CAFR Report - 1996-1997
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I CITY, OF TIGARD
' OREGON
Citrof,
~ Tigard, Oregon
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~ Comprehensive Annual
~ Financial Report
' For The Fiscal Year Ended June 30, 1997
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CITY OF TIGARD, OREGON
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
for the fiscal year ended June 30, 1997
prepared by the 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 x
Organization Chart xi
Certificate of Achievement for Excellence in Financial Reporting xii
FINANCIAL SECTION: f
Report of Independent Accountants 1
GENERAL PURPOSE FINANCIAL STATEMENTS
("Liftable" Financial Statements):
Combined Balance Sheet - All Fund Types and Account Groups 3
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types 4
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental
Fund Types 5
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balances - All Proprietary Fund Types 6
Combined Statement of Plan Net Assets - Pension Trust Funds 7
Combined Statement of Changes in Plan Net Assets - Pension Trust Funds 8
Combined Statement of Cash Flows - All Proprietary Fund Types -
Enterprise Funds 9
Notes to General Purpose Financial Statements 10
SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial Schedules):
General Fund:
Schedule of Revenues and Expenditures - Budget and Actual 31
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:
Special Revenue Funds:
Combining Balance Sheet 32
Combining Statement of Revenues, Expenditures and Changes in
' Fund Balances 33
Schedules of Revenues and Expenditures - Budget and Actual:
Forfeitures From Criminal Activity Fund 34
State Tax Street Fund 35
Parks SDC Fund 36
County Gas Tax Fund 37
Traffic Impact Fund 38
Electrical Inspection Fund 39
Underground Utility Fund 40
FEMA Disaster Fund 41
Workers' Compensation Fund 42
Building Fund 43
' Urban Services Fund 44
Urban Services - TIF Fund 45
Tree Replacement Fund 46
Debt Service Funds:
Combining Balance Sheet 47
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 48
Schedule of Revenues and Expenditures - Budget and Actual:
General Obligation Bond Debt Service Fund 49
Bancroft Bond Debt Service Fund 50
Capital Projects Funds:
Combining Balance Sheet 51
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances 52
Schedule of Revenues and Expenditures - Budget and Actual:
Local Improvement Capital Projects Fund 53
Park Levy Capital Improvement Fund 54
Facility Fund 55
Metro Greenspaces Fund 56
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:
Enterprise Funds:
Combining Balance Sheet 57
Combining Statement of Revenues, Expenses and Changes
in Retained Earnings 58
Combining Statement of Cash Flows 59
Schedule of Revenues and Expenditures - Budget and Actual:
Sewer Fund 60
Storm Drainage Fund 61
Water Quality & Quantity Fund 62
Water General Fund 63
Water Systems Development Fund 64
Water Capital Projects Fund 65 '
Fiduciary Funds:
Combining Balance Sheet 66
Pension Trust Funds:
Combining Statement of Plan Net Assets 67
Combining Statement of Changes in Plan Net Assets 68
Statement of Changes in Assets and Liabilities - Agency Fund -
Deferred Compensation Fund 69
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 70
Schedule of General Fixed Assets - By Function and Activity 71
Schedule of Changes in General Fixed Assets - By Function and Activity 72
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 73
Schedule of Bond and Bond Interest Transactions 74
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 75
Schedule of Future Debt Service Requirements of
General Obligation Bonds 76
City of Tigard, Oregon
Table of Contents
Page
STATISTICAL SECTION:
General Governmental Expenditures By Function - Budgetary Basis -
for the last ten fiscal years 77
General Governmental Revenues By Sources - Budgetary Basis -
' for the last ten fiscal years 78
Property Tax Levies and Collections - for the last ten fiscal years 79
Assessed Value of Taxable Property - for the last ten fiscal years 80
Special Assessment Collections - for the last ten fiscal years 81
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 82
1 Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 83
Computation of Legal Debt Margin - June 30, 1997 84
Computation of Overlapping General Obligation Debt -
June 30, 1997 85
Ratio of Annual Debt Service Expenditures for Long-Term
r Debt to Total General Governmental Expenditures -
for the -last ten fiscal years 86
Property Value, Construction and Bank Deposits -
for the last ten fiscal years 87
Principal Taxpayers - June 30, 1997 88
Demographic Statistics - for the last ten fiscal years 89
Miscellaneous Statistical Data - June 30, 1997 90
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
' STATE REGULATIONS:
Introductory Comments 91
Internal Control Structure 92
Other Comments and Disclosures 92
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CITY OF TIG RD
' OREGON
November 24, 1997
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Honorable Mayor and Members of the City Council
City of Tigard, Oregon
Submitted herewith is the Comprehensive Annual Financial Report of the City of Tigard (the City)
for the fiscal year ended June 30, 1997. This report was prepared by the City's Finance Department.
Responsibility for both the accuracy of the presented data and the completeness and fairness of
presentation, including all disclosures, rests with the City. We believe the data, as presented, is
' accurate in all material respects and is presented in a manner designed to fairly set forth the financial
position and results of operations of the various funds and account groups of the City. All
disclosures necessary to enable the reader to gain the maximum understanding of the City's financial
activities have been included.
The Comprehensive Annual Financial Report is presented in four sections: introductory, financial,
statistical and audit comments and disclosures. The introductory section includes this transmittal
letter, the City's organization chart and a list of principal officials. The financial section includes the
general purpose financial statements and the combining and individual fund and account group
financial statements and schedules. The statistical section includes selected financial and
demographic information, generally presented on a multi-year basis. The audit comments and
disclosures section contains audit comments and disclosures required by State regulations.
This report includes all funds and account groups of the City under the direction of the City Council.
The City provides a full range of services including police protection; sewer, storm drainage, streets
and parks repair and maintenance; community planning and building inspection; and infrastructure
improvements. Tigard/Tualatin School District, Tualatin Valley Water District, and the Tualatin
Valley Fire and Rescue District have not met the established criteria for inclusion in this reporting
entity and, accordingly, are excluded from this report.
Economic Condition and Outlook
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 37,400, is the eleventh largest City in the State.
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13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639-4171
Over the past several years, new construction activity has remained strong. The average addition to
assessed value from new construction from 1988 through 1993 was $62,206,000. New construction
value since 1993 has averaged $125,228,000 per year. Projections for the next several years indicates
continued strength in new development.
The residential share of new value has averaged over $53,697,000 over the past three years.
Residential construction value added in 1996/97 was $53,504,619. This included permits for 285
new homes with an average value per home of $187,736. There were permits for 70 multi-family
units issued in 1996/97 with a value of $6,076,806.
Commercial activity continued strong with $38,236,453 of new construction value added in 1996/97,
1997/98 promises to be another strong year for new construction value and development in Tigard.
Tigard's proximity to the Portland Metropolitan area provides its citizens with many diverse
employment opportunities. Over 51,823 jobs are located within a five minute drive from Tigard. The
unemployment rate in the Portland Metropolitan area averaged just under 3.9% during the year.
Tigard's assessed value for 1996/97 was $3,111,388,324, which represents a 14% increase over the
previous year. The projected market value for 1997/98 is $3,399,300,503, which represents a 9%
increase. This continued growth in value, together with prudent fiscal management, has allowed the
City to provide quality services at a very low tax rate. The total property tax rate resulting from City
levies in 1996/97 was $2.54 per thousand of assessed value.
The economic outlook for the City remains good. The City has continued to experience growth in
most areas including the local economy, population, assessed value and development activity.
Major Initiatives
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 next five-year period. Along with the services
to be provided, the plan calls for a certain level of property taxation to support those services. Before
each five-year plan has been implemented, voters have had the opportunity to decide whether to
support the needed level of taxes. Tigard voters have supported the last four such property tax ,
increase requests since 1980.
The most recent request was placed on the November 1994 ballot and was passed by Tigard voters.
The measure called for a $1,700,000 increase in the tax base. The new levy authority was levied in
1996/97. The five-year plan, which covers the operation of the City from 1996/97 through 2000/01
calls for the addition of eighteen police positions over the life of the plan. Several of the new police
positions were hired in 1995/96 in anticipation of the beginning of the new plan in 1996/97.
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.
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' The Pacific Corporate Center development continues to progress. This development is the result of a
Local Improvement District that was used to install streets and other infrastructure. Since the
completion of the improvements in 1990, over 300,000 square feet of prime office space has been
built. Recently added to the development is a Marriot Hotel with 110 guest rooms. Other additions
include restaurants, banks and additional new office and retail space.
The Dartmouth Local Improvement District project was completed in the summer of 1994. The road
improvement provided a connection between Highway 99W and Interstate 5 in an area referred to as
1 the Tigard Triangle. This opened up hundreds of acres of raw land for commercial development.
Cub Foods and Costco have opened for business with over 220,000 square feet of retail space. An
additional 23,000 square feet of retail space was added with the opening of an Office Max office
supply discount store.
Although the improvements are complete, the City has not acquired a portion of the street
right-of-way due to a dispute with a property owner. As a result, the final costs of the project have
not yet been determined but are currently estimated at $4,500,000. Due to a recent agreement with
the property owner regarding the purchase of right of way, it is expected that the final hearing will
take place in January 1998. Construction financing matures on December 1, 1998 at which time the
obligations will be rolled over or converted to long-term bonds.
From a development perspective, both of these Local Improvement Districts have been very
successful in attracting high value commercial development. It is estimated that the total value at
build out from both areas will exceed $40,000,000. The costs of the improvements which have been
or will be assessed to the benefiting property owners is just under $6,500,000.
During 1995/96, discussions began on the possible expansion of Cook Park, the City's major
recreational facility which includes ball fields, playgrounds, boating facilities, and natural areas. The
expansion of the park will involve the acquisition of additional land adjacent to the park and the
development of additional soccer, baseball and football fields along with restroom facilities and
parking. One large parcel has already been acquired. The project is currently envisioned as a
cooperative effort between the City and various sports associations. A study is currently underway to
determine the scope of the project and improvements which will be funded with Park System
Development Charges and will be maintained by General Fund dollars.
The Portland Metropolitan Area was hit hard by a wind storm in December 1995 and by flood and
heavy rains in February 1996. The City activated it's Emergency Operations Center for both disasters
' and both events were declared disasters for Federal Emergency Management Agency (FEMA)
reimbursement purposes. City crews and contractors worked through the spring to restore Cook
Park to its prestorm condition by the summer season. The park was completely submerged for
several weeks by the waters of the swollen Tualatin River. Total estimated costs eligible for FEMA
reimbursement were just over $200,000.
The City commissioned a water rate study during the 1995/96 fiscal year. The purpose of the study
was to review the adequacy of the water rate structure, update water system development charges
and meter installation fees. The CH2M Hill study found that the current water rate structure was
adequate but recommended that system development charges and installation fees be increased and
the water rate structure be changed to eliminate the minimum charge and to charge for water usage
by customer class on a cost of service basis. The City Council approved the changes to become
effective January 1, 1997.
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The City of Tigard's motion for summary judgment in the Dolan/A-Boy case was denied and the ,
motion of the plaintiff was granted. This case stems from a development application in the early
1990's for the expansion of the A-Boy store on Main street. The City required the applicant to
dedicate a strip of land in the flood plain for a bike path as a condition of approval. The applicant
refused to donate the property. The taking claim was judged in the City's favor until it reached the
U.S. Supreme Court which ruled five to four in favor of the applicant. The applicant has sued the
City on several issues for a substantial amount of money citing lost profits and other damages. The
granting of the applicant's motion for summary judgment indicates that the court found a taking had
occurred. A jury trial began in November 1997. On November 18, 1997, the City and the Dolan's
reached an out of court settlement in the amount of $1,500,000 to be paid by December 10, 1997.
At the November 1996 election, a citizen initiative to reduce property taxes known as measure 47
was approved by voters. Most properties in the state have experienced dramatic increases in assessed
values over the past several years which have resulted in rapidly increasing property taxes to schools.
The Measure would have rolled back the property tax on individual properties for 1997-98 to the
1995-96 level less 10%. Future increases were then limited to 3% per year. Just as the implications
of measure 47 were being determined, the legislature placed Measure 50 on the May 1997 ballot.
Measure 50 achieves similar tax reduction by limiting assessed value to 1995-96 values less 10% and
then allows 3% growth per year. The impact of this measure on the City has been determined to be a
loss of $76,000 in General Fund tax revenues. The loss to the City is not expected to have serious
affects on the City's ability to fund General Fund programs at current levels. Taxes to pay debt
service on outstanding bonds are generally unaffected by the measure.
The City of Tigard finished 1996-97 in a strong financial position. Ending fund balances for most '
funds were greater than estimated. Outstanding debt is decreasing as are property tax rates.
Assessed value continues to increase and development activity remains strong. All of these things
taken together make Tigard one of the most financially viable communities in the State and well
situated to deal with growth and limitations on funding sources.
Financial Information
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 derived; and (2) the valuation of costs and benefits requires estimates and judgments by
management.
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Budgeting Controls
In addition, the City maintains budgetary controls, the objective of which is 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 to meet its responsibility for sound financial management.
General Governmental Functions
Revenues for general governmental functions (all governmental funds) on a generally accepted
accounting principles basis totaled $19,921,378 in fiscal year 1997. The 23.19% increase from fiscal
year 1996 resulted primarily from increases in property tax revenues, licenses and permits, special
assessments and an increase in charges for services. Revenues from various sources and changes
from last year are shown below:
Increase/
Percent (Decrease) Percent
of from Fiscal Increase/
Functions Amount Total Year 1996 (Decrease)
Taxes $ 7,699,433 38.65 % $ 1,838,485 31.37 %
Franchise fees 1,736,933 8.72 67,149 4.02
' Special assessments 353,977 1.78 135,310 61.88
Licenses and permits 3,782,084 18.99 1,126,813 42.44
Intergovernmental revenues 3,834,114 19.25 116,459 3.13
' Charges for services 798,129 4.00 440,558 123.21
Fines and forfeitures 397,637 2.00 93,391 30.70
Miscellaneous revenues 1,319,071 6.61 (67,930) (4.90)
Total $ 19,921,378 100.00 % $ 3,750,235 23.19 %
Property tax revenue increased over last year due to the increased tax base levy approved by voters in
1994 and levied for the first time in 1996/97. Charges for services and licenses and permits have
increased due to growth in development activity. Intergovernmental revenues have also increased
due to growth in population and growth in library circulation.
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The following schedule presents a summary of program expenditures for all governmental funds
including debt service for the fiscal year ended June 30, 1997, and the changes from last year:
Increase/ r
Percent (Decrease)
of from Fiscal Percent
Functions Amount Total Year 1996 Increase
Community services $ 6,537,097 35.25 % $ 463,879 7.64 %
Development services 3,507,918 18.92 277,602 8.59 ,
Policy and administration 1,699,813 9.17 217,619 14.68
Nondepartmental 245,657 1.32 (40,961) (14.29)
Capital improvements 4,437,162 23.93 1,828,228 70.08
Debt service 2,117,957 11.41 (3,034,558) (58.89)
$ 18,545,604 100.00 % $ (288,191) (1.53)%
Total expenditures decreased 1.53% from the previous year. The decrease is mostly attributable to
reductions in debt service. Debt service expenditures included the refinancing of the Dartmouth Bond
Anticipation notes. Increase in operating programs are due to the addition of star called for in the
five-year plan and the filling of vacant positions from the previous year. Capital projects vary from
year to year depending on weather and bid schedules. ,
Fund Balances
Total fund balances of the City were $11,706,943 at June 30, 1997, consisting of $4,217,311 in the
General Fund, $5,044,993 in the Special Revenue Funds, $1,261,053 in the Debt Service Funds, and
$1,183,586 in the Capital Projects Funds.
Enterprise Operations
The City's enterprise activities include sanitary sewer, stornl sewer and water operations. Although i
the Unified Sewerage Agency (USA) 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 system throughout the City and charges a monthly surface water fee at a
rate set by the Regional Surface Water Management Agency, a regional entity affiliated with USA.
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' Sewer operating revenues derived primarily from service charges amounted to $1,666,183.
Operating expenses totaled $895,340 resulting in net income of $994,755 after nonoperating interest
revenues totaling $223,912.
Storm drainage operating revenues amounted to $594,162. Storm drainage operating expenses
totaled $768,571 resulting in a net loss of $198,528 after nonoperating transfer to the FEMA fund of
$112,512 and interest revenues totaling $88,393.
Water operating revenues derived from user charges amounted to $4,061,690. Operating expenses
' totaled $3,971,272 resulting in net income of $616,825 after nonoperating interest revenues totaling
$526,407.
1 Pension Trust Funds
1 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 Employes 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. The deferred compensation plan
is accounted for in an agency fund.
Cash Management
Temporarily idle cash during the year was invested in accordance with the investment policy in
certificates of deposit, banker's acceptances, commercial paper, U. S. Treasury Notes and Agencies,
and the State of Oregon Local Government Investment Pool as approved by the Council. Pension
trust funds are invested by the agents with which 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 previous
year:
Investment Income 1997 1996
General Fund $ 266,232 $ 256,052
Special Revenue Funds 228,601 193,710
Capital Projects Funds 102,329 85,410
Debt Service Funds 52,642 67,878
Enterprise Funds 838,512 729,626
Pension Trust Fund 592,200 448,540
' $ 2,080,516 $ 1,781,216
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.
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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, 1997, the City has the following debt issues outstanding:
General obligation bonds $ 3,965,000
Bancroft improvement bonds 1,160,000
Bond anticipation notes 4,625,000
$ 9,750,000
The State of Oregon mandates a general obligation debt limit of 3 percent of true cash value of
taxable property within the City boundaries. The limit totaled $93,341,650 at June 30, 1997. The
City's debt subject to this limit was $3,965,000. Bancroft Bonds and bond anticipation notes are not
subject to the limitation. Therefore, $89,376,650 is available for future indebtedness.
The City has an Al bond rating from Moody's Investment Services on its general obligation bonds.
Independent Audit
Oregon State Law requires every municipal corporation to submit an annual financial report to the
Secretary of State; to have its combined financial statements audited by an independent certified
public accountant in accordance with generally accepted auditing standards and Minimum Standards
for Audits of Oregon Municipal Corporations as prescribed by the Secretary of State in cooperation
with the Oregon State Board of Accountancy; and to have an independent auditor express an opinion
upon the financial position, results of operations and cash flows as reported by the municipal
corporation for the period under audit. The City is in full compliance with the aforementioned
requirements, and the independent auditor's opinion has been included in this report.
Awards
For the last fourteen 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. 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
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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.
1 In addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its
last eight adopted budgets. In order to qualify for the Distinguished Budget Presentation Award, the
government'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. 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,
' William A. Monahan Wayne Lowry
City Administrator Director of Finance
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CITY of ncnaD ~
OREGON
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City of Tigard, Oregon
MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1997
Name Term Expires
Mayor James Nicoli December 31, 1998
10594 S.W. Windsor Ct.
Tigard, Oregon 97223
Councilor Paul Hunt December 31, 2000
10320 S.W. Century Oak Drive
Tigard, Oregon 97224
Councilor Bob Rohlf December 31, 1998
12430 S.W. North Dakota
Tigard, Oregon 97223
Councilor Brian Moore December 31, 2000
9835 S.W. Kimberly Drive
Tigard, Oregon 97224
Councilor Ken Scheckla December 31, 1998
10890 S.W. Fairhaven Way
Tigard, Oregon 97223
1 William A. Monahan, City Manager
Wayne Lowry, Director of Finance
Cyndi A. Turner, Financial Operations Manager
' LEGAL COUNSEL
O'Donnell, Ramis, Crew, Corrigan, & Bachrach
1727 N.W. Hoyt
Portland, Oregon 97209
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City of Tigard, Oregon r
Organization Chart
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Citizens
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Mayor & City
city Cpuncil Attorney
City Manager ,
Flnence
Police Ubrery Public Works Community Engineering city
Development Administration
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Police Library Public Works Community Dev. F_r lerino City Admin. Finance
Finance
Administration Administration Administration Administration Engineering City Recorder
epar tment Department
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library
Police Readers Public Works Community Dev. Engineering City Admin. Finance
Operations Serv ices Sanitary Sewer Administration Urban Services Community Accounting
Urban Services Involvement
Police Library Community Dev. City Admin.
Public Works Engineering Finance
Support Technical Storm Sewer Building Street Lights/ Human Office Services
Services Services Inspection Signals Resources
Commu fin Dev. City Admin.
Finance
Library Public Works Risk
Building
Circulation Water Inspection Management Records
Urban Services
Public Works
Street Community Dev. Finance
Maintenance Municipal Court
Current Planning
Public Works
Shops & Community Dev
Services
CurrentPlenning
Urban Services
Public Works
Property Mgmt. '
Community Dev.
Advance
Planning
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Certificate of
Achievement
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for Excellence
in Financial
Reporting
Presented to
City of Tigard,
Oregon
For its Comprehensive Annual
' Financial Report
for the Fiscal Year Ended
June 30, 1996
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
' standards in government accounting
and financial reporting.
NEE OFpj~, ~ /'/J/ ~
~NCIEO STATES y
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' g G1PON10T 1 ° President
y CORRATION
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CHJill CAGG
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Executive Director
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CITY of ncaeo ~
OREGON
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FINANCIAL
SECTION
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i Coo ers Coopers & Lybrand L.L.P.
& Ly rand a professional services firm
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Report of Independent Accountants
' Honorable Mayor and Council Members
City of Tigard
Tigard, Oregon
We have audited the general purpose financial statements of the City of Tigard, Oregon as of and for
the year ended June 30, 1997, as listed in the table of contents. These general purpose financial
' statements are the responsibility of the City's management. Our responsibility is to express an
opinion on these general purpose financial statements based on our audit.
1 We conducted our audit in accordance with generally accepted auditing standards. 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 overall 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, 1997, and the
results of its operations and the cash flows of its Enterprise Funds for the year then ended in
conformity with generally accepted accounting principles.
Our audit was performed for the purpose of forming an opinion on the general purpose financial
statements of the City of Tigard, Oregon taken as a whole. The combining and individual fund and
' account group statements and other financial schedules listed as supplementary data in the table
contents are presented for purposes of additional analysis and are not a required part of the general
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' Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a Swiss limited liability association.
purpose financial statements of the City of Tigard, Oregon. 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 presented 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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COOPERS & LYBRAND L.L.P.
By
Brent A. Macey, a partner
Portland, Oregon
September 17, 1997, except for Note 16 as to
which the date is November 18, 1997
2 '
' General Purpose Financial Statements
1
City of Tigard '
Combined Balance Sheet
All Fund Types and Account Groups
June 30, 1997 ,
Governmental '
Special
ASSETS AND OTHER DEBITS General Revenue
Assets:
Cash and investments $ 5,993,002 $ 5,328,707
Restricted cash and investments
Accounts receivable 4,448 50,000
Property taxes receivable 219,305
Assessment liens receivable 162,383 '
Due from other funds 119,370
Accrued interest on delinquent assessments
Prepaid insurance 192,817
Inventory 18,631
Fixed assets, net '
Amount available for bonded debt service
Amount to be provided for retirement of general
long-term debt
Total assets and other debits $ 6,547,573 $ 5,541,090 ,
LIABILITIES, FUND EQUITY
AND OTHER CREDITS
Liabilities: '
Accounts payable and accrued liabilities $ 544,309 $ 289,637
Customer deposits 131,279 64,443
Deferred revenues: ,
Property taxes 154,674
Assessment liens receivable 142,017
Accrued interest on delinquent assessments
Litigation settlement payable 1,500,000
Due to other funds '
Deferred compensation payable
Accrued vacation payable
Bond anticipation notes payable
General obligation bonds payable ,
Special assessment bonded debt with
government commitment
Total liabilities 2,330,262 496,097
Fund equity and other credits: '
Contributed capital
Investment in general fixed assets
Retained earnings ,
Fund balances:
Reserved for prepaid insurance 192,817
Reserved for inventory 18.631
Reserved for employee retirement benefits
Unreserved and designated for debt service '
Unreserved and undesignated 4,005,863 5,044,993
Total fund equity and other credits 4,217,311 5,044,993
Total liabilities, fund equity and other credits $ 6,547,573 $ 5,541,090 '
The accompanying notes are in integral part of the general purpose financial statements.
3
Fiduciary Account Groups
' Fund Types Proprietary Fund Type General Total
Debt Capital Fund Type Trust General Long-Term (Memorandum
Service Projects Enterprise and Agency Fixed Assets Debt Only)
$ 424,803 $ 1,890,359 $ 10,545,173 $ 7,668,734 $ 31,850,778
6,103,898 6,103,898
136,325 1,588,241 1,779,014
62,780 2,091 284,176
1,445,841 1,608,224
832,000 4,725 956,095
37,443 37,443
192,817
149,824 168,455
' 33,483,370 $ 11,638,842 45,122,212
$ 1,261,053 1,261,053
8,895,481 8,895,481
$ 2,802,867 $ 2,028,775 $ 51,875,231 $ 7,668,734 $ 11,538,842 $ 10,156,534 $ 98,259,646
' $ 11,785 $ 1,639,732 $ 2,485,463
78,699 274,421
' $ 46,947 1,404 203,025
1,445,841 1,150 1,589,008
37,443 37,443
1,500,000
' 11,583 832,000 112,512 956,095
$ 2,251,383 2,251,383
73,648 $ 406,534 480,182
4,625,000 4,625,000
3,965,000 3,985,000
' 1,160,000 1,160,000
1,541,814 845,189 1,905,741 2,251,383 10,156,534 19,527,020
' 41,523,387 41,523,387
$ 11,638,842 11,638,842
8,446,103 6,446,103
' 192,817
18,631
5,417,351 5,417,351
1,261,053 1,261,053
' 1,183, 586 10,234,442
1,261,053 1,183,586 49,969,490 5,417,351 11,638,842 78,732,626
' $ 2,802,867 $ 2,028,775 $ 51,875,231 $ 7,668,734 11,638,842 10 $ 98,259,646
CITY OF TIGARD
OREGON
City of Tigard, Oregon
' Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - All Governmental Fund Types
' for the fiscal year ended June 30, 1997
Total
Special Debt Capital (Memorandum
' General Revenue Service Projects Only)
Revenues:
Taxes $ 6,307,560 $ 1,388,623 $ 3,250 $ 7,699,433
Franchise fees 1,736,933 1,736,933
Special assessments 353,977 353,977
Licenses and permits 386,339 $ 3,395,745 3,782,084
Intergovernmental revenues 2,114,498 1,712,290 7,326 3,834,114
Charges for services 232,451 565,678 798,129
' Fines and forfeitures 397,637 397,637
Miscellaneous revenues 355,325 673,775 52,642 237,329 1,319,071
Total revenues 11,530,743 6,347,488 1,795,242 247,905 19,921,378
' Expenditures:
Current:
Community services 6,537,097 6,537,097
Development services 1,565,162 1,942,756 3,507,918
Policy and administration 1,431,755 268,058 1,699,813
Nondepartmental 184,243 61,414 245,657
Capital improvements 1,792,745 2,443,891 200,526 4,437,162
Debt service 2,117,957 2,117,957
' Total expenditures 11,511,002 4,716,119 2,117,957 200,526 18,545,604
Revenues over (under) expenditures 19,741 1,631,369 (322,715) 47,379 1,375,774
Other financing sources:
' Proceeds from issuance of bond anticipation notes 4,449,666 175,334 4,625,000
Operating transfer in 112,512 112,512
Total other financing sources 112,512 4,449,666 175,334 4,737,512
' Revenues and other financing sources
over expenditures 19,741 1,743,881 4,126,951 222,713 6,113,286
Fund balances - beginning of year 4,197,570 3,301,112 (2,865,898) 960,873 5,593,657
' Fund balances - end of year $ 4,217,311 $ 5,044,993 $ 1,261,053 $ 1,183,586 $ 11,706,943
' The accompanying notes are an integral part of the general purpose financial statements.
4
City of Tigard, Oregon '
Combined Statement of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - All Governmental Fund Types
for the fiscal year ended June 30, 1997 t
General Fund Special Revenue Funds
Variance variance '
Favorable Favorable
Revised (Unfavor- Revised (Unfavor-
Budget Actual able) Budget Actual able)
Revenues: '
Taxes $ 6,439,200 $ 6,307,560 $ (131,640)
Franchise fees 1,662,300 1,736,933 74,633
Special assessments
Licenses and permits 496,000 386,339 (109,661) $ 2,905,170 $ 3,360,265 $ 455,095
Intergovernmental revenues 2,026,354 2,114,498 88,144 1,755,000 1,712,290 (42,710) '
Charges for services 217,000 232,451 15,451 594,150 565,678 (28,472)
Fines and forfeitures 280,000 397,637 117,837
Miscellaneous revenues 243,400 355,325 111,925 662,250 633,391 (28,859)
Total revenues 11,364,254 11,530,743 166,489 5,916,570 6,271,624 355,054 '
Expenditures:
Current:
Community services 6,998,062 6,537,097 460,965 5,000 5,000 '
Development services 1,757,886 1,565,162 192,724 2,298,565 1,942,756 355,809
Policy and administration 1,585,420 1,431,755 153,665 296,571 268,058 28,513
Nondepartmental 255,357 184,243 71,114 85,120 61,414 23,706
Contingency 283,500 283,500 310,000 310,000
Capital improvements 389,500 292,745 96,755 4,533,000 2,443,891 2,089,109 '
Debt service
Total expenditures 11,269,725 10,011,002 1,258,723 7,528,256 4,716,119 2,812,137
Revenues over (undeo expenditures 94,529 1,519,741 1,425,212 (1,611,686) 1,555,505 3,167,191 '
Other financing sources (uses):
Proceeds from issuance of bond
anticipation notes '
Operating transfer in 112,512 112,512
Operating transfer out
Total other financing sources 112,512 112,512 '
Revenues and other financing sources
over (under) expenditures 94,529 1,519,741 1,425,212 (1,611,686) 1,668,017 3,279,703
Fund balances - budgetary basis, '
beginning of year 3,375,500 4,197,570 822,070 2,562,417 3,129,649 567,232
Fund balances - budgetary basis,
end of year $ 3,470,029 5,717,311 $ 2,247,282 $ 950,731 4,797,666 $ 3,846,935 '
Adjustments to generally accepted accounting
principles basis:
Equity in nonbudgeted funds 247,327
Settlement liability accrued on the generally '
accepted accounting principles basis (1,500,000)
Fund balances - generally accepted
accounting principles basis, ,
end of year $ 4,217,311 $ 5,044,993
The accompanying notes are an integral part of the general purpose financial statements. ,
5 '
Debt Service Funds Capital Projects Funds Total (Memorandum Only)
' Variance Variance Variance
Favorable Favorable Favorable
(Unfavor- Revised (Unfavor- Revised (Unfavor-
Budget Actual able) Budget Actual able) Budget Actual able)
1,416,095 $ 1,388,623 $ (27,472) $ 4,500 $ 3,250 $ (1,250) $ 7,859,795 $ 7,699,433 $ (160,362)
1,662,300 1,736,933 74,633
400,000 353,977 (46,023) 400,000 353,977 (46,023)
3,401,170 3,746,604 345,434
633,000 7,326 (625,674) 4,414,354 3,834,114 (580,240)
811,150 798,129 (13,021)
280,000 397,637 117,637
60,000 52,642 (7,358) 231,000 237,329 6,329 1,196,650 1,278,687 82,037
' 1,876,095 1,795,242 (80,853) 868,500 247,905 (620,595) 20,025,419 19,845,514 (179,905)
' 7,003,062 6,537,097 465,965
4,056,451 3,507,918 548,533
1,881,991 1,699,813 182,178
340,477 245,657 94,820
593,500 593,500
' 2,829,200 200,526 2,628,674 7,751,700 2,937,162 4,814,538
6,299,095 6,202,957 96,138 6,299,095 6,202,957 96,138
6,299,095 6,202,957 96,138 2,829,200 200,526 2,628,674 27,926,276 21,130,604 6,795,672
' (4,423,000) (4,407,715) 15,285 (1,960,700) 47,379 2,008,079 (7,900,857) (1,285,090) 6,615,767
' 4,322,000 4,449,666 127,666 175,334 175,334 4,322,000 4,625,000 303,000
832,000 832,000 944,512 944,512
(832,000) (832,000) (832,000) (832,000)
' 4,322,000 5,281,666 959,666 (656,666) (656,666) 4,322,000 4,737,512 415,512
(101,000) 873,951 974,951 (1,960,700) (609,287) 1,351,413 (3,578,857) 3,452,422 7,031,279
' 315,000 387,102 72,102 1,960,700 1,792,873 (167,827) 8,213,617 9,507,194 1,293,577
$ 214,000 1,261,053 1 1,047,053 $ 1,183,586 $ 1,183,586 $ 4,634,760 12,959,616 $ 8,324,856
247,327
' (1,500,000)
' $ 1,261,053 $ 1,183,586 $ 11,706,943
1
City of Tigard, Oregon
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings/Fund Balances t
All Proprietary Fund Type
for the fiscal year ended June 30, 1997 ,
1
1
Enterprise
Operating revenues: ,
Service charges $ 6,227,765
Miscellaneous 94,270
Total operating revenues 6,322,035 ,
Operating expenses: '
Salaries and wages 2,792,744
Contracted services 55,034
General and administrative and other 1,687,106
Depreciation 1,100,299 '
Total operating expenses 5,635,183
Operating income 686,852 '
Nonoperating revenue (expense):
Interest 838,712 '
Operating transfer out (112,512)
Net income 1,413,052 '
Add depreciation on fixed assets donated or
acquired from capital contributions that
reduces contributed capital 901,457 '
Increase in retained earnings 2,314,509
Retained earnings - beginning of year 6,131,594 '
Retained earnings - end of year $ 8,446,103
1
The accompanying notes are an integral part of the general purpose financial statements.
'
6
City of Tigard, Oregon
Pension Trust Funds
' Combined Statement of Plan Net Assets
June 30, 1997
' Cash and investments $ 5,417,351
Net assets held in trust for pension benefits $ 5,417,351
1
7
City of Tigard, Oregon
Pension Trust Funds
Combined Statement of Changes in Plan Net Assets
for the fiscal year ended June 30, 1997
Additions: '
Contributions $ 562,742
Interest 592,200
Total additions 1,154,942
Deductions:
Benefit payments and withdrawals 439,431
Increase in net assets 715,511
Net assets held in trust for pension benefits:
Beginning of year 4,701,840
End of year $ 5,417,351
City of Tigard, Oregon
Combined Statement of Cash Flows
All Proprietary Fund Types - Enterprise Funds
for the fiscal year ended June 30, 1997
Cash flows from operating activities:
Operating income $ 686,852
Adjustments to reconcile operating income to net cash provided by operating activities:
Depreciation 1,100,299
Loss on disposal of fixed assets 43,863
Change in assets and liabilities:
Accounts receivable (84,662)
Assessments receivable 3,839
Inventory (43,524)
Customer deposits (58,971)
Accounts payable and accrued liabilities 477,335
Accrued vacation payable (21,126)
Deferred revenue (2,689)
Due from other fund 85
r Net cash provided by operating activities 2,101,301
Cash flows from capital and related financing activities:
Capital contributions 1,303,029
Acquisition of fixed assets (1,434,509)
Net cash used in capital and related financing activities (131,480)
Cash flows from investing activities:
Interest earnings 838,712
Net increase in cash and cash equivalents 2,808,533
Cash and cash equivalents - beginning of year 13,840,538
Cash and cash equivalents - end of year $ 16,649,071
Supplemental schedule of noncash, capital and related financing activities:
Contributed sewer, storm and water lines $ 1,636,336
Restatement of beginning contributed capital $ 192,534
Cash and cash equivalents are displayed on the balance sheet as follows:
Cash and investments $ 10,545,173
Restricted cash and investments 6,103,898
$ 16,649,071
The accompanying notes are an integral part of the general purpose financial statements.
9
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Notes to General Purpose Financial Statements
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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. Agency funds do not present
operating results.
The Proprietary Fund Type (Enterprise Funds) and Pension Trust Fund are accounted for using r
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 and Agency Fund 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 June 30, 1997 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. t,
The bases of accounting described above are in accordance with generally accepted accounting
principles.
10
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
Receivables
Receivables for state, county and local shared revenues are recorded as revenue in the
Governmental Funds when they are determined to be measureable and available.
Receivables of the Enterprise Funds are recorded as revenue when earned.
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 City.
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
subsequent to 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.
11
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
Investments
Investments included in cash and investments are stated at amortized cost (cost plus
amortization of premium or discounts). Investments in the deferred compensation plans and
pension trust funds are stated at market.
For purposes of the statement of cash flows, the City considers the Enterprise Funds' cash and
investments with remaining maturities of three months or less and the Oregon State Treasurer's
Investment Pool to be cash.
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 System 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. Such reduction is recorded by a transfer from
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.
12
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
General Fixed Assets, Continued
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.
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.
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 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.
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City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
1. Summary of Significant Accounting Policies, Continued:
Budget
A budget is prepared for each governmental fund except for the Fiduciary Fund Types,
essentially in accordance with the modified accrual basis of accounting for governmental funds,
and on the accrual basis of accounting for the Enterprise Funds, and in accordance with
the legal requirements set forth in Oregon Local Budget Law. However, as set forth in Note 3,
certain budgetary accounting practices are not in accordance with generally accepted accounting
principles but are acceptable budgetary practices under Oregon Local Budget Law.
Accordingly, the Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget (Non-GAAP) and Actual - All Governmental Fund Types is presented as a
comparison to budget and is reconciled to the Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental Fund Types.
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 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, 1997, several appropriation transfers were made.
The budgets for each of the governmental 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.
Total (Memorandum Only) Column on Combined Financial Statements
The total (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. Interfund eliminations have not been made in the
aggregation of this data.
14
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
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:
Forfeitures From Criminal Activity Fund - This fund accounts for funds and
property seized from criminals in connection with crimes committed.
State Tax Street Fund - This fund accounts for revenues received from state gasoline
taxes which are to be expended as specified in the Constitution of the State of Oregon,
Article IX, Section 3.
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.
j Underground Utility Fund - This fund accounts for monies received from developers
for future underground utility improvements.
FEMA Disaster Fund - This fund accounts for the flood disaster and wind storm
clean up and recovery activities. Activities are anticipated to be funded by Federal
Disaster Relief Funds and a transfer from the Storm Drainage Fund.
Worker's Compensation Fund This fund accounts for payments made for the
Worker's Compensation insurance plan.
Building Fund - This fund accounts for fees charged for building inspection and plan
review activities.
15
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
2. Fund Types and Account Groups, Continued:
Governmental Fund Types, Continued
Special Revenue Fund, Continued:
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.
Urban Services TIF 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.
Tree Replacement Fund - This fund accounts for fees charged to developers in lieu
of saving existing trees.
Debt Service Funds:
General Obligation Bond 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:
Local Improvement Capital Projects Fund - This fund accounts for construction of
Local Improvement District projects from the sale of bond anticipation notes and
certain other debt.
Park Levy Capital Improvement Fund - This fund accounts for proceeds from the
sale of certificates of participation and improvements to the City's park system.
16
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
2. Fund Types and Accounts Groups, Continued:
Proprietary Fund Types
Capital Projects Funds, Continued:
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.
Enterprise Funds:
Sewer Fund - This fund accounts for the City's sewer utility operations.
Storm Drainage Fund - This fund accounts for the City's storm drainage operations.
' Storm Drainage Fund (budgetary basis financial statements only)
Water Quality and Quantity Fund (budgetary basis financial statements only)
Water Fund - This fund accounts for the City's water operations.
Water General Fund (budgetary basis financial statements only)
Water Systems Development Fund (budgetary basis financial statements only)
Water Capital Projects Fund (budgetary basis financial statements only)
Fiduciary Fund Types:
Deferred Compensation Fund - This agency fund accounts for monies withheld from
employees under deferred compensation plans and earnings on investment of those
funds.
Pension Trust Funds - These funds account for the City's General and Water Fund
employee defined contribution plans.
Account Groups
General Fixed Assets - This account group accounts for 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 accounts for general long-term indebtedness
of the City.
17
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
3. Reconciliation of Budgetary Basis to Generally Accepted Accounting Principles
Basis:
The budget of the City is prepared differently from generally accepted accounting principles
(Note 1). Therefore, the Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - Budget (Non-GAAP Basis) and Actual - All Governmental Fund Types is presented
on the budgetary basis and the Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - All Governmental Fund Types is presented on a generally accepted accounting
principles basis.
The following is a reconciliation of the differences between the budgetary basis and generally
accepted accounting principles basis for revenues, expenditures and other financing sources
(uses):
r
Special Debt Capital
General Revenue Service Projects
Fund Funds Funds Funds
Revenues, budgetary basis $ 6,271,624
Revenue in nonbudgeted funds 75,864
Revenue, generally accepted
accounting principles basis $ 6,347,488
Expenditures, budgetary basis $ 10,011,002 $ 6,202,957
Litigation settlement (Note 17) 1,500,000
Debt service payments treated as
expenditures on a budgetary
basis (4,085,000)
Expenditures, generally accepted
accounting principles basis $ 11,511,002 $ 2,117,957
Other financing sources (uses),
budgetary basis $ 5,281,666 $ (656,666)
Transfer from Capital Projects Funds
to Debt Service Fund on a
budgetary basis, not recorded
on a generally accepted
accounting principles basis (832,000) 832,000
Other financing sources (uses),
generally accepted accounting
principles basis $ 4,449,666 $ 175,334
18
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
4. Cash and Investments:
The City maintains a cash and investment pool that is available for use by all funds, except the
Deferred Compensation Fund and Pension Trust Fund. Each fund type's portion of this pool is
displayed on the combined balance sheet as "cash and investments". The investments of the
Deferred Compensation Fund and Pension Trust Fund are held separately from those of other
City funds.
Cash and investments are comprised of the following at June 30, 1997:
Cash on hand $ 3,600
Cash held by Department of Finance, Washington County 37,715
Deposits with financial institutions 853,365
Investments 37,059,996
37,954,676
Cash and investments are displayed on the balance sheet as follows:
Cash and investments $ 31,850,778
Restricted cash and investments 6,103,898
$ 37,954,676
Deposits
Deposits with financial institutions. include bank demand deposits and time deposit accounts.
The total bank balance is $1,210,655 (book balance is $853,365). Of these deposits, $100,000
was covered by federal depository insurance and $1,110,655 was fully collateralized with
securities held by financial institutions acting as custodians for the City in the City's name.
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 participation issued by the pool manager.
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
r repurchase agreements, bankers' acceptances, certain commercial paper and the State
Treasurer's Investment Pool, among others.
19
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
4. Cash and Investments, Continued:
Investments, Continued
The City's investments are categorized below to give an indication of the level of credit risk ,
assumed by the City at June 30, 1997. Category 1 includes investments that are insured or for
which the securities are held by the City in the City's name. Category 2 includes uninsured
investments for which the securities are held in the City's name by the trust department of the
financial institution selling the security to the City. Category 3 includes uninsured investments
for which the securities are held by the financial institution selling the security to the City or by
its trust department, but not in the City's name. The City does not use brokers or dealers for its
investments.
Category Carrying Market
1 2 3 Amount Value
U.S. Government Securities $ 10,444,258 $ 10,444,258 $ 10,496,538
Held by custodians under
deferred compensation
and pension plans -
mutual fund
investments 7,668,734 7,668,734
State Treasurer's Invest-
ment Pool 18,947,004 18,947,004
Total investments $ 37,059,996 $ 37,112,276
5. Assessment Liens Receivable:
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, 1997, the portion of the assessments receivable balance that represents
delinquent accounts is approximately $64,600.
i
20
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
6. Due To/Due From Other Funds:
Amounts are comprised of the following:
Interfund Interfund
Fun Receivables Payables
General Fund $ 119,370
Debt Service Fund:
General Obligation Bond Debt Service Fund $ 11,583
Bancroft Bond Debt Service Fund 832,000
Capital Projects Fund:
Local Improvement Capital Projects Fund 832,000
Enterprise Fund:
Water Fund 4,725
Storm Drainage Fund 112,512
$ 956,095 $ 956,095
1
7. Fixed Assets:
Fixed assets and accumulated depreciation by major classes in the Enterprise Funds at June 30,
1997 are as follows:
Balances Reclassifications! Balances
June 30, Restatement June 30,
1996 (Note 9) Additions Retirements 1997
Land $ 901,746 $ 350,272 $ 1,252,018
Building 1,038,625 1,490 1,040,115
Sewer system 8,604,964 318,633 8,923,597
Storm drainage system 7,977,788 321,212 8,299,000
Water system 26,586,629 1,879,370 28,465,999
Equipment 899,751 $ 62,596 181,169 $ (57,525) 1,023,395
Autos and trucks 781,470 (62,596) 18,699 (52,261) 747,908
46,790,973 $ - $ 3,070,845 $ (109,786) 49,752,032
Less accumulated
depreciation (15,426,820) $ 192,534 $ (1,100,299) $ 65,923 (16,268,662)
$ 31,364,153 $ 33,483,370
21
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
7. Fixed Assets, Continued:
Changes in fixed assets in the General Fixed Asset Account Group for the year ended June 30,
1997 are as follows:
Balances Balances
June 30, June 30,
1996 Additions Retirements 1997
Land $ 3,280,704 $ 407,123 $ (164,600) $ 3,523,227
Buildings 4,289,638 245,847 4,535,485
Equipment 863,197 99,313 (33,453) 929,057
Autos and trucks 1,134,580 153,938 (147,817) 1,140,701
Office equipment 1,372,277 260,252 (122,157) 1,510,372
$ 10,940,396 $ 1,166,473 $ (468,027) $ 11,638,842
8. Long-Term Debt:
Bonds Payable
Bonds payable transactions for the year ended June 30, 1997 and future maturities of bond
principal and interest are as follows:
Outstanding Outstanding
June 30, Paid June 30,
1996 During Year 1997 Interest
General Obligation Bonds:
General obligation bond issues;
interest rates 3.40% to
4.75%:
Fiscal year:
1998 $ 1,385,000 $ 1,385,000 $ 80,618
1999 1,490,000 $ 1,490,000 132,925
2000 1,570,000 1,570,000 72,822
2001 210,000 210,000 36,515
2002 - 2004 695,000 695,000 49,626
$ 5,350,000 $ 1,385,000 $ 3,965,000 $ 372,506
22
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
8. Long-Term Debt, Continued:
Bond Payable, Continued
Outstanding Paid Called Outstanding
June 30, During During June 30,
1996 Year Year 1997 Interest
Bancroft Improvement Bonds:
General obligation improvement bond
issues; interest rates from 4.1 %
to 11.75%; payable first from
assessments to benefited
properties and second, from the
general credit of the City:
Fiscal year:
1997 $ 155,000 $ (145,000) $ 10,000
1998 135,000 135,000 $ 58,515
1999 145,000 145,000 49,903
2000 210,000 $ (35,000) 175,000 40,584
2001 65,000 (65,000) 35,760
2002 - 2006 735,000 (40,000) 695,000 109,107
$ 1,445,000 $ (145,000) $ (140,000) $ 1,160,000 $ 293,869
During fiscal year 1997, the City issued $4,625,000 in bond anticipation notes dated June 2,
1997, due on December 1, 1998, with an interest rate of 4.05% payable on June 1 and
December 1 of each year. The notes are collateralized by and payable from the assessment
bonds to be sold upon completion of the improvements. The net proceeds were used to retire
$4,085,000 in bond anticipation notes dated December 1, 1995.
Other Long-Term Debt
Other long-term debt recorded in the General Long-Term Debt Account Group and the changes
thereto during the year ended June 30, 1997 are as follows:
Balance Balance
June 30, June 30,
1996 Additions Deletions 1997
Accrued vacation payable $ 370,722 $ 406,534 $ 370,722 $ 406,534
Bond anticipation notes due
' December 1, 1998; interest
rate 4.05% $ - $ 4,625,000 $ - $ 4,625,000
i
23
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
9. Contributed Capital:
The changes in contributed capital were as follows:
Balance - beginning of year, as previously reported $ 39,292,945
Restatement of beginning contributed capital 192,534
Balance - beginning of year, as restated 39,485,479
Transfer of depreciation on certain contributed fixed
assets from retained earnings (901,457)
Contributions from customers 2,939,365
Balance - end of year $ 41,523,387
The beginning fund balance has been restated to properly report contributed capital at June 30,
1996.
10. Operating Transfers:
Operating transfers in the Combined Statement of Revenues, Expenditures and Changes in Fund
Balances - All Governmental Fund Types for the year ended June 30, 1997, do not equal
because of transfers made with the Storm Drainage Fund (an Enterprise Fund). The following is
a reconciliation of operation transfers for the year:
Transfers Transfers
In Out
Total operating transfers included in the Combined Statement of
Revenues, Expenditures and Changes in Fund Balances - All
Governmental Fund Types $ 112,512
Transfer to FEMA Disaster Fund from the Storm Drainage Fund $ 112,512
$ 112,512 $ 112,512
24
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
11. Retirement Plans:
The City contributes to retirement plans on behalf of all eligible employees. At June 30, 1997
>
the following employee groups were covered by the following retirement plans:
Group Retirement Plan
Management/Professional Staff International City Managers
(Nonunion) Association Retirement Corporation
(ICMARC) Money Purchase Plan
Oregon Public Employees Union Employees ICMARC Money Purchase Plan
Tigard Water Fund Employees Ameritus
1 Tigard Police Officers State of Oregon Public Employes
Retirement System (PERS)
Oregon Public Employes Retirement System (OPERS)
Plan Description
The City is a participating employer in the Oregon Public Employes 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 Employes Retirement System, P.O. Box 23700,
Tigard, Oregon 97281-3700.
Funding Policy
The City's annual required contribution rate is currently 9.80% of covered payroll and was
increased effective July 1, 1997 to 9.89%, based upon the December 31, 1995 valuation. The
next scheduled valuation date is December 31, 1997.
The City is required by State Statute to contribute its current employer rate of 9.80% of covered
plus employee contributions of 6% of covered payroll.
25
r
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
11. Retirement Plans, Continued:
Oregon Public Employes Retirement System (OPERS), Continued
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,
1997, 1996 and 1995, the City's annual pension cost was approximately $404,000, $359,000 and
$318,000, respectively.
The City's pension liability and the annual required contribution rate were determined as part of
the December 31, 1995 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 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.
The following table presents a schedule of funding progress for the City's multiple-employer '
pension plan:
Unfunded
Actuarial
Unfunded Liability
Actuarial Actuarial Actuarial as a Percent
Actuarial Value of Accrued Accrued Funded Covered of Covered
Valuation Date Assets Liability Liability Ratio Payroll Payroll
December 31, 1993 $ 5,846,165 $ 5,738,843 $ (107,322) 102 % $ 1,918,181 (5.6)96
December 31, 19% 7,946,463 7,616,463 (330,001) 104 2,353,479 (14.0)
ICMARC Plans
The City contributes to defined contribution, single employer retirement plans at a specified
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 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.
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 Employees
Pension Plan Fund, a pension trust fund. The Plans invests in various money market and equity
mutual funds.
26
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
11. Retirement Plans, Continued:
ICMARC Plans, Continued
Required and actual contributions to the plan were $562,742 for the year ended June 30, 1997.
Current year covered payroll amounted to $5,395,146. Contributions as a percentage of
covered payroll was 10.4 percent.
Ameritus Plan
Beginning January 1, 1994 the City assumed the operations of the Southeast Washington
County Joint Agency (the Agency). In addition, the City assumed responsibility of the Agency's
defined contribution retirement plan (Ameritus Plan). The Ameritus Plan participants were
transferred to the ICMARC Plan on January 1, 1994 and no further contributions to the
Ameritus Plan will be made. Ameritus Plan assets accumulated through January 1, 1994 will
remain in the plan. Employees may withdraw funds upon retirement or termination of
employment.
The fiduciary holds the funds in trust and makes distributions as provided by the plan. Since the
plan is administered by the City, the assets, equity and operations of the plan are accounted for
in the Water Fund Employees Pension Plan Fund, a pension trust fund.
Deferred Compensation Plans
The City offers certain employees deferred compensation plans created in accordance with
Internal Revenue Code Section 457. The plans, available to City employees, permits them 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 is
not available to employees until termination, retirement, death or unforeseeable emergency.
All amounts of compensation deferred under the plans, all property and rights purchased with
those amounts, and all income attributable to those amounts, property, or rights are (until paid
or made available to the employee or other beneficiary) solely the property and rights of the City
(without being restricted to the provisions of benefits under the plans), subject only to the claims
to the City's general creditors. Participants' rights under the plans, are equal to those of general
creditors of the City in an amount equal to the fair market value of the deferred account for each
participant. The City believes that it is unlikely that it will use the assets to satisfy the claims of
general creditors in the future. The City has no liability for losses under the plans but does have
the duty of due care that would be required of an ordinary prudent investor.
' 27
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
12. Transactions with Unified Sewerage Agency of Washington County:
The City collects charges for treatment of City sewage on behalf of the Unified Sewerage
Agency of Washington County (USA) and remits all collections to USA except for 30 percent of
sewer service charges collected, 20 percent of connection charges collected and a certain
amount for revenue bond debt service, in accordance with an agreement between the City and
USA dated June 25, 1991. Payments of $6,132,193 were made to USA during 1997 under this
agreement.
The City has a similar agreement with the Regional Surface Water Management Agency, which
is an affiliate of USA for storm water systems. Payments made to the Agency during 1997
under the agreement were $243,694.
The net amount retained by the City is reported as revenue in the Enterprise Funds in the
Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balance -
All Proprietary Fund Types - Enterprise Funds. Revenues are reported net because the City acts
in a fiduciary capacity on behalf of USA.
13. Urban Services Fund:
The City of Tigard entered into an intergovernmental agreement with Washington County in
June 1997. The agreement provided that the City would take over most development services in
certain unincorporated areas adjacent to the City of Tigard boundaries. The County agreed to
pay the City $220,000 on May 14, 1997 to cover permits in process and to provide the City with
funds for startup costs of this new program. Under the agreement, the City provides permitting,
building inspection, planning and engineering services. In addition, the City assumed code
enforcement responsibilities for the area. The City is entitled to all development revenues '
generated from development activity in the area.
During 1997, the City established a new fund called the Urban Services Fund. This fund is used
to record revenues and expenses related to urban services activities. In addition, the City
established an Urban Services Traffic Impact Fee Fund to record revenues collected from the
Urban Services area. These funds are to be used for road improvements in the area.
28 '
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
14. 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 for the year ended June 30,
' 1997 is as follows:
Storm
Sewer Drainage Water
Fund Fund Fund Total
Operating revenue $ 1,666,183 $ 594,162 $ 4,061,690 $ 6,322,035
Depreciation 259,696 153,065 687,538 1,100,299
Operating income (loss) 770,843 (174,409) 90,418 686,852
Net income (loss) 994,755 (198,528) 616,825 1,413,052
Current capital contributions 166,793 114,229 2,658,343 2,939,365
Fixed asset additions 242,027 292,990 899,492 1,434,509
Networking capital 1,601,057 316,314 8,464,851 10,382,222
Total assets 11,544,372 8,707,018 31,623,841 51,875,231
Total equity 10,562,256 8,148,773 31,258,461 49,969,490
15. Passage of Constitutional Property Tax Limitations:
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, 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.
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 and that
can be paid off over at least ten years;
' 3. taxes to repay bonded debt authorized by the state constitution;
4. taxes to repay existing bonded debt for capital construction, and
5. taxes to repay new bonded debt for capital construction if approved by voters.
'I
29
City of Tigard, Oregon
Notes to General Purpose Financial Statements, Continued
15. Passage of Constitutional Property Tax Limitations, Continued:
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 taxable value 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. The financial impact of the implementation of Measure 50 to
the City is estimated to be a reduction of General Fund property tax revenue of $76,000.
16. Implementation of GASB Statements:
The City has implemented GASB No. 25, Financial Reporting for Defined Benefit Pension
Plaits and Note Disclosures for Defined Contribution Plan. The City has also elected to early
implement GASB No. 27, Accounting for Pensions by State and Local Governmental
Employers. Although GASB No 25 requires restatement when prior periods are presented, the
affect of the pronouncement was not material to the City's prior year financial statements. As
such, no restatement of the prior year financial statements have been made.
17. Contingencies: r
At June 30, 1997, the City was a defendant in a lawsuit that was pending in the Circuit Court for
Washington County, Oregon. The plaintiffs were seeking damages for an alleged taking of their
property as a result of the City's decision to impose certain requirements upon the plaintiffs for
easements as a condition of allowing the plaintiffs to erect improvements on property owned by
the plaintiffs within the City. The plaintiffs were claiming damages of inverse condemnation and
violation of the Federal Civil Rights Act and were seeking various damages of approximately
$2,400,000.
On November 18, 1997, the City and plaintiff completed a court-approved settlement agreement
whereby the City will pay the plaintiffs $1.5 million by December 10, 1997. In addition, the City
will issue necessary building permits to allow the plaintiffs to expand their retail business. The
City will receive an easement from the plaintiffs which will allow the City to build a pedestrian
and bicycle trail.
As a result of the settlement, a liability in the amount of $1.5 million has been accrued in the '
General Fund as of June 30, 1997.
30
a
r
Supplementary Data
1
1
1
1
1
1
1
1
1
1
1
A
R~
CITwoofile
OREGON
1
1
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. Primary expenditures in the General Fund are made for police protection, community
development and administration.
I~
City of Tigard, Oregon
General Fund '
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Revised Favorable '
Budget Actual (Unfavorable)
Revenues:
Taxes $ 6,439,200 $ 6,307,560 $ (131,640)
Franchise fees 1,662,300 1,736,933 74,633
Licenses and permits 496,000 386,339 (109,661)
Intergovernmental revenues 2,026,354 2,114,498 88,144
Charges for services 217,000 232,451 15,451
Fines and forfeitures 280,000 397,637 117,637 ,
Miscellaneous revenues 243,400 355,325 111,925
Total revenues 11,364,254 11,530,743 166,489
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 3,375,500 4,197,570 822,070
$ 14,7394754 $ 15,728,313 $ 988,559
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community services $ 6,998,062 $ 6,537,097 $ 460,965
Development services 1,757,886 1,565,162 192,724
Policy and administration 1,585,420 1,431,755 153,665
Nondepartmental 255,357 184,243 71,114
Contingency 283,500 283,500
Capital improvements 389,500 292,745 96,755
Total expenditures 11,269,725 $ 10,011,002 $ 1,258,723
UNAPPROPRIATED ENDING FUND BALANCE 3,470,029
$ 14,739,754 ,
31
I
1
1
Special Revenue Funds
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 this fund category are:
• Forfeitures From Criminal Activity Fund
• State Tax Street Fund
• Parks SDC Fund
• County Gas Tax Fund
• Traffic Impact Fund
• Electrical Inspection Fund
• Underground Utility Fund
• FEMA Disaster Fund
• Workers' Compensation Fund
• Building Fund
• Urban Services Fund
Urban Services - TIF Fund
Tree Replacement Fund
ail
II
City of Tigard, Oregon
Special Revenue Funds
Combining Balance Sheet
June 30, 1997
Forfeitures
From State County Tree
Criminal Tax Parks Gas Traffic Electrical Underground Workers' Urban Urban Replace-
Activity Street SDC Tax Impact Inspection Utility Compensation Building Services Services - ment
Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund TIF Fund Fund Total
ASSETS
Cash and investments $ 2,160 $ 152,898 $1,028,425 $ 24,391 $2,735,049 $ 182,857 $ 152,960 $ 111,847 $ 356,238 $ 373,436 $ 35,480 $ 172,966 $ 5,328,707
Accounts receivable 50,000 50,000
Assessment liens receivable 162,383 162,383
Total assets $ 2,160 $ 202,898 $1,028,425 $ 24,391 $2,897,432 $ 182,857 $ 152,960 $ 111,847 $ 356,238 $ 373,436 $ 35,480 $ 172,966 $ 5,541,090
LIABILITIES AND FUND BALANCES
W
N Liabilities:
Accounts payable $ 41,521 $ 2,172 $ 63,158 $ 67 $ 182,719 $ 289,637
Deferred revenues 142,017 142,017
Customer deposits 21,684 38,200 4,359 64,443
Total liabilities 63,405 2,172 243,375 4,426 182,719 496,097
Fund balances, unreserved $ 2,160 139,493 1,026,253 $ 24,391 2,654,057 178,431 $ 152,960 $ 111,847 $ 356,238 190,717 $ 35,480 $ 172,966 5,044,993
Total liabilities and fund balances $ 2,160 $ 202,698 $1,028,425 $ 24,391 $2,897,432 $ 182,857 $ 152,960 $ 111,847 $ 356,238 $ 373,436 $ 35,480 $ 172,966 $ 5,541,090
City of Tigard, Oregon
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
for the fiscal year ended June 30, 1997
Forfeitures
From State County Tree
Criminal Tax Parks Gas Traffic Electrical Underground FEMA Workers' Urban Urban Replace-
Activity Street SDC Tax Impact Inspection Utility Disaster Compensa- Building Services Services - ment
Fund Fund Fund Fund Fund Fund Fund Fund tion Fund Fund Fund TIF Fund Fund Total
Revenues:
Licenses and permits $1,713,826 $ 311,940 $ 1,068,654 $ 265,845 $ 35,480 $ 3,395,745
Intergovernmental revenues $1,565,218 $147,072 1,712,290
Charges for services 6,861 $ 558,817 565,678
Miscellaneous revenues $ 1,160 71,765 55,797 1,574 125,426 7,542 $ 47,553 $ 131,006 $ 40,384 14,767 510 $176,291 673,775
Total revenues 1,160 1,643,844 614,614 148,646 1,839,252 319,482 47,553 131,006 40,384 1,083,421 266,355 35,480 176,291 6,347,488
W Expenditures:
Ca Development services 770,452 107,944 51,313 189,174 21,702 726,533 75,638 1,942,756
Policy and administration 132,550 37,229 18,685 79,594 268,058
Nondepartmental 28,075 7,019 5,264 21,056 61,414
Caphal improvements 983,014 264,922 1,192,630 3,325 2,443,891
Total expenditures 1,914,091 264,922 152,192 1,243,943 213,123 21,702 827,183 75,638 3,325 4,716,119
Revenues over (under) expenditures 1,160 (270,247) 349,692 (3,546) 595,309 106,359 47,553 109,304 40,384 256,238 190,717 35,480 172,966 1,631,369
Other financing sources:
Operating transfer in from Storm
Drainage Fund 112,512 112,512
Revenues and other financing sources
over (under) expenditures 1,160 (270,247) 349,692 (3,546) 595,309 106,359 47,553 221,816 40,384 256,238 190,717 35,480 172,966 1,743,881
FUND BALANCES, beginning of year 1,000 409,740 676,561 27,937 2,058,748 72,072 105,407 (221,816) 71,463 100,000 - 3,301,112
FUND BALANCES, end of year $ 2,160 $ 139,493 $1,026,253 $ 24,391 $2,654,057 $ 178,431 $ 152,960 $ - $ 111,847 $ 356,238 $ 190,717 $ 35,480 $ 172,966 $ 5,044,993
City of Tigard, Oregon
Forfeitures From Criminal Activity Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Budget Actual (Unfavorable)
Revenues:
Miscellaneous $ 25,000 $ 995 $ (24,005)
Interest 1,000 165 (835)
Total revenues 26,000 1,160 (24,840)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 17,000 1,000 (16,000)
$ 43,000 $ 2,160 $ (40,840) '
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Community services $ 5,000 $ - $ 5,000
UNAPPROPRIATED ENDING FUND BALANCE 38,000
$ 43,000
34
City of Tigard, Oregon
State Tax Street Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
i
Variance
Revised Favorable
Budget Actual (Unfavorable)
Revenues:
State gas tax $ 1,605,000 $ 1,565,218 $ (39,782)
Lighting subdivisions 20,000 6,861 (13,139)
Interest 30,000 14,720 (15,280)
Miscellaneous 50,000 57,045 7,045
Total revenues 1,705,000 1,643,844 (61,156)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 409,330 409,740 410
$ 2,114,330 $ 2,053,584 $ (60,746)
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 921,008 $ 770,452 $ 150,556
Policy and administration 146,410 132,550 13,860
Nondepartmental 38,912 28,075 10,837
Capital improvements 1,008,000 983,014 24,986
Total expenditures $ 2,114,330 $ 1,914,091 $ 200,239
35
City of Tigard, Oregon
Parks SDC Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
System development charges $ 574,150 $ 558,817 $ (15,333)
Interest 35,000 50,794 15,794
Miscellaneous 5,003 5,003
Total revenues 609,150 614,614 5,464
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 599,000 676,561 77,561
$ 1,208,150 $ 1,291,175 $ 83,025
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 1,100,000 $ 264,922 $ 835,078
Contingency 75,000 75,000
Total expenditures 1,175,000 $ 264,922 $ 910,078
UNAPPROPRIATED ENDING FUND BALANCE 33,150
$ 1,208,150
36
City of Tigard, Oregon
County Gas Tax Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
i
1
Variance
' Favorable
Budget Actual (Unfavorable)
Revenues:
County gas taxes $ 150,000 $ 147,072 $ (2,928)
Interest 1,500 1,574 74
Total revenues 151,500 148,646 (2,854)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATIONS 15,326 27,937 12,611
' $ 166,826 $ 176,583 $ 9,757
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 107,979 $ 107,944 $ 35
Policy and administration 40,797 37,229 3,568
Nondepartmental 9,728 7,019 2,709
Total expenditures 158,504 $ 152,192 $ 6,312
UNAPPROPRIATED ENDING FUND BALANCE 8,322
$ 166,826
37
City of Tigard, Oregon
Traffic Impact Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
i
Variance
Budget Actual Favorable
Revenues:
Traffic impact fees $ 1,211,150 $ 1,713,826 $ 502,676
Interest 120,000 125,426 5,426
Total revenues 1,331,150 1,839,252 508,102
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,254,330 2,058,748 804,418
$ 2,585,480 $ 3,898,000 $ 1,312,520 '
Budgeted Variance ,
Appropriations Actual Favorable
Expenditures:
Development services $ 63,586 $ 51,313 $ 12,273
Capital improvements 2,300,000 1,192,630 1,107,370
Contingency 150,000 150,000 '
Total expenditures 2,513,586 $ 1,243,943 $ 1,269,643
UNAPPROPRIATED ENDING FUND BALANCE 71,894
$ 2,585,480
i
1
38
City of Tigard, Oregon
Electrical Inspection Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Revised Favorable
Budget Actual (Unfavorable)
Revenues:
Electrical permit fees $ 313,200 $ 291,552 $ (21,648)
Electrical plan check fees 14,900 20,388 5,488
Interest 2,500 7,542 5,042
1 Total revenues 330,600 319,482 (11,118)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 62,431 72,072 9,641
$ 393,031 $ 391,554 $ (1,477}
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 195,987 $ 189,174 $ 6,813
Policy and administration 20,906 18,685 2,221
Nondepartmental 7,296 5,264 2,032
Contingency 20,000 20,000
Total expenditures 244,189 $ 213,123 $ 31,066
UNAPPROPRIATED ENDING FUND BALANCE 148,842
$ 393,031
' 39
City of Tigard, Oregon
Underground Utility Fund ,
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
i
1
Variance
Budget Actual Favorable ,
Revenues:
Interest $ 5,000 $ 6,881 $ 1,881
Miscellaneous 10,000 40,672 30,672 ,
Total revenues 15,000 47,553 32,553
BEGINNING FUND BALANCE AVAILABLE ,
FOR APPROPRIATION 105,000 105,407 407
$ 120,000 $ 152,960 $ 32,960
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 120,000 $ - $ 120,000
1
1
40
City of Tigard, Oregon
FEMA Disaster Fund
' Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
i
1
Variance
' Favorable
Budget Actual (Unfavorable)
Revenues:
Miscellaneous $ 170,250 $ 131,006 $ (39,244)
Other financing source:
Operating transfer from Storm Drainage Fund 112,512 112,512
Total revenues and other financing source 170,250 243,518 73,268
' BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION (221,816) (221,816)
$ 170,250 $ 21,702 $ (148,548)
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 170,250 $ 21,702 $ 148,548
' 41
City of Tigard, Oregon
Workers' Compensation Fund 1
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Budget Actual Favorable
Revenues:
Miscellaneous revenues $ 40,384 $ 40,384
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION - 71,463 71,463
$ - $ 111,847 $ 111,847
Budgeted Variance '
Appropriations Actual Favorable
Expenditures $ - $ - $ -
42
City of Tigard, Oregon
Building Fund
' Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Revised Favorable
Budget Actual (Unfavorable)
Revenues:
Licenses and permits $ 1,090,920 $ 1,068,654 $ (22,266)
Interest 12,000 14,767 2,767
Total revenues 1,102,920 1,083,421 (19,499)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 100,000 100,000
' $ 1,202,920 $ 1,183,421 $ (19,499)
Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 755,105 $ 726,533 $ 28,572
Policy and administration 88,458 79,594 8,864
Nondepartmental 29,184 21,056 8,128
Contingency 50,000 50,000
Total expenditures 922,747 $ 827,183 $ 95,564
UNAPPROPRIATED ENDING FUND BALANCE 280,173
' $ 1,202,920
' 43
City of Tigard, Oregon
Urban Services Fund ,
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Revised Favorable
Budget Actual (Unfavorable)
Revenues:
Licenses and permits $ 275,000 $ 265,845 $ (9,155)
Interest 510 510
$ 275,000 $ 266,355 $ (8,645) 1
Revised ,
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 84,650 $ 75,638 $ 9,012
Contingency 15,000 15,000
Total expenditures 99,650 $ 75,638 $ 24,012
UNAPPROPRIATED ENDING FUND BALANCE 175,350 ,
$ 275,000
i
1
1
44 '
City of Tigard, Oregon
Urban Services - TIF Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Budget Actual Favorable
Revenues: _
Licenses and permits $ $ 35,480 $ 35,480
Budgeted Variance
Appropriations Actual Favorable
Expenditures $ _ $ _ $ _
45
City of Tigard, Oregon
Tree Replacement Fund 1
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Revised Favorable
Budget Actual (Unfavorable)
Revenues:
Tree replacement $ 200,000 $ 174,584 $ (25,416)
Interest 1,707 1,707
Total revenues $ 200,000 $ 176,291 $ (23,709)
Revised '
Budgeted Variance
Appropriations Actual Favorable
Expenditures: ,
Capital improvements $ 5,000 $ 3,325 $ 1,675
UNAPPROPRIATED ENDING FUND BALANCE 195,000 '
$ 200,000
46 '
Debt Service Funds
The Debt Service Funds account for the payment of debt principal and interest. The City's debt
service funds consist of
General Obligation Bond Debt Service Fund
• Bancroft Bond Debt Service Fund
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.
City of Tigard, Oregon
Debt Service Funds
Combining Balance Sheet
June 30, 1997
General
Obligation Bancroft
Bond Debt Bond Debt
Service Fund Service Fund Total
ASSETS
Cash and investments $ 424,803 $ 424,803
Property taxes receivable $ 62,780 62,780
Assessment liens receivable 1,445,841 1,445,841
Due from other funds 832,000 832,000
Accrued interest on delinquent assessments 37,443 37,443
Total assets $ 62,780 $ 2,740,087 $ 2,802,867
LIABILITIES AND FUND BALANCES
Liabilities:
Deferred revenues:
Property taxes $ 46,947 $ 46,947
Assessment liens receivable $ 1,445,841 1,445,841
Accrued interest on delinquent
assessments 37,443 37,443
Due to other funds 11,583 11,583
Total liabilities 58,530 1,483,284 1,541,814
Fund balances - unreserved and
designated for debt service 4,250 1,256,803 1,261,053
Total liabilities and fund balances $ 62,780 $ 2,740,087 $ 2,802,867 ,
47
' City of Tigard, Oregon
Debt Service Funds
' Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
' for the fiscal year ended June 30, 1997
' General
Obligation Bancroft
Bond Debt Bond Debt
Service Fund Service Fund Total
Revenues:
Taxes $ 1,388,623 $ 1,388,623
Special assessments $ 353,977 353,977
Miscellaneous revenues 43,067 9,575 52,642
Total revenues 1,431,690 363,552 1,795,242
Expenditures:
Debt service 1,596,095 521,862 2,117,957
' Revenues under expenditures (164,405) (158,310) (322,715)
Other financing uses:
Proceeds from issuance of bond anticipation
notes 4,449,666 4,449,666
' Revenues over (under) expenditures
and other financing uses (164,405) 4,291,356 4,126,951
FUND BALANCES - beginning of year 168,655 (3,034,553) (2,865,898)
' FUND BALANCES - end of year $ 4,250 $ 1,256,803 $ 1,261,053
' 48
City of Tigard, Oregon
General Obligation Bond Debt Service Fund '
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Favorable '
Budget Actual (Unfavorable)
Revenues:
Taxes $ 1,416,095 $ 1,388,623 $ (27,472) ,
Interest 40,000 43,067 3,067
Total revenues 1,456,095 1,431,690 (24,405) '
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 140,000 168,655 28,655
$ 1,596,095 $ 1,600,345 $ 4,250
Budgeted Variance
Appropriations Actual Favorable '
Expenditures:
Debt service $ 1,596,095 $ 1,596,095 $ -
49 '
City of Tigard, Oregon
Bancroft Bond Debt Service Fund
' Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
' Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
' Collection of bonded assessments $ 400,000 $ 353,977 $ (46,023)
Interest 20,000 9,575 10,425
Total revenues 420,000 363,552 (56,448)
' Other financing sources:
Proceeds from issuance of bond anticipation
' notes 4,322,000 4,449,666 127,666
Operating transfer from Local Improvement
Capital Projects Fund 832,000 832,000
' Total other financing sources 4,322,000 5,281,666 959,666
Total revenues and other financing sources 4,742,000 5,645,218 903,218
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 175,000 218,447 43,447
$ 4,917,000 $ 5,863,665 $ 946,665
' Budgeted Variance
Appropriations Actual Favorable
' Expenditures:
Debt service $ 4,703,000 $ 4,606,862 $ 96,138
' UNAPPROPRIATED ENDING FUND BALANCE 214,000
$ 4,917,000
50
CITY OF TIGARD
OREGON I
' Capital Projects Funds
The Capital Projects Funds are used to account for the construction of major capital projects and
include:
• Local Improvement Capital Projects Fund - funded by proceeds from the sale of bond anticipation
notes and other short-term debt.
' Park Levy Capital Improvement Fund - funded by proceeds from the sale of certificates of
participation. Such improvements are expected to be completed within a three year period.
• Facility Fund - accounts for monies set aside for future City facility improvements.
' Metro Greenspaces Fund - accounts for monies received from Washington County to be used for
greenspace property acquisition and improvements.
City of Tigard, Oregon
Capital Projects Funds ,
Combining Balance Sheet
June 30, 1997
t
Local
Improvement Park Levy '
Capital Capital Metro
Projects Improvement Facility Greenspaces
Fund Fund Fund Fund Total
ASSETS '
Cash and investments $ 1,630,602 $ 182,968 $ 68,982 $ 7,807 $ 1,890,359
Accounts receivable 136,325 136,325 ,
Property taxes receivable 2,091 2,091
Total assets $ 1,630,602 $ 185,059 $ 205,307 $ 7,807 $ 2,028,775 '
LIABILITIES AND
FUND BALANCES '
Liabilities:
Accounts payable and '
accrued liabilities $ 2,403 $ 1,575 $ 7,807 $ 11,785
Due to other funds 832,000 832,000
Deferred revenues $ 1,404 1,404
Total liabilities 834,403 1,404 1,575 7,807 845,189 ,
Fund balances - '
unreserved 796,199 183,655 203,732 - 1,183,586
Total liabilities and
fund balances $ 1,630,602 $ 185,059 $ 205,307 $ 7,807 $ 2,028,775 '
51 ,
City of Tigard, Oregon
Capital Projects Funds
' Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
' for the fiscal year ended June 30, 1997
Local
Improvement Park Levy
Capital Capital Metro
Projects Improvement Facility Greenspaces
Fund Fund Fund Fund Total
Revenues:
' Property taxes $ 3,250 $ 3,250
Intergovernmental
revenues $ 7,326 7,326
Miscellaneous $ 135,000 135,000
' Interest $ 76,891 9,296 16,142 102,329
Total revenues 76,891 12,546 151,142 7,326 247,905
' Expenditures:
Capital improvements 39,908 2,296 152,772 5,550 200,526
Revenues over (under)
expenditures 36,983 10,250 (1,630) 1,776 47,379
' Other financing sources
(uses):
Proceeds from
issuance of bond
' anticipation notes 175,334 175,334
Revenues and other
' financing sources
over (under)
expenditures 212,317 10,250 (1,630) 1,776 222,713
' FUND BALANCES -
beginning of year 583,882 173,405 205,362 (1,776) 960,873
FUND BALANCES -
end of year $ 796,199 $ 183,655 $ 203,732 $ - $ 1,183,586
' 52
City of Tigard, Oregon
Local Improvement Capital Projects Fund ,
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Favorable '
Budget Actual (Unfavorable)
Revenues:
Interest $ 80,000 $ 76,891 $ (3,109) '
Other financing source:
Proceeds from issuance of bond '
anticipation notes 175,334 175,334
Total revenue and other financing source 80,000 252,225 172,225
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,600,000 1,415,882 (184,118)
$ 1,680,000 $ 1,668,107 $ (11,893) ,
Budgeted Variance '
Appropriations Actual Favorable
Expenditures: ,
Capital improvements $ 1,680,000 $ 39,908 $ 1,640,092
Other financing use: '
Operating transfer to Bancroft Bond Debt
Service Fund 832,000 (832,000)
Total expenditures and other financing use $ 1,680,000 $ 871,908 $ 808,092 '
53 '
City of Tigard, Oregon
Park Levy Capital Improvement Fund
' Schedule of Revenues and Expenses - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
' Property taxes $ 4,500 $ 3,250 $ (1,250)
Interest 4,000 9,296 5,296
Total revenues 8,500 12,546 4,046
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 158,000 173,405 15,405
$ 166,500 $ 185,951 $ 19,451
' Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 166,500 $ 2,296 $ 164,204
1
1
54
1
City of Tigard, Oregon
Facility Fund '
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
1
Variance
Budget Actual Favorable '
Revenues:
Interest $ 12,000 $ 16,142 $ 4,142
Miscellaneous 135,000 135,000 '
Total revenues 147,000 151,142 4,142
BEGINNING FUND BALANCE AVAILABLE '
FOR APPROPRIATION 202,700 205,362 2,662
$ 3494700 $ 356,504 $ 6,804 '
Budgeted Variance '
Appropriations Actual Favorable
Expenditures: '
Capital improvements $ 349,700 $ 152,772 $ 196,928
t
1
t
55 '
r
r City of Tigard, Oregon
Metro Greenspaces Fund
t Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
r
Revised Variance
Budget Actual (Unfavorable)
r Revenues:
Intergovernmental revenue $ 633,000 $ 7,326 $ (625,674)
r BEGINNING FUND BALANCE (DEFICIT)
AVAILABLE FOR APPROPRIATION (1,776) (1,776)
$ 633,000 $ 5,550 $ (627,450)
' Revised
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 633,000 $ 5,550 $ 627,450
1
1
r
r
r
r
r
r
56
i
i
i
CRY OF TIGARD
OREGON '
1
■
Enterprise Funds
The Sewer and Storm Drainage 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
Water Fund as a unitary enterprise. However, for budgetary and legal purposes these activities are
t~ accounted for in the funds listed below. Budget to actual schedules for these funds, prepared on the
accrual basis of accounting are included in this subsection.
Funds included in this fund category are:
• Sewer Fund
• Storm Drainage Fund
• • Storm Drainage Fund
• • Water Quality and Quantity Fund
• Water Fund
• - Water General Fund
Water Systems Development Fund
Water Capital Projects Fund
r
r
City of Tigard, Oregon
Enterprise Funds
Combining Balance Sheet
June 30, 1997
Storm
Sewer Drainage Water
Fund Fund Fund Total
ASSETS
Current assets:
Cash and investments $ 1,802,351 $ 732,343 $ 8,010,479 $ 10,545,173
Accounts receivable 780,822 142,216 665,203 1,588,241
Inventory 149,824 149,824
Due from other funds 4,725 4,725 t
Total current assets 2,583,173 874,559 8,830,231 12,287,963
Noncurrent assets: I
Restricted cash and investments 2,667,316 994,559 2,442,023 6,103,898
Fixed assets, net 6,293,883 6,837,900 20,351,587 33,483,370
Total noncurrent assets 8,961,199 7,832,459 22,793,610 39,587,268
Total assets $ 11,544,372 $ 8,707,018 $ 31,623,841 $ 51,875,231
LIABILITIES AND FUND EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 962,810 $ 426,418 $ 250,504 $ 1,639,732
Customer deposits 78,699 78,699
Deferred revenues 1,150 1,150
Due to other funds 112,512 112,512
Accrued vacation payable 19,306 19,315 35,027 73,648 ,
Total current liabilities 982,116 558,245 365,380 1,905,741
Fund equity:
Contributed capital 6,217,815 7,481,287 27,824,285 41,523,387
Retained earnings 4,344,441 667,486 3,434,176 8,446,103
Total fund equity 10,562,256 8,148,773 31,258,461 49,969,490
Total liabilities and fund equity $ 11,544,372 $ 8,707,018 $ 31,623,841 $ 51,875,231
r
57
City of Tigard, Oregon
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
for the fiscal year ended June 30, 1997
Stone
Sewer Drainage Water
Fund Fund Fund Total
Operating revenues:
Service charges $ 1,639,846 $ 566,223 $ 4,021,696 $ 6,227,765
Miscellaneous 26,337 27,939 39,994 94,270
Total operating revenues 1,666,183 594,162 4,061,690 6,322,035
Operating expenses:
Salaries and wages 397,832 381,984 2,012,928 2,792,744
Contracted services 55,034 55,034
General, administrative and other 237,812 233,522 1,215,772 1,687,106
Depreciation 259,696 153,065 687,538 1,100,299
Total operating expenses 895,340 768,571 3,971,272 5,635,183
Operating income (loss) 770,843 (174,409) 90,418 686,852
Nonoperating revenue (expense):
Interest 223,912 88,393 526,407 838,712
Operating transfer out to FEMA
Disaster Fund (112,512) (112,512)
Net income (loss) 994,755 (198,528) 616,825 1,413,052
j" Add depreciation on fixed assets
donated or acquired from capital
contributions that reduces
contributed capital 163,830 175,170 562,457 901,457
Increase (decrease) in retained
earnings 1,158,585 (23,358) 1,179,282 2,314,509
Retained earnings- beginning of year 3,185,856 690,844 2,254,894 6,131,594
Retained earnings - end of year $ 4,344,441 $ 667,486 $ 3,434,176 $ 8,446,103
58
City of Tigard, Oregon
Enterprise Funds
Combining Statement of Cash Flows
for the fiscal year ended June 30, 1997
Storm
Sewer Drainage Water
Fund Fund Fund Total
Cash flows from operating activities:
Operating income (loss) $ 770,843 $ (174,409) $ 90,418 $ 686,852
Adjustments to reconcile operating income (loss) to net cash provided
by operating activities:
Depreciation 259,696 153,065 687,538 1,100,299
Loss on disposal of fixed assets 10,547 15,093 18,223 43,863
Decrease (increase) in accounts receivable (53,601) 3,302 (34,363) (84,662)
Decrease in assessments receivable 3,839 3,839
Increase in accounts payable and accrued liabilities 109,621 358,747 8,967 477,335
Decrease in customer deposits (12,490) (46,481) (58,971)
Increase (decrease) in accrued vacation payable (5,993) 1,435 (16,568) (21,126)
Increase in inventory (43,524) (43,524)
Increase (decrease) in deferred revenues (3,839) 1,150 (2,689)
Decrease in due from other fund 85 85
Net cash provided by operating activities 1,078,623 357,233 665,445 2,101,301 _
Cash flows from capital and related financing activities:
Capital contributions 1,303,029 1,303,029
Acquisition of fixed assets (242,027) (292,990) (899,492) (1,434,509)
Net cash provided by (used in) capital and related
financing activities (242,027) (292,990) 403,537 (131,480)
Cash flows from investing activities:
Interest earnings 223,912 88,393 526,407 838,712
Net increase in cash and cash equivalents 1,060,508 152,636 1,595,389 2,808,533
Cash and cash equivalents - beginning of year 3,409,159 1,574,266 8,857,113 13,840,538
Cash and cash equivalents - end of year $ 41469,667 $ 1,726,902 $ 10,452,502 $ 16,649,071
Supplemental schedule of noncash capital and related
financing activities:
Contributed sewer, storm and water lines $ 166.793 $ 114.229 $ 1.355.314 $ 1.636.336
Restatement of beginning contributed capital $ 431,360 $ 2,003,204 $ (2,242,030) $ 192,534
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59
City of Tigard, Oregon
Sewer Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Budget Actual Favorable
Revenues:
Service charges $ 1,361,100 $ 1,639,846 $ 278,746
Interest 150,000 223,912 73,912
Miscellaneous 26,337 26,337
Total revenues 1,511,100 1,890,095 378,995
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 3,071,176 3,270,563 199,387
$ 4,582,276 $ 5,160,658 $ 578,382
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Development services $ 569,099 $ 481,776 $ 87,323
Policy and administration 233,582 217,780 15,802
Nondepartmental 48,640 35,094 13,546
Contingency 200,000 200,000
Capital improvements 1,500,000 151,840 1,348,160
Total expenditures 2,551,321 $ 886,490 $ 1,664,831
' UNAPPROPRIATED ENDING FUND BALANCE 2,030,955
$ 4,582,276
60
City of Tigard, Oregon
Storm Drainage Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Service charges $ 675,000 $ 406,620 $ (268,380)
Interest 70,000 44,356 (25,644)
Miscellaneous 933,450 5,282 (928,168)
Total revenues 1,678,450 456,258 (1,222,192)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,102,631 1,245,528 142,897
$ 2,781,081 $ 1,701,786 $ (1,079,295)
Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
Expenditures: '
Development services $ 569,161 $ 461,537 $ 107,624
Policy and administration 213,646 200,655 12,991
Nondepartmental 48,640 35,094 13,546
Contingency 75,000 75,000
Capital improvements 1,827,000 100,500 1,726,500
Total expenditures 2,733,447 797,786 1,935,661
Other financing uses:
Operating transfer to FEMA Disaster Fund 112,512 (112,512)
Total expenditures and other financing uses 2,733,447 $ 910,298 $ 1,823,149
UNAPPROPRIATED ENDING FUND BALANCE 47,634
$ 2,781,081
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City of Tigard, Oregon
Water Quality & Quantity Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
l
Variance
Budget Actual Favorable
Revenues:
Service charges $ 61,150 $ 159,603 $ 98,453
Interest 15,000 43,837 28,837
Miscellaneous 22,657 22,657
Total revenues 76,150 226,097 149,947
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 354,000 396,222 42,222
$ 430,150 $ 622,319 $ 192,169
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 430,150 $ 106,483 $ 323,667
62
City of Tigard, Oregon
Water General Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
1.
1
Variance
Budget Actual Favorable
Revenues:
Service charges $ 3,538,800 $ 4,021,696 $ 482,896
System development charges 425,380 843,834 418,454
Interest 210,700 354,271 143,571
Miscellaneous 11,900 39,994 28,094
Total revenues 4,186,780 5,259,795 1,073,015
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 4,948,867 5,523,462 574,595
$ 9,135,647 $ 10,783,257 $ 1,647,610
r
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Public works $ 3,417,171 $ 3,196,895 $ 220,276
Policy and administration 289,778 266,959 22,819
City-wide support function 48,640 35,094 13,546
Contingency 300,000 300,000
Capital improvements 740,100 273,109 466,991
Total expenditures 4,795,689 $ 3,772,057 $ 1,023,632
UNAPPROPRIATED ENDING FUND BALANCE 4,339,958
$ 9,135,647
63
City of Tigard, Oregon
Water Systems Development Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Budget Actual Favorable
Revenues:
System development charges $ 324,500 $ 621,150 $ 296,650
Interest 90,000 134,149 44,149
Total revenues 414,500 755,299 340,799
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 2,436,000 2,582,997 146,997
$ 2,850,500 $ 3,338,296 $ 487,796
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 2,750,500 $ 580,189 $ 2,170,311
Contingency 100,000 100,000
$ 2,850,500 $ 580,189 $ 2,270,311
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City of Tigard, Oregon
Water Capital Projects Fund
Schedule of Revenues and Expenditures - Budget and Actual
for the fiscal year ended June 30, 1997
Variance
Budget Actual Favorable
Revenues:
Interest $ 35,000 $ 37,987 $ 2,987
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 701,000 704,854 3,854
$ 736,000 $ 742,841 $ 6,841
Budgeted Variance
Appropriations Actual Favorable
Expenditures:
Capital improvements $ 736,000 $ - $ 736,000
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Fiduciary Funds
i~
These funds account for resources received and held by the City in a fiduciary capacity.
Disbursements from these funds are made in accordance with the trust agreement or conditions of the
trust for the particular fund. Funds included in this category are:
• Agency Fund - Deferred Compensation Fund
t - Pension Trust Funds - General and Water Fund Employees Pension Plans
1'
City of Tigard, Oregon
Fiduciary Funds
Combining Balance Sheet
June 30, 1997
l
Agency Fund -
Deferred
Compensation Pension
Fund Trust Funds Total
ASSETS
Cash and investments $ 2,251,383 $ 5,417,351 $ 7,668,734
LIABILITIES AND FUND BALANCE
Liabilities:
Deferred compensation payable $ 2,251,383 $ 2,251,383
Fund balance:
Reserved for employee retirement benefits $ 5,417,351 5,417,351
$ 2,251,383 $ 5,417,351 $ 7,668,734
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City of Tigard, Oregon
Pension Trust Funds
Combining Statement of Plan Net Assets
June 30, 1997
Water Fund General
Employees Employees
Pension Pension
Plan Plan Total
Cash and investments $ 603,056 $ 4,814,295 $ 5,417,351
Net assets held in trust for pension benefits $ 603,056 $ 4,814,295 $ 5,417,351
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City of Tigard, Oregon
Pension Trust Funds
Combining Statement of Changes in Plan Net Assets
for the fiscal year ended June 30, 1997
Water Fund General
Employees Employees
Pension Pension
Plan Plan Total
Additions:
Contributions $ 562,742 $ 562,742
Interest $ 46,098 546,102 592,200
Total additions 46,098 1,108,844 1,154,942
Deductions:
Benefit payments and withdrawals 144,984 294,447 439,431
Increase (decrease) in net assets (98,886) 814,397 715,511
Net assets held in trust for pension benefits:
Beginning of year 701,942 3,999,898 4,701,840
End of year $ 603,056 $ 4,814,295 $ 5,417,351
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City of Tigard, Oregon
Agency Fund - Deferred Compensation Fund
Statement of Changes in Assets and Liabilities
for the fiscal year ended June 30, 1997
Balance Balance
June 30, June 30,
1996 Additions Deletions 1997
' ASSETS
Cash and investments $2,030,140 $ 498,281 $ 277,038 $2,251,383
LIABILITIES
Deferred compensation payable $2,030,140 $ 498,281 $ 277,038 $2,251,383
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CITY OF TIGARD
OREGON
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General Fixed Assets Account Group
This account group accounts for the City's investment in fixed 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 Sources
June 30, 1997
GENERAL FIXED ASSETS
Land $ 3,523,227
Buildings 4,535,485
Equipment 929,057
Autos and trucks 1,140,701
Office equipment 1,510,372
Total investment in general fixed assets $ 11,638,842
INVESTMENT IN GENERAL FIXED ASSETS
Investment in general fixed assets from:
Investment in property acquired prior to June 30, 1996 $ 10,472,369
Net investment in property acquired after June 30, 1996 from:
General Fund 1,166,473
Total investment in general fixed assets $ 11,638,842
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D City of Tigard, Oregon
Schedule of General Fixed Assets -
By Function and Activity
June 30, 1997
0
Machinery,
Equipment,
Function and Activity Total Land Buildings and Other
Community services:
Police $ 1,207,900 $ 1,207,900
Library 445,837 445,837
Parks 298,404 298,404
Total community services 1,952,141 1,952,141
Community development:
Administration 79,455 79,455
Building 154,404 154,404
Planning 29,575 29,575
Engineering 194,364 194,364
Operations/admin. 48,266 48,266
Operations/shops 48,080 48,080
Streets 445,155 445,155
Operations/management 25,556 25,556
Total community development 1,024,855 1,024,855
Policy and administration:
Mayor and City Council 11,895 11,895
City administration 54,865 54,865
0 Finance 75,663 75,663
Computer services 163,064 163,064
Accounting 51,015 51,015
Office services 65,903 65,903
Records 43,004 43,004
Court 7,499 7,499
Total policy and administration 472,908 472,908
General government 8,188,938 $ 3,523,227 $ 4,535,485 130,226
Total investment in general
fixed assets $ 11,638,842 $ 3,523,227 $ 4,535,485 $ 3,580,130
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City of Tigard, Oregon
Schedule of Changes in General Fixed Assets -
By Function and Activity
for the fiscal year ended June 30, 1997
General General
Fixed Assets Transfers/ Fixed Assets
Function and Activity June 30, 1996 Additions Retirements June 30, 1997
Community services:
Police $ 1,129,894 $ 186,463 $ (108,457) $ 1,207,900
Library 385,355 61,301 (819) 445,837
Parks 276,125 29,669 (7,390) 298,404
Total community services 1,791,374 277,433 (116,666) 1,952,141
Community development:
Administration 55,735 23,720 79,455
Building 114,192 40,874 (662) 154,404
Planning 28,965 3,650 (3,040) 29,575
Engineering 164,374 49,919 (19,929) 194,364
Operations/admin. 58,905 1,887 (12,526) 48,266
Operations/shops 51,251 1,680 (4,851) 48,080
Streets 503,798 28,912 (87,555) 445,155
Operationstmanagement 22,498 3,059 (1) 25,556
Total community development 999,718 153,701 (128,564) 1,024,855
Policy and administration: j
Mayor and City Council 12,424 (529) 11,895
City administration 46,997 8,220 (352) 54,865
Finance 60,868 16,145 (1,350) 75,663
Computer services 136,592 40,892 (14,420) 163,064
Accounting 52,507 9,108 (10,600) 51,015
Office services 75,070 2,065 (11,232) 65,903
Records 40,688 3,632 (1,316) 43,004
Court 7,994 2,305 (2,800) 7,499
Total policy and administration 433,140 82,367 (42,599) 472,908
General government 7,716,164 652,972 (180,198) 8,188,938
Total investment in general
fixed assets $ 10,940,396 $ 1,166,473 $ (468,027) $ 11,638,842
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D
D.
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d
Other Schedules
D
Schedules included in this section are:
• Property Tax Transactions and Outstanding Balances
• Bond and Bond Interest Transactions
D Future Debt Service Requirements of Bancroft Improvement Bonds
• Future Debt Service Requirements of General Obligation Bonds
D`
City of Tigard, Oregon
Schedule of Property Tax Transactions
and Outstanding Balances
for the fiscal year ended June 30, 1997
Property Add Property
Taxes Levy as Taxes
Receivable Extended Deduct Receivable
June 30, By Discounts Deduct Add Deduct June 30,
1996 Assessor Allowed Adjustments Interest Collections 1997
1996-97 $ 7,924,163 $ (191,885) $ (25,896) $ 4,251 $ (7,511,237) $ 199,396
1995-96 $ 148,754 (3,489) 7,127 (103,958) 48,434
1994-95 53,468 (5,531) 5,680 (29,396) 24,221
1993-94 28,072 (3,346) 6,237 (22,905) 8,058 j
1992-93 8,742 (735) 2,591 (8,913) 1,685
1991-92 and prior 6,351 (3,078) 1,199 (2,090) 2,382
$ 245,387 $ 7,924,163 $ (191,885) $ (42,075) $ 27,085 $ (7,678,499) $ 284,176
Property
Taxes
Receivable
Cash June 30,
Collections 1997
Distributed as follows:
General Fund:
Current $ 6,165,445 $ 158,512
Prior years' levies 120,436 60,793
Total General Fund 6,285,881 219,305
Debt Service Funds:
Current 1,342,652 40,884
Prior years' levies 43,140 21,896
Total Debt Service Funds 1,385,792 62,780
Capital Projects Funds:
Prior years' levies 6,826 2,091
Total $ 7,678,499 $ 284,176
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Q
City of Tigard, Oregon
Schedule of Bond and Bond Interest Transactions
for the fiscal year ended June 30, 1997
Bond Transactions Interest Transactions
Outstanding Outstanding
Original June 30, June 30,
Bancroft Bonds Issue 1996 Matured Paid 1997 Matured Paid
Issued September 1, 1982 $ 184,664 $ 10,000 $ 10,000
Issued December 1, 1989 340,000 20,000 $ 20,000 $ (20,000) $ 600 $ 600
Issued August 1, 1990 2,244,000 620,000 125,000 (225,000) 395,000 34,325 34,508
Issued August 1, 1991 405,000 185,000 (40,000) 145,000 9,900 9,900
Issued May 1, 1993 660,000 610,000 610,000 29,520 29,520
$ 1,445,000 $ 145,000 $ (285,000) $ 1,160,000 $ 74,345 $ 74,528
General Obligation Bonds
Issued May 1, 1993 6,935,000 $ 5,350,000 $ - $(1,385,000) $ 3,965,000 $ 230,645 $ 211,095
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City of Tigard, Oregon
Schedule of Future Debt Service Requirements
of Bancroft Improvement Bonds
as of June 30, 1997
Issued Issued Issued Issued
September 1, 1982 August 1, 1990 August 1, 1991 May 1, 1993
Year of Total Requirements 11.75% 6.0% to 6.3% 6.0% 4.10% to 5.0%
Maturi ty Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
1997-98 $ 145,000 $ 58,515 $ 10,000 ' $ 135,000 $ 20,295 $ 8,700 $ 29,520
1998-99 145,000 49,903 145,000 11,683 8,700 29,520
1999-2000 175,000 40,584 115,000 3,594 8,700 $ 60,000 28,290
2000-01 35,760 8,700 27,060
2001-02 145,000 31,410 $ 145,000 4,350 27,060
2002-03 110,000 24,530 110,000 24,530
2003-04 22,000 22,000
2004-05 22,000 22,000
2005-06 440,000 9,167 440,000 9,167
Totals $1,160,000 $ 293,869 $ 10,000 $ - $395,000 $ 35,572 $145,000 $ 39,150 $610,000 $219,147
Issue was called on 6/1/93. Amounts outstanding are bearer bonds which have not been presented for payment.
mo~' 401 NONE
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a City of Tigard, Oregon
Schedule of Future Debt Service Requirements
of General Obligation Bonds
as of June 30, 1997
Issued
May 1, 1993
Year of 3.4% to 4.75%
aturi Principal Interest
1997-98 $ 80,618
1998-99 $ 1,490,000 132,925
1999-2000 1,570,000 72,822
-01 210,000 36,515
2000
2001-02 225,000 26,994
2002-03 225,000 16,813
O 2003-04 245,000 5,819
$ 3,965,000 $ 372,506
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City of Tigard, Oregon
General Governmental Expenditures by Function -
Budgetary Basis
for the last ten fiscal years
D
City-Wide
Support
Functions,
Fiscal Capital
Year Ended Community Community Policy and Projects Debt
June 30, Services Development Administration and Other Service Total
0 1988 $ 3,042,321 $ 1,764,513 $ 121,016 $ 1,452,149 $ 785,234 $ 7,165,233
1989 3,357,664 1,980,927 112,966 3,177,147` 772,739 9,401,443
1990 3,539,680 2,096,431 253,593 4,977,930 3,481,870 14,349,504
1991 4,347,338 2,558,534 281,180 7,216,338 4,157,959 18,561,349
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
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 2,148,788 2,388,061 14,270,841
1996 6,073,218 3,230,316 1,482,194 2,895,552 5,152,515 18,833,795
O 1997 6,537,097 3,507,918 1,699,813 3,182,819 6,202,957 21,130,604
O Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
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City of Tigard, Oregon
General Governmental Revenues by Sources - ,
Budgetary Basis
for the last ten fiscal years
Fiscal
Year Licenses Inter- Charges
Ended Franchise and governmental for Fines and Miscellaneous
June 30, Taxes Fees Permits Revenues Services Forfeitures Revenues" Total
1988 $ 2,152,792 $ 849,844 $ 1,031,018 $ 1,220,779 $ 514,048 $ 254,154 $ 1,160,391 $ 7,183,026
1989 2,408,597 1,031,791 1,059,725 1,517,777 599,002 240,849 1,113,184 7,970,925 ,
1990 3,746,834 1,100,181 1,445,011 2,040,711 39,818 232,332 2,183,206 10,788,093
1991 4,160,790 1,179,833 1,206,920, 2,379,431 79,370 259,497 1,627,675 10,893,516
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
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
1997 7,699,433 1,736,933 3,746,604 3,834,114 798,129 397,637 1,632,664 19,845,514
'Includes special assessments collections and private donations.
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
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City of Tigard, Oregon
Property Tax Levies and Collections
for the last ten fiscal years
Fiscal Percent Percent
Year Percent Delinquent Total Total Tax Outstanding Delinquent
Ended Total Current Tax of Levy Tax Tax Collections Delinquent Taxes to
June 30, Tax Levy Collections Collections Collections Collections to Tax Levy Taxes Tax Levy
1988 $ 2,229,786 $ 2,023,790 90.76% $ 124,659 $ 2,148,449 96.35 % $ 254,595 11.42 %
1989 2,455,914 2,240,508 91.23 150,511 2,391,019 97.36 289,212 11.78
1990 3,812,090 3,520,898 92.36 193,334 3,714,232 97.43 332,144 8.71
1991 4,266,155 3,918,774 91.86 224,988 4,143,762 97.13 372,918 8.74
1992 5,148,022 4,717,610 91.64 228,047 4,945,657 96.07 408,691 7.94
1993 5,548,159 5,213,266 93.96 260,368 5,473,634 98.66 391,447 7.06
1994 5,984,204 5,622,050 93.95 272,191 5,894,241 98.50 333,198 5.57
e 1995 6,212,584 5,864,693 94.40 242,923 6,107,616 98.30 285,651 4.60
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
Taxes are levied as of July 1 each year and are payable in three installments, without interest, on November 15, February 15, and May 15. Interest is
charged at the rate of 1% per month on delinquent taxes. Tax liens are foreclosed after three year's delinquencies. Taxpayers receive a discount of
3% for payment in full by November 15 and 2% for payment of two-thirds of the total taxes due.
Information derived from Comprehensive Annual Financial Reports.
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City of Tigard, Oregon
Assessed Value of Taxable Property
for the last ten fiscal years ,
Assessed Value
Fiscal Public
Year Ended Real Personal utility
June 30, Property Property Property Total
1988 $ 1,057,515,500 $ 86,733,050 $ 32,526,302 $ 1,176,774,852
1989 1,200,581,900 93,401,270 32,131,292 1,326,114,462
1990 1,278,128,284 106,268,976 38,738,512 1,423,135,772
1991 1,435,394,724 115,983,044 36,707,073 1,588,084,841
1992 1,755,342,623 114,457,543 40,526,271 1,910,326,437
1993 1,820,521,857 139,064,986 50,197,374 2,009,784,217
1994 1,972,696,888 142,496,210 60,467,981 2,175,661,079
1995 2,229,444,147 156,419,813 72,874,589 2,458,738,549
1996 2,499,277,057 164,967,611 70,968,422 2,735,213,090
1997 2,870,072,277 165,084,982 76,231,065 3,111,388,324
All property is assessed as of January 1, preceding the fiscal year beginning July 1.
Source: Washington County Department of Assessment and Taxation.
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City of Tigard, Oregon
Special Assessment Collections
for the last ten fiscal years
Ratio of
Fiscal Current Collections Total
Year Ended Assessments Assessments to Amount Outstanding
June 30, Due (1) Collected (2) Due Assessments
1988 $ 308,000 $ 532,224 172.8 % $ 1,218,351
1989 328,000 372,584 113.6 828,575
1990 693,000 818,094 118.1 892,780
O 1991 343,000 279,468 81.5 3,181,495
1992 427,000 288,574 67.6 2,900,352
1993 408,000 688,664 168.8 2,380,059
1994 193,000 186,036 96.4 2,250,041
1995 208,000 146,548 70.5 2,088,745
1996 135,000 218,667 161.98 1,846,910
1997 145,000 353,977 244.12 1,608,224
(1) This amount is equal to the matured principal on Bancroft improvement bonds.
(2) Represents collections of current assessments for payment of Bancroft improvement bonds as well
as assessment collections on projects for which such bonds have not been issued.
Source: City assessment records.
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City of Tigard, Oregon
Property Tax Rates - Direct and Overlapping Governments
(Per $1, 000 of Assessed Value)
for the last ten fiscal years
Tigard/ Washington Washington
Fiscal Metzger Tualatin Beaverton Tualatin County County
Year Metzger Water School School Tigard Unified Rural Fire Rural Fire Portland Education Other
Ended Water District City of Washington District District Water Metzger Sewerage Protection District Community Service Taxing
June 30, District Combined Tigard County No. 23J No. 48 District Sanitary Agency District No.1 College District Agencies
1988 0.03 0.53 2.03 2.81 12.10 13.13 0.19 0.24 0.36 2.70 2.65 0.89 0.26 0.63
1989 0.02 0.59 1.98 2.95 14.46 16.49 0.15 0.36 2.49 2.62 0.92 0.26 0.73
1990 0.02 0.61 2.79 2.02 14.54 16.67 0.13 0.27 2.52 0.94 0.26 1.69
1991 0.02 0.53 2.76 2.94 14.60 15.82 0.11 0.25 2.41 0.91 0.25 0.57
1992 0.02 0.48 2.76 1.41 16.73 13.44 0.09 0.19 1.99 0.81 0.21 0.49
00
N 1993 0.48 2.80 1.41 15.95 14.16 0.08 0.18 1.98 0.90 021 0.43
1994 0.42 2.77 1.36 15.58 13.39 0.08 0.12 1.88 0.87 0.20 0.37
1995 0.25 2.51 1.27 13.88 12.41 0.07 0.07 1.76 0.82 0.19 0.38
1996 0.25 2.18 1.52 14.01 12.07 0.06 0.09 1.66 0.79 0.18 0.38
1997 0.23 2.54 1.35 12.85 11.41 0.05 1.52 0.73 0.30 0.83
Tax rates, expressed in dollars and cents per $1,000 of assessed value of taxable property in each taxing district, are required by the State Constitution to be uniform throughout the district.
Taxes levied may be composed of three types of levies: (1) a base operating levy, (2) a special operating levy approved by the voters in the district and (3) a debt service levy. The operating levy may be increased annually to 106% of the highest
levy in the prior three years. Levy increases are permitted in the year following expansion of a district's boundaries. Special operating levies may be approved for periods not exceeding 10 years. Each district with outstanding general obligation
bonded debt is required to levy taxes sufficient, with other available funds, to meet principal and interest payments when due.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with territory in the County. The County collects all taxes against property in the County (except assessments for improvements charged to
benefited property) and distributes taxes collected at least monthly. No charges are made to the taxing districts for these services.
NOTE: - Not all taxing districts rates 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 1997 ranged from $18.04/$1000 to $21.241$1000.
Source: Washington County Department of Assessment and Taxation.
~r ~r .s r• ~ ~ ~r r~ rr ~ ~ ~ r rr ~ it r r
City of Tigard, Oregon
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita
for the last ten fiscal years
Gross
General Ratio of
Obligation Less Debt Net Bonded
Fiscal Bonded Service Net Debt to Net Bonded
Year Ended Assessed Debt Monies Bonded Assessed Debt Per
June 30, Population Value Outstanding Available Debt Value Capita
a 1988 24,782 $ 1,176,774,852 $ 2,580,000 $ 17,871 $ 2,562,129 0.21 % $ 103.39
1989 25,602 1,326,114,462 10,990,000 45,028 10,944,972 0.83 427.50
1990 27,050 1,423,135,772 11,990,000 ` 165,664 11,824,336 0.83 437.13
1991 29,652 1,588,084,841 13,304,000 ' 345,050 12,958,950 0.82 437.03
a 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
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 ' 1,261,053 3,863,947 0.12 107.56
Excludes bond anticipation notes payable.
Sources: City budget documents, Comprehensive Annual Financial Reports in the City and Washington County Department of Assessment and
Taxation.
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City of Tigard, Oregon
Computation of Legal Debt Margin
June 30, 1997
ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property within the City
boundaries:
True cash value (1996-97) (1) $ 3,111,388,324
General obligation debt limit x 3 %
93,341,650
Gross bonded debt $ 5,125,000
Excludable debt- Bancroft improvement bonds (1,160,000)
Debt subject to limitation 3,965,000
Legal debt margin - amount available for future indebtedness $ 89,376,650
(1) From Washington County Department of Assessment and Taxation.
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City of Tigard, Oregon
Computation of Overlapping General Obligation Debt
June 30, 1997
Percent Amount
Applicable Applicable
Net Debt Inside City Inside City
Jurisdiction Outstanding of Tigard of Tigard
Tigard/Tualatin School District #23-J $ 71,995,000 52.4641 % $ 37,771,529
Tri-Met 136,035,000 3.9836 5,419,090
Port of Portland 45,654,480 3.6088 1,647,579
D Metro 217,980,958 4.0033 8,726,432
Beaverton School District #48 126,420,000 4.0131 5,073,361
Portland Community College 52,858,585 5.1544 2,724,543
Washington County 84,405,000 11.9395 10,077,535
Unified Sewerage Agency 3,020,000 12.8517 388,121
D Tualatin Rural Fire Protection District 685,000 13.8174 94,649
Tigard Water District (Metzer Bond) 3,150,000 58.1489 1,831,690
$ 742,204,023 $ 73,754,529
D Source: Oregon Municipal Debt Advisory Commission-
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City of Tigard, Oregon '
Ratio of Annual Debt Service Expenditures for Long-Term
Debt to Total General Governmental Expenditures i
for the last ten fiscal years
Fiscal Total Percent of Debt
Year Total General Service to
Ended Debt Governmental Total General
June 30, Principal Interest Service Expenditures Expenditures
1988 $ 393,000 $ 390,369 $ 783,369 $ 7,165,233 10.9 %
1989 418,000 354,739 772,739 9,401,443 8.2
1990 2,383,000 1,098,870 3,481,870 14,349,504 24.3
1991 3,034,760 1,123,199 4,157,959 18,561,349 22.4
1992 1,664,000 979,174 2,643,174 14,789,158 17.9
1993 1,939,000 713,428 2,652,428 13,539,981 19.6
1994 4,742,523 (1) 905,209 (1) 5,647,732 18,301,040 30.1
1995 1,828,000 (2) 560,061 (2) 2,388,061 14,270,841 16.7
1996 4,385,000 (1) 767,515 (1) 5,152,515 18,833,795 27.4
1997 5,755,000 (1) 447,957 (1) 6,202,957 21,130,604 29.4
Source: Comprehensive Annual Financial Reports of the City. ,
(1) Includes bond anticipation notes principal and interest.
(2) Includes bond anticipation notes interest and certificates of participation principal and interest.
86
o City of Tigard, Oregon
Property Value, Construction and Bank Deposits
for the last ten fiscal years
Commercial Residential
Fiscal Construction (1) Construction (1)
Year Ended Number of Number of Bank Deposits
June 30, Permits Value Permits Value (in thousands) (2)
1988 228 $ 34,991,735 633 $ 32,524,988 $ 165,107
1989 212 21,189,454 604 35,826,025 N/A
1990 320 27,495,457 749 40,729,414 N/A
O 1991 62 27,985,499 268 28,160,790 N/A
1992 37 31,498,832 218 24,259,243 N/A
1993 28 25,685,703 408 43,687,254 N/A
1994 40 63,946,411 683 62,765,587 N/A
1995 24 31,873,570 452 63,699,561 N/A
1996 37 34,644,201 496 65,935,382 N/A
1997 22 44,227,644 355 59,581,425 N/A
(1) From City of Tigard Building Department. Multi-family permits are included in the number of permits
issued for residential construction.
(2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities.
N/A - Information not available.
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City of Tigard, Oregon '
Principal Taxpayers
June 30, 1997 '
Percentage
of Total
Assessed Assessed
Tax aver Type of Business Valuation Valuation
Pacific Realty Associates Oregon Business Park $ 131,953,480 4.24 %
Winmar Co. Washington Square Shopping Mall 117,165,590 3.77 ,
SF Oregon Co. Ltd. Lincoln Center Office Park 67,289,495 2.16
Spieker Properties Park 217 retail office center and '
Nelson Business Park 23,354,628 0.75
Nesbitt Partners Embassy Suites Hotel 23,183,794 0.75
Robinson Trust Scholls Business Center 16,866,248 0.54
Real Estate Equities Joint
Venture Meadow Creek Apartments 13,370,038 0.43
Costco/Wholesale Price/Costco 11,796,652 0.38
Pacific Corp. Tigard Marketplace Shopping Plaza 10,622,574 0.34
FIG Holding Co. Farmers Insurance 10,595,353 0.34 ,
Total principal taxpayers 426,197,852 13.70
All other taxpayers 2,685,190,472 86.30
Total $ 3,111,388,324 100.00 % '
Source: City of Tigard Planning Department.
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a City of Tigard, Oregon
Demographic Statistics
for the last ten fiscal years
Assessed (2)
Value Unemployment
Fiscal of Taxable (3) Rate
a Year Ended (1) Property School Portland
June 30, Population Per Capita Enrollment Metro. Area
1988 24,782 $ 47,485 7,050 4.8 %
1989 25,602 51,797 7,236 4.5
O 1990 27,050 52,611 7,940 4.1
1991 29,652 53,557 8,795 4.9
1992 30,835 61,953 8,965 6.2
1993 31,271 64,270 9,427 5.8
1994 33,802 64,365 9,644 4.8
1995 33,744 72,865 10,579 4.7
O 1996 35,021 78,102 10,829 4.2
1997 35,925 86,608 11,071 3.9
Sources of information:
(1) Portland State University, Population Research & Census Center.
(2) U.S. Bureau of Labor Statistics.
(3) Tigard/Tualatin School District #23-J.
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City of Tigard, Oregon '
Miscellaneous Statistical Data
June 30, 1997 '
i
Date of incorporation 1961
Form of government Council - Mayor - Administrator
Area 10.44 square miles
Miles of streets 123.6 miles ,
Number of street lights:
City owned 2,466
City maintained (PGE owned) 681
Police protection:
Number of stations 1
Number of policemen and officers 48 ,
Education:
Attendance centers 14
Number of teachers 592 ,
Number of students 11,071
Sanitary sewers 120.8 miles
Storm lines 74.1 miles
Open ditches 11.5 miles ,
Building permits issued (1996-97) 377 permits
Recreation and culture: ,
Number of parks 13
Number of libraries 1
Number of volumes (estimated) 107,863 volumes
Employees:
Classified service (union) 168
Unclassified (non-union) 56
Information obtained from the various departments of the City of Tigard, Oregon and Tigard/Tualatin School '
District #23-J.
90 ,
~ AUDIT COMMENTS AND
~ DISCLOSURES R QUIRED BY
~ STATE REGULATIONS
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Audit Comments and Disclosures
Required By State Regulations
Oregon Administrative Rules 162-10-050 through 162-10-320 incorporate the Minimum Standards
for Audits of Oregon Municipal Corporations. These standards, prescribed by the Secretary of State
in cooperation with the Oregon State Board of Accountancy, enumerate the financial statements,
schedules, comments and disclosures required in audit reports. The required statements and
schedules are set forth in the preceding sections of this report. Required comments and disclosures
related to our audit of such statements and schedules are set forth following.
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City of Tigard, Oregon '
Audit Comments and Disclosures
1. Internal Control Structure: '
In planning and performing our audit of the financial statements of the City of Tigard as of and
for the year ended June 30, 1997, we considered its internal control 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. Our consideration of the internal control would
not necessarily disclose all matters in the internal control 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 one or more of the internal
control components does not reduce to a relatively low level the risk that errors or irregularities '
in amounts that would be 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. However, we noted no matters involving the internal control and its '
operation that we consider to be material weaknesses as defined above.
This report is intended solely for the information of the Board of Directors, management, 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.
II. Other Comments and Disclosures:
We have audited the general purpose financial statements of the City of Tigard, Oregon as of
and for the year ended June 30, 1997, and our report thereon is included on Pages 1 and 2 of
this report. Our audit was made in accordance with generally accepted auditing standards. '
In connection with our audit, nothing came to our attention that caused us to believe the City
was not in compliance with:
• ORS 294.305 to 294.520 in the preparation and adoption of its budget and tax levies
for the fiscal years ending June 30, 1997 and June 30, 1998,
• the legal requirements relating to debt,
• the appropriate law, rules and regulations pertaining to programs funded wholly or '
partially by other governmental agencies,
• the cost accounting guidelines developed by the State of Oregon Executive
Department with regard to the City's cost accounting system, '
• ORS 294.035 in the investment of public monies,
• the collateral requirements for public fund deposits specified in ORS Chapter 295, ,
• ORS Chapter 279 in the awarding of public contracts and the construction of public
improvements, and ,
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City of Tigard, Oregon
Audit Comments and Disclosures, Continued
D
D II. Other Comments and Disclosures, Continued:
• the legal requirements, (as contained in Article IX, Section 3a of the Oregon
D Constitution), pertaining to the use of revenue from taxes on motor vehicle use and
fuel.
However, it should be noted our audit was not directed primarily toward obtaining knowledge
D of noncompliance with such requirements.
Additionally, we make the following other comments:
• We found the City's accounting records to be adequate for audit purposes.
• We reviewed the City's insurance and fidelity bond coverage at June 30, 1997 and
ascertained such policies appeared to be in force. We are not competent by training to
state whether the insurance policies covering City-owned property in force at June 30,
1997, are adequate.
COOPERS & LYBRAND L.L.P.
D
By .
Brent A. Macey, a partner
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Portland, Oregon
September 17, 1997
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