2023 City of Tigard Annual Comprehensive Financial Report13125 SW Hall Boulevard
Tigard, OR 97223
www.tigard-or.gov
FISCAL YEAR ENDING JUNE 30, 2023
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
City of Tigard, Oregon
City of Tigard, Oregon
Annual Comprehensive Financial Report
For the fiscal year ended, June 30, 2023
Prepared by:
City of Tigard – Finance Department
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No content appears on this page by design.
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City of Tigard, Oregon
Table of Contents
Introductory Section
Letter of Transmittal ---------------------------------------------------------------------------------------------------------------------- 9
Certificate of Achievement for Excellence in Financial Reporting ----------------------------------------------------------- 16
Organization Chart ----------------------------------------------------------------------------------------------------------------------- 17
Principal Officials ------------------------------------------------------------------------------------------------------------------------- 18
Financial Section
Report of Independent Auditors ----------------------------------------------------------------------------------------------------- 21
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 ----------------------------------------------------------------------------------------------------------------- 117
Schedule of the City’s Proportionate Share of the Net Pension Liability (Asset) --------------------------------- 118
Schedule of City’s Contributions – Oregon Public Employees Retirement System ------------------------------ 120
Schedule of the Changes in the City’s Total OPEB Liability and
Related Ratios – Implicit Rate Subsidy Plan ---------------------------------------------------------------------------- 122
Schedule of the City’s Proportionate Share of the Net OPEB Liability (Asset) – Oregon
Public Employees Retirement System, Retirement Health Insurance Account ------------------------------- 123
Schedule of the City’s Contributions – Oregon Public Employees Retirement System,
Retirement Health Insurance Account ----------------------------------------------------------------------------------- 124
Other Supplementary Information:
Nonmajor Governmental Funds Combining Statements:
Combining Balance Sheet ------------------------------------------------------------------------------------------------- 127
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ----------------------- 128
Special Revenue Funds:
Combining Balance Sheet – Nonmajor Special Revenue Funds ------------------------------------------------- 132
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance ------------------------ 134
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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 ------------------------------------------------------------------------------------------------------------------ 136
City Gas Tax Fund ------------------------------------------------------------------------------------------------------------ 137
Transportation Network Company Fee Fund ------------------------------------------------------------------------ 138
Transient Lodging Tax Fund----------------------------------------------------------------------------------------------- 139
Construction Excise Tax Fund ------------------------------------------------------------------------------------------- 140
Electrical Inspection Fund ------------------------------------------------------------------------------------------------- 141
Building Fund ----------------------------------------------------------------------------------------------------------------- 142
Criminal Forfeiture Fund -------------------------------------------------------------------------------------------------- 143
Urban Forestry Fund -------------------------------------------------------------------------------------------------------- 144
Parks Utility Fund ------------------------------------------------------------------------------------------------------------ 145
Police Levy Fund ------------------------------------------------------------------------------------------------------------ 146
Library Fund ------------------------------------------------------------------------------------------------------------------- 147
Debt Service Funds:
Combining Balance Sheet – Nonmajor Debt Service Funds ----------------------------------------------------- 151
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance – Nonmajor
Debt Service Funds ------------------------------------------------------------------------------------------------------ 152
Schedules of Revenues and Expenditures – Budget and Actual:
Bancroft Bond Debt Service Fund --------------------------------------------------------------------------------------- 153
General Obligation Debt Service Fund --------------------------------------------------------------------------------- 154
City Center Urban Renewal Debt Service Fund --------------------------------------------------------------------- 155
Tigard Triangle Debt Service Fund ------------------------------------------------------------------------------------- 156
Capital Projects Funds:
Combining Balance Sheet – Nonmajor Capital Projects Funds -------------------------------------------------- 160
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance – Nonmajor Capital Projects Funds------------------------------------------------ 162
Schedule of Revenues and Expenditures – Budget and Actual:
Facility Fund------------------------------------------------------------------------------------------------------------------- 164
Transportation Development Tax Fund ------------------------------------------------------------------------------- 165
Underground Utility Fund ------------------------------------------------------------------------------------------------- 166
Street Maintenance Fee Fund ------------------------------------------------------------------------------------------- 167
Transportation SDC Fund -------------------------------------------------------------------------------------------------- 168
Parks Capital Fund ----------------------------------------------------------------------------------------------------------- 169
Parks Bond Fund ------------------------------------------------------------------------------------------------------------- 170
Parks SDC Fund --------------------------------------------------------------------------------------------------------------- 171
Transportation CIP Fund --------------------------------------------------------------------------------------------------- 172
City Center Capital Improvements Fund ------------------------------------------------------------------------------ 173
Tigard Triangle Capital Improvements Fund ------------------------------------------------------------------------- 174
Proprietary Funds:
Enterprise Funds:
Schedules of Revenues and Expenditures – Budget and Actual:
Sanitary Sewer Fund -------------------------------------------------------------------------------------------------------- 177
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses – Sanitary Sewer Fund ----------------------------------------------------------------- 178
Stormwater Fund ------------------------------------------------------------------------------------------------------------ 179
Water Quality and Quantity Fund--------------------------------------------------------------------------------------- 180
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses – Stormwater Funds -------------------------------------------------------------------- 181
Water Fund ------------------------------------------------------------------------------------------------------------------- 182
Water SDC Fund ------------------------------------------------------------------------------------------------------------- 183
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City of Tigard, Oregon
Table of Contents, continued
Financial Section, Continued
Other Supplementary Information, Continued:
Water CIP Fund -------------------------------------------------------------------------------------------------------------- 184
Water Debt Service Fund -------------------------------------------------------------------------------------------------- 185
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses – Water Funds ---------------------------------------------------------------------------- 186
Reconciliation of Budgetary Fund Balance to Generally Accepted
Accounting Principles Basis Net Position --------------------------------------------------------------------------- 187
Internal Service Funds:
Combining Statement of Net Position --------------------------------------------------------------------------------- 192
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ----------------------- 194
Combining Statement of Cash Flows ----------------------------------------------------------------------------------- 196
Schedules of Revenues and Expenditures – Budget and Actual:
Central Service Fund -------------------------------------------------------------------------------------------------------- 198
Information Technology Replacement Fund ------------------------------------------------------------------------- 199
Facilities Replacement Fund ---------------------------------------------------------------------------------------------- 200
Public Works Administration Fund ------------------------------------------------------------------------------------- 201
Public Works Engineering Fund ------------------------------------------------------------------------------------------ 202
Fleet/Property Management Fund ------------------------------------------------------------------------------------- 203
Fleet/Vehicle Replacement Fund --------------------------------------------------------------------------------------- 204
Insurance Fund --------------------------------------------------------------------------------------------------------------- 205
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
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City of Tigard, Oregon
Table of Contents, continued
Statistical Section, Continued
Ratio of Debt by Type --------------------------------------------------------------------------------------------------------- 248
Computation of Water Revenue Bonds Debt Coverage ------------------------------------------------------------- 250
Demographics Statistics ------------------------------------------------------------------------------------------------------ 252
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 --------------------------------------- 263
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 ---------------------------------------------- 265
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Introductory Section
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February 27, 2024
Honorable Mayor Heidi Lueb,
Members of the City Council, and Citizens of the
City of Tigard, Oregon
We are pleased to submit the Annual Comprehensive Financial Report of the City of Tigard, Oregon, for the
fiscal year ended June 30, 2023, 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, 2023, 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, 2023, 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, 2023, 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
boundary, and Tigard’s neighboring cities include Beaverton, Lake Oswego,
Tualatin, Durham, Portland, and King City. State Highway 99W, runs north and
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.
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.
Throughout fiscal year 2023, permitting and construction
phase of development of River Terrace continued. Full
build out of the area, originally expected to take roughly
20 years, is now expected to be largely complete within
15, in 2030. Upon completion, River Terrace is expected to
be home to around 6,500 to 8,000 new residents. More
information about Tigard’s newest neighborhood is on the
city’s website at: https://www.tigard-or.gov/your-
government/departments/community-
development/planning/projects/river-terrace.
The city is governed by an elected mayor and four council
members who comprise the city council. The city's charter
established the Council-Manager form of government.
Each member of the city council is elected at-large to serve
a four-year term. The mayor presides at council meetings
and is elected at-large for a four-year term. The mayor and
council provide community leadership, develop policies to
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. More than 68% of the city’s residents are in the workforce and commute to a job somewhere
else in the region. More than 41,000 residents from neighboring cities in the region are employed by a
company based in 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, 2023, and has declined
past pre-pandemic levels. Tigard’s most current unemployment rate is 3.0 percent as of June 2023, which is
0.3 percent lower than the Portland Metro area and 0.5 percent lower than the State of Oregon.
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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, primarily manufacturers,
investing in equipment, facilities, and people. This program offers a 100% tax abatement for three years
on new capital investments when a firm also increases employment by 10%. Four manufacturers in Tigard
currently participate in this program.
City of Tigard's Non-profit Low Income Housing Limited Tax 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. Seven mixed use developments benefit from or will soon be enrolled in the
program. 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 for the first four floors
built above a first-story commercial space. This partial property tax exemption is not limited to low-
income housing, though low-income projects receive an additional property tax exemption. Financial
modeling show that a vertical housing-based tax exemption moves some multi-story mixed-use projects
from the red to the black. 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.
2023 Summary of Local Statistics
Number of businesses ............................................................................................. 3,320
Median household income ............................................................................... $101,000
Median home value .......................................................................................... $597,395
General fund permanent tax rate ................................ $2.5131 per $1,000 of assessed value
Total assessed value (est. 2022/2023) .................................................... $7,955,781,910
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 2023 – 2029 CIP can be found online at https://www.tigard-
or.gov/your-government/departments/public-works/capital-improvement-projects.
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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 2023 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=CityOfTigard.
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.
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. During
the fiscal year 2023, City Council established goals for the city as follows:
1. Reduce Houselessness
Create transitional housing and secure wraparound services.
Adopt a time, place, and manner ordinance.
Create grant programs to support businesses.
Secure ongoing State funding to support houselessness programs.
Provide Council with options for tenant protections.
2. Address Climate Change
Prioritize carbon responsibility in the City of Tigard operations, projects, and policies.
Build understanding on the City’s climate work and how the organization is supporting it.
Provide incentives for the community to transition to more climate friendly choices.
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Develop educational materials to build awareness and support homeowners and renters in
reducing their carbon emissions.
3. Modernize and Improve City Services
Fund the necessary teammate and financial resources to implement the new Tyler ERP system.
Secure funding and acquire land for safe and modern public facilities.
Conduct an education and awareness campaign to build understanding and gauge levels of
community support for facility modernization.
4. Enhance Community Safety and Accessibility
Identify and secure funding to complete the Hall Boulevard jurisdictional transfer.
Pass a public safety renewal levy to continue existing levy funding.
Increase funding to expand connectivity and support an active, healthy, accessible community.
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.
Other initiatives include:
The city continues to work on implementation of the Tyler Technologies enterprise resource planning
system, a citywide project that includes a replacement of all of the city’s major software systems. The
implementation of the finance modules are expected to be completed in the next fiscal year with other
modules, such as utility billing, permitting, and asset management, expected to be completed through
fiscal year 2025.
In February 2023, the city expanded the River Terrace area by annexing an additional 500 acres to the
west and south of the original River Terrace area. This new area referred to has River Terrace 2.0, is
expected to accommodate 3,000 to 4,500 new units of housing and construction could begin as soon as
Spring 2026.
The city opened the Phase 1 of Universal Plaza to public in April 2023. An urban plaza located in Downtown
Tigard with an interactive water feature and splash pad. The plaza hosts public spaces, food carts, bike
and pedestrian connections overlooking Fanno Creek. Funding for Phase 2 of the project to construct an
overhead canopy is still being explored.
The Public Works department continues to work on the construction of Reservoir 18, a new water
reservoir to replace a temporary pump station that services the city’s 550-foot service area. This project
will provide additional storage and pumping facilities to meet the demands for the build-out of the River
Terrace Community Plan. The total project cost is approximately $34 million and expected to be
completed in fiscal year 2025.
Lastly, the city started construction of a new inclusive playground at Cook Family Park, the oldest and
most well-known park in the city. The park features a new cutting edge design that incorporates accessible
equipment throughout while remaining challenging for the general population. Construction of the
playground is expected to be completed in the next fiscal year.
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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, 2022. This was the 37th 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 2023. This was the 35th 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 2024 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, 2022. This is the
fourth 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 2023 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,
Steve Rymer Eric Kang
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, 2022
Executive Director/CEO
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CITY OF TIGARD • BUDGET IN BRIEF • FY 2022-2023 • Page 18
Design & Communications
ManagementAnalysts & Administration
INTERNAL STRUCTURE & ORGANIZATIONAL CHART
Tigard Community
Mayor & City Councilors
City Manager City Attorney
Assistant City ManagerEngagement & Innovation
Assistant City ManagerInvestment &Infrastructure
Police Chief City Recorder
Information Technology CommunityDevelopment
The TigardPublic Library
Public WorksCity Management
Fleet & Facilities
Human Resources & Risk Management
Finance
Municipal Court
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City of Tigard, Oregon
Principal Officials as of June 30, 2023
Elected Officials
Name Term Expires
Mayor Heidi Lueb December 31, 2026
Councilor Jeanette Shaw December 31, 2024
Councilor Maureen Wolf December 31, 2024
Councilor Yi-Kang Hu December 31, 2026
Councilor Jai Raj Singh December 31, 2026
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
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Report of Independent Auditors
The City Council
City of 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, 2023, 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, 2023, 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.
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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 27 through 41 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.
22
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 February 27,
2024, 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.
23
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 February 27, 2024, 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.
Keith Simovic, Partner for
Moss Adams LLP
Portland, Oregon
February 27, 2024
24
Management’s Discussion and
Analysis
25
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, 2023. 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, 2023 by $596,618,322 (net position). Of this amount, $43,075,732 is restricted
for transportation construction, maintenance and utility undergrounding, $10,665,255 is restricted for
park development and improvements, $1,191,152 is restricted for tourism, $17,631,644 is restricted
for water system construction and improvements, $8,989,229 is restricted for debt service,
$12,270,314 is restricted for building development plan review and inspection, $617,648 is restricted
for library capital improvements, $6,498,743 is restricted for urban development and improvements,
$3,176,420 is restricted for law enforcement, and $170,699 is restricted for other post-employment
benefits. $140,082,267 is unrestricted net position may be used to meet the city’s ongoing obligations
to citizens and creditors and $352,249,219 is for net investment in capital assets.
The city’s total net position had a net increase of $42,846,262 or 7.7 percent from the June 30, 2022
net position. Governmental activities net position increased by $30,128,146, or 8.7 percent. The
business-type activities net position increased by $12,718,116 or 6.2 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 $130,147,744, a decrease
of $3,396,377 or 2.5 percent from fiscal year 2022. Of the combined ending governmental fund
balances, a deficit of $1,516,052 of unassigned fund balance is reported in the other governmental
funds.
At the end of the fiscal year, assigned fund balance for subsequent year’s budget appropriation of fund
balance for the General Fund was $34,598,377.
The city’s total debt decreased by $7,066,848 or 4.8 percent from fiscal year 2022.
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 28 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 27 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 pension 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 $596,618,322 at June 30, 2023.
The largest portion of the city's net position, approximately 59.0 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 $104,286,836 or approximately 17.5 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 $140,082,267 or approximately 23.5 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 $42,846,262 or 7.7 percent during the current fiscal year. Total assets for
governmental activities increased by approximately $29.6 million, or approximately 7.5 percent and $13.9
million for business-type activities, or approximately 4.1 percent. Noteworthy changes included an increase
in cash and investments of approximately $21.8 million or 9.1 percent, due to an increase in the fair market
value of investments and higher than expected interest earnings of $6.8 million and $16.6 million in reserves
set aside to establish the Information Technology, Fleet, and Facilities Replacement Internal Service Funds.
Capital assets also increased by $18.9 million. This increase is due to depreciation expense being less than the
reinvestment in capital assets for the fiscal year ended June 30, 2023.
30
City of Tigard, Oregon
Management’s Discussion and Analysis
Governmental activities liabilities increased by approximately $2.3 million or 5.4 percent. Noteworthy
changes include an increase in accounts payable and net pension liability. This increase is due to the timing of
accounts payable for construction in progress at the end of the fiscal year.
Business-type activities total assets increased by approximately $13.9 million or 4.2 percent over the prior
year. Cash and investments increased by approximately $2.8 million or 4.0 percent over the prior year. This
increase is mainly due to higher utility rates. Capital assets increased by $5.2 million or 2.3 percent. This
increase is due to depreciation expense being less than the reinvestment in capital assets for the fiscal year
ended June 30, 2023.
Total long-term debt for business-type activities decreased by approximately $3.9 million or 3.2 percent,
which primarily represents payment of principal and amortization of the bond premium on the water revenue
bond issues.
City of Tigard – Summary of Net Position
Total Net Position
2023 2022 2023 2022 2023 2022
Current and other assets 171,646,337$ 155,671,009$ 108,563,543$ 99,873,811$ 280,209,880$ 255,544,820$
Capital assets 251,098,641 237,466,635 237,348,597 232,117,657 488,447,238 469,584,292
Total Assets 422,744,978 393,137,644 345,912,140 331,991,468 768,657,118 725,129,112
Deferred outflows of resources 4,136,149 4,561,665 3,544,380 3,574,113 7,680,529 8,135,778
Current and other liabilities 14,779,964 12,055,201 15,226,127 9,168,564 30,006,091 21,223,765
Long-term liabilities outstanding 30,688,690 31,065,644 114,747,103 119,639,473 145,435,793 150,705,117
Total Liabilities 45,468,654 43,120,845 129,973,230 128,808,037 175,441,884 171,928,882
Deferred inflows of resources 4,241,038 7,535,175 36,403 28,773 4,277,441 7,563,948
Net investment in capital assets 234,640,513 225,906,951 117,608,706 112,119,692 352,249,219 338,026,643
Restricted 84,143,756 80,791,413 20,143,080 20,172,795 104,286,836 100,964,208
Unrestricted 58,387,166 40,344,925 81,695,101 74,436,284 140,082,267 114,781,209
Total Net Position 377,171,435$ 347,043,289$ 219,446,887$ 206,728,771$ 596,618,322$ 553,772,060$
Governmental
Activities
Business-Type
Activities Total
31
City of Tigard, Oregon
Management’s Discussion and Analysis
City of Tigard – Summary of Changes in Net Position
2023 2022 2023 2022 2023 2022
Revenues
Program revenues:
Fees, fines and charges for services 16,648,049$ 15,539,923$ 36,538,333$ 33,798,787$ 53,186,382$ 49,338,710$
Operating grants and contributions 11,630,053 17,770,216 - - 11,630,053 17,770,216
Capital grants and contributions 11,972,303 6,254,712 4,436,172 3,156,083 16,408,475 9,410,795
General revenues:
Property taxes 26,011,521 25,117,084 - - 26,011,521 25,117,084
Franchise fees 7,765,651 7,272,781 - - 7,765,651 7,272,781
Unrestricted intergovernmental revenues 3,856,820 3,714,888 - - 3,856,820 3,714,888
Interest earnings 4,654,377 (2,181,844) 2,578,236 (1,313,073) 7,232,613 (3,494,917)
Miscellaneous 319,841 644,102 141,451 175,456 461,292 819,558
Total revenues 82,858,615 74,131,862 43,694,192 35,817,253 126,552,807 109,949,115
Expenses
Community services 31,597,313 27,313,548 - - 31,597,313 27,313,548
Public works 14,589,053 11,755,291 - - 14,589,053 11,755,291
Community development 8,905,011 6,395,322 - - 8,905,011 6,395,322
Policy and administration 1,176,827 4,715,974 - - 1,176,827 4,715,974
Interest on long-term debt 604,699 623,927 - - 604,699 623,927
Sanitary sewer - - 3,406,337 3,198,424 3,406,337 3,198,424
Stormwater - - 4,376,231 4,159,563 4,376,231 4,159,563
Water - - 19,051,074 17,946,555 19,051,074 17,946,555
Total expenses 56,872,903 50,804,062 26,833,642 25,304,542 83,706,545 76,108,604
Revenues over expenses 25,985,712 23,327,800 16,860,550 10,512,711 42,846,262 33,840,511
Transfers in (out) 4,142,434 753,276 (4,142,434) (753,276) - -
Changes in net position 30,128,146 24,081,076 12,718,116 9,759,435 42,846,262 33,840,511
Beginning net position 347,043,289 322,962,213 206,728,771 196,969,336 553,772,060 519,931,549
Ending net position 377,171,435$ 347,043,289$ 219,446,887$ 206,728,771$ 596,618,322$ 553,772,060$
Governmental
Activities
Business-Type
Activities Total
32
City of Tigard, Oregon
Management’s Discussion and Analysis
Expenses and Program Revenues – Governmental activities – June 30, 2023
Governmental Activities
Governmental activities increased the city’s net position by $30,128,146. This increase is more than the
approximate $24.1 million increase in net position from governmental activities experienced in fiscal year
2022. Expenses were higher in all programs except Policy and Administration when comparing fiscal year 2023
to fiscal year 2022, and most revenues were higher, especially capital grants and contributions. Noteworthy
reasons for the change from the prior year are as follows:
Property taxes constitute approximately 31.4 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 $.9 million or 3.6 percent over 2022. 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 $6.1 million decrease from fiscal year
2022. This decrease is due to receiving in fiscal year 2022 ARPA Act funding for reimbursement of
expenses associated with the COVID-19 pandemic.
Capital grants and contributions increased $5.7m over fiscal year 2022 due to an increase in revenue
from System Development Charges and Transportation Development Tax.
Overall expenses for governmental activities of $56,872,903 increased from the prior fiscal year by
approximately $6.1 million. This increase was due to an increase in community services activities,
public works, and community development.
Revenues by Source – Governmental Activities - June 30, 2023
34
City of Tigard, Oregon
Management’s Discussion and Analysis
Business-type Activities
Business-type activities increased the city’s net position by $12,718,116. The primary reasons for the current
year’s increases are:
Charges for services represent approximately 83.6 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
$2.7 million or 8.1 percent over fiscal year 2022, with the largest increase in water revenues.
Expenses for water operations increased approximately $1.1 million or 6.2 percent from the prior fiscal
year. The increase is primarily due to an increase in general and administrative expenses.
Expenses and Program Revenues – Business-type Activities – June 30, 2023
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 2023, the city's governmental funds reported combined ending fund balances
of $130,147,744 a decrease of $3,396,377 over the prior year. Approximately 28.4 percent or $36.9 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 $86,024,674 or 66.1 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 affordable housing, 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 2023, the assigned fund
balance for subsequent year’s budget appropriation of fund balance was $1,869,351 or approximately 5.3
percent of the total fund balance of $35,482,358. As a measure of the General Fund’s liquidity, it may be
useful to compare fund balance to total fund expenditures. Assigned fund balance represents 98.1 percent of
total General Fund expenditures.
The fund balance of the General Fund decreased by $6,210,041 or 14.9 percent. The decrease is primarily
attributable to a one-time charge of $5,939,864 to fund and establish the Information Technology
Replacement, Vehicle Replacement, and Facilities Replacement Internal Service Funds.
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 $81,695,101 with
individual fund unrestricted net position at:
Sanitary Sewer $10,358,363
Stormwater $9,834,354
Water Funds $61,502,384
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 three supplementary budget amendments to the adopted General Fund budget.
Total final adopted budgeted expenditures (including transfers out) increased by $2,945,049 from the original
budgeted numbers. Budgeted General Fund contingency was decreased by $521,000 or 37.2 percent.
Following are noteworthy changes from the original budget to the final adopted budget in the General Fund:
Transfers - Budget appropriation increases totaled $760,000 the majority of which was to fund one-
time awards to frontline employees during the COVID-19 pandemic.
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City of Tigard, Oregon
Management’s Discussion and Analysis
Community services – Budget appropriation increases totaled $1,944,469, the majority of which was
to fund a revolving loan program administered by a consortium of three Community Development
Financial Institutions to support the construction of middle housing.
The contingency transactions account for an increase in budgeted expenditures not related to increased
revenues. There was an increase to ending General Fund budgetary fund balance of $835,469 as a result of
these budget amendments. Noteworthy variances from the final adopted budget to actual revenues in the
General Fund are as follows:
Fines and forfeitures – variance with final budget of $(310,444) due to less than expected collections
from photo enforcement program.
Franchise fees – variance with final budget of $515,529 due to higher-than-expected revenue from
primarily the following franchise service providers: electric, gas, and garbage.
Interest earnings – variance with budget of $569,076 due by rising interest return on investments.
Capital Asset and Debt Administration
Capital Assets
Governmental Activities
The city's investment in capital assets for its governmental activities as of June 30, 2023, amounts to
$251,098,641 (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 $13,632,006 or approximately
5.7 percent over the prior year. The city recorded approximately $1,800,700 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, 2023, amounts to
$237,348,597 (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 increase in
the city's investment in business-type activities capital assets was $5,230,940 or 2.3 percent. This increase is
due to expenditures on capital assets being greater than depreciation expense, leading to an increase in net
capital assets.
37
City of Tigard, Oregon
Management’s Discussion and Analysis
Capital Assets, Net of Depreciation
The following chart indicates the city’s capital assets as of June 30, 2023. Additional information on the city's
capital assets can be found in Note 5. Capital Assets in the notes to the basic financial statements of this
report.
Total Capital Assets, Net of Depreciation
2023 2022 2023 2022 2023 2022
Land 28,918,474$ 28,918,474$ 12,302,979$ 12,302,979$ 41,221,453$ 41,221,453$
Construction in progress 20,176,576 9,238,240 15,806,315 5,571,478 35,982,891 14,809,718
Subscription development in progress 1,069,653 - - - 1,069,653 -
Buildings and improvements 11,489,950 11,860,875 67,242,066 69,140,250 78,732,016 81,001,125
Land improvements 10,509,214 9,293,954 7,505,761 7,505,761 18,014,975 16,799,715
Sewer system - - 17,582,255 17,877,069 17,582,255 17,877,069
Stormwater system - - 12,949,942 13,469,957 12,949,942 13,469,957
Water system - - 101,267,829 104,163,956 101,267,829 104,163,956
Machinery and equipment 708,462 426,262 1,309,549 1,766,025 2,018,011 2,192,287
Autos and trucks 1,815,204 1,725,451 1,381,901 320,182 3,197,105 2,045,633
Office equipment 762,140 982,976 - - 762,140 982,976
Infrastructure 175,648,968 175,020,403 - - 175,648,968 175,020,403
Total capital assets, net 251,098,641$ 237,466,635$ 237,348,597$ 232,117,657$ 488,447,238$ 469,584,292$
TotalGovernmental
Activities
Business-Type
Activities
38
City of Tigard, Oregon
Management’s Discussion and Analysis
Debt Outstanding
As of year-end, the city had total debt outstanding of $140,684,095. Of this amount $21,069,771 is general
obligation and full faith and credit bonds; $118,379,855 represents water revenue bonds; $1,234,469
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 decreased by $7,066,848 or approximately 4.8 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 $8,372,700 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 $1,234,469 at year-
end.
During fiscal year 2015, in anticipation of issuing water revenue bonds, the city received a revenue bond rating
of A1 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 A1 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 $478 million, which is significantly in excess of the city’s outstanding general
obligation debt.
The following chart indicates the city’s long-term liabilities as of June 30, 2023. Additional information on the
city's debt can be found in Note 6. Long-Term Debt and Other Debt in the notes to the basic financial
statements of this report.
2023 2022 2023 2022 2023 2022
General obligation 21,069,771$ 24,185,316$ -$ -$ 21,069,771$ 24,185,316$
Note payable - - 1,234,469 1,355,000 1,234,469 1,355,000
Revenue bonds - - 118,379,855 122,210,627 118,379,855 122,210,627
Total Outstanding Debt 21,069,771$ 24,185,316$ 119,614,324$ 123,565,627$ 140,684,095$ 147,750,943$
TotalGovernmental Activities Business-Type Activities
39
City of Tigard, Oregon
Management’s Discussion and Analysis
Total Outstanding Long-Term Debt
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 2023-2024:
The unemployment rate for the City of Tigard was 3.0 percent at the end of the fiscal year, June 30,
2023. This is less than the State of Oregon rate of 3.5 percent and the national average of 3.6 percent
for June 2023.
Property tax revenues are the single largest sources of revenue in the General Fund and it accounts
for 48 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 4.5 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 1 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, 2023,
there were 3,320 businesses licensed in the city as compared to 3,122 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.
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 2.22 percent in fiscal year 2024. Clean Water Services sets rates for
sanitary sewer and storm water management (SWM). Fiscal year 2024 budget includes minor
increases for sanitary sewer and stormwater management rates.
40
City of Tigard, Oregon
Management’s Discussion and Analysis
All of these factors were considered in preparing the city’s budget for fiscal year 2023-2024. The current
forecast shows that in the short-term the city’s financial condition is stable in most funds. The fiscal year
2023-2024 budget continued addressing a projected General Fund deficit that has been forecasted to occur
in fiscal year 2028. City budgets are developed to address the continuing challenge of expenditure rates that
outpace revenues.
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
ASSETS
Cash and investments 73,181,374$ 72,757,161$ 145,938,535$
Accounts receivable, net 7,467,533 7,006,670 14,474,203
Property taxes receivable 383,997 - 383,997
Inventory 2,770 813,046 815,816
Investment in joint venture - 2,226,882 2,226,882
Property held for resale - 445,042 445,042
Restricted cash and investments 90,439,964 25,314,742 115,754,706
Net other post-employment benefit asset 170,699 - 170,699
Capital assets:
Capital assets not being depreciated 50,164,703 28,109,294 78,273,997
Other capital assets (net of accumulated depreciation)200,933,938 209,239,303 410,173,241
Total assets 422,744,978 345,912,140 768,657,118
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pension 3,949,446 - 3,949,446
Deferred outflows related to OPEB 186,703 17,132 203,835
Deferred outflows related to bond refunding - 3,527,248 3,527,248
Total deferred outflows of resources 4,136,149 3,544,380 7,680,529
LIABILITIES
Accounts payable and accrued liabilities 6,843,474 9,635,290 16,478,764
Deposits 2,156,322 19,225 2,175,547
Due to other entities/agencies 691,566 - 691,566
Unearned revenue 116,188 - 116,188
Accrued interest payable 47,607 1,505,710 1,553,317
Due within one year:
Notes payable - 124,149 124,149
Bonds payable 3,296,773 3,845,024 7,141,797
Accrued compensated absences 1,628,034 96,729 1,724,763
Due in more than one year:
Notes payable - 1,110,318 1,110,318
Internal balances 1,002,320 (1,002,320) -
Bonds payable 17,772,998 114,534,833 132,307,831
Accrued compensated absences 67,835 3,281 71,116
Total other post-employment benefit liability 1,363,570 100,991 1,464,561
Net pension liability 10,481,967 - 10,481,967
Total liabilities 45,468,654 129,973,230 175,441,884
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 3,758,877 - 3,758,877
Deferred inflows related to OPEB 482,161 36,403 518,564
Total deferred inflows of resources 4,241,038 36,403 4,277,441
NET POSITION
Net investment in capital assets 234,640,513 117,608,706 352,249,219
Restricted for:
Transportation construction, maintenance, and utility undergrounding 43,075,732 - 43,075,732
Park development and improvements 10,665,255 - 10,665,255
Tourism 1,191,152 - 1,191,152
Water system construction and improvements - 17,631,644 17,631,644
Debt service 6,477,793 2,511,436 8,989,229
Building development plan review and inspection 12,270,314 - 12,270,314
Library capital improvements 617,648 - 617,648
Urban development and improvements 6,498,743 - 6,498,743
Law enforcement 3,176,420 - 3,176,420
Other post-employment benefits 170,699 - 170,699
Unrestricted 58,387,166 81,695,101 140,082,267
Total net position 377,171,435$ 219,446,887$ 596,618,322$
The accompanying notes are an integral part of the basic financial statements.
CITY OF TIGARD, OREGON
STATEMENT OF NET POSITION
June 30, 2023
Governmental
Activities
Business-Type
Activities Total
45
Fines, Fees and Operating
Charges for Grants and
Functions/Programs Expenses Services Contributions
Governmental activities:
Community services 31,597,313$ 3,249,417$ 6,127,434$
Public works 14,589,053 7,477,618 5,502,619
Community development 8,905,011 5,886,994 -
Policy and administration 1,176,827 34,020 -
Interest on long-term debt 604,699 - -
Total governmental activities 56,872,903 16,648,049 11,630,053
Business-type activities:
Sanitary sewer 3,406,337 4,572,715 -
Stormwater 4,376,231 5,776,197 -
Water 19,051,074 26,189,421 -
Total business-type activities 26,833,642 36,538,333 -
Total 83,706,545$ 53,186,382$ 11,630,053$
The accompanying notes are an integral part of the basic financial statements.
Program Revenues
CITY OF TIGARD, OREGON
STATEMENT OF ACTIVITIES
for the year ended June 30, 2023
46
Capital
Grants and Governmental Business-type
Contributions Activities Activities Total
-$ (22,220,462)$ -$ (22,220,462)$
11,972,303 10,363,487 - 10,363,487
- (3,018,017) - (3,018,017)
- (1,142,807) - (1,142,807)
- (604,699) - (604,699)
11,972,303 (16,622,498) - (16,622,498)
620,861 - 1,787,239 1,787,239
324,919 - 1,724,885 1,724,885
3,490,392 - 10,628,739 10,628,739
4,436,172 - 14,140,863 14,140,863
16,408,475$ (16,622,498) 14,140,863 (2,481,635)
General Revenues:
Property taxes levied for:
General purposes 21,162,115 - 21,162,115
Debt service 2,610,501 - 2,610,501
Police local option levy 2,238,905 - 2,238,905
Franchise fees 7,765,651 - 7,765,651
Unrestricted intergovernmental
revenues 3,856,820 - 3,856,820
Interest earnings 4,654,377 2,578,236 7,232,613
Miscellaneous 319,841 141,451 461,292
Total general revenues 42,608,210 2,719,687 45,327,897
Transfers between Governmental
and Business-type activites 4,142,434 (4,142,434) -
Change in net position 30,128,146 12,718,116 42,846,262
Net position, beginning 347,043,289 206,728,771 553,772,060
Net position, ending 377,171,435$ 219,446,887$ 596,618,322$
Net (Expense) Revenue and Changes in Net Position -
Primary Government
47
Other Total
General Governmental Governmental
Fund Funds Funds
ASSETS
Cash and investments 34,650,137$ 8,595,741$ 43,245,878$
Accounts receivable 4,408,658 2,952,995 7,361,653
Property taxes receivable 285,511 98,486 383,997
Other receivable - 21,002 21,002
Advances to other funds 883,981 - 883,981
Restricted cash and investments - 90,439,964 90,439,964
Total assets 40,228,287$ 102,108,188$ 142,336,475$
LIABILITIES
Accounts payable and accrued liabilities 2,556,420$ 3,117,192$ 5,673,612$
Deposits 450,440 1,528,145 1,978,585
Due to other entities/agencies 557,837 133,729 691,566
Advances from other funds - 1,886,301 1,886,301
Unearned revenue - 99,688 99,688
Total liabilities 3,564,697 6,765,055 10,329,752
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes 236,861 56,092 292,953
Municipal court receivable 944,371 - 944,371
Transportation refund credits - 35,857 35,857
Intergovernmental receivables - 559,078 559,078
Special assessment liens - 26,720 26,720
Total deferred inflows of resources 1,181,232 677,747 1,858,979
FUND BALANCES
Nonspendable:
Advances to other funds 883,981 - 883,981
Restricted for:
Street maintenance and improvements - 42,379,145 42,379,145
Tourism - 1,191,152 1,191,152
Affordable housing - 2,107,709 2,107,709
Debt service - 6,421,701 6,421,701
Park development and improvements - 10,665,255 10,665,255
Underground utilities - 696,587 696,587
Building inspection - 12,270,314 12,270,314
Police services - 3,176,420 3,176,420
Library improvements - 617,648 617,648
Urban development and improvements - 6,498,743 6,498,743
Committed for:
Street maintenance and improvements - 5,180,071 5,180,071
Urban forestry - 1,099,927 1,099,927
Assigned to:
City facilities - 900,476 900,476
Park and recreation - 2,976,290 2,976,290
Subsequent year's budget
appropriation of fund balance 1,869,351 - 1,869,351
Unassigned 32,729,026 (1,516,052) 31,212,974
Total fund balances 35,482,358 94,665,386 130,147,744
Total liabilities, deferred inflows of
resources and fund balances 40,228,287$ 102,108,188$ 142,336,475$
The accompanying notes are an integral part of the basic financial statements.
CITY OF TIGARD, OREGON
GOVERNMENTAL FUNDS - BALANCE SHEET
June 30, 2023
48
Fund Balances - Governmental Funds 130,147,744$
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 381,887,033$
Less accumulated depreciation (130,788,392) 251,098,641
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 (10,481,967)
Deferred outflows of resources related to pensions and OPEB 4,058,540
Deferred inflows of resources related to pensions and OPEB (4,044,868) (10,468,295)
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 292,953
Municipal court revenue earned but not available 944,371
Intergovernmental revenue earned but not available 559,078
Transportation refund credits but not available 35,857
Assessment liens but not available 26,720 1,858,979
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. 27,365,763
Accrued compensated absences are not due and payable in the current period and therefore are not (1,113,646)
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 (21,069,771)
Accrued interest payable, not due and payable in the current period (47,607)
Net other post-employment benefit (OPEB) asset 170,699
Total other post-employment benefit (OPEB) liability (771,072)
Net Position of Governmental Activities 377,171,435$
The accompanying notes are an integral part of the basic financial statements.
CITY OF TIGARD, OREGON
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION
June 30, 2023
GOVERNMENTAL FUNDS
49
Other Total
General Governmental Governmental
Fund Funds Funds
REVENUES
Taxes 19,024,176$ 15,597,822$ 34,621,998$
Franchise fees 7,883,123 - 7,883,123
Special assessments - 32,136 32,136
Licenses and permits 1,269,212 4,050,889 5,320,101
Intergovernmental revenues 7,371,863 637,504 8,009,367
Charges for services 309,128 6,497,531 6,806,659
System development charges - 8,920,940 8,920,940
Fines and forfeitures 1,726,596 1,122,042 2,848,638
Interest earnings 869,751 2,048,296 2,918,047
Net increase (decrease) in investment fair
value 243,048 693,281 936,329
Miscellaneous revenues 66,032 63,809 129,841
Total revenues 38,762,929 39,664,250 78,427,179
EXPENDITURES
Current operating:
Community services 29,711,120 2,163,007 31,874,127
Public works - 7,973,375 7,973,375
Community development 4,205,370 4,741,567 8,946,937
Policy and administration 1,360,826 - 1,360,826
Debt service:
Principal - 3,109,700 3,109,700
Interest - 610,507 610,507
Capital outlay - 18,531,618 18,531,618
Total expenditures 35,277,316 37,129,774 72,407,090
Excess/(deficiency) of revenues
over expenditures 3,485,613 2,534,476 6,020,089
OTHER FINANCING SOURCES (USES)
Transfer in 189,000 13,998,425 14,187,425
Transfer out (9,884,654) (13,719,237) (23,603,891)
Total other financing sources (uses)(9,695,654) 279,188 (9,416,466)
Net change in fund balances (6,210,041) 2,813,664 (3,396,377)
Fund balances - beginning of the year 41,692,399 91,851,722 133,544,121
Fund balances - end of year 35,482,358$ 94,665,386$ 130,147,744$
The accompanying notes are an integral part of the basic financial statements.
CITY OF TIGARD, OREGON
GOVERNMENTAL FUNDS -
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
for the year ended June 30, 2023
50
Net change in fund balances - Governmental Funds (3,396,377)$
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 18,308,444
Current year depreciation expense (6,072,503)
Contributed capital 1,800,700
Disposal of capital assets (404,635)13,632,006
Revenues in the Statement of Activities that do not provide current financial resources
are not reported as revenues in the funds
Change in unavailable property taxes 6,901
Change in unavailable municipal court revenue 446,891
Change in unavailable intergovernmental revenue 317,827
Change in unavailable franchise fees (117,472)
Change in unavailable assessment liens (8,829)645,318
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.
Principal payments 3,109,700
Amortization of premium on long-term debt 5,845 3,115,545
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 (37)
Change in compensated absences 26,475
Pension expense 591,661
OPEB expense 7,370 625,469
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 15,506,185
Change in Net Position of Governmental Activities 30,128,146$
The accompanying notes are an integral part of the basic financial statements.
CITY OF TIGARD, OREGON
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
for the year ended June 30, 2023
GOVERNMENTAL FUNDS
51
Governmental
Activities -
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
ASSETS
Current assets:
Cash and cash equivalents 12,211,720$ 9,496,873$ 51,048,568$ 72,757,161$ 29,935,496$
Accounts receivable 2,083,232 832,686 4,090,752 7,006,670 84,878
Property held for resale 185,021 260,021 - 445,042 -
Inventory 15,509 15,509 782,028 813,046 2,770
Total current assets 14,495,482 10,605,089 55,921,348 81,021,919 30,023,144
Noncurrent assets:
Restricted cash and cash equivalents - - 25,314,742 25,314,742 -
Advances to other funds 1,002,320 - - 1,002,320 -
Investment in joint venture - - 2,226,882 2,226,882 -
Capital assets:
Land and construction in process 422,405 2,862,708 24,824,181 28,109,294 -
Other capital assets (net of
accumulated depreciation)18,246,093 13,902,378 177,090,832 209,239,303 -
Total noncurrent assets 19,670,818 16,765,086 229,456,637 265,892,541 -
Total assets 34,166,300 27,370,175 285,377,985 346,914,460 30,023,144
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to OPEB 3,875 4,190 9,067 17,132 77,609
Deferred outflows related to bond refunding - - 3,527,248 3,527,248 -
Total deferred outflows 3,875 4,190 3,536,315 3,544,380 77,609
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 5,079,250 721,334 3,834,706 9,635,290 1,169,862
Unearned revenue - - - - 16,500
Deposits - - 19,225 19,225 177,737
Accrued interest payable - - 1,505,710 1,505,710 -
Accrued compensated absences 32,253 22,608 41,868 96,729 560,099
Current portion of note payable - - 124,149 124,149 -
Current portion of bonds payable - - 3,845,024 3,845,024 -
Total current liabilities 5,111,503 743,942 9,370,682 15,226,127 1,924,198
Noncurrent liabilities:
Accrued compensated absences 1,094 767 1,420 3,281 22,124
Note payable - long-term portion - - 1,110,318 1,110,318 -
Bonds payable - long-term portion - - 114,534,833 114,534,833 -
Total OPEB liability 22,551 21,949 56,491 100,991 592,498
Total noncurrent liabilities 23,645 22,716 115,703,062 115,749,423 614,622
Total liabilities 5,135,148 766,658 125,073,744 130,975,550 2,538,820
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to OPEB 8,166 8,267 19,970 36,403 196,170
NET POSITION
Net investment in capital assets 18,668,498 16,765,086 82,175,122 117,608,706 -
Restricted for capital projects - - 17,631,644 17,631,644 -
Restricted for debt service - - 2,511,436 2,511,436 -
Unrestricted 10,358,363 9,834,354 61,502,384 81,695,101 27,365,763
Total net position 29,026,861$ 26,599,440$ 163,820,586$ 219,446,887$ 27,365,763$
The accompanying notes are an integral part of the basic financial statements.
Enterprise Funds
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
June 30, 2023
Business-type Activities -
52
Governmental
Activities -
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
OPERATING REVENUES
Charges for services 4,572,715$ 5,776,197$ 26,189,421$ 36,538,333$ 25,759,254$
Miscellaneous revenues 10,520 10,152 120,779 141,451 222,432
Total operating revenues 4,583,235 5,786,349 26,310,200 36,679,784 25,981,686
OPERATING EXPENSES
Salaries and wages 453,286 834,972 1,125,104 2,413,362 13,118,570
Contracted services 30,015 441,392 2,504,315 2,975,722 3,260,425
General, administrative and other 2,047,136 2,312,511 6,586,138 10,945,785 8,547,407
Depreciation 875,900 783,205 5,335,387 6,994,492 -
Total operating expenses 3,406,337 4,372,080 15,550,944 23,329,361 24,926,402
Operating income (loss) 1,176,898 1,414,269 10,759,256 13,350,423 1,055,284
NON-OPERATING REVENUES (EXPENSES)
Interest earnings 268,400 188,796 1,545,658 2,002,854 724,746
57,968 52,225 465,189 575,382 75,255
Interest expense - - (3,291,748) (3,291,748) -
Intergovernmental revenue - - - - 92,000
Loss on sale of capital assets - (4,151) - (4,151) -
Loss on investment in joint venture - - (208,382) (208,382) -
Total non-operating revenue (expense) 326,368 236,870 (1,489,283) (926,045) 892,001
Net income (loss) before
contributions and transfers 1,503,266 1,651,139 9,269,973 12,424,378 1,947,285
CONTRIBUTIONS AND TRANSFERS
System development revenue 175,895 218,610 3,183,196 3,577,701 -
Capital contributions 444,966 106,309 307,196 858,471 -
Transfers in - 601,253 - 601,253 15,558,900
Transfers out (1,473,782) (1,476,252) (1,793,653) (4,743,687) (2,000,000)
Change in net position 650,345 1,101,059 10,966,712 12,718,116 15,506,185
Net position--beginning of year 28,376,516 25,498,381 152,853,874 206,728,771 11,859,578
Net position--end of year 29,026,861$ 26,599,440$ 163,820,586$ 219,446,887$ 27,365,763$
The accompanying notes are an integral part of the basic financial statements.
Net increase (decrease) in investment fair value
Business-type Activities -
Enterprise Funds
CITY OF TIGARD, OREGON
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
for the year ended June 30, 2023
53
Governmental
Activities -
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 16,686,510$ 6,833,605$ 25,035,209$ 48,555,324$ 25,700,516$
Payments to suppliers (11,148,006) (3,456,187) (7,082,330) (21,686,523) (11,369,184)
Payments to employees (454,311) (841,177) (1,124,499) (2,419,987) (13,123,244)
Other receipts 10,520 10,152 120,779 141,451 222,432
Net cash provided (used) by operating activities 5,094,713 2,546,393 16,949,159 24,590,265 1,430,520
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Advance to other funds (900,000) - - (900,000) -
Intergovernmental revenue - - - - 92,000
Transfers to other funds (1,473,782) (1,476,252) (1,793,653) (4,743,687) (2,000,000)
Transfers from other funds - - - - 15,558,900
Net cash provided (used) by noncapital financing
activities (2,373,782) (1,476,252) (1,793,653) (5,643,687) 13,650,900
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
System development revenue 175,895 218,610 3,183,196 3,577,701 -
Principal payments - - (3,655,533) (3,655,533) -
Interest payments - - (3,548,913) (3,548,913) -
Transfers in for capital assets - 601,253 - 601,253 -
Acquisition of capital assets (482,796) (2,258,302) (8,861,783) (11,602,881) -
Net cash provided (used) by capital and related
financing activities (306,901) (1,438,439) (12,883,033) (14,628,373) -
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 326,368 241,021 2,010,847 2,578,236 800,001
Net increase (decrease) in cash
and investments 2,740,398 (127,277) 4,283,320 6,896,441 15,881,421
Cash and investments--beginning of the year 9,471,322 9,624,150 72,079,990 91,175,462 14,054,075
Cash and investments--end of the year 12,211,720$ 9,496,873$ 76,363,310$ 98,071,903$ 29,935,496$
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) 1,176,898$ 1,414,269$ 10,759,256$ 13,350,423$ 1,055,284$
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Cash flows reported in other categories:
Depreciation expense 875,900 783,205 5,335,387 6,994,492 -
Change in assets and liabilities:
Receivables (113,563) (49,485) (1,160,062) (1,323,110) (83,946)
Prepaid expenses - - - - 179,355
Inventory 11,234 11,234 (471,987) (449,519) (1,494)
Accounts payable and accrued liabilities 3,145,269 393,375 2,480,110 6,018,754 282,000
Customer deposits - - - -
Accrued compensated absences 6,842 14,616 (3,986) 17,472 (40,587)
Deposits - - 5,850 5,850 3,995
Total OPEB liability and related balances (7,867) (20,821) 4,591 (24,097) 35,913
Net cash provided (used) by operating activities 5,094,713$ 2,546,393$ 16,949,159$ 24,590,265$ 1,430,520$
Non-cash capital and related financing activities:
Developer contributed sewer, stormwater and
water lines 444,966$ 106,309$ 307,196$ 858,471$ -$
The accompanying notes are an integral part of the basic financial statements.
Enterprise Funds
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
for the year ended June 30, 2023
Business-type Activities -
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 unit 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.
58
City of Tigard, Oregon
Notes to Basic Financial Statements
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual proprietary funds are reported as separate
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 and proprietary 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, 2023, the city implemented the following GASB
pronouncements:
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 was implemented by the city for the fiscal year ending June 30, 2023.
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. 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 was implemented by the city for the fiscal year ending June 30, 2023.
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. 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 outlays other than subscription payments, including
implementation costs of a SBITA; and (4) requires note disclosures regarding a SBITA.
GASB Statement No. 96 was implemented by the city for the fiscal year ending June 30, 2023. As
a result, management recorded a subscription development in progress in the amount of
$1,069,653 to non-depreciable capital assets for governmental activities to recognize the
subscription-based information technology arrangements that qualified under this statement.
The following pronouncements have been issued by the Governmental Accounting Standards
Board (GASB) but not yet implemented by the city:
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
62
City of Tigard, Oregon
Notes to Basic Financial Statements
Clarification of provisions in Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements, related to (a) the determination of
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 were effective for the City for the fiscal year ending
June 30, 2023 and paragraphs 4-10 will be effective for the City for the fiscal year ending June 30,
2024. Management has determined that for GASB Statement No. 99 paragraphs 11-25 there is
no impact to the city’s current financial accounting and reporting for the types of transactions
identified in this portion of the statement.
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, 2025.
63
City of Tigard, Oregon
Notes to Basic Financial Statements
GASB Statement No. 102, Certain Risk Disclosures
This statement was issued December 2023 to improve financial reporting by providing users of
financial statements with essential information about risks related to a government’s
vulnerabilities due to certain concentrations or constraints. This Statement defines a
concentration as a lack of diversity related to an aspect of a significant inflow of resources or
outflow of resources. A constraint is a limitation imposed on a government by an external party
or by formal action of the government’s highest level of decision-making authority.
Concentrations and constraints may limit a government’s ability to acquire resources or control
spending. This Statement requires a government to assess whether a concentration or constraint
makes the primary government reporting unit or other reporting units that report a liability for
revenue debt vulnerable to the risk of a substantial impact. Additionally, this Statement requires
a government to assess whether an event or events associated with a concentration or constraint
that could cause the substantial impact have occurred, have begun to occur, or are more likely
than not to begin to occur within 12 months of the date the financial statements are issued. If a
government determines that those criteria for disclosure have been met for a concentration or
constraint, it should disclose information in notes to financial statements in sufficient detail to
enable users of financial statements to understand the nature of the circumstances disclosed and
the government’s vulnerability to the risk of a substantial impact. GASB Statement No. 102 will
be effective for the City for the fiscal year ending June 30, 2025.
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.
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.
64
City of Tigard, Oregon
Notes to Basic Financial Statements
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).
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.
65
City of Tigard, Oregon
Notes to Basic Financial Statements
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, infrastructure, and subscription
development in progress 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
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.
66
City of Tigard, Oregon
Notes to Basic Financial Statements
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. The city
recognizes a deferred charge related to bond refunding as the difference in the carrying value of
refunded debt and its reacquisition price. This amount is deferred and amortized over the
shorter of the life of the refunded or refunding debt.
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.
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.
67
City of Tigard, Oregon
Notes to Basic Financial Statements
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, related to the Implicit Rate Subsidy, is recognized as a long-term
liability in the government-wide financial statements, the amount of which is actuarially
determined. The city’s net other post-employment benefit asset, related to the RHIA plan of the
Oregon Public Employees Retirement System, is recognized as an asset 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). The net pension 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 inactive qualifying employees that is attributed to those employees’ past
periods of service less the amount of the pension plan’s fiduciary net position.
68
City of Tigard, Oregon
Notes to Basic Financial Statements
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 which 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.
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.
69
City of Tigard, Oregon
Notes to Basic Financial Statements
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
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.
70
City of Tigard, Oregon
Notes to Basic Financial Statements
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,
Capital Improvements and Contingency. The detail budget document is required to contain
more detailed information for the above-mentioned expenditure categories.
71
City of Tigard, Oregon
Notes to Basic Financial Statements
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 three 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.
The city’s actual expenditures were within budgeted amounts for the year ended June 30, 2023,
except for the General Obligation Debt Service Fund reported an over expenditure of $968 in
debt service.
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 to 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, 2023, 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, 2023, the fair value of the corporate
indebtedness was $6,511,890. For additional details on investments see Note 3.
72
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
Cash and investments, restricted and unrestricted, at June 30, 2023:
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 includes bank demand deposits accounts. The combined
total book balance at June 30, 2023 was $44,781,499 and the total bank balance is $44,439,282.
Of these deposits, $500,000 was covered by federal depository insurance and 43,939,282 was
collateralized in accordance with ORS 295. The Federal Depository Insurance Corporation (FDIC)
provides deposit insurance up to $250,000 for each institution.
Primary
Type Government
Deposits with financial institutions 44,781,499$
Cash deposits 44,781,499
Cash with fiscal agent 59,979
Petty cash/cash on hand 9,186
Total cash 44,850,664
State Investment Pool (LGIP) 51,482,121
U.S. Agencies 149,323,266
Corporate Bonds 12,050,550
Treasury Bill 3,986,640
Total investments 216,842,577
Total cash and investments 261,693,241$
Governmental
Activities
Business Type
Activities Total
Cash and investments 73,181,374$ 72,757,161$ 145,938,535$
Restricted cash and investments 90,439,964 25,314,742 115,754,706
Total cash and investments 163,621,338$ 98,071,903$ 261,693,241$
73
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
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, custodial credit risk 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, 2023, the city’s fair value in the LGIP was $51,482,121. Financial statement for the
Oregon Short-Term Fund can be found online at:
http://www.oregon.gov/treasury/Divisions/Investment/Pages/Oregon-Short-Term-Fund-
(OSTF).aspx
74
City of Tigard, Oregon
Notes to Basic Financial Statements
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:
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 at June 30, 2023:
Fair Value
Fair Value Measurement
Local Government Investment Pool (LGIP) 51,482,121$
Amortized Cost Not
Measured at Fair Value
U.S. Agencies 149,323,266
Level 2
Corporate Bonds 12,050,550
Level 2
Treasury Bill 3,986,640
Level 1
Total Investments 216,842,577$
75
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
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, 2023, the city had the following investments and maturities at fair value:
* 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.
Fair Value
Risk
Concentration
Weighted
Average
Maturity
(in
months)
Local Government Investment Pool (LGIP) * 51,482,121$ 23.7% 0.03
U.S. Agencies 149,323,266 68.9% 13.57
Corporate Bonds 12,050,550 5.6% 17.44
Treasury Bill 3,986,640 1.8% 0.90
Total Investments 216,842,577$ 100.0%
Portfolio weighted average maturity 10.34
76
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
At June 30, 2023, the city’s investments were rated as follows:
Investment Type Moody's S & P Fair Value
% of Fair
Value
State Investment Pool (LGIP) N/R N/R 51,482,121$ 23.7%
Corporate Bonds A1 A- 5,538,660 2.6%
Corporate Bonds A2 BBB+ 6,511,890 3.0%
US Instrumentality: FHLB AAA AA+ 17,255,816 8.0%
US Instrumentality: FHLMC AAA AA+ 4,468,500 2.1%
US Instrumentality: Treasury Note AAA N/R 120,776,400 55.7%
US Instrumentality: Treasury Note NA N/R 6,822,550 3.1%
US Instrumentality: Treasury Bill N/R N/R 3,986,640 1.8%
Total Investments 216,842,577$ 100.0%
77
City of Tigard, Oregon
Notes to Basic Financial Statements
4. Accounts Receivable
Accounts receivable as of June 30, 2023 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:
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, 2023, $5,427,940 was outstanding for
municipal court receivables with a related allowance for doubtful accounts of $4,070,957.
Assessment liens receivable represent the uncollected amounts levied against benefited
property for the cost of local capital improvements. Because the assessments are liens against
the benefited property, an allowance for uncollectible amounts is not deemed necessary.
Substantially all assessments are payable over a period of 10 to 20 years. Assessments bear
interest from 5.2 to 9.4 percent. At June 30, 2023, the portion of the assessments receivable
balance that represents delinquent accounts is insignificant.
Accounts Taxes
Gross
Receivables
Allowance for
Doubtful
Accounts
Receivables,
Net
Governmental Activities
General 8,500,617$ 285,511$ 8,786,128$ (4,070,957)$ 4,715,171$
Nonmajor governmental 2,952,995 98,486 3,051,481 - 3,051,481
Internal service 84,878 - 84,878 - 84,878
11,538,490$ 383,997$ 11,922,487$ (4,070,957)$ 7,851,530$
Business-Type Activities
Sanitary sewer 2,083,232$ -$ 2,083,232$ -$ 2,083,232$
Stormwater 832,686 - 832,686 - 832,686
Water 4,090,752 - 4,090,752 - 4,090,752
7,006,670$ -$ 7,006,670$ -$ 7,006,670$
Total receivables 14,858,200$
Reported on the Statement of Net Positions as:
Accounts receivable, net 14,474,203$
Property taxes receivable 383,997
14,858,200$
78
City of Tigard, Oregon
Notes to Basic Financial Statements
5. Capital Assets
Capital assets activity for governmental activities for the year ended June 30, 2023 was as
follows:
Depreciation expense for governmental activities is charged to functions as follows:
Balances Balances
Governmental activities June 30, 2022 Additions Deletions Transfers June 30, 2023
Non-depreciable:
Land 28,918,474$ -$ -$ -$ 28,918,474$
Construction in progress 9,238,240 16,169,297 (390,221) (4,840,740) 20,176,576
Subscription development in progress - 1,069,653 - - 1,069,653
Total non-depreciable 38,156,714 17,238,950 (390,221) (4,840,740) 50,164,703
Depreciable:
Building and improvements 24,143,172 161,599 - 119,685 24,424,456
Land improvements 18,863,636 - - 1,852,971 20,716,607
Machinery and equipment 3,240,102 232,493 (20,624) 218,927 3,670,898
Autos and trucks 4,280,638 640,188 (195,121) - 4,725,705
Office equipment 4,571,110 121,949 - - 4,693,059
Infrastructure 269,128,483 1,713,965 - 2,649,157 273,491,605
Total depreciable 324,227,141 2,870,194 (215,745) 4,840,740 331,722,330
Accumulated depreciation:
Building and improvements (12,282,297) (652,209) - - (12,934,506)
Land improvements (9,569,682) (637,711) - - (10,207,393)
Machinery and equipment (2,813,840) (169,220) 20,624 - (2,962,436)
Autos and trucks (2,555,187) (536,021) 180,707 - (2,910,501)
Office equipment (3,588,134) (342,785) - - (3,930,919)
Infrastructure (94,108,080) (3,734,557) - - (97,842,637)
Total accumulated depreciation (124,917,220) (6,072,503) 201,331 - (130,788,392)
Net depreciable assets 199,309,921 (3,202,309) (14,414) 4,840,740 200,933,938
Governmental activities capital assets,
net 237,466,635$ 14,036,641$ (404,635)$ -$ 251,098,641$
Community services $ 313,538
Public works 5,553,386
Community development 7,306
Policy and administration 198,273
Total depreciation for governmental activities $ 6,072,503
79
City of Tigard, Oregon
Notes to Basic Financial Statements
Capital assets activity for business-type activities for the year ended June 30, 2023 was as
follows:
Depreciation expense for business-type activities is charged to activities as follows:
Sanitary sewer $ 875,900
Stormwater 783,205
Water 5,335,387
Total depreciation for business-type activities $ 6,994,492
Balances Balances
Business-type activities June 30, 2022 Additions Deletions Transfers June 30, 2023
Non-depreciable:
Land 12,302,979$ -$ -$ -$ 12,302,979$
Construction in progress 5,571,478 10,234,837 - - 15,806,315
Total non-depreciable 17,874,457 10,234,837 - - 28,109,294
Depreciable:
Building and improvements 77,323,567 - - - 77,323,567
Land Improvements 7,505,761 - - - 7,505,761
Sewer system 33,311,447 444,967 - - 33,756,414
Stormwater system 24,988,716 106,309 - - 25,095,025
Water system 148,817,542 307,196 - - 149,124,738
Equipment 4,358,911 - (255,262) - 4,103,649
Autos and trucks 2,364,186 1,138,999 (233,415) - 3,269,770
Total depreciable 298,670,130 1,997,471 (488,677) - 300,178,924
Accumulated depreciation:
Building and improvements (8,183,317) (1,898,184) - - (10,081,501)
Sewer system (15,434,378) (739,781) - - (16,174,159)
Stormwater system (11,518,759) (626,324) - - (12,145,083)
Water system (44,653,586) (3,203,323) - - (47,856,909)
Equipment (2,592,886) (262,029) 60,815 - (2,794,100)
Autos and trucks (2,044,004) (264,851) 420,986 - (1,887,869)
Total accumulated depreciation (84,426,930) (6,994,492) 481,801 - (90,939,621)
Net depreciable assets 214,243,200 (4,997,021) (6,876) - 209,239,303
Business-type activities capital
assets, net 232,117,657$ 5,237,816$ (6,876)$ -$ 237,348,597$
80
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 2021B Federally Taxable bonds. The bonds were issued to fund Urban
Renewal projects within the TCDA. In connection with the financing agreement, TCDA and the
city executed an intergovernmental agreement (IGA) for TCDA 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, 2023, the outstanding balance on the bonds was
$3,237,000 for the Series 2021A and $918,700 for the Series 2021B.
Future maturities on the bond principal and interest on the 2021 FFC bonds are as follows:
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 2019B Federally Taxable bonds. The bonds were issued to fund Urban
Renewal projects within the TCDA. In connection with the financing agreement, TCDA and the
city executed an intergovernmental agreement (IGA) for TCDA 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,
with the exception of acceleration. At June 30, 2023, the outstanding balance on the bonds was
$1,650,000 for the Series 2019A and $3,536,000 for the Series 2019B.
Year
Ending Total Total
June 30,Principal Interest Principal Interest Principal Interest
2024 286,800$ 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 307,800 53,302 240,300 39,124 67,500 14,178
2029-2033 1,623,900 181,891 1,263,900 133,307 360,000 48,584
2034-2036 1,045,800 37,686 810,800 27,557 235,000 10,129
4,155,700$ 539,215$ 3,237,000$ 395,762$ 918,700$ 143,453$
Service Requirement Issued: September 29, 2021 Issued: September 29, 2021
1.69%2.14%
Total Debt Series 2021A Series 2021B
81
City of Tigard, Oregon
Notes to Basic Financial Statements
Future maturities of bond principal and interest on the 2019 FFC bonds are as follows:
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,
2023, the outstanding balance on the bonds was $4,652,000.
Future maturities of bond principal and interest on the 2020 GO Refunding Bonds are as follows:
Year
Ending Total Total
June 30,Principal Interest Principal Interest Principal Interest
2024 262,000$ 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 293,000 114,288 95,000 30,538 198,000 83,750
2029-2033 1,586,000 444,663 507,000 118,094 1,079,000 326,569
2034 2,216,000 61,898 692,000 16,332 1,524,000 45,566
5,186,000$ 1,154,976$ 1,650,000$ 308,357$ 3,536,000$ 846,618$
Service Requirement Issued: August 29, 2019 Issued: August 29, 2019
2.36%2.99%
Total Debt Series 2019A Series 2019B
Year Ending
June 30,Principal Interest Total
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
4,652,000$ 122,610$ 4,774,610$
82
City of Tigard, Oregon
Notes to Basic Financial Statements
Other Debt
2021 TCDA Bond: In fiscal year 2021-2022, the city issued $4,687,800 of urban renewal bonds
backed by tax increment revenue generated from within the TCDA. 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, 2023, the outstanding
balance on the 2021 bond was $4,217,000.
Future maturities of bond principal and interest on the 2021 TCDA bond are as follows:
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.
During the year ended June 30, 2023, the outstanding balance of $885,000 was paid in full.
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, and 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
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, 2023, the
outstanding balance on the bonds was $2,850,000 and the balance of the unamortized premium
was $9,071.
Year
Ending
June 30,Principal Interest Total
2024 272,500$ 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 305,000 87,763 392,763
2029-2033 1,660,300 303,371 1,963,671
2034-2036 1,114,100 64,097 1,178,197
4,217,000$ 888,476$ 5,105,476$
83
City of Tigard, Oregon
Notes to Basic Financial Statements
Future maturities of bond principal and interest on the Parks Bonds are as follows:
Business-type Activities
Direct Borrowings and Placements
Note Payable
In fiscal year 2009-2010, the city was awarded $4,796,000 in federal funds under the American
Recovery and Reinvestment Act (ARRA). These funds were distributed to the city as a loan, with
50 percent constituting an ARRA Forgivable Loan and 50 percent a low-interest loan under the
Safe Drinking Water Revolving Loan Fund program. These ARRA funds were used to develop a
city water reservoir. In fiscal year 2011-2012, the city drew down the funds that are considered
the loan portion. The interest rate on the note payable is 3.0 percent.
Within the note agreement the state, in the event of default, may pursue any or all the following
remedies or any other remedies available at law or in equity:
termination of the loan agreement
termination of the state’s obligations to make the loan or any disbursement,
repayment of the loan due upon demand,
payment of interest earned by the city on the loan proceeds due upon demand,
acceleration of the loan,
declaration of the city’s ineligibility to receive future awards, and
the withholding pursuant to ORS 285A.213(6) and OAR 123-049-0040 of other state
funds.
Year Ending
June 30,Principal Interest Total
2024 910,000$ 118,850$ 1,028,850$
2025 950,000 82,450 1,032,450
2026 990,000 42,075 1,032,075
2,850,000$ 243,375$ 3,093,375$
Premium 9,071
Total 2,859,071$
84
City of Tigard, Oregon
Notes to Basic Financial Statements
At June 30, 2023, the balance on the note payable was $1,234,469. Future debt service
requirements are as follows:
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, 2023, the
outstanding balance on the bonds was $84,655,000 and the balance of the unamortized
premium was $1,080,385.
Future maturities of bond principal and premium and interest on the Water Revenue Refunding
Bonds are as follows:
Year Ending
June 30,Principal Interest Total
2024 124,149$ 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 139,731 21,452 161,183
2029-2032 575,344 42,613 617,957
Total 1,234,469$ 189,404$ 1,423,873$
Year Ending
June 30,Principal Interest Total
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 3,715,000 1,662,813 5,377,813
2029-2033 19,735,000 7,155,507 26,890,507
2034-2038 22,000,000 4,881,215 26,881,215
2039-2043 25,065,000 1,818,509 26,883,509
84,655,000 22,890,494$ 107,545,494$
Premium 1,080,385
Total 85,735,385$
85
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 defeased.
During the year ended June 30, 2023, the balance of the 2012 water revenue bonds of
$2,365,000 was paid in full and the balance of the premium of $120,990 was fully amortized.
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 the city to help finance the joint water supply project
with the City of Lake Oswego (Lake Oswego/Tigard Water Partnership project). At June 30, 2023,
the balance of the 2015 water revenue bonds was $29,565,000 and the balance of the
unamortized premium was $3,079,470.
Future maturities of bond principal and premium and interest on the 2015 revenue bonds are
as follows:
Year Ending
June 30,Principal Interest Total
2024 210,000$ 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 245,000 1,422,975 1,667,975
2029-2033 1,400,000 6,927,500 8,327,500
2034-2038 1,795,000 6,543,125 8,338,125
2039-2043 2,310,000 6,032,500 8,342,500
2044-2046 22,930,000 1,758,000 24,688,000
29,565,000 28,473,000$ 58,038,000$
Premium 3,079,470
Total 32,644,470$
86
City of Tigard, Oregon
Notes to Basic Financial Statements
Net water system revenues and system development charges for the Water System are pledged
to the payment of principal and interest on the revenue bonds. Net system revenues for fiscal
year 2023 were $17,081,463 as compared to the total debt service of $7,043,263.
The computation of water revenue bonds debt coverage is as follows:
Interest rates on the bonds range from 3 percent to 5 percent on specific maturities. The
outstanding bonds carry a Default and Remedies clause which allows owners to exercise any
remedy available at law or in equity, with the exception of acceleration.
Gross revenues 27,296,414$
System Development Charges (SDC) related:
SDC Fund interest earnings (loss) 366,519
Reimbursement fee receipts 1,442,870
Improvement fee receipts 1,740,326
Total SDC-related 3,549,715
Operating expense:
Salaries and wages 1,130,422
Contracted services 612,201
Water purchases 1,892,114
General, admin and other 6,580,214
Total operating expenses 10,214,951
Net revenues (including SDCs) 20,631,178
Net revenues (excluding SDCs) 17,081,463$
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) 2.43
87
City of Tigard, Oregon
Notes to Basic Financial Statements
Long-term debt activity, including compensated absences, for the year ended June 30, 2023 was
as follows:
Expenditures for liquidating other long-term liabilities, including compensated absences are
recorded in the General, various nonmajor Special Revenue, Enterprise, and Internal Service
funds.
Balances
June 30, 2022 Additions Retirements
Balances
June 30, 2023
Due in one
year
Governmental activities
Direct borrowings and placements
Bonds payable 5,201,000$ -$ (549,000)$ 4,652,000$ 1,561,000$
Bonds payable (TCDA) 14,359,400 - (800,700) 13,558,700 821,300
Total direct borrowings and
placements 19,560,400 - (1,349,700) 18,210,700 2,382,300
Other debt
Bonds payable 4,610,000 - (1,760,000) 2,850,000 910,000
Total governmental debt 24,170,400 - (3,109,700) 21,060,700 3,292,300
Premium on bonds 14,916 - (5,845) 9,071 4,473
Other long-term liabilities
Compensated absences 1,762,931 2,461,885 (2,528,947) 1,695,869 1,628,034
Governmental activities 25,948,247$ 2,461,885$ (5,644,492)$ 22,765,640$ 4,924,807$
Business-type activities
Direct borrowings and placements
Note payable 1,355,000$ -$ (120,531)$ 1,234,469$ 124,149$
Bonds payable 85,625,000 - (970,000) 84,655,000 3,430,000
Total direct borrowings and
placements 86,980,000 - (1,090,531) 85,889,469 3,554,149
Other debt
Bonds payable 32,130,000 - (2,565,000) 29,565,000 210,000
Total business-type debt 119,110,000 - (3,655,531) 115,454,469 3,764,149
Premium on bonds 4,455,627 - (295,772) 4,159,855 205,024
Other long-term liabilities
Compensated absences 82,538 162,717 (145,245) 100,010 96,729
Business-type activities 123,648,165$ 162,717$ (4,096,549)$ 119,714,333$ 4,065,902$
88
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
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, 2023 are
as follows:
Receivable Fund Payable Fund Amount Elimination
Net
Balance
General Fund Nonmajor governmental fund $ 883,981 $ (883,981) $ -
Sanitary Sewer Fund Nonmajor governmental fund 1,002,320 - 1,002,320
$ 1,886,301 $ (883,981) $ 1,002,320
Future maturities on the interfund loans are as follows:
Year Ending June
30,Principal Interest Principal Interest Principal Interest
2024 74,788$ 45,878$ (74,788)$ (45,366)$ -$ 512$
2025 91,743 42,849 (16,955) (5,887) 74,788 36,962
2026 130,195 39,627 (42,374) (5,694) 87,821 33,933
2027 158,569 36,088 (67,546) (5,357) 91,023 30,731
2028 162,366 32,290 (68,014) (4,889) 94,352 27,401
2029-2033 932,529 97,985 (405,977) 21,017 526,552 119,002
2034-2038 281,216 16,226 (153,432) (11,740) 127,784 4,486
2039-2042 54,895 1,973 (54,895) (1,973) - -
1,886,301$ 312,916$ (883,981)$ (59,889)$ 1,002,320$ 253,027$
Elimination Net BalanceInterfund Loans
89
City of Tigard, Oregon
Notes to Basic Financial Statements
Transfers for fiscal year ended June 30, 2023 are as follows:
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.
Transfer To Transfer From Purpose
General Nonmajor Governmental 189,000$ 189,000$ Unrestricted portion of the city’s transient lodging tax
Nonmajor
Governmental General 2,677,555 Fund park and various other operations
Nonmajor Governmental 10,842,019
Fund parks, transportation and various other capital
projects
Stormwater 438,835 Fund stormwater of a city-wide facilities project
Sanitary Sewer 4,079
Fund sanitary sewer component of a city-wide facilities
project
Water 35,937
Fund water component of a city-wide faciities project
and a transportation capital project
13,998,425
Stormwater Sanitary Sewer 601,253 601,253 Fund stormwater component of sewer project
Internal Service General 7,207,099
Funding of central services, public works administration
and engineering
Nonmajor Governmental 2,688,217 Capital project funding contracting and accounting
Sanitary Sewer 868,450
Stormwater 1,037,417
Water 1,757,717
Internal Service 2,000,000 Funding for contracting and accounting
15,558,900
30,347,578$
Amount
Capital project funding contracting, accounting, and
public works engineering
Reconciliation:Transferred to governmental funds from:
Sanitary Sewer Fund 872,529$
Stormwater Fund 1,198,417
Water Fund 2,071,488
Total transfers per Statement of Activities 4,142,434$
90
City of Tigard, Oregon
Notes to Basic Financial Statements
The amounts on the financial statements relate to the plans as follows:
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.
Implicit Rate
Subsidy Plan
PERS RHIA
Plan
Total OPEB on
Statement of
Net Position
Net OPEB Asset -$ 170,699$ 170,699$
Deferred Outflows of Resources
Differences Between Expected and Actual Experience 100,873 - 100,873
Changes in Proportionate Share - 10,527 10,527
Change of Assumptions 28,559 1,337 29,896
Contributions Subsequent to the Measurement Date 62,404 135 62,539
Total Deferred Outflows of Resources 191,836 11,999 203,835
Total OPEB Liability 1,464,561 - 1,464,561
Deferred Inflows of Resources
Differences Between Expected and Actual Experience 113,194 4,626 117,820
Changes in Proportionate Share - 10,329 10,329
Change of Assumptions 371,707 5,690 377,397
Net Difference Between Projected and Actual Earnings - 13,018 13,018
Total Deferred Inflows of Resources 484,901 33,663 518,564
OPEB Expense (Income) 84,943 (20,694) 64,249
(Included in program expenses on Statement of Activities)
91
City of Tigard, Oregon
Notes to Basic Financial Statements
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 responsible
for the premiums. As of the valuation date of July 1, 2022, the following employees were
covered by the benefit terms:
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 $1,464,561 was measured as of June 30, 2022, and was
determined by an actuarial valuation as of July 1, 2022.
For the fiscal year ended June 30, 2023, the city recognized OPEB expense from this plan of
$84,943. At June 30, 2023, the city reported deferred outflows of resources and deferred inflows
of resources related to this OPEB plan from the following sources:
Deferred outflows of resources related to OPEB of $62,404 resulting from the city’s
contributions subsequent to the measurement date will be recognized as a reduction of the total
OPEB liability in the year ended June 30, 2024. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense
as follows:
Inactive employees or beneficiaries receiving benefits 8
Active employees 295
303
Description
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience 100,873$ 113,194$
Changes of assumptions 28,559 371,707
Total (prior to post-MD contributions) 129,432 484,901
Contributions subsequent to the measurement date 62,404 -
Total 191,836$ 484,901$
Amortization Period Ending June 30,
2024 (84,377)$
2025 (83,157)
2026 (72,186)
2027 (48,850)
2028 (28,869)
Thereafter (38,030)
(355,469)$
Net Deferred Outflows/(Inflows)
92
City of Tigard, Oregon
Notes to Basic Financial Statements
Actuarial Assumptions and Other Inputs
The total OPEB liability in the July 1, 2022 valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement,
unless otherwise specified:
The discount rate was based on Bond Buyer 20-Year General Obligation Bond Index.
Changes in the Total OPEB Liability
Changes in assumptions is the result of the change in the discount rate from 2.16 percent to
3.54 percent; inflation rate decreased from 2.5 percent to 2.4 percent; and salary increases
decreased from 3.5 percent to 3.4 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 (2.54 percent) or 1-
percentage-point higher (4.54 percent) than the current discount rate. A similar sensitivity
analysis is then presented for changes in the healthcare trend assumption.
Actuarial cost method Entry age normal
Inflation 2.4 percent
Salary increases 3.4 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 3.54 percent (change from 2.16 percent in previous measurement period)
Healthcare cost trend rate Medical and vision: 6.75 percent per year, decreasing to 3.75 percent
Dental: 4.00 percent per year, decreasing to 3.75 percent
Total OPEB
Liability
Balance as of June 30, 2022 1,471,748$
Changes for the year:
Service cost 134,972
Interest on total OPEB liability 34,348
Effect of change to benefit terms -
Effect of economic/demographic gains and losses 108,027
Effect of assumptions changes or inputs (251,275)
Benefit payments (33,259)
Balance as of June 30, 2023 1,464,561$
93
City of Tigard, Oregon
Notes to Basic Financial Statements
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 $60 shall be paid by the eligible retired member in the manner provided in ORS
238.410. To be eligible to receive this monthly payment toward the premium cost the member
must: (1) have eight years or more of qualifying service in OPERS at the time of retirement or
receive a disability allowance as if the member had eight years or more of creditable service in
OPERS, (2) receive both Medicare Parts A and B coverage, and (3) enroll in a OPERS-sponsored
health plan. An eligible surviving spouse or dependent of a deceased PERS retiree may receive
the subsidy if he or she (1) is receiving a retirement benefit or allowance from PERS or (2) was
insured at the time the member died and the member retired before May 1, 1991.
Discount Rate:
1% Decrease
(2.54%)
Current Discount
Rate (3.54%)
1% Increase
(4.54%)
Total OPEB Liability 1,586,047$ 1,464,561$ 1,351,749$
Healthcare Cost Trend:
1% Decrease
(5.75%)
Current Health
Care Trend Rate
(6.75%)
1% Increase
(7.75%)
Total OPEB Liability 1,301,150$ 1,464,561$ 1,655,390$
94
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 percent
for Tier One/Tier Two police members and zero percent for OPSRP police members. The city’s
total contributions for the year ended June 30, 2023 was $135.
OPEB Asset, OPEB Expense/Income, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to OPEB
At June 30, 2023, the city reported an asset of $170,699 for its proportionate share of the OPERS
net OPEB asset. The net OPEB asset was measured as of June 30, 2022, and the total OPEB
liability used to calculate the net OPEB asset was determined by an actuarial valuation as of
December 31, 2020 rolled forward to June 30, 2022. 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 the measurement date of June 30,
2022, the city’s proportionate share was 0.0480 percent, which is a decrease from its proportion
of 0.0549 percent as of June 30, 2021.
For the year ended June 30, 2023, the city recognized OPEB income from this plan of $20,694.
At June 30, 2023, the city reported deferred outflows of resources and deferred inflows of
resources related to this OPEB plan from the following sources:
Deferred outflows of resources related to OPEB of $135 resulting from the city’s contributions
subsequent to the measurement date will be recognized as either a reduction of the net OPEB
liability or an increase in the net OPEB asset in the year ended June 30, 2024.
Description
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience -$ 4,626$
Change of assumptions 1,337 5,690
Net difference between projected and actual earnings - 13,018
Changes in proportionate share 10,527 10,329
Total (prior to post-MD contributions) 11,864 33,663
Contributions subsequent to the measurement date 135 -
Total 11,999$ 33,663$
95
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:
Actuarial Methods and Assumptions
The total OPEB liability in the December 31, 2020 actuarial valuation was determined using the
following actuarial methods and assumptions:
Amortization Period Ending June 30,
2024 (13,337)$
2025 (4,416)
2026 (8,215)
2027 4,169
(21,799)$
Net Deferred Outflows/(Inflows)
Measurement date June 30, 2022
Experience study report 2020, published July 20, 2021
Actuarial cost method Entry age normal
Inflation rate 2.4 percent
Long-term expected rate of return 6.9 percent
Discount rate 6.9 percent
Projected salary increases 3.4 percent
Retiree healthcare participation Healthy retirees 27.5%; Disabled retirees 15.0%
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.
96
City of Tigard, Oregon
Notes to Basic Financial Statements
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 2020
experience study which reviewed experience for the four-year period ending on December 31,
2020.
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.
Asset Class/Strategy Low Range High Range Target
Debt Securities 15.0% 25.0% 20.0%
Public Equity 25.0% 35.0% 30.0%
Real Estate 7.5% 17.5% 12.5%
Private Equity 15.0% 27.5% 20.0%
Risk Parity 0.0% 3.5% 2.5%
Real Assets 2.5% 10.0% 7.5%
Diversifying Strategies 2.5% 10.0% 7.5%
Opportunity Portfolio 0.0% 5.0% 0.0%
Total 100.0%
Assumed Asset Allocation
97
City of Tigard, Oregon
Notes to Basic Financial Statements
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 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 OPEB 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 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:
Asset Class Target Allocation
Compounded
Annual Return
(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 Limited 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%
1% Decrease
(5.90%)
Current Discount Rate
(6.90%) 1% Increase (7.90%)
Net OPEB Liability (Asset) (153,848)$ (170,699)$ (185,145)$
98
City of Tigard, Oregon
Notes to Basic Financial Statements
OPEB Plan Fiduciary Net Position
Detailed information about the OPEB 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,
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,
99
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
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
100
City of Tigard, Oregon
Notes to Basic Financial Statements
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 members. The city’s total contributions exclusive of the 6 percent “pick-up” was
$1,667,814.
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 $467,336
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, 2023, the city reported a liability of $10,481,967 for its proportionate share of the
OPERS net pension liability. The net pension liability was measured as of June 30, 2022, and the
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of December 31, 2020 rolled forward to June 30, 2022. 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, 2023 and 2022, the city’s proportion of OPERS net pension
liability was 0.06846 percent and 0.06862 percent, respectively.
101
City of Tigard, Oregon
Notes to Basic Financial Statements
Annual Pension Cost
For the year ended June 30, 2023, the city recognized pension expense of $1,068,157. At June
30, 2023, the city reported deferred outflows or resources and deferred inflows of resources
related to pensions from the following sources:
Deferred outflows of resources related to pensions of $1,667,814 resulting from the city’s
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended June 30, 2024. Other amounts reported as deferred inflows
of resources related to pensions will be recognized in pension expense as follows:
Actuarial Methods and Assumptions
The total pension liability in the December 31, 2020 actuarial valuation was determined using
the following actuarial methods and assumptions:
Description
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual experience 508,815$ 65,367$
Changes of assumptions 1,644,677 15,026
Net difference between projected and actual earnings on investments - 1,873,973
Changes in proportion 128,140 471,696
Differences between employer contributions and proportionate share of
contributions - 1,332,815
Total (prior to post-MD contributions) 2,281,632 3,758,877
Contributions subsequent to the MD 1,667,814 -
Total 3,949,446$ 3,758,877$
Amortization Period Ending June 30,
2024 (368,646)$
2025 (625,676)
2026 (1,054,205)
2027 670,274
2028 (98,992)
(1,477,245)$
Net Deferred Outflows/(Inflows)
102
City of Tigard, Oregon
Notes to Basic Financial Statements
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 2020
experience study which reviewed experience for the four-year period ending on December 31,
2020.
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.
Actuarial Methods and Assumptions
Valuation Date December 31, 2020
Measurement Date June 30, 2022
Experience Study Report 2020, published July 20, 2021
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
Healthy 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 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.
Mortality
103
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
Asset Class/Strategy Low Range High Range Target
Debt Securities 15.0% 25.0% 20.0%
Public Equity 25.0% 35.0% 30.0%
Real Estate 7.5% 17.5% 12.5%
Private Equity 15.0% 27.5% 20.0%
Risk Parity 0.0% 3.5% 2.5%
Real Assets 2.5% 10.0% 7.5%
Diversifying Strategies 2.5% 10.0% 7.5%
Opportunity Portfolio 0.0% 5.0% 0.0%
Total 100.0%
Assumed Asset Allocation
Asset Class Target Allocation
Compounded
Annual Return
(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 Limited 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%
104
City of Tigard, Oregon
Notes to Basic Financial Statements
Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate
The following presents the city’s proportionate share of the net pension liability 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:
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 $1,427,752 for the year ended June 30, 2023.
Contributions to the plans are made to a fiduciary. All assets and income of the Plan are held in
trust for the exclusive benefit of the participants and their beneficiaries. The amounts
accumulated under the 401a plan including investment earnings are excluded from the financial
statements of the city.
Deferred Compensation Plan
The city offers employees a voluntary deferred compensation plan created in accordance with
Internal Revenue Code Section 457 and administered by the city. The Plan is a defined
contribution plan. Amendments to the plan require City Council approval. The Plan is available
1% Decrease
(5.90%)
Discount Rate
(6.90%)
1% Increase
(7.90%)
18,588,862$ 10,481,967$ 3,696,870$
City's proportionate share of the
net pension liability (asset)
105
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, 2023, 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
106
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, 2023, the city’s property tax revenues were reduced by an
estimated $13,000 as a result of the EZ program. For the fiscal year ended June 30, 2023, the
Tigard Urban Renewal’s property tax revenues were reduced by an estimated $1,000 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.
107
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, 2023, the city’s property tax revenues were reduced by an
estimated $59,000 as a result of this program. For fiscal year ended June 30, 2023, the Tigard
Urban Renewal’s property tax revenues were reduced by an estimated $6,000 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 identified 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
ground floor.
108
City of Tigard, Oregon
Notes to Basic Financial Statements
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, 2023, the city’s property tax revenues were reduced by an
estimated $35,000 as a result of this program. For the fiscal year ended June 30, 2023, the
Tigard Urban Renewal’s property tax revenues were reduced by an estimated $3,000 as a
result of this program.
For the fiscal year ended June 30, 2023, the city abated property taxes totaling $107,000
under the three programs. For fiscal year ended June 30, 2023, the Tigard Urban Renewal’s
abated property taxes totaling $10,000 under the three programs.
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 2023, the city paid
$16,799,103 to Clean Water Services under this agreement.
The net amount retained by the city is reported as revenue in the enterprise funds in the
proprietary funds Statement of Revenues, Expenses and Changes in Fund Net Position.
Revenues are reported net because the city acts in a fiduciary capacity on behalf of Clean Water
Services.
13. Risk Management
The city is exposed to various risks of loss related to torts; employment liability; theft of, damage
to, and destruction of assets; errors and omissions; injuries to employees and others; and
natural disasters. The city is insured through a member trust consisting of cities and counties in
Oregon and purchases public entity insurance through the trust to deal with liability risks with
Tax Abatement Program
City of
Tigard
Tigard Urban
Renewal
Enterprise Zone 13,000$ 1,000$
Non-Profit Low Income Housing Limited Tax Exemption 59,000 6,000
Vertical Housing Development Zone 35,000 3,000
Total 107,000$ 10,000$
FY 2023 Taxes Abated
109
City of Tigard, Oregon
Notes to Basic Financial Statements
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, 2023:
Tualatin Valley Water District 39.4
City of Wilsonville 16.7
City of Sherwood 6.5
City of Tigard 10.0
City of Hillsboro 24.1
City of Beaverton 3.3
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,
2023 the city’s investment in the WIF was:
110
City of Tigard, Oregon
Notes to Basic Financial Statements
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, 2023, the outstanding debt amount for the project
is $118,379,857.
Investment in joint venture at June 30, 2022 2,206,220$
Contributions 58,306
Loss for the year (37,644)
Investment in joint venture at June 30, 2023 2,226,882$
111
City of Tigard, Oregon
Notes to Basic Financial Statements
Operating costs and future capital expense
Operating costs and future capital expenses are based on different criteria for each section of
the system:
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, 2023 are as
follows:
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%
Allocation Percentage
Project Commitment
ASR Wells Rehabilitation 2,505,893$
Cach Resevoir & Pump Station 607,600
Tigard Street Bridge Replacement 525,166
Main Street Phase 2 754,781
Murdock Street Sidewalk & Stormwater 223,998
PMP Design and Inspection 132,557
Red Rock Creek Stabilization and Enhancement 125,758
Reservoir 18 & Pump Station 4,257,710
Universal Plaza 253,231
Kruger Creek Stabilization 562,007
Pacific Highway Street Lights 500,774
Pipeline Renewal and Replacement 433,341
112
City of Tigard, Oregon
Notes to Basic Financial Statements
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.
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.
113
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114
Required Supplementary
Information
115
116
Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes 19,180,658$ 19,180,658$ 19,024,176$ (156,482)$
Licenses and permits 1,131,598 1,121,598 1,269,212 147,614
Intergovernmental revenues 7,215,734 7,378,314 7,371,863 (6,451)
Charges for services 224,742 234,742 309,128 74,386
Fines and forfeitures 2,037,040 2,037,040 1,726,596 (310,444)
Franchise fees 7,367,594 7,367,594 7,883,123 515,529
Interest earnings 300,675 300,675 869,751 569,076
Net increase (decrease) in investment fair
value - - 243,048 243,048
Miscellaneous revenues 203,166 203,166 66,032 (137,134)
Total revenues 37,661,207 37,823,787 38,762,929 939,142
EXPENDITURES
Community services 30,726,267 32,670,736 29,711,120 2,959,616
Public works 74,000 - - -
Community development 4,681,956 4,953,536 4,205,370 748,166
Policy and administration 1,661,638 1,704,638 1,360,826 343,812
Total expenditures 37,143,861 39,328,910 35,277,316 4,051,594
Change in fund balance before
other financing sources (uses)517,346 (1,505,123) 3,485,613 4,990,736
OTHER FINANCING SOURCES (USES)
Transfer in 189,000 189,000 189,000 -
Transfer out (10,785,099) (11,545,099) (9,884,654) 1,660,445
Contingency (1,400,000) (879,000) - 879,000
Reserve for future expenditures (22,070,087) (20,644,087) - 20,644,087
Total other financing (uses)(34,066,186) (32,879,186) (9,695,654) 23,183,532
Change in fund balance (33,548,840) (34,384,309) (6,210,041) 28,174,268
Fund balance - beginning of the year 33,548,840 34,384,309 40,808,418 6,424,109
Fund balance - end of the year -$ -$ 34,598,377 34,598,377$
Reconciliation of budgetary fund balance to GAAP basis fund balance:
Interfund Loan 883,981
Total fund balance, GAAP basis 35,482,358$
CITY OF TIGARD, OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
117
2023 2022 2021
City's proportion of the net pension liability
(asset)0.068456%0.068617%0.067873%
City's proportionate share of the net pension
liability (asset)10,481,967$ 8,211,051$ 14,812,243$
City's covered payroll 7,108,063$ 6,960,595$ 6,307,694$
City's proportionate share of the net pension
liability (asset) as a percentage of its covered
payroll 147.47%117.96%234.83%
Plan fiduciary net position as a percentage of
the total pension liability 84.55%87.57%75.79%
1 10-year trend information required by GASB Statement 68 will be presented prospectively
NOTES TO SCHEDULE
Changes in Benefit Terms
2 Amounts presented are for the measurement period reported during the fiscal year, which for
FY 2023 is July 1, 2021 - June 30, 2022.
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 $60,000. The combined impact of
these Senate Bills are reflected in the June 30, 2014 total pension liability, resulting in a net
pension asset reported by the City for fiscal year 2015.
The Oregon Supreme Court (Court) ruled in Moro v. State of Oregon on April 30, 2015 that
certain provisions of Senate Bill 822 and Senate Bill 861 were unconstitutional. The Court ruled
that benefits could be modified prospectively, but not retrospectively. As a result, those who
retired before the bills were passed will continue to receive a COLA tied to the Consumer Price
Index that normally results in a 2% increase annually. OPERS members who have accrued
benefits before and after the effective dates of the 2013 legislation will have a blended COLA rate
when they retire. The impact of the Court’s decision is reflected in the June 30, 2015 total
pension liability, which contributes to the net pension liability reported by the City for fiscal year
2016.
City of Tigard Oregon
Schedule of the City's Proportionate Share of the Net Pension Liability (Asset)
Oregon Public Employees Retirement System
Last Nine Fiscal Years 1, 2
118
2020 2019 2018 2017 2016 2015
0.075025% 0.073322% 0.072960% 0.074719% 0.081488% 0.074022%
12,977,450$ 11,107,323$ 9,835,041$ 11,216,998$ 4,678,602$ (1,677,869)$
6,331,572$ 5,941,342$ 6,280,408$ 6,610,002$ 6,187,208$ 6,025,900$
204.96% 186.95% 156.60% 169.70% 75.62% -27.84%
80.23% 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.
119
2023 2022 2021 2020
Contractually required
contributions $ 1,667,814 $ 1,449,229 1,344,480$ 1,302,699$
Contributions in relation to the
contractually required
contribution (1,667,814) (1,449,229)(1,344,480) (1,302,699)
Contribution deficiency (excess)-$ -$ -$ -$
City's covered payroll $ 7,454,550 $ 7,108,063 6,960,595$ 6,307,694$
Contributions as a percentage
of covered payroll 22.37% 20.39% 19.32% 20.65%
1 10-year trend information required by GASB Statement 68 will be presented prospectively
NOTES TO SCHEDULE
Actuarial Valuation
Effective
Actuarial cost method:
Actuarial valuation method:
Actuarial assumption:
Inflation rate
Projected salary increases
Investment rate of return
Last Nine Fiscal Years 1
Oregon Public Employees Retirement System
Schedule of the City's Contributions
City of Tigard, Oregon
Entry Age Normal
Market Value
2.50 percent
3.50 percent
Actuarial Assumptions and Methods Used to Actuarially Determine Contributions:
December 31, 2017
July 2019 - June 2021
7.20 percent
December 31, 2019
July 2021 - June 2023
Entry Age Normal
Market Value
2.50 percent
3.50 percent
7.20 percent
120
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%
3.75 percent
Entry Age Normal
Market Value
2.50 percent
3.50 percent
7.75 percent
2.75 percent
3.75 percent
December 31, 2013
July 2015 - June 2017
Entry Age Normal
Market Value
2.75 percent
8.00 percent
December 31, 2011
July 2013 - June 2015
Projected Unit Credit
Market Value
7.50 percent
December 31, 2015
July 2017 - June 2019
121
2023 2022 2021 2020 2019 2018
Total OPEB Liability (in 1,000s)
Service cost 135$ 131$ 121$ 109$ 117$ 100$
Interest 34 32 53 52 54 43
Changes in benefit terms - - - - - -
Economic/demographic losses 108 - (189) - 15 -
Changes of assumptions or other inputs (251) 6 (19) 46 (292) (96)
Benefit payments (33) (28) (51) (59) (49) (59)
Net change in OPEB liability (7) 141 (85) 148 (155) (12)
Total OPEB Liability - beginning 1,472 1,331 1,416 1,268 1,423 1,435
Total OPEB Liability - ending 1,465$ 1,472$ 1,331$ 1,416$ 1,268$ 1,423$
Covered-employee payroll 28,158$ 25,775$ 24,881$ 23,214$ 21,705$ 21,438$
Total OPEB Liability as a % of covered-
employee payroll 5.20%5.71%5.35%6.10%5.84%6.64%
1 10-year trend information required by GASB Statement 75 will be presented prospectively
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.
City of Tigard, Oregon
Schedule of the Changes in the City's Total OPEB Liability and Related Ratios
Implicit Rate Subsidy Plan
Last Six Fiscal Years 1, 2
2 Amounts presented are for the measurement period reported during the fiscal year, which for FY 2023 is July 1, 2021 - June 30, 2022
122
2023 2022 2021 2020 2019 2018 2017
City's proportion of the net OPEB
liability (asset)0.0480%0.0549%0.0345%0.0607%0.0579%0.0613%0.0675%
City's proportionate share of the net
OPEB liability (asset) $ (170,699) $ (188,697)(70,282)$ (117,368)$ (64,649)$ (25,563)$ 18,323$
City's covered payroll $ 7,108,063 $ 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 -2.4%-2.7%-1.1%-1.9%-1.1%-0.4%0.3%
Plan fiduciary net position as a
percentage of the total OPEB
liability 194.6%183.9%150.1%144.4%124.0%108.9%80.5%
1 10-year trend information required by GASB Statement 75 will be presented prospectively
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 Seven Fiscal Years 1, 2
2 Amounts presented are for the measurement period reported during the fiscal year, which for FY 2023 is July 1, 2021 - June 30, 2022
123
2023 2022 2021 2020 2019 2018 2017
Contractually required contributions 135$ 1,184$ 2,194$ 2,463$ 30,103$ 29,366$ 31,820$
Contributions in relation to the contractually
required contribution (135) (1,184) (2,194) (2,463) (30,103) (29,366) (31,820)
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$
City's covered payroll $ 7,454,550 $ 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 0.00%0.02%0.03%0.04%0.48%0.49%0.51%
1 10-year trend information required by GASB Statement 75 will be presented prospectively
NOTES TO SCHEDULE
Actuarial Valuation December 31, 2013
Effective July 2015 - June 2017
Actuarial cost method:Entry Age Normal
Actuarial valuation method:Market Value
Actuarial assumption:
Inflation rate 2.75 percent
Projected salary increases 3.75 percent
Investment rate of return 7.75 percent
Actuarial Assumptions and Methods Used to Actuarially Determine Contributions:
City of Tigard, Oregon
Schedule of the City's Contributions
Oregon Public Employees Retirement System, Retirement Health Insurance Account
Last Seven Fiscal Years 1
2.50 percent
3.50 percent
7.50 percent
December 31, 2017
July 2019 - June 2021
Entry Age Normal
Market Value
2.50 percent
3.50 percent
7.20 percent
December 31, 2015
July 2017 - June 2019
Entry Age Normal
Market Value
2.50 percent
3.50 percent
7.20 percent
December 31, 2019
July 2021 - June 2023
Entry Age Normal
Market Value
124
Other Supplementary
Information
125
126
Special Debt Service Capital Project
Revenue Funds Funds Funds Total
ASSETS
Cash and investments 2,839,720$ -$ 5,756,021$ 8,595,741$
Accounts receivable 1,187,933 - 1,765,062 2,952,995
Property taxes receivable 30,599 67,887 - 98,486
Other receivables - 21,002 - 21,002
Restricted cash and investments 33,272,476 6,388,904 50,778,584 90,439,964
Total assets 37,330,728$ 6,477,793$ 58,299,667$ 102,108,188$
LIABILITIES
Accounts payable and accrued liabilities 772,006$ -$ 2,345,186$ 3,117,192$
Deposits 1,528,145 - - 1,528,145
Due to others 133,729 - - 133,729
Advances from other funds - - 1,886,301 1,886,301
Unearned revenue 99,688 - - 99,688
Total liabilities 2,533,568 - 4,231,487 6,765,055
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes - 56,092 - 56,092
Transportation refund credits 35,857 - - 35,857
State grants - - 559,078 559,078
Special assessment liens - - 26,720 26,720
Total deferred inflows of resources 35,857 56,092 585,798 677,747
FUND BALANCES
Restricted for:
Street maintenance and improvements 11,321,843 - 31,057,302 42,379,145
Tourism 1,191,152 - - 1,191,152
Affordable housing 2,107,709 - - 2,107,709
Debt service - 6,421,701 - 6,421,701
Park development and improvements - - 10,665,255 10,665,255
Underground utilities - - 696,587 696,587
Building inspection 12,270,314 - - 12,270,314
Police services 3,176,420 - - 3,176,420
Library improvements 617,648 - - 617,648
Urban development and improvements - - 6,498,743 6,498,743
Committed for:
Street maintenance and improvements - - 5,180,071 5,180,071
Urban forestry 1,099,927 - - 1,099,927
Assigned to:
City facilities - - 900,476 900,476
Park and recreation 2,976,290 - - 2,976,290
Unassigned - - (1,516,052) (1,516,052)
Total fund balances 34,761,303 6,421,701 53,482,382 94,665,386
Total liabilities, deferred inflows of
resources and fund balances 37,330,728$ 6,477,793$ 58,299,667$ 102,108,188$
CITY OF TIGARD, OREGON
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2023
127
Special Debt Service Capital Project
Revenue Funds Funds Funds Total
REVENUES
Taxes 10,856,282$ 4,741,540$ -$ 15,597,822$
Special assessments - 32,136 - 32,136
Licenses and permits 4,050,889 - - 4,050,889
Intergovernmental revenues 371,373 - 266,131 637,504
Charges for services 2,746,071 - 3,751,460 6,497,531
System development charges - - 8,920,940 8,920,940
Fines and forfeitures 1,122,042 - - 1,122,042
Interest earnings 730,039 195,432 1,122,825 2,048,296
Net increase (decrease) in investment
fair value 228,017 50,288 414,976 693,281
Miscellaneous revenues 63,552 - 257 63,809
Total revenues 20,168,265 5,019,396 14,476,589 39,664,250
EXPENDITURES
Community services 2,163,007 - - 2,163,007
Public works 7,973,375 - - 7,973,375
Community development 3,134,336 - 1,607,231 4,741,567
Debt service:
Principal - 3,109,700 - 3,109,700
Interest - 610,507 - 610,507
Capital outlay - - 18,531,618 18,531,618
Total expenditures 13,270,718 3,720,207 20,138,849 37,129,774
Changes in fund balance before
other financing sources (uses)6,897,547 1,299,189 (5,662,260) 2,534,476
OTHER FINANCING SOURCES (USES)
Transfer in 2,708,500 - 11,289,925 13,998,425
Transfer out (5,555,096) - (8,164,141) (13,719,237)
Total other financing sources (uses) (2,846,596) - 3,125,784 279,188
Changes in fund balance 4,050,951 1,299,189 (2,536,476) 2,813,664
Fund Balance - Beginning of the year 30,710,352 5,122,512 56,018,858 91,851,722
Fund Balance - End of the year 34,761,303$ 6,421,701$ 53,482,382$ 94,665,386$
CITY OF TIGARD, OREGON
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
for the year ended June 30, 2023
128
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.
Transportation Network Company Fee Fund – This fund accounts for revenues generated for
fees charged to Transportation Network companies to fund public safety and transportation
projects.
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.
129
130
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131
Transportation
City Gas Network Transient Construction
Gas Tax Tax Company Fee Lodging Tax Excise Tax
Fund Fund Fund Fund Fund
ASSETS
Cash and investments -$ -$ -$ -$ -$
Accounts receivable 565,557 93,758 47,271 128,944 936
Property taxes receivable - - - - -
Restricted cash and investments 8,823,266 2,691,876 138,389 1,062,208 2,155,226
Total assets 9,388,823$ 2,785,634$ 185,660$ 1,191,152$ 2,156,162$
LIABILITIES
Accounts payable 82,149$ -$ -$ -$ 48,453$
Due to others - - - - -
Deposits 895,925 - - - -
Unearned revenue - - 24,343 - -
Total liabilities 978,074 - 24,343 - 48,453
DEFERRED INFLOWS OF RESOURCES
Transportation refund credits 23,493 12,364 - - -
FUND BALANCE
Restricted for:
Street maintenance and improvements 8,387,256 2,773,270 161,317 - -
Tourism - - - 1,191,152 -
Affordable housing - - - - 2,107,709
Building inspection - - - - -
Police services - - - - -
Library improvements - - - - -
Committed for:
Urban forestry - - - - -
Assigned for:
Park and recreation - - - - -
Total fund balances 8,387,256 2,773,270 161,317 1,191,152 2,107,709
Total liabilities and fund
balances 9,388,823$ 2,785,634$ 185,660$ 1,191,152$ 2,156,162$
CITY OF TIGARD, OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 2023
132
Electrical Criminal Urban Parks Police
Inspection Building Forfeiture Forestry Utility Levy Library
Fund Fund Fund Fund Fund Fund Fund Total
-$ -$ -$ -$ 2,839,720$ -$ -$ 2,839,720$
2,537 27,532 1,699 5,248 305,553 7,405 1,493 1,187,933
- - - - 30,599 - 30,599
495,437 12,225,686 1,738,219 1,726,899 - 1,549,115 666,155 33,272,476
497,974$ 12,253,218$ 1,739,918$ 1,732,147$ 3,145,273$ 1,587,119$ 667,648$ 37,330,728$
-$ 401,848$ 3,621$ -$ 168,983$ 66,952$ -$ 772,006$
603 78,427 54,699 - - - - 133,729
- - - 632,220 - - - 1,528,145
- - - - - 25,345 50,000 99,688
603 480,275 58,320 632,220 168,983 92,297 50,000 2,533,568
- - - - - - - 35,857
- - - - - - - 11,321,843
- - - - - - - 1,191,152
- - - - - - - 2,107,709
497,371 11,772,943 - - - - - 12,270,314
- - 1,681,598 - - 1,494,822 - 3,176,420
- - - - - - 617,648 617,648
- - - 1,099,927 - - - 1,099,927
- - - - 2,976,290 - - 2,976,290
497,371 11,772,943 1,681,598 1,099,927 2,976,290 1,494,822 617,648 34,761,303
497,974$ 12,253,218$ 1,739,918$ 1,732,147$ 3,145,273$ 1,587,119$ 667,648$ 37,330,728$
133
Transportation
City Gas Network Transient Construction
Gas Tax Tax Company Fee Lodging Tax Excise Tax
Fund Fund Fund Fund Fund
REVENUES
Taxes -$ -$ -$ -$ -$
Gas tax 5,502,618 - - - -
City gas tax - 816,290 - - -
Hotel/Motel tax - - - 739,729 -
Construction excise tax - - - - 1,558,740
Licenses and permits 11,686 - 158,731 - -
Charges for services - - - - -
Intergovernmental revenues - - - - 259,086
Fines and forfeitures - - - - -
Tree replacement revenue - - - - -
Interest earnings 173,540 77,164 2,685 25,515 41,855
Net increase (decrease) in investment fair
value 74,581 28,564 (99) 7,013 6,699
Miscellaneous revenues 46,555 - - - -
Total revenues 5,808,980 922,018 161,317 772,257 1,866,380
EXPENDITURES
Community services - - - - -
Public works 3,441,047 - - - -
Community development - - - - 519,333
Total expenditures 3,441,047 - - - 519,333
Changes in fund balance
before other financing
sources (uses)2,367,933 922,018 161,317 772,257 1,347,047
OTHER FINANCING SOURCES (USES)
Transfer in 208,500 - - - -
Transfer out (1,842,686) (1,706,468) - (191,287) (250,635)
Total other financing
sources (uses)(1,634,186) (1,706,468) - (191,287) (250,635)
Changes in fund balance 733,747 (784,450) 161,317 580,970 1,096,412
Fund balance - Beginning of the year 7,653,509 3,557,720 - 610,182 1,011,297
Fund balance - End of the year 8,387,256$ 2,773,270$ 161,317$ 1,191,152$ 2,107,709$
CITY OF TIGARD, OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
for the year ended June 30, 2023
134
Electrical Criminal Urban Parks Police
Inspection Building Forfeiture Forestry Utility Levy Library
Fund Fund Fund Fund Fund Fund Fund Total
-$ -$ -$ -$ -$ 2,238,905$ -$ 2,238,905$
- - - - - - - 5,502,618
- - - - - - - 816,290
- - - - - - - 739,729
- - - - - - - 1,558,740
335,954 3,544,518 - - - - - 4,050,889
- - - - 2,724,120 - - 2,724,120
- 112,287 - - - - - 371,373
- - 1,122,042 - - - - 1,122,042
- - - 21,951 - - - 21,951
10,271 238,279 37,666 32,529 39,109 38,420 13,006 730,039
1,867 67,038 4,025 8,808 9,028 17,960 2,533 228,017
- 6,394 - - 10,603 - - 63,552
348,092 3,968,516 1,163,733 63,288 2,782,860 2,295,285 15,539 20,168,265
- - 86,948 - - 2,076,059 - 2,163,007
- - - - 4,532,328 - - 7,973,375
- 2,615,003 - - - - - 3,134,336
- 2,615,003 86,948 - 4,532,328 2,076,059 - 13,270,718
348,092 1,353,513 1,076,785 63,288 (1,749,468) 219,226 15,539 6,897,547
- 250,000 - - 2,250,000 - - 2,708,500
(252,527) (292,333) (9) (57,826) (961,325) - - (5,555,096)
(252,527) (42,333) (9) (57,826) 1,288,675 - - (2,846,596)
95,565 1,311,180 1,076,776 5,462 (460,793) 219,226 15,539 4,050,951
401,806 10,461,763 604,822 1,094,465 3,437,083 1,275,596 602,109 30,710,352
497,371$ 11,772,943$ 1,681,598$ 1,099,927$ 2,976,290$ 1,494,822$ 617,648$ 34,761,303$
135
Variance
Actual with final
Original Final Amounts budget
REVENUES
State gas tax 4,160,966$ 4,160,966$ 4,380,332$ 219,366$
County gas tax 967,654 967,654 1,122,286 154,632
Licenses and permits 7,029 7,029 11,686 4,657
Interest earnings 61,800 61,800 173,540 111,740
Net increase (decrease) in investment fair
value - - 74,581 74,581
Miscellaneous revenues 62,818 62,818 46,555 (16,263)
Total revenues 5,260,267 5,260,267 5,808,980 548,713
EXPENDITURES
Public works 3,754,763 3,787,763 3,441,047 346,716
Change in fund balance before
other financing sources (uses)1,505,504 1,472,504 2,367,933 895,429
OTHER FINANCING SOURCES (USES)
Transfer in 208,500 208,500 208,500 -
Transfer out (3,771,764) (3,872,622) (1,842,686) 2,029,936
Contingency (200,000) (167,000) - 167,000
Reserve for future expenditures (4,718,702) (4,718,702) - 4,718,702
Total other financing (uses)(8,481,966) (8,549,824) (1,634,186) 6,915,638
Change in fund balance (6,976,462) (7,077,320) 733,747 7,811,067
Fund balance - Beginning of the year 6,976,462 7,077,320 7,653,509 576,189
Fund balance -End of the year -$ -$ 8,387,256$ 8,387,256$
CITY OF TIGARD, OREGON
for the year ended June 30, 2023
Budgeted Amounts
GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
136
Variance
Actual with final
Original Final Amounts budget
REVENUES
City gas tax 925,343$ 925,343$ 816,290$ (109,053)$
Interest earnings 29,025 29,025 77,164 48,139
Net increase (decrease) in investment fair
value - - 28,564 28,564
Total revenues 954,368 954,368 922,018 (32,350)
OTHER FINANCING SOURCES (USES)
Transfer out (2,312,159) (3,177,159) (1,706,468) 1,470,691
Reserve for future expenditures (790,477) (790,477) - 790,477
Total other financing sources (uses)(3,102,636) (3,967,636) (1,706,468) 2,261,168
Change in fund balance (2,148,268) (3,013,268) (784,450) 2,228,818
Fund balance - Beginning of the year 2,148,268 3,013,268 3,557,720 544,452
Fund balance - End of the year -$ -$ 2,773,270$ 2,773,270$
* Budget appropriation is made at the debt service program level
CITY OF TIGARD, OREGON
CITY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
137
Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits -$ -$ 158,731$ 158,731$
Interest earnings - - 2,685 2,685
Net increase (decrease) in investment fair
value - - (99) (99)
Total revenues - - 161,317 161,317
Fund balance - Beginning of the year - - - -
Fund balance - End of the year -$ -$ 161,317$ 161,317$
CITY OF TIGARD, OREGON
TRANSPORTATION NETWORK COMPANY FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
138
Variance
Actual with final
Original Final Amounts budget
REVENUES
Hotel/Motel tax 464,198$ 464,198$ 739,729$ 275,531$
Interest earnings 3,600 3,600 25,515 21,915
Net increase (decrease) in investment fair
value - - 7,013 7,013
Total revenues 467,798 467,798 772,257 304,459
OTHER FINANCING SOURCES (USES)
Transfer out (191,287) (191,287) (191,287) -
Reserve for future expenditures (806,972) (806,972) - 806,972
Total other financing sources (uses) (998,259) (998,259) (191,287) 806,972
Change in fund balance (530,461) (530,461) 580,970 1,111,431
Fund balance - Beginning of the year 530,461 530,461 610,182 79,721
Fund balance - End of the year -$ -$ 1,191,152$ 1,191,152$
CITY OF TIGARD, OREGON
TRANSIENT LODGING TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
139
Variance
Actual with final
Original Final Amounts budget
REVENUES
Construction excise tax 625,000$ 625,000$ 1,558,740$ 933,740$
Intergovernmental revenues 125,000 125,000 259,086 134,086
Interest earnings 3,000 3,000 41,855 38,855
Net increase (decrease) in investment fair
value - - 6,699 6,699
Total revenues 753,000 753,000 1,866,380 1,113,380
EXPENDITURES
Community development 400,000 400,000 519,333 (119,333) *
Change in fund balance before
other financing sources (uses) 353,000 353,000 1,347,047 994,047
OTHER FINANCING SOURCES (USES)
Transfer out (250,635) (250,635) (250,635) -
Contingency (50,000) (50,000) - 50,000
Reserve for future expenditures (573,569) (573,569) - 573,569
Total other financing sources (uses) (874,204) (874,204) (250,635) 623,569
Change in fund balance (521,204) (521,204) 1,096,412 1,617,616
Fund balance - Beginning of the year 521,204 521,204 1,011,297 490,093
Fund balance - End of the year -$ -$ 2,107,709$ 2,107,709$
*This is not considered an overexpenditure due to the amount being due to a specific-purpose grant.
CITY OF TIGARD, OREGON
CONSTRUCTION EXCISE TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
140
Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits 305,825$ 305,825$ 335,954$ 30,129$
Interest earnings 6,300 6,300 10,271 3,971
Net increase (decrease) in investment fair
value - - 1,867 1,867
Total revenues 312,125 312,125 348,092 35,967
OTHER FINANCING (USES)
Transfer out (252,527) (252,527) (252,527) -
Reserve for future expenditures (521,854) (521,854) - 521,854
Total other financing (uses) (774,381) (774,381) (252,527) 521,854
Change in fund balance (462,256) (462,256) 95,565 557,821
Fund balance - Beginning of the year 462,256 462,256 401,806 (60,450)
Fund balance - End of the year -$ -$ 497,371$ 497,371$
CITY OF TIGARD, OREGON
ELECTRICAL INSPECTION FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
141
Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits 3,533,704$ 3,533,704$ 3,544,518$ 10,814$
Intergovernmental revenues 8,281 8,281 112,287 104,006
Interest earnings 112,875 112,875 238,279 125,404
Net increase (decrease) in investment fair
value - - 67,038 67,038
Miscellaneous revenues 7,500 7,500 6,394 (1,106)
Total revenues 3,662,360 3,662,360 3,968,516 306,156
EXPENDITURES
Community development 2,814,346 2,896,346 2,615,003 281,343
Change in fund balance before
other financing sources (uses) 848,014 766,014 1,353,513 587,499
OTHER FINANCING SOURCES (USES)
Transfer in 250,000 250,000 250,000 -
Transfer out (293,125) (293,125) (292,333) 792
Contingency (150,000) (150,000) - 150,000
Reserve for future expenditures (11,867,495) (11,785,495) - 11,785,495
Total other financing sources (uses) (12,060,620) (11,978,620) (42,333) 11,936,287
Change in fund balance (11,212,606) (11,212,606) 1,311,180 12,523,786
Fund balance - Beginning of the year 11,212,606 11,212,606 10,461,763 (750,843)
Fund balance - End of the year -$ -$ 11,772,943$ 11,772,943$
CITY OF TIGARD, OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
142
Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings -$ -$ 37,666$ 37,666$
Net increase (decrease) in investment fair
value - - 4,025 4,025
Forfeitures 101,289 101,289 1,122,042 1,020,753
Total revenues 101,289 101,289 1,163,733 1,062,444
EXPENDITURES
Community services 404,721 404,721 86,948 317,773
Change in fund balance before
other financing sources (uses) (303,432) (303,432) 1,076,785 1,380,217
OTHER FINANCING SOURCES (USES)
Transfer out (9) (9) (9) -
Reserve for future expenditures (254,438) (254,438) - 254,438
Total other financing sources (uses) (254,447) (254,447) (9) 254,438
Change in fund balance (557,879) (557,879) 1,076,776 1,634,655
Fund balance - Beginning of the year 557,879 557,879 604,822 46,943
Fund balance - End of the year -$ -$ 1,681,598$ 1,681,598$
CITY OF TIGARD, OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
143
Variance
Actual with final
Original Final Amounts budget
REVENUES
Tree replacement revenue 15,000$ 15,000$ 21,951$ 6,951$
Interest earnings 26,400 26,400 32,529 6,129
Net increase (decrease) in investment fair
value - - 8,808 8,808
Miscellaneous revenues - - - -
Total revenues 41,400 41,400 63,288 21,888
OTHER FINANCING SOURCES (USES)
Transfer out (151,236) (168,036) (57,826) 110,210
Reserve for future expenditures (951,706) (934,906) - 934,906
Total other financing sources (uses) (1,102,942) (1,102,942) (57,826) 1,045,116
Change in fund balance (1,061,542) (1,061,542) 5,462 1,067,004
Fund balance - Beginning of the year 1,061,542 1,061,542 1,094,465 32,923
Fund balance - End of the year -$ -$ 1,099,927$ 1,099,927$
CITY OF TIGARD, OREGON
URBAN FORESTRY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
144
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 2,497,148$ 2,497,148$ 2,724,120$ 226,972$
Intergovernmental revenues - 25,100 - (25,100)
Interest earnings 2,475 2,475 39,109 36,634
Net increase (decrease) in investment fair
value - - 9,028 9,028
Miscellaneous revenues - - 10,603 10,603
Total revenues 2,499,623 2,524,723 2,782,860 258,137
EXPENDITURES
Public works 4,957,532 5,074,632 4,532,328 542,304
Change in fund balance before
other financing sources (uses) (2,457,909) (2,549,909) (1,749,468) 800,441
OTHER FINANCING SOURCES (USES)
Transfer in 2,250,000 2,250,000 2,250,000 -
Transfer out (968,724) (968,724) (961,325) 7,399
Contingency (125,000) (125,000) - 125,000
Reserve for future expenditures (1,664,511) (1,572,511) - 1,572,511
Total other financing sources (uses) (508,235) (416,235) 1,288,675 1,704,910
Change in fund balance (2,966,144) (2,966,144) (460,793) 2,505,351
Fund balance - Beginning of the year 2,966,144 2,966,144 3,437,083 470,939
Fund balance - End of the year -$ -$ 2,976,290$ 2,976,290$
CITY OF TIGARD, OREGON
PARKS UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
145
Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes 2,145,668$ 2,145,668$ 2,238,905$ 93,237$
Interest earnings - - 38,420 38,420
Net increase (decrease) in investment fair
value - - 17,960 17,960
Total revenues 2,145,668 2,145,668 2,295,285 149,617
EXPENDITURES
Community services 2,402,427 2,402,427 2,076,059 326,368
Changes in fund balance before
other financing sources (uses) (256,759) (256,759) 219,226 475,985
OTHER FINANCING SOURCES (USES)
Reserve for future expenditures (714,546) (714,546) - 714,546
Change in fund balance (971,305) (971,305) 219,226 1,190,531
Fund balance - Beginning of the year 971,305 971,305 1,275,596 304,291
Fund balance - End of the year -$ -$ 1,494,822$ 1,494,822$
* Budget appropriation is made at the debt service program level
CITY OF TIGARD, OREGON
POLICE LEVY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
146
Variance
Actual with final
Original Final Amounts budget
REVENUES:
Interest earnings 9,750$ 9,750$ 13,006$ 3,256$
Net increase (decrease) in investment fair
value - - 2,533 2,533
Total revenue 9,750 9,750 15,539 5,789
OTHER FINANCING SOURCES (USES)
Transfer out (100,000) (100,000) - 100,000
Reserve for future expenditures (428,644) (428,644) - 428,644
Total other financing sources (uses)(528,644) (528,644) - 528,644
Change in fund balance (518,894) (518,894) 15,539 534,433
Fund balance - Beginning of the year 518,894 518,894 602,109 83,215
Fund balance - End of the year -$ -$ 617,648$ 617,648$
CITY OF TIGARD, OREGON
LIBRARY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
147
No content appears on this page by design.
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
Bancroft General City Center Tigard
Bond Obligation Urban Triangle
Debt Service Debt Renewal Debt Debt Service
Fund Service Fund Service Fund Fund Total
ASSETS
Property taxes receivable -$ 39,404$ 11,548$ 16,935$ 67,887$
Other receivable 286 10,726 4,282 5,708 21,002
Restricted cash and investments 339,632 1,984,641 1,975,011 2,089,620 6,388,904
Total assets 339,918$ 2,034,771$ 1,990,841$ 2,112,263$ 6,477,793$
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes -$ 32,715$ 9,537$ 13,840$ 56,092$
FUND BALANCES
Restricted for debt service 339,918 2,002,056 1,981,304 2,098,423 6,421,701
Total liabilities, deferred inflows of
resources and fund balances 339,918$ 2,034,771$ 1,990,841$ 2,112,263$ 6,477,793$
CITY OF TIGARD, OREGON
NONMAJOR DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
June 30, 2023
151
Bancroft General City Center Tigard
Bond Obligation Urban Triangle
Debt Service Debt Renewal Debt Debt Service
Fund Service Fund Service Fund Fund Total
REVENUES
Taxes -$ 2,610,501$ 809,231$ 1,321,808$ 4,741,540$
Collection of bonded assessments 32,136 - - - 32,136
Interest earnings 9,385 65,576 57,736 62,735 195,432
Net increase (decrease) in investment fair
value (190) 32,202 9,449 8,827 50,288
Total revenues 41,331 2,708,279 876,416 1,393,370 5,019,396
EXPENDITURES
Debt service:
Principal - 2,309,000 314,700 486,000 3,109,700
Interest - 242,211 176,623 191,673 610,507
Total expenditures - 2,551,211 491,323 677,673 3,720,207
Change in fund balance 41,331 157,068 385,093 715,697 1,299,189
Fund balance - Beginning of the year 298,587 1,844,988 1,596,211 1,382,726 5,122,512
Fund balance - End of the year 339,918$ 2,002,056$ 1,981,304$ 2,098,423$ 6,421,701$
CITY OF TIGARD, OREGON
NONMAJOR DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
for the year ended June 30, 2023
152
Variance
Actual with final
Original Final Amounts budget
REVENUES
Collection of bonded assessments -$ -$ 32,136$ 32,136$
Interest earnings 1,425 1,425 9,385 7,960
Net increase (decrease) in investment fair
value - - (190) (190)
Total revenues 1,425 1,425 41,331 39,906
OTHER FINANCING SOURCES (USES)
Reserve for future expenditures (298,968) (298,968) - 298,968
Change in fund balance (297,543) (297,543) 41,331 338,874
Fund balance - Beginning of the year 297,543 297,543 298,587 1,044
Fund balance - End of the year -$ -$ 339,918$ 339,918$
CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
153
Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes 2,859,903$ 2,859,903$ 2,610,501$ (249,402)$
Interest earnings 27,750 27,750 65,576 37,826
Net increase (decrease) in investment fair
value - - 32,202 32,202
Miscellaneous revenues - - - -
Total revenues 2,887,653 2,887,653 2,708,279 (179,374)
EXPENDITURES
*Debt service:
Principal 2,309,000 2,309,000 2,309,000 -
Interest 241,243 241,243 242,211 (968)
Total expenditures 2,550,243 2,550,243 2,551,211 (968)
Change in fund balance before
other financing sources (uses)337,410 337,410 157,068 (180,342)
OTHER FINANCING SOURCES (USES)
Reserve for future expenditures (2,651,633) (2,651,633) - 2,651,633
Change in fund balance (2,314,223) (2,314,223) 157,068 2,471,291
Fund balance - Beginning of the year 2,314,223 2,314,223 1,844,988 (469,235)
Fund balance - End of the year -$ -$ 2,002,056$ 2,002,056$
* Budget appropriation is made at the debt service program level
CITY OF TIGARD, OREGON
GENERAL OBLIGATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
154
Variance
Actual with final
Original Final Amounts budget
REVENUES
Property taxes 773,146$ 773,146$ 809,231$ 36,085$
Interest earnings 2,132 2,132 57,736 55,604
Net increase (decrease) in investment fair
value - - 9,449 9,449
Total revenues 775,278 775,278 876,416 101,138
EXPENDITURES
*Debt service:
Principal 346,000 346,000 314,700 31,300
Interest 194,000 194,000 176,623 17,377
Total expenditures 540,000 540,000 491,323 48,677
Change in fund balance before
other financing sources (uses)235,278 235,278 385,093 149,815
OTHER FINANCING SOURCES (USES)
Transfer out (349,500) (799,500) - 799,500
Reserve for future expenditure (738,529) (288,529) - 288,529
Total other financing sources (uses)(1,088,029) (1,088,029) - 1,088,029
Change in fund balance (852,751) (852,751) 385,093 1,237,844
Fund balance - Beginning of the year 852,751 852,751 1,596,211 743,460
Fund balance - End of the year -$ -$ 1,981,304$ 1,981,304$
* Budget appropriation is made at the debt service program level
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, 2023
Budgeted Amounts
155
Variance
Actual with final
Original Final Amounts budget
REVENUES
Property taxes 1,421,550$ 1,421,550$ 1,321,808$ (99,742)$
Interest earnings 3,416 3,416 62,735 59,319
Net increase (decrease) in investment fair
value - - 8,827 8,827
Total revenues 1,424,966 1,424,966 1,393,370 (31,596)
EXPENDITURES
*Debt service:
Principal 500,000 500,000 486,000 14,000
Interest 200,000 200,000 191,673 8,327
Total expenditures 700,000 700,000 677,673 22,327
Change in fund balance before
other financing sources (uses)724,966 724,966 715,697 (9,269)
OTHER FINANCING SOURCES (USES)
Transfer out (1,719,500) (1,719,500) - 1,719,500
Reserve for future expenditure (371,951) (371,951) - 371,951
Total other financing sources (uses)(2,091,451) (2,091,451) - 2,091,451
Change in fund balance (1,366,485) (1,366,485) 715,697 2,082,182
Fund balance - Beginning of the year 1,366,485 1,366,485 1,382,726 16,241
Fund balance - End of the year -$ -$ 2,098,423$ 2,098,423$
* Budget appropriation is made at the debt service program level
CITY OF TIGARD, OREGON
TIGARD TRIANGLE DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
156
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 $17 million parks bond debt issued for purchase
of land and green spaces to develop city parks.
Parks System Development Charges (SDC) Fund – Accounts for revenues associated with the collection
of Parks System Development Charges. Resources are used to fund the acquisition, development and
expansion of additional recreation spaces and facilities that are included in the city’s Park and
Recreation System Plan.
Transportation Capital Improvement Project Fund– Accounts for capital improvement projects funded
with transportation revenues; including Gas Tax, Traffic Impact Fees and Transportation Development
Tax.
City Center Capital Improvement Fund – This fund was established in FY 2007–08 for the creation of a
new urban renewal agency to improve downtown Tigard. Expenses are for capital improvements within
the urban renewal plan. Resources are from financing proceeds or transfers in from the City Center
Urban Renewal Debt Service Fund.
Tigard Triangle Improvement Fund – This fund was established in FY 2016–17 for the creation of a new
urban renewal agency to improve the Tigard Triangle area. Expenses are for capital improvements
within the urban renewal plan. Resources are from financing proceeds or transfers in from the Tigard
Triangle Debt Service Fund.
157
158
No content appears on this page by design.
159
Transportation Underground Street Transportation
Facility Development Utility Maintenance SDC
Fund Tax Fund Fund Fee Fund Fund
ASSETS
Cash and investments 987,851$ -$ -$ 4,768,170$ -$
Accounts receivable 2,420 46,529 2,003 436,406 25,167
Note receivable - - - - -
Restricted cash and investments - 18,711,249 694,584 - 11,318,137
Total assets 990,271$ 18,757,778$ 696,587$ 5,204,576$ 11,343,304$
LIABILITIES
Accounts payable and accrued liabilities 89,795$ -$ -$ 24,505$ -$
Advances from other funds-interfund
loans - - - - -
Unearned revenue - special
assessments - - - - -
Total liabilities 89,795 - - 24,505 -
DEFERRED INFLOWS OF RESOURCES
Special assessments/liens - 3,413 - - -
FUND BALANCES (DEFICIT)
Restricted for:
Street maintenance and improvements - 18,754,365 - - 11,343,304
Park development and improvements - - - - -
Underground utilities - - 696,587 - -
Urban development and improvements - - - - -
Committed for:
Street maintenance and improvements - - - 5,180,071 -
Assigned to:
City facilities 900,476 - - - -
Unassigned - - - - -
Total fund balances 900,476 18,754,365 696,587 5,180,071 11,343,304
Total liabilities, deferred inflows of
resources and fund balance 990,271$ 18,757,778$ 696,587$ 5,204,576$ 11,343,304$
CITY OF TIGARD, OREGON
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
June 30, 2023
160
Transportation City Center Tigard Triangle
Parks Parks Parks Capital Capital Capital
Capital Bond SDC Improvement Improvement Improvement
Fund Fund Fund Fund Fund Fund Total
-$ -$ -$ -$ -$ -$ 5,756,021$
23,307 - 32,042 664,317 2,837 30,034 1,265,062
- - - - - 500,000 500,000
496,526 781,688 9,549,196 2,270,375 759,052 6,197,777 50,778,584
519,833$ 781,688$ 9,581,238$ 2,934,692$ 761,889$ 6,727,811$ 58,299,667$
194,197$ -$ -$ 1,415,981$ 620,509$ 199$ 2,345,186$
- - - - 1,657,432 228,869 1,886,301
- - - 559,078 - - 559,078
194,197 - - 1,975,059 2,277,941 229,068 4,790,565
23,307 - - - - - 26,720
- - - 959,633 - - 31,057,302
302,329 781,688 9,581,238 - - - 10,665,255
- - - - - - 696,587
- - - - - 6,498,743 6,498,743
- - - - - - 5,180,071
- - - - - - 900,476
- - - - (1,516,052) - (1,516,052)
302,329 781,688 9,581,238 959,633 (1,516,052) 6,498,743 53,482,382
519,833$ 781,688$ 9,581,238$ 2,934,692$ 761,889$ 6,727,811$ 58,299,667$
161
Transportation Underground Street Transportation
Facility Development Utility Maintenance SDC
Fund Tax Fund Fund Fee Fund Fund
REVENUES
Charges for services -$ -$ 1,120$ 3,695,535$ -$
System development charges - 3,622,572 - - 2,509,020
Intergovernmental revenues - - - - -
Interest earnings 14,072 368,022 16,554 97,870 223,475
Net increase (decrease) in investment
fair value 4,314 106,878 2,531 20,171 67,880
Miscellaneous revenues - - - 140 -
Total revenues 18,386 4,097,472 20,205 3,813,716 2,800,375
EXPENDITURES
Community development - - - - -
Capital projects 508,086 - - 2,590,641 -
Total expenditures 508,086 - - 2,590,641 -
Change in fund balance before
other financing sources (uses)(489,700) 4,097,472 20,205 1,223,075 2,800,375
OTHER FINANCING SOURCES (USES)
Transfer in 507,178 - - - 89,700
Transfer out (26) (1,213,092) (49,823) (331,003) (1,100,238)
Total other financing sources (uses) 507,152 (1,213,092) (49,823) (331,003) (1,010,538)
Change in fund balance 17,452 2,884,380 (29,618) 892,072 1,789,837
Fund balance - Beginning of the year 883,024 15,869,985 726,205 4,287,999 9,553,467
Fund balance - End of the year 900,476$ 18,754,365$ 696,587$ 5,180,071$ 11,343,304$
CITY OF TIGARD, OREGON
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
for the year ended June 30, 2023
162
Transportation City Center Tigard Triangle
Parks Parks Parks Capital Capital Capital
Capital Bond SDC Improvement Improvement Improvement
Fund Fund Fund Fund Fund Fund Total
-$ -$ -$ 54,805$ -$ -$ 3,751,460$
- - 2,789,348 - - - 8,920,940
- - - 266,131 - - 266,131
- 24,042 206,874 - 34,687 137,229 1,122,825
- 5,208 79,310 8,610 45,583 74,491 414,976
28 - - 89 - - 257
28 29,250 3,075,532 329,635 80,270 211,720 14,476,589
- - - - - 1,607,231 1,607,231
3,161,056 - - 5,521,778 6,750,057 - 18,531,618
3,161,056 - - 5,521,778 6,750,057 1,607,231 20,138,849
(3,161,028) 29,250 3,075,532 (5,192,143) (6,669,787) (1,395,511) (5,662,260)
3,536,594 - 160,300 4,980,701 2,015,452 - 11,289,925
- (46,961) (5,422,998) - - - (8,164,141)
3,536,594 (46,961) (5,262,698) 4,980,701 2,015,452 - 3,125,784
375,566 (17,711) (2,187,166) (211,442) (4,654,335) (1,395,511) (2,536,476)
(73,237) 799,399 11,768,404 1,171,075 3,138,283 7,894,254 56,018,858
302,329$ 781,688$ 9,581,238$ 959,633$ (1,516,052)$ 6,498,743$ 53,482,382$
163
Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings 14,175$ 14,175$ 14,072$ (103)$
Net increase (decrease) in investment fair
value - - 4,314 4,314
Total revenues 14,175 14,175 18,386 4,211
EXPENDITURES
Capital projects 2,100,000 2,632,500 508,086 2,124,414
Change in fund balance before
other financing sources (uses) (2,085,825) (2,618,325) (489,700) 2,128,625
OTHER FINANCING SOURCES (USES)
Transfer in 2,200,000 2,732,500 507,178 (2,225,322)
Transfer out (26) (26) (26) -
Reserve for future expenditures (1,053,149) (1,053,149) - 1,053,149
Total other financing sources (uses) 1,146,825 1,679,325 507,152 (1,172,173)
Change in fund balance (939,000) (939,000) 17,452 956,452
Fund balance - Beginning of the year 939,000 939,000 883,024 (55,976)
Fund balance - End of the year -$ -$ 900,476$ 900,476$
CITY OF TIGARD, OREGON
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
164
Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges 1,819,465$ 1,819,465$ 3,622,572$ 1,803,107$
Interest earnings 190,425 190,425 368,022 177,597
Net increase (decrease) in investment fair
value - - 106,878 106,878
Total revenues 2,009,890 2,009,890 4,097,472 2,087,582
OTHER FINANCING SOURCES (USES)
Transfer out (4,500,817) (4,500,817) (1,213,092) 3,287,725
Reserve for future expenditures (13,185,827) (13,185,827) - 13,185,827
Total other financing sources (uses) (17,686,644) (17,686,644) (1,213,092) 16,473,552
Change in fund balance (15,676,754) (15,676,754) 2,884,380 18,561,134
Fund balance - Beginning of the year 15,676,754 15,676,754 15,869,985 193,231
Fund balance - End of the year -$ -$ 18,754,365$ 18,754,365$
CITY OF TIGARD, OREGON
TRANSPORTATION DEVELOPMENT TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
165
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 124,000$ 124,000$ 1,120$ (122,880)$
Interest earnings 6,375 6,375 16,554 10,179
Net increase (decrease) in investment fair
value - - 2,531 2,531
Total revenues 130,375 130,375 20,205 (110,170)
OTHER FINANCING SOURCES (USES)
Transfer out (102,654) (102,654) (49,823) 52,831
Reserve for future expenditures (715,116) (715,116) - 715,116
Total other financing uses (817,770) (817,770) (49,823) 767,947
Change in fund balance (687,395) (687,395) (29,618) 657,777
Fund balance - Beginning of the year 687,395 687,395 726,205 38,810
Fund balance - End of the year -$ -$ 696,587$ 696,587$
Budgeted Amounts
CITY OF TIGARD, OREGON
UNDERGROUND UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
166
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 3,363,343$ 3,363,343$ 3,695,535$ 332,192$
Interest earnings 22,575 22,575 97,870 75,295
Net increase (decrease) in investment fair
value - - 20,171 20,171
Miscellaneous revenues - - 140 140
Total revenues 3,385,918 3,385,918 3,813,716 427,798
EXPENDITURES
Capital projects 3,440,000 4,120,000 2,590,641 1,529,359
Change in fund balance before
other financing sources (uses) (54,082) (734,082) 1,223,075 1,957,157
OTHER FINANCING SOURCES (USES)
Transfer out (331,003) (331,003) (331,003) -
Reserve for future expenditures (2,620,837) (2,620,837) - 2,620,837
Total other financing sources (uses) (2,951,840) (2,951,840) (331,003) 2,620,837
Change in fund balance (3,005,922) (3,685,922) 892,072 4,577,994
Fund balance - Beginning of the year 3,005,922 3,685,922 4,287,999 602,077
Fund balance - End of the year -$ -$ 5,180,071$ 5,180,071$
CITY OF TIGARD, OREGON
STREET MAINTENANCE FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
167
Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges 1,521,440$ 1,521,440$ 2,509,020$ 987,580$
Interest earnings 108,000 108,000 223,475 115,475
Net increase (decrease) in investment fair
value - - 67,880 67,880
Total revenues 1,629,440 1,629,440 2,800,375 1,170,935
OTHER FINANCING SOURCES (USES)
Transfer in 89,700 89,700 89,700 -
Transfer out (6,098,204) (6,098,204) (1,100,238) 4,997,966
Reserve for future expenditures (4,376,074) (4,376,074) - 4,376,074
Total other financing sources (uses) (10,384,578) (10,384,578) (1,010,538) 9,374,040
Change in fund balance (8,755,138) (8,755,138) 1,789,837 10,544,975
Fund balance - Beginning of the year 8,755,138 8,755,138 9,553,467 798,329
Fund balance - End of the year -$ -$ 11,343,304$ 11,343,304$
CITY OF TIGARD, OREGON
TRANSPORTATION SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
168
Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues 4,696,695$ 4,743,406$ -$ (4,743,406)$
Miscellaneous revenues - - 28 28
Total revenues 4,696,695 4,743,406 28 (4,743,378)
EXPENDITURES
Capital projects 13,817,500 15,316,011 3,161,056 12,154,955
Change in fund balance before
other financing sources (uses) (9,120,805) (10,572,605) (3,161,028) 7,411,577
OTHER FINANCING SOURCES (USES)
Transfer in 9,136,000 10,587,800 3,536,594 (7,051,206)
Reserve for future expenditures (281,923) (281,923) - 281,923
Total other financing sources (uses) 8,854,077 10,305,877 3,536,594 (6,769,283)
Change in fund balance (266,728) (266,728) 375,566 642,294
Fund balance - Beginning of the year 266,728 266,728 (73,237) (339,965)
Fund balance - End of the year -$ -$ 302,329$ 302,329$
CITY OF TIGARD, OREGON
PARKS CAPITAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
169
Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings -$ -$ 24,042$ 24,042$
Net increase (decrease) in investment fair
value - - 5,208 5,208
Total revenues - - 29,250 29,250
OTHER FINANCING SOURCES (USES)
Transfer out (826,457) (826,457) (46,961) 779,496
Change in fund balance (826,457) (826,457) (17,711) 808,746
Fund balance - Beginning of the year 826,457 826,457 799,399 (27,058)
Fund balance - End of the year -$ -$ 781,688$ 781,688$
CITY OF TIGARD, OREGON
PARKS BOND FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
170
Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges 1,495,466$ 1,495,466$ 2,789,348$ 1,293,882$
Interest earnings 158,325 158,325 206,874 48,549
Net increase (decrease) in investment fair
value - - 79,310 79,310
Total revenues 1,653,791 1,653,791 3,075,532 1,421,741
OTHER FINANCING SOURCES (USES)
Transfer in 160,300 160,300 160,300 -
Transfer out (8,506,295) (9,941,295) (5,422,998) 4,518,297
Contingency - - - -
Reserve for future expenditures (3,313,585) (3,263,585) - 3,263,585
Total other financing sources (uses) (11,659,580) (13,044,580) (5,262,698) 7,781,882
Change in fund balance (10,005,789) (11,390,789) (2,187,166) 9,203,623
Fund balance - Beginning of the year 10,005,789 11,390,789 11,768,404 377,615
Fund balance - End of the year -$ -$ 9,581,238$ 9,581,238$
Budgeted Amounts
CITY OF TIGARD, OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
171
Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues 2,009,360$ 2,265,653$ 266,131$ (1,999,522)$
Charges for services - - 54,805 54,805
Net increase (decrease) in investment fair
value - - 8,610 8,610
Miscellaneous revenues - - 89 89
Total revenues 2,009,360 2,265,653 329,635 (1,936,018)
EXPENDITURES
Capital projects 17,517,500 18,982,651 5,521,778 13,460,873
Change in fund balance before
other financing sources (uses)(15,508,140) (16,716,998) (5,192,143) 11,524,855
OTHER FINANCING SOURCES (USES)
Transfer in 15,283,140 16,491,998 4,980,701 (11,511,297)
Reserve for future expenditures (2,047,752) (2,047,752) - 2,047,752
Total other financing sources 13,235,388 14,444,246 4,980,701 (9,463,545)
Change in fund balance (2,272,752) (2,272,752) (211,442) 2,061,310
Fund balance - Beginning of the year 2,272,752 2,272,752 1,171,075 (1,101,677)
Fund balance - End of the year -$ -$ 959,633$ 959,633$
CITY OF TIGARD, OREGON
TRANSPORTATION CAPITAL IMPROVEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
172
Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues 1,818,000$ 1,818,000$ -$ (1,818,000)$
Interest earnings 10,868 10,868 34,687 23,819
Net increase (decrease) in investment fair
value - - 45,583 45,583
Total revenues 1,828,868 1,828,868 80,270 (1,748,598)
EXPENDITURES
*Capital projects 6,671,500 7,121,500 6,750,057 371,443
Total expenditures 6,671,500 7,121,500 6,750,057 371,443
Change in fund balance before
other financing sources (uses)(4,842,632) (5,292,632) (6,669,787) (1,377,155)
OTHER FINANCING SOURCES (USES)
Transfer in 349,500 799,500 2,015,452 1,215,952
Debt proceeds 900,000 900,000 900,000 -
Reserve for future expenditures (798,996) (798,996) - 798,996
Total other financing sources 450,504 900,504 2,915,452 2,014,948
Change in fund balance (4,392,128) (4,392,128) (3,754,335) 637,793
Fund balance - Beginning of the year 4,392,128 4,392,128 3,895,715 (496,413)
Fund balance - End of the year -$ -$ 141,380 141,380$
Reconciliation of budgetary fund balance to GAAP basis fund balance:
Interfund loans are treated as other financing sources (uses) (1,657,432)
on a budgetary basis
Fund balance - GAAP basis (1,516,052)$
* For budgetary purposes expenditures are appropriated as capital projects, however on the GAAP statements
non-capital transactions are recorded as program expenditures
CITY OF TIGARD, OREGON
CITY CENTER CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
173
Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings -$ -$ 137,229$ 137,229$
Net increase (decrease) in investment fair
value - - 74,491 74,491
Total revenues - - 211,720 211,720
EXPENDITURES
Community development 2,219,500 2,219,500 1,607,231 612,269
*Capital projects 1,000,000 1,000,000 - 1,000,000
Total expenditures 3,219,500 3,219,500 1,607,231 1,612,269
Change in fund balance before
other financing sources (uses)(3,219,500) (3,219,500) (1,395,511) 1,823,989
OTHER FINANCING SOURCES (USES)
Transfer in 1,719,500 1,719,500 - (1,719,500)
Transfer out (2,958,000) (2,958,000) - 2,958,000
Reserve for future expenditures (3,306,241) (3,306,241) - 3,306,241
Total other financing sources (4,544,741) (4,544,741) - 4,544,741
Change in fund balance (7,764,241) (7,764,241) (1,395,511) 6,368,730
Fund balance - Beginning of the year 7,764,241 7,764,241 8,123,123 358,882
Fund balance - End of the year -$ -$ 6,727,612 6,727,612$
Reconciliation of budgetary fund balance to GAAP basis fund balance:
Interfund loans are treated as other financing sources (uses)
on a budgetary basis (228,869)
Fund balance - GAAP basis 6,498,743$
* For budgetary purposes expenditures are appropriated as capital projects, however on the GAAP statements
non-capital transactions are recorded as program expenditures
CITY OF TIGARD, OREGON
TIGARD TRIANGLE CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
174
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.
175
176
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 3,560,731$ 3,560,731$ 4,572,715$ 1,011,984$
Connection fees 92,200 92,200 177,600 85,400
Interest earnings 82,725 82,725 268,400 185,675
Net increase (decrease) in investment fair
value - - 57,968 57,968
Miscellaneous revenues 42,100 42,100 10,520 (31,580)
Total revenues 3,777,756 3,777,756 5,087,203 1,309,447
EXPENDITURES
Public works 3,225,698 3,250,698 2,903,662 347,036
Capital projects 245,000 245,000 110,595 134,405
Total expenditures 3,470,698 3,495,698 3,014,257 481,441
Change in fund balance before
other financing sources (uses)307,058 282,058 2,072,946 1,790,888
OTHER FINANCING SOURCES (USES)
Transfer out (3,067,150) (3,067,150) (1,473,782) 1,593,368
Interfund loan (900,000) (900,000) (900,000) -
Contingency (200,000) (175,000) - 175,000
Reserve for future expenditures (4,857,411) (4,857,411) - 4,857,411
Total other financing sources (uses) (9,024,561) (8,999,561) (2,373,782) 6,625,779
Change in fund balance (8,717,503) (8,717,503) (300,836) 8,416,667
Fund balance - Beginning of the year 8,717,503 8,717,503 9,551,849 834,346
Fund balance - End of the year -$ -$ 9,251,013$ 9,251,013$
CITY OF TIGARD, OREGON
SANITARY SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
177
Operating and
Non-Operating
Revenues
Expenditures /
Expenses
Budgetary basis 5,087,203$ 3,014,257$
Unavailable revenue (1,705) -
Contributed capital 444,966 -
Compensated absences - 6,842
Expenditures capitalized - (482,796)
Depreciation expense - 875,900
Net OPEB obligation - (7,866)
Operating and non-operating revenue
and expenses - GAAP basis 5,530,464$ 3,406,337$
CITY OF TIGARD, OREGON
SANITARY SEWER FUND
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30, 2023
178
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 5,869,141$ 5,869,141$ 5,776,197$ (92,944)$
Licenses and permits - - 216,191 216,191
Interest earnings 104,925 104,925 164,218 59,293
Net increase (decrease) in investment fair
value - - 45,082 45,082
Miscellaneous revenues 5,000 5,000 10,152 5,152
Total revenues 5,979,066 5,979,066 6,211,840 232,774
EXPENDITURES
Public works 4,377,319 4,425,319 3,807,404 617,915
Capital projects 7,939,000 7,939,000 2,045,978 5,893,022
Total expenditures 12,316,319 12,364,319 5,853,382 6,510,937
Change in fund balance before
other financing sources (uses)(6,337,253) (6,385,253) 358,458 6,743,711
OTHER FINANCING USES
Transfer in 2,155,500 2,155,500 601,253 (1,554,247)
Transfer out (1,479,317) (1,479,317) (1,198,417) 280,900
Contingency (275,000) (227,000) - 227,000
Reserve for future expenditures (3,570,536) (3,570,536) - 3,570,536
Total other financing uses (3,169,353) (3,121,353) (597,164) 2,524,189
Change in fund balance (9,506,606) (9,506,606) (238,706) 9,267,900
Fund balance - Beginning of the year 9,506,606 9,506,606 8,792,420 (714,186)
Fund balance - End of the year -$ -$ 8,553,714$ 8,553,714$
CITY OF TIGARD, OREGON
STORMWATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
179
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 2,000$ 2,000$ 2,419$ 419$
Interest earnings 19,350 19,350 24,578 5,228
Net increase (decrease) in investment fair
value - - 7,143 7,143
Total revenues 21,350 21,350 34,140 12,790
OTHER FINANCING SOURCES (USES)
Transfer out (340,000) (340,000) (277,835) 62,165
Reserve for future expenditures (1,034,004) (1,034,004) - 1,034,004
Total other financing sources (uses)(1,374,004) (1,374,004) (277,835) 1,096,169
Change in fund balance (1,352,654) (1,352,654) (243,695) 1,108,959
Fund balance - Beginning of the year 1,352,654 1,352,654 1,313,715 (38,939)
Fund balance - End of the year -$ -$ 1,070,020$ 1,070,020$
CITY OF TIGARD, OREGON
WATER QUALITY/QUANTITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
180
Operating and
Non-operating Expenditures/
Revenues Expenses
Stormwater 6,813,093$ 7,051,799$
Water Quality / Quantity 34,140 277,835
Total, budgetary basis 6,847,233 7,329,634
Contributed capital 106,309 -
Loss on disposal of capital assets (4,151) -
Compensated absences - 14,616
Expenditures capitalized - (2,258,302)
Depreciation expense - 783,205
Net OPEB obligation - (20,821)
Operating and non-operating
revenue and expenses - GAAP basis 6,949,391$ 5,848,332$
CITY OF TIGARD, OREGON
STORMWATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30, 2023
181
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 27,621,401$ 27,621,401$ 26,189,421$ (1,431,980)$
Interest earnings 375,525 375,525 1,106,993 731,468
Net increase (decrease) in investment fair
value - - 329,639 329,639
Miscellaneous revenues 50,000 50,000 50,008 8
Total revenues 28,046,926 28,046,926 27,676,061 (370,865)
EXPENDITURES
Public works 11,271,128 11,495,128 9,661,532 1,833,596
Change in fund balance before
other financing sources (uses)16,775,798 16,551,798 18,014,529 1,462,731
OTHER FINANCING SOURCES (USES)
Transfer out (29,460,272) (30,239,772) (16,132,312) 14,107,460
Contingency (475,000) (411,000) - 411,000
Reserve for future expenditures (37,635,714) (37,635,714) - 37,635,714
Total other financing sources (uses)(67,570,986) (68,286,486) (16,132,312) 52,154,174
Change in fund balance (50,795,188) (51,734,688) 1,882,217 53,616,905
Fund balance - Beginning of the year 50,795,188 51,734,688 53,765,191 2,030,503
Fund balance - End of the year -$ -$ 55,647,408$ 55,647,408$
CITY OF TIGARD, OREGON
WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
182
Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges 2,054,999$ 2,054,999$ 3,183,196$ 1,128,197$
Interest earnings 193,650 193,650 366,519 172,869
Net increase (decrease) in investment fair
value - - 103,854 103,854
Miscellaneous revenues - - 70,731 70,731
Total revenues 2,248,649 2,248,649 3,724,300 1,475,651
OTHER FINANCING SOURCES (USES)
Transfer out (8,124,345) (8,737,845) (3,315,950) 5,421,895
Reserve for future expenditures (8,049,890) (8,049,890) - 8,049,890
Total other financing sources (uses) (16,174,235) (16,787,735) (3,315,950) 13,471,785
Change in fund balance (13,925,586) (14,539,086) 408,350 14,947,436
Fund balance - Beginning of the year 13,925,586 14,539,086 17,223,294 2,684,208
Fund balance - End of the year -$ -$ 17,631,644$ 17,631,644$
CITY OF TIGARD, OREGON
WATER SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
183
Variance
Actual with final
Original Final Amounts budget
REVENUES
Net increase (decrease) in investment fair
value -$ -$ 16,066$ 16,066$
Miscellaneous revenues - - 40 40
Total revenues - - 16,106 16,106
EXPENDITURES
Capital projects 27,920,000 28,850,500 9,415,203 19,435,297
Change in fund balance before
other financing sources (uses) (27,920,000) (28,850,500) (9,399,097) 19,451,403
OTHER FINANCING SOURCES (USES)
Transfer in 27,920,000 28,850,500 10,450,163 (18,400,337)
Reserve for future expenditures (2,542,661) (2,542,661) - 2,542,661
Total other financing sources (uses) 25,377,339 26,307,839 10,450,163 (15,857,676)
Change in fund balance (2,542,661) (2,542,661) 1,051,066 3,593,727
Fund balance - Beginning of the year 2,542,661 2,542,661 525,841 (2,016,820)
Fund balance - End of the year -$ -$ 1,576,907$ 1,576,907$
CITY OF TIGARD, OREGON
WATER CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
184
Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings -$ -$ 72,146$ 72,146$
Net increase (decrease) in investment fair
value - - 15,630 15,630
Total revenues - - 87,776 87,776
EXPENDITURES
Debt service:
Principal 3,655,534 3,655,534 3,655,533 1
Interest 3,548,913 3,548,913 3,548,913 -
Total expenditures 7,204,447 7,204,447 7,204,446 1
Change in fund balance before
other financing sources (uses) (7,204,447) (7,204,447) (7,116,670) 87,777
OTHER FINANCING SOURCES (USES)
Transfer in 7,213,000 7,213,000 7,204,446 (8,554)
Reserve for future expenditures (2,723,425) (2,723,425) - 2,723,425
Total other financing sources (uses) 4,489,575 4,489,575 7,204,446 2,714,871
Change in fund balance (2,714,872) (2,714,872) 87,776 2,802,648
Fund balance - Beginning of the year 2,714,872 2,714,872 2,423,660 (291,212)
Fund balance - End of the year -$ -$ 2,511,436$ 2,511,436$
CITY OF TIGARD, OREGON
WATER DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
185
Operating and
Non-operating Expenditures /
Revenues Expenses
Water 27,676,061$ 25,793,844$
Water SDC 3,724,300 3,315,950
Water CIP 10,466,269 9,415,203
Water Debt Service 7,292,222 7,204,446
Total, budgetary basis 49,158,852 45,729,443
Contributed capital 307,196 -
Loss on investment in joint venture (208,382) -
Elimination of water interfund transfers (17,654,609) (17,654,609)
Compensated absences - (3,986)
Expenditures capitalized - (8,861,783)
Principal payments - (3,655,533)
Accrued interest - (1,809)
Amortization of bond premium - (295,772)
Amortization of deferred outflows related to bond refunding - 40,416
Depreciation expense - 5,335,387
Net OPEB obligation - 4,591
Operating and non-operating
revenue and expenses - GAAP basis 31,603,057$ 20,636,345$
CITY OF TIGARD, OREGON
WATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30, 2023
186
Total Total Total
Sanitary Sewer Stormwater Water
Sanitary Sewer Fund 9,251,013$ -$ -$
Stormwater Fund - 8,553,714 -
Water Quality /Quantity Fund - 1,070,020 -
Water Fund - - 55,647,408
Water SDC Fund - - 17,631,644
Water CIP Fund - - 1,576,907
Water Debt Service Fund - - 2,511,436
Fund balance - budget basis 9,251,013 9,623,734 77,367,395
Adjustments from budgetary basis to
generally accepted accounting principles basis:
Capital assets, net 18,668,498 16,765,086 201,915,013
Investment in joint venture - - 2,226,882
Sewer funds payable (21,760) - -
Assets held for resale 185,021 260,021 -
Unavailable revenue 1,958 - 14,764
Compensated absences (33,347) (23,375) (43,288)
Long-term debt - - (119,614,324)
Accrued interest payable - - (1,505,710)
Interfund loans 1,002,320 - -
Deferred Outflow OPEB 3,875 4,190 9,067
Deferred Outflow bond refunding - - 3,527,248
Deferred Inflow OPEB (8,166) (8,267) (19,970)
OPEB liability (22,551) (21,949) (56,491)
Total Net Position - GAAP basis 29,026,861$ 26,599,440$ 163,820,586$
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
RECONCILIATION OF BUDGETARY FUND BALANCE TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS NET POSITION
June 30, 2023
187
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188
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.
IT Replacement Fund – Accounts for activity related to the replacement of IT equipment,
including computers, servers, and software. Resources are charges to city departments and
internal customers that use the IT equipment.
Facilities Replacement Fund – Accounts for activity related to the replacement of facility assets.
Resources are charges to city departments and internal customers that occupy and use the
facilities.
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.
Fleet/Vehicle Replacement Fund – Accounts for activity related to replacement of vehicles.
Resources are charges to city departments and internal customers that use the vehicles.
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.
189
190
No content appears on this page by design.
191
Central IT Facilities
Services Replacement Replacement
Fund Fund Fund
ASSETS
Cash and investments 4,288,213$ 3,182,060$ 4,517,085$
Accounts receivable 3,138 1,830 3,578
Inventory - - -
Total assets 4,291,351 3,183,890 4,520,663
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to OPEB 37,349 - -
LIABILITIES
Accounts payable and accrued liabilities 626,760 - -
Customer deposits - - -
Unearned revenue 16,500 - -
Accrued compensated absences 416,610 - -
Total OPEB liability 285,126 - -
Total liabilities 1,344,996 - -
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to OPEB 94,402 - -
NET POSITION
Net position, unrestricted 2,889,302$ 3,183,890$ 4,520,663$
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
June 30, 2023
192
Public Works Public Works Fleet/Property Fleet/Vehicle
Administration Engineering Management Replacement Insurance
Fund Fund Fund Fund Fund Total
1,333,703$ 5,869,956$ 1,605,641$ 7,540,457$ 1,598,381$ 29,935,496$
1,076 3,878 59,892 6,721 4,765 84,878
- - 2,770 - - 2,770
1,334,779 5,873,834 1,668,303 7,547,178 1,603,146 30,023,144
22,610 12,327 5,323 - - 77,609
83,877 136,682 263,703 58,512 328 1,169,862
- 177,737 - - - 177,737
- - - - - 16,500
58,482 80,867 26,264 - - 582,223
172,616 94,115 40,641 - - 592,498
314,975 489,401 330,608 58,512 328 2,538,820
57,151 31,161 13,456 - - 196,170
985,263$ 5,365,599$ 1,329,562$ 7,488,666$ 1,602,818$ 27,365,763$
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
June 30, 2023
193
Central IT Facilities
Services Replacement Replacement
Fund Fund Fund
OPERATING REVENUES
Charges for services 13,450,425$ 1,211,897$ 323,760$
Miscellaneous revenues 7,956 - -
Total operating revenues 13,458,381 1,211,897 323,760
OPERATING EXPENSES
Salaries and wages 8,597,406 - -
Contracted services 2,658,717 - -
General, administrative and other 3,569,943 121,250 -
Total operating expenses 14,826,066 121,250 -
Operating income (loss) (1,367,685) 1,090,647 323,760
NONOPERATING REVENUE
Interest revenue 144,621 67,042 103,734
Net increase (decrease) in investment fair value 34,999 (2,278) (3,236)
Intergovernmental revenues 92,000 - -
Total non-operating revenue 271,620 64,764 100,498
Income (loss) before contributions and transfers (1,096,065) 1,155,411 424,258
CONTRIBUTIONS AND TRANSFERS
Transfer in 1,577,822 2,028,479 4,096,405
Transfer out (1,000,000) - -
Change in net position (518,243) 3,183,890 4,520,663
Net position - Beginning of year, as originally stated 3,407,545 - -
Net position - End of year 2,889,302$ 3,183,890$ 4,520,663$
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
for the year ended June 30, 2023
194
Public Works Public Works Fleet/Property Fleet/Vehicle
Administration Engineering Management Replacement Insurance
Fund Fund Fund Fund Fund Total
2,698,177$ 4,221,708$ 3,066,967$ 715,119$ 71,201$ 25,759,254$
1,332 3,614 76,431 47,962 85,137 222,432
2,699,509 4,225,322 3,143,398 763,081 156,338 25,981,686
1,355,706 2,195,238 961,136 - 9,084 13,118,570
75,949 185,860 338,151 - 1,748 3,260,425
1,211,253 1,264,261 1,548,247 772,085 60,368 8,547,407
2,642,908 3,645,359 2,847,534 772,085 71,200 24,926,402
56,601 579,963 295,864 (9,004) 85,138 1,055,284
33,319 129,105 34,689 177,774 34,462 724,746
3,911 24,377 13,961 (5,404) 8,925 75,255
- - - - - 92,000
37,230 153,482 48,650 172,370 43,387 892,001
93,831 733,445 344,514 163,366 128,525 1,947,285
58,306 472,588 - 7,325,300 - 15,558,900
- - (1,000,000) - - (2,000,000)
152,137 1,206,033 (655,486) 7,488,666 128,525 15,506,185
833,126 4,159,566 1,985,048 - 1,474,293 11,859,578
985,263$ 5,365,599$ 1,329,562$ 7,488,666$ 1,602,818$ 27,365,763$
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
for the year ended June 30, 2023
195
IT Facilities
Central Services Replacement Replacement
Fund Fund Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 13,447,299$ 1,210,067$ 320,182$
Payments to suppliers (5,944,312) (121,250) -
Payments to employees (8,558,019) - -
Other receipts 7,956 - -
Net cash provided (used) by operating activities (1,047,076) 1,088,817 320,182
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Intergovernmental revenues 92,000 - -
Transfer from other funds 1,577,822 2,028,479 4,096,405
Transfer to other funds (1,000,000) - -
Net cash flows from noncapital financing activities 669,822 2,028,479 4,096,405
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 179,621 64,764 100,498
Net increase in cash and investments (197,633) 3,182,060 4,517,085
Cash and investments--beginning of the year 4,485,846 - -
Cash and investments--end of the year 4,288,213$ 3,182,060$ 4,517,085$
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
Operating income (loss)(1,367,685)$ 1,090,647$ 323,760$
Adjustments to reconcile operating income (loss) to
net cash provided (used) by operating activities
CHANGE IN ASSETS AND LIABILITIES
Receivables (3,126) (1,830) (3,578)
Prepaids 158,142 - -
Inventory - - -
Accounts payable 126,206 - -
Customer deposits - - -
Accrued compensated absences (38,314) - -
Total OPEB liability and related balances 77,701 - -
Net cash provided (used) by operating activities (1,047,076)$ 1,088,817$ 320,182$
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the year ended June 30, 2023
196
Public Works Public Works Fleet/Property Fleet/Vehicle
Administration Engineering Management Replacement Insurance
Fund Fund Fund Fund Fund Total
2,697,101$ 4,221,825$ 3,028,288$ 708,398$ 67,356$ 25,700,516$
(1,263,953) (1,470,550) (1,756,275) (713,573) (99,271) (11,369,184)
(1,262,384) (2,330,747) (961,386) - (10,708) (13,123,244)
1,332 3,614 76,431 47,962 85,137 222,432
172,096 424,142 387,058 42,787 42,514 1,430,520
- - - - - 92,000
58,306 472,588 - 7,325,300 - 15,558,900
- - (1,000,000) - - (2,000,000)
58,306 472,588 (1,000,000) 7,325,300 - 13,650,900
37,230 153,482 48,650 172,370 43,386 800,001
267,632 1,050,212 (564,292) 7,540,457 85,900 15,881,421
1,066,071 4,819,744 2,169,933 - 1,512,481 14,054,075
1,333,703$ 5,869,956$ 1,605,641$ 7,540,457$ 1,598,381$ 29,935,496$
56,601$ 579,963$ 295,864$ (9,004)$ 85,138$ 1,055,284$
(1,076) (3,878) (59,892) (6,721) (3,845) (83,946)
- - 21,213 - - 179,355
- - (1,494) - - (1,494)
23,249 (20,429) 131,617 58,512 (37,155) 282,000
- 3,995 - - - 3,995
6,582 (11,110) 3,879 - (1,624) (40,587)
86,740 (124,399) (4,129) - - 35,913
172,096$ 424,142$ 387,058$ 42,787$ 42,514$ 1,430,520$
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the year ended June 30, 2023
197
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 14,630,084$ 14,630,084$ 13,450,425$ (1,179,659)$
Intergovernmental revenues - 92,000 92,000 -
Interest earnings - - 144,621 144,621
Net increase (decrease) in investment fair
value - - 34,999 34,999
Miscellaneous revenues 30,000 30,000 7,956 (22,044)
Total revenues 14,660,084 14,752,084 13,730,001 (1,022,083)
EXPENDITURES
Policy and administration 17,006,163 18,664,163 14,748,365 3,915,798
Change in fund balance before
other financing sources (uses)(2,346,079) (3,912,079) (1,018,364) 2,893,715
OTHER FINANCING SOURCES (USES)
Transfer in 887,822 1,577,822 1,577,822 -
Transfer out (1,000,000) (1,000,000) (1,000,000) -
Contingency (500,000) (110,000) - 110,000
Reserve for future expenditures (52,804) (52,804) - 52,804
Total other financing sources (uses) (664,982) 415,018 577,822 162,804
Change in fund balance (3,011,061) (3,497,061) (440,542) 3,056,519
Fund balance - Beginning of the year 3,011,061 3,497,061 3,672,023 174,962
Fund balance - End of the year -$ -$ 3,231,481 3,231,481$
Reconciliation of budgetary fund balance to GAAP basis net position:
Total OPEB liability (285,126)
Deferred Outflow OPEB 37,349
Deferred Inflow OPEB (94,402)
Total net position, GAAP basis 2,889,302$
CITY OF TIGARD, OREGON
CENTRAL SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
198
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 1,210,316$ 1,210,316$ 1,211,897$ 1,581$
Interest earnings - - 67,042 67,042
Net increase (decrease) in investment fair
value - - (2,278) (2,278)
Total revenues 1,210,316 1,210,316 1,276,661 66,345
EXPENDITURES
Policy and administration 135,500 135,500 121,250 14,250
Change in fund balance before
other financing sources (uses) 1,074,816 1,074,816 1,155,411 80,595
OTHER FINANCING SOURCES (USES)
Transfer in 2,028,479 2,028,479 2,028,479 -
Reserve for future expenditures (3,103,295) (3,103,295) - 3,103,295
Total other financing sources (uses) (1,074,816) (1,074,816) 2,028,479 3,103,295
Change in fund balance - - 3,183,890 3,183,890
Fund balance - Beginning of the year - - - -
Fund balance - End of the year -$ -$ 3,183,890$ 3,183,890$
CITY OF TIGARD, OREGON
INFORMATION TECHNOLOGY REPLACEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
199
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 323,760$ 323,760$ 323,760$ -$
Interest earnings - - 103,734 103,734
Net increase (decrease) in investment fair
value - - (3,236) (3,236)
Total revenues 323,760 323,760 424,258 100,498
OTHER FINANCING SOURCES (USES)
Transfer in 4,096,405 4,096,405 4,096,405 -
Reserve for future expenditures (4,420,165) (4,420,165) - 4,420,165
Total other financing sources (uses) (323,760) (323,760) 4,096,405 4,420,165
Change in fund balance - - 4,520,663 4,520,663
Fund balance - Beginning of the year - - - -
Fund balance - End of the year -$ -$ 4,520,663$ 4,520,663$
CITY OF TIGARD, OREGON
FACILITIES REPLACEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
200
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 3,003,163$ 3,003,163$ 2,698,177$ (304,986)$
Interest earnings - - 33,319 33,319
Net increase (decrease) in investment fair
value - - 3,911 3,911
Miscellaneous revenues - - 1,332 1,332
Total revenues 3,003,163 3,003,163 2,736,739 (266,424)
EXPENDITURES
Policy and administration 3,164,721 3,226,721 2,556,168 670,553
Change in fund balance before
other financing sources (uses) (161,558) (223,558) 180,571 404,129
OTHER FINANCING SOURCES (USES)
Transfer in 58,306 58,306 58,306 -
Contingency (125,000) (63,000) - 63,000
Reserve for future expenditures (303,092) (303,092) - 303,092
Total other financing sources (uses) (369,786) (307,786) 58,306 366,092
Change in fund balance (531,344) (531,344) 238,877 770,221
Fund balance - Beginning of the year 531,344 531,344 953,543 422,199
Fund balance - End of the year -$ -$ 1,192,420 1,192,420$
Reconciliation of budgetary fund balance to GAAP basis net position:
Total OPEB liability (172,616)
Deferred Outflow OPEB 22,610
Deferred Inflow OPEB (57,151)
Total net position, GAAP basis 985,263$
CITY OF TIGARD, OREGON
PUBLIC WORKS ADMINISTRATION FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
201
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 3,681,089$ 3,681,089$ 4,221,708$ 540,619$
Interest earnings - - 129,105 129,105
Net increase (decrease) in investment fair
value - - 24,377 24,377
Miscellaneous revenues 5,094 5,094 3,614 (1,480)
Total revenues 3,686,183 3,686,183 4,378,804 692,621
EXPENDITURES
Policy and administration 4,568,292 4,771,292 3,769,758 1,001,534
Change in fund balance before
other financing sources (uses) (882,109) (1,085,109) 609,046 1,694,155
OTHER FINANCING SOURCES (USES)
Transfer in 643,653 643,653 472,588 (171,065)
Contingency (150,000) (150,000) - 150,000
Reserve for future expenditures (2,522,333) (2,398,333) - 2,398,333
Total other financing sources (uses) (2,028,680) (1,904,680) 472,588 2,377,268
Change in fund balance (2,910,789) (2,989,789) 1,081,634 4,071,423
Fund balance - Beginning of the year 2,910,789 2,989,789 4,396,914 1,407,125
Fund balance - End of the year -$ -$ 5,478,548 5,478,548$
Reconciliation of budgetary fund balance to GAAP basis net position:
Total OPEB liability (94,115)
Deferred Outflow OPEB 12,327
Deferred Inflow OPEB (31,161)
Total net position, GAAP basis 5,365,599$
CITY OF TIGARD, OREGON
PUBLIC WORKS ENGINEERING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
202
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 3,064,063$ 3,064,063$ 3,066,967$ 2,904$
Interest earnings - - 34,689 34,689
Net increase (decrease) in investment fair
value - - 13,961 13,961
Miscellaneous revenues 5,000 5,000 76,431 71,431
Total revenues 3,069,063 3,069,063 3,192,048 122,985
EXPENDITURES
Policy and administration 3,252,535 3,402,035 2,851,663 550,372
Change in fund balance before
other financing sources (uses)(183,472) (332,972) 340,385 673,357
OTHER FINANCING SOURCES (USES)
Transfer out (1,000,000) (1,000,000) (1,000,000) -
Contingency (125,000) (79,000) - 79,000
Reserve for future expenditures (92,364) (92,364) - 92,364
Total other financing sources (uses)(1,217,364) (1,171,364) (1,000,000) 171,364
Change in fund balance (1,400,836) (1,504,336) (659,615) 844,721
Fund balance - Beginning of the year 1,400,836 1,504,336 2,037,951 533,615
Fund balance - End of the year -$ -$ 1,378,336 1,378,336$
Reconciliation of budgetary fund balance to GAAP basis net position:
Total OPEB liability (40,641)
Deferred Outflow OPEB 5,323
Deferred Inflow OPEB (13,456)
Total net position, GAAP basis 1,329,562$
CITY OF TIGARD, OREGON
FLEET/PROPERTY MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
203
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 716,700$ 716,700$ 715,119$ (1,581)$
Interest earnings - - 177,774 177,774
Net increase (decrease) in investment fair
value - - (5,404) (5,404)
Miscellaneous revenues - - 47,962 47,962
Total revenues 716,700 716,700 935,451 218,751
EXPENDITURES
Policy and administration 1,065,000 1,065,000 772,085 292,915
Change in fund balance before
other financing sources (uses) (348,300) (348,300) 163,366 511,666
OTHER FINANCING SOURCES (USES)
Transfer in 7,325,300 7,325,300 7,325,300 -
Reserve for future expenditures (6,977,000) (6,977,000) - 6,977,000
Total other financing sources (uses) 348,300 348,300 7,325,300 6,977,000
Change in fund balance - - 7,488,666 7,488,666
Fund balance - Beginning of the year - - - -
Fund balance - End of the year -$ -$ 7,488,666$ 7,488,666$
CITY OF TIGARD, OREGON
FLEET/VEHICLE REPLACEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
204
Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services 427,077$ 427,077$ 71,201$ (355,876)$
Interest earnings 19,875 19,875 34,462 14,587
Net increase (decrease) in investment fair
value - - 8,925 8,925
Miscellaneous revenues 39,000 39,000 85,137 46,137
Total revenues 485,952 485,952 199,725 (286,227)
EXPENDITURES
Policy and administration 485,990 485,990 71,200 414,790
Change in fund balance
before other financing sources (uses) (38) (38) 128,525 128,563
OTHER FINANCING SOURCES (USES)
Contingency (25,000) (25,000) - 25,000
Reserve for future expenditures (1,359,671) (1,359,671) - 1,359,671
Total other financing sources (uses) (1,384,671) (1,384,671) - 1,384,671
Change in fund balance (1,384,709) (1,384,709) 128,525 1,513,234
Fund balance - Beginning of the year 1,384,709 1,384,709 1,474,293 89,584
Fund balance - End of the year -$ -$ 1,602,818$ 1,602,818$
CITY OF TIGARD, OREGON
INSURANCE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the year ended June 30, 2023
Budgeted Amounts
205
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206
Other Schedules
207
208
General Obligation Bonds
Issued February 3, 2011 8,655,000$ 885,000$ -$ 885,000$ (885,000)$ -$ 17,700$ (17,700)$
Issued April 28, 2020 5,981,000 5,201,000 - 549,000 (549,000) 4,652,000 69,693 (69,693)
Issued February 3, 2011 17,000,000 3,725,000 - 875,000 (875,000) 2,850,000 153,850 (153,850)
9,811,000$ -$ 2,309,000$ (2,309,000)$ 7,502,000$ 241,243$ (241,243)$
Full Faith & Credit Bonds
Issued August 29, 2019 5,929,000$ 5,440,000$ -$ 254,000$ (254,000)$ 5,186,000$ 151,731$ (151,731)$
Issued September 29, 2021 4,624,600 4,437,400 - 281,700 (281,700) 4,155,700 79,399 (79,399)
9,877,400$ -$ 535,700$ (535,700)$ 9,341,700$ 231,130$ (231,130)$
Water Revenue Bonds
Issued May 1, 2012 97,720,000$ 2,365,000$ -$ 2,365,000$ (2,365,000)$ -$ 47,300$ (47,300)$
Issued May 3, 2015 30,810,000 29,765,000 - 200,000 (200,000) 29,565,000 1,468,500 (1,468,500)
Issued November 3, 2020 86,575,000 85,625,000 - 970,000 (970,000) 84,655,000 1,992,463 (1,992,463)
117,755,000$ -$ 3,535,000$ (3,535,000)$ 114,220,000$ 3,508,263$ (3,508,263)$
Long-term Note
Issued December 1, 2011 2,398,000$ 1,355,000$ -$ 120,531$ (120,531)$ 1,234,469$ 40,650$ (40,650)$
Urban Renewal Bonds
Issued September 29, 2021 4,687,800$ 4,482,000$ -$ 265,000$ (265,000)$ 4,217,000$ 127,737$ (127,737)$
Outstanding
June 30, 2023 Matured Paid
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
For the fiscal year ended June 30, 2023
Outstanding
June 30, 2022 Additions Matured/
Called Paid
Interest Transactions
Original
Issue
209
Fiscal Year Total Total
of Maturity Principal Interest Principal Interest Principal Interest
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
7,502,000$ 365,985$ 4,652,000$ 122,610$ 2,850,000$ 243,375$
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
For the fiscal year ended June 30, 2023
3.00% to 4.75%
Series 2011ASeries 2020
1.34%
Issued: April 28, 2020 Issued: February 3, 2011Service Requirement
Total Debt
210
Fiscal Year Total Total
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
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 80,629 692,000 16,331 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 6,357 - - - - 274,800 4,645 80,000 1,712
9,341,700$ 1,694,190$ 1,650,000$ 308,357$ 3,536,000$ 846,618$ 3,237,000$ 395,762$ 918,700$ 143,453$
Issued: September 29, 2021 Issued: September 29, 2021
1.69%2.14%
Total Debt Series 2019A Series 2019B
Service Requirement Issued: August 29, 2019 Issued: August 29, 2019
2.36%2.99%
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF FULL FAITH & CREDIT BONDS
For the fiscal year ended June 30, 2023
Series 2021A Series 2021B
211
Fiscal Year Total Total
of Maturity Principal Interest Principal Interest Principal Interest
2024 3,640,000$ 3,408,763$ 210,000$ 1,460,300$ 3,430,000$ 1,948,463$
2025 3,715,000 3,330,962 215,000 1,451,800 3,500,000 1,879,162
2026 3,795,000 3,251,463 225,000 1,443,000 3,570,000 1,808,463
2027 3,875,000 3,170,162 235,000 1,433,800 3,640,000 1,736,362
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 2,819,162 280,000 1,386,050 3,945,000 1,433,112
2032 4,315,000 2,727,662 290,000 1,374,250 4,025,000 1,353,412
2033 4,415,000 2,629,382 305,000 1,359,375 4,110,000 1,270,007
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 2,029,722 395,000 1,271,875 4,620,000 757,847
2039 5,160,000 1,886,482 420,000 1,251,500 4,740,000 634,982
2040 5,310,000 1,736,432 440,000 1,230,000 4,870,000 506,432
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 - -
114,220,000$ 51,363,494$ 29,565,000$ 28,473,000$ 84,655,000$ 22,890,494$
For the fiscal year ended June 30, 2023
OF WATER REVENUE BONDS
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
CITY OF TIGARD, OREGON
Issued: November 3, 2020Total Debt Service Requirement
3.00% to 5.00%2.00% to 2.90%
Issued: May 3, 2015
212
Fiscal Year
of Maturity Principal Interest
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 130,492 3,915
1,234,469$ 189,404$
3.00%
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF SAFE DRINKING WATER REVOLVING LOAN FUNDS
For the fiscal year ended June 30, 2023
Issued: December 1, 2011
213
Fiscal Year
of Maturity Principal Interest
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
4,217,000$ 888,476$
2.85%
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF URBAN RENEWAL AND REDEVELOPMENT BONDS
For the fiscal year ended June 30, 2023
Issued: September 29, 2021
214
Fiscal Year Total Total
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest
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 3,364,272 215,000 1,451,800 3,500,000 1,879,162 127,874 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 3,195,684 235,000 1,433,800 3,640,000 1,736,362 135,661 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 4,445,490 2,731,575 290,000 1,374,250 4,025,000 1,353,410 130,490 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 2,029,721 395,000 1,271,875 4,620,000 757,846 - -
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 1,412,499 485,000 1,184,125 5,150,000 228,374 - -
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 - - - -
115,454,467$ 51,552,898$ 29,565,000$ 28,473,000$ 84,655,000$ 22,890,494$ 1,234,467$ 189,404$
Water Revenue Bonds
Issued: November 3, 2020
2.00% to 2.90%
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
WATER FUND
For the fiscal year ended June 30, 2023
ARRA Water LoanTotal Debt Service Requirement
3.00% to 5.00%3.00%
Issued: December 1, 2011Issued: May 3, 2015
215
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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
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219
Fiscal Year Fiscal Year Fiscal Year
2014 (Restated) 2015 2016
GOVERNMENTAL ACTIVITIES
Net investment in capital assets 185,242,899$ 189,748,234$ 195,142,143$
Restricted 10,941,117 12,376,136 20,392,998
Unrestricted 13,596,004 13,031,415 11,024,212
Total governmental activities net position 209,780,020 215,155,785 226,559,353
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 79,627,259 84,867,665 95,247,967
Restricted 10,551,442 11,250,300 12,279,628
Unrestricted 16,721,508 21,256,129 21,847,155
Total business-type activities net position 106,900,209 117,374,094 129,374,750
PRIMARY GOVERNMENT
Net investment in capital assets 264,870,158 274,615,899 290,390,110
Restricted 21,492,559 23,626,436 32,672,626
Unrestricted 30,317,512 34,287,544 32,871,367
Total primary government net position 316,680,229$ 332,529,879$ 355,934,103$
Source: Annual Comprehensive Financial Report of the City.
CITY OF TIGARD, OREGON
NET POSITION BY COMPONENT
for the last ten fiscal years
(accrual basis of accounting)
220
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2017 (Restated) 2018 2019 2020 2021 2022 2023
199,214,099$ 207,113,453$ 216,080,286$ 216,281,021$ 222,374,600$ 225,906,951$ 234,640,513$
26,313,186 38,019,099 40,908,235 61,695,111 69,011,237 80,791,413 83,693,756
21,105,136 26,937,963 36,208,160 31,287,737 31,576,376 40,344,925 58,837,166
246,632,421 272,070,515 293,196,681 309,263,869 322,962,213 347,043,289 377,171,435
104,870,812 110,785,680 110,542,303 108,782,212 104,142,931 112,119,692 117,608,706
15,387,870 18,811,969 20,044,161 22,974,348 18,496,564 20,172,795 20,143,080
30,803,556 38,881,215 50,316,066 58,469,800 74,329,841 74,436,284 81,695,101
151,062,238 168,478,864 180,902,530 190,226,360 196,969,336 206,728,771 219,446,887
304,084,911 317,899,133 326,622,589 325,063,233 326,517,531 338,026,643 352,249,219
41,701,056 56,831,068 60,952,396 84,669,459 87,507,801 100,964,208 103,836,836
51,908,692 65,819,178 86,524,226 89,757,537 105,906,217 114,781,209 140,532,267
397,694,659$ 440,549,379$ 474,099,211$ 499,490,229$ 519,931,549$ 553,772,060$ 596,618,322$
221
Fiscal Year Fiscal Year Fiscal Year
2014 (Restated)2015 2016
EXPENSES
Governmental activities
Community services 23,078,512$ 18,542,379$ 25,089,790$
Public works 8,399,436 10,408,399 10,865,800
Community development 4,267,328 4,688,686 7,030,142
Policy and administration 1,732,016 1,323,435 1,226,166
Interest on long-term debt 1,147,024 1,185,507 958,204
Total governmental activities expenses 38,624,316 36,148,406 45,170,102
Business-type activities
Sanitary sewer 2,617,625 2,518,708 2,536,988
Stormwater 1,958,551 2,077,589 2,123,162
Water 11,730,347 10,839,483 14,720,167
Total business-type activities program expenses 16,306,523 15,435,780 19,380,317
Total primary government expenses 54,930,839$ 51,584,186$ 64,550,419$
PROGRAM REVENUES
Governmental activities
Fees, Fines and Charges for services:
Community services 1,872,350$ 1,731,639$ 1,879,576$
Public works 2,519,515 2,239,431 2,860,543
Community development 1,765,005 3,040,501 4,684,733
Policy and administration 65,233 142,277 119,195
Operating grants and contributions 6,318,382 6,508,556 7,756,718
Capital grants and contributions 1,804,398 2,021,422 11,785,524
Total governmental activities program revenues 14,344,883 15,683,826 29,086,289
Business-type activities
Charges for services:
Sanitary sewer 1,727,206 1,773,388 1,791,302
Stormwater 2,733,346 2,899,180 3,058,382
Water 15,985,607 18,804,645 20,918,497
Capital grants and contributions 1,111,346 2,066,696 5,806,590
Total business-type activities program revenues 21,557,505 25,543,909 31,574,771
Total primary government program revenues 35,902,388$ 41,227,735$ 60,661,060$
Source: Annual Comprehensive Financial Report of the City.
CITY OF TIGARD, OREGON
CHANGES IN NET POSITION
for the last ten fiscal years
(accrual basis of accounting)
222
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2017 (Restated)2018 2019 2020 2021 2022 2023
23,268,637$ 24,099,976$ 23,370,174$ 25,961,675$ 30,378,435$ 27,313,548$ 31,597,313$
8,263,304 8,900,831 12,129,476 9,578,442 14,035,986 11,755,291 14,589,053
5,807,204 5,330,390 5,146,891 5,817,188 6,719,376 6,395,322 8,905,011
3,528,933 2,945,936 3,688,137 3,383,319 4,092,081 4,715,974 1,176,827
949,136 863,803 771,834 760,211 543,661 623,927 604,699
41,817,214 42,140,936 45,106,512 45,500,835 55,769,539 50,804,062 56,872,903
2,586,769 2,789,140 3,128,483 3,044,154 3,423,460 3,198,424 3,406,337
2,737,825 2,470,085 3,261,312 3,433,481 4,257,993 4,159,563 4,376,231
8,244,491 14,123,903 17,223,333 19,418,199 20,166,820 17,946,555 19,051,074
13,569,085 19,383,128 23,613,128 25,895,834 27,848,273 25,304,542 26,833,642
55,386,299$ 61,524,064$ 68,719,640$ 71,396,669$ 83,617,812$ 76,108,604$ 83,706,545$
2,482,811$ 1,557,082$ 1,628,237$ 1,500,919$ 2,207,360$ 3,102,350$ 3,249,417$
5,165,280 4,708,329 4,797,891 5,220,273 5,324,404 8,057,384 7,477,618
4,341,128 6,518,737 6,432,190 4,292,102 4,324,710 4,323,635 5,886,994
363,583 340,446 345,505 90,582 99,060 56,554 34,020
6,880,727 8,321,435 9,594,291 9,625,070 13,346,482 17,770,216 11,630,053
15,691,507 16,307,318 12,268,270 8,542,864 8,959,707 6,254,712 11,972,303
34,925,036 37,753,347 35,066,384 29,271,810 34,261,723 39,564,851 40,250,405
3,013,314 3,208,783 3,389,281 3,666,422 3,348,846 4,129,639 4,572,715
3,275,083 3,620,431 3,812,133 4,017,864 3,820,029 5,603,506 5,776,197
20,926,322 23,078,013 23,751,073 22,607,832 24,836,173 24,065,642 26,189,421
7,670,388 6,795,717 3,285,377 3,139,146 2,838,367 3,156,083 4,436,172
34,885,107 36,702,944 34,237,864 33,431,264 34,843,415 36,954,870 40,974,505
69,810,143$ 74,456,291$ 69,304,248$ 62,703,074$ 69,105,138$ 76,519,721$ 81,224,910$
223
Fiscal Year Fiscal Year Fiscal Year
2014 (Restated)2015 2016
NET (EXPENSE) REVENUE
Governmental activities (24,279,433)$ (20,464,580)$ (16,083,813)$
Business-type activities 5,250,982 10,108,129 12,194,454
Total primary government net expenses (19,028,451) (10,356,451) (3,889,359)
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities:
Property taxes 15,796,663 16,523,361 17,177,591
Franchise fees 5,542,647 5,687,456 5,734,540
Unrestricted intergovernmental revenues 2,955,652 3,004,341 2,840,903
Interest earnings 421,211 434,401 688,087
Miscellaneous 776,154 247,154 228,779
Transfers between Governmental and Business-type 1,017,893 (56,368) 817,481
Total governmental activities 26,510,220 25,840,345 27,487,381
Business-type activities:
Investment earnings (losses)270,415 131,485 302,890
Miscellaneous 144,767 177,903 193,645
Unrestricted intergovernmental revenues - - 127,148
Transfers between Governmental and Business-type (1,017,893) 56,368 (817,481)
Total business-type activities (602,711) 365,756 (193,798)
Total primary government 25,907,509 26,206,101 27,293,583
CHANGES IN NET POSITION
Governmental activities (restated)2,230,787 5,375,765 11,403,568
Business-type activities (restated)4,648,271 10,473,885 12,000,656
Total primary government 6,879,058$ 15,849,650$ 23,404,224$
Source: Annual Comprehensive Financial Report of the City.
CITY OF TIGARD, OREGON
CHANGES IN NET POSITION (CONTINUED)
for the last ten fiscal years
(accrual basis of accounting)
224
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2017 (Restated)2018 2019 2020 2021 2022 2023
(6,892,178)$ (4,387,589)$ (10,040,128)$ (16,229,025)$ (21,507,816)$ (11,239,211)$ (16,622,498)$
21,316,022 17,319,816 10,624,736 7,535,430 6,995,142 11,650,328 14,140,863
14,423,844 12,932,227 584,608 (8,693,595) (14,512,674) 411,117 (2,481,635)
17,616,798 18,387,321 19,101,543 20,325,728 23,620,200 25,117,084 26,011,521
5,890,113 6,095,852 6,211,736 6,360,563 6,978,783 7,272,781 7,765,651
2,074,428 3,022,051 2,522,428 2,484,051 2,426,817 3,714,888 3,856,820
824,213 1,683,282 2,416,827 2,520,783 558,060 (2,181,844) 4,654,377
268,380 416,785 453,435 502,164 702,068 644,102 319,841
291,314 220,392 460,325 102,924 920,232 753,276 4,142,434
26,965,246 29,825,683 31,166,294 32,296,213 35,206,160 35,320,287 46,750,644
106,628 139,926 1,606,834 1,770,933 307,581 (1,313,073) 2,578,236
270,628 177,276 652,421 120,392 276,262 175,456 141,451
285,524 - - - 84,220 - -
(291,314) (220,392) (460,325) (102,924) (920,232) (753,276) (4,142,434)
371,466 96,810 1,798,930 1,788,401 (252,169) (1,890,893) (1,422,747)
27,336,712 29,922,493 32,965,224 34,084,614 34,953,991 33,429,394 45,327,897
20,073,068 25,438,094 21,126,166 16,067,188 13,698,344 24,081,076 30,128,146
21,687,488 17,416,626 12,423,666 9,323,831 6,742,973 9,759,435 12,718,116
41,760,556$ 42,854,720$ 33,549,832$ 25,391,019$ 20,441,317$ 33,840,511$ 42,846,262$
225
Fiscal Year Fiscal Year Fiscal Year
2014 2015 2016
GENERAL FUND
Nonspendable 508,374$ 542,543$ 664,254$
Assigned - - -
Unassigned 11,474,700 12,115,436 12,970,670
Total General Fund 11,983,074$ 12,657,979$ 13,634,924$
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable 16,055$ 11,225$ -$
Restricted 12,504,001 11,791,605 18,250,934
Committed 4,457,233 2,801,857 3,260,236
Assigned 905,166 1,156,788 1,597,773
Unassigned (752,925) (352,684) (617,329)
Total all other governmental funds 17,129,530$ 15,408,791$ 22,491,614$
Source: Annual Comprehensive Financial Report of the City.
CITY OF TIGARD, OREGON
FUND BALANCES OF GOVERNMENTAL FUNDS
for the last ten fiscal years
(modified accrual basis of accounting)
226
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2017 2018 2019 2020 2021 2022 2023
706,412$ 705,495$ 225,974$ 1,158,584$ 1,155,514$ 1,201,673$ 883,981$
- - - - - - 1,869,351
14,884,712 19,356,804 23,121,341 26,823,013 29,764,210 40,490,726 32,729,026
15,591,124$ 20,062,299$ 23,347,315$ 27,981,597$ 30,919,724$ 41,692,399$ 35,482,358$
16,485$ 17,040$ 17,560$ 18,080$ -$ 500,000$ -$
31,914,910 45,521,700 51,414,137 91,514,895 69,593,046 81,722,388 86,024,674
4,341,838 3,307,731 3,325,235 3,556,651 4,215,954 5,382,464 6,279,998
1,725,086 1,738,216 2,388,659 3,257,280 3,562,612 4,320,107 3,876,766
(725,296) (724,477) - (228,869) (122,328) (73,237) (1,516,052)
37,273,023$ 49,860,210$ 57,145,591$ 98,118,037$ 77,249,284$ 91,851,722$ 94,665,386$
227
Fiscal Year Fiscal Year Fiscal Year
2014 2015 2016
REVENUES
Taxes 18,822,449$ 19,575,665$ 20,191,927$
City gas tax 638,852 558,740 712,408
Franchise fees 5,542,647 5,691,960 5,732,448
Special assessments 258,831 35,359 65,243
Licenses and permits 3,098,875 4,030,120 5,751,472
Intergovernmental revenues 6,386,961 6,370,732 6,684,667
Charges for service 4,982,211 4,342,534 4,869,821
System development charges 955,678 961,450 6,104,579
Fines and forfeitures 929,293 924,266 972,560
Investment income (loss)424,221 434,401 653,879
Miscellaneous 312,815 413,736 220,894
Total revenues 42,352,833 43,338,963 51,959,898
EXPENDITURES
Current operating:
Community services 19,420,335 20,325,635 20,784,186
Public works 6,914,185 7,512,446 7,606,128
Community development 4,219,481 4,640,737 6,981,903
Policy and administration 701,172 778,840 831,876
Debt service:
Principal 2,445,993 2,117,045 2,361,892
Interest 1,178,637 1,118,238 1,059,733
Refunded bonds - - -
Refunding bond issuance cost - - -
Capital outlay 7,657,993 8,924,317 6,200,291
Total expenditures 42,537,796 45,417,258 45,826,009
Excess (deficiency) of revenues
over (under) expenditures (184,963) (2,078,295) 6,133,889
OTHER FINANCING SOURCES (USES)
Proceeds from bond / long-term note - 1,300,000 1,650,000
Operating transfers in 6,420,053 6,178,215 6,378,318
Operating transfers out (6,247,267) (6,445,754) (6,102,439)
Total other financing sources (uses)172,786 1,032,461 1,925,879
Net change in fund balances (12,177)$ (1,045,834)$ 8,059,768$
Debt services as a percentage of non-capital
11.60%8.98%9.00%
Source: Annual Comprehensive Financial Report of the City.
expenditures
CITY OF TIGARD, OREGON
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
for the last ten fiscal years
(modified accrual basis of accounting)
228
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2017 2018 2019 2020 2021 2022 2023
20,704,055$ 21,822,129$ 25,248,472$ 25,582,940$ 29,710,860$ 31,594,698$ 33,805,708$
844,866 887,038 888,913 831,411 695,284 819,817 816,290
5,886,791 6,102,443 6,218,353 6,365,589 6,980,858 7,272,781 7,883,123
52,146 50,036 59,999 46,554 90,251 71,140 32,136
6,662,790 7,648,235 5,178,056 4,050,568 3,705,222 4,438,449 5,320,101
8,228,693 8,737,359 9,498,510 9,364,516 12,635,993 15,332,768 8,009,367
5,930,289 6,636,913 4,648,396 5,369,990 5,553,225 6,529,148 6,806,659
11,733,901 9,860,311 4,240,910 5,606,246 5,124,725 4,410,347 8,920,940
713,059 698,508 843,100 828,444 1,521,113 1,957,175 2,848,638
799,748 1,659,107 2,343,694 2,315,941 511,899 (2,102,968) 3,854,376
349,098 1,204,701 1,284,229 526,208 611,322 531,363 129,841
61,905,436 65,306,780 60,452,632 60,888,407 67,140,752 70,854,718 78,427,179
21,925,169 22,631,248 22,051,531 23,708,112 28,732,927 27,396,574 31,874,127
8,291,205 8,899,175 6,105,157 6,153,581 6,881,610 7,358,243 7,973,375
5,807,836 5,345,399 5,272,175 5,875,274 6,827,722 6,050,814 8,946,937
787,681 795,586 993,346 843,032 1,029,244 1,212,217 1,360,826
2,378,100 2,454,000 2,530,800 3,117,619 2,205,000 2,777,000 3,109,700
977,539 892,206 799,646 809,003 568,882 630,131 610,507
- - - 5,725,537 - - -
- - - 59,234 - - -
4,705,720 6,742,438 8,907,102 8,064,935 9,930,747 8,400,434 18,531,618
44,873,250 47,760,052 46,659,757 54,356,327 56,176,132 53,825,413 72,407,090
17,032,186 17,546,728 13,792,875 6,532,080 10,964,620 17,029,305 6,020,089
- - - 11,910,000 - 9,312,400 -
4,755,215 4,174,624 8,808,520 6,385,695 8,121,091 7,543,089 14,187,425
(5,049,792) (4,662,990) (9,952,900) (7,043,924) (9,034,740) (8,509,681) (23,603,891)
(294,577) (488,366) (1,144,380) 11,251,771 (913,649) 8,345,808 (9,416,466)
16,737,609$ 17,058,362$ 12,648,495$ 17,783,851$ 10,050,971$ 25,375,113$ (3,396,377)$
8.56%8.28%8.82%8.48%5.81%8.11%7.42%
229
Fiscal
Year Ended
June 30
Fees, Fines
and Charges
for Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions Taxes
Franchise
Fees
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
2023 16,648,049 11,630,053 11,972,303 26,011,521 7,765,651
Fiscal
Year Ended
June 30
Charges
for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions Taxes
Franchise
Fees
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 - -
2023 36,538,333 - 4,436,172 - -
Source: Annual Comprehensive Financial Report of the City - Statement of Activities.
Program Revenues
CITY OF TIGARD, OREGON
GOVERNMENTAL REVENUES
For the last ten fiscal years
CITY OF TIGARD, OREGON
BUSINESS-TYPE REVENUES
For the last ten fiscal years
Program Revenues
230
Intergovernmental
Revenues
Investment
Earnings
(Loss)
Gain (Loss) on
Disposition of
Capital Assets Miscellaneous Total
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
3,856,820 4,654,377 - 319,841 82,858,615
Intergovernmental
Revenues
Investment
Earnings
(Loss)
Gain (Loss) on
Disposition of
Capital Assets Miscellaneous Total
-$ 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
- 2,578,236 - 141,451 43,694,192
General Revenues
General Revenues
231
Fiscal
Year Ended Community Community Policy and
June 30 Services Public Works Development Administration
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
2023 31,597,313 14,589,053 8,905,011 1,176,827
Fiscal
Year Ended
June 30 Sewer Stormwater Water Total
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
2023 3,406,337 4,376,231 19,051,074 26,833,642
Source: Annual Comprehensive Financial Report of the City.
For the last ten fiscal years
CITY OF TIGARD, OREGON
GOVERNMENTAL EXPENSES BY FUNCTION
For the last ten fiscal years
CITY OF TIGARD, OREGON
BUSINESS-TYPE EXPENSES BY FUNCTION
232
Interest on
Long-Term
Debt Total
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
604,699 56,872,903
233
Fiscal Licenses Inter-
Year Ended Franchise and governmental
June 30 Taxes Fees Permits Revenues
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
2023 34,621,998 7,883,123 5,320,101 8,009,367
* Includes special assessments collections, investment earnings (loss), and other revenues.
Source: Annual Comprehensive Financial Report for all Governmental Fund Types
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCES -
BUDGETARY BASIS
For the last ten fiscal years
234
Charges System
For Development Fines and Miscellaneous
Services Charges Forfeitures Revenues *Total
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
6,806,659 8,920,940 2,848,638 4,016,353 78,427,179
235
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
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
2023 31,874,127 16,920,312 1,360,826 18,531,618 3,720,207 72,407,090
Source: Annual Comprehensive Financial Report for all Governmental Fund Types
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
BUDGETARY BASIS
For the last ten fiscal years
236
Fiscal 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
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 3.35 12,790,362,675 57.70%
2022 7,159,650,490 294,394,734 192,137,300 7,646,182,524 3.40 13,613,164,237 56.17%
2023 7,450,122,850 295,490,460 210,168,600 7,955,781,910 3.44 15,936,353,145 49.92%
* per $1,000 of assessed value/including phase in rates
Source: Washington County Assessment and Taxation
Assessed Value
CITY OF TIGARD, OREGON
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY
For the last ten fiscal years
237
Fiscal Total
Year Ended Perm Debt Local Option Urban City of Washington
June 30 Rate Svc Levy Renewal Phase In Tigard County
2014 2.51$ 0.44$ 0.06$ 0.43$ 3.44$ 2.96$
2015 2.51 0.42 0.07 1.24 4.24 2.83
2016 2.51 0.42 0.07 2.51 5.52 2.83
2017 2.51 0.39 0.08 1.68 4.66 2.95
2018 2.51 0.36 0.08 - 2.95 2.94
2019 2.51 0.35 0.08 - 2.95 2.94
2020 2.51 0.34 0.17 - 3.02 2.93
2021 2.51 0.33 0.29 0.21 - 3.35 2.96
2022 2.51 0.34 0.29 0.25 - 3.40 3.01
2023 2.51 0.34 0.29 0.30 - 3.44 3.00
Direct Rates
City of Tigard
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
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/$1,000.
Source: Washington County Department of Assessment and Taxation.
238
Tigard/ Washington
Tualatin Beaverton Tualatin County Hillsboro Total Direct
School School Valley Rural Fire Portland School Other &
District District Fire & Rescue District Community District Taxing Overlapping
No. 23-J No. 48-J District No. 2 College No. 1-J Agencies Rates
7.41$ 8.05$ 1.91$ 1.69$ 0.73$ 7.41$ 0.78$ 34.38$
7.43 8.04 1.88 - 0.72 - 0.77 25.91
7.43 7.96 2.10 - 0.58 - 0.70 27.11
7.41 7.92 2.09 - 0.68 - 0.71 26.42
7.73 8.05 2.07 - 0.60 - 0.80 25.15
7.71 8.02 2.07 - 0.69 - 0.85 25.24
7.70 7.91 2.05 - 0.68 - 1.03 25.33
7.79 8.03 2.12 - 0.68 - 1.03 25.95
7.78 8.03 2.12 - 0.66 - 1.06 26.06
7.74 8.19 2.11 - 0.67 - 1.03 26.19
Overlapping Rates
239
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% 149,069,426$ 1 3.81%
PPR Washington Square LLC 155,486,561 2 2.21%81,987,770 2 2.10%
Lincoln Center LLC 112,140,241 3 1.59%70,459,982 3 1.80%
Portland General Electric 53,212,000 4 0.76%27,993,097 6 0.72%
Comcast Corporation 48,217,000 5 0.68%
ROIC Oregon LLC 39,708,780 6 0.56%
Northwest Natural Gas 39,262,000 7 0.56%22,926,300 7 0.59%
PPR Square Too LLC 38,379,970 8 0.54%
KW Fund VI Arbor Heights LLC 29,808,120 9 0.42%
Icon Owner Pool 1 West LLC 29,596,210 10 0.42%21,297,560 8 0.54%
Frontier Communications 50,038,200 4 1.28%
Walton CWOR Park LLC 31,848,060 5 0.81%
Constance Robinson (Trust)20,747,710 9 0.53%
Macy's Department Stores 18,888,280 10 0.48%
Total 804,008,449$ 11.41%495,256,385$ 12.66%
Source: Washington County Assessment & Taxation records.
2023 2014
CITY OF TIGARD, OREGON
PRINCIPAL PROPERTY TAXPAYERS
For current and nine years ago
240
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
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%
2023 24,609,140 23,587,963 95.85%232,895 23,820,858 96.80%355,514 1.44%
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 682.
2021 Increase is new Public Safety Tax levy
CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
For the last ten fiscal years
241
Fiscal Current Ratio of Total
Year Ended Assessments Assessments Collections Assessments Outstanding
June 30 Due
(1)Collected (2)to Amount Due Added Assessments
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%- -
2023 - - 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.
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS
For the last ten fiscal years
242
Percent of
Fiscal Total General Debt Service to
Year Ended Total Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
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%
2023 3,109,700 610,507 3,720,207 72,407,090 5.14%
Source: Annual Comprehensive Financial Report of the City.
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
243
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
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
2023 55,868 7,955,781,910 21,069,771 6,477,793 14,591,978 0.18%261.19
Source: City budget documents, Annual Comprehensive Financial Reports of the City and Washington Department of
Assessment and Taxation.
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
244
Percent Amount
Applicable Applicable
Net Debt Inside City of Inside City of
Jurisdiction Outstanding Tigard *Tigard
Tigard/Tualatin School District #23-J 298,969,280$ 49.77%148,797,011$
Tualatin Hills Park & Rec District 47,825,680$ 0.00%48
Metro 822,713,920 3.48%28,665,821
Beaverton School District #48 1,155,458,918 3.72%42,964,584
Portland Community College 669,475,000 4.38%29,300,243
Washington County 163,168,758 10.18%16,614,496
Northwest Regional ESD 13,670,000 8.10%1,107,366
Tualatin Valley Fire & Rescue District 55,780,000 10.92%6,093,351
Sub-Total of Overlapping Debt 3,227,061,556 273,542,920
City of Tigard 21,069,771 100.00% 21,069,771
Total for Overlapping Debt 3,248,131,327$ 294,612,691$
* The City of Tigard does not calculate this percentage; it is provided by the State of Oregon.
Source: Oregon State Treasury Debt Management Division.
CITY OF TIGARD, OREGON
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30, 2023
245
2014 2015 2016 2017
Debt limit 210,982,614$ 230,989,826$ 242,482,552$ 269,677,150$
Total net debt applicable to limit 26,820,000 24,775,000 22,670,000 20,505,000
Legal debt margin 184,162,614$ 206,214,826$ 219,812,552$ 249,172,150$
Total net debt applicable to the limit
as a percentage of debt limit 12.71%10.73%9.35%7.60%
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.
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
For the last ten fiscal years
246
2018 2019 2020 2021 2022 2023
296,512,995$ 322,625,386$ 338,510,748$ 383,710,880$ 478,090,594$ 478,090,594
18,269,800 15,965,000 19,840,000 17,635,000 24,170,400 21,060,700
137,195,419$ 306,660,386$ 318,670,748$ 366,075,880$ 453,920,194$ 457,029,894
6.16%4.95%5.86%4.60%5.06%
Legal Debt Margin Calculation at June 30, 2023
True cash value (2022-2023) 15,936,353,145$
Limit as a percent 3%
Debt Limit (as a percent of real market value)478,090,594
Debt applicable to limit:
Gross bonded debt 21,069,771$
Excludable debt - Bancroft improvement bonds, bond premium,
capital lease and commercial bank loan (9,071)
Debt subject to limitation 21,060,700
Legal debt margin - amount available for future indebtedness 457,029,894
Total net debt applicable to the limit as a percent of debt limit 4.41%
247
Fiscal General Bank
Year Ended Obligation Bancroft Loan Capital
June 30 Population Bonded Debt Bonded Debt Payable Lease
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 - - -
2023 55,868 21,069,771 - - -
Governmental Activities
CITY OF TIGARD, OREGON
RATIO OF DEBT BY TYPE
For the last ten fiscal years
* 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 Department of
Assessment and Taxation.
248
Percentage
Notes Payable Revenue Total Primary of Personal Per
Debt Bonds *Government Income **Capita
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
1,234,469 118,379,855 140,684,095 5.05%2,518
Business-type Activities
249
2014 2015 2016
Gross revenues 16,079,753$ 18,944,301$ 20,918,497$
System Development Charges (SDC) related:
SDC Fund investment earnings (loss)- 9,294 35,173
Reimbursement fee receipts (2)442,651 308,896 1,242,297
Improvement fee receipts (3)389,460 503,853 1,569,645
Total SDC-related 832,111 822,043 2,847,115
Operating expense:
Salaries and wages 1,225,170 1,462,677 1,117,286
Contracted services 400,972 336,178 353,396
Water purchases 3,199,292 2,644,491 4,212,357
General, admin and other 2,548,678 2,781,892 3,111,194
Total operating expenses 7,374,112 7,225,238 8,794,233
Net revenues (including SDCs)9,537,752 12,541,106 14,971,379
Net revenues (excluding SDCs)8,705,641$ 11,719,063$ 12,124,264$
Debt service - first lien bonds:
2012 bonds 4,719,850$ 4,719,850$ 4,719,850$
2015 bonds - - 1,378,238
2020 bonds - - -
Total debt service 4,719,850$ 4,719,850$ 6,098,088$
Debt service coverage - first lien bonds
(excluding system development charges)1.84 2.48 1.99
(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.
CITY OF TIGARD, OREGON
COMPUTATION OF WATER REVENUE BONDS
DEBT COVERAGE
For the last ten fiscal years
250
2017 2018 2019 2020 2021 2022 2023
20,926,322$ 23,078,014$ 23,751,073$ 22,607,832$ 24,836,173$ 24,065,642$ 27,296,414$
6,660 4,694 343,069 351,524 68,639 (247,814) 366,519
3,010,263 1,924,587 921,379 1,258,967 934,950 1,034,638 1,442,870
3,521,776 2,319,737 949,056 1,600,366 1,120,049 1,320,695 1,740,326
6,538,699 4,249,018 2,213,504 3,210,857 2,123,638 2,107,519 3,549,715
1,148,575 874,348 1,005,720 1,172,511 1,216,954 1,120,169 1,130,422
445,840 407,450 453,971 704,045 708,202 318,806 612,201
1,339,637 1,869,824 1,685,669 1,685,705 1,755,408 1,787,040 1,892,114
3,572,450 3,931,142 4,498,769 5,258,318 6,096,039 6,129,769 6,580,214
6,506,502 7,082,764 7,644,129 8,820,579 9,776,603 9,355,784 10,214,951
20,958,519 20,244,268 18,320,448 16,998,110 17,183,208 16,817,377 20,631,178
14,419,820$ 15,995,250$ 16,106,944$ 13,787,253$ 15,059,570$ 14,709,858$ 17,081,463$
6,561,800$ 6,561,050$ 6,563,750$ 6,563,050$ 2,331,580$ 2,412,300$ 2,412,300$
1,670,300 1,667,900 1,666,000 1,668,800 1,666,300 1,668,500 1,668,500
- - - - 2,961,663 2,962,463 2,962,463
8,232,100$ 8,228,950$ 8,229,750$ 8,231,850$ 6,959,543$ 7,043,263$ 7,043,263$
1.75 1.94 1.96 1.67 2.16 2.09 2.43
251
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 (3)of dollars) (3)Area (4)
2014 50,444 113,195$ 12,718 33,709$ $1,700,417 6.1%
2015 50,787 116,321 12,676 34,878 1,771,349 5.4%
2016 51,253 119,476 12,718 35,837 1,836,754 4.9%
2017 51,902 124,309 12,808 34,312 1,780,861 3.7%
2018 52,785 128,182 12,890 34,755 1,834,543 3.6%
2019 53,450 126,587 12,701 36,281 1,939,219 4.0%
2020 54,520 129,244 12,624 39,040 2,128,461 11.5%
2021 54,539 135,316 11,764 40,350 2,200,649 4.4%
2022 55,854 136,896 11,860 41,370 2,310,680 3.5%
2023 55,868 142,403 11,764 49,836 2,784,238 3.0%
Sources of Information:
(1) Portland State University Population Research Center
(2) Tigard/Tualatin School District #23-J - NCES - City student totals not available
(3) Washington State University - Northwest Income Indicators Project & US Census Bureau
(4) US Department of Labor, Bureau of Labor Statistics
CITY OF TIGARD, OREGON
DEMOGRAPHICS STATISTICS
For the last ten fiscal years
252
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Tigard - Tualatin School District #23-J 1,400 1 4.37%779 2 2.76%
Consumer Cellular 461 2 1.44%
Nordstrom 440 3 1.37%422 3 1.49%
Costco Wholesale Corporation 403 4 1.26%273 6 0.97%
Conduent Inc 367 5 1.14%
City of Tigard 352 6 1.10%257 7 0.91%
Comcast 313 7 0.98%
Macy's Department Stores 268 8 0.84%404 4 1.43%
Cheesecake Factory 250 9 0.78%250 8 0.89%
Biamp Systems 245 10 0.76%
Capital One 861 1 3.05%
Oregon Public Employees Retirement 396 5 1.40%
Home Depot 241 9 0.85%
Gerber Legendary Blades 232 10 0.82%
Total 4,499 14.03%4,115 14.57%
2023 2014
CITY OF TIGARD, OREGON
PRINCIPAL EMPLOYERS
For current year and nine years ago
Source: City of Tigard Business License Records
253
Fiscal
Year Ended Number of Number of
June 30 Permits Value Permits Value
2014 9 24,964,563$ 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
2023 14 88,837,838 201 88,054,231
(1) From City of Tigard Building Department. Multi-family permits are included in the number of permits issued for
residential construction.
Commercial Construction (1)Residential Construction (1)
CITY OF TIGARD, OREGON
PROPERTY VALUE AND CONSTRUCTION
For the last ten fiscal years
254
Function / Program 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
GOVERNMENTAL ACTIVITIES
Community services
Police 84.50 82.50 83.50 87.50 88.50 84.50 85.00 97.00 94.00 93.00
Library 34.80 34.80 38.30 39.70 40.90 38.80 39.20 39.20 39.20 39.30
Public works
Administration 9.20 9.20 9.00 9.50 9.75 9.00 9.95 8.95 10.00 11.00
Parks maintenance 9.75 10.75 11.67 12.17 10.40 10.50 12.50 15.30 15.40 15.40
Recreation - - - 0.33 2.35 1.00 2.35 2.45 2.65 2.65
Street maintenance 7.25 7.25 6.33 7.00 7.45 7.50 8.25 7.30 7.00 7.00
Healthy Streams - - - - - - - - - -
Engineering 13.00 14.00 14.00 17.00 19.00 19.00 20.00 23.00 22.00 22.00
Community development
Administration 2.00 2.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Building inspection 8.80 9.00 9.00 13.00 13.00 13.60 14.10 15.35 15.35 16.35
Development Services (a)3.80 3.80 3.80 - - - - - - -
Community Planning 9.00 9.00 9.00 13.50 13.50 12.65 12.65 13.65 15.65 14.65
Economic Development 2.00 2.00 2.00 2.00 3.00 2.00 3.00 3.00 3.00 3.00
Policy and Administration
City management 4.00 5.00 5.50 4.90 5.90 3.90 3.90 4.90 4.90 8.90
City attorney (b) - - - - - 1.10 1.10 1.10 1.10 1.10
Human resources 4.80 4.50 4.80 4.50 4.34 4.14 4.14 5.00 5.00 5.00
Information technology 5.80 7.00 7.00 8.00 9.00 9.00 12.00 12.00 18.00 20.00
Risk management 2.10 2.10 2.30 1.50 1.76 1.76 2.06 2.00 2.10 2.30
Finance administration 3.00 3.00 3.00 3.00 3.50 3.00 3.00 4.00 4.00 5.00
Financial operations 4.60 4.60 4.60 4.80 5.30 4.80 4.80 5.80 5.80 5.80
Utility Billing 6.80 6.80 6.80 6.80 7.20 7.20 7.70 7.70 7.20 7.20
Design & Communication 3.05 3.05 3.05 4.25 4.75 4.75 5.35 5.60 5.60 5.35
Contracts & Purchasing 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50 3.00 3.00
City Recorder/Records 4.15 4.15 3.35 3.85 3.85 3.85 3.25 3.25 3.25 3.00
Municipal court 3.65 3.65 3.65 3.50 3.50 3.50 6.50 9.90 9.90 9.65
Fleet maintenance (c)0.95 1.95 1.80 2.35 2.85 2.60 2.60 2.75 2.75 2.50
Property management (c)3.85 4.85 5.20 4.90 6.55 6.65 6.65 6.50 7.50 7.00
BUSINESS-TYPE ACTIVITIES
Public works
Sanitary sewer 6.50 5.50 6.00 6.50 6.25 6.25 5.50 5.50 5.60 5.60
Stormwater 5.50 6.50 7.00 7.50 9.00 8.25 5.75 5.50 5.60 5.60
Water 12.00 13.00 13.00 13.00 11.25 12.50 14.05 14.05 13.80 13.80
Green team - - - - - - 4.00 4.30 4.30 4.30
Total 256.85 261.95 268.65 286.05 297.85 286.80 304.85 330.55 336.65 342.45
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.
CITY OF TIGARD, OREGON
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
For the last ten fiscal years
255
Functions/Programs 2014 2015 2016
GOVERNMENTAL ACTIVITIES
Community services
Police-number of traffic citations issued 7,177 6,462 5,745
Police-number of calls for service 48,840 47,247 43,299
Library-number of items in collection 245,000 248,225 253,725
Library-materials checked out each year 1,385,376 1,280,376 1,243,774
Public works
Acres of park land maintained 253 255 301
Crack sealing completed annually (linear feet)160,000 160,000 160,000
Vehicles maintained to industry standard 157 160 146
Community development
Number of inspections (Tigard)12,382 9,009 10,814
Number of permits (all types) in Tigard 3,404 2,958 3,860
Number of development applications 341 251 388
Policy and administration
Number of job applications 2,000 2,100 2,200
Laptops and computers to maintain 523 525 530
Insured value of city's real property**** (in millions)82$ 82$ 82$
Number of utility bills sent 241,500 244,000 256,500
Average fine amount collected 140$ 160$ 160$
BUSINESS-TYPE ACTIVITIES
Sewer
Miles of sewer lines cleaned 42 42 42
Miles of sewer lines video inspected 21 21 24
Stormwater
Miles of stormwater lines cleaned 21 21 21
Number of water quality facilities improved 126 126 126
Total number of catch basins cleaned 2,840 2,840 2,917
Water
Number of accounts 18,445 18,524 18,767
**** Includes value of contents of buildings.
Source: City of Tigard Finance Department
CITY OF TIGARD, OREGON
OPERATING INDICATORS BY FUNCTION/PROGRAM
For the last ten fiscal years
256
2017 2018 2019 2020 2021 2022 2023
5,057 5,260 5,972 5,167 16,504 23,790 17,315
41,874 42,075 42,482 38,810 35,441 35,886 34,829
229,344 238,919 220,877 222,438 235,894 254,822 210,000
1,159,446 1,227,561 1,216,642 1,310,382 1,157,942 1,186,552 1,200,000
301 305 306 311 389 550 389
107,727 262,659 92,400 521,298 760,682 - -
162 152 156 164 161 160 161
27,551 25,793 17,540 18,736 14,503 18,442 18,470
4,281 4,189 3,776 3,384 3,507 4,609 4,106
818 843 876 875 984 986 924
3,726 2,605 3,393 2,503 3,302 3,567 2,563
585 593 601 702 741 788 766
120$ 122$ 129$ 130$ 133$ 135$ 143$
248,560 254,150 258,252 260,260 262,490 268,092 262,382
149$ 133$ 119$ 109$ 79$ 89$ 100$
51 57 59 63 54 46 58
23 29 30 25 46 25 27
23 20 26 21 21 14 -
133 138 143 152 181 186 200
3,939 2,620 2,737 2,864 2,904 1,358 2,376
19,311 19,689 19,849 20,064 20,196 20,269 20,395
257
Functions/Programs 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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 21 24 24 29 31 33 35
Acres of park and greenspaces 499 514 514 548 552 553 558 558 558 563
Miles of streets 150.0 150.0 150.0 157.0 175.7 175.7 189.7 324.0 326.0 326.0
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 166.9 166.9 168.0 168.3 168.5 168.7 168.7 168.7 168.7 168.7
Stormwater
Total miles of stormwater lines 130.0 130.0 130.0 131.2 131.8 136.7 135.1 135.1 135.1 135.1
Number of water quality facilities 126 126 126 164 210 240 240 240 240 240
Water
Water mains in miles 248.0 248.0 248.0 251.3 251.3 260.0 260.0 265.0 265.0 265.0
Number of reservoirs 13 13 14 14 14 14 14 14 14 14
Source: City of Tigard Finance Department
CITY OF TIGARD, OREGON
CAPITAL ASSETS STATISTICS BY FUNCTION
For the last ten fiscal years
258
Date of Incorporation 1961
Form of government Mayor / Council with a City Manager as the administrative head of the
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 18
- Number of teachers\FTE 695
- Number of students 11,764
Building Permits issued (2022-2023) 809
Recreation and culture:
- Number of parks 27 developed and 8 underdeveloped, totaling 35 at 389 acres
- Greenways 168.78 acres
- Number of libraries 1
- Number of volumes (estimated) 210,000
Employees:
- Classified service (union) 200
- Unclassified (non-union) 182
Information obtained from the various departments of the City of Tigard and Tigard/Tualatin School District #23-J
City student totals not available.
June 30, 2023
CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
259
No content appears on this page by design.
260
Audit Comments and
Disclosure Requirements
261
262
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, 2023, and the
related notes to the financial statements, which collectively comprise the City’s basic financial
statements, and have issued our report thereon dated February 27, 2024.
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.
263
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.
Portland, Oregon
February 27, 2024
264
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, 2023, and the related notes
to the financial statements, which collectively comprise City’s basic financial statements, and have
issued our report thereon dated February 27, 2024.
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
265
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 certain corporate bond investments that had credit ratings below
the limits set under ORS 294.035
The City had over-expenditures of $968 in the General Obligation Debt Service Fund for the year
ended June 30, 2023.
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.
Keith Simovic, Partner for
Moss Adams LLP
Portland, Oregon
February 27, 2024
266
267
13125 SW Hall Boulevard, Tigard, Oregon 97223 • www.tigard-or.gov
TigardCITY OF