CAFR Report - 1988-1989 1 CITY OF TIGA RD
OREGON
COMPREHENSIVE
ANNUAL
FINANCIAL
REPORT
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Fiscal year ended June 30, 1989
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13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639 -4171
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1 CITY OF TIGARD, OREGON
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I COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1989
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II prepared by the City of Tigard - Department of Finance
Wayne Lowry, Director of Finance
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS
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I INTRODUCTORY SECTION:
Letter of Transmittal i -vii
Mayor and City Council Members viii
II Organization Chart ix
Certificate of Achievement for Excellence
in Financial Reporting x
II FINANCIAL SECTION:
Report of Independent Accountants 1
I GENERAL PURPOSE FINANCIAL STATEMENTS ( "Liftable"
Financial Statements):
Combined Balance Sheet - All Fund Types and
t Account Groups 2
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types 3
Combined Statement of Revenues, Expenditures and
I Changes in Fund Balances - Budget
and Actual - All Governmental Fund Types 4
Combined Statement of Revenues, Expenses and
I Changes in Retained Earnings /Fund Balances - All
Proprietary Fund Types and Similar Trust Funds 5
Combined Statement of Changes in Financial
I Position - All Proprietary Fund Types and Similar
Trust Funds 6
Notes to General Purpose Financial Statements 7 -23
' SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and other Financial Schedules):
General Fund:
I Schedule of Revenues and Expenditures - Budget and Actual 24
Special Revenue Funds:
Combining Balance Sheet 25
Combining Statement of Revenues, Expenditures
I and Changes in Fund Balances 26
Schedules of Revenues and Expenditures - Budget and Actual
Forfeitures from Criminal Activity Fund 27
II State Tax Street Fund 28
Streets SDC Fund 29
Parks SDC Fund 30
I County Road Levy Fund 31
County Gas Tax Fund 32
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II CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
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FINANCIAL SECTION, Continued
I SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial
Schedules, Continued)
I Debt Service Funds:
Combining Balance Sheet 33
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 34
II Schedule of Revenues and Expenditures - Budget
and Actual
Bond Debt Service Fund 35
I Bancroft Bond Debt Service Fund 36
Capital Projects Fund:
Combining Balance Sheet 37
I Combining Statement of Revenues, Expenditures and
and Changes in Fund Balances 38
Schedule of Revenues and Expenditures - Budget
and Actual
I Local Improvement Capital Projects Fund 39
Road Bond Improvement Fund 40
Enterprise Funds:
I Combining Balance Sheet 41
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings 42
Combining Statement of Changes in Financial Position 43
I Schedules of Revenues and Expenditures -
Budget and Actual
Sewer Fund 44
I Storm Drainage Fund 45
Fiduciary Funds:
Combining Balance Sheet 46
I Statement of Changes in Assets and Liabilities -
Agency Fund - Deferred Compensation Fund 47
Combining Statement of Revenues, Expenses, and Changes
In Fund Balances - Pension Trust Funds 48
I Combining Statement of Changes In Financial
Position - Pension Trust Funds 49
Schedule of Police Pension Plan Trend Information 50
II General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 51
Schedule of Changes in General Fixed Assets -
By Sources 52
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Schedule of General Fixed Assets - By Function
and Activity 53
Schedule of Changes in General Fixed Assets -
1 By Function and Activity 54
Other Schedules:
Schedule of Property Tax Transactions and
II Outstanding Balances 55
Schedule of Bond and Bond Interest Transactions 56
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 57
I Schedule of Future Debt Service Requirements of
General Obligation Bonds 58
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
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' STATISTICAL SECTION: Page
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 - All Overlapping Governments -
for the last ten fiscal years 63
Special Assessment Collections - for the last ten fiscal
' 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 General
' Bonded 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 75
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I INTRODUCTORY SECTION
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I CITY OF TIQA RD
OREGON
1 September 13, 1989
II To The Citizens of The City of Tigard
II The Comprehensive Annual Financial Report of the City of Tigard for the fiscal
year ended June 30, 1989, is hereby submitted. Responsibility for both the
accuracy of the data, and the completeness and fairness of the presentation,
1 including all disclosures, rests with the City. To the best of our knowledge
and belief, the enclosed data are accurate in all material respects and are
reported in a manner designed to present fairly the financial position and
1 results of operations of the various funds and account groups of the City. All
disclosures necessary to enable the reader to gain an understanding of the City's
financial activities have been included.
II The Comprehensive Annual Financial Report is presented in three sections:
introductory, financial, and statistical. The introductory section includes this
transmittal letter, Tigard's organizational chart and a list of principal
1 officials. The financial section includes the general purpose financial
statements and the combining and individual fund and account group financial
statements and schedules. The statistical section includes selected financial
1 and demographic information, generally presented on a multi -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
1 protection; sewer, storm drainage, streets and parks repair, and maintenance;
community planning and building inspection; and infrastructure improvements.
Tigard School District, Tigard Water District, and the Tualatin Valley Fire and
1 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
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The City of Tigard is located in eastern Washington County just 12 miles
southwest of Portland, Oregon. Tigard is one of the fastest growing cities in
1 Washington County and at a population of over 26,000 is the twelfth largest city
in the State.
1 Over the past several years commercial and residential development has been
steady and strong. Over 630 single and multi - family residential permits were
issued in 1988/89 along with 25 commercial /industrial permits, with a total value
of over $57,000,000. The current development trend is expected to continue for
1 the next several years.
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I 13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639 -4171
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Tigard's proximity to the Portland Metropolitan area provides its citizens with
many diverse employment opportunities. Over 74,000 jobs are located within a
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ten minute drive from Tigard. The unemployment rate in the Portland Metropolitan
area averaged just over 5 percent during the fiscal year.
Tigard's assessed value has grown from $852,748,700 to over $1,326,000,000 in I
just five years. This dramatic growth in values together with prudent fiscal
management has allowed the City to provide quality services at a very low tax II rate.
The economic outlook for the City of Tigard remains bright. The City has
,continued to experience sustained growth in all areas including the local
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economy, population, assessed value, and commercial and residential development.
All factors point to Tigard's continued growth.
MAJOR INITIATIVES I
A variety of capital infrastructure improvement needs were identified at the II beginning of the fiscal year which included both transportation and park systems.
A ballot measure was placed before the Tigard voters in November 1988, requesting
approval to issue $8,500,000 in General Obligation Bonds to fund a series of
traffic and safety improvements throughout the City. The measure passed with
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60 percent of the votes in favor of the measure.
Road Bond projects began shortly after funding was obtained. It is anticipated II that such improvements will be completed within a three year period.
Tigard citizens continue to support the City at the polls. In September of 1989,
Tigard voters approved a five year property tax to fund park land acquisition
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and improvement. The levy will provide $1,750,000 over the next five years for
such improvements.
A proposed City Center Development Plan to revitalize Tigard's downtown area has II
been approved by the City Council. The plan is scheduled to go before Tigard
voters in November 1989 asking them to approve the use of the Tax Increment
Financing to fund the majority of improvements contemplated by the plan. I
In addition to the ongoing infrastructure improvements described above, two Local
Improvement Districts are also underway to complete road improvements to provide
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access to prime commercial and industrial properties for development.
The Pacific Corporate Local Improvement District currently under construction, II will provide access to previously underdeveloped commercially zoned property
along Interstate 5. The road improvement is expected to be completed by the
Spring of 1990 and the development is slated to include a variety of office and
commercial space, a hotel and a health club. I
FINANCIAL INFORMATION
Management of the City of Tigard is responsible for establishing and maintaining II
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 II are compiled to allow for the preparation of financial statements in conformity
with generally accepted accounting principles. The internal control system is
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designed to provide reasonable, but not absolute, assurance that these objectives
I are met. The concept of reasonable assurance recognizes that: (1) the cost of
a control should not exceed the benefits likely to be derived; and (2) the
valuation of costs and benefits requires estimates and judgments by management.
I BUDGETING CONTROLS
In addition, the City maintains budgetary controls, the objective of which is
Ito 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
I 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 accomplishing budgetary control.
Encumbered amounts lapse at year end. However, encumbrances generally are
II reappropriated as part of the following year's budget.
As demonstrated by the statements and schedules included in the financial section
I of this report, the City continues to meet its responsibility for sound financial
management.
GENERAL GOVERNMENT FUNCTIONS
I Revenues for general governmental functions (all governmental funds) on a
generally accepted accounting principles basis totaled $7,970,925 in fiscal year
I 1989, an increase of 11.0 percent over last year. The increase over last year
was due to increases in tax revenues, franchise fees, licenses and permits.
Revenues from various sources and changes from last year are shown below:
I Increase
Percent (Decrease) Percentage
of from Increase
I Function Amount Total Fiscal 1988 (Decrease)
Taxes $ 2,408,597 30.2% $ 255,805 11.90%
I Franchise fees 1,031,791 13.0 181,947 21.40
Special assessments 375,019 4.7 (157,205) (29.54)
Licenses and permits 1,059,725 13.3 261,066 32.69
Intergovernmental revenues 1,517,777 19.0 64,639 .04
I Charges for services 599,002 7.5 84,954 .16
Fines and forfeitures 240,849 3.0 (13,305) (.05)
Miscellaneous revenues 738,165 9.3 109,998 .17
I $ 7,970,925 100.0% $ 787,899
II The most significant increase in General Government Revenues was derived from
building and development related activities. Tax revenues also increased
significantly due to an annexation and the 6% increase in the tax base allowed
I by Oregon Statute. Franchise fees also increased due largely to prior years
annexations.
I The decrease in special assessment revenue was the result of a large prepayment
in the previous year and declining outstanding balances on older assessments.
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The following schedule presents a summary of Program Expenditures across all
governmental funds including debt service for the fiscal year ended June 30,
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1989, and the percentage of increase and decreases in relation to prior years.
Increase II Percent (Decrease) Percentage
of from Increase
Function Amount Total Fiscal 1988 (Decrease) II Community Services $ 3,357,664 35.7% $ 315,343 10.4%
Community development 1,980,927 21.1 216,414 12.3
Police and administration 112,966 1.2 (8,050) .7
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City -wide support functions 536,976 5.7 26,910) .5
Capital projects 2,640,171 28.1 1,751,908 197.2
Debt service 772,739 8.2 (12,495) .2 '
$ 9,401,443 100.0% $2,236,210
The dramatic increase in capital projects resulted from the addition of the Road
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Improvement Program to capital projects. General Obligation Bonds amounting to
$8,500,000 were approved by the voters and sold in May 1989 to provide funding
for a series of road improvements within the City. The program is estimated to II be completed within a three year period.
Increases in Community Services Expenditures resulted from the addition of
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several Police Officer positions and an increase in support staff. Increases
in Community Development Expenditures are related primarily to increases in staff
for building inspection and planning in response to the high level of development
activity. Staff levels in the field operations areas were also increased
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including wastewater, streets, and parks maintenance crews.
FUND BALANCES
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Total unreserved fund balances of the City were $11,127,865 at June 30, 1989,
consisting of $1,684,458 in the General Fund, $603,487 in the Special Revenue
Funds, $882,005 in the Debt Service Funds, and $7,957,915 in the Capital Projects
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Funds.
The fund balance in the General Fund of $1,684,458 increased 26% over last year.
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The increase was primarily due to stronger than anticipated development revenue
and under - expenditures in most programs. The 1989 fund balance is over $200,000
greater than the target adopted in the 1989/90 Budget.
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Fund balance in the Capital Projects Funds increased significantly over last year
due to as yet unspent proceeds from the sale of General Obligation Road Bonds
in May 1989.
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ENTERPRISE OPERATIONS
The City's enterprise activities include sewer and storm drainage activities. I
Although the Unified Sewerage Agency owns and operates sewage treatment plants
and sets the sewer rates, the City bills sewer accounts and maintains all sewer
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lines with the City. The City also maintains the storm water system throughout
I the City and charges a monthly storm drainage fee each month at a rate set by
the City Council.
Sewer operating revenues derived from service charges amounted to $897,569.
II Operating expenses totaled $1,021,241 resulting in a net loss of ($77,380) after
non - operating interest revenues were considered.
I Storm drainage revenues amounted to $387,646. Storm drainage operating expenses
totalled $499,370 resulting in a net loss of ($91,786) after non - operating
interest revenues were considered.
I PENSION TRUST FUNDS
The City provides a retirement plan for each employee group. Non - police
I personnel, including both management and non - management, are covered by an ICMA
money purchase plan. Police personnel have a defined benefit and defined
contribution pension plan through the Principal Financial Group. In addition,
I all employees have the option to contribute to an ICMA deferred compensation
program. The money purchase plan and police pension plan are accounted for in
the pension trust funds. The deferred compensation plan is accounted for in an
I agency fund.
CASH MANAGEMENT
I Cash temporarily idle during the year was invested 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
I the agents with which investment funds have been deposited and are therefore not
included in the City's investment activities.
Results of investment activity for the fiscal year are shown below in comparison
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Investment Income 1989 1988
I General Fund $ 171,850 $ 155,082
Special Revenue Funds 157,640 67,247
I Capital Projects Fund 28,235 2,933
Debt Service Funds 48,328 7,860
Enterprise Funds 66,230 52,554
Pension Trust Fund 213,489 177,828
$ 685,772 $ 463,504
I 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.
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RISK MANAGEMENT
During the later part of the fiscal year, 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 are being discussed.
DEBT MANAGEMENT ,
At June 30, 1989, the City had a number of debt issues outstanding. These
included $10,990,000 in General Obligation Bonds and $1,843,000 in Bancroft
Improvement General Obligations Bonds backed by special assessments. In
addition, bond anticipation notes of $1,200,000 related to the construction of
street improvements for a Local Improvement District were also outstanding. The
bond anticipation notes mature on October 1, 1989 and will be redeemed with
assessments on benefited properties and from proceeds of Bancroft Bonds.
The State of Oregon mandates a general obligation debt limit of 3 percent of true
cash value of taxable property within the City boundaries. This limit totaled
$39,783,434 at June 30, 1989. The City's net debt subject to this limitation
was $10,990,000 because Bancroft Improvement bonds are not subject to the
limitation, leaving the amount available for future indebtedness at $28,793,434.
The City's bond rating from Moody's Investment Services on its general obligation
bonds was upgraded in the current year to A -1, prior to the issuance of the road
bonds in May 1989.
OTHER INFORMATION ,
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
operation and changes in financial position as reported by the municipal
corporation for the period under audit. The City is in full compliance with the
aforementioned, and the auditor's opinion has been included in this report.
AWARDS
For the last six consecutive years, the City has received the Certificate of
Achievement for Excellence in Financial Reporting from the Government Finance
Officers Association of the United States and Canada. In order to be awarded
a Certificate of Achievement for Excellence, a governmental unit must publish
an easily readable and efficiently organized comprehensive annual financial
report, 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. '
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A Certificate of Achievement is valid for a period of one year only. We believe
I 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.
II In addition, the City also received the GFOA's Award for Distinguished Budget
Presentation for its 1987/88 and its 1988/89 adopted budgets. In order to
qualify for the Distinguished Budget Presentation Award, the government's budget
II document was judged to be proficient in several categories including policy
documentation, financial planning and organization.
I ACKNOWLEDGEMENTS
The preparation of the comprehensive annual financial report was made possible
by the dedicated service of the entire staff of the finance department. Each
II member of the department has our sincere appreciation for the contributions made
in the preparation of this report.
I 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.
II Sincerely,
II 7111-5
II rf/144.4r
Patrick J. Reilly Wayne Lowry
City Administrator Finance Director
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CITY OF TIGARD, OREGON
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MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1989
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Name Term Expires
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Mayor Gerald R. Edwards December 31, 1990
10390 SW Meadow II Tigard, Oregon 97223
Councilman Joe Kasten December 31, 1992
9885 SW Ventura Court II Tigard, Oregon 97223
Councilwoman Carolyn Eadon December 31, 1990 II 11825 SW Wildwood Court
Tigard, Oregon 97224
Councilwoman Valerie Johnson December 31, 1992
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12265 SW Walnut
Tigard, Oregon 97223
Councilman John Schwartz December 31, 1990 1
15900 SW 76th
Tigard, Oregon 97224
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Patrick J. Reilly, City Administrator
Wayne Lowry, Director of Finance I
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LEGAL COUNSEL
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O'Donnell, Ramis, Elliott, & Crew
1727 N.W. Hoyt I Portland, Oregon 97209
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' City Of Tigard
Organization Chart
June 30 1989
Municipal Court City Council Boards & Committees
' City Attorney City Mnin:ttration
' 1 Police Library Community Services Community Bevelapment Finance
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Admnortrat oe Re t ere /lc e Records Planning Accounting
Potro r Recds Srvic es Office Services Engineering Purc hosing
yrvestgotion Support Services Municipal Court Building Insp
Support Services Risk Management field Operations
Computer Systems
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Certificate of
Achievement
for Excellence
in Financial 1
Reporting
Presented to
City of Tigard,
Oregon P'
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 1988
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.
.0a Orpt,4
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OF 111E s
OMT F I STATES
MIO s
President
f woo O
d CORPORATION Q a
°' a" SEAL jj,,.//I /` i.
Executive Director
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I FINANCIAL SECTION
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certified public accountants
Coopers
& L Y brand
REPORT OF INDEPENDENT ACCOUNTANTS
Honorable Mayor and Council Members
I City of Tigard
Tigard, Oregon
I We have audited the general purpose financial statements of the City of Tigard, Oregon as
of and for the year ended June 30, 1989, 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
II on our audit.
We conducted our audit in accordance with generally accepted auditing standards and the
I 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,
I 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
II 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, 1989, and the results of its operations and the changes in financial position of its
Enterprise Funds and Pension Trust Fund for the year then ended in conformity with generally
accepted accounting principles.
II 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
I 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
I financial statements and, in our opinion, is fairly stated in all material respects in
relation to the general purpose financial statements taken as a whole.
II 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: cje.► 3.
' John Dethman, a partner
Portland, Oregon
I September 13, 1989
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CITY OF TIGARD
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1989
Governmental Fund Types
Special Debt I
ASSETS General Revenue Service
Assets:
Cash and investments $1,426,387 $1,005,472 $ 819,977
Accounts receivable 7,224 I
Property taxes receivable 265,045 24,167
Contract receivable 28,884
Assessment liens receivable 828,575
Prepaid Insurance 77,729 I
Accrued interest on delinquent assessments 56,358
Deposits 49,902
Due from other funds 445,939 16,000 26,508
Inventory of gasoline and parts 10,286
Fixed assets, net
Amount available for bonded debt service
Amount to be provided for retirement of
general long -term debt
Total Assets $2.311.396 $1.021.472 $1,755,585 I
LIABILITIES AND FUND EQUITY
Liabilities: I
Accounts payable and accrued liabilities $ 302,874 $ 3,974
Deposits 59,974
Due to other funds 16,000 $ 417,985
Deferred revenues: II Property taxes 219,206 20,036
Contract receivable 28,884
Assessment liens receivable 793,212
Accrued interest on delinquent
assessments 56,358 I
Notes Payable
Capital lease obligation
Accrued vacation payable
Deferred compensation payable
Amount due to Bancroft Bond Debt
Service Fund
Bond anticipation notes payable
Bonds payable
Special assessment bonded debt
with government commitment
Total Liabilities 626.938 417.985 873,580
Fund Equity:
Contributed capital
Investment in general fixed assets
Retained earnings
Fund balances:
Reserved for inventory 10,286
Reserved for employee retirement benefits
Unreserved 1.674.172 603.487 882.005
Total Fund Equity 1.684.458 603.487 882,005 I
Total Liabilities and Fund Equity $2.311.396 $1,0 $1,755,585
The accompanying notes are an integral part
of the general purpose financial statements.
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Proprietary Fund Types Account Groups Total
Capital Fund Types Trust General General Long- (Memorandum
I Pro.iects Enterprise and Agency Fixed Assets Term Debt Only)
$8,375,330 $1,360,044 $3,733,134 $ $ $16,720,344
173,001 180,225
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289,212
28,884
828,575
77,729
I 56,358
49,902
488,447
10,286
7,487,882 7,344,422 14,832,304
I 882,005 882,005
13,517,564 13,517,564
$8,375,330 $9,020,927 $3,733,134 $7,344,422 $14,399,569 $47 961 835
I $ 111,215 $ 407,923 $ $ $ $ 825,986
59,974
26,508 27,954 488,447
I 239,242
28,884
793,212
56,358
I 279,692 279,692
104,685 104,685
24,722 166,934 191,656
574,127 574,127
I 94,950 94,950
1,200,000 1,200,000
10,990,000 10,990,000
I 1,843,000 1,843,000
417,415 460,599 574,127 14,399,569 17,770,213
I 7,744,872 7,744,872
7,344,422 7,344,422
815,456 815,456
I 10,286
3,159,007
1,957.915 3,159,007 11,117,579
I 7,957,915 8.560,328 3.159.007 7,344,422 30.191.622
$8.375. $9.020,927 $3.733.134 $7,344,422 $14,399.569 $47,961,835
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I CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENT FUND TYPES
II for the fiscal year ended June 30, 1989
Total
I Special Debt Capital (Memorandum
Revenue Service Projects Only)
Taxes $2,234,650 $ $ 173,947 $ $2,408,597
Franchise fees 949,576 82,215 1,031,791
II Special assessments 372,584 2,435 375,019
Licenses and permits 1,052,712 7,013 1,059,725
Intergovernmental revenues 625,031 892,746 1,517,777
Charges for services 20,652 578,350 599,002
Fines and forfeitures 240,849 240,849
Miscellaneous revenues,
primarily interest 364,877 103,464 175,706 94,118 738,165
Total Revenues 5,488,347 1,581,573 804,452 96,553 7,970,925
I Expenditures
Current:
Community Services 3,264,482 93,182 3,357,664
I Community Development 1,146,773 834,154 1,980,927
Policy and Administration 96,964 16,002 112,966
City -wide support functions 437,812 99,164 536,976
Capital Projects 195,161 1,099,654 1,345,356 2,640,171
Debt Service:
I Principal 418,000 418,000
Interest 354,739 354.739
Total Expenditures 5,141,192 2.142,156 772,739 1,345,356 9,401,443
I Excess of revenues over
(under) expenditures 347,155 (560,583) 31,713 (1,248,803) (1,430,518)
Other financing sources:
Proceeds of bond issuance 8,472,225 8,472,225
Excess of revenues and other
sources over (under)
expenditures 347,155 (560,583) 31,713 7,223,422 7,041,707
Fund balances,
beginning of year 1,337,303 1,164,070 850,292 734,493 4,086,158
I Fund balances (deficit),
end of year $1,684,458 $ 603,487 $ 882,005 $7.957,915 $11,127 865
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I The accompanying notes are an integral part
of the general purpose financial statements.
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CITY OF TIGARD, OREGON II
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1989
I
General Fund Special Revenue Funds
I
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Revenues: II Taxes $2,212,833 $2,234,650 $ 21,817 $ $ $
Franchise fees 916,575 949,576 33,001
Special assessments
Licenses and permits 1,058,000 1,052,712 (5,288) 3,000 7,013 4,013 I
Intergovernmental revenues 688,778 625,031 (63,747) 865,500 892,746 27,246
Charges for services 20,652 20,652 649,000 578,350 (70,650)
Fines and forfeitures 248,000 240,849 (7,151)
Miscellaneous revenues,
primarily interest 309.859 364.877 55.018 69.695 103.464 33.769 II Total Revenues 5.434.045 5.488.347 54.302 1.587.195 1.581,573 (5,622)
Expenditures
Current:
II
Community Services 3,439,338 3,264,482 174,856 98,792 93,182 5,610
Community Development 1,257,228 1,146,773 110,455 908,649 834,154 74,495
Policy and Administration 120,295 96,964 23,331 19,851 16,002 3,849
City -wide support functions 466,591 437,812 28,779 105,678 99,164 6,514
Contingency 1,064,878 1,064,878 122,413 122,413 II Capital Projects 423,018 195,161 227,857 1,495,882 1,099,654 396,228
Debt Service:
Bond Anticipation Note
Principal
Bond Principal
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Bond Anticipation Note
Interest
Interest
Contingency
Total Expenditures 6.771,348 5,141.192 1,630.156 2.751.265 2.142.156 609.109
Excess of revenues over
(under) expenditures (1,337,303) 347,155 1,684,458 (1,164,070) (560,583) 603,487 I
Other financing sources:
Proceeds of bond issuance
Excess of revenues and other
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sources over (under)
expenditures (1,337,303) 347,155 1,684,458 (1,164,070) (560,583) 603,487
Fund balances, II beginning of year 1.337,303 1.337.303 1.164,070 1.164.070
Fund balances,
end of year $ - $1,684,458 $1,684.458 $ - $ 603,487 $ 603,487
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The accom an in notes are an inte ral art II Y 9 9 P
of the general purpose financial statements
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I Debt Service Funds Capital Projects Funds Total (Memorandum Only)
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
I $ 171,377 $ 173,947 $ 2,570 $ $ $ $2,384,210 $2,408,597 $ 24,387
82.215 82,215 998,790 1,031,791 33,001
500,955 372,584 (128,371) 2,435 2,435 500,955 375,019 (125,936)
II 1,061,000 1,059,725 (1,275)
1,554,278 1,517,777 (36,501)
649,000 599,002 (49,998)
248,000 240,849 (7,151)
I 15,000 175 706 160,706 160,500 94,118 (66.382) 555,054 738,165 183,111
769,547 804,452 34,905 160,500 96,553 (63,947) 7.951.287 7,970,925 19,638
I 3,538,130 3,357,664 180,466
2,165,877 1,980,927 184,950
140,146 112,966 27,100
572,269 536,976 35,293
I 1,187,291 - 1,187,291
13,010,500 1,345,356 11,665,144 14,929,400 2,640,171 12,289,229
t 3,000,000 3,000,000 3,000,000 3,000,000
418,000 418,000 418,000 418,000
270,000 270,000 270,000 270,000
354,992 354,739 253 354,992 354,739 253
846,847 846,847 846,847 846,847
4,889,839 772,739 4,117,100 13,010,500 1,345,356 11,665,144 27,422,952 9,401,443 18,021,509
I (4,120,292) 31,713 4,152,005 (12,850,000) (1,248,803) 11,601,197 (19,471,665) (1,430,518) 18,041,147
3,270,000 (3,270,000) 12,115,507 8,472,225 (3,643,282) 15,385,507 8,472,225 (6,913,282)
II (850,292) 31,713 882,005 (734,493) 7,223,422 7,957,915 (4,086,158) 7,041,707 11,127,865
II 850,292 850,292 734,493 734,493 4,086,158 4,086,158
$ - $ 882,005 $ 882,005 $ - $7,957,915 $7,957,915 $ - $11,127,865 $11,127,865
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CITY OF TIGARD, OREGON I
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS /FUND BALANCE - II ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
for the fiscal year ended June 30, 1989
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Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum II
Enterprise Pension Trust Only)
Operating Revenues: II Service charges $1,285,215 $ $1,285,215
Pension contribution 422,224 422,224
Interest revenues 252,720 252,720
Total Operating Revenues 1,285,215 674,944 1,960,159 I
Operating Expenses: II Salaries and wages 772,916 772,916
Contracted services 29,145 29,145
General and administrative and other 395,856 395,856
Depreciation 322,694 322,694 II
Benefit payments and withdrawals 32,699 32,699
Contract charges 5,409 5,409
Total Operating Expenses 1,520,611 38,108 1,558,719 I
Operating Income (loss) (235,396) 636,836 401,440
Nonoperating Revenue - Interest 66,230 66,230 '
Net Income (loss) (169,166) 636,836 467,670 I
Add depreciation on fixed assets donated
or acquired from capital contributions II that reduces contributed capital 209,117 209,117
Increase in retained earnings/
fund balance 39,951 636,836 ` 676,787 II
Retained earnings/
fund balances - beginning of year 775,505 2,522,171 3,297,676 I
Retained earnings/
fund balances - end of year $ 815,456 $3,159,007 $3,974,463 '
The accompanying notes are an integral part
of the general purpose financial statements
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II CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
II for the fiscal year ended June 30, 1989
I Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
I Working capital provided from (used in):
Operations
Net income (loss) $ (169,166) $ 636,836 $ 467,670
I Charges to operations not requiring
outlay of working capital in the
current period - depreciation 322,694 322,694
I Working capital provided from
Operations 153,528 636,836 790,364
I Capital contributions, net of donated
fixed assets of $376,163 108,168 108,168
Fixed asset additions (150,127) (150,127)
II Increase In working capital $ 111,569 $ 636,836 $ 748,405
Changes in components which increased
I (decreased) working capital:
Cash and investments $ 154,912 $ 636,836 $ 791,748
Accounts receivable 68,259 68,259
I Accounts payable and accrued
liabilities (71,322) (71,322)
Accrued vacation payable (12,326) (12,326)
I Due to other funds (27,954) (27,954)
Increase in working capital $ 111,569 $ 636,836 $ 748,405
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The accompanying notes are an integral part
II of the general purpose financial statements.
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NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
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SUPPLEMENTARY DATA
I (Combining and Individual Fund and Account Group Statements
and Other Financial Schedules)
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I CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
II 1. Summary of Significant Accounting Policies:
II 9 9
Governmental Entities Included in the Combined Financial Statements
The City is the lowest level of government exercising oversight responsibility for all
I general governmental operations within its boundaries. As a result, all significant
activities and organizations have been included in the combined financial statements. These
activities include the City's pension plans (Note 10). The following criteria were
established to evaluate the manifestation of oversight responsibility at the lowest level
II of legislative authority:
- Financial interdependency - The City is responsible for its debts and is entitled to
I surpluses. No separate agency receives a financial benefit nor imposes a financial burden
on the City.
I - 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
I 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.
II - 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
I contracts, and developing the programs to be provided.
- Accountability of fiscal matters - The responsibility and accountability over all funds
I is vested to the City Council.
There are many governmental agencies including Washington County and certain school districts
I 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 combined financial statements.
I Basis of Accounting
I The financial statements of the Governmental Fund Types and Agency Fund 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
II sources) and decreases (expenditures and other financing uses) in net current assets. Agency
funds do not present operating results.
II The Proprietary Fund Type (Enterprise Funds) and Pension Trust Fund are accounted for a flow
li 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
il sheet.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
Bases of Accounting (continued)
The Governmental Fund Types and Agency Fund are maintained on the modified accrual basis of II 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 expendable available financial resources.
Revenues which were measurable and available at June 30, 1989 under the modified accrual
basis of accounting were as follows:
- State, county, and local shared revenues for cigarette tax, liquor tax and other.
- Property tax revenues and assessment liens principal installments which are collected II
within sixty days following year end.
The Enterprise Funds and Pension Trust Fund are accounted for utilizing the accrual basis II 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 II
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 cash and investments, are carried at cost which approximates market. I
Deferred Compensation Fund investments are carried at market value.
Receivables '
Receivables for state, county, and local shared revenues are recorded as revenue in the
Governmental Funds as earned.
Receivables of the Enterprise Funds are recorded as revenue as earned, including services
earned but not billed.
8
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
II Receivables (continued)
Property taxes receivable for the Governmental Fund Types which have been collected within
I 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.
I 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.
I Assessments are recognized as receivables at the time property owners are assessed for
property improvements. Assessments receivable expected to be collected within sixty days
I after year end are considered measurable and available and are recognized as revenues. All
other assessments receivable are offset by a deferred revenue account and, accordingly, have
not been recorded as revenue.
I Accrued interest on delinquent assessments is recorded as a receivable and entirely offset
by a deferred revenue account, and accordingly, has not been recorded as revenue.
I The contract receivable due from Unified Sewerage Agency in the General Fund is offset by
a deferred revenue account. Revenue is recognized when payments on the receivable are made.
Inventory of Gasoline and Parts
I Inventory of gasoline and parts is stated on the first -in, first -out basis and is charged
to expenditures as used.
I Enterprise Fund Fixed Assets
I Purchased fixed assets are stated at historical cost or estimated historical cost when
historical cost is not available. The total amount of fixed assets valued at estimated
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
I engineering estimates of current cost or price indexed cost. The total amount of fixed
assets donated is not available. 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
I 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.
II 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.
9
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
Significant Accounting Policies (continued):
1. Summary of Sig g : ( )
General Fixed Assets ,
General fixed assets are stated at historical cost or estimated historical cost when '
historical cost is not available. The total amount of fixed assets valued at estimated
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 II 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. II
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 '
General long -term debt of the City is recorded in the General Long -Term Debt Account Group.
Repayment of general bonded debt is made from the Debt Service Funds. Payment of vacation II
and the capital lease obligation are made from the General Fund and the amount
due to Bancroft Bond Debt Service Fund will be made from the Streets SDC Fund. 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 II 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.
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I CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
II 1. Summary of Significant Accounting Policies (continued):
Budget
I 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
I 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
I 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
I Council. After budget approval, the City Council may approve supplemental appropriations
if an occurrence, condition, or need exists which had not been ascertained at the time the
budget was adopted. During the fiscal year ended June 30, 1989, several appropriations
II transfers were made as well as one supplemental budget appropriation.
The budget for the funds includes capital outlay expenditures in each program for capital
outlay applicable to that program. Capital outlay expenditures benefiting the City and not
II an identifiable program are reported separately.
2. Organization and Operation:
II The City of Tigard, under its Charter of 1962, is governed by an elected mayor and four
council members who comprise the City Council. The City's financial operations are accounted
for in the following funds and account groups.
I Governmental Fund Types
I 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.
I Special Revenue Funds:
Forfeitures From Criminal Activity Fund - This fund accounts for funds and property
seized from criminals in connection with the crimes committed.
II 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,
I Article IX, Section 3.
Streets SDC Fund: This fund accounts for system development charges to be used for
I 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.
1
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation: (continued)
9 p ( )
Governmental Fund Types, continued
Special Revenue Funds: (continued)
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 Fund - This fund accounts for road tax monies received from Washington
County for the maintenance and operation of roads.
Debt Service Funds:
Bond Debt Service Fund - This fund accounts for payment of general obligation bond I
principal and interest. The principal source of revenue is from property taxes.
Bancroft Bond Debt Service Fund - This fund accounts for the payment of Bancroft II
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 II
Improvement District projects from the sale of Bond Anticipation Notes and certain
short -term 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.
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 the earnings on the investment of those I
funds.
Pension Trust Funds - These funds, the Police Pension Plan and the General Employees II Pension Plan Fund, account for the police employees' pension plans, and City general
employee defined contribution plans.
Account Groups '
General Fixed Assets - This account group accounts for the City's investment in fixed
assets, with the exception of those assets held by the Enterprise Funds.
General Long -Term Debt - This account group accounts for general long -term indebtedness
of the City.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
3. Cash and Investments:
II 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
II City funds.
Cash and investments are comprised of the following at June 30, 1989:
Cash on hand $ 7,251
Cash Held by Department of Finance, Washington County 22,852
Deposits with financial institutions 200,485
Investments 16,489,756
$16,720,344
' Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts.
II The total bank balance is $241,275 (book balance is $200,485). Of these deposits, $100,000
was covered by federal depository insurance and the remainder 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.
II 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.
II The City's investments are categorized below to give an indication of the level of risk
assumed by the City at June 30, 1989. 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
I 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
I 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) 1
Category Carrying Market
1 2 3 Amount Value
Held by custodian under
deferred compensation plan -
mutual fund investments $ $ $ 574,127 $ 574,127 $ 574,127
Held by custodian under
pension plan - mutual fund
investments 3,159,007 3,159,007 3,159,007
US Government Securities 4,978,062 4,978,062 4,981,869
Bankers Acceptances 577,597 577,597 586,558
$ - $5,555,659 $3,733,134 9,288,793 9,301,561
State Treasurer's Investment
Pool 7,200,963 7,200,963
Total Investments $16,489,756 $16,502,524
4. Contract Receivable:
This represents the balance due to the City from the Unified Sewerage Agency of Washington
County resulting from the sale of certain sewage treatment and collection facilities to the
Agency in 1970. This contract is recorded in the General Fund because at the time of sale II
of the facilities, the City's sewer operations were accounted for in the General Fund.
Amounts due at June 30, 1989 comprise:
Total receivable $ 31,050 '
Less unearned interest 2,166
$ 28,884 ,
The contract requires annual payments of $14,442 plus 5 percent interest on the unpaid
balance to July 1, 1991. ,
5. Assessment Liens Receivable:
Assessment liens receivable represent the uncollected amount levied against benefitted II
property for the cost of local improvements. Because the assessments are liens against the
benefitted property, an allowance for uncollectable amounts is not deemed necessary.
Substantially all assessments are payable over a period of 10 to 20 years. Assessments bear I
7 percent to 13 percent interest.
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II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
II
6. Interfund Receivables and Payables:
II Interfund receivables and payables at June 30, 1989, are:
Special Debt Total
I Revenue Service Due to
General Parks Bond Debt Other
Fund SDC Fund Service Fund Funds
II General Fund $ $ 16,000 $ $ 16,000
Special Revenue Funds:
I Forfeitures From Criminal
Activity 744
State Tax Street 178,297
I Streets SDC 156,991 417,985
Parks SDC 25,442
County Road Levy 29,679
County Gas Tax 26,832
I Capital Projects Funds:
Road Bond Improvement 26,508 26,508
1 Enterprise Fund:
Storm Drain 27,954 27,954
I Total due from
other funds $445,939 $ 16,000 $ 26,508 $488,447
II 7. Fixed Assets:
II Fixed assets and related changes therein are as follows:
ENTERPRISE FUNDS
Balance Balances
June 30, 1988 Additions June 30, 1989
I Land $ 2,484 $ $ 2,484
Building 53,540 53,540
Sewer system 5,267,936 264,892 5,532,828
I Storm drainage system 5,311,293 249,892 5,561,185
Equipment 95,606 95,606
Autos and trucks 146,266 11,505 157,771
10,877,125 526,289 11,403,414
' Less accumulated
depreciation 3,592,839 322,693 3,915,532
II $ 7,284,286 $ 203,596 $ 7,487,882
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CITY OF TIGARD, OREGON II
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
II 7. Fixed Assets: (continued)
GENERAL FIXED ASSETS ACCOUNT GROUP I
Balance Balances II June 30, 1988 Additions Retirements June 30, 1989
Land $1,159,800 $ 448,283 $ $1,608,083 II Buildings 2,912,906 48,009 2,960,915
Equipment 374,237 147,509 (5,071) 521,746
Autos and trucks 628,488 127,028 (11,665) 743,851
Office equipment 842,106 133,321 970,356 I
Library books 452,298 87,173 539,471
$6,369,835 $ 991,323 $ (16,736) $7,344,422
II
8. Long -Term Debt:
Bonds Payable
I
Bonds payable transactions for the year and future maturities of bond principal and interest
at June 30, 1989 are as follows: I
Outstanding Matured Issued Outstanding II June 30, and Paid During June 30,
1988 During Year Year 1989 Interest
General Obligation Bonds:
II
General obligation
building bonds; interest
rates 5.95% to 18 %: II Fiscal Year:
1989 $ 90,000 $ (90,000) $ $ $
1990 95,000 95,000 533,184 II 1991 105,000 395,000 500,000 699,634
1992 115,000 475,000 590,000 663,233
1993 120,000 575,000 695,000 619,845
1994 -1998 770,000 4,495,000 5,265,000 2,192,184
I
1999 -2003 1,040,000 2,560,000 3,600,000 442,308
2004 -2005 245,000 245,000 14,700
$2,580,000 $ (90,000) $8,500,000 $10,990,000 $ 5,165,088
II
II
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16 I
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II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
II 8. Long-Term Debt: continued
9 (continued)
I
Outstanding Matured
Paid Outstanding
June 30, 1988 During Year June 30, 1989 Interest
1 Bancroft Improvement Bonds:
General obligation
improvement bond issues;
interest rates from
I
6% to 16%; payable first
from assessments to
benefitted properties
I and second, from the
general credit of the City:
Fiscal Year
I 1989 $ 328,000
363,000 $ 328,000 $
363,000 $
1990 156,929
1991 388,000 388,000 122,257
1992 433,000 433,000 83,269
I 1993 413,000 413,000 43,255
1994 -1998 196,000 196,000 55,562
1999 -2003 50,000 50,000 14,305
II $2,171,000 $ 328,000 $1,843,000 $ 475,577
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
II 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
II Debt Account Group. At June 30, 1989, the outstanding balance on the 1984 Series bonds is
II $1,640,000.
I Other Long-Term Debt
Changes in other long -term debt recorded in the General Long -Term Debt Account Group for the
year ended June 30, 1989; are as follows:
I Outstanding Outstanding
June 30, 1988 Additions Deletions June 30, 1989
I Capital lease obligation
(computer system) $ 175,108 $ - $ 70,423 $ 104,685
II Accrued vacation payable $ 106,538 $, 60,396 $ - $ 166,934
I
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) I
8. Long -Term Debt: (continued) I
Other Long -Term Debt, continued
Outstanding Outstanding II June 30, 1988 Additions Deletions June 30, 1989
Amount due to Bancroft
Bond Debt Service Fund $ 109,950 $ - $ 15,000 $ 94,950 II
Bond Anticipation Notes $1,200,000 $ $ - $1,200,000
The City leases its computer system under a 5 year capital lease. At the end of the lease I
term, ownership of the computer system is transferred to the City. Principal and interest
at 9 percent are due annually.
The amount due to Bancroft Bond Debt Service Fund will be funded over 9 years by the Streets II
SDC Fund.
The Bond Anticipation Notes, issued in fiscal year 1988, mature October 1, 1989. Principal II
and interest at 5.5 percent are due at maturity. The Bond Anticipation Notes have been
recognized in the General Long -Term Debt Account Group since the notes were originally issued I
with a maturity date greater than one year.
Future maturities of other long -term debt recorded in the Long -Term Debt Account Group at
June 30, 1989, are as follows:
II
Amount Due to
Capital Accrued Bancroft Bond Bond
Lease Vacation Debt Service Anticipation 11
Obligation Payable Fund Notes
1990 $ 69,178 $166,934 $ 15,000 $1,200,000 II
1991 52,171 15,000
1992 15,000
1993 15,000 II 1994 15,000
Thereafter 19,950
Total 121,349 166,934 94,950 1,200,000 ,
Less amount representing
interest 16,664
Total $104,685 $166,934 $ 94,950 $1,200,000 II
The City has a note payable totaling $279,692 at June 30, 1989 for financing of Local II
Improvement District construction activity in the Local Improvement Capital Projects Fund.
The note is due June 30, 1990, and is payable at maturity with interest at a bank's prime
rate. The City may draw down funds against the note to finance construction in amounts not II
to exceed $2,500,000. Because the note is due within one year, the liability has been
recognized in the Local Improvement Capital Projects Fund.
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CITY OF TIGARD, OREGON
II NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
9. Contributed Capital:
II The changes in contributed capital were as follows:
I Balance, beginning of year $7,469,658
Transfer of depreciation on certain contributed
fixed assets from retained earnings (209,117)
II Contributions from customers 484,331
I Balance, end of year $7,744,872
I 10. Retirement Plans:
Pensions Plans
I Full -time Police employees who have completed six months of service are participants in a
City sponsored pension program consisting of a defined benefit plan, and a defined
contribution plan, both single employer plans. Employee contributions, representing 6% of
I a participant's salary as defined in the plan document, are paid by the City, and are
recorded in the defined contribution plan whereas employer contributions are recognized in
the defined benefit plan. Total contributions for the fiscal year 1989 to the defined
contribution plan were $66,943. The City's payroll for employees covered for the year ended
I June 30, 1989, was $1,373,102. The City's total payroll was $3,673,747 for the year ended
June 30, 1989.
1 Current membership as of July 1, 1989 in the pension plan is comprised of the following:
Group July 1, 1989
I Retirees and beneficiaries currently receiving
benefits 2
Vested terminated employees 7
I Active employees:
Fully vested 22
Non vested 17
I Participants under the defined benefit plan (The Plan) fully vest after five years of
continuous service. Normal retirement is allowed at age 55 and completion of 25 years of
I service or, after attaining age 57 and completion of 20 years of service. Early retirement
is allowed 5 years prior to the normal retirement date. Retirement benefits are reduced if
retirement occurs prior to the normal retirement date. Participants in the defined
contribution plan immediately vest.
II Retirement benefits under The Plan are calculated using a formula based on salary and length
of service and are payable monthly. The Plan also provides death and disability benefits.
I These benefit provisions and other requirements are established by City Council. The City's
policy is to fund the minimum required actuarially determined contribution on a current
basis.
I 19
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CITY OF TIGARD OREGON II
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
10. Retirement Plans: (continued) II
Pensions Plans, continued
II
The amount shown below as the "pension benefit obligation" for The Plan 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 II
service to date. The measure is intended to help users assess the funding status of the Plan
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 The Plan.
The pension benefit obligation was computed as part of the most recent actuarial valuation II
performed as of July 1, 1988. Significant actuarial assumptions used to compute the pension
benefit obligation include a rate of return on investment of present and future assets of
7.5 percent and projected annual salary increases of 6 percent.
I
The assets in excess of pension benefit obligation as of July 1, 1989, is as follows:
Net assets available for benefits (market value) $1,673,865 I
Pension benefit obligation:
Retirees and beneficiaries currently receiving
II
benefits and terminated employees not yet
receiving benefits 126,573
Current Employees: II Employer- financed vested 585,870
Employer- financed nonvested 537,681
1,250,124 II Assets in excess of pension benefit obligation $ 91,261
The Plan provides for actuarially determined periodic contributions that are sufficient to
pay benefits when due. The actuarial funding method is the "entry age normal- frozen initial '
liability method" which is used to determine the contribution required. The significant
assumptions used to compute the actuarially determined contribution requirement are the same
as those used to compute the pension benefit obligation described above.
II
The actuarially determined annual contribution requirement for fiscal year 1989 was equal
to the actual contribution amount of $147,320; no breakdown as to the components of the
required contribution between normal cost and amortization of the unfunded frozen initial II
liability is available. The City's contribution represented approximately 12 percent of
current covered payroll.
Certain three -year trend information, which is designed to give an indication of the progress t
made in accumulating sufficient assets to pay benefits when due, as required by Statement
No. 5 of the Government Accounting Standards Board, is not available because the first ,
actuarial valuation providing the required actuarial information was prepared as of July 1,
1988. The City has not obtained an actuarial valuation or update as of July 1, 1989, because
the Police retirement plan will be transferred to the State of Oregon Public Employees
Retirement System in fiscal 1990. For fiscal year 1988, net assets available for benefits II
were 107 percent of the pension benefit obligation and the assets in excess of pension
benefits obligation represented approximately 9 percent of the annual payroll covered by the
Plan.
II
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I CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1
10. Retirement Plans: (continued)
II Pension Plans (continued)
Certain additional trend information, which is required supplementary information as
I specified by Statement No. 5, is shown in the Supplemental Data Section of the Comprehensive
Annual Financial Report for those years in which such information was available.
I The City also 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
U 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 at any time.
Contributions to the plans are made to a fiduciary. The fiduciary holds the funds in trust
I and makes distributions as provided by the plans. Required and actual expenditures by the
City for the plans were $207,961 for the year ended June 30, 1989. Current year covered
payroll amounted to $2,300,645. Required and actual expenditures as a percentage of covered
payroll was 9.0 percent.
U Deferred Compensation Plan
I 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
I 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.
I 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
I 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
I 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 $63,096 for the year ended
II June 30, 1989.
II
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CITY OF TIGARD, OREGON '
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
11. Transactions with Unified 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 I
percent of sewer service charges collected and 20 percent of connection charges collected,
in accordance with an agreement between the City and USA dated January 18, 1972. Payments
of $2,125,101 were made to USA during 1989 under this agreement. '
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 Propriety Fund Types and Similar Trust Fund. Revenues are reported net because the City
acts in a fiduciary capacity on behalf of USA.
12. 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, 1989 is as follows:
Sewer Storm Drainage
Fund Fund Total
Operating revenue $ 897,569 $ 387,646 $1,285,215
Depreciation 204,750 117,944 322,694
Operating loss (123,672) (111,724) (235,396)
Net loss (77,380) (91,786) (169,166)
Current capital contributions 251,762 232,568 484,330
Fixed asset additions 276,397 249,892 526,289
Net working capital 689,175 383,271 1,072,446
Total assets 5,208,859 3,812,068 9,020,927
Total equity 4,784,485 3,775,843 8,560,328
13. Deficit Fund Balances /Retained Earnings:
The Storm Drainage Fund, an enterprise fund, had a deficit retained earnings of $13,531 at I
June 30, 1989; however, overall fund equity was $3,775,843 because of significant capital
contributions to the fund. The Local Improvement Capital Projects Fund had a fund balance I
deficit of $36,463 at June 30, 1989. This deficit will be eliminated through the subsequent
issuance of Bancroft Improvement Bonds or operating transfer from other funds.
14. Subsequent Event
On August 31, 1989, the City issued redemption notices for its Series 15 Bancroft Bonds.
The bonds total $340,000, bear interest between 9.50 percent and 9.75 percent, and will be
redeemed effective October 1, 1989, at par plus a premium of 2 percent.
On August 25, 1989, the City paid the balance due on the computer system lease in order to
obtain title to the computer equipment. The total payment was $104,685. 11
15. Commitments
Commitments for construction related to a local improvement district project amounted to I
approximately $655,000 at June 30, 1989.
22 '
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
I
16. Restatement
II The City has retroactively included the assets of its defined contribution plans covering
all City employees not covered under the police pension plan (N3ote 10) in a pension trust
fund entitled the General Employees Pension Plan Fund. The effect of the change was to
I increase beginning fund balances of the pension trust funds by $404,131 and increased net
income in the fund type for the year ended June 30, 1989, by $225,597.
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I GENERAL FUND
I This fund accounts for the financial operations of the City which are not accounted for in
any other fund. Principal resources are property taxes, franchise fees, intergovernmental
revenues, and licenses and permits. Primary expenditures in the General Fund are made for
police protection, community development and administration.
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CITY OF TIGARD, OREGON II
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
II
for the fiscal year ended June 30, 1989
Variance I
Revised Favorable
Budget Actual (Unfavorable)
REVENUES: II
Taxes $2,212,833 $2,234,650 $ 21,817
Franchise fees 916,575 949,576 33,001 I
Licenses and permits 804,000 1,052,712 248,712
Intergovernmental revenues 942,778 625,031 (317,747)
Charges for current services 20,652 20,652 II Fines and forfeitures 248,000 240,849 (7,151)
Miscellaneous revenues,
primarily interest 309,859 364,877 55,018
Total revenues 5,434,045 5,488,347 54,302 I
BEGINNING FUND BALANCE AVAILABLE II FOR APPROPRIATION 1,337,303 1,337,303
Total $6,77 $6,825,650 $, 54,302
EXPENDITURES: II
Community services $3,439,338 $3,264,482 $ 174,856
Community development 1,257,228 1,146,773 110,455 II Policy and administration 120,295 96,964 23,331
City -wide support functions 466,591 437,812 28,779
Contingency 1,064,878 1,064,878
Capital projects 423,018 195,161 227,857
II
Total $6,771,348 $5,141,192 $1,630,156
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II SPECIAL REVENUE FUNDS
II The Special Revenue Funds account for revenue derived from specific tax 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
• State Tax Street
II • Streets SDC
' • Parks SDC
• County Road Levy
I • County Gas Tax
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CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1989
Forfeitures
From State County
Criminal Tax Streets Parks Road County
Activity Street SDC SDC Levy Gas Tax Total
ASSETS
Cash and investments $ 6,161 $ 317,100 $ 570,882 $ 9,490 $ 50,806 $ 51,033 $1,005,472
Due from other funds 16.000 16,
Total assets $ 6,161 $ 317.100 $ 570,882 $ 25.490 $ 50.806 $ 51. 021 472
LIABILITIES AND
FUND BALANCES
LIABILITIES:
Due to other funds $ 744 $ 178.297 $ 156,991 $ 25.442 $ 29.679 $ 26,832 $ 417,
FUND BALANCES - I
UNRESERVED 5.417 138.803 413.891 48 21.127 24.201 603.487
Total liabilities I
and fund balance $ 6.161 $ 317,100 $ 570,882 $ 25.490 $ 50,806 $ 51.033 $1,021,472
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CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1989
I Forfeitures
From State County
Criminal Tax Streets Parks Road County
Activity Street SDC SDC Levy Gas Tax Total
I REVENUES:
Licenses and permits $ $ 7,013 $ $ $ $ $ 7,013
I Intergovernmental
revenues 790,327 116 102,303 892,746
Charges for services 438,210 140,140 578,350
Miscellaneous revenues 1.745 33.721 54.842 3.174 5.364 4.618 103.464
' Total revenues 1.745 831.061 493.052 143.314 5.480 106,921 1.581.573
I EXPENDITURES:
Community Services 41,570 42,950 8,662 93,182
Community Development 643,306 74,534 116,314 834,154
II Policy and admini-
stration 13,033 2,969 16,002
City -wide Support
functions 79,643 19,521 99,164
II Capital projects 66.938 730.764 234.097 52.267 15,588 1.099.654
Total expenditures 41.570 845.870 805.298 234.097 52.267 163.054 2.142.156
Excess of revenues
I under expenditures (39,825) (14,809) (312,246) (90,783) (46,787) (56,133) (560,583)
FUND BALANCES -
beginning of year 45.242 153,612 726.137 90.831 67,914 80.334 1.164.070
I FUND BALANCES -
end of year $ 5.417 $ 138.803 $ 413.891 $ 48 $ 21 127 $ 24,201 $ 603.487
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CITY OF TIGARD, OREGON
FORFEITURES FROM CRIMINAL ACTIVITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
Variance
Favorable
Budget Actual (Unfavorable) '
REVENUES:
Miscellaneous $ 195 $ 1,745 $ 1,550 '
BEGINNING FUND BALANCE
AVAILABLE FOR
APPROPRIATION $ 45,242 $ 45,242 $
Total $ 45,437 $ 46,987 $ 1,550
Variance '
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES: '
Community Services $ 45,437 $ 41,570 $ 3,867
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CITY OF TIGARD, OREGON
I STATE TAX STREET FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
II Variance
Favorable
II Budget Actual (Unfavorable)
REVENUES:
I State gas tax $ 760,000 $ 790,327 $ 30,327
Lighting subdivisions 3,000 7,013 4,013
Interest 22,000 24,220 2,220
II Insurance Recoverables 10,000 9,501 (499)
Total revenues 795,000 831,061 36,061
II BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 153,612 153,612
I Total $ 948,612 $ 984,673 $ 36,061
I Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
I EXPENDITURES:
Community Services $ 44,405 $ 42,950 $ 1,455
I Community Development 706,305 643,306 62,999
Policy and administration 16,169 13,033 3,136
City -wide support functions 84,857 79,643 5,214
I Capital projects 90,773 66,938 23,835
Contingency 6,103 6,103
II Total $ 948,612 $ 845,870 $ 102,742
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CITY OF TIGARD, OREGON
STREETS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
Variance
Favorable
Budget Actual (Unfavorable) ,
REVENUES:
System development charges $ 480,000 $ 438,210 $ (41,790) '
Interest 30,000 54,842 24,842
Total revenues 510,000 493,052 (16,948) '
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 726,137 726,137
Total $1,236,137 $1,219,189 $ (16,948)
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable) '
EXPENDITURES:
Community Development $ 74,946 $ 74,534 $ 412 '
Capital projects 1,061,137 730,764 330,373
Contingency 100,054 100,054
Total $ 1,236,137 $ 805,298 $ 430,839 '
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CITY OF TIGARD, OREGON
11 PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
II
Variance
I
Budget Actual Favorable
(Unfavorable)
I REVENUES:
System development charges $ 169,000 $ 140,140 $ (28,860)
I Interest 2,500 3,174 674
Total revenues 171,500 143,314 (28,186)
I BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 90,831 90,831
II Total $ 262,331 $ 234,145 $ (28,186)
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
I EXPENDITURES:
Capital projects $ 252,331 $ 234,097 $ 18,234
I Contingency 10,000 10,000
Total $ 262,331 $ 234,097 $ 28,234
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CITY OF TIGARD, OREGON
COUNTY ROAD LEVY FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
Variance
Favorable
Budget Actual (Unfavorable) ,
REVENUES:
County maintenance and repair ,
tax $ 500 $ 116 $ (384)
Interest 2,000 5,364 3,364
Total revenues 2,500 5,480 2,980 '
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 67,914 67,914
Total $ 70 $ 73,394 $ 2,980
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $ 70,414 $ 52,267 $ 18,147
Total $ 70,414 $ 52,267 $ 18,147
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CITY OF TIGARD, OREGON
I COUNTY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
II Variance
Favorable
II Budget Actual (Unfavorable)
REVENUES:
II County road tax $ 105,000 $ 102,303 $ (2,697)
Interest 3,000 4,618 1,618
I Total revenues 108,000 106,921 (1,079)
BEGINNING FUND BALANCE AVAILABLE
I FOR APPROPRIATION 80,334 80,334
Total $ 188,334 $ 187,255 $ (1,079)
II Variance
Budgeted Favorable
II Appropriations Actual (Unfavorable)
EXPENDITURES:
I Community services $ 8,950 $ 8,662 $ 288
Community development 127,398 116,314 11,084
Policy and administration 3,682 2,969 713
I City -wide support functions 20,821 19,521 1,300
Capital projects 21,227 15,588 5,639
Contingency 6,256 6,256
II Total $ 188,334 $ 163,054 $ 25,280
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1 DEBT SERVICE FUNDS
1
The Debt Service Funds account for the payment of general obligation bond principal and
II interest. The City's debt service funds consist of:
• Bond Debt Service Fund
1 • Bancroft Bond Debt Service Fund
II Principal sources of revenues are property taxes fees for the Bond Debt Service Fund and
special assessment collections and interest earnings for the Bancroft Bond Debt Service Fund.
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CITY OF TIGARD, OREGON I
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET II June 30, 1989
Bancroft II
Bond Debt Bond Debt
ASSETS Service Service Total
II
Cash and investments $ 14,389 $ 805,588 $ 819,977
Property taxes receivable 24,167 24,167
Assessment liens receivable 828,575 828,575
II
Accrued interest on delinquent
Assessments 56,358 56,358
Due from other funds 26,508 26,508 I
Total Assets $ 65 $1 690,521 $1,755,585
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LIABILITIES AND FUND BALANCES I
LIABILITIES
II
Accounts payable and accrued
liabilities $ $ 3,974 $ 3,974
Deferred revenues: II
Property taxes 20,036 20,036
Assessment liens receivable 793,212 793,212
II
Accrued interest on delinquent
assessments 56,358 56,358
Total Liabilities 20,036 853,544 873,580 I
FUND BALANCES - UNRESERVED 45,028 836,977 882,005
II
Total liabilities and
fund balances $ 65,064 $1 $1,755,585
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33 I
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CITY OF TIGARD, OREGON
I DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1989
II
I Bancroft
Bond Debt Bond Debt
I Service Service Total
REVENUES:
Taxes $ 173,947 $ $ 173,947
Franchise fees 82,215 82,215
Special assessments 372,584 372,584
I Miscellaneous enues
Primarily inter 27,835 147,871 175,706
Total revenues 283,997 520,455 804,452
II
EXPENDITURES:
I Debt Service:
Principal 90,000 328,000 418,000
I Interest 166,840 187,899 354,739
Total expenditures 256,840 515,899 772,739
II Excess of revenues
over expenditures 27,157 4,556 31,713
1
FUND BALANCES - beginning of
II year, 17,871 832,421 850,292
I FUND BALANCES - End of year $ 45,028 $ 836,977 $ 882,005
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CITY OF TIGARD, OREGON I
BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL II for the fiscal year ended June 30, 1989
I
Variance
Favorable II Budget Actual (Unfavorable)
REVENUES: I Taxes $ 171,377 $ 173,947 $ 2,570
Franchise fees 82,215 82,215
Interest 27,835 27,835
II
Total revenues 253,592 283,997 30,405
BEGINNING FUND BALANCE II
AVAILABLE FOR APPROPRIATION 17,871 17,871
Total $ 271,463 $ 301,868 $ 30,405 II
Variance II
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES: II
Debt service: II Principal $ 90,000 $ 90,000 $
Interest 167,037 166,840 197
Contingency 14,426 14,426
II
Total $ 271,463 $ 256,840 $ 14,623
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I CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND
II SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
I Variance
Favorable
Budget Actual (Unfavorable)
I REVENUES:
Collection of bonded
assessments $ 500,955 $ 372,584 $ (128,371)
t Interest 15,000 147,871 132,871
Total revenues 515,955 520,455 4,500
I OTHER FINANCING SOURCES:
Bond issuance proceeds 3,270,000 (3,270,000)
I Total other financing
sources 3,270,000 (3,270,000)
II Total revenues and other
financing sources 3,785,955 520,455 (3,265,500)
t BEGINNING FUND BALANCE
AVAILABLE FOR APPROPRIATION 832,421 832,421
I Total $4,618,376 $1,352,876 $(3,265,500)
I Budgeted Variance
Appropriations Actual (Unfavorable)
I EXPENDITURES:
Bond anticipation note
principal $3,000,000 $ $ 3,000,000
I Bond principal 328,000 328,000
Bond interest 187,955 187,899 56
Bond anticipation note
I interest 270,000 270,000
ntingency 832,421 832,421
II Total $4,618,376 $ 515,899 $ 4,102,477
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I CAPITAL PROJECT FUNDS
I The Capital Project Funds are used to account for the construction of major capital projects.
Capital Project Funds include:
II • Local Improvement Capital Projects Fund
• Road Improvement Bond Fund
I 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.
I Sources of revenues for Local Improvement District Capital Projects include proceeds from
the sale of Bond Anticipation Notes and other short term debt.
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CITY OF TIGARD, OREGON II
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET II for the fiscal year ended June 30, 1989
II
Local
Improvement Road
II
Capital Improvement
Projects Bond
Fund Fund Total
II
ASSETS:
Cash and Investments $ 331,958 $8,043,372 $8,375,330
I
Total Assets $ 331,958 $8,043,372 $8,375,330
II
LIABILITIES AND FUND EQUITY:
LIABILITIES:
II
Accounts payable and accrued
liabilities $ 88,729 $ 22,486 $ 111,215
Due to other funds 26,508 26,508 II Note payable 279,692 279,692
Total liabilities 368,421 48,994 417,415 II FUND EQUITY:
Fund balances: I
Unreserved (36,463) 7,994,378 7,957,915
Total fund equity (36,463) 7,994,378 7,957,915 t
Total liabilities and
fund equity $ 331,958 $8,043,372 $8,375,330
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I CITY OF TIGARD, OREGON
CAPITAL PROJECTS FUND
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1989
I
II Local
Improvement Road
Capital Improvement
Projects Bond
I Fund Fund Total
REVENUES:
I Special Assessments $ 2,435 $ $ 2,435
Interest 28,235 65,883 94,118
II Total Revenues 30,670 65,883 96,553
I EXPENDITURES:
Capital Projects 801,626 543,730 1,345,356
II Total Expenditures 801,626 543,730 1,345,356
t Excess of revenues
under expenditures (770,956) (477,847) (1,248,803)
I OTHER FINANCING SOURCES:
Proceeds of bond issuance 8,472,225 8,472,225
II FUND BALANCES, beginning
of year 734,493 734,493
II FUND BALANCES, end of year $ (36,463) $7,994,378 $7,957,915
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CITY OF TIGARD, OREGON II
LOCAL IMPROVEMENT CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL II for the fiscal year ended June 30, 1989
Variance
I
Favorable
Budget Actual (Unfavorable)
REVENUES: I
Special assessments $ $ 2,435 $ 2,435
Interest 20,000 28,235 8,235
II
Total revenues 20,000 30,670 10,670
OTHER FINANCING SOURCES:
II
Bond proceeds 3,615,507 (3,615,507)
Total revenues and other II financing sources 3,635,507 30,670 (3,604,837)
BEGINNING FUND BALANCE II AVAILABLE FOR APPROPRIATION 734,493 734,493
Total $4,370,000 $ 765,163 $(3,604 837)
1
Variance
Budgeted Favorable I
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $4,370,000 $ 801,626 $ 3,568,374 I
Total $4,370,000 $ 801,626 $ 3,568,374
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39 I
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CITY OF TIGARD, OREGON
I ROAD IMPROVEMENT BOND FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
II Variance
Favorable
I Budget Actual (Unfavorable)
REVENUES:
II Interest $ 140,500 $ 65,883 $ (74,617)
OTHER FINANCIAL SOURCES
I Proceeds from bond issuance 8,500,000 8,472,225 (27,775)
Total $8,640,500 $8,538,108 $ (102,392)
II
Variance
Budgeted Favorable
I Appropriations Actual (Unfavorable)
EXPENDITURES:
I Capital projects $8,640,500 $ 543,730 $8,096,770
II Total $8,640,500 $ 543,730 $8,096,770
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ENTERPRISE FUNDS
I T are n of w
Ts drainage funds r
facilities used to finance which are and supported account for by the user acquisition charges Funds and mai included tenance in this fund and
category are:
I • Sewer Fund
• Storm Drainage Fund
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CITY OF TIGARD, OREGON II
ENTERPRISE FUNDS
COMBINING BALANCE SHEET I June 30, 1989
Storm 1
Sewer Drainage
Fund Fund Total I
ASSETS:
Current assets:
II
Cash and investments $ 975,297 $ 384,747 $1,360,044
Accounts receivable 138,252 34,749 173,001
Total current assets 1,113,549 419,496 1,533,045 I
Fixed assets, net 4.095,310 3,392,572 7,487,882
II
Total assets $5,208,859 $3,812,068 $9,020,927
LIABILITIES AND FUND EQUITY: II
LIABILITIES: II Current liabilities:
Accounts payable and accrued
liabilities $ 407,923 $ $ 407,923 II Accrued vacation payable 16,451 8,271 24,722
Due to other funds 27,954 27,954
Total current liabilities 424,374 36,225 460,599 I
FUND EQUITY:
Contributed capital 3,961,330 3,783,542 7,744,872 I
Retained earnings (deficit) 823,155 __12.191) 815,456
Total fund equity 4,784,485 3,775,843 8,560,328
$5,208,859 $3,812,068 $9,020,927 II
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41 I
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CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
U COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
for the fiscal year ended June 30, 1989
II
U Storm
Sewer Drainage
Fund Fund Total
II OPERATING REVENUES:
Service charges $ 897,569 $ 387,646 $1,285,215
II OPERATING EXPENSES:
Salaries and wages 533,550 239,366 772,916
I Contracted services 20,733 8,412 29,145
General and administrative
and other 262,208 133,648 395,856
Depreciation 204,750 117,944 322,694
II Total operating expenses 1,021,241 499,370 1,520,611
I Operating loss (123,672) (111,724) (235,396)
NONOPERATING REVENUE - Interest 46,292 19,938 66,230
I Net loss (77,380) (91,786) (169,166)
Add depreciation on fixed assets
I donated or acquired from capital
contributions that reduces
contributed capital 95,117 114,000 209,117
I Increase in retained earnings 17,737 22,214 39,951
il RETURNED EARNINGS (Deficit)
il - beginning of year 805,418 (29,913) 775,505
RETAINED EARNINGS (Deficit)
I - end of year $ 823,155 $ (7,699) $_ 815,456
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I 42
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CITY OF TIGARD, OREGON I
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION II for the fiscal year ended June 30, 1989
II
Storm
Sewer Drainage II Fund Fund Total
Working capital provided from
(used in) Operations: I
Net loss $ (77,380) $ (91,786) $ (169,166)
Charges to operations not I
requiring outlay of
working capital in II the current period -
depreciation 204,750 117,944 322,694
Working capital provided II from operations 127,370 26,158 153,528
Capital contributions, net of II donated fixed assets of
$251,763 and $124,400,
respectively 108,168 108,168
Fixed asset additions ( 24,635) (125,492) (150,127) I
Increase in working capital $ 102,735 $ 8,834 $ 111,569
II
Changes in components which
increased (decreased) working II capital:
Cash and investments $ 122,545 $ 32,367 $ 154,912
Accounts receivable 59,962 8,297 68,259
Accounts payable and accrued II liabilities (71,332) 10 (71,322)
Accrued vacation payable (8,440) (3,886) (12,326)
Due to other funds (27,954) (27,954) I
Increase in working capital $ 102,735 $ 8,834 $ 111,569
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43 II
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II CITY OF TIGARD, OREGON
SEWER FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1989
II Variance
Favorable
I Budget Actual (Unfavorable)
REVENUES:
I Sewer service charges $ 888,000 $ 897,569 $ 9,569
Interest 18,000 46,292 28,292
Total Revenues 906,000 943,861 37,861
I BEGINNING WORKING CAPITAL
AVAILABLE FOR APPROPRIATION 586,440 586,440 -
' Total $1,492,440 $1,530,301 $ 37,861
I Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
II EXPENDITURES:
Community services $ 229,421 $ 217,621 $ 11,800
I Community development 484,559 381,361 103,198
Policy and administration 28,726 23,155 5,571
City -wide support function 204,963 192,320 12,643
Capital projects 363,513 26,669 336,844
I Contingency 151,258 151,258
Equipment replacement
reserve 30,000 30,000
II $1,492,440 $ 841,126 $ 651,314
I Total expenditures, as reported
above $ 841,126
Add depreciation 204,750
I Less fixed asset additions ( 24,635)
Total expenses as reported
I on page 42 $1,021,241
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CITY OF TIGARD, OREGON II
STORM DRAINAGE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL I
for the fiscal year ended June 30, 1989
Variance II
Favorable
Budget Actual (Unfavorable) I
REVENUES:
Service charges $ 490,000 $ 495,814 $ 5,814 II Interest 15,000 19,938 4,938
Total Revenues 505,000 515,752 10,752
BEGINNING WORKING CAPITAL I
AVAILABLE FOR APPROPRIATION 374,437 374,437
Total $ 879,437 $ 890,189 $ 10,752 II
Variance I
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES: II
Community services $ 83,468 $ 79,123 $ 4,345
Community development 235,071 192,243 42,828 II Policy and administration 10,780 8,689 2,091
City -wide support function 76,784 72,040 4,744
Capital projects 440,830 154,823 286,007
Contingency 17,504 17,504
II
Equipment Replacement Reserve 15,000 15,000
$ 879,437 $ 506,918 $ 372,519
II
Total revenues, as reported II above $ 515,752
Less amounts recognized as
contributed capital (108,168)
Total revenues as reported II
on page 42 $ 407,584
II
Total expenditures, as reported
above $ 506,918
Add depreciation 117,944
I/
Less fixed asset additions (125,492)
Total expenses as reported II on page 42 $ 499,370
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FIDUCIARY FUNDS
These funds account for resources received and held by the City in a fiduciary capacity.
Y Y Y . P y
Disbursements from these funds are made in accordance with the trust agreement or conditions
II of the trust for the particular fund. Funds included in this category are:
• Agency Fund - Deferred Compensation Fund
' • Pension Trust Funds
' Police Pension Plan
General Employees Pension Plan
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CITY OF TIGARD, OREGON
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1989
1
Pension Trust Funds
Agency Fund- General
Deferred Police Employees
Compensation Pension Pension
Fund Plan Plan Subtotal Total
ASSETS:
Cash and investments $ 574,127 $2,529,279 $ 629,728 $3,159,007 $3,733,134 II
LIABILITIES AND FUND BALANCE:
LIABILITIES: 1
Deferred compensation
payable $ 574,127 $ $ $ $ 574,127
FUND BALANCE:
Reserved for employee
retirement benefits 2,529,279 629,728 3,159,007 3,159,007 '
$ 574,127 $2,529,279 $ 629,728 $3,159,007 $3,733,134
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CITY OF TIGARD, OREGON
AGENCY FUND - DEFERRED COMPENSATION FUND
' STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1989
Balance Balance
June 30, June 30,
1988 Additions Deletions 1989
ASSETS
Cash and investments $ 528,781 $ 107,531 $ 62,185 $ 574,127
LIABILITIES
Deferred compensation
payable $ 528,781 $ 107,531 $ 62,185 $ 574,127
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CITY OF TIGARD, OREGON II
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES II AND CHANGES IN FUND BALANCES
for the year ended June 30, 1989
II
General
Police Employees
II
Pension Pension
Plan Plan Total
REVENUES: I
Contributions $ 214,263 $ 207,961 $ 422,224
Interest earnings 213,489 39,231 252,720
Total revenues 427,752 247,192 674,944 II
EXPENSES: I
Benefit payments and
withdrawals 11,104 21,595 32,699 II Contract charges 5,409 5,409
Total expenses 16,513 21,595 38,108
Net income 411,239 225,597 636,836 I
Fund balances, beginning of year 2,118,040 404,131 2,522,171 II
Fund balances, end of year $2,529,279 $ 629,728 $3,159,007
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CITY OF TIGARD, OREGON
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN
FINANCIAL POSITION
for the year ended June 30, 1989
' General
Police Employees
Pension Pension
Plan Plan Total
Funds provided from
I Operations - Net income $ 411,239 $ 225,597 $ 636,836
' Change in working capital
component which increased
working capital -
cash and investments $ 411,239 $ 225,597 $ 636,836
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CITY OF TIGARD, OREGON
SCHEDULE OF POLICE PENSION PLAN TREND INFORMATION II for the seven years ended June 30, 1989
1989 1988 1987 1986 1985 1984 1983 I
Net assets available for II benefits $1,673,865 $1,341,385 $1,131,489 $841,555 $673,503 $454,140 $367,178
Employer contributions 214,263 178,314 153,961 117,824 135,095 89,587 65,087
Investment income 213,489 177,828 149,983 219,492 164,785 109,043 48,038
Benefit payments &
withdrawals 11,104 15,151 152,762 1,200 4,586 4,320 5,079 ,
Administration expenses 5,409 3,046 804 2,313 5,267 5,267 5,077
Annual covered payroll 1,373,102 1,043,064 850,368 760,224 660,804 656,172 603,384
Employer contributions as II % of covered payroll 15.6% 17.1% 18.1% 15.5% 20.4% 13.6% 10.8%
Pension benefit obligation N /A* 1,250,154 N /A* N /A* N /A* N /A* N /A*
Unfunded pension benefit
obligation N /A* -0- N /A* N /A* N /A* N /A* N /A* I
Net assets available as % of
pension benefit obligation N /A* 107.3% N /A* N /A* N /A* N /A* N /A*
Pension benefit obligation as
% of covered payroll N /A* 119.9% N /A* N /A* N /A* N /A* N /A*
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Trend information for the fiscal years 1980 to 1983 is not available. Employer contributions equal those required by both
police defined contribution and benefit plans.
* Information not available
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I GENERAL FIXED ASSETS ACCOUNT GROUP
I
This account group accounts for the fixed assets of the City other than those recorded
I in the Enterprise Funds.
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CITY OF TIGARD, OREGON
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
June 30, 1989
GENERAL FIXED ASSETS
Land $1,608,083
Buildings 2,960,915
Equipment 521,746
Autos and trucks 743,851
Office equipment 970,356
Library books 539,471 '
Total general fixed assets $7,344,422
INVESTMENT IN GENERAL FIXED ASSETS
Balance, beginning of year $6,369,835
Additions were provided by:
General Fund 971,095
Donated assets 20,228
991,323
Retirements (16,736)
Total investment in general fixed assets $7,344,422 '
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SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES
I for the fiscal year ended June 30, 1989
I Autos and Office Library
Land Buildings Equipment Trucks Equipment Books Total
Balance, beginning
I of year $1.159.800 $2.912.906 $ 374.237 $ 628,488 $ 84� $ 452.298 $6.369.835
Additions from:
General Fund 448,283 48,009 144,505 127,028 133,321 69,949 971,095
I Donated assets 3.004 17.224 20.228
Parks SDC
448.283 48,009 147.509 127.028 133.321 87.173 991.323
Deduct:
I Retirements (11.665) (5,071) (16,736)
Balance, end of
year $1.608.083 $2.960.915 $ 521.746 $ 743.851 $ 970.356 $ 539.471 $7.344.422
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CITY OF TIGARD II
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY II June 30, 1989
Machinery, II
Equipment,
Function and Activity Total Land Building and Other I
Community services:
Police $ 558,545 $ $ $ 558,545 II Admin services 23,599 23,599
Finance 8,024 8,024
Accounting 77,163 77,163
City recorder 4,771 4,771 II Office services 100,478 100,478
Records 20,356 20,356
Court 4,308 4,308 II Library 745,476 745,476
Total community services $1,542,720 1,542,720
Community development II
Admin and projects 8,039 8,039
Development serv. /admin. 5,617 5,617 II Building 52,729 52,729
Planning 2,285 2,285
Engineering 132,455 132,455
II Operations/admin. 52,463 52,463
Operations /shops 25,443 25,443
Streets 378,561 378,561
Parks 171,914 171,914 I
Total community development 829,506 829,506
Policy and administration I
Mayor and city council 7,885 7,885
City administration 7,997 7,997 II Total policy and
administration 15,882 15,882
General government 4,956,314 1,608,083 2,960,915 387,316 I
Total general fixed assets $7,344,422 $1,608,083 $2,960,915 $2,775,424
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I ITY OF TIGARD
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SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
II June 30, 1989
I General General
Fixed Assets Fixed Assets
Function and Activity June 30, 1988 Additions Retirements June 30, 1989
I Community services:
Police $ 445,687 $ 113,776 $ 918 $ 558,545
I Admin services 2,850 20,749 23,599
Finance 3,637 4,387 8,024
Accounting 66,533 10,630 77,163
I City recorder 1,367 3,404 4,771
Office services 94,373 6,105 100,478
Records 19,198 1,158 20,356
Court 2,648 1,660 4,308
I Library 639,348 106,128 745,476
Total community
II services 1,275,641 267,997 918 1,542,720
Community development
Admin and projects 8,039 8,039
I Development serv. /admin. 4,500 1,117 5,617
Building 35,730 16,999 52,729
Planning 525 1,760 2,285
I Engineering 95,858 37,772 1,175 132,455
Operations /admin. 38,508 13,955 52,463
Operations /shops 24,474 969 25,443
Streets 283,402 107,459 12,300 378,561
I Parks 149,443 24,061 1,590 171,914
Total community
I development 640,479 204,092 15,065 829,506
Policy and administration
I Mayor and city council 7,885 7,885
City administration 7,997 7,997
Total policy and
1 administration 15,882 15,882
General government 4,437,833 519,234 753 4,956,314
I Total general fixed
assets $6,369,835 $ 991,323 $ 16,736 $7,344,422
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CITY OF TIGARD, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS
AND OUTSTANDING BALANCES
for the fiscal year ended June 30, 1989
1
Property Add Add Property
Taxes Levy as (Deduct) Taxes II Receivable Extended Corrections Deduct Deduct Receivable
June 30, By and Cash Add Discounts June 30,
1988 Assessor Adjustments Collections Interest Allowed 1989
II
1988 -89 $ $2,455,914 $ 53 $(2,240,508) $ 1,920 $(51,885) $ 165,494
1987 -88 155,772 (204) (90,822) 7,496 72,242 I
1986 -87 62,851 (1,141) (33,106) 6,684 35,288
II
1985-86 23,892 (335) (15,314) 3,933 12,176
1984 -85 8,874 13 (10,171) 3,244 1,960 I
1983 -84 3,206 (473) (1,098) 417 2,052
and prior
II
$254,595 $2,455,914 $ (2,087) $12,391,019) $23,694 $(51,885) $ 289,212
Distributed as follows: II
General Fund:
Current $ 2,076,278 $ 153,363
I
Prior years' levies 135,304 111,682
Total General Fund 2,211,582 265,045
II
Debt Service Fund
Current 164,230 12,131
Prior years' levies 15,207 12,036 I
Total Debt Service Fund 179,437 24,167
Total $ 2,391,019 $ 289,212 1
II
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55 11
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I OTHER SCHEDULES
1 Schedules included in this section are:
• Property Tax Transactions and Outstanding Balances
I • Bond and Bond Interest Transactions
• Future Debt Service Requirements of Bancroft Improvement Bonds
I • Future Debt Service Requirements of General Obligation Bonds
1 • Retirement Plan Trend Information
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ME MO ME ME UM ME ME ME ME UM ME ME Mill ME ME ME OM ME MI
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1989
Bond Transactions Interest Transactions
Out- Out- Out- Out-
standing standing standing standing
Original June 30, June 30, June 30, June 30,
Bancroft Bonds Issue 1988 Matured Paid 1989 1988 Matured Paid 1989
Issued August 1, 1975$ 57,840 $ 21,000 $ 3,000 $ 3,000 $ 18,000 $ $ 1,354 $ 1,354 $
Issued November 1,
1979 128,082 30,000 15,000 15,000 15,000 673 1,519 2,192
Issued November 1,
1981 374,795 200,000 40,000 40,000 160,000 1,625 21,102 21,848 879
Issued September 1,
u „ 1982 184,664 150,000 10,000 10,000 140,000 15,690 15,421 269
a' Issued October 1,
1982 838,600 515,000 85,000 85,000 430,000 1,186 45,050 46,236
Issued October 1,
1982 1,371,200 865,000 135,000 135,000 730,000 1,119 71,530 72,649 1,119
Issued September 1,
1984 492,000 390,000 40,000 40,000 350,000 31,710 30,814 896
$2,171,000 $328,000 $328,000 $1,843,000 $ 4,603 $187,955 $190,514 $2,044
General Obligation
Bonds
Issued June 1, 1984 $2,200,000 $ 425,000 $ 55,000 $ 55,000 $ 370,000 $ $ 43,882 $ 43,685 $ 197
Issued February 24,
1987 2,215,000 2,155,000 35,000 35,000 2,120,000
Issued May 1, 1989 8,500,000 8,500,000 123,155 123,155
$2,580,000 $ 90,000 $ 90,000 $10,990,000 $ - $167,037 $166,840 $ 197
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS
AS OF June 30, 1989
Year Issued Issued Issued
of August 1, 1975, November 1, 1979, November 1, 1981,
Matur- Total Requirements 6% to 7% 6% to 7 -9/10% 11 -1/4% to 13%
itv Principal Interest Principal Interest Principal Interest Principal Interest II
1989-
90 $ 363,000 $156,929 $ 3,000 $ 1,151 $ 15,000 $ 506 $ 45,000 $ 16,213
1990-
91 388,000 122,257 3,000 945 55,000 10,370
1991-
92 433,000 83,269 3,000 735 60,000 3,570
1992-
93 413,000 43,255 3,000 525
1993-
94 78,000 20,515 3,000 315
1994-
95 88,000 13,007 3,000 105
1995-
96 10,000 8,445
1996-
97 10,000 7,350
1997-
98 10,000 6,245
1998-
99 10,000 5,130
1999-
2000 10,000 4,005
2000-
2001 10,000 2,870
2001-
2002 10,000 1,725
2002-
2003 10,000 575
Totals $1,843,000 $475,577 $ 18,000 $ 3,776 $ 15,000 $ 506 $160,000 $ 30,153 I
57 '
t
1
Issued Issued Issued Issued
September 1, 1982 October 1, 1982, October 1, 1982, September 1, 1984,
I 10 -1/4% to 11 -3/4% 8 -1/2% to 13 -1/4% 8 -2/10% to 13 -1/4% 7.6% to 16%
Principal Interest Principal Interest Principal Interest Principal Interest
$ 10,000 $ 14,640 $ 90,000 $ 37,062 $155,000 $ 59,050 $ 45,000 $ 28,307
II 10,000 13,640 100,000 28,150 170,000 44,742 50,000 24,410
I 10,000 12,640 115,000 17,794 190,000 28,532 55,000 19,998
10,000 11,628 125,000 6,094 215,000 9,943 60,000 15,065
II 10,000 10,590 65,000 9,610
10,000 9,527 75,000 3,375
II 10,000 8,445
10,000 7,350
10,000 6,245
II 10,000 5,130
10,000 4,005
I 10,000 2,870
II 10,000 1,725
10,000 575
I $140,000 $109,010 $430,000 $ 89,100 $730,000 $142,267 $350,000 $100,765
1
1
CITY OF TIGARD, OREGON II
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
as of June 30, 1989
I
Issued Issued Issued
June 6, 1984 February 24, 1987 May 1, 1989
II
Year of Total 9.7% to 18% 5.95% to 6% 6.40% to 6.70%
Maturity Principal Interest Principal Interest Principal Interest Principal Interest
1989 -90 $ 95,000 $ 533,184 $ 60,000 $ 37,283 $ 35,000 $ 121,668 $ $ 374,233
II
1990-91 500,000 699,634 65,000 30,832 40,000 120,092 395,000 548,710
1991 -92 590,000 663,233 75,000 24,170 40,000 118,193 475,000 520,870
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
II
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 II
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
II
$10,990,000 $5,165,088 $370,000 $117.865 $2.120.000 $1,270,469 $8,500,000 $3,776,754
II
I
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II
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58 I
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I STATISTICAL SECTION
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CITY OF TIGARD, OREGON
I GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
BUDGETARY BASIS
for the last ten fiscal years
II
City -Wide
I Support
Functions,
Fiscal Capital
Ye Ended Commu Commun Policy and Projects Debt
I June 30 Services nity Development Administration and Other Service Total
1980 $ 1,231,631 $ 510,098 $ 190,308 $ 232,502 $ 50,348 $ 2,214,887
II 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
I 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
I 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
II 1988 3,042,321 1,764,513 121,016 1,452,149 785,234 7,165,233
I 1989 3,357,664 1,980,927 112,966 3,177,147 772,739 9,401,443
II Information derived from Comprehensive Annual Financial Reports for all Governmental
Fund Types.
II
1
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I 59
II
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCE - BUDGETARY BASIS
for the last ten fiscal years
I
Fiscal
I
Year Licenses Inter- Charges
Ended Franchise and Governmental for Finds and Miscellaneous
June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues* Total
1980 $ 256,366 $ 275,861 $ 362,818 $ 893,586 $ 51,074 $ 57,000 $ 329,716 $2,226,421 1
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 I
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 I
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 '
* Includes special assessment collections
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types. I
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60 I
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CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
for the last ten fiscal years
Percent Percent
Fiscal Total Tax Delinquent
Year Percent Delinquent Total Collections Outstanding Taxes
Ended Total Current Tax of Levy Tax Tax To Tax Delinquent to Tax
June 30 Tax Levy Collections Collections Collections Collections Levy Taxes Levy
1980 $ 279,241 $ 245,353 87.86% $ 21,819 $ 267,172 95.68% $ 35,635 12.76%
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
rn
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
Effective July 1, 1980, 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
1980 $384,440,292 $384,440,292 $21,065,797 $21,065,797 $14,968,913 $124,968,913 $420,475,002 $420,475,002 100%
1981 452,209,070 481,071,400 22,605,561 25.781,960 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 1,200,581,9001,200,581,900 93,401,270 32,131,292 32,131,292 1,326,114,462 1,326,114,462 100
All property is assessed as of January 1, preceding the fiscal year beginning July 1. Prior to July 1, 1980, all property was required by State of Oregon
statute to be assessed at 100% of its true cash value.
Effective July 1, 1980, the true cash value of assessment concept was replaced by a system whereby the assessed value of individual property may not
increase more than 5% annually calculated on a state -wide basis.
Source: Washington County Department of Assessment and Taxation.
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1 1 1 MN 1 1 1 NM 1 11111 1 1 1 1 1 II.1 1 1 UN
CITY OF TIGARD, OREGON
PROPERTY TAX RATES - ALL 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 Agencies
1980 .63 1.04 9.93 11.38 .30 .34 2.66 .22 .44 .30 .38
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
on
W 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 benefited property) and distributes taxes collected at least monthly. No charges are made to the
taxing districts for these services.
NOTE: - Not all taxing districts rates are charged on each parcel of property, actual rates on tax bills are a combination of the above depending upon the location of
the parcel and the school district and sewer and water district boundaries. Total overlaping tax rates for property in Tigard in 1988 ranged from $19.05/1000 to
$24.56/1000.
Source: Washington County Department of Assessment and Taxation.
II
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS II for the last ten fiscal years
II
Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding
II
June 30 Due (1) Collected (2) to Amount Due Assessments
1980 $ 29,000 $ 19,374 66.8% $ 224,101 II 1981 37,082 46,405 125.1 374,788
1982 32,000 61,068 190.8 2,067,732 I
1983 34,795 775,749 2,229.5 2,751,376
1984 174,464 469,969 269.4 2,417,184 I
1985 200,000 467,195 233.6 2,552,458
1986 250,000 361,268 144.5 1,945,334 II
1987 278,000 547,106 196.8 1,565,038 I
1988 308,000 532,224 172.8 1,218,351
1989 328,000 372,584 113.6 828,575 I
(1) This amount is equal to the principal paid on Bancroft improvement bonds. I
(2) Represents collections of current assessments for payment of Bancroft improvement bonds
as well as assessment collections on projects for which such bonds have not been issued.
Source: City assessment records. '
I
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64 II
II
1
CITY OF TIGARD, OREGON
I RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
for the last ten fiscal years
II
I Gross
General Ratio of
Fiscal Obligation Less Debt Net Bonded
Year Bonded Service Net Debt to Net Bonded
I Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value standing Available Debt Value Capita
II 1980 14,855 $ 420,475,002 $ 20,000 $ 27,698 $ (7,698) $
1981 14,690 490,359,257 10,000 10,000
I 1982 * * * * * * *
1983 * * * * * * *
' 1984 18,287 776,043,500 2,200,000 - 2,200,000 .28 120.30
II 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
II 1987 22,000 956,736,168 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
II 1989 25,602 1,326,114,462 10,990,000 45,028 10,944,972 .83 427.50
II Excludes Bancroft Improvement Bonds since these bonds are repaid from assessments against
benefited property owners.
II * There was no outstanding general obligation bonded debt in 1982 and 1983.
II
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and
II Washington County Department of Assessment and Taxation.
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I 65
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1
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN II June 30, 1989
II
ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property within
the City boundaries: I
True cash value (1988 -89) (1) $1,326,114,462
General obligation debt limit x3%
I
39,783,434
Gross bonded debt $12,833,000 ,.
Excludable debt - Bancroft improvement bonds (1,843,000)
II
Debt subject to limitation 10,990,000
Legal debt margin - amount available for future indebtedness $ 28,793,434 I
II
(1) From Washington County Department of Assessment and Taxation.
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66 I
II
CITY OF TIGARD, OREGON
I COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 1989
II Percent
Applicable Amount Appli-
I Net Debt Inside City cable Inside
Jurisdiction Outstanding of Tigard City of Tigard
I Port of Portland $123,205,000 3.2312% $ 3,981,000
Washington County 13,145,000 11.7242 1,541,146
II Unified Sewerage Agency 17,020,000 14.2732 2,429,299
Metro Service District 64,010,000 3.5560 2,276,196
I Metzger Water District 59,682 73.8093 44,051
I Metzger Combined Water District 4,923,366 49.8758 2,455,568
Tigard Water District 955,000 73.7786 704,586
II Tualatin Rural Fire District 170,000 34.0238 57,840
Washington County Fire District #1 3,185,000 6.8789 219,093
I Tigard School District #23 -J 19,875,000 54.6730 10,866,259
il Beaverton School District #48 27,845,000 2.4836 691,558
II $274,393,048 $25,266,596
II
I Source: Oregon Municipal Debt Advisory Commission.
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CITY OF TIGARD, OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES II FOR GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
for the last ten fiscal years
II
Total Percent of Debt II
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
II
1980 $ 38,000 $ 12,348 $ 50,348 $ 2,214,887 2.3%
1981 47,082 14,745 61,827 3,179,288 1.9 I
1982 42,000 33,425 75,425 3,614,109 2.1
1983 34,795 177,487 212,282 3,388,821 6.3 I
1984 174,464 275,081 449,545 4,116,810 10.9 II 1985 200,000 510,366 710,366 4,649,782 15.3
1986 290,000 507,154 797,154 7,066,768 11.3
I
1987 348,000 460,888 808,888 6,017,179 13.4
1988 393,000 390,369 783,369 7,165,233 10.9 I
1989 418,000 354,739 772,739 9,401,443 8.2
II
Note: Includes Special Assessment Debt
II
Source: Comprehensive Annual Financial Reports of the City.
II
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68 II
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CITY OF TIGARD, OREGON
I PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
for the last ten fiscal years
II Commercial Residential
Fiscal Year Construction(1) Construction(1)
I Ended Number of Number of Bank Deposits
une 30 Permits Value Permits Value (in thousands) (2)
1980 131 15,619,615 387 14,861,284 101,799
' 1981 131 8,013,746 289 18,343,452 101,520
II 1982 85 2,918,475 196 11,679,358 98,558
1983 102 3,940,579 244 13,281,694 102,314
II 1984 25 4,079,306 214 14,006,305 118,124
1985 33 9,890,600 231 16,948,338 129,152
I 1986 175 12,746,938 432 26,920,055 142,031
II 1987 169 10,717,219 442 44,412,105 175,236
1988 228 34,991,735 633 32,524,988 165,107
II 1989 212 21,189,454 604 35,826,025 N /A*
II ( 1 ) From City of Tigard Building Department
11 I (2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities
* Information not available
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CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS II June 30, 1989
Percentage
Of Total
II
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Square Land Co., Ltd. Real Estate $47,771,400 3.60% I
Crow - Spieker - Hosford Shopping Center 35,942,300 2.71
Pacific Realty Co. Real Estate 25,063,500 1.89 II
Nesbitt Partners Hotel 14,750,000 1.11 1
Fringe Land Co. Shopping Center 14,031,300 1.06
S & J Builders Ltd. Apartments 11,431,500 0.86
II
Robinson, Chester L. Business Park 10,768,400 0.81
The May Dept. Stores Co. Shopping Center 10,435,800 0.79 I
Portland Fixture, LTD Shopping Center 9,337,500 0.70
II
Sears Roebuck Co. Department Store 7,700,000 0.58
Total Principal Taxpayers 187,231,700 14.11 I
All Other Taxpayers 1,138,882,762 85.89
II
Total 1,326,114,462 100.00
Source: City of Tigard Planning Department. II
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CITY OF TIGARD, OREGON
I DEMOGRAPHIC STATISTICS
for the last ten fiscal years
II
Assessed (2)
I Value Unemployment
of Taxable (3) Rate
(1) Property School (Portland)
I Fiscal Year Population Per Capita Enrollment Metro. Area
1980 14,900 28,305 6,256 6.3%
II 1981 15,500 33,380 6,422 8.0
1982 17,700 34,902 6,491 N/A
II 1983 17,850 38,122 6,561 9.9
1984 18,450 42,436 6,358 8.1
1 1985 20,250 44,616 6,387 8.0
II 1986 20,765 44,759 6,474 9.0
1987 23,335 43,488 7,064 5.5
II 1988 24,782 47,485 7,050 4.8
1989 25,602 51,797 7,236 4.0
II
I Sources of information:
(1) Portland State University, Population Research & Census Center.
II (2) U.S. Bureau of Labor Statistics.
(3) Tigard School District #23 -J.
II
N/A - Not available.
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CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA II June 30, 1989
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Date of incorporation 1961
Form of government Council - Mayor - Administrator II Area 10.17 square miles
Miles of streets 99 miles
Number of street lights II City owned 1,362
City maintained (PGE owned) 641
Police protection: II Number of stations 1
Number of policemen and officers 45
Elementary Junior High High School I
Education (elementary only):
Attendance centers 9 2 1
Number of classrooms 171 80 86
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Number of teachers 166 79 77
Number of students 4,215 1,605 1,416
Sanitary sewers 107 miles 1
Storm lines 34.6 miles
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Open ditches 60 miles
Building permits issued (1989) 816 permits I
Recreation and culture:
Number of parks 11 totaling 128 acres and 24 greenways II totaling 118 acres
Number of libraries 1
Number of volumes (estimated) 61,998 volumes II Employees:
Classified service (union) 117
Unclassified (non- union) 44
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Information obtained from the various departments of the City of Tigard, Oregon. I
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I AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
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AUDI T COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
Oregon Administrative Rules 162 -10 -050 through 162 -10 -320 incorporates 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
I comments and disclosures related to our examination of such statements and schedules are set
forth following.
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AUDIT COMMENTS AND DISCLOSURES I
I. Internal Accounting Control: II
We have audited the general purpose financial statements of City of Tigard, Oregon, for ,
the year ended June 30, 1989, and have issued our report thereon dated September 13,
1989. In planning and performing our audit of the general purpose financial statements
of the City of Tigard, Oregon for the year ended June 30, 1989, we considered its II
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 II
that might be material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure 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 II
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 I
of Oregon, Secretary of State, Division of Audits.
II. Other Comments and Disclosures:
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We have audited the general purpose financial statements of the City of Tigard, Oregon
as of and for the year ended June 30, 1989, and our report thereon is included on Page 1
of this report. Our audit was conducted in accordance with generally accepted auditing II
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 II
City was not in compliance with:
• ORS 294.305 to 294.520 in the preparation and adoption of its budget and tax levies for II
the fiscal years ended June 30, 1989 and June 30, 1990,
• the legal requirements relating to debt,
• the appropriate law, rules, and regulations pertaining to programs funded wholly or II
partially by other governmental agencies,
• the cost accounting guidelines developed by the State of Oregon Executive Department II
with regard to the City's cost accounting system,
• ORS 294.035 in the investment of public monies, t
• the collateral requirements for public fund deposits specified in ORS Chapter 295,
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' AUDIT COMMENTS AND DISCLOSURES, Continued
II II. Other Comments and Disclosures, Continued:
• 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.
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, 1989 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, 1989, are adequate.
• The City was not in compliance with collateral requirements for public fund deposits
specified in ORS Chapter 25 for a three day period, due to timing differences between
date of deposit and disbursement clearing date.
COOPERS & LYBRAND
B CJAm 3 .
John Dethman, a partner
II Portland, Oregon
September 13, 1989
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