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9
CITY OF
Tigard
City of Tigard, Oregon
Annual Comprehensive Financial Report
For the fiscal year ended, June 30, 2022
Prepared by:
City of Tigard — Finance Department
3
No content appears on this page by design.
4
City of Tigard, Oregon
Table of Contents
Introductory Section
Letter of Transmittal 11
Certificate of Achievement for Excellence in Financial Reporting 18
Organization Chart 19
Principal Officials 20
Financial Section
Report of Independent Auditors 23
Management's Discussion and Analysis 27
Basic Financial Statements:
Government-Wide Financial Statements
Statement of Net Position 45
Statement of Activities 46
Fund Financial Statements
Major Governmental Funds:
Balance Sheet 48
Reconciliation of the Balance Sheet to the Statement of
Net Position 49
Statement of Revenues, Expenditures,and Changes in Fund Balance 50
Reconciliation of the Statement of Revenues, Expenditures,and
Changes in Fund Balance to the Statement of Activities 51
Proprietary Funds:
Statement of Net Position 52
Statement of Revenues, Expenses,and Changes in Fund Net Position 53
Statement of Cash Flows 54
Notes to Basic Financial Statements 57
Required Supplementary Information:
Schedules of Revenues and Expenditures—Budget and Actual:
General Fund 119
Schedule of the City's Proportionate Share of the Net Pension Liability(Asset) 120
Schedule of City's Contributions—Oregon Public Employees Retirement System 122
Schedule of the Changes in the City's Total OPEB Liability and
Related Ratios—Implicit Rate Subsidy Plan 124
Schedule of the City's Proportionate Share of the Net OPEB Liability(Asset)—Oregon
Public Employees Retirement System, Retirement Health Insurance Account 125
Schedule of the City's Contributions—Oregon Public Employees Retirement System,
Retirement Health Insurance Account 126
Other Supplementary Information:
Nonmajor Governmental Funds Combining Statements:
Combining Balance Sheet 129
Combining Statement of Revenues, Expenditures,and Changes in Fund Balances 130
Special Revenue Funds:
Combining Balance Sheet—Nonmajor Special Revenue Funds 134
Combining Statement of Revenues, Expenditures,and Changes in Fund Balance 136
5
City of Tigard, Oregon
Table of Contents,continued
Financial Section,Continued
Other Supplementary Information, Continued:
Schedules of Revenues and Expenditures—Budget and Actual:
Gas Tax Fund 138
City Gas Tax Fund 139
Transient Lodging Tax Fund 140
Construction Excise Tax Fund 141
Electrical Inspection Fund 142
Building Fund 143
Criminal Forfeiture Fund 144
Urban Forestry Fund 145
Parks Utility Fund 146
Police Levy Fund 147
Library Fund 148
Debt Service Funds:
Combining Balance Sheet—Nonmajor Debt Service Funds 152
Combining Statement of Revenues, Expenditures,and Changes in Fund Balance—Nonmajor
Debt Service Funds 154
Schedules of Revenues and Expenditures—Budget and Actual:
Bancroft Bond Debt Service Fund 156
General Obligation Debt Service Fund 157
City Center Urban Renewal Debt Service Fund 158
Tigard Triangle Debt Service Fund 159
Capital Projects Funds:
Combining Balance Sheet—Nonmajor Capital Projects Funds 164
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance—Nonmajor Capital Projects Funds 166
Schedule of Revenues and Expenditures—Budget and Actual:
Facility Fund 168
Transportation Development Tax Fund 169
Underground Utility Fund 170
Street Maintenance Fee Fund 171
Transportation SDC Fund 172
Parks Capital Fund 173
Parks Bond Fund 174
Parks SDC Fund 175
Transportation CIP Fund 176
City Center Capital Improvements Fund 177
Tigard Triangle Capital Improvements Fund 178
Proprietary Funds:
Enterprise Funds:
Schedules of Revenues and Expenditures—Budget and Actual:
Sanitary Sewer Fund 181
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses—Sanitary Sewer Fund 182
Stormwater Fund 183
Water Quality and Quantity Fund 184
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses—Stormwater Funds 185
Water Fund 186
Water SDC Fund 187
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City of Tigard, Oregon
Table of Contents,continued
Financial Section,Continued
Other Supplementary Information, Continued:
Water CIP Fund 188
Water Debt Service Fund 189
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses—Water Funds 190
Reconciliation of Budgetary Fund Balance to Generally Accepted
Accounting Principles Basis Net Position 191
Internal Service Funds:
Combining Statement of Net Position 196
Combining Statement of Revenues, Expenses,and Changes in Fund Net Position 198
Combining Statement of Cash Flows 200
Schedules of Revenues and Expenditures—Budget and Actual:
Central Service Fund 202
Public Works Administration Fund 203
Public Works Engineering Fund 204
Fleet/Property Management Fund 205
Insurance Fund 206
Other Schedules:
Schedule of Bond and Bond Interest Transactions 209
Schedule of Future Debt Service Requirements of:
General Obligation Bonds 210
Full Faith and Credit Bonds 211
Water Revenue Bonds 212
Safe Drinking Water Revolving Loan Funds 213
Urban Renewal and Redevelopment Bonds 214
Water Fund 215
Statistical Section
Net Position by Component 220
Changes in Net Position 222
Fund Balances of Governmental Funds 226
Changes in Fund Balances of Governmental Funds 228
Governmental and Business-Type Revenues 230
Governmental and Business-Type Expenses by Function 232
General Governmental Revenues by Sources 234
General Governmental Expenditures by Function 236
Market Value and Assessed Value of Taxable Property 237
Property Tax Rates—Direct and Overlapping Governments 238
Principal Property Taxpayers 240
Property Tax Levies and Collections 241
Special Assessment Collections 242
Ratio of Annual Debt Service Expenditures for Long-Term Debt to
Total Governmental Expenditures 243
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt per Capita 244
Computation of Direct and Overlapping Debt 245
Computation of Legal Debt Margin 246
Ratio of Debt by Type 248
Computation of Water Revenue Bonds Debt Coverage 250
Demographics Statistics 252
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City of Tigard, Oregon
Table of Contents,continued
Statistical Section,Continued
Principal Employers 253
Property Value and Construction 254
Full-time Equivalent City Government Employees by Function 255
Operating Indicators by Function/Program 256
Capital Assets Statistics by Function 258
Miscellaneous Statistical Data 259
Audit Comments and Disclosure Requirements
Report of Independent Auditors Required by Oregon State Regulations 264
Report of Independent Auditors on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 266
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Introductory Section
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10
e
Tigard CITY
December 22, 2022
Community of Tigard
Honorable Mayor and City Council
We are pleased to submit the Annual Comprehensive Financial Report of the City of Tigard, Oregon, for the
fiscal year ended June 30, 2022, together with the opinion thereon of our independent certified public
accountants, Moss Adams LLP. This report is required by Oregon Revised Statutes 297.425 and is prepared
by the Finance Department.
This report presents fairly the financial position of the various funds of the city as of June 30, 2022, and the
results of operations of such funds and the cash flows of the proprietary fund types for the year then ended
in conformity with accounting principles generally accepted in the United States of America (GAAP). It is
prepared in conformance with the guidelines for financial reporting developed by the Government Finance
Officers Association of the United States and Canada and the principles established by the Governmental
Accounting Standards Board (GASB), including all effective GASB pronouncements. This report consists of
management's representations concerning the finances of the city. Consequently, management assumes full
responsibility for the completeness and reliability of all the information presented in this report. To provide
a reasonable basis for making these representations, management of the city has established a
comprehensive internal control framework that is designed both to protect the city's assets from loss, theft,
or misuse and to compile sufficient reliable information for the preparation of the city's financial statements
in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the city's
comprehensive framework of internal controls has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free from material misstatements.As management,we assert
that, to the best of our knowledge and belief, this financial report is complete and reliable in all material
respects.
The city's financial statements were audited by Moss Adams LLP, a firm of licensed certified public
accountants. The goal of the independent audit was to provide reasonable assurance that the financial
statements of the city for the fiscal year ending June 30, 2022, are free of material misstatement. The
independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. The independent auditors
concluded, based upon the audit,that there was a reasonable basis for rendering an unmodified opinion that
the city's basic financial statements for the fiscal year ended June 30, 2022,are fairly presented, in all material
respects, in conformity with GAAP. The independent auditor's report is included in the financial section of
this report.
GAAP require that management provide a narrative introduction, overview, and analysis to accompany the
basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of
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transmittal is designed to complement the MD&A and should be read in conjunction with it. The city's MD&A
can be found immediately following the report of the independent auditors.
Profile of the City of Tigard, Oregon
The City of Tigard is located in southeast Washington County, 9 miles from
" downtown Portland, Oregon. The city is included in the Metro urban growth
rd boundary, and Tigard's neighboring cities include Beaverton, Lake Oswego,
Tualatin,Durham, Portland,and King City.State Highway 99W,runs north and
Oregon south through the eastern portion of the city as a major commuter corridor
to the City of Portland. Interstate 5 and Highway 217 connect Tigard's
residents and workforce to the regional economy of 2.5 million residents.
"`f Tigard's major greenway, Fanno Creek, connects neighborhoods to the
natural environment and several of the city's parks.The incorporated area of the city represents 12.2 square
miles and has a population over 55,000.
The city can extend its corporate limits by annexation,which is permitted by state statute.Since 2012,the city
has annexed over 500 acres of land west of the city that was largely farmland. Planning for development in
that area, known as River Terrace, began in earnest during fiscal year 2014 and continued in fiscal year 2015
with the adoption of the River Terrace Community Plan, a
long-range plan to guide public and private investment -
and development to aid with transition from farmland to
residential land over the next several decades. /4 o
Throughout fiscal year 2022, permitting and construction as
phase of development of River Terrace was in full swing. Portland
Full build out is expected to take roughly 20 years. Upon
completion, River Terrace is expected to be home to --------------- t
around 6,500 new residents. More information about
Tigard's newest neighborhood is on the city's website at: Beaverton I •
https://www.tiga rd-o r.gov/you r-
government/departments/community-
development/planning/projects/river-terrace. S
The city is governed by an elected mayor and four council - Tigard 4
members who comprise the city council.The city's charter �� Lake
established the Council-Manager form of government. a� Oswego
Each member of the city council is elected at-large to serve
a four-year term. The mayor presides at council meetings Tualatin
•
and is elected at-large for a four-year term.The mayor and
council provide community leadership, develop policies to 1-205
guide the city in delivering services and achieving
community goals, and encourage community engagement
and involvement.
The city council appoints a city manager, who is the chief administrative officer of the city.The city manager
is responsible for ensuring council policies are implemented using resources appropriated by the council to
achieve desired service results in the community.
The city provides a full range of municipal services. These services include police, municipal court,community
planning and development, economic development, parks and recreation, library, capital improvement
project delivery, administration and central services, and utility services, including system maintenance of
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streets, sidewalks, and trails, and the water system, operated and maintained in partnership with the City of
Lake Oswego. Under an agreement with Clean Water Services, Tigard owns and maintains the wastewater
and storm drainage system within the city limits. Fire protection is provided by Tualatin Valley Fire and
Rescue.
The legally separate Tigard Town Center Development Agency (TCDA),formerly the City Center Development
Agency,is also included in the city's financial statements as a component unit.TCDA is the city's urban renewal
and redevelopment agency with a primary purpose to undertake urban renewal projects and activities
pursuant to the city's downtown and Tigard Triangle redevelopment plan.
The city maintains budgetary controls to ensure compliance with legal provisions in the annual appropriated
budget adopted by the city council.Activities of all funds are included in the annual adopted budget.The level
of budgetary control (that is,the level at which expenditures cannot legally exceed the appropriated amount)
is established by program within each individual fund.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from
the broader perspective of the specific environment within which the City of Tigard operates.
Local Economy
The city's location in the Portland metropolitan region provides residents with many diverse employment
opportunities. Most of Tigard's residents in the workforce commute to a job somewhere else in the region.
Every day more than 41,000 residents from a neighboring city in the region commute into Tigard for work and
more than 24,000 Tigard residents commute to employment somewhere else in the Portland metro region,
with an additional 3,600 residents both living and working in the City of Tigard.
The chart below shows a ten-year comparison of unemployment rates for the state and local areas as well as
the U.S. by fiscal year (FY).The area's unemployment rate has steadily declined over this period, until the FY
ended June 30, 2020 when unemployment more than doubled the amount of the previous year due to the
COVID-19 pandemic. The unemployment rate decreased over the FY ended June 30, 2022, and has declined
past pre-pandemic levels. Tigard's most current unemployment rate is 3.0 percent as of June 2022, which is
0.5 percent lower than the Portland Metro area and 0.5 percent lower than the State of Oregon.
Unemployment trends
12.0% -
• 10.0% -
to
ex
8.0% �
6.0%
a 4.0%
d
2.0% -
• 0.0% -
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
-State of Oregon 8.1% 6.8% 5.5% 4.8% 3.7% 4.0% 4.0% 11.6% 5.2% 3.5%
United States 7.8% 6.1% 5.3% 4.9% 4.3% 4.0% 3.7% 11.1% 5.9% 3.6%
-Portland Metro 7.6% 6.1% 5.4% 4.9% 3.7% 3.6% 4.0% 11.5% 5.4% 3.5%
-Washington County 6.6% 5.6% 5.0% 4.7% 3.5% 3.5% 3.4% 10.4% 4.4% 3.0%
-City of Tigard 6.6% 5.4% 4.5% 4.4% 3.5% 3.5% 3.4% 10.8% 4.4% 3.0%
Fiscal year
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Tax Abatements
The city provides property tax abatements through three programs: an Enterprise Zone program, a Non-
Profit Corporation Low-Income Housing program, and a Vertical Housing Development Zone program.
The Enterprise Zone program is used to reduce the tax burden on companies investing in equipment,
facilities, and people. This program offers a 100% tax abatement for three to five years on new capital
investments when a firm also increases employment by 10%.
City of Tigard's Nonprofit Corporation Low Income Housing Exemption allows property owners of
affordable housing to receive a total exemption from taxes owed to the city. This program increases the
ability for affordable housing to be built within the city.
Tigard's Vertical Housing Development Zone (VHDZ) encourages multi-story mixed-use development in
two targeted areas of the city. Developers with experience in mixed-use multi-story projects may be
interested in a City of Tigard program that provides a partial property exemption of 20 percent per floor.
A developer can earn the partial property tax exemption by locating a qualified project in a VHDZ. The
partial property tax exemption applies to new construction on the first four floors of residential
development built above a non-residential ground floor.This partial property tax exemption is not limited
to low-income housing, though low-income projects receive an additional property tax exemption. In
addition to the exemption for the residential portion of a mixed-use building, the land would also be
eligible for a partial tax exemption of 20 percent for each floor dedicated to low-income residential
housing (maximum exemption is 80 percent). Financial modeling show that a vertical housing-based tax
exemption moves some multi-story mixed-use projects from the red to the black.This tool helps close the
gap for developers who are willing to take a risk in an untested market.Tigard's VHDZ encourages private
sector development that combines first floor commercial activity with residential capacity on upper floors.
This mix of activity improves property values, the viability of local businesses, and the quality of life for
residents. It also diversifies local housing options, giving residents a wider range of housing solutions.
Finally, increasing development density supports regional development goals as well as the City's goals
around climate mitigation through creation of walkable communities. See the notes to the basic financial
statements for more information.
Response to COVID-19
In 2022, the Tigard City Council ensured the City's COVID-19 response efforts continued by naming it as
one of the four 2021-2023 City Council Goals. The goal says the City will "support the Tigard community
through a coordinated COVID response". The city has been maintaining essential services including
emergency calls for services, critical maintenance, and repair work throughout the pandemic. Beginning
in 2022, in coordination with public health partners such as Washington County and the Oregon Health
Authority, COVID-19 related restrictions were lifted, and city services have begun resuming to pre-
pandemic levels.
COVID-19 Relief Efforts
The City of Tigard has invested a total of$7.6 million in resources to date.This includes$4.0M for business
grants & loans, $2.2M for city fees & charges assistance which supports unemployed, businesses, low-
income households and delayed bill increases, $490K for non-profit and faith-based organizations, and
$90K for community resiliency and mental health.
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Additionally,the City of Tigard has been allocated$7.49 million from the American Rescue Plan Act's State
and Local Fiscal Recovery Fund to invest in the Tigard community's response and recovery efforts for
COVI D-19.
To further assist in the pandemic relief effort the city initiated the following:
• Partnered with Community Development Financial Institutions to provide $4 million of state,
federal, and local CARES Act funding for business assistance
• Resident Aid Fund of Tigard (RAFT) program provided $296,000 to prevent houselessness and
assist those that are houseless
• Expanded existing aid program through St.Vincent De Paul
2022 Summary of Local Statistics
Number of businesses 3,442
Median household income $86,757
Median home value $431,700
General fund permanent tax rate $2.5131 per$1,000 of assessed value
Total assessed value (est. 2021/2022) 7,646,182,524
Long-term Financial Planning
The city prepares a comprehensive long-term financial forecast annually. Through financial forecasting, the
city can develop strategies to respond to emerging financial trends. Operating fund revenues and
expenditures are forecast over a six-year period, and adjusted as each year's actual results are known and as
budgets are prepared for the following year. In addition,the city prepares a six-year Capital Improvement Plan
(CIP)that is also updated every year.The CIP is developed in conjunction with the budget process.The impact
on future operating and maintenance costs are projected from the CIP and then incorporated in the long-term
financial forecast. The city's adopted fiscal year 2022—2027 CIP can be found online at https://www.tigard-
or.gov/your-government/departments/public-works/capital-im provement-projects.
Financial Policies
The City of Tigard has established financial policies to account for public funds, manage municipal finances
wisely, and plan adequate funding of services and facilities desired and needed by the public. The financial
policies are adopted annually by the City Council in connection with the budget process.Consistent application
of these financial policies has helped ensure the city has appropriately recorded and accounted for
transactions in our financial statements. The adopted fiscal year 2022 budget document includes the city's
financial policies noted in the appendix starting on page 433. The policies can be found online at:
http://publicrecords.tigard-or.gov/Public/DocView.aspx?id=1025202&dbid=0&repo=CityOffigard.
The goals of Tigard's fiscal policies are:
• Enhance the City Council's policy-making ability by providing accurate information on program and
operating costs.
• Support sound management of the city government by providing accurate and timely information on
current and anticipated financial conditions.
• Provide sound principles to guide important decisions of the council and management which have
significant fiscal impact.
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• Set forth operational principles, which minimize the cost and financial risk of the city's government
consistent with services, desired by the public.
• Employ revenue policies, which prevent undue or unbalanced reliance on any one source, distribute
the cost of municipal services fairly, and provide adequate funds to operate desired programs.
• Provide and maintain essential public facilities, utilities, infrastructure, and capital equipment.
• Protect and enhance the city's credit rating.
• Ensure that all surplus cash is prudently invested in accordance with the investment policy adopted
by the council to protect city funds and realize a reasonable rate of return.
Major initiatives
The Tigard City Council meets annually in connection with the budget process to evaluate progress on Council
goals. These goals are comprised of high-priority projects or programs that the City Council intends to
complete or initiate during the two-year timeframe,though attainment of these goals may take several years.
The goals are based on community needs, bi-annual community survey results, and City Council priorities. In
the goal-setting meeting, the City Council reviews information and develops its annual and long-term goals.
Council goals set the priorities for city government and are incorporated into departmental work plans. For
2021-2023, City Council established goals for the city as follows:
1. Implement an actionable, person-centric,and regional response to homelessness.
• Re-ignite efforts focused around homelessness and identify best practices.
• Facilitate city-wide conversations which will include convening an interdepartmental team to
learn more about concerns and resources to serve those in need.
• Develop and implement a housing insecurity and prevention plan that includes recommendations
such as Safe Lots, expansion of shelter hours,wraparound services and expanded partnerships.
2. Support the Tigard community through a coordinated COVID-19 response.
• Allocate and communicate how American Resource Plan funds are assisting with recovery efforts.
• Address the barriers that exist within the digital divide.
• Reimagine and embrace forward-thinking approaches for the delivery of city services post-
pandemic.
3. Develop and implement a bold community resiliency plan.
• Develop and implement a community resiliency plan that is specific to the needs of the Tigard
community and organization.
• Implement resiliency practices that help us achieve carbon neutrality by the year 2035.
• Communicate our resiliency efforts to the community to encourage individuals and businesses to
adopt new practices that support our climate goals.
• Develop regional partnerships to help reduce carbon throughout the Portland metro.
4. Adopt and implement the Parks and Recreation System Plan by developing a realistic funding plan
and cost-effective service delivery model.
• Evaluate service delivery models for expanded park and recreation services.
• Recommend feasible alternative models and funding strategies.
• Enhance the equity and safety of our parks and trails system.
More information about the city's goals and initiatives can be found on the city's Council Goals web page:
https://www.tigard-or.gov/your-government/council/council-goals.
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Awards and Acknowledgements
The Government Finance Officers Association (GFOA)awarded a Certificate of Achievement for Excellence
in Financial Reporting to the City of Tigard for its Annual Comprehensive Financial Report for the fiscal
year ended June 30, 2021. This was the 36th consecutive year that the city has received this esteemed
award. In order to be awarded a Certificate of Achievement, the city published an easily readable and
efficiently organized Annual Comprehensive Financial Report. This report satisfied both GAAP and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual
Comprehensive Financial Report (ACFR) continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
In addition, the city also received the GFOA's Distinguished Budget Presentation Award for its annual
budget for fiscal year 2022. This was the 34th consecutive year that the city has received this prestigious
award. In order to qualify for the Distinguished Budget Presentation Award, the city's budget document
was judged to be proficient in several categories, including as a policy document, a financial plan, an
operations guide, and a communications device. The city has submitted its fiscal year 2023 budget
document and believes that it meets the Distinguished Budget Presentation Award's requirements.
The city also received the GFOA's Award for Outstanding Achievement in Popular Annual Financial
Reporting for its Popular Annual Financial Report (PAFR) for fiscal year ended June 30, 2021. This is the
third year that the city has received this honored award. To receive this award the city must extract
information from their ACFR to produce high quality popular annual financial report specifically designed
to be readily accessible and easily understandable to the public and other interested parties without a
background in public finance. The city plans to submit its fiscal year 2022 PAFR and believes that it will
meet the Award for Outstanding Achievement in Popular Annual Financial Reporting's requirements.
With these three awards the city has received the GFOA's Triple Crown award status for financial
documents. This speaks to the high standard that the city has set for its financial reporting.
The preparation of this report was made possible by the dedicated service of the Finance department
team. Each member of the department has our sincere appreciation for the contributions made in the
preparation of this report. Special recognition should be given to the financial operations team for their
work in preparing this document.Special thanks should also be given to the City of Tigard Audit Committee
for their dedicated service of overseeing the work performed by the independent auditors. Credit also
must be given to the Mayor and City Council for their unfailing support for maintaining the highest
standards of professionalism in the management of the City of Tigard's finances.
Respectfully submitted,
n 71
. zi Clc".4,0+
Steve Rymer Cindy Trimp
City Manager Finance Director
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Tigard
Oregon
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2021
Ciut, P 2,
Executive Director/CEO
18
INTERNAL STRUCTURE & ORGANIZATIONAL CHART
Tigard Community
Mayor&City
Councilors
I
I I
City Manager City Attorney
Assistant City Assistant City
Manager Manager Police Chief City Recorder
Engagement& Investment&
Innovation Infrastructure
_ Information Community
Technology Development
The Tigard Fleet& Facilities
Public Library
— City Management Public Works
Finance
_ Design &
Communications
— Human Resources — Municipal Court
& Risk Management
Management
— Analysts&
Administration
19
City of Tigard, Oregon
Principal Officials as of July 1, 2022
Elected Officials
Name Term Expires
Mayor Jason Snider December 31, 2022
Councilor John Goodhouse December 31, 2022
Councilor Jeanette Shaw December 31, 2024
Councilor Heidi Lueb December 31, 2024
Councilor Liz Newton December 31, 2022
Appointed Officials
Name Title
Steve Rymer City Manager
Emily Oberdorfer Municipal Judge
Shelby Rihala City Attorney
Carol Krager City Recorder
All may be reached at:
13125 SW Hall Boulevard
Tigard, OR 97223
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Financial Section
21
22
® MOSSADAMS
Report of Independent Auditors
The City Council
City of Tigard, Oregon
Tigard, Oregon
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of Tigard (the City)as of and for the
year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise
the City's basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of Tigard as of June 30, 2022, and
the respective changes in financial position and, where applicable, cash flows thereof for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS)and the standards applicable to financial audits contained in Government Auditing
Standards (Government Auditing Standards), issued by the Comptroller General of the United States. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of
the Financial Statements section of our report. We are required to be independent of the City and to meet
our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
23
v22-09
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the City's ability to continue as a going concern for a reasonable period
of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control—related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, the schedule of proportionate share of the net pension liability, the schedule of
plan contributions, and the schedule of other employee postemployment benefits information (collectively,
the required supplementary information)on pages 26 through 40 and 118 through 124 be presented to
supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic, or historical context. We have applied certain
limited procedures to the required supplementary information in accordance with auditing standards
generally accepted in the United States of America, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with management's
responses to our inquiries, the basic financial statements, and other knowledge we obtained during our
audit of the basic financial statements. We do not express an opinion or provide any assurance on the
information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
24
v22-09
Accounting principles generally accepted in the United States of America require that the budgetary
comparison schedule for the General Fund on page 117 be presented to supplement the basic financial
statements. Such information is the responsibility of management and, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board who considers it to be
an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. The budgetary comparison schedule for the General Fund is
the responsibility of management and was derived from and relates directly to the underlying accounting
and other records used to prepare the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and
other records used to prepare the financial statements or to the basic financial statements themselves, and
other additional procedures in accordance with auditing standards generally accepted in the United States
of America. In our opinion, the budgetary comparison schedule for the General Fund is fairly stated, in all
material respects, in relation to the basic financial statements as whole.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City of Tigard's basic financial statements. The combining and individual nonmajor fund
financial statements, budgetary schedules, and other financial schedules on pages 127 through 213 are
presented for purposes of additional analysis and are not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. The information
has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the combining and individual nonmajor
fund financial statements, budgetary schedules, and other financial schedules are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and
our auditor's report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists,we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 22,
2022 on our consideration of the City of Tigard's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the City of Tigard's internal control over financial reporting or on compliance. That report is
an integral part of an audit performed in accordance with Government Auditing Standards in considering
the City's internal control over financial reporting and compliance.
25
v22-09
Other Reporting Required by Minimum Standards for Audits of Oregon Municipal
Corporations
In accordance with the Minimum Standards for Audits of Oregon Municipal Corporations, we have also
issued our report dated December 22, 2022, on our consideration of the City's compliance with certain
provisions of laws, regulations, contracts, and grant agreements, including the provisions of Oregon
Revised Statutes as specified in Oregon Administrative Rules 162-010-0000 through 162-010-0330 of the
Minimum Standards for Audits of Oregon Municipal Corporations. The purpose of that report is to describe
the scope of our testing of compliance and the results of that testing and not to provide an opinion on
compliance.
Xstiatp.„ ,
1;11
Keith Simovic, Partner
For Moss Adams LLP
Portland, Oregon
December 22, 2022
26
City of Tigard, Oregon
Management's Discussion and Analysis
As management of the City of Tigard, we offer readers this narrative overview and analysis of the financial
activities of the City of Tigard for the fiscal year ended June 30, 2022. It focuses on significant financial issues,
major financial activities, and resulting changes in financial positions, as well as economic factors affecting the
city. This Management's Discussion and Analysis (MD&A) is based on currently known facts, decisions, and
conditions that existed as of the date of the independent auditor's report.
We encourage readers to consider the information presented here in conjunction with the transmittal letter
at the front of this report and the city's financial statements which follow this discussion and analysis.
Financial Highlights
• Assets and deferred outflows of resources of the city exceeded its liabilities and deferred inflows of
resources at June 30, 2022 by $553,772,060 (net position). Of this amount, $38,531,961 is restricted
for transportation construction, maintenance and utility undergrounding, $12,567,803 is restricted for
park development and improvements, $610,182 is restricted for tourism, $17,749,135 is restricted for
water system construction and improvements, $7,626,494 is restricted for debt service, $10,863,569
is restricted for building development plan review and inspection, $602,109 is restricted for library
capital improvements, $10,532,537 is restricted for urban development and improvements and
$1,880,418 is restricted for law enforcement. $114,781,209 is unrestricted net position may be used
to meet the city's ongoing obligations to citizens and creditors and $338,026,643 is for net investment
in capital assets.
• The city's total net position had a net increase of$33,840,511 or 6.5 percent from the June 30, 2021
net position. Governmental activities net position increased by $24,081,076, or 7.5 percent. The
business-type activities net position increased by $9,759,435 or 5.0 percent. The reasons for the
increase are noted in the financial analysis section of the MD&A.
• The city's governmental funds reported combined ending fund balances of$133,544,121, an increase
of $25,375,113 or 23.5 percent from fiscal year 2021. Of the combined ending governmental fund
balances, $40,417,489 or approximately 30.3 percent is available for spending at the city's discretion
subject to council approved policies and actions.
• At the end of the fiscal year, unassigned fund balance for the General Fund was $40,490,726, up
$10,726,516 over the prior year.
• The city's total debt increased by $2,704,333 or 1.9 percent from fiscal year 2021.
Overview of the Financial Statements
In addition to this discussion and analysis,the financial section of this annual report contains the basic financial
statements, required supplementary information, and the combining statements of the nonmajor funds and
schedules demonstrating legal compliance.
The basic financial statements also include notes that explain the information in the financial statements and
provide more details. The statements are followed by the required supplementary information section that
supports the information in the financial statements.
27
City of Tigard, Oregon
Management's Discussion and Analysis
Government-wide financial statements
The government-wide financial statements are designed to provide readers with a broad overview of the city's
finances, in a manner similar to a private-sector business.
The Statement of Net Position presents information on all of the city's assets and deferred outflows of
resources and liabilities and deferred inflows of resources, with the difference reported as net position. Over
time, increases or decreases in net position may serve as a useful indicator of whether the financial position
of the city is improving or deteriorating.
The Statement of Activities presents information showing how the city's net position changed during the most
recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in
this statement for some items that will result in cash flows in a future fiscal period. Examples of such items
include earned, but uncollected property taxes, and earned, but unused compensated absences.
Both of the government-wide financial statements distinguish functions of the city that are principally
supported by taxes and intergovernmental revenues (governmental activities) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges (business-type
activities).
The governmental activities of the city include the following:
• Community services, including police, library, and social services
• Public works, including parks and recreation
• Community development, current and long-range planning
• Policy and administration
The business-type activities of the city include the following:
• Sanitary sewer
• Stormwater
• Water
The government-wide financial statements can be found in the financial section of this report, immediately
following the Independent Auditor's Report.
Fund Financial Statements are designed to display compliance with finance-related legal requirements
demonstrated by the use of fund accounting. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities and objectives. The funds of the city
can be divided into the following categories: governmental funds, and proprietary funds.
Governmental Funds are used to account for essentially the same functions reported as governmental
activities in the government-wide financial statements. However, unlike the government-wide financial
statements, governmental fund financial statements focus on near-term inflows and outflows of available
resources, as well as on balances of available resources at the end of the fiscal year. Such information may be
useful in evaluating a government's near-term financial capability.
28
City of Tigard, Oregon
Management's Discussion and Analysis
Because the focus of governmental funds is narrower than that of the government-wide financial statements,
it is useful to compare the information presented for governmental funds with similar information presented
for governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the city's near-term financing decisions. Both the governmental fund
Balance Sheet and the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balance
provide a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The city maintains 27 individual governmental funds. Information is presented separately in the governmental
fund Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances for those
funds that are considered significant (major) to the city taken as a whole. These financial statements report
one major fund: the General Fund. Data from the other 26 governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in
the form of combining statements elsewhere in this report.
The city adopts an annual appropriated budget for all of its governmental funds. A budgetary comparison
statement has been provided for each fund individually to demonstrate compliance with their budgets.
The basic governmental fund financial statements can be found in the Basic Financial Statements section of
this report.
Proprietary Funds are used to account for a government's business-type activities. The city maintains two
different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to
report the same functions presented as business-type activities in the governmental-wide financial
statements. The city uses enterprise funds to account for its sanitary sewer, stormwater, and water
operations. Internal service funds are an accounting device used to accumulate and allocate costs internally
among the city's various functions. The city uses internal service funds to account for fleet and property
maintenance, risk management, design and communication, finance and accounting, public works
administration, engineering, and other management services.
The city reports all three of the enterprise funds as major funds. These funds are the Sanitary Sewer Fund,
the Stormwater Fund, (which consists of the budgetary Stormwater and the Water Quality/Quantity Funds),
and the Water Fund, (which includes the budgetary Water, Water SDC, Water CIP and Water Debt Service
Funds). However, for budgetary and legal purposes these funds are accounted for separately. Conversely, all
internal service funds are combined into a single, aggregated presentation in the proprietary fund financial
statements. Individual fund data for the internal service funds is provided as other supplementary
information.
The city also adopts an annual appropriated budget for all proprietary funds. To demonstrate compliance
with the budget, budgetary comparison statements have been provided for the enterprise funds as other
supplementary information in the Enterprise Funds section of this report. Budgetary comparisons for the
internal service funds are provided in the Internal Service Funds section of this report.
The proprietary fund financial statements can be found in the Basic Financial Statements section of this report.
29
City of Tigard, Oregon
Management's Discussion and Analysis
Notes to the Basic Financial Statements provide additional information that is essential to a full understanding
of the data provided in the government-wide and fund financial statements. The notes to the financial
statements can be found in the Notes to Basic Financial Statements section of this report.
Required Supplementary Information includes Schedule of Revenues and Expenditures— Budget and Actual
for the General Fund. The Budget to GAAP reconciliation for the General Fund is also included. This section
also presents the schedule of the city's proportionate share of the liability/(asset) and the schedule of
contributions for net pensions and other post-employment benefits (OPEB). Required supplementary
information can be found immediately following the notes to the financial statements of this report.
The combining statements referred to earlier in connection with nonmajor governmental funds and business-
type funds are presented immediately following the required supplementary information.
Government-wide Financial Analysis—Statement of Net Position
Net position: As noted earlier, net position may serve over time as a useful indicator of the city's financial
position. In the case of the city, assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $553,772,060 at June 30, 2022.
The largest portion of the city's net position, approximately 61.0 percent, is its investment in capital assets
(e.g., land, construction in progress, buildings, roads, sewers, stormwater facilities, etc.), net of accumulated
depreciation and any related debt used to acquire those assets that is still outstanding. The city uses these
capital assets to provide services to citizens; consequently,these assets are not available for future spending.
Although the city's investment in capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources, since capital assets themselves
cannot be used to liquidate these liabilities.
The city's restricted net position in the amount of $100,964,208 or approximately 18.2 percent represents
resources that are subject to external restrictions on how they may be used. By definition, the city cannot
remove these restrictions as they are imposed by parties outside of the city. The remaining balance is
unrestricted net position in the amount of$114,781,209 or approximately 20.7 percent of total net position.
At the end of the current year, the city is able to report positive balances in all categories of net position for
governmental and business-type activities.
Total net position increased by $33,840,511 or 6.5 percent during the current fiscal year. Total assets for
governmental activities increased by approximately$26.8 million, or approximately 7.3 percent. Noteworthy
changes included an increase in cash and investments of approximately $25 million or 20.2 percent. This
increase is due to the receipt of Federal American Rescue Plan Act funds (ARPA), and the sale of bonds for the
Tigard Town Center Development Agency (TCDA) that have not been spent.
Governmental activities liabilities decreased by approximately $3.3 million or 7.2 percent. Noteworthy
changes include a decrease in unearned revenue from the receipt of ARPA funds. The city is in process of
creating plans to spend these funds on formative projects that will benefit the community.
30
City of Tigard, Oregon
Management's Discussion and Analysis
Business-type activities total assets increased by approximately$5.8 million or 1.8 percent over the prior year.
Cash and investments increased by approximately $9.4 million or 11.5 percent over the prior year. This
increase is mainly due to higher utility rates. Capital assets decreased by $3.0 million or 1.3 percent. This
decrease is due to depreciation expense being greater than the reinvestment in capital assets for the fiscal
year ended June 30, 2022.
Total long-term debt for business-type activities decreased by approximately $3.8 million or 3.0 percent,
which primarily represents payment of principal and amortization of the bond premium on the water revenue
bond issues.
City of Tigard —Summary of Net Position
Governmental Business-Type
Total
Activities Activities
2022 2021 2022 2021 2022 2021
Current and other assets $155,671,009 $131,130,015 $ 99,873,811 $ 91,084,689 $255,544,820 $222,214,704
Capital assets 237,466,635 235,250,260 232,117,657 235,139,700 469,584,292 470,389,960
Total Assets 393,137,644 366,380,275 331,991,468 326,224,389 725,129,112 692,604,664
Deferred outflows 4,561,665 4,791,279 3,574,113 3,616,594 8,135,778 8,407,873
Current and other liabilities 12,055,201 14,998,155 9,168,564 8,988,362 21,223,765 23,986,517
Long-term liabilities outstanding 31,065,644 31,470,627 119,639,473 123,847,149 150,705,117 155,317,776
Total Liabilities 43,120,845 46,468,782 128,808,037 132,835,511 171,928,882 179,304,293
Deferred inflows 7,535,175 1,740,559 28,773 36,136 7,563,948 1,776,695
Net investment in capital assets 225,906,951 222,374,600 112,119,692 104,142,931 338,026,643 326,517,531
Restricted 80,791,413 69,011,237 20,172,795 18,496,564 100,964,208 87,507,801
Unrestricted 40,344,925 31,576,376 74,436,284 74,329,841 114,781,209 105,906,217
Total Net Position $347,043,289 $322,962,213 $ 206,728,771 $196,969,336 $553,772,060 $519,931,549
31
City of Tigard, Oregon
Management's Discussion and Analysis
City of Tigard —Summary of Changes in Net Position
Governmental Business-Type
Total
Activities Activities
2022 2021 2022 2021 2022 2021
Revenues
Program revenues:
Charges for services $ 15,539,923 $ 11,955,534 $ 33,798,787 $ 32,005,048 $ 49,338,710 $ 43,960,582
Operating grants and contributions 17,770,216 13,346,482 - - 17,770,216 13,346,482
Capital grants and contributions 6,254,712 8,959,707 3,156,083 2,838,367 9,410,795 11,798,074
General revenues:
Property taxes 25,117,084 23,620,200 - - 25,117,084 23,620,200
Franchise fees 7,272,781 6,978,783 - - 7,272,781 6,978,783
Unrestricted intergovernmental revenues 3,714,888 2,426,817 - 84,220 3,714,888 2,511,037
Interest (2,181,844) 558,060 (1,313,073) 307,581 (3,494,917) 865,641
Miscellaneous 644,102 702,068 175,456 276,262 819,558 978,330
Total revenues 74,131,862 68,547,651 35,817,253 35,511,478 109,949,115 104,059,129
Expenses
Community services 27,313,548 30,378,435 - - 27,313,548 30,378,435
Public works 11,755,291 14,035,986 - - 11,755,291 14,035,986
Community development 6,395,322 6,719,376 - - 6,395,322 6,719,376
Policy and administration 4,715,974 4,092,081 - - 4,715,974 4,092,081
Interest on long-term debt 623,927 543,661 - - 623,927 543,661
Sanitary sewer - - 3,198,424 3,423,460 3,198,424 3,423,460
Stormwater - - 4,159,563 4,257,993 4,159,563 4,257,993
Water - - 17,946,555 20,166,820 17,946,555 20,166,820
Total expenses 50,804,062 55,769,539 25,304,542 27,848,273 76,108,604 83,617,812
Revenues over expenses 23,327,800 12,778,112 10,512,711 7,663,205 33,840,511 20,441,317
Transfers in(out) 753,276 920,232 (753,276) (920,232) - -
Changes in net position 24,081,076 13,698,344 9,759,435 6,742,973 33,840,511 20,441,317
Beginning net position 322,962,213 309,263,869 196,969,336 190,226,363 519,931,549 499,490,232
Ending net position $347,043,289 $322,962,213 $206,728,771 $196,969,336 $553,772,060 $519,931,549
32
City of Tigard, Oregon
Management's Discussion and Analysis
Expenses and Program Revenues—Governmental activities—June 30, 2022
$25,000,000 -
$20,000,000 -
$15,000,000 -
$10,000,000 - ■ Revenues
$5,000,000 -
r • Expenses
$o
�tiy seN`oes �b\���s ae�e\oP�er aa�\r�stitat��\���e<cc`debt
God• Co�(01(•ty Qo\\`y a'�a \�tetest or
Governmental Activities
Governmental activities increased the city's net position by $24,081,076. This increase is more than the
approximate $13.7 million increase in net position from governmental activities experienced in fiscal year
2021. Expenses were lower in all programs except Policy and Administration when comparing fiscal year 2022
to fiscal year 2021, and most revenues were higher, especially grant revenue. Noteworthy reasons for the
change from the prior year are as follows:
• Property taxes constitute approximately 33.9 percent of total governmental revenues and continues
to be a major source of revenue for the funding of city programs. Property tax revenues are up by
approximately $1.5 million or 6.3 percent over 2021. Oregon has a "rate-based" system in which
property taxes are expressed in a dollar amount per thousand dollars of assessed value. The City of
Tigard's permanent tax rate is $2.5131 per thousand dollars of assessed value. The money raised by
this levy is available for general purposes.
The permanent rate is multiplied by the assessed value each year to arrive at the tax authority for that
year. Assessed value growth is limited to a maximum 3 percent per year, plus a pro-rated share of new
construction and annexations. Assessed value cannot exceed real market value. The City has added
significant new construction in the past year.
General Obligation (GO) debt service levies are calculated to produce enough tax revenues that (when
combined with other resources such as interest earnings and fund balance) will be enough to pay debt
service due on these voter-approved bonds. On November 2, 2010, voters approved a bond measure
in the amount of $17.0 million for acquisition and development of park land. These bonds were sold
on February 3, 2011 to Wells Fargo Bank, National Association. Also on that date, the city refunded
$9.0 million of outstanding general obligation bonds that were approved on May 21, 2002, by voters
to build a new library. On April 28, 2020 the city issued more than $5.9 million in general obligation
33
City of Tigard, Oregon
Management's Discussion and Analysis
refunding bonds to defease part of the park bonds.This refunding reduced total debt service payments
by more than $1.7 million over five years resulting in an economic gain of more than $1.2 million.Taxes
collected through the tax levy repay the bonded debt.
In May 2020 Tigard voters approved a five-year Police Services Levy at $0.29 per thousand dollars of
assessed value. The passage of the levy provides:
o Eight additional patrol officers to respond to increased calls for service, multiple emergencies at
the same time and neighborhood patrols.
o Another school resource officer to enhance student safety.
o Training for all sworn officers in advanced crisis intervention and de-escalation to address
increased mental health crises.
o Additional staff to manage an increase in evidence and records, support data-informed policing,
communications and human resources.
• Operating grants and contributions experienced an approximate $4.4 million increase from fiscal year
2021. This increase is due to receiving ARPA Act funding for reimbursement of expenses associated
with the COVID-19 pandemic.
• Overall expenses for governmental activities of $50,804,062 decreased from the prior fiscal year by
approximately $5.0 million. This decrease was due to a decrease in community services activities
associated with the COVID-19 related social service grants.
Revenues by Source—Governmental Activities -June 30, 2022
Capital grants and
contributions
13% Taxes
37%
Operating grants
and contributions
22%
Interest
1%
Franchise fees
Charges for services 9%
20% Misc
1%
34
City of Tigard, Oregon
Management's Discussion and Analysis
Business-type Activities
Business-type activities increased the city's net position by $9,759,435. The primary reasons for the current
year's increases are:
• Charges for services represent approximately 94.4 percent of total business-type revenues and are
composed of fees that are charged to all users for services provided such as water, sanitary sewer, and
stormwater. The sanitary and stormwater fees are established by Clean Water Services (CWS) and are
set by the agency each year. The city council, through an intergovernmental agreement with other
water system participants, sets the water rates.Total charges for services increased by approximately
$1.8 million or 5.6 percent over fiscal year 2021, with the largest increase in water revenues.
• Expenses for water operations decreased approximately $2.2 million or 11.0 percent from the prior
fiscal year. The decrease is primarily due to a decrease in interest expense on debt service payments
for refinanced water bonds.
Expenses and Program Revenues— Business-type Activities—June 30, 2022
$25,000,000 -
$22,500,000 -
$20,000,000 -
$17,500,000 -
$15,000,000 -
$12,500,000 - ■ Revenues
$10,000,000 - ■ Expenses
$7,500,000 -
$5,000,000 -
$2,500,000 -
$0 r/
2,6 c,tO
Sa
Financial Analysis of the City's Funds
As noted earlier, the city uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental Funds
The focus of the city's governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the city's financing requirements. In
particular, unassigned fund balance may serve as a useful measure of the city's net resources available for
spending at the end of the fiscal year.
35
City of Tigard, Oregon
Management's Discussion and Analysis
As of the end of the fiscal year 2022, the city's governmental funds reported combined ending fund balances
of$133,544,121 an increase of$25,375,113 over the prior year. Approximately 33.5 percent or $44.7 million
of this total amount constitutes assigned and unassigned fund balances, which is available for spending at the
government's discretion.The restricted fund balance is$81,722,388 or 61.2 percent of the total fund balance.
Most of the restricted fund balance is dedicated for park acquisition and development, building inspections,
urban development and improvements or for street maintenance and improvements. Other restricted
resources include library improvements, Police services, and future debt service. The remainder of fund
balance is either committed for resources constrained on use by the city council via a city ordinance or a
council resolution or is non-spendable to indicate that it is not available for discretionary spending, such as
prepaids expenses.
General Fund
The General Fund is the chief operating fund of the city. At the end of the fiscal year 2022, the unassigned
fund balance was $40,490,726 or approximately 97.1 percent of the total fund balance of $41,692,399. As a
measure of the General Fund's liquidity, it may be useful to compare fund balance to total fund expenditures.
Unassigned fund balance represents 132.7 percent of total General Fund expenditures.
The fund balance of the General Fund increased by $10,772,675 or 34.8 percent. The increase is primarily
attributable to the receipt of federal ARPA funding for reimbursement of expenses associated with the COVID-
19 pandemic.
Proprietary Funds
The city's proprietary funds include the Sanitary Sewer, Stormwater, Water, and Internal Services Funds.
The unrestricted net position of the business-type activities at year-end amounted to $74,436,284 with
individual fund unrestricted net position at:
• Sanitary Sewer $9,759,880
• Stormwater $10,307,825
• Water Funds $54,368,579
The factors concerning the finances of these funds have already been addressed in the discussion of the city's
business-type activities.
General Fund Budgetary Highlights
The city council approved four supplementary budget amendments to the adopted General Fund budget.Total
final adopted budgeted expenditures increased by$2,724,047 from the original budgeted numbers. Budgeted
General Fund contingency was decreased by $973,288 or 60.8 percent. Following are noteworthy changes
from the original budget to the final adopted budget in the General Fund:
• Transfers - Budget appropriation increases totaled $1,725,000 the majority of which was to fund the
HVAC system upgrades to the Library.
• Community services— Budget appropriation increases totaled $841,989, the majority of which was to
fund a financial aid program for Tigard businesses through grants and revolving loans.
36
City of Tigard, Oregon
Management's Discussion and Analysis
The contingency transactions account for increase in budgeted expenditures not related to increased
revenues. There was an increase to ending General Fund budgetary fund balance of $268,227 as a result of
these budget amendments. Noteworthy variances from the final adopted budget to actual revenues in the
General Fund are as follows:
• Grants—variance with budget of$7,584,380 due to federal ARPA funding related to COVID relief.
• Franchise fees — variance with budget of $571,425 due to higher-than-expected revenue from the
primarily the following franchise service providers, electric, gas, and garbage.
• Intergovernmental Revenues — variance with budget of $(976,226) due to projects not spending as
much of the grant awards as was planned for the year.
• Net increase(decrease) in investment fair value—variance with budget of$(807,298) due to unrealized
losses on bonds held for investment caused by rising interest rates.
Capital Asset and Debt Administration
Capital Assets
Governmental Activities
The city's investment in capital assets for its governmental activities as of June 30, 2022, amounts to
$237,466,635 (net of accumulated depreciation). This investment in capital assets primarily includes land,
rights-of-way, buildings and improvements, machinery and equipment, office equipment and infrastructure.
The infrastructure includes roads, curbs and sidewalks, signage, streetlights, and rights-of-way. The total
increase in the city's investment in governmental activities capital assets was$2,216,375 or approximately 0.9
percent over the prior year. The city recorded approximately$1,352,465 in developer contributions for street
and transportation infrastructure due to the growing subdivisions within the city. Other governmental asset
additions include street and transportation projects and replacement of aged vehicles within the city's fleet.
Expenditures on capital assets were higher than overall depreciation expense, leading to the increase in net
capital assets.
Business-type Activities
The city's investment in capital assets for its business-type activities as of June 30, 2022, amounts to
$232,116,657 (net of accumulated depreciation). In addition to machinery, equipment and vehicles, the
capital assets include the sanitary sewer collection system, stormwater, and water systems. Total decrease in
the city's investment in business-type activities capital assets was $3,022,043 or 1.3 percent. This decrease is
due to expenditures on capital assets being lower than the overall depreciation expense, leading to a decrease
in net capital assets.
37
City of Tigard, Oregon
Management's Discussion and Analysis
Capital Assets, net of depreciation
Governmental Business-Type Total
Activities Activities
2022 2021 2022 2021 2022 2021
Land $ 28,918,474 $ 28,600,663 $ 12,302,979 $ 12,302,979 $ 41,221,453 $ 40,903,642
Construction in progress 9,238,240 8,386,464 5,571,478 5,264,813 14,809,718 13,651,277
Buildings and building improvements 11,860,875 12,520,890 69,140,250 71,038,440 81,001,125 83,559,330
Land improvements 9,293,954 9,051,071 7,505,761 7,505,761 16,799,715 16,556,832
Sewer system - - 17,877,069 17,352,721 17,877,069 17,352,721
Stormwater system - - 13,469,957 12,150,930 13,469,957 12,150,930
Water system - - 104,163,956 107,268,183 104,163,956 107,268,183
Machinery and equipment 426,262 276,541 1,766,025 1,804,174 2,192,287 2,080,715
Autos and trucks 1,725,451 1,607,782 320,182 451,699 2,045,633 2,059,481
Office equipment 982,976 1,377,364 - - 982,976 1,377,364
Infrastructure 175,020,403 173,429,485 - - 175,020,403 173,429,485
Total Capital Assets $ 237,466,635 $ 235,250,260 $ 232,117,657 $ 235,139,700 $ 469,584,292 $ 470,389,960
The following chart indicates the city's capital assets as of June 30, 2022. Additional information on the city's
capital assets can be found in Note 5. Capital Assets in the notes to the basic financial statements of this
report.
Total Capital Assets
Land Construction in progress
8.8% 3.2%
Buildings and building
Infrastructure improvements
37.3% 17.2%
Office
equipment -\
0.3%
Land improvements
Autos and trucks 3.6%
0.4%
Sewer system
Machinery and Storm drainage system 3.8%
Water system o
equipment 22 2% 2.9/
0.5%
38
City of Tigard, Oregon
Management's Discussion and Analysis
Debt Outstanding
As of year-end, the city had total debt outstanding of $147,750,943. Of this amount $24,185,316 is general
obligation and full faith and credit bonds; $122,210,627 represents water revenue bonds; $1,355,000
represents a note payable. Both general obligation bonds and full faith credit bonds are direct obligations
pledging the full faith and credit of the city.
Total debt increased by $2,704,333 or approximately 1.9 percent during the current fiscal year. In fiscal year
2022 the city issued debt of $9,312,400 for the town center development agency for urban renewal in
governmental activities.The outstanding balance on this debt is 8,919,400 at year-end. For the business-type
activity, in fiscal year 2021 the city issued refunding water revenue bonds with a par value of $86,575,000.
Proceeds from these bonds were used to refund the 2012 water revenue bonds. This refunding was
undertaken to reduce total debt service payments by $27,655,069 which produced an economic gain of
$16,503,405.The city also has an outstanding note payable that is part of a grant and low interest loan package
provided to the city to make improvements to one of the city's water reservoirs. These funds were part of the
American Recovery and Reinvestment Act(ARRA). The outstanding balance on this debt is$1,355,000 at year-
end.
During fiscal year 2015, in anticipation of issuing water revenue bonds,the city received a revenue bond rating
of Al from Moody's Investors Service and AA-from Standard & Poor's Ratings Services. During fiscal year 2017
Moody's Investor Services reviewed the city's water enterprise activities and upgraded the city's rating from
Al to Aa3. During fiscal year 2022, S&P Global Ratings reviewed the city's water enterprise activities and
upgraded the city's rating from AA+to AAA.
The State of Oregon statutes limit the amount of general obligation debt that cities can issue to 3.0 percent
of the real market value of all taxable property within the city limits. The current debt limitation for the city
for general obligation debt is $408 million, which is significantly in excess of the city's outstanding general
obligation debt.
The following chart indicates the city's long-term liabilities as of June 30, 2022. Additional information on the
city's debt can be found in Note 6. Long-Term Debt and Other Debt in the notes to the basic financial
statements of this report.
Governmental Activities Business-Type Activities Total
2022 _ 2021 2022 2021 _ 2022 2021
General obligation $ 24,185,316 $ 17,657,088 $ - $ - $ 24,185,316 $ 17,657,088
Note payable - - 1,355,000 1,472,023 1,355,000 1,472,023
Revenue bonds - - 122,210,627 125,917,499 122,210,627 125,917,499
Total Outstanding Debt $ 24,185,316 $ 17,657,088 $ 123,565,627 $ 127,389,522 $ 147,750,943 $ 145,046,610
39
City of Tigard, Oregon
Management's Discussion and Analysis
Total Outstanding Long-Term Debt
General obligation
----- --- -- 16.4%
Revenue bonds
86.8% Note payable
1.0%
Economic Factors and Budget Information for Next Year
The following economic factors currently affect the city and were considered in developing the city's budget
for fiscal year 2023:
• The unemployment rate for the City of Tigard was 3.0 percent at the end of the fiscal year, June 30,
2022. This is less than the State of Oregon rate of 3.5 percent and the national average of 3.6 percent
for June 2022.
• Property tax revenues are the single largest sources of revenue in the General Fund and it accounts
for 42 percent of ongoing revenues. Tigard's low permanent property tax levy rate ($2.51/1,000 AV),
which is the second lowest of any city within Washington County with a population over 50,000 is
limited and therefore, General Fund growth is particularly sensitive to taxable growth. Property tax
revenues are forecasted to increase by 4 percent based on prior year's modest growth in assessed
values and anticipated development.
• The River Terrace subdivision will provide an increase in revenue for the city, at an estimated .5
percent annual revenue growth. This subdivision will add approximately 150 — 200 homes a year for
the next five years, thus creating additional demands on city services.
• The city of Tigard issues licenses for businesses operating within the city limits. As of June 30, 2022,
there were 3,122 businesses licensed in the city as compared to 3,207 a year ago. Business license
revenues are highly sensitive to economic conditions. With the planned economic development in
urban renewal,the city projects an increase in business licenses, but any increase will be gradual over
time.
40
City of Tigard, Oregon
Management's Discussion and Analysis
• Business-type activities are funded through water, sanitary sewer and stormwater management rates
and system development charges.The city has the ability to increase rates to keep pace with growing
costs as well as increasing demand on the system infrastructure. Tigard's water customer charge and
water usage charge increased by 2.19 percent in fiscal year 2023. Clean Water Services sets rates for
sanitary sewer and storm water management (SWM). Fiscal year 2023 budget includes minor
increases for sanitary sewer and stormwater management rates.
All of these factors were considered in preparing the city's budget for fiscal year 2022-2023. The current
forecast shows that in the short-term the city's financial condition is stable in most funds. The fiscal year 2023
budget continued addressing a projected General Fund deficit that had been forecasted to occur earlier than
what is now projected. City budgets are developed to address the continuing challenge of flat revenues and
increasing expenditure rates.
Requests for Information
This financial report is designed to provide a general overview of the City of Tigard's finances for all those with
an interest in the city's finances. Questions concerning any of the information provided in the report or
requests for additional financial information should be addressed to:
City of Tigard
Finance Director
13125 SW Hall Blvd.
Tigard, Oregon 97223
41
No content appears on this page by design.
42
Basic Financial Section
43
44
CITY OF TIGARD,OREGON
STATEMENT OF NET POSITION
June 30,2022
Governmental Business-Type
ASSETS Activities Activities
Total
Cash and investments $ 62,641,798 $ 69,913,113 $ 132,554,911
Accounts receivable,net 5,881,361 5,683,560 11,564,921
Property taxes receivable 354,451 - 354,451
Assessment liens receivable 35,549 - 35,549
Prepaids 497,047 - 497,047
Inventory 1,276 363,527 364,803
Investment in joint venture - 2,206,220 2,206,220
Property held for resale - 445,042 445,042
Restricted cash and investments 86,070,830 21,262,349 107,333,179
Net other post-employment benefit asset 188,697 - 188,697
Capital assets:
Land and construction in process 38,156,714 17,874,457 56,031,171
Other capital assets(net of accumulated depreciation) 199,309,921 214,243,200 413,553,121
Total assets 393,137,644 331,991,468 725,129,112
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pension 4,474,464 - 4,474,464
Deferred outflows related to OPEB 87,201 6,449 93,650
Deferred outflows related to bond refunding - 3,567,664 3,567,664
Total deferred outflows 4,561,665 3,574,113 8,135,778
LIABILITIES
Accounts payable and accrued liabilities 4,498,821 3,616,536 8,115,357
Deposits 2,179,288 13,375 2,192,663
Due to other entities/agencies 720,062 - 720,062
Unearned revenue 66,500 - 66,500
Accrued interest payable 47,570 1,507,517 1,555,087
Due within one year:
Notes payable - 120,533 120,533
Bonds payable 3,115,546 3,830,772 6,946,318
Accrued compensated absences 1,692,414 79,831 1,772,245
Due in more than one year:
Notes payable - 1,234,467 1,234,467
Internal balances 102,320 (102,320) -
Bonds payable 21,069,770 118,379,857 139,449,627
Accrued compensated absences 70,517 2,707 73,224
Total other post-employment benefit liability 1,346,986 124,762 1,471,748
Net pension liability 8,211,051 - 8,211,051
Total liabilities 43,120,845 128,808,037 171,928,882
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 7,146,472 - 7,146,472
Deferred inflows related to OPEB 388,703 28,773 417,476
Total deferred inflows 7,535,175 28,773 7,563,948
NET POSITION
Net investment in capital assets 225,906,951 112,119,692 338,026,643
Restricted for:
Transportation construction,maintenance,and utility undergrounding 38,531,961 - 38,531,961
Park development and improvements 12,567,803 - 12,567,803
Tourism 610,182 - 610,182
Water system construction and improvements - 17,749,135 17,749,135
Debt service 5,202,834 2,423,660 7,626,494
Building development plan review and inspection 10,863,569 - 10,863,569
Library capital improvements 602,109 - 602,109
Urban development and improvements 10,532,537 - 10,532,537
Law enforcement 1,880,418 - 1,880,418
Unrestricted 40,344,925 74,436,284 _ 114,781,209
Total net position $ 347,043,289 $ 206,728,771 $ 553,772,060
The accompanying notes are an integral part of the basic financial statements.
45
CITY OF TIGARD,OREGON
STATEMENT OF ACTIVITIES
for the year ended June 30,2022
Program Revenues
Charges Operating
for Grants and
Functions/Programs Expenses Services Contributions
Governmental activities:
Community services $ 27,313,548 $ 3,102,350 $ 12,210,099
Public works 11,755,291 8,057,384 5,560,117
Community development 6,395,322 4,323,635
Policy and administration 4,715,974 56,554
Interest on long-term debt 623,927 - -
Total governmental activities 50,804,062 15,539,923 17,770,216
Business-type activities:
Sanitary sewer 3,198,424 4,129,639 -
Stormwater 4,159,563 5,603,506 -
Water 17,946,555 24,065,642 -
Total business-type activities 25,304,542 33,798,787 -
Total $ 76,108,604 $ 49,338,710 $ 17,770,216
The accompanying notes are an integral part of the basic financial statements.
46
Net(Expense)Revenue and Changes in Net Position-
Primary Government
Capital
Grants and Governmental Business-type
Contributions Activities Activities Total
$ - $ (12,001,099) $ - $ (12,001,099)
6,254,712 8,116,922 - 8,116,922
(2,071,687) - (2,071,687)
(4,659,420) - (4,659,420)
- (623,927) - (623,927)
6,254,712 (11,239,211) - (11,239,211)
402,695 - 1,333,910 1,333,910
275,616 - 1,719,559 1,719,559
2,477,772 - 8,596,859 8,596,859
3,156,083 - 11,650,328 11,650,328
$ 9,410,795 (11,239,211) 11,650,328 411,117
General Revenues:
Property taxes,levied for general
purposes 22,512,930 - 22,512,930
Property taxes,levied for debt service 2,604,154 - 2,604,154
Franchise fees 7,272,781 - 7,272,781
Unrestricted intergovernmental
revenues 3,714,888 - 3,714,888
Investment losses (2,181,844) (1,313,073) (3,494,917)
Miscellaneous 644,102 175,456 819,558
Total general revenues(expenses) 34,567,011 (1,137,617) 33,429,394
Transfers between Governmental
and Business-type activities 753,276 (753,276) -
Change in net position 24,081,076 9,759,435 33,840,511
Net position,beginning 322,962,213 196,969,336 519,931,549
Net position,ending $ 347,043,289 $ 206,728,771 $ 553,772,060
47
CITY OF TIGARD,OREGON
GOVERNMENTAL FUNDS-BALANCE SHEET
June 30,2022
Other Total
General Governmental Governmental
Fund Funds Funds
ASSETS
Cash and cash equivalents $ 40,487,497 $ 8,100,226 $ 48,587,723
Accounts receivable 3,696,153 2,143,015 5,839,168
Property taxes receivable 268,758 85,693 354,451
Assessment liens receivable - 35,549 35,549
Interest receivable 28,853 12,408 41,261
Advances to other funds 883,981 - 883,981
Prepaids 317,692 - 317,692
Restricted cash and cash equivalents - 86,070,830 86,070,830
Total assets $ 45,682,934 $ 96,447,721 $ 142,130,655
LIABILITIES
Accounts payable and accrued liabilities $ 1,776,746 $ 1,834,218 $ 3,610,964
Deposits 482,096 1,523,450 2,005,546
Due to other entities/agencies 658,022 62,040 720,062
Advances from other funds - 986,301 986,301
Unearned revenue - 50,000 50,000
Total liabilities 2,916,864 4,456,009 7,372,873
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes 217,468 68,584 286,052
Municipal court receivable 497,480 - 497,480
Transportation refund credits - 35,857 35,857
Intergovernmental receivables 241,251 - 241,251
Special assessment liens - 35,549 35,549
Franchise fees 117,472 - 117,472
Total deferred inflows of resources 1,073,671 139,990 1,213,661
FUND BALANCES
Nonspendable:
Advances to other funds 883,981 - 883,981
Note receivable - 500,000 500,000
Prepaids 317,692 - 317,692
Restricted for:
Street maintenance and improvements - 37,805,756 37,805,756
Tourism - 610,182 610,182
Affordable housing - 1,011,297 1,011,297
Debt service - 5,122,512 5,122,512
Park development and improvements - 12,567,803 12,567,803
Underground utilities - 726,205 726,205
Building inspection - 10,863,569 10,863,569
Police services - 1,880,418 1,880,418
Library improvements - 602,109 602,109
Urban development and improvements - 10,532,537 10,532,537
Committed for:
Street maintenance and improvements - 4,287,999 4,287,999
Urban forestry - 1,094,465 1,094,465
Assigned to:
City facilities - 883,024 883,024
Park and recreation - 3,437,083 3,437,083
Unassigned 40,490,726 (73,237) 40,417,489
Total fund balances 41,692,399 91,851,722 133,544,121
Total liabilities,deferred inflows of
resources and fund balances $ 45,682,934 $ 96,447,721 $ 142,130,655
The accompanying notes are an integral part of the basic financial statements.
48
CITY OF TIGARD,OREGON
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS
June 30,2022
Fund Balances-Governmental Funds $ 133,544,121
Amounts reported for governmental activities in the Statement of Net Position are different because:
Capital assets used in governmental activities are not financial resources and therefore
are not reported in the funds.
Governmental capital assets $ 362,383,855
Less accumulated depreciation (124,917,220) 237,466,635
Pension assets or liabilities,with related deferred outflows of resources and deferred inflows
of resources,are not reported in governmental funds, but are reported on the statement of
net position. The amounts included in governmental activities on the statement of net position:
Net pension liability (8,211,051)
Deferred outflows of resources related to pensions and OPEB 4,532,062
Deferred inflows of resources related to pensions and OPEB (7,403,103) (11,082,092)
Other long-term assets are not available to pay for current-period expenditures and therefore are
deferred in the governmental funds and recognized as revenue in the Statement of Activities.
Property taxes earned but not available 286,052
Franchise fees earned but not available 117,472
Municipal court receivable 497,480
Grant receivable 241,251
Transportation refund credits 35,857
Assessment liens 35,549 1,213,661
Internal service funds are used by management to charge the cost of administrative functions as
well as fleet and property management to individual funds.The assets and liabilities of the
internal service funds are included in governmental activities in the statement of activities. 11,859,578
Accrued compensated absences are not due and payable in the current period and therefore are not (1,140,116)
reported in the funds.
Long-term liabilities,including bonds payable are not due and payable in the current period and
therefore,are not reported in the governmental funds.
Bonds payable (24,185,316)
Accrued interest payable, not due and payable in the current period (47,570)
Net other post-employment benefit(OPEB)asset 188,697
Total other post-employment benefit(OPEB) liability (774,309)
Net Position of Governmental Activities $ 347,043,289
The accompanying notes are an integral part of the basic financial statements.
49
CITY OF TIGARD,OREGON
GOVERNMENTAL FUNDS-
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCE
for the year ended June 30,2022
Other Total
General Governmental Governmental
Fund Funds Funds
REVENUES
Taxes $ 18,404,753 $ 14,009,762 $ 32,414,515
Franchise fees 7,272,781 - 7,272,781
Special assessments - 71,140 71,140
Licenses and permits 1,393,954 3,044,495 4,438,449
Intergovernmental revenues 14,578,046 754,722 15,332,768
Charges for services 312,240 6,216,908 6,529,148
System development charges - 4,410,347 4,410,347
Fines and forfeitures 1,872,103 85,072 1,957,175
Interest earnings 272,163 514,761 786,924
Net increase(decrease) in investment fair
value (807,298) (2,082,594) (2,889,892)
Miscellaneous revenues 454,721 76,642 531,363
Total revenues 43,753,463 27,101,255 70,854,718
EXPENDITURES
Current operating:
Community services 25,605,468 1,791,106 27,396,574
Public works - 7,358,243 7,358,243
Community development 3,698,389 2,352,425 6,050,814
Policy and administration 1,212,217 - 1,212,217
Debt service:
Principal - 2,777,000 2,777,000
Interest - 630,131 630,131
Capital outlay - 8,400,434 8,400,434
Total expenditures 30,516,074 23,309,339 53,825,413
Excess/(deficiency)of revenues
over expenditures 13,237,389 3,791,916 17,029,305
OTHER FINANCING SOURCES(USES)
Transfer in 309,000 7,234,089 7,543,089
Transfer out (2,773,714) (5,735,967) (8,509,681)
Debt proceeds - 9,312,400 9,312,400
Total other financing sources (uses) (2,464,714) 10,810,522 8,345,808
Net change in fund balances 10,772,675 14,602,438 25,375,113
Fund balances-beginning of the year 30,919,724 77,249,284 108,169,008
Fund balances-end of year $ 41,692,399 $ 91,851,722 $ 133,544,121
The accompanying notes are an integral part of the basic financial statements.
50
CITY OF TIGARD,OREGON
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
GOVERNMENTAL FUNDS
for the year ended June 30,2022
Net change in fund balances-Governmental Funds $ 25,375,113
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities
the cost of those assets is depreciated over their estimated useful lives
Expenditures for capital assets 7,087,170
Current year depreciation expense (5,738,382)
Contributed capital 867,587 2,216,375
Revenues in the Statement of Activities that do not provide current financial resources
are not reported as revenues in the funds
Change in deferred inflows of resources-property taxes (269,654)
Change in municipal court receivable 241,251
Change in intergovernmental receivable (19,813)
Change in assessment liens (71,140) (119,356)
Long-term debt proceeds provide current financial resources to governmental funds,
but issuing debt increases long-term liabilities in the Statement of Net Position.
Repayment of long-term debt is reported as an expenditure in the governmental
funds, but a reduction of long-term liabilities in the Statement of Net Position.
Bond proceeds (9,312,400)
Principal payments 2,777,000 (6,535,400)
Some expenses reported in the Statement of Activities do not require the use of current
financial resources and therefore are not reported as expenditures in governmental funds:
Change in accrued interest payable 6,204
Change in compensated absences (108,818)
Change in Pension obligations 589,219
OPEB expense (24,824) 461,781
Internal service funds are used by management to charge the cost of administrative functions
as well as fleet and property management to individual funds. The net revenue of internal
service funds is reported with governmental activities.
Change in Net Position- Internal Service Funds 2,682,563
Change in Net Position of Governmental Activities $ 24,081,076
The accompanying notes are an integral part of the basic financial statements.
51
CITY OF TIGARD,OREGON
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
June 30,2022
Business-type Activities- Governmental
Enterprise Funds Activities-
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
ASSETS
Current assets:
Cash and cash equivalents $ 9,471,322 $ 9,624,150 $ 50,817,641 $ 69,913,113 $ 14,054,075
Accounts receivable 1,969,669 783,201 2,930,690 5,683,560 932
Prepaids - - - - 179,355
Property held for resale 185,021 260,021 - 445,042 -
Inventory 26,743 26,743 310,041 363,527 1,276
Total current assets 11,652,755 10,694,115 54,058,372 76,405,242 14,235,638
Noncurrent assets:
Restricted cash and cash equivalents - - 21,262,349 21,262,349
Advances to other funds 102,320 - - 102,320 -
Investment in joint venture - - 2,206,220 2,206,220 -
Capital assets:
Land and construction in process 422,405 1,087,202 16,364,850 17,874,457 -
Other capital assets(net of
accumulated depreciation) 18,194,231 14,103,354 181,945,615 214,243,200 -
Totalnoncurrentassets 18,718,956 15,190,556 221,779,034 255,688,546 -
Total assets 30,371,711 25,884,671 275,837,406 332,093,788 14,235,638
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to OPEB 1,522 2,173 2,754 6,449 29,603
Deferred outflows related to bond refunding - - 3,567,664 3,567,664 -
Total deferred outflows 1,522 2,173 3,570,418 3,574,113 29,603
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 1,933,981 327,959 1,354,596 3,616,536 887,862
Unearned revenue - - - - 16,500
Deposits - - 13,375 13,375 173,742
Accrued interest payable - - 1,507,517 1,507,517 -
Accrued compensated absences 25,636 8,472 45,723 79,831 599,143
Current portion of note payable - - 120,533 120,533 -
Current portion of bonds payable - - 3,830,772 3,830,772 -
Total current liabilities 1,959,617 336,431 6,872,516 9,168,564 1,677,247
Noncurrent liabilities:
Accrued compensated absences 869 287 1,551 2,707 23,667
Note payable-long-term portion - - 1,234,467 1,234,467 -
Bonds payable-long-term portion - - 118,379,857 118,379,857 -
Total OPEB liability 29,441 42,048 53,273 124,762 572,677
Total noncurrent liabilities 30,310 42,335 119,669,148 119,741,793 596,344
Total liabilities 1,989,927 378,766 126,541,664 128,910,357 2,273,591
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to OPEB 6,790 9,697 12,286 28,773 132,072
NET POSITION
Net investment in capital assets 18,616,636 15,190,556 78,312,500 112,119,692 -
Restricted for capital projects - - 17,749,135 17,749,135 -
Restricted for debt service - - 2,423,660 2,423,660 -
Unrestricted 9,759,880 10,307,825 54,368,579 74,436,284 11,859,578
Total net position $ 28,376,516 $ 25,498,381 $ 152,853,874 $ 206,728,771 $ 11,859,578
The accompanying notes are an integral part of the basic financial statements.
52
CITY OF TIGARD,OREGON
PROPRIETARY FUNDS
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION
for the year ended June 30,2022
Business-type Activities- Governmental
Enterprise Funds Activities-
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
OPERATING REVENUES
Charges for services $ 4,129,639 $ 5,603,506 $ 24,065,642 $ 33,798,787 $ 22,816,332
Miscellaneous revenues 74,110 25,188 76,158 175,456 176,356
Total operating revenues 4,203,749 5,628,694 24,141,800 33,974,243 22,992,688
OPERATING EXPENSES
Salaries and wages 481,293 829,864 1,112,077 2,423,234 11,632,459
Contracted services 30,958 459,210 2,105,846 2,596,014 3,490,670
General,administrative and other 1,836,031 2,139,710 5,756,765 9,732,506 6,866,325
Depreciation 850,142 730,779 5,294,023 6,874,944 -
Total operating expenses 3,198,424 4,159,563 14,268,711 21,626,698 21,989,454
Operating income(loss) 1,005,325 1,469,131 9,873,089 12,347,545 1,003,234
NON-OPERATING REVENUES(EXPENSES)
Interest earnings 77,737 60,780 437,076 575,593 75,399
Net increase(decrease)in investment fair
value (205,602) (191,396) (1,491,668) (1,888,666) (154,275)
Interest expense - - (3,710,190) (3,710,190) -
Intergovernmental revenue - - - - 38,339
Gain on investment in joint venture - - 32,346 32,346 -
Total non-operating revenue(expense) (127,865) (130,616) (4,732,436) (4,990,917) (40,537)
Net income(loss)before
contributions and transfers 877,460 1,338,515 5,140,653 7,356,628 962,697
System development revenue 103,697 43,510 2,370,097 2,517,304 -
Capital contributions 298,998 232,106 107,675 638,779 -
Transfers in 1,081 153,147 - 154,228 1,719,866
Transfers out (219,687) (143,258) (544,559) (907,504) -
Change in net position 1,061,549 1,624,020 7,073,866 9,759,435 2,682,563
Net position--beginning of year 27,314,967 23,874,361 145,780,008 196,969,336 9,177,015
Net position--end of year $ 28,376,516 $ 25,498,381 $ 152,853,874 $ 206,728,771 $ 11,859,578
The accompanying notes are an integral part of the basic financial statements.
53
CITY OF TIGARD,OREGON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
for the year ended June 30,2022
Business-type Activities- Governmental
Enterprise Funds Activities-
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 16,174,059 $ 6,548,741 $ 24,878,804 $ 47,601,604 $ 22,804,364
Payments to suppliers (13,677,845) (4,227,324) (7,328,976) (25,234,145) (10,127,734)
Payments to employees (483,997) (854,337) (1,097,078) (2,435,412) (11,629,832)
Other receipts 74,110 25,188 76,158 175,456 172,877
Net cash provided(used)by operating activities 2,086,327 1,492,268 16,528,908 20,107,503 1,219,675
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers to other funds (219,687) (143,258) (544,559) (907,504) (6,000)
Transfers from other funds 1,081 - - 1,081 1,725,866
Net cash provided(used)by noncapital financing
activities (218,606) (143,258) (544,559) (906,423) 1,758,205
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
System development revenue 103,697 43,510 2,370,097 2,517,304 -
Principal payments - - (3,532,023) (3,532,023) -
Interest payments - - (4,055,157) (4,055,157) -
Transfers in for capital assets 153,147 - 153,147 -
Acquisition of capital assets (2,366) (612,193) (2,599,563) (3,214,122) -
Net cash provided(used)by capital and related
financing activities 101,331 (415,536) (7,816,646) (8,130,851) -
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in joint venture - - (381,116) (381,116) -
Investment loss (127,865) (130,616) (1,054,592) (1,313,073) (78,876)
Net cash provided(used)by investing activities (127,865) (130,616) (1,435,708) (1,694,189) (78,876)
Net increase(decrease)in cash
and investments 1,841,187 802,858 6,731,995 9,376,040 2,899,004
Cash and investments--beginning of the year 7,630,136 8,821,292 65,347,995 81,799,423 11,155,071
Cash and investments--end of the year $ 9,471,323 $ 9,624,150 $ 72,079,990 $ 91,175,463 $ 14,054,075
RECONCILIATION OF OPERATING INCOME(LOSS)TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income(loss) $ 1,005,325 $ 1,469,131 $ 9,873,089 $ 12,347,545 $ 1,003,234
Adjustments to reconcile operating income(loss)
to net cash provided by operating activities:
Cash flows reported in other categories:
Depreciation expense 850,142 730,779 5,294,023 6,874,944 -
Change in assets and liabilities:
Receivables 277,814 (19,068) 811,862 1,070,608 40,703
Prepaid expenses - - - - 142,081
Inventory (23,965) (23,965) (22,299) (70,229) 3,124
Accounts payable and accrued liabilities (20,286) (640,136) 555,933 (104,489) 62,843
Customer deposits - - 1,300 1,300 (31,387)
Accrued compensated absences (5,874) (28,998) 9,265 (25,607) (58,998)
Unearned revenue - - - (3,552)
OPEB liability 3,170 4,525 5,735 13,430 61,627
Net cash provided(used)by operating activities $ 2,086,326 $ 1,492,268 $ 16,528,908 $ 20,107,502 $ 1,219,675
Non-cash capital and related financing activities:
Developer contributed sewer,stormwater and
water lines $ 298,998 $ 232,106 $ 107,675 $ 638,779 $ -
The accompanying notes are an integral part of the basic financial statements.
54
Notes to Basic
Financial Statements
55
56
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies
Financial Reporting Entity
The City of Tigard, Oregon (the City) under its Charter of 1961, is governed by an elected mayor
and four council members who comprise the City Council. The City Council appoints a City
Manager, who acts as the administrative head of government for the city.
The accompanying financial statements present the city (primary government) and its
component unit (the city's urban renewal agency), an entity for which the city is financially
accountable. Financial accountability is defined as the appointment of a voting majority of the
organization's governing board and where (1) the city is able to significantly influence the
programs or services performed or provided by the organization or (2) the city is legally entitled
to or can otherwise access the organization's resources. Blended component units, although
legally separate entities, are, in substance, part of the city's operations. Component units may
include organizations which are fiscally dependent on the city in that the city approves the
budget, issues debt or levies taxes. The city has one blended component units included in this
financial report.
Blended Component Unit
The Tigard Town Center Development Agency (TCDA), formerly the City Center Development
Agency, oversees and administers the city's two urban renewal areas: the City Center Urban
Renewal Area (CCURA) and the Tigard Triangle Urban Renewal Area (TTURA).
Voters authorized the CCURA in 2006. The plan's duration is 20 years with maximum
indebtedness of $22 million. In May 2021 the voters increased the duration to 29 years with a
maximum indebtedness of $42.8 million. In May 2017 the voters approved the creation of a
second urban renewal area,the TTURA,for 35 years with maximum indebtedness of$188 million.
The TTURA and the CCURA were created under the provisions of the Oregon Revised Statutes,
Chapter 457. The City of Tigard Council members serve as the TCDA's governing body.
The activities of the TCDA are included in the city's financial statements as a blended component
unit.The CCURA and the TTURA are part of a legally separate entity,which is governed by a board
comprised of the City Council members, as stipulated in the Tigard Municipal Code. The Council
has the ability to impose its will on the TCDA as determined based on budget adoption, taxing
authority, and funding.
The purpose of the TCDA is to undertake urban renewal projects and activities pursuant to the
city's adopted urban renewal plans.The financial results of the TCDA are reported herein as debt
service and capital project funds.The TCDA prepared a separate component unit financial report,
which is published on the city's website www.tigard-or.gov or a copy can be obtained from the
city's administrative offices at 13125 SW Hall Blvd, Tigard, Oregon 97223.
57
City of Tigard, Oregon
Notes to Basic Financial Statements
Joint Venture
The city has an ownership position in the Willamette Intake Facility (WIF) for the treatment and
distribution of water from the Willamette River. The WIF is a joint venture of the city and the
Tualatin Valley Water District and the cities of Wilsonville, Sherwood, Hillsboro and Beaverton.
The financial statements of the WIF may be obtained from Tualatin Valley Water District, Finance
Department, 1850 SW 170th Avenue, Beaverton, OR 97003. For more information on the WIF
joint venture see note 14.
Lake Oswego/Tigard Water Partnership
The city has entered into an intergovernmental agreement (IGA) with the City of Lake Oswego
for the Lake Oswego/Tigard Water Partnership (Partnership). The Partnership created a reliable
water system to deliver high-quality drinking water to the City of Tigard and the City of Lake
Oswego. The new water system replaced aging, vulnerable, at-capacity infrastructure with a
cutting-edge system designed to the highest seismic resiliency standards. For more information
on the Partnership see note 15.
Basic Financial Statements
Basic financial statements are presented at both the government-wide and fund financial level.
Both levels of statements categorize activities as either governmental or business-type.
Governmental activities, which are normally supported by taxes and intergovernmental
revenues, are reported separately from business-type activities,which rely to a significant extent
on fees and charges for support.
Government-wide financial statements display information on all of the non-fiduciary activities
of the city. For the most part, the effect of interfund activity has been removed from these
statements. These statements focus on the sustainability of the city as an entity and the change
in aggregate financial position resulting from the activities of the fiscal year. These aggregated
statements consist of the Statement of Net Position and the Statement of Activities.
The Statement of Activities demonstrates the degree to which the direct expenses of a given
function or segment is offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenues include 1) charges to
customers or applicants who purchase, use, or directly benefit from goods, services or privileges
provided by a given function or segment, and 2) grants and contributions that are restricted to
meeting the operational or capital requirements of a particular function or segment.
Indirect expenses are recovered through internal service fund charges. These indirect expenses
are allocated based on a full-cost approach,thereby allocating indirect expenses among functions
with the objective of allocating all expenses.Taxes and other items not included among program
revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual proprietary funds are reported as separate
58
City of Tigard, Oregon
Notes to Basic Financial Statements
columns in the fund financial statements. Nonmajor funds are combined into a single column in
the basic financial statements and are detailed in the supplementary information.
Fund financial statements display information at the individual fund level. Each fund is considered
to be a separate accounting entity. Funds are classified and summarized as governmental or
proprietary.
Basis of Presentation
The financial transactions of the city are recorded in individual funds. Each fund is accounted for
by providing a separate set of self-balancing accounts that comprises its assets, deferred outflows
of resources, liabilities, deferred inflows of resources, fund equity, revenues and
expenditures/expenses.
Professional standards set forth minimum criteria (percentage of the assets, deferred outflows
of resources, liabilities, deferred inflows of resources, revenues or expenditures/expenses or
either fund category or the governmental and enterprise combined) for the determination of
major funds. The city may also elect to add major funds that city officials believe are particularly
useful to financial statement users. The city has elected to report the enterprise funds as major
funds in the current financial statements. Nonmajor funds are combined in a column in the fund
financial statements and detailed as supplementary information in the financial report.
Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe which transactions are recorded within the various
financial statements. Basis of accounting refers to when transactions are recorded.
The financial statements of the city have been prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP). GAAP statements include all relevant
GASB pronouncements. The city applies the provisions of all applicable GASB statements that
define requirements and the reporting model for the annual financial reports of state and local
governments. The city has recorded capital and certain other long-term assets and liabilities in
the Statement of Net Position, reported all revenues and the cost of providing services under the
accrual basis of accounting in the Statement of Activities,and uses the direct method of reporting
cash flows.
The government-wide, proprietary fund and fiduciary fund financial statements are presented
on a full accrual basis of accounting with an economic resource measurement focus.An economic
resource focus concentrates on an entity or fund's net position. All transactions and events that
affect the total economic resources (net position) during the period are reported. An economic
resources measurement focus is inextricably connected with full-accrual accounting. Under the
full accrual basis of accounting, revenues are recorded when earned and expenses are recorded
at the time liabilities are incurred, regardless of the timing of related cash inflows and outflows.
59
City of Tigard, Oregon
Notes to Basic Financial Statements
Governmental funds financial statements are presented on a modified accrual basis of
accounting with a current financial resource measurement focus. This measurement focus
concentrates on the fund's resources available for spending currently or in the near future. Only
transactions and events affecting the fund's current financial resources during the period are
reported.
Similar to the connection between an economic resource measurement focus and full accrual
accounting, a current financial resource measurement focus is inseparable from a modified
accrual basis of accounting. Under modified accrual accounting, revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they
are collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the city considers revenues to be available if they are collected within
60 days of the end of the current fiscal year.
Property taxes, intergovernmental revenues and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as revenues
of the current fiscal period. Only the portion of special assessments receivable due within the
current fiscal period is considered susceptible to accrual as revenue of the current period. All
other revenues are considered to be measurable and available only when cash is received by the
city.
A deferred inflow of resources, shown as unavailable revenue, arises in the governmental funds
balance sheet when potential revenue does not meet both the measurable and available criteria
for recognition in the current year.
This unavailable revenue consists primarily of uncollected property taxes and assessments not
deemed available to finance operation of the current period. In the government-wide Statement
of Activities, with a full accrual basis of accounting, revenue must be recognized as soon as it is
earned regardless of its availability. Thus, the deferred inflow of resources created on the
governmental fund balance sheet for unavailable revenue is eliminated.
Similar to the way revenues are recorded, governmental funds only record those expenditures
that affect current financial resources. Principal and interest on general long-term debt is
recorded as a fund liability only when due, or to the extent that it is expected to be liquidated
with expendable financial resources. However, in the government-wide financial statements with
full accrual basis of accounting, all expenditures affecting the economic resource status of the
government must be recognized. Thus, the expense and related accrued liability for long-term
portions of debt, interest, other postemployment benefits and compensated absences must be
included.
Since the governmental fund statements are presented on a different measurement focus and
basis of accounting than the government-wide statements' governmental column, a
60
City of Tigard, Oregon
Notes to Basic Financial Statements
reconciliation is necessary to explain the adjustments needed to transform the fund-based
financial statements into the governmental column of the government-wide presentation. This
reconciliation is part of the basic financial statements.
Interfund activity consists of transfers,services provided and/or used, reimbursements,advances
and loans. As a general rule, the effect of interfund activity has been eliminated from the
government-wide financial statements. Exceptions to this general rule are charges between
enterprise and various other city functions. Elimination of these charges would distort the direct
costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions and 3) capital grants and
contributions. Internally dedicated resources are reported as general revenues rather than as
program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund's principal ongoing operations. The
principal operating revenues of the city's Sanitary Sewer, Stormwater, and Water Funds are
charges to customers for sales and services. The Sanitary Sewer, Stormwater, and Water Funds
recognize fees intended to recover the cost of connecting new customers to the city's utility
systems as non-operating revenues. Operating expenses for enterprise funds include the cost of
sales and services, administrative expenses and overheads, and depreciation on capital assets.
All revenues and expenses not meeting this definition are reported as non-operating revenues
and expenses.
New Accounting Pronouncements and Accounting Standards
During the fiscal year ended June 30, 2022, the city implemented the following GASB
pronouncements:
GASB Statement No. 87, Leases
This Statement was issued June 2017 to better meet the information needs of financial statement
users by improving accounting and financial reporting for leases by governments and increases
the usefulness of governments' financial statements. Under this Statement, a lessee is required
to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to
recognize a lease receivable and a deferred inflow of resources,thereby enhancing the relevance
and consistency of information about governments' leasing activities.
GASB Statement No. 87 was implemented by the city for the fiscal year ending June 30, 2022.
Management has determined that there is no impact to the city's current financial accounting
and reporting for the types of transactions identified in this statement.
61
City of Tigard, Oregon
Notes to Basic Financial Statements
GASB Statement No. 92, Omnibus 2020
This statement was issued January 2020, this Statement enhances comparability and financial
reporting to improve the consistency of authoritative literature to address practice issues that
have been identified during implementation and application of certain GASB Statements. This
Statement addresses a variety of topics including issues related to leases implementation,
derivative instruments, postemployment benefits (pensions and other postemployment benefits
[OPEB]), asset retirement obligations, risk pool and fair value measurements. Specifically, this
Statement addresses the following topics:
• The effective date of Statement No. 87, Leases, and Implementation Guide No 2019-3,
Leases, for interim financial reports
• Reporting of intra-entity transfers of assets between a primary government employer and
a component unit defined benefit pension plan or defined benefit other postemployment
benefit (OPEB) plan
• The applicability of Statement No. 73, Accounting and Financial Reporting for Pensions
and Related Assets That Are Not within the Scope of GASB Statement 68, and
Amendments to Certain Provisions of GASB Statements 67 and 68, as amended, and No.
74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as
amended, to reporting assets accumulated for postemployment benefits
• The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to
postemployment benefit arrangements
• Measurement of Liabilities (and assets, if any) related to asset retirement obligations
(AROs) in a government acquisition
• Reporting by public entity risk pools for amounts that are recoverable from reinsurers or
excess insurers
• Reference to nonrecurring fair value measurements of assets or liabilities in authoritative
literature
• Terminology used to refer to derivative instruments
GASB Statement No. 92 was implemented by the city for the fiscal year ending June 30, 2022.
Management has determined that there is no impact to the city's current financial accounting
and reporting for the types of transactions identified in this statement.
GASB Statement No. 93, Replacement of Interbank Offered Rates(IBOR)
This Statement was issued March 2020 to address accounting and financial reporting implications
that result from the replacement of an IBOR. This Statement is:
• Providing exceptions for certain hedging derivative instruments to the hedge accounting
termination provisions when an IBOR is replaced as the reference rate of the hedging
derivative instrument's variable payment
• Clarifying the hedge accounting termination provisions when a hedged item is amended
to replace the reference rate
62
City of Tigard, Oregon
Notes to Basic Financial Statements
• Clarifying that the uncertainty related to the continued availability of IBORs does not, by
itself, affect the assessment of whether the occurrence of a hedged expected transaction
is probable
• Removing the London Interbank Offered Rate (LIBOR) as an appropriate benchmark
interest rate for the qualitative evaluation of the effectiveness of an interest rate swap
• Identifying a Secured Overnight Financing Rate and the Effective Federal Funds Rate as
appropriate benchmark interest rates for the qualitative evaluation of the effectiveness
of an interest rate swap
• Clarifying the definition of reference rate, as it is used in Statement 53, as amended
• Providing an exception to the lease modifications guidance in Statement 87, as amended,
for certain lease contracts that are amended solely to replace an IBOR as the rate upon
which variable payments depend
GASB Statement No. 93 was implemented by the city for the fiscal year ending June 30, 2022.
Management has determined that there is no impact to the city's current financial accounting
and reporting for the types of transactions identified in this statement.
GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial
Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans - an
amendment of GASB Statement No. 14 and No. 84, and a supersession of GASB Statement No.
32
This Statement was issued June 2020. The primary objectives are to (1) increase consistency and
comparability related to the reporting of fiduciary component units in circumstances in which a
potential component unit does not have a governing board and the primary government
performs the duties that a governing board typically would perform; (2) mitigate costs associated
with the reporting of certain defined contribution pension plans, defined contribution other
postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or
OPEB plans (other employee benefit plans) as fiduciary component unit in fiduciary fund financial
statement; and (3) enhance the relevance, consistency, and comparability of the accounting and
financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans
(Section 457 plans)that meets the definition of a pension plan and for benefits provided through
those plans. GASB Statement No. 97 will be effective for the city for the fiscal year ending June
30, 2022.
GASB Statement No. 97 was implemented by the city for the fiscal year ending June 30, 2022.
Management has determined that the statement clarifies that the city's defined contribution
plan no longer meets the requirements of reporting as a fiduciary activity and has been removed
from the fiduciary fund financial statements.
The following pronouncements have been issued by the Governmental Accounting Standards
Board (GASB) but not yet implemented by the city:
63
City of Tigard, Oregon
Notes to Basic Financial Statements
GASB Statement No. 91, Conduit Debt Obligations
This statement was issued May 2019, this Statement establishes accounting requirements for
conduit debt obligations by issuers. The objectives of this Statement are to eliminate diversity in
practice associated with (1) commitments extended by issuers, (2) arrangements associated with
conduit debt obligations, and (3) related note disclosures. GASB Statement No. 91 will be
effective for the city for the fiscal year ending June 30, 2023.
GASB Statement No. 94, Public-Private and Public-Public Partnership and Availability Payment
Arrangements
This Statement was issued March 2020 to improve financial reporting by addressing issues
related to public-private and public-public partnership arrangements (PPPs). It also provides
guidance for accounting and financial reporting for availability payment arrangements (APAs).
GASB Statement No. 94 will be effective for the city for the fiscal year ending June 30, 2023.
GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITAs)
This statement was issued May 2020 to provide guidance on the accounting and financial
reporting for subscription-based information technology arrangements for government end
users (governments). This statement (1) defines a SBITA; (2) establishes that a SBITA results in a
right-to-use subscription asset - an intangible assets - and a corresponding subscription liability;
(3) provides the capitalization criteria for outlaw other than subscription payments, including
implementation costs of a SBITA; and (4) requires note disclosures regarding a SBITA. GASB
Statement No. 96 will be effective for the City for the fiscal year ending June 30, 2023.
GASB Statement No. 99, Omnibus 2022.
This statement was issued April 2022 and enhanced comparability in accounting and financial
reporting to improve the consistency of authoritative literature by addressing practice issues
that have been identified during implementation and application of certain GASB Statements and
accounting and financial reporting for financial guarantees. This Statement addresses a variety
of topics including issues related to leases implementation, derivative instruments, nonmonetary
transactions, public-private and public-public partnerships and availability payment
arrangements,subscription-based information technology arrangements, LIBOR,SNAP and other
terminology updates. Specifically, the paragraphs for future adoption address the following
topics:
• Classification and reporting of derivative instruments within the scope of Statement No.
53
• Clarification of provisions in Statement No. 87, Leases, as amended, related to the
determination of the lease term,classification of a lease as a short-term lease, recognition
and measurement of a lease liability and a lease asset, and identification of lease
incentives
• Clarification of provisions in Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements, related to (a) the determination of
64
City of Tigard, Oregon
Notes to Basic Financial Statements
the public-private and public-public partnership (PPP) term and (b) recognition and
measurement of installment payments and the transfer of the underlying PPP asset
• Clarification of provisions in Statement No. 96, Subscription-Based Information
Technology Arrangements, related to the subscription-based information technology
arrangement (SBITA)term, classification of a SBITA as a shortterm SBITA, and recognition
and measurement of a subscription liability
GASB Statement No. 99 paragraphs 11-25 will be effective for the City for the fiscal year ending
June 15, 2022 and paragraphs 4-10 will be effective for the City for the fiscal year ending June 30,
2024.
GASB Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB
Statement No. 62.
This statement was issued June 2022 to enhance accounting and financial reporting requirements
for accounting changes and error corrections to provide more understandable, reliable, relevant,
consistent, and comparable information for making decisions or assessing accountability. This
Statement defines accounting changes as changes in accounting principles,changes in accounting
estimates, and changes to or within the financial reporting entity and describes the transactions
or other events that constitute those changes. As part of those descriptions, for (1) certain
changes in accounting principles and (2) certain changes in accounting estimates that result from
a change in measurement methodology, a new principle or methodology should be justified on
the basis that it is preferable to the principle or methodology used before the change. That
preferability should be based on the qualitative characteristics of financial reporting—
understandability, reliability, relevance, timeliness, consistency, and comparability. This
Statement also addresses corrections of errors in previously issued financial statements. GASB
Statement No. 100 will be effective for the City for the fiscal year ending June 30, 2024.
GASB Statement No. 101, Compensated Absences
This statement was issued June 2022 to better meet the information needs of financial statement
users by updating the recognition and measurement guidance for compensated absences. That
objective is achieved by aligning the recognition and measurement guidance under a unified
model and by amending certain previously required disclosures. This Statement requires that
liabilities for compensated absences be recognized for (1) leave that has not been used and (2)
leave that has been used but not yet paid in cash or settled through noncash means. Other
requirements include that a liability for certain types of compensated absences not be recognized
until the leave commences, and that a liability for specific types of compensated absences not be
recognized until the leave is used. GASB Statement No. 101 will be effective for the City for the
fiscal year ending June 30, 2024.
The city will implement new GASB pronouncements no later than the required effective date.
The city is currently evaluating whether or not the above listed new GASB pronouncements will
have a significant impact to the city's financial statements.
65
City of Tigard, Oregon
Notes to Basic Financial Statements
Assets, Deferred Outflows/Inflows of Resources, Liabilities, and Net Position/Fund Balance
Cash and Investments
Cash and cash equivalents are generally considered short-term, highly liquid investments with a
maturity of three months or less from the purchase date. The city's cash and cash equivalents
consists of cash on hand,demand deposits and cash deposits that are held in an investment pool,
Local Government Investment Pool, that has the general characteristic of a demand deposit
account(deposits of additional cash may be made at any time and cash may be withdrawn at any
time without prior notice or penalty). Interest earned on cash and cash equivalents is allocated
monthly based on each fund's average cash balance as a proportion of the city's total.
For purposes of the statement of cash flows, the city considers the proprietary funds' cash and
cash equivalents to be cash on hand, demand deposits and cash deposits that are held in an
investment pool with original maturities of three months or less.
Investments are recorded at fair value in accordance with GASB Statement No. 72, Fair Value
Measurement and Application. Accordingly,the change in fair value of investments is recognized
as an increase or decrease to investment assets and investment income. Interest earned on
investments is allocated monthly based on each fund's average cash balance as a proportion of
the city's total cash and investments.
The city reports cash with fiscal agent and certain cash and investments as restricted because
their use is limited by parties external to the city. Restrictions may be from bond proceeds,
imposed by creditors, other governments, laws and/or enabling legislation.
When both restricted and unrestricted resources are available for use, it is the city's policy to use
restricted resources first, then unrestricted resources as they are needed.
Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding
at the end of the fiscal year are referred to as "Advances to/Advances from other funds". Any
residual balances outstanding between the governmental activities and business-type activities
are reported in the government-wide financial statements as "internal balances."
Property taxes are levied and become a lien on July 1. Collection dates are November 15,
February 15, and May 15 following the lien date. Discounts are allowed if the amount due is
received by November 15 or February 15. Taxes unpaid and outstanding on May 16 are
considered delinquent.
The city also has receivables outstanding for assessments on private property.These assessments
include street and sidewalk improvements, sewer line installations and deferral of certain impact
fees (system development charges).
66
City of Tigard, Oregon
Notes to Basic Financial Statements
Proprietary fund receivables are recorded as revenue when earned, including services earned but
not billed. The receivables of proprietary funds include billing for residential and commercial
customers utilizing the city's water, sanitary sewer and stormwater management services.
The city's receivables, including property taxes,assessments and proprietary fund receivables are
deemed to be substantially collectible. Tax and assessments receivable can be recovered through
foreclosure on the subject property. Services can be disconnected if proprietary fund receivables
remain unpaid. Accordingly, no allowance for doubtful accounts is deemed necessary for these
receivables. The city records a receivable and related allowance for municipal court accounts
receivable.
Accounts payable to vendors and contractors include general accounts payable, retainage
payable, deposits payable and other accrued liabilities not included in short-term or long-term
liabilities.
Inventories and Prepaids
Inventories of parts, materials and supplies are stated at cost on the first-in,first-out basis, in the
proprietary funds. The consumption method is used in accounting for inventory for all funds on
the budgetary basis. The consumption method is used for the government-wide presentation as
well as the proprietary funds and business-type activities.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaids in both government-wide and fund financial statements using the
consumption method. Payments classified as prepaid are primarily items that are being
amortized such as prepaid insurance.
Property Held for Resale
Property held for resale is recorded as an asset and includes land and building inventory stated
at the lower of cost or market. At year-end no reductions in value were necessary, therefore
recorded amounts were equal to original cost.
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads,
pathways, streetlights, etc.) are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements, and in the proprietary fund
statements.
Capital assets are charged to expenditures as purchased or constructed in the governmental fund
statements and capitalized in the proprietary fund statements. Capital assets are recorded at
historical cost or estimated historical cost. Donated assets, donated works of art and similar
67
City of Tigard, Oregon
Notes to Basic Financial Statements
items,and capital assets received in a service concession arrangement are recorded at acquisition
value.
Capital assets are defined by the city as assets with an initial, individual cost of $5,000 or more,
and an estimated useful life of greater than one year. Additions or improvements and other
capital outlays that significantly extend the useful life of an asset, or that significantly increase
the capacity of an asset are capitalized. Other costs for repairs and maintenance are expensed as
incurred.
Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of
Activities with accumulated depreciation reflected in the Statement of Net Position and is
provided on the straight-line basis over the following estimated useful lives:
Asset Years
Buildings and improvements 25-40
Improvements other than buildings 10-20
Machinery and equipment 5-10
Autos and trucks 5-10
Infrastructure 20-40
Deposits
In general deposits represent developer funds collected by the city, primarily when issuing
permits for new construction and infrastructure development. Various funds report deposits,
including the General Fund, Gas Tax Fund, Electrical Inspection Fund, Building Fund, Urban
Forestry Fund, Stormwater Fund, Water Fund, and Urban Renewal Agency Capital Improvement
Fund. Deposits are held by the city until the obligations for the projects have been completed or
forfeited for non-compliance with development requirements as determined by city inspection
staff.
Unearned Revenues
Unearned revenues will be recognized as revenue in the fiscal year they are earned in accordance
with the accrual basis of accounting. Revenue is considered earned when all eligibility criteria are
met, and the amount is measurable.
Deferred Outflows/Inflows of Resources
Deferred outflows of resources represent a consumption of net assets that applies to a future
period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until
then. Deferred outflows of resources follow assets on the Statement of Net Position.
Deferred inflows of resources represent an acquisition of net assets that applies to a future
period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time.
68
City of Tigard, Oregon
Notes to Basic Financial Statements
In the Statement of Net Position,this includes resources that are received before the city has met
eligibility requirements related to time. In the governmental fund financial statements, deferred
inflows of resources include revenues that are measurable but not available.
For purposes of measuring the net pension (asset) liability, deferred outflows of resources and
deferred inflows of resources related to pensions, and pension expense, information about the
fiduciary net position of the Oregon Public Employees Retirement System (OPERS) and additions
to/deductions from OPERS's fiduciary net position have been determined on the same basis as
they are reported by OPERS. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms.
Accrued Compensated Absences
It is the city's policy to permit employees to accumulate earned but unused vacation and sick pay
benefits. There is no liability for unpaid accumulated sick leave, since the city does not have a
policy to pay any amounts when employees separate from the city.Vacation pay is accrued when
incurred in the government-wide and proprietary fund financial statements. A liability for these
amounts is reported in the governmental funds only when it has matured,for example, as result
of employee resignations or retirements.
Long-Term Debt
In the government-wide financial statements, and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the
applicable governmental activities, business-type activities, or proprietary fund type in the
Statement of Net Position. Bond premiums and discounts are deferred and amortized over the
life of the bonds. Bonds payable are reported net of the applicable bond premium or discount.
Bond issuance costs are treated as period costs in the year of issue.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt
issued is reported as other financing sources while premiums and discounts on debt issuances
are reported as other financing sources and uses, respectively. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
Other Post-Employment Benefits (OPEB)
The city's total OPEB liability is recognized as a long-term liability in the government-wide
financial statements, the amount of which is actuarially determined.
Net Pension Liability
The city reports its proportionate share of the Net Pension Liability of the Oregon Public
Employees Retirement System (OPERS). A negative Net Pension Liability is reported as a Net
Pension Asset. The net pension asset/liability is measured as the portion of the present value of
projected benefits payment to be provided through the pension plan to current active and
69
City of Tigard, Oregon
Notes to Basic Financial Statements
inactive qualifying employees that is attributed to those employees past periods of service less
the amount of the pension plan's fiduciary net position.
Contributions
Capital contributions from developers are credited to contribution revenue and the related
capital assets are recorded in the government-wide financial statements.
Fund Balances and Net Position
In the fund financial statements, the fund balance for governmental funds is reported in a
hierarchy of classifications based primarily on the extent to which the government is bound to
honor constraints on the specific purposes for which amounts in those funds can be spent. The
city reports fund balances in the following categories:
Nonspendable for resources that cannot be spent because they are either in a nonspendable
form or legally or contractually required to be maintained intact. Resources in nonspendable
form include inventories, prepaids, deposits, advances from internal loans and property
assets held for resale.
Restricted for amounts with constraints placed on the use of resources are either (1)
externally imposed by creditors (such as through debt covenants), grantors, contributors,
laws or regulations of other governments; or (2) imposed by law through constitutional
provisions or enabling legislation.
Committed for amounts that City Council passes an ordinance or council resolution, a formal
action made by the entity's highest level of decision-making authority, which places specific
constraints on how the resources may be used. Resolutions and ordinances are considered
equally binding in that the City Council can modify or rescind the ordinance or resolution at
any time through passage of an additional ordinance or resolution.
Assigned for resources that are constrained by the government's intent to use them for a
specific purpose, but are neither restricted nor committed, are reported as assigned fund
balance. The City Council expresses their intent to use a resource for a specific purpose by
including that resource in the adopted annual budget for funds outside of the General Fund.
Assigned fund balances are not reported in the General Fund as the city has not established
a policy regarding the assignment of funds.
Unassigned fund balance is the residual classification for the General Fund.This classification
represents fund balance that is not assigned, committed, restricted or nonspendable within
the General Fund. This classification is also used to report any deficit fund balance amounts
in other governmental funds.
70
City of Tigard, Oregon
Notes to Basic Financial Statements
When an expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available,the city considers restricted amounts to have been spent. Likewise,when
an expenditure is incurred for purposes for which either committed or assigned fund balance
is available, the city considers committed or assigned amounts to have been spent.
Net Position
On the government-wide Statement of Net Position and the proprietary funds' Statement of
Net Position, net position is segregated into restricted and unrestricted balances. Restrictions
are limitations on how the net position may be used. Restrictions may be placed on net
position by an external party that provided the resources, by enabling legislation or by the
nature of the asset.
The net investment in capital assets component of net position represents total capital assets
less accumulated depreciation, less debt directly related to capital assets. This amount is
reported on the Statement of Net Position and in the financial statements for Proprietary
Fund types.
Use of Estimates
In preparing the city's financial statements, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported amounts
of revenues and expenses/expenditures during the reporting period. Actual results could differ
from those estimates.
Fund Types
The city's financial operations are accounted for in the following funds:
Governmental funds
Governmental funds finance most governmental functions of the city. The acquisition, use and
balances of the city's expendable financial resources and the related liabilities, excluding those
accounted for in proprietary funds, are accounted for through governmental funds. The
measurement focus is upon determination of changes in current financial resources, rather than
upon net position determination. The following is the city's major governmental fund:
General Fund - This fund accounts for the city's general operations. It is used to account
for all transactions not specifically required to be accounted for in the city's other funds.
Proprietary funds
Proprietary funds are used to account for the acquisition, operation and maintenance of sewer,
storm drainage, and water systems in the city. These funds are entirely or predominantly self-
supported through user charges to customers. The measurement focus is upon net income
71
City of Tigard, Oregon
Notes to Basic Financial Statements
determination, rather than upon determination of changes in current financial resources. The
following enterprise funds are the city's major proprietary funds:
Enterprise funds:
Sanitary Sewer Fund -This fund accounts for the city's sewer utility operations.
Stormwater Fund — This fund accounts for the city's storm drainage operations which
consists of the following two budgetary funds: Stormwater Fund and Water
Quality/Quantity Fund.
Water Fund - This fund accounts for the city's water operations which consists of the
following four budgetary funds: Water Fund, Water SDC Fund, Water CIP Fund and Water
Debt Service Fund.
Additionally, the city reports the following fund types:
Nonmajor governmental funds:
Special Revenue funds account for restricted or committed revenues for specific purposes.
Debt Service funds account for the accumulation of resources to pay principal and interest
on the city's long-term obligations.
Capital Projects funds account for the accumulation of resources for construction or
acquisition of facilities and equipment.
Internal service funds
Internal service funds account for goods and services provided by one city department to
another on a cost reimbursement basis. The internal service funds account for the activities of
health insurance for employees, liability insurance, workers' compensation insurance, facilities
and fleet and support and administrative services.
2. Stewardship, Compliance and Accountability
Budgetary information
A budget is prepared for each fund under the modified accrual basis of accounting used by
governmental funds, which is in accordance with the legal requirements of Oregon local budget
law.
The resolution authorizing appropriations sets the maximum level of expenditures for each fund
and may not legally be over expended. Appropriations lapse at the end of each fiscal year.
Appropriations are made at the major program level for each fund, for example, Community
Services, Public Works, Community Development, Policy and Administration, Debt Service,
72
City of Tigard, Oregon
Notes to Basic Financial Statements
Capital Improvements and Contingency. The detail budget document is required to contain
more detailed information for the above-mentioned expenditure categories.
After budget approval, the City Council may approve supplemental budgeted appropriations if
an occurrence, condition, or need exists which had not been ascertained at the time the budget
was adopted. A supplemental budget may require hearings before the public, publications in
newspapers and approval by the City Council. Original and supplemental budgets may be
modified by the use of appropriations transfers between the levels of control. Such transfers
require approval by the City Council. Management may not amend the budget without council
approval. The City Council approved four supplemental budgets throughout the fiscal year.
Oregon state law requires disclosure of fund expenditures in excess of budgeted appropriations.
However, local budget law exempts reporting of over appropriations for a variety of situations
related to the issuance, repayment and refunding of bonds as defined in ORS 294.338(3-5). This
includes bonds issued under revenue bond authority as defined in ORS 287A.360 to 287A.380.
Additionally, any outstanding obligation related to an approved bond redemption, in a prior
adopted budget period as defined in ORS 294.338(3)(B)(iii) is also exempt.
For GAAP presentation, the transfers from non-operating funds for services provided by the
internal service funds and the General Fund are considered revenues and
expenses/expenditures, as appropriate, but may be considered to be interfund transfers for
budgetary purposes.
Corporate indebtedness violating City investment policy and Oregon state law
The City's investment policy and Oregon state law requires investment purchases of corporate
indebtedness must be rated on the settlement date P-1 or Aa3 or better by Moody's Investors
Service or A-1 or AA- or better by S&P Global Ratings and Fitch Ratings or an equivalent rating
by any nationally recognized statistical rating organization. For the year-ended June 30, 2022, a
corporate indebtedness that did not meet this requirement on the settlement date was
purchased by the city and held at year-end. As of June 30, 2022, the fair value of the corporate
indebtedness was $6,524,070. For additional details on investments see Note 3.
3. Cash and Investments
The city maintains a cash and investment pool that is available for use by all funds. Each fund
type's portion of this pool is displayed on the combined balance sheet as "cash and
investments". Unrestricted and restricted cash and investments for the primary government are
reported in governmental and business-type activities. Restricted balances reported in cash and
investments are restricted by legal or contractual requirements.
73
City of Tigard, Oregon
Notes to Basic Financial Statements
Cash and investments, restricted and unrestricted, at June 30, 2022:
Primary
Type Government
Deposits with financial institutions $ 17,242,284
Money markets 5,596,397
Cash deposits 22,838,681
Cash with fiscal agent 55,808
Petty cash/cash on hand 9,296
Total cash 22,903,785
State Investment Pool (LGIP) 174,101,186
U.S. Agencies 21,870,909
Corporate bonds 21,012,210
Total investments 216,984,305
Total cash and investments $ 239,888,090
Governmental Business Type Total
Activities Activities
Cash and investments $ 62,641,798 $ 69,913,113 $ 132,554,911
Restricted cash and investments 86,070,830 21,262,349 107,333,179
Total cash and investments $ 148,712,628 $ 91,175,462 $ 239,888,090
Deposits
Custodial Credit Risk. There is a risk that, in the event of a bank failure, the city's deposits may
not be returned. The city's deposit policy is in accordance with Oregon Revised Statutes (ORS)
295. Cash with financial institutions include bank demand deposits and bank money market
accounts.The combined total book balance at June 30, 2022 was$22,838,681 and the total bank
balance is $23,386,926. Of these deposits, $500,000 was covered by federal depository
insurance and $22,886,926 was collateralized in accordance with ORS 295. The Federal
Depository Insurance Corporation (FDIC) provides deposit insurance up to $250,000 for each
institution.
Institutions with deposits in excess of FDIC coverage participate in the Oregon Public Funds
Collateralization Program (PFCP) as defined in Oregon Revised Statutes (ORS) 295.This provides
additional protection for public funds in the event of a bank failure, although it does not
guarantee 100 percent protection. The Office of the State Treasurer categorizes the financial
institutions in Oregon.
74
City of Tigard, Oregon
Notes to Basic Financial Statements
Based on that categorization, banks must pledge collateral valued at between 10 percent and
110 percent of their public fund deposits. In the event of a bank failure, the entire pool of
collateral pledged by all qualified Oregon public funds bank depositories is available to repay
deposits of public funds of government entities. The Office of the State Treasurer maintains a
list of qualified financial institutions for the deposit of public funds in excess of FDIC insurance.
The financial institutions holding city deposits are noted on the State Treasurer's qualified list.
In addition, the city's policy states bank deposits of any one qualified financial institution shall
not exceed 1 percent of the institution's total assets. The city is in compliance with this policy
at year-end.
Investments
For an investment, this is the risk that, in the event of failure of the counterparty, the city will
not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party.All of the city's investments, except for the State of Oregon Local
Government Investment Pool (LGIP), are held in safekeeping by the financial institution in the
city's name. The city's investment policy, which adheres to State of Oregon law, states bank
deposits with any one qualified institution shall not exceed 20 percent of the portfolio.
State statutes authorize the city to invest primarily in general obligations of the U.S.government
and its agencies, certain bonded obligations of Oregon municipalities, bank repurchase
agreements, bankers'acceptances,certain commercial paper and corporate bonds and the LGIP.
Annually, the city adopts an investment policy in connection with the budget process.
The LGIP is administered by the Oregon State Treasury. The LGIP is an open-ended no-load
diversified portfolio offered to any agency, political subdivision or public corporation of the State
who by law is made the custodian of, or has control of, any fund. The LGIP is commingled with
the State's short-term funds. In seeking to best serve local governments of Oregon, the Oregon
Legislature established the Oregon Short-Term Fund Board, which is not registered with the U.S.
Securities and Exchange Commission as an investment company. The fair value of the city's
position is the same as the value of the city's pool shares. The purpose of the Board is to advise
the Oregon State Treasury in the management and investment of the LGIP. The Oregon Audits
Division of the Secretary of State's Office audits the LGIP annually.
At June 30, 2022, the city's fair value in the LGIP was $174,101,186. Financial statement for the
Oregon Short-Term Fund can be found on line at:
http://www.oregon.gov/treasury/Divisionsf Investment/Pages/Oregon-Short-Term-Fund-
(OSTF).aspx
In accordance with the implementation of GASB Statement No. 72, Fair Value Measurement and
Application, the city categorizes its fair value measurements within the fair value hierarchy
established by generally accepted accounting principles. These inputs to valuation techniques
are categorized into a fair value hierarchy consisting of three broad levels for financial statement
purposes as follows:
75
City of Tigard, Oregon
Notes to Basic Financial Statements
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets or
liabilities that each Fund has the ability to access.
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets
or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities
in markets that are not active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, loss severities, credit risks and
default rates) or other market-corroborated inputs).
Level 3 - unobservable inputs based on the best information available in the circumstances, to
the extent observable inputs are not available (including each Fund's own assumptions used in
determining the fair value of investments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining
fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair
value may fall into different levels of the fair value hierarchy. In such cases, for disclosure
purposes, the fair value hierarchy classification is determined based on the lowest level input
that is significant to the fair value measurement in its entirety.
The categorization of a value determined for investments is based on the pricing transparency
of the investments and is not necessarily an indication of the risks associated with investing in
those securities.
The city has the following investments and recurring fair value measurements as of June 30, 2022:
Fair Value
Fair Value Measurement
Amortized Cost Not
Local Government Investment Pool (LGIP) $ 174,101,186 Measured at Fair Value
U.S. Agencies 21,870,909 Level 2
Corporate Bonds 21,012,210 Level 2
Total Investments $ 216,984,305
The LGIP includes investments in external investment pools and does not meet the
requirements for "leveling" disclosures as established in GASB Statement No. 72. Therefore,
fair value of the LGIP is determined by the pool's underlying portfolio.
Interest rate risk. Interest rate risk is the risk that the value of a debt security may fall when
interest rates rise. In general, the market price of debt securities with longer maturities will go
up or down in response to changes in interest rates more than the market price of shorter-term
securities. Additionally, securities issued or guaranteed by the U.S. Government, its agencies,
instrumentalities and sponsored enterprises have historically involved little risk of loss of
principal if held to maturity. However, due to fluctuations in interest rates, the market value of
such securities may vary prior to maturity.
76
City of Tigard, Oregon
Notes to Basic Financial Statements
In accordance with its investment policy, the city manages its exposure to declines in fair value
by limiting the individual maturities in its investment portfolio to eighteen months or less. The
city's investment policy states that at least 30 percent of the portfolio can have maturities less
than ninety days and up to 20 percent of the portfolio can have maturities from eighteen months
to thirty-six months. Per the policy, no investments will be made for a period to exceed thirty-
six months. The city does not actively trade investments, usually holding them to maturity. The
city was in compliance with its policy at year-end.
At June 30, 2022, the city had the following investments and maturities at fair value:
Weighted
Average
Maturity
Risk (in
Investment Type Fair Value Concentration months)
Local Government Investment Pool (LGIP) * $ 174,101,186 80.2% < 1
U.S. Agencies 21,870,909 10.1% 2.53
Corporate Bonds 21,012,210 9.7% 1.99
Total Investments $ 216,984,305 100.0%
Portfolio weighted average maturity 4.55
* LGIP is considered an investment per the city's investment policy. For financial reporting, LGIP
is considered cash and cash equivalents due to the liquid nature of the accounts.
Concentration of credit risk: Concentration of credit risk is the risk of loss attributed to the
magnitude of a government's investment in a single issuer. The city's policy for investing in
individual issuers varies depending on the type of investments. Following are maximum
instrument diversification per city policy.At year-end the city was in compliance with this policy.
• U.S. Agency securities are restricted to no more than 90 percent.
• Certificates of deposit are restricted to no more than 25 percent.
• Corporate bonds are restricted to no more than 35 percent. In addition, investments in
corporate bonds of any one issuer may not exceed 5 percent of the investment portfolio.
Credit risk: The city's policy, which adheres to State of Oregon law, is to limit its Corporate and
Municipal investments to the following: Issuers within Oregon must be rated "A" (bonds) or A-
2 / P-2 (commercial paper) or better by Standard and Poor's, Moody's Investors Service or any
other nationally recognized statistical rating organization. Issuers not in Oregon must be rated
AA/Aa (bonds) or A-1/ P-1 (commercial paper) or better.
77
City of Tigard, Oregon
Notes to Basic Financial Statements
At June 30, 2022 the city's investments were rated as follows:
% of Fair
Investment Type Moody's S & P Fitch Fair Value Value
State Investment Pool (LGIP) N/R N/R N/R $ 174,101,186 80.2%
Corporate Bonds Al A AA- 3,955,320 1.8%
Corporate Bonds A2 A- AA- 4,929,600 2.3%
Corporate Bonds A2 A- AA- 5,603,220 2.6%
Corporate Bonds A2 BBB+ A 6,524,070 3.0%
US Instrumentality: FHLB AAA AA+ N/R 3,187,144 1.5%
US Instrumentality: FHLB AAA AA+ N/R 7,597,760 3.5%
US Instrumentality: FHLB AAA AA+ N/R 6,722,310 3.1%
US Instrumentality: FHLMC AAA AA+ N/R 4,363,695 2.0%
Total Investments $ 216,984,305 100.0%
78
City of Tigard, Oregon
Notes to Basic Financial Statements
4. Accounts Receivable
Accounts receivable as of June 30, 2022 for the city's individual major fund, nonmajor and
internal service funds in the aggregate, including the applicable allowances for uncollectible
accounts are noted below:
Allowance
Gross for Doubtful Receivables,
Accounts Taxes Assessments Receivables Accounts Net
Governmental Activities
General $ 7,139,428 $ 268,758 $ - $ 7,408,186 $ (3,414,422) $ 3,993,764
Nonmajor governmental 2,155,423 85,693 35,549 2,276,665 - 2,276,665
Internal service 932 932 932
$ 9,295,783 $ 354,451 $ 35,549 $ 9,685,783 $ (3,414,422) $ 6,271,361
Business-Type Activities
Sanitary sewer $ 1,969,669 $ - $ - $ 1,969,669 $ - $ 1,969,669
Stormwater 783,201 - - 783,201 - 783,201
Water 2,930,690 - - 2,930,690 - 2,930,690
$ 5,683,560 $ - $ - $ 5,683,560 $ - $ 5,683,560
Total receivables $ 11,954,921
Shown on the Statement of Net Positions as:
Accounts receivable, net $ 11,564,921
Property taxes receivable 354,451
Assessment liens receivable 35,549
$ 11,954,921
Under State of Oregon statutes, municipal court receivables are valid for ten years and are then
renewable for another ten years. According to city policy, these receivables are turned over to
an external collection agency after approximately 180 days. Historical collection percentages
average about 25 percent. Accordingly, at June 30, 2022, $4,552,560 was outstanding for
municipal court receivables with a related allowance for doubtful accounts of$3,414,420.
Assessment liens receivable represent the uncollected amounts levied against benefited
property for the cost of local capital improvements. 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 10 to 20 years. Assessments bear
interest from 5.2 to 9.4 percent. At June 30, 2022, the portion of the assessments receivable
balance that represents delinquent accounts is insignificant.
79
City of Tigard, Oregon
Notes to Basic Financial Statements
5. Capital Assets
Capital asset activity for governmental activities for the year ended June 30, 2022 was as follows:
Balances Balances
Governmental activities June 30,2021 Additions Deletions Transfers June 30,2022
Non-depreciable:
Land $ 28,600,663 $ 317,811 $ - $ - $ 28,918,474
Construction in progress 8,386,464 6,244,818 - (5,393,042) 9,238,240
Total non-depreciable 36,987,127 6,562,629 - (5,393,042) 38,156,714
Depreciable:
Building and improvements 24,143,172 - - - 24,143,172
Land improvements 18,130,141 - - 733,495 18,863,636
Machinery and equipment 2,963,400 276,702 - - 3,240,102
Autos and trucks 3,921,388 579,687 (220,437) - 4,280,638
Office equipment 4,571,110 - - - 4,571,110
Infrastructure 263,919,160 549,776 - 4,659,547 269,128,483
Total depreciable 317,648,371 1,406,165 (220,437) 5,393,042 324,227,141
Accumulated depreciation:
Building and improvements (11,622,282) (660,015) - - (12,282,297)
Land improvements (9,079,070) (490,612) - - (9,569,682)
Machinery and equipment (2,686,859) (126,981) - - (2,813,840)
Autos and trucks (2,313,606) (447,981) 206,400 - (2,555,187)
Office equipment (3,193,746) (394,388) - - (3,588,134)
Infrastructure (90,489,675) (3,618,405) - - (94,108,080)
Total accumulated depreciation (119,385,238) (5,738,382) 206,400 - (124,917,220)
Net depreciable assets 198,263,133 (4,332,217) (14,037) 5,393,042 199,309,921
Governmental activities capital
assets, net $235,250,260 $2,230,412 $ (14,037) $ - $237,466,635
Depreciation expense for governmental activities is charged to functions as follows:
Community services $ 313,539
Public works 5,218,275
Community development 7,306
Policy and administration 199,262
Total depreciation for governmental activities $ 5,738,382
80
City of Tigard, Oregon
Notes to Basic Financial Statements
Capital assets activity for business-type activities for the year ended June 30, 2022, was as
follows:
Balances Balances
Business-type activities June 30,2021 Additions Deletions Transfers June 30,2022
Non-depreciable:
Land $ 12,302,979 $ - $ - $ - $ 12,302,979
Construction in progress 5,264,813 3,078,179 - (2,771,514) 5,571,478
Total non-depreciable 17,567,792 3,078,179 - (2,771,514) 17,874,457
Depreciable:
Building and improvements 77,323,567 - - - 77,323,567
Land Improvements 7,505,761 - - - 7,505,761
Sewer system 32,065,427 298,997 - 947,023 33,311,447
Stormwater system 23,085,263 232,106 - 1,671,347 24,988,716
Water system 148,709,867 107,675 - - 148,817,542
Equipment 4,171,282 34,485 - 153,144 4,358,911
Autos and trucks 2,284,883 101,459 (22,156) - 2,364,186
Total depreciable 295,146,050 774,722 (22,156) 2,771,514 298,670,130
Accumulated depreciation:
Building and improvements (6,285,127) (1,898,190) - - (8,183,317)
Sewer system (14,712,706) (721,672) - - (15,434,378)
Stormwater system (10,934,333) (584,426) - - (11,518,759)
Water system (41,441,684) (3,211,902) - - (44,653,586)
Equipment (2,367,108) (225,778) - - (2,592,886)
Autos and trucks (1,833,184) (232,976) 22,156 - (2,044,004)
Total accumulated depreciation (77,574,142) (6,874,944) 22,156 - (84,426,930)
Net depreciable assets 217,571,908 (6,100,222) - 2,771,514 214,243,200
Business-type activities capital
assets, net $235,139,700 $ (3,022,043) $ - $ - $232,117,657
Depreciation expense for business-type activities is charged to activities as follows:
Sanitary sewer $ 850,142
Stormwater 730,779
Water 5,294,023
Total depreciation for business-type activities $ 6,874,944
81
City of Tigard, Oregon
Notes to Basic Financial Statements
6. Long-term Debt and Other Debt
Governmental Activities
Direct Borrowings and Placements
General Obligation Bonds and Full Faith and Credit Bonds
TCDA 2021 Full Faith and Credit Bonds
In fiscal year 2021-2022 the city issued $3,604,900 in Series 2021A Tax-Exempt bonds, and
$1,019,700 Series 20216 Federally Taxable bonds. The bonds were issued to fund Urban
Renewal projects within the CCDA. In connection with the financing agreement, CCDA and the
city executed an intergovernmental agreement (IGA) for CCDA to be obligated for the debt
service payments on the bonds. The IGA constitutes indebtedness of the agency in the amount
of the financing or$4,624,600. Pursuant to ORS 287A.310,the agency pledges the tax increment
revenues to pay the financing payments or debt service. The outstanding bonds carry an Event
of Default clause which allows the lender to exercise any remedy available at law or in equity,
with the exception of acceleration. At June 30, 2022 the outstanding balance on the bonds was
$3,458,000 for the Series 2021A and $979,400 for the Series 20216.
Future maturities on the bond principal and interest on the bonds are as follows:
Total Debt Series 2021A Series 20216
Year Service Requirement Issued: September 29, 2021 Issued:September 29, 2021
Ending Total Total 1.69% 2.14%
June 30, Principal Interest Principal Interest Principal Interest
2023 $ 281,700 $ 79,399 $ 221,000 $ 58,440 $ 60,700 $ 20,959
2024 286,800 74,365 224,800 54,705 62,000 19,660
2025 291,900 69,239 228,500 50,906 63,400 18,333
2026 297,100 64,022 232,400 47,045 64,700 16,977
2027 302,400 58,709 236,300 43,117 66,100 15,592
2028-2032 1,595,300 210,438 1,242,900 154,312 352,400 56,126
2033-2036 1,382,200 _ 62,441 1,072,100 45,676 310,100 16,765
$ 4,437,400 $ 618,614 $ 3,458,000 $ 454,202 $ 979,400 $ 164,412
General Obligation Bonds and Full Faith and Credit Bonds
TCDA 2019 Full Faith and Credit Bonds
In fiscal year 2019-2020 the city issued $1,896,000 in Series 2019A Tax-Exempt bonds, and
$4,033,000 Series 20196 Federally Taxable bonds. The bonds were issued to fund Urban
Renewal projects within the CCDA. In connection with the financing agreement, CCDA and the
city executed an intergovernmental agreement (IGA) for CCDA to be obligated for the debt
service payments on the bonds. The IGA constitutes indebtedness of the agency in the amount
of the financing or$5,929,000. Pursuant to ORS 287A.310,the agency pledges the tax increment
revenues to pay the financing payments or debt service. The outstanding bonds carry an Event
of Default clause which allows the lender to exercise any remedy available at law or in equity,
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City of Tigard, Oregon
Notes to Basic Financial Statements
with the exception of acceleration. At June 30, 2022 the outstanding balance on the bonds was
$1,734,000 for the Series 2019A and $3,706,000 for the Series 2019B.
Future maturities of bond principal and interest on the bonds are as follows:
Total Debt Series 2019A Series 2019B
Year Service Requirement Issued:August 29, 2019 Issued:August 29, 2019
Ending Total Total 2.36% 2.99%
June 30, Principal Interest Principal Interest Principal Interest
2023 $ 254,000 $ 151,731 $ 84,000 $ 40,922 $ 170,000 $ 110,809
2024 262,000 144,666 86,000 38,940 176,000 105,726
2025 269,000 137,374 88,000 36,910 181,000 100,464
2026 276,000 129,886 90,000 34,834 186,000 95,052
2027 284,000 122,201 92,000 32,710 192,000 89,491
2028-2032 1,544,000 487,703 496,000 129,799 1,048,000 357,904
2033-2034 2,551,000 133,146 798,000 35,165 1,753,000 97,981
$ 5,440,000 $1,306,708 $ 1,734,000 $ 349,281 $ 3,706,000 $ 957,427
2020 GO Refunding Bonds
In fiscal year 2019-2020 the city issued $5,981,000 of full faith and credit General Obligation
Refunding Bonds. These bonds were used to partially refund the 2011A Series Parks GO Bonds.
The 2020 GO Refunding Bonds will be repaid over seven years with an interest rate of 1.34
percent. The outstanding bonds carry an Event of Default clause which allows Chase Bank to
exercise any remedy available at law or in equity, with the exception of acceleration.At June 30,
2021 the outstanding balance on the bonds was $5,201,000.
Future maturities of bond principal and interest on the GO Refunding Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2023 $ 549,000 $ 69,693 $ 618,693
2024 1,561,000 62,337 1,623,337
2025 1,684,000 41,419 1,725,419
2026 1,407,000 18,854 1,425,854
$ 5,201,000 $ 192,303 $ 5,393,303
83
City of Tigard, Oregon
Notes to Basic Financial Statements
Other Debt
2021 TCDA Bond: In the fiscal year 2021-2022 the city issued$4,687,800 of urban renewal bonds
backed by tax increment revenue generated from within the CCDA.The bond was issued to fund
urban renewal projects in the Tigard Triangle Urban Renewal Plan. The 2021 TCDA Bond will be
repaid over 15 years with an interest rate of 2.85 percent. At June 30, 2022 the outstanding
balance on the 2021 bond was $4,482,000
Future maturities of bond principal and interest on the TCDA bond are as follows:
Year
Ending
June 30, Principal Interest Total
2023 $ 265,000 $ 127,737 $ 392,737
2024 272,500 120,185 392,685
2025 280,300 112,418 392,718
2026 288,300 104,430 392,730
2027 296,500 96,213 392,713
2028-2032 1,614,300 349,379 1,963,679
2033-2036 1,465,100 105,852 1,570,952
$ 4,482,000 $1,016,214 $ 5,498,213
General Obligation Bonds and Full Faith and Credit Bonds
Library Bonds: In fiscal year 2010-2011 the city issued $8,655,000 of general obligation bonds,
series 2011B, for a current refunding of bonds originally issued in 2002 to build a new library.
Interest rates on the new bonds range from 3.0 percent to 4.0 percent on specific maturities. At
June 30, 2022 the outstanding balance on the 2011B bonds was $885,000.
Future maturities of bond principal and interest on the Library Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2023 $ 885,000 $ 17,700 $ 902,700
$ 885,000 $ 17,700 $ 902,700
Parks Bonds: In fiscal year 2010-2011 the city issued $17,000,000 of general obligation bonds,
series 2011A at a premium of$297,213.The proceeds of the bonds were issued to acquire open
spaces, protect and improve parklands. At least 80 percent of the bond proceeds went towards
land acquisition for open spaces, parks or trail corridors with up to 20 percent towards
improvements and development of park land. Interest rates range from 3.0 percent to 4.75
percent on specific maturities. During fiscal year 2019-2020 these bonds were partially
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City of Tigard, Oregon
Notes to Basic Financial Statements
defeased. The outstanding bonds carry a Default and Remedies clause which allows owners of
ten percent or more of the principal amount of the bonds then outstanding to exercise any
remedy available at law or in equity, with the exception of acceleration. At June 30, 2022, the
outstanding balance on the bonds was$3,725,000 and the balance of the unamortized premium
was $14,916.
Future maturities of bond principal and interest on the Parks Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2023 $ 875,000 $ 153,850 $ 1,028,850
2024 910,000 118,850 1,028,850
2025 950,000 82,450 1,032,450
2026 990,000 42,075 1,032,075
$ 3,725,000 $ 397,225 $ 4,122,225
Premium 14,916
Total $ 3,739,916
Business-type Activities
Direct Borrowings and Placements
Note Payable
In fiscal year 2009-2010 the city was awarded $4,796,000 in federal funds under the American
Recovery and Reinvestment Act (ARRA). These funds were distributed to the city as a loan, with
50 percent constituting an ARRA Forgivable Loan and 50 percent a low-interest loan under the
Safe Drinking Water Revolving Loan Fund program. These ARRA funds were used to develop a
city water reservoir. In fiscal year 2011-2012 the city drew down the funds that are considered
the loan portion. The interest rate on the note payable is 3.0 percent.
Within the note agreement the state, in the event of default, may pursue any or all the following
remedies or any other remedies available at law or in equity:
• termination of the loan agreement
• termination of the state's obligations to make the loan or any disbursement,
• repayment of the loan due upon demand,
• payment of interest earned by the city on the loan proceeds due upon demand,
• acceleration of the loan,
• declaration of the city's ineligibility to receive future awards, and
• the withholding pursuant to ORS 285A.213(6) and OAR 123-049-0040 of other state
funds.
85
City of Tigard, Oregon
Notes to Basic Financial Statements
At June 30, 2022, the balance on the note payable was $1,355,000. Future debt service
requirements are as follows:
Year Ending
June 30, Principal Interest Total
2023 $ 120,533 $ 40,650 $ 161,183
2024 124,149 37,034 161,183
2025 127,874 33,310 161,184
2026 131,710 29,473 161,183
2027 135,661 25,522 161,183
2028-2032 715,074 64,065 779,139
Total $ 1,355,001 $ 230,054 $ 1,585,055
Water Revenue Bonds
In fiscal year 2020-2021 the city issued $86,575,000 of Water Revenue Refunding Bonds. These
bonds were used to partially refund the 2012 Water Revenue Bonds. The 2020 Water Revenue
Refunding Bonds will be repaid over 22 years with an interest rate between 2 and 2.9 percent.
The outstanding bonds carry an Event of Default clause which allows any owner to exercise any
remedy available at law or in equity, with the exception of acceleration. At June 30, 2022 the
outstanding balance on the bonds was $85,625,000 and the balance of the unamortized
premium was $1,092,764.
Future maturities of bond principal and premium and interest on the Water Revenue
Refunding Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2023 $ 970,000 $ 1,992,462 $ 2,962,462
2024 3,430,000 1,948,463 5,378,463
2025 3,500,000 1,879,162 5,379,162
2026 3,570,000 1,808,463 5,378,463
2027 3,640,000 1,736,362 5,376,362
2028-2032 19,340,000 7,548,313 26,888,313
2033-2037 21,490,000 5,393,375 26,883,375
2038-2042 24,385,000 2,499,506 26,884,506
2043 5,300,000 76,850 5,376,850
85,625,000 $ 24,882,956 $ 110,507,956
Premium 1,092,764
Total $ 86,717,764
86
City of Tigard, Oregon
Notes to Basic Financial Statements
Other Debt
Water Project Financing
In fiscal year 2010-2011 the City of Tigard's City Council authorized up to $160 million in bonds
to help finance a joint water supply project with the City of Lake Oswego to provide Tigard a
share of a local water source. The arrangement with Lake Oswego to share a water system is
referred to as the Lake Oswego/Tigard Water Partnership project.
In fiscal year 2011-2012 the city issued $97,720,000 of water revenue bonds to be used to fund
capital projects for the water system in connection with the Lake Oswego/Tigard Water
Partnership project.The bonds were issued at a premium of$8,196,325 with interest rates from
3.0 percent to 5.0 percent. During fiscal year 2020-2021 these bonds were partially defeasance.
At June 30, 2022,the balance of the 2012 water revenue bonds was $2,365,000 and the balance
of the unamortized premium was $120,990.
In fiscal year 2014-2015 the city issued $30,810,000 of water revenue bonds with interest rates
from 3.0 percent to 5.0 percent. The bonds were issued at a premium of $4,449,380. These
bonds are the second of two borrowings by Tigard to help finance the joint water supply project
with the City of Lake Oswego (Lake Oswego/Tigard Water Partnership project).At June 30, 2022,
the balance of the 2015 water revenue bonds was $29,765,000 and the balance of the
unamortized premium was $3,241,873.
Net water system revenues and system development charges for the Water System are pledged
to the payment of principal of and interest on the revenue bonds. Net system revenues for fiscal
year 2022 were $14,709,857 as compared to the total debt service of$7,043,263.
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City of Tigard, Oregon
Notes to Basic Financial Statements
The computation of water revenue bonds debt coverage is as follows:
Gross revenues $ 24,065,642
System Development Charges (SDC) related:
SDC Fund interest earnings (loss) (247,814)
Reimbursement fee receipts 1,034,638
Improvement fee receipts 1,320,695
Total SDC-related 2,107,519
Operating expense:
Salaries and wages 1,120,169
Contracted services 318,806
Water purchases 1,787,040
General, admin and other 6,129,769
Total operating expenses 9,355,784
Net revenues (including SDCs) 16,817,377
Net revenues (excluding SDCs) $ 14,709,858
Debt service - first lien bonds:
2012 bonds $ 2,412,300
2015 bonds 1,668,500
2020 bonds 2,962,463
Total debt service $ 7,043,263
Debt service coverage - first lien bonds
(excluding system development charges) 2.09
Interest rates on the bonds range from 3 percent to 5 percent on specific maturities. The
outstanding bonds carry a Default and Remedies clause which allows owners to exercise any
remedy available at law or in equity, with the exception of acceleration.
88
City of Tigard, Oregon
Notes to Basic Financial Statements
Future maturities of bond principal and premium and interest on the revenue bonds are as
follows:
Year Ending
June 30, Principal Interest Total
2023 2,565,000 1,515,800 4,080,800
2024 210,000 1,460,300 1,670,300
2025 215,000 1,451,800 1,666,800
2026 225,000 1,443,000 1,668,000
2027 235,000 1,433,800 1,668,800
2028-2032 1,340,000 6,991,100 8,331,100
2033-2037 1,705,000 6,630,625 8,335,625
2038-2042 2,195,000 6,145,125 8,340,125
2043-2046 23,440,000 2,917,250 26,357,250
32,130,000 $ 29,988,800 $65,481,663
Premium 3,362,863
Total $ 35,492,863
89
City of Tigard, Oregon
Notes to Basic Financial Statements
Long-term debt activity, including compensated absences,for the year ended June 30, 2022 was
as follows:
Balances June Balances June Due in one
30,2021 Additions Retirements 30,2022 year
Governmental activities
Direct borrowings and placements
Bonds payable $ 5,642,000 $ - $ (441,000) $ 5,201,000 $ 549,000
Bonds payable(TCDA) 5,688,000 9,312,400 (641,000) 14,359,400 800,700
Total direct borrowings and
placements 11,330,000 9,312,400 (1,082,000) 19,560,400 1,349,700
Other debt
Bonds payable 6,305,000 - (1,695,000) 4,610,000 1,760,000
Total governmental debt 17,635,000 9,312,400 (2,777,000) 24,170,400 3,109,700
Premium on bonds 22,088 - (7,172) 14,916 5,846
Other long-term liabilities
Compensated absences 1,651,483 2,533,336 (2,421,888) 1,762,931 1,692,414
Governmental activities $ 19,308,571 $ 11,845,736 $ (5,206,060) $ 25,948,247 $ 4,807,960
Business-type activities
Direct borrowings and placements
Note payable $ 1,472,023 $ - $ (117,023) $ 1,355,000 $ 120,533
Bonds payable 86,575,000 - (950,000) 85,625,000 970,000
Total direct borrowings and
placements 88,047,023 - (1,067,023) 86,980,000 1,090,533
Other debt
Bonds payable 34,595,000 - (2,465,000) 32,130,000 2,565,000
Total business-type debt 122,642,023 - (3,532,023) 119,110,000 3,655,533
Premium on bonds 4,747,499 - (291,872) 4,455,627 295,772
Other long-term liabilities
Compensated absences 108,144 157,746 (183,352) 82,538 79,831
Business-type activities $ 127,497,666 $ 157,746 $ (4,007,247) $ 123,648,165 $ 4,031,136
Expenditures for liquidating other long-term liabilities, including compensated absences are
recorded in the General, various nonmajor Special Revenue, Enterprise, and Internal Service
funds.
7. Interfund Receivables, Payables and Transfers
Interfund loan transactions between funds are recorded as "advances to" and "advances from"
other funds. Interfund loans represent interim financing from the General Fund and the Sanitary
Sewer fund to a capital project fund for various urban renewal development projects.
Repayment of these transactions occurs in years subsequent to year-end.
90
City of Tigard, Oregon
Notes to Basic Financial Statements
The net effect of interfund loans is reported on the Statement of Net Position as Internal
Balances.The composition of interfund loans and the related elimination as of June 30, 2022 are
as follows:
Net
Receivable Fund Payable Fund Amount Elimination Balance
General Fund Nonmajor governmental fund $ 883,981 $ (883,981) $ -
Sanitary Sewer Fund Nonmajor governmental fund 102,320 - 102,320
$ 986,301 $ (883,981) $ 102,320
Future maturities on the interfund loans are as follows:
Interfund Loans Elimination Net Balance
Year Ending
June 30, Principal Interest Principal Interest Principal Interest
2023 $ - $ 9,428 $ - $ (8,916) $ - $ 512
2024 - 9,428 - (8,916) - 512
2025 13,926 9,428 (3,922) (8,916) 10,004 512
2026 49,227 9,358 (39,173) (8,846) 10,054 512
2027 74,321 9,098 (64,217) (8,586) 10,104 512
2028-2032 414,577 39,217 (363,294) (37,414) 51,283 1,803
2033-2037 355,177 20,187 (334,302) (19,667) 20,875 520
2038-2041 79,073 3,819 (79,073) (3,819) - -
$ 986,301 $ 109,963 $ (883,981) $ (105,080) $ 102,320 $ 4,883
91
City of Tigard, Oregon
Notes to Basic Financial Statements
Transfers for fiscal year ended June 30, 2022 are as follows:
Transfer To Transfer From Amount Purpose
General Nonmajor Governmental $ 309,000 $ 309,000 Unrestricted portion of the city's transient lodging tax
Nonmajor
Governmental General 2,437,500 Fund park and various other operations
Fund parks,transportation and various other capital
Nonmajor Governmental 4,696,015 projects
Stormwater 18,920 Fund stormwater of a city-wide facilities project
Fund sanitary sewer component of a city-wide facilities
Sanitary Sewer 10,694 project
Fund water component of a city-wide faciities project
Water 70,960 and a transportation capital project
7,234,089
Sanitary Sewer Stormwater 1,081 1,081 Fund sewer component of stormwater project
Stormwater Sanitary Sewer 153,147 153,147 Fund stormwater component of sewer project
Funding of central services,public works administration
Internal Service General 336,214 and engineering
Nonmajor Governmental 730,952 Capital project funding contracting and accounting
Sanitary Sewer 55,846 Capital project funding contracting,accounting,and
Stormwater 117,527 public works engineering
Water 479,327
1,719,866
$ 9,417,183
Reconciliation: Transferred to governmental funds from:
Sewer Fund $ 66,540
Stormwater Fund 136,447
Water Fund 550,289
Total transfers per Statement of Activities $ 753,276
8. Post-Employment Benefits Other than Pensions (OPEB)
The other post-employment benefits (OPEB) for the city combines two separate plans. The city
provides an implicit rate subsidy for retiree health insurance premiums, and a contribution to the
State of Oregon's PERS cost-sharing multiple-employer defined health insurance benefit plan.
Financial Statement Presentation
The city's two OPEB plans are presented in the aggregate on the Statement of Net Position.
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City of Tigard, Oregon
Notes to Basic Financial Statements
The amounts on the financial statements relate to the plans as follows:
Implicit Rate PERS RHIA Total OPEB
Subsidy Plan Plan on Financials
Net OPEB Asset $ - $ 188,697 $ 188,697
Deferred Outflows of Resources
Differences Between Expected and Actual Experience 7,843 - 7,843
Change in Proportionate Share - 12,677 12,677
Change in Assumptions 34,974 3,713 38,687
Difference in Earnings - - -
Contributions After the Measurement Date 33,259 1,184 34,443
Total Deferred Outflows of Resources 76,076 17,574 93,650
Total OPEB Liability 1,471,748 - 1,471,748
Deferred Inflows of Resources
Differences Between Expected and Actual Experience 138,349 5,250 143,599
Change in Proportionate Share - 25,160 25,160
Change in Assumptions 201,066 2,807 203,873
Difference in Earnings - 44,844 44,844
Total Deferred Inflows of Resources 339,415 78,061 417,476
OPEB Expense (Income) 96,248 (32,200) 64,048
(Included in program expenses on Statement of Activities)
Implicit Rate Subsidy
Plan Description
The city's single-employer defined benefit postemployment healthcare plan is administered by
Citycounty Insurance Services of Oregon (CIS). Benefit provisions are established through
negotiations between the city and representatives of collective bargaining units or through
resolutions passed by city council. No assets are accumulated in a trust that meet the criteria in
paragraph 4 of Statement 75.
The city's postemployment healthcare plan administrator issues a publicly available financial
report that includes financial statements and required supplementary information for CIS. This
report may be obtained on their website at www.cisoregon.org/About/TrustDocs.
Benefits Provided
The plan provides eligible retirees and their dependents under age 65 the same health care
coverage at the same premium rates as offered to active employees. The retiree is
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City of Tigard, Oregon
Notes to Basic Financial Statements
responsible for the premiums. As of the valuation date of July 1, 2021, the following
employees were covered by the benefit terms:
Inactive employees or beneficiaries receiving benefits 3
Active employees 292
295
Total OPEB Liability, OPEB Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to OPEB
The city's total OPEB liability of $1,471,748 was measured as of June 30, 2022, and was
determined by an actuarial valuation as of July 1, 2021.
For the fiscal year ended June 30, 2022, the city recognized OPEB expense from this plan of
$96,248.At June 30, 2022,the city reported deferred outflows of resources and deferred inflows
of resources related to this OPEB plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ 7,843 $ (138,349)
Changes of assumptions 34,974 (201,066)
Contributions subsequent to the measurement date 33,259 -
Total $ 76,076 $ (339,415)
Deferred outflows of resources related to OPEB of $33,259 resulting from the city's
contributions subsequent to the measurement date will be recognized as a reduction of the total
OPEB liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense
as follows:
Year ended June 30: Annual Recognition
2023 $ (66,908)
2024 (66,908)
2025 (65,688)
2026 (54,717)
2027 (31,381)
Thereafter (10,996)
$ (296,598)
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City of Tigard, Oregon
Notes to Basic Financial Statements
Actuarial Assumptions and Other Inputs
The total OPEB liability in the July 1, 2021 valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement,
unless otherwise specified:
Actuarial cost method Entry Age Normal
Inflation 2.5 percent
Salary increases 3.5 percent
Healthy mortality Pub-2010 General and Safety Employee and Healthy Retiree tables, sex
distinct for members and dependents, with a one-year setback for male
general service employees and female safety employees.
Discount rate 2.16 percent (change from 2.21 percent in previous measurement period)
Healthcare cost trend rate Medical and vision: 5.25 percent per year, decreasing to 4.00 percent
Dental: 4.00 percent per year
The discount rate was based on Bond Buyer 20-Year General Obligation Bond Index.
Changes in the Total OPEB Liability
Total OPEB
Liability
Balance as of June 30, 2021 $ 1,330,957
Changes for the year:
Service cost 131,156
Interest on total OPEB liability 32,000
Effect of economic/demographic gains and losses -
Effect of assumptions changes or inputs 6,095
Benefit payments (28,460)
Balance as of June 30, 2022 $ 1,471,748
Changes in assumptions is the result of the change in the discount rate from 2.21 percent to
2.16 percent.
Sensitivity of the Total OPEB Liability
The following presents the city's total OPEB liability, as well as what the liability would be if
it were calculated using a discount rate that is 1-percentage-point lower (1.16 percent) or 1-
95
City of Tigard, Oregon
Notes to Basic Financial Statements
percentage-point higher (3.16 percent) than the current discount rate. A similar sensitivity
analysis is then presented for changes in the healthcare trend assumption.
Discount Rate:
1% Decrease Current Discount 1% Increase
(1.16%) Rate (2.16%) (3.16%)
Total OPEB Liability $ 1,601,520 $ 1,471,748 $ 1,349,657
Healthcare Cost Trend:
1% Decrease Current Healthcare
(4.25) Trend Rate (5.25) 1% Increase (6.25)
Total OPEB Liability $ 1,278,104 $ 1,471,748 $ 1,700,305
PERS Retirement Health Insurance Account
Plan Description
As a member of Oregon Public Employees Retirement System (OPERS) the city contributes to
the Retirement Health Insurance Account (RHIA) for each of its eligible employees. RHIA is a
cost-sharing multiple-employer defined benefit other postemployment benefit plan
administered by OPERS. RHIA pays a monthly contribution toward the cost of Medicare
companion health insurance premiums of eligible retirees. Oregon Revised Statute (ORS)
238.420 established this trust fund. Authority to establish and amend the benefit provisions of
RHIA reside with the Oregon Legislature. The plan is closed to new entrants after August 29,
2003. OPERS issues a publicly available financial report that includes financial statements and
required supplementary information. OPERS produces an independently audited ACFR which
can be found at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
Funding Policy
Because RHIA was created by enabling legislation (ORS 238.420), contribution requirements of
the plan members and the participating employers were established and may be amended only
by the Oregon Legislature. ORS require that an amount equal to $60 or the total monthly cost
of Medicare companion health insurance premiums coverage, whichever is less, shall be paid
from the Retirement Health Insurance Account established by the employer, and any monthly
cost in excess of$60 shall be paid by the eligible retired member in the manner provided in ORS
238.410. To be eligible to receive this monthly payment toward the premium cost the member
must: (1) have eight years or more of qualifying service in OPERS at the time of retirement or
receive a disability allowance as if the member had eight years or more of creditable service in
OPERS, (2) receive both Medicare Parts A and B coverage, and (3) enroll in a OPERS-sponsored
health plan. An eligible surviving spouse or dependent of a deceased PERS retiree may receive
the subsidy if he or she (1) is receiving a retirement benefit or allowance from PERS or (2) was
insured at the time the member died and the member retired before May 1, 1991.
96
City of Tigard, Oregon
Notes to Basic Financial Statements
Contributions
PERS funding policy provides for employer contributions at actuarially determined rates. These
contributions, expressed as a percentage of covered payroll, are intended to accumulate
sufficient assets to pay benefits when due. Employer contribution rates for the period were
based on the December 31, 2019 actuarial valuation.The rates based on a percentage of payroll,
first became effective July 1, 2021. The city's contribution rates for the period were 0.05% for
Tier One/Tier Two members. The city's total contributions for the year ended June 30, 2022 was
$1,184.
OPEB Assets, Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to OPEB
At June 30, 2022,the city reported an asset of$188,697 for its proportionate share of the OPERS
net OPEB asset. The net OPEB asset was measured as of June 30, 2021, and the total OPEB
liability used to calculate the net OPEB asset was determined by an actuarial valuation as of
December 31, 2019 rolled forward to June 30, 2021. The city's proportion of the net OPEB asset
was based on the city's contributions to the RHIA program during the measurement period
relative to contributions from all participating employers. At June 30, 2021, the city's
proportionate share was 0.0549%,which is a decrease from its proportion of 0.0345%as of June
30, 2020.
For the year ended June 30, 2022, the city recognized OPEB income from this plan of $32,000.
At June 30, 2022, the city reported deferred outflows of resources and deferred inflows of
resources related to this OPEB plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ - $ 5,250
Change of assumptions 3,713 2,807
Net difference between projected and actual earnings 44,844
Changes in proportionate share 12,677 25,160
Contributions subsequent to the measurement date 1,184 -
Total $ 17,574 $ 78,061
Deferred outflows of resources related to OPEB of$1,184 resulting from the city's contributions
subsequent to the measurement date will be recognized as either a reduction of the net OPEB
liability or an increase in the net OPEB asset in the year ended June 30, 2023.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to OPEB will be recognized in OPEB expense as follows:
Year ended June 30: Annual Recognition
2023 $ (17,892)
2024 (19,375)
2025 (10,238)
2026 (14,166)
$ (61,671)
Actuarial Methods and Assumptions
The total OPEB liability in the December 31, 2019 actuarial valuation was determined using the
following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Amortization method Amortized as a level percentage of payroll as layered bases
over a closed 10-year period
Asset valuation method Market value of assets
Inflation 2.4 percent
Investment rate of return 6.9 percent
Salary increases 3.4 percent
Healthy mortality Healthy retirees and beneficiaries:
Pub-2010 Healthy Retiree, sex-distinct, generational with
Unisex, Social Security Data Scale, with job category
adjustment and set-backs as described in the valuation.
Active members:
Pub-2010 Employees, sex-distict, generational with Unisex,
Social Security Data Scale, with job category adjustments and
set-backs as described in the valuation.
Disabled retirees:
Pub-2010 Disabled retirees, sex-distinct, generational with
Unisex, Social Security Data Scale, with job category
adjustments and set-backs as described in the valuation.
Actuarial valuations of an ongoing plan involve estimates of the value of projected benefits and
assumptions about the probability of events far into the future. Actuarially determined amounts
are subject to continual revision as actual results are compared to past expectations and new
estimates are made about the future. Experience studies are performed as of December 31 of
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City of Tigard, Oregon
Notes to Basic Financial Statements
even numbered years. The methods and assumptions shown above are based on the 2018
experience study which reviewed experience for the four-year period ending on December 31,
2018.
Long-Term Expected Rate of Return
To develop an analytical basis for the selection of the long-term expected rate of return
assumption, in June 2021 the OPERS Board reviewed long-term assumptions developed by both
Milliman's capital market assumptions team and the Oregon Investment Council's (OIC)
investment advisors.The table below shows Milliman's assumptions for each of the asset classes
in which the plan was invested at that time based on the OIC long-term target asset allocation.
The OIC's description of each asset class was used to map the target allocation to the asset
classes shown below. Each asset class assumption is based on a consistent set of underlying
assumptions, and includes an adjustment for the inflation assumption. These assumptions are
not based on historical returns, but instead are based on a forward-looking capital market
economic model.
Assumed Asset Allocation
Asset Class/Strategy Low Range High Range Target
Debt Securities 15.0% 25.0% 20.0%
Public Equity 27.5% 37.5% 32.5%
Real Estate 9.5% 15.5% 12.5%
Private Equity 14.0% 21.0% 17.5%
Alternatives Portfolio 7.5% 17.5% 15.0%
Opportunity Portfolio 0.0% 5.0% 0.0%
Risk Parity 0.0% 2.5% 2.5%
Total 100.0%
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City of Tigard, Oregon
Notes to Basic Financial Statements
Compounded
Target Annual Return
Asset Class Allocation (Geometric)
Global Equity 30.62% 5.85%
Private Equity 25.50% 7.71%
Core Fixed Income 23.75% 2.73%
Real Estate 12.25% 5.66%
Master Liimited Partnerships 0.75% 5.71%
Infrastructure 1.50% 6.26%
Commodities 0.63% 3.10%
Hedge Fund of Funds-Multistrategy 1.25% 5.11%
Hedge Fund Equity-Hedge 0.63% 5.31%
Hedge Fund-Macro 5.62% 5.06%
US Cash -2.50% 1.76%
Tota I 100.00%
Assumed Inflation - Mean 2.40%
Discount Rate
The discount rate used to measure the total OPEB liability was 6.90 percent for the RHIA Plan.
The projection of cash flows used to determine the discount rate assumed that contributions
from plan members and those contributing employers are made at the contractually required
rates, as actuarially determined. Based on those assumptions, the RHIA plan's fiduciary net
position was projected to be available to make all projected future benefit payments of current
plan members. Therefore, the long-term expected rate of return on pension plan investments
for the RHIA Plan was applied to all periods of projected benefit payments to determine the
total OPEB liability.
Sensitivity of the City's proportionate share of the net OPEB liability (asset) to changes in the
discount rate
The following presents the city's proportionate share of the net OPEB liability (asset) calculated
using the discount rate of 6.90 percent, as well as what the city's proportionate share of the net
OPEB liability (asset) would be if it were calculated using a discount rate that is 1-percentage-
point lower (5.90 percent) or 1-percentage-point higher (7.90 percent) than the current rate:
ioo
City of Tigard, Oregon
Notes to Basic Financial Statements
1% Decrease Current Discount 1% Increase
(5.90%) Rate (6.90%) (7.90%)
Net OPEB Liability (Asset) $ (166,875) $ (188,697) $ (207,338)
OPEB Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately
issued OPERS financial report at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
9. Pension Plan
Oregon Public Employees Retirement Systems (OPERS)
Plan Description
City of Tigard Police Officers are provided with pensions through Oregon Public Employees
Retirement System (OPERS); a cost-sharing multiple-employer defined benefit pension plan that
acts as a common investment and administrative agent for government units in the State of
Oregon. Police Officers hired before August 29, 2003 belong to the Tier One/Tier Two
Retirement Benefit Program (established pursuant to ORS Chapter 238), while Officers hired on
or after August 29, 2003 belong to the OPSRP Pension Program (established pursuant to ORS
Chapter 238A). OPERS produces an independently audited ACFR which can be found at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
Benefits Provided
Tier One/Tier Two Retirement Benefit
Pension Benefits. The PERS retirement allowance is payable monthly for life. It may be selected
from 13 retirement benefit options. These options include survivorship benefits and lump-sum
refunds. The basic benefit is based on years of service and final average salary. For city sworn
officers, 2.0 percent is multiplied by the number of years of service and the final average salary.
Benefits may also be calculated under either a formula plus annuity (for members who were
contributing before August 21, 1981)or a money match computation if a greater benefit results.
A member is considered vested and will be eligible at a minimum retirement age for a service
retirement allowance if he or she has had contribution in each of five calendar years or has
reached at least 45 years of age before ceasing employment with a participating employer.
Police members are eligible after reaching age 50. Tier One police member benefits are reduced
if retirement occurs prior to age 55 with fewer than 25 years of service. Tier Two members are
eligible for full benefits at age 60. The ORS Chapter 238 Defined Benefit Pension Plan is closed
to new members hired on or after August 29, 2003.
Death Benefits. Upon the death of a non-retired member, the beneficiary receives a lump-sum
refund of the member's account balance (accumulated contributions and interest). In addition,
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City of Tigard, Oregon
Notes to Basic Financial Statements
the beneficiary will receive a lump-sum payment from employer funds equal to the account
balance, provided one or more of the following conditions are met:
• the member was employed by a PERS employer at the time of death,
• the member died within 120 days after termination of OPERS-covered employment,
• the member died as a result of injury sustained while employed in a OPERS-covered
job, or
• the member was on an official leave of absence from a OPERS-covered job at the time
of death.
Disability Benefits. A member with 10 or more years of creditable service who becomes disabled
from other than duty-connected causes may receive a non-duty disability benefit. A disability
resulting from a job-incurred injury or illness qualifies a member for disability benefit regardless
of the length of OPERS-covered service. Upon qualifying for either a non-duty or duty disability,
service time is computed to age 55 for police members when determining the monthly benefit.
Benefit Changes After Retirement. Members may choose to continue participation in a variable
equities investment account after retiring and may experience annual benefit fluctuations due
to changes in the market value of equity investments. Under ORS 238.360 monthly benefits are
adjusted annually through cost-of-living changes. The COLA is capped at 2.0 percent.
OPSRP Pension Program
Pension Benefits. The OPSRP Pension Program (ORS Chapter 238A) provides benefits to
members hired on or after August 29, 2003.This portion of OPSRP provides a life pension funded
by employer contributions. Benefits are calculated by formula for members who attain normal
retirement age. For police members, 1.8 percent is multiplied by the number of years of service
and the final average salary. Normal retirement age for police members is age 60 or age 53 with
25 years of retirement credit.To be classified as a police member,the individual must have been
employed continuously as a police member for at least five years immediately preceding
retirement.
A member of the OPSRP Pension Program becomes vested on the earliest of the following dates:
the date the member completes 600 hours of service in each of five calendar years,the date the
member reaches normal retirement age, and if the pension program is terminated, the date on
which termination becomes effective.
Death Benefits. Upon the death of a non-retired member, the spouse or other person who is
constitutionally required to be treated in the same manner as the spouse, receives for life 50
percent of the pension that would otherwise have been paid to the deceased member.
Disability Benefits. A member who has accrued 10 or more years of retirement credits before
the member becomes disabled or a member who becomes disabled due to job-related injury
shall receive a disability benefit of 45 percent of the member's salary determined as of the last
full month of employment before the disability occurred.
Benefit Changes After Retirement. Under ORS 238A.210 monthly benefits are adjusted annually
through cost-of-living changes. The COLA is capped at 2.0 percent.
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City of Tigard, Oregon
Notes to Basic Financial Statements
OPSRP Individual Account Program (IAP)
Pension Benefits. The IAP member becomes vested on the date the employee account is
established or on the date the rollover account was established. If the employer makes optional
employer contributions for a member, the member becomes vested on the earliest of the
following dates: the date the member completes 600 hours of service in each of five calendar
years, the date the member reaches normal retirement age, the date the IAP is terminated, the
date the active member becomes disabled, or the date the active member dies.
Upon retirement, a member of the OPSRP IAP may receive the amounts in his or her employee
account, rollover account, and vested employer account as a lump-sum payment or in equal
installments over a 5-, 10-, 15-, 20-year period or an anticipated life span option. Each
distribution option has a $200 minimum distribution limit.
Death Benefits. Upon the death of a non-retired member,the beneficiary receives in a lump sum
the member's account balance, rollover account balance, and vested employer optional
contribution account balance. If a retired member dies before the installment payments are
completed, the beneficiary may receive the remaining installment payments or choose a lump-
sum payment.
Recordkeeping. OPERS contracts with VOYA Financial to maintain IAP participant records.
Contributions. OPERS funding policy provides for monthly employer contributions at actuarially
determined rates. These contributions, expressed as a percentage of covered payroll, are
intended to accumulate sufficient assets to pay benefits when due. Employer contribution rates
for the period were based on the December 31, 2019 actuarial valuation. The rates based on a
percentage of payroll, first became effective July 1, 2021. The rates in effect for the period were
24.74 percent for Tier One/Tier Two police members and 19.44 percent for OPSRP Pension
Program Police member. The city's total contributions exclusive of the 6 percent "pick-up" was
$1,382,744.
Covered employees are required to contribute 6 percent of their salary to the Plan, but the
employer is allowed to pay any or all of the employees' contribution in addition to the required
employers' contribution. The city has elected to contribute the 6 percent "pick-up" or$408,913
of the employees' contribution.
Pension Assets, Liabilities, Pension Expense, and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to Pensions
At June 30, 2022, the city reported a liability of $8,211,051 for its proportionate share of the
OPERS net pension liability. The net pension liability was measured as of June 30, 2021, and the
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of December 31, 2019 rolled forward to June 30, 2021. The city's proportion of the
net pension liability was based on a projection of the city's long-term share of contributions to
the pension plan relative to the projected contributions of all participating employers,
actuarially determined.At June 30, 2021,the city's proportion of OPERS net pension liability was
0.06862 percent.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Annual Pension Cost
For the year ended June 30, 2022,the city recognized pension expense of$888,178. At June 30,
2022,the city reported deferred outflows or resources and deferred inflows of resources related
to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
Differences between expected and actual experience $ 768,608 $ -
Changes of assumptions 2,055,473 21,610
Net difference between projected and actual earnings on investments - 6,078,578
Changes in proportion 197,497 653,408
Differences between employer contributions and proportionate share
of contributions 3,656 392,876
Total (prior to post-MD contributions) 3,025,234 7,146,472
Contributions subsequent to the MD 1,449,230 -
Total $4,474,464 $7,146,472
Deferred outflows of resources related to pensions of $1,449,230 resulting from the city's
contributions subsequent to the measurement date will be recognized as either a reduction of
the net pension liability or an increase in the net pension liability in the year ended June 30,
2023. Other amounts reported as deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
Net Deferred Outflows/Inflows
Amortization Period
2023 $ (799,439)
2024 (854,324)
2025 (1,111,978)
2026 (1,541,932)
2027 186,435
$(4,121,238)
Actuarial Methods and Assumptions
The total pension liability in the December 31, 2019 actuarial valuation was determined using
the following actuarial methods and assumptions:
104
City of Tigard, Oregon
Notes to Basic Financial Statements
Actuarial Methods and Assumptions
Valuation Date December 31, 2019
Measurement Date June 30, 2021
Experience Study Report 2018, published July 24, 2019
Actuarial Cost Method Entry Age Normal
Actuarial Assumptions:
Inflation Rate 2.40 percent
Long-Term Expected Rate of Return 6.90 percent
Discount Rate 6.90 percent
Projected Salary Increases 3.40 percent
Cost of Living Adjustments (COLA) Blend of 2.00% COLA and graded COLA (1.25%/0.15%) in
accordance with Moro decision, blend based on service
Health retirees and beneficiaries: Pub-2010 Healthy Retiree, sex-
distinct, generational with Unisex, Social Security Data Scale, with
job category adjustments and set-backs as described in the
valuation.
Active Members: Pub-2010 Employee, sex-distinct, generational
Mortality with Unisex, Social Security Data Scale, with job category
adjustments and set-backs as described in the valuation.
Disabled retirees: Pub-2010 Disabled Retiree, sex-distinct,
generational with Unisex, Social Security Data Scale, with job
category adjustments and set-backs as described in the valuation.
Actuarial valuations of an ongoing plan involve estimates of the value of projected benefits and
assumptions about the probability of events far into the future. Actuarially determined amounts
are subject to continual revision as actual results are compared to past expectations and new
estimates are made about the future. Experience studies are performed as of December 31 of
even numbered years. The methods and assumptions shown above are based on the 2018
experience study which reviewed experience for the four-year period ending on December 31,
2018.
Long-Term Expected Rate of Return
To develop an analytical basis for the selection of the long-term expected rate of return
assumption, in June 2021 the OPERS Board reviewed long-term assumptions developed by both
Milliman's capital market assumptions team and the Oregon Investment Council's (OIC)
investment advisors.The table below shows Milliman's assumptions for each of the asset classes
in which the plan was invested at that time based on the OIC long-term target asset allocation.
The OIC's description of each asset class was used to map the target allocation to the asset
classes shown below. Each asset class assumption is based on a consistent set of underlying
assumptions, and includes an adjustment for the inflation assumption. These assumptions are
not based on historical returns, but instead are based on a forward-looking capital market
economic model.
105
City of Tigard, Oregon
Notes to Basic Financial Statements
Assumed Asset Allocation
Asset Class/Strategy Low Range High Range Target
Debt Securities 15.0% 25.0% 20.0%
Public Equity 27.5% 37.5% 32.5%
Real Estate 9.5% 15.5% 12.5%
Private Equity 14.0% 21.0% 17.5%
Alternatives Portfolio 7.5% 17.5% 15.0%
Opportunity Portfolio 0.0% 5.0% 0.0%
Risk Parity 0.0% 2.5% 2.5%
Total 100.0%
Compounded
Target Annual Return
Asset Class Allocation (Geometric)
Global Equity 30.62% 5.85%
Private Equity 25.50% 7.71%
Core Fixed Income 23.75% 2.73%
Real Estate 12.25% 5.66%
Master Liimited Partnerships 0.75% 5.71%
Infrastructure 1.50% 6.26%
Commodities 0.63% 3.10%
Hedge Fund of Funds-Multistrategy 1.25% 5.11%
Hedge Fund Equity-Hedge 0.63% 5.31%
Hedge Fund-Macro 5.62% 5.06%
US Cash -2.50% 1.76%
Total 100.00%
Assumed Inflation - Mean 2.40%
Discount Rate
The discount rate used to measure the total pension liability was 6.90 percent for the Defined
Benefit Pension Plan.The projection of cash flows used to determine the discount rate assumed
that contributions from plan members and those contributing employers are made at the
contractually required rates, as actuarially determined. Based on those assumptions, the
pension plan's fiduciary net position was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return
on pension plan investments for the Defined Benefit Pension Plan was applied to all periods of
projected benefit payments to determine the total pension liability.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Sensitivity of the City's proportionate share of net pension liability (asset) to changes in the
discount rate
The following presents the city's proportionate share of the net pension liability (asset)
calculated using the discount rate of 6.90 percent, as well as what the city's proportionate share
of the net pension liability (asset) would be if it were calculated using a discount rate that is 1-
percentage-point lower (5.90 percent) or 1-percentage-point higher (7.90 percent) than the
current rate:
1% Decrease Discount Rate 1% Increase
(5.90%) (6.90%) (7.90%)
City's proportionate share of
the net pension liability $ 16,124,541 $ 8,211,051 $ 1,590,333
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately
issued OPERS financial report at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
10. Retirement Plans— Defined Contribution Plan
The city contributes to a retirement plan on behalf of all eligible employees. Contributions are
to Mass Mutual, a defined contribution single employer retirement plan (The Plan) for those
employees not eligible for the defined benefit plan (OPERS). The Plan is a defined contribution
plan created in accordance with Internal Revenue Code Section 401(a). Employees become
eligible to participate in the plans after six months of service and vest immediately. Employees
may withdraw funds upon retirement or termination of employment.
Contributions to The Plan range from 10 to 11 percent of gross salary depending on the
employment group for all eligible employees participating in the plans.
The city is required to contribute to these plans under authority of City Council resolution and
the plan documents. Employees may also contribute to these plans. Required and actual
contributions to the plan were $1,852,556 for the year ended June 30, 2022.
Contributions to the plans are made to a fiduciary. All assets and income of the Plan are held in
trust for the exclusive benefit of the participants and their beneficiaries. The amounts
accumulated under the 401a plan including investment earnings are excluded from the financial
statements of the city.
Deferred Compensation Plans
The city offers employees a voluntary deferred compensation plan created in accordance with
Internal Revenue Code Section 457 and administered by the city. The Plan is a defined
contribution plan. Amendments to the plan require City Council approval. The Plan is available
107
City of Tigard, Oregon
Notes to Basic Financial Statements
to any individual who is an elected official of the city or who is employed by the city after
completing 30 days of service.
Participation in the plan is voluntary. Contributions to fiduciaries that hold the funds in trust for
the plans' participants are made through salary withholdings from participating employees up
to the amounts specified in the code. No contributions are required by the city.
Amounts deferred are not available to employees until termination, retirement, death, or
unforeseeable emergency. All assets and income of the plan are held in trust for the exclusive
benefit of the participants and their beneficiaries.The amounts accumulated under the 457 plan
including investments earnings are excluded from the financial statements of the city.
11. Tax Abatements
As of June 30, 2022, the city provides property tax abatements through three programs. An
Enterprise Zone program, a Non-Profit Corporation Low-Income Housing program and a
Vertical Housing Development Zone program.
Enterprise Zone
The city's Enterprise Zone (EZ) is authorized by Oregon Revised Statute (ORS) 285C.050 —
285C.250, the Oregon Enterprise Zone Act (the Act). The city created the Tigard EZ through
Resolution No. 14-51.This Resolution was approved by City Council on October 28, 2014. The
city subsequently expanded the EZ to include a portion of the City of Lake Oswego via
Resolution No. 15-48 on October 27, 2015, and renamed the EZ the Tigard/Lake Oswego
Enterprise Zone. ORS 285C.255 defines the sunset of all enterprise zone programs,
terminating existing programs as of June 30, 2025.
The City of Tigard elected to add the following additional incentives and requirements to its
program:
• Fast tracking the land use review process.
• Pre-application conference fees, business registration fees, and sign permit fee are
waived by 50 percent.
• City Council may extend the standard exemption by up to two more years if a qualifying
company increases employment by 10 percent each year and new jobs are compensated
(wages plus benefits) at 200 percent of Oregon Minimum Wage.
• A minimum investment of$500,000 is required.
• Total compensation for 75 percent of company's EZ facility jobs (wages plus benefits)
must exceed 200 percent of Oregon minimum wage after one year of employment.
• A company must provide benefits to employees that meet or exceed the national average
of non-mandated benefits for the size of the company, and the Company must offer
sufficient training and advancement opportunities for all employees.
• A procurement plan increasing purchasing with Tigard based companies is required.
• An application fee totaling one tenth of one percent (.001) of the value of the investment
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City of Tigard, Oregon
Notes to Basic Financial Statements
for the qualified property that is proposed in the application. This fee is capped at
$25,000.
• Companies applying for the two year extended abatement must pay a Community Service
Fee. This fee is calculated at a rate of 20 percent of the abated taxes for years four and
five. The fee is paid to the city.
Applications are reviewed by the city and by the county assessor. Review includes a
preauthorization consultation and a review of written application materials. For approved
applications, City Council may adopt a resolution finding that; the business is eligible for the
exemption under the Act, the size of the proposed investment meets requirements, the
employment opportunities provide by the facility or firm and/or the nature of the activities
undertaken by the facility or firm within the EZ will significantly enhance the local economy,
and the activities of the facility or firm will promote the purposes for which the zone was
created and increase employment within the zone.
Taxes are abated via an exemption of assessed value from all applicable tax levies. These
taxes are abated for a period of three tax years, beginning with the first year the property is
placed in service. Applicable tax levies include the permanent rate levies and operating levies
for all taxing districts that include the property. Additionally, any community service fees
received by the city from participating businesses are restricted for use on economic
development activities.
Recipients of the EZ tax abatement make commitments to the city in their application in a
number of areas, including statutory requirements for an increase in full-time employment
of 10 percent, no concurrent job losses in Oregon within 30 miles of the EZ, maintenance of
employment levels during the exemption period, and first-source agreements with local job
training providers.
For the fiscal year ended June 30, 2022, the city's property tax revenues were reduced by an
estimated $19,000 as a result of the EZ program. For the fiscal year ended June 30, 2022,the
Tigard Urban Renewal's property tax revenues were reduced by an estimated $2,000 as a
result of the EZ program.
If necessary, abated taxes can be reassessed for reasons defined in ORS 285C.240. Reasons
for reassessment include; sale of a qualifying business or subject property outside of the EZ,
reduction in business operations and/or closure of a business, failure of a business to meet
statutory or city requirements, and/or if they use the property for ineligible activities. At
disqualification, the County Assessor will assess any previously abated taxes in a subsequent
assessment year, less any amounts that have been paid to the city as a community service
fee.
109
City of Tigard, Oregon
Notes to Basic Financial Statements
Non-Profit Low Income Housing Limited Tax Exemption
The city's Non-Profit Low Income Housing Limited Tax Exemption (NPLTE) program is
authorized by ORS 307.540-548. In 1996, the city's NPLTE program was established by Tigard
Municipal Code 3.50, Non-Profit Corporation Low-Income Housing, Ordinance No. 96-34.
The program allows exemption from property taxes for Non-Profit Corporations owning a
low-income housing facility that meet specific criteria. The criteria include:
• The property is owned or being purchased by a corporation that is exempt from income
taxes under section 501(c) (3) or (4) of the Internal Revenue Code as amended before
December 1, 1984.
• Upon liquidation,the assets of the corporation are required to be applied first in payment
of all outstanding obligations, and the balance remaining, in cash and in kind, to be
distributed to corporations exempt from taxation and operated exclusively for religious,
charitable, scientific, literary or educational purposes or to the State of Oregon.
• The property is occupied by low-income persons.
• The property or portion of the property receiving the exemption, is actually and
exclusively used for the purposes described in section 501(c) (3) or (4) of the Internal
Revenue Code as amended before December 1, 1984.
• The application for exemption has been approved by the City Council.
To qualify for the exemption, the corporation shall file an application for exemption with the
governing body for each assessment year of exemption. The application shall be filed on or
before March 1, of the assessment year for which the exemption is applied for, except that
when the property designated is acquired after March 1 and before July 1, the claim for that
year shall be filed within 30 days after the date of acquisition.
For the fiscal year ended June 30, 2022, the city's property tax revenues were reduced by an
estimated $56,000 as a result of this program. For fiscal year ended June 30, 2022 the Tigard
Urban Renewal's property tax revenues were reduced by an estimated $5,000 as a result of
this program.
Vertical Housing Development Zone
The city's Vertical Housing Development Zone (VHDZ) tax exemption program is authorized
by ORS 285C.450 to 285C.480 and 307.864. This ORS allows municipalities to create special
districts to encourage mixed-use development. In 2014, the city passed Resolution No. 14-
38 establishing this program. VHDZ allows for partial exemption from property taxes for
mixed use multi-story development in core areas of the city. VHDZ encourages development
which supports downtown revitalization. Areas identifies for this program include Tigard's
Town Center and parts of the Tigard Triangle. This exemption allows for a decrease in total
property tax, for new construction, of 20 percent per floor, exemption applies to new
construction on the first four floors of residential development built above a non-residential
no
City of Tigard, Oregon
Notes to Basic Financial Statements
ground floor.
Taxes are abated via an exemption of assessed value from applicable tax levies for a period
of 10 successive years, beginning in the year following the year the project was completed
and would have otherwise been added to the tax rolls.
For the fiscal year ended June 30, 2022, the city's property tax revenues were reduced by an
estimated $26,000 as a result of this program. For the fiscal year ended June 30, 2022 the
Tigard Urban Renewal's property tax revenues were reduced by an estimated $2,000 as a
result of this program.
For the fiscal year ended June 30, 2022, the city abated property taxes totaling $101,000
under the three programs. For fiscal year ended June 30, 2022 the Tigard Urban Renewal's
abated property taxes totaling $9,000 under the three programs.
FY 2022 Taxes Abated
Tigard Urban
Tax Abatement Program City of Tigard Renewal
Enterprise Zone $ 19,000 $ 2,000
Non-Profit Low Income Housing Limited Tax Exemption 56,000 5,000
Vertical Housing Development Zone 26,000 2,000
Total $ 101,000 $ 9,000
12. Transactions with Clean Water Services of Washington County
The city collects charges for treatment of city sewage and stormwater on behalf of the Clean
Water Services of Washington County and remits all collections to Clean Water Services, except
for 20.56 percent of sewer service charges collected, 3.98 percent of sewer connection charges
collected and 75.03 percent of stormwater service charges collected, in accordance with an
agreement between the city and Clean Water Services. During fiscal year 2022 the city paid
$15,500,245 to Clean Water Services under this agreement.
The net amount retained by the city is reported as revenue in the enterprise funds in the
proprietary funds Statement of Revenues, Expenses and Changes in Fund Net Position.
Revenues are reported net because the city acts in a fiduciary capacity on behalf of Clean Water
Services.
13. Risk Management
The city is exposed to various risks of loss related to torts; employment liability;theft of,damage
to, and destruction of assets; errors and omissions; injuries to employees and others; and
natural disasters.The city is insured through a member trust consisting of cities and counties in
111
City of Tigard, Oregon
Notes to Basic Financial Statements
Oregon and purchases public entity insurance through the trust to deal with liability risks with
nominal deductibles. Employee injuries are insured through SAIF, the State Accident Insurance
Fund. Settled claims resulting from these risks have not exceeded public entity insurance
coverage in any of the past three fiscal years and there has not been any material change to
insurance coverages from the previous year.
14. Joint Venture
Willamette Intake Facilities Commission
Willamette Intake Facilities Commission (the Commission or WIF) was organized in April 2018
under Oregon Revised Statute (ORS) 190 and was established by an agreement between the
cities of Wilsonville, Hillsboro, Tigard, Beaverton, Sherwood, and Tualatin Valley Water District.
The Commission is governed by a six-member board,with one representative appointed by each
member jurisdiction. The purpose of the Commission is to provide for the ownership,
management, and operation of the Willamette intake facilities which are used to withdraw and
transmit water to the parties. The Commission is managed by Tualatin Valley Water District.
Expenses are allocated on a unit basis by the Commission. Each joint venturer's apportioned
share of the general administration expenses is determined by the following formula: 25 percent
of the administrative costs for the fiscal year is divided evenly among the Commission's
membership; the remainder is divided among the Commission membership according to their
percentage share of the capacity ownership in the intake facilities.
Operations, maintenance, and repair expenses that are a result of use of the facilities are
allocated based on each party's proportionate use of the WIF. Operations, maintenance, and
repair expenses unrelated to usage will be allocated based on each party's proportionate
ownership of the WIF.
The following percentages were in effect at June 30, 2022:
Tualatin Valley Water District 39.40
City of Wilsonville 16.70
City of Sherwood 6.50
City of Tigard 10.00
City of Hillsboro 24.10
City of Beaverton 3.30
The investment in joint venture is recorded at cost in the Water Fund, and the city's share of the
annual net income or loss is used to adjust the ending balance of the city's equity interest in the
joint venture. Financial statements for the WIF may be obtained from Tualatin Valley Water
District, Finance Department at 1850 SW 170th Avenue, Beaverton, Oregon 97003. At June 30,
2022 the city's investment in the WIF was:
112
City of Tigard, Oregon
Notes to Basic Financial Statements
Investment in joint venture at June 30, 2021 $ 1,792,758
Contributions 445,808
Loss for the year (32,346)
Investment in joint venture at June 30, 2022 $ 2,206,220
15. Lake Oswego/Tigard Water Partnership
The city has an intergovernmental agreement (IGA) with the City of Lake Oswego for the Lake
Oswego/Tigard Water Partnership (Partnership). The city's investment in the Partnership is
estimated at approximately $170 million. The Partnership built a water system that has the
capacity to produce 38 million gallons of usable water per day (MGD). Tigard's portion is 18 of
the 38 MGD, or 47.37 percent. While the Partnership is still operating under the original
agreement, recently the cities have adopted a Lake Oswego/Tigard Water Partnership
Operations plan. The cities are also discussing a long-term governance agreement.
Assets
Upon completion of the multi-year project Lake Oswego conveyed to Tigard an undivided
proportionate interest of the supply facilities and property. The city then recorded its share of
capital assets in land, land improvements, building and improvements, water system
infrastructure and equipment. Depreciation for the depreciable assets is based on each asset's
respective useful life.
Debt
As stated in Note 6, the city issued $97.7 million in revenue bonds during fiscal year 2012 to
partially fund the project. The city issued an additional $30.8 million in revenue bonds in fiscal
year 2015 for the continuing water infrastructure needs. In 2020 $86.6 million in revenue
refunding bonds were issued. As of June 30, 2022, the outstanding debt amount for the project
is $122,210,627.
Operating costs and future capital expense
Operating costs and future capital expenses are based on different criteria for each section of
the system:
113
City of Tigard, Oregon
Notes to Basic Financial Statements
Allocation Percentage
Water System Section Fixed Cost Variable Cost
Water treatment plant, pipe
infrastructure, raw water intake facility 47.37% Based on usage
Waluga Resevoir 51.43% Based on usage
Pipeline after Waluga Resevoir, Bonita
pump station 100.00% 100.00%
The monthly operating costs paid to Lake Oswego are based on an annual budget for fixed costs
and projected usage for variable costs. Annually, a true up is completed based on actual usage.
The city exclusively operates the Bonita pump station and therefore does not pay Lake Oswego
for those costs. For the fixed costs associated with the Waluga Reservoir, Tigard's portion is 1.8
of the 3.5 million gallon capacity, or 51.43 percent. The revenue and expenses associated with
ongoing operations of the system are recorded within water operations.
16. Commitments
The city has entered into various contracts with outstanding commitments at year end. The
contracts are for various projects and will be paid for with debt proceeds, property taxes, gas
taxes, and various other sources. The major commitments outstanding at June 30, 2022 are as
follows:
Project Commitment
ASR Wells Rehabilitation $ 1,003,380
Cach Resevoir & Pump Station 112,206
Dirksen Nature Park 748,921
Main Street Phase 2 2,994,562
Murdock Street Sidewalk & Stormwater 374,728
PMP Design and Inspection 412,718
Red Rock Creek Stabilization and Enhancem 234,339
Reservoir 18 & Pump Station 1,523,168
Universal Plaza 574,581
17. Contingent Liabilities
The city is a defendant in various lawsuits, nearly all of these lawsuits are covered by the city's
insurance policies. Although the outcome of these lawsuits is not presently determinable, it is
the opinion of management that resolution of these matters will not have a material adverse
effect on the financial condition of the city.
114
City of Tigard, Oregon
Notes to Basic Financial Statements
Claims not covered by the city's insurer would be recognized when it appeared probable that
the loss had been incurred and the amount could be reasonably estimated.
18. Subsequent Event
The City has evaluated subsequent events through December 22, 2022, the date which the
financial statement were available to be issued. As of the report date, December 22, 2022, no
subsequent events were identified by management.
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116
Required Supplementary
Information
118
CITY OF TIGARD,OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original _ Final Amounts budget
REVENUES
Taxes $ 18,452,556 $ 18,452,556 $ 18,404,753 $ (47,803)
Grants - - 7,584,380 7,584,380
Licenses and permits 1,142,119 1,142,119 1,393,954 251,835
Intergovernmental revenues 7,316,572 7,969,892 6,993,666 (976,226)
Charges for services 232,743 232,743 312,240 79,497
Fines and forfeitures 2,128,301 2,128,301 1,872,103 (256,198)
Franchise fees 6,701,356 6,701,356 7,272,781 571,425
Interest earnings 300,675 300,675 272,163 (28,512)
Net increase(decrease)in investment fair
value - - (807,298) (807,298)
Miscellaneous revenues 356,432 369,144 454,721 85,577
Total revenues 36,630,754 37,296,786 43,753,463 6,456,677
EXPENDITURES
Community services 27,417,691 28,259,680 25,605,468 2,654,212
Public works - - - -
Community development 4,410,334 4,567,392 3,698,389 869,003
Policy and administration 1,676,325 1,676,325 1,212,217 464,108
Total expenditures 33,504,350 34,503,397 30,516,074 3,987,323
Change in fund balance before
other financing sources(uses) 3,126,404 2,793,389 13,237,389 10,444,000
OTHER FINANCING SOURCES(USES)
Transfer in 244,000 309,000 309,000 -
Interfund loan (1,000) (1,000) - 1,000
Transfer out (2,773,714) (4,498,714) (2,773,714) 1,725,000
Contingency (1,600,000) (626,712) - 626,712
Reserve for future expenditures (28,037,055) (27,285,555) - 27,285,555
Total other financing(uses) (32,167,769) (32,102,981) (2,464,714) 29,638,267
Change in fund balance (29,041,365) (29,309,592) 10,772,675 40,082,267
Fund balance-beginning of the year 29,041,365 29,309,592 30,035,743 726,151
Fund balance-end of the year $ - $ - 40,808,418 $ 40,808,418
Reconciliation of budgetary fund balance to GAAP basis net position:
Interfund Loan 883,981
Total net position,GAAP basis $ 41,692,399
119
City of Tigard Oregon
Schedule of the City's Proportionate Share of the Net Pension Liability(Asset)
Oregon Public Employees Retirement System
Last Eight Fiscal Years 1'2
2022 2021 2020
City's proportion of the net pension liability
(asset) 0.068617% 0.067873% 0.075025%
City's proportionate share of the net pension
liability (asset) $ 8,211,051 $ 14,812,243 $ 12,977,450
City's covered payroll $ 6,960,595 $ 6,307,694 $ 6,331,572
City's proportionate share of the net pension
liability (asset) as a percentage of its covered
payroll 117.96% 234.83% 204.96%
Plan fiduciary net position as a percentage of
the total pension liability 87.57% 75.79% 80.23%
110-year trend information required by GASB Statement 68 will be presented prospectively
2 Amounts presented are for the measurement period reported during the fiscal year, which for
FY 2022 is July 1, 2020-June 30, 2021.
NOTES TO SCHEDULE
Changes in Benefit Terms
Senate Bill 822 was enacted during the 2013 Oregon regular legislative session to lower the cap
on the cost-of-living adjustment (COLA) from 2 percent to 1.5 percent for 2013, and eliminated
the tax remedy benefit for recipients who do not pay Oregon state income taxes because they do
not reside in Oregon. Senate Bill 861 was enacted during the 2013 Oregon special legislative
session, further lowering the post-retirement COLA for years beyond 2013 to 1.25% on the first
$60,000 of annual benefit and 0.15% on annual benefits above $60,000. The combined impact of
these Senate Bills are reflected in the June 30, 2014 total pension liability, resulting in a net
pension asset reported by the City for fiscal year 2015.
The Oregon Supreme Court (Court) ruled in Moro v. State of Oregon on April 30, 2015 that
certain provisions of Senate Bill 822 and Senate Bill 861 were unconstitutional. The Court ruled
that benefits could be modified prospectively, but not retrospectively. As a result, those who
retired before the bills were passed will continue to receive a COLA tied to the Consumer Price
Index that normally results in a 2% increase annually. OPERS members who have accrued
benefits before and after the effective dates of the 2013 legislation will have a blended COLA rate
when they retire. The impact of the Court's decision is reflected in the June 30, 2015 total
pension liability, which contributes to the net pension liability reported by the City for fiscal year
2016.
120
2019 2018 2017 2016 2015
0.073322% 0.072960% 0.074719% 0.081488% 0.074022%
$ 11,107,323 $ 9,835,041 $ 11,216,998 $ 4,678,602 $ (1,677,869)
$ 5,941,342 $ 6,280,408 $ 6,610,002 $ 6,187,208 $ 6,025,900
186.95% 156.60% 169.70% 75.62% -27.84%
82.07% 83.12% 80.53% 91.88% 103.59%
Change in Assumptions
The PERS Board adopted assumption changes that were used to measure the
June 23, 2021 total pension liability, which contributes to the net pension
liability reported by the city for fiscal year 2022. The changes include lowering
the long-term expected rate of return to 6.90 percent and lowering the
assumed inflation to 2.40 percent. In addition, the healthy mortality
assumption was changed to reflect an updated mortality improvement scale for
all groups, and assumptions were updated for merit increases, unused sick
leave, and vacation pay.
On July 23, 2021, the OPERS Board lowered the assumed earnings rate from
7.20 percent to 6.90 percent. The new assumed earnings rate affected rates on
July 1, 2021.
121
City of Tigard, Oregon
Schedule of the City's Contributions
Oregon Public Employees Retirement System
Last Eight Fiscal Years 1
2022 2021 2020
Contractually required
contributions $ 1,449,229 $ 1,344,480 $ 1,302,699
Contributions in relation to the
contractually required
contribution (1,449,229) (1,344,480) (1,302,699)
Contribution deficiency (excess) $ - $ - $ -
City's covered payroll $ 7,108,063 $ 6,960,595 $ 6,307,694
Contributions as a percentage
of covered payroll 20.39% 19.32% 20.65%
110-year trend information required by GASB Statement 68 will be presented prospectively
NOTES TO SCHEDULE
Actuarial Assumptions and Methods Used to Actuarially Determine Contributions:
Actuarial Valuation December 31, 2019 December 31, 2018 December 31, 2017
Effective July 2021 -June 2022 July 2020 -June 2021 July 2019 -June 2020
Actuarial cost method: Entry Age Normal Entry Age Normal Entry Age Normal
Actuarial valuation method: Market Value Market Value Market Value
Actuarial assumption:
Inflation rate 2.40 percent 2.50 percent 2.50 percent
Projected salary increases 3.40 percent 3.50 percent 3.50 percent
Investment rate of return 6.90 percent 7.20 percent 7.20 percent
122
2019 2018 2017 2016 2015
$ 1,039,691 $ 937,027 $ 787,306 $ 761,228 $ 782,812
(1,039,691) (937,027) (787,306) (761,228) (782,812)
$ - $ - $ - $ - $
$ 6,331,572 $ 5,941,342 $ 6,280,408 $ 6,610,002 $ 6,187,208
16.42% 15.77% 12.54% 11.52% 12.65%
December 31, 2016 December 31, 2015 December 31, 2013 December 31, 2011
July 2018 -June 2019 July 2017 -June 2018 July 2015 -June 2017 July 2013 -June 2015
Entry Age Normal Entry Age Normal Entry Age Normal Projected Unit Credit
Market Value Market Value Market Value Market Value
2.50 percent 2.50 percent 2.75 percent 2.75 percent
3.50 percent 3.50 percent 3.75 percent 3.75 percent
7.20 percent 7.50 percent 7.75 percent 8.00 percent
123
City of Tigard,Oregon
Schedule of the Changes in the City's Total OPEB Liability and Related Ratios
Implicit Rate Subsidy Plan
Last Four Fiscal Years 1,2
2022 2021 2020 _ 2019 2018
Total OPEB Liability(in 1,000s)
Service cost $ 131 $ 121 $ 109 $ 117 $ 100
Interest 32 53 52 54 43
Changes in benefit terms - - - - -
Economic/demographic losses - (189) - 15 -
Changes of assumptions or other inputs 6 (19) 46 (292) (96)
Benefit payments (28) (51) (59) (49) (59)
Net change in OPEB liability 141 (85) 148 (155) (12)
Total OPEB Liability-beginning 1,331 1,416 1,268 1,423 1,435
Total OPEB Liability-ending $ 1,472 $ 1,331 $ 1,416 $ 1,268 $ 1,423
Covered-employee payroll $ 25,775 $ 24,881 $ 23,214 $ 21,705 $ 21,438
Total OPEB Liability as a%of covered-
employee payroll 5.71% 5.35% 6.10% 5.84% 6.64%
110-year trend information required by GASB Statement 75 will be presented prospectively
2 Amounts presented are for the measurement period reported during the fiscal year,which for FY 2022 is July 1,2020-June 30,
2021
There are no assets accumulated in a trust that meet the criteria of GASB codification P22.101 or P52.1.1 to pay related benefits
for the OPEB plan.
124
City of Tigard,Oregon
Schedule of the City's Proportionate Share of the Net OPEB Liability(Asset)
Oregon Public Employees Retirement System,Retiremen Health Insurance Account
Last Six Fiscal Years 1'2
2022 2021 2020 2019 2018 2017
City's proportion of the net OPEB
liability(asset) 0.0549% 0.0345% 0.0607% 0.0579% 0.0613% 0.0675%
City's proportionate share of the net
OPEB liability(asset) $ (188,697) $ (70,282) $ (117,368) $ (64,649) $ (25,563) $ 18,323
City's covered payroll $ 6,960,595 $ 6,307,694 $ 6,331,572 $ 5,941,342 $ 6,280,408 $ 6,610,002
City's proportionate share of the net
OPEB liability(asset)as a percentage
of its covered payroll -2.7% -1.1% -1.9% -1.1% -0.4% 0.3%
Plan fiduciary net position as a
percentage of the total OPEB liability 183.9% 150.1% 144.4% 124.0% 108.9% 80.5%
110-year trend information required by GASB Statement 75 will be presented prospectively
2 Amounts presented are for the measurement period reported during the fiscal year,which for FY 2022 is July 1,2020-June 30,2021
125
City of Tigard,Oregon
Schedule of the City's Contributions
Oregon Public Employees Retirement System,Retirement Health Insurance Account
Last Six Fiscal years'
2022 2021 2020 2019 2018 2017
Contractually required contributions $ 1,184 $ 2,194 $ 2,463 $ 30,103 $ 29,366 $ 31,820
Contributions in relation to the contractually
required contribution (1,184) (2,194) (2,463) (30,103) (29,366) (31,820)
Contribution deficiency(excess) $ - $ - $ - $ - $ - $ -
City's covered payroll $ 7,108,063 $ 6,960,595 $ 6,307,694 $ 6,331,572 $ 5,941,342 $ 6,280,408
Contributions as a percentage of covered payroll 0.02% 0.03% 0.04% 0.48% 0.49% 0.51%
110-year trend information required by GASB Statement 75 will be presented prospectively
NOTES TO SCHEDULE
Actuarial Assumptions and Methods Used to Actuarially Determine Contributions:
Actuarial Valuation December 31,2019 December 31,2018 December 31,2017 December 31,2016 December 31,2015 December 31,2013
Effective July 2021-June 2022 July 2020-June 2021 July 2019-June 2020 July 2018-June 2019 July 2017-June 2018 July 2015-June 2017
Actuarial cost method: Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal
Actuarial valuation method: Market Value Market Value Market Value Market Value Market Value Market Value
Actuarial assumption:
Inflation rate 2.40 percent 2.50 percent 2.50 percent 2.50 percent 2.50 percent 2.75 percent
Projected salary increases 3.40 percent 3.50 percent 3.50 percent 3.50 percent 3.50 percent 3.75 percent
Investment rate of return 6.90 percent 7.20 percent 7.20 percent 7.20 percent 7.50 percent 7.75 percent
126
Other Supplementary
Information
127
128
CITY OF TIGARD,OREGON
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30,2022
Special Debt Service Capital Project
Revenue Funds Funds Funds Total
ASSETS
Cash and investments $ 3,286,557 $ - $ 4,813,669 $ 8,100,226
Accounts receivable 1,175,267 - 967,748 2,143,015
Property taxes receivable 25,826 59,867 - 85,693
Assessment liens receivable - 32,136 3,413 35,549
Interest receivable - 9,518 2,890 12,408
Restricted cash and investments 28,407,053 5,101,313 52,562,464 86,070,830
Total assets $ 32,894,703 $ 5,202,834 $ 58,350,184 $ 96,447,721
LIABILITIES
Accounts payable and accrued liabilities $ 492,606 $ - $ 1,341,612 $ 1,834,218
Deposits 1,523,450 - - 1,523,450
Due to others 62,040 - - 62,040
Advances from other funds - - 986,301 986,301
Unearned revenue 50,000 - - 50,000
Total liabilities 2,128,096 - 2,327,913 4,456,009
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes 20,398 48,186 - 68,584
Transportation refund credits 35,857 - - 35,857
Special assessment liens - 32,136 3,413 35,549
Total deferred inflows of resources 56,255 80,322 3,413 139,990
FUND BALANCES
Non-spendable:
Long-term contract - - 500,000 500,000
Restricted for:
Street maintenance and improvements 11,211,229 - 26,594,527 37,805,756
Tourism 610,182 - - 610,182
Affordable housing 1,011,297 - - 1,011,297
Debt service - 5,122,512 - 5,122,512
Park development and improvements - - 12,567,803 12,567,803
Underground utilities - - 726,205 726,205
Building inspection 10,863,569 - - 10,863,569
Police services 1,880,418 - - 1,880,418
Library improvements 602,109 - - 602,109
Urban development and improvements - - 10,532,537 10,532,537
Committed for:
Street maintenance and improvements - - 4,287,999 4,287,999
Urban forestry 1,094,465 - - 1,094,465
Assigned to:
City facilities - - 883,024 883,024
Park and recreation 3,437,083 - - 3,437,083
Unassigned - - (73,237) (73,237)
Total fund balances 30,710,352 5,122,512 56,018,858 91,851,722
Total liabilities,deferred inflows of
resources and fund balances $ 32,894,703 $ 5,202,834 $ 58,350,184 $ 96,447,721
129
CITY OF TIGARD,OREGON
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
for the year ended June 30,2022
Special Debt Service Capital Project
Revenue Funds Funds Funds Total
REVENUES
Taxes $ 9,669,722 $ 4,340,040 $ - $ 14,009,762
Special assessments - 71,140 - 71,140
Licenses and permits 3,044,495 - - 3,044,495
Intergovernmental revenues 46,221 - 708,501 754,722
Charges for services 2,570,842 - 3,646,066 6,216,908
System development charges - - 4,410,347 4,410,347
Fines and forfeitures 85,072 - - 85,072
Interest earnings 182,062 37,192 295,507 514,761
Net increase(decrease)in investment
fair value (660,460) (337,749) (1,084,385) (2,082,594)
Miscellaneous revenues 76,182 - 460 76,642
Total revenues 15,014,136 4,110,623 7,976,496 27,101,255
EXPENDITURES
Community services 1,791,106 - - 1,791,106
Public works 7,358,243 - - 7,358,243
Community development 2,352,425 - - 2,352,425
Debt service:
Principal - 2,777,000 - 2,777,000
Interest - 630,131 - 630,131
Capital outlay - - 8,400,434 8,400,434
Total expenditures 11,501,774 3,407,131 8,400,434 23,309,339
Changes in fund balance before
other financing sources(uses) 3,512,362 703,492 (423,938) 3,791,916
OTHER FINANCING SOURCES(USES)
Transfer in 2,971,000 - 4,263,089 7,234,089
Transfer out (2,606,471) - (3,129,496) (5,735,967)
Total other financing sources(uses) 364,529 - 10,445,993 10,810,522
Changes in fund balance 3,876,891 703,492 10,022,055 14,602,438
Fund Balance-Beginning of the year 26,833,461 4,419,020 45,996,803 77,249,284
Fund Balance-End of the year $ 30,710,352 $ 5,122,512 $ 56,018,858 $ 91,851,722
130
Special Revenue Funds
The balance sheet and statement of revenues, expenditures and changes in fund balance of the
non-major special revenue funds are reported in the combining governmental fund statements.
Fund statements for the major special revenue funds are reported in the basic financial
statements.
Schedules of revenues, expenditures and changes in fund balance — budget and actual — are
also presented here for each special revenue fund.
Gas Tax Fund–This fund records shared revenues from the State of Oregon and Washington
County taxes on sale of motor vehicle fuel. The city uses these revenues to fund various
construction, reconstruction, improvements, repairs, maintenance and operation of public
highways, roads and streets.
City Gas Tax Fund –This fund accounts for revenues generated from Tigard's local gas tax and
funds projects for transportation improvements.
Transient Lodging Tax Fund –This fund accounts for revenues generated from Tigard's local
hotel/motel tax and funds projects to promote tourism.
Construction Excise Tax Fund –This fund accounts for revenues generated from Tigard's
construction excise tax and funds projects to promote affordable housing.
Electrical Inspection Fund –This fund accounts for fees charged for permits, plan check fees
and inspection of electrical improvements.
Building Fund –This fund accounts for fees charged for building inspection and plan review
activities.
Criminal Forfeiture Fund –This fund accounts for funds and property seized from criminals.
Urban Forestry Fund –This fund accounts for funds collected from developers in lieu of
preserving trees, which the city can use to plant trees in public right-of-way and other public
properties.
Parks Utility Fund–This fund accounts for fees charged for the maintenance and operation of
city parks, trails, and green spaces.
Police Levy Fund–This fund accounts for the local option property tax levy that was passed to
fund addition police operations.
Library Fund–This fund accounts for the amounts received from several donations and
bequests for various special projects and artwork.
131
132
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133
CITY OF TIGARD,OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30,2022
City Gas Transient Construction Electrical
Gas Tax Tax Lodging Tax Excise Tax Inspection
Fund Fund Fund Fund Fund
ASSETS
Cash and investments $ - $ - $ - $ - $ -
Accounts receivable 660,769 81,437 140,795 - 267
Property taxes receivable - - - - -
Restricted cash and investments 7,952,267 3,488,647 469,387 1,027,581 402,142
Total assets $ 8,613,036 $ 3,570,084 $ 610,182 $ 1,027,581 $ 402,409
LIABILITIES
Accounts payable $ 53,252 $ - $ - $ 16,284 $ -
Due to others - - - - 603
Deposits 882,782 - - - -
Unearned revenue - - - - -
Total liabilities 936,034 - - 16,284 603
DEFERRED INFLOWS OF RESOURCES
Transportation refund credits 23,493 12,364 - - -
Property taxes - - - - -
Total deferred inflow of resources 23,493 12,364 - - -
FUND BALANCE
Restricted for:
Street maintenance and improvements 7,653,509 3,557,720 - - -
Tourism - - 610,182 - -
Affordable housing - - - 1,011,297 -
Building inspection - - - - 401,806
Police services - - - - -
Library improvements - - - - -
Committed for:
Urban forestry - - - - -
Assigned for:
Park and recreation - - - - -
Total fund balances 7,653,509 3,557,720 610,182 1,011,297 401,806
Total liabilities and fund
balances $ 8,613,036 $ 3,570,084 $ 610,182 $ 1,027,581 $ 402,409
134
Criminal Urban Parks Police
Building Forfeiture Forestry Utility Levy Library
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ 3,286,557 $ - $ - $ 3,286,557
2,260 - 1,037 284,554 4,240 (92) 1,175,267
25,826 - 25,826
10,713,385 657,623 1,734,096 - 1,309,724 652,201 28,407,053
$ 10,715,645 $ 657,623 $ 1,735,133 $ 3,571,111 $ 1,339,790 $ 652,109 $ 32,894,703
$ 245,246 $ - $ - $ 134,028 $ 43,796 $ - $ 492,606
8,636 52,801 - - - - 62,040
- - 640,668 - - - 1,523,450
- - - - - 50,000 50,000
253,882 52,801 640,668 134,028 43,796 50,000 2,128,096
- - - - - - 35,857
- - - - 20,398 - 20,398
- - - - 20,398 - 56,255
- - - - - - 11,211,229
- - - - - - 610,182
- - - - - - 1,011,297
10,461,763 - - - - - 10,863,569
- 604,822 - - 1,275,596 - 1,880,418
- - - - - 602,109 602,109
- - 1,094,465 - - - 1,094,465
- - - 3,437,083 - - 3,437,083
10,461,763 604,822 1,094,465 3,437,083 1,275,596 602,109 30,710,352
$ 10,715,645 $ 657,623 $ 1,735,133 $ 3,571,111 $ 1,339,790 $ 652,109 $ 32,894,703
135
CITY OF TIGARD,OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
for the year ended June 30,2022
City Gas Transient Construction Electrical
Gas Tax Tax Lodging Tax Excise Tax Inspection
Fund Fund Fund _ Fund Fund
REVENUES
Taxes $ - $ - $ - $ - $ -
Gas tax 5,560,118 - - - -
City gas tax - 819,817 - - -
Hotel/Motel tax - - 583,387 - -
Construction excise tax - - - 556,014 -
Licenses and permits 35,968 - - - 256,339
Charges for services - - - - -
Intergovernmental revenues - - - - -
Fines and forfeitures - - - - -
Tree replacement revenue - - - - -
Interest earnings 51,124 22,878 2,644 4,363 2,795
Net increase(decrease)in
investment fair value (192,414) (80,240) (8,950) (11,447) (7,459)
Miscellaneous revenues 49,378 - - - -
Total revenues 5,504,174 762,455 577,081 548,930 251,675
EXPENDITURES
Community services - - - - -
Public works 3,292,515 - - - -
Community development - - - - -
Total expenditures 3,292,515 - - - -
Changes in fund balance
before other financing
sources(uses) 2,211,659 762,455 577,081 548,930 251,675
OTHER FINANCING SOURCES(USES)
Transfer in 283,500 - - - -
Transfer out (1,162,785) (421,315) (325,446) (285,773) (254,267)
Total other financing
sources(uses) (879,285) (421,315) (325,446) (285,773) (254,267)
Changes in fund balance 1,332,374 341,140 251,635 263,157 (2,592)
Fund balance-Beginning of the year 6,321,135 3,216,580 358,547 748,140 404,398
Fund balance-End of the year $ 7,653,509 $ 3,557,720 $ 610,182 $1,011,297 $ 401,806
136
Criminal Urban Parks Police
Building Forfeiture Forestry Utility Levy Library
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ - $ 2,150,386 $ - $ 2,150,386
- - - - - - 5,560,118
- - - - - - 819,817
- - - - - - 583,387
- - - - - - 556,014
2,752,188 - - - - - 3,044,495
- - -
2,569,383 - - 2,569,383
46,221 - - - - - 46,221
85,072 - - - - 85,072
- - 1,459 - - - 1,459
66,373 2,940 11,377 7,654 5,677 4,237 182,062
(228,549) (7,318) (33,813) (56,545) (22,453) (11,272) (660,460)
6,165 - - 20,639 - - 76,182
2,642,398 80,694 (20,977) 2,541,131 2,133,610 (7,035) 15,014,136
80,748 - - 1,710,358 - 1,791,106
- -
4,065,728 - - 7,358,243
2,352,425 - _ - - - - 2,352,425
2,352,425 80,748 - 4,065,728 1,710,358 - 11,501,774
289,973 (54) (20,977) (1,524,597) 423,252 (7,035) 3,512,362
250,000 - - 2,437,500 - - 2,971,000
-
(16) (56,788) (100,081) - - (2,606,471)
250,000 (16) (56,788) 2,337,419 - - 364,529
539,973 (70) (77,765) 812,822 423,252 (7,035) 3,876,891
9,921,790 604,892 1,172,230 2,624,261 852,344 609,144 26,833,461
$ 10,461,763 $ 604,822 $ 1,094,465 $ 3,437,083 $ 1,275,596 $ 602,109 $ 30,710,352
137
CITY OF TIGARD,OREGON
GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
State gas tax $ 3,624,320 $ 3,624,320 $ 4,430,594 $ 806,274
County gas tax 989,440 989,440 1,129,524 140,084
Licenses and permits 65,965 65,965 35,968 (29,997)
Interest earnings 61,800 61,800 51,124 (10,676)
Net increase(decrease)in investment
fair value - - (192,414) (192,414)
Miscellaneous revenues 62,818 62,818 49,378 (13,440)
Total revenues 4,804,343 4,804,343 5,504,174 699,831
EXPENDITURES
Public works 3,509,585 3,570,585 3,292,515 278,070
Change in fund balance before
other financing sources(uses) 1,294,758 1,233,758 2,211,659 977,901
OTHER FINANCING SOURCES(USES)
Transfer in 283,500 283,500 283,500 -
Transfer out (2,467,104) (2,476,104) (1,162,785) 1,313,319
Contingency (200,000) (200,000) - 200,000
Reserve for future expenditures (4,560,533) (4,560,533) - 4,560,533
Total other financing(uses) (6,944,137) (6,953,137) (879,285) 6,073,852
Change in fund balance (5,649,379) (5,719,379) 1,332,374 7,051,753
Fund balance-Beginning of the year 5,649,379 5,719,379 6,321,135 601,756
Fund balance-End of the year $ - $ - $ 7,653,509 $ 7,653,509
* Budget appropriation is made at the debt service program level
138
CITY OF TIGARD,OREGON
CITY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
City gas tax $ 806,000 $ 806,000 $ 819,817 $ 13,817
Interest earnings 29,025 29,025 22,878 (6,147)
Net increase(decrease)in investment
fair value - - (80,240) (80,240)
Total revenues 835,025 835,025 762,455 (72,570)
OTHER FINANCING SOURCES(USES)
Transfer out (2,042,337) (2,042,337) (421,315) 1,621,022
Reserve for future expenditures _ (1,814,908) (1,814,908) - 1,814,908
Total other financing sources(uses) _ (3,857,245) (3,857,245) (421,315) 3,435,930
Change in fund balance (3,022,220) (3,022,220) 341,140 3,363,360
Fund balance-Beginning of the year 3,022,220 3,022,220 3,216,580 194,360
Fund balance-End of the year $ - $ - $ 3,557,720 $ 3,557,720
* Budget appropriation is made at the debt service program level
139
CITY OF TIGARD,OREGON
TRANSIENT LODGING TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Hotel/Motel tax $ 370,978 $ 370,978 $ 583,387 $ 212,409
Interest earnings 3,600 3,600 2,644 (956)
Net increase(decrease)in investment
fair value - - (8,950) (8,950)
Total revenues 374,578 374,578 577,081 202,503
OTHER FINANCING SOURCES(USES)
Transfer out (247,863) (325,863) (325,446) 417
Reserve for future expenditures _ (841,353) (776,353) - 776,353
Total other financing sources(uses) _ (1,089,216) (1,102,216) (325,446) 776,770
Change in fund balance (714,638) (727,638) 251,635 979,273
Fund balance-Beginning of the year 714,638 727,638 358,547 (369,091)
Fund balance-End of the year $ - $ - $ 610,182 $ 610,182
* Budget appropriation is made at the debt service program level
140
CITY OF TIGARD,OREGON
CONSTRUCTION EXCISE TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Construction excise tax $ 450,000 $ 450,000 $ 556,014 $ 106,014
Interest earnings 3,000 3,000 4,363 1,363
Net increase(decrease)in investment
fair value - - (11,447) (11,447)
Total revenues 453,000 453,000 548,930 95,930
EXPENDITURES
Development services 559,800 559,800 - 559,800
Change in fund balance before
other financing sources(uses) (106,800) (106,800) 548,930 655,730
OTHER FINANCING SOURCES(USES)
Transfer out (285,773) (285,773) (285,773) -
Contingency (50,000) (50,000) - 50,000
Reserve for future expenditures (223,427) (223,427) - 223,427
Total other financing sources(uses) (559,200) (559,200) (285,773) 273,427
Change in fund balance (666,000) (666,000) 263,157 929,157
Fund balance-Beginning of the year 666,000 666,000 748,140 82,140
Fund balance-End of the year $ - $ - $ 1,011,297 $ 1,011,297
141
CITY OF TIGARD,OREGON
ELECTRICAL INSPECTION FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits $ 305,825 $ 305,825 $ 256,339 $ (49,486)
Interest earnings 6,300 6,300 2,795 (3,505)
Net increase(decrease)in investment
fair value - - (7,459) (7,459)
Total revenues 312,125 312,125 251,675 (60,450)
OTHER FINANCING(USES)
Transfer out (254,267) (254,267) (254,267) -
Reserve for future expenditures (531,170) (531,170) - 531,170
Total other financing(uses) _ (785,437) (785,437) (254,267) 531,170
Change in fund balance (473,312) (473,312) (2,592) 470,720
Fund balance-Beginning of the year 473,312 473,312 404,398 (68,914)
Fund balance-End of the year $ - $ - $ 401,806 $ 401,806
142
CITY OF TIGARD,OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits $ 3,533,704 $ 3,533,704 $ 2,752,188 $ (781,516)
Intergovernmental revenues 8,281 8,281 46,221 37,940
Interest earnings 112,875 112,875 66,373 (46,502)
Net increase(decrease)in investment
fair value - - (228,549) (228,549)
Miscellaneous revenues 7,500 7,500 6,165 (1,335)
Total revenues 3,662,360 3,662,360 2,642,398 (1,019,962)
EXPENDITURES
Community development 2,653,792 2,610,292 2,352,425 257,867
Change in fund balance before
other financing sources(uses) 1,008,568 1,052,068 289,973 (762,095)
OTHER FINANCING SOURCES(USES)
Transfer in 250,000 250,000 250,000 -
Contingency (150,000) (150,000) - 150,000
Reserve for future expenditures (12,512,918) (12,556,418) - 12,556,418
Total other financing sources(uses) (12,412,918) (12,456,418) 250,000 12,706,418
Change in fund balance (11,404,350) (11,404,350) 539,973 11,944,323
Fund balance-Beginning of the year 11,404,350 11,404,350 9,921,790 (1,482,560)
Fund balance-End of the year $ - $ - $ 10,461,763 $ 10,461,763
143
CITY OF TIGARD,OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 2,940 $ 2,940
Net increase(decrease)in investment
fair value - - (7,318) (7,318)
Forfeitures 101,289 101,289 85,072 (16,217)
Total revenues 101,289 101,289 80,694 (20,595)
EXPENDITURES
Community services 362,719 386,994 80,748 306,246
Change in fund balance before
other financing sources(uses) (261,430) (285,705) (54) 285,651
OTHER FINANCING SOURCES(USES)
Transfer out (16) (16) (16) -
Reserve for future expenditures (309,394) (309,394) _ - 309,394
Total other financing sources(uses) (309,410) (309,410) (16) 309,394
Change in fund balance (570,840) (595,115) (70) 595,045
Fund balance-Beginning of the year 570,840 595,115 604,892 9,777
Fund balance-End of the year $ - $ - $ 604,822 $ 604,822
144
CITY OF TIGARD,OREGON
URBAN FORESTRY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Tree replacement revenue $ 15,000 $ 15,000 $ 1,459 $ (13,541)
Interest earnings 26,400 26,400 11,377 (15,023)
Net increase(decrease)in investment
fair value - - (33,813) (33,813)
Total revenues 41,400 41,400 (20,977) (62,377)
OTHER FINANCING SOURCES(USES)
Transfer out (152,088) (152,088) (56,788) 95,300
Reserve for future expenditures (883,316) (883,316) - 883,316
Total other financing sources(uses) (1,035,404) (1,035,404) (56,788) 978,616
Change in fund balance (994,004) (994,004) (77,765) 916,239
Fund balance-Beginning of the year 994,004 994,004 1,172,230 178,226
Fund balance-End of the year $ - $ - $ 1,094,465 $ 1,094,465
145
CITY OF TIGARD,OREGON
PARKS UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 2,497,148 $ 2,497,148 $ 2,569,383 $ 72,235
Interest earnings 2,475 2,475 7,654 5,179
Net increase(decrease)in investment
fair value - - (56,545) (56,545)
Miscellaneous revenues - - 20,639 20,639
Total revenues 2,499,623 2,499,623 2,541,131 41,508
EXPENDITURES
Public works 4,604,614 4,719,614 4,065,728 653,886
Change in fund balance before
other financing sources(uses) (2,104,991) (2,219,991) (1,524,597) 695,394
OTHER FINANCING SOURCES(USES)
Transfer in 2,437,500 2,437,500 2,437,500 -
Transfer out (105,402) (112,902) (100,081) 12,821
Contingency (325,000) (210,000) - 210,000
Reserve for future expenditures (1,981,850) (1,981,850) - 1,981,850
Total other financing sources(uses) 25,248 132,748 2,337,419 2,204,671
Change in fund balance (2,079,743) (2,087,243) 812,822 2,900,065
Fund balance-Beginning of the year 2,079,743 2,087,243 2,624,261 537,018
Fund balance-End of the year $ - $ - $ 3,437,083 $ 3,437,083
146
CITY OF TIGARD,OREGON
POLICE LEVY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes $ 2,063,142 $ 2,063,142 $ 2,150,386 $ 87,244
Interest earnings - - 5,677 5,677
Net increase(decrease)in investment
fair value - - (22,453) (22,453)
Total revenues 2,063,142 2,063,142 2,133,610 70,468
EXPENDITURES
Community services 2,128,599 2,142,035 1,710,358 431,677
Changes in fund balance before
other financing sources(uses) (65,457) (78,893) 423,252 502,145
OTHER FINANCING SOURCES(USES)
Reserve for future expenditures _ (257,495) (257,495) - 257,495
Total other financing sources(uses) _ (257,495) (257,495) - 257,495
Change in fund balance (322,952) (336,388) 423,252 759,640
Fund balance-Beginning of the year 322,952 336,388 852,344 515,956
Fund balance-End of the year $ - $ - $ 1,275,596 $ 1,275,596
* Budget appropriation is made at the debt service program level
147
CITY OF TIGARD,OREGON
LIBRARY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES:
Interest earnings $ 9,750 $ 9,750 $ 4,237 $ (5,513)
Net increase(decrease)in investment
fair value - - (11,272) _ (11,272)
Total revenue 9,750 9,750 (7,035) (16,785)
OTHER FINANCING SOURCES(USES)
Transfer out (100,000) (100,000) - 100,000
Reserve for future expenditures (366,906) (366,906) - 366,906
Total other financing sources(uses) (466,906) (466,906) - 466,906
Change in fund balance (457,156) (457,156) (7,035) 450,121
Fund balance-Beginning of the year 457,156 457,156 609,144 151,988
Fund balance-End of the year $ - $ - $ 602,109 $ 602,109
148
Debt Service Funds
The balance sheet and statement of revenues, expenditures and changes in fund balance of the non-
major debt service funds are reported in the combining non-major governmental fund statements.
Schedules of revenues, expenditures and changes in fund balance — budget and actual — are also
presented for each debt service fund.
Bancroft Bond Debt Service Fund – This fund accounts for payment of Bancroft improvement bond
principal and interest. Revenues are derived from the collection of assessments against benefitted
property and interest earnings.
General Obligation Debt Service Fund – This fund accounts for payment of general obligation bond
principal and interest. Revenues are derived from property taxes and interest earnings.
City Center Urban Renewal Debt Service Fund –This fund accounts for principal and interest payments
on debt for the City Center Urban Renewal Area and transfers to the City Center Capital Improvement
Fund. Revenues are from property taxes and interest earnings.
Tigard Triangle Debt Service Fund –This fund accounts for principal and interest payments on debt for
the Tigard Triangle Urban Renewal Area and transfers to the Tigard Triangle Improvement Fund.
Revenues are from property taxes and interest earnings.
149
150
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151
CITY OF TIGARD,OREGON
NONMAJOR DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
June 30,2022
Bancroft Bond General City Center Urban
Debt Service Obligation Debt Renewal Debt
Fund Service Fund Service Fund
ASSETS
Property taxes receivable $ - $ 37,394 $ 10,091
Assessment liens receivable 32,136 - -
Intergovernmental receivable - 5,855 1,605
Restricted cash and investments 298,587 1,831,998 1,592,642
Total assets $ 330,723 $ 1,875,247 $ 1,604,338
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Special assessments/liens 32,136 - -
Property taxes - 30,259 8,127
Total deferred inflows of resources 32,136 30,259 8,127
FUND BALANCES
Restricted for debt service 298,587 1,844,988 1,596,211
Total liabilities,deferred inflows of
resources and fund balances $ 330,723 $ 1,875,247 $ 1,604,338
152
Tigard Triangle
Debt Service
Fund Total
$ 12,382 $ 59,867
-
32,136
2,058 9,518
1,378,086 5,101,313
$ 1,392,526 $ 5,202,834
-
32,136
9,800 48,186
9,800 80,322
1,382,726 5,122,512
$ 1,392,526 $ 5,202,834
153
CITY OF TIGARD,OREGON
NONMAJOR DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
for the year ended June 30,2022
Bancroft Bond General City Center Urban
Debt Service Obligation Debt Renewal Debt
Fund Service Fund _ Service Fund
REVENUES
Taxes $ - $ 2,573,895 $ 728,711
Collection of bonded assessments 71,140 - -
Interest earnings 11,399 11,685 7,626
Net increase(decrease)in investment fair
value (70) (292,918) (22,508)
Total revenues 82,469 2,292,662 713,829
EXPENDITURES
Debt service:
Principal - 2,136,000 288,300
Interest - 316,640 177,231
Total expenditures - 2,452,640 465,531
Change in fund balance before
other financing sources(uses) 82,469 (159,978) 248,298
Change in fund balance 82,469 (159,978) 248,298
Fund balance-Beginning of the year 216,118 2,004,966 1,347,913
Fund balance-End of the year $ 298,587 $ 1,844,988 $ 1,596,211
154
Tigard Triangle
Debt Service
Fund Total
$ 1,037,434 $ 4,340,040
71,140
6,482 37,192
(22,253) (337,749)
1,021,663 4,110,623
352,700 2,777,000
136,260 630,131
488,960 3,407,131
532,703 703,492
532,703 703,492
850,023 4,419,020
$ 1,382,726 $ 5,122,512
155
CITY OF TIGARD,OREGON
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Collection of bonded assessments $ 50,000 $ 50,000 $ 71,140 $ 21,140
Interest earnings 31,425 31,425 11,399 (20,026)
Net increase(decrease)in investment
fair value - - (70) (70)
Total revenues 81,425 81,425 82,469 1,044
OTHER FINANCING SOURCES(USES)
Reserve for future expenditures _ (264,136) (264,136) - 264,136
Total other financing sources(uses) _ (264,136) (264,136) - 264,136
Change in fund balance (182,711) (182,711) 82,469 265,180
Fund balance-Beginning of the year 182,711 182,711 216,118 33,407
Fund balance-End of the year $ - $ - $ 298,587 $ 298,587
156
CITY OF TIGARD,OREGON
GENERAL OBLIGATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes $ 2,749,907 $ 2,749,907 $ 2,573,895 $ (176,012)
Interest earnings 27,750 27,750 11,685 (16,065)
Net increase(decrease)in investment
fair value - - (292,918) (292,918)
Total revenues 2,777,657 2,777,657 2,292,662 (484,995)
EXPENDITURES
Debt service:
Principal 2,136,000 2,136,000 2,136,000 -
Interest 332,400 332,400 316,640 15,760
Total expenditures 2,468,400 2,468,400 2,452,640 15,760
Change in fund balance before
other financing sources(uses) 309,257 309,257 (159,978) (469,235)
OTHER FINANCING SOURCES(USES)
Reserve for future expenditures (8,033,948) (8,033,948) - 8,033,948
Total other financing sources(uses) (8,033,948) (8,033,948) - 8,033,948
Change in fund balance (7,724,691) (7,724,691) (159,978) 7,564,713
Fund balance-Beginning of the year 7,724,691 7,724,691 2,004,966 (5,719,725)
Fund balance-End of the year $ - $ - $ 1,844,988 $ 1,844,988
157
CITY OF TIGARD,OREGON
CITY CENTER URBAN RENEWAL DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Property taxes $ 697,000 $ 697,000 $ 728,711 $ 31,711
Interest earnings 8,325 8,325 7,626 (699)
Net increase(decrease)in investment
fair value - - (22,508) (22,508)
Miscellaneous revenues - - - -
Total revenues 705,325 705,325 713,829 8,504
EXPENDITURES
Debt service:
Principal 255,000 288,500 288,300 200
Interest 170,025 177,525 177,231 294
Total expenditures 425,025 466,025 465,531 494
Change in fund balance before
other financing sources(uses) 280,300 239,300 248,298 8,998
OTHER FINANCING SOURCES(USES)
Transfer out (730,000) (730,000) - 730,000
Reserve for future expenditure (175,475) (134,475) - 134,475
Total other financing sources(uses) (905,475) (864,475) - 864,475
Change in fund balance (625,175) (625,175) 248,298 873,473
Fund balance-Beginning of the year 625,175 625,175 1,347,913 722,738
Fund balance-End of the year $ - $ - $ 1,596,211 $ 1,596,211
* Budget appropriation is made at the debt service program level
158
CITY OF TIGARD,OREGON
TIGARD TRIANGLE DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Property taxes $ 798,000 $ 798,000 $ 1,037,434 $ 239,434
Interest earnings - - 6,482 6,482
Net increase(decrease)in investment
fair value - - (22,253) (22,253)
Total revenues 798,000 798,000 1,021,663 223,663
EXPENDITURES
*Debt service:
Principal - 352,800 352,700 100
Interest _ 5,600 136,300 136,260 40
Total expenditures _ 5,600 489,100 488,960 140
Change in fund balance before
other financing sources(uses) 792,400 308,900 532,703 223,803
OTHER FINANCING SOURCES(USES)
Transfer out (5,163,500) (5,163,500) - 5,163,500
Reserve for future expenditure (3,681,000) (3,197,500) - 3,197,500
Total other financing sources(uses) (8,844,500) (8,361,000) - 8,361,000
Change in fund balance (8,052,100) (8,052,100) 532,703 8,584,803
Fund balance-Beginning of the year 52,100 52,100 850,023 797,923
Fund balance-End of the year $ (8,000,000) $ (8,000,000) $ 1,382,726 $ 9,382,726
* Budget appropriation is made at the debt service program level
159
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160
Capital Project Funds
Combining statements for all individual non-major capital projects funds are reported here. The
combined totals are reported in the combining non-major governmental fund statements.
Schedules of revenues, expenditures and changes in fund balance— budget and actual — are also
presented here for each capital projects fund.
Non-major Capital Projects Funds:
Facility Fund –Accounts for major city owned facility improvements. Resources are primarily transfers
in from the General Fund.
Transportation Development Tax Fund –Accounts for traffic impact fees collected on roads within the
city's urban service areas. This fund replaced the Traffic Impact Fee Fund starting July 1, 2009. Funds
will be used for highways and transit capital improvements in the city's Capital Improvement Plan.
Underground Utility Fund – Accounts for resources received from developers for future underground
utility improvements.
Street Maintenance Fee Fund – Accounts for revenues and expenditures for the Street Maintenance
Fee.This fee provides revenue designated for use in the maintenance of existing city streets.
Transportation System Development Charges (SDC) Fund – This fund was established to track the
revenues and expenditures associated with the collection of transportation system development
charges. The fee is collected on the issue of building permits for any new residential multi-family, or
commercial construction to assist with infrastructure capacity needs.
Parks Capital Fund – Accounts for revenues earmarked for improvements to park and recreational
facilities within the city. Resources are primarily transfers in of system development charges and other
funds and grants and donations. Expenditures consist of various park, trail development and open space
acquisition projects.
Parks Bond Fund –Accounts for the voter approved a $17 million parks bond debt issued for purchase
of land and green spaces to develop city parks.
Parks System Development Charges (SDC) Fund –Accounts for revenues associated with the collection
of Parks System Development Charges. Resources are used to fund the acquisition, development and
expansion of additional recreation spaces and facilities that are included in the city's Park and
Recreation System Plan.
Transportation Capital Improvement Project Fund–Accounts for capital improvement projects funded
with transportation revenues; including Gas Tax, Traffic Impact Fees and Transportation Development
Tax.
City Center Capital Improvement Fund –This fund was established in FY 2007-08 for the creation of a
new urban renewal agency to improve downtown Tigard. Expenses are for capital improvements within
the urban renewal plan. Resources are from financing proceeds or transfers in from the City Center
Urban Renewal Debt Service Fund.
Tigard Triangle Improvement Fund –This fund was established in FY 2016-17 for the creation of a new
urban renewal agency to improve the Tigard Triangle area. Expenses are for capital improvements
within the urban renewal plan. Resources are from financing proceeds or transfers in from the Tigard
Triangle Debt Service Fund.
161
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163
CITY OF TIGARD,OREGON
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
June 30,2022
Transportation Underground Street Transportation
Facility Development Utility Maintenance SDC
Fund Tax Fund _ Fund Fee Fund Fund
ASSETS
Cash and investments $ 909,738 $ - $ - $ 3,903,931 $ -
Accounts receivable 517 6,303 224 399,680 1,313
Note receivable - - - - -
Restricted cash and investments - 15,867,095 725,981 - 9,552,154
Total assets $ 910,255 $ 15,873,398 $ 726,205 $ 4,303,611 $ 9,553,467
LIABILITIES
Accounts payable and accrued liabilities $ 27,231 $ - $ - $ 15,612 $ -
Advances from other funds-interfund loans - - - - -
Total liabilities 27,231 - - 15,612 -
DEFERRED INFLOWS OF RESOURCES
Special assessments/liens - 3,413 - - -
FUND BALANCES(DEFICIT)
Nonspendable-long-term note receivable - - - - -
Restricted for:
Street maintenance and improvements - 15,869,985 - - 9,553,467
Park development and improvements - - - - -
Underground utilities - - 726,205 - -
Urban development and improvements - - - - -
Committed for:
Street maintenance and improvements - - - 4,287,999 -
Assigned to:
City facilities 883,024 - - - -
Unassigned - - - - -
Total fund balances 883,024 15,869,985 726,205 4,287,999 9,553,467
Total liabilities,deferred inflows of
resources and fund balance $ 910,255 $ 15,873,398 $ 726,205 $ 4,303,611 $ 9,553,467
164
Transportation
Parks Parks Parks Capital City Center Capital Tigard Triangle
Capital Bond SDC Improvement Improvement Improvement
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ - $ - $ - $ 4,813,669
23,290 - 3,844 38,880 - - 474,051
- - - - 500,000 500,000
163,383 799,399 11,764,560 1,863,659 4,203,110 7,623,123 52,562,464
$ 186,673 $ 799,399 $ 11,768,404 $ 1,902,539 $ 4,203,110 $ 8,123,123 $ 58,350,184
$ 259,910 $ - $ - $ 731,464 $ 307,395 $ - $ 1,341,612
- - - 757,432 228,869 986,301
259,910 - - 731,464 1,064,827 228,869 2,327,913
- - - - - 3,413
- - - - 500,000 500,000
- - 1,171,075 - - 26,594,527
- 799,399 11,768,404 - - - 12,567,803
- - - - - 726,205
- - - 3,138,283 7,394,254 10,532,537
- - - - - 4,287,999
- - - - - 883,024
(73,237) - - - - - (73,237)
(73,237) 799,399 11,768,404 1,171,075 3,138,283 7,894,254 56,018,858
$ 186,673 $ 799,399 $ 11,768,404 $ 1,902,539 $ 4,203,110 $ 8,123,123 $ 58,350,184
165
CITY OF TIGARD,OREGON
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
for the year ended June 30,2022
Transportation Underground Street Transportation
Facility Development Utility Maintenance SDC
Fund Tax Fund Fund Fee Fund Fund
REVENUES
Charges for services $ - $ - $ 177,064 $ 3,419,098 $ -
System development charges - 2,508,243 - - 933,792
Intergovernmental revenues - - - - -
Interest earnings 5,953 100,587 4,282 21,151 61,539
Net increase(decrease) in investment
fair value (17,448) (345,472) (12,098) (75,216) (214,455)
Miscellaneous revenues 26 - - 204 -
Total revenues (11,469) 2,263,358 169,248 3,365,237 780,876
EXPENDITURES
Community development - - - - -
Capital projects 163,338 - - 1,666,601 -
Total expenditures 163,338 - - 1,666,601 -
Change in fund balance before
other financing sources(uses) (174,807) 2,263,358 169,248 1,698,636 780,876
OTHER FINANCING SOURCES(USES)
Transfer in 119,525 - - - 104,700
Transfer out (45) (982,569) (1,167) (454,361) (603,353)
Debt proceeds - - - - -
Total other financing sources(uses) 119,480 (982,569) (1,167) (454,361) (498,653)
Change in fund balance (55,327) 1,280,789 168,081 1,244,275 282,223
Fund balance-Beginning of the year 938,351 14,589,196 558,124 3,043,724 9,271,244
Fund balance-End of the year $ 883,024 $ 15,869,985 $ 726,205 $ 4,287,999 $ 9,553,467
166
Transportation
Parks Parks Parks Capital City Center Capital Tigard Triangle
Capital Bond SDC Improvement Improvement Improvement
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ 49,904 $ - $ - $ 3,646,066
968,312 - - - 4,410,347
51,160 - - 657,341 - - 708,501
4,600 78,881 - 18,514 - 295,507
- (11,554) (255,427) (11,986) (61,859) (78,870) (1,084,385)
148 - - 56 10 16 460
51,308 (6,954) 791,766 695,315 (43,335) (78,854) 7,976,496
1,228,445 - - 3,845,027 1,299,759 197,264 8,400,434
1,228,445 - - 3,845,027 1,299,759 197,264 8,400,434
(1,177,137) (6,954) 791,766 (3,149,712) (1,343,094) (276,118) (423,938)
834,523 - 180,000 2,685,552 338,789 - 4,263,089
- (15,491) (1,072,510) - - - (3,129,496)
- - - - 1,019,700 8,292,700 9,312,400
834,523 (15,491) (892,510) 2,685,552 1,358,489 8,292,700 10,445,993
(342,614) (22,445) (100,744) (464,160) 15,395 8,016,582 10,022,055
269,377 821,844 11,869,148 1,635,235 3,122,888 (122,328) 45,996,803
$ (73,237) $ 799,399 $ 11,768,404 $ 1,171,075 $ 3,138,283 $ 7,894,254 $ 56,018,858
167
CITY OF TIGARD,OREGON
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ 14,175 $ 14,175 $ 5,953 $ (8,222)
Net increase(decrease)in investment
fair value - - (17,448) (17,448)
Miscellaneous revenues - - 26 26
Total revenues 14,175 14,175 (11,469) (25,644)
EXPENDITURES
Capital projects 32,648,270 34,398,270 163,338 34,234,932
Total expenditures 32,648,270 34,398,270 163,338 34,234,932
Change in fund balance before
other financing sources(uses) (32,634,095) (34,384,095) (174,807) 34,209,288
OTHER FINANCING SOURCES(USES)
Transfer in 7,450,000 9,200,000 119,525 (9,080,475)
Transfer out (45) (45) (45) -
Reserve for future expenditures (1,489,280) (1,489,280) - 1,489,280
Total other financing sources(uses) 5,960,675 7,710,675 119,480 (7,591,195)
Change in fund balance (26,673,420) (26,673,420) (55,327) 26,618,093
Fund balance-Beginning of the year 1,375,150 1,375,150 938,351 (436,799)
Fund balance-End of the year $ (25,298,270) $ (25,298,270) $ 883,024 $ 26,181,294
168
CITY OF TIGARD,OREGON
TRANSPORTATION DEVELOPMENT TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original _ Final Amounts budget
REVENUES
System development charges $ 2,047,119 $ 2,047,119 $ 2,508,243 $ 461,124
Interest earnings 190,425 190,425 100,587 (89,838)
Net increase(decrease)in investment fair
value - _ - (345,472) (345,472)
Total revenues 2,237,544 2,237,544 2,263,358 25,814
EXPENDITURES
OTHER FINANCING SOURCES(USES)
Transfer out (2,172,986) (2,172,986) (982,569) 1,190,417
Reserve for future expenditures (15,004,236) (15,004,236) - 15,004,236
Total other financing sources(uses) (17,177,222) (17,177,222) (982,569) 16,194,653
Change in fund balance (14,939,678) (14,939,678) 1,280,789 16,220,467
Fund balance-Beginning of the year 14,939,678 14,939,678 14,589,196 (350,482)
Fund balance-End of the year $ - $ - $ 15,869,985 $ 15,869,985
169
CITY OF TIGARD,OREGON
UNDERGROUND UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 124,000 $ 124,000 $ 177,064 $ 53,064
Interest earnings 6,375 6,375 4,282 (2,093)
Net increase(decrease)in investment
fair value - - (12,098) (12,098)
Total revenues 130,375 130,375 169,248 38,873
OTHER FINANCING SOURCES(USES)
Transfer out (21,105) (21,105) (1,167) 19,938
Reserve for future expenditures (786,269) (786,269) - 786,269
Total other financing uses (807,374) (807,374) (1,167) 806,207
Change in fund balance (676,999) (676,999) 168,081 845,080
Fund balance-Beginning of the year 676,999 676,999 558,124 (118,875)
Fund balance-End of the year $ - $ - $ 726,205 $ 726,205
170
CITY OF TIGARD,OREGON
STREET MAINTENANCE FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 3,233,984 $ 3,233,984 $ 3,419,098 $ 185,114
Interest earnings 22,575 22,575 21,151 (1,424)
Net increase(decrease)in investment
fair value - - (75,216) (75,216)
Miscellaneous revenues - - 204 204
Total revenues 3,256,559 3,256,559 3,365,237 108,678
EXPENDITURES
Capital projects 2,840,000 2,840,000 1,666,601 1,173,399
Change in fund balance before
other financing sources(uses) 416,559 416,559 1,698,636 1,282,077
OTHER FINANCING SOURCES(USES)
Transfer out (454,361) (454,361) (454,361) -
Reserve for future expenditures (2,848,397) (2,848,397) - 2,848,397
Total other financing sources(uses) (3,302,758) (3,302,758) (454,361) 2,848,397
Change in fund balance (2,886,199) (2,886,199) 1,244,275 4,130,474
Fund balance-Beginning of the year 2,886,199 2,886,199 3,043,724 157,525
Fund balance-End of the year $ - $ - $ 4,287,999 $ 4,287,999
171
CITY OF TIGARD,OREGON
TRANSPORTATION SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts _budget
REVENUES
System development charges $ 701,855 $ 701,855 $ 933,792 $ 231,937
Interest earnings 108,000 108,000 61,539 (46,461)
Net increase(decrease)in investment
fair value - - (214,455) (214,455)
Miscellaneous revenues - - - -
Total revenues 809,855 809,855 780,876 (28,979)
OTHER FINANCING SOURCES(USES)
Transfer in - - 104,700 104,700
Transfer out (5,484,140) (5,488,912) (603,353) 4,885,559
Reserve for future expenditures (1,919,964) (1,966,692) - 1,966,692
Total other financing sources(uses) (7,404,104) (7,455,604) (498,653) 6,956,951
Change in fund balance (6,594,249) (6,645,749) 282,223 6,927,972
Fund balance-Beginning of the year 6,489,549 6,541,049 9,271,244 2,730,195
Fund balance-End of the year $ (104,700) $ (104,700) $ 9,553,467 $ 9,658,167
172
CITY OF TIGARD,OREGON
PARKS CAPITAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues $ 151,945 $ (461,055) $ 51,160 $ 512,215
Miscellaneous revenues - - 148 148
Total revenues 151,945 (461,055) 51,308 512,363
EXPENDITURES
Capital projects 9,766,945 10,299,945 1,228,445 9,071,500
Change in fund balance before
other financing sources(uses) (9,615,000) (10,761,000) (1,177,137) 9,583,863
OTHER FINANCING SOURCES(USES)
Transfer in 8,977,500 10,123,500 834,523 (9,288,977)
Reserve for future expenditures (12,500) (12,500) - 12,500
Total other financing sources(uses) 8,965,000 10,111,000 834,523 (9,276,477)
Change in fund balance (650,000) (650,000) (342,614) 307,386
Fund balance-Beginning of the year 650,000 650,000 269,377 (380,623)
Fund balance-End of the year $ - $ - $ (73,237) $ (73,237)
173
CITY OF TIGARD,OREGON
PARKS BOND FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 4,600 $ 4,600
Net increase(decrease)in investment
fair value - - (11,554) (11,554)
Total revenues - - (6,954) (6,954)
OTHER FINANCING SOURCES(USES)
Transfer out (834,185) (834,185) (15,491) 818,694
Reserve for future expenditures 7,685 (2,315) - 2,315
Total other financing uses (826,500) (836,500) (15,491) 821,009
Change in fund balance (826,500) (836,500) (22,445) 814,055
Fund balance-Beginning of the year 826,500 836,500 821,844 (14,656)
Fund balance-End of the year $ - $ - $ 799,399 $ 799,399
174
CITY OF TIGARD,OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges $ 1,495,466 $ 1,495,466 $ 968,312 $ (527,154)
Interest earnings 158,325 158,325 78,881 (79,444)
Net increase(decrease)in investment
fair value - - (255,427) (255,427)
Total revenues 1,653,791 1,653,791 791,766 (862,025)
OTHER FINANCING SOURCES(USES)
Transfer in 180,000 180,000 180,000 -
Transfer out (5,509,700) (6,728,700) (1,072,510) 5,656,190
Reserve for future expenditures (4,122,915) (3,161,915) - 3,161,915
Total other financing sources(uses) (9,452,615) (9,710,615) (892,510) 8,818,105
Change in fund balance (7,798,824) (8,056,824) (100,744) 7,956,080
Fund balance-Beginning of the year 7,798,824 8,056,824 11,869,148 3,812,324
Fund balance-End of the year $ - $ - $ 11,768,404 $ 11,768,404
175
CITY OF TIGARD,OREGON
TRANSPORTATION CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues $ 1,864,279 $ 2,306,667 $ 657,341 $ (1,649,326)
Miscellaneous revenues - - 56 56
Charges for services - - 49,904 49,904
Net increase(decrease)in investment
fair value - - (11,986) (11,986)
Total revenues 1,864,279 2,306,667 695,315 (1,611,352)
EXPENDITURES
Capital projects 13,269,500 13,725,660 3,845,027 9,880,633
Change in fund balance before
other financing sources(uses) (11,405,221) (11,418,993) (3,149,712) 8,269,281
OTHER FINANCING SOURCES(USES)
Transfer in 11,180,221 11,193,993 2,685,552 (8,508,441)
Reserve for future expenditures (1,722,526) (1,722,526) - _ 1,722,526
Total other financing sources 9,457,695 9,471,467 2,685,552 (6,785,915)
Change in fund balance (1,947,526) (1,947,526) (464,160) 1,483,366
Fund balance-Beginning of the year 1,947,526 1,947,526 1,635,235 (312,291)
Fund balance-End of the year $ - $ - $ 1,171,075 $ 1,171,075
176
CITY OF TIGARD,OREGON
CITY CENTER CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 18,514 $ 18,514
Net increase(decrease)in investment
fair value - - (61,859) (61,859)
Miscellaneous revenues - - 10 10
Total revenues - - (43,335) (43,335)
EXPENDITURES
* Capital projects 4,588,000 4,787,000 1,299,759 3,487,241
Change in fund balance before
other financing sources(uses) (4,588,000) (4,787,000) (1,343,094) 3,443,906
OTHER FINANCING SOURCES(USES)
Transfer in 2,301,000 2,387,000 338,789 (2,048,211)
Debt proceeds - - 1,019,700 1,019,700
Reserve for future expenditures (25,600) (25,600) - 25,600
Total other financing sources 2,275,400 2,361,400 1,358,489 (1,002,911)
Change in fund balance (2,312,600) (2,425,600) 15,395 2,440,995
Fund balance-Beginning of the year 2,312,600 2,425,600 3,880,320 1,454,720
Fund balance-End of the year $ - $ - 3,895,715 $ 3,895,715
Reconciliation of budgetary fund balance to GAAP basis net position:
Interfund loans are treated as revenue on a budgetary basis (757,432)
Fund net position-GAAP basis $ 3,138,283
* For budgetary purposes expenditures are appropriated as capital projects, however on the GAAP statements
non-capital transactions are recorded as program expenditures
177
CITY OF TIGARD,OREGON
TIGARD TRIANGLE CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Net increase(decrease)in investment
fair value $ - $ - $ (78,870) $ (78,870)
Miscellaneous revenues - - 16 16
Total revenues - - (78,854) (78,854)
EXPENDITURES
* Capital projects 2,190,000 2,190,000 197,264 1,992,736
Change in fund balance before
other financing sources(uses) (2,190,000) (2,190,000) (276,118) 1,913,882
OTHER FINANCING SOURCES(USES)
Transfer in 5,163,500 5,163,500 - (5,163,500)
Debt proceeds - - 8,292,700 8,292,700
Transfer out (2,973,500) (2,973,500) - 2,973,500
Total other financing sources 2,190,000 2,190,000 8,292,700 6,102,700
Change in fund balance - - 8,016,582 8,016,582
Fund balance-Beginning of the year - - 106,541 106,541
Fund balance-End of the year $ - $ - 8,123,123 $ 8,123,123
Reconciliation of budgetary fund balance to GAAP basis net position:
Interfund loans are treated as revenue on a budgetary basis (228,869)
Fund net position-GAAP basis $ 7,894,254
* For budgetary purposes expenditures are appropriated as capital projects, however on the GAAP statements
non-capital transactions are recorded as program expenditures
178
Enterprise Funds
For GAAP reporting purposes, the city reports three proprietary funds as major funds. These
funds are the Sanitary Sewer Fund, the Stormwater Fund (which consists of the Stormwater
Fund and the Water Quality/Quantity Fund) and the Water Fund (which includes the Water
Fund, Water SDC Fund, Water CIP Fund and Water Debt Service Fund). For budgetary and legal
purposes, these funds are accounted for separately as listed below.
The city's enterprise funds meet the criteria for major fund reporting and are reported in the
basic financial statements.
Schedules or revenues and changes in fund net position — budget and actual are presented
here for each individual enterprise fund as required by Oregon regulations.
Sanitary Sewer Fund–Accounts for the city's sewer utility operations.
Stormwater Fund – Accounts for the city's storm drainage operations and includes the
following fund:
• Water Quality/Quantity Fund – Accounts for the fees charged to new
development for the additional impact on the stormwater system.
Water Fund–Accounts for the city's water utility operations and includes the following funds:
• Water SDC Fund – Accounts for the water impact fees charged to new
development.
• Water CIP Fund – Accounts for capital projects to expand or improve the city's
water system infrastructure.
• Water Debt Service Fund – Accounts for debt service on the water revenue
bonds and long-term note.
179
180
CITY OF TIGARD,OREGON
SANITARY SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts _budget
REVENUES
Charges for services $ 3,412,921 $ 3,412,921 $ 4,129,639 $ 716,718
Connection fees 92,200 92,200 104,541 12,341
Interest earnings 82,725 82,725 77,737 (4,988)
Net increase(decrease)in investment
fair value - - (205,602) (205,602)
Miscellaneous revenues 42,100 42,100 74,110 32,010
Total revenues 3,629,946 3,629,946 4,180,425 550,479
EXPENDITURES
Public works 2,654,196 2,692,196 2,340,761 351,435
Capital projects 100,000 100,000 12,587 87,413
Total expenditures 2,754,196 2,792,196 2,353,348 438,848
Change in fund balance before
other financing sources(uses) 875,750 837,750 1,827,077 989,327
OTHER FINANCING SOURCES(USES)
Transfer in - - 1,081 1,081
Transfer out (1,463,846) (1,467,146) (219,687) 1,247,459
Contingency (200,000) (162,000) - 162,000
Reserve for future expenditures (6,804,490) (6,804,490) - 6,804,490
Total other financing sources(uses) (8,468,336) (8,433,636) (218,606) 8,215,030
Change in fund balance (7,592,586) (7,595,886) 1,608,471 9,204,357
Fund balance-Beginning of the year 7,592,586 7,595,886 7,943,378 347,492
Fund balance-End of the year $ - $ - $ 9,551,849 $ 9,551,849
181
CITY OF TIGARD,OREGON
SANITARY SEWER FUND
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30,2022
Operating and
Non-Operating Expenditures/
Revenues Expenses
Budgetary basis $ 4,181,506 $ 2,353,348
Unavailable revenue (844) -
Contributed capital 298,998 -
Interfund loan payments - -
Loss on disposal of capital assets - -
Compensated absences - (5,873)
Expenditures capitalized - (2,363)
Depreciation expense - 850,142
Net OPEB obligation _ - 3,170
Operating and non-operating revenue
and expenses-GAAP basis $ 4,479,660 $ 3,198,424
182
CITY OF TIGARD,OREGON
STORMWATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 5,653,512 $ 5,653,512 $ 5,603,506 $ (50,006)
Licenses and permits - - 43,510 43,510
Interest earnings 104,925 104,925 52,227 (52,698)
Net increase(decrease)in investment
fair value - - (165,253) (165,253)
Miscellaneous revenues 5,000 5,000 25,188 20,188
Total revenues 5,763,437 5,763,437 5,559,178 (204,259)
EXPENDITURES
Public works 3,828,774 3,848,774 3,219,669 629,105
Capital projects 4,777,500 4,805,500 845,779 3,959,721
Total expenditures 8,606,274 8,654,274 4,065,448 4,588,826
Change in fund balance before
other financing sources(uses) (2,842,837) (2,890,837) 1,493,730 4,384,567
OTHER FINANCING USES
Transfer in 1,395,000 1,395,000 153,147 (1,241,853)
Transfer out (347,528) (353,228) (143,258) 209,970
Contingency (275,000) (255,000) - 255,000
Reserve for future expenditures (5,566,176) (5,566,176) - 5,566,176
Total other financing uses (4,793,704) (4,779,404) 9,889 4,789,293
Change in fund balance (7,636,541) (7,670,241) 1,503,619 9,173,860
Fund balance-Beginning of the year 7,636,541 7,670,241 7,288,801 (381,440)
Fund balance-End of the year $ - $ - $ 8,792,420 $ 8,792,420
183
CITY OF TIGARD,OREGON
WATER QUALITY/QUANTITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 2,000 $ 2,000 $ - $ (2,000)
Connection fees - - - -
Interest earnings 19,350 19,350 8,553 (10,797)
Net increase(decrease)in investment
fair value - - _ (26,143) (26,143)
Total revenues 21,350 21,350 (17,590) (38,940)
OTHER FINANCING SOURCES(USES)
Transfer out (340,000) (340,000) - 340,000
Reserve for future expenditures (765,913) (765,913) - _ 765,913
Total other financing sources(uses) (1,105,913) (1,105,913) - 1,105,913
Change in fund balance (1,084,563) (1,084,563) (17,590) 1,066,973
Fund balance-Beginning of the year 1,084,563 1,084,563 1,331,305 246,742
Fund balance-End of the year $ - $ - $ 1,313,715 $ 1,313,715
184
CITY OF TIGARD,OREGON
STORMWATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30,2022
Operating and
Non-operating Expenditures/
Revenues Expenses
Stormwater $ 5,712,325 $ 4,208,706
Water Quality/Quantity (17,590) -
Total,budgetary basis 5,694,735 4,208,706
Contributed capital 232,106 -
Cornpensated absences - (28,998)
Expenditures capitalized - (612,189)
Depreciation expense - 730,779
Net OPEB obligation - 4,523
Operating and non-operating
revenue and expenses-GAAP basis $ 5,926,841 $ 4,302,821
185
CITY OF TIGARD,OREGON
WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 26,197,790 $ 26,197,790 $ 24,065,642 $ (2,132,148)
Interest earnings 375,525 375,525 314,163 (61,362)
Net increase(decrease)in investment
fair value - - (1,077,708) (1,077,708)
Miscellaneous revenues 50,000 50,000 76,072 26,072
Total revenues 26,623,315 26,623,315 23,378,169 (3,245,146)
EXPENDITURES
Public works 10,646,000 10,897,400 9,253,758 1,643,642
Total expenditures 10,646,000 10,897,400 9,253,758 1,643,642
Change in fund balance before
other financing sources(uses) 15,977,315 15,725,915 14,124,411 (1,601,504)
OTHER FINANCING SOURCES(USES)
Transfer in 25,000 25,000 - (25,000)
Transfer out (22,320,789) (22,365,289) (8,868,392) 13,496,897
Contingency (475,000) (333,000) - 333,000
Reserve for future expenditures (31,095,757) (31,095,757) - 31,095,757
Total other financing sources(uses) (53,866,546) (53,769,046) (8,868,392) 44,900,654
Change in fund balance (37,889,231) (38,043,131) 5,256,019 43,299,150
Fund balance-Beginning of the year 37,914,231 38,068,131 48,509,172 10,441,041
Fund balance-End of the year $ 25,000 $ 25,000 $ 53,765,191 $ 53,740,191
186
CITY OF TIGARD,OREGON
WATER SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges $ 1,870,435 $ 1,870,435 $ 2,355,333 $ 484,898
Interest earnings 193,650 193,650 109,104 (84,546)
fair value - - (356,919) (356,919)
Total revenues 2,064,085 2,064,085 2,107,518 43,433
OTHER FINANCING SOURCES(USES)
Transfer out (7,770,538) (7,770,538) (936,263) 6,834,275
Reserve for future expenditures _ (7,788,132) (7,788,132) - 7,788,132
Total other financing sources(uses) _ (15,558,670) (15,558,670) (936,263) 14,622,407
Change in fund balance (13,494,585) (13,494,585) 1,171,255 14,665,840
Fund balance-Beginning of the year 13,494,585 13,494,585 16,052,039 2,557,454
Fund balance-End of the year $ - $ - $ 17,223,294 $ 17,223,294
187
CITY OF TIGARD,OREGON
WATER CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Net increase(decrease)in investment
fair value $ - $ - $ (22,367) $ (22,367)
Miscellaneous revenues - - 86 86
Total revenues - - (22,281) (22,281)
EXPENDITURES
Capital projects - - 3,071,156 (3,071,156)
Total expenditures - - 3,071,156 (3,071,156)
Change in fund balance before
other financing sources(uses) - - (3,093,437) (3,093,437)
OTHER FINANCING SOURCES(USES)
Transfer in 15,090,000 15,126,000 2,057,467 (13,068,533)
Reserve for future expenditures (1,850,125) (1,850,125) - 1,850,125
Total other financing sources(uses) 13,239,875 13,275,875 2,057,467 (11,218,408)
Change in fund balance 13,239,875 13,275,875 (1,035,970) (14,311,845)
Fund balance-Beginning of the year 1,850,125 1,850,125 1,561,811 (288,314)
Fund balance-End of the year $ 15,090,000 $ 15,126,000 $ 525,841 $ (14,600,159)
188
CITY OF TIGARD,OREGON
WATER DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 13,809 $ 13,809
Net increase(decrease)in investment
fair value - - (34,674) (34,674)
Total revenues - - (20,865) (20,865)
EXPENDITURES
Debt service:
Principal 3,532,100 3,532,100 3,532,023 77
Interest 3,672,264 3,672,264 3,670,607 1,657
Total expenditures 7,204,364 7,204,364 7,202,630 1,734
Change in fund balance before
other financing sources(uses) (7,204,364) (7,204,364) (7,223,495) (19,131)
OTHER FINANCING SOURCES(USES)
Transfer in 7,213,000 7,213,000 7,202,630 (10,370)
Reserve for future expenditures _ (7,208,579) (7,208,579) - 7,208,579
Total other financing sources(uses) _ 4,421 4,421 7,202,630 7,198,209
Change in fund balance (7,199,943) (7,199,943) (20,865) 7,179,078
Fund balance-Beginning of the year 7,199,943 7,199,943 2,444,525 (4,755,418)
Fund balance-End of the year $ - $ - $ 2,423,660 $ 2,423,660
189
CITY OF TIGARD,OREGON
WATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30,2022
Operating and
Non-operating Expenditures/
Revenues Expenses
Water $ 23,378,169 $ 18,122,150
Water SDC 2,107,518 936,263
Water CIP 2,035,186 3,071,156
Water Debt Service 7,181,765 7,202,630
Total,budgetary basis 34,702,638 29,332,199
Unavailable revenue 14,764 -
Contributed capital 107,675 -
Loss on investment in joint venture 32,346 -
Elimination of water interfund transfers (9,260,097) (9,260,097)
Compensated absences - 9,265
Expenditures capitalized - (2,980,675)
Principal payments - (3,532,023)
Accrued interest - (384,549)
Amortization of bond premium - 39,583
Depreciation expense - 5,294,023
Net OPEB obligation - 5,734
Operating and non-operating
revenue and expenses-GAAP basis $ 25,597,326 $ 18,523,460
190
CITY OF TIGARD,OREGON
ENTERPRISE FUNDS
RECONCILIATION OF BUDGETARY FUND BALANCE TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS NET POSITION
June 30,2022
Total Total Total
Sanitary Sewer Stormwater Water
Sanitary Sewer Fund $ 9,551,849 $ - $ -
Stormwater Fund - 8,792,420 -
Water Quality/Quantity Fund - 1,313,715 -
Water Fund - - 53,765,191
Water SDC Fund - - 17,223,294
Water CIP Fund - - 525,841
Water Debt Service Fund - - 2,423,660
Fund balance-budget basis 9,551,849 10,106,135 73,937,986
Adjustments from budgetary basis to
generally accepted accounting principles basis:
Capital assets,net 18,616,636 15,190,556 198,310,465
Investment in joint venture - - 2,206,220
Sewer funds payable (21,759) - -
Assets held for resale 185,021 260,021 -
Unavailable revenue 3,663 - 14,764
Compensated absences (26,505) (8,759) (47,274)
Long-term debt - - (123,565,629)
Accrued interest payable - - (1,507,517)
Interfund loans 102,320 - -
Deferred Outflow OPEB 1,522 2,173 2,754
Deferred Outflow bond refunding - - 3,567,664
Deferred Inflow OPEB (6,790) (9,697) (12,286)
OPEB liability (29,441) (42,048) (53,273)
Total Net Position-GAAP basis $ 28,376,516 $ 25,498,381 $ 152,853,874
191
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192
Internal Service Funds
Combining statements for internal service funds are reported here. The combined totals are
reported alongside the enterprise funds in the basic financial statements.
Schedules of revenues, expenses and changes in fund net position — budget and actual — are
presented here for each internal service fund as required by Oregon regulations.
Internal Service Funds:
Central Services Fund — Accounts for the central administrative functions within the city.
Expenditures are primarily payroll and related expenses for city policy and administration
functions. Resources are charges for services to city departments and internal customers.
Public Works Administration Fund — Accounts for activity related to the administration of
public works in the city. Resources are charges for services to city departments and internal
customers.
Public Works Engineering Fund — Accounts for activity related to engineering in the city.
Resources are charges for services to city departments and internal customers.
Fleet/Property Management Fund —Accounts for activity related to the fleet maintenance and
property management divisions in the city. Resources are charges for services to city
departments and internal customers.
Insurance Fund — Accounts for the city's risk management program and insurance coverage
premiums and related costs to help reduce the overall insurance cost to the city. Resources are
primarily refunds of prior years' premiums.
193
194
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195
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
June 30, 2022
Central Public Works
Services Administration
Fund Fund
ASSETS
Cash and investments $ 4,485,846 $ 1,066,071
Accounts receivable 12 -
Prepaids 158,142 -
Inventory - -
Total assets 4,644,000 1,066,071
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to OPEB 11,596 5,280
LIABILITIES
Accounts payable and accrued liabilities 500,553 60,628
Customer deposits - -
Unearned revenue 16,500 -
Accrued compensated absences 454,924 51,900
Net OPEB obligation 224,337 102,141
Total liabilities 1,196,314 214,669
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to OPEB 51,737 23,556
NET POSITION
Net position, unrestricted $ 3,407,545 $ 833,126
196
Public Works Fleet/Property
Engineering Management Insurance
Fund Fund Fund Total
$ 4,819,744 $ 2,169,933 $ 1,512,481 $ 14,054,075
920 932
-
21,213 - 179,355
1,276 - 1,276
4,819,744 2,192,422 1,513,401 14,235,638
10,407 2,320 - 29,603
157,111 132,086 37,484 887,862
173,742 - - 173,742
- 16,500
91,977 22,385 1,624 622,810
201,325 44,874 - 572,677
624,155 199,345 39,108 2,273,591
46,430 10,349 - 132,072
$ 4,159,566 $ 1,985,048 $ 1,474,293 $ 11,859,578
197
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
for the year ended June 30, 2022
Central Public Works
Services Administration
Fund Fund
OPERATING REVENUES
Charges for services $ 12,372,031 $ 2,514,609
Miscellaneous revenues 22,147 1,670
Total operating revenues 12,394,178 2,516,279
OPERATING EXPENSES
Salaries and wages 7,149,430 1,194,559
Contracted services 2,850,464 26,084
General, administrative and other 3,336,562 1,027,277
Total operating expenses 13,336,456 2,247,920
Operating income (loss) (942,278) 268,359
NONOPERATING REVENUE
Interest revenue 36,706 3,974
Net increase (decrease) in investment fair value (55,389) (6,980)
Intergovernmental revenues - 13,339
Total non-operating revenue (18,683) 10,333
Income (loss) before contributions and transfers (960,961) 278,692
CONTRIBUTIONS AND TRANSFERS
Transfer in 1,025,710 32,446
Transfer out - (5,000)
Change in net position 64,749 306,138
Net position - Beginning of year 3,342,796 526,988
Net position - End of year $ 3,407,545 $ 833,126
198
Public Works Fleet/Property
Engineering Management Insurance
Fund Fund Fund Total
$ 5,150,478 $ 2,779,214 $ - $ 22,816,332
27,128 73,900 51,511 _ 176,356
5,177,606 2,853,114 51,511 22,992,688
2,256,304 1,003,674 28,492 11,632,459
264,326 349,796 - 3,490,670
1,396,277_ 1,000,819 105,390 6,866,325
3,916,907 2,354,289 133,882 21,989,454
1,260,699 498,825 (82,371) 1,003,234
16,611 7,982 10,126 75,399
(39,581) (20,990) (31,335) (154,275)
25,000 - - 38,339
2,030 (13,008) (21,209) (40,537)
1,262,729 485,817 (103,580) 962,697
667,710 - - 1,725,866
(1,000) - (6,000)
1,930,439 484,817 (103,580) 2,682,563
2,229,127 1,500,231 1,577,873 9,177,015
$ 4,159,566 $ 1,985,048 $ 1,474,293 $ 11,859,578
199
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the year ended June 30, 2022
Central Services
Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 12,378,280
Payments to suppliers (6,079,472)
Payments to employees (7,129,886)
Other receipts 18,597
Net cash provided (used) by operating activities (812,481)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Intergovernmental revenues -
Transfer from other funds 1,025,710
Transfer to other funds
Net cash flows from noncapital financing activities 1,025,710
CASH FLOWS FROM INVESTING ACTIVITIES
Investment loss (18,683)
Net increase in cash and investments 194,546
Cash and investments--beginning of the year 4,291,300
Cash and investments--end of the year $ 4,485,846
RECONCILIATION OF OPERATING INCOME (LOSS)TO
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss) $ (942,278)
Adjustments to reconcile operating income (loss) to
net cash provided (used) by operating activities
CHANGE IN ASSETS AND LIABILITIES
Receivables 6,249
Prepaids 163,294
Inventory -
Accounts payable (55,740)
Unearned revenue (3,552)
Customer deposits -
Accrued compensated absences (4,594)
Net OPEB Obligation 24,140
Net cash provided (used) by operating activities $ (812,481)
200
Public Works Public Works Fleet/Property
Administration Engineering Management Insurance
Fund Fund Fund Fund Total
$ 2,514,609 $ 5,153,474 $ 2,758,001 $ - $ 22,804,364
(1,044,244) (1,609,055) (1,324,769) (70,194) (10,127,734)
(1,199,741) (2,240,026) (1,032,380) (27,799) (11,629,832)
1,670 27,128 73,900 51,582 172,877
272,294 1,331,521 474,752 (46,411) 1,219,675
13,339 25,000 - - 38,339
32,446 667,710 - - 1,725,866
(5,000) - (1,000) - (6,000)
40,785 692,710 (1,000) - 1,758,205
(3,006) (22,970) (13,008) (21,209) (78,876)
310,073 2,001,261 460,744 (67,620) 2,899,004
755,998 2,818,483 1,709,189 1,580,101 11,155,071
$ 1,066,071 $ 4,819,744 $ 2,169,933 $ 1,512,481 $ 14,054,075
$ 268,359 $ 1,260,699 $ 498,825 $ (82,371) $ 1,003,234
34,383 - 71 40,703
- - (21,213) 142,081
- - 3,124 - 3,124
9,117 51,548 22,722 35,196 62,843
- - - - (3,552)
- (31,387) - - (31,387)
(16,173) (5,387) (33,537) 693 (58,998)
10,991 21,665 4,831 - 61,627
$ 272,294 $ 1,331,521 $ 474,752 $ (46,411) $ 1,219,675
201
CITY OF TIGARD,OREGON
CENTRAL SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 12,428,617 $ 12,628,617 $ 12,372,031 $ (256,586)
Interest earnings - - 36,706 36,706
Net increase(decrease)in investment
fair value - - (55,389) (55,389)
Miscellaneous revenues 90,000 90,000 22,147 (67,853)
Total revenues 12,518,617 12,718,617 12,375,495 (343,122)
EXPENDITURES
Policy and administration 14,537,452 15,419,002 13,312,316 2,106,686
Change in fund balance before
other financing sources(uses) (2,018,835) (2,700,385) (936,821) 1,763,564
OTHER FINANCING SOURCES(USES)
Transfer in 1,025,710 1,025,710 1,025,710 -
Contingency (500,000) (171,600) - 171,600
Reserve for future expenditures (1,328,740) (1,328,740) - 1,328,740
Total other financing sources(uses) (803,030) (474,630) 1,025,710 1,500,340
Change in fund balance (2,821,865) (3,175,015) 88,889 3,263,904
Fund balance-Beginning of the year 2,821,865 3,136,865 3,583,134 446,269
Fund balance-End of the year $ - $ (38,150) 3,672,023 $ 3,710,173
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (224,337)
Deferred Outflow OPEB 11,596
Deferred Inflow OPEB (51,737)
Total net position,GAAP basis $ 3,407,545
202
CITY OF TIGARD,OREGON
PUBLIC WORKS ADMINISTRATION FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 2,511,309 $ 2,511,309 $ 2,514,609 $ 3,300
Intergovernmental revenues - - 13,339 13,339
Interest earnings - - 3,974 3,974
Net increase(decrease)in investment
fair value - - (6,980) (6,980)
Miscellaneous revenues - - 1,670 1,670
Total revenues 2,511,309 2,511,309 2,526,612 15,303
EXPENDITURES
Policy and administration 2,533,386 2,533,386 2,236,929 296,457
Change in fund balance before
other financing sources(uses) (22,077) (22,077) 289,683 311,760
OTHER FINANCING SOURCES(USES)
Transfer in 32,446 32,446 32,446 -
Transfer out (5,000) (5,000) (5,000) -
Contingency (125,000) (125,000) - 125,000
Reserve for future expenditures (372,972) (372,972) - 372,972
Total other financing sources(uses) (470,526) (470,526) 27,446 497,972
Change in fund balance (492,603) (492,603) 317,129 809,732
Fund balance-Beginning of the year 492,603 492,603 636,414 143,811
Fund balance-End of the year $ - $ - 953,543 $ 953,543
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (102,141)
Deferred Outflow OPEB 5,280
Deferred Inflow OPEB (23,556)
Total net position,GAAP basis $ 833,126
203
CITY OF TIGARD,OREGON
PUBLIC WORKS ENGINEERING FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 4,290,918 $ 4,290,918 $ 5,150,478 $ 859,560
Intergovernmental revenues 153,369 153,369 25,000 (128,369)
Interest earnings - - 16,611 16,611
Net increase(decrease)in investment
fair value - - (39,581) (39,581)
Miscellaneous revenues 5,094 5,094 27,128 22,034
Total revenues 4,449,381 4,449,381 5,179,636 730,255
EXPENDITURES
Policy and administration 4,586,633 4,751,633 3,895,242 856,391
Change in fund balance before
other financing sources(uses) (137,252) (302,252) 1,284,394 1,586,646
OTHER FINANCING SOURCES(USES)
Transfer in 667,710 667,710 667,710 -
Contingency (150,000) (90,000) - 90,000
Reserve for future expenditures (2,536,447) (2,536,447) - 2,536,447
Total other financing sources(uses) (2,018,737) (1,958,737) 667,710 2,626,447
Change in fund balance (2,155,989) (2,260,989) 1,952,104 4,213,093
Fund balance-Beginning of the year 2,155,989 2,260,989 2,444,810 183,821
Fund balance-End of the year $ - $ - 4,396,914 $ 4,396,914
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (201,325)
Deferred Outflow OPEB 10,407
Deferred Inflow OPEB (46,430)
Total net position,GAAP basis $ 4,159,566
204
CITY OF TIGARD,OREGON
FLEET/PROPERTY MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
Actual with final
Original Final Amounts _budget
REVENUES
Charges for services $ 2,753,660 $ 2,753,660 $ 2,779,214 $ 25,554
Interest earnings - - 7,982 7,982
Net increase(decrease)in investment
fair value - - (20,990) (20,990)
Miscellaneous revenues 5,000 5,000 73,900 68,900
Total revenues 2,758,660 2,758,660 2,840,106 81,446
EXPENDITURES
Policy and administration 2,790,658 2,790,658 2,349,458 441,200
Change in fund balance before
other financing sources(uses) (31,998) (31,998) 490,648 522,646
OTHER FINANCING SOURCES(USES)
Transfer out (1,000) (1,000) (1,000) -
Contingency (125,000) (125,000) - 125,000
Reserve for future expenditures (807,013) (807,013) - 807,013
Total other financing sources(uses) (933,013) (933,013) (1,000) 932,013
Change in fund balance (965,011) (965,011) 489,648 1,454,659
Fund balance-Beginning of the year 965,011 965,011 1,548,303 583,292
Fund balance-End of the year $ - $ - 2,037,951 $ 2,037,951
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (44,874)
Deferred Outflow OPEB 2,320
Deferred Inflow OPEB (10,349)
Total net position,GAAP basis $ 1,985,048
205
CITY OF TIGARD,OREGON
INSURANCE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2022
Budgeted Amounts Variance
_ Actual with final
Original Final _ Amounts budget
REVENUES
Interest earnings $ 19,875 $ 19,875 $ 10,126 $ (9,749)
Net increase(decrease)in investment fair
value - - (31,335) (31,335)
Miscellaneous revenues 39,000 39,000 51,511 12,511
Total revenues 58,875 58,875 30,302 (28,573)
EXPENDITURES
Policy and administration 244,561 244,561 133,882 110,679
Total expenditures 244,561 244,561 133,882 110,679
Change in fund balance
before other financing sources(uses) (185,686) (185,686) (103,580) 82,106
OTHER FINANCING SOURCES(USES)
Contingency (25,000) (25,000) - 25,000
Reserve for future expenditures (1,174,247) (1,174,247) - 1,174,247
Total other financing sources(uses) (1,199,247) (1,199,247) - 1,199,247
Change in fund balance (1,384,933) (1,384,933) (103,580) 1,281,353
Fund balance-Beginning of the year 1,384,933 1,384,933 1,577,873 192,940
Fund balance-End of the year $ - $ - $ 1,474,293 $ 1,474,293
206
Other Schedules
207
208
CITY OF TIGARD,OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
For the fiscal year ended June 30,2022
Interest Transactions
Original Outstanding Matured/ Outstanding
Issue June 30,2021 Additions Called Paid Matured Paid
June 30,2022
General Obligation Bonds
Issued February 3,2011 $ 8,655,000 $ 1,735,000 $ - $ 850,000 $ (850,000) $ 885,000 $ 52,400 $ (52,400)
Issued April 28,2020 5,981,000 5,642,000 - 441,000 (441,000) 5,201,000 76,590 (76,590)
Issued February 3,2011 17,000,000 4,570,000 - 845,000 (845,000) 3,725,000 187,650 (187,650)
$ 11,947,000 $ - $ 2,136,000 $ (2,136,000) $ 9,811,000 $ 316,640 $ (316,640)
Full Faith&Credit Bonds
Issued September 1,2019 $ 5,929,000 $ 5,688,000 $ - $ 248,000 $ (248,000) $ 5,440,000 $ 158,630 $ (158,630)
Issued October 1,2021 4,624,600 - 4,624,600 187,200 (187,200) 4,437,400 55,623 (55,623)
$ 5,688,000 $ 4,624,600 $ 435,200 $ (435,200) $ 9,877,400 $ 214,253 $ (214,253)
Water Revenue Bonds
Issued May 1,2012 $97,720,000 $ 4,640,000 $ - $ 2,275,000 $ (2,275,000) $ 2,365,000 $ 140,100 $ (140,100)
Issued May 1,2015 30,810,000 29,955,000 - 190,000 (190,000) 29,765,000 1,476,300 (1,476,300)
Issued November 3,2020 86,575,000 86,575,000 - 950,000 (950,000) 85,625,000 2,010,047 (2,010,047)
$ 121,170,000 $ - $ 3,415,000 $ (3,415,000) $ 117,755,000 $3,626,447 $(3,626,447)
Long-term Note
Issued December 1,2011 $ 2,398,000 $ 1,472,023 $ - $ 117,023 $ (117,023) $ 1,355,000 $ 44,161 $ (44,161)
Urban Renewal Bonds
Issued October 1,2021 $ 4,687,800 $ - $ 4,687,800 $ 205,800 $ (205,800) $ 4,482,000 $ 89,810 $ (89,810)
209
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
For the fiscal year ended June 30,2022
Total Debt Series 2011B Series 2020 Series 2011A
Service Requirement Issued:February 3,2011 Issued:April 28,2020 Issued:February 3,2011
Fiscal Year Total Total 3.00%to 4.00% 1.34% 3.00%to 4.75%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest
2023 $ 2,309,000 $ 241,243 $ 885,000 $ 17,700 $ 549,000 $ 69,693 $ 875,000 $ 153,850
2024 2,471,000 181,187 - - 1,561,000 62,337 910,000 118,850
2025 2,634,000 123,869 - - 1,684,000 41,419 950,000 82,450
2026 2,397,000 60,929 - _ - 1,407,000 18,854 990,000 42,075
$ 9,811,000 $ 607,228 $ 885,000 $ 17,700 $ 5,201,000 $ 192,303 $ 3,725,000 $ 397,225
210
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF FULL FAITH&CREDIT BONDS
For the fiscal year ended June 30,2022
Total Debt Series 2019A Series 2019B Series 2021A Series 2021B
Service Requirement Issued:August 29,2019 Issued:August 29,2019 Issued:September 29,2021 Issued:September 29,2021
Fiscal Year Total Total 2.36% 2.99% 1.69% 2.14%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
2023 $ 535,700 $ 231,130 $ 84,000 $ 40,922 $ 170,000 $ 110,809 $ 221,000 $ 58,440 $ 60,700 $ 20,959
2024 548,800 219,031 86,000 38,940 176,000 105,726 224,800 54,705 62,000 19,660
2025 560,900 206,613 88,000 36,910 181,000 100,464 228,500 50,906 63,400 18,333
2026 573,100 193,908 90,000 34,834 186,000 95,052 232,400 47,045 64,700 16,977
2027 586,400 180,910 92,000 32,710 192,000 89,491 236,300 43,117 66,100 15,592
2028 600,800 167,590 95,000 30,538 198,000 83,750 240,300 39,124 67,500 14,178
2029 613,400 153,921 97,000 28,296 203,000 77,830 244,400 35,062 69,000 12,733
2030 626,900 139,955 99,000 26,007 209,000 71,760 248,500 30,932 70,400 11,256
2031 641,700 125,664 101,000 23,671 216,000 65,511 252,700 26,732 72,000 9,750
2032 656,500 111,011 104,000 21,287 222,000 59,053 257,000 22,462 73,500 8,209
2033 671,400 96,003 106,000 18,833 229,000 52,415 261,300 18,119 75,100 6,636
2034 2,558,500 80,630 692,000 16,332 1,524,000 45,566 265,800 13,703 76,700 5,029
2035 348,500 12,598 - - - - 270,200 9,210 78,300 3,388
2036 354,800 6,356 - - - - 274,800 4,644 80,000 1,712
$ 9,877,400 $ 1,925,320 $ 1,734,000 $ 349,280 $ 3,706,000 $ 957,427 $ 3,458,000 $ 454,201 $ 979,400 $ 164,412
211
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF WATER REVENUE BONDS
For the fiscal year ended June 30,2022
Total Debt Service Requirement Issued:May 1,2012 Issued:May 3,2015 Issued:November 3,2020
Fiscal Year Total Total 3.00%to 5.00% 3.00%to 5.00% 2.00%to 2.90%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest
2023 $ 3,535,000 $ 3,508,263 $ 2,365,000 $ 47,300 $ 200,000 $ 1,468,500 $ 970,000 $ 1,992,463
2024 3,640,000 3,408,763 - - 210,000 1,460,300 3,430,000 1,948,463
2025 3,715,000 3,330,963 - - 215,000 1,451,800 3,500,000 1,879,163
2026 3,795,000 3,251,463 - - 225,000 1,443,000 3,570,000 1,808,463
2027 3,875,000 3,170,163 - - 235,000 1,433,800 3,640,000 1,736,363
2028 3,960,000 3,085,788 - - 245,000 1,422,975 3,715,000 1,662,813
2029 4,045,000 2,998,238 - - 255,000 1,410,475 3,790,000 1,587,763
2030 4,135,000 2,908,563 - - 270,000 1,397,350 3,865,000 1,511,213
2031 4,225,000 2,819,163 - - 280,000 1,386,050 3,945,000 1,433,113
2032 4,315,000 2,727,663 - - 290,000 1,374,250 4,025,000 1,353,413
2033 4,415,000 2,629,383 - - 305,000 1,359,375 4,110,000 1,270,008
2034 4,520,000 2,524,333 - - 325,000 1,343,625 4,195,000 1,180,708
2035 4,630,000 2,412,228 - - 340,000 1,327,000 4,290,000 1,085,228
2036 4,750,000 2,292,713 - - 360,000 1,309,500 4,390,000 983,213
2037 4,880,000 2,165,345 - - 375,000 1,291,125 4,505,000 874,220
2038 5,015,000 2,029,723 - - 395,000 1,271,875 4,620,000 757,848
2039 5,160,000 1,886,483 - - 420,000 1,251,500 4,740,000 634,983
2040 5,310,000 1,736,433 - - 440,000 1,230,000 4,870,000 506,433
2041 5,460,000 1,579,494 - - 455,000 1,207,625 5,005,000 371,869
2042 5,635,000 1,412,500 - - 485,000 1,184,125 5,150,000 228,375
2043 5,810,000 1,236,100 - - 510,000 1,159,250 5,300,000 76,850
2044 7,265,000 964,875 - - 7,265,000 964,875 - -
2045 7,635,000 592,375 - - 7,635,000 592,375 - -
2046 8,030,000 200,750 - - 8,030,000 200,750 - -
$ 117,755,000 $ 54,871,765 $ 2,365,000 $ 47,300 $29,765,000 $29,941,500 $ 85,625,000 $ 24,882,965
212
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF SAFE DRINKING WATER REVOLVING LOAN FUNDS
For the fiscal year ended June 30, 2022
Issued: December 1, 2011
Fiscal Year 3.00%
of Maturity Principal Interest
2023 $ 120,533 $ 40,650
2024 124,149 37,034
2025 127,874 33,310
2026 131,710 29,473
2027 135,661 25,522
2028 139,731 21,452
2029 143,923 17,260
2030 148,241 12,943
2031 152,688 8,495
2032 130,491 3,915
$ 1,355,001 $ 230,054
213
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF URBAN RENEWAL AND REDEVELOPMENT BONDS
For the fiscal year ended June 30, 2022
Issued: September 29, 2021
Fiscal Year 2.85%
of Maturity Principal Interest
2023 $ 265,000 $ 127,737
2024 272,500 120,185
2025 280,300 112,418
2026 288,300 104,430
2027 296,500 96,213
2028 305,000 87,763
2029 313,700 79,070
2030 322,600 70,130
2031 331,800 60,936
2032 341,200 51,480
2033 351,000 41,755
2034 361,000 31,752
2035 371,300 21,463
2036 381,800 10,881
$ 4,482,000 $ 1,016,213
214
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
WATER FUND
For the fiscal year ended June 30,2022
Total Debt Service Requirement Water Revenue Bonds ARRA Water Loan
Issued:May 1,2012 Issued:May 3,2015 Issued:November 3,2020 Issued:December 1,2011
Fiscal Year Total Total 3.00%to 5.00% 3.00%to 5.00% 2.00%to 2.90% 3.00%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
2023 $ 3,655,533 $ 3,548,913 $ 2,365,000 $ 47,300 $ 200,000 $ 1,468,500 $ 970,000 $ 1,992,463 $ 120,533 $ 40,650
2024 3,764,149 3,445,797 - - 210,000 1,460,300 3,430,000 1,948,463 124,149 37,034
2025 3,842,874 3,364,273 - - 215,000 1,451,800 3,500,000 1,879,163 127,874 33,310
2026 3,926,710 3,280,936 - - 225,000 1,443,000 3,570,000 1,808,463 131,710 29,473
2027 4,010,661 3,195,685 - - 235,000 1,433,800 3,640,000 1,736,363 135,661 25,522
2028 4,099,731 3,107,240 - - 245,000 1,422,975 3,715,000 1,662,813 139,731 21,452
2029 4,188,923 3,015,498 - - 255,000 1,410,475 3,790,000 1,587,763 143,923 17,260
2030 4,283,241 2,921,506 - - 270,000 1,397,350 3,865,000 1,511,213 148,241 12,943
2031 4,377,688 2,827,658 - - 280,000 1,386,050 3,945,000 1,433,113 152,688 8,495
2032 4,445,491 2,731,578 - - 290,000 1,374,250 4,025,000 1,353,413 130,491 3,915
2033 4,415,000 2,629,383 - - 305,000 1,359,375 4,110,000 1,270,008 - -
2034 4,520,000 2,524,333 - - 325,000 1,343,625 4,195,000 1,180,708 - -
2035 4,630,000 2,412,228 - - 340,000 1,327,000 4,290,000 1,085,228 - -
2036 4,750,000 2,292,713 - - 360,000 1,309,500 4,390,000 983,213 - -
2037 4,880,000 2,165,345 - - 375,000 1,291,125 4,505,000 874,220 - -
2038 5,015,000 2,029,723 - - 395,000 1,271,875 4,620,000 757,848 - -
2039 5,160,000 1,886,483 - - 420,000 1,251,500 4,740,000 634,983 - -
2040 5,310,000 1,736,433 - - 440,000 1,230,000 4,870,000 506,433 - -
2041 5,460,000 1,579,494 - - 455,000 1,207,625 5,005,000 371,869 - -
2042 5,635,000 1,412,500 - - 485,000 1,184,125 5,150,000 228,375 - -
2043 5,810,000 1,236,100 - - 510,000 1,159,250 5,300,000 76,850 - -
2044 7,265,000 964,875 - - 7,265,000 964,875 - - - -
2045 7,635,000 592,375 - - 7,635,000 592,375 - - - -
2046 8,030,000 200,750 - - 8,030,000 200,750 - - - -
$ 119,110,001 $ 55,101,819 $ 2,365,000 $ 47,300 $ 29,765,000 $ 29,941,500 $ 85,625,000 $ 24,882,965 $ 1,355,001 $230,054
215
No content appears on this page by design.
216
Statistical Section
This part of the City of Tigard's comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements,
note disclosures, required supplementary information and other supplementary information
says about the city's overall financial health.
Contents Page
Financial Trends—These schedules contain trend information to
help the reader understand how financial performance has changed over time. 216-232
Revenue Capacity—These schedules contain information to help the
reader assess the city's most significant local revenue source, property taxes. 233-238
Debt Capacity—These schedules contain information to help the reader
assess the affordability of the city's current levels of outstanding debt and the
city's ability to issue additional debt in the future. 239-247
Demographic and Economic Information—These schedules offer demographic
and economic indicators to help the reader understand the environment within
the city's financial activities take place. 248-250
Operating Information —These schedules contain service and infrastructure data
to help the reader understand how the information in the city's financial report
relates to the services the city provides and the activities it performs. 251-255
217
218
No content appears on this page by design.
219
CITY OF TIGARD,OREGON
NET POSITION BY COMPONENT
for the last ten fiscal years
(accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2013 2014(Restated) 2015
GOVERNMENTAL ACTIVITIES
Net investment in capital assets $ 181,196,030 $ 185,242,899 $ 189,748,234
Restricted 12,041,725 10,941,117 12,376,136
Unrestricted 14,311,478 13,596,004 13,031,415
Total governmental activities net position 207,549,233 209,780,020 215,155,785
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 74,044,470 79,627,259 84,867,665
Restricted 9,683,852 10,551,442 11,250,300
Unrestricted 18,523,616 16,721,508 21,256,129
Total business-type activities net position 102,251,938 106,900,209 117,374,094
PRIMARY GOVERNMENT
Net investment in capital assets 255,240,500 264,870,158 274,615,899
Restricted 21,725,577 21,492,559 23,626,436
Unrestricted 32,835,094 30,317,512 34,287,544
Total primary government net position $ 309,801,171 $ 316,680,229 $ 332,529,879
Source: Annual Comprehensive Financial Report of the City.
220
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2016 2017(Restated) 2018 2019 2020 2021 2022
$ 195,142,143 $ 199,214,099 $ 207,113,453 $ 216,080,286 $ 216,281,021 $ 222,374,600 $ 225,906,951
20,392,998 26,313,186 38,019,099 40,908,235 61,695,111 69,011,237 80,791,413
11,024,212 21,105,136 26,937,963 36,208,160 31,287,737 31,576,376 40,344,925
226,559,353 246,632,421 272,070,515 293,196,681 309,263,869 322,962,213 347,043,289
95,247,967 104,870,812 110,785,680 110,542,303 108,782,212 104,142,931 112,119,692
12,279,628 15,387,870 18,811,969 20,044,161 22,974,348 18,496,564 20,172,795
21,847,155 30,803,556 38,881,215 50,316,066 58,469,800 74,329,841 74,436,284
129,374,750 151,062,238 168,478,864 180,902,530 190,226,360 196,969,336 206,728,771
290,390,110 304,084,911 317,899,133 326,622,589 325,063,233 326,517,531 338,026,643
32,672,626 41,701,056 56,831,068 60,952,396 84,669,459 87,507,801 100,964,208
32,871,367 51,908,692 65,819,178 86,524,226 89,757,537 105,906,217 114,781,209
$ 355,934,103 $ 397,694,659 $ 440,549,379 $ 474,099,211 $ 499,490,229 $ 519,931,549 $ 553,772,060
221
CITY OF TIGARD,OREGON
CHANGES IN NET POSITION
for the last ten fiscal years
(accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2013 2014(Restated) 2015
EXPENSES
Governmental activities
Community services $ 19,085,777 $ 23,078,512 $ 18,542,379
Public works 8,585,063 8,399,436 10,408,399
Community development 3,988,011 4,267,328 4,688,686
Policy and administration 1,339,254 1,732,016 1,323,435
Interest on long-term debt 1,226,774 1,147,024 1,185,507
Total governmental activities expenses 34,224,879 38,624,316 36,148,406
Business-type activities
Sewer 2,114,054 2,617,625 2,518,708
Stormwater 2,045,399 1,958,551 2,077,589
Water 11,989,337 11,730,347 10,839,483
Total business-type activities program expenses 16,148,790 16,306,523 15,435,780
Total primary government expenses $ 50,373,669 $ 54,930,839 $ 51,584,186
PROGRAM REVENUES
Governmental activities
Charges for services:
Community services $ 2,252,945 $ 1,872,350 $ 1,731,639
Public works 2,120,366 2,519,515 2,239,431
Community development 2,579,329 1,765,005 3,040,501
Policy and administration 105,755 65,233 142,277
Operating grants and contributions 6,924,053 6,318,382 6,508,556
Capital grants and contributions 2,173,900 1,804,398 2,021,422
Total governmental activities program revenues 16,156,348 14,344,883 15,683,826
Business-type activities
Charges for services:
Sewer 1,203,187 1,727,206 1,773,388
Stormwater 2,629,694 2,733,346 2,899,180
Water 14,907,664 15,985,607 18,804,645
Capital grants and contributions 1,675,987 1,111,346 2,066,696
Total business-type activities program revenues 20,416,532 21,557,505 25,543,909
Total primary government program revenues $ 36,572,880 $ 35,902,388 $ 41,227,735
Source: Annual Comprehensive Financial Report of the City.
222
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2016 2017(Restated) 2018 2019 2020 2021 2022
$ 25,089,790 $ 23,268,637 $ 24,099,976 $ 23,370,174 $ 25,961,675 $ 30,378,435 $ 27,313,548
10,865,800 8,263,304 8,900,831 12,129,476 9,578,442 14,035,986 11,755,291
7,030,142 5,807,204 5,330,390 5,146,891 5,817,188 6,719,376 6,395,322
1,226,166 3,528,933 2,945,936 3,688,137 3,383,319 4,092,081 4,715,974
958,204 949,136 863,803 771,834 760,211 543,661 623,927
45,170,102 41,817,214 42,140,936 45,106,512 45,500,835 55,769,539 50,804,062
2,536,988 2,586,769 2,789,140 3,128,483 3,044,154 3,423,460 3,198,424
2,123,162 2,737,825 2,470,085 3,261,312 3,433,481 4,257,993 4,159,563
14,720,167 8,244,491 14,123,903 17,223,333 19,418,199 20,166,820 17,946,555
19,380,317 13,569,085 19,383,128 23,613,128 25,895,834 27,848,273 25,304,542
$ 64,550,419 $ 55,386,299 $ 61,524,064 $ 68,719,640 $ 71,396,669 $ 83,617,812 $ 76,108,604
$ 1,879,576 $ 2,482,811 $ 1,557,082 $ 1,628,237 $ 1,500,919 $ 2,207,360 $ 3,102,350
2,860,543 5,165,280 4,708,329 4,797,891 5,220,273 5,324,404 8,057,384
4,684,733 4,341,128 6,518,737 6,432,190 4,292,102 4,324,710 4,323,635
119,195 363,583 340,446 345,505 90,582 99,060 56,554
7,756,718 6,880,727 8,321,435 9,594,291 9,625,070 13,346,482 17,770,216
11,785,524 15,691,507 16,307,318 12,268,270 8,542,864 8,959,707 6,254,712
29,086,289 34,925,036 37,753,347 35,066,384 29,271,810 34,261,723 39,564,851
1,791,302 3,013,314 3,208,783 3,389,281 3,666,422 3,348,846 4,129,639
3,058,382 3,275,083 3,620,431 3,812,133 4,017,864 3,820,029 5,603,506
20,918,497 20,926,322 23,078,013 23,751,073 22,607,832 24,836,173 24,065,642
5,806,590 7,670,388 6,795,717 3,285,377 3,139,146 2,838,367 3,156,083
31,574,771 34,885,107 36,702,944 34,237,864 33,431,264 34,843,415 36,954,870
$ 60,661,060 $ 69,810,143 $ 74,456,291 $ 69,304,248 $ 62,703,074 $ 69,105,138 $ 76,519,721
223
CITY OF TIGARD,OREGON
CHANGES IN NET POSITION(CONTINUED)
for the last ten fiscal years
(accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2013 2014(Restated) 2015
NET(EXPENSE)REVENUE
Governmental activities $ (18,068,531) $ (24,279,433) $ (20,464,580)
Business-type activities 4,267,742 5,250,982 10,108,129
Total primary government net expenses (13,800,789) (19,028,451) (10,356,451)
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities:
Property taxes 15,338,744 15,796,663 16,523,361
Franchise fees 5,855,956 5,542,647 5,687,456
Unrestricted intergovernmental revenues 2,500,240 2,955,652 3,004,341
Interest earnings 248,812 421,211 434,401
Miscellaneous 316,512 776,154 247,154
Transfers between Governmental and Business-type 120,227 1,017,893 (56,368)
Total governmental activities 24,380,491 26,510,220 25,840,345
Business-type activities:
Investment earnings(losses) 114,661 270,415 131,485
Miscellaneous 157,360 144,767 177,903
Unrestricted intergovernmental revenues - - -
Transfers between Governmental and Business-type (120,227) (1,017,893) _ 56,368
Total business-type activities 151,794 (602,711) 365,756
Total primary government 24,532,285 25,907,509 26,206,101
CHANGES IN NET POSITION
Governmental activities(restated) 6,311,960 2,230,787 5,375,765
Business-type activities(restated) 4,419,536 4,648,271 10,473,885
Total primary government $ 10,731,496 $ 6,879,058 $ 15,849,650
Source: Annual Comprehensive Financial Report of the City.
224
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2016 2017(Restated) 2018 2019 2020 2021 2022
$ (16,083,813) $ (6,892,178) $ (4,387,589) $ (10,040,128) $ (16,229,025) $ (21,507,816) $ (11,239,211)
12,194,454 21,316,022 17,319,816 10,624,736 7,535,430 6,995,142 11,650,328
(3,889,359) 14,423,844 12,932,227 584,608 (8,693,595) (14,512,674) 411,117
17,177,591 17,616,798 18,387,321 19,101,543 20,325,728 23,620,200 25,117,084
5,734,540 5,890,113 6,095,852 6,211,736 6,360,563 6,978,783 7,272,781
2,840,903 2,074,428 3,022,051 2,522,428 2,484,051 2,426,817 3,714,888
688,087 824,213 1,683,282 2,416,827 2,520,783 558,060 (2,181,844)
228,779 268,380 416,785 453,435 502,164 702,068 644,102
817,481 291,314 220,392 460,325 102,924 920,232 753,276
27,487,381 26,965,246 29,825,683 31,166,294 32,296,213 35,206,160 35,320,287
302,890 106,628 139,926 1,606,834 1,770,933 307,581 (1,313,073)
193,645 270,628 177,276 652,421 120,392 276,262 175,456
127,148 285,524 - - - 84,220 -
(817,481) (291,314) (220,392) (460,325) (102,924) (920,232) (753,276)
(193,798) 371,466 96,810 1,798,930 1,788,401 (252,169) (1,890,893)
27,293,583 27,336,712 29,922,493 32,965,224 34,084,614 34,953,991 33,429,394
11,403,568 20,073,068 25,438,094 21,126,166 16,067,188 13,698,344 24,081,076
12,000,656 21,687,488 17,416,626 12,423,666 9,323,831 6,742,973 9,759,435
$ 23,404,224 $ 41,760,556 $ 42,854,720 $ 33,549,832 $ 25,391,019 $ 20,441,317 $ 33,840,511
225
CITY OF TIGARD,OREGON
FUND BALANCES OF GOVERNMENTAL FUNDS
for the last ten fiscal years
(modified accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2013 2014 2015
GENERAL FUND
Nonspendable $ 472,941 $ 508,374 $ 542,543
Unassigned 9,687,736 11,474,700 12,115,436
Total General Fund $ 10,160,677 $ 11,983,074 $ 12,657,979
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable $ 14,986 $ 16,055 $ 11,225
Restricted 14,859,784 12,504,001 11,791,605
Committed 4,020,435 4,457,233 2,801,857
Assigned 670,223 905,166 1,156,788
Unassigned (601,324) (752,925) (352,684)
Total all other governmental funds $ 18,964,104 $ 17,129,530 $ 15,408,791
Source: Annual Comprehensive Financial Report of the City.
226
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2016 2017 2018 2019 2020 2021 2022
$ 664,254 $ 706,412 $ 705,495 $ 225,974 $ 1,158,584 $ 1,155,514 $ 1,201,673
12,970,670 14,884,712 19,356,804 23,121,341 26,823,013 29,764,210 40,490,726
$ 13,634,924 $ 15,591,124 $ 20,062,299 $ 23,347,315 $ 27,981,597 $ 30,919,724 $ 41,692,399
$ - $ 16,485 $ 17,040 $ 17,560 $ 18,080 $ - $ 500,000
18,250,934 31,914,910 45,521,700 51,414,137 91,514,895 69,593,046 81,722,388
3,260,236 4,341,838 3,307,731 3,325,235 3,556,651 4,215,954 5,382,464
1,597,773 1,725,086 1,738,216 2,388,659 3,257,280 3,562,612 4,320,107
(617,329) (725,296) (724,477) - (228,869) (122,328) (73,237)
$ 22,491,614 $ 37,273,023 $ 49,860,210 $ 57,145,591 $ 98,118,037 $ 77,249,284 $ 91,851,722
227
CITY OF TIGARD,OREGON
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
for the last ten fiscal years
(modified accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2013 2014 2015
REVENUES
Taxes $ 18,208,253 $ 18,822,449 $ 19,575,665
City gas tax 830,031 638,852 558,740
Franchise fees 5,724,192 5,542,647 5,691,960
Special assessments 43,170 258,831 35,359
Licenses and permits 3,175,118 3,098,875 4,030,120
Intergovernmental revenues 6,040,986 6,386,961 6,370,732
Charges for service 4,624,844 4,982,211 4,342,534
System development charges 2,007,935 955,678 961,450
Fines and forfeitures 1,038,948 929,293 924,266
Investment income(loss) 254,237 424,221 434,401
Miscellaneous 206,443 312,815 413,736
Total revenues 42,154,157 42,352,833 43,338,963
EXPENDITURES
Current operating:
Community services 18,636,382 19,420,335 20,325,635
Public works 6,551,980 6,914,185 7,512,446
Community development 3,937,089 4,219,481 4,640,737
Policy and administration 711,385 701,172 778,840
Debt service:
Principal 1,992,500 2,445,993 2,117,045
Interest 1,264,795 1,178,637 1,118,238
Refunded bonds - - -
Refunding bond issuance cost - - -
Capital outlay 6,357,256 7,657,993 8,924,317
Total expenditures 39,451,387 42,537,796 45,417,258
Excess(deficiency)of revenues
over(under)expenditures 2,702,770 (184,963) (2,078,295)
OTHER FINANCING SOURCES(USES)
Proceeds from bond/long-term note - - 1,300,000
Operating transfers in 4,735,619 6,420,053 6,178,215
Operating transfers out (4,880,803) (6,247,267) (6,445,754)
Total other financing sources(uses) (145,184) 172,786 1,032,461
Net change in fund balances $ 2,557,586 $ (12,177) $ (1,045,834)
Debt services as a percentage of non-capital
expenditures 10.92% 11.60% 8.98%
Source: Annual Comprehensive Financial Report of the City.
228
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2016 2017 2018 2019 2020 2021 2022
$ 20,191,927 $ 20,704,055 $ 21,822,129 $ 25,248,472 $ 25,582,940 $ 29,710,860 $ 31,594,698
712,408 844,866 887,038 888,913 831,411 695,284 819,817
5,732,448 5,886,791 6,102,443 6,218,353 6,365,589 6,980,858 7,272,781
65,243 52,146 50,036 59,999 46,554 90,251 71,140
5,751,472 6,662,790 7,648,235 5,178,056 4,050,568 3,705,222 4,438,449
6,684,667 8,228,693 8,737,359 9,498,510 9,364,516 12,635,993 15,332,768
4,869,821 5,930,289 6,636,913 4,648,396 5,369,990 5,553,225 6,529,148
6,104,579 11,733,901 9,860,311 4,240,910 5,606,246 5,124,725 4,410,347
972,560 713,059 698,508 843,100 828,444 1,521,113 1,957,175
653,879 799,748 1,659,107 2,343,694 2,315,941 511,899 (2,102,968)
220,894 349,098 1,204,701 1,284,229 526,208 611,322 531,363
51,959,898 61,905,436 65,306,780 60,452,632 60,888,407 67,140,752 70,854,718
20,784,186 21,925,169 22,631,248 22,051,531 23,708,112 28,732,927 27,396,574
7,606,128 8,291,205 8,899,175 6,105,157 6,153,581 6,881,610 7,358,243
6,981,903 5,807,836 5,345,399 5,272,175 5,875,274 6,827,722 6,050,814
831,876 787,681 795,586 993,346 843,032 1,029,244 1,212,217
2,361,892 2,378,100 2,454,000 2,530,800 3,117,619 2,205,000 2,777,000
1,059,733 977,539 892,206 799,646 809,003 568,882 630,131
- - - - 5,725,537 - -
- - - - 59,234 - -
6,200,291 4,705,720 6,742,438 8,907,102 8,064,935 9,930,747 8,400,434
45,826,009 44,873,250 47,760,052 46,659,757 54,356,327 56,176,132 53,825,413
6,133,889 17,032,186 17,546,728 13,792,875 6,532,080 10,964,620 17,029,305
1,650,000 - - - 11,910,000 - 9,312,400
6,378,318 4,755,215 4,174,624 8,808,520 6,385,695 8,121,091 7,543,089
(6,102,439) (5,049,792) (4,662,990) (9,952,900) (7,043,924) (9,034,740) (8,509,681)
1,925,879 (294,577) (488,366) (1,144,380) 11,251,771 (913,649) 8,345,808
$ 8,059,768 $ 16,737,609 $ 17,058,362 $ 12,648,495 $ 17,783,851 $ 10,050,971 $ 25,375,113
9.00% 8.56% 8.28% 8.82% 8.48% 5.81% 8.11%
229
CITY OF TIGARD,OREGON
GOVERNMENTAL REVENUES
For the last ten fiscal years
Program Revenues
Fiscal Charges Operating Capital
Year Ended for Grants and Grants and Franchise
June 30 Services Contributions Contributions Taxes Fees
2013 $ 7,058,395 $ 6,924,053 $ 2,173,900 $ 15,338,744 $ 5,855,956
2014 6,222,103 6,318,382 1,804,398 15,796,663 5,542,647
2015 7,153,848 6,508,556 2,021,422 16,523,361 5,687,456
2016 9,544,047 7,756,718 11,785,524 17,177,591 5,734,540
2017 12,352,802 6,880,727 15,691,507 17,616,798 5,890,113
2018 13,124,594 8,321,435 16,307,318 18,387,321 6,095,852
2019 13,203,823 9,594,291 12,268,270 19,101,543 6,211,736
2020 11,103,876 9,625,070 8,542,864 20,325,728 6,360,563
2021 11,955,534 13,346,482 8,959,707 23,620,200 6,978,783
2022 15,539,923 17,770,216 6,254,712 25,117,084 7,272,781
CITY OF TIGARD,OREGON
BUSINESS-TYPE REVENUES
For the last ten fiscal years
Program Revenues
Fiscal Charges Operating Capital
Year Ended for Grants and Grants and Franchise
June 30 Services Contributions Contributions Taxes Fees
2013 $ 18,740,545 $ - $ 1,675,987 $ - $ -
2014 20,446,159 - 1,111,346 - -
2015 23,477,213 - 2,066,696 - -
2016 25,768,181 - 5,806,590 - -
2017 27,214,719 - 7,670,388 - -
2018 29,907,227 - 6,795,717 - -
2019 30,952,487 - 3,285,377 - -
2020 30,292,118 - 3,139,146 - -
2021 32,005,048 - 2,838,367 - -
2022 33,798,787 - 3,156,083 - -
Source: Annual Comprehensive Financial Report of the City-Statement of Activities.
230
General Revenues
Investment Gain(Loss)on
Intergovernmental Earnings Disposition of
Revenues (Loss) Capital Assets Miscellaneous Total
$ 2,500,240 $ 248,812 $ - $ 316,508 $ 40,416,608
2,955,652 421,211 - 776,154 39,837,210
3,004,341 434,401 (25,998) 273,152 41,580,539
2,840,903 688,087 - 228,779 55,756,189
2,074,428 824,213 - 268,380 61,598,968
3,022,051 1,683,282 - 416,785 67,358,638
2,522,428 2,416,827 - 453,435 65,772,353
2,484,051 2,520,783 - 502,164 61,465,099
2,426,817 558,060 - 702,068 68,547,651
3,714,888 (2,181,844) - 644,102 74,131,862
General Revenues
Investment Gain(Loss)on
Intergovernmental Earnings Disposition of
Revenues (Loss) Capital Assets Miscellaneous Total
$ - $ 114,661 $ - $ 157,360 $ 20,688,553
270,415 - 144,767 21,972,687
131,485 - 177,903 25,853,297
127,148 302,890 - 193,645 32,198,454
285,524 106,628 - 270,628 35,547,887
139,926 - 177,276 37,020,146
- 1,606,834 - 652,421 36,497,119
- 1,770,933 - 120,392 35,322,589
84,220 307,581 - 276,262 35,511,478
- (1,313,073) - 175,456 35,817,253
231
CITY OF TIGARD,OREGON
GOVERNMENTAL EXPENSES BY FUNCTION
For the last ten fiscal years
Fiscal
Year Ended Community Community Policy and
June 30 Services Public Works Development Administration
2013 $ 19,085,777 $ 8,585,063 $ 3,988,011 $ 1,339,254
2014(Restated) 23,078,512 8,399,436 4,267,328 1,732,016
2015 18,542,379 10,408,399 4,688,686 1,323,435
2016 25,089,790 10,865,800 7,030,142 1,226,166
2017(Restated) 23,268,637 8,263,304 5,807,204 3,528,933
2018 24,099,976 8,900,831 5,330,390 2,945,936
2019 23,370,174 12,129,476 5,146,891 3,688,137
2020 25,961,675 9,578,442 5,817,188 3,383,319
2021 30,378,435 14,035,986 6,719,376 4,092,081
2022 27,313,548 11,755,291 6,395,322 4,715,974
CITY OF TIGARD,OREGON
BUSINESS-TYPE EXPENSES BY FUNCTION
For the last ten fiscal years
Fiscal
Year Ended
June 30 Sewer Stormwater Water Total
2013 $ 2,114,054 $ 2,045,399 $ 11,989,337 $ 16,148,790
2014 2,617,625 1,958,551 11,730,347 16,306,523
2015 2,518,708 2,077,589 10,839,483 15,435,780
2016 2,536,988 2,123,162 14,720,167 19,380,317
2017(Restated) 2,586,769 2,737,825 8,244,491 13,569,085
2018 2,789,140 2,470,085 14,123,903 19,383,128
2019 3,128,483 3,261,312 17,223,333 23,613,128
2020 3,044,154 3,433,481 19,418,199 25,895,834
2021 3,423,460 4,257,993 20,166,820 27,848,273
2022 3,198,424 4,159,563 17,946,555 25,304,542
Source: Annual Comprehensive Financial Report of the City.
232
Interest on
Long-Term
Debt Total
$ 1,226,774 $ 34,224,879
1,147,024 38,624,316
1,185,507 36,148,406
958,204 45,170,102
949,136 41,817,214
863,803 42,140,936
771,834 45,106,512
760,211 45,500,835
543,661 55,769,539
623,927 50,804,062
233
CITY OF TIGARD,OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCES-
BUDGETARY BASIS
For the last ten fiscal years
Fiscal Licenses Inter-
Year Ended Franchise and governmental
June 30 Taxes Fees Permits Revenues
2013 $ 18,208,253 $ 5,724,192 $ 3,175,118 $ 6,871,017
2014 19,720,132 5,542,647 3,098,875 6,386,961
2015 19,575,665 5,691,960 4,030,120 6,929,472
2016 20,904,335 5,732,448 5,751,472 6,684,667
2017 21,548,921 5,886,791 6,662,790 8,228,693
2018 22,709,167 6,102,443 7,648,235 8,737,359
2019 26,137,385 6,218,353 5,178,056 9,498,510
2020 26,414,351 6,365,589 4,050,568 9,364,516
2021 30,406,144 6,980,858 3,705,222 12,635,993
2022 32,414,515 7,272,781 4,438,449 15,332,768
* Includes special assessments collections, investment earnings(loss),and other revenues.
Information derived from Annual Comprehensive Financial Reports for all Governmental Fund Types
234
Charges System
For Development Fines and Miscellaneous
Services Charges Forfeitures Revenues* Total
$ 4,624,844 $ 2,007,935 $ 1,038,948 $ 503,850 $ 42,154,157
4,982,211 955,678 929,293 737,036 42,352,833
4,342,534 961,450 924,266 883,496 43,338,963
4,869,821 6,104,579 972,560 940,016 51,959,898
5,930,289 11,733,901 713,059 1,200,992 61,905,436
6,636,913 9,860,311 698,508 2,913,844 65,306,780
4,648,396 4,240,910 843,100 3,687,922 60,452,632
5,369,990 5,606,246 828,444 2,888,703 60,888,407
5,553,225 5,124,725 1,521,113 1,213,472 67,140,752
6,529,148 4,410,347 1,957,175 (1,500,465) 70,854,718
235
CITY OF TIGARD,OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION-
BUDGETARY BASIS
For the last ten fiscal years
City-Wide
Support
Fiscal Public Works Functions,
Year Ended Community and Community Policy and Capital Projects Debt
June 30 Services Development Administration and Other Service Total
2013 18,636,382 10,489,069 711,385 6,357,256 3,257,295 39,451,387
2014 19,420,335 11,133,666 701,172 7,657,993 3,624,630 42,537,796
2015 20,325,635 12,153,183 778,840 8,924,317 3,235,283 45,417,258
2016 20,784,186 14,588,031 831,876 6,200,291 3,421,625 45,826,009
2017 21,925,169 14,099,041 787,681 4,705,720 3,355,639 44,873,250
2018 22,631,248 14,244,574 795,586 6,742,438 3,346,206 47,760,052
2019 22,051,531 11,377,332 993,346 11,087,518 3,330,446 48,840,173
2020 23,708,112 11,425,756 843,032 8,783,405 9,652,422 54,412,727
2021 28,732,927 13,709,332 1,029,244 9,930,747 2,773,882 56,176,132
2022 27,396,574 13,409,057 1,212,217 8,400,434 3,407,131 53,825,413
Information derived from Annual Comprehensive Financial Reports for all Governmental Fund Types
236
CITY OF TIGARD,OREGON
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY
For the last ten fiscal years
Fiscal Assessed Value Assessed
Year Total Estimated Real to Value
Ended Personal Public Utility Total Assessed Direct Market Value as a
June 30 Real Property Property Property Value Tax Rate* (RMV) of RMV
2013 $ 4,879,417,110 $ 234,122,196 $ 168,258,100 $ 5,281,797,406 $ 4.28 $ 6,727,550,189 78.51%
2014 5,066,140,190 235,966,170 165,074,260 5,467,180,620 3.44 7,032,753,815 77.74%
2015 5,269,294,630 252,215,379 188,500,300 5,710,010,309 4.24 7,699,660,882 74.16%
2016 5,468,508,420 257,861,916 181,220,400 5,907,590,736 5.52 8,082,751,732 73.09%
2017 5,685,260,390 269,725,107 168,515,800 6,123,501,297 4.66 8,989,238,324 68.12%
2018 5,981,800,420 284,167,678 185,901,766 6,451,869,864 2.95 9,883,766,510 65.28%
2019 6,314,865,980 285,495,149 165,706,700 6,766,067,829 2.95 10,754,179,526 62.92%
2020 6,605,395,460 275,633,450 165,371,900 7,046,400,810 3.02 11,283,691,608 62.45%
2021 6,894,538,760 286,915,023 198,521,700 7,379,975,483 3.06 12,790,362,675 57.70%
2022 7,159,650,490 294,394,734 192,137,300 7,646,182,524 3.11 13,613,164,237 56.17%
*per$1,000 of assessed value/including phase in rates
Source: Washington County Assessment and Taxation
237
CITY OF TIGARD,OREGON
PROPERTY TAX RATES-DIRECT AND OVERLAPPING GOVERNMENTS
(Dollars per$1,000 of Assessed Value rounded to the nearest cent)
For the last ten fiscal years
City of Tigard
Tigard/
Direct Rates Tualatin
Fiscal Total School
Year Ended Perm Debt Urban City of Washington District
June 30 Rate Svc Renewal Phase In Tigard County No.23-J
2013 $ 2.51 $ 0.44 $ 0.06 $ 1.27 $ 4.28 $ 2.96 $ 7.38
2014 2.51 0.44 0.06 0.43 3.44 2.96 7.41
2015 2.51 0.42 0.07 1.24 4.24 2.83 7.43
2016 2.51 0.42 0.07 2.51 5.52 2.83 7.43
2017 2.51 0.39 0.08 1.68 4.66 2.95 7.41
2018 2.51 0.36 0.08 - 2.95 2.94 7.73
2019 2.51 0.35 0.08 - 2.95 2.94 7.71
2020 2.51 0.34 0.17 - 3.02 2.93 7.70
2021 2.51 0.33 0.21 - 3.06 2.96 7.79
2022 2.51 0.34 0.25 - 3.11 3.01 7.78
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. Each district with outstanding General
Obligation bonded debt is required to levy taxes sufficient with other available funds,to meet principal and
interest payments when due.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with
territory in the County.The County collects all taxes against property in the County(except assessments for
improvements charged to benefited property)and distributes taxes collected at least monthly. No charges
are made to the taxing districts for these services.
NOTE:-Not all taxing districts are charged on each parcel of property,actual rates on tax bills are a
combination of the above depending upon the location of the parcel and the school district and sewer and
water district boundaries. Total overlapping tax rates for property in Tigard in 2015 ranged from
$13.31/$1,000 to$16.60/$1,000.
Source: Washington County Department of Assessment and Taxation.
238
Overlapping Rates
Washington
Beaverton Tualatin County Hillsboro Total Direct
School Valley Rural Fire Portland School Other &
District Fire&Rescue District Community District Taxing Overlapping
No.48-J District No.2 College No.1-J Agencies Rates
$ 6.77 $ 1.91 $ 1.69 $ 0.66 $ 7.50 $ 0.72 $ 33.87
8.05 1.91 1.69 0.73 7.41 0.78 34.38
8.04 1.88 - 0.72 - 0.77 25.91
7.96 2.10 - 0.58 - 0.70 27.11
7.92 2.09 - 0.68 - 0.71 26.42
8.05 2.07 - 0.60 - 0.80 25.15
8.02 2.07 - 0.69 - 0.85 25.24
7.91 2.05 - 0.68 - 1.06 25.35
8.03 2.12 - 0.68 - 1.06 25.68
8.03 2.12 - 0.66 - 1.06 25.77
239
CITY OF TIGARD,OREGON
PRINCIPAL PROPERTY TAXPAYERS
For current and nine years ago
2022 2012
Percentage Percentage
Taxable of Total City Taxable of Total City
Taxpayer Assessed Value Rank Assessed Value Assessed Value Rank Assessed Value
Pacific Realty Associates $ 258,197,567 1 3.66% $ 190,885,380 1 3.70%
PPR Washington Square LLC 155,486,561 2 2.21% 123,817,544 2 2.40%
Lincoln Center LLC 112,140,241 3 1.59% 82,545,029 3 1.60%
Portland General Electric 53,212,000 4 0.76%
Comcast Corporation 48,217,000 5 0.68% 30,954,386 6 0.60%
ROIC Oregon LLC 39,708,780 6 0.56%
Northwest Natural Gas 39,262,000 7 0.56%
PPR Square Too LLC 38,379,970 8 0.54% 29,530,410 7 0.57%
KW Fund VI Arbor Heights LLC 29,808,120 9 0.42%
Icon Owner Pool 1 West LLC 29,596,210 10 26,811,900 8 0.52%
Frontier Communications 61,908,772 4 1.20%
Walton CWOR Park LLC 41,272,515 5 0.80%
Constance Robinson (Trust) 24,893,947 9 0.48%
Macy's Department Stores 22,553,550 10 0.44%
Total $ 804,008,449 10.99% $ 635,173,433 12.31%
Source: Washington County Assessment&Taxation records.
240
CITY OF TIGARD,OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
For the last ten fiscal years
Fiscal Percent Percent
Year Percent Delinquent Total Tax Outstanding Delinquent
Ended Total Tax Current Tax of Levy Tax Total Tax Collections Delinquent Taxes To
June 30 Levy Collections Collections Collections Collections To Tax Levy Taxes Tax Levy
2013 $ 15,878,914 $ 15,161,562 95.48% $ 232,090 $ 15,393,652 96.94% $ 704,610 4.44%
2014 16,326,904 15,532,675 95.14% 318,264 15,850,939 97.08% 740,392 4.53%
2015 16,999,999 16,251,269 95.60% 302,878 16,554,147 97.38% 713,889 4.20%
2016 17,261,106 16,496,169 95.57% 236,347 16,732,516 96.94% 775,731 4.49%
2017 18,145,192 17,322,014 95.46% 230,652 17,552,666 96.73% 857,408 4.73%
2018 18,484,904 17,649,531 95.48% 195,660 17,845,191 96.54% 851,931 4.61%
2019 19,292,388 18,519,287 95.99% 614,510 19,133,797 99.18% 308,522 1.60%
2020 19,872,169 19,065,112 95.94% 196,858 19,261,970 96.93% 332,405 1.67%
2021 22,843,543 22,171,105 97.06% 206,825 22,377,930 97.96% 349,916 1.53%
2022 23,755,171 23,118,616 97.32% 252,349 23,370,965 98.38% 354,452 1.49%
Taxes are levied as of July 1 each year and are payable in three installments,without interest, on November 15, February 15
and May 15. Interest is charged at the rate of 1%per month on delinquent taxes. Tax liens are foreclosed after three year's
delinquencies.Taxpayers receive a discount of 3%for payment in full by November 15 and 2%for payment of two thirds of
the total taxes due.
Source:Washington County Property Tax Schedule.
2021 Increase is new Public Safety Tax levy
241
CITY OF TIGARD,OREGON
SPECIAL ASSESSMENT COLLECTIONS
For the last ten fiscal years
Fiscal Current Ratio of Total
Year Ended Assessments Assessments Collections Assessments Outstanding
June 30 Due(1) Collected(2) to Amount Due Added Assessments
2013 $ 62,500 $ 118,888 190.22% $ 196,615 $ 903,739
2014 457,983 457,983 100.00% - 445,756
2015 72,045 72,045 100.00% - 373,711
2016 77,392 77,392 100.00% - 296,319
2017 83,100 83,100 100.00% - 213,219
2018 89,000 89,000 100.00% - 124,219
2019 95,800 95,800 100.00% - 28,419
2020 28,419 28,419 100.00% - -
2021 - - 0.00% - -
2022 - - 0.00% - -
(1)This amount is equal to the matured principal on Bancroft improvement bonds.
(2)Represents collections of current assessments for payment of Bancroft improvement bonds as well
as assessment collections on projects for which such bonds have not been issued.
Source: City assessment records.
242
CITY OF TIGARD,OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR LONG-TERM
DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
For the last ten fiscal years
Percent of
Fiscal Total General Debt Service to
Year Ended Total Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
2012 $ 1,894,126 $ 1,652,691 $ 3,546,817 $ 38,298,698 9.26%
2013 1,992,500 1,264,795 3,257,295 39,451,387 8.26%
2014 2,445,993 1,178,637 3,624,630 42,537,796 8.52%
2015 2,117,045 1,118,238 3,235,283 45,417,258 7.12%
2016 2,361,892 1,059,733 3,421,625 45,829,009 7.47%
2017 2,378,100 977,539 3,355,639 44,873,250 7.48%
2018 2,454,000 892,206 3,346,206 47,760,052 7.01%
2019 2,530,800 799,646 3,330,446 48,840,173 6.82%
2020 8,843,419 809,003 9,652,422 54,412,727 17.74%
2021 2,205,000 568,882 2,773,882 56,176,132 4.94%
2022 2,777,000 630,131 3,407,131 53,825,413 6.33%
Source: Annual Comprehensive Financial Report of the City.
243
CITY OF TIGARD,OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
For the last ten fiscal years
Gross General Less Debt Ratio of Net
Fiscal Obligation Service Net Bonded Debt Net Bonded
Year Ended Assessed Bonded Debt Monies Bonded to Assessed Debt Per
June 30 Population Value Outstanding Available Debt Value Capita
2012 48,415 $ 5,159,064,332 $ 30,735,000 $ 1,466,537 $ 29,268,463 0.57% $ 604.53
2013 48,695 5,281,797,406 29,397,612 1,555,741 27,841,871 0.53% 571.76
2014 50,444 5,467,180,620 27,504,927 2,147,352 25,357,575 0.46% 502.69
2015 50,787 5,710,010,309 24,990,106 1,828,324 23,161,782 0.41% 456.06
2016 51,253 5,907,590,736 22,862,084 1,982,373 20,879,711 0.35% 407.39
2017 51,902 6,123,501,297 20,675,137 1,832,468 18,842,669 0.31% 363.04
2018 53,697 6,451,869,864 18,419,297 2,233,505 16,185,792 0.25% 301.43
2019 53,450 6,766,067,829 16,094,594 2,501,277 13,593,317 0.20% 254.32
2020 54,520 7,046,400,810 19,870,531 1,517,668 18,352,863 0.26% 336.63
2021 54,539 7,379,975,483 17,657,088 4,585,351 13,071,737 0.18% 239.68
2022 55,854 7,646,182,524 24,185,316 5,202,834 18,982,482 0.25% 339.86
Source: City budget documents,Annual Comprehensive Financial Reports of the City and Washington Department of
Assessment and Taxation.
244
CITY OF TIGARD,OREGON
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30,2022
Percent Amount
Applicable Applicable
Net Debt Inside City of Inside City of
Jurisdiction Outstanding Tigard* Tigard
Tigard/Tualatin School District#23-J $ 311,603,983 49.71% $ 154,897,717
Metro 873,470,000 3.34% 29,191,367
Beaverton School District#48 907,677,133 3.78% 34,287,504
Portland Community College 496,110,000 4.20% 20,833,643
Washington County 181,686,051 10.26% 18,647,711
Tualatin Valley Fire&Rescue District 60,075,000 10.96% 6,585,422
Sub-Total of Overlapping Debt 2,830,622,167 264,443,364
City of Tigard 24,185,316 100.00% 24,185,316
Total for Overlapping Debt $ 2,854,807,483 $ 288,628,680
*The City of Tigard does not calculate this percentage;it is provided by the State of Oregon.
Source: Oregon State Treasury Debt Management Division.
245
CITY OF TIGARD,OREGON
COMPUTATION OF LEGAL DEBT MARGIN
For the last ten fiscal years
2013 2014 2015 2016
Debt limit $ 201,826,506 $ 210,982,614 $ 230,989,826 $ 242,482,552
Total net debt applicable to limit 28,800,576 26,820,000 24,775,000 22,670,000
Legal debt margin $ 173,025,930 $ 184,162,614 $ 206,214,826 $ 219,812,552
Total net debt applicable to the limit
as a percentage of debt limit 14.27% 12.71% 10.73% 9.35%
Note: Pursuant to Oregon Revised Statutes 223.295 outstanding general obligation debt is
limited to 3%real market value.
Source: Washington County Department of Assessment and Taxation.
246
2017 2018 2019 2020 2021 2022
$ 269,677,150 $ 296,512,995 $ 322,625,386 $ 338,510,748 $ 383,710,880 408,394,927
20,505,000 18,269,800 15,965,000 19,840,000 17,635,000 24,170,400
$ 249,172,150 $ 137,195,419 $ 306,660,386 $ 318,670,748 $ 366,075,880 384,224,527
7.60% 6.16% 4.95% 5.86% 4.60% 5.92%
Legal Debt Margin Calculation at June 30,2022
True cash value(2021-2022) $ 13,613,164,237
Limit as a percent 3%
Debt Limit(as a percent of real market value) 408,394,927
Debt applicable to limit:
Gross bonded debt $ 24,185,316
Excludable debt-Bancroft improvement bonds,bond premium,
capital lease and commercial bank loan (14,916)
Debt subject to limitation 24,170,400
Legal debt margin-amount available for future indebtedness 384,224,527
Total net debt applicable to the limit as a percent of debt limit 5.92%
247
CITY OF TIGARD,OREGON
RATIO OF DEBT BY TYPE
For the last ten fiscal years
Governmental Activities
Fiscal General Bank
Year Ended Obligation Bancroft Loan Capital
June 30 Population Bonded Debt Bonded Debt Payable Lease
2013 48,695 $ 28,805,000 $ 903,739 $ - $ 58,074
2014 50,444 27,059,171 445,756 - 58,074
2015 50,787 24,990,106 373,711 1,300,000 44,482
2016 51,253 22,862,084 296,319 1,170,000 30,290
2017 51,902 20,675,137 213,219 1,040,000 15,472
2018 52,785 18,419,297 124,019 910,000 -
2019 53,450 16,094,594 28,419 780,000 -
2020 54,520 19,870,531 - - -
2021 54,539 17,657,088 - - -
2022 55,854 24,185,316 - - -
*Revenue bonds issued for improvements to the Tigard Water Service Area(TWSA)are liabilities of the City of Tigard,but were not
issued as full faith and credit obligations. Debt service on these bonds will be paid by customers of TWSA,which includes residents in
the cities of Tigard,Durham and King City,and an unincorporated area of Washington County.
**Personal income is not available for the City of Tigard,so per capita income for Washington County is used.
Sources: City budget documents,Annual Comprehensive Financial Reports of the City and Washington County Deaprtment of
Assessment and Taxation.
248
Business-type Activities
Percentage
Notes Payable Revenue Total Primary of Personal Per
Debt Bonds* Government Income** Capita
$ 2,293,486 $ 104,896,687 $ 136,956,986 8.65% $ 2,813
2,201,107 104,896,686 134,660,794 7.92% 2,670
2,105,957 139,643,153 168,457,409 9.51% 3,317
2,007,952 139,003,308 165,369,953 9.00% 3,227
1,907,007 136,420,282 160,271,117 9.00% 3,088
1,803,034 133,775,926 155,032,276 8.45% 2,937
1,695,942 131,055,591 149,654,546 7.72% 2,800
1,585,637 128,254,644 149,710,812 7.03% 2,746
1,472,023 125,917,499 145,046,610 6.59% 2,660
1,355,000 122,210,627 147,750,943 6.39% 2,645
249
CITY OF TIGARD,OREGON
COMPUTATION OF WATER REVENUE BONDS
DEBT COVERAGE
For the last ten fiscal years
2013 2014 2015
Gross revenues $ 14,907,664 $ 16,079,753 $ 18,944,301
System Development Charges(SDC)related:
SDC Fund investment earnings(loss) 4,746 - 9,294
Reimbursement fee receipts(2) 881,294 442,651 308,896
Improvement fee receipts(3) 660,425 389,460 503,853
Total SDC-related 1,546,465 832,111 822,043
Operating expense:
Salaries and wages 1,131,531 1,225,170 1,462,677
Contracted services 249,857 400,972 336,178
Water purchases 3,177,982 3,199,292 2,644,491
General,admin and other 2,316,605 2,548,678 2,781,892
Total operating expenses 6,875,975 7,374,112 7,225,238
Net revenues(including SDCs) 9,578,154 9,537,752 12,541,106
Net revenues(excluding SDCs) $ 8,031,689 $ 8,705,641 $ 11,719,063
Debt service-first lien bonds:
2012 bonds $ 3,539,888 $ 4,719,850 $ 4,719,850
2015 bonds - - -
2020 bonds - - -
Total debt service $ 3,539,888 $ 4,719,850 $ 4,719,850
Debt service coverage-first lien bonds
(excluding system development charges) 2.27 1.84 2.48
(1) Revenue bonds were issued in May 2012 and February 2015. One of the debt covenants requires debt service
coverage(Net revenues divided by debt service)to be a minimum of 1.1x.
(2) Reimbursement fees may not be available to pay debt service on the 2012 Bonds until City Council takes action
to authorize that use of those fees for the projects.
(3) Improvement fees have been approved for the projects related to the Lake Oswego-Tigard Water Partnership.
Tigard anticipated approximately 85%of the bond proceeds to be used to finance projects related to the
Partnership and approximately 15%of the bond proceeds to be used to finance projects that are not directly
related to the partnership.
250
2016 2017 2018 2019 2020 2021 2022
$ 20,918,497 $ 20,926,322 $ 23,078,014 $ 23,751,073 $ 22,607,832 $ 24,836,173 $ 24,065,642
35,173 6,660 4,694 343,069 351,524 68,639 (247,814)
1,242,297 3,010,263 1,924,587 921,379 1,258,967 934,950 1,034,638
1,569,645 3,521,776 2,319,737 949,056 1,600,366 1,120,049 1,320,695
2,847,115 6,538,699 4,249,018 2,213,504 3,210,857 2,123,638 2,107,519
1,117,286 1,148,575 874,348 1,005,720 1,172,511 1,216,954 1,120,169
353,396 445,840 407,450 453,971 704,045 708,202 318,806
4,212,357 1,339,637 1,869,824 1,685,669 1,685,705 1,755,408 1,787,040
3,111,194 3,572,450 3,931,142 4,498,769 5,258,318 6,096,039 6,129,769
8,794,233 6,506,502 7,082,764 7,644,129 8,820,579 9,776,603 9,355,784
14,971,379 20,958,519 20,244,268 18,320,448 16,998,110 17,183,208 16,817,377
$ 12,124,264 $ 14,419,820 $ 15,995,250 $ 16,106,944 $ 13,787,253 $ 15,059,570 $ 14,709,858
$ 4,719,850 $ 6,561,800 $ 6,561,050 $ 6,563,750 $ 6,563,050 $ 2,331,580 $ 2,412,300
1,378,238 1,670,300 1,667,900 1,666,000 1,668,800 1,666,300 1,668,500
- - - - - 2,961,663 2,962,463
$ 6,098,088 $ 8,232,100 $ 8,228,950 $ 8,229,750 $ 8,231,850 $ 6,959,543 $ 7,043,263
1.99 1.75 1.94 1.96 1.67 2.16 2.09
251
CITY OF TIGARD,OREGON
DEMOGRAPHICS STATISTICS
For the last ten fiscal years
Assessed Total Unemployment
Value Personal Rate
Fiscal of Taxable Income (Portland)
Year Ended Property School Per Capita (thousands Metropolitan
June 30 Population(1) Per Capita Enrollment(2) Income(31 of dollars)(3) Area(4)
2013 48,695 $ 112,274 12,688 32,527 1,583,902 7.6%
2014 50,444 113,195 12,718 33,709 1,700,417 6.1%
2015 50,787 116,321 12,676 34,878 1,771,349 5.4%
2016 51,253 119,476 12,718 35,837 1,836,754 4.9%
2017 51,902 124,309 12,808 34,312 1,780,861 3.7%
2018 52,785 128,182 12,890 34,755 1,834,543 3.6%
2019 53,450 126,587 12,701 36,281 1,939,219 4.0%
2020 54,520 129,244 12,624 39,040 2,128,461 11.5%
2021 54,539 135,316 11,859 40,350 2,200,649 4.4%
2022 55,854 136,896 11,860 41,370 2,310,680 3.5%
Sources of Information:
(1)Portland State University Population Research Center
(2)Tigard/Tualatin School District#23-1-City student totals not available
(3)Washington State University-Northwest Income Indicators Project
(4)US Department of Labor, Bureau of Labor Statistics
252
CITY OF TIGARD,OREGON
PRINCIPAL EMPLOYERS
For current year and nine years ago
2022 2013
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Tigard-Tualatin School District#23-1 1,400 1 4.35% 779 2 2.76%
Consumer Cellular 461 2 1.43%
Nordstrom 440 3 1.37% 428 3 1.52%
Costco Wholesale Corporation 407 4 1.26% 300 6 1.06%
Conduent Inc 367 5 1.14%
City of Tigard 342 6 1.06% 255 7 0.90%
Comcast 271 7 0.84%
Fred Meyer Inc 263 8 0.82%
Macy's Department Stores 256 9 0.80% 390 5 1.38%
Cheesecake Factory 250 10 0.78%
Capital One 861 1 3.05%
Oregon Public Employees Retirement 396 4 1.40%
WinCo 176 8 0.62%
JC Penny 144 9 0.51%
Total 4,457 13.85% 3,729 13.20%
Source: City of Tigard Business License Records
253
CITY OF TIGARD,OREGON
PROPERTY VALUE AND CONSTRUCTION
For the last ten fiscal years
Fiscal Commercial Construction(1) Residential Construction(1)
Year Ended Number of Number of
June 30 Permits Value Permits Value
2013 8 $ 20,053,155 174 $ 41,954,242
2014 9 24,964,563 72 21,410,225
2015 10 31,518,023 280 45,546,665
2016 5 18,381,597 242 81,847,774
2017 7 12,874,739 450 156,457,972
2018 12 43,256,706 339 147,036,484
2019 12 68,338,543 205 83,341,594
2020 5 16,986,000 170 55,073,502
2021 6 14,014,260 194 91,367,879
2022 6 2,510,969 188 90,793,908
(1)From City of Tigard Building Department. Multi-family permits are included in the number of permits issued for
residential construction.
254
CITY OF TIGARD,OREGON
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
For the last ten fiscal years
Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
GOVERNMENTAL ACTIVITIES
Community services
Police 84.50 84.50 82.50 83.50 87.50 88.50 84.50 85.00 97.00 94.00
Library 34.80 34.80 34.80 38.30 39.70 40.90 38.80 39.20 39.20 39.20
Public works
Administration 9.00 9.20 9.20 9.00 9.50 9.75 9.00 9.95 8.95 10.00
Parks maintenance 9.75 9.75 10.75 11.67 12.17 10.40 10.50 12.50 15.30 15.40
Recreation - - - - 0.33 2.35 1.00 2.35 2.45 2.65
Street maintenance 7.00 7.25 7.25 6.33 7.00 7.45 7.50 8.25 7.30 7.00
Healthy Streams 1.00 - - - - - - - - -
Engineering 12.00 13.00 14.00 14.00 17.00 19.00 19.00 20.00 23.00 22.00
Community development
Administration 2.00 2.00 2.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Building inspection 7.80 8.80 9.00 9.00 13.00 13.00 13.60 14.10 15.35 15.35
Development Services(a) 4.80 3.80 3.80 3.80 - - - - - -
Community Planning 9.00 9.00 9.00 9.00 13.50 13.50 12.65 12.65 13.65 15.65
Economic Development 1.00 2.00 2.00 2.00 2.00 3.00 2.00 3.00 3.00 3.00
Policy and Administration
City management 4.00 4.00 5.00 5.50 4.90 5.90 3.90 3.90 4.90 4.90
City attorney(b) - - - - - - 1.10 1.10 1.10 1.10
Human resources 4.80 4.80 4.50 4.80 4.50 4.34 4.14 4.14 5.00 5.00
Information technology 6.30 5.80 7.00 7.00 8.00 9.00 9.00 12.00 12.00 18.00
Risk management 2.10 2.10 2.10 2.30 1.50 1.76 1.76 2.06 2.00 2.10
Finance administration 3.00 3.00 3.00 3.00 3.00 3.50 3.00 3.00 4.00 4.00
Financial operations 4.60 4.60 4.60 4.60 4.80 5.30 4.80 4.80 5.80 5.80
Utility Billing 6.50 6.80 6.80 6.80 6.80 7.20 7.20 7.70 7.70 7.20
Design&Communication 3.05 3.05 3.05 3.05 4.25 4.75 4.75 5.35 5.60 5.60
Contracts&Purchasing 1.80 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50 3.00
City Recorder/Records 4.15 4.15 4.15 3.35 3.85 3.85 3.85 3.25 3.25 3.25
Municipal court 3.65 3.65 3.65 3.65 3.50 3.50 3.50 6.50 9.90 9.90
Fleet maintenance(c) 1.50 0.95 1.95 1.80 2.35 2.85 2.60 2.60 2.75 2.75
Property management(c) 3.75 3.85 4.85 5.20 4.90 6.55 6.65 6.65 6.50 7.50
BUSINESS-TYPE ACTIVITIES
Public works
Sanitary sewer 6.25 6.50 5.50 6.00 6.50 6.25 6.25 5.50 5.50 5.60
Stormwater 5.25 5.50 6.50 7.00 7.50 9.00 8.25 5.75 5.50 5.60
Water 12.50 12.00 13.00 13.00 13.00 11.25 12.50 14.05 14.05 13.80
Green team - - - - - - - 4.00 4.30 4.30
Total 255.85 256.85 261.95 268.65 286.05 297.85 286.80 304.85 330.55 336.65
Source: City of Tigard Finance Department
(a) Development services was budgeted with Building in FY 2016-17.
(b) City attorney was changed from a contract to an employee in FY 2017-18.
(c) Fleet/Property Management budgeted with Public Works until FY 2015-16.
255
CITY OF TIGARD,OREGON
OPERATING INDICATORS BY FUNCTION/PROGRAM
For the last ten fiscal years
Functions/Programs 2013 2014 2015
GOVERNMENTAL ACTIVITIES
Community services
Police-number of traffic citations issued* 8,939 7,177 6,462
Police-number of calls for service* 52,420 48,840 47,247
Library-number of items in collection 250,454 245,000 248,225
Library-materials checked out each year 1,459,334 1,385,376 1,280,376
Public works
Acres of park land maintained 248 253 255
Crack sealing completed annually(linear feet) 160,000 160,000 160,000
Vehicles maintained to industry standard 148 157 160
Community development
Number of inspections(Tigard) 12,500 12,382 9,009
Number of permits(all types)in Tigard 3,049 3,404 2,958
Number of development applications 357 341 251
Policy and administration
Number of job applications 2,500 2,000 2,100
Laptops and computers to maintain 503 523 525
Insured value of city's real property**** (in millions) $ 82 $ 82 $ 82
Number of utility bills sent 238,400 241,500 244,000
Average fine amount collected $ 140 $ 140 $ 160
BUSINESS-TYPE ACTIVITIES
Sewer
Miles of sewer lines cleaned 42 42 42
Miles of sewer lines video inspected 24 21 21
Stormwater
Miles of stormwater lines cleaned 32 21 21
Number of water quality facilities improved*** 125 126 126
Total number of catch basins cleaned*** 2,768 2,840 2,840
Water
Number of accounts 18,362 18,445 18,524
*Data tracked on a calendar year. Data present is as of the previous December 31st.
***GIS data improvement
**** Includes value of contents of buildings.
Source: City of Tigard Finance Department
256
2016 2017 2018 2019 2020 2021 2022
5,745 5,057 5,260 5,972 5,167 16,504 23,790
43,299 41,874 42,075 42,482 38,810 35,441 35,886
253,725 229,344 238,919 220,877 222,438 235,894 254,822
1,243,774 1,159,446 1,227,561 1,216,642 1,310,382 1,157,942 1,186,552
301 301 305 306 311 389 550
160,000 107,727 262,659 92,400 521,298 760,682 -
146 162 152 156 164 161 160
10,814 27,551 25,793 17,540 18,736 14,503 18,442
3,860 4,281 4,189 3,776 3,384 3,507 4,609
388 818 843 876 875 984 986
2,200 3,726 2,605 3,393 2,503 3,302 3,567
530 585 593 601 702 741 788
$ 82 $ 120 $ 122 $ 129 $ 130 $ 133 $ 135
256,500 248,560 254,150 258,252 260,260 262,490 268,092
$ 160 $ 149 $ 133 $ 119 $ 109 $ 79 $ 89
42 51 57 59 63 54 46
24 23 29 30 25 46 25
21 23 20 26 21 21 14
126 133 138 143 152 181 186
2,917 3,939 2,620 2,737 2,864 2,904 1,358
18,767 19,311 19,689 19,849 20,064 20,196 20,269
257
CITY OF TIGARD,OREGON
CAPITAL ASSETS STATISTICS BY FUNCTION
For the last ten fiscal years
Functions/Programs 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
GOVERNMENTAL ACTIVITIES
Community services
Police stations 1 1 1 1 1 1 1 1 1 1
Library buildings 1 1 1 1 1 1 1 1 1 1
Public works
Number of parks 20 20 20 20 21 24 24 29 31 33
Acres of park and greenspaces 493.0 499.0 514.0 514.0 548.0 552.0 553.0 558.0 558.0 558.0
Miles of streets 150.0 150.0 150.0 150.0 157.0 175.7 175.7 189.7 324.0 326
Policy and administration
City-owned building facilities 5 5 5 5 5 5 5 5 5 5
BUSINESS-TYPE ACTIVITIES
Sewer
Total miles of sanitary sewer lines 166.9 166.9 166.9 168.0 168.3 168.5 168.7 168.7 168.7 168.7
Stormwater
Total miles of stormwater lines* 126.0 130.0 130.0 130.0 131.2 131.8 136.7 135.1 135.1 135.1
Number of water quality facilities* 125 126 126 126 164 210 240 240 240 240
Water
Water mains in miles 248.0 248.0 248.0 248.0 251.3 251.3 260.0 260.0 265.0 265.0
Number of reservoirs 13 13 13 14 14 14 14 14 14 14
Source:City of Tigard Finance Department
*GIS data improvement
258
CITY OF TIGARD,OREGON
MISCELLANEOUS STATISTICAL DATA
June 30,2022
Date of Incorporation 1961
Mayor/Council with a City Manager as the administrative head of the
Form of government
government of the City
Area(Square Miles-incorporated area) 12.7
Miles of streets 326
Police protection:
-Number of stations 1
-Number of sworn police officers 72
Education:
- Attendance centers 17
-Number of teachers\FTE 714
-Number of students 11,859
Building Permits issued (2021-2022) 809
Recreation and culture:
-Number of parks 26 developed and 7 underdeveloped,totaling 33 at 389 acres
-Greenways 168.78 acres
-Number of libraries 1
-Number of volumes(estimated) 254,822
Employees:
-Classified service(union) 192
-Unclassified (non-union) 140
Information obtained from the various departments of the City of Tigard and Tigard/Tualatin School District#23-J
City student totals not available.
259
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260
Audit Comments and
Disclosure Requirements
261
262
No content appears on this page by design.
263
0
MOSSADAMS
Report of Independent Auditors Required by Oregon State
Regulations
The City Council
City of Tigard, Oregon
Tigard, Oregon
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States the financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund information
of the City of Tigard, Oregon (City)as of and for the year ended June 30, 2022, and the related notes
to the financial statements, which collectively comprise City's basic financial statements, and have
issued our report thereon dated December 22, 2022.
Compliance
As part of obtaining reasonable assurance about whether the City's basic financial statements are
free from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, including provisions of Oregon Revised Statutes (ORS)
as specified in Oregon Administrative Rules (OAR) 162-010-0000 to 162-010-0330, of the Minimum
Standards for Audits of Oregon Municipal Corporations, noncompliance with which could have a
direct and material effect on the financial statements: However, providing an opinion on compliance
with those provisions was not an objective of our audit and, accordingly, we do not express such an
opinion.
We performed procedures to the extent we considered necessary to address the required comments
and disclosures which included, but were not limited to, the following:
• Accounting records and internal control
• Public fund deposits
• Indebtedness
• Budget
• Insurance and fidelity bonds
• Programs funded from outside sources
• Highway funds
• Investments
• Public contracts and purchasing
264
v22-09
In connection with our testing, nothing came to our attention that caused us to believe the City was
not in substantial compliance with certain provisions of laws, regulations, contracts, and grant
agreements, including the provisions of ORS as specified in OAR 162-010-0000 through 162-010-
0330 of the Minimum Standards for Audits of Oregon Municipal Corporations, except those noted
below:
• The City had funds invested in the Oregon local government investment pool that were in
excess of the annual limit set under ORS 294.810.
• The City had funds invested in certain corporate bond investments that had credit ratings
below the limits set under ORS 294.035
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal
control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the entity's financial statements will not be prevented, or detected and
corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify
any deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that have not been identified.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity's internal control or on compliance. Accordingly, this communication is not suitable for any other
purpose.
This report is intended solely for the information and use of the City Council and management of the
City and the Oregon Secretary of State and is not intended to be and should not be used by anyone
other than these parties.
Aaan,
Keith Simovic, Partner
for Moss Adams LLP
Portland, Oregon
December 22, 2022
265
® MOSSADAMS
Report of Independent Auditors on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The City Council
City of Tigard, Oregon
Tigard, Oregon
We have audited, in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of the City of Tigard (the City)as of and for the year ended June 30, 2022, and the
related notes to the financial statements, which collectively comprise the City's basic financial
statements, and have issued our report thereon dated December 22, 2022.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal
control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the entity's financial statements will not be prevented, or detected and
corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify
any deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that were not identified.
266
v22-09
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
(1Wr nt-M'5" I-IP
Portland, Oregon
December 22, 2022
267
REPORT OF INDEPENDENT AUDITORS
AND SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
CITY OF TIGARD, OREGON
FEDERAL GRANT PROGRAMS
June 30, 2022
0
MOSSADAMS
Table of Contents
PAGE
Reports:
Report of Independent Auditors on the Financial Statements for the Year
Ended June 30, 2022
Report of Independent Auditors on Internal Control Over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 1-2
Report of Independent Auditors on Compliance for the Major Federal Program;
Report on Internal Control Over Compliance; and Report on the Schedule of
Expenditures of Federal Awards Required by the Uniform Guidance 3-5
Schedules:
Schedule of Expenditures of Federal Awards 6-7
Notes to the Schedule of Expenditures of Federal Awards 8
Schedule of Findings and Questioned Costs 9
* Incorporated by reference only.
0
MOSSADAMS
Report of Independent Auditors on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
The City Council
City of Tigard, Oregon
Tigard, Oregon
We have audited, in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of the City of Tigard (the City)as of and for the year ended June 30, 2022, and the
related notes to the financial statements, which collectively comprise the City's basic financial
statements, and have issued our report thereon dated December 22, 2022.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal
control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the entity's financial statements will not be prevented, or detected and
corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify
any deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that were not identified.
Page 1
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
entity's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
(1tXr
Portland, Oregon
December 22, 2022
Page 2
0
MOSSADAMS
Report of Independent Auditors on Compliance for the Major
Federal Program; Report on Internal Control Over
Compliance; and Report on the Schedule of Expenditures of
Federal Awards Required by the Uniform Guidance
The City Council
City of Tigard, Oregon
Tigard, Oregon
Report on Compliance for The Major Federal Program
Opinion on The Major Federal Program
We have audited the City of Tigard, Oregon's (the "City")compliance with the types of compliance
requirements identified as subject to audit in the OMB Compliance Supplement that could have a
direct and material effect on the City's major federal program for the year ended June 30, 2022. The
City's major federal program is identified in the summary of auditor's results section of the
accompanying schedule of findings and questioned costs.
In our opinion, the City complied, in all material respects, with the compliance requirements referred
to above that could have a direct and material effect on its major federal program for the year ended
June 30, 2022.
Basis for Opinion on The Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in
the United States of America (GAAS); the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States (Government
Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further
described in the Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
compliance for the major federal program. Our audit does not provide a legal determination of City's
compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the
design, implementation, and maintenance of effective internal control over compliance with the
requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements
applicable to the City's federal programs.
Page 3
Auditor's Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the City's compliance based on our audit. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with GAAS, Government Auditing Standards, and the Uniform Guidance will always
detect material noncompliance when it exists. The risk of not detecting material noncompliance
resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the
compliance requirements referred to above is considered material, if there is a substantial likelihood
that, individually or in the aggregate, it would influence the judgment made by a reasonable user of
the report on compliance about the City's compliance with the requirements of the major federal
program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform
Guidance, we
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the City's compliance with the compliance
requirements referred to above and performing such other procedures as we considered
necessary in the circumstances.
Obtain an understanding of the City's internal control over compliance relevant to the audit in
order to design audit procedures that are appropriate in the circumstances and to test and report
on internal control over compliance in accordance with the Uniform Guidance, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control over
compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and any significant deficiencies and material
weaknesses in internal control over compliance that we identified during the audit.
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance
requirement of a federal program on a timely basis. A material weakness in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance such
that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of a federal program will not be prevented, or detected and corrected, on a timely basis.
A significant deficiency in internal control over compliance is a deficiency, or a combination of
deficiencies, in internal control over compliance with a type of compliance requirement of a federal
program that is less severe than a material weakness in internal control over compliance, yet
important enough to merit attention by those charged with governance.
Page 4
Our consideration of internal control over compliance was for the limited purpose described in the
Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify
all deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal
control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Report on Schedule of Expenditures of Federal Awards Required by the Uniform
Guidance
We have audited the financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the City as of and for the year
ended June 30, 2022 and have issued our report thereon date December 22, 2022, which contained
an unmodified opinion on those financial statements. Our audit was performed for the purpose of
forming opinions on the financial statements as a whole. The accompanying schedule of expenditures
of federal awards is presented for purposes of additional analysis as required by the Uniform
Guidance and is not a required part of the financial statements. Such information is the responsibility
of management and was derived from and relates directly to the underlying accounting and other
records used to prepare the financial statements. The information has been subjected to the auditing
procedures applied in the audit of the financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the financial statements or to the financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States
of America. In our opinion, the schedule of expenditures of federal awards is fairly stated in all
material respects in relation to the financial statements as a whole.
(icr* ndl/14/4 1-1P
Portland, Oregon
March 31, 2023
Page 5
City of Tigard
Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2022
Federal Agency or
Federal Grantor/Pass-through Grantor Assistance Listing Pass-through
Program Title Number Number Expenditures
U.S. Department of the Treasury
Direct:
COVID-19- Coronavirus State and Local Fiscal Recovery Funds 21.027 1505-0271 $ 7,499,726
Total U.S. Department of the Treasury 7,499,726
U.S. Department of Justice
Direct:
Equitable Sharing Program 16.922 FY 2022 58,041
Total U.S. Department of Justice 58,041
U.S. Department of Transportation
Pass-through:
Metro
Federal Transit Formula Grants 20.507 936342 61,982
Federal Transit Formula Grants 20.507 FY 2022 4,994
Total Federal Transit Cluster 66,976
Pass-through:
Oregon Department of Transportation
National Priority Safety Programs 20.616 FY 2022 2,517
See notes to schedule of expenditures of federal awards. Page 6
City of Tigard
Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2022
Federal Agency or
Federal Grantor/Pass-through Grantor Assistance Listing Pass-through
Program Title Number Number Expenditures
Pass-through:
Oregon Impact
National Priority Safety Programs 20.616 FY 2022 $ 580
National Priority Safety Programs 20.616 FY 2022 3,816
National Priority Safety Programs 20.616 FY 2022 841
State and Community Highway Safety 20.600 FY 2022 2,017
Total Highway Safety Cluster 9,771
Total U.S. Department of Transportation 76,747
U.S. Department of Housing and Urban Development
Pass-through:
Washington County
Community Development Block Grants/Entitlement Grants 14.218 19-0791 474,307
Total CDBG - Entitlement Grants Cluster 474,307
Total U.S. Department of Housing and Urban Development 474,307
U.S. Department of Homeland Security
Pass-through:
Washington County
Urban Area Security Initiative 97.067 20-1525 13,337
Total U.S. Department of Homeland Security 13,337
Total Federal Financial Assistance $ 8,122,158
See notes to schedule of expenditures of federal awards. Page 7
City of Tigard
Notes to the Schedule of Expenditures of Federal Awards
For the Year Ended June 30, 2022
1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes all federal
grant activity of the City of Tigard, Oregon (the "City"), under programs of the federal government for the
year ended June 30, 2022. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).
Because this Schedule presents only a selected portion of the operations of the City, it is not intended to
and does not present the financial position, changes in net position or cash flows of the City.
2. Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported using the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity
identifying numbers are presented where applicable.
3. Election of De Minimis Indirect Rate
The City of Tigard has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance during the fiscal year ended June 30, 2022.
See schedule of expenditures of federal awards. Page 8
City of Tigard
Schedule of Findings and Questioned Costs
For the Year Ended June 30, 2022
Section I — Summary of Auditor's Results
Financial Statements
Type of report the auditor issued on whether the financial
statements audited were prepared in accordance with
GAAP: Unmodified
Internal control over financial reporting:
• Material weakness(es) identified? ❑ Yes ® No
• Significant deficiency(ies) identified? ❑ Yes ® None reported
Noncompliance material to financial statements noted? ❑ Yes ® No
Federal Awards
Internal control over major federal programs:
• Material weakness(es) identified? ❑ Yes ❑ No
• Significant deficiency(ies) identified? ❑ Yes ❑ None reported
Any audit findings disclosed that are required to be reported
in accordance with 2 CFR 200.516(a)? ❑ Yes ❑ No
Identification of Major Programs and type of Auditor's report issued on compliance for major federal
programs:
Federal Type of Auditor's Report
Assistance Issued on Compliance for
Listing Number Name of Federal Program or Cluster Major Federal Programs
21.027 COVID-19— Coronavirus State and Local Unmodified
Fiscal Recovery Funds
Dollar threshold used to distinguish between type A and
type B programs: $ 750,000
Auditee qualified as low-risk auditee? ❑ Yes ® No
Section II — Financial Statement Findings
None reported.
Section III — Federal Award Findings and Questioned Costs
None reported.
Page 9
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