of the City of Tigard, Oregon for the year ended
June 30, 1991 and have issued our report thereon dated September 20, 1991. In planning and performing our
audit of the general purpose financial statements of the City of Tigard, Oregon for the year ended June 30, 1991,
we considered its internal control structure in order to determine our auditing procedures for the purpose of ,
expressing our opinion on the general purpose financial statements and not to provide assurance on the internal
control structure. Our consideration of the internal control structure would not necessarily disclose all matters in
the internal control structure that might be material weaknesses under standards established by the American '
Institute of Certified Public Accountants. A mate rial. weakness is a condition in which the design or operation of
the specific internal control structure elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the general purpose financial statements being audited
may occur and not be detected within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the. internal control structure and its operation that
we consider to be material weaknesses as defined above.
This report is intended solely for the information and use of the management, the State of Oregon, Secretary of '
State, Division of Audits.
11. 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, 1991, and our report thereon is included on Page 1 of this report. Our audit was conducted in
accordance with generally accepted auditing standards 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 with: '
• ORS 294.305 to 294.520 in the preparation and adoption of its budget and tax levies for the fiscal years
ended June 30, 1991 and June 30, 1992,
• the legal requirements relating to debt,
• the appropriate law, rules, and regulations pertaining to programs funded wholly or partially by other
governmental agencies,
• the cost accounting guidelines developed by the State of Oregon Executive Department with regard to the t
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, ,
• ORS Chapter 279 in the awarding of public contracts and the construction of public improvements,
However, it should be noted our examination was not directed primarily toward obtaining knowledge of
noncompliance with such requirements.
74 ,
Additionally, we make the following other comments:
' • We found the City's accounting records to be adequate for audit purposes.
• We reviewed the City's insurance and fidelity bond coverage at June 30, 1991 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, 1991, are adequate.
COOPERS & LYBRAND
By: C~0 " I . Rw+r,.
' John L. Dethman, a partner
t Portland, Oregon
September 20, 1991
1
t
75
t
(This page intentionally left blank.)
i
i
I
- I