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I CITY OF TIGARD, OREGON
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
for the fiscal year ended June 30, 2001
I Prepared by:
City of Tigard — Finance Department
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City of Tigard, Oregon
Table of Contents
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INTRODUCTORY SECTION:
Letter of Transmittal I '
Mayor and City Council Members XI
Organization Chart XII
Certificate of Achievement for Excellence in Financial Reporting XIII
FINANCIAL SECTION:
Report of Independent Accountants 1
GENERAL PURPOSE FINANCIAL STATEMENTS
( "Liftable" Financial Statements):
Combined Balance Sheet - All Fund Types and Account Groups 2
Combined Statement of Revenues, Expenditures and Changes '
in Fund Balances - All Governmental Fund Types 3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental
Fund Types 4
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings - All Enterprise Fund Types 5
Combined Statement of Cash Flows - All Enterprise Funds 6
Statement of Plan Net Assets - Pension Trust Fund 7
Statement of Changes in Plan Net Assets - Pension Trust Fund 7
Notes to General Purpose Financial Statements 8
SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial Schedules):
111
General Fund:
Schedule of Revenues and Expenditures - Budget and Actual 24
Special Revenue Funds:
Combining Balance Sheet 25
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances 26
Schedules of Revenues and Expenditures - Budget and Actual:
Criminal Forfeiture Fund 27
State Gas Tax Street Fund 28
Parks SDC Fund 29
County Gas Tax Fund 30
Traffic Impact Fund 31
Electrical Inspection Fund 32
Underground Utility Fund 33
Workers' Compensation Fund 34
Building Fund 35
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City of Tigard, Oregon
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I Table of Contents
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FINANCIAL SECTION, Continued:
SUPPLEMENTARY DATA (Combining and Individual Fund and Account
I Group Statements and Other Financial Schedules), Continued:
Special Revenue Funds, Continued:
I Schedules of Revenues and Expenditures - Budget and Actual:
Continued:
Urban Services Traffic Impact Fee Fund 36
I Urban Services Fund 37
Tree Replacement Fund 38
I Debt Service Funds:
Combining Balance Sheet 39
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 40
I Schedules of Revenues and Expenditures - Budget and Actual:
General Obligation Bond Debt Service Fund 41
Bancroft Bond Debt Service Fund 42
I Capital Projects Funds:
Combining Balance Sheet 43
Combining Statement of Revenues, Expenditures and
I Changes in Fund Balances 44
Schedules of Revenues and Expenditures - Budget and Actual:
69th Avenue Local Improvement District Fund 45
Dartmouth Local Improvement District Fund 46
I Metro Greenspaces Fund 47
Park Levy Improvement Fund 48
Facility Fund 49
I Enterprise Funds:
Combining Balance Sheet 50
I Combining Statement of Revenues, Expenses and Changes
in Retained Earnings 51
Combining Statement of Cash Flows 52
I Schedules of Revenues and Expenditures - Budget and Actual:
Sewer Fund 53
Storm Drainage Fund 54
Water Quality & Quantity Fund 55
I Water General Fund 56
Water Systems Development Fund 57
Water Capital Projects Fund 58
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City of Tigard, Oregon
Table of Contents Page
FINANCIAL SECTION, Continued:
SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and Other Financial Schedules), Continued:
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 59
Schedule of General Fixed Assets - By Function and Activity 60
Schedule of Changes in General Fixed Assets - By Function and Activity 61
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 62
Schedule of Bond and Bond Interest Transactions 63
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 64
Schedule of Future Debt Service Requirements of
General Obligation Bonds 65
STATISTICAL SECTION:
General Governmental Expenditures By Function - Budgetary Basis -
for the last ten fiscal years 66
General Governmental Revenues By Sources - Budgetary Basis -
for the last ten fiscal years 67
Property Tax Levies and Collections - for the last ten fiscal years 68
Market Value and Assessed Value of Taxable Property -
for the last ten years 69
Special Assessment Collections - for the last ten fiscal years 70
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 71
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 72
Computation of Legal Debt Margin - June 30, 2000 73
Computation of Overlapping General Obligation Debt - June 30, 2000 74
Ratio of Annual Debt Service Expenditures for Long -Term Debt to
Total General Governmental Expenditures
for the last ten years 75
Property Value, Construction - for the last ten fiscal years 76
Principal Taxpayers - June 30, 2000 77
Demographic Statistics - for the last ten fiscal years 78
Miscellaneous Statistical Data - June 30, 2000 79
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
STATE REGULATIONS:
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Auditors' Comments and Disclosures
Off,
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1 December 17, 2001
CITY OF TM
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Citizens of Tigard OREGON
Honorable Mayor
Members of the City Council
It is our pleasure to submit to you the Comprehensive Annual Financial Report of the
City of Tigard, Oregon, for the fiscal year ended June 30, 2001.
This report was prepared by the City's Finance Department. Responsibility for both the
accuracy of presented data and the completeness and fairness of presentation, including
' all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed
data is presented accurately in all material respects, along with disclosures necessary to
ensure that the reader may gain maximum understanding of the City's financial position
and results of operations of the various funds and account groups of the City.
The Comprehensive Annual Financial Report is presented in four sections:
1. Introductor — I ncludes the table of contents, a list of the City's principal officials,
Introductory tY
the City organization chart, and this transmittal letter.
2. Financial — Includes the report of independent accountants, general purpose financial
statements, including notes to the financial statements, detailed combining and
individual fund and account group financial statements and schedules, and any
required supplementary schedules.
3. Statistical Tables — Includes selected general and financial information presented on
a multi -year, comparative basis.
1 4. Audit Comments and Disclosures Section — Includes the independent accountants'
comments and disclosure, as required by State regulations.
The report includes all funds and account groups of the City under the direction of the
City Council. Tigard/Tualatin School District, Tualatin Valley Water District, and
' Tualatin Valley Fire and Rescue District operate within the City limits but do not meet
the established criteria for inclusion in this reporting entity and, accordingly, are excluded
from this report.
Organization Overview
' The City of Tigard is located in eastern Washington County just 12 miles southwest of
downtown Portland, Oregon. Tigard has continued to be one of the fastest growing cities
in Washington County and, with a population of approximately 42,260, is the eleventh
largest city in the State.
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13125 SW Hall Blvd., Tigard, OR 97223 (503) 639 -4171 TDD (503) 684 -2772
Incorporated in 1961, the City of Tigard 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 citizen awareness and
involvement. '
The City Council appoints the City Manager, administrative head of the City government.
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 the following direct services: I
• Police
• Library
• Road and street maintenance and construction
• Park facilities and maintenance I
• Community development activities, including the following:
♦ Planning '
• Building Inspection
♦ Engineering
• Street Lights
• Water 111 • Municipal Court
The City also maintains the wastewater and storm drainage system within the City limits
under an agreement with Clean Water Services (formerly named Unified Sewerage
Agency).
Economic Outlook '
Tigard's location in the Portland metropolitan area provides its citizens with many
diverse employment opportunities. The Portland Metropolitan Statistical Area (PMSA)
has a labor force of over 1.2 million workers. The unemployment rate in the Portland
metropolitan area averaged 4.5% during fiscal year 2001. However, because of the
recent downturn of the economy in both the State of Oregon and throughout the nation,
the unemployment rate in September 2001 rose to 6.4 %.
Tigard's assessed value for 2001/02 is $3,254,596,701. Up until June 30, 1997, assessed '
value was required to be market value. A property tax limitation known as Measure 50,
which disconnected assessed value from market value for purposes of distributing I
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' property tax levies, was passed by the voters state -wide in May 1997. Measure 50
reduced assessed value for 1997/98 to the 1995/96 market value, less 10 %, plus the value
of new construction. Assessed value grows each year by the rate of increase in real
market value or 3 %, whichever is less, plus a pro -rata share of new construction and
annexations.
Tigard's real property market value for 2000/01 was $4,354,132,334, which represents a
10.56% increase over the previous year. With the implementation of Measure 50 future
growth in assessed value, however, is limited to 3% per year plus new construction. In
2000/01, however, new construction was valued at $161,451,091 which gave the City the
fourth year in a row where new construction produced additional property tax dollars.
With Measure 50, however, Tigard's taxing authority is limited to its permanent rate of
$2.51 per thousand dollars of assessed value.
The results of the first quarter for fiscal year 2002 are showing a decrease in building
activity from the same period last year. Residential permits alone decreased from 138 to
91 within the City limits and commercial activity showing a decrease from 13 to 6
' permits issued.
Financial Plan
The City has operated since 1980 using a five -year financial plan. Each plan sets forth
the activities and services that will be provided to citizens over the coming five -year
period. Along with the services to be provided, the plan calls for a certain level of
property taxation to support those services.
City management and elected officials use the five -year plan to evaluate annual financial
decisions and their future impacts. Each budget presented to the Budget Committee
' includes a comparison to the plan to ensure that the intent of the plan is continued from
year to year.
' The financial plan as adjusted at this time provides funding for City operations through
the year 2006.
The City's five -year financial plan shows that, overall, the City's financial condition is
good. The Plan does identify one problem area that requires immediate attention: the
Road Funds (State Gas Tax, County Gas Tax, Traffic Impact Fee Funds). The condition
' of the Road Funds in general, and the State Gas Tax Fund in particular, are largely
dependent upon State or County actions. The City continues to work with those entities
to address these issues.
The financial plan projects declining balances in the General Fund. However, the
General Fund currently contains a strong fund balance. The financial plan suggests
' continued diligence in controlling expenditures, combined with efforts to address revenue
needs.
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Major Initiatives
Work continues on obtaining a long -term source of drinking water for City residents. 1
The City currently purchases the majority of its water supply from the City of Portland
through a contract that extends through 2007. The City is reviewing the options that are
available to meet the future needs of this area.
Generous bequests to the City library totaling in excess of $870,000 in 1999 have
provided the opportunity to establish a construction reserve to expand or replace the
existing library. A committee comprised of citizens, staff, and Council evaluated options
and presented a recommendation to the Council to refer a General Obligation bond
measure to the voters in calendar year 2002.
The City will continue to support development of the Washington Square Regional
Center Plan. Further work on the need to coordinate the improvement of infrastructure at
the time of development will be completed during this next year. The Washington
Square area is one of three regional centers in Washington County and one of eight in the
metropolitan region. Estimates from a recently completed study show that this regional
center can accommodate 10,100 new jobs and 2,067 new housing units.
Financial Information /Condition
Management of the City is responsible for establishing and maintaining an internal
control system designed to ensure that the assets of the City are protected from loss, theft
or misuse and to ensure that adequate accounting data is compiled to allow for the
preparation of financial statements in conformity with generally accepted accounting ,
principles. The internal control system is designed to provide reasonable, but not
absolute, assurance that these objectives are met. The concept of reasonable assurance
recognizes that: (1) the cost of a control should not exceed the benefits likely to be I
derived; and (2) the valuation of costs and benefits requires estimates and judgments by
management.
The City Tigard Ti and finished 2000/01 still in a strong financial position. Tigard faired
better than most communities with the implementation of Measure 50 because voters had
passed an increased tax base in 1994 that was not levied until 1996/97. Because of the I
timing of the levy, it was recognized by Measure 50 and included in the permanent rate
calculation. Ending fund balances for most funds remain strong. All of these things
taken together make Tigard one of the most financially stable communities in the State
and more able to deal with growth and limitations on funding sources.
Fiscal Policies ,
The City of Tigard has an important responsibility to its citizens to carefully account for
public funds, manage municipal finances wisely, and plan adequate funding of services
and facilities desired and needed by the public.
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' In support of this effort, the City has established a set of fiscal policies to ensure that the
public's trust is upheld. With such fiscal policies, the City has established the framework
' under which it will conduct its fiscal affairs, ensuring that it is and will continue to be
capable of funding and providing outstanding local government services.
The goals of Tigard's fiscal policies are:
• To enhance the City Council's policy- making ability by providing accurate
information on program and operating costs.
• To assist sound management of the city government by providing accurate and timely
information on current and anticipated financial conditions.
• To provide sound principles to guide important decisions of the Council and
management which have significant fiscal impact.
• To set forth operational principles, which minimize the cost and financial risk of local
' government consistent with services, desired by the public.
• To 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.
• To provide and maintain essential public facilities, utilities, infrastructure, and capital
equipment.
• To protect and enhance the City's credit rating.
• To insure 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.
Budgeting Controls
In addition, the City maintains budgetary controls, to ensure compliance with legal
' provisions in the annual appropriated budget adopted by the Tigard City Council.
Activities of all funds are included in the annual adopted budget. The level of budgetary
control (that is, the level at which expenditures cannot legally exceed the appropriated
amount) is established by program within each individual fund.
As demonstrated by the statements and schedules included in the financial section of this
report, the city continues meeting its responsibility for sound financial management.
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General Governmental Functions
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The revenues and other financing sources for general governmental functions (all
governmental funds) on a generally accepted accounting principles basis totaled
$22,217,175 in fiscal year 2001. Revenues from various sources and changes from last
year are shown below:
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Increase/
Amount (Decrease) Percent I
Fiscal Year Percent from Fiscal Increase/
Functions 2001 of Total Year 2000 (Decrease)
Taxes $ 8,504,271 38.28% $ 682,052 7.97%
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Franchise Fees 2,063,978 9.29% 103,210 5.26%
Special
Assessments 290,268 1.31% (662,548) (69.54 %)
Licenses and
Permits 4,057,117 18.26% 1,785,969 78.64%
Intergovernmental I
Revenues 4,760,711 21.43% 101,916 2.19%
Charges for
Services 732,797 3.30% 57,474 8.51% I
Fines and
Forfeitures 367,732 1.65% (3,862) (1.04 %)
Miscellaneous
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Interest and 1,440,301 6.48% (1,011,061) (41.24 %)
Revenues
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Total $22,217,175 100.00% $ 999,150 4.71%
Property tax revenue increased over last year due to the new construction that occurred in I
the City. The reduction in special assessments is a result of final assessment and
collections from the Dartmouth LID that were previously collected. The major increase I
in licenses and permits is directly related to the increased construction levels during the
year as well as a fee increase that went into effect in September 2000. The significant
reduction in miscellaneous revenues is directly related to a sizable donation that the
library received in the previous year.
The following schedule presents a summary of program expenditures for all I
governmental funds, including debt service, for the fiscal year ended June 30, 2001, and
the changes from the prior year: I
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Increase/
I Amount Percent (Decrease)from Percent
Fiscal Year of Fiscal Year Increase/
Functions 2001 Total 2000 (Decrease)
I Community
Services $ 8,696,210 42.03% $ 373,986 4.49%
Public Works
I and Community
Development 4,832,637 23.36% 94,495 1.99%
Policy and
I Administration 2,593,816 12.53% 305,997 13.38%
Citywide
Support
I Function 16,021 0.08% (186,830) (92.10 %)
Capital
Improvements 3,878,933 18.75% 179,065 4.84%
I Debt Service 672,656 3.25% (2,026,682) (75.08 %)
Total $20,690,273 100.00% (1,259,969) (5.74 %)
I Total expenditures decreased (5.74 %). The increase in Policy and /administration is
primarily due to increased staff support and new initiatives. The reduction in citywide
I support is a result of budgeting utility costs in the City's building maintenance function.
The reduction in Debt Service is due to the payment of a bond anticipation note last fiscal
year and was no longer a requirement in FY 2001.
I Governmental Fund Balances
I Total governmental budgetary fund balances of the City were $17,623,963 at June 30,
2001, consisting of $7,317,984 in the General Fund, $7,083,137 in the Special Revenue
I Funds, $1,609,030 in the Debt Service Funds, and $1,613,812 in the Capital Projects
Funds.
I Enterprise Operations
The City's enterprise activities include sanitary sewer, storm sewer and water operations.
I Although Clean Water Services (formerly Unified Sewerage Agency) owns and operates
sewage treatment plants and sets the sewer rates, the City bills sewer accounts and
maintains all sewer lines within the city. The City also maintains the storm sewer
I system, and charges a monthly surface water fee at a rate set by the Regional Surface
Water Management Agency, a regional entity affiliated with Clean Water Services.
I Sanitary sewer operating revenues derived primarily from service charges amounted to
$1,690,745. Operating expenses totaled $905,727 resulting in net income of $1,251,228
after non - operating interest revenues totaling $466,210.
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Storm sewer operating revenues amounted to $1,155,995. Storm sewer operating '
expenses totaled $1,155,492 resulting in net income of $151,406 after non - operating
interest revenues totaling $150,903.
Water operating revenues derived from user charges amounted to $4,980,282. Operating
expenses totaled $5,522,688 resulting in a net income of $61,299 after non - operating
interest revenues of $603,705.
Pension Trust Funds
The City provides a retirement plan for each employee group. Non - police personnel,
including both management and non - management, are covered by ICMA money
purchase plans. Effective July 1, 1989, police personnel were included in the State of
Oregon Public Employees Retirement System. In addition, all employees have the option
to contribute to an ICMA deferred compensation program. The money purchase plans
are accounted for in a pension trust fund.
Cash Management I
Temporarily idle cash during the year with invested in accordance with the investment
policy approved by the City Council in certificates of deposit, banker's acceptances,
commercial paper, U.S. Treasury Agencies and Notes, and the State of Oregon Local
Government Investment Pool. Pension trust funds are invested by the agents with whom
investment funds have been deposited and are, therefore, not included in the city's
investment activities.
Results of investment activity for the fiscal year are shown below in comparison with the 1
previous year:
Investment Income 2001 2000
General Fund $ 503,570 $ 405,537
Special Revenue Funds 442,274 346,998
Capital Projects Fund 97,471 62,186
Debt Service Funds 51,402 38,247
Enterprise Funds 1,220,811 921,732
Pension Trust Fund (888,314) 941,410
Total $1,427,214 $2,716,110
The objective of the City's investment policy is to provide for the preservation of City
assets, to ensure such assets are available to meet obligations and to provide for a
reasonable rate of return on those assets. However, the City does not have direct control
over the Pension Trust Fund assets. These funds are invested by the pension fund
managers. Due to an economic downturn in the market, the fair value of these assets
decreased.
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I Risk Management
' The City has initiated a Risk Management Program to include regular risk categories
such as property and liability as well as workers' compensation. Such risks are currently
being insured by third party insurance companies, however, participation in insurance
pools and /or self - insurance is being discussed.
Debt Management
At June 30, 2001, the City has the following debt issues outstanding:
General Obligation Bonds — 1993 Series A $ 470,000
Bancroft Improvement Bonds — 1993 Series B 290,000
Limited Tax Improvement Bonds — Series 1998 1,222,168
Bond Anticipation Notes 3,730,097
Total $5,712,265
The State of Oregon mandates a general obligation debt limit of 3 percent of true cash
value of taxable property within the city boundaries. The limit totaled $130,623,970 at
' June 30, 2001. The City's debt subject to this limit was $470,000. Bancroft Bonds,
Limited Tax Improvement bonds and Bond Anticipation Notes are not subject to the
limitation. Therefore, $130,153,970 is available for future indebtedness.
The City has an Al bond rating from Mood 's Investment Services on its general
Y g Y g
' obligation bonds.
Independent Audit
Oregon State Law requires every municipal corporation to submit an annual financial
report to the Secretary of State and to have its combined financial statements audited by
an independent certified public accountant in accordance with generally accepted
auditing standards and the Minimum Standards for Audits of Oregon Municipal
Corporations as prescribed by the Secretary of State. The independent auditors' opinion
has been included in this report.
Awards
For the last seventeen consecutive years, the City has received the Certificate of
Achievement for Excellence in Financial Reporting from the Government Finance
Officers Association of the United States and Canada (GFOA). In order to be awarded a
Certificate of Achievement for Excellence, a governmental unit must publish an easily
readable and efficiently organized comprehensive annual financial report, which
conforms to program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements. In our opinion, this report
conforms to these standards.
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A Certificate of Achievement is valid for a period of one year only. We believe that our
current comprehensive annual financial report continues to meet the Certificate of
Achievement Program's requirements, and we are submitting to the GFOA to determine ,
its eligibility for another certificate.
In addition, the City also received the GFOA's Award for Distinguished Budget
Presentation for its last eleven adopted budgets. In order to qualify for the Distinguished
Budget Presentation Award, the City's budget document was judged to be proficient in
several categories including policy document, financial plan, operations guide and
communications device.
Acknowledgements '
The preparation of the comprehensive annual financial report was made possible by the
dedicated service of the entire staff of the Finance Department and our auditors, Pauly,
Rogers and Co., P.C. Each member of the Department has our sincere appreciation for
the contributions made in the preparation of this report.
In closing, without the leadership and support of the City Council of the City of Tigard,
preparation of this report would not have been possible.
Sincerely, I
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William A. Monahan Crai g Prosser
City Manager Finance Director '
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' City of Tigard, Oregon
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MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 2001
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Name Term Expires
Mayor James Griffith December 31, 2002
Councilor Craig Dirksen December 31, 2004
Councilor Brian Moore December 31, 2005
' Councilor Joyce Patton December 31, 2002
Councilor Ken Scheckla December 31, 2002
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William A. Monahan, City Manager
Crai g Prosser, Finance Director
LEGAL COUNSEL
Ramis, Crew, Corrigan & Bachrach
1727 NW Hoyt Street
Portland, OR 97209
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ORGANIZATION CHART 1
City of Tigard, Oregon
Citizens F,,,�
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Mayor & il City Pi
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City Council s Attorney
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City Manager t
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Police Library Public Works Community Engineering Cit Finance ,
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Administration Administration Administration Administration Engineering City Finance t
Department Management Department
Operations Readers Services Sanitary Sewer Building Inspection Street Lights /Signals Mayor & Financial ices
Council Operations
Support Technical Services Storm Sewer Current Human Resources Office Services
Services Planning
Circulation Water Long Range Risk Management Records
Planning
Street Network Services Municipal Court
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Maintenance
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Property Mgmt. 1
Parks and
Grounds
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Certificate of
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Achievement
1 for Excellence
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in Financial
Reporting
Presented to
City of Tigard,
Oregon
1 For its Comprehensive Annual
Financial Report
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June 30, 2000
A Certificate of Achievement for Excellence in Financial
1 Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
1 systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
.4'•U aN � , 10-444%-c-- xrreo Pt s Tn� 9 ee-
t COR `�' " resident
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Executive Director
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City of Tigard, Oregon
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MI N I I MI MI E r N N N I I• MI I I MI -
I FE® P A ULY, ROGERS AND CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
1 • 12700 SW 72ND AVENUE • TIGARD, OREGON 97223 November 2, 2001
• (503) 620 -2632 • FAX (503) 684 -7523
To the Honorable Mayor and
Members of the City Council
City of Tigard, Oregon
INDEPENDENT AUDITORS' REPORT
We have audited the general purpose financial statements of the City of Tigard, Oregon, as of
and for the year ended June 30, 2001 as listed in the table of contents. The general purpose
financial statements are the responsibility of the City's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the general purpose financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the general purpose financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Tigard, Oregon, as of June 30, 2001, and
the results of its operations, and the cash flows of its enterprise fund type for the year then
ended, in conformity with accounting principles generally accepted in the United States of
' America.
Our audit was conducted for the purpose of forming an opinion on the general purpose
' financial statements taken as a whole. The supplementary data of combining and individual
fund and account group statements and other financial schedules, as listed in the table of
contents is presented for purposes of additional analysis and is not a required part of the
general purpose financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and, in our opinion,
is fairly stated in all material respects in relation to the general purpose financial statements
taken as a whole.
The other data included in this report, designated as the statistical section in the table of
' contents, has not been audited by us, and accordingly, we express no opinion on such data.
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PAULY, ROGERS AND CO. P. C.
C.
CERTIFIED PUBLIC ACCOUNTANTS
TIGARD, OREGON 97223 1
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i General Purpose Financial Statements
CITY OF TIGARD, OREGON
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 2001
Governmental
I Fund Types
Special
ASSETS AND OTHER DEBITS • General Revenue
Assets:
Cash and investments $ 8,677,273 $ 7,647,712
Restricted cash and investments - -
Accounts receivable 32,949 125,394 1
Due from other funds - -
Property taxes receivable 343,342 -
Assessment liens receivable - 137,270
Prepaid insurance 20,413 -
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Inventory 20,154 -
Fixed assets, net - -
Other Debits:
* Amount available for retirement of general long -term debt - -
Amount to be provided for retirement of
general long -term debt - -
Total Assets and Other Debts $ 9,094,131 $ 7,910,376
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LIABILITIES, FUND EQUITY AND OTHER CREDITS
Liabilities
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Accounts payable and accrued liabilities $ 1,319,045 $ 332,404
Due to other funds - 30,325
Customer deposits 188,475 352,341
Deferred revenues:
Property taxes 268,627 - I
Assessment liens receivable - 112,169
Accrued interest on delinquent assessments - -
Accrued vacation payable - -
Bond anticipation notes payable - -
Bonds payable - -
Special assessment bonded debt
with government commitment - -
Total Liabilities 1,776,147 827,239
Equity and Other Credits:
Contributed capital - -
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Investment in general fixed assets - -
Retained eamings - -
Fund balances: 111 Reserved for prepaid insurance 20,413 -
Reserved for inventory 20,154 -
Reserved for employee retirement benefits - -
Unreserved and undesignated (Deficit) 7,277,417 7,083,137 1
Total Equity and Other Credits 7,317,984 7,083,137
Total Liabilities, Equity and Other Credits $ 9,094,131 $ 7,910,376
* The amount available for retirement of general long -term debt is the ending fund balance
in the General Obligation Debt Service Fund. (See Note 15)
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The accompanying notes are an intergral part of the general purpose financial statements.
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I CITY OF TIGARD, OREGON
COMBINED BALANCE SHEET
U ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 2001
I Governmental
Fund Types Proprietary Fiduciary
Fund Type Fund Type Account Groups
General Totals
Debt Capital Pension General Long -term (Memorandum
I Service Projects Enterprise Trust Fixed Assets Debt Only)
$ 865,429 $ 1,585,125 $ 15,399,094 $ 8,764,920 $ - $ - $ 42,939,553
=
3,325
4,707,337 - - 4,707,337
1,945,647 2,107,315
30,325 30,325
22,302 131 62 - - - 365,837
3,357,195 - - - - - 3,494,465
- -
- - - 20,413
119,555 139,709
- - 44,920,124 - 16,904,799 - 61,824,923
I _ - - - - 57,011 57,011
- 4,213,581 4,213,581
I $ 4,244,926 $ 1,618,906 $ 67,091,819 $ 8,764,920 $ 16,904,799 $ 4,270,592 $ 119,900,469
$ - $ 4,963 $ 1,247,655 $ $ - $ - $ 2,904,067
- - - 30,325
- - 80,061 - - - 620,877
I 16,506 131 _ - - 285,264
2,616,761 2,728,992
2,629 - - - - - 2,629
- 95,858 - - 573,424 669,282
I 2,015,097 _ - 1,715,000
- - - 470,000 3,730,097
470,000
- - - - - 1,512,168 1,512,168
I 4,650,993 5,094 1,423,636 - - 4,270,592 12,953,701
' 50,443,000 - 50,443,000 -
- - - 16,904,799 _ 16,904,799
15,225,183 15,225,183
_ - - - _ - 20,413
- 20,154
- - - 8,764,920 - - 8,764,920
(406,067) 1,613,812 - - - - 15,568,299
I (406,067) 1,613,812 65,668,183 8,764,920 16,904,799 106,946,768
$ 4,244,926 $ 1,618,906 $ 67,091,819 $ 8,764,920 $ 16,904,799 $ 4,270,592 $ 119,900,469
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��sAl/d �H��ry�p�l' 'I` 1 i
A AAO <saa '
City of Tigard, Oregon i
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I CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
I IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 2001
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Totals
I Special Debt Capital (Memorandum
Revenues: General Revenue Service Projects Only)
Taxes $ 8,211,925 $ - $ 292,325 $ 21 $ 8,504,271
Franchise fees 2,063,978 - - - 2,063,978
I Special assessments - 290,268 -
Licenses and permits 42,155 4,014,962 4,057,117
Intergovernmental revenues 2,497,992 2,100,903 - 161,816 4,760,711
Charges for services 275,164 457,633 - - 732,797
I Fines and forfeitures 367,732 367,732
Interest earnings 503,570 442,274 51,402 97,471 1,094,717
Miscellaneous 113,810 89,071 134,381 8,322 345,584
I Total revenues 14,076,326 7,104,843 768,376 267,630 22,217,175
Expenditures:
Current
I Community services 8,666,182 30,028 - - 8,696,210
Public works 557,608 976,142 1,533,750
Development services 1,714,458 1,584,429 - - 3,298,887
Policy and administration 2,086,889 506,927 - - 2,593,816
I City - wide support function 12,390 3,631 - 16,021
Capital projects 245,409 3,381,777 251,747 3,878,933
Debt service - - 672,656 - 672,656
Total expenditures 13,282,936 6,482,934 672,656 251,747 20,690,273
Changes in fund balance
before other financing sources (uses) 793,390 621,909 95,720 15,883 1,526,902
I Other financing sources (uses):
Operating transfers in 31,500 120,000 - 565,000 716,500
Operating transfers (out) (550,000) - (46,500) (120,000) (716,500)
I Total other financing sources (uses) (518,500) 120,000 (46,500) 445,000 -
Changes in fund balance 274,890 741,909 49,220 460,883 1,526,902
I Fund Balance - Beginning of year
as previously stated 7,043,094 6,341,228 1,492,891 1,152,929 16,030,142
I Prior period adjustment (Note 13) - - (1,948,178) - (1,948,178)
Fund Balance - Beginning of year
as restated 7,043,094 6,341,228 (455,287) 1,152,929 14,081,964
1 Fund Balance (Deficit) - End of year $ 7,317,984 $ 7,083,137 (406,067) $ 1,613,812 17,557,044
I Adjustment to budgetary basis:
Proceeds from sale of bond anticipation notes
recorded as revenue on the budgetary basis 2,015,097 2,015,097
I Fund Balance - budgetary basis, end of year $ 1,609,030 $ 19,572,141 •
I The accompanying notes are an integral part of the general purpose financial statements.
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CITY OF TIGARD, OREGON I
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES I
for the fiscal year ended June 30, 2001
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General Fund Special Revenue Funds I
Variance Variance
Revised Favorable Revised Favorable I
Revenues: Budget Actual (Unfavorable) Budget Actual (Unfavorable)
Taxes $ 8,005,069 $ 8,211,925 $ 206,856 $ - $ - $ -
Franchise fees 2,00 2,063,978 59,798 - - -
Special assessments - - - - - -
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Licenses and permits 37,958 42,155 4,197 1,832,264 4,014,962 2,182,698
Intergovernmental revenues 2,565,647 2,497,992 (67,655) 2,238,129 2,100,903 (137,226)
Charges for services 441,425 275,164 (166,261) 1,644,466 457,633 (1,186,833)
Fines and forfeitures 730,000 367,732 (362,268) - - -
Interest earnings 330,000 503,570 173,570 218,000 442,274 224,274
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Miscellaneous 212,751 113,810 (98,941) 75,000 89,071 14,071
Total revenues 14,327,030 14,076,326 (250,704) 6,007,859 7,104,843 1,096,984
Expenditures:
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Current
Community services 9,631,026 8,666,182 964,844 15,763 30,028 (14,265)
Public works 622,289 557,608 64,681 1,157,917 976,142 181,775
Development services 1,899,956 1,714,458 185,498 1,691,361 1,584,429 106,932
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Policy and administration 2,270,509 2,086,889 183,620 516,802 506,927 9,875
City - wide support function 27,846 12,390 15,456 8,162 3,631 4,531
Contingency 612,526 - 612,526 761,181 - 761,181
Capital projects 399,500 245,409 154,091 4,591,899 3,381,777 1,210,122
I Debt service - - - - -
Total expenditures 15,463,652 13,282,936 2,180,716 8,743,085 6,482,934 2,260,151
Changes in fund balance
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before other financing sources (uses) (1,136,622) 793,390 1,930,012 (2,735,226) 621,909 3,357,135
Other financing sources (uses):
Proceeds from issuance of bond
anticipation notes
Operating transfers in 31,500 31,500 - 185,000 120,000 (65,000)
Operating transfers (out) (671,812) (550,000) 121,812 - - -
Total other financing sources (uses) (640,312) (518,500) 121,812 185,000 120,000 (65,000) I
Changes in fund balance (1,776,934) 274,890 2,051,824 (2,550,226) 741,909 3,292,135
Undesignated, Unreserved - Fund Balance
Beginning of year 6,835,731 7,043,094 207,363 5,370,764 6,341,228 970,464
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Undesignated, Unreserved - Fund Balance
End of year $ 5,058,797 $ 7,317,984 $ 2,259,187 $ 2,820,538 $ 7,083,137 $ 4,262,599
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The accompanying notes are an intergral part of the general purpose financial statements.
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CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
I IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 2001
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Debt Service Funds Capital Projects Funds Totals (Memorandum Only)
Variance Variance Variance
I Revised Favorable Revised Favorable Revised Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 295,383 $ 292,325 $ (3,058) $ $ 21 $ 21 $ 8,300,452 $ 8,504,271 $ 203,819
- - 2,004,180 2,063,978 59,798
I 224,849 290,268 65,419 - - - 2 290,268 65,419
1,870,222 4,057,117 2,186,895
- - -
240,811 161,816 (78,995) 5,044,587 4,760,711 (283,876)
- - - - - - 2,085,891 732,797 (1,353,094)
- - 730,000 367,732 (362,268)
I 14,000 51,402 37,402 56,000 97,471 41,471 618,000 1,094,717 476,717
185,896 134,381 (51,515) 150,000 8,322 (141,678) 623,647 345,584 (278,063)
720,128 768,376 48,248 446,811 267,630 (179,181) 21,501,828 22,217,175 715,347
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- - - - - - 9,646,789 8,696,210 950,579
- - - - - - 1,780,206 1,533,750 246,456
- - -
I - 3,591,317 3,298,887 292,430
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- -
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2,787,311
2,593,816 193, 4 95
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- - -
36,008 16,021 19,987
- - - - - - 1,373,707 - 1,373,707
694,627 251,747 442,880 5,686,026 3,878,933 1,807,093
4,131,082 2,620,834 1,510,248 4,131,082 2,620,834 1,510,248
4,131,082 2,620,834 1,510,248 694,627 251,747 442,880 29,032,446 22,638,451 6,393,995
(3,410,954) (1,852,458) 1,558,496 (247,816) 15,883 263,699 (7,530,618) (421,276) 7,109,342
I 2,350,000 2,000,097 (349,903) - 15,000 15,000 2,350,000 2,015,097 (334,903)
596,812 550,000 (46,812) 813,312 701,500 (111,812)
(31,500) (31,500) - (120,000) (120,000) - (823,312) (701,500) 121,812
I 2,318,500 1,968,597 (349,903) 476,812 445,000 (31,812) 2,340,000 2,015,097 (324,903)
(1,092,454) 116,139 1,208,593 228,996 460,883 231,887 (5,190,618) 1,593,821 6,784,439
I 1,335,392 1,492,891 157,499 1,177,979 1,152,929 (25,050) 14,719,866 16,030,142 1,310,276
$ 242,938 $ 1,609,030 $ 1,366,092 $ 1,406,975 $ 1,613,812 $ 206,837 $ 9,529,248 $ 17,623,963 $ 8,094,715
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CITY OF TIGARD, OREGON 1
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
ALL ENTERPRISE FUNDS
for the fiscal year ended June 30, 2001
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Operating revenues:
Service charge $ 7,614,054
Miscellaneous 212,968
Total operating revenues 7,827,022
Operating expenses:
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Salaries, wages and benefits 2,159,210
Contracted services 153,003
General, administrative and other 3,766,518
Depreciation 1,505,176
Total operating expenses 7,583,907 1
Operating income 243,115
Nonoperating revenues - Interest 1,220,818
Net Income 1,463,933 1
Add depreciation on fixed assets donated or acquired from capital
contributions that reduce contributed capital 587,766 1
Increase in retained earnings 2,051,699
Retained earnings - beginning of year 13,173,484 1
Retained earnings - end of year $ 15,225,183
The accompanying notes are an integral part of the general purpose financial statements.
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111 CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CASH FLOWS
ALL ENTERPRISE FUNDS
for the fiscal year ended June 30, 2001
Cash flows from operating activities:
Operating income $ 243,115
' Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation 1,505,177
Increase in accounts receivable 110,738
Decrease in inventory 31,325
Decrease in customer deposits (65,259)
Decrease in accounts payable and accrued liabilities (195,778)
' Decrease in accrued vacation payable (9,441)
Increase in deferred revenue 365
' Net cash provided by operating activities 1,620,242
Cash flows from capital and related financing activities:
Capital contributions 1,230,251
' Acquisition of fixed assets (1,678,295)
Net cash used by capital and related financing activities (448,044)
Cash flows from investing activities -
Interest earnings 1,220,817
' Net increase in cash and cash equivalents 2,393,015
Cash and cash equivalents - beginning of year 17,713,416
Cash and cash equivalents - end of year $ 20,106,431
' Cash and cash equivalents are displayed on the balance sheet as follows:
Cash and investments $ 15,399,094
Restricted cash and investments 4,707,337
$ 20,106,431
Supplemental schedule of noncash investing, capital and related financing activities:
Contributed sewer, storm and water lines $ 2,032,521
The accompanying notes are an integral part of the general purpose financial statements.
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CITY OF TIGARD, OREGON '
STATEMENT OF PLAN NET ASSETS
PENSION TRUST FUND
June 30, 2001
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Cash and investments $ 8,764,920 ,
Net assets held in trust for pension benefits $ 8,764,920
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STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUND
for the fiscal year ended June 30, 2001
Additions:
Contributions $ 752,955
Deductions:
Benefit payments and withdrawals (208,274)
Net decrease in fair value of plan net assets (888,314)
Total deductions (1,096,588) 1
Decrease in net assets (343,633)
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Net assets held in trust for pension benefits:
Beginning of year 9,108,553
End of year $ 8,764,920
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The accompanying notes are an integral part of the general purpose financial statement.
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' Notes to General Purpose Financial Statements
City of Tigard, Oregon
Notes to General Purpose Financial Statements
1. Summary of Significant Accounting Policies:
The City of Tigard, under its Charter of 1962, is governed by an elected mayor and four
council members who comprise the City Council. The City has no component units.
Measurement Focus
The financial statements of the Governmental Fund Types are accounted for using a current
financial resources measurement focus. With this measurement focus, only current assets
and current liabilities generally are included on the combined balance sheet. ,
Operating statements of governmental funds present increases (revenues and other
financing sources) and decreases (expenditures and other financing uses) in net current
assets.
The Proprietary Fund Type (Enterprise Funds) and Pension Trust Fund are accounted for
using a flow of economic resources measurement focus. With this measurement focus, all
assets and all liabilities associated with the operation of these funds are included on the
combined balance sheet.
Bases of Accounting '
The Governmental Fund Types are maintained on the modified accrual basis of accounting.
Under the modified accrual basis of accounting, revenues are recorded in the accounting
period in which they become measurable and available and expenditures are recorded in the
time liabilities are incurred.
Revenues which were measurable and available at year -end under the modified accrual
basis of accounting were as follows:
* State, county, and local shared revenues for cigarette tax, liquor tax and other.
* Property tax revenues and assessment liens principal installments which are
collected within sixty days following year -end.
The accrual basis of accounting is utilized by the Proprietary Fund Type and Pension Trust '
Fund. Under this method, revenues are recorded when earned and expenses are recorded
at the time liabilities are incurred. The proprietary funds have applied all Financial
Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles
Board Opinions and Accounting Research Bulletins of the Committee and Accounting
Procedure issued on or before November 30, 1989, unless those pronouncements conflict
with or contradict Governmental Accounting Standards Board (GASB) pronouncements. I
The bases of accounting described above are in accordance with generally accepted
accounting principles.
Receivables
Receivables for state, county and local shared revenues are recorded as revenue in the 111 Governmental Funds when they are determined to be measurable and available.
Receivables of the Enterprise Funds are recorded as revenue when earned.
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1 City of Tigard, Oregon
Notes to General Purpose Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Substantially all accounts receivable for sewer and water service are either current or less
than 30 days delinquent and are considered collectible. Therefore, an allowance for
uncollectible accounts has not been provided. All accounts receivable balances are due
from customers within the City's boundaries.
Property taxes receivable for the Governmental Fund Types which have been collected
within sixty days subsequent to year -end are considered measurable and available and are
' recognized as revenues. All other property taxes are offset by deferred property tax
revenues and, accordingly, have not been recorded as revenue. Property taxes become a
lien and are levied 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. Taxes unpaid and outstanding on May 16 are considered delinquent. All property taxes
received are due from property owners within the County.
' Assessments in the governmental funds are recognized as receivables at the time property
owners are assessed for property improvements. Assessments receivable collected within
sixty days after year -end are considered measurable and available and are recognized as
revenue. All other assessments receivable are recorded as deferred revenue and,
' accordingly, have not been recorded as revenue.
Accrued interest on delinquent assessments which has been collected within sixty days after
' year -end is considered measurable and available is recognized as revenue. The remaining
accrued interest on delinquent accounts is offset by a deferred revenue account and,
accordingly, has not been recorded as revenue.
Inventories
Inventories of parts, materials and supplies are stated at cost on the first -in, first -out basis
and are charged to expenditures as used.
Restricted Cash and Investments
Cash and investments which may only be used for construction of fixed assets in
accordance with applicable laws and regulations have been reported as restricted cash and
investments on the combined balance sheet
Investments
Investments included in cash and investments are stated at fair value. Investments in the
pension trust fund are stated at fair value.
For purposes of the statement of cash flows, the City considers the Enterprise Funds' cash
' and investments with initial maturities to the City of three months or less, and the Oregon
State Treasurer's Investment Pool, to be cash.
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated historical cost when
historical cost is not available. Donated assets are recorded at fair market value on the date
of donation. Estimated fair market value of donated assets is determined based on the
engineering estimates of current cost or price indexed cost. Depreciation is computed on
assets in service, using the straight -line method over their estimated useful lives:
Buildings 40 years ,
Sewer Systems 40 years
Storm Drainage System 40 years
Water System 50 years
Equipment 5 to 10 years
Autos and Trucks 6 years
Depreciation expense on fixed assets donated or acquired from capital contributions is
recognized as a reduction of contributed capital and an increase in retained earnings.
Normal maintenance and repairs are charged to operations as incurred. Major additions,
improvements and replacements are capitalized. Gains or losses from sales or retirements
of fixed assets are included in operations.
General Fixed Assets
General fixed assets are stated at historical cost or estimated cost when historical cost is not
available. Fixed assets are charged to expenditures in the Governmental Fund Types as
purchased and capitalized in the General Fixed Assets Account Group. Maintenance and
repairs of fixed assets are charged to expenditures in the Governmental Fund Types as
incurred and are not capitalized. As fixed assets are disposed of, the historical cost or
estimated historical cost is removed from this account group; proceeds from sales of general
fixed assets are recorded as General Fund revenue. Depreciation is not computed on
general fixed assets.
Expenditures for public domain fixed assets (streets, sidewalks, curbs and gutters, lighting ,
systems and similar assets) that are immovable and of value only to the City as a
governmental unit are reported as expenditures as incurred and are not capitalized in the
General Fixed Assets Account Group.
Long -term Debt
All unmatured long -term debt is recorded in the General Long -term Debt Account Group. 1
Periodic principal and interest repayments on bonded debt are made from special
assessments and property tax levies and are recorded in the Debt Service Funds. Bond
anticipation notes are expected to be repaid by rolling over the bonds to new bond
anticipation notes or by issuing long -term Bancroft Bonds. The accrued vacation liability will
be paid from the various governmental funds. The City has no long -term debt in its
Enterprise Funds. I
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
' 1. Summary of Significant Accounting Policies, Continued:
' Accrued Vacation Payable
Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by
employees. In Governmental Fund Types the amounts, if any, expected to be liquidated
with expendable available resources are accrued as liabilities of the funds and the amount
payable from future resources is recorded in the General Long -term Debt Account Group.
Sick pay, which does not vest, is recorded in all funds when leave is taken.
Contributed Capital
Contributed capital in the Enterprise Funds represents the accumulation of contributions in
L the form of cash or other assets which generally do not have to be returned to the
contributor. Such contributions are recorded directly to contributed capital and, accordingly,
are not recognized as revenue. The following transactions are recorded in contributed
capital in the Enterprise Funds:
• Receipts of federal and state grants for acquisition of fixed assets.
' • Fixed assets contributed from other funds or the General Fixed Assets Account
Group.
• Contributions from others for the acquisition or construction of fixed assets.
• Transfers from retained earnings for depreciation on fixed assets donated or
acquired by contributed capital resources.
• Meter installation and waterline hookup fees from customers and pipe
installations by developers.
' Budget
A budget is prepared for each fund except for the Pension Trust Fund, essentially in
accordance with the modified accrual basis of accounting for governmental funds, in
accordance with the legal requirements set forth in Oregon Local Budget Law.
' The resolution authorizing appropriations sets the maximum level of expenditures for each
fund. Expenditure appropriations may not be legally overexpended. 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, Development Services, Policy and
' Administration, Nondepartmental, Debt Service, Capital Improvements and Contingency.
The detail budget document, however, is required to contain more detailed information for
the above - mentioned expenditure categories. Budget amounts include original approved
1 amounts and all subsequent appropriations transfers approved by the City Council. 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 requires hearings before the public, publications in
newspapers and approval by the City Council. Original and supplemental budgets may be
modified by the use of appropriations transfers between the levels of control. Such transfers
require approval by the City Council. Management may not amend the budget without
' Council approval During the fiscal year ended June 30, 2001, ten appropriation transfers
were made.
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Budget, Continued '
The budgets for each of the funds include capital outlay expenditures in each program for
capital outlays applicable to that program. Capital outlay expenditures benefiting the City
generally, and not an identifiable program, are reported separately. Debt service is also
budgeted separately.
Totals (Memorandum Only) Column on Combined Financial Statements
The "Totals (Memorandum Only)" column on the combined financial statements represents
an aggregate of the columnar statements by fund type and account group; it does not
represent consolidated financial information. lnterfund eliminations have not been made in
the aggregation of this data
2. Fund Types and Account Groups: ,
The City's financial operations are accounted for in the following funds and account groups:
Governmental Fund Types ,
General Fund - This fund accounts for the City's general operations. It is used to
account for all transactions not specifically related to the City's other funds.
Special Revenue Funds:
Criminal Forfeiture Fund - This fund accounts for funds and property
seized from criminals in connection with crimes committed.
State Gas Tax Fund - This fund accounts for revenues received from state
gasoline taxes which are to be expended as specified in the Constitution of
the State of Oregon, Article IX, Section 3.
Parks SDC Fund - This fund accounts for system development charges for
major improvements to recreational facilities within the City.
County Gas Tax Fund - This fund accounts for road tax monies received
from Washington County for the maintenance and operation of roads.
Traffic Impact Fund - This fund accounts for traffic impact fees charged for
new development. This voter approved county -wide fee takes the place of
the City's Street SDC Fund. Funds will be used for highway and transit
capital improvements approved by the County that provide additional
capacity to the major transportation system.
Electrical Inspection Fund - This fund accounts for fees charged for
permits and inspection of electrical improvements.
Underground Utility Fund - This fund accounts for monies received from I
developers for future underground utility improvements.
Workers' Compensation Fund - This fund accounts for payments made '
for the workers' compensation insurance plan.
Building Fund - This fund accounts for fees charged for building inspection
111
and plan review activities.
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
' 2. Fund Types and Account Groups, Continued:
Governmental Fund Types, Continued
Special Revenue Funds, Continued:
Urban Services Traffic Impact Fee Fund - This Fund accounts for traffic
impact fees collected in the unincorporated Bull Mountain area. Funds will
be used for highway and transit capital improvements approved by the
' Washington County that provide additional capacity to the major
transportation system.
Urban Services Fund - This fund accounts for all revenues and
expenditures related to services provided in the unincorporated Bull
Mountain area. The City of Tigard began providing services to this area
after signing an intergovernmental agreement with Washington County.
Tree Replacement Fund - This fund accounts for fees charged to
developers in lieu of saving existing trees.
Debt Service Funds:
General Obligation Debt Service Fund - This fund accounts for payment
of general obligation bond principal and interest. The principal source of
revenue is from property taxes.
Bancroft Bond Debt Service Fund - This fund accounts for payment of
Bancroft improvement bond principal and interest. The principal source of
revenue is the collection of assessments against benefited property, interest
and contributions from other funds for their share of costs.
Capital Projects Funds:
69 Ave. Local Improvement District Fund - This fund accounts for
construction of Local Improvement District projects from the sale of
bond anticipation notes and certain other debt.
SW Dartmouth Local Improvement District Fund - This fund accounts for
construction of Local Improvement District projects from the sale of bond
anticipation notes and certain other debt.
Park Levy Improvement Fund - This fund accounts for proceeds from the
sale of certificates of participation and improvements to the City's park
system.
Facility Fund - This fund accounts for monies set aside for future City
facility improvements.
' Metro Greenspaces Fund - This fund accounts for monies received
from Washington County to be used for greenspace property
acquisition and improvements.
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
2. Fund Types and Account Groups, Continued:
Governmental Fund Types, Continued I
Enterprise Funds:
Sanitary Sewer Fund - This fund accounts for the City's sewer utility I
operations.
Storm Sewer Fund - This fund accounts for the City's storm drainage
operations.
Storm Sewer Fund (budgetary basis financial statements only)
Water Quality /Quantity Fund (budgetary basis financial
statements only)
Water Fund - This fund accounts for the City's water operations.
Water Fund (budgetary basis financial statements only)
Water SDC Fund (budgetary basis financial statements only)
Water CIP Fund (budgetary basis financial statements only)
Fiduciary Fund Type:
Pension Trust Fund - This fund accounts for the City's General I
and Water Fund employee defined contribution plans.
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Account Groups
General Fixed Assets - This account group displays the City's investment
in fixed assets, with the exception of those assets recorded in the
Enterprise Funds.
General Long -term Debt - This account group displays general long -term
indebtedness of the City.
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
3. Cash and Investments:
The City maintains a cash and investment pool that is available for use by all funds, except
the Pension Trust Funds. Each fund type's portion of this pool is displayed on the combined
balance sheet as "cash and investments ". The investments of the Pension Trust Fund are
held separately from those of other City funds.
Cash and investments are comprised of the following at June 30, 2001:
Cash on hand $ 5,201
Cash held by Department of Finance, Washington County 128,589
Deposits with financial institutions 681,291
Investments 46,831,809
$ 47.646.890
Cash and investments are displayed on balance sheet as follows:
Cash and investments $ 42,939,553
Restricted cash and investments 4,707,337
$ 47.646.890
Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts.
The total bank balance is $1,040,035 (book balance is $681,291). Of these deposits,
$100,000 was covered by federal depository insurance and $940,035 was collateralized with
securities held by collateral pool managers. Oregon Revised statutes require the depository
institution to maintain on deposit, with a collateral pool manager, securities having a value
not less than 25 percent of the outstanding certificates of collateral issued by the poll
manager. The City's deposits are fully collaterlized in accordance with state law.
Investments
State statutes authorize the City to invest primarily in general obligations of the U.S.
government and its agencies, certain bonded obligations of Oregon municipalities, bank
repurchase agreements, bankers' acceptances, certain commercial paper and the state
Treasurer's Investment pool, among others.
The City participates in the Oregon State Treasurer's Local Government Investment Pool
(LGIP), an open- ended; no -load diversified portfolio created under ORS 294.805 to 294.895.
The LGIP is administered by the State Treasurer and the Oregon Investment Council with
the advice of the Oregon Short Term Fund Board. The Oregon State Treasurer's Office has
calculated the fair value of the underlying investments of the LGIP and the City's share of
fair value is reflected below.
1 The City's investments are categorized below to give an indication of the level of credit risk
assumed by the City at June 30, 2001. Category 1 includes uninsured investments for
which the securities are held in the City's name by the trust department of the financial
institution selling the security to the City. Category 3 includes uninsuranced investments for
which the securities are held by the financial institution selling the security to the City or by
its trust department, but not in the City" name. The City does not use brokers or dealers for
its investments.
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City of Tigard, Oregon I
Notes to General Purpose Financial Statements
3. Cash and Investments, Continued: I
Category 1 2 3 Amount
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U.S. Government Securities $ 16,899,269 $ 16,899,269
Held by custodians
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under pension plans -
mutual fund investments 8,764,920
State Treasurer's Investment Pool 21,167,620
Total Investments $ 46,831,809 1
4. Assessment Liens Receivable: 111
Assessment liens receivable represent the uncollected amounts levied against benefited
property for the cost of local 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 to 7 to 13 percent. At June 30, 2001, the portion of the assessments
receivable balance that represents delinquent accounts is approximately $2,567.
5. Due To /Due From Other Funds:
Amounts are comprised of the following: I
Fund Interfund Interfund III Receivables Payables
Capital Projects Fund:
Facility Fund $ 30,325 $ -
Special Revenue Fund:
Urban Services Fund - 30,325
$ 30,325 $ 30,325 i
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
I 6. Fixed Assets:
I Changes in fixed assets and accumulated depreciation by major classes in the Enterprise
Funds for the year ended June 30, 2001, are as follows:
Balances Balances
I June, 30 June, 30
2000 Additions Retirements 2001
Land $ 1,361,808 $ 18,100 $ - $ 1,379,908
I Building 1,052,255 - - 1,052,255
Sewer system 11,287,137 1,189,556 12,476,693
Storm drainage system 10,102,990 789,922 - 10,892,912
I Water system 36,821,472 1,389,003 _ 38,210,475
Equipment 1,183,838 8,342 1,192,180
Autos and trucks 850,664 315,895 (33,002) 1,133,557
1 62,660,164 $ 3,710,818 $ (33,002) 66,337,980
Less accumulated
I depreciation (19,945,681) $ (1,505,177) $ 33,002 (21,417,856)
$ 42,714,483 $ 44,920,124
Changes in fixed assets in the General Fixed Asset Account Group for the year ended June
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30, 2001, are as follows:
I Balances Balances
June 30, 2000 Additions Retirements June 30, 2001
I Land $ 4,732,319 $ 1,016,295 $ - $ 5,748,614
Buildings 5,658,494 293,479 5,951,973
Equipment 1,401,921 10,227 - 1,412,148
I Autos and trucks 1,491,212 257,840 - 1,749,052
Office equipment 1,893,318 149,901 (207) 2,043,012
$ 15,177,264 $ 1,727,742 $ (207) $ 16,904,799
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City of Tigard, Oregon I
Notes to General Purpose Financial Statements
7. Long -term Debt and Other Debt:
Bonds payable
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Bond transactions for the year ended June 30, 2001, and future maturities of bond principal
and interest, are as follows:
General Obligation bond issues - Interest rates from 3.4% to 4.75% I
Fiscal Year Outstanding Paid Outstanding I
Due June 30, 2000 During Year June 30, 2001 Interest
2001 $ 225,000 $ 225,000 $ - $ -
2002 225,000 - 225,000 16,813
2003 245,000 - 245,000 5,819
$ 695,000 $ 225,000 $ 470,000 $ 22,632 I
Bancroft Improvement Bonds: I
Bancroft improvement bond issues - Interest rates from 3.75% to 11.75 %; payable first from
assessments to benefited properties and second, from the general credit of the City.
Paid and
Outstanding Paid Called Outstanding
Fiscal Year June 30, During During June 30,
Due 2000 Year Year 2001 Interest
2001 $ 134,907 $ (134,907) $ - $ - $ -
2002 140,894 - - 140,894 66,184
2003 257,147 - - 257,147 57,400
2004 153,678 - - 153,678 48,340
2005 160,499 - - 160,499 41,519
2006 447,622 - (100,000) 347,622 29,896
2007 175,061 - - 175,061 17,957
2008 182,831 - - 182,831 10,187
2009 94,436 94,436 2,073
$ 1,747,075 $ (134,907) $ (100,000) $ 1,512,168 $ 273,556
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■ City of Tigard, Oregon
Notes to General Purpose Financial Statements
I 7. Long -term Debt and Other Debt, Continued:
I Long -term debt recorded in the General Long -term Debt Account Group and the changes
thereto during the year ended June 30, 2001, are as follows:
Balance Balance
I June 30, June 30,
2000 Additions Retirements 2001
I Accrued vacation payable $ 548,522 $ 573,424 $ (548,522) $ 573,424
Bond anticipation note (18 month)
I purchased June 30, 2000, matures
January 2, 2002; interest rate 5.1% $ 1,715,000 $ - $ $ 1,715,000
I Other Debt
Other debt recorded in the Bancroft Bond Debt Service Fund and the changes thereto
during the year ended June 30, 2001, are as follows:
I Balance Balance
June 30, June 30,
1 2000 Additions Retirements 2001
Bond anticipation notes due
I May 1, 2001; interest rate 5.33% $ 1,948,178 $ - $ (1,948,178) $ -
May 1, 2002; interest rate 4.06% 2,015,097 2,015,097
Total bond anticipation notes due $ 1,948,178 $ 2,015,097 $ (1,948,178) $ 2,015,097
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8. Contributed Capital:
I The changes in contributed capital for the year ended June 30, 2001, were as follows:
Balance - Beginning of year $ 47,767,994
Contributions from customers - cash 1,230,251
I Contributions from customers - non -cash 2,032,521
Transfer of depreciation on certain contributed fixed assets from
I retained earnings (587,766)
Balance - End of year $ 50,443,000
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
9. Retirement Plans:
The City contributes to retirement plans on behalf of all eligible employees. At June 30,
2001, the following employee groups were covered by the following retirement plans:
Group Retirement Plan
Management/Professional Staff (Nonunion) International City Managers Association
Retirement Corp. (ICMARC) Money
Purchase Plan '
Oregon Public Employees Union Employees ICMARC Money Purchase Plan
Tigard Police Officers State of Oregon Public Employees
Retirement System (PERS)
Oregon Public Employees Retirement Systems (OPERS)
Plan Description
The City is a participating employer in the Oregon Public Employees Retirement System
(OPERS), an agent multiple - employer public employee retirement system, established
under Oregon Revised Statutes 238.600, that acts as a common investment and
administrative agent for public employers in the State of Oregon. Substantially all full -time
police employees are participants in PERS. The plan provides retirement, death and
disability benefits to participants or their beneficiaries. Benefits are established by State
Statute, and employer contributions are made at an actuarially determined rate as adopted
by the OPERS Retirement Board. OPERS, a component unit of the State of Oregon, issues
a comprehensive annual financial report, which may be obtained by writing to Oregon Public
Employees Retirement System, P.O. Box 23700, Tigard, Oregon 97281 -3700.
Funding Policy ,
The City's annual required contribution rate, as of July 1, 1999, is 6.99% of covered payroll.
The next scheduled valuation date is December 31, 2001.
The City is required by State Statute to contribute its current employer rate of 6.99% of
covered plus employee contributions of 6% of covered payroll.
Annual Pension Cost
Because all OPERS participating employers are required by law to submit the contributions
as adopted by the OPERS Retirement Board, there is no net pension obligation to report
and the annual contributions are equal to the annual pension cost. For the fiscal years
ended June 30, 2001, 2000 and 1999, the City's annual pension cost was approximately
$211,000, $202,000 and $328,000, respectively.
The City's pension liability and the annual required contribution rate were determined as part
of the December 31, 1999 actuarial valuation using the entry age actuarial cost method.
The unfunded actuarial accrued liability in amortized as a level percentage of covered
payroll over a 30 -year closed period. The actuarial assumptions include a rate of return on
investment of present and future assets of 8% per year, projected salary increase of 5% per
year, and cost of living adjustments of 2% per year for post- retirement benefits.
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I City of Tigard, Oregon
Notes to General Purpose Financial Statements
I 9. Retirement Plans, Continued:
I The following table presents a schedule of funding progress for the City's multiple - employer
pension plan:
Overfunded
I Actuarial
Overfunded Liability as a
Actuarial Actuarial Actuarial Percent of
Actuarial Value of Accrued Accrued Funded Covered Covered
Valuation Date Assets Liability Liability Ratio Payroll Payroll
I December 31, 1995 $ 7,946,463 $ 7,616,462 $ 330,001 104% $ 2,353,479 14%
December 31, 1997 9,664,661 7,952,478 1,712,183 122% 2,360,045 73%
December 31, 1999 17,817,986 14,743,905 3,074,081 121% 2,838,373 108%
I ICMARC Plans
The City contributes to defined contribution, single employer retirement plans at a specified
I percent of gross salary depending on the employment group, for all employees who are not
covered under the Police Pension Plan. Employees do not make contributions to these
plans. The City is required to make contributions to these plans under authority of City
I Council resolution and the plan documents.
Employees become eligible to participate in the plans after six months of service and vest
immediately. Employees may withdraw funds upon retirement or termination of
employment.
I Contributions to the plans are made to a fiduciary. Since the plans are administered by the
City, the assets, equity and operations of the plans are accounted for in the General
I Employees Pension Plan Fund, a pension trust fund. The Plans invests in various money
market and equity mutual funds.
Required and actual contributions to the plan were $742,201 for the year ended June 30,
I 2001. Covered payroll was $6,747,282, for the year ended June 30, 2001.
Contributions as a percentage of payroll was 11 percent for all eligible employees
participating in the plans.
Deferred Compensation Plans
The City offers certain employees deferred compensation plans created in accordance with
I Internal Revenue Code Section 457. The plans permit employees to defer a portion of their
salary until future years. Contributions for the plans are made to fiduciaries who hold the
funds in trust for the plans' participants. The Deferred Compensation Plans are not
considered City funds and are excluded from the Combined Balance Sheets.
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City of Tigard, Oregon I
Notes to General Purpose Financial Statements
10. Transactions with Clean Water Services of Washington County: I
The City collects charges for treatment of City sewage on behalf of the Clean Water
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Services of Washington County and remits all collections to Clean Water Services except
for 21.4 percent of sewer service charges collected and 20 percent of connection charges
collected, in accordance with an agreement between the City and Clean Water Services
dated June 25, 1991. Payments of $5,593,006 were made to Clean Water Services during
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2001 under this agreement.
The City has a similar agreement with the Regional Surface Water Management Agency, '
which is an affiliate of Clean Water Services for storm water systems. Payments made to
the Agency during 2001 under the agreement were $357,940.
The net amount retained by the City is reported as revenue in the Enterprise Funds in the
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Combined Statement of Revenues, Expenses and Changes in Retained Earnings All
Enterprise Funds. Revenues are reported net because the City acts in a fiduciary capacity
on behalf of Clean Water Services.
11. Segment Information for Enterprise Funds:
The City's Sewer Fund and Storm Drainage Fund account for the acquisition,
operation, and maintenance of sewer and storm drainage systems which are supported by
user charges. The City's Water Fund accounts for the operation and maintenance of the
City's water system and is supported through user charges. Segment information as of and
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for the year ended June 30, 2001, is as follows:
Sanitary Storm
Sewer Sewer Water I
Fund Fund Fund Total
Operating revenue $ 1,690,745 $ 1,155,995 $ 4,980,282 $ 7,827,022
Depreciation 318,498 287,053 899,625 1,505,176
Operating income (loss) 785,018 503 (542,406) 243,115
Net income 1,251,228 151,406 61,299 1,463,933
Current capital contributions 645,690 496,121 890,712 2,032,523
Fixed asset additions 709,098 399,031 570,166 1,678,295
Net working capital 4,153,883 1,451,983 10,434,856 16,040,722
Total assets 17,270,246 11,099,108 38,722,465 67,091,819 I
Total equity 16,531,937 11,010,218 38,126,028 65,668,183
12. Constitutional Property Tax Limitations: 1
In November 1990, the Oregon voters approved a State constitutional limit on property taxes
for schools and nonschool government operations. Under the provisions of the limitation, III tax revenues are separated into those for the public school system and those for local
government operations other than the public school system. The limitation specifies $10.00
is the maximum allowable tax for each $1,000 of property real market value imposed by
local governments other than the public school system. I
The limitation applies to all state and local taxes and charges on property except for the
following:
1. Incurred charges for goods or services received at the owner's option;
2. assessments for capital construction that provide a special benefit to the property
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and that can be paid off over at lease ten years;
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City of Tigard, Oregon
Notes to General Purpose Financial Statements
12. Constitutional Property Tax Limitations, Continued:
3. taxes to repay bonded debt authorized by the state constitution;
4. taxes to repay existing bonded debt for capital construction, and
1 5. taxes to repay new bonded debt for capital construction if approved by voters.
During May 1997, Oregon voters approved Measure 50 which limits taxes on each property
by reducing the 1997 -98 assessed value of each property to 90% of its 1995 -96 value.
Measure 50 also limits future growth of the taxable value of each property to 3% per year
with certain exceptions. Measure 50 also establishes permanent tax rates for Oregon's
local taxing districts, which replace the former tax base amounts of the districts. Tigard's
taxing authority is limited to its permanent rate of $2.51 per thousand dollars of assessed
value.
13. Prior Period Adjustment:
During the year ended June 30, 2001, management determined that proceeds from the sale
of certain short -term bond anticipation notes were recorded in error as revenue in the
Bancroft Bond Debt Service Fund in previous years. To correct the error the beginning fund
balance of this fund was adjusted and a bond anticipation notes payable was established.
This adjustment was made on the generally accepted accounting principles basis only.
14. Deficit Fund Balance:
At June 30, 2001, the Bancroft Bond Debt Service Fund, in the Debt Service fund type, had
a deficit fund balance of $463,078. This deficit was caused by the prior period adjustment
discussed in Note 13 as well as current period interest and $15,000 principal being
borrowed. Management has budgeted activities for this fund for the year ending June 30,
' 2002, which are intended to bring the fund balance into a positive position by June 30, 2002.
15. Amount Available for Retirement of General Long -term Debt:
Due to the prior period adjustment discussed in Note 13 and the deficit fund balance
resulting from the adjustment, the amount available for retirement of general long -term debt
shown in the General Long -term Debt Account Group on the Combined Balance Sheet is
the ending fund balance for the General Obligation Debt Service Fund only.
16. Risk Management:
The City is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees and others; and natural
disasters. The City purchases commercial insurance to deal with substantially all these risks
with nominal deductibles. Settled claims resulting from these risks have not exceeded
commercial insurance coverage in any of the past three fiscal years.
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City of Tigard, Oregon 1
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I Supplementary Data
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■ City of Tigard, Oregon
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General Fund
This fund accounts for the financial operations of the City which are
not accounted for in any other fund. Principal resources are property
' taxes, franchise fees, intergovernmental revenues, and licenses and
permits. Expenditures in the General Fund are made primarily for
police protection, community development and administration.
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CITY OF TIGARD, OREGON I
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
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for the fiscal year ended June 30, 2001
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Variance
Revised Favorable I
REVENUES: Budget Actual (Unfavorable)
Taxes $ 8,005,069 $ 8,211,925 $ 206,856
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Franchise fees 2,004,180 2,063,978 59,798
Licenses and permits 37,958 42,155 4,197
Intergovernmental revenues 2,565,647 2,497,992 (67,655)
Charges for services 441,425 275,164 (166,261)
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Fines and forfeitures 730,000 367,732 (362,268)
Interest earnings 330,000 503,570 173,570
Miscellaneous 212,751 113,810 (98,941) 1
Total revenues 14,327,030 14,076,326 (250,704)
EXPENDITURES I
Community services 9,631,026 8,666,182 964,844
Public works 622,289 557,608 64,681
Development services 1,899,956 1,714,458 185,498
Policy and administration 2,270,509 2,086,889 183,620
City -wide support function 27,846 12,390 15,456
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Contingency 612,526 - 612,526
Capital projects 399,500 245,409 154,091
Total expenditures 15,463,652 13,282,936 2,180,716 I
Change in fund balance
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before other financing sources (uses) (1,136,622) 793,390 1,930,012
Other financing sources (uses):
Operating transfer in 31,500 31,500 - I
Operating transfer out (671,812) (550,000) 121,812
Total other financing sources (uses) (640,312) (518,500) 121,812 1
Change in fund balance (1,776,934) 274,890 2,051,824
UNDESIGNATED, UNRESERVED - FUND BALANCE I
BEGINNING OF YEAR 6,835,731 7,043,094 207,363
UNDESIGNATED, UNRESERVED - FUND BALANCE 1
END OF YEAR $ 5,058,797 $ 7,317,984 $ 2,259,187
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Special Revenue Funds
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The Special Revenue Funds account for revenue derived from
specific taxes or other earmarked revenue sources which are legally
restricted to finance particular functions or activities. Funds included
' in the fund type are:
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• Criminal Forfeiture Fund
' • State Gas Tax Fund
• Parks SDC Fund
• County Gas Tax Fund
• Traffic Impact Fund
• Electrical Inspection Fund
• Underground Utility Fund
• Workers' Compensation Fund
• Building Fund
• Urban Services Traffic Impact Fee Fund
• Urban Services Fund
• Tree Replacement Fund
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2001
State County Urban Services
Criminal Gas Parks Gas Traffic Electrical Underground Workers' Traffic Urban Tree
Forfeiture Tax SDC Tax Impact Inspection Utility Compensation Building Impact Fee Services Replacement
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $69,000 $629,725 $657,631 $70,841 $2,536,762 $171,199 $ 325,286 $ 444,101 $793,719 $1,162,928 $602,042 $ 184,478 $7,647,712
Accounts receivable - 120,000 5,000 - 394 - - - - - - - 125,394
Assessment liens receivable - - - - 137,270 - - - - - - - 137,270
Total assets $69,000 $749,725 $662,631 $70,841 $2,674,426 $171,199 $ 325,286 $ 444,101 $793,719 $1,162,928 $602,042 $ 184,478 $7,910,376
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable $ 143 $ 39,822 $ - $ - $ 275,125 $ - $ - $ - $ 107 $ - $ 17,207 $ - $ 332,404
Due to other funds - - - - - - - - - - 30,325 - 30,325
Customer deposits - 271,462 - - - 11,765 - - - - 69,114 - 352,341
Deferred revenues - - - - 112,.169 - - - - - - - 112,169
N
VI
Total liabilities 143 311,284 - - 387,294 11,765 - - 107 - 116,646 - 827,239
FUND BALANCE UNRESERVED 68,857 438,441 662,631 70,841 2,287 159,434 325,286 444,101 793,612 1,162,928 485,396 184,478 7,083,137
Total liabilities and fund
balances $69,000 $749,725 $662,631 $70,841 $2,674,426 $171,199 $ 325,286 $ 444,101 $793,719 $1,162,928 $602,042 $ 184,478 $7,910,376
IMII IIIIIII 1111111 IIIIIII 11101 MN 11111 OM INN EN EN 11111 NM MIN NM MS EN MN 11111
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
for the fiscal year ended June 30, 2001
State County Urban Services
Criminal Gas Parks Gas Traffic Electrical Underground Workers' Traffic Urban Tree
Forfeiture Tax SDC Tax Impact Inspection Utility Compensation Building Impact Fee Services Replacement
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
REVENUES
Licenses and permits $ - $ - $ - $ - $ 1,116,651 $ 223,823 $ - $ - $ 1,344,789 $ 510,430 $ 819,269 $ - $ 4,014,962
Intergovernmental revenues - 1,822,176 - 166,727 - - - - - - 112,000 - 2,100,903
Charges for services - - 358,939 - - - 77,512 - 13,085 - 8,097 - 457,633
Interest earnings 3,917 46,113 40,031 4,551 165,479 9,947 25,015 25,261 35,775 53,365 21,977 10,843 442,274
Miscellaneous revenues 19,006 391 - - - - - 54,739 515 - - 14,420 89,071
Total revenues 22,923 1,868,680 398,970 171,278 1,282,130 233,770 102,527 80,000 1,394,164 563,795 961,343 25,263 7,104,843
EXPENDITURES:
Community services 19,649 - - - - - - - - - - 10,379 30,028
Public works - • 760,707 - 157,837 - 1,018 - - 23,222 - 33,358 - 976,142
Development services - 422,842 1,962 - 68,633 150,574 - - 608,332 30,238 301,848 - 1,584,429
Policy and administration - 178,450 74 2,606 16,366 43,329 - - 188,155 7,253 70,694 - 506,927
City-wide support functions - 1,660 - - - 311 - - 929 - 731 - 3,631
Capital projects - 481,418 771,420 - 1,854,233 - 164,465 - - - 73,241 37,000 3,381,777
IV
0) Total expenditures 19,649 1,845,077 773,456 160,443 1,939,232 195,232 164,465 - 820,638 37,491 479,872 47,379 6,482,934
Changes in fund balance
before other financing sources 3,274 23,603 (374,486) 10,835 (657,102) 38,538 (61,938) 80,000 573,526 526,304 481,471 (22,116) 621,909
Other financing sources:
Interfund transfer - - 120,000 - - - - - - - - - 120,000
Changes in fund balance 3,274 23,603 (254,486) 10,835 (657,102) 38,538 (61,938) 80,000 573,526 526,304 481,471 (22,116) 741,909
FUND BALANCE - beginning of year 65,583 414,838 917,117 60,006 2,944,234 120,896 387,224 364,101 220,086 636,624 3,925 206,594 6,341,228
FUND BALANCE - end of year $ 68,857 $ 438,441 $ 662,631 $ 70,841 $ 2,287,132 $ 159,434 $ 325,286 $ 444,101 $ 793,612 $ 1,162,928 $ 485,396 $ 184,478 $ 7,083,137
•
CITY OF TIGARD, OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES- BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
1
i
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Interest earnings $ 3,000 $ 3,917 $ 917
Miscellaneous 5,000 19,006 14,006
Total revenues 8,000 22,923 14,923
EXPENDITURES:
Community services 20,000 19,649 351
Contingency 3,000 - 3,000
Total expenditures 23,000 19,649 3,351
Change in fund balance (15,000) 3,274 18,274 1
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 106,709 65,583 (41,126) 1
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 91,709 $ 68,857 $ (22,852)
I.
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1
CITY OF TIGARD, OREGON
STATE GAS TAX FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Revised Variance
Favorable
Budget Actual (Unfavorable)
I REVENUES:
Federal grants $ 120,000 $ 120,000 $ -
' State gas tax 1,726,129 1,698,361 (27,768)
Street lighting fees 8,000 3,815 (4,185)
Interest earnings 28,000 46,113 18,113
I Miscellaneous - 391 391
Total revenues 1,882,129 1,868,680 (13,449)
I EXPENDITURES:
I Public works 762,673 760,707 1,966
Development services 488,193 422,842 65,351
Policy and administration 190,477 178,450 12,027
City -wide support functions 3,731 1,660 2,071
I Contingency 150,000 - 150,000
Capital projects 514,000 481,418 32,582
Total expenditures 2,109,074 1,845,077 263,997
Change in fund balance (226,945) 23,603 250,548
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 244,245 414,838 170,593
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 17,300 $ 438,441 $ 421,141
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28
CITY OF TIGARD, OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
I
for the fiscal year ended June 30, 2001
I
I
Variance I
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
I
System development charges $ 393,000 $ 358,939 $ (34,061)
Interest earnings 18,000 40,031 22,031
I
Total revenues 411,000 398,970 (12,030)
EXPENDITURES: I
Development services 2,040 1,962 78 I
Policy and administration 82 74 8
Capital projects 1,315,899 771,420 544,479
Contingency 97,231 - 97,231
I
Total expenditures 1,415,252 773,456 641,796
Change in fund balance I
before other financing sources (1,004,252) (374,486) (653,826)
Other financing sources: I
Interfund transfer 185,000 120,000 65,000
Change in fund balance (819,252) (254,486) (564,766)
I
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 820,870 917,117 (96,247)
UNDESIGNATED, UNRESERVED - FUND BALANCE I
END OF YEAR $ 1,618 $ 662,631 $ 661,013
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I
CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
County gas taxes $ 172,000 $ 166,727 $ (5,273)
Interest earnings 1,000 4,551 3,551
I Total revenues 173,000 171,278 (1,722)
I EXPENDITURES:
Public works 162,788 157,837 4,951
2,898 2,606 292
I Policy and administration
Contingency 23,000 23,000
I Total Expenditures 188,686 160,443 28,243
Change in fund balance (15,686) 10,835 26,521
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 57,069 60,006 2,937
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 41,383 $ 70,841 $ 29,458
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I
CITY OF TIGARD, OREGON
TRAFFIC IMPACT FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL '
for the fiscal year ended June 30, 2001
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
System development charges $ 1,010,000 $1,116,651 $ 106,651
Interest earnings 90,000 165,479 75,479
Total revenues 1,100,000 1,282,130 182,130
EXPENDITURES:
Development services 75,362 68,633 6,729
Policy and administration 17,746 16,366 1,380
Capital projects 2,555,000 1,854,233 700,767
Contingency 330,000 - 330,000
Total expenditures 2,978,108 1,939,232 1,038,876 '
Change in fund balance (1,878,108) (657,102) 1,221,006
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 2,554,111 2,944,234 390,123
UNDESIGNATED, UNRESERVED - FUND BALANCE 1
END OF YEAR $ 676,003 $2,287,132 $ 1,611,129
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31
CITY OF TIGARD, OREGON
ELECTRICAL INSPECTION FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Electrical permit fees $ 162,000 $ 213,688 $ 51,688
Electrical plan check fees 11,666 10,135 (1,531)
I Interest earnings 6,000 9,947 3,947
Total revenues 179,666 233,770 54,104
I EXPENDITURES:
I Public works 1,048 1,018 30
Development services 152,029 150,574 1,455
Policy and administration 46,780 43,329 3,451
I City -wide support function 700 311 389
Contingency 30,000 30,000
Total expenditures 230,557 195,232 35,325
I Change in fund balance
before other financing sources (50,891) 38,538 89,429
I Other financing sources:
Interfund transfer 10,000 - 10,000
I Change in fund balance (40,891) 38,538 79,429
UNDESIGNATED, UNRESERVED - FUND BALANCE
1 BEGINNING OF YEAR 57,348 120,896 63,548
UNDESIGNATED, UNRESERVED - FUND BALANCE
I END OF YEAR $ 16,457 $ 159,434 $ 142,977
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32
I
CITY OF TIGARD, OREGON
UNDERGROUND UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Charges for services $ 58,000 $ 77,512 $ 19,512
Interest earnings 20,000 25,015 5,015
Total revenues 78,000 102,527 24,527
EXPENDITURES:
Capital projects 170,000 164,465 5,535
Contingency 20,000 - 20,000
Total Expenditures 190,000 164,465 25,535
Change in fund balance (112,000) (61,938) 50,062 ,
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 399,392. 387,224 (12,168) '
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 287,392 $ 325,286 $ 37,894
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33
CITY OF TIGARD, OREGON
WORKERS' COMPENSATION FUND
' SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
' Variance
Revised Favorable
Budget Actual (Unfavorable)
' REVENUES:
Interest earnings $ 14,000 $ 25,261 $ 11,261
Miscellaneous 40,000 54,739 14,739
Total revenues 54,000 80,000 26,000
' UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 324,778 364,101 39,323
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 378,778 $ 444,101 $ 65,323
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34
CITY OF TIGARD, OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
I
for the fiscal year ended June 30, 2001
I
I
Variance I
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
I
Licenses and permits $ 993,048 $ 1,344,789 $ 351,741
Charges for services 6,300 13,085 6,785
I
Interest earnings 3,000 35,775 32,775
Miscellaneous 515 515
Total revenues 1,002,348 1,394,164 391,816
I
EXPENDITURES:
Public works 25,888 23,222 2,666 I
Development services 614,078 608,332 5,746
Policy and administration 203,081 188,155 14,926
City -wide support functions 2,088 929 1,159
Contingency 50,000 - 50,000
Total expenditures 895,135 820,638 74,497
I
Change in fund balance 107,213 573,526 466,313
UNDESIGNATED, UNRESERVED - FUND BALANCE I
BEGINNING OF YEAR 101 220,086 219,985
UNDESIGNATED, UNRESERVED - FUND BALANCE
1
END OF YEAR $ 107,314 $ 793,612 $ 686,298
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35
CITY OF TIGARD, OREGON
TRAFFIC IMPACT FEE URBAN SERVICES FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Licenses and permits $ 401,000 $ 510,430 $ 109,430
Interest earnings 30,000 53,365 23,365
I Total revenues 431,000 563,795 132,795
I EXPENDITURES:
Development services 33,204 30,238 2,966
I Policy and administration 7,880 7,253 627
Contingency 6,250 6,250
I Total expenditures 47,334 37,491 3,593
Change in fund balance 383,666 526,304 142,638
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 616,177 636,624 20,447
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 999,843 $ 1,162,928 $ 163,085
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36
CITY OF TIGARD, OREGON 1
URBAN SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
I
for the fiscal year ended June 30, 2001
I
1
Variance I
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
I
Intergovernmental revenues $ 332,000 $ 112,000 $ (220,000)
Licenses and permits 438,216 819,269 381,053
Charges for services 3,500 8,097 4,597
111
Interest earnings 2,000 21,977 19,977
Total revenues 775,716 961,343 185,627 1
EXPENDITURES:
Public works 205,520 33,358 172,162
I
Development services 313,692 301,848 11,844
Policy and administration 76,464 70,694 5,770
City -wide support functions 1,643 731 912 1
Capital Improvements 112,000 73,241 38,759
Contingency 50,000 - 50,000
Total expenditures 759,319 479,872 279,447 1
Change in fund balance 16,397 481,471 465,074 1
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 18,312 3,925 (14,387) 1
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 34,709 $ 485,396 $ 450,687
1
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37
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I CITY OF TIGARD, OREGON
TREE REPLACEMENT FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Tree replacement revenue $ 30,000 $ 14,420 $ (15,580)
I Interest earnings 3,000 10,843 7,843
Total revenues 33,000 25,263 (7,737)
I EXPENDITURES:
Community services 12,763 10,379 2,384
I Capital projects 37,000 37,000 -
Contingency 1,700 1,700
I Total expenditures 51,463 47,379 4,084
Change in fund balance (18,463) (22,116) (3,653)
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 171,652 206,594 34,942
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 153,189 $ 184,478 $ 31,289
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1
I
1
tea
1111..1 4
City of Tigard, Oregon
t
1
1
I
1
I
I
Debt Service Funds
1
The Debt Service Funds account for the payment of debt principal
I and interest. The City's debt service funds consist of :
I
• General Obligation Bond Debt Service Fund
• Bancroft Bond Debt Service Fund
i
Principal sources of revenues are property taxes for the General
Obligation Bond Debt Service Fund and special assessment
collections and interest earnings for the Bancroft Bond Debt Service
Fund.
I
1
1
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CITY OF TIGARD, OREGON I
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
June 30, 2001
I
I
General
Obligation Bancroft
Debt Bond Debt
Service Fund Service Fund Total
ASSETS:
Cash and investments $ 51,215 $ 814,214 $ 865,429 I
Property taxes receivable 22,302 - 22,302
Assessment liens receivable - 3,357,195 3,357,195
I
Total assets $ 73,517 $ 4,171,409 $ 4,244,926
LIABILITIES AND FUND BALANCES:
I
LIABILITIES:
Deferred revenues:
Property taxes $ 16,506 $ - $ 16,506
Assessment liens - 2,616,761 2,616,761
Accrued interest on delinquent
assessments - 2,629 2,629
Bond anticipation notes payable - 2,015,097 2,015,097
Total liabilities 16,506 4,634,487 4,650,993
I
FUND BALANCES (DEFICIT) -
DESIGNATED FOR DEBT SERVICE 57,011 (463,078) (406,067)
I
Total liabilities and
fund balances $ 73,517 $ 4,171,409 $ 4,244,926
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39
i
CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
' for the fiscal year ended June 30, 2001
I General
Obligation Bancroft
Debt Bond Debt
I Service Fund Service Fund Total
REVENUES:
I Taxes $ 292,325 $ - $ 292,325
Collection of Bonded Assessments 290,268 290,268
Miscellaneous earnings - 134,381 134,381
Interest earnings 10,645 40,757 51,402
I Total revenues 302,970 465,406 768,376
I EXPENDITURES:
Debt service 257,000 415,656 672,656
I Change in fund balance
before other financing (uses): 45,970 49,750 95,720
I Other financing (uses):
Operating transfer out (31,500) (15,000) (46,500)
Change in fund balance 14,470 34,750 49,220
I DESIGNATED - FUND BALANCE
BEGINNING OF YEAR - AS PREVIOUSLY STATED 42,541 1,450,350 1,492,891
I PRIOR PERIOD ADJUSTMENT - (1,948,178) (1,948,178)
I DESIGNATED - FUND BALANCE (DEFICIT)
BEGINNING OF YEAR - AS RESTATED 42,541 (497,828) (455,287)
DESIGNATED - FUND BALANCE (DEFICIT)
I
END OF YEAR 57,011 (463,078) (406,067)
Adjustment to budgetary basis:
I Proceeds from sale of bond
anticipation notes recorded
as revenue on the budgetary basis - 2,015,097 2,015,097
I Fund Balance - budgetary basis, end of year $ 57,011 $ 1,552,019 $ 1,609,030
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40
i
CITY OF TIGARD, OREGON
GENERAL OBLIGATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL 1
for the fiscal year ended June 30, 2001
1
1
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes $ 295,383 $ 292,325 $ (3,058)
Interest earnings 4,000 10,645 6,645
Total revenues 299,383 302,970 3,587
EXPENDITURES:
Debt service 257,000 257,000 -
Change in fund balance '
before other financing uses 42,383 45,970 3,587
Other financing (uses): '
Operating transfer out (31,500) (31,500) -
Change in fund balance 10,883 14,470 3,587 '
DESIGNATED - FUND BALANCE
BEGINNING OF YEAR 14,817 42,541 27,724 '
DESIGNATED - FUND
BALANCE - END OF YEAR $ 25,700 $ 57,011 $ 31,311
1
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41
I CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
' Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Collection of bonded assessments $ 224,849 $ 290,268 $ 65,419
Miscellaneous 185,896 134,381 (51,515)
I Interest earnings 10,000 40,757 30,757
Total revenues 420,745 465,406 44,661
I EXPENDITURES:
I Debt service 3,874,082 2,363,834 1,510,248
Change in fund balance
before other financing sources (3,453,337) (1,898,428) 1,554,909
I Other financing sources:
Proceeds from issuance of bond
anticipation notes 2,350,000 2,000,097 (349,903)
Change in fund balance (1,103,337) 101,669 1,205,006
I DESIGNATED - FUND BALANCE
BEGINNING OF YEAR 1,320,575 1,450,350 129,775
I DESIGNATED - FUND BALANCE
END OF YEAR $ 217,238 $ 1,552,019 $ 1,334,781
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42
II
II
II
I
I
/ /Hj�II,INIi o
el I
fir o o mum*
1
City of Tigard, Oregon
1
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J
Capital Projects Funds
p
The
Capital Projects Funds are used to account for the construction
p
' of major capital projects and include:
• 69 Ave Local Improvement District Fund — funded by
' proceeds from the sale of bond anticipation notes and other
short-term debt.
• Dartmouth Local Improvement District Fund — funded by
proceeds from the sale of bond anticipation notes and other
short-term debt.
• Metro Greenspaces Fund — accounts for monies received from
Washington County to be used for greenspace property
acquisition and improvements.
• Park Levy Improvement rovement Fund — Revenue from Certificates of
Participation may only-be used to fund specific park system
improvements. The Park Levy ended in 1994/95. Continuing
delinquent collections provide limited funds for ongoing
improvements.
• Facility Fund — accounts for monies set aside for future City
facility improvements.
1
CITY OF TIGARD, OREGON 1
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
June 30, 2001
I
69th Avenue Dartmouth
Local Local
Improvement Improvement Metro Park Levy
District District Greenspaces Improvement Facility
Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $ 33,687 $ 8,518 $ - $ 116,152 $ 1,426,768 $ 1,585,125
Accounts receivable - - 3,325 - - 3,325
Due from other funds - - - - 30,325 30,325
Property taxes receivable - - - 131 - 131
Total assets $ 33,687 $ 8,518 $ 3,325 $ 116,283 $ 1,457,093 $ 1,618,906
LIABILITIES AND FUND BALANCES:
I
LIABILITIES:
Accounts payable and accrued liabilities $ 730 $ - $ 3,325 $ - $ 908 $ 4,963
Deferred revenues - - - 131 - 131
Total Liabilities 730 - 3,325 131 908 5,094
FUND BALANCES -
I
UNRESERVED 32,957 8,518 - 116,152 1,456,185 1,613,812
Total liabilities and fund balances $ 33,687 $ 8,518 $ 3,325 $ 116,283 $ 1,457,093 $ 1,618,906
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43
CITY OF TIGARD, OREGON
CAPITAL PROJECTS FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
for the fiscal year ended June 30, 2001
I
I 69th Avenue Dartmouth
Local Local
Improvement Improvement Metro Park Levy
I District District Greenspaces Improvement Facility
Fund Fund Fund Fund Fund Total
REVENUES:
I Property taxes $ - $ - $ - $ 21 $ - $ 21
Intergovernmental revenues 161,816
Miscellaneous 161,816 8,322 8,322
Interest earnings 2,756 51 - 12,123 82,541 97,471
- 2,756 51 161,816 20,466 82,541 267,630
E XPENDITURES:
Capital projects 41,028 1,388 161,816 - 47,515 251,747
I Change in fund balance
before other financing sources (uses) (38,272) (1,337) 20,466 35,026 15,883
I Other financing sources (uses):
Operating transfers in 15,000 550,000 565,000 -
Operating transfers out (120,000) (120,000)
Total other financing sources (uses): - 15,000 - (120,000) 550,000 445,000
I Change in fund balance (38,272) 13,663 - (99,534) 585,026 460,883
UNDESIGNATED, UNRESERVED - FUND BALANCE
(DEFICIT) BEGINNING OF YEAR 71,229 (5,145) - 215,686 871,159 1,152,929
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 32,957 $ 8,518 $ - $ 116,152 $1,456,185 $1,613,812
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44
CITY OF TIGARD, OREGON
69th AVE. LOCAL IMPROVEMENT DISTRICT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
I
Interest Earnings $ - $ 2,756 $ 2,756
EXPENDITURES: I
Capital projects 68,545 41,028 27,517
I
Change in fund balance
before other financing sources (68,545) (38,272) (24,761)
Other financing sources :
Interfund Transfer 46,812 - (46,812) 1
Change in fund balance (21,733) (38,272) (71,573)
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 68,545 71,229 2,684
UNDESIGNATED, UNRESERVED - FUND BALANCE I
END OF YEAR $ 46,812 $ 32,957 (13,855)
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45
CITY OF TIGARD, OREGON
DARTMOUTH LOCAL IMPROVEMENT DISTRICT FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Interest Earnings $ 1,000 $ 51 $ (949)
I EXPENDITURES:
Capital projects 12,753 1,388 11,365
I Change in fund balance
before other financing sources (11,753) (1,337) 10,416
I Other financing sources :
Proceeds from issuance of bond
anticipation notes -
I 15,000 15,000
Change in fund balance (11,753) 13,663 25,416
I UNDESIGNATED, UNRESERVED - FUND BALANCE
(DEFICIT) BEGINNING OF YEAR 11,753 (5,145) (16,898)
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ $ 8,518 $ 8,518
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46
CITY OF TIGARD, OREGON
METRO GREENSPACES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
11
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Intergovernmental revenues $ 240,811 $ 161,816 $ (78,995)
EXPENDITURES:
Capital projects 205,811 161,816 43,995
Contingency 35,000 - 35,000
Total Expenditures 240,811 161,816 78,995
Change in fund balance - - -
UN DESIGNATED, UNRESERVED - FUND
BALANCE BEGINNING OF YEAR - - -
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ - $ - $ - I
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47
I
I CITY OF TIGARD, OREGON
PARK LEVY IMPROVEMENT FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Property taxes $ - $ 21 $ 21
Interest earnings 7,000 12,123 5,123
I Miscellaneous - 8,322 8,322
Total revenues 7,000 20,466 5,144
I EXPENDITURES:
I Capital projects 105,518 - 105,518
Change in fund balance
before other financing uses (98,518) 20,466 110,662
I Other financing (uses):
Operating transfer out (120,000) (120,000) -
I Change in fund balance (218,518) (99,534) 110,662
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 218,518 215,686 (2,832)
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ $ 116,152 $ 116,152
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48
I
CITY OF TIGARD, OREGON e
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
II
for the fiscal year ended June 30, 2001
II
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Miscellaneous $ 150,000 $ - $ (150,000)
Interest earnings 49,000 82,541 33,541
Total revenues 199,000 82,541 (116,459)
EXPENDITURES:
Capital projects 302,000 47,515 254,485
Contingency 30,000 - 30,000
Total Expenditures 332,000 47,515 284,485
Change in fund balance
I
before other financing sources (133,000) 35,026 (400,944)
Other financing sources:
Operating transfer in 550,000 550,000 -
Change in fund balance 417,000 585,026 (400,944) 1
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 879,163 871,159 (8,004)
I
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $1,296,163 $1,456,185 $ 160,022
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49
I
1
Enterprise Funds
' The Sanitary Sewer and Storm Sewer Funds are used to account for
the acquisition and maintenance of sewer and storm drainage facilities
' which are supported by user charges. The Water Fund is used to
account for the operations and maintenance of the water system and is
supported through user charges. For financial reporting and operating
purposes, management considers the activities of the Storm Sewer
' Fund and the Water Fund as unitary enterprises. However, for
budgetary and legal purposes these activities are accounted for in the
funds listed below. Budget to actual schedules for these funds,
' prepared on the budgetary basis of accounting, are included in this
subsection.
Funds included in this fund category are:
1
• Sanitary Sewer Fund
• Storm Sewer Fund
• Storm Sewer Fund
• Water Quality /Quantity Fund
• Water Fund
• Water General Fund
' • Water SDC Fund
• Water CIP Fund
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
June 30, 2001
II
Sanitary Storm
Sewer Sewer Water
Fund Fund Fund Total
ASSETS:
Current assets:
Cash and investments $ 4,027,538 $ 1,335,954 $ 10,035,602 $ 15,399,094
Accounts receivable 864,654 204,919 876,074 1,945,647
Property taxes receivable - - 62 62
Inventory - - 119,555 119,555
Total current assets 4,892,192 1,540,873 11,031,293 17,464,358
II
Noncurrent assets:
Restricted cash and investments 3,431,848 993,089 282,400 4,707,337
II
Fixed assets, net 8,946,206 8,565,146 27,408,772 44,920,124
Total noncurrent assets 12,378,054 9,558,235 27,691,172 49,627,461
Total assets $ 17,270,246 $ 11,099,108 $ 38,722,465 $ 67,091,819
LIABILITIES AND FUND EQUITY:
LIABILITIES:
Accounts payable and accrued
liabilities $ 720,135 $ 66,548 $ 460,972 $ 1,247,655
Customer deposits - 2,118 77,943 80,061
Deferred revenue - - 62 62
Accrued vacation payable 18,174 20,224 57,460 95,858 I
Total liabilities 738,309 88,890 596,437 1,423,636
FUND EQUITY: I
Contributed capital 7,611,466 8,339,000 34,492,534 50,443,000
Retained earnings 8,920,471 2,671,218 3,633,494 15,225,183
I
Total fund equity 16,531,937 11,010,218 38,126,028 65,668,183
Total liabilities and fund equity $ 17,270,246 $ 11,099,108 $. 38,722,465 $ 67,091,819
1
I
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50
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
- COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
for the fiscal year ended June 30, 2001
I
I Sanitary Storm
Sewer Sewer Water
Fund Fund Fund Total
OPERATING REVENUES:
I Service charges $ 1,509,648 $ 1,154,045 $ 4,950,361 $ 7,614,054
Miscellaneous 181,097 1,950 29,921 212,968
I Total operating revenues 1,690,745 1,155,995 4,980,282 7,827,022
OPERATING EXPENSES:
I Salaries and wages 372,662 553,138 1,233,410 2,159,210
Contracted services 5,788 8,136 139,079 153,003
I General, administrative and other 208,779 307,165 3,250,574 3,766,518
Depreciation 318,498 287,053 899,625 1,505,176
Total operating expenses 905,727 1,155,492 5,522,688 7,583,907
I
Operating income (loss) 785,018 503 (542,406) 243,115
I NONOPERATING REVENUE:
Interest revenue 466,210 150,903 603,705 1,220,818
'
Net income 1,251,228 151,406 61,299 1,463,933
1 RECLASSIFICATION:
Add depreciation on fixed assets donated or
acquired from capital contributions that
I
reduces contributed capital 211,104 206,177 170,485 587,766
Increase in retained earnings 1,462,332 357,583 231,784 2,051,699
I RETAINED EARNINGS - beginning of year 7,458,139 2,313,635 3,401,710 13,173,484
RETAINED EARNINGS - end of year $ 8,920,471 $ 2,671,218 $ 3,633,494 $ 15,225,183
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51
CITY OF TIGARD, OREGON e
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the fiscal year ended June 30, 2001
II
Sanitary Storm
Sewer Drainage Water D
Fund Fund Fund Total
Cash flows from operating activities:
Operating income (loss) $ 785,018 $ 503 $ (542,406) $ 243,115
Adjustments to reconcile operating
income (loss) to net cash provided
by operating activities:
Depreciation Expense 318,498 287,054 899,625 1,505,177
(Increase) decrease in accounts receivable 84,398 56,441 (30,101) 110,738
Decrease in inventory - - 31,325 31,325
(Decrease) in customer deposits - - (65,259) (65,259)
(Decrease) in accounts payable and
accrued liabilities (64,852) (10,339) (120,587) (195,778)
Increase (decrease) in accrued vacation
payable (8,675) (8,711) 7,945 (9,441)
Increase in deferred revenues 342 - 23 365
Net cash provided
operating activities 1,114,729 324,948 180,565 1,620,242
Cash flows from capital and related
financing activities:
Capital contributions - - 1,230,251 1,230,251
Acquisition of fixed assets (709,098) (399,031) (570,166) (1,678,295)
Net cash provided by (used by) capital
and related financing activities (709,098) (399,031) 660,085 (448,044)
Cash flows from investing activities -
Interest earnings 466,210 150,902 603,705 1,220,817
Net increase in cash
and cash equivalents 871,841 76,819 1,444,355 2,393,015
Cash and cash equivalents - beginning of year 6,587,545 2,252,224 8,873,647 17,713,416
Cash and cash equivalents - end of year $7,459,386 $ 2,329,043 $ 10,318,002 $ 20,106,431 1
Cash and cash equivalents are displayed on the
I
balance sheet as follows:
Cash and investments $4,027,538 $ 1,335,954 $ 10,035,602 $ 15,399,094
Restricted cash and investments 3,431,848 993,089 282,400 4,707,337
$7,459,386 $ 2,329,043 $ 10,318,002 $ 20,106,431 1
Supplemental Schedule of Noncash
Capital and Related Financing Activities:
I
Contributed sewer, storm and water lines $ 645,690 $ 496,120 $ 890,711 $ 2,032,521
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52
CITY OF TIGARD, OREGON
SANITARY SEWER FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Service charge $1,670,000 $ 1,509,648 $ (160,352)
Miscellaneous - 181,097 181,097
I Interest earnings 302,000 466,210 164,210
Total revenues 1,972,000 2,156,955 184,955
I EXPENDITURES:
I Public works 663,211 570,911 92,300
Development services 71,700 65,290 6,410
Policy and administration 131,753 122,859 8,894
I City-wide support function 4,664 2,075 2,589
Contingency 335,000 335,000
Capital projects 1,290,000 543,866 746,134
I Total expenditures 2,496,328 1,305,001 1,191,327
Change in fund balance (524,328) 851,954 1,376,282
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 7,631,639 6,751,951 (879,688)
1 UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 7,107,311 $ 7,603,905 $ 496,594
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53
CITY OF TIGARD, OREGON III
STORM SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
II
I
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Service charge $ 1,078,000 $ 1,062,730 $ (15,270)
Miscellaneous - 1,950 1,950
Interest earnings 26,000 44,461 18,461
1
Total revenues 1,104,000 1,109,141 5,141
EXPENDITURES:
Public works 775,325 775,802 (477)
Development services 68,655 62,361 6,294 III
Policy and administration 146,975 137,179 9,796
City -wide support function 4,664 2,075 2,589
Contingency 200,000 - 200,000
Capital projects 419,000 183,942 235,058
Total expenditures 1,614,619 1,161,359 453,260 1
Change in fund balance (510,619) (52,218) 458,401
UNDESIGNATED, UNRESERVED - FUND BALANCE I
BEGINNING OF YEAR 982,312 777,978 (204,334)
UNDESIGNATED, UNRESERVED - FUND BALANCE
I
END OF YEAR $ 471,693 $ 725,760 $ 254,067
1
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III
I CITY OF TIGARD, OREGON
WATER QUALITY /QUANTITY FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
I
I
I Variance
Revised Favorable
Budget Actual (Unfavorable)
I REVENUES:
Service charge $ 124,000 $ 91,315 $ (32,685)
Interest earnings 33,000 106,442 73,442
I Total revenues 157,000 197,757 40,757
I EXPENDITURES:
Development services 1,005 967 38
I Policy and administration 41 37 4
Capital projects 720,000 113,819 606,181
Contingency 115,000 - 115,000
I Total expenditures 836,046 114,823 721,223
Change in fund balance (679,046) 82,934 761,980
I UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 1,527,232 1,656,602 129,370
I UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 848,186 $ 1,739,536 $ 891,350
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CITY OF TIGARD, OREGON a
WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL II
for the fiscal year ended June 30, 2001
II
II
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
Il
Service charge $ 4,667,075 $ 4,950,361 $ 283,286
System development charges 287,730 514,571 226,841
Interest earnings 100,000 313,381 213,381
Miscellaneous 41,020 28,604 (12,416)
Total revenues 5,095,825 5,806,917 711,092
EXPENDITURES:
Public works 4,532,878 3,837,315 695,563 I
Policy and administration 587,178 555,682 31,496
City -wide support function 4,664 2,075 2,589
Contingency 800,000 - 800,000
Capital projects 1,255,000 335,958 919,042
Total expenditures 7,179,720 4,731,030 2,448,690 1
Change in fund balance (2,083,895) 1,075,887 3,159,782
UNDESIGNATED, UNRESERVED - FUND BALANCE I
BEGINNING OF YEAR 3,547,858 4,721,073 1,173,215
UNDESIGNATED, UNRESERVED - FUND BALANCE I
END OF YEAR $ 1,463,963 $ 5,796,960 $ 4,332,997
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56
CITY OF TIGARD, OREGON
WATER SDC FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 2001
1
f
' Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
System development charges $ 214,800 $ 601,748 $ 386,948
Interest 25,000 44,047 19,047
Total revenues 239,800 645,795 405,995
EXPENDITURES:
Capital projects 840,000 298,549 541,451
Change in fund balance (600,200) 347,246 (135,456)
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 601,764 377,830 (223,934)
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 1,564 $ 725,076 $ 723,512
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57
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CITY OF TIGARD, OREGON
WATER CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL II
for the fiscal year ended June 30, 2001
0
I
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
III
System development charges $ - $ 80,080 $ 80,080
Interest earnings 75,120 246,277 171,157
Miscellaneous - 1,317 1,317
Total revenues 75,120 327,674 252,554
EXPENDITURES: I
Capital projects 3,500,000 90,528 3,409,472
Contingency 100,000 - 100,000
Total Expenditures 3,600,000 90,528 3,509,472
Change in fund balance (3,524,880) 237,146 3,762,026
UNDESIGNATED, UNRESERVED - FUND BALANCE
BEGINNING OF YEAR 3,791,648 3,895,979 104,331
UNDESIGNATED, UNRESERVED - FUND BALANCE
END OF YEAR $ 266,768 $ 4,133,125 $ 3,866,357
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58
I
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I
1 General Fixed Assets Account Group
I
This account group accounts for the City's investment in fixed
I assets, with the exception of those assets in the Enterprise Funds.
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CITY OF TIGARD, OREGON
SCHEDULE OF GENERAL FIXED ASSETS
BY SOURCE II
June 30, 2001
I
8
GENERAL FIXED ASSETS
Land $ 5,748,615
Building 5,951,973
Office equipment 1,903,337
Equipment 1,659,761
Autos and trucks 1,641,113
Total general fixed assets $ 16,904,799
II
INVESTMENT IN GENERAL FIXED ASSETS BY SOURCE:
General fund $ 12,927,545
Special revenue funds 1,465,892
Capital projects funds 1,391,984
Donations 1,119,378
Total investment in general fixed assets $ 16,904,799
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59
I CITY OF TIGARD, OREGON
SCHEDULE OF GENERAL FIXED ASSETS
I BY FUNCTION AND ACTIVITY
June 30, 2001
I
I
Machinery,
I Equipment,
Function and Activity Total Land Buildings and Other
I Community services:
Police $ 1,991,024 $ $ $1,991,024
Library 453,054 453,054
Parks 588,372 588,372
I Total community services 3,032,450 3,032,450
I Community development:
Administration 98,604 98,604
Building 171,170 171,170
Planning 45,819 45,819
I
Engineering 266,351 266,351
Operations /admin. 78,219 78,219
Operations /shops 55,890 55,890
I Streets 586,529 586,529
Operations /management 30,172 30,172
I Total community development 1,332,754 1,332,754
Policy and administration:
Mayor and city council 20,564 20,564
I City administration 57,171 57,171
Finance 77,782 77,782
Computer services 353,728 353,728
I Accounting 55,779 55,779
Office services 50,291 50,291
Records 41,752 41,752
I Court 11,892 11,892
Total policy and administration 668,959 668,959
I General government 11,870,636 5,748,615 5,951,973 170,048
Total investment in general fixed assets $16,904,799 $ 5,748,615 $ 5,951,973 $ 5,204,211
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60
CITY OF TIGARD, OREGON
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
for the fiscal year ended June 30, 2001
I
General General
III
Fixed Assets Transfers/ Fixed Assets
Function and Activity June 30, 2000 Additions Retirements June 30, 2001
Community services: p
Police $ 1,739,188 $ 251,836 $ - $ 1,991,024
Library 453,054 - - 453,054
Parks 506,347 82,025 - 588,372
Total community services 2,698,589 333,861 - 3,032,450
Community development:
Administration 98,604 - - 98,604
Building 171,170 - - 171,170
Planning 45,819 - - 45,819
Engineering 266,351 - - 266,351
Operations /admin. 78,219 - - 78,219
Operations /shops 52,595 3,295 - 55,890
Streets 513,189 73,340 - 586,529
Operations /management 30,172 - - 30,172
Total community development 1,256,119 76,635 - 1,332,754
Policy and administration:
Mayor and city council 20,564 - - 20,564
City administration 57,171 - - 57,171
Finance 77,782 - - 77,782
Computer services 351,067 2,868 (207) 353,728
Accounting 55,779 - - 55,779
Office services 45,687 4,604 - 50,291
Records 41,752 - - 41,752
Court 11,892 - - 11,892
Total policy and administration 661,694 7,472 (207) 668,959
Il
General government 10,560,862 1,309,774 - 11,870,636
Total investment in general fixed assets $ 15,177,264 $1,727,742 $ (207) $ 16,904,799
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1
1
1
1 Other Schedules
1 Schedules included in this section are:
1 • Property Tax Transactions and Outstanding Balances
• Bond and Bond Interest Transactions
• Future Debt Service Requirements of Bancroft Improvement
Bonds
1 • Future Debt Service Requirements of General Obligation
Bonds
1
1
1
1
1
1
1
1
1
CITY OF TIGARD, OREGON B
SCHEDULE OF PROPERTY TAX TRANSACTIONS AND OUTSTANDING BALANCES
for the fiscal year ended June 30, 2001 1
11
Property Add Property
Taxes Levy as Taxes
Receivable Extended Deduct Add Receivable
June 30, by Discounts (Deduct) Add Deduct June 30,
2000 Assessor Allowed Adjustments Interest Collections 2001
2000 - 2001 $ - $ 8,479,977 $ (205,635) $ (39,002) $ 4,413 $ (8,017,056) $ 222,697
1999 - 2000 265,350 - - (28,431) 12,267 (169,494) 79,692
1997 - 1998 79,464 - - (4,292) 6,256 (38,941) 42,487
1997 - 1998 36,950 - - (3,069) 5,425 (23,891) 15,415
1996 - 1997 9,302 - - (847) 2,094 (8,475) 2,074
1995 - 1996 1,474 - - (508) 152 - 1,118
1994 - 1995 & Prior 2,757 - - (126) 231 (508) 2,354
$ 395,297 $ 8,479,977 $ (205,635) $ (76,275) $ 30,838 $ (8,258,365) $ 365,837
Property Taxes
Cash Receivable
Distributed as follows: Collections June 30, 2001
General Fund: III
Current $ 7,744,292 $ 215,120
Prior years' levies 222,351 128,222
Total General Fund 7,966,643 343,342
Enterprise Funds:
Prior Years' levies 9 62
Total Enterprise Funds 9 62
Debt Service Funds:
Current 272,764 7,577
Prior years' levies 18,921 14,725
Total Debt Service Funds 291,685 22,302
Capital Projects Funds:
Prior years' levies 28 131
Total Capital Projects Funds 28 131 '
Total $ 8,258,365 $ 365,837
1
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62 i
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 2001
1
Bond Transactions Interest Transactions
I Outstanding Outstanding
Original June 30, Matured/ June 30,
Bancroft Bonds Issue 2000 Called Paid 2001 Matured Paid
Issued May 1, 1983 $ 660,000 $ 390,000 $ 100,000 $ (100,000) $ 290,000 $ 16,560 $(16,560)
Issued November 30, 1998 1,565,576 1,357,075 134,907 (134,907) 1,222,168 58,111 (58,111)
1 $ 1,747,075 $ 234,907 $ (234,907) $1,512,168 $ 74,671 $(74,671)
General Obligation Bonds
Issued May 1, 1993 $ 6,935,000 $ 695,000 $ 225,000 $ (225,000) $ 470,000 $ 32,000 $(32,000)
1
1
1
1
1
1
1
1
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1
63
CITY OF TIGARD, OREGON 1
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS 1
June 30, 2001
11
Issued Issued
II
May 1, 1993 December 1, 1998
Year of Total Requirements 4.10 % to 5.00% 4.39%
Maturity Principal Interest Principal Interest Principal Interest
2001 -2002 $ 140,894 $ 66,184 $ - $ 14,060 $ 140,894 $ 52,124
2002 -2003 257,147 57,401 110,000 11,530 147,147 45,871
2003 -2004 153,678 48,340 - 9,000 153,678 39,340
2004 -2005 160,499 41,519 - 9,000 160,499 32,519 11
2005 -2006 347,622 29,896 180,000 4,500 167,622 25,396
2006 -2007 175,061 17,957 - - 175,061 17,957
11
2007 -2008 182,831 10,187 - - 182,831 10,187
2008 -2009 94,436 2,073 - - 94,436 2,073 11
Totals $ 1,512,168 $ 273,557 $ 290,000 $ 48,090 $ 1,222,168 $ 225,467
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64
1 CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
June 30, 2001
1
Series 1993A
Issued: May 1,1993
Year of 3.00% to 4.75%
Maturity Principal Interest
2002 -2003 $ 225,000 $ 21,988
1 2003 -2004 245,000 11,638
$ 470,000 $ 33,626
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/�', #i,4j� �� �..1 fig 1
CAL mama
City of Tigard, Oregon
on 9 9
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1 STATISTICAL
SECTION
1
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Ktar
1 CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
1 BUDGETARY BASIS
for the last ten fiscal years
1
I City -Wide
Support
Public Works Functions,
I Fiscal
Year and Capital
ar Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service Total
I 1992 $ 4,520,483 $ 2,466,774 $ 1,157,205 $ 4,001,522 $ 2,643,174 $ 14,789,158
1993 4,755,049 2,459,618 1,223,269 2,449,617 2,652,428 13,539,981
1 1994 5,088,712 2,641,694 1,317,972 3,604,930 5,647,732 18,301,040
1995 5,656,128 2,745,236 1,332,630 2,148,786 2,388,061 14,270,841
1 1996 6,073,218 3,230,316 1,482,194 2,895,552 5,152,515 18,833,795
1997 6,537,097 3,507,919 1,699,813 3,182,818 2,117,957 17,045,604
1 1998 6,973,417 4,072,109 1,914,207 5,084,190 2,171,542 20,215,465
1999 7,778,333 4,476,564 2,100,829 4,349,185 6,850,522 25,555,433
1 2000 8,322,224 4,738,142 2,287,819 3,902,719 2,699,338 21,950,242
2001 8,696,210 4,832,637 2,593,816 3,894,954 672,656 20,690,273
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66
1
CITY OF TIGARD, OREGON Il
GENERAL GOVERNMENTAL REVENUES BY SOURCES -
BUDGETARY BASIS
for the last ten fiscal years
11
Fiscal Licenses Inter- Charges
Year Ended Franchise and governmental For Fines and Miscellaneous
June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues * Total
III
1992 $ 4,963,329 $ 1,287,794 $ 1,659,542 $ 3,050,675 $ 102,081 $ 322,618 $ 1,464,811 _ $ 12,850,850
1993 5,493,516 1,320,686 1,682,341 3,073,728 301,569 316,947 1,599,480 13,788,267
1994 5,894,241 1,447,668 2,554,752 3,105,356 393,349 307,982 1,576,679 15,280,027 III
1995 6,107,116 1,592,707 2,344,386 3,350,614 418,965 325,970 851,444 14,991,202
1996 5,860,948 1,669,784 2,555,271 3,717,655 357,571 304,246 1,534,205 15,999,680 1
1997 7,699,435 1,736,933 3,746,604 3,834,114 798,129 397,637 1,632,664 19,845,516
1998 8,255,173 1,755,719 2,823,031 4,085,789 375,890 378,145 1,522,273 19,196,020
11
1999 8,617,809 1,970,740 2,780,779 4,715,386 449,997 390,967 4,082,654 23,008,332
2000 7,876,219 1,960,768 2,271,148 4,658,795 675,323 371,594 3,404,178 21,218,025
2001 8,504,271 2,063,978 4,057,117 4,760,711 732,797 367,732 1,730,569 22,217,175
Includes special assessments collections and private donations.
Information derived from Comprehensive Annual Financial Reports for all Govemmental Fund Types
II
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67
1
1 CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
1 for the last ten fiscal years
1
1 Percent Percent
Total Tax Delinquent
Fiscal Total Percent Delinquent Total Collections Outstanding Taxes
Year Ended Tax Current Tax of Levy Tax Tax To Tax Delinquent To Tax
I June 30 Levy Collections Collections Collections Collections Levy Taxes Levy
1992 $ 5,148,022 $ 4,717,610 91.64% $ 228,047 $ 4,945,657 96.07% $ 408,691 7.94%
I 1993 5,548,159
5,984,204 5,213,266 93.96% 260,368 5,473,634
272,191 5,894,241 98.66% 391,447
333,198 7.06%
1994 5,622,050 93.95% 98.50% 5.57%
1995 6,212,684 5,864,693 94.40% 242,923 6,107,616 98.31% 285,651 4.60%
I 1996 5,982,372 5,671,785 94.81% 198,054 5,869,839 98.12% 245,387 4.10%
1997 7,924,163 7,511,237 94.79% 167,262 7,678,499 96.90% 284,176 3.59%
I 1998 8,470,116 8,119,848 95.86% 135,325 8,255,173 97.46% 318,590 3.76%
1999 8,915,821 8,400,875 94.22% 227,801 8,628,676 96.78% 418,484 4.69%
1 2000 7,881,754 7,385,015 93.70% 270,169 7,655,184 97.13% 395,297 5.02%
2001 8,479,977 8,017,056 94.54% 241,309 8,258,365 97.39% 365,837 4.31%
1
Taxes are levied as of July 1 each year and are payable in three installments, without interest, on November 15, February 15, and May
I 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.
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68
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CITY OF TIGARD, OREGON III
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY
for the last ten fiscal years
III
111
II
Fiscal Market Value
Year Public
II
Ended Real Personal Utility Total
June 30 Property Property Property Total Assessed Value
1992 $ 1,755,342,623 $ 114,457,543 $ 40,526,271 $ 1,910,326,437 $ 1,910,326,437 11
1993 1,820,521,857 139,064,986 50,197,374 2,009,784,217 2,009,784,217
1994 1,972,696,888 142,496,210 60,467,981 2,175,661,079 2,175,661,079 Il
1995 2,229,444,147 156,419,813 72,874,589 2,458,738,549 2,458,738,549
1996 2,499,277,057 164,967,611 70,968,422 2,735,213,090 2,735,213,090
1997 2,870,072,277 165,084,982 76,231,065 3,111,388,324 3,111,388,324 B
1998 3,122,530,514 205,073,620 97,363,138 3,424,967,272 2,711,669,298
1999 3,277,118,168 214,501,804 109,989,369 3,601,609,341 2,869,660,834
III
2000 3,592,171,408 225,516,583 120,517,828 3,938,205,819 3,033,029,082
2001 3,972,873,890 229,782,176 151,476,268 4,354,132,334 3,254,596,701 0
All property is assessed as of July 1.
Assessed value, up until June 30, 1997, was defined as market value. A new property tax limitation known as
Measure 50 passed in May 1997 which disconnected assessed value from market value for purposes of distributing
property tax levies. Measure 50 reduced assessed value for 1997/98 to the 1995/96 market value less 10% plus new
construction. According to the 1998/99 Washington County summary of assessment and tax roll, assessed values
for most properties are now about 80% of market value.
Source: Washington County Department of Assessment and Taxation. 1
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69
1
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS
for the last ten fiscal years
1
1
Fiscal Year Current Ratio of Total
I Ended Assessments Assessments
Due (1) Collected (2) Collections Outstanding
June 30 to Amount Due Assessments
1992 $ 427,000 $ 288,574 67.58% $ 3,181,495
I 1993 408,000 688,664 168.79% 2,900,352
1 1994 193,000 186,036 96.39% 2,380,059
1995 208,000 146,548 70.46% 2,250,041
1 1996 135,000 218,667 161.98% 2,088,745
1997 145,000 353,977 244.12% 1,846,910
I 1998 275,000 173,947 63.25% 6,046,590
1 1999 1,565,576 2,056,305 131.34% 4,613,840
2000 329,174 971,414 295.11% 3,761,444
1 2001 234,907 290,268 123.57% 3,494,465
(1) This amount is equal to the matured principal on Bancroft improvement bonds.
I (2) Represents collections of current assessments for payment of Bancroft improvement bonds as well
as assessment collections on projects for which such bonds have not been issued.
Source: City assessment records
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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
Tigard/ Washington Washington
Fiscal Metzger Tualatin Beaverton Tualatin County County
Year Water School School Tigard Unified Rural Fire Rural Fire Portland Education Other
Ended District City of Washington District District Water Sewerage Protection District Community Service Taxing
June 30 Combined Tigard County No. 23 -J No. 48 District Agency District No. 2 College District Agencies Total
1992 0.50 2.76 1.41 16.73 13.44 0.09 0.19 1.99 0.81 0.21 0.49 38.62
1993 0.48 2.80 1.42 15.95 14.16 0.08 0.18 1.98 0.90 0.21 0.43 38.59
1994 0.42 2.77 1.36 15.58 13.39 0.08 0.12 1.88 0.87 0.20 0.37 37.04
1995 0.25 2.51 1.27 13.88 12.41 0.07 0.07 1.76 0.82 0.19 0.38 33.61
1996 0.25 2.18 1.52 14.01 12.07 0.06 0.09 1.66 0.79 0.18 0.38 33.19
y 1997 0.23 2.54 1.35 12.85 11.41 0.05 1.52 0.73 0.30 0.83 31.81
3
1998 0.27 3.12 2.60 6.60 6.16 1.54 0.37 0.78 21.44
1999 0.28 3.10 2.57 6.65 6.17 1.53 1.15 0.35 0.81 22.61
2000 0.21 2.59 2.54 6.31 6.19 1.56 1.29 0.36 0.70 21.75
2001 0.25 2.60 2.53 7.24 6.12 1.59 1.30 0.37 0.70 22.70
Tax rates, expressed in dollars and cents per $1,000 of assessed value of taxable property in each taxing district, are required by the State Constitution to be uniform throughout the district.
Taxes levied may be composed of three types of levies: (1) a base operating levy, (2) a special operating levy approved by the voters in the district and (3) a debt service levy. 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.
All operating levies were converted to a permanent rate by the passage of measure 50 in 1997. Permanent rates can not be changed. Prior to Measure 50, rates were dependent on both the levy and assessed
value.
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 2000 ranged from $13.63/$1,000 to $14.03/$1,000.
Source: Washington County Department of Assessment and Taxation.
I- 1111. NM - NM - - - - - - - - - - - - - -
CITY OF TIGARD, OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
for the last ten fiscal years
1
1 Gross
General Ratio of
Obligation Less Debt Net Bonded
I
Fiscal Year Bonded Service Net Debt to Net Bonded
Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value Standing Available Debt Value Capita
1992 30,835 $ 1,910,326,437 $ 12,595,000 ** $ 620,597 $ 11,974,403 0.63% $ 388.34
1993 31,271 2,009,784,217 11,671,000 ** 830,080 10,840,920 0.54% 346.68
1994 33,802 2,175,661,079 9,878,000 ** 611,481 9,266,519 0.43% 274.14
1995 33,744 2,458,738,549 8,385,000 ** 422,107 7,962,893 0.32% 235.98
I 1996 35,021 2,735,213,090 6,795,000 ** 387,102 6,407,898 0.23% 182.97
1997 35,925 3,111,388,324 5,125,000 ** 4,514,054 6,407,898 0.21% 178.37
I 1998 36,680 2,711,669,298 3,360,000 ** 206,712 3,153,288 0.12% 85.97
1999 37,200 2,869,660,834 2,991,249 ** 792,529 2,198,720 0.08% 59.11
1 2000 39,672 3,033,029,082 2,442,075 ** 1,492,889 949,186 0.03% 23.93
2001 42,260 3,254,596,701 1,982,168 ** 1,609,030 373,138 0.01% 8.83
1 ** Excludes bond anticipation notes payable.
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County Department of
I Assessment and Taxation.
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72
1
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 2001 1
11
1
ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property
within the city boundaries: 1
True cash value (2000 -2001) $ 4,354,132,334
General obligation debt limit X 3% 1
130,623,970
1
Gross bonded debt $ 1,982,168
Excludable debt - Bancroft improvement bonds (1,512,168) 1
Debt subject to limitation 470,000 1
Legal debt margin - amount available for future indebtedness $ 130,153,970
1
Source: Washington County Department of Assessment and Taxation
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•
CITY OF TIGARD, OREGON
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
I June 30, 2001
I Percent Amount
Applicable Applicable
Net Debt Inside City Inside City
1 Jurisdiction Outstanding of Tigard of Tigard
Tigard /Tualatin School District #23 -J $ 30,826,982 52.9264% $ 16,315,612
1 Tri- Metropolitan Transportation District 5,747,967 3.8330% 220,320
I Port of Portland 503,830 3.5015% 17,642
Metro 7,197,682 3.8522% 277,269
1 Beaverton School District #48 9,332,564 3.8910% 363,130
Portland Community College 4,483,799 4.9628% 222,522
1 Washington County 8,972,269 11.3461% 1,018,003
I Clean Water Services 41,324 12.1540% 5,023
Tualatin Valley Fire & Rescue District 1,291,071 13.9124% 179,619
1 Tualatin Valley Water (Metzger Bond) 1,178,129 62.5002% 736,333
City of Tigard 1,982,168 100.0000% 1,982,168
I Total for Overlapping (Underlying) Debt $ 71,557,785 $ 21,337,639
1
Source: Oregon State Treasury Debt Management Division
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CITY OF TIGARD, OREGON 0
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR LONG -TERM DEBT TO TOTAL
GENERAL GOVERNMENTAL EXPENDITURES
II
for the last ten fiscal years
11
Total Percent of Debt
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
1992 $ 1,664,000 $ 979,174 $ 2,643,174 $ 18,561,349 14.24%
1993 1,939,000 713,428 2,652,428 14,789,158 17.93%
1994 4,742,523 905,209 5,647,732 13,539,981 41.71% 11
1995 1,828,000 560,061 2,388,061 18,301,040 13.05%
1996 4,385,000 767,516 5,152,516 14,270,841 36.11% 11
1997 5,755,000 447,957 6,202,957 21,130,604 29.36%
1998 6,390,000 406,542 6,796,542 20,215,465 33.62%
1999 6,190,576 659,946 6,850,522 25,555,433 26.81% 1
2000 2,487,352 211,986 2,699,338 21,950,242 12.30%
•
2001 2,408,085 207,914 2,615,999 22,638,451 11.56% 1
1
Source: Comprehensive Annual Financial Reports of the City.
I
(1) Includes bond anticipation notes principal and interest.
(2) Includes bond anticipation notes interest and certificates of participation principal and interest
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1 CITY OF TIGARD, OREGON
PROPERTY VALUE AND CONSTRUCTION
1 for the last ten fiscal years
1
1 Commercial Residential
Fiscal Year Construction (1) Construction (1)
I Ended Number of Number of
June 30 Permits Value Permits Value
1 1992 37 $ 31,498,832 218 $ 24,259,243
1993 28 25,685,703 408 43,687,254
1 1994 40 63,946,411 683 62,765,587
1995 24 31,873,570 452 63,699,561
1 1996 37 34,644,201 496 65,935,382
1 1997 22 44,227,644 355 59,581,425
1998 28 45,381,833 147 30,720,243
1 1999 18 26,772,534 229 37,876,657
2000 22 55,244,410 198 (2) 37,202,497
I 2001 23 47,262,611 576 (2) 114,188,480
1 (1) From City of Tigard Building Department. Multi- family permits are included in the
number of permits issued for residential construction.
1 (2) Residential totals for permits and value include amounts from
Urban /Washington County as well as City of Tigard
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1
CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS
June 30, 2001 11
1
Percentage
of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Pacific Realty Associates Oregon Business Park $ 116,451,600 3.58%
Washington Square, LLC Washington Square Shopping Mall 75,574,610 2.32%
1
Spieker Properties Park 217 retail office center and
1 Nelson Business Park 75,068,410 2.31%
GTE Northwest Inc. Utility - Communications 50,418,106 1.55%
Archstone Communities Trust Property Management 21,124,330 0.65% 1
Portland General Electric Utility - Power Operations 20,991,700 0.64%
Portland Hotel Associates Embassy Suites Hotel 20,043,600 0.62%
Il
Sprint Spectrum Utility - Communications 19,831,446 0.61%
Robinson Trust Scholis Business Center 17,997,260 0.55%
The May Department Stores Co. Meier & Frank Department Store 16,782,000 0.52%
I
Total Principal Taxpayers 434,283,062 13.34%
All Other Taxpayers 2,820,313,639 86.66%
Total $ 3,254,596,701 100.00% B
Source: City of Tigard Planning Department, estimated from Washington County Assessment & Taxation records.
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CITY OF TIGARD, OREGON
DEMOGRAPHICS STATISTICS
1 for the last ten fiscal years
1
I Assessed (2)
Value Unemployment
I
of Taxable (3) Rate
Fiscal Year (1) Property School Portland
Ended June 30 Population Per Capita Enrollment Metro Area
1 1992 30,835 $ 61,953 8,795 6.20%
1993 31,271 64,270 8,965 5.80%
I 1994 33,802 64,365 9,427 4.80%
1 1995 33,744 72,864 9,644 4.70%
1996 35,021 78,102 10,579 4.20%
1 1997 35,925 86,608 10,829 3.90%
I 1998 36,680 73,928 11,071 4.30%
1999 37,200 74,537 11,080 4.50%
1 2000 39,672 76,453 11,145 4.10%
2001 42,260 77,014 11,500 4.50%
1
I Sources of Information:
(1) State of Oregon, Department of Administrative Services
1 (2) U.S. Bureau of Labor Statistics
(3) Tigard /Tualatin School District #23 -J - City student totals not available
1
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78
1
CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
June 30, 2001
111
D
Date of Incorporation 1961 D
Form of government Council - Mayor - Manager
Area (Square Miles - Incorporated Area) 10.92
Miles of streets 129.0
Population 42,260
Drinking Water:
Water Mains 205 Miles
Reservoirs 13
D
Police protection:
Number of stations 1
Number of sworn police officers 55
Education: D
Attendance Centers 15
Number of teachers 682
Number of students 11,500
Sanitary sewers 723,555 ft.
D
Storm sewer lines 543,156 ft
Building Permits issued (2000 -01) 599
Recreation and culture:
Number of parks 11, totaling 160.8 acres
Greenways 132.7 acres
Number of libraries 1
Number of volumes (estimated) 110,000
Employees:
Classified service (union) 194
Unclassified (non- union) 76
Information obtained from the various departments of the City of Tigard, D
Oregon, and Tigard/Tualatin School District #23 -J - City student totals not available
D
79
D
1 AUDIT COMMENTS AND
' DISCLOSURE REQUIRED BY
STATE REGULATIONS
1
/
1
1
1
I P AU L Y , ROG AND C O., P.C.
® CERTIFIED PUBLIC ACCOUNTANTS
I • 12700 SW 72ND AVENUE • TIGARD, OREGON 97223
• (503) 620 -2632 • FAX (503) 684 -7523
November 2, 2001
1
AUDITORS' COMMENTS AND DISCLOSURES
I Oregon Administrative Rules 162 -10 -000 through 162-16-000, the Minimum Standards
I g g ,
for Audits of Oregon Municipal Corporations, prescribed by the Secretary of State in
cooperation with the Oregon State Board of Accountancy, enumerate the financial
statements, schedules, comments and disclosures required in audit reports. Certain
I required disclosures, statements and schedules are set forth in preceding pages of
this report. Additional required comments and disclosures related to our audit of such
statements and schedules are set forth as follows:
1 REPORT ON INTERNAL ACCOUNTING CONTROL
I We have audited the general purpose financial statements of the City of Tigard,
Oregon, as of and for the year ended June 30, 2001, and have issued our report
thereon dated November 2, 2001.
1 The management of the City of Tigard, Oregon, is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility, estimates and
I judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. The objectives of an
internal control structure are to provide management with reasonable, but not
I absolute, assurance that assets are safeguarded against loss from unauthorized use
or disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit the preparation of general purpose
I financial statements in accordance with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or irregularities
may nevertheless occur and not be detected. Also, projection of any evaluation of the
I structure to future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the effectiveness of the design
and operation of policies and procedures may deteriorate.
l In planning and performing our audit of the general purpose financial statements of the
City of Tigard, Oregon, for the year ended June 30, 2001, we considered its internal
1 control structure in order to determine our auditing procedures for the purpose of
' expressing our opinion on the financial statements and not to provide assurance on the
internal control structure. Our consideration of the internal control structure would not
1 necessarily disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or operation of
1 one or more of the specific internal control structure elements does not reduce to a
80
1
AUDITORS' COMMENTS AND DISCLOSURES (CONTINUED)
relatively low level the risk that errors and irregularities in amounts that would be fl
material in relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control structure and its
operation that we consider to be material weaknesses as defined above.
This report is intended for the information of management, the Mayor, City Council, 11
and the State of Oregon, Secretary of State, Audits Division. However, this report is a
matter of public record and its distribution is not limited.
ACCOUNTING RECORDS
The City's accounting records were adequate for audit. fl
BUDGET TRANSACTIONS
Expenditures were within the authorized appropriation levels for the year ended June
30, 2001. 11
2000 -2001 and 2001 -2002 BUDGETS
The budgets adopted by the City for the current and ensuing fiscal year were reviewed 11
during the audit. Budget preparation and adoption procedures followed by the City
appeared to be incompliance with the Oregon Local Budget Law. 1
STATE HIGHWAY FUNDS
The City's compliance with requirements of Article IX, Section 3a of the Oregon
Constitution and ORS 294 and 373 was reviewed and the City appears to have
complied with the restrictions on the use of revenue from taxes on motor vehicle use
and fuel.
COLLATERAL SECURING BANK DEPOSITS 1
Collateral pledged by the depositories appears to have been adequate to meet
requirements of Oregon Law at all times during the year. Each depository is required 1
by ORS Chapter 295 to maintain securities having a value of not less than 25% of the
face amount of the collateral certificate issued by the pool manager, for funds
deposited in the depository in excess of the amounts insured by the Federa I Deposit
11
Insurance Corporation. Deposits in the State Local Government Investment Pool are
not required to be collateralized.
INVESTMENTS
The City's investments for the year ending June 30, 2001 were reviewed and
1
appeared to have been in compliance with the legal requirements pertaining to the
investment of public funds contained in ORS 294.035.
81 1
AUDITORS' COMMENTS AND DISCLOSURES (CONTINUED)
PUBLIC CONTRACTS AND PURCHASING
1 The City's procedures for awarding public contracts were reviewed and appeared to
have been in compliance with ORS Chapter 279.
1 INSURANCE AND FIDELITY BONDS
' Details concerning insurance and fidelity bond coverage were reviewed during the
audit. The coverage provided appears to have met legal requirements. We do not
have the professional expertise to state whether the insurance coverage is adequate.
STATUTORY BONDED DEBT LIMITATION
' The City's bonded debt outstanding was well within the limitation established by
Oregon Law.
' OUTSTANDING WARRANTS
The City did not have any outstanding endorsed warrants at June 30, 2001.
PROGRAMS FUNDED FROM OUTSIDE SOURCES
' We reviewed and tested, to the extent we considered necessary in the circumstances,
transactions and reports relative to federal and state grant programs. The City
appeared to have appropriate procedures for making expenditures on behalf of, and
reporting for, such programs.
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PAULY, ROGERS AND CO. P.
C.
CER11rtED PUBLIC ACCOUNTANTS
TIGARD, OREGON 97223
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