CAFR Report - 1993-1994
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CITY OF TIGARD, OREGON
Comprehensive Annual
Financial Report
Fiscal Year Ended
June 30, 1994
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• CITY OF TIGARD, OREGON
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
• for the fiscal year ended June 30, 1994
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prepared by the City of Tigard - Department of Finance
CITY OF TIGARD, OREGON
TABLE OF CONTENTS 0
Page •
INTRODUCTORY SECTION:
Letter of Transmittal i-vii
Mayor and City Council Members viii
Organization Chart ix
Certificate of Achievement for Excellence in Financial Reporting x
FINANCIAL SECTION:
Report of Independent Accountants 1 0
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GENERAL PURPOSE FINANCIAL STATEMENTS ("Liftable" Financial Statements): is
Combined Balance Sheet - All Fund Types and Account Groups 2 40
Combined Statement of Revenues, Expenditures and 0
Changes in Fund Balances - All Governmental Fund Types 3 0
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual - All Governmental Fund Types -4
Combined Statement of Revenues, Expenses and .0
Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types 0
and Similar Trust Funds 5
Combined Statement of Cash Flows - All Proprietary Fund Types-
Enterprise Funds 6 •
Notes to General Purpose Financial Statements 7-21
SUPPLEMENTARY DATA (Combining and Individual Fund and Account 0
Group Statements and other Financial Schedules): 0
General Fund - 0
Schedule of Revenues and Expenditures - Budget and Actual 22 0
Special Revenue Funds:
Combining Balance Sheet 23 0
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 24 0
Schedules of Revenues and Expenditures - Budget and Actual: 0
Forfeitures from Criminal Activity Fund 25 0
,State Tax Street Fund 26 0
Parks SDC Fund 27 ,
County Gas Tax Fund 28
Traffic Impact Fund 29 r
Water Quality & Quantity Fund 30 0
Debt Service Funds: 0
Combining Balance Sheet 31 0
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 32 0
Schedule of Revenues and Expenditures - Budget and Actual: •
General Obligation Bond Debt Service Fund 33
Certificate of Participation Debt Service Fund 34 •
Bancroft Bond Debt Service Fund 35 0
Capital Projects Fund: 0
Combining Balance Sheet 36 0
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 37 •
Schedule of Revenues and Expenditures - Budget and Actual:
Local Improvement Capital Projects Fund 38 0
Road Improvement Bond Fund 39 0
Park Levy Capital Improvement Fund 40 0
Library Capital Improvement Fund 41 0
Bull Mountain Road Improvement Fund 42 w
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
Page
FINANCIAL SECTION, continued
SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial Schedules, Continued)
Enterprise Funds:
Combining Balance Sheet 43
Combining Statement of Revenues, Expenses and Changes in Retained Earnings 44
Combining Statement of Cash Flows 45
Schedule of Revenues and Expenditures - Budget and Actual:
Sewer Fund 47
Storm Drainage Fund 48
Water General Fund 49.
Water Systems Development Fund 50
Water Capital Projects Fund 51
Fiduciary Funds:
Combining Balance Sheet 52
Pension Trust Funds:
Combining Balance Sheet 53
Combining Statement of Revenues, Expenses and Changes in Fund Balance 54
Statement of Changes in Assets and Liabilities -
Agency Fund - Deferred Compensation Fund 55
General Fixed Assets Account Group:
Schedule of General Fixed Assets - By Sources 56
Schedule of Changes in General Fixed Assets - By Sources 56
Schedule of General Fixed Assets - By Function and Activity 57
Schedule of Changes in General Fixed Assets - By Function and Activity 58
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 59
Schedule of Bond and Bond Interest Transactions 60
Schedule of Future Debt Service Requirements of Bancroft Improvement Bonds 61
Schedule of Future Debt Service Requirements of General Obligation Bonds 62
STATISTICAL SECTION:
General Governmental Expenditures by Function -
Budgetary Basis - for the last ten fiscal years 63
General Governmental Revenues by Source -
Budgetary Basis - for the last ten fiscal years 64
Property Tax Levies and Collections - for the last ten fiscal years 65
Assessed and Estimated Actual Value of Taxable
Property - for the last ten fiscal years 66
Property Tax Rates - Direct and Overlapping Governments -
for the last ten fiscal years 67
Special Assessment Collections - for the last ten fiscal years 68
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 69
Computation of Legal Debt Margin 70
Computation of Overlapping General Obligation Debt 71
Ratio of Annual Debt Service Expenditures for Long-Term
Debt to Total General Governmental Expenditures -
for the last ten fiscal years 72
Property Value, Construction and Bank Deposits - for the last ten fiscal years 73
Principal Taxpayers 74
Demographic Statistics 75
Miscellaneous Statistical Data 76
CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
Page
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE, REGULATIONS:
Introductory Comments 77
Internal Control Structure 78
Other Comments and Disclosures 78
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INTRODUCTORY SECTION
111!111 I'I V.
CITY OF TIGARD
OREGON
October 7, 1994
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, 1994. 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
organizational 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 mufti-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.
Effective January 1, 1994, the City assumed responsibility for the operation of the Southeast Washington
County Joint Water Agency through an intergovernmental agreement. 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 been one of the fastest growing cities in Washington County and, with a population
of approximately 33,802, is the eleventh largest city in the State.
Over the past several years, total new construction in the City of Tigard has exceeded $126,000,000 per
year. Both residential and commercial construction have remained strong. Fiscal year 1992/93 saw new
value of over $69,000,000 added.
13125 SW Hall Blvd., Tigard, OR 97223 (503) 639-4171 TDD (503) 684-2772
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Continuing this trend, 1993/94 was the most active construction year on record. 385 new single family •
permits were issued at a value of over $46,000,000. In addition, 298 multi-family units were issued at a •
value of over $16,000,000. Even more impressive was a record breaking $64,000,000 in commercial
construction. 1993/94 total construction value exceeded $126,000,000. 1994/95 promises to be another •
healthy year in all categories of development, although we do not expect the same level of activity as fiscal •
year 1993/94.
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Tigard's proximity to the Portland Metropolitan area provides its citizens with many diverse employment •
opportunities. Over 74,000 jobs are located within a ten minute drive from Tigard. The unemployment rate •
in the Portland Metropolitan area averaged 4.8 percent during the fiscal year.
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Tigard's assessed value of $2,175,661,079 is twice the amount it was just seven years ago. This dramatic •
growth in values together with prudent fiscal management has allowed the City to provide quality services
at a very low tax rate. The total rate resulting from City levies in 1993/94 was $2.77/1,000 assessed value.
The economic outlook for the City of Tigard remains good. The City has continued to experience growth
in most areas including the local economy, population, assessed'value and commercial development. •
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MAJOR INITIATIVES
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The Pacific Corporate Center Local Improvement District (LID) project was completed in June 1990. The •
project included the construction of street, sewer and storm drainage improvements between Bonita and •
Carmen Drive adjacent to Interstate 5 and 72nd Avenue. The improvements allow the development of •
approximately 40 acres of commercially zoned land. Development in this area has been greatly enhanced •
by the LID improvements. Over 280,000 square feet of prime office space has already. been completed.
A new Home Depot retail home improvement facility was completed last year. An Office Depot and several
other high end office structures are currently under construction. •
Fiscal year 1993/94 was the third fiscal year of the five year financial plan which began with the voter,
approved tax base in 1990. A ballot measure was placed before the citizens of Tigard in November 1990
to increase the tax base by $860,000 to provide continued funding for the non-fee services for the next five •
year financial plan period.
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On the same November 1990 ballot, Oregon voters passed a property tax limitation measure referred to •
as Measure 5. This measure limits non-school property taxes to $10 per thousand of assessed value •
beginning July 1, 1991. Although the limitation has not affected Tigard's already low tax rates, the 1993/94 •
budget included no new positions or programs. Some state shared revenues could be reduced in future
years. •
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The Dartmouth Street Local Improvement District project was completed in the summer of.1994. The Local •
Improvement District was formed in the early 1980s, however, several lawsuits by property owners have •
delayed improvements. The road improvement. is important because it will link Interstate 5 with Highway •
99 and will provide access to over 300 acres of undeveloped commercially zoned property in the City.
Concurrent with the completion of the project, a Cub Foods opened for business and a new Costco is .
expected to open in November 1994. In addition, a third participant in the LID is preparing plans for a .
series of office and retail facilities on the south side of the newly constructed road. The final assessments •
for the Dartmouth street project will be calculated and spread among the participating properties early in
1995. Assessment bonds will be sold shortly thereafter for those property owners electing to pay their •
assessments in installments. •
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In November 1994, the council will place before Tigard voters a proposal to increase the property tax base
by $1,700,000. The proposal calls for the addition of eighteen police officers over the next six years and
the continuation of other general fund services. If passed, the increase in the tax levy would take effect
on July 1, 1996, and is expected to provide adequate funding for general fund activities through the year
2001.
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 inconformity 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.
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 GOVERNMENT FUNCTIONS
Revenues for general governmental functions (all governmental funds) on a generally accepted accounting
principles basis totaled $15,280,027 in fiscal year 1994. The 10.8% increase from fiscal year 1993 resulted
primarily from increases in tax revenues, franchise fees, licenses and permits, and miscellaneous revenues.
Revenues from various sources and changes from last year.are shown below:
% of Inc(Dec) % Inc
Function Amount Total from F/Y 1993 (Dec)
Taxes $ 5,894,241 38.6% $ 400,725 7.3%
Franchise fees 1,447,668 9.5 126,982 9.6
Special assessments 186,036 1.2 ( 502,628) (73.0)
Licenses and permits 2,554,752 16.7 872,411 51.9
Intergovernmental revenues 3,105,356 20.3 31,628 1.0
Charges for services 393,349 2.6 91,780 30.4
Fines and forfeitures 307,982 2.0 ( 8,965) (2.8)
Miscellaneous revenues 1,390,643 9.1 479,827 (52.7)
$15,2 100.0% $1,49®1760 10.8%
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Property tax revenue increased 7.3% over last year. The tax base levy was 6% higher than the previous •
year's levy due to the statutorily allowed tax base increase. License and permit revenue has increased 0
significantly due to.the increased building activity. Miscellaneous revenues are up from last year due to •
the $500,000 received from the County for the Bull Mountain Road capital improvement project. •
The following schedule presents a summary of Program Expenditures across all governmental funds •
including debt service for the fiscal year ended June 30, 1994, and the changes from last year: •
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% of Inc
Function Amount Total from F/Y 1993 % Inc •
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Community services $ 5,088,712 27.8% $ 333,663 7.0% •
Community development 2,641,694 14.4 182,076 7.4 •
Policy and administration 1,317,972 7.2 94,703 7.7
City-wide support functions 290,207 1.6 90,864 45.6 •
Capital projects 3,314,723 18.1 1,064,449 47.3
Debt service 5,647,732 30.9 2,995,304 112.9
$18,301,040 100.0% $ 4,761,059 35.2% 0
Total expenditures increased 35.2% from the previous year. Increase is mostly attributable to debt service
and capital project expenditures. The Dartmouth project was started in 1993, however, most of the
expenditures were not made until the current fiscal year. Also, the City paid its arbitrage'rebate on the •
1989 road bonds in May of 1994. In February 1994, the 1992 Dartmouth notes matured and were paid •
from the proceeds of new notes issued in January 1994. •
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FUND BALANCES
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Total unreserved fund balances of the City were $7,588,828 at June 30, 1994, consisting of $3,116,160
in the General Fund, $2,179,294 in the Special Revenue Funds, $611,481 in the Debt Service Funds, and •
$1,681,893 in the Capital Projects Funds.
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The total reserved and unreserved fund balance in the General Fund of $3,247,698 increased $501,942 •
from last year. •
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ENTERPRISE OPERATIONS
The City's enterprise activities include sanitary sewer, storm sewer and water operations. Although 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.
Sewer operating revenues derived from service charges amounted to $1,248,188. Operating expenses
totaled $1,096,199 resulting in net income of $247,337 after non-operating interest revenues.
Storm drainage operating revenues amounted to $637,114. Storm drainage operating expenses totalled
$808,684 resulting in a net loss of $130,696 after non-operating interest revenues.
Water operating revenues derived from user charges amounted to $1,630,882. Operating expenses totaled
$1,623,101 resulting in net income of $65,075 after non-operating interest revenues.
PENSION TRUST FUNDS
The City provides a retirement plan for each employee group. Non-police personnel, including both
management and non-management, are covered by ICMA money purchase plans. Effective July 1, 1989,
police personnel were included in the State of Oregon Public 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 the State of Oregon Local
Government Investment Pool 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 1994 1993
General Fund $ 104,194 $ 97,851.
Special Revenue Funds 79,652 61,400
Capital Projects Funds 61,621 121,504
Debt Service Funds 69,765 58,012
Enterprise Funds 171,401 116,353
Pension Trust Fund 223,039 155,740
$ 709,672 $ 610,860
The objective of the City's investment policy is to provide for the preservation of City assets, to ensure that
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 Worker's Compensation. Such risks are currently being insured by third party insurance
companies, however, participation in insurance pools and/or self insurance is being discussed.
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DEBT MANAGEMENT
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At June 30, 1994 the City had the following Debt issues outstanding: •
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General Obligation Bonds $ 7,845,000
Bancroft Improvement Bonds 2,033,000
Certificates of Participation 325,000
Bond Anticipation Notes 3,080,000
$13,283,000 ~
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The Certificates of Participation are for park improvements and are scheduled to be repaid over a five year •
period, ending in fiscal 1995, from a parks serial levy.
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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 totalled $65,269,832 at June 30, 1994. The City's net debt •
subject to this limit was $7,845,000. Bancroft Bonds are not subject to the limitation. $57,424,832 is •
available for future indebtedness. •
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The City has an Al bond rating from Moody's Investment Services on its general obligation bonds.
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INDEPENDENT AUDIT
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Oregon State Law requires every municipal corporation to submit an annual financial report to the Secretary
of State; to have its combined financial statements examined by an independent certfied 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 auditor's opinion has been included •
in this report.
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AWARDS •
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For the last eleven 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 eff iciently organized comprehensive annual financial report, which conforms to program
standards. Such reports must satisfy both generally accepted accounting principles and applicable legal •
requirements. In our opinion, this report conforms to these standards. •
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A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine its eligibility for another certif icate.
In addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its last five
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 erneL-owry
Interim City Administrator Finance Director
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CITY OF TIGARD, OREGON •
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MAYOR AND COUNCIL MEMBERS AS OF June 30, 1994
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Name Term Expires
Mayor John Schwartz December 31, 1994 •
15900 SW 76th Avenue •
Tigard, Oregon 97223 •
Councilor Paul Hunt December 31, 1996
10320 SW Century Oak Drive
Tigard, Oregon 97224 •
Councilor Bob Rohlf December 31, 1994
12430 SW North Dakota
Tigard, Oregon 97223 •
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Councilor Wendi Conover Hawley December 31, 1996 •
14790 SW 79th Avenue •
Tigard, Oregon 97223 •
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Councilor Ken Scheckla December 31, 1994 •
10890 SW Fairhaven Way
Tigard, Oregon 97223
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William A. Monahan, Interim City Administrator
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Wayne Lowry, Director of Finance
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Mary E. Gruss, Accounting Manager •
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LEGAL COUNSEL •
O'Donnell, Ramis, Crew, Corrigan, & Bachrach •
1727 N.W. Hoyt •
Portland, Oregon 97209 •
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City of Tigard, Oregon
Organization Chart
as of June 30, 1994
Mayor
& City Council
City
Administrator.
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Police Library Maintenance Community Engineering City Finance
Poli Services Development Administration
Administration Administration Administration Administration Egineering City Analyst
Recorder
Operations Readers Sanitary Building Str Community Accounting
Services Sewer Inspection Lights/Signals Involvement
Investigations Technical Storm Current Human Office'
Services Sewer Planning Resources Services
Support Circulation Water Advance Risk Records
Svcs Planning Managment
Traffic Street Municipal
Maintenance Court
Shops
& Services
Property
Management
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Certificate of •
Achievement •
for Excellence
in Financial
Reporting
Presented to .
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City of Tigard, •
Oregon
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For its Comprehensive Annual .
Financial Report •
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for the Fiscal Year Ended .
June 30, 1993 •
A Certificate of Achievement for Excellence in Financial i
Reporting is presented by the Government Finance Officers .
Association of the United States and Canada to 0
government units and public employee retirement .
systems whose comprehensive annual financial .
reports (CAFRs) achieve the highest
standards in government accounting .
and financial reporting. .
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` g OFFj~~9 •
4 OF F
UNITED STATES y •
W AND N
CANADA
CORPORAMN President
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SFAL
CNIC0 O~ •
!~~`l ~i~ frJ 0
Executive Director •
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FINANCIAL SECTION
Coo ers Coopers a Lybrand L.L.P.
& Ly rand a professional services firm
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, 1994, 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.
We conducted our audit in accordance with generally accepted auditing standards and the Minimum Standards for
Audits for Oregon Municipal Corporations. 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, 1994, and the results of its operations and cash
flows of its Enterprise Funds for the year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements referred
to above. The combining and individual fund and account group statements and other financial schedules listed
as supplementary data in the table of contents are presented for purposes of additional analysis and are not a
required part of the general 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.
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• By
• Brent A. Macey, a partner
Portland, Oregon
• October 7, 1994, except for Note 9 as to
which the date is October 11, 1994
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• Coopers & Lybrand L.L..P., a registered limited liability partnership, is a member firm of Coopers & Lybrand (International).
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CITY OF TIGARD
COMBINED BALANCE SHEET •
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1994
Governmental Fund Types
Special Debt ,
ASSETS AND OTHER DEBITS General Revenue Service •
Assets: •
Cash and investments $3,678,451 $2,368,209 $ 556,906
Restricted cash & investments
Accounts receivable 4,303
Property taxes receivable 225,767 107,431
Assessment liens receivable 209,485 2,035,007
Accrued interest on delinquent assessments 60,787
Prepaid insurance 122,340 .
Inventory 9,198
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 $4,040,059 $2,577,694 $2,760,131
LIABILITIES, FUND EQUITY AND OTHER CREDITS
Liabilities:
Accounts payable and accrued liabilities $ 531,660 $ 197,847 $ 1,130
Customer deposits 85,421 •
Deferred revenues:
Property taxes 175,280 82,414
Assessment liens receivable 200,553 2,006,891 •
Accrued interest on delinquent
assessments 58,215
Certificates of Participation
Accrued vacation payable •
Deferred compensation payable
Bond anticipation notes payable '
Bonds payable •
Special assessment bonded debt
with government commitment
Total Liabilities 792,361 398,400 2,148,650 •
Fund Equity and Other Credits:
Contributed capital •
Investment in general fixed assets
Retained earnings
Fund balances: •
Reserved for prepaid insurance 122,340
Reserved for inventory 9,198
Reserved for employee retirement benefits
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Unreserved and designated for debt service -611,481
Unreserved and undesignated 3,116,160 2,179,294
Total Fund Equity and Other Credits 3,247,698 2,179,294 611,481 •
Total Liabilities, Fund Equity and Other Credits $4,040,059 $2,577, 694 $2,7
The accompanying notes are an integral part
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of the general purpose financial statements.
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Proprietary Fiduciary
Fund Types Fund Types Account Groups Total
Capital Trust General Long- (Memorandum
Projects Enterprise and Agency Fixed Assets Term Debt Only)
$1,682,855 $ 4,766,431 $4,588,920 $ $ $17,641,772
3,628,876 3,628,876
79 1,054,812 1,059,194
333,198
5,549 2,250,041
60,787
122,340.
104,030 113,228
29,582,394 9,216,383 38,798,777
611,481 611,481
12,987,899 12,987,899
$1,682,934 $39,142092 $4,588,920 $9621 $13,599,380 $77,607,593
$ 1,041 $ 1,258,193 $ $ $ $ 1,989,871
77,231 162,652
257,694
5,376 2,212,820
58,215
325,000 325,000
70,826 316,380 387,206
1,451,870 1,451,870
3,080,000 3,080,000
7,845,000 7,845,000
2,033,000 2,033,000
1,041 1,411,626 1,451,870 13,599,380 19,803,328
34,867,059 34,867,059
9,216,383 9,216,383
2,863,407 2,863,407
122,340
9,198
3,137,050 3,137,050
611,481
1,681,893 6,977,347
1,681,893 37,730,466 3,137,050 9,216,383 57,804,265
$1,682,934 $39,142,092 $4,588,920 $9,2166383 $ 13,599,380 $77,607,593
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CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
for the fiscal year ended June 30, 1994
Total
Special Debt Capital (Memorandum
General Revenue Service Projects Only)
Revenues:
Taxes $3,972,304 $ $1,921,937 $ $5,894,241
Franchise fees 1,447,668 1,447,668
Special assessments 186,036 186,036
Licenses and permits 1,332,954 1,221,798 2,554,752
Intergovernmental revenues 1,541,289 1,564,067 3,105,356
Charges for services 92,211 301,138 393,349
Fines and forfeitures 307,982 307,982
Miscellaneous revenues 174,316 204,156 241,160 771,011 1,390,643
Total revenues 8,868,724, 3,291,159 2,349,133 771,011 15,280,027
Expenditures:
Current:
Community services 5,088,712 5,088,712
Community development 1,625,180 1,016,514 2,641,694
Policy and administration 1,216,411 101,561 1,317,972
City-wide support functions 249,100 41,107 290,207
Capital projects 191,701 1,535,884 1,587,138 3,314,723
Debt service 5,647,732 5,647,732
Total expenditures 8,371,104, 2,695,066 5,647,732 1,587,138 18,301,040
Excess of revenues over
(under) expenditures 497,620, 596,093 3 2( 98,599) 816,127) 3 02( 1,013)
Other financing source:
Proceeds from issuance
of bond anticipation notes 3,080,000 3,080,000
Total other financing source 3,080,000 3,080,000
Excess of revenues and
other sources over (under)
expenditures 497,620 596,093 ( 218,599) ( 816,127) 58,987
Fund balances - beginning of year 2,745,756 1,574,075 830,080 2,511,468 7,661,379
Residual equity transfer in 4,322 9,126 13,448
. Residual equity transfer out ( 13,448) 13 448
Fund balances - end of year $3,247,698 $261796294 $ 611,481 $1,681,893 $7,720,366
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The accompanying notes are an integral part
of the general purpose financial statements.
R 3
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, 1994
A
General Fund Special Revenue Funds •
Variance
Revised Variance Revised Favorable
Budget Actual Favorable Budget Actual (Unfavorable)
Revenues:
Taxes $3,833,000 $3,972,304 $ 139,304 $ $ $
Franchise fees 1,348,000 1,447,668 99,668 .
Special assessments
Licenses and permits 829,000 1,332,954, 503,954 988,000 1,496,948 508,948
Intergovernmental revenues 1,285,850 1,541,289 255,439 1,561,000 1,564,067 3,067 .
Charges for services 90,000 92,211 2,211 36,000 25,988 ( 10,012) •
Fines and forfeitures 297,000 307,982 10,982
Miscellaneous revenues 132,000 -174,316 42,316 64,500 146,846 82,346
Total revenues 7,814,850 8,868,724 1,053,874 2,649,500 3,233,849 584,349
Expenditures: •
Current:
Community services 5,095,400 5,088,712 6,688 25,500 25,500 w
Community development 1,674,971 1,625,180 49,791 1,043,499 1,016,514 26,985
Policy and administration 1,248,782 1,216,411 32,371 99,016 101,561 ( • 2,545)
City-wide support functions 265,630 249,100 16,530 43,835 41,107- . 2,728
Contingency 279,000 279,000 128,000 128,000
Capital projects 264,743 191,701 73,042 2,547,118 1,535,884 1,011,234 a
Debt service
Total expenditures 8,828,526 8,371,104 457,422 3,886,968 2,695,066 1,191,902 .
Excess of revenues over
(under) expenditures 1 0( 13,676) 497,620 1,511,296 1 23( 7,468) 538,783 1,776,251 •
Other financing source:
Proceeds from issuance
of bond anticipation notes •
Excess of revenues and other
sources over(under)expenditures (1,013,676) 497,620 1,511,296 (1,237,468) 538,783 1,776,251 •
Fund balances - budgetary basis,
beginning of year 2,394,290 2,745,756 351,466 1,248,880 1,551,888 303,008 •
Residual equity transfer in 4,322 4,322 9,126 9,126
Residual equity transfer out r
Fund balances - budgetary basis,'
end of year $1,380,614 $3,247,698 $ 1,867,084 $ 11,412 $2,099,797 $2,088,385
Adjustments to generally accepted •
accounting principles basis -
June 30, 1994 fund balances of
nonbudgetad fonds 79,497 .
Fund balance - generally accepted
accounting principles basis, "
June 30, 1994 $2,17 294
96
The accompanying notes are an integral part
of the general purpose financial statements
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4 •
Debt Service Funds Capital Pro)ects Funds Total (Memorandum Only)
Variance Variance Variance
Favorable Revised Favorable Revised Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$1,831,000 $1,921,937 $ 90,937 $ $ $ $5,664,000 $5,894,241 $ 230,241
1,348,000 1,447,668 99,668
806,000 186,036 (619,964) 806,000 186,036 ( 619,964)
1,817,000 2,829,902 1,012,902
2,846,850 3,105,356 258,506
126,000 118,199 ( 7,801)
297,000 307,982 10,982
34,000 241,160 207,160 545,800 771,011 225,211 776,300 1,333,333 557,033
2,671,000 2,349,133 321,867 545,800 771,011 225,211 13,681,150 15,222,717 1,541,567
5,120,900 5,088,712 32,188
2,718,470 2,641,694 76,776
1,347,798 1,317,972 29,826
309,465 290,207 19,258
407,000 407,000
3,064,100 1,587,138 1,476,962 5,875,961 3,314,723 2,561,238
5,651,300 5,647,732 3,568 5,651,300 5,647,732 3,568
5,651,300 5,647,732 3,568 3,064,100 1,587,138 1,476,962 21,430,894 18,301,040 3,129,854
2 9( 80,300) 3 2( 98,599) 318,299 2 5( 18,300) 816,127 1,702,173 7 7( 49,744) (3,078,323 ) 4,671,421
3,000,000 3,080,000 80,000 3,000,000 3,080,000 80,000
19,700 ( 218,599) ( 238,299) (2,518,300) ( 816,127) 1,702,173 (4,749,744) 1,677 4,751,421
645,100 830,080 184,980 2,518,300 2,511,468 ( 6,832) 6,806,570 7,639,192 832,622
13,448 13,448
( 13,448) ( 13,448) ( 13,448) ( 13,448)
$_66 $ 611,481 53,319) $ $1,681,893 $1,681,893 $2,056,826 $7,640,869 $5,584,043
79,497
$7,720,366
CITY OF TIGARD, OREGON
COMBINED.STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCES
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
for the fiscal year ended June 30, 1994
Total
Pension (Memorandum
Enterprise (1) Trust Only) •
Operating revenues:
Service charges $3,516;184 $ $3,516,184
Contributions 475,218 475,218 •
Interest 132,234 132,234
Miscellaneous 22,115 '22,115
Total, operating revenues 3,538,299 607,452 4,145,751
Operating Expenses:
Salaries and wages 1,471,263 1,471,263
Contracted services 37,696 37,696
General and administrative and other 1,296,139 1,296;139
Depreciation 805,767 805,767. •
Benefit payments and withdrawals 228,894 228,894
Total operating expenses 3,610,865 228,894 3,839,759 •
Operating income (loss) ( 72,566) 378,558 305,992
Nonoperating revenues - •
Interest 171,401 171,401
Net income 98,835 378,558 477;393 •
.Add depreciation on fixed assets donated
or acquired from capital contributions •
that reduces contributed capital 334,716 334,716
Increase in retained earnings 433,551 378,558 812,109 •
Retained earnings - beginning of year 2,128,518 2,121;429 4,249,947
Transfer in from the Southeast Washington •
County Joint Water Agency (Note 3) 301,338 637,063 938,401
Retained earnings - end of year $2,863,407 $3,137,050 $6,000,457 •
(1) Indudes water fund operations January 1, 1994 through June 30, 1994 (Note 3).
The accompanying notes are an integral part
of the general purpose financial statements •
5
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS
for the fiscal year ended June 30, 1994 (1)
Cash flows from operating activities:
Operating loss 72,566)
Adjustments to reconcile operating loss
to net cash provided by operating activities:
Depreciation 805,767
Increase in accounts receivable (60,475)
Decrease in assessments receivable 3,516
Decrease in inventory 6,634
Decrease in other assets 13,006
Increase in customer deposits 77,231
Increase in accounts payable and accrued liabilities 176,226
Increase in accrued vacation payable 43,211
Decrease in deferred revenue ( 2,567)
Net cash provided by operating activities 989,983
Cash flows from capital-and related financing activities:
Capital contributions 724,100
Acquisition of fixed assets 505,316
Net cash provided by capital and related financing activities 218,784
Cash flows from investing activities:
Interest earnings 171,401
Sale of investments 102,875
Net cash provided by investing activities 274,276
Net increase in cash and cash equivalents 1,483,043
Cash and cash equivalents - beginning of year 6,912,264
Cash and cash equivalents -end of year $8,39
Supplemental Schedule of Noncash Investing; Capital
and Financing Activities -
Contributed sewer, storm and water lines $_576.6391
Restatement of depreciation on contributed fixed assets (Note 4) $ 934832
The City assumed the operations of the Southeast Washington County Joint Water Agency as of January 1, 1994.
The assets and liabilities acquired are as follows:
Cash and cash equivalents $ 3,711,838
Investments 102,875
Accounts receivable 478,869
Inventory 110,664
Other current assets 13,006
Deferred compensation investments 331,059
Fixed assets, net 20,872,627
Accounts payable 129,352
Other accrued liabilities 96,485
Deferred compensation payable 331,059
Contributed capital 24,762,704
Retained earnings 301,338
(1) Includes water furl activity January 1, 1994 through June 30, 1994 (Note 3).
The accompanying notes are an integral part
of the general purpose financial statements
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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 Slanificant Accounting Policies:
Governmental Entities Included In the Combined Financial Statements
The City is the lowest level of government exercising oversight responsibility for all general governmental operations within
its boundaries. As a result, all significant activities and organizations have been included in the combined financial
statements.
There are many governmental agencies including Washington County and certain school districts and various service
districts which provide services within the City. These agencies have independently elected governing boards and the City
does not manifest any oversight responsibility. Therefore, financial information for these agencies is not included in the
accompanying general purpose financial statements.
Measurement Focus and Basis of Accounting
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 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. 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 fund have applied all Financial Accounting Standards Board (FASB)
Statements and Interpretations, Accounting Principles Board Opinions and Accounting Research Bulletins of the committee
on Accounting Procedure issued on or before November 30, 1989, unless those pronouncements conflict with or contradict
Governmental Accounting Standards Board (GASB) pronouncements.
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 at the time liabilities are incurred, except for:
- Interfund transactions for services which are recorded on the accrual basis.
- Interest on bonds payable which is recorded on its due date.
- Earned but unpaid vacations which are recorded as expenditures to the extent they are expected to be liquidated with
'expendable available financial resources.
Revenues which were measurable and available at June 30, 1994 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 lien principal installments which are collected within sixty days following year
end.
The bases of accounting described above are in accordance with generally accepted accounting principles.
Total (Memorandum Only) Columns
The Total (Memorandum Only) columns on the combined financial statements represent an aggregate of the columnar
statements by fund type and account group; they do not represent consolidated financial information.
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CITY OF TIGARD, OREGON •
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) •
1. Summary of Slanificant Accounting Policies: (continued) •
•
Investments •
•
Investments, in in unrestricted and restricted cash and investments, are stated at cost which approximates market.
Deferred Compensation Fund investments are stated at market value.
•
Cash Equivalents •
•
For purposes of the combined statement of cash flows - all proprietary fund types -Enterprise Funds,,cash equivalents •
include short-term investments with original maturities or remaining maturities of, less than three months when purchased. ,
Receivables •
•
Receivables for state, county, and local shared revenues are recorded as revenue in the Governmental Funds as earned. •
Receivables of the Enterprise Funds are recorded as revenue as earned, including services earned but not billed.
•
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. 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 •
receivable 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 expected to be collected within sixty days after year end are considered •
measurable and available and are recognized as revenues. All other assessments receivable are offset by a deferred •
revenue account and, accordingly, have not been recorded as revenue. •
•
Accrued interest on delinquent assessments which has been collected within sixty days subsequent to year end are
considered measurable and available are recognized as revenues. The remaining accrued interest on delinquent accounts •
is offset by a deferred revenue account and, accordingly, have not been recorded as revenue.
Inventory •
Inventories of parts, materials and supplies are stated at the lower of cost or market 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 segregated from unrestricted cash and investments on the combined balance sheet. •
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies: (continued)
Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated 'historical cost when, historical cost is not available:
Donated assets are recorded at fair market value at date of donation. Estimated fair market value of donated assets is
determined based on 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:
Building 40 years
Sewer System 40 years
Storm Drainage System 40 years
Water System 50 years
Equipment 5 to 10 -years
Autos and Trucks 3 years
Depreciation expense on fixed assets donated or acquired from capital. contributions is recognized as a reduction of
contributed capital. Such reduction is recorded by a transfer from retained earnings.
Normal maintenance and repairs are charged to operations as 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 historical cost when historical cost is not available. Fixed
assets are charged to expenditures in the Governmental Fund Types as purchased and capitalized in the General Fixed
Assets Account Group. Maintenance and repairs of fixed assets are charged to expenditures in the Governmental Fund
Types as incurred and are not capitalized. As fixed assets are disposed of, the,historical cost or estimated historical cost
is removed from this account group; proceeds from sales of general fixed assets are recorded as General Fund revenue.
Depreciation is not computed on general fixed assets.
Expenditures for public domain fixed assets (streets, sidewalks, curbs and gutters, lighting systems and similar assets) that
are immovable and of value only to the City as a governmental unit are reported as expenditures as incurred and are not
capitalized.
Long-Terre 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. The Certificates of Participation are to be repaid from property taxes levied beginning in fiscal 1991 and
payments are made from a Debt Service Fund. Bond anticipation notes are expected to be paid from general obligation
bond proceeds when due. The accrued vacation liability will be paid from the various governmental funds. The City has
no long-term debt in its Enterprise Funds.
Accrued Vacatlon Payable
Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by employees. In Govemmental 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.
9
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CITY OF TIGARD, OREGON •
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Slanificant Accounting Policies: (continued) •
•
•
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: is
•
- Receipts of federal and state grants for acquisitions 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. •
0
- Transfers from retained earnings for depreciation on fixed assets donated or acquired by contributed capital resources. •
•
- Meter installation and waterline hookup fees from customers, and pipe installations by developers. •
Budget •
•
A budget is prepared for each fund except for the Fiduciary Fund Types, in accordance with the modified accrual basis of •
accounting for governmental funds, and for the Enterprise Funds, and in accordance with the legal requirements set forth •
in the Oregon Local Budget Law. Expenditure appropriations may not be legally overexpended. Appropriations lapse at •
the end of each fiscal year. The detail budget document, however, is required to contain more specific 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 0
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, 1994 there was one supplemental budget and 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 and not an identifiable program are reported 0
separately. 0
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation:
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'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 the 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.
Water Duality & Quantity Fund - This fund accounts for fees charged on certain developments in lieu of on-site
surface water improvements. Funds can be used for surface water drainage improvements.
Underground Utility Fund - This fund accounts for monies received from developers for future underground
utility improvements (non-budgeted fund)
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.
Certificate of Participation Debt Service Fund - This fund accounts for payment of certificate of participation
principal and interest. The principal source of revenue is from property taxes from a Parks serial levy. -
Bancroft Bond Debt Service Fund - This fund accounts for payment of Bancroft improvement bond principal
and interest. The principal source of revenue is from collections of assessments against benefitted property,
interest and contributions from other funds for their share of costs.
Capital Proiects Funds:
Local Improvement Capital Prooects Fund - This fund accounts for construction of Local Improvement District
projects from the sale of Bond Anticipation Notes and certain other debt.
Road Improvement Bond Fund - This fund accounts for the proceeds of the sale of bonds issued in 1989 to
fund improvements to segments of ten major streets in the City.
Park Levy Capital Improvement Fund - This fund accounts for proceeds from the sale of Certificates of
Participation and improvements to Tigard's park system.
Library Capital Improvement Fund - This fund accounts for monies received from a private donation to be
used for the Library Phase II expansion.
Bull Mountain Road Improvement Fund - This fund accounts for monies received from the county to be used
to make improvements to Bull Mountain Road.
•
CITY OF TIGARD, OREGON •
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) •
2. Organization and Operation: (continued) •
Governmental Fund Types: continued •
•
Proprietary Fund Types •
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. •
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: A
•
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-Terre Debt - This account group accounts for general long-term indebtedness of the City.
3. Water Fund Operations •
•
The Southeast Washington County Joint Water Agency (the Agency), was formed on July 1, 1993 pursuant to ORS 190.003
to provide domestic water services to the cities of Tigard, Durham and King City. The Agency assumed all the assets and
liabilities, except for that related to bonded indebtedness, as of July 1, 1993 from the Tigard Water District. The •
responsibility for the payment of bonded indebtedness remained with the Tigard Water District.
•
Effective January 1, 1994, the City assumed the operations of the Agency. The City acquired the assets, liabilities, •
contributed capital and retained earnings totaling $25,620,938, $556,896, $24,762,704 and $301,338, respectively. The
City has accounted for these assets and liabilities in a newly created Water (Enterprise) Fund, except for deferred •
compensation assets and liabilities totaling $331,059 which have been recorded in the Deferred Compensation (Agency)
Fund. In addition, the City received assets totalling $637,063 relating to the Agency's defined contribution retirement plan
which have been recorded in a pension trust fund as the City administers the Plan (Note 10).
•
4. Restatement •
The beginning balances of the Water fund's accumulated depreciation and contributed capital have been restated to reflect
the cumulative effect of depreciation on donated water lines from contractors. The restatement is as follows: •
Contributed capital, January 1, 1994 $24,762,704
Restatement ( 934,832) •
•
Adjusted contributed capital, January 1, 1994 $23,827,872
Accumulated depreciation, January 1, 1994 $ 6,754,436
Restatement 934;832 •
Adjusted accumulated depreciation, January 1, 1994 $ 7_ •
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
5. 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, 1994:
Cash on hand $ 13,627
Cash held by Department of Finance, Washington County 40,331
Deposits with financial institutions .698,318
Investments 20,518,372
$21,270,648
Cash and investments are displayed on the balance sheet as follows:
Cash and investments $17,641,772
Restricted cash and investments 3,628,876-
$21,270,648
Deposits
Deposits with financial institutions include bank demand deposits and time deposit accounts. The total bank balance is
$913,193 (book balance is $698,318). Of these deposits, $100,000 was covered by federal depository insurance,- and
$813,193 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 repurchase agreements, bankers' acceptances, certain commercial paper
and the State Treasurer's Investment Pool, among others.
The City's investments are categorized below to give an indication of the level of risk assumed by the City at June 30, 1994. .
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 securityto 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
US Government Securities $6,033,834 $6,033,834 $ 6,033,834
Held by custodians under deferred
compensation and pension plans
- mutual fund investments 4,588,920 4,588,920
State Treasurer's Investment Pool 9,895,618 9,896,618.
Total Investments $20,518,372 $20,5`
Market value of investments approximates carrying amount due to the short term nature of maturities of the investments:
13
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
6. Assessment Liens Receivable: •
Assessment liens receivable represent the uncollected amounts levied against benefitted property for the cost of local improvements. Because the
assessments are liens against the benefitted 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 at 7 to 13 percent At June 30, 1994, the portion of the assessments receivable •
balance that represents delinquent accounts is $82,990.
7. Fixed Assets: •
Fixed assets in the Enterprise Funds at June 30, 1994 are as follows:
Land $ 1,182,655 S
Building .1,464,774
Sewer system 7,420,370
Storm drainage system 6,771,293 •
Water system 24,259,788
Equipment 1,615,943
Autos and trucks 623,090 •
43,337,913
Less accumulated depreciation: (13,755,519)
A
$ 29,582,394
Fixed assets and accumulated depreciation by major classes in the Enterprise Funds at June 30, 1994 are as follows: S
Balances Transfers Balances •
•
June 30,1993 Additions . In Retirements June 30, 1994
Land $ 2,484 $ 3,543 $ 1,176,628 $ $ 1,182,655
Building 53,540 1,490 1,409,744 1,464,774
Sewer system 7,312,900 107,470 7,420,370 r
Storm drainage system 6,680,714 90,579 6,771,293
Water system 647,245 23,612,543 24,259,788 •
Equipment 123,457 162,880 1,329,606 1,615,943
Autos and trucks 479,153 70,895 98,542 25,500 623,090
14,652,248 $ 1,084,102 $ 27,627,063 $ 2( 255000 43,337,913
Less accumulated depreciation 5 2( 83,589) 805,767) $ 7( 268) $ 23,105 (13,755,519)
$9,368,659 $129,582,394
r
Fixed assets transferred in are from the Southeast Washington County Joint Water Agency (Note 3). Accumulated depredation includes the reclassification •
entry made during fiscal 1994 (Note 4).
Changes in fixed assets in the General Fixed Asset Account Group for the year ended June 30, 1994 are as follows:
Balances Balances
June 30, 1993 Additions Retirements June 30, 1994 i
Land $2,044,772 $295,073 $ ( 83,249) $2,256,596
Buildings 3,919,520 356,898 ( 43,848) 4,232,570 •
Equipment 672,425 53,927 ( 14,210) 712,142
Autos and trucks 943,673 161,346 (101,520) 1,003,499
Office equipment 933,966 108,874 ( 31,264) " 1,011,576
$8,514356 $976,118 $(274,091 $9,216 83
6 .63
14
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
8. Long-Term Debt:
Bonds Payable
Bonds payable transactions for the year ended June 30, 1994 and future maturities of bond principal and interest at
June 30, 1994 are as follows:
Outstanding Outstanding
June 30, Paid June 30,
1993 During Year 1994 Interest
General Obligation Bonds:
General obligation bond issues:
interest rates 2.40% to 10.60:
Fiscal Year:
1994 $ 135,000 135,000) $ $
1995 1,085,000 ( 940,000) 145,000 200,292
1996 1,200,000 1,200,000 294,401
1997 1,150,000 1,150,000 234,907
1998 1,385,000 1,385,000 186,165
1999-2004 3,965,000 3,965,000 291,888
$8,92s 0® $(1,075,000 1 $7,845,000 $1,20
Outstanding Outstanding
June 30, Paid Called June 30,
1993 During Year During Year 1994 Interest
Bancroft Improvement Bonds:
General obligation improvement bond issues;
interest rates from 4.1% to 16.0%; payable first
from assessments to benefitted properties and
second, from the general credit of the City:
Fiscal Year
1994 $ 238,000 213,000) $ $ 25,000 $
1995 208,000 208,000 101,240
1996 135,000 135,000 97,790
1997 145,000 145,000 89,327
1998 135,000 135,000 80,798
1999-2006 1,890,000 50( 5,0001 1,385,000 310,405
$2,751,000 $(213,000 $(505,000 $2,03 $ 679560
In fiscal year 1993, the City issued $6,935,000 in General Obligation Bonds to advance refund $6;280,000 of outstanding 1987 and 1989 Series bonds.
The net proceeds were deposited in an irrevocable trust with an escrow agent to provide for future debt service payments on the 1987 and 1989 Series
bonds. As a result, the 1987 and 1989 Series bonds are considered defeased and the liability for those bonds has been removed from, and not
included in, the General Long-Term Debt Account Group. At June 30, 1994, the outstanding balance on the 1987 and 1989 Series bonds is
$5,500,000.
Also during fiscal year 1993, the City issued $660,000 in General Obligation Improvement Refunding Bonds and used $200,000 of available cash for
a current refunding of a portion of outstanding 1982, 1989 and 1990 Series bonds. As a result, the 1982, 1989 and 1990 Series bonds are considered
defeased and the liability for those bonds has been removed from, and not included in, the General Long-Term Debt Account Group. At June 30, 1994,
the outstanding balance on the 1982, 1989 and 1990 Series bonds is $630,000.
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CITY OF TIGARD, OREGON •
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) •
•
8. Long-Term Debt: (continued) •
•
During fiscal year 1994, the City issued $3,080,000 in bond anticipation notes dated January 1, 1994 with an interest rate of 3.25% payable January
•
1, 1996. The notes are secured by and payable from assessments and the proceeds of permanent financing to be sold upon completion of assessment •
projects. •
Other Lona-Term Debt •
Other long-teen debt recorded in the General Long-Term Debt Account Group and the changes thereto during the year ended June 30, 1994 are as •
follows: •
Balance Balance
June 30,1993 Additions Deletions June 30,1994 •
Certificates of participation, interest •
rates of 6.625%; annual payments to be •
made solely from a special •
$ 32 000
five year parks serial levy $630,000 $ 305000
•
Arbitrage rebate liability, _ •
$ +
due in fiscal year 1994 $ 116,000 $ $ 116000
•
Accrued vacation payable $ 297,747 $ 316,380 $ 297747 $ 3166380
•
Bond Anticipation Note •
due fiscal year 1996; •
•
interest rate 3.25% $2,644,523 $3,080,000 $26644 23 $3,080,000
•
The bond arbitrage rebate liability represented amounts due to the federal government as required by Internal Revenue Service regulations from interest •
earnings on the proceeds of $8,500,000 general obligation bonds issued in May 1989 in excess of the effective yield on the bonds. •
Future maturities of other long-term debt recorded in the Long-Terre Debt Account Group and related interest at June 30, 1994 are: •
•
Certificates Accrued Bond •
Fiscal of Vacation Anticipation
Year Participation 'Payable Notes
1995 $ 346,531 1 316,380 •
1996 $3,230,150 •
•
Total 346,531 316,380 3,230,150 •
Less amounts •
representing •
interest: •
•
1995 ( 50,050) .
1996 21,531 100,100 Total $ 325,000 $3166380 $3,080,000
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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 $ 10,073,412
Transfer of Water Fund contributed capital, as restated 23,827,872
Transfer of depreciation on certain contributed
fixed assets from retained earnings ( 334,716)
Contributions from customers 1,300,491
Balance - end of year $34,867,059
10. Retirement Plans:
The City contributes to retirement plans on behalf of all eligible employees. At June 30, 1994, the following employee
groups were covered by the following retirement plans:
Group Retirement Plan
Management/Professional Staff International City Managers
(Non union) Association Retirement Corporation
(ICMARC) Money Purchase Plan
Tigard Water Fund Employees Ameritus
Oregon Public Employees Union ICMARC
Tigard Police Officers Association State of Oregon Public Employes
Retirement System (PERS)
ICMARC Plan:
The City contributes to'defined contribution, single employer 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 plan after six months of service and
vest immediately. Employees may withdraw funds upon retirement or termination of employment. Contributions to the plan
are made to a fiduciary. The fiduciary holds the funds in trust and makes distributions as provided by the plan. Required
and actual expenditures by the City for the plan was $469,711 for the year ended June 30, 1994. Current year covered
payroll amounted to $4,035,073. Required and actual expenditures as a percentage of covered payroll was 11.6 percent.
Ameritus Plan:
The City assumed the responsibility of the Southeast Washington County Joint Water Agency a defined contribution
retirement plan. The Plan covers all full time employees who have been employed for a full six months or more by the
City's Water Fund with a minimum age of 20-1/2 years and who have elected to be covered by the City's deferred
compensation plan. Employees may withdraw funds upon retirement or termination of employment. Contributions to the
plan are made to a fiduciary. The fiduciary holds the funds in trust and makes distributions as provided by the plan.
Under the defined contribution retirement plan, the City makes contributions to the Plan totaling 10% of each participant's
salary. Required and actual expenditures by the City for the plan was $5,507 for the year ended June 30, 1994. Current
year covered payroll amounted to $304,259. Required and actual expenditures as a percentage of covered payroll was
1.8 percent.
Beginning January 1, 1994 participants in the plan were transferred to the ICMARC Plan. Plan assets are to remain in the
plan until distributions are made as provided by the plan.
17
•
CITY OF TIGARD, OREGON •
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) •
•
10. Retirement Plans: (continued)
•
•
Pollee Plan: •
Substantially all full-time Police employees are participants in the State of Oregon Public Employes Retirement System •
(PERS), an agent multiple-employer public employee retirement system. The City's payroll for employees covered by PERS •
for the year ended June 30, 1994 was $1,928,096; the City's total payroll was $5,963,169. •
•
PERS benefits vest after five years of continuous service. Retirement is allowed at age 55, but retirement is generally •
available after age 50 with reduced benefits. Retirement benefits are based on salary and length of service, are calculated •
using a formula and are payable in a lump sum or monthly using several payment options. PERS also provides death and
disability benefits. These benefit provisions and other requirements are established by state statutes. •
The rate of employer contributions to PERS is determined periodically by PERS based on actuarial valuations. It Is the
City's policy to,recognize pension expenditures or expenses as currently funded. The City's required employer contribution •
rate is 9.80% of covered employees' salaries. The required employee contribution of 6% of covered compensation is paid •
by the City in conformance with its labor contract. •
The amount shown below as the "pension benefit obligation" is a standardized disclosure measure of the present value of •
pension benefits, adjusted for the effects of projected salary increases estimated to be payable in the future as a result of •
•
employee service to date. The measure is intended to help users assess the funding status of PERS on a going-concern
basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among •
employers. The measure is the actuarial present value of credited projected benefits, and is independent of the funding
method used to determine contributions to PERS. •
The pension benefit obligation was computed as part of the most recent actuarial valuation performed as of December 31, •
1993 and received by the City on October 11, 1994. Significant actuarial assumptions used in the valuation include (a) a
rate of return on the investment of present and future assets of 8%, (b) projected salary increases of 5.5% per year •
attributable to general wage adjustments with additional salary increases due,to promotions and longevity that vary by age •
and service, (c) projected automatic post-retirement benefit increases of 2% per year (the maximum allowable), and (d) •
demographic assumptions that have been chosen to reflect the best estimate of.emerging experience of the members in •
PERS. No obligation for retirees is attributed to the City as PERS pools the risk. related to retired employees among all
employers. PERS assumes the obligation for benefits from the individual entity when benefits become payable. •
Accordingly, the "pension benefit obligation" covers only current employees.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
10. Retirement Plans: (continued)
The net assets in excess of the pension benefit obligation applicable for all City participants, based on the actuarial
valuations on December 31, 1993 and 1991 and an actuarial update on December 31, 1992 are as follows:
December 31, December 31, December 31,
1993 1992 1991
Net assets available for benefits (at market value) $6,011,265 (1) (1)
O Pension benefit obligation - current employees:
Member account balance 1,796,951
Vested accrued benefits 3,112,717
Nonvested accrued benefits 169,530
Total 5,079,198 (1) (1)
Assets in excess of pension benefit obligation $ 932,067 ML _ (1)
Net assets available for benefits as a
percentage of the pension benefit obligation 118%. (1) (1)
Assets in excess of pension benefit obligation as a
percentage of covered payroll 48% (1) (1)
(1) As a result of the December 31, 1993 PERS actuarial valuation it was determined that net assets available for benefits and the pension benefit
obligation, amounts previously presented for December 31, 1991 and 1992 were not accurate. It is not currently practical to obtain updated information
concerning these balances.
Actuarial valuations are made by PERS for all employers every two years. Police employees became subject to the PERS
plan in 1989. No valuation for the City was made as of December 31, 1989 because as of that date PERS did not have
the City's information available, 1991 was the first year a valuation was performed. Accordingly, certain trend information
is available only as of December 31, 1993, 1992 and 1991.
City contributions to PERS for the last four fiscal years, since police employees became members of the plan, which were
made in accordance with actuarially determined requirements, follow:
1994 1993 1992 1991
Employer's portion $188,953 $301,686 $281,267 $242,954
Employee "pick-up" 115,652 108,095 93,994 83,726
Total employer cost $304,605 $409,781 $375,261 $326,680
Employer and employee
contribution as a percentage
of covered payroll 16%, 23% 23% 19%
19
•
CITY OF TIGARD, OREGON •
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued) •
•
10. Retirement Plans: (continued) •
•
The amounts intended to cover normal costs and to amortize any unfunded actuarial accrued liability are not available from •
the actuary. All contributions were made in accordance with actuarially determined requirements. •
PERS policy provides for actuarially determined periodic contributions that are sufficient to pay benefits when due. The •
contribution rate for normal cost is. determined using the "entry age actuarial cost method". A thirty year amortization is •
used to amortize the costs of the unfunded actuarial liabilities. Any benefit increases are funded over 30 years. •
•
The significant actuarial assumptions used to compute the actuarially determined contribution requirement are the same •
as those used to compute the pension benefit obligation described above. •
Certain historical trend information showing the system's progress in accumulating assets to pay benefits when due may •
be found in the June 30, 1994 Oregon Public Employes Retirement System annual financial report. •
•
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 of 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. •
•
11. 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 and 20 percent of is
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 $4,674,250 were made to USA during 1994 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 1994 under the agreement were $224,360.
The net amount retained by the City is reported as revenues in the Enterprise Funds in the Combined Statement of •
Revenues, Expenses and Changes in Retained Eamings/Fund Balance - All Proprietary Fund Types - Enterprise Funds. •
Revenues are reported net because the City acts in a fiduciary capacity on behalf of USA. •
•
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0
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
12. Segment Information for Enterprise Funds:
The City's Sewer Fund and Storm Drainage Fund accounts 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, 1994 is as follows:
Sewer Storm Drainage Water
Fund Fund Fund (1) Total
Operating revenue. $ 1,261,643 $ 637,127 $ 1,639,529 $ 3,538,299
Depreciation 282,159 175,992 347,616 805,767
Operating income(loss) 165,444 (171,557) (66,453) (72,566)
Net income(loss) 247,337 (130,696) (17,806) 98,835
Current capital contributions 42,297 160,450 1,097,744 1,300,491
Fixed asset additions 135,288 104,356 265,672 505,316
Net working capital 583,187 253,337 3,677;123 4,513,647
Total assets 8,219,521 5,258,270 25,664,301 39,142,092
Total equity 7,352,134 5,169,184 25,209,148 37,730,466
(1) Water Fund segment information is for the period of January 1, 1994 through June 30, 1994 (Note 2).
13. Overexpenditure of Appropriations:
For fiscal year 1994 the following funds had overexpenditures of appropriations:
State Tax Street Fund Policy and Administration $2,045
County Gas Tax Fund Policy and Administration 500
Sewer Fund Policy and Administration 2,089
Road Improvement Bond Fund Capital Projects 39
14: Passage of Constitutional Property Tax Limitation:
In November 1990, the Oregon voters approved a State constitutional limit on property taxes for schools and nonschool
government operations. Under the provision 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 beginning with the 1993-94 fiscal year.
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.
At-the present time, the financial effect of the limitation on the City's future years' operations is not expected to be
significant.
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SUPPLEMENTARY DATA
(Combining and Individual Fund and Account Group Statements
and Other Financial Schedules)
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.
•
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CITY OF TIGARD, OREGON •
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994 •
•
Revised Variance •
Budget Actual Favorable
REVENUES:
Taxes $ 3,833,000 $ 3,972,304 $ 139,304
Franchise fees 1,348,000 1,447,668 99,668 •
Licenses and permits 829,000 1,332,954 503,954
Intergovernmental revenues 1,285,850 1,541,289 255,439 •
Charges for services 90,000 92,211 2,211
Fines and forfeitures 297,000 307,982 10,982 •
Miscellaneous revenues 132,000 174,316 42,316 •
Total revenues 7,814,850 8,868,724 1,053,874-
BEGINNING FUND BALANCE AVAILABLE •
FOR APPROPRIATION 2,394,290 2,745,756 351,466
Residual equity transfer in 4,322 4,322
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$10,209,140 $11,618,802 $1,409,662
Revised
Budgeted Variance
Appropriations Actual Favorable
•
•
EXPENDITURES:
Community services $ 5,095,400 $ 5,088,712 $ 6,688
Community development 1,674,971 1,625,180 49,791
Policy and administration 1,248,782 1,216,411 32,371
City-wide support functions 265,630 249,100 16,530 •
Contingency 279,000 279,000. •
Capital projects 264,743 191,701 73,042 •
Total expenditures 8,828,526 $8,371,104 $_457
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UNAPPROPRIATED ENDING
FUND BALANCE 1,380,614 •
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$10,209,140
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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
• Water Quality & Quantity Fund
• Underground Utility Fund (nonbudgeted fund)
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1994
Forfeitures
From State County Water
Criminal Tax Parks Gas Traff ic Quality & Underground
Activity Street SDC Tax Impact Quantity Utility
Fund Fund Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $ 15,650 $267,775 $498,422 $ 23,200 $1,390,005 $93,660 $79,497 $2,368,209
Assessment liens receivable 209,485 209,485
Total assets $ 15,650 $2676775 $498,422 $ 23,200 $1,599,490 $93,660 $79,497 $2,577,694
LIABILITIES AND FUND BALANCES
N
w LIABILITIES:
Accounts payable $ $ $ $ $ 197,847 $ $ $ 197,847
Deferred revenues 200,553 200,553
Total liabilities 398,400 398,400
FUND BALANCES UNRESERVED 15,650 267,775 498,422 23,200 1,201,090 93,660 79,497 2,179,294
Total liabilities and fund
balances $ 15,650 $ 267,775 $ 498,422 $ 23,200 $1,599,490 $93,660 $79,497 $2,577,694
CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1994
Forfeitures
From State Water Underground
Criminal Tax Street Parks County Gas Traffic Quality & Utility
Activity Fund Fund SDC Fund Tax Fund Impact Fund Quantity Fund Fund Total
REVENUES:
Licenses and permits $ $ $ $ $1,221,798 $ $ $1,221,798
Intergovernmental
revenues 1,421,633 142,434 1,564,067
Charges for services 20,612 275,150 5,376 301,138
Miscellaneous revenues 12,330 55,865 12,774 3,598 59,217 3,062 57,310 204,156
Total revenues 12,330 1,498,110 287,924 146,032 1,281,015 8,438 57,310 3,291,159
EXPENDITURES:
Community development 853,677 109,472 53,365 1,016,514
Policy and admin-
istration 77,232 24,329 101,561
City-wide support
functions 33,481 7,626 41,107
Capital projects 583,752 4,326 947,806 1,535,884
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Total
expenditures 1,548,142 4,326 141,427 1,001,171 2,695,066
Excess of revenues over
(under)expenditures 12,330 ( 50,032) 283,598 4,605 279,844 8,438 57,310 596,093
FUND BALANCES:
beginning of year 3,320 308,681 214,824 18,595 921,246 85,222 22,187 1,574,075
Residual equity transfer in 9,126 9,126
FUND BALANCES:
end of year $15,650 $2676 75 $ 4499822 $ 23A.200 $ 1,201,090 $93,660 $ 79,497 $2,179,294
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CITY OF TIGARD, OREGON
FORFEITURES FROM CRIMINAL ACTIVITY FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994
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Variance •
Budget Actual Favorable.
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REVENUES: •
Miscellaneous $ 22,500 $ 12,330 $(10,170)
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BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 3,400 3,320 ( 801
$ 10,250
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$_25 $ 15,650
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Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES:
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Community services $ 25,500 0
UNAPPROPRIATED ENDING •
FUND BALANCE 400
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CITY OF TIGARD, OREGON
STATE TAX STREET FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
State gas tax $1,416,000 $1,421,633 $ 5,633
Lighting subdivisions 16,000 20,612 4,612
Interest 15,000 12,021 ( 2,979)
Miscellaneous 43,844 43,844
Total revenues 1,447,000 1,498,110 51,110
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 359,230 308,681 ( 50,549)
Residual equity transfer in 9,126 9,126
$1,806,230 $1,815,917
Revised Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community development $ 870,939 $ 853,677 $ 17,262
Policy and administration 75,187 77,232 ( 2,045)
City-wide support functions 35,703 33,481 2,222
Contingency 100,000 100,000
Capital projects 716,118 583,752 132,366
Total expenditures 1,797,947 $1,548,142 $249,805
UNAPPROPRIATED ENDING
FUND BLAANCE 8,283
$1,806,230
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CITY OF TIGARD, OREGON •
PARKS SDC FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994 •
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Variance •
Budget Actual Favorable •
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REVENUES: •
System development charges $ 186,000 $ 275,150 $ 89,150 •
Interest 3,000 12,774 9,774 •
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Total revenues 189,000 287,924 98,924 10
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 196,900 214,824 17,924 •
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$ 385,900 $_502 $116,.848
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Budgeted Variance
Appropriations Actual Favorable
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EXPENDITURES: •
Capital projects $ 360,000 $ 4,326 $ 355,674 •
Contingency 25,000 25,000 •
Total expenditures 385,000 $ 380 •
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UNAPPROPRIATED ENDING •
FUND BALANCE 900
$385,900 •
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CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994
Variance
Revised Favorable
Budget Actual (Unfavorable)
REVENUES:
County gas taxes $ 145,000 $ 142,434 $ (2,566)
Interest 1,000 3,598 2,598
Total revenues 146,000 146,032 32
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 2,250 18,595 16,345
$ 1 250 $ 12627 $_I 6A3.77
Revised Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
Community development $ 113,256 $ 109,472 $3,784
Policy and administration 23,829 24,329 (500)'
City-wide support functions 8,132 7,626 506
Contingency 3,000 3,000
427
Total expenditures 148,217 $ 141.6
UNAPPROPRIATED ENDING
FUND BALANCE 33
$1
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CITY OF TIGARD, OREGON •
TRAFFIC IMPACT FUND •
SCHEDULE OF REVENUES AND EXPENDITURES -BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994 .
Variance
Budget Actual Favorable •
•
REVENUES: •
Traffic impact fees $ 802,000 $1,221,798 $419,798
Interest 20,000 59,217 39,217 •
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Total revenues 822,000 1,281,015 459,015 •
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BEGINNING FUND BALANCE AVAILABLE •
FOR APPROPRIATION 608,400 921,246 312,846
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$1,430,400 ,261 $77_ •
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Budgeted Variance •
Appropriations Actual Favorable •
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EXPENDITURES:
Community development $ 59,304 $ 53,365 $ 5,939 •
Capital projects 1,370,000 947,806 422,194 •
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Total expenditures 1,429,304 $1,00 $4288 33 • ~11 71 •
UNAPPROPRIATED ENDING
FUND BALANCE 1,096 •
$1,430,400 •
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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, 1994
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Water quality & quantity fees $ 20,000 $ 5,376 14,624)
Interest 3,000 3,062 62
Total revenues 23,000 8,438 (14,562)
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION $ 78,700 85,222 6,522
$101,700 $93660 $ 8,040
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES:
Capital projects $ 101,000 $-111A.00
UNAPPROPRIATED ENDING
FUND BALANCE 700
$ 101,700
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DEBT SERVICE FUNDS
The Debt Service Funds account for the payment of general obligation bond principal and interest. The City's debt
service funds consist of:
• General Obligation Bond Debt Service Fund
• Certificate of Participation Debt Service Fund
• Bancroft Bond Debt Service Fund
Principal sources of revenues are property taxes for the Bond Debt Service Fund and the Certfficate of ParticipaWn
Debt Service Fund, and special assessment collections and interest earnings for the Bancroft Bond Debt. Service
Fund.
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CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
COMBINING, BALANCE SHEET
June 30, 1994
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•
General Certificate of •
Obligation Participation Bancroft
Bond Debt Debt Service Bond Debt •
Service Fund Fund Service Fund Total
ASSETS:
Cash and investments $ 171,147 $ 59,946 $ 325,813 $ 556,906 •
Property taxes receivable 87,322 20,109 107,431
Assessment liens receivable 2,035,007 2,035,007
Accrued interest on delinquent •
assessments 60,787 60,787 1
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Total assets $ 258,469 $ 80,055 $2642 $27600,131 •
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LIABILITIES AND FUND BALANCES:
LIABILITIES:
•
Accounts payable and accrued
liabilities $ $ $ 1,130 $ 1,130 •
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Deferred revenues:
Property taxes 66,577 15,837 82,414
Assessment liens receivable 2,006,891 2,006,891 •
Accrued interest on delinquent
assessments 58,215 58.215 •
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Total liabilities 66,577 15,837 2,066,236 2,148,650
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FUND BALANCES - UNRESERVED
AND DESIGNATED
FOR DEBT SERVICE 191.892 64,218 355,371 611,481 •
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Total liabilities and
fund balances $ 258,469 $ 80,055 $2,421,607 $2,760,131
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CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1994
General Certificate of
Obligation Participation Bancroft
Bond Debt Debt Service Bond Debt
Service Fund Fund Service Fund Total
REVENUES:
Taxes $1,575,854 $ 346,083 $ $1,921,937
Special assessments 186,036 186,036
Miscellaneous revenues 41,205 9,858 190,097 241,160
Total revenues 1,617,059 355,941 376,133 2,349,133
EXPENDITURES:
Debt service 1,475,322 346,738 3,825,672 5,647,732
Excess of revenues over
(under) expenditures 141,737 9,203 (3,449,539 (3,298,599)
Other financing source:
Proceeds from issuance
of bond anticipation notes 3,080,000 3,080,000
Excess of revenues and other
source over (under)
expenditures 141,737 9,203 369,539 218,599)
FUND BALANCES - beginning of
. year 50,155 55,015 724,910 830,080
FUND BALANCES -end of year $ 191,892 $ 64218 $ 3556371 $ 61-16.81
32
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, 1994 •
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•
Variance •
Budget Actual Favorable •
REVENUES: •
Taxes $1,503,000 $1,575,854 $ 72,854 •
Interest 14,000 41,205 27,205 •
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Total revenues 1,517,000 1,617,059 100,059
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BEGINNING FUND BALANCE AVAILABLE •
FOR APPROPRIATION ( 40,000) 50,155 90,155
$1,477,000 $1,667,214 $1906214
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Budgeted. Variance
Appropriations Actual Favorable •
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EXPENDITURES: •
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Debt service $1,476,800 $147 •
UNAPPROPRIATED ENDING •
FUND BALANCE 200 •
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CITY OF TIGARD, OREGON
CERTIFICATE OF PARTICIPATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994
Variance
Budget Actual Favorable
REVENUES:
Taxes $328,000 $346,083 $18,083
Interest 5,000 9,858 4,858
Total revenues 333,000 355,941 22,941
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 23,100 55,015 31,914
$356,.100 $410.6956 $5_
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES:
Debt service $346,800 $346738
UNAPPROPRIATED ENDING
FUND BALANCE 9,300
$356j.1 00
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CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994 .
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•
Variance
Favorable •
Budget Actual (Unfavorable) •
REVENUES: •
Collection of bonded
assessments $ 806,000 $ 186,036 $(619,964)
Interest 15,000 190,097 175,097 •
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Total revenues 821,000 376,133 (444,86
OTHER FINANCING SOURCE - •
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Proceeds from issuance
of bond anticipation notes 3,000,000 3,080,000 80,000 •
Total revenues and other source 3,821,000 3,456,133 (364,867)
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BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 662,000 724,910 62,910 •
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$4,48 $4181 043 $(301.95
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Budgeted Variance •
Appropriations Actual Favorable
EXPENDITURES:
•
Debt service $3,827,700 $3,82 •
UNAPPROPRIATED ENDING
FUND BALANCE 655,300 •
$4,483,000
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CAPITAL PROJECTS FUNDS
The Capital Projects Funds are used to account for the construction of major capital projects. Capital Projects
Funds include:
• Local Improvement Capital Projects Fund
• Road Improvement Bond Fund
Park Levy, Capital Improvement Fund
• Library Capital Improvement Fund
• Bull Mountain Road Improvement Fund
The Local Improvement Capital Projects Fund is funded by proceeds from the sale of Bond Anticipation Notes and
other short term debt.
The Road Improvement Bond Fund is funded by proceeds from the sale of General Obligation Bonds. Such
projects are expected to be completed within a three year period.
The Park Levy Capital Improvement Fund is funded by proceeds from the sale of Certificates of Participation. Such
improvements are expected to be completed within a three year period.
The Library Capital Improvement Fund is funded by monies received from a private donation. Monies will be used
to help fund Phase II of the library expansion project.
The Bull Mountain Road Improvement Fund accounts for monies received from Washington County to be used to
make improvements to Bull Mountain Road.
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CITY OF TIGARD, OREGON •
CAPITAL PROJECT FUNDS •
COMBINING BALANCE SHEET •
June 30, 1994
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Local •
Improvement Park Levy Bull •
Capital Capital Mountain Road •
Projects Improvement Improvement
Fund Fund Fund Total •
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ASSETS: •
Cash and Investments $1,142,675 $ 67,376 $ 472,804 $1,682,855 •
Accounts receivable 79 79
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Total assets $1,142,754 $ 67,376 $ 472,804 $1,682,934 •
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LIABILITIES AND FUND BALANCES: •
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LIABILITIES: •
•
Accounts payable and accrued •
liabilities $ 1,041 $ $ $ 1,041 •
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FUND BALANCES - UNRESERVED 1,141,713 67,376 472,804 1,681,893 •
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Total liabilities and •
fund balances $1,142,754 $ 67,376 $ 472,804 $16682,934 •
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CITY OF TIGARD, OREGON
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
for the fiscal year ended June 30, 1994
Local Bull
Improvement Road Park Levy Library Mountain
Capital Improvement Capital Capital, Road
Projects Bond Improvement Improvement Improvement
Fund Fund Fund Fund Fund Total
REVENUES:
Miscellaneous $ 205,275 $ 4,114 $ $ $ 500,000 $ 709,389
Interest 46,882 10,990 2,353 1,397 61,622
Total revenues 252,157 15,104 2,353 1,397 500,000 771,011
EXPENDITURES:
Capital projects 1,284,665 200,939 4,338 70,000 27,196 1,587,138
Total expenditures 1,284,665 200,939 4,338 70,000 27,196 1,587,138
Revenues over (under) expenditures (1,032,508 (185,835 1,985 (68,603 472,804 816,12
FUND BALANCES - beginning of
year 2,174,221 194,961 69,361 72,925 2,511,468
Residual equity transfers out 9,126) 4,322 13,448)
FUND BALANCES - end of year $1,141,713 $ $ 67,376 $ $ 472,804 $1,681,893
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CITY OF TIGARD, OREGON
LOCAL IMPROVEMENT CAPITAL -PROJECTS FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
for the fiscal year ended June'30, 1994
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Variance •
Budget Actual Favorable
REVENUES:
Miscellaneous $ $ 205,275 $ 205,275 •
Interest 25,000 46,882 21,882
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Total revenues 25,000 252,157 227,157 •
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 2,182,600 2,174,221 ( 8,379)
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$2,207,600 $2,426,378 $ 218,778 0
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Budgeted Variance •
Appropriations Actual Favorable •
EXPENDITURES: •
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$ 922 35
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Capital projects $2,20 600 $$1,284,665
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CITY OF TIGARD, OREGON
ROAD IMPROVEMENT BOND FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Miscellaneous $ $ 4,114 $ 4,114
Interest 3,500 10,990 7,490
Total revenues 3,500 15,104 11,604
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 197,400 194,961 ( 2,439)
200 00 $ 21 060. 65
Budgeted Variance
Appropriations Actual Unfavorable
EXPENDITURES:
Capital projects $ 200,900 $ 200,939 39)
Residual equity transfer out 9,126 ( 9,126)
$200900 $210,065 $ 9,165
39
CITY OF TIGARD, OREGON. !
PARK LEVY CAPITAL IMPROVEMENT FUND
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994 •
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Variance !
Budget Actual Favorable !
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REVENUES: !
Interest $ 2,300 $ 2,353 $ 53 !
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BEGINNING FUND BALANCE AVAILABLE !
FOR APPROPRIATION 68,300 69,361 1,061 !
$ 70,600 $ 71,714 $ 16114 •
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Revised
Budgeted Variance •
Appropriations Actual Favorable •
EXPENDITURES: •
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Capital projects $ 70,600 $_661.262
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CITY OF TIGARD, OREGON
LIBRARY CAPITAL IMPROVEMENT FUND
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994
Variance
Budget Actual Favorable
REVENUES:
Interest $ $ 21,397 $ 1,397
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 70,000 72,925 2,925
22
$7000 $ 74,322 $ .63
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES:
Capital projects $ 70,000 $ 70,000 $
Residual equity transfer out 4,322 4,322
$ 7_ $ 7_~
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CITY OF TIGARD, OREGON •
BULL MOUNTAIN ROAD IMPROVEMENT FUND •
SCHEDULE OF REVENUES AND EXPENSES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994 •
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Variance •
Budget Actual Unfavorable •
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REVENUES:
MSTIP funds $500,000 $500,000 $ •
Interest 15,000 15,000
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Total revenues $515,000 $500,000 1,OJ w
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Revised •
Budgeted Variance •
Appropriations Actual Favorable ' w
EXPENDITURES:
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Capital projects $5151000 $ 27196 $4804
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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 accounted for in the funds listed below. Budget to actual schedules for
these funds, prepared on the modified accrual basis of accounting are included in this subsection.
Funds included in this fund category are:
• Sewer Fund
• Storm Drainage Fund
• Water Fund
• Water General Fund
• Water Systems Development Fund
• Water Capital Projects Fund
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CITY OF TIGARD, OREGON •
ENTERPRISE FUNDS •
COMBINING BALANCE SHEET •
June 30,19 94
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Storm •
Sewer Drainage Water •
Fund Fund Fund Total
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ASSETS:
Current assets:
Cash and investments $1,043,427 $ 274,166 $3,448,838- $4,766,431
Accounts receivable 407,147 68,257 579,408 1,054,812
Inventory 104,030 104,030
Total current assets 1,450,574 342,423 4,132,276 5,925,273
Noncurrent assets
Restricted cash and investments 1,507,637 955,349 1,165,890 3;628,876
Assessments receivable 5,549 5,549
Fixed assets, net 5,255,761 3,960,498 20,366,135 29.582.394
Total noncurrent assets 6,768,947 4,915,847 21,532,025 33,216,819
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Total assets $8621 $56258,270 $25,664,301 $39,140
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LIABILITIES AND FUND EQUITY:
LIABILITIES: •
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Accounts payable and accrued •
liabilities $ 833,990 $ 75,493 $ 348,710 $1,258,193
Customer deposits 9,848 67,383 77,231 •
Deferred revenues 5,376 5,376 •
Accrued vacation payable 18,173 13,593 39,060 70,826 •
Total liabilities 867,387 89,086 455,153 1.411,626 •
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FUND EQUITY:
Contributed capital 4,986,626 5,037,698 24,842,735, 34',867,059
Retained earnings 2,365,508 131,486 366,413 2,863.407 •
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Total fund equity 7,352,134 5,169,184 25,209,148. 37,730,466 •
Total liabilities and fund equity $86219,521 $5,258,270 $ 25,664,301 $39,142,092
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CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
for the fiscal year ended June 30, 1994
Storm
Sewer Drainage Water
Fund Fund Fund 0) Total
OPERATING REVENUES:
Service charges $1,248,188 $ 637,114 $1,630,882 $3,516,184
Miscellaneous 13,455 13 8,647 22,115
Total operating revenues 1,261,643 637,127 1,639,529 3,538,299
OPERATING EXPENSES:
Salaries and wages 587,801 454,676 428,786 1,471,263
Contracted services 8,833 9,848 19,015 37,696
General, administrative and other 217,406 168,168 910,565 1,296,139
Depreciation 282,159 175,992 347,616 805,767
Total operating expenses 1,096,199 808,684 1,705,982 3,610,865
Operating income(loss) 165,444 ( 171,557) ( 66,453) ( 72,566)
NONOPERATING REVENUE:
Interest revenue 81,893 40,861 48,647 171,401
Net income (loss) 247,337 ( 130,696) ( 17,806) 98,835
Add depreciation on fixed assets
donated or acquired from capital
contributions that reduces
contributed capital 126,778 125,057 82,881 334,716
Increase (decrease) in retained earnings 374,115 ( 5,639) 65,075 433,551
RETAINED EARNINGS - beginning of year 1,991,393 137,125 2,128,518
Transfer in from Southeast Washington County
Joint Water Agency (Note 3) 301,338 301,338
RETAINED EARNINGS - end of year $2,365,508$ 1316486 $ 366,413 $26863,407
(1) Water fund operations is for the period January 1, 1994 through June 30, 1994 (Note 3).
44
CITY OF TIGARD, OREGON •
ENTERPRISE FUNDS •
COMBINING STATEMENT OF CASH FLOWS •
for the fiscal year ended June 30, 1994 •
Storm •
Sewer Drainage •
Fund Fund Water (i) Total •
Cash flows from operating activities:
Operating income(loss) $ 165,444 171,557) 66,453) 72,566) •
Adjustments to reconcile operating
income(loss) to net cash provided
by (used in) operating activities: •
•
Depreciation 282,159 175,992 347,616 805,767
Decrease (increase) in accounts - •
receivable 11,393 28,671 (100,539) (60,475)
Decrease in assessments
receivables 3,516 3,516 •
Decrease in other current assets 13,006 13,006 •
Increase in accounts payable •
and accrued liabilities 40,192 13,161 122,873 176,226
Increase in customer deposits 9,848 67,383 77,231 '
Increase in accrued vacation
payable 2,182 1,969 39,060 43,211 a
Decrease in inventory 6,634 6,634 •
Decrease in deferred revenues ( 2,5671 ( 2;567)
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Net cash provided by(used in) •
operating activities 512,167 48,236 429,580 989,983 '
Cash flows from capital and related •
financing activities: •
Capital contributions 136,640 587,460. 724,100 •
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Acquisition of fixed assets 135,288 104,356) 265,672 505,316
Net cash provided by(used in) capital •
and related financing activities 135,288 32,284 321,788 218,784 •
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Cash flows from investing activities -
Interest earnings 81,893 40,861 48,647 171,401
Investments sold 102,875 102,875 •
Net cash provided by investing activities 81,893 40,861 151,522 274,276
Net increase in cash and cash •
equivalents 458,772 121,381 902,890 1,483,043 •
Cash and cash equivalents - beginning of
year, 2,092,292 1,108,134 3,711,838 6,912,264
Cash and cash equivalents - end of year $2,551,064 $11229,515 $4,614,728 $86395,307
(1) Water Fund activity is for the period January 1, 1994 through June 30, 1994 (Note 3).
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CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS, (cont.)
for the fiscal year ended June 30, 1994
Storm
Sewer Drainage
Fund Fund Water ail Total
Supplemental Schedule of Noncash Investing,
Capital and Financing Activities -
Contributed sewer, storm and water lines $ 4 $ 23,810 $ 51_06 $ 57
Restatement of depreciaion on contributed fixed assets $ 934832 $ 9346832
The City assumed the operations of the Southeast Washington County Joint Water Agency as of January 1, 1994. The assets
and liabilities acquired are as follows:
Cash and cash equivalents $3,711,838
Investments 102,875
Accounts receivable 478,869
Inventory 110,664
Other current assets 13,006
Deferred compensation investments 331,059
Fixed assets, net 20,872,627
Accounts payable 129,352
Other accrued liabilities 96,485
Deferred compensation plan liability 331,059
Contributed capital 24,762,704
Retained earnings 301,338
46
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CITY OF TIGARD, OREGON •
SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
for the fiscal year ended June 30, 1994 •
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Variance
Favorable
Budget Actual. Unfavorable
REVENUES:
•
Service charges $1,132,000 $1,248,188 $ 116,188
Interest 70,000 81,893 11,893
Miscellaneous 13,455 13,455
Total revenues 1,202,000 1,343,536 141,536
•
•
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 2,632,800 1,718,015 914,785
$3,834,800 61 55 1~ $ 773,249
•
•
Variance •
Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
•
Community development $ 500,958 $ 497,152 $ 3,806
Policy and administration 292,702 294,791 ( 2,089)
City-wide support function 63,432 59,485 3,947 •
Contingency 100,000 100,000
Capital projects 1,960,446 95,717 1,864,729
Total expenditures 2,917,538 $ 947145 $1,970,193
•
UNAPPROPRIATED ENDING
FUND BALANCE 917,262
•
$3,834,800 •
•
•
•
•
•
•
•
•
•
•
47 •
•
•
CITY OF TIGARD, OREGON
STORM DRAINAGE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1994
Revised Variance
Budget Actual Favorable
REVENUES:
Service charges $ 765,000 $ 773,754 $ 8,754
Interest 35,000 40,861 5,861
Miscellaneous 13 13
Total revenues 800,000 814,628 14,628
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,049,270 1,132,368 83,098
$1,84 270$1,946,996 $ 97726
Revised
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES:
Community development $ 482,321 $ 457,117 $ 25,204
Policy and administration 143,200 142,684 516
City-wide support function 23,802 22,321 1,481
Contingency 100,000 100,000
Capital projects 1,028,733 112,959 915,774
Total expenditures 1,778,056 $ 735 81 $1,042,975
UNAPPROPRIATED ENDING
FUND BALANCE 71,214
$1,849,270
48
•
CITY OF TIGARD, OREGON
WATER GENERAL FUND,
•
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the six months ended June 30, 1994
•
Variance
Favorable
Budget Actual (Unfavorable) •
•
REVENUES: •
Service charges $1,427,000 $1,630,882 $203,882 •
Interest . 28,825 28,825
) •
Miscellaneous revenues 93,000 8,647 (84,353
•
Total revenues 1,520,000 1,668,354 148,354
BEGINNING FUND BALANCE AVAILABLE -
FOR APPROPRIATION 2,000,000 2,583,408,/ 583,408
•
762
Total $3652 $4,251,762 $73 •
•
Budgeted Variance
Appropriations Actual Favorable
•
EXPENDITURES:
Community development $ 1,942,000 $ 1,535,837 $ 406,163
Contingency 305,000 305,000
Capital projects 608,000 55,775 552,225
Total expenditures 2,855,000 $1,591 $-1,263,388
•
UNAPPROPRIATED ENDING •
FUND BALANCE 665.000 •
$ 3,520,000
•
•
•
•
•
•
•
•
•
•
•
•
•
49
•
•
•
CITY OF TIGARD, OREGON
WATER SYSTEMS DEVELOPMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the six months ended June 30, 1994
Variance
Budget Actual Favorable
REVENUES:
Service charges $ 150,000 $587,460 $ 437,460
Interest 8,000 12,067 4,067
Total revenues 158,000 599,527 441,527
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 700,000 846,240-/ 146,240
$_858 $1 $587 67
Budgeted Variance
Appropriations Actual Favorable
EXPENDITURES:
Capital projects $ 128,000 $ _ $1286000
UNAPPROPRIATED ENDING
FUND BALANCE 730,000
$ 858,000
50
•
CITY OF TIGARD, OREGON
WATER CAPITAL PROJECTS FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the six months ended June 30, 1994
•
Variance •
Favorable
Budget Actual (Unfavorable) •
•
REVENUES:
Interest $-10.1-000- $ 7,755 2.245)
Total revenues 10,000 7,755 (2,245) •
•
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 618,000 625,027 7,027
Total $ 628,000 $ 632,782 $ 4782
•
•
•
•
Budgeted Variance
Appropriations Actual Favorable
•
UNAPPROPRIATED ENDING
FUND BALANCE $628000
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
51 •
•
•
•
FIDUCIARY FUNDS
These funds account for resources received and held by the City in a fiduciary capacity. Disbursements from these funds are
made in accordance with the trust agreement or conditions of the trust for the particular fund. Funds included in this category
are:
• Agency Fund - Deferred Compensation Fund
• Pension Trust Funds - General and Water Fund Employees Pension Plans
CITY OF TIGARD, OREGON
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1994 ,
Agency Fund-
Deferred ,
Compensation Pension
Fund Trust Funds Total
r
ASSETS:
Cash and investments $1,451,870 $3,13 $4,5:
LIABILITIES AND FUND BALANCE:
LIABILITIES:
Deferred compensation
payable $1,451,870 $1,451,870
FUND BALANCE:
Reserved for employee
retirement benefits $3,137,050 3,137,050
1487.0 $3A.1.37 050 $4,58_ 920
r
52
CITY OF TIGARD, OREGON
PENSION TRUST FUNDS
COMBINING BALANCE SHEET
June 30, 1994
General Water Fund
Employees Employees
Pension Pension
Plan Plan Total
ASSETS:
Cash and investments 475 481~ $ 661,569 $3,13
FUND BALANCE:
Reserved for employee
retirement benefits $2,475,481 $ 661,569 $311350
53
•
CITY OF TIGARD, OREGON •
PENSION TRUST FUNDS •
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCE •
for the fiscal year ended June 30, 1994 .
•
•
•
•
General Water Fund
Employees Employees
Pension Pension
Plan Plan Total •
•
•
Operating revenues:
•
Contributions $ 469,711 $ 5,507 $ 445,218 •
.Interest 1.06,387 25,847 132,234
•
Total operating revenues 576,098 31,354 607,452
Operating Expenses:
•
Benefit payments and withdrawals 222,046 6,848 228,894 •
•
Operating income 354,052 24,506 378,558
RETAINED EARNINGS - beginning of year 2,121,429 2,121,429
•
Transfer in from Southeast Washington •
County Joint Water Agency 637,063 637,063 •
•
RETAINED EARNINGS - end of year $2,475,481 $_661 $2137,0501
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
54 •
•
•
•
CITY OF TIGARD, OREGON
AGENCY FUND - DEFERRED COMPENSATION FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1994
Balance Transfers Balance
June 30, in at June 30,
1993 January 1, 1994 Additions Deletions 1994
ASSETS:
Cash and investments $1,012,106 $331,059 $223,039 $11_ $1,451,870
LIABILITIES:
Deferred compensation
payable $1,012,106 $331,059 $223,039 $1146334 $1,451,870
55
qw
•
•
r
i
•
M
•
•
•
•
•
•
left blank•l ~
pa9e Intentionally •
This •
r
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.
CITY OF TIGARD, OREGON •
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES •
June 30, 1994
•
•
GENERAL FIXED ASSETS 0
•
•
Land $2,256,596 0
Buildings 4,232,570 •
Equipment 712,142 0
Autos and trucks 1,003,499 0
Office equipment 1,011,576 •
Total investment in general fixed assets $9,21. •
•
r
INVESTMENT IN GENERAL FIXED ASSETS •
Balance - beginning of year $8,514,356 •
•
Additions were provided by - •
General Fund 544,707 •
Special Revenue Funds 361,411 0
Capital Projects Funds 70,000 0
Retirements 274,091) 0
0
Balance -end of year $9,21 0
•
•
•
CHANGES IN GENERAL FIXED ASSETS •
0
•
Autos and Office •
Land BuIldinas Equipment Trucks . Equipment - Total •
Balance - beginning of •
year $2,044,772 $3,919,520 $672,425 $943,673 $933,966 $8,514,356
Additions from - M
General Fund 82,173 138,387 53,927 161,346 108,874 544,707
Special Revenue Funds 212,900 148,511 361,411 0
Capital Projects Funds 70,000 70,000
Deduct - •
Retirements 83,249 ( 43,848) 14,210 101,520 31,264) 274,091 0
Balance - end of 0
year $2;256,596 $4,232,570 $712,142 $1,003,499 $1,011,576 $9,216,383 •
•
•
-9
56 •
0
CITY OF TIGARD
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
June 30, 1994
Machinery,
Equipment,
Function and Activity Total Land Bulldincs and Other
Community services:
Police $ 808,953 $ $ $ 808,953
Library 315,208 315,208
Parks 252,270 252,270
Total community services 1,376,431 1,376,431
Community development:
Administration 55,791 55,791
Building 42,146 42,146
Planning 24,672 24,672
Engineering 157,668 157,668
Operations/admin. 58,822 58,822
Operations/shops 62,342 .62,342
Streets 506,342 506,342
Operations/management 26,010 26,010
Total community development 933,793 933,793
Policy and administration:
Mayor and city council 11,333 11,333
City administration 29,424 29,424
Finance, 9,228 9,228
Computer services 52,432 52,432
Accounting 37,134 37,134
Office services 77,640 77,640
Records 35,987 35,987
Court 8,241 8,241
Total policy and
administration 261,419 261,419
General government 6,644,740 2,256,596 4,232,570 155,574
Total investment in general fixed assets $9,216,383 $2,256,596 $4,232,570 $2,727,217
57
CITY OF TIGARD
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY •
for the fiscal year ended June 30, 1994
General General
Fixed Assets Transfers/ Fixed Assets
Function and Activity June 30, 1993 Additions Retirements June 30, 1994 .
Community services:
Police $ 714,870 $ 153,213 $ (9,130) $ 808,953
Library 294,399 21,585 (776) 315,208 r
Parks 226,734 30,592 (5,056 252,270
Total community services 1,236,003 205,390 (64,962 1,376,431
Community development: `
Administration 51,492 4,906 (607) 55,791
Building 47,519 1,186 (6,559) 42,146
Planning 24,404 268 24,672
Engineering 170,484 4,977 (17,793) 157,668
Operations/admin. 56,918 1,904 58,822
Operations/shops 62,874 3,533 (4,065) 62,342
Streets 515,074 22,713 (31,445) 506,342
Operations/management 5,191 20,819 26,010
Total community development 933,956 60,306 (60,469 933,793
Policy and administration:
Mayor and city council 9,840 1,493 11,333
City administration 26,647 5,352 (2,575) 29,424
Finance 8,256 972 9,228
Computer services 42,540 9,892 52,432
Accounting 37,732 493 (1,091) 37,134 •
Office services 55,685 24,560 (2,605) 77,640
Records 35,506 481 35,987
Court 7,754 487 .8,241
Total policy and administration 223,960 43.730 (6,271 261,419
General government 6,120,437 666.692 (142,389 6,644,740
•
Total investment in general
fixed assets $8,51 $ 97_6118_ $ 274 091 - $9621
E
0
0
to
0
S
•
•
0
0
•
58 0
OTHER SCHEDULES
Schedules included in this section are:
• Property Tax Transactions and Outstanding Balances
• Bond and Bond Interest Transactions
• Future Debt Service Requirements of Bancroft Improvement Bonds
• Future Debt Service Requirements of General Obligation Bonds
•
CITY OF TIGARD, OREGON •
SCHEDULE OF PROPERTY TAX TRANSACTIONS •
AND OUTSTANDING BALANCES •
for the fiscal year ended June 30, 1994 •
•
Property Add Property
Taxes Levy as Taxes. •
Receivable Extended Deduct Add Receivable
June 30, By Discounts (Deduct) Add Deduct June 30,
1993 Assessor Allowed Adiustments Interest Collections 1994
•
•
1993-94$ $5,984,204 $ (137,946) $(39,106) $ 4,046 $(5,622,050) $189,148
•
1992-93 221,475 241 (8,689) 11,990 (147,566) 77,451 •
1991-92 98,958 68 (4,840) 10,748 (61,723) 43,211
•
1990-91 45,100 6 (2,680) 10,210 (37,979) 14,657 •
•
1989-90 19,346 4 (3) 5,732 (19,605) 5,474
1988-89
and prior 6,568 4 229 2,232 (5,318) 3,257 •
•
$ 391,447 $569846204 $(137,623 ) $ (55,54 7 $446958 $(5,894,241 $333198
•
Property Taxes
Cash Receivable
Collections June 30, 1994 •
Distributed as follows: •
General Fund: •
Current $3,788,137 $ 127,448.. •
Prior years' levies 184,167 98,319
Total General Fund 3,972,304 225,767
•
Debt Service Funds: •
Current 1,833,912 61,700 •
Prior years' levies 88,025 45,731 •
Total Debt Service Fund 1,921,937 107,431
•
Total $5689 $ 33_ •
•
•
•
•
•
•
•
59
•
•
•
► STATISTICAL SECTION
•
•
•
•
•
•
•
•
•
•
•
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1994
Bond Transactions Interest Transactions
Out- Out-
standing standing
Original June 30, June 30,
Bancroft Bonds Issue 1993 (Called) Matured Paid 1994 Matured Paid
Issued August 1, 1975 $ 57,840 $ 6,000 $ $ 3,000 $ (3,000) $ 3,000 $ 315 $ 315
Issued September 1, 1982 184,664 45,000 45,000 (20,000) 25,000 3,066
Issued September 1, 1984 492,000 140,000 65,000 (65,000) 75,000 9,610 6,235
Issued December 1, 1989 340,000 80,000 20,000 (20,000) 60,000 4,090 4,160
Issued August 1, 1990 2,244,000 1,480,000 (430,000) 105,000 (105,000) 945,000 89,220 89,220
Issued August 1, 1991 405,000 340,000 (75,000) 265,000 20,400 20,400
Issued May 1, 1993 660,000 660,000 660,000 34,688 34,688
$2,751,000 $(505,000 ) $ 238,000 $(213,000 ) $2,0336000 $ 158,323 $ 158,084
0
General Obligation Bonds
Issued June 6, 1984 $2,200,000 $ 90,000 $ $ 90,000 $ (90,000) $ $ 8,910 $ 8,910
Issued February 24, 1987 2,215,000 345,000 45,000 (45,000) 300,000 19,520 18,500
Issued May 1, 1989 8,500,000 1,700,000 800,000 (800,000) 900,000 156,575 111,600
Issued May 1, 1993 6,935,000 6,785,000 140,000 6,645,000 172,723 258,185
$8,920,000 $ $ 935,000 $(1,075,000 $7,845,000 $ 357,728 $ 397,195
CITY OF TIGARD, OREGON
SCHEDULE.OF FUTURE DEBT SERVICE REQUIREMENTS
OF BANCROFT IMPROVEMENT BONDS
As of June 30, 1994
Issued Issued Issued Issued Issued Issued Issued
August 1, 1975, September 1, 1982 September 1, 1984 December 1, 1989 August 1, 1990 August 1, 1991 May 1, 1993
Year of Total Requirements 7% 11.75% 16.0% 5.75% to 6.2% 6.0% to 6.3% 6.0% 4.10% to 5.0%
Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
1994-95 S 233,000 $ 101,240 $ 3,000 $ 105 $ 25,000 ' $ 75,000 $ 3,375 $ 20,000 $ 2,970 $ 110,000 $ 54,820 $ $ 7,950 $ $ 32,020
1995-96 135,000 97,790 160,000 x,800 115,000 -48,070 -15,900 ✓32,020
1996-97 145,000 89,827 20,000 600 125,000 40,807 15,900 32,020
1997-98 135,000 80,798 135,000 32,878 15,900 32,020
1998-99 145,000 71,185 145,000 24,265 15,900 32,020
1999-2000 210,000 61,772 150,000 15,082 15,900 60,000 30,790
2000-01 165,000 50,658 165,000 5,198 15,900 29,560
2001-02 265,000 37,510 265,000 7,950 29,560
F-'
2002-03 110,000 27,030 110,000 27,030
2003-04 24,500 24,500
2004-05 24,500 24,500
2005-06 490,000 12,250 490,006 12,250
Totals $2,033,000 $ 679,560 $ 3,000 $ 105 $ 25,000 $ $ 75,000 $ 3,375 $ 60,000 $ 5,370 $ 945,000 $ 221,120 $ 265,000 $ 111,300 $ 660,000 $ 338,290
Issue was called on 6/1/93. Amounts outstanding are bearer bonds which have not been presented for payment.
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION. BONDS
as of June 30, 1994
Issued Issued Issued
February 24, 1987 May 1, 1989 May 3, 1993
Year of Total 5.5% to 6.25% 6.50% to 6.60% 3.0% to 4.75%
Maturity \ Principal Interest Principal Interest Principal Interest Principal Interest
1994-95 $ 145,000 $ 200,292 $ 145,000 $ 17,319 $ $ 55,700 $ $ 127,273
1995-96 1,200,000 294,401 155,000 12,331 ~ 600000 29,700 145,000 252,370
1996-97 1,150,000 234,907 4,262 1,150,000,/ 230,645
1997-98 1,385,000 186,165 1,385,000 186,165
1998-99 1,490,000 132,925 1,490,000 132,925
rn 1999-2000 1,570,000 72,822 1,570,000 72,822
N
2000-01 210,000 36,515 210,000 36,515
2001-02 225,000 26,994 225,000 26,994
2002-03 225,000 16,813 225,000 16,813
2003-04 245,000 5,819 245,000 5,819
$7,845,000 $1,207,653 $ 300,000 $ 336912 $-9-0-0.60-00 $ 85,400 $6,645,000 $1,088,341
•
CITY OF TIGARD, OREGON •
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
BUDGETARY BASIS •
for the last ten fiscal years •
•
•
City-Wide •
Support
Functions, •
Fiscal Capital •
Year Ended Community Community Policy and Projects Debt
June 30 Services Development Administration and Other Service . Total •
•
1985 $1,592,319 $817,741 $114,787 $1,414,569 $710,366 $4,649,782 •
1986 2,157,622 968,778 132,846 3,010,368 797,154 7,066,768 •
•
1987 2,450,459 1,462,456 111,909 1,183,467 808,888 6,017,179
•
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 •
•
Information derived from Comprehensive Annual Financial Reports.for all Governmental Fund Types.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
63 •
•
•
•
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCE - 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
1985 $897,843 $591,246 $524,059 $1,058,600 $413,124 $134,040 $1,195,098 $4,814,010
1986 1,226,373 941,264 548,689 1,371,804 375,982 167,610 903,175 5;534,897
.1987 1,807,800 745,520 650,961 1,246,840 382,384 144,559 1,127,693 6,105,757
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
Includes special assessment collections
Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
64
CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
for the last ten fiscal years
Percent Percent
Fiscal Total Tax Delinquent
Year Percent Delinquent Total Collections Outstanding Taxes
Ended Total Current Tax of Levy Tax Tax To Tax Delinquent to Tax
June 30 Tax Levy Collections Collections Collections Collections Levy Taxes Levy
1985 $962,280 $864,334 89.82% $90,687 $955,021 99.24% $164,558 17.10%
1986 1,283,711 1,159,480 90.32 98,222 1,257,702 97.97 181,944 14.17
1987 1,946,727 1,773,229 91.09 114,319 1,887,548 96.96 216,864 11.14
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
0, 1990 3,812,090 3,520,898 92.36 193,334 3,714,232 97.43 332,144 8.71
In
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
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.
000000*0000010000.00004000050000000*000000004000000000.000
CITY OF TIGARD, OREGON
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
for the last ten fiscal years
Ratio of
Total
Public Assessed
Fiscal Real Property Personal Property Utility Property Total to Total
Year Estimated Estimated Estimated Estimated Estimated
Ended Assessed Actual Assessed Actual Assessed Actual Assessed Actual Actual
June 30 Value Value Value Value Value Value Value Value Value
1985 $779,545,300 $813,339,300 $44,855,600 $46,750,700 $28,347,800 $29,528,963 $852,748,700 $889,618,963 96%
1986 824,906,100 824,906,100 49,240,710 49,240,710 32,222,117 32,222,117 906,368,927 906,368,927 100
1987 867,279,500 867,279,500 61,379,940 61,379,940 28,457,428 28,457,428 957,116,868 957,116,868, 100
1988 1,057,515,500 1,057,515,500 86,733,050 86,733,050 32,526,302 32,526,302 1,176,774,852 1,176,774,852 100
1989 1,200,581,900 1,200,581,900 93,401,270 93,401,270 32,131,292 32,131,292 1,326,114,462 1,326,114,462 100
1990 1,278,128,284 1,278,128,284 106,268,976 106,268,976 38,738,512 38,738,512 1,423,135,772 1,423,135,772 100
1991 1,435,394,724 1,435,394,724 115,983,044 115,983,044 36,707,073 36,707,073 1,588,084,841 1,588,084,841 100
1992 1,755,342,623 1,755,342,623 114,457,543 114,457,543 40,526,271 40,526,271 1,910,326,437 1,910,326,437 100
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1993 1,820,521,857 1,820,521,857 139,064,986 139,064,986 50,197,374 50,197,374 2,009,784,217 2,009,784,217 100
1994 1,972,696,888 1,972,696,888 142,496,210 142,496,210 60,467,981 60,467,981 2,175,661,079 2,175,661,079 100
All property is assessed as of January 1, preceding the fiscal year beginning July 1.
Source: Washington County Department of Assessment and Taxation.
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. 23-J No. 48 District Sanitary Agency District No. 1 College` District Agencies
1985 1.06 1.97 12.12 13.76 .37 .49 3.12 2.71 .57 .26 1.62
1986 1.35 1.93 11.55 13.25 .32 .36 2.60 2.65 .58 .25 1.48
1987 1.94 2.82 11.36 13.40 .27 .25 2.99 2.61 .85 .25 1.66
1988 .03 .53 2.03 2.81 12.10 13.13 .19 .24 .36 2.70 2.65 .89 .26 .63
1989 .02 .59 1.98 2.95 14.46 16.49 .15 .36 2.49 2.62 .92 .26 .73
1990 .02 .61 2.79 2.02 14.54 16.67 .13 .27 2.52 .94 .26 1.69
1991 .02 .53 2.76 2.94 14.60 15.82 .11 .25 2.41 .91 .25 .57'
1992 .02 .48 2.76 1.41 16.73 13.44 .09 .19 1.99 .81 .21 .49
1993 .48 2.80 1.42 15.95 14.16 .08 .18 1.98 .90 .21 .43
rn 1994 .42 2.77 1.36 15.58 13.39 .08 .12 1.88 ..87 .20 .37
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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 benefitted 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 1994 ranged from $21.04/1000 to $23.57/1000.
Source: Washington County Department of Assessment and Taxation.
CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT. COLLECTIONS
for the last ten fiscal years
Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding
June 30 Due 1 Collected (2) to Amount Due Assessments
1985 $200,000 $467,195 233.6% $2,552,458
1986 250,000 361,268 144.5 1,945,334
1987 278,000 547,106 196.8 1,565,038
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
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
(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
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND •
NET .BONDED DEBT PER CAPITA •
for the last ten fiscal years A
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Gross •
General Ratio of
Fiscal Obligation Less Debt Net Bonded
Year Bonded Service Net Debt to Net Bonded
Ended Assessed Debt Out- Monies Bonded Assessed Debt Per •
June 30 Population Value standing Available Debt Value Capita
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1985 19,113 $852,748,700 $2,200,000 1,215 $2,198,785 .261% $115.04
1986 20,250 906,368,927 2,160,000 125,133 2,034,867 .22 100.49
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1987 22,000 957,116,828 2,665,000 38,858 .2,626,142 .27 119.37 •
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1988 24,782 1,176,774,852 2,580,000 17,871 2,562,129 .21 103.39
1989 25,602 1,326,114,462 10,990,000 45,028 10,944,972 .83 427.50
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1990 27,050 1,423,135,772 11,990,000" 165,664 11,824,336 .83 437.13
•
1991 29,652 1,588,084,841 13,304,000" 345,050 12,958,950 .82 437.03
•
1992 30,835 1,910,326,437 12,595,000" 620,597 11,974,403 .63 388.34
1993 31,271 2,009,784,217 11,671,000" 830,080 10,840,920 .54 346.68 •
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1994 33,802 2,175,661,079 9,878,000" 611,481 9,266,519 .43 274.14 •
" Excludes bond anticipation notes payable.
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Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County
Department of Assessment and Taxation. r
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CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1994
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 (1993-94) (1) $2,175,661,079
General obligation debt limit x 3%
65,269,832
Gross bonded debt $9,878,000
Excludable debt - Bancroft improvement bonds 2 03( 3,000)
Debt subject to limitation 7,845,000
Legal debt margin - amount available for future indebtedness $ 57,424,832
(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, 1994 •
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Percent
Applicable Amount Appllc- •
Net Debt Inside City able Inside
Jurisdiction Outstanding of Tigard City of Tlaard •
Tigard/Tualatin School District #23-J $39,610,000 51.5570% $20,421,727 •
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Tri-Metropolitan Transport District 121,265,000 3.6981 4,484,501 •
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Port of Portland 63,134,480 3.3642 2,123,970
Metro Service District 63,270,000 3.7113 2,348,139
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Beaverton School District #48 75,315,000 2.8108 2,116,954 •
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Portland Community' College 59,313,585 4.7823 2,836,553
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Washington County 11,795,000 11.4938 1,355,693
Unified Sewerage Agency 7,265,000 12.2494 889,918 •
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Tualatin Rural Fire Protection District 1,795,000 16.5735 297,494
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Tigard Water District 300,000 70.6897 212,069 •
$443,063,065 $37,087,018
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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
for the last ten fiscal years
Total Percent of Debt
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
1985 $200,000 $510,366 $710,366 $4,649,782 15.3%
1986 290,000 507,154 797,154 7,066,768 11.3
1987 348,000 460,888 808,888 6,017,179 13.4
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
Source: Comprehensive Annual Financial Reports of the City.
(1) Includes bond anticipation note principal and interest of $2,644,523 and $245,477, respectively.
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CITY OF TIGARD, OREGON •
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS •
for the last ten fiscal years •
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Commercial Residential •
Fiscal Year Construction(1) Construction(1) •
Ended Number of Number of Bank Deposits •
June 30 Permits Value Permits Value (in thousands) (2) •
1985 33 $9,890,600 231. $16,948,338 $129,152 •
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1986 175 12,746,938 432 26,920,055 142,031 •
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1987 169 10,717,219 442 44,412;105 175,236
1988 228 34,991,735 633 32,524,988 165,107 •
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1989 212 21,189,454 604 35,826,025 N/A' •
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1990 320 27,495,457 749 40,729,414 N/A' •
1991 62 27,985,499 268 28,160,790 N/A'
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1992 37 31,498,832 218 24,259,243 N/A' r
1993 28 25,685,703 408 43,687,254 N/A'
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1994 40 63,946,411 683 62,765,587 N/A' •
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(1) From City of Tigard Building Department. Multi-family permits are included in the number of permits issued for •
residential construction. •
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(2) From State of Oregon Department of Commerce, Division of Finance and Corporate Securities •
' Information not available •
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CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS
June 30, 1994
Percentage
Of Total
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Winmar Co Washington Square Shopping Mall $74,335,600 3.42%
SF Oregon Co Ltd Lincoln Center Office Park 55,061,200 2.53
Pacific Realty Associates Oregon Business Park 53,146,490 2.44
GTE Northwest Inc Telephone Company 34,133,206 1.57
Spieker Properties Park 217 retail office center and
Nelson Business Park 27,844,010 1.28
Nesbitt Partners Embassy Suites Hotel 20,465,000 .94
Robinson Trust Scholls Business Center 14,718,700 .68
M Spieker-Hosford-Eddy-Southern
Limited Partnership Tech Center Business Park 13,876,460 .64
The May Dept. Stores Co Meier & Frank Dept Store 12,494,700 .57
Westwood Holding Corp Tigard Town Square Shopping Center 12,343,290 .57
Total Principal Taxpayers 318,418,656 14.64
All Other Taxpayers 1,857,242,423 85.36
Total $2,175,661,079 100.00%
Source: City of Tigard Planning Department.
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CITY OF TIGARD, OREGON •
DEMOGRAPHIC STATISTICS. •
for the last ten fiscal years
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Assessed (2) •
Value Unemployment
of Taxable (3) Rate
(1) Property School Portland
Fiscal Year Population Per Capita Enrollment Metro. Area
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1985 20,250 $44,616 6,387 7.4%
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1986 20,765 44,759 6,474 7.1 •
1987 23,335 43,488 7,064 5.3
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1988 24,782 47,485 7,050 4.8 •
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1989 25,602 51,797 7,236 4.5
1990 27,050 52,611 7,940 4.1
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1991 29,652 53,557 8,795 4.9
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1992 30,835 61,953 8,965 6.2
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1993 31,271 64,270 9,427 5.8 •
1994 33,802 64,365 9,644 4.8
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Sources of information:
(1) Portland State University, Population Research & Census Center. •
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(2) U.S. Bureau.of Labor Statistics.
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(3) Tigard/Tualatin School District #23-J •
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CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
June 30, 1994
Date of incorporation 1961
Form of government Council - Mayor - Administrator
Area 10.44 square miles
Miles of streets 104 miles
Number of street lights
City owned 1,485
City maintained (PGE owned) 641
Police protection:
Number of stations 1
Number of policemen and officers 50
Education:
Attendance centers 14
Number of teachers 550
Number of students 9,644
Sanitary sewers 109.5 miles
Storm lines 36.1 miles
Open ditches 62.5 miles
Building permits issued (1994) 723. permits
Recreation and culture:
Number of parks 13
Number of libraries 1
Number of volumes (estimated) 73,000 volumes
Employees:
Classified service (union) 108
Unclassified (non-union) 94
Information obtained from the various departments of the City of Tigard, Oregon, and Tigard/Tualatin School District #23-J.
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AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
Oregon Administrative Rules 162-10-050 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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AUDIT COMMENTS AND DISCLOSURES •
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1. Internal Control Structure: •
In planning and performing our audit of the general purpose financial statmeents of the City of Tigard, Oregon for
the year ended June 30, 1994, we considered its internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinion on the general purpose financial statements and not provide •
assurance on the internal control structure. Our considereation of the internal control structure would not •
necessarily disclose all matters in the internal control structure that might-be material weaknesses under standards •
established by the American Institute of Certified Public Accountants. A material weakness is a condition in which +
the design or operation of the specific internal control structure elements does not reduce to a relatively low level •
the risk that errors or irregularities in amounts that would be material in relation to the general purpose 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 structure and
its operation that we consider to be material weaknesses as defined above. However,'this report is a matter of •
public record and its distribution is not limited.
II. Other Comments and Disclosures: •
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We have audited the general purpose financial statements of the City of Tigard, Oregon as of and for the year •
ended June 30, 1994, and our report thereon is included on Page 1 of this report. Our audit was conducted in •
accordance with generally accepted auditing standards and the Minimum Standards for Audits of Oregon Municipal •
Corporations. •
In connection with our audit, nothing came to our attention that caused us to believe the City was not in compliance
with:
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• ORS 294.305 to 294.520 in the preparation and adoption of its budget and.tax levies for the fiscal years ended •
June 30, 1994 and June 30, 1995.
• the legal requirements relating to debt,
• the appropriate law, rules, and regulations pertaining to programs funded wholly or partially by other
governmental agencies,
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• 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,
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• the collateral requirements for public fund deposits specified in ORS Chapter 295, •
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• ORS Chapter 279 in the awarding of public contracts and the construction of public improvements, •
• Except as follows: the State Tax Street Fund appropriations for Policy and Administration were overexpended •
by $2,045; the County Gas Tax Fund appropriations for Policy and "Administration were overexpended by $500; •
the Sewer Fund appropriations for Policy and Administration were overexpended by. $2,089; and the Road . •
Improvement Bond Fund appropriations for Capital Projects were overexpended by $39. •
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AUDIT COMMENTS AND DISCLOSURES
However, it should be noted our examination was not directed primarily toward obtaining knowledge of
noncompliance with such requirements.
Additionally, we make the following other comments:
• We found the City's accounting records to be adequate for audit purposes.
• We reviewed the City's insurance and fidelity bond coverage at June 30, 1994 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, 1994, are adequate.
COOPERS & LYBRAND L.L.P.
By: Q .
Brent A. Macey, a partner
Portland, Oregon
October 7, 1994
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