CAFR Report - 1985-1986 F
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• F-
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CITY
• OF
TIGARD, OREGON
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• COMPREHENSIVE ANNUAL FINANCIAL REPORT
fiscal year ended June 30, 1986
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Coopers
& Ly rand
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CITY OF TIGARD, OREGON
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• COMPREHENSIVE ANNUAL FINANCIAL REPORT
fiscal year ended June 30, 1986
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prepared by the City of Tigard - Department of Finance
R. Wayne Lowry, Acting Director of Finance
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS
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Page
INTRODUCTORY SECTION:
Letter of Transmittal i -vii
• Mayor and City Council Members viii
Organization Chart ix
Certificate of Achievement in Financial
Reporting x
FINANCIAL SECTION:
• ACCOUNTANTS' REPORT 1
COMBINED FINANCIAL STATEMENTS (General Purpose
Financial Statements):
Combined Balance Sheet - All Fund Types and
Account Groups 2
• Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Govern-
mental Fund Types 3
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget and
Actual - All Governmental Fund Types 4
• Combined Statement of Revenues, Expenses and
Changes in Retained Earnings /Fund Balance -
All Proprietary Fund Types and Similar
Trust Fund 5
Combined Statement of Changes in Financial
Position - All Proprietary Fund Types
and Similar Trust Fund 6
• Notes to Combined Financial Statements 7
SUPPLEMENTARY DATA (Combining and Individual
Fund and Account Group Statements and Other
Financial Schedules):
• General Fund:
Statement of Revenues and Expenditures -
Budget and Actual 24
Special Revenue Funds:
Combining Balance Sheet 25
Combining Statement of Revenues, Expenditures
• and Changes in Fund Balances - Generally
Accepted Accounting Principles Basis 26
Statements of Revenues and Expenditures -
Budget and Actual:
Federal Revenue Sharing Fund 27
State Tax Street Fund 28
• Streets SDC Fund 29
Parks SDC Fund 30
County Road Levy Fund 31
County Gas Tax Fund 32
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS, Continued
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Page
FINANCIAL SECTION, Continued:
•
SUPPLEMENTARY DATA (Combining and Individual
Fund and Account Group Statements and Other
Financial Schedules), Continued:
Special Assessments Fund:
Statement of Revenues and Expenditures -
• Budget and Actual 33
Enterprise Funds:
Combining Balance Sheet 34
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings 35
Combining Statement of Changes in Financial
• Position 36
Statements of Revenues and Expenditures - Budget
and Actual:
Sewer Fund 37
Storm Drainage Fund 38
Fiduciary Funds:
• Combining Balance Sheet 39
Statement of Changes in Assets and Liabilities -
Deferred Compensation Fund 40
General Fixed Assets Account Group:
Statement of General Fixed Assets - By Sources 41
Statement of Changes in General Fixed Assets -
• By Sources 42
Statement of General Fixed Assets - By Function
and Activity 43
Statement of Changes in General Fixed Assets -
By Function and Activity 44
Other Schedules:
• Schedule of Property Tax Transactions and
Outstanding Balances 45
Schedule of Bond and Bond Interest Transactions 46
Schedule of Future Debt Service Requirements
of Bancroft Improvement Bonds 47
Schedule of Future Debt Service Requirements
• of General Obligation Bonds 48
STATISTICAL SECTION:
General Governmental Expenditures By Function -
Budgetary Basis - for the last ten fiscal
years 49
• General Governmental Revenues By Source -
Budgetary Basis - for the last ten fiscal
years 50
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS, Continued
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Page
STATISTICAL SECTION, Continued:
• Property Tax Levies and Collections - for the
last ten fiscal years 51
Assessed and Estimated Actual Value of Taxable
Property - for the last ten fiscal years 52
Property Tax Rates - All Overlapping
Governments - for the last ten fiscal years 53
• Special Assessment Collections - for the last
ten fiscal years 54
Ratio of Net General Bonded Debt to Assessed
Value and Net Bonded Debt Per Capita -
for the last ten fiscal years 55
Computation of Legal Debt Margin 56
• Computation of Overlapping General Obligation
Debt 57
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General
Expenditures - for the last ten fiscal
years 58
• Property Value, Construction and Bank Deposits -
for the last ten fiscal years 59
Principal Taxpayers 60
Demographic Statistics 61
Miscellaneous Statistical Data 62
• AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
STATE REGULATIONS:
Introductory Comments 63
Internal Accounting Control 64
Other Comments and Disclosures 65
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• INTRODUCTORY SECTION
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CITY OF TIGA RD
OREGON
25 Years of Service
September 30, 1986 1961 - 1986
•
Mayor John Cook and Members
• of the City Council
We are pleased to submit the Comprehensive Annual Financial
Report of the City of Tigard, Oregon for the fiscal year ended
June 30, 1986. This report was prepared by the City's Department
• of Finance. Responsibility for the accuracy of the presented data
and the completeness and fairness of the presentation, including
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
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
financial affairs have been included.
This report has been prepared in accordance with generally
accepted accounting principles and follows guidelines recommended
• by the Government Finance Officers Association of the United
States and Canada.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's general governmental operations are maintained on
• a modified accrual basis, with revenues being recorded when
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.
In the development, evaluation and the necessary modification
• of the City's accounting system, consideration has been given to
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
• 13125 SW Hall Blvd„ P.O. Box 23397, Tigard, Oregon 97223 639 -4171
•
• the reliability of financial records for preparing
financial statements and maintaining accountability for
assets.
•
The concept of reasonable assurance recognizes that:
• 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 appropria-
tions prior to the release of purchase orders to vendors. Pur-
chase orders which could result in an overrun of program balances
• are not released until additional appropriations are made avail-
able.
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 drainages, library and
parks, land use planning and zoning, public improvements and
administrative services.
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GENERAL GOVERNMENTAL FUNCTIONS
Revenues for general governmental functions (all govern-
• mental funds) on a generally accepted accounting principles basis
totaled $5,534,897 in fiscal year 1986, an increase of 13% over
last year. The increase over last year was due to substantial
increases in taxes, franchise fees and intergovernmental revenues.
These increases were offset by reduced miscellaneous (primarily
interest) revenues. The amount of revenues from various sources
• and changes from last year are as follows:
Increase
Percent (Decrease)
of from
Revenue Source Amount Total Fiscal 1985
•
Taxes $1,226,373 22.2% $328,530
Franchise fees 941,264 17.0 350,018
Special assessments 361,268 6.5 (105,927)
Licenses and permits 548,689 9.9 24,630
Intergovernmental revenues 1,371,804 24.8 313,204
• Charges for services 375,982 6.8 (37,142)
Fines and forfeitures 167,610 3.0 33,570
Miscellaneous revenues 541,907 9.8 (185,996)
$5,534,897 100.0% $720,887
• Taxes consist of property taxes on commercial and residential
real and personal property within the City. Taxes increased as a
result of higher tax levy to fund bonded indebtedness.
Assessed property valuations increased $53.6 million, repre-
senting an increase of 6.3% 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 90.32% of the current tax
levy, up .5% from last year. The total collections (current and
delinquent) to the current tax levy were 97.97 %.
• 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-
chise fees increased 17% over the prior year as a result of
utility rate increases and some one -time only revenue adjustments
for retroactive payments due to property annexations.
•
Intergovernmental revenues consist primarily of state and
county gas taxes, shared cigarette and liquor taxes and Federal
and State Revenue sharing entitlements. Intergovernmental
revenues increased 24.8% over last year primarily as a result of a
county gas tax revenue increase of $224,000.
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Miscellaneous revenues, which consist primarily of interest,
decreased 9.8% from the prior year as a result of a decrease of
interest revenue in the Capital Projects Fund of $141,000.
•
Expenditures for general governmental purposes on a generally
accepted accounting principles basis totaled $6,816,768 in fiscal
year 1986, an increase of 53.2% over last year. This change is
due primarily to construction of the City's new civic center. The
amount of expenditures by major functions of the City as compared
• to last year is as follows:
Percent Increase
of from
Function Amount Total Fiscal 1985
• Community services $2,157,622 31.7% $ 565,303
Community development 968,778 14.2 151,037
Policy and administration 132,846 1.9 18,059
City -wide support functions 635,905 9.3 376,624
Capital outlay 2,206,653 32.4 1,051,365
Debt service 547,154 8.0 36,788
• Other 167,810 2.5 167,810
$6,816,768 100.0% $2.366,986
Total unreserved fund balances of the City were a $16,712
deficit at June 30, 1986, consisting of $1,036,070 in the General
• Fund, $1,068,297 in the Special Revenue Funds, $125,133 in the
Debt Service Fund and a $2,246,207 deficit in the Special Assess-
ment Fund. The decrease in fund balance from the prior year is a
result of expenditures incurred in the Capital Projects Fund for
the construction of the new City civic center. The deficit in the
Special Assessments Fund arose because of the application of
• generally accepted accounting principles to financial reporting
for the fund. Revenues are recognized only to the 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.
• ENTERPRISE OPERATIONS
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
comparable private enterprises.
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Sewer Fund
• Operating revenues amounting to $583,437 were derived from
service charges during fiscal year 1986. Operating expenses
totaled $585,766. Net income was $14,405 after nonoperating
interest revenues were considered for the fiscal year.
Storm Drainage Fund
• This fund was established during fiscal 1983 to separate
sewer service activities from storm drainage activities. Oper-
ating revenues amounting to $155,431 were derived from storm
drainage service charges. Net loss, including depreciation of
$108,579, was $135,622.
• RETIREMENT PROGRAMS
The City has three retirement options for employees. All
nonpolice personnel can choose between a ICMA money purchase plan
and /or on ICMA Deferred Compensation program. Police personnel
• have a defined benefit and defined contribution pension plan
through Banker's Life Insurance Company. Banker's Life acts as
administrator of the pension plan. The police pension plans are
accounted for in the Pension Trust Fund. The deferred compensa-
tion plan is accounted for in an Agency Fund.
POOLED CASH AND INVESTMENTS
•
For the purpose of maximizing yields on short -term invest-
ments, temporary excess cash of all funds is pooled. Results of
investment activity for the fiscal year are shown below in com-
parison with the previous year:
• Investment Income 1986 1985
General Fund $160,131 $ 91,980
Special Revenue Funds 52,119 68,778
Capital Projects Fund 63,674 204,658
Special Assessments Fund 34,476 67,975
• Enterprise Funds 20,040 19,573
Pension Trust Fund 137,242 164,785
$467,682 $617,749
Cash and investments at the end of fiscal year 1986 totaled
• $5,893,921 at cost. City investments are approved by the State
Treasurer in accordance with the Oregon Revised Statutes. Auto-
matic deposits of shared revenues from other governmental agencies
are transmitted directly to the state administered local govern-
ment investment pool.
• The interest earnings of investments are allocated to par-
ticipating 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, 1986 was
• $4,917,000 of which $2,757,000 were Bancroft improvement bonds.
Bancroft improvement bonds are not subject to the debt limitations
described in the following paragraph. The City did not issue any
bonds during fiscal 1986.
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 $27,191,068 at June 30,
1986. The City's net debt subject to this limitation was
$2,160,000, leaving the amount available for future indebtedness
at $25,031,068.
• CONCLUSION
In recent years many advancements in financial management
policies and procedures have been made by the City in an effort to
achieve a sound financial system. According to the Government
Finance Officers Association (GFOA), "The Certificate of
• Achievement is the highest form of recognition in the area of
governmental financial reporting, and its attainment represents a
significant accomplishment by a governmental unit and its manage-
ment". It is our opinion that this report conforms to these
standards.
• The overall financial condition of the City of Tigard as of
June 30, 1986 is excellent given the current unstable economic
climate. The City continues to provide services to its citizens
well within its resources. In order to sustain this portion, the
City's management is continually searching for ways to increase
resources and implement cost reduction programs. Both areas are
• under constant review, and all areas of opportunity are being
thoroughly explored so that basic City services are not adversely
affected by these economic factors.
The future of the City of Tigard's economic vitality appears
to be very good. The City continues to grow in spite of a gen-
• erally depressed economy in the State of Oregon.
INDEPENDENT AUDIT
The State of Oregon (ORS 297.405 to 297.555) requires an
annual audit of the fiscal affairs of the City by independent
• public accountants selected by the City Council. This requirement
has been complied with and the auditor's opinion has been included
in this report.
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ACKNOWLEDGMENTS
• We would like to express our sincere gratitude to the person-
nel of the Finance Department 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,
d 4e ) , ,A
• R. Wayne Low
Acting Finance Director
•
Pw 1ILL
Robert W. Jean
City Administrator
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CITY OF TIGARD, OREGON
•
MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1986
• Name Term Expires
Mayor John E. Cook December 31, 1986
10455 S.W. Johnson Street
Tigard, Oregon 97223
• Councilman Tom Brian (President) December 31, 1988
7630 S.W. Fir Street
Tigard, Oregon 97223
Councilwoman Carolyn Eadon December 31, 1986
11825 S.W. Wildwood Court
•
Tigard, Oregon 97224
Councilman Gerald R. Edwards December 31, 1986
10390 S.W. Meadow
Tigard, Oregon 97223
• Councilwoman Valerie Johnson December 31, 1988
12265 S.W. Walnut
Tigard Oregon 97223
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Robert W. Jean, City Administrator
R. Wayne Lowry, Acting Director of Finance
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LEGAL COUNSEL
• O'Donnell & Ramis
1727 N. W. Hoyt
Portland, Oregon 97209
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• • • • • • • • s •
I •
I CITIZENS
J 1985 -86 ORGANIZATION: BY FUNCTION
4 - .
CITY , BOARDS &
MUNICIPAL ' COMMITTEES
COURT COUNCIL
• Justice ATTORNEY'S • POLICY • Policy Advice
Services OFFICE l
CITY
ADMINISTRATI 1
• MANAGEMENT & ADMINISTRATION
• Productivity & MGMT. SYSTEMS
• COMMUNITY RELATIONS_$_VOLUNTEERS
• CABLE T.V. & TECHNOLOGY
N•
" I 1 1 • 1
COMMUNITY
POLICE LIBRARY FINANCE & DEVELOPMENT
SERVICES ,
• Public Safety Coord. • XCLS • Financial Mint • Insurance & Risk MO • Program Administration
• Operations Mint Coordination • Bonds & LID Finance • Utilities, Rents & Leases • Econanic Development
• Internal Affairs • Library Adnin. • Cash Management • Gereral Gov't • Transportation Planning & Traffic Engineering
• Crime Analysis • Volunteers • Budget M3ragenent • Projects Mgnt, LID's, & Engineering Contracts
• Block Watch / Crime Prev. • Rotating • Personnel & Labor Relations • S,lii : r• anchises Adnin.
I OPERATIONS , I Collections • Purchasing
PATROL INVESTI- i SERVICES CITY T SERVICES DEVEL(P ENT SERVICES SERVICES :: .1.' I ! S.•
J . GAT I ON 1 RECORDER
4. . Division Mgnt
• Patrol • Investigative • Dispatch • City Recorder • Fleet tmt
• Traffic Services • Clerical • Records Mgnt ~ • Inventory &
• Narcotics Services • Elections OFFICE WASTE
• K - 9 • Security OPERATICtE PCCOl1fT1 • Municipal SERVICES BUILDING ENGINEERIhv PLA111% • Veh e & WATER
1 TRE PARKS
• Reserves .....----J Court
• Codification — Bu Maint
` • Buildings • Sanitary • Street Maint. • Parks
• Library • Financial • Street • Office Mgmt. • Building • Records & • Division Maint. Sewers • Sweeping Maintenancr
Services Reports Vacations • Word Processing Codes Adnin & Maps Coordination • Support • Storm • Ditches • Parks
• Reference • AR /AP • Clerical Support Inspection • Counter • Comprehensive Service Drainage • Signs Projects
• Children's • Payroll • Reception & • Codes Services Planning • Signals &
Programs • Utility Cashier Enforcement • G.I.S. • Annexations Street
• Large Accounts • Photocopy • Survey • Current Ping Luhti
� n9
Print • Projects • Parks Ping
Inspection • Special Pruj.
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Certificate of
• Achievement
for Excellence
in Financial
•
Reporting
Presented to
• City of
Tigard Oregon
For its Comprehensive Annual
•
Financial Report
for the Fiscal Year Ended
June 30, 1985
• 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
systems whose comprehensive annual financial
reports (CAFR's) are judged to substantially
• conform to program standards.
_ ! UNITED STATES y ■ ANO N President
f I " CANADA Ja
2 1 1 CORVORATIONJy
SIAL
•
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Executive Director
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• FINANCIAL SECTION
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C oopers certified public accountants
&Lybrand
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Honorable Mayor and Council Members
City of Tigard
Tigard, Oregon
• We have examined the combined financial statements of
the City of Tigard, Oregon as of and for the year ended June 30,
1986, as listed in the table of contents. Our examination was
made in accordance with generally accepted auditing standards
and the Minimum Standards for Audits of Oregon Municipal Corpora-
tions and, accordingly, included such tests of the accounting
• records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the combined financial statements re-
ferred to above present fairly the financial position of the City
of Tigard, Oregon as of June 30, 1986, 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 after giving
retroactive effect to the change, with which we concur, in account-
ing for deferred compensation plans as described in Note 17 to the
• combined financial statements.
Our examination was made for the purpose of forming an
opinion on the combined 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
combined financial statements of the City of Tigard, Oregon.
Such information has been subjected to the auditing procedures
applied in the examination of the combined financial statements
and, in our opinion, is fairly stated in all material respects in
• relation to the combined 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
� . S
By 3 n
John L. Dethman, a partner
• Portland, Oregon
August 22, 1986
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• COMBINED FINANCIAL STATEMENTS
(General Purpose Financial Statements)
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CITY OF TIGARD, OREGON
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1986
S
Governmental
Special Debt S
ASSETS General Revenue Service
Assets:
Cash and investments $ 895,659 $1,460,990 $119,508
Accounts receivable 1,004 24,359
Property taxes receivable 134,050 39,191
Contract receivable 72,211 •
Assessment liens receivable
Due from other funds 427,615 17,729
Inventory of gasoline 2,830
Fixed assets, net
Amount available for bonded debt service
Amount to be provided for retirement of
general long -term debt
Total assets $1.533.369 $1.503,078 $158.699 S
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable and accrued liabilities $ 192,622
Deposits 117,198
Accrued bond coupon interest
Due to other funds $ 434,786 ID
Deferred revenues:
Account receivable 1,004
Property taxes 114,264 $ 33,566
Contract receivable 72,211
Assessment liens receivable
Accrued vacation pay
Deferred compensation payable •
Bonds payable
Total liabilities 497,299 434,786 33,566
Fund equity:
Contributed capital
Investment in general fixed assets
Retained earnings •
Fund balances (deficit):
Reserved for employee retirement benefits
Unreserved 1,036,070 1,068,292 125,133
Total fund equity 1,036,070 1,068,292 125,133
Total liabilities and fund equity $1.533.369 $1.503.078 $158.699
S
The accompanying notes are an integral
part of the combined financial statements.
2 •
IP
Fund Types Fiduciary
Proprietary Fund Types Account Groups
Capital Special Fund Type Trust General General Long- Total
Projects Assessment Enterprise and Agency Fixed Assets Term Debt (Memorandum Only)
$2,915 $ 603,317 $ 775,240 $2,036,292 $ 5,893,921
5,156 95,889 126,408
8,703 181,944
72,211
411 1,945,334 1,945,334
445,344
2,830
6,779,184 $5,174,212 11,953,396
$ 125,133 125,133
2,175,815 2,175,815
IP $8.071 $2.548.651 $7.659.016 $2.036.292 $5.174.212 $2.300.948 $22,922.336
$8,071 $ 99,135 $ 230,252 $ 530,080
17,767 134,965
3,407 3,407
10,558 445,344
1,004
147,830
72,211
1,935,316 1,935,316
2,563 $ 140,948 143,511
• $ 406,575 406,575
2,757,000 2,160,000 4,917,000
8,071 4,794,858 261,140 406,575 2,300,948 8,737,243
6,768,739 6,768,739
$5,174,212 5,174,212
629,137 629,137
1,629,717 1,629,717
(2,246,207) (16,712)
(2,246,207) 7,397,876 1,629,717 5,174,212 14,185,093
$8,071 $2.548.651 $7.659.016 $2.036.292 $5.174.212 $2.300.948 $22.922.336
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CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1986
II
• Total
Special Debt Capital Special (Memorandum
General Revenue Service Projects Assessments Only)
Revenues:
Taxes $ 826,116 $400,257 $1,226,373
Franchise fees 941,264 941,264
Special assessments $ 361,268 361,268
IP Licenses and permits 539,817 $ 8,872 548,689
Intergovernmental revenues 565,649 806,155 1,371,804
Charges for services 41,633 334,349 375,982
Fines and forfeitures 167,610 167,610
Miscellaneous revenues,
primarily interest 211,661 52,199 164 $ 63,888 213,995 541,907
Total revenues 3,293,750 1,201,575 400,421 63,888 575,263 5,534,897
AP
Expenditures:
Current:
Community services 2,030,020 127,602 2,157,622
Community development 473,879 494,899 968,778
Policy and administration 110,455 22,391 132,846
City -wide support func-
tions 582,854 53,051 635,905
41 Capital projects 25,000 164,757 1,675,177 341,719 2,206,653
Assessment refunds (Note 16):
Principal 82,749 82,749
Interest 85,061 85,061
Debt service:
Principal 40,000 40,000
Interest 236,503 270,651 507,154
Total expenditures 3,222,208 862,700 276,503 1,675,177 780,180 6,816,768
Excess of revenues
over (under)
expenditures 71,542 338,875 123,918 (1,611,289) (204,917) (1,281,871)
Fund balances (deficit) -
II beginning of year 964,528 729,417 1,215 1,611,289 (2,041,290) 1,265,159
Fund balances (deficit) -
end of year $1.211 $1,068.292 $125,133 $ - $(2.246.207) $ (16.712)
41
IP
The accompanying notes are an integral
part of the combined financial statements.
3
II
41
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1986
General Fund Special Revenue Funds Debt Service
Variance Variance
Favorable Favorable
(Unfavor- (Unfavor-
Budget Actual able) Budget Actual able) Budget Actual
Revenues:
Taxes $ 764,370 $ 826,116 $ 61,746 $393,400 $400,257
Franchise fees 626,000 941,264 315,264 41
Special assessments
Licenses and permits 364,000 539,817 175,817 $ 4,000 $ 8,872 $ 4,872
Intergovernmental revenues 523,700 565,649 41,949 791,622 806,155 14,533
Charges for services 35,400 41,633 6,233 215,000 334,349 119,349
Fines and forfeitures 119,500 167,610 48,110
Miscellaneous revenues,
primarily interest 80,200 211,661 131,461 41,500 52,199 10,699 4,600 164
Total revenues 2,513,170 3,293,750 780,580 1 1,201,575 149,453 398,000 400,421 41
Expenditures:
Current:
Community services 2,136,102 2,030,020 106,082 136,322 127,602 8,720
Community development 508,080 473,879 34,201 529,032 494,899 34,133
Policy and administration 110,740 110,455 285 22,760 22,391 369
City -wide support functions 595,733 582,854 12,879 68,900 53,051 15,849
Contingency 102,043 102,043 74,721 74,721
Capital projects 25,000 25,000 941,682 164,757 776,925
Special assessment refunds
(Note 16):
Principal
Interest
Debt service:
Principal 40,000 40,000
Interest 236,503 236,503 41
Total expenditures 3,477,698 3,222,208 255,490 1,773,417 862,700 910,717 276,503 276,503
Excess of revenues over
(under) expenditures (964,528) 71,542 1,036,070 (721,295) 338,875 1,060,170 121,497 123,918
Other financing sources:
Proceeds from Bancroft bond
sales
41
Excess of revenues and
other sources over
(under) expenditures (964,528) 71,542 1,036,070 (721,295) 338,875 1,060,170 121,497 123,918
Fund balances - budgetary basis,
beginning of year 1,017,599 1,017,599 729,417 729,417 1,215 1,215
Fund balances - budgetary basis, •
end of year $, 53,071 1,089,141 $1,036,070 $ 8,122 1,068,292 $1,060.170 $122.712 125,133
Adjustments from budgetary basis
to generally accepted account-
ing principles:
Cumulative effect of differ-
ences between budgetary
basis and generally
accepted accounting 41
principles basis of
reporting beginning fund
balance (53,071)
Bond principal payments bud-
geted as expenditures
Fund balances (deficit) - gener-
ally accepted accounting 41
principles basis, end of year $1,036,070 $1,068,292 $125.l3a
The accompanying notes are an integral
part of the combined financial statements.
4
41
1,
II
Fund Capital Projects Fund Special Assessments Fund Total (Memorandum Only)
Variance Variance Variance Variance
Favorable Favorable Favorable Favorable
(Unfavor- (Unfavor- (Unfavor- (Unfavor-
able) Budget Actual able) Budget Actual able) Budget Actual able)
$6,857 $ 1,157,770 $1,226,373 $ 68,603
ir 626,000 941,264 315,264
$ 252,000 $ 361,268 $ 109,268 252,000 361,268 109,268
368,000 548,689 180,689
1,315,322 1,371,804 56,482
250,400 375,982 125,582
119,500 167,610 48,110
(4,436) $ 63,888 $ 63,888 294,363 213,995 (80,368) 420,663 541,907 121,244
•
2,421 63,888 63,888 546,363 575,263 28,900 4,509,655 5,534,897 1,025,242
2,272,424 2,157,622 114,802
1,037,112 968,778 68,334
133,500 132,846 654
664,633 635,905 28,728
AD 176,764 176,764
$1,800,000 1,675,177 124,823 4,200,000 341,719 3,858,281 6,966,682 2,206,653 4,760,029
82,749 (82,749) 82,749 (82,749)
85,061 (85,061) 85,061 (85,061)
250,000 250,000 290,000 290,000
10 296,363 270,651 25,712 532,866 507,154 25,712
1,800,000 1,675,177 124,823 4,746,363 1,030,180 3,716,183 12,073,981 7,066,768 5,007,213
2,421 (1,800,000) (1,611,289) 188,711 (4,200,000) (454,917) 3,745,083 (7,564,326) (1,531,871) 6,032,455
• 4,200,000 (4,200,000) 4,200,000 (4,200,000)
2,421 (1,800,000) (1,611,289) 188,711 - (454,917) (454,917) (3,364,326) (1,531,871) 1,832,455
1,611,289 1,611,289 1,490,015 1,490,015 4,849,535 4,849,535
i $2,,421 $ (188.711) - $,88,711 $,,490,015 1,035,098 $ (454,917) $ 1.485.209 3,317,664 $1.832.455
(3,531,305) (3,584,376)
250,000 250,000
ID
$ - $(2,246,207) $ (16.712)
ID
40
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS /FUND BALANCE -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND
for the fiscal year ended June 30, 1986
OM
Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
OPERATING REVENUES:
Service charges $738,868 $ 738,868
. Pension contributions $ 117,824 117,824
Total operating revenues 738,868 117,824 856,692
OPERATING EXPENSES:
Salaries, wages and fringe benefits 368,734 368,734
Contracted services 11,936 11,936
General and administrative and other 277,161 277,161
Depreciation 222,294 222,294
Benefit payments and withdrawals 1,200 1,200
Contract charges 2,313 2,313
Total operating expenses 880,125 3,513 883,638
Operating income (loss) (141,257) 114,311 (26,946)
S NONOPERATING REVENUE - Interest 20,040 219,492 239,532
Net income (loss) (121,217) 333,803 212,586
Add: Depreciation on fixed assets donated
or acquired from capital contri-
butions that reduces contributed
capital 189,603 189,603
Increase in retained earnings /fund
balance 68,386 333,803 402,189
RETAINED EARNINGS /FUND BALANCE - beginning
of year 560,751 1,295,914 1,856,665
RETAINED EARNINGS - end of year $629,137 $1,629,717 $2.258.854
40
40
The accompanying notes are an integral
part of the combined financial statements.
5
41
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND
for the fiscal year ended June 30, 1986
41
• Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
Working capital provided (used):
In operations:
Net income (loss) $(121,217) $333,803 $212,506
• Charges to operations not requiring
outlay of working capital in the
current period - depreciation 222,294 222,294
Working capital provided from
operations 101,077 333,803 434,800
Capital contributions, net of donated
40 fixed assets of $368,492 120,258 120,258
Increase in working capital $221.335 $333.803 $555.138
Changes in components which increased
(decreased) working capital:
Cash and investments $369,989 $333,803 $703,792
i Accounts receivable 36,883 36,883
Property taxes receivable (34) (34)
Interest receivable (931) (931)
Due from other funds (52,011) (52,011)
Accounts payable and accrued
liabilities (115,663) (115,663)
Customer deposits (6,340) (6,340)
Due to other funds (10,558) (10,558)
Increase in working capital $221,335 $333.803 $555.138
41
e
The accompanying notes are an integral
part of the combined financial statements.
411 6
•
•
• NOTES TO COMBINED FINANCIAL STATEMENTS
•
•
•
•
•
•
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS
•
1. Summary of Significant Accounting Policies:
Governmental Entities Included in the Combined Financial
• Statements
All significant activities and organizations with which the City
exercises oversight responsibility have been included in the
City's combined financial statements for the year ended June 30,
1986. 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
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.
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.
• 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.
7
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
1. Summary of Significant Accounting Policies, Continued:
Bases of Accounting, Continued
Revenues which were measurable and available at June 30, 1986
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).
• . Federal revenue sharing entitlements.
State, county and local shared revenues for cigarette
tax, liquor tax and other.
• Property tax revenues and assessment liens principal
11 installments which are collected within sixty days
following year end.
The Enterprise Funds and Pension Trust Fund are accounted for
utilizing the accrual basis of accounting. Under the accrual
basis of accounting, revenues are recorded at the time they are
• earned and expenses are recorded at the time liabilities are
incurred.
The bases of accounting described above are in accordance with
generally accepted accounting principles.
• Total (Memorandum Only) Columns
The Total (Memorandum Only) columns on the combined financial
statements represent an aggregate of the columnar statements by
fund type and account group; they do not represent consolidated
financial information.
•
Investments
Investments, included in cash and investments, are carried at cost
which approximates market.
• Receivables
Receivables for federal and state grants, federal revenue sharing
entitlements and state, county and local shared revenues, included
in accounts receivable, are recorded as revenue in the governmental
funds as earned.
•
8
41
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
1. Summary of Significant Accounting Policies, Continued:
Receivables, Continued
•
Receivables of the Enterprise Funds are recorded as revenue as
earned, including services earned but not billed.
Property taxes receivable for the Governmental Fund Types which
have been collected within sixty days subsequent to year end are
• considered measurable and available and are recognized as revenues.
All other property taxes are offset by deferred property tax
revenues and, accordingly, have not been recorded as revenue.
Property taxes become a lien on January 1 for personal property
and on July 1 for real property. All taxes are levied on July 1.
Collection dates are November 15, February 15, and May 15. Dis-
counts are allowed if the amount due is received by November 15.
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
receivable expected to be collected within sixty days after year
• end are considered measurable and available and are recognized as
revenues. All other assessments receivable are offset by a deferred
revenue account and, accordingly, have not been recorded as
revenue.
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
• and is charged to expenditures as used.
Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated
historical cost when historical cost is not available. The total
amount of fixed assets valued at estimated historical cost is not
available. Donated assets are recorded at estimated appraised
value at date of donation. Estimated appraised value of donated
assets is determined based on engineering estimates of current
• 9
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
1. Summary of Significant Accounting Policies, Continued:
Enterprise Fund Fixed Assets, Continued
•
cost or price indexed cost. The total amount of fixed assets
donated is not available. Depreciation is computed on assets in
service, using the straight -line method over their estimated use-
ful lives:
Building 40 years
Sewer system 40 years
Storm Drainage system 40 years
Equipment 5 to 10 years
Autos and trucks 3 years
• Depreciation expense on fixed assets donated or acquired from
capital contributions is recognized as a reduction of contributed
capital. Such reduction is recorded by a transfer from retained
earnings.
Normal maintenance and repairs are charged to operations as in-
curred. Major additions, improvements and replacements are
capitalized. Gains or losses from sales or retirements of fixed
assets are included in operations.
General Fixed Assets
General fixed assets are stated at historical cost or estimated
historical cost when historical cost is not available. The total
amount of fixed assets valued at estimated historical cost is not
available. Fixed assets are charged to expenditures in the
Governmental Fund Types as purchased and capitalized in the
General Fixed Assets Account Group. Maintenance and repairs of
• fixed assets are charged to expenditures in the Governmental Fund
Types as incurred and are not capitalized. As fixed assets are
disposed of, the estimated historical cost or historical cost is
removed from this account group; proceeds from sales of general
fixed assets are recorded as General Fund revenue. Depreciation
• is not computed on general fixed assets.
Expenditures for public domain fixed assets (streets, sidewalks,
curbs and gutters, lighting systems and similar assets) that are
immovable and of value only to the City as a governmental unit
are reported as expenditures as incurred and are not capitalized.
10
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
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 in
the General Long -Term Debt Account Group is 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.
•
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-
actions are recorded in contributed capital in the Enterprise
Funds:
Receipts of federal and state grants for acquisition of
• fixed assets.
• Fixed assets contributed from other funds or the General
Fixed Assets Account Group.
• Contributions from others for the acquisition or con-
• struction of fixed assets.
• Transfers from retained earnings for depreciation on
fixed assets donated or acquired by contributed capital
resources.
•
11
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED 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
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, 1986, several appropriations
transfers were made as well as three supplemental budget appro-
priations.
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:
/ 411
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:
Federal Revenue Sharing Fund: This fund accounts for
Federal Revenue Sharing entitlements.
•
12
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
2. Organization and Operation, Continued:
Governmental Fund Types, Continued
• Special Revenue Funds, Continued:
State Tax Street Fund: This fund accounts for revenues
received from state gasoline taxes which are to be
expended as specified in the Constitution of the State
of Oregon, Article IX, Section 3.
•
Streets SDC Fund: This fund accounts for system 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
of revenue is from property taxes.
Capital Projects Fund: This fund accounted for the costs of
constructing a city building, including library, city hall
and police facilities. The building was financed by general
41 obligation bond proceeds and interest earnings. The building
was substantially complete as of June 30, 1986.
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
41 fund's primary financing sources are assessments against
owners of benefited property and contributions from other
funds for their share of costs.
13
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
2. Organization and Operation, Continued:
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).
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
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 Special Assessments Fund of the City is prepared
differently from generally accepted accounting principles. There-
fore, the Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental Fund Types
is presented 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 recon-
ciliation of the differences between the budgetary basis and
generally accepted accounting principles basis for the excess of
• revenues under expenditures for the aforementioned combined
financial statements:
Excess of revenues under expenditures - generally
accepted accounting principles basis $(204,917)
Expenditures:
• Bond principal payments budgeted as expenditures (250,000)
Excess of revenues under expenditures -
budgetary basis $(454,917)
14
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
4. Cash and Investments:
The City maintains a cash and investment pool that is available
for use by all funds, except the Deferred Compensation Fund and
• Pension Trust Fund. Each fund type's portion of this pool is
displayed on the combined balance sheet as "Cash and investments ".
The investments of the Deferred Compensation Fund and Pension
Trust Fund are held separately from those of other City funds.
State of Oregon Statutes authorize the City to invest in general
• obligations of the United States government and its agencies,
general obligations of certain states, certain bonds of Oregon
municipalities, insurance contracts, bankers' acceptances and
open time deposits, certificates of deposits and saving accounts
of banks and savings and loans located in Oregon.
• Cash and investments at June 30, 1986 were:
Cash on hand $ 650
Cash held by Department of Finance,
Washington County 14,097
Cash in bank demand deposits 139,970
Cash on deposit with Oregon Treasurer's Investment
Pool 3,702,912
Investments with fiduciary (investment company
for Deferred Compensation Fund) 406,575
Investments with fiduciary (insurance company
for Pension Trust Fund) 1,629,717
•
$5,893,921
The City's bank deposits were entirely covered by federal deposi-
tory insurance or by collateral held by a custodian in the City's
name. The City also invested in bank certificate of deposits
during the year.
5. Contract Receivable:
This represents the balance due to the City from the Unified
• Sewerage Agency of Washington County resulting from the sale of
certain sewage treatment and collection facilities to the
Agency in 1970. This contract is recorded in the General Fund
because at the time of sale of the facilities, the City's sewer
operations were accounted for in the General Fund. Amounts due at
June 30, 1986 comprise:
•
15
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
5. Contract Receivable, Continued:
Total receivable $83,044
• Less unearned interest 10,833
$72,211
The contract requires annual payments of $14,442 plus 5% interest
on the unpaid balance to July 1, 1991.
•
6. Assessment Liens Receivable:
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
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%
interest.
• 7. Interfund Receivables and Payables:
Interfund receivables and payables at June 30, 1986 are:
Special Enter-
• General Revenue prise
Fund Funds Funds Total
Due from other funds:
Streets SDC $ 17,729 $ 17,729
State Tax Street $352,096 352,096
Parks SDC 36,165 36,165
• County Gas Tax 28,796 28,796
Storm Drainage 10,558 10,558
$427.615 $ 17,729 $445,344
Due to other funds:
General $417,057 $10,558 $427,615
Parks SDC 17,729 17,729
$434,786 $10,558 $445,344
•
• 16
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
8. Fixed Assets:
Fixed assets and related changes therein are as follows:
•
ENTERPRISE FUNDS
Balance Balance
June 30, June 30,
1985 Additions 1986
• Land $ 2,484 $ 2,484
Building 53,540 53,540
Sewer system 4,344,216 $345,062 4,689,278
Storm drainage system 4,936,711 23,430 4,960,141
Equipment 122,088 122,088
Autos and trucks 28,710 28,710
• 9,487,749 368,492 9,856,241
Less accumulated
depreciation 2,854,763 222,294 3,077,057
$6,632.986 $146,198 $6,779,184
•
GENERAL FIXED ASSETS ACCOUNT GROUP
Balance Balance
• June 30, Dele- June 30,
1985 Additions tions 1986
Land $ 913,481 $ 913,481
Buildings 865,737 $1,957,498 2,823,235
• Equipment 371,230 388,538 759,768
Autos and trucks 165,390 16,705 $(3,500) 178,595
Office equipment 195,850 195,850
Library books 252,038 51,245 303,283
$2,763.726 $2,413,986 $(3,500) $5,174,212
•
•
17
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
9. Long -Term Debt:
Bonds payable transactions for the year and future maturities of
• bond principal and interest at June 30, 1986 are as follows:
Principal
Outstanding Matured Outstanding
June 30, During June 30,
1985 Year 1986 Interest
• General Obligation Bonds:
General obligation city
building bonds with
interest rates from
9.7% to 18% (original
amount $2,200,000):
• Fiscal year:
1986 $ 40,000 $ 40,000
1987 45,000 $ 45,000 $ 229,302
1988 50,000 50,000 221,203
1989 55,000 55,000 215,202
1990 60,000 60,000 208,603
• 1991 65,000 65,000 202,153
1992 -1996 455,000 455,000 896,350
1997 -2001 760,000 760,000 609,810
2002 -2004 670,000 670,000 146,810
$2.200.000 $ 40.000 $2.160.000 $2.729.433
•
Bancroft Improvement Bonds:
Seven general obligation
improvement bond issues
with interest rates from
6% to 16.75% (original
• amounts $3,447,181):
Fiscal year:
1986 $ 250,000 $250,000
1987 278,000 $ 278,000 $ 242,951
1988 308,000 308,000 215,932
1989 328,000 328,000 187,955
41 1990 363,000 363,000 156,929
1991 388,000 388,000 122,257
1992 -1996 1,022,000 1,022,000 168,491
1997 -2001 50,000 50,000 25,600
2002 -2003 20,000 20,000 2,300
• $3.007.000 $250.000 $2.757.000 $1.122.415
• 18
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
9. Long -Term Debt, Continued:
During fiscal 1986, accrued vacation pay recorded in the General
Long -Term Debt Account Group increased from $107,544 at June 30,
• 1985 to $140,948 at June 30, 1986, an increase of $33,404. The
accrual represents a normal accumulation of vested benefits at
year end.
10. Contributed Capital:
•
The changes in contributed capital were as follows:
Balance, beginning of year $6,469,592
Transfer of depreciation on certain contributed
• fixed assets from retained earnings (189,603)
Contributions from customers 488,750
Balance, end of year $6,768.739
•
11. Retirement Plans:
Pension Plans
Full -time police employees who have completed six months of
• service are participants in a city sponsored pension program
consisting of a defined benefit plan and a defined contribution
plan. 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 contri-
bution plan.
•
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
and normal cost, is also accrued and funded currently. Due to
the unitary nature of the police pension program, these two plans
41 have been accounted for in one pension trust fund. Pension
contributions made to this fund by the City for the year ended
June 30, 1986 were $117,824. There are no unfunded accrued
liabilities for these plans.
A comparison of accumulated plan benefits and plan net assets for
• the police employees' defined benefit plan as of July 1, 1985, the
latest actuarial valuation study, is presented below:
19
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
11. Retirement Plans, Continued:
Pension Plans, Continued
• Actuarial present value of accumulated plan benefits:
Vested $455,601
Nonvested 53,078
$508,679
• Net assets available for benefits $841,555
The weighted average assumed rate of return used in determining
the actuarial present value of accumulated plan benefits was 7.5 %.
The City contributes to defined contribution plans for all eli-
• gible employees. Eligible employees include all employees except
police employees. Contributions to the plans are made to a
fiduciary. The fiduciary holds the funds in trust and makes dis-
tributions as provided by the plans. Expenditures by the City
for the plans were $71,188 for the year ended June 30, 1986.
• Deferred Compensation Plan
The City offers certain employees a deferred compensation plan
created in accordance with Internal Revenue Code Section 457.
The plan, available to all City employees except police employees,
permits them to defer a portion of their salary until future
• years. Contributions for the plan are made to fiduciaries who
hold the funds in trust for the plan participants. The deferred
compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property
and rights purchased with those amounts, and all income attribut-
able to those amounts, property, or rights are (until paid or made
available to the employee or other beneficiary) solely the pro-
perty and rights of the City (without being restricted to the
provisions of benefits under the plan), subject only to the claims
of the City's general creditors. Participants' rights under the
• plan are equal to those of general creditors of the City'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
$31,541 for the year ended June 30, 1986.
20
•
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
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 Janu-
ary 18, 1972. Payments of $1,144,992 were made to USA during
1986 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 $2,757,000. 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.
• The City is a defendant in several legal actions currently pending.
Although their outcome cannot be determined, it is the opinion of
management that settlement of these matters will not have a
material effect on the combined financial position and results
of operations of the City.
•
•
•
• 21
•
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
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
which are supported by user charges. Segment information for the
year ended June 30, 1986 is as follows:
Sewer Storm Drainage
Operations Operations Total
•
Operating revenues $ 583,437 $ 155,431 $ 738,868
Depreciation 113,715 108,579 222,294
Operating (loss) (2,329) (138,928) (141,257)
Net income (loss) 14,405 (135,622) (121,217)
Current capital contri-
• butions 345,062 143,688 488,750
Fixed asset additions 345,062 23,430 368,492
Net working capital 391,838 226,854 618,692
Total assets 4,289,638 3,369,378 7,659,016
Total equity 4,039,056 3,358,820 7,397,876
•
15. Deficit Fund Balance:
The deficit of $2,246,207 in the Special Assessments Fund at
June 30, 1986 arises because of the application of generally
accepted accounting principles to the financial reporting 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. Special
assessments are recognized as revenue only to the extent that
individual installments are collected within sixty days following
• year end.
16. Special Assessment Refunds:
During fiscal 1986, the City completed the final assessment for
• Local Improvement District No. 21. The final assessment resulted
in cash refunds of $109,698 ($82,749 of principal and $26,949 of
interest) to property owners, a reduction in special assessments
receivable of $186,804 and a liability to property owners of
$58,112 for interest paid on preassessed amounts in prior years.
11
• 22
s
CITY OF TIGARD, OREGON
NOTES TO COMBINED FINANCIAL STATEMENTS, Continued
•
17. Accounting Change and Restatement:
To comply with Governmental Accounting Standards Board Statement
No. 2, amounts related to employee deferred compensation plans
• have been recorded in an agency fund effective July 1, 1985.
Prior to fiscal 1986 employee deferred compensation assets and
liabilities were recorded in the General Fund. The reclassifica-
tion between funds had no effect on the excess of revenues over
(under) expenditures or fund equity as of and for the year ended
June 30, 1985.
•
•
•
•
•
•
•
23
•
•
•
•
• SUPPLEMENTARY DATA
(Combining and Individual Fund and Account Group Statements
and Other Financial Schedules)
•
•
•
•
•
•
•
•
•
a'
GENERAL FUND
0
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.
•
1
0
1
•
•
AD
CITY OF TIGARD, OREGON
GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
4R
41 Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Property taxes:
Current year $ 711,650 $ 735,552 $ 23,902
0/ Prior years 52,220 90,564 38,344
Other 500 (500)
Franchise fees 626,000 941,264 315,264
Licenses and permits 364,000 539,817 175,817
Intergovernmental revenues 523,700 565,649 41,949
Charges for current services 35,400 41,633 6,233
Fines and forfeitures 119,500 167,610 48,110
Use of money and property 62,200 174,568 112,368
41 Nonrevenue receipts 3,000 28,783 25,783
Recovered expenditures and other 15,000 8,310 (6,690)
Total revenues 2,513,170 3,293,750 780,580
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 1,017,599 1,017,599
4) Total $3,530.769 $4,311.349 $780.580
EXPENDITURES:
Community services $2,136,102 $2,030,020 $106,082
Community development 508,080 473,879 34,201
Policy and administration 110,740 110,455 285
City -wide support function 595,733 582,854 12,879
Contingency 102,043 102,043
Capital projects 25,000 25,000
3,477,698 $3,222,208 $255.490
UNAPPROPRIATED ENDING FUND BALANCE 53,071
$3,530,769
41
0
4
24
0
0
•
SPECIAL REVENUE FUNDS
0
The Special Revenue Funds account for revenue derived
from specific tax or other earmarked revenue sources, including
federal and state grant awards, which are legally restricted to
• finance particular functions or activities. Funds included in
this fund category are:
Federal Revenue Sharing
• State Tax Street
Streets SDC
Parks SDC
County Road Levy
• County Gas Tax
•
•
•
41
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1986
f
• Federal State County
Revenue Tax Streets Parks Road County
Sharing Street SDC SDC Levy Gas Tax Total
ASSETS
• Cash and investments $ 3,161 $539,009 $500,443 $132,161 $130,264 $155,952 $1,460,990
Accounts receivable 24,359 24,359
Due from other funds 17,729 17,729
Total assets $27.520 $539.009 $500.443 $149.890 $130.264 $,55.952 $1.503.078
• LIABILITIES AND
FUND BALANCES
Liabilities - due to
other funds $352,096 $ 17,729 $ 36,165 $ 28,796 $ 434,786
Fund balances -
unreserved $27,520 186,913 482,714 113,725 $130,264 127,156 1,068,292
Total liabilities
and fund balances $27,520 $539.009 $500.443 $149.890 $,30,264 $155.952 $1.503.078
r
40
41
25
41
41
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
(GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS)
t for the fiscal year ended June 30, 1986
S
Federal State County
Revenue Tax Streets Parks Road County
Sharing Street SDC SDC Levy Gas Tax Total
REVENUES:
41 Licenses and permits $ 8,872 $ 8,872
Intergovernmental
revenues $105,916 373,618 $ 21,068 $305,553 806,155
Charges for services $267,659 $ 66,690 334,349
Miscellaneous revenues 22,989 15,613 5,301 5,185 3,111 52,199
Total revenues 105,916 405,479 283,272 71,991 26,253 308,664 1,201,575
EXPENDITURES:
Community services 86,518 33,379 2,172 5,533 127,602
Community development 285,309 37,900 8,908 162,782 494,899
Policy and administra-
tion 17,096 2,428 2,867 22,391
City -wide support
41 functions 45,650 7,401 53,051
Capital projects 5,440 40,649 95,009 10,337 13,322 164,757
Total expendi-
tures 86,518 386,874 83,149 103,917 10,337 191,905 862,700
Excess of revenues
over (under)
4, expenditures 19,398 18,605 200,123 (31,926) 15,916 116,759 338,875
FUND BALANCES - beginning
of year 8,122 168,308 282,591 145,651 114,348 10,397 729,417
FUND BALANCES - end of
year $ 27,520 $186.913 $482,714 $,13.725 $,30,264 $127,156 $1.068,292
r
M
26
41
I
CITY OF TIGARD, OREGON
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
40 for the fiscal year ended June 30, 1986
i
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
• Federal revenue sharing entitlements $89,122 $105,916 $16,794
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 8,122 8,122
Total $97,244 $114.038 $16.794
10
Variance
Revised Favorable
Appropriations Actual (Unfavorable)
41 EXPENDITURES:
Community services $89,122 $ 86.518 $ 2.604
UNAPPROPRIATED ENDING FUND BALANCE 8,122
$97,244
i
•
40 27
41
CITY OF TIGARD, OREGON
STATE TAX STREET FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
•
40 Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
State gas tax $350,000 $373,618 $ 23,618
• Interest 10,000 22,989 12,989
Lighting Subdivisions 4,000 8,872 4,872
Total revenues 364,000 405,479 41,479
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 168,308 168,308
41 Total $532.308 $573.787 $ 41.479
Variance
f Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 38,300 $ 33,379 $ 4,921
Community development 309,012 285,309 23,703
Policy and administration 17,100 17,096 4
• City -wide support functions 58,300 45,650 12,650
Contingency 48,353 48,353
Capital projects 61,243 5,440 55,803
Total $532,308 $386.874 $145.434
41
40
41
28
41
40
CITY OF TIGARD, OREGON
STREETS SDC FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
41
40 Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
System development charges $195,000 $267,659 $ 72,659
Interest 25,000 15,563 (9,437)
Miscellaneous 50 50
Total revenues 220,000 283,272 63,272
•
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 282,591 282,591
• Total $502.591 $565,863 $ 63.272
Variance
41 Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 2,500 $ 2,172 $ 328
Community development 40,000 37,900 2,100
Policy and administration 2,500 2,428 72
Capital projects 457,591 40,649 416,942
Total $502.591 $ 83.149 $419.442
41
41
40
29
40
41
CITY OF TIGARD, OREGON
PARKS SDC FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
41
i Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
System development charges $ 20,000 $ 66,690 $46,690
Interest 5,000 5,301 301
Total revenues 25,000 71,991 46,991
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 145,651 145,651
r Total $,70.651 $217,642 $46.991
Variance
40 Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community development $ 9,151 $ 8,908 $ 243
Capital projects 156,500 95,009 61,491
. Contingency 5,000 5,000
Total $170.651 $103.917 $66.734
40
S"
r
30
41
0
CITY OF TIGARD, OREGON
COUNTY ROAD LEVY FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
41
i Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
County maintenance and repair tax $ 1,500 $ 21,068 $ 19,568
Interest 500 5,185 4,685
Total revenues 2,000 26,253 24,253
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 114,348 114,348
41 Total $116.348 $,40,601 $ 24.253
Variance
41 Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Capital projects $116.348 $ 10,337 $106.011
41
40
40
31
41
CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
41
i Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
County road tax $351,000 $305,553 $(45,447)
41 Interest 1,000 3,111 2,111
Total revenues 352,000 308,664 (43,336)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 10,397 10,397
Total $362,397 $319.061 $(43.336)
41
Variance
Revised Favorable
41 Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 6,400 $ 5,533 $ 867
Community development 170,869 162,782 8,087
Policy and administration 3,160 2,867 293
City -wide support functions 10,600 7,401 3,199
Capital projects 150,000 13,322 136,678
Contingency 21,368 21,368
Total $362,397 $191.905 $170.492
41
41
40
32
41
•
•
•
SPECIAL ASSESSMENTS FUND
•
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.
•
•
•
•
IP
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENTS FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
41
Variance
Revised Favorable
i Budget Actual (Unfavorable)
REVENUES:
Collection of bonded assessments $ 252,000 $ 361,268 $ 109,268
Interest on assessments 251,363 179,519 (71,844)
Interest on investments 43,000 34,476 (8,524)
Total revenues 546,363 575,263 28,900
4 OTHER FINANCING SOURCES:
Bond proceeds 4,200,000 (4,200,000)
Total revenues and other sources 4,746,363 575,263 (4,171,100)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,490,015 1,490,015
• Total $6.236.378 $2.065.278 $(4.171.100)
EXPENDITURES:
Capital projects $4,200,000 $ 341,719 $3,858,281
Special assessment refunds:
Principal 82,749 (82,749)
Interest 85,061 (85,061)
• 167,810 (167,810)
Bond principal:
Bancroft #11 3,000 3,000
12 15,000 15,000
13 30,000 30,000
14 5,000 5,000
15 65,000 65,000
16 100,000 100,000
17 32,000 32,000
Total bond principal 250,000 250,000
Bond interest:
Bancroft #11 1,954 1,954
IP 12 4,575 4,575
13 34,382 34,382
14 18,884 18,884
15 65,465 65,465
16 102,418 102,418
17 68,685 42,973 25,712
• Total bond interest 296,363 270,651 25,712
Total expenditures 4,746,363 $,,030,180 $3.716.183
UNAPPROPRIATED ENDING FUND BALANCE 1,490,015
$6,236,378
41
33
41
•
•
•
ENTERPRISE FUNDS
•
These funds are used to finance and account for the
acquisition, operation and maintenance of sewer and storm drainage
facilities which are supported by user charges. Funds included in
• this fund category are:
• Sewer Fund
• Storm Drainage Fund
•
•
•
•
•
•
40
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
June 30, 1986
41
Storm
Sewer Drainage
Fund Fund Total
ASSETS:
Current assets:
Cash and investments $ 569,212 $ 206,028 $ 775,240
• Accounts receivable 65,787 30,102 95,889
Property taxes receivable 7,421 1,282 8,703
Total current assets 642,420 237,412 879,832
Fixed assets, net 3,647,218 3,131,966 6,779,184
$4.289.638 $3.369.378 $7.659.016
LIABILITIES AND FUND EQUITY:
Current liabilities:
Accounts payable and accrued liabilities $ 230,252 $ 230,252
Customer deposits 17,767 17,767
Accrued vacation pay 2,563 2,563
Due to other funds $ 10,558 10,558
• Total current liabilities 250,582 10,558 261,140
Fund equity:
Contributed capital 3,424,014 3,344,725 6,768,739
Retained earnings 615,042 14,095 629,137
Total fund equity 4,039,056 3,358,820 7,397,876
• $4.289.638 $3.369.378 $7.659.016
41
40
34
41
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
• for the fiscal year ended June 30, 1986
Storm
Sewer Drainage
Fund Fund Total
OPERATING REVENUES:
Service charges $583,437 $155,431 $738,868
I
OPERATING EXPENSES:
Salaries, wages and employee benefits 261,679 107,055 368,734
Contracted services 8,713 3,223 11,936
General and administrative and other 201,659 75,502 277,161
Depreciation 113,715 108,579 222,294
1 Total operating expenses 585,766 294,359 880,125
Operating loss (2,329) (138,928) (141,257)
NONOPERATING REVENUE - Interest 16,734 3,306 20,040
Net income (loss) 14,405 (135,622) (121,217)
Add: Depreciation on fixed assets donated or
acquired from capital contributions that
reduces contributed capital 81,025 108,578 189,603
Increase (decrease) in retained
earnings 95,430 (27,044) 68,386
RETAINED EARNINGS - beginning of year 519,612 41,139 560,751
I
RETAINED EARNINGS - end of year $615.042 $ 14.095 $629.137
I
35
I
41
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
for the fiscal year ended June 30, 1986
41
• Storm
Sewer Drainage
Fund Fund Total
Working capital provided (used):
In operations:
Net income (loss) $ 14,405 $(135,622) $(121,217)
41 Charges to operations not requiring outlay
of working capital in the current period -
depreciation 113,715 108,579 222,294
Working capital provided from (used in)
operations 128,120 (27,043) 101,077
Capital contributions, net of donated fixed
. assets of $345,062 and $23,430,
respectively 120,258 120,258
Increase in working capital $128.120 $ 93.215 $221.335
Changes in components which increased (decreased)
working capital:
41 Cash and investments $273,031 $ 96,958 $369,989
Accounts receivable 30,371 6,512 36,883
Property taxes receivable (355) 321 (34)
Interest receivable (913) (18) (931)
Due from other funds (52,011) (52,011)
Accounts payable and accrued liabilities (115,663) (115,663)
Customer deposits (6,340) (6,340)
Due to other funds (10,558) (10,558)
Increase in working capital $,28,120 $ 93.215 $221,335
41
41
41
36
41
CITY OF TIGARD, OREGON
SEWER FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
I•
41 Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Sewer service charges $540,000 $583,437 $ 43,437
Interest 25,000 16,734 (8,266)
Total revenues 565,000 600,171 35,171
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 263,722 263,722
41 Total $$28,722 $863,893 $ 35,171
Variance
41 Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 85,900 $ 75,059 $ 10,841
Community development 323,097 267,128 55,969
Policy and administration 32,200 32,200
City wide support function 109,324 85,532 23,792
41 Contingency 98,201 98,201
Capital projects 180,000 12,132 167,868
Total $828,722 $472.051 $356,671
Total expenditures, as reported above $472,051
Add depreciation 113,715
41 Total expenses as reported in the Combining
Statement of Revenues, Expenses and
Changes in Retained Earnings (page 35) $585.766
41
41
37
41
41
CITY OF TIGARD, OREGON
STORM DRAINAGE FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1986
40 Variance
Original Favorable
Budget Actual (Unfavorable)
REVENUES:
Service charges $255,000 $155,431 $(99,569)
4 Interest 10,000 3,306 (6,694)
Total revenues 265,000 158,737 (106,263)
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 41,139 41,139
Total $306.139 $199.876 $(106,263)
40
Variance
Revised Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 46,100 $ 40,188 $ 5,912
Community development 130,939 105,965 24,974
Policy and administration 9,300 9,210 90
City wide support function 31,800 23,013 8,787
• Capital projects 88,000 7,404 80,596
Total $306,139 $185.780 $,20,359
Total expenditures, as reported above $185,780
Add depreciation 108,579
a Total expenses as reported in the
Combining Statement of Revenues,
Expenses and Changes in Retained
Earnings (page 35) $294,359
41
41
38
41
•
•
FIDUCIARY FUNDS
• These funds account for resources received and held by
the City in a fiduciary capacity. Disbursements from these funds
are made in accordance with the trust agreement or conditions of
the trust for the particular fund. Funds included in this
•
category are:
Agency Fund - Deferred Compensation Fund
• Pension Trust Fund
•
•
•
•
•
CITY OF TIGARD, OREGON
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1986
11
Deferred
Compensation Pension
11 Fund Trust Fund Total
Assets:
Cash and investments $406.575 $2.629.717 $2.036.292
Liabilities and Fund Balance:
Liabilities:
41 Deferred compensation payable $406,575 $ 406,575
Fund balance:
Reserved for employee retirement
benefits $1,629,717 1,629,717
$406.575 $1.629.717 $2.036.292
41
11
11
r
11
11
39
11
40
CITY OF TIGARD, OREGON
DEFERRED COMPENSATION FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1986
S
40 Balance
June 30, Balance
1985, as June 30,
ASSETS restated Additions Deletions 1986
Cash and investments $331.744 $82.650 $7,819 $406.575
S
LIABILITIES
Deferred compensation payable $331.744 $132.650 $7,819 $406.575
S
S
S
S
S
s
40
40
•
•
•
GENERAL FIXED ASSETS ACCOUNT GROUP
•
This account group accounts for the fixed assets of the
City other than those recorded in the Enterprise Funds.
•
•
•
•
r
•
40
CITY OF TIGARD, OREGON
STATEMENT OF GENERAL FIXED ASSETS - BY SOURCES
June 30, 1986
41
a GENERAL FIXED ASSETS
Land $ 913,481
Buildings 2,823,235
Equipment 759,768
Autos and trucks 178,595
Office equipment 195,850
Library books 303,283
40
Total general fixed assets $5.174,212
INVESTMENT IN GENERAL FIXED ASSETS
• Balance, beginning of year $2,763,726
Additions were provided by:
General Fund 738,809
Capital Projects Fund 1,675,177
2,413,986
41 5,177,712
Retirements (3,500)
Total investment in general fixed assets $5.174.212
40
40
r
41
41
40
41
CITY OF TIGARD, OREGON
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES
for the fiscal year ended June 30, 1986
41
41 Autos and Office Library
Land Buildings Equipment Trucks Equipment Books Total
Balance, beginning
of year $913,481 $ 865,737 $371,230 $165,390 $195,850 $252,038 $2,763,726
Add:
41 Additions from:
General Fund 282,321 388,538 16,705 51,245 738,809
Capital
Projects
Fund 1,675,177 1,675,177
1,957,498 388,538 16,705 51,245 2,413,986
Deduct:
Retirements (3,500) (3,500)
Balance, end of
year $913.481 $2.823.235 $759,768 $178.595 $195.850 $303.283 $5.174,212
40
41
41
40
e
42
S
40
CITY OF TIGARD, OREGON
STATEMENT OF GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
June 30, 1986
41
` Machinery,
Equipment
Function and Activity Total Land Buildings and Other
General Government:
Control:
Legislative $ 3,626 $ 3,626
Executive 16,666 16,666
40' Judicial 5,750 5,750
Total control 26,042 26,042
Staff Agencies:
Finance 66,803 66,803
Recording and reporting 37,381 37,381
r Administrative officers and boards 83,789 83,789
Planning and zoning 159,503 159,503
Research and investigation 152,330 152,330
General government buildings 3,199,063 $597,130 $2,601,933
Total staff agencies 3,698,869 597,130 2,601,933 499,806
Total general government 3,724,911 597,130 2,601,933 525,848
Public safety:
Police protection 379,060 1,171 75,224 302,665
Protective inspection 22,097 22,097
Total public safety 401,157 1,171 75,224 324,762
i Highways 252,721 2,300 39,286 211,135
Libraries 334,593 334,593
Recreation 460,830 312,880 106,792 41,158
Total general fixed assets $5,l74,212 $913,481 $2.823,235 $1,437,496
41
40
s
43
40
i41
CITY OF TIGARD, OREGON
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION AND ACTIVITY
June 30, 1986
41
41
General General
Fixed Assets Fixed Assets
Function and Activity June 30, 1985 Additions Deletions June 30, 1986
General Government:
Control:
Legislative $ 3,626 $ 3,626
11 Executive 16,666 16,666
Judicial 5,750 5,750
Total control 26,042 26,042
Staff agencies:
Finance 66,803 66,803
Recording and reporting 37,381 37,381
$ Administrative officers and boards 13,879 $ 69,910 83,789
Planning and zoning 12,490 147,013 159,503
Research and investigation 61,111 91,219 152,330
General government buildings 1,241,565 1,957,498 3,199,063
Total staff agencies 1,433,229 2,265,640 3,698,869
41 Total general government 1,459,271 2,265,640 3,724,911
Public safety:
Police protection 285,464 97,096 $3,500 379,060
Protective inspection 22,097 22,097
Total public safety 307,561 97,096 3,500 401,157
Highways 252,721 252,721
Libraries 283,343 51,250 334,593
Recreation 460,830 460,830
Total general fixed assets $2.763.726 $2,413.986 $3.500 $5.174.212
41
40
41
44
41
•
•
•
OTHER SCHEDULES
Schedules included in this section are:
•
Property tax transactions and outstanding balances
Bond and bond interest transactions
Future debt service requirements of Bancroft Improvement
• Bonds
Future debt service requirements of General Obligation
Bonds
•
•
•
•
•
•
a
CITY OF TIGARD, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS
AND OUTSTANDING BALANCES
for the fiscal year ended June 30, 1986
41
Property Add Add Property*
Taxes Levy as (Deduct) Taxes
41 Receivable Extended Corrections Deduct Deduct Receivable
June 30, By and Cash Add Discounts June 30,
1985 Assessor Adjustments Collections Interest Allowed 1986
1985 -86 $1,283,711 $(1,806) $(1,159,480) $ 1,299 $(24,964) $ 98,760
1984 -85 $ 82,041 2,131 (45,827) 3,797 (8) 42,134
41 1983 -84 47,428 130 (23,742) 4,345 (1) 28,160
1982 -83 24,057 (972) (15,766) 4,151 (8) 11,462
1981 -82 10,312 (218) (12,679) 3,959 1,374
1980 -81
and prior 720 (538) (208) 81 (1) 54
41
$164.558 $1.283.711 6(1.273) $(1.257.702) $17.632 $(24.982) $181,944
Distributed as follows:
General Fund:
Current $ 721,915 $ 61,487
• Prior years' levies 90,861 72,563
Total General Fund 812,476 134,050
Debt Service Fund 394,771 39,191
Sewer Fund (sewer charges collected
on tax roll and included in sewer
service charges) 46,419 7,421
w Storm Drainage Fund (storm drainage
charges collected on tax roll and
included in storm drainage service
charges) 4,036 1,282
Total $1.257.702 $181.944
41
*Included in this amount is $486 of property tax receivable attributable to the Tigard Urban
Renewal Agency Fund which has been closed.
41
40
45
41
• • • • • • • • • • •
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1986
Bond Transactions Interest Transactions
Out- Out- Out- Out-
standing standing standing standing
Original June 30, June 30, June 30, June 30,
Bancroft Bonds Issue 1985 Issued Matured Paid 1986 1985 Matured Paid 1986
Issued August 1, 1975 $ 57,840 $ 30,000 $ 3,000 $ 3,000 $ 27,000 $ 1,954 $ 1,954
Issued November 1,
1979 128,082 75,000 15,000 15,000 60,000 $ 673 4,575 4,575 $ 673
Issued November 1,
1981 374,795 305,000 30,000 30,000 275,000 1,625 34,382 34,382 1,625
Issued September 1,
1982 184,664 175,000 5,000 5,000 170,000 18,884 18,884
Issued October 1,
, 1982 838,600 730,000 65,000 65,000 665,000 65,465 65,246 219
Issued October 1,
1982 1,371,200 1,200,000 100,000 100,000 1,100,000 667 102,418 102,195 890
Issued September 1,
1984 492,000 492,000 32,000 32,000 460,000 42,973 42,973
$3,007.000 $250.000 $250.000 $2.757.000 $2,965 $270.651 $270.209 $3.407
General Obligation
Bonds
Issued June 1, 1984 2,200,000 $2.200.000 $ - $ 40.000 $ 40.000 $2.160.000 $ - $236.503 $236.503 $ -
41 ID 41 • li 41 • • • • •
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS
as of June 30, 1986
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 /4o to 13% 10 -1 /4o 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
1986-
87 $ 278,000 $ 242,951 $ 3,000 $1,759 $15,000 $3,532 $ 35,000 $ 30,158 $ 10,000 $ 18,003 $ 70,000 $ 58,850 $ 110,000 $ 92,468 $ 35,000 $ 38,181
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 -
94 78,000 20,515 3,000 315 10,000 10,590 65,000 9,610
1994-
95 88,000 13,007 3,000 105 10,000 9,527 75,000 3,375
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 10,000 2,870
2001-
2002 10,000 1,725 10,000 1,725
2002-
2003 10,000 575 10,000 575
To-
tals $2.757.000 $1.122.415 $27.000 01.445 $60.000 $8.084 $275,000 $107.046 $170.000 $159.531 $665,000 $245.375 $1.100.000 $388,658 $460.000 $205.276
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
as of June 30, 1986
4
I .
Issued
June 6, 1984
Year of 9.7% to 18%
Maturity Principal Interest
1986 -87 $ 45,000 $ 229,302
• 1987-88 50,000 221,203
1988 -89 55,000 215,202
1989 -90 60,000 208,603
1990 -91 65,000 202,153
1991 -92 75,000 195,490
1992 -93 80,000 187,990
1993 -94 90,000 180,230
1994 -95 100,000 171,320
1995-96 110,000 161,320
1996 -97 125,000 150,210
1997 -98 135,000 137,460
1998 -99 150,000 123,555
1999 -2000 165,000 107,955
2000 -01 185,000 90,630
2001 -02 200,000 71,020
2002 -03 225,000 49,820
40 2003 -04 245,000 25,970
$2,160,000 $2.729,433
40
41
41
41
• 48
•
•
•
• STATISTICAL SECTION
•
•
•
•
•
•
•
II
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
BUDGETARY BASIS
for the last ten fiscal years
10
City -Wide
Support
II Functions,
Fiscal Capital
Year Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service Total
1977 $ 631,725 $ 267,107 $ 88,400 $ 105,608 $ 69,774 $1,162,614
• 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
1980 1,231,631 510,098 190,308 232,502 50,348 2,214,887
1981 1,398,867 871,638 208,062 638,894 61,827 3,179,288
II 1982 1,591,208 1,113,210 282,349 551,917 75,425 3,614,109
1983 1,527,913 1,126,758 154,184 367,684 212,282 3,388,821
1984 1,680,374 1,507,879 237,028 241,984 449,545 4,116,810
1985 1,592,319 817,741 114,787 1,414,569 710,366 4,649,782
• 1986 2,157,622 968,778 132,846 3,010,368 797,154 7,066,768
Information derived from Comprehensive Annual Financial Reports for all governmental fund
types.
II
II
II
II
49
II
11
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCE - BUDGETARY BASIS
for the last ten fiscal years
11
11 Fiscal
Year Licenses Inter- Charges
Ended Franchise and Governmental for Fines and Miscellaneous
June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues* Total
1977 $ 308,484 $162,828 $211,053 $ 489,211 $ 46,808 $ 22,615 $ 92,328 $1,333,327
11 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
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
40 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
11
*Includes special assessment collections.
0 Information derived from Comprehensive Annual Financial Reports for all governmental fund types.
11
11
11
50
11
41
CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
for the last ten fiscal years
40
Percent of Percent of
Total Tax Delinquent
41 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
1977 $ 327,288 $ 293,516 89.68% $16,623 $ 310,139 94.76% $ 33,550 10.25%
1978 192,345 174,074 90.50 27,656 201,730 104.88 21,179 11.01
41 1979 227,357 201,349 88.56 17,123 218,472 96.09 27,790 12.22
1980 279,241 245,353 87.86 21,819 267,172 95.68 35,635 12.76
1981 308,904 271,649 87.94 26,884 298,533 96.64 41,516 13.44
1982 756,116 675,712 89.37 19,150 694,862 91.90 85,411 11.30
1983 817,642 722,215 88.33 42,635 764,850 93.54 130,010 15.90
1984 985,234 876,215 88.93 71,058 947,273 96.15 158,045 16.04
41 1985 962,280 864,334 89.82 90,687 955,021 99.24 164,558 17.10
1986 1,283,711 1,159,480 90.32 98,222 1,257,702 97.97 181,944 14.17
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
41 taxes. Tax liens are foreclosed after three years' delinquencies. Taxpayers receive a discount of 3% for payment
in full by November 15 and 2% for payment of two- thirds of the total taxes due.
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.
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
41 and Storm Drainage Fund which are collected through the tax rolls and included in tax collections above.
Information derived from Comprehensive Annual Financial Reports for all governmental fund types.
f
•
40
51
40
• • 4' 41 41 • • f • A 41
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 Proper Total to Total
Year Estimated Estimated Estimate Estimated Estimated
Ended Assessed Actual Assessed Actual Assessed Actual Assessed Actual Actual
June 30, Value Value Value Value Value Value Value Value Value
1977 $194,968,099 $194,968,099 $17,145,211 $17,145,211 $11,422,836 $11,422,836 $223,536,146 $223,536,146 100%
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
N 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
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
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 indi-
vidual property may not increase more than 5% annually calculated on a statewide basis.
Source: Washington County Department of Assessment and Taxation.
II • • II It II • • A • •
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 Total
1977 $1.45 $1.52 $14.51 $18.55 $.28 $.73 $3.01 $ .15 $.62 $.45 $ .57 $41.84
1978 .71 1.36 12.71 15.75 .29 .75 2.79 .22 .58 .41 .84 36.41
1979 .68 1.18 10.79 13.41 .33 .61 2.84 .25 .52 .37 .70 31.68
1980 .63 1.04 9.93 11.38 .30 .34 2.66 .22 .44 .30 .38 27.62
1981 .60 1.65 10.81 12.73 .34 .36 3.08 .30 .43 .28 .38 30.96
1982 1.19 4.23 11.34 14.95 .33 .35 2.86 .35 .58 .26 .80 37.24
1983 1.12 4.02 13.01 14.76 .51 .55 3.28 2.70 .57 .26 1.23 42.01
1984 1.18 1.88 12.67 13.97 .36 .61 3.15 2.70 .57 .26 1.48 38.83
1985 1.06 1.97 12.12 13.76 .37 .49 3.12 2.71 .57 .26 1.62 38.05
w 1986 1.35 1.93 11.55 13.25 .32 .36 2.60 2.65 .58 .25 1.48 36.32
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.
11
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS
for the last ten fiscal years
11
Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding
• June 30 Due (1) Collected (2) to Amount Due Assessments
1977 $ 33,448 $ 22,944 68.6% $ 90,070
1978 25,000 26,328 105.3 63,741
1979 24,000 37,435 155.9 26,306
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
1983 34,795 775,749 2,229.5 2,751,376
1984 174,464 469,969 269.4 2,417,184
1985 200,000 467,195 233.6 2,552,458
• 1986 250,000 361,268 144.5 1,945,334
(1) This amount is equal to the principal due on Bancroft improvement bonds.
(2) Represents collections of current assessments for payment of Bancroft improvement bonds
41 as well as assessment collections on projects for which such bonds have not been issued.
Source: City assessment records.
11
4,
r
41
54
11
40
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
40
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
1977 11,114 $223,536,146 $ 74,000 $ 21,030 $ 52,970 .02 $ 4.77
1978 11,899 266,097,883 50,000 22,445 27,555 .01 2.32
40 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 * * * * * * *
41 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
f Excludes Bancroft improvement bonds since these bonds are repaid from assessments against
benefited property owners.
*There was no outstanding general obligation bonded debt in 1983 and 1984.
41
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and
Washington County Department of Assessment and Taxation.
r
v
40
55
41
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1986
41
11 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) $906,368,927
General obligation debt limit x3%
27,191,068
+ Gross bonded debt $4,917,000
Excludable debt - Bancroft improvement bonds (2,757,000)
Debt subject to limitation 2,160,000
Legal debt margin - amount available for future indebtedness $ 25.031.068
41
(1) From Washington County Department of Assessment and Taxation.
t
41
41
40
41
56
s
CITY OF TIGARD, OREGON
COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 1986
Percent
Applicable Amount Appli-
i Net Debt Inside City cable Inside
Jurisdiction O utstanding of Tigard City of Tigard
Port of Portland $146,820,000 2.52% $ 3,476,214
Washington County 12,150,000 9.70 92,150
Unified Sewerage Agency 28,205,000 11.90 2,672,740
i U.S.A. Metzger 546,000 22.07 90,487
Metzger Water District 119,366 51.14 53,413
Metzger Combined Water District 4,934,860 33.33 1,606,656
Tigard Water District 1,675,000 75.48 1,104,272
Tualatin Rural Fire District 620,000 34.16 211,792
f Washington County Fire District #1 4,035,000 3.07 117,888
Tigard School District #23 -J 15,863,000 48.97 7,250,009
Beaverton School District #48 23,570,000 1.52 333,412
$238,538.226 $27.009.033
s
Source: Oregon Municipal Debt Advisory Commission.
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CITY OF TIGARD, OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
for the last ten fiscal years
41
. Percent of Debt
Fiscal Year T otal Total Service to
Ended Debt General Total General
June 30 Principal Interest Service Expenditures Expenditures
1977 $ 55,448 $ 14,326 $ 69,774 $1,162,614 6.0%
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
1981 47,082 14,745 61,827 3,179,288 1.9
1982 42,000 33,425 75,425 3,614,109 2.1
1983 34,795 177,487 212,282 3,388,821 6.3
1984 174,464 275,081 449,545 4,116,810 10.9
1985 200,000 510,366 710,366 4,649,782 15.3
1986 290,000 507,154 797,154 7,066,768 11.3
4P Note: Includes Special Assessment Debt.
Source: Comprehensive Annual Financial Reports of the City.
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II
CITY OF TIGARD, OREGON
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
for the last ten fiscal years
Commercial Residential
• Fiscal Year Construction(1) Construction(1)
Ended Number of Number of Bank Deposits
June 30 Permits Value Permits Value (in thousands)(2)
1977 112 $ 6,879,656 582 $16,107,157 $ 64,929
1978 106 8,095,118 379 15,031,551 77,314
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
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
(1) From City of Tigard Building Department.
A (2) From State of Oregon Department of Commerce, Oregon Banking Division.
IP
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CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS
June 30, 1986
Percentage
of Total
a Assessed Assessed
Taxpayer T ype of Business Valuation Valuation
Pacific Realty Trust Real estate brokers $20,356,200 2.25%
Glennbrook Associates Real estate 11,188,400 1.23
Sisters of Providence in Oregon Health care 10,717,400 1.18
41 F.I.G. Holding Company Insurance 9,453,600 1.04
SunTex Park Company Business park 6,933,400 .76
Oregon Education Association Education 6,242,200 .69
Duane Co. (Fred Meyer) Shopping Center 6,150,700 .68
Dana Corp. c/o Williams Air Control Manufacturing 5,870,700 .65
• The Coe Manufacturing Co. Manufacturing 5,090,600 .56
Sunset Terrace/Verdugo Parkview
Apartments Apartments 4,919,900 .54
Coast Finance Finance 4,850,600 .54
41
Source: Washington County Department of Assessment and Taxation, based on April 1986 assessed
valuations.
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CITY OF TIGARD, OREGON
DEMOGRAPHIC STATISTICS
for the last ten fiscal years
41
(2) (2)
Per Capita Unemployment
Income (3) Rate
41 (1) (Washington School (Portland
Fiscal Year Population County) Enrollment Metro. Area)
1977 11,114 7,784 5,654 6.8
1978 11,899 8,800 5,643 5.2
1979 13,697 9,649 5,966 5.4
41 1980 14,855 10,935 6,256 6.3
1981 14,690 N/A 6,422 8.0
1982 17,700 N/A 6,491 N/A
1983 18,000 N/A 6,561 9.9(est.)
1984 18,287 N/A 6,358 8.1
. 1985 19,113 N/A 6,387 8.0
1986 20,250 N/A 6,474 9.0
Sources of information:
(1) Portland State University, Population Research & Census Center.
(2) U. S. Bureau of Labor Statistics.
(3) Tigard School District #23J.
41 Information regarding the Median Age and Education Level of the City population is not
available.
N/A - Not available.
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CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
June 30, 1986
41
Date of incorporation 1961
Form of government Council - Mayor - Administrator
. Area 8.6 square miles
Miles of streets 95.19 miles
Number of street lights 1,593
Police protection:
Number of stations 1
Number of policemen and officers 24
O Elementary Junior High High School
Education (elementary only):
Attendance centers 9 2 1
Number of classrooms 204 102 86
Number of teachers 208 96 103
Number of students 3,544 1,478 1,452
• Sanitary sewers 71.98 miles
Building permits issued 607 permits were issued during fiscal
year 1986
Recreation and culture:
Number of parks Nine parks, totaling 60 acres
41 Number of libraries 1 library
Number of volumes Approximately 30,000 volumes
Employees:
Classified service 52
Unclassified 27
41
Information obtained from the various departments of the City of Tigard, Oregon.
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41
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•
AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
•
•
•
•
•
•
•
•
•
• AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
• Oregon Administrative Rules 162 -10 -000 through 162 -16-
000 incorporate the Minimum Standards for Audits of Oregon Munic-
ipal Corporations. These standards prescribed by the Secretary of
State in cooperation with the Oregon State Board of Accountancy,
• enumerate the financial statements, schedules, comments and
disclosures required in audit reports. The required statements
and schedules are set forth in the preceding sections of this
report. Required comments and disclosures related to our examina-
• tion of such statements and schedules are set forth following.
•
•
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• 63
•
AUDIT COMMENTS AND DISCLOSURES
•
I. Internal Accounting Control:
We have examined the combined financial statements of
• the City of Tigard, Oregon for the year ended June 30, 1986 and
our report thereon, dated August 22, 1986, is included in a
preceding section of this report. As part of our examination, we
have obtained an understanding of accounting systems and controls
• incorporated therein as required by generally accepted auditing
standards. The purpose of gaining such an understanding is to
assist the auditor in planning the nature and scope of the exami-
nation of the combined financial statements. The process of
• obtaining such an understanding is more limited than a study and
evaluation necessary to express an opinion on the system of
internal accounting control taken as a whole. Based on our
understanding, we determined that our examination could be more
efficiently conducted without placing reliance on internal ac-
•
counting controls, except for certain selected internal accounting
controls. Accordingly, we did not directly evaluate and test
those internal accounting controls not relied on. The nature and
extent of our other auditing procedures were adjusted accordingly.
•
Our examination of the combined financial statements
would not necessarily disclose all weaknesses in the system
because it was based on selective tests of accounting records and
•
related data. Accordingly, we do not express an opinion on the
system of internal accounting control of the City of Tigard,
Oregon taken as a whole. However, based solely on the procedures
described above, nothing came to our attention during our examina-
• tion that indicated the existence of a material weakness. For
this purpose, a weakness is considered material if it results in
more than a relatively low risk that errors or irregularities in
amounts that would be material in relation to the combined finan-
cial statements of the City of Tigard, Oregon may occur and not be
detected within a timely period.
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•
•
AUDIT COMMENTS AND DISCLOSURES, Continued
•
I. Internal Accounting Control, Continued:
This report is intended solely for the use of management
• and the State of Oregon, Secretary of State, Division of Audits
and should not be used for any other purpose.
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, 1986,
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, 1986 and June 30, 1987,
•
. the legal requirements relating to debt,
the collateral requirements for public fund deposits
• specified in ORS Chapter 295,
4
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•
•
AUDIT COMMENTS AND DISCLOSURES, Continued
•
II. Other Comments and Disclosures, Continued:
• the appropriate law, rules, and regulations pertaining
to programs funded wholly or partially by other govern-
mental agencies,
• the cost accounting guidelines developed by the State of
Oregon Executive Department with regard to the City's
• cost accounting system,
• ORS 294.035 in the investment of public moneys,
• • ORS Chapter 279 in the awarding of public contracts and
the construction of public improvements,
except as follows:
•
During the year ended June 30, 1986, the City was out of
compliance with the collateral requirements of ORS 295
regarding public fund deposits for the month of Septem-
ber 1985.
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.
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AUDIT COMMENTS AND DISCLOSURES, Continued
II. Other Comments and Disclosures, Continued:
We reviewed the City's insurance and fidelity bond
• coverage at June 30, 1986 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, 1986, are
adequate.
COOPERS & LYBRAND
By TOVn IIALA01 Y116(11,
John Dethman, a partner
Portland, Oregon
August 22, 1986
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