CAFR Report - 1986-1987 1
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CITY OF TIGARD, OREGON
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COMPREHENSIVE
� ANNUAL FINANCIAL REPORT
' Fiscal Year Ended June 30, 1987
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CITY OF TIGARD, OREGON
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
fiscal year ended June 30, 1987
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re ared by the City of Tigard - Department P Y Y of Finance g P
R. Wayne Lowry, Director of Finance
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11 CITY OF TIGARD, OREGON
TABLE OF CONTENTS
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INTRODUCTORY SECTION:
Letter of Transmittal i -viii
Mayor and City Council Members ix
II Organization Chart x
Certificate of Achievement for Excellance
in Financial Reporting xi
II FINANCIAL SECTION:
ACCOUNTANTS' REPORT 1
il GENERAL PURPOSE FINANCIAL STATEMENTS ( "Liftable"
Financial Statements):
Combined Balance Sheet - All Fund Types and
11 Account Groups 2
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Govern -
II mental Fund Types 3
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget (Non -GAAP
Basis) and Actual - All Governmental Fund Types 4
II Combined Statement of Revenues, Expenses and
Changes in Retained Earnings /Fund Balance -
All Proprietary Fund Types and Similar
I Trust Fund 5
Combined Statement of Changes in Financial
Position - All Proprietary Fund Types
II and Similar Trust Fund 6
Notes to General Purpose Financial Statements 7
SUPPLEMENTARY DATA (Combining and Individual
I Fund and Account Group Statements and Other
Financial Schedules):
General Fund:
II Schedule of Revenues and Expenditures -
Budget and Actual 26
Special Revenue Funds:
Combining Balance Sheet 27
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Generally
Accepted Accounting Principles Basis 28
1 Schedules of Revenues and Expenditures -
Budget and Actual:
Federal Revenue Sharing Fund 29
11 State Tax Street Fund 30
Streets SDC Fund 31
Parks SDC Fund 32
County Road Levy Fund 33
II County Gas Tax Fund 34
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CITY OF TIGARD OREGON
TABLE OF CONTENTS, Continued
I Page
FINANCIAL SECTION, Continued:
I SUPPLEMENTARY DATA (Combining and Individual
Fund and Account Group Statements and Other
Financial Schedules), Continued:
I Special Assessments Fund:
Schedule of Revenues and Expenditures -
Budget and Actual 35
I Enterprise Funds:
Combining Balance Sheet 36
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 37
I/ Combining Statement of Changes in Financial
Position 38
Schedules of Revenues and Expenditures - Budget
I and Actual:
Sewer Fund 39
Storm Drainage Fund 40
I Fiduciary Funds: -
Combining Balance Sheet 41
Statement of Changes in Assets and Liabilities
Deferred Compensation Fund 42
I General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 43
Schedule of Changes in General Fixed Assets -
I By Sources 44
Schedule of General Fixed Assets - By Function
and Activity 45
Schedule of Changes in General Fixed Assets -
I By Function and Activity 46
Other Schedules:
Schedule of Property Tax Transactions and
1 Outstanding Balances 47
Schedule of Bond and Bond Interest Transactions 48
Schedule of Future Debt Service Requirements
1 of Bancroft Improvement Bonds 49
Schedule of Future Debt Service Requirements
' of General Obligation Bonds 50
STATISTICAL SECTION:
I General Governmental Expenditures By Function -
Budgetary Basis - for the last ten fiscal
years 51
I General Governmental Revenues By Source -
Budgetary Basis - for the last ten fiscal
years 52
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS, Continued
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STATISTICAL SECTION, Continued:
Property Tax Levies and Collections - for the
last ten fiscal years 53
Assessed and Estimated Actual Value of Taxable
Property - for the last ten fiscal years 54
11 Property Tax Rates - All Overlapping
Governments - for the last ten fiscal years 55
Special Assessment Collections - for the last
ten fiscal years 56
11 Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt Per Capita -
for the last ten fiscal years 57
11 Computation of Legal Debt Margin 58
Computation of Overlapping General Obligation
Debt 59
Ratio of Annual Debt Service Expenditures for
11 General Bonded Debt to Total General
Expenditures - for the last ten fiscal
years 60
Property Value, Construction and Bank Deposits -
for the last ten fiscal years 61
Principal Taxpayers 62
Demographic Statistics 63
Miscellaneous Statistical Data 64
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
STATE REGULATIONS:
Introductory Comments 65
Internal Accounting Control 66
Other Comments and Disclosures 68
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1 INTRODUCTORY SECTION
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November 27, 1987 CIT TIGARD
i OREGON
1 Mayor Tom Brian and Members
of the City Council
II We are pleased to submit the Comprehensive Annual Financial Report
of the City of Tigard, Oregon for the fiscal year ended June 30,
11 1987. This report was prepared by the City's Division of Finance
in cooperation with the City's independent auditors, Coopers &
Lybrand. Responsibility for the accuracy of the presented data
and the completeness and fairness of the presentation, including
11 all disclosures, rests with the City. We believe the data, as
presented, is accurate in all material aspects, and is presented
in a manner designed to fairly set forth the financial position
11 and results of operations of the City as measured by the financial
activity of its various funds, and all disclosures necessary to
enable the reader to gain the maximum understanding of the City's
II financial affairs have been included.
This report has been prepared in accordance with generally accept -
ed accounting principles and follows guidelines recommended by the
11 Government Finance Officers Association of the United States and
Canada.
1 ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's general governmental operations are maintained on
a modified accrual basis, with revenues being recorded when
II measurable and available and expenditures being recorded when the
goods or services are received. The City's enterprise funds and
pension trust fund are maintained on the accrual basis.
II In the development, evaluation and the necessary modification
of the City's accounting system, consideration has been given to
II the adequacy of internal accounting controls. Internal accounting
controls are designed to provide reasonable, but not absolute,
assurance regarding:
. the safeguarding of assets against loss from unautho-
rized use or disposition and
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II 13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639 -4171
the reliability of financial records for preparing
financial statements and maintaining accountability for
11 assets.
The concept of reasonable assurance recognizes that:
1 the cost of a control should not exceed the benefits
likely to be derived and
' the evaluation of costs and benefits requires estimates
and judgments by management.
All internal control evaluations occur within the above framework.
We believe the City's internal accounting controls adequately
safeguard assets and provide reasonable assurance of proper
recording of financial transactions.
The City budgets all funds which are subject to the budget
requirements of State law. The budgeting process includes citizen
input through various stages of preparation, public hearings and
approval of the original budget by the City Council. Additional
resources not anticipated in the original budget may be added
through the use of a supplemental budget. A supplemental budget
requires hearings before the public, publications in newspapers
and approval by the City Council. Original and supplemental
budgets may be modified by the use of appropriation transfers
between the cost categories. Such transfers require approval by
the City Council.
Budgetary control is maintained at the program level by comparison
of estimated purchase amounts with adopted appropriations prior to
the release of purchase orders to vendors. Purchase orders which
could result in an overrun of program balances are not released
11 until additional appropriations are made available.
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the
City as well as all organizations which meet the criteria for
inclusion in the report as set forth in National Council on
Governmental Accounting (NCGA) Statement No. 3, Defining the
Governmental Entity.
The City provides a range of services as authorized in its
Charter. This includes police protection, street construction
and maintenance, sanitary sewers and storm drains, library and
parks, land use planning and zoning, public improvements and
administrative services.
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' GENERAL GOVERNMENTAL FUNCTIONS
II Revenues for general governmental functions (all governmental
funds) on a generally accepted accounting principles basis totaled
$6,105,757 in fiscal year 1987, an increase of 9% over last year.
II The increase over last year was due to substantial increases in
taxes and special assessments. These increases were offset by
reduced franchise fees and intergovernmental revenues. The amount
II of revenues from various sources and changes from last year are
as follows:
Increase
I Percent (Decrease)
of from
Revenue Source Amount Total Fiscal 1986
1 Taxes $1,807,800 29.6% $581,427
Franchise fees 745,520 12.2 (195,744)
Special assessments 547,106 8.9 185,838
II Licenses and permits 650,961 10.7 102,272
Intergovernmental revenues 1,246,840 20.4 (124,964)
Charges for services 382,384 6.3 6,402
I Fines and forfeitures 144,559 2.4 (23,051)
Miscellaneous revenues 580,587 9.5 38,680
$6,105.757 100.0% $570,860
Taxes consist of property taxes on commercial and residential
real and personal property within the City. Taxes increased as a
I result of a new tax base approved by voters in May of 1986.
Assessed property valuations increased $50.4 million, representing
11 an increase of 5.6% over last year. This increase is mainly
attributable to continuing construction of commercial property in
the City, annexations and demand for residential property.
Current tax collections were 91.09% of the current tax levy, up
I .77% from last year. The total collections (current and delin-
quent) to the current tax levy were 96.96 %.
II Franchise fees consist of amounts paid by regulated companies
to operate within the City. Included are fees paid by public
utilities, waste disposal and cable television companies. Fran-
II chise fees decreased 21% over the prior year as a result of
a mild winter and some one -time only revenue adjustments in the
prior year for retroactive payments due to property annexations.
1 Intergovernmental revenues consist primarily of state and county
gas taxes, shared cigarette and liquor taxes or state revenue
sharing. Intergovernmental revenues decreased 9% primarily as a
II result of the loss of federal revenue sharing.
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II Expenditures for general governmental purposes on a generally
accepted accounting principles basis totaled $5,989,753 in fiscal
I year 1987, a decrease of 12% from last year. This change is
due primarily to a decrease in capital outlay related to
completion of the Civic Center in the prior year. The amount of
II expenditures by major functions of the City as compared to last
year is as follows:
Percent Increase
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of from
Function Amount Total Fiscal 1985
II Community services
Community development $2,450,459 40.9% $ 292,837
1,462,456 24.4 493,678
Policy and administration 111,909 1.9 (20,937)
II City -wide support functions 684,784 11.4 48,879
Capital outlay 749,257 12.5 (1,457,396)
Debt service 530,888 8.9 (16,266)
Other (167,810)
II $5,989.753 100.0% $ (827.015)
II Total unreserved fund balances of the City were $389,365 at
June 30, 1987, consisting of $1,314,661 in the General Fund,
$1,157,372 in the Special Revenue Funds, $38,858 in the Debt
Service Fund and a $2,121,526 deficit in the Special Assessments
II Fund. The increase in fund balance from the prior year is
primarily a result of a decrease in capital outlay from the prior
year and an increase in property tax revenues. The deficit in
I the Special Assessments Fund arose primarily because of the
application of generally accepted accounting principles to finan-
cial reporting for the fund. Revenues are recognized only to the
II extent that individual installments are considered measurable and
available. The deficit is expected to be reduced and eliminated
as deferred special assessment installments, which are subject to
lien, become measurable and available and are collected.
I ENTERPRISE OPERATIONS
I The Enterprise Funds are used to finance and account for the
acquisition, operation and maintenance of City sewer and storm
drainage facilities. The operations of these funds are accounted
for in such a manner as to show a profit or loss similar to
1 comparable private enterprises.
Sewer Fund
I Operating revenues amounting to $570,361 were derived from service
charges during fiscal year 1987. Operating expenses totaled
II $600,725. The net loss was $1,739 after nonoperating interest
revenues were considered for the fiscal year.
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' Storm Drainage Fund
I This fund was established during fiscal 1983 to separate sewer
service activities from storm drainage activities. Operating
revenues amounting to $155,741 were derived from storm drainage
service charges. Net loss, including depreciation of $109,164,
II was $191,757.
RETIREMENT PROGRAMS
I The City provides a retirement plan for each employee group. Non -
police personnel including both management and nonmanagement are
I covered by an ICMA money purchase plan. Police personnel have a
defined benefit and defined contribution pension plan through
the Principal Financial Group previously known as Bankers Life
Insurance Company. In addition, all employees have the option
II to contribute to an ICMA deferred compensation program. The
police pension plan is accounted for in the pension trust fund.
The deferred compensation plan is accounted for in an agency fund.
I POOLED CASH AND INVESTMENTS
II For the purpose of maximizing yields on short -term investments,
temporary excess cash of all funds is pooled. Results of invest-
ment activity for the fiscal year are shown below in comparison
with the previous year:
II Investment Income 1987 1986
I General Fund $108,159 $160,131
Special Revenue Funds 66,208 52,119
Capital Projects Fund 63,674
Special Assessments Fund 17,826 34,476
I Enterprise Funds 41,432 20,040
Pension Trust Fund 149,983 137,242
I $383,608 $467,682
Investments at the end of fiscal year 1987 totaled $6,245,185 at
II cost. City investments are approved by the State Treasurer in
accordance with the Oregon Revised Statutes. Automatic deposits
of shared revenues from other governmental agencies are trans-
mitted directly to the state administered local government invest-
' ment pool.
The interest earnings of investments are allocated to participat-
' ing funds on the basis of the monthly average of their equities
in the pooled accounts.
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BONDED INDEBTEDNESS
The City's total outstanding bonded debt at June 30, 1987 was
$5,144,000 of which $2,479,000 were Bancroft improvement bonds.
During 1987, the City issued $2,215,000 in General Obligation
bonds to advance refund the callable portion of the 1984 series
' building bonds used to finance the Civic Center construction
project. Advance refunding these bonds reduced the City's debt
service payments over the next 17 years by approximately $220,000.
The State of Oregon mandates a general obligation debt limit
of 3 percent of true cash value of taxable property within the
City boundaries. This limit totaled $28,702,085 at June 30, 1987.
11 The City's net debt subject to this limitation was $2,665,000,
leaving the amount available for future indebtedness at
$26,037,085.
The City's bonds have carried the same ratings for the past
several years. These ratings are as follows:
' Moody's Investment Service
General Obligation bonds A
' 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 and results of operation 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.
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
For the last four 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, which reflects the conforming accounting system
and comprehensive reporting practices of the City. 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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I OTHER SIGNIFICANT ACTIVITIES /EVENTS
II In March of 1987, voters in an unincorporated area north of
Tigard known as South Metzger elected to annex to the City. As a
result of this annexation, the City's population grew by
II approximately 1,200 residents and the City's assessed value
increased by over $150,000,000. Tigard remains the twelfth
largest City in the state of Oregon, however, the assessed value
per capita ratio surpasses that of all cities in the state. The
II City also maintains one of the lowest City tax rates in the state
(currently at $2/1000). These factors, among others, make the
City of Tigard one of the fastest growing and among the most
II livable communities in the state.
With the completion of the Tigard Civic Center in 1986, the City
will now turn its attention to other capital infrastructure
II improvements including streets, parks expansion, storm drains and
sewers, and downtown development. The City is currently
evaluating the community's needs in these areas and exploring a
I variety of financing options.
Tigard voters in 1986 approved a new tax base for City operations.
II The City has developed a five year plan to ensure that the tax
base meets the City's needs for at least five years. The five
year plan is a flexible financial tool and is updated as events
occur or assumptions change.
II The overall financial condition of the City of Tigard as of
June 30, 1987 is excellent given the current economic climate.
The City continues to provide services to its citizens well
within its resources. In order to maintain quality services, the
City's management is continually searching for ways to increase
resources and implement cost reduction programs. Both areas are
I under constant review, and all areas of opportunity are being
thoroughly explored so that basic City services are not adversely
affected by economic factors.
II The future of the City of Tigard's economic vitality appears to
be very good. Several large commercial construction projects are
II in process including several retail centers along Highway 99 and
Lincoln Center in the newly annexed South Metzger area. The
Lincoln Center project includes a twelve story office building
which will be the tallest building in Washington County.
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ACKNOWLEDGMENTS
I Finally, we would like to express my sincere gratitude to the
personnel of the Finance Division who assisted and contributed to
the preparation of this report. Appreciation is also extended to
the Mayor, City Council and many City department managers, whose
continuing support is vital to the financial health of the City
of Tigard, Oregon.
Respectfully submitted,
R. Wayne Lowj
Finance Director
PICL
' Robert . Jean
City Administrator
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II CITY OF TIGARD, OREGON
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II MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1987
I Name Term Expires
Mayor Tom Brian December 31, 1988
I 7630 S.W. Fir Street
Tigard, Oregon 97223
II Councilman Gerald R. Edwards (President) December 31, 1988
10390 S.W. Meadow
Tigard, Oregon 97223
I Councilwoman Carolyn Eadon December 31, 1990
11825 S.W. Wildwood Court
Tigard, Oregon 97224
II Councilwoman Valerie Johnson December 31, 1988
12265 S.W. Walnut
Tigard, Oregon 97223
II Councilman John Schwartz December 31, 1990
15900 S.W. 76th
II Tigard Oregon 97224
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Robert W. Jean, City Administrator
II R. Wayne Lowry, Director of Finance
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I LEGAL COUNSEL
O'Donnell & Ramis
II 1727 N. W. Hoyt
Portland, Oregon 97209
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CITY BOARDS t
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0 CITIZEN INVOLVEMENT t ELECTIONS o POLICY i CITY OF TI�A RY
0 JUSTICE o POLICY t MUNICIPAL CODES REVIEW ADVICE
SERVICES CITY o COIIIUNITY t INTERGOVERNMENTAL RELATIONS OREGON
ATTORNEY
ORGANIZATION BY FUNCTION
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ADMINISTRATION
o MANAGEMENT SYSTEMS t ADMINISTRATION
o PRODUCTIVITY IMPROVEMENTS t TEAM - BUILDING
o CCYMUNITY t INTERGOVERNMENTAL RELATIONS SUPPORT
o BUDGET, FINANCE AND LONG -RANGE PLANNING
o PROGRAM EVALUATION, WORK PLANS t REPORTING
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0 DEPARTMENT MANAGEMENT t ADMIN. o D EPARTMENT MANAGEMENT A ADMIN. 0 DEPARTMENT MANAGEMENT 1 ADMINISTRATION o ECONOMIC DEV., CITY CENTER; TVEDC, t I -S ASSN.
o PUBLIC SAFETY COORDINATION .0 COLLECTION DEVELOPMENT 0 PLITLIC INFORMATION, N/H A COMMUNITY INVOLVEMENT
o TRANSPORIANTION PLANNING i TRAFFIC ENGINEERING
o OPERATIONS I INTERNAL AFFAIRS o VOLUNTEERS 0 VOLUNTEERISM, BOARD i COMMITTEE RELATIONS 0 LID /CUP PROJECT MEAT. L ENGINEERING CONTRACTS
0 CCIMINIIY CRIME PREVENTION O WCCLS COORDINATION O PERSONNEL 1 LABOR RELATIONS 0 SOLID WASTE I FRANCHISES ADMINISTRATION
0 SCHOOL RESOURCE OFFICERS 0 LITERACY PROGRAM COORDINATION 0 INSURANCE CLAIMS t RISK MANAGEMENT I I
PATROL INVEST- SERVICES SUPPORT FINANCE DEVELOPMENT PUBLIC
DIVISION !CATIONS DIVISION SERVICES DIVISION SERVICES WORKS
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INVESII- 0 9 -1 -1 COORDINATION o LEGALS i ANALYSIS o COMPUTER SYSTEMS / GIS o FLEET MANAGEMENT 1 EWIPMENT
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PROGRAM 0 EVIDENCE 0 ELECTIONS 0 LID /CIP FINANCE 0 BUILDINGS MAINTENANCE
0 R.O.W. VACAT o FRANCHISES AUDITS o INVENTORY I SUPPLY STORES
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DAY SWING LIVENING REFERENCE READERS SUPPORT RECORDS/ OFi ICE ACCWNTIN BUILDING PLANNING ENGINEERING SHOPS i WASTE STREETS PARKS
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1 Certificate of
1
Achievement
for Excellence
' Financial in
Reporting
Presented to
City of
Tigard Oregon
For its Comprehensive Annual
Financial Report
1 for the Fiscal Year Ended
June 30, 1986
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
governmental units and public employee retirement
I systems whose comprehensive annual financial
reports (CAFR's) are judged to substantially
conform to program standards.
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UNITED STATES
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W AND N President
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STEAL �s QQGGG
CMICA60
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Executive Director
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certified public accountants
Coopers
&Lybrand
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Honorable Mayor and Council Members
' City of Tigard
Tigard, Oregon
' We have examined the general purpose financial state-
ments of the City of Tigard, Oregon as of and for the year ended
June 30, 1987, as listed in the table of contents. Our examina-
tion was made in accordance with generally accepted auditing
standards and the Minimum Standards for Audits of Oregon Municipal
Corporations and, accordingly, included such tests of the account-
' ing records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the general purpose financial statements
' referred to above present fairly the financial position of the
City of Tigard, Oregon as of June 30, 1987, 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 conform-
ity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
' Our examination was made for the purpose of forming an
opinion on the general purpose financial statements taken as a
whole. The combining, individual fund, and individual account
' group financial statements and other financial schedules listed as
supplementary data in the table of contents are presented for
purposes of additional analysis and are not a required part of the
' general purpose financial statements of the City of Tigard,
Oregon. Such information has been subjected to the auditing pro-
cedures applied in the examination of the general purpose finan-
cial statements and, in our opinion, is fairly stated in all
l material respects in relation to the general purpose financial
statements taken as a whole.
' The other data included in this report, designated as
the statistical section in the table of contents, has not been
audited by us and, accordingly, we express no opinion on such
' data.
COOPERS & LYBRAND
1 By c Jahr^ I .11.2:6VverNaen
John L. Dethman, a partner
' Portland, Oregon
September 11, 1987
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CITY OF TIGARD, OREGON
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1987
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Governmental
Special Debt
ASSETS General Revenue Service
Assets:
Cash and investments $1,091,865 $1,878,040 $35,284
Accounts receivable 9,796
Property taxes receivable 178,761 29,792
Contract receivable 57,769
Assessment liens receivable
Unassessed projects in process
Accrued interest on delinquent assessments
Due from other funds 683,034 37,840
Inventory of gasoline 1,507
Fixed assets, net
Amount available for bonded debt service
Amount to be provided for retirement of
general long -term debt
Total assets $2.022.732 $1,915,880 $65.076
LIABILITIES AND FUND EQUITY '
Liabilities:
Accounts payable and accrued liabilities $ 349,852 $ 52,320
Deposits 134,214
Due to other funds 13,000 706,188
Deferred revenues:
Account receivable 1,004
Property taxes 152,232 $26,218
Contract receivable 57,769
Assessment liens receivable
Unassessed projects in process
Accrued interest on delinquent assessments
Capital lease obligation
Accrued vacation payable
Deferred compensation payable
Amount due to Special Assessments Fund
Bonds payable
Total liabilities 708,071 758,508 26,218
Fund equity:
Contributed capital
Investment in general fixed assets
Retained earnings
Fund balances (deficit):
Reserved for employee retirement benefits
Unreserved 1,314,661 1,157,372 38,858
Total fund equity 1,314,661 1,157,372 38,858
Total liabilities and fund equity $2,022,732 $1,915,88Q $45,076 '
The accompanying notes are an integral part
of the general purpose financial statements.
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II
II
I Fiduciary
Fund Types Propretary Fund Types Account Groups
Special Fund Type Trust General General Long- Total
I Assessment Enterprise and Agency Fixed Assets Term Debt (Memorandum Only)
$ 315,181 $ 807,979 $2,244,004 $ 6,372,353
223,167 232,963
' 8,311 216,864
57,769
1,565,038 1,565,038
280,010 280,010
I 78,028 78,028
720,874
1,507
7,087,410 $5,811,596 12,899,006
I s 38,858 38,858
3,101,747 3,101,747
$2,2 . 38.257 $p,126.867 $2,244.004 $5.811,596 $3,149.605 $25.565.017
II
Is 6,907 $ 228,708 $ 637,787
134,214
1,686 720,874
1,004
' 178,450
57,769
1,515,838 1,515,838
280,010 280,010
I 78,028 78,028
$ 224,116 224,116
9,257 126,539 135,796
$ 463,909 463,909
II 124,950 124,950
2,479,000 2,665,000 5,144,000
4,359,783 239,651 463,909 3,140,605 9,696,745
I 7,255,811 7,255,811
$5,811,596 5,811,596
631,405 631,405
' (2 121 526) 1,780,095 1,780,095
,, 389,365
(2,121,526) 7,887,216 1,780,095 5,811,596 15,868,272
I $,2,23x,2 5 7 $, 1 26, 8 7 $ 244,Q04 $5,811,596 $x.140,605 $25,565,017
1
I
II
I
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
II IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1987
II
I Special Debt Total
Special (Memorandum
General Revenue Service Assessments Only)
I Revenues:
Taxes $1,648,246 $ 159,554 $1,807,800
Franchise fees 745,520 745,520
Special assessments $ 547,106 547,106
I Licenses and permits 642,222 $ 8,739 650,961
Intergovernmental revenues 510,284 736,556 1,246,840
Charges for services 23,580 358,804 382,384
Fines and forfeitures 144,559 144,559
Miscellaneous revenues,
II primarily interest 272,882 66,208 2,609 238,888 580,587
Total revenues 3,987,293 1,170,307 162,163 785,994 6,105,757
II Expenditures:
Current:
Community services 2,367,972 82,487 2,450,459
Community development 848,023 614,433 1,462,456
Policy and administration 87,870 24,039 111,909
City -wide support functions 592,863 91,921 684,784
Capital projects 62,548 268,347 418,362 749,257
Debt service:
Principal 70,000 70,000
I Interest 217,937 242,951 460,888
Total expenditures 3,959,276 1,081,227 287,937 661,313 5,989,753
I Excess of revenues
over (under)
expenditures 28,017 89,080 (125,774) 124,681 116,004
Other financing sources (uses):
II Proceeds of refunding bonds 2,127,000 2,127,000
Payment to refund bonds escrow
agent (2,087,501) (2,087,501)
Proceeds from capital lease 250,574 250,574
I Total other financing
sources 250,574 39,499 290,073
Excess of revenues and
II other sources (uses)
over (under) expend-
itures 278,591 89,080 (86,275) 124,681 406,077
I Fund balances (deficit) -
beginning of year 1,036,070 1,068,292 125,133 (2,246,207) (16,712)
Fund balances (deficit) -
end of year $1.314,661 $1.157.372 $ 38.858 $(2.121,526) $ 389.365
II
II The accompanying notes are an integral part
of the general purpose financial statements.
3
II
CITY OF TIGARD, OREGON II COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (NON-GAAP BASIS) AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1987
II
General Fund Special Revenue Funds
Variance Variance II Favorable Favorable
(Unfavor- (Unfavor-
Budget Actual able) Budget Actual able)
Revenues: II Taxes $1,607,500 $1,648,246 $ 40,746
Franchise fees 790,000 745,520 (44,480)
Special assessments
Licenses and permits 554,000 642,222 88,222 $ 8,000 $ 8,739 $ 739 II Intergovernmental revenues 495,000 510,284 15,284 720,149 736,556 16,407
Charges for services 36,000 23,580 (12,420) 380,561 358,804 (21,757)
Fines and forfeitures 155,000 144,559 (10,441)
Miscellaneous revenues, primarily
I interest 155,500 272,882 117,382 44,518 66,208 21,690
Total revenues 3,793,000 3,987,293 194,293 1,153,228 1,170,307 17,079
Expenditures:
II
Current:
Community services 2,413,911 2,367,972 45,939 94,000 82,487 11,513
Community development 925,445 848,023 77,422 617,673 614,433 3,240
Policy and administration 97,000 87,870 9,130 25,000 24,039 961
II
City-wide support functions 355,000 342,289 12,711 107,500 91,921 15,579
Contingency 1,072,073 1,072,073 53,100 53,100
Capital projects 98,000 62,548 35,452 1,200,327 268,347 931,980
Debt service:
Principal
II
Interest
Total expenditures 4,961,429 3,708,702 1,252,727 2,097,600 1,081,227 1,016,373
Excess of revenues over (under) II expenditures (1,168,429) 278,591 1,447,020 (944,372) 89,080 1,033,452
Other financing sources (uses):
Proceeds of refunding bonds
I
Payment to refunded bonds escrow agent
Total other financing sources
(uses)
I
Excess of revenues and other
sources over (under)
expenditures and other uses (1,168,429) 278,591 1,447,020 (944,372) 89,080 1,033,452 I
Fund balances - budgetary basis,
beginning of year 1,028,304 1,036,070 7,766 1,068,292 1,068,292
Fund balances - budgetary basis, II end of year $(140.125) 1,314,661 $1,454,7$6 $..1ga 1,157,372 $1,033,452
Adjustments from budgetary basis to
generally accepted accounting II principles:
Cumulative effect of differences
between budgetary basis and gener-
ally accepted accounting principles
basis of reporting beginning fund
II
balance
Bond principal payments budgeted as
expenditures
Fund balances (deficit) - generally
II
accepted accounting principles basis,
end of year $1,314,661 $ },157,372
The accompanying notes are an integral part II of the general purpose financial statements.
4
II
II
II
Debt Service Fund Special Assessments Fund Total (Memorandum Only)
I Variance Variance Variance
Favorable Favorable Favorable
Unfavor- (Unfavor- (Unfavor-
Budget Actual able) Budget Actual able) Budget Actual able)
II $295,000 $ 159,554 $ (135,446) $ 1,902,500 $1,807,800 $ (94,700)
790,000 745,520 (44,480)
$ 520,951 $ 547,106 $ 26,155 520,951 547,106 26,155
II 562,000 650,961 88,961
1,215,149 1,246,840 31,691
416,561 382,384 (34,177)
155,000 144,559 (10,441)
II 1,000 2,609 1,609 238,888 238,888 201,018 580,587 379,569
296 162,163 (133,837) 520,951 785,994 265,043 5,763,179 6,105 342,578
II
2,507,911 2,450,459 57,452
1,543,118 1,462,456 80,662
122,000 111,909 10,091
462,500 434,210 28,290
1,125,173 1,125,173
4,000,049 418,362 3,581,687 5,298,376 749,257 4,549,119
45,000 70,000 (25,000) 278,000 278,000 323,000 348,000 (25,000)
251,000 217,937 33,063 242,951 242,951 493,951 460,888 33,063
296,000 287,937 8,063 4,521,000 939,313 3,581,687 11,876,029 6,017,179 5,858,850
I - (125,774) (125,774) (4 (153,319) 3,846,730 (6,112,850) 88,578 6,201,428
U 2,127,000 2,127,000 4,000,049 (4,000,049) 4,000,049 2,127,000 (1,873,049)
(2,087,501) (2,087,501) (2,087,501) (2,087,501)
II 39,499 39,499 4,000,049 (4,000,049) 4,000,049 39,499 (3,960,550)
II (86,275) (86,275) (153,319) (153,319) (2,112,801) 128,077 2,240,878
125,133 125,133 1,035,098 510,793 (524,305) 3,256,827 2,740,288 (516,539)
II 425,133 38,858 $ (8) $1.21A.22k 357,474 $(4 •) $ 1.144.026 2,868,365 $1,7
II
II (2,757,000) (2,757,000)
278,000 278,000
II
$ 38.858 $ 0,121, 526) $._,389,365
I
II
II
II CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS /FUND BALANCE -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND
II for the fiscal year ended June 30, 1987
II
II Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
II Operating revenues:
Service Pension contributions $726,102 $ ibutions $ 153,961 153,961
11 Total operating revenues 726,102 153,961 880,063
Operating expenses:
Salaries and wages 388,361 388,361
II Contracted services 62,378 62,378
General and administrative and other 278,787 278,787
Depreciation 231,504 231,504
Benefit payments and withdrawals 152,762 152,762
Contract charges 804 804
f Total operating expenses 961,030 153,566 1,114,596
Operating income (loss) (234,928) 395 (234,533)
I Nonoperating revenue - Interest 41,432 149,983 191,415
Net income (loss) (193,496) 150,378 (43,118)
11 Add: Depreciation on fixed assets donated
or acquired from capital contri-
butions that reduces contributed
capital 195,764 195,764
11 Increase in retained earnings /fund
balance 2,268 150,378 152,646
II Retained earnings /fund balance - beginning
of year 629,137 1,629,717 2,258,854
Retained earnings /fund balance - end of year $A31,405 $ ;.780.095 $x.411,500
1
1
11
11
r The accompanying notes are an integral part
of the general purpose financial statements.
11 5
1
CITY OF TIGARD, OREGON
II COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND
for the fiscal year ended June 30, 1987
II
II
Proprietary Fiduciary Total
II Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
Working capital provided (used):
II In operations:
Net income (loss) $(193,496) $150,378 $(43,118)
Charges to operations not requiring
outlay of working capital in the
current period - depreciation 231,504 231,504
II Working capital provided from
operations 38,008 150,378 188,386
II Capital contributions, net of donated
fixed assets of $533,731 149,105 149,105
Fixed asset additions (5,999) (5,999)
II Increase in working capital $181,114 $150.378 $331.492
components Changes in onents which increased
g P
(decreased) working capital:
Cash and investments $ 32,739 $150,378 $183,117
Accounts receivable 127,278 127,278
Property taxes receivable (392) (392)
Accounts payable and accrued
liabilities 1,544 1,544
Customer deposits 17,767 17,767
Accrued vacation (6,694) (6,694)
Due to other funds 8,872 8,872
II Increase in working capital 481,114 $,50,378 $331,492
11
L
11
1
11
I The accompanying notes are an integral part
of the general purpose financial statements.
6
i
I
r
I
I
I
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
I
1
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I
I
I
1
I
1
1
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I
11
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
1. Summary of Significant Accounting Policies, Continued:
Budget
A budget is prepared for each fund except for the Fiduciary Fund
Types, in accordance with the modified accrual basis of accounting
for governmental funds with certain modifications as explained in
' Note 3, the accrual basis of accounting for Enterprise Funds, and
in accordance with the legal requirements set forth in the Oregon
Local Budget Law. Appropriations are made at the major program
11 level for each fund. Appropriations may not be legally overex-
pended. Appropriations lapse at the end of each fiscal year.
Budget amounts include original approved amounts and all sub -
sequent appropriations transfers approved by the City 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, 1987, several appropriations
transfers were made as well as one supplemental budget appropria-
tions.
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 an
identifiable program are reported separately.
2. Organization and Operation:
The City of Tigard, under its Charter of 1962, is governed by an
elected mayor and four councilmembers who comprise the City Council.
The City's financial operations are accounted for in the following
funds and account groups:
Governmental Fund Types
General Fund: This fund accounts for the City's general
operations. It is used to account for all transactions
not specifically related to the City's other funds.
Special Revenue Funds:
I/ Federal Revenue Sharing Fund: This fund accounts for
Federal Revenue Sharing entitlements.
' State Tax Street Fund: This fund accounts for revenues
received from state gasoline taxes which are to be
expended as specified in the Constitution of the State
of Oregon, Article IX, Section 3.
12
I
I
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
2. Organization and Operation, Continued:
Governmental Fund Types, Continued
Special Revenue Funds, Continued:
Streets SDC Fund: This fund accounts for system develop-
ment charges to be used for major repair and improvement
to extracapacity street facilities.
Parks SDC Fund: This fund accounts for system develop-
ment charges for major improvements to recreational
facilities within the City.
County Road Levy Fund: This fund accounts for a spe-
cial, 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 Fund: This fund accounts for payment of general
obligation bond principal and interest. The principal source
I of revenue is from property taxes.
Special Assessments Fund: This fund accounts for construc-
tion and financing of specific street and sanitary sewer and
storm drainage projects which benefit property owners. The
fund's primary financing sources are assessments against
owners of benefited property and contributions from other
1 funds for their share of costs.
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 fund accounts for monies
withheld from employees under deferred compensation plans
and the earnings on the investment of those funds (Note 11).
1 13
I
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I
2. Organization and Operation, Continued:
Fiduciary Fund Types, Continued
Pension Trust Fund: This fund accounts for the police em-
ployees' pension plans (Note 11).
Account Groups
General Fixed Assets: This account group accounts for the
I/ 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
long -term indebtedness not recorded in the Enterprise Funds
and Special Assessments Fund.
3. Reconciliation of Generally Accepted Accounting Principles
Basis to Budgetary Basis:
The budget for the General Fund and the Special Assessments Fund
of the City are prepared differently from generally accepted
accounting principles. Therefore, the Combined Statement of
Revenues, Expenditures and Changes in Fund Balances - Budget
(Non -GAAP Basis) and Actual - All Governmental Fund Types is pre -
sented on the budgetary basis and is adjusted to the Combined
Statement of Revenues, Expenditures and Changes in Fund Balances -
All Governmental Fund Types presented on the generally accepted
accounting principles basis. The following is a reconciliation
of the differences between the budgetary basis and generally
accepted accounting principles basis for the excess of revenues
and other sources over (under) expenditures and other uses for
the aforementioned general purpose financial statements:
I
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I/
I
' 14
1
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II
II 3. Reconciliation of Generally Accepted Accounting Principles
Basis to Budgetary Basis, Continued:
Special
II General Assessments
Fund Fund
Excess of revenues and other sources
II over expenditures - generally
accepted accounting principles
basis (page 3) $278,591 $124,681
I/ Expenditures:
Bond principal payments budgeted
as expenditures (278,000)
I Expenditure for asset additions under
a capital lease not recognized
as an expenditure on a budgetary
basis 250,574
11 250,574 (278,000)
Other financing sources (uses):
II Other financing source from capital
lease not recognized on a budgetary
basis (250,574)
II Excess of revenues and other sources over
(under) expenditures and other uses $278,591 $(153,319)
II 4. Cash and Investments:
The City maintains a cash and investment pool that is available
II 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 ".
II The investments of the Deferred Compensation Fund and Pension
Trust Fund are held separately from those of other City funds.
Cash and investments are comprised of the following at June 30,
II 1987:
Cash on hand $ 650
Cash held by Department of Finance, Washington County 19,959
il Deposits with financial institutions 106,559
Investments 6,245,185
II $6.372,353
II
II 15
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I
4. Cash and Investments, Continued:
Deposits
Deposits with financial institutions include bank demand deposits
and time deposit accounts. The total bank balance is $181,933
(book balance is $106,559). Of these deposits, $100,000 was
covered by federal depository insurance, $81,933 was collateral-
ized with securities held by financial institutions in the City's
name. Oregon Revised Statutes require the depository institution
1/ to maintain on deposit with a collateral pool manager securities
having a value not less than 25% of the outstanding certificates
of participation issued by the pool manager. No portion of the
City's deposits with financial institutions was uncollateralized
at June 30, 1987.
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
11 agreements, bankers' acceptances, and the state treasurer's
investment pool.
' The City's investments are categorized below to give an indication
of the level of risk assumed by the City at June 30, 1987.
Category 1 includes investments that are insured or for which the
securities are held by the City or its agent in the City's name.
1 Category 2 includes uninsured investments for which the
securities are held in the City's name by the trust department of
the financial institution selling the security to the City.
' Category 3 includes uninsured investments for which the
securities are held by the financial institution selling the
security to the City or by its trust department, but not in the
City's name. There were no category 1 and 2 investments at
June 30, 1987.
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I 16
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II
4. Cash and Investments, Continued:
1 Investments, Continued
II
Category Carrying Market
1 2 3 Amount Value
Held by custodian under
I deferred compensa-
tion plan $ 463,909 $ 463,909 $ 463,909
Held by custodian under
1 pension plan 1,780,095 1,780,095 1,780,095
$ - $ - $2.244,004 2,244,004 2,244,004
I/ State treasurer's
investment pool 4,001,181 4,001,181
I Total invest-
ments $6.245.185 $6.245.185
1 5. Contract Receivable:
This represents the balance due to the City from the Unified
I 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
II the time of sale of the facilities, the City's sewer operations
were accounted for in the General Fund. Amounts due at June 30,
1987 comprise:
1 Total receivable $64,999
Less unearned interest 7,230
$57,769
The contract requires annual payments of $14,442 plus 5% interest
on the unpaid balance to July 1, 1991.
II
6. Assessment Liens Receivable:
II Assessment liens receivable represent the uncollected amounts
levied against benefited property for the cost of local improve-
ments. Because the assessments are liens against the benefited
11 property, an allowance for uncollectible amounts is not deemed
necessary. Substantially all assessments are payable over a
period of ten to twenty years. Assessments bear 7% to 10.8%
II interest.
I 17
II
11 CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II
II 7. Interfund Receivables and Payables:
Interfund receivables and payables at June 30, 1987 are:
II Special Enter -
General Revenue prise
Fund Funds Funds Total
II Due from other funds:
General $ 13,000 $ 13,000
Streets SDC 22,829 22,829
I State Tax Street $409,145 409,145
Parks SDC 145,531 145,531
County Road Levy 65,515 2,011 67,526
II County Gas Tax 61,157
1,686 61,157
Sewer 1,686
I $683,034 $ 37,840 $720,874
Due to other funds:
General $681,348 $1,686 $683,034
State Tax Street $ 13,000 13,000
II Streets SDC 22,829 22,829
County Gas Tax 2,011 2,011
II $ 13,000 $706,188 $1,686 $720,874
II 8. Fixed Assets:
Fixed assets and related changes therein are as follows:
I ENTERPRISE FUNDS
Balance Balance
11 June 30, June 30,
1986 Additions 1987
Land $ 2,484 $ 2,484
II Building 53,540 53,540
Sewer system 4,689,278 $366,972 5,056,250
Storm drainage system 4,960,141 166,759 5,126,900
II Equipment 122,088 5,999 128,087
Autos and trucks 28,710 28,710
9,856,241 539,730 10,395,971
II Less accumulated
depreciation 3,077,057 231,504 3,308,561
I $6,779,184 $308,226 $ 7,087,410
I 18
I
' CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
8. Fixed Assets, Continued:
GENERAL FIXED ASSETS ACCOUNT GROUP
Balance Balance
1 June 30, June 30,
1986 Additions 1987
Land $ 913,481 $ 17,600 $ 931,081
Buildings 2,823,235 62,548 2,885,783
Equipment 759,768 101,343 861,111
' Autos and trucks 178,595 142,227 320,822
Office equipment 195,850 250,574 446,424
Library books 303,283 63,092 366,375
I $5.174.212 $637.384 $5.811.596
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I/ CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
I/ I
1. Summary of Significant Accounting Policies:
Governmental Entities Included in the Combined Financial
Statements
1 All significant activities and organizations with which the City
exercises oversight responsibility have been included in the
I/ City's combined financial statements for the year ended June 30,
1987. The following criteria regarding manifestation of
oversight were considered by the City in its evaluation of City
organizations and activities:
• Financial interdependency - whether the City receives
financial support or provides financial benefit to the
organization; is responsible for or has directly or
indirectly guaranteed the organization's debts.
• Authoritative appointment of governing authority -
whether the City Council appoints the organization's
governing authority and maintains a significant
continuing relationship with the governing authority
pertaining to the public functions of the organization.
There are many governmental agencies including Washington County
I and certain school districts and various service districts which
provide services within the City. These agencies have indepen-
dently 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 finan-
cial statements.
11 Bases of Accounting
The Governmental Fund Types are maintained on the modified accrual
basis of accounting. Under the modified accrual basis of account-
ing, 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.
I Interest on general obligation bonds which is recorded
on its due date.
Earned but unpaid vacations which are recorded as
expenditures to the extent they are expected to be liq-
uidated with expendable available financial resources.
1
7
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I/ CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I/ I
1. Summary of Significant Accounting Policies, Continued:
Bases of Accounting, Continued
Revenues which were measurable and available at June 30, 1987
under the modified accrual basis of accounting were as follows:
Federal and state grants (to the extent that revenues
are recorded as eligible expenditures are incurred).
State, county and local shared revenues for cigarette
11 tax, liquor tax and other.
Property tax revenues and assessment liens principal
I installments which are collected within sixty days
following year end.
The Enterprise Funds and Pension Trust Fund are accounted for
utilizing the accrual basis of accounting. Under the accrual
basis of accounting, revenues are recorded at the time they are
earned and expenses are recorded at the time liabilities are
11 incurred.
The bases of accounting described above are in accordance with
generally accepted accounting principles.
Total (Memorandum Only) Columns
The Total (Memorandum Only) columns on the combined financial
statements represent an aggregate of the columnar statements by
fund type and account group; they do not represent consolidated
financial information.
Investments
Investments, included in cash and investments, are carried at cost
which approximates market.
Receivables
Receivables for federal and state grants, and state, county and
local shared revenues, included in accounts receivable, 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.
1 8
II
II
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II
11 1. Summary of Significant Accounting Policies, Continued:
Receivables, Continued
II Property taxes receivable for the Governmental Fund Types which
have been collected within sixty days subsequent to year end are
considered measurable and available and are recognized as revenues.
II 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
I and on July 1 for real property. All taxes are levied on July 1.
Collection dates are November 15, February 15, and May 15. Dis-
counts are allowed if the amount due is received by November 15.
1/ Taxes unpaid and outstanding on May 16 are considered delinquent.
Assessments are recognized as receivables at the time property
owners are assessed for property improvements. Assessments
I/ receivable expected to be collected within sixty days after year
end are considered measurable and available and are recognized as
revenues. All other assessments receivable are offset by a
II deferred revenue account and, accordingly, have not been recorded
as revenue.
Unassessed projects in process in the Special Assessments Fund
I represent costs incurred for future assessments not formally
levied against the benefited property owners. Those receivables
are recognized when the costs are incurred and entirely offset by
I a deferred revenue account and, accordingly, have not be recorded
as revenue.
Accrued interest on delinquent assessments are recorded as a
II receivable and entirely offset by a deferred revenue account, and
accordingly, have not be recorded as revenue.
II 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
Inventory of gasoline is stated on the first -in, first -out basis
II and is charged to expenditures as used.
Enterprise Fund Fixed Assets
II Purchased fixed assets are stated at historical cost or estimated
historical cost when historical cost is not available. The total
I/ amount of fixed assets valued at estimated historical cost is not
II 9
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I
1. Summary of Significant Accounting Policies, Continued:
II Enterprise Fund Fixed Assets, Continued
available. Donated assets are recorded at fair market value at
II date of donation. Estimated fair market value of donated assets
is determined based on engineering estimates of current cost or
price indexed cost. The total amount of fixed assets donated is
11 not available. Depreciation is computed on assets in service,
using the straight -line method over their estimated useful lives:
II Building 40 years
Sewer system 40 years
Storm Drainage system 40 years
Equipment 5 to 10 years
II Autos and trucks 3 years
11 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 in-
curred. Major additions, improvements and replacements are
I capitalized. Gains or losses from sales or retirements of fixed
assets are included in operations.
11 General Fixed Assets
General fixed assets are stated at historical cost or estimated
historical cost when historical cost is not available. The total
I 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
II General Fixed Assets Account Group. Maintenance and repairs of
fixed assets are charged to expenditures in the Governmental Fund
Types as incurred and are not capitalized. As fixed assets are
disposed of, the estimated historical cost or historical cost is
I removed from this account group; proceeds from sales of general
fixed assets are recorded as General Fund revenue. Depreciation
is not computed on general fixed assets.
I Expenditures for public domain fixed assets (streets, sidewalks,
curbs and gutters, lighting systems and similar assets) that are
II immovable and of value only to the City as a governmental unit
are reported as expenditures as incurred and are not capitalized.
II
10
II
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I
1. Summary of Significant Accounting Policies, Continued:
Long -Term Debt
' Long -term debt directly related and expected to be paid from the
Enterprise Funds or Special Assessments Fund is recorded in these
funds. All other unmatured long -term debt is recorded in the
General Long -Term Debt Account Group. Repayment of general bonded
debt recorded in the General Long -Term Debt Account Group is made
from the Debt Service Fund. Payment of vacation liabilities,
capital lease obligation and the amount due to Special Assessments
Fund in the General Long -Term Debt Account Group will be made from
the General Fund.
Accrued Vacation Pay
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 is recorded in all funds when leave
is taken.
II Contributed Capital
Contributed capital in the Enterprise Funds represents the accumu-
lation 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 trans -
I actions are recorded in contributed capital in the Enterprise
Funds:
Receipts of federal and state grants for acquisition of
1 fixed assets.
• Fixed assets contributed from other funds or the General
Fixed Assets Account Group.
• Contributions from others for the acquisition or con -
struction of fixed assets.
• Transfers from retained earnings for depreciation on
fixed assets donated or acquired by contributed capital
I/ resources.
1
1 11
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II 9. Long -Term Debt:
Bonds Payable
I/ Bonds payable transactions for the year and future maturities of bond principal and interest at
June 30, 1987 are as follows:
Principal
I Matured
Outstanding Issued and Paid Defeased Outstanding
June 30, During During During June 30,
1986 Year Year Year 1987 Interest
I General Obligation Bonds:
General obligation city
building bonds with
interest rates from
5.95% to 18% (original
II amount $4,415,000):
Fiscal year:
1987 $ 45,000 $ 25,000 $70,000
1988 50,000 35,000 $ 85,000 $ 174,438
I 1989 55,000 35,000 90,000 167,037
1990 60,000 35,000 95,000 158,951
1991 65,000 40,000 105,000 150,924
1992 75,000 40,000 115,000 142,363
1993 -1997 505,000 550,000 $ 335,000 720,000 567,545
I 1998 -2002 835,000 975,000 835,000 975,000 325,050
2003 -2004 470,000 480,000 470,000 480,000 43,500
$2,160,000 $2,215,000, $79,900 $1,640,000 $2,065.000 $1.729,808
I Matured
Outstanding and Paid Outstanding
June 30, During June 30,
1986 Year 1987 Interest
I Bancroft Improvement Bonds:
Seven general obligation improvement bond
issues with interest rates from 6% to
16.75% (original amounts $3,447,181):
II Fiscal year:
1987 $ 278,000 $278,000
1988 308,000 $ 308,000 $215,932
1989 328,000 328,000 187,955
II 1990 363,000 363,000 156,929
1991 388,000 388,000 122,257
1992 433,000 433,000 83,269
1993 -1997 599,000 599,000 92,572
1998 -2002 50,000 50,000 19,975
II 2003 10,000 10,000 575
$4_757.000 $78,000 $8,479,000 079,444
II Other Long -Term Debt
Changes in other long -term debt for the year ended June 30, 1987 are as follows:
Outstanding Outstanding
II June 30, 1986 Additions Deletions June 30, 1987
Capital lease obligation (computer system) $._ $50,5 $25,45 $224,116
Accrued vacation payable $,4Q,948 $11.E122 $126,539
Amount due to Special Assessments Fund $ - $124.9 $24,950
I The City leases its computer system under a 4 year capital lease. At the end of the lease
term ownership of the computer system is transferred to the City. Principal and interest at
9% are due annually.
II Amount due to Special Assessments Fund will be funded over 15 years by the General Fund.
20
II
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II
I 9. Long -Term Debt, Continued:
Other Long -Term Debt, Continued
I Future maturities of other long -term at June 30, 1987 are as
follows:
Amount
II Due to
Accrued Special
Capital Vacation Assessments
I Lease Payable Fund
69,178 $126,539 $ 8,330
1988 69,178 8,330
II 1989 69,178 8,330
1990 69,178 8,330
1991 8,330
I Thereafter 83,300
Total 276,712 126,539 124,950
Less amount representing interest (52,596)
II Total $224,116 $126,539 $124,950
II 10. Contributed Capital:
The changes in contributed capital were as follows:
I Balance, beginning of year $6,768,739
Transfer of depreciation on certain contributed
I fixed assets from retained earnings (195,764)
ributions from customers 682,836
II Balance, end of year $7,255.811
11. Retirement Plans:
11 Pension Plans
I Full -time police employees who have completed six months of serv-
ice are participants in a city sponsored pension program consist-
ing of a defined benefit plan and a defined contribution plan.
Required employer contributions are accounted for in a defined
benefit plan and required employee contributions, which are also
paid by the City, are accounted for in a defined contribution
plan.
II
p 21
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
II
II 11. Retirement Plans, Continued:
Pension Plans, Continued
II The cost of the defined contribution plan is accrued and funded
currently. The cost of the defined benefit plan, including
amortization of the unfunded prior service cost over forty years
I and normal cost, is also accrued and funded currently. Due to the
unitary nature of the police pension program, these two plans have
been accounted for in one pension trust fund. Pension contribu-
' tions made to this fund by the City for the year ended June 30,
1987 were $153,961. There are no unfunded accrued liabilities for
these plans.
II A comparison of accumulated plan benefits and plan net assets for
the police employees' defined benefit plan as of July 1, 1986, the
latest actuarial valuation study, is presented below:
I Actuarial present value of accumulated plan benefits:
Vested $ 563,505
Nonvested 66,010
I $ 629.515
II Net assets available for benefits $1,131,490
The weighted average assumed rate of return used in determining
II the actuarial present value of accumulated plan benefits was 7.5 %.
The City contributes to defined contribution plans for all eligi-
ble employees. Eligible employees include all employees except
I police employees. Contributions to the plans are made to a
fiduciary. The fiduciary holds the funds in trust and makes
distributions as provided by the plans. Expenditures by the City
II for the plans were $51,290 for the year ended June 30, 1987.
Deferred Compensation Plan
II 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 except police employees,
II permits them to defer a portion of their salary until future
years. Contributions for the plan are made to fiduciaries who
hold the funds in trust for the plan participants. The deferred
II compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
II
I 22
1
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
' 11. Retirement Plans, Continued:
Deferred Compensation Plan, Continued
All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income attribut-
able to those amounts, property, or rights are (until paid or made
' available to the employee or other beneficiary) solely the proper-
ty and rights of the City (without being restricted to the provi-
sions of benefits under the plan), subject only to the claims of
11 the City's general creditors. Participants' rights under the plan
are equal to those of general creditors of the City's in an amount
equal to the fair market value of the deferred account for each
' participant. The City believes that it is unlikely that it will
use the assets to satisfy the claims of general creditors in the
future.
' Expenditures by the City for the deferred compensation plan were
$37,497 for the year ended June 30, 1987.
12. 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% of sewer
' service charges collected and 20% of connection charges collected,
in accordance with an agreement between the City and USA dated
January 18, 1972. Payments of $1,058,978 were made to USA during
' 1987 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 Proprietary
Fund Types and Similar Trust Fund. Revenues are reported net
because the City acts in a fiduciary capacity on behalf of USA.
13. Commitments and Contingencies:
The City has a contingent liability against its full faith and
credit for Bancroft improvement bonds recorded in the Special
Assessments Fund in the amount of $2,479,000. The City's general
credit is obligated on these bonds only to the extent that liens
foreclosed against properties involved in the assessment districts
and collections of related assessments and interest are insuffi-
cient to retire outstanding bonds and pay bond interest.
I 23
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I
I 14. Segment Information for Enterprise Funds:
The City's two Enterprise Funds account for the acquisition,
operation, and maintenance of sewer and storm drainage systems
I which are supported by user charges. Segment information for the
year ended June 30, 1987 is as follows:
II Sewer
Operations Storm Drainage
Operations Total
Operating revenues $ 570,361 $ 155,741 $ 726,102
1 Depreciation 122,340 109,164 231,504
Operating loss (30,364) (204,564) (234,928)
Net loss (1,739) (191,757) (193,496)
I Current capital contri-
butions 366,972 315,864 682,836
Fixed asset additions 372,971 166,759 539,730
I Net working capital 506,440 293,366 799,806
Total assets 4,640,959 3,485,908 8,126,867
Total equity 4,404,289 3,482,927 7,887,216
II 15. Deficit Fund Balance:
II The deficit of $2,121,526 in the Special Assessments Fund at
June 30, 1987 arises principally because of the application of
generally accepted accounting principles to the financial report-
ing for the fund. Bond proceeds used to finance construction of
' special assessment projects are not recognized as an "other
financing source" because the liabilities for special assessment
bonds payable are accounted for in the Special Assessments Fund.
I Special assessments are recognized as revenue only to the extent
that individual installments are collected within sixty days
following year end.
II 16. Bond Defeasance:
I On February 24, 1987, the City issued $2,215,000 in General
Obligation Bonds with an average interest rate of 6% to advance
refund $1,640,000 of outstanding 1984 Series bonds with an average
I interest rate of 10.44 %. The net proceeds of $2,087,501 (after
payment of $88,000 in underwriting fees and other issuance costs
and $39,499 of accrued interest) were used to purchase U.S.
Government Securities. Those securities were deposited in an
II
II
I 24
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, Continued
I
16. Bond Defeasance, Continued:
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 the General Long -Term Debt
Account Group.
The City advance refunded the 1984 Series bonds to reduce its
total debt service payments over the next 17 years by approxi-
mately $220,000 and to obtain an economic gain (difference between
the present values of the debt service payments on the old and new
debt) of $158,870. On June 30, 1987, $1,640,000 of bonds
outstanding are considered defeased.
I
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I
I
I
I
I
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11 25
I
I
I
1
I
I
11 SUPPLEMENTARY DATA
(Combining and Individual Fund and Account Group Statements
and Other Financial Schedules)
I/
I
I
I
I
1
I
I
1
I
11
' GENERAL FUND
w
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.
I
11
I
I
11
11
I
I
I
11
II CITY OF TIGARD, OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
I
1
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Property taxes:
Current year $1,532,000 $1,549,314 $ 17,314
Prior years 75,000 98,932 23,932
Other 500 (500)
Franchise fees 790,000 745,520 (44,480)
Licenses and permits 554,000 642,222 88,222
Intergovernmental revenues 495,000 510,284 15,284
Charges for current services 36,000 23,580 (12,420)
1 Fines and forfeitures 155,000 144,559 (10,441)
Use of money and property 104,000 111,759 7,759
Nonrevenue receipts 9,500 12,423 2,923
Recovered expenditures and other 42,000 148,700 106,700
1 Total revenues 3,793,000 3,987,293 194,293
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 1,028,304 1,036,070 7,766
I Total $4.821.304 $5,023,363 $ 202.059
EXPENDITURES:
Community services $2,413,911 $2,367,972 $ 45,939
l Community development 925,445 848,023 77,422
Policy and administration 97,000 87,870 9,130
City -wide support functions 355,000 342,289 12,711
Contingency 1,072,073 1,072,073
I Capital projects 98,000 62,548 35,452
4,961,429 $3.708.702 $1.252.727
I UNAPPROPRIATED ENDING FUND (DEFICIT) BALANCE (140,125)
$4,821,304
II
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26
II
I
I
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I
1 SPECIAL REVENUE FUNDS
I
# 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:
I Federal Revenue Sharing
State Tax Street
Streets SDC
Parks SDC
County Road Levy
County Gas Tax
I
I
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1
1
11
II CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1987
II
I
State County
Tax Streets Parks Road County
Street SDC SDC Levy Gas Tax Total
ASSETS
II Cash and investments $670,927 $724,818 $155,922 $191,499 $134,874 $1,878,040
Accounts receivable
11 , Due from other funds 20,111 17,729 37,840
Total assets 091,03a $724.818 $173,651 $291.499 $134.874 $1.915.880
11 LIABILITIES AND
FUND EQUITY
II LIABILITIES:
Accounts payable $ 52,320 168 $ 706,188
Due to other funds $409,145 22,829 $145,531 $ 65,515 $ 63,
Total liabilities 409,145 75,149 145,531 65,515 63,168 758,508
11 FUND EQUITY:
Fund balances - unreserved 281,893 649,669 28,120 125,984 71,706 1,157,372
II Total liabilities
and fund balances 491438 $724,818 $173.651 $.91,499 $ ;34,874 $1.915.880
II
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27
11
I
II CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
(GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS)
II for the fiscal year ended June 30, 1987
I/
I Federal State County
Revenue Tax Streets Parks Road County
Sharing Street SDC SDC Levy Gas Tax Total
II REVENUES:
Licenses and permits $ 8,739 $ 8,739
Intergovernmental
11 revenues $19,734 457,130 $ 7,590 $252,102 736,556
Charges for services $289,304 $ 69,500 358,804
Miscellaneous revenues 15,702 32,117 6,313 7,776 4,300 66,208
I EXPENDITURES: Total revenues 19,734 481,571 321,421 75,813 15,366 256,402 1,170,307
I Community services 28,667 29,000 24,820 82,487
Community development 282,457 37,421 56,209 238,346 614,433
Policy and administra-
tion 12,020 12,019 24,039
City -wide support
II functions 18,587 36,667 36,667 91,921
Capital projects 26,447 117,045 105,209 19,646 268,347
Total expendi-
tures 47,254 386,591 154,466 161,418 19,646 311,852 1,081,227
Excess of revenues
over (under)
expenditures (27,520) 94,980 166,955 (85,605) (4,280) (55,450) 89,080
I FUND BALANCES - beginning
of year 27,520 186,913 482,714 113,725 130,264 127,156 1,068,292
11 FUND BALANCES - end of
year $ - $881,893 $049,569 $_28,120 $125.984 $.71,7 $,.157.372
II
II
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28
II
I
' CITY OF TIGARD, OREGON
FEDERAL REVENUE SHARING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
I
I
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Federal revenue sharing entitlements $48,718 $19,734 $(28,984)
Interest 2,282 (2,282)
Total revenues 51,000 19,734 (31,266)
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 27,520 27,520
Total $78,520 $47,254 $(31,266)
I/
Variance
Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $40,000 $28,667 $11,333
City -wide support functions 27,500 18,587 8,913
67,500 $47,254 $20.246
UNAPPROPRIATED ENDING FUND BALANCE 11,020
$78,520
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II
I CITY OF TIGARD, OREGON
STATE TAX STREET FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
II
II
I Revised
Variance
Favorable
Budget Actual (Unfavorable)
II REVENUES:
State gas tax $400,087 $457,130 $ 57,043
Interest 20,000 15,702 (4,298)
Lighting subdivisions 8,000 8,739 739
II Total revenues 428,087 481,571 53,484
BEGINNING FUND BALANCE AVAILABLE
I FOR APPROPRIATION
Total 186,913 186,913
$615,000 $668,484 $ 53.484
II
I Revised Variance
Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
li Community services $ 29,000 $ 29,000
Community development 282,500 282,457 $ 43
Policy and administration 12,500 12,020 480
I City -wide support functions 40,000 36,667 3,333
Contingency 53,100 53,100
Capital projects 175,000 26,447 148,553
II 592,100 $?$6,591 $205.509
UNAPPPROPRIATED ENDING FUND BALANCE 22,900
q15, 900
II
II
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II
I
' CITY OF TIGARD, OREGON
STREETS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
I
I
I Revised
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
I/ System development charges $319,286 $289,304 $(29,982)
Interest 10,000 32,117 22,117
Total revenues 329,286 321,421 (7,865)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 482,714 482,714
Total $812,000 $p04,135 $ (7.865)
I
Variance
I Revised Favorable
ropriations Actual (Unfavorable)
EXPENDITURES:
Community development $ 37,500 $ 37,421 $ 79
Capital projects 774,500 117,045 657,455
Total $$12,000 $54,466 $657,534
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II
1 CITY OF TIGARD, OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
II
II
Variance
I Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
I/ System development charges $ 61,275 $ 69,500 $ 8,225
Interest 5,000 6,313 1,313
1/ Total revenues 66,275 75,813 9,538
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 113,725 113,725
II Total $180.000 $289,538 $ 9,538
II
Variance
Revised Favorable
I Appropriations Actual (Unfavorable)
EXPENDITURES:
I Community development $ 59,173 $ 56,209 $ 2,964
Capital projects 120,827 105,209 15,618
Total $280 $261,418 $28.582
II
II
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32
II
I
CITY OF TIGARD, OREGON
COUNTY ROAD LEVY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
1/ County maintenance and repair tax $ 2,500 $ 7,590 $ 5,090
Interest 7,236 7,776 540
Total revenues 9,736 15,366 5,630
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 130,264 130,264
Total $240,000 $145.630 $ 5.630
I
Variance
Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $130,000 $ 19,646 $110.354
UNAPPROPRIATED ENDING FUND BALANCE 10,000
$,40,000
I I I/
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1
II
II CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
II
II
II Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
County road tax $268,844 $252,102 $(16,742)
Interest 4,300 4,300
II Total revenues 268,844 256,402 (12,442)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 127,156 127,156
11 Total $396,000 $383.558 $(12.442)
II
Variance
I' Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
I Community services $ 25,000 $ 24,820 $ 180
Community development 238,500 238,346 154
Policy and administration 12,500 12,019 481
City -wide support functions 40,000 36,667 3,333
I/ 316,000 $311.852 $ 4,148
UNAPPROPRIATED ENDING FUND BALANCE 80,000
II $396000
II
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II
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1
1
SPECIAL ASSESSMENTS FUND
1
The Special Assessments Fund accounts for the construc-
tion and financing of specific street and sanitary sewer projects
' which benefit property owners. The fund's primary financing
sources are assessments against owners of benefited property.
Assessments, which become a lien against the benefited property,
are levied based upon the estimated cost of the projects. The
benefited property owner may elect to pay the assessment over a
period of ten years (or twenty years for parking facilities and
for assessments levied after September 1971) in semi - annual
installments. Upon completion of the project, general obligation
ten -year and twenty -year serial coupon bonds are sold in an amount
' equal to the unpaid assessments.
1
1
I
1
i
1
II
CITY OF TIGARD, OREGON
I SPECIAL ASSESSMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
II
I Variance
Favorable
Budget Actual (Unfavorable)
11 REVENUES:
Collection of bonded assessments $ 520,951 $ 547,106 $ 26,155
Interest on assessments 221,062 221,062
Interest on investments 17,826 17,826
I Total revenues 520,951 785,994 265,043
OTHER FINANCING SOURCES:
Bond proceeds 4,000,049 (4,000,049)
II Total revenues and other financing sources 4,521,000 785,994 (3,735,006)
BEGINNING FUND BALANCE AVAILABLE
II FOR APPROPRIATION 1,035,098 510,793 (524,305)
Total $5.556,098 $1.296.787 $(4,259.311)
EXPENDITURES:
II Capital projects $4,000,049 $ 418,362 $3,581,687
Bond principal:
Bancroft #11 3,000 3,000
II 12 15,000 15,000
13 35,000 35,000
14 10,000 10,000
15 70,000 70,000
I 16
17 110,000 110,000
35,000 35,000
Total bond principal 278,000 278,000
I Bond interest:
Bancroft #11 1,759 1,759
12 3,532 3,532
13 30,158 30,158
14 18,003 18,003
15 58,850 58,850
16 92,468 92,468
17 38,181 38,181
II Total bond interest 242,951 242,951
Total expenditures 4,521,000 $, 939.313 $3.581.687
II UNAPPROPRIATED ENDING FUND BALANCE 1,035,098
$5.556.098
II
II
35
II
II
I
II
I ENTERPRISE FUNDS
II
II These funds are used to finance and account for the
acquisition, operation and maintenance of sewer and storm drainage
I facilities which are supported by user charges. Funds included in
this fund category are:
II . Sewer Fund
. Storm Drainage Fund
II
II
II
II
II
I
II
II
II
II
II CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
II June 30, 1987
II
II Storm
Sewer Drainage
Fund Fund Total
II ASSETS:
Current assets:
Cash and investments $ 557,987 $ 249,992 $ 807,979
Accounts receivable 177,477 45,690 223,167
I Property taxes receivable 7,646 665 8,311
Total current assets 743,110 296,347 1,039,457
Fixed assets, net 3,897,849 3,189,561 7,087,410
I $4,640.959 $3,485.908 $8,126.867
LIABILITIES AND FUND EQUITY:
II Current liabilities:
Accounts payable and accrued liabilities $ 228,708 $ 228,708
Accrued vacation pay 6,276 $ 2,981 9,257
Due to other funds 1,686 1,686
II Total current liabilities 236,670 2,981 239,651
Fund equity:
Contributed capital 3,704,386 3,551,425 7,255,811
I Retained earnings (deficit) 699,903 (68,498) 631,405
Total fund equity 4,404,289 3,482,927 7,887,216
II $4,64Q.959 $3.485.908 $13,126.867
II
II
II
II
II
II
II 36
II
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
II for the fiscal year ended June 30, 1987
II
I Storm
Sewer Drainage
Fund Fund Total
I OPERATING REVENUES:
Service charges $570,361 $155,741 $726,102
I OPERATING EXPENSES:
Salaries and wages 268,904 119,457 388,361
Contracted services 41,085 21,293 62,378
General and administrative and other 168,396 110,391 278,787
Depreciation 122,340 109,164 231,504
II Total operating expenses 600,725 360,305 961,030
Operating loss (30,364) (204,564) (234,928)
I NONOPERATING REVENUE - Interest 28,625 12,807 41,432
Net loss (1,739) (191,757) (193,496)
II Add: Depreciation on fixed assets donated or
acquired from capital contributions that
reduces contributed capital 86,600 109,164 195,764
I Increase (decrease) in retained
earnings 84,861 (82,593) 2,268
RETAINED EARNINGS - beginning of year 615,042 14,095 629,137
RETAINED EARNINGS - end of year $699,903 $(68,498) $631,405
I
II
II
II
II
II
37
II
II
I CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
for the fiscal year ended June 30, 1987
I
I
I Sewer
Storm
Drainage
Fund Fund Total
Working capital provided (used):
II
In operations:
Net loss $ (1,739) $(191,757) $(193,496)
Charges to operations not requiring outlay
I of working capital in the current period -
depreciation 122,340 109,164 231,504
Working capital provided from (used in)
operations 120,601 (82,593) 38,008
I Capital contributions, net of donated fixed
assets of $366,972 and $166,759,
respectively 149,105 149,105
II Fixed asset additions (5,999)
$1 (5,999)
Increase in working capital 14.602 $ 66.512 $181.114
II Changes in components which increased (decreased)
working capital:
Cash and investments $(11,225) $ 43,964 $ 32,739
Accounts receivable 111,690 15,588 127,278
I Property taxes receivable 225 (617) (392)
Accounts payable and accrued liabilities 1,544 1,544
Customer deposits 17,767 17,767
Accrued vacation (3,713) (2,981) (6,694)
Due to other funds (1,686) 10,558 8,872
I Increase in working capital $214.60Z $ 66.512 $281.114
II
1
I
1
II
II
38
II
II
CITY OF TIGARD, OREGON
SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
I
II
II Variance
Original Favorable
Budget Actual (Unfavorable)
REVENUES:
I Sewer service charges $ 595,000 $570,361 $(24,639)
Interest 20,000 28,625 8,625
Total revenues 615,000 598,986 (16,014)
B EGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 615,042 391,842 (223,200)
II Total $2,230.042 $990.828 $(239.214)
1
Variance
Revised Favorable
I Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 137,250 $136,307 $ 943
II Community development 264,000 222,335 41,665
Policy and administration 40,000 38,461 1,539
City wide support function 90,000 82,502 7,498
Contingency 87,638 87,638
I Capital projects 473,000 4,779 468,221
1,091,888 $484,384 $607,504
UNAPPROPRIATED ENDING FUND BALANCE 138,154
I $1. 6 2,30,042
Total expenditures, as reported above $484,384
I Add depreciation 122,340
Less fixed asset additions (5,999)
Total expenses as reported on page 37 $p0q,725
II
II
II
II
39
I
I
I CITY OF TIGARD, OREGON
STORM DRAINAGE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1987
I
II
I Variance
Original Favorable
Budget Actual (Unfavorable)
II REVENUES:
Service charges $280,000 $304,846 $ 24,846
Interest
10,000 12,807 2,807
II Total revenues 290,000 317,653 27,653
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 100,
I 14,096 (85,904)
Total $390,000 $331.749 $(58.251)
I
Variance
I Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
II Community services $ 50,000 $ 49,597 $ 403
Community development 129,500 110,512 18,988
Policy and administration 25,000 24,038 962
City -wide support function 65,000 59,584 5,416
I Contingency 12,387 12,387
Capital projects • 100,000 7,410 92,590
381,887 $51,141 $130,746
II UNAPPROPRIATED ENDING FUND BALANCE 8,113
$390,000
II Total revenues, as reported above $317,653
Less amounts recognized as contributed capital (149,105)
Total revenues as reported on page 37 $148,548
II
Total expenditures, as reported above $251,141
I Add depreciation 109,
$ 164
Total expenses as reported on page 37 60.305,
I
II
40
II
I
1
11
1
FIDUCIARY FUNDS
I/
1 These funds account for resources received and held by
the City in a fiduciary capacity. Disbursements from these funds
are made in accordance with the trust agreement or conditions of
the trust for the particular fund. Funds included in this
' category are:
Agency Fund - Deferred Compensation Fund
Pension Trust Fund
I
I
1
I
I
1
1
I/ CITY OF TIGARD, OREGON
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1987
11
I Agency Fund -
Deferred
Compensation Pension
11 Fund Trust Fund Total
Assets:
Cash and investments $463,909 $,,780,095 $8,244.004
I/ Liabilities and fund balance:
Liabilities:
1 Deferred compensation payable $463,909 $ 463,909
Fund balance:
Reserved for employee retirement
benefits $1,780,095 1,780,095
063,909 $,x,780.095 $2.244.004
I
11
I
1
I
1
I
1
1
1
41
II
1
I/ CITY OF TIGARD, OREGON
AGENCY FUND - DEFERRED COMPENSATION FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1987
I
1/
Balance Balance
June 30, June 30,
ASSETS 1986 Additions Deletions 1987
Cash and investments $06,57 $$9,151 $ 1,817 $463,909
I/
LIABILITIES
1 Deferred compensation payable $406,575 $89,151 01.817 $463,909
I
I
11
I
I
I
I
I
11
I
42
II
I
11
I
I
GENERAL FIXED ASSETS ACCOUNT GROUP
I
11 This account group accounts for the fixed assets of the
City other than those recorded in the Enterprise Funds.
I
11
I
I
I
I
I
I
I
I
I
I
CITY OF TIGARD, OREGON
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
June 30, 1987
I
I/
GENERAL FIXED ASSETS
Land $ 931,081
Buildings 2,885,783
I/ Equipment 861,111
Autos and trucks 320,822
Office equipment 446,424
Library books 366,375
Total general fixed assets $5.811.596
I INVESTMENT IN GENERAL FIXED ASSETS
Balance, beginning of year $5,174,212
Additions were provided by:
General Fund 614,784
Donated assets 22,600
Total investment in general fixed assets $5,811.596
1
I
I
1
I
I/
I
I
I
43
I
CITY OF TIGARD, OREGON
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES
for the fiscal year ended June 30, 1987
I
I/ Autos and Office Library
Land Buildings Equipment Trucks Equipment Books Total
Balance, beginning
of year $913 481 $2,823,235 $759 768 $178,595 $195,850 $303,283 $5,174,212
,,
I Add:
Additions from:
General Fund 62,548 96,343 142,227 250,574 63,092 614,784
I Donated assets 17,600 5,000 22,600
17,600 62,548 101,343 142,227 250,574 63,092 637,384
Balance, end of
year $931,081 $2,885.783 $p61,111 $320,822 $446.424 $366,375 $5,811.596
11
I
I
I
I
I
I
I
I
44
I
II
CITY OF TIGARD, OREGON
II SCHEDULE OF GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
June 30, 1987
II
II
Machinery,
I/
Equipment
Function and Activity Total Land Buildings and Other
General Government:
Control:
I/
Legislative $ 3,626 $ 3,626
Executive 55,448 55,448
Judicial 5,750 5,750
11 Total control 64,824 64,824
Staff agencies:
Finance 317,377 317,377
II Recording and reporting 38,757 38,757
Administrative officers and boards 83,789 83,789
Planning and zoning 198,702 198,702
Research and investigation 152,330 152,330
II General government buildings 3,261,611 $597,130 $2,664,481
Total staff agencies 4,052,566 597,130 2,664,481 790,955
I Total general government 4,117,390 597,130 2,664,481 855,779
Public safety:
Police protection 445,224 1,171 75,224 368,829
Protective inspection 24,009 24,009
II Total public safety 469,233 1,171 75,224 _ 392,838
Highways 268,701 2,300 39,286 227,115
II Libraries 420,522 420,522
Recreation 535,750 330,480 106,792 98,478
Total general fixed assets $5,811,596 $ ,931.Q81 $?•885.783 $,,994,732
II
II
II
I/
I/ 45
1
1
II
II CITY OF TIGARD, OREGON
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
June 30, 1987
I
II
General
General
Assets
1 Fixed Assets
Fixed
and Activity June 30, 1986 Additions June 30, 1987
General Government:
I Control:
Legislative $ 3,626 $ 3,626
Executive 16,666 $ 38,782 55,448
Judicial 5,750 5,750
1 Total control 26,042 38,782 64,824
Staff agencies:
Finance 66,803 250,574 317,377
I/ Recording and reporting 37,381 1,376 38,757
Administrative officers and boards 83,789 83,789
Planning and zoning 159,503 39,199 198,702
Research and investigation 152,330 152,330
I/ General government buildings 3,199,063 62,548 3,261,611
Total staff agencies 3,698,869 353,697 4,052,566
Total general government 3,724,911 392,479 4,117,390
I Public safety:
Police protection 379,060 66,164 445,224
Protective inspection 22,097 1,912 24,009
II Total public safety 401,157 68,076 469,233
Highways 252,721 15,980 268,701
I Libraries 334,593 85,929 420,522
Recreation 460,830 74,920 535,750
Total general fixed assets $5,174.212 037,384 $5,811,596
II
I
1
1
1
I
46
II
I
1
I
11
1 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
Future Debt Service Requirements of General Obligation
i Bonds
I
11
I
1
II
CITY OF TIGARD, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS
AND OUTSTANDING BALANCES
for the fiscal year ended June 30, 1987
II
Property Add Add Property
Taxes Levy as (Deduct) Taxes
I/ Receivable Extended Corrections Deduct Deduct Receivable
June 30, By and Cash Add Discounts June 30,
1986 Assessor Adjustments Collections Interest Allowed 1987
1986 -87 $1,946,727 $(2,467) $(1,773,229) $ 1,994 $(37,346) $135,679
II 1985 -86 $ 98,760 816 (57,201) 5,168 47,543
1984 -85 42,134 (3,521) (23,246) 4,435 19,802
II 1983 -84 27,748 (2,294) (19,185) 5,043 11,312
1982 -83 11,388 (796) (13,373) 4,376 1,595
11 1981 -82
and prior 1,428 346 (1,314) 473 933
$281.458 $1,940.727 $(7.916) $(2.887,548) $21,489 $(37.346) $2
II Distributed as follows:
General Fund:
Current $1,551,536 $118,652
II Prior years' levies 88,741 60,109
Total General Fund 1,640,277 178,761
II Debt Service Fund 164,094 29,792
Sewer Fund (sewer charges collected
on tax roll and included in sewer
service charges) 76,549 7,646
II Storm Drainage Fund (storm drainage
charges collected on tax roll and
included in storm drainage service
charges) 6,628 665
1 Total $.,887,548 $216.864
I
II
II
1
II
47
II
1- 1 1 1 r 1 1 1 1 1 1 1 1 1 1 1 1 r
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1987
Bond Transactions Interest Transactions
Out- Out- Out- Out-
standing standing standing standing
Original June 30, June 30, June 30, June 30,
Bancroft Bonds Issue 1986 Issued Matured Paid Defeased 1987 1986 Matured Paid 1987
Issued August 1, 1975 $ 57,840 $ 27,000 $ 3,000 $ 3,000 $ 24,000 $ 1,759 $ 1,759
Issued November 1,
1979 128,082 60,000 15,000 15,000 45,000 $ 673 3,533 3,533 $ 673
Issued November 1,
1981 374,795 275,000 35,000 35,000 240,000 1,625 30,158 30,158 1,625
Issued September 1,
1982 184,664 170,000 10,000 10,000 160,000 18,002 18,002
Issued October 1,
1982 838,600 665,000 70,000 70,000 595,000 219 58,850 58,837 232
co Issued October 1,
1982 1,371,200 1,100,000 110,000 110,000 990,000 890 92,468 89,941 3,417
Issued September 1,
1984 492,000 460,000 35,000 35,000 425,000 38,181 38,181
$2,757,000 $278.000 $278.000 $2. 479,000 $3.407 $242.951 $240,411 $5.947
General Obligation
Bonds
Issued June 1, 1984 2,200,000 $2,160,000 $ 45,000 $ 45,000 $1,640,000 $ 475,000 $ - $183,142 $183,142 $ -
Issued February 24, 1987 2,215,000 - $2 25,000 25,000 2,190,000 - 34,795 34,795 -
$2.160.000 $2,215.000 $ 70.000 $ 70.000 $1.640.000 $2. 665,000 $ - $217.937 $217.937 5 -
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS
as of June 30, 1987
Year Issued Issued Issued Issued Issued Issued Issued
of August 1, 1975, November 1, 1979, November 1, 1981, September 1, 1982, October 1, 1982, October 1, 1982, September 1, 1984,
Matur- Total Requirements 6% to 7% 6% to 7 -9/10% 11 -1/4% to 13% 10 -1/4% to 11 -3/4% 8 -1/2% to 13 -1/4% 8 -2/10% to 16 -3/4% 7.6% to 16%
ity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
1987-
88 $ 308,000 $215,932 $ 3,000 $1,556 $15,000 $2,527 $ 40,000 $25,633 $ 10,000 $ 16,828 $ 80,000 $ 52,375 $125,000 $ 82,393 $ 35,000 $ 34,620
1988-
89 328,000 187,955 3,000 1,354 15,000 1,519 40,000 21,102 10,000 15,690 85,000 45,050 135,000 71,530 40,000 31,710
1989-
90 363,000 156,929 3,000 1,151 15,000 506 45,000 16,213 10,000 14,640 90,000 37,062 155,000 59,050 45,000 28,307
1990-
91 388,000 122,257 3,000 945 55,000 10,370 10,000 13,640 100,000 28,150 170,000 44,742 50,000 24,410
1991-
92 433,000 83,269 3,000 735 60,000 3,570 10,000 12,640 115,000 17,794 190,000 28,532 55,000 19,998
1992-
93 413,000 43,255 3,000 525 10,000 11,628 125,000 6,094 215,000 9,943 60,000 15,065
1993 -
,p 94 78,000 20,515 3,000 315 10,000 10,590 65,000 9,610
` 473 1994- 10,000 9,527 75,000 3,375
95 88,000 13,007 3,000 105
1995-
96 10,000 8,445 10,000 8,445
1996-
97 10,000 7,350 10,000 7,350
1997-
98 10,000 6,245 10,000 6,245
1998-
99 10,000 5,130 10,000 5,130
1999-
2000 10,000 4,005 10,000 4,005
2000-
2001 10,000 2,870 J: 10,000 2,870
2001-
2002 10,000 1,725 10,000 1,725
2002-
2003 10,000 575 10,000 575
To-
tals $2,479.000 $879.464 $24.000 $6,686 $45,000 $4.552 $240.000 $76,888 $160.000 $141.528 $595.000 $186.525 $990.000 $296.190 $425.000 $167,095
II
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
as of June 30, 1987
II
II
II Issued Issued
June 6, 1984 February 24,1987
Year of Total 9.7% to 18% 5.95% to 6%
Maturity Principal Interest Principal Interest Principal Interest
II 1987 -88 $ 85,000 $ 174,438 $ 50,000 $ 49,883 $ 35,000 $ 124,555
1988 -89 90,000 167,037 55,000 43,882 35,000 123,155
1989 -90 95,000 158,951 60,000 37,283 35,000 121,668
I 1990 -91 105,000 150,924 65,000 30,832 40,000 120,092
1991 -92 115,000 142,362 75,000 24,170 40,000 118,192
1992 -93 120,000
132,862 80,000 16,670 40,000 116,192
1993 -94 135,000 123,062 90,000 8,910 45,000 114,152
1994 -95 145,000 111,790 145,000 111,790
I 1995 -96 155,000 104,178 155,000 104,178
1996 -97 165,000 95,653 165,000 95,653
1997 -98 170,000 86,413 170,000 86,413
1998 -99 185,000 76,638 185,000 76,638
I 1999 -2000 195,000 66,000 195,000 66,000
54,300
2000 -01 210,000 54,300 210,000
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
I $2,665.000 $1,729,808 $475.0Q0 $211.630 $2.190.000 $1.518,178
II
II
II
II
II
II
II
II
50
I
I
I
1
I
I
i STATISTICAL SECTION
I
I
I
I
I
I
I
I
I
I
I
I
II
I CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
BUDGETARY BASIS
for the last ten fiscal years
II
II City -Wide
Support
I
Fiscal Functions,
Capital
Year Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service Total
II 1978 $ 924,720 $ 444,111 $123,769 $ 136,830 $ 60,762 $1,690,192
1979 984,687 328,701 143,343 135,088 54,598 1,646,417
II 1980 1,231,631 510,098 190,308
208,062 232,502 50,348 2,214,887
1981 1,398,867 871,638 638,894 61,827 3,179,288
1982 1,591,208 1,113,210 282,349 551,917 75,425 3,614,109
I 1983 1,527,913 1,126,758 154,184 367,684 212,282 3,388,821
1984 1,680,374 1,507,879 237,028 241,984 449,545 4,116,810
II 1985 1,592,319 817,741 114,787 1,414,569 710,366 4,649,782
1986 2,157,622 968,778 132,846 3,010,368 797,154 7,066,768
II 1987 2,450,459 1,462,456 111,909 1,183,467 808,888 6,017,179
II Information derived from Comprehensive Annual Financial Reports for all governmental fund
types.
II
II
II
II
II
II
II
51
i
1
CITY OF TIGARD, OREGON
II GENERAL GOVERNMENTAL REVENUES BY SOURCE - BUDGETARY BASIS
for the last ten fiscal years
1
1
Fiscal
I Year Licenses Inter- Charges
Ended Franchise and Governmental for Fines and Miscellaneous
June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues* Total
I 1978 $ 198,159 $166,236 $359,524 $ 658,901 $ 65,989 $ 32,880 $ 120,466 $1,602,155
1979 215,764 205,572 502,113 716,085 114,603 57,410 170,672 1,982,219
1980 256,366 275,861 362,818 893,586 51,074 57,000 329,716 2,226,421
I 1981 287,157 348,596 379,121 1,179,130 65,612 56,177 261,328 2,577,121
1982 690,118 390,637 267,598 1,381,121 67,286 57,343 491,988 3,346,091
1983 728,641 449,778 347,798 1,456,325 43,460 55,651 1,235,048 4,316,701
I 1984 904,238 468,020 286,318 921,613 243,102 70,425 932,657 3,826,373
1985 897,843 591,246 524,059 1,058,600 413,124 134,040 1,195,098 4,814,010
1986 1,226,373 941,264 548,689 1,371,804 375,982 167,610 903,175 5,534,897
II 1987 1,807,800 745,520 650,961 1,246,840 382,384 144,559 1,127,693 6,105,757
II *Includes special assessment collections.
1
Information derived from Comprehensive Annual Financial Reports for all governmental fund types.
1
1
1
1
1
1
II 52
1
1
I CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
for the last ten fiscal years
1
1
II
Percent of Percent of
Total Tax Delinquent
Fiscal 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
I 1978 $ 192,345 $ 174,074 90.50% $ 27,656 $ 201,730 104.88% $ 21,179 11.01%
1979 227,357 201,349 88.56 17,123 218,472 96.09 27,790 12.22
I 1980 279,241 245,353 87.86 21,819
26,884 267,172 95.68 35,635
41,516 12.76
1981 308,904 271,649 87.94 298,533 96.64 13.44
1982 756,116 675,712 89.37 19,150 694,862 91.90 85,411 11.30
I 1983 817,642 722,215 88.33 42,635 764,850 93.54 130,010 15.90
1984 985,234 876,215 88.93 71,058 947,273 96.15 158,045 16.04
1985 962,280 864,334 89.82 90,687 955,021 99.24 164,558 17.10
I 1986 1,283,711 1,159,480 90.32 98,222 1,257,702 97.97 181,944
216,864 14.17
1987 1,946,727 1,773,229 91.09 114,319 1,887,548 96.96 11.14
I 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 years' delinquencies. Taxpayers receive a discount of 3% for payment
II in full by November 15 and 2% for payment of two- thirds of the total taxes due.
Prior to July 1, 1980, taxes were levied as of July 1 each year and were payable quarterly, without interest, on
November 15, February 15, May 15 and August 15.
I Property tax collections do not agree to tax revenues on the schedule of general governmental revenues by source -
budgetary basis for the last ten fiscal years due primarily to delinquent sewer charges of the City's Sewer Fund
and Storm Drainage Fund which are collected through the tax rolls and included in tax collections above.
II Information derived from Comprehensive Annual Financial Reports.
1
1
1
1
1
53
i
E 1 1 1 1 1111 1111 1 1 1 1 1111 11111 1 1 1 1 1
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
1978 $234,272,679 $234,272,679 $18,733,299 $18,733,299 $13,091,905 $13,091,905 $266,097,883 $266,097,883 100%
1979 289,512,146 289,512,146 20,361,151 20,361,151 15,384,874 15,384,874 325,258,171 325,258,171 100
1980 384,440,292 384,440,292 21,065,797 21,065,797 14,968,913 14,968,913 420,475,002 420,475,002 100
1981 452,209,070 481,071,400 22,605,561 25,281,960 15,544,626 20,345,534 490,359,257 526,698,894 93
LYI
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 29,528,863 852,748,700 889,618,863 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
1987 867,279,500 867,279,500 60,999,240 60,999,240 28,457,428 28,457,428 956,736,168 956,736,168 100
All property is assessed as of January 1, preceding the fiscal year beginning the following 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.
I
m- - m w 1 ■_g 1 1 1 1 1 r 1 r it r 1 1
CITY OF TIGARD, OREGON
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(Per $1,000 of Assessed Value)
for the last ten fiscal years
Washington
Fiscal Washington County
Year Beaverton Tigard Unified Tualatin County Portland Education
Ended City of Washington Tigard School School Water Sewerage Rural Fire Rural Fire Community Service Other
June 30 Tigard County District #23 District #48 District Agency District District #1 College District Municipalities
1978 $ .71 $1.36 $12.71 $15.75 $.29 $.75 $2.79 $ .22 $.58 $.41 $ .84
1979 .68 1.18 10.79 13.41 .33 .61 2.84 .25 .52 .37 .70
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
v , 1987 1.94 2.82 11.36 13.40 .27 .25 2.99 2.61 .85 .25 1.66
01
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.
Source: Washington County Department of Assessment and Taxation.
1
1 CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS
for the last ten fiscal years
II
I/ Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding
June 30 Due (1) Collected (2) to Amount Due Assessments
II 1978 $ 25,000 $ 26,328 105.3% $ 63,741
1979 24,000 37,435 155.9 26,306
II 1980 29,000 19,374 66.8 224,101
1981 37,082 46,405 125.1 374,788
1982 32,000 61,068 190.8 2,067,732
II 1983 34,795 775,749 2,229.5 2,751,376
1984 174,464 469,969 269.4 2,417,184
1985 200,000 467,195 233.6 2,552,458
II 1986 250,000 361,268 144.5 1,945,334
1987 278,000 547,106 196.8 1,565,038
II
(1) This amount is equal to the principal due on Bancroft improvement bonds.
II (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.
I
Source: City assessment records.
II
II
11
11
II
II
1
56
II
1
II CITY OF TIGARD, OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
for the last ten fiscal years
1
1 Gross
General Ratio of
I Fiscal Obligation Less Debt Net Bonded
Year Bonded Service Net Debt to Net Bonded
Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value standing Available Debt Value Capita
II 1978 11,899 $266,097,883 $ 50,000 $ 22,445 $ 27,555 .01% $ 2.32
1979 13,697 325,258,171 29,000 24,601 4,399 .32
1980 14,855 420,475,002 20,000 27,698 (7,698)
1981 14,690 490,359,257 10,000 10,000
1982 * * * * * * *
1983 * * * * * * *
II 1984 18,287 776,043,500 2,200,000 - 2,200,000 .28 120.30
1985 19,113 852,748,700 2,200,000 1,215 2,198,785 .26 115.04
1986 20,250 906,368,927 2,160,000 125,133 2,034,867 .22 100.49
II 1987 22,000 956,736,168 2,665,000 38,858 2,626,142 .27 119.37
11 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 1983 and 1984.
II Sources: City budget documents, Comprehensive Annual Financial Reports of the City and
Washington County Department of Assessment and Taxation.
1
1
1
1
1
1
57
i
1
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1987
1
1
ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property within
the City boundaries:
True cash value (1985 -86) (1) $956,736,168
1 General obligation debt limit x3%
28,702,085
Gross bonded debt $5,144,000
11 Excludable debt - Bancroft improvement bonds (2,479,000)
Debt subject to limitation 2,665,000
Legal debt margin - amount available for future indebtedness $ 26.037.085
1
(1) From Washington County Department of Assessment and Taxation.
1
1
1
1
1
1
1
1
58
I'
II CITY OF TIGARD, OREGON
COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 1987
II
II Percent
Applicable Amount Appli-
Net Debt Inside City cable Inside
Jurisdiction Outstanding of Tigard City of Tigard
II Port of Portland $134,685,000 2.63% $ 3,542,215
Washington County 10,070,000 9.88 1,057,160
11 Unified Sewerage Agency 25,868,000 12.04 3,114,507
U.S.A. Metzger 275,000 23.14 63,635
Metzger Water District 89,524 51.30 45,925
11 Metzger Combined Water District 5,312,944 33.77 1,794,181
Tigard Water District 1,245,000 72.84 906,858
Tualatin Rural Fire District 330,000 33.87 111,771
II Washington County Fire District #1 3,635,000 3.49 126,861
11,
Tigard School District #23 -J 22,595,000 48.85 11,037,657
Beaverton School District #48 18,380,000 1.85 340,030
II $22.485,468 $22,140,800
II
II Source: Oregon Municipal Debt Advisory Commission, as of September 30, 1987.
II
I/
II
11
II
I/
II
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II
II CITY OF TIGARD, OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
for the last ten fiscal years
II
II
Percent of Debt
II Fiscal Year Total Total Service to
Ended Debt General Total General
June 30 Principal Interest Service Expenditures Expenditures
II 1978 $ 49,000 $ 11,762 $ 60,762 $1,690,192 3.6%
1979 45,000 9,598 54,598 1,646,417 3.3
1980 38,000 12,348 50,348 2,214,887 2.3
II 1981 47,082 14,745 61,827 3,179,288 1.9
1982 42,000 33,425 75,425 3,614,109 2.1
1983 34,795 177,487 212,282 3,388,821 6.3
I 1984 174,464 275,081 449,545 4,116,810 10.9
1985 200,000 510,366 710,366 4,649,782 15.3
1986 290,000 507,154 797,154 7,066,768 11.3
II 1987 348,000 460,888 808,888 6,017,179 13.4
II Note: Includes Special Assessment Debt.
II Source: Comprehensive Annual Financial Reports of the City.
II
1
II
II
II
1
II
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II
II CITY OF TIGARD, OREGON
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
for the last ten fiscal years
II
II
Commercial Residential
Fiscal Year Construction(1) Construction(1)
Ended Number of Number of Bank Deposits
June 30 Permits Value Permits Value (in thousands)(2)
1978 106 $ 8,095,118 379 $15,031,551 $ 77,314
II 1979 69 10,877,291 657 24,000,387 90,305
1980 131 15,619,615 387 14,861,284 101,799
1981 131 8,013,746 289 18,343,452 101,520
I/ 1982 85 2,918,475 196 11,679,358 98,558
1983 102 3,940,579 244 13,281,694 102,314
1984 25 4,079,306 214 14,006,305 118,124
II 1985 33 9,890,600 231 16,948,338 129,152
1986 175 12,746,938 432 26,920,055 142,031
1987 169 10,717,219 442 44,412,105 175,236
I/
(1) From City of Tigard Building Department.
I (2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities.
II
II
II
II
II
II
I/
II
61
II
1
I CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS
June 30, 1987
1
II Percentage
of Total
Assessed Assessed
I Taxpayer Type of Business Valuation Valuation
Pacific Realty Trust Real estate brokers $27,167,700 2.84%
Nimbus Center Assoc. Real estate 14,134,100 1.48
il Glennbrook Associates Real estate 11,134,500 1.16
F.I.G. Holding Company Insurance 9,453,200 .99
II SunTex Park Company Business park 6,933,400 .72
Fred Meyer Shopping center 6,330,200 .64
Dana Corp. c/o Williams Air Control Manufacturing 5,839,700 .61
II The Coe Manufacturing Co. Manufacturing 5,390,600 .56
Sunset Terrace/Verdugo Parkview
Apartments Apartments 4,919,900 .51
II Coast Finance Finance 4,877,000 .51
1
Source: Washington County Department of Assessment and Taxation.
II
1
1
1
1
1
1
1
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II
1
1 CITY OF TIGARD, OREGON
DEMOGRAPHIC STATISTICS
for the last ten fiscal years
1
II Assessed (2)
Value Unemployment
of Taxable (3) Rate
I Fiscal Year (1) Property School (Portland
Population Per Capita Enrollment Metro. Area)
1978 11,899 $22,363 5,643 5.2%
II 1979 13,697 23,746 5,966 5.4
1980 14,855 28,305 6,256 6.3
1981 14,690 33,380 6,422 8.0
I 1982 17,700 34,902 6,491 N/A
1983 18,000 38,122 6,561 9.9(est.)
1984 18,287 42,436 6,358 8.1
II 1985 19,113 44,616 6,387 8.0
1986 20,250 44,759 6,474 9.0
1987 22,000 43,488 7,064 5.5
1
II Sources of information:
(1) Portland State University, Population Research & Census Center.
1 (2) U. S. Bureau of Labor Statistics.
(3) Tigard School District #23 -J.
1 Information regarding the Median Age and Education Level of the City population is not
available.
N/A - Not available.
1
1
1
1
1
1
63
1
II
II CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
June 30, 1987
II
I Date of incorporation 1961
Form of government Council - Mayor - Administrator
Area 8.6 square miles
Miles of streets 95.19 miles
I Number of street lights 1,593
Police protection:
Number of stations 1
II Number of policemen and officers 32
Elementary Junior High High School
II Education (elementary only):
Attendance centers 9 2 1
Number of classrooms 204 102 86
Number of teachers 234 99 102
11 Number of students 3,926 1,544 1,594
Sanitary sewers 92.82 miles
1 Building permits issued 611 permits were issued during fiscal
year 1987
Recreation and culture:
Number of parks Thirteen parks, totaling 117 acres
I Number of libraries 1 library
Number of volumes Approximately 40,700 volumes
Employees:
II Classified service 75
Unclassified 30
II Information obtained from the various departments of the City of Tigard, Oregon.
II
II
II
II
II
64
II
1
1
1
1
1
' AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
1
1
1
1
1
1
1
1 1
1
1
1
1
1
1
AUDIT COMMENTS AND DISCLOSURES
II REQUIRED BY STATE REGULATIONS
Oregon Administrative Rules 162 -10 -050 through 162 -10-
1 320 incorporate the Minimum Standards for Audits of Oregon Munic-
ipal Corporations. These standards prescribed by the Secretary of
II State in cooperation with the Oregon State Board of Accountancy,
enumerate the financial statements, schedules, comments and
I disclosures required in audit reports. The required statements
and schedules are set forth in the preceding sections of this
report. Required comments and disclosures related to our examina-
1 tion of such statements and schedules are set forth following.
II
1
II
1
1
1
II
1
65
1
II
AUDIT COMMENTS AND DISCLOSURES
1
I. Internal Accounting Control:
1
We have examined the general purpose financial state-
' ments of City of Tigard, Oregon, for the year ended June 30, 1987,
and have issued our report thereon dated September 11, 1987. As
1 part of our examination, we made a study and evaluation of the
system of internal accounting control of City of Tigard, Oregon,
to the extent we considered necessary to evaluate the system as
II required by generally accepted auditing standards and the stan-
dards for financial compliance audits contained in the U.S.
II General Accounting Office Standards for Audit of Governmental
Organizations, Programs, Activities, and Functions. For the
1 purpose of this report, we have classified the significant inter-
nal accounting controls in the following categories:
' Revenue /Receipts
Purchasing /Disbursements
II Payroll
1 Our study included an evaluation of the accounting
controls over purchasing /disbursements. We did not evaluate the
I accounting controls over revenue /receipts and payroll because we
concluded that the audit could be performed more efficiently by
expanding substantive tests, thus placing little reliance on the
1 internal control system. The purpose of our study and evaluation
was to determine the nature, timing, and extent of the auditing
II procedures necessary for expressing an opinion on the City's
financial statements. Our study and evaluation was more limited
II than would be necessary to express an opinion on the system of
internal accounting control taken as a whole or on any of the
II categories of controls identified above.
1
II 66
AUDIT COMMENTS AND DISCLOSURES, Continued
I. Internal Accounting Control, Continued:
The management of City of Tigard, Oregon, is responsible
g Y g g
' for establishing and maintaining a system of internal accounting
control. In fulfilling this responsibility, estimates and judg-
ments by management are required to assess the expected benefits
' and related costs of control procedures. The objectives of a
system are to provide management with reasonable, but not abso-
lute, assurance that assets are safeguarded against loss from
unauthorized use or disposition, and that transactions are exe-
cuted in accordance with management's authorization and recorded
properly to permit the preparation of financial statements in
accordance with generally accepted accounting principles. Because
of inherent limitations in any system of internal accounting
control, errors or irregularities may nevertheless occur and not
be detected. Also, projection of any evaluation of the system to
future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the degree of
compliance with the procedures may deteriorate.
Our study and evaluation made for the limited purpose
' described in the first paragraph would not necessarily disclose
all material weaknesses in the system. Accordingly, we do not
express an opinion on the system of internal accounting control
of City of Tigard, Oregon, taken as a whole or on any of the
categories of controls identified in the first paragraph. How-
ever, our study and evaluation disclosed no condition that we
believe to be a material weakness.
This report is intended solely for the use of manage-
!! ment, the State of Oregon Division of Audit and appropriate
federal grantor agencies and should not be used for any other
67
AUDIT COMMENTS AND DISCLOSURES, Continued
Internal Accountin g Control, Continued:
purpose. This restriction is not intended to limit the distribu-
tion of this report which, upon acceptance by the cognizant audit
agency and other federal audit agencies, is a matter of public
record.
II. Other Comments and Disclosures:
We have examined the combined financial statements of
' City of Tigard, Oregon as of and for the year ended June 30, 1987,
and our report thereon is included on Page 1 of this report. Our
examination was made in accordance with generally accepted audit-
ing standards and the Minimum Standards for Audits of Oregon
Municipal Corporations and, accordingly, included such tests of
the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In connection with our examination, nothing came to our
' attention that caused us to believe the City was not in compliance
with:
' ORS 294.305 to 294.520 in the preparation and adoption
of its budget and tax levies for the fiscal years ended
June 30, 1987 and June 30, 1988,
• the legal requirements relating to debt,
• the collateral requirements for public fund deposits
' specified in ORS Chapter 295,
' the appropriate law, rules, and regulations pertaining
to programs funded wholly or partially by other govern-
' mental agencies,
68
' AUDIT COMMENTS AND DISCLOSURES, Continued
II. Other Comments and Disclosures, Continued:
' the cost accounting guidelines developed by the State of
Oregon Executive Department with regard to the City's
' cost accounting system,
' ORS 294.035 in the investment of public moneys,
' 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, 1987 and ascertained such policies
appeared to be in force. We are not competent by
training to state whether the insurance policies cover-
ing City -owned property in force at June 30, 1987, are
adequate.
COOPERS & LYBRAND
By e3o4v A .
John Dethman, a partner
Portland, Oregon
September 11, 1987
69