CAFR Report - 1987-1988 CIWOFTIGRD
OREGON
� COMPREHENSIVE
I ANNUAL
I FINANCIAL
REPORT
I Fiscal Year Ended June 30,1988
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' CITY OF TIGARD, OREGON
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1 COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1988
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prepared by the City of Tigard - Department of Finance
Wayne Lowry, Director of Finance
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CITY OF TIGARD, OREGON
TABLE OF CONTENTS
Page
' INTRODUCTORY SECTION:
Letter of Transmittal i -vii
Mayor and City Council Members viii
1 Organization Chart ix
Certificate of Achievement for Excellence
in Financial Reporting x
' FINANCIAL SECTION:
Independent Auditor's Report 1
' GENERAL PURPOSE FINANCIAL STATEMENTS ( "Liftable"
Financial Statements):
Combined Balance Sheet - All Fund Types and
' Account Groups 2
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental Fund Types 3
' Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (Non -GAAP Basis)
and Actual - All Governmental Fund Types 4
' Combined Statement of Revenues, Expenses and
Changes in Retained Earnings /Fund Balance - All
Proprietary Fund Types and Similar Trust Fund 5
Combined Statement of Changes in Financial
' Position - All Proprietary Fund Types and Similar
Trust Fund 6
Notes to General Purpose Financial Statements 7
SUPPLEMENTARY DATA (Combining and Individual Fund and Account
Group Statements and other Financial Schedules):
General Fund:
' Schedule of Revenues and Expenditures - Budget and Actual 24
Special Revenue Funds:
Combining Balance Sheet 25
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Generally Accepted
Accounting Principles Basis 26
Schedules of Revenues and Expenditures - Budget and Actual
Forfeitures from Criminal Activity Fund 27
State Tax Street Fund 28
Streets SDC Fund 29
' Parks SDC Fund 30
County Road Levy Fund 31
County Gas Tax Fund 32
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II CITY OF TIGARD, OREGON
TABLE OF CONTENTS - continued
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FINANCIAL SECTION, Continued
II SUPPLEMENTARY DATA (Combining and Individual Fund and
Account Group Statements and Other Financial
II Schedules, Continued)
Debt Service Funds:
Combining Balance Sheet 33
I Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Generally Accepted
Accounting Principles Basis 34
Schedule of Revenues and Expenditures - Budget
and Actual - Bond Debt Service Fund 35
Special Assessments Fund:
Schedule of Revenues and Expenditures - Budget and Actual 36
I Enterprise Funds:
Combining Balance Sheet 37
Combining Statement of Revenues, Expenses and Changes
I in Retained Earnings 38
Combining Statement of Changes in Financial Position 39
Schedules of Revenues and Expenditures -
Budget and Actual
II Sewer Fund 40
Storm Drainage Fund 41
Fiduciary Funds:
I Combining Balance Sheet 42
Statement of Changes in Assets and Liabilities -
Deferred Compensation Fund 43
General Fixed Assets Account Group:
II Schedule of General Fixed Assets - By Sources 44
Schedule of Changes in General Fixed Assets -
By Sources 45
11 Schedule of General Fixed Assets - By Function
and Activity 46
Schedule of Changes in General Fixed Assets -
' By Function and Activity 47
Other Schedules:
Schedule of Property Tax Transactions and
Outstanding Balances 48
II Schedule of Bond and Bond Interest Transactions 49
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds 50
I Schedule of Future Debt Service Requirements of
General Obligation Bonds 51
II STATISTICAL SECTION:
General Governmental Expenditures by Function -
Budgetary Basis - for the last ten fiscal years 52
General Governmental Revenues by Source -
1 Budgetary Basis - for the last ten fiscal years 53
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CITY OF TIGARD OREGON
TABLE OF CONTENTS - continued
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I STATISTICAL SECTION, Continued:
Property Tax Levies and Collections - for the last ten
fiscal years 54
Assessed and Estimated Actual Value of Taxable
II Property - for the last ten fiscal years 55
Property Tax Rates - All Overlapping Governments -
for the last ten fiscal years 56
I Special Assessment Collections - for the last ten fiscal years 57
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita - for the last ten fiscal years 58
I Computation of Legal Debt Margin 59
Computation of Overlapping General Obligation Debt 60
Ratio of Annual Debt Service Expenditures for General
I Bonded Debt to Total General Governmental Expenditures -
for the last ten fiscal years 61
perty Value, Construction and Bank Deposits
for the last ten fiscal years 62
II Principal Taxpayers 63
Demographic Statistics 64
Miscellaneous Statistical Data 65
II AUDIT COMMENTS AND DISCLOSURES REQUIRE BY STATE REGULATIONS:
Introductory Comments 66
Internal Accounting Control 67
II Other Comments and Disclosures 68
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CITY OF TIFA RD
OREGON
' November 30, 1988
Mayor Tom Brian and Members
of the City Council
We are pleased to submit the Comprehensive Annual Financial Report of the City of
Tigard, Oregon for the fiscal year ended June 30, 1988. This report was prepared by the
' City's Division of Finance in cooperation with the City's independent auditors, Coopers
& Lybrand. Responsibility for the accuracy of the presented data and the completeness
and fairness of the presentation, including all disclosures, rests with the City. We
' believe the data, as presented, is accurate in all material aspects, and is presented in
a manner designed to fairly set forth the financial position and results of operations
of the City as measured by the financial activity of its various funds. All disclosures
necessary to enable the reader to gain the maximum understanding of the City's financial
affairs have been included.
This report has been prepared in accordance with generally accepted accounting
' principles and follows guidelines recommended by the Government Finance Officers
Association of the United States and Canada.
This report is divided into three sections: the Introductory Section which contains
this transmittal letter, a listing of principal city officials and an organizational
chart; the Financial Section, which includes the independent auditor's report, the
general purpose financial statements and notes to the financial statements, and the
' detailed combining statements by fund type; and the Statisical Section which consists of
pertinent statistical tables that present various financial, economic, social and
demographic data about the City for comparative fiscal periods.
' CITY BACKGROUND
The City of Tigard is located in Washington County approximately 12 miles southwest of
' Downtown Portland. Tigard has an estimated population of 26,300 making it the twelfth
largest city in the State of Oregon and the third largest city in Washington County.
' The City was incorporated in 1961 as a home rule municipal corporation under the laws of
the State of Oregon and now encompasses over 10 square miles. The City operates under a
Mayor - Council form of Government with an appointed City Administrator. The Council
consists of a Mayor and four members at large.
13125 SW Hall Blvd., P.O. Box 23397, Tigard, Oregon 97223 (503) 639 -4171
ECONOMIC CONDITION AND OUTLOOK
' The City of Tigard continues to be an attractive place to locate residential
subdivisions as well as commercial, industrial, and retail facilities. Employment in
the area remains strong reflecting the stability of the local business community.
Two areas north of the City elected to annex to Tigard in 1987 -88. In March of 1987,
one area referred to as South Metzger with an assessed value of over $155,000,000 and a
population of 1,200 residents joined the City. The other area, referred to as Northeast
Metzger with an assessed value of over $32,000,000 and a population of 1,200 residents
joined the City by election in November of 1987. The Northeast Metzger annexation
became effective for practical purposes on July 1, 1988.
' Several large commercial and retail developments have bolstered Tigard's already strong
economic condition. Two major retail centers along Pacific Highway were under
' construction in 1987 -88. The Tigard Town Square Shopping Center located at Durham Road
and Pacific Highway has as its anchor tenant an Albertson's grocery store and includes
65,000 square feet of additional retail space. The Tigard Market Place developed by
Mercury Development is situated on Pacific Highway and houses a Bi -Mart and a Food
Connection and provides an additional 17,000 square feet of retail space.
A thirteen story office building in the newly annexed South Metzger area is nearing
' completion. Referred to as the Lincoln Tower, it will be the tallest building in
Washington County and will provide 216,000 square feet of office space. In addition,
the Tigard Cinemas complex of 6 Moyer family theaters was completed in 1987 -88 and has
become an architecture showpiece in the community.
' The City's economic future appears bright as several large residential multi - family
projects are in the early stages of development in addition to a variety of other
' commercial and retail developments.
Given the recent rapid growth in assessed value, Tigard is able to provide quality
services at a very low tax rate. The certified city tax rate for 1988 -89 of $1.98 has
decreased $.05 from last year's rate of $2.03.
MAJOR INITIATIVES
The Tigard City Council has developed an aggressive schedule of activities throughout
the next several years to meet the needs of this growing community. Needed improvements
have been identified in a variety of areas including roads, parks, and Tigard's historic
downtown area.
' A ballot measure authorizing the City to sell up to $8,500,000 in General Obligation
bonds for specific road improvements was approved by the voters in November 1988. In
March of 1989, voters may have an opportunity to vote on a Park Levy to be used for park
land acquisition and improvement. In May of 1989, the voters will be asked to approve
the formation of an urban redevelopment area and the formation of a tax increment
district to revitalize Tigard's downtown. Included in this effort will be park
improvements, transportation access improvements and downtown beautification.
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ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's general governmental operations are maintained on a modified accrual basis,
with revenues being recorded when measurable and available and expenditures being
' recorded when the goods or services are received. The City's enterprise funds and
pension trust funds are maintained on the accrual basis.
In the development, evaluation, and the necessary modification of the City's accounting
system, consideration has been given to the adequacy of internal accounting controls.
Internal accounting controls are designed to provide reasonable, but not absolute,
assurance regarding:
1 • the safeguarding of assets against loss from unauthorized use or disposition and
• the reliability of financial records for preparing financial statements and
maintaining accountability for assets.
The concept of reasonable assurance recognizes that:
• the cost of a control should not exceed the benefits likely to be derived and
1 • the evaluation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe the
City's internal accounting controls adequately safeguard assets and provide reasonable
1 assurance of proper recording of financial transactions.
The City budgets all funds which are subject to the budget requirements of State law.
The budgeting process includes citizen input through various stages of preparation,
public hearings and approval of the original budget by the City Council. Additional
resources not anticipated in the original budget may be added through the use of a
supplemental budget. 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 appropriation transfers between the cost
categories. Such transfers require approval by the City Council.
' Budgetary control is maintained at the program level by comparison of estimated purchase
amounts with adopted appropriations prior to the release of purchase orders to vendors.
' Purchase orders which could result in an overrun of program balances are not released
until additional appropriations are made available.
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the City as well as all
organizations which meet the criteria for inclusion in the report as set forth in
National Council on Governmental Accounting (NCGA) Statement No. 3, Defining the
Governmental Entity.
1 The City provides a range of services as authorized in its Charter. This includes
police protection, street construction and maintenance, sanitary sewers and storm
drains, library and parks, land use planning and zoning, public improvements and
administrative services.
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GENERAL GOVERNMENTAL FUNCTIONS
t Revenues for general governmental functions (all governmental funds) on a generally
accepted accounting principles basis totaled $7,183,026 in fiscal year 1988, an increase
of 17.6 percent over last year. The increase over last year was due to substantial
II increases in tax revenues, franchise fees, licenses and permits, intergovernmental
revenues, charges for services, and fines and forfeitures. The amount of revenues from
various sources and changes from last year are as follows:
il Increase
Percent (Decrease)
I of from
Fiscal Source Amount Total cal 1987
Taxes $2,152,792 30.0% $ 344,992
1 Franchise fees 849,844 11.8 104,324
Special assessments 532,224 7.4 (14,882)
Licenses and permits 798,659 11.1 147,698
II Intergovernmental revenues 1,453,138 20.3 206,298
Charges for services 514,048 7.2 131,664
Fines and forfeitures 254,154 3.5 109,595
11 Miscellaneous revenues 628,167 8.7 47,580
X2,183,026 100.0% $1,077,269
Taxes consist of property taxes on commercial and residential real and personal property
I within the City. The tax revenue increase of $344,992 results primarily from the tax
base increase due to the annexation of the "South Metzger" area which became effective
for tax base purposes on July 1, 1987.
I Assessed property valuations increased $219.6 million, representing an increase of 22.9
percent over last year. This significant increase included the following estimates:
I Assessed value 1986 tax roll
value increase 13,029,882
New construction 51,222,302
I South Metzger Annexation 155,405,800
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Assessed Value - 1987 Tax Roll $1,176,774,852
I Current tax collections were 90.76 percent of the current tax levy, down .36 percent
from last year. Total collections, both current and delinquent, were 96.35 percent of
the total tax levy.
I Franchise fees consist of amounts paid by regulated companies to operate within the
City. Included are fees paid by public utilities, waste disposal and cable television
companies. Franchise fees increased 14 percent over the prior year primarily as a
I result of the annexation of the South Metzger area. Licenses and permits includes
business tax and various development related permits and fees. Revenue in this category
has increased 23 percent over last year due to a significant increase in the number of
II single and multi - family housing starts and new commercial development in the South
Metzger annexation area.
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Intergovernmental revenues consisting of state and county per capita taxes in the form
II of cigarette and liquor taxes have increased significantly due to increased population
within the City. Hotel /motel tax increased substantially due to an annexation involving
the Embassy Suites Hotel.
II Charges for services have increased 34.4 percent over the previous year due primarily to
increased streets "System Development Charges" (SDC) collections related to strong
building activity.
II Fines and forfeitures have increased 75.8 percent over the previous year due primarily
to an increased number of police citations and increased court collection activity.
1 Expenditures for general governmental purposes on a generally accepted accounting
principles basis totaled $7,165,233 in fiscal year 1988, an increase of 19.6 percent
over last year. This change is due primarily to increased development activity and the
I providing of service to the newly annexed areas. The amount of expenditures by major
functions of the City as compared to last year is as follows:
t Percent Increase
of from
Function Amount Total Fiscal 1987
II Community services $3,042,321 42.5% $ 591,862
Community development 1,764,513 24.6 302,057
II Policy and administration 121,016 1.7 9,107
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City -wide support functions 563,886 7.9 (120,898)
Capital projects 888,263 12.4 139,006
I Debt service 785,234 10.9 254,346
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$7,165,233 100.0%
$1,175,480
Total unreserved fund balances of the City were $4,086,158 at June 30, 1988, consisting
II of $1,337,303 in the General Fund, $1,164,070 in the Special Revenue Funds, $850,292 in
the Debt Service Fund and $734,493 in the Capital Projects fund. The increase in fund
balance from the prior year is primarily a result of the elimination of the Special
II Assessment Fund as required by generally accepted accounting principles and the issuance
of bond anticipation notes in the Capital Projects Fund. A full explanation of the
elimination of the Special Assessments Fund is included as note 3 to the Financial
II Statements on page 13 of the Financial Report.
ENTERPRISE OPERATIONS
II The Enterprise Funds are used to finance and account for the acquisition, operation and
maintenance of City sewer and storm drainage facilities. The operations of these funds
are accounted for in such a manner as to show a profit or loss similar to comparable
1 private enterprises.
Sewer Fund
11 Operating revenues amounting to $687,549 were derived from service charges during fiscal
year 1988. Operating expenses totaled $711,720. The net income was $12,906 after
nonoperating interest revenues were considered for the fiscal year.
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Storm Drainage Fund
This fund was established during fiscal 1983 to separate sewer service activities from
storm drainage activities. Operating revenues amounting to $355,661 were derived from
storm drainage service charges. Net loss, including depreciation of $113,333 was
$74,748.
RETIREMENT PROGRAMS
t The City provides a retirement plan for each employee group. Nonpolice personnel,
including both management and nonmanagement, are covered by an ICMA money purchase
plan. Police personnel have a defined benefit and defined contribution pension plan
through the Principal Financial Group previously known as Bankers Life Insurance
Company. In addition, all employees have the option to contribute to an ICMA deferred
compensation program. The police pension plan is accounted for in the pension trust
fund. The deferred compensation plan is accounted for in an agency fund.
POOLED CASH AND INVESTMENTS
For the purpose of maximizing yields on short -term investments, temporary excess cash of
all funds is pooled. Results of investment activity for the fiscal year are shown below
in comparison with the previous year:
11 Investment Income 1988 1987
General Fund $155,082 $ 108,159
Special Revenue Funds 67,247 66,208
Capital Projects Fund 2,933
Debt Service Funds 7,860 17,826
Enterprise Funds 52,554 41,432
Pension Trust Fund 177,828 149,983
$463,504 $383,608
Total cash and investments at the end of fiscal year 1988 totaled $8,192,834 at cost.
City investments are approved by the State Treasurer in accordance with the Oregon
' Revised Statutes. Automatic deposits of shared revenues from other governmental
agencies are transmitted directly to the state administered local government investment
pool.
The interest earnings on investments are allocated to participating funds on the basis
of the monthly average of their equities in the pooled accounts.
BONDED INDEBTEDNESS
The City's total outstanding bonded debt at June 30, 1988, was $4,751,000 of which
$2,171,000 were Bancroft Improvement bonds. Additionally, during 1988, the City issued
$1,200,000 in Bond Anticipation Notes for the construction of street improvements in the
135th Street Local Improvement District. After construction is completed, these notes
will be redeemed from proceeds of Bancroft Bonds and /or Assessment payments shortly
after the final assessment is spread, scheduled for summer of 1989.
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The State of Oregon mandates a general obligation debt limit of 3 percent of true cash
I value of taxable property within the City boundaries. This limit totaled $35,303,246 at
June 30, 1988. The City's net debt subject to this limitation was $2,580,000 since
Bancroft Improvement bonds are not subject to the limitation, leaving the amount
R available for future indebtedness at $32,723,246.
The City has carried the same "A" rating from Moody's Investment Services on its general
obligation bonds for the past several years.
II INDEPENDENT AUDIT
11 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 certified public accountant in accordance with generally accepted
auditing standards and Minimum Standards for Audits of Oregon Municipal Corporations as
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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 operation and changes in financial position as reported by the
I municipal corporation for the period under audit. The City is in full compliance with
the aforementioned, and the auditor's opinion has been included in this report.
I CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
For the last five consecutive years, the City has received the Certificate of
Achievement for Excellence in Financial Reporting from the Government Finance Officers
II Association of the United States and Canada. In order to be awarded a Certificate of
Achievement for Excellence, a governmental unit must publish an easily readable and
efficiently organized comprehensive annual financial report, that conforms to program
I standards. Such reports must satisfy both generally accepted accounting principles and
applicable legal requirements. In our opinion, this report conforms to these standards.
II ACKNOWLEDGEMENTS
Finally, we would like to express our sincere gratitude to the personnel of the Finance
Division who assisted and contributed to the preparation of this report. Appreciation
I is also extended to the Mayor, City Council, and many City department managers, whose
continuing support is vital to the financial health of the City of Tigard, Oregon.
I Respectfully submitted,
II R. Wayne Lowry
Finance' ecto
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II C ty Adm' istrator
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II CITY OF TIGARD, OREGON
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MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1988
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Name Term Expires
II Mayor Tom Brian December 31, 1988
7630 SW Fir Street
I Tigard, Oregon 97223
Councilman Gerald R. Edwards (President) December 31, 1988
10390 SW Meadow
II Tigard, Oregon 97223
Councilwoman Carolyn Eadon December 31, 1990
I 11825 SW Wildwood Court
Tigard, Oregon 97224
I Councilwoman Valerie Johnson December 31, 1988
12265 SW Walnut
Tigard, Oregon 97223
II Councilman John Schwartz December 31, 1990
15900 SW 76th
Tigard, Oregon 97224
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II Patrick J. Reilly, City Administrator
I Wayne Lowry, Director of Finance
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LEGAL COUNSEL
II O'Donnell, Ramis, Elliott, & Crew
1727 N.W. Hoyt
II Portland, Oregon 97209
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1• - - - - - - - - - r r • - MI
IIUNICIVAI CITY BOARDS t
C OUR
A
T COUNCIL COMMITTEES
0 JUSTICE o CITIZEN INVOLVEMENT B ELECTIONS o POLICY t CITY OF TIGA RD
SERVICES CITY o POLICY t MUNICIPAL CODES REVIEW ADVICE
ATTORNEY o COMMUNITY t INTERGOVERNMENTAL RELATIONS OREGON
ORGANIZATION BY FUNCTION
o LEGAL SERVICES CITY
ADMINISTRATION
o MANAGEMENT SYSTEMS & ADMINISTRATION
o PRUOUCTIVITY IMPROVEMENTS t TEAM- BUILDING
o COMMUNITY t INTERGOVERNMENTAL RELATIONS SUPPORT
o BUDGET, FINANCE AND LONG -RANGE PLANNING
o PROGRAM EVALUATION, WORK PLANS t REPORTING
1 i
r• POLICE LIBRARY IlLim NITY COMMUNITY DEVELOPMENT
X DEPARTMANT DEPARTMENT DEPARTMENT
CES
O DEPARTMENT MANAGEMENT t ADMIN. o DEPARTMENT MANAGEMENT t ADMIN. DEPARTMENT MANAGEMENT t ADMINISTRATION o DEPT. NWMT. t AOMIN.
o PUBLIC SAFETY COORDINATION .0 COLLECTION DEVELOPMENT PUBLIC INFORMATION, 11/11 t COMMUNITY INVOLVEMENT o ECONOMIC DEY., CITT CENTER; RAFFIC t 1 -S ASSN.
0 OPERATIONS t INTERNAL AFFAIRS 0 VOLUNTEERS VOLUNTEERISM. BOARD t COMMITTEE RELATIONS o TRANSPORTANT PLANNING t TRAFFIC ENGINEERING
0 COMUNITY CRIME PREVENTION 0 WCCLS COORDINATION PERSONNEL t LABOR RELATIONS o OLI CUP PROJECT NCHI t ENGINEERING CONTRACTS
0 SCHOOL RESOURCE OFFICERS 0 LITERACY PROGRAM COORDINATION RE CLAIMS t RISK MANAGEMENT o SO110 WASTE t fRANCHISES ADMINISTRATION
1OUANC
I I I
PATROL INVEST- SERVICES SUPPORT FINANCE OEVELOPMEN PUBLIC
DIVISION IGATiONS DIVISION SERVICES DIVISION SERVICES WORKS
DIVISION DIVISION DIVISION OPERATIOI
0 CRIMINAL o POLICE DISPATCH 0 COUNCIL MINUTES 0 FINANCIAL NOWT. o DIVISION MANAGEMENT o DIVISION MANAGEMENT
INVESTI- 0 9 - - COORDINATION 0 LEGALS t ANALYSIS o COMPUTER SYSTEMS t GIS o FLEET MANAGEMENT I EQUIPMENT
CATIONS o CLERICAL t RECORDS o COOIFICAGION 0 REVENUES B ENFORCEMENT 0 BUSINESS TAX t CODES ENFORCEMENT REPLACEMENT
PROGRAM O EVIDENCE o ELECTIONS 0 LID /CUP FINANCE o
0 R.O.W. VACATIONS o FRANCHISES AUDITS 0 INVENTORY t SUPPLY STORES
o GENERAL GOVERNMENT
1 O Ftrdasing I
DA SWING EVENING REFERENCE READERS SUPPORT RECORDS / OFFICE ACCOUNTIN BUILDING PLANNING ENGINEERINC SLOPS t WASTE STREETS PARKS
SHIFT SHIFT SHIFT RESEARCH SERVICES SERVICES COURT SERVICES SECTION SECTION SECTION SECTION SERVICES WATER SECTION SECTION
SECTION
o PATROL SERVICES o WILI /COMPUTER o CIRCULATION o TECH- 0 CITY RECORDS • OFFICE MOLT. 0 A/R t A/P o BLDG. INSP. 0 COMP PLAN o DEV. REVIEW o VEHICLE t o SANITARY 0 STREETS o PARKS B GROUNDS
0 CRIME ANALYSIS SYSTEMS 0 CHILDREN'S SERVICES o CENTRAL FILES 0 WORD PROC o DATA PROC o COOES ENFORC o ANNEX SERY 0 IMPRV PERMIT 0 EQUIPMNI SEWERS MAIN. MAINTENANCE
O TRAFFIC ENFORCEMENT o RTFER(NT( I PROGRAMS O REPAIR • PUNIC CT • PHONE RECCE' o CASH MGMT o SEWER INSP O SPEC PROJ 0 SURVEY & o SUPPI SERY o STORM o STREET 0 PARKS PROJECTS
0 NARCOTICS TEAM RESEARCH t MINT 0 CASHIER o COPY CNIR o PAYROLL o DEVIL INSP 0 PARKS HAPS 0 nt,i � . DRAINAGE SWEEPING o Dur P1 t
O K -9 TEAM o PUNIC INTO o MAIL o UTIIIIY PLANNING o SI TIGHTS ' 0 SIGNS
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o POLICE R(S(RVIS SITTINGS o CURRCNI I TRAIT SIGNALS
0 PURCHASING PLANN t REV
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Certificate of
1
Achievement
for Excellence
1 in Financial
1 Reporting
' Presented to
City of Tigard,
Oregon
For its Comprehensive Annual
' Financial Report
for the Fiscal Year Ended
' June 30, 1987
A Certificate of Achievement for Excellence in Financial
' Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
' systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
OE 1 iZ t
WIITF ES � �
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AND A A ! o
CORPORAig r President
1,,s SE D 1
nrK eiO �•
Executive Director
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FINANCIAL SECTION
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' certified public accountants
Coopers
&L brand
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INDEPENDENT AUDITOR'S REPORT
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, 1988, as listed in the table of contents. These
financial statements are the responsibility of the City's Management. Our
responsibility is to express an opinion on these financial statements based on our audit.
' We conducted our audit in accordance with 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 financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall
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, 1988, and the results of its operations and the changes in financial
position of its Enterprise Funds and Pension Trust Fund for the year then ended in
conformity with generally accepted accounting principles.
' As discussed in note 3 to the general purpose financial statements, the City
retroactively eliminated the Special Assessment Fund Type.
' Our audit was conducted for the purpose of forming an opinion on the general purpose
financial statements referred to above. The combining, individual fund, and individual
account group financial 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. Such information has
been subjected to the auditing procedures applied in the audit of the general purpose
financial statements and, in our opinion, is fairly stated in all material respects in
' relation to the general purpose financial statements taken as a whole.
The other data included in this report, designated as the statistical section in the
' table of contents, has not been audited by us and, accordingly, we express no opinion on
such data.
COOPERS & LYBRAND
' By: CiAct 3 . wL
John L. Dethman, a partner
' Portland, Oregon
September 14, 1988
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CITY OF TIGARD II
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1988
II
Governmental Fund Types
II
Special Debt
ASSETS General Revenue Service
Assets: I
Cash and investments $1,443,516 $1,356,722 $ 803,164
Accounts receivable 7,223
Property taxes receivable 230,543 24,052 '
Contract receivable 43,326
Assessment liens receivable 1,218,351
Accrued interest on delinquent assessments 27,245
Due from other funds 205,482 20,111
II
Inventory of gasoline and parts 8,892
Fixed assets, net
Amount available for bonded debt service I
Amount to be provided for retirement of
general long -term debt
Total Assets $1,938,982 $1,376,833 $2,072,812 , il
LIABILITIES AND FUND EQUITY
Liabilities: II Accounts payable and accrued liabilities $255,371 $ 170 $ 6,906
Deposits 87,237
Due to other funds 13,000 212,593 II Deferred revenues:
Property taxes 202,745 21,379
Contract receivable 43,326
Assessment liens receivable 1,166,990 II
Accrued interest on delinquent
assessments 27,245
Capital lease obligation
II
Accrued vacation payable
Deferred compensation payable
Amount due to Bancroft Bond Debt II Service Fund
Bond anticipation notes payable
Bonds payable
Total Liabilities 601,679 212,763 1,222,520 I
Fund Equity:
Contributed capital
II
Investment in general fixed assets
Retained earnings
Fund balances:
Reserved for employee retirement benefits
II
Unreserved 1,337,303 1,164,070 850,292
Total Fund Equity 1,337,303 1,164,070 850,292
Total Liabilities & Fund Equity $1,938,982 $1,376,833 $2,072,812 II
The accompanying notes are an integral part of the general purpose financial statements. II
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I Fiduciary
Proprietary Fund Types Account Groups Total
Capital Fund Types Trust General General Long- (Memorandum
Projects Enterprise and Agency Fixed Assets Term Debt Only)
II $ 737,479 $1,205,132 $2,646,821 $ $ $8,192,834
104,742 111,965
II 254,595
43,326
1,218,351
27,245
225,593
8,892
7,284,286 6,369,835 13,654,121
I 850,292 850,292
5,492,304 5,492,304
II $ 737,479 $8,594,160 $2,646,821 $6,369,835 $6,342,596 $30,079,518
II $ 2,986 $ 336,601 $ $ $ $ 602,034
87,237
I 225,593
224,124
II 43,326
1,166,990
27,245
I 175,108 175,108
12,396 106,538 118,934
528,781 528,781
II 109,950 109,950
1,200,000 1,200,000
4,751,000 4,751,000
2,986 348,997 528,781 6,342,596 9,260,322
I 7,469,658 7,469,658
6,369,835 6,369,835
775,505 775,505
I 2,118,040 2,118,040
734,493 4,086,158
734,493 8,245,163 2,118,040 6,369,835 20,819,196
II 737,479 $8,594,160 $2,646,821 $6,369,835 $4,342,596 $30,079,518
II
II CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
II IN FUND BALANCES - ALL GOVERNMENT FUND TYPES
for the fiscal year ended June 30, 1988
1 Total
Special Debt Capital Special (Memorandum
General Revenue Service Projects Assessments Only)
1 Revenues:
Taxes $2,018,792 $ $ 134,000 $ $ $2,152,792
Franchise fees 749,684 100,160 849,844
1 Special assessments 532,224 532,224
Licenses and permits 786,738 11,921 798,659
Intergovernmental revenues 766,662 686,476 1,453,138
Charges for services 24,853 489,195 514,048
I Fines and forfeitures 254,154 254,154
Miscellaneous revenues,
primarily interest 314,422 117,994 192,800 2,951 628,167
1 Total Revenues 4,915,305 1,305,586 959,184 2,951 7,183,026
I Expenditures
Current:
Community Services 2,998,366 43,955 3,042,321
Community Development 994,641 769,872 1,764,513
1 Policy and Administration 98,700 22,316 121,016
City -wide support functions 477,794 86,092 563,886
Capital Projects 323,162 376,653 188,448 888,263
I Debt Service:
Principal 393,000 393,000
Interest 390,369 390,369
Other Fees 1,865 1,865
II Total Expenditures 4,892,663 1,298,888 785,234 188,448 7,165,233
II Excess of revenues over
(under) expenditures 22,642 6,698 173,950 (185,497) 17,793
I Other financing sources:
Proceeds of bond anticipation
notes 1,200,000 1,200,000
I Excess of revenues and other
sources over expenditures 22,642 6,698 173,950 1,014,503 1,217,793
1 Fund balances (deficit) -
beginning of year, as previously
reported 1,314,661 1,157,372 38,858 (2,121,526) 389,365
1 Adjustment to eliminate Special
Assessments Fund 637,484 (280,010) 2,121,526 2,479,000
1 Fund balances - beginning of
year, as restated 1,314,661 1,157,372 676,342 (280,010) - 2,868,365
I Fund balances, end of year $1,337,303 $1,164,070 $ 850,292 $ 734,49a $ - $4,086,158
The accompanying notes are an integral part of the general purpose financial statements.
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II
CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (NON -GAAP BASIS) AND ACTUAL - ALL GOVERNMENTAL FUND TYPES
II
for the fiscal year ended June 30, 1988
General Fund Special Revenue Funds
II
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
II
Revenues:
Taxes $2,040,190 $2,018,792 $ (21,398) $ $ $
Franchise fees 802,800 749,684 (53,116)
Special assessments
II
Licenses and permits 766,000 786,738 20,738 6,000 11,921 5,921
Intergovernmental revenues 747,272 766,662 (19,390) 669,708 686,476 16,768
Charges for services 24,853 24,853 365,000 489,195 124,195
II
Fines and forfeitures 208,500 254,154 45,654
Miscellaneous revenues,
primarily interest 285,000 314,422 29,422 111,441 117,994 6,553
Total Revenues 4, 849,762 4,915,305 65,543 1,152,149 1,305,586 153,437
Expenditures
Current:
Community Services 3,074,701 2,998,366 76,335 92,491 43,955 48,536 II
Community Development 1,067,572 994,641 72,931 815,662 769,872 45,790
Policy and Administration 101,700 98,700 3,000 22,800 22,316 484
City -wide support functions 506,088 477,794 28,294 91,435 86,092 5,343
Contingency 1,067,244 1,067,244 405,365 405,365 II
Capital Projects 347,118 323,162 23,956 881,768 376,653 505,115
Debt Service:
Principal
Interest
Other Fees
Total Expenditures 6,164,423 4,892,663 1,271,760 2,309,521 1,298,888 1,010,633
I
Excess of revenues over
II
(under) expenditures (1,314,661) 22,642 1,337,303 (1,157,372) 6,698 1,164,070
II
Other financing sources:
Proceeds of bond anticipation
notes
II
Excess of revenues and other
sources over (under)
expenditures (1,314,661) 22,642 1,337,303 (1,157,372) 6,698 1,164,070 1
Fund balances - budgetary basis,
beginning of year 1,314,661 1,314,661 1,157,372 1,157,372
II
Fund balances - budgetary basis,
end of year $ - 1,337,303 $1,337,303 $ - 1,164,070 $1,164,070
Elimination of Special Assessments
II
Fund
Fund balances generally accepted
II
accounting principles basis,
end of year $1,337,303 $1,164,070
The accompanying notes are an integral part of the general purpose financial statements 11
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I Debt Service Fund Special Assessments Fund Total (Memorandum Only)
Variance Variance Variance
II Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 128,300 $ 134,000 $ 5,700 $ $ $ $2,168,490 $2,152,792 $ (15,698)
' 107,000 100,160 (6,840)
523,950 532,224 909,800 849,844 (59,956)
8,274 523,950 532,224 8,274
772,000 798,659 26,659
I 1,416,980 1,453,138 (36,158)
365,000 514,048 149,048
208,500 254,154 45,654
I 200 5,290 5,090 190,461 190,461 396,641 628,167 231,526
235 ,500 239,450 3,950 523,950 722,685 198,735 6,761,361 7,183,026 421,665
1 3,167,192 3,042,321 124,871
1,883,234 1,764,513 118,721
124,500 121,016 3,484
II 597,523 563,886 33,637
13,858 13,858 1,486,467 1,486,467
4,100,000 189,313 3,910,687 5,328,886 889,128 4,439,758
1 85,000 85,000 308,000 308,000 393,000 393,000
174,500 174,437 63 215,950 215,932 18 390,450 390,369 81
II 1,000 1,000 1,000 1,000
274,358 260,437 13,921 4,623,950 713,245 3,910,705 13,372,252 7,165,233 6,207,019
I (38,858) (20,987) 17,871 (4,100,000) 9,440 4,109,440 (6,610,891) 17,793 6,628,684
II 4,100,000 1,200,000 (2,900,000) 4,100,000 1,200,000 (2,900,000)
I (38,858) (20,987) 17,871 1,209,440 1,209,440 (2,510,891) 1,217,793 3,728,684
1 38,858 38,858 357,474 357,474 2,868,365 2,868,365
$ - 17,811 $ 17,871 $ 357,474 1,566,914 $1,209,440 $ 357,474 4,086,158 $3,728,684
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832,421 (1,566,914) (734,493)
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$ 850,292 $ - $3,351,665
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II CITY OF TIGARD, OREGON
COMBINED STATEMENT OF REVENUES, EXPENSES AND
I CHANGES IN RETAINED EARNINGS /FUND BALANCE -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND
for the fiscal year ended June 30, 1988
II
Proprietary Fiduciary Total
I Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
1 Operating Revenues:
Service charges $1,043,210 $ $1,043,210
Pension contribution 178,314 178,314
I Total Operating Revenues 1,043,210 178,314 1,221,524
Operating Expenses:
I Salaries and wages 397,834 397,834
Contracted services 17,295 17,295
General and administrative and other 458,199 458,199
II Depreciation 284,278 284,278
Benefit payments and withdrawals 15,151 15,151
Contract charges 3,046 3,046
1 Total Operating Expenses 1,157,606 18,197 1,175,803
Operating Income (loss) (114,396) 160,117 45,721
II Nonoperating Revenue - Interest 52,554 177,828 230,382
Net Income (loss) (61,842) 337,945 276,103
II Add depreciation on fixed assets donated
or acquired from capital contributions
II that reduces contributed capital 205,942 205,942
Increase in retained earnings/
II fund balance 144,100 337,945 482,045
Retained earnings /fund balance -
beginning of year 631,405 1,780,095 2,411,500
II Retained earnings /fund balance -
end of year $ 775,505 $2,118,040 $2,893,545
II
I The accompanying notes are an integral part
of the general purpose financial statements
II
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CITY OF TIGARD, OREGON
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
1 ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND
for the fiscal year ended June 30, 1988
1 Proprietary Fiduciary Total
Fund Type Fund Type (Memorandum
Enterprise Pension Trust Only)
II Working capital provided from (used in):
Operations
I Net income (loss) $ (61,842) $ 337,945 $ 376,103
Charges to operations not requiring
outlay of working capital in the
I current period - depreciation 284,278 284,278
Working Capital provided from
Operations 222,436 337,945 560,381
il Capital contributions, net of donated
fixed assets of $286,632 133,155 133,155
1 Fixed asset additions (194,521) (194,521)
Increase In Working Capital $ 161,070 $ 337,945 $ 499,015
I Changes in components which increased
(decreased) working capital:
Cash and investments $ 397,152 $ 337,945 $ 735,097
II Accounts receivable (118,425) (118,425)
Property taxes receivable (8,311) (8,311)
Accounts payable and accrued
II liabilities (107,893) (107,893)
Accrued vacation payable (3,139) (3,139)
Due to other funds 1,686 1,686
II Increase in working capital $ 161,070 $ 337,945 $ 499,015
II
II
II The accompanying notes are an integral part
of the general purpose financial statements.
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I NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
Governmental Entities Included in the Combined Financial Statements
r All significant activities and organizations with which the City exercises oversight
responsibility have been included in the City's combined financial statements for the
year ended June 30, 1988. The following criteria regarding manifestation of oversight
were considered by the City in its evaluation of City organizations and activities:
r - Financial interdependency - whether the City receives financial support or provides
financial benefit to the organization; is responsible for or has directly or
indirectly guaranteed the organization's debts.
- Authoritative appointment of governing authority - whether the City Council appoints
' the organization's governing authority and maintains a significant continuing
relationship with the governing authority pertaining to the public functions of the
organization.
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 combined financial statements.
Bases of Accounting
r 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.
r - 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, 1988 under the modified accrual
basis of accounting were as follows:
1 - State, county, and local shared revenues for cigarette tax, liquor tax and other.
Property tax revenues and assessment liens principal installments which are
collected within sixty days following year end.
r
r
r 7
r
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
Bases of Accounting (continued)
' The Enterprise Funds and Pension Trust Fund are accounted for utilizing the accrual
basis of accounting. Under the accrual basis of accounting, revenues are recorded at
the time they are earned and expenses are recorded at the time liabilities are incurred.
' 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.
Investments
' Investments, included in cash and investments, are carried at cost which approximates
market. Deferred Compensation Fund investments are carried at market value.
' Receivables
Receivables for state, county, and local shared revenues are recorded as revenue in the
1 Governmental Funds as earned.
Receivables of the Enterprise Funds are recorded as revenue as earned, including
services earned but not billed.
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 on January 1 for personal property and on July 1 for real property. All taxes 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.
' Assessments 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 is recorded as a receivable and entirely
offset by a deferred revenue account, and accordingly, has not been recorded as revenue.
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CITY OF TIGARD
OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
' Receivables (continued)
' The contract receivable due from Unified Sewerage Agency in the General Fund is offset
by a deferred revenue account. Revenue is recognized when payments on the receivable
are made.
Inventory of Gasoline and Parts
Inventory of gasoline and parts is stated on the first -in, first -out basis and is
' charged to expenditures as used.
Enterprise Fund Fixed Assets
Purchased fixed assets are stated at historical cost or estimated historical cost when
historical cost is not available. The total amount of fixed assets valued at estimated
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. The total amount of fixed
assets donated is not available. 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
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. The total amount of fixed assets valued at estimated
' 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 estimated historical cost or 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.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1. Summary of Significant Accounting Policies (continued):
General Fixed Assets (continued):
' Expenditures for public domain fixed assets (streets, sidewalks, curbs and gutters,
lighting systems and similar assets) that are immovable and of value only to the City as
a governmental unit are reported as expenditures as incurred and are not capitalized.
' Long -Term Debt
General long -term debt of the City is recorded in the General Long -Term Debt Account
' Group. Repayment of general bonded debt is made from the Debt Service Funds. Payment
of vacation liabilities and the capital lease obligation are made from the General Fund
and the amount due to Bancroft Bond Debt Service Fund will be made from the Streets SDC
Fund. The City has no long term debt in its enterprise funds.
Accrued Vacation Payable
' Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by
employees. In Governmental Fund Types the amounts, if any, expected to be liquidated
with expendable available resources are accrued as liabilities of the funds and the
amount payable from future resources is recorded in the General Long -Term Debt Account
Group. Sick pay, which does not vest, is recorded in all funds when leave is taken.
Contributed Capital
' Contributed capital in the Enterprise Funds represents the accumulation of contributions
in the form of cash or other assets which generally do not have to be returned to the
' contributor. Such contributions are recorded directly to contributed capital and,
accordingly, are not recognized as revenue. The following transactions are recorded in
contributed capital in the Enterprise Funds:
' - Receipts of federal and state grants for 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.
' - Transfers from retained earnings for depreciation on fixed assets donated or
acquired by contributed capital resources.
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 with certain
' modifications as explained in Note 3, the accrual basis of accounting for Enterprise
Funds, and in accordance with the legal requirements set forth in the Oregon Local
' 10
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CITY OF TIGARD OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1
1. Summary of Significant Accounting Policies (continued):
Budget (continued):
' Budget Law. Appropriations are made at the major program level for each fund.
Appropriations may not be legally overexpended. Appropriations lapse at the end of each
fiscal year. 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 appropriations if an occurrence, condition, or need
exists which had not been ascertained at the time the budget was adopted. During the
fiscal year ended June 30, 1988, several appropriations transfers were made as well as
' one supplemental budget appropriations.
The budget for the funds includes capital outlay expenditures in each program for
capital outlay applicable to that program. Capital outlay expenditures benefiting the
City and not an identifiable program are reported separately.
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
11 State of Oregon, Article IX, Section 3.
Streets SDC Fund: This fund accounts for system development charges to be used
for major repair and improvement to extra capacity street facilities.
Parks SDC Fund - This fund accounts for system development charges for major
' improvements to recreational facilities within the City.
County Road Levy Fund This fund accounts for a special, one -time property tax
levy from Washington County for the maintenance and repair of roads.
' County Gas Fund - This fund accounts for road tax monies received from Washington
County for the maintenance and operation of roads.
' 11
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
2. Organization and Operation: (continued)
' Governmental Fund Types (continued)
Debt Service Funds:
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 and franchise fees.
Bancroft Bond Debt Service Fund - This fund accounts for the payment of Bancroft
improvement bond principal and interest. The principal source of revenue is from
collections of assessments against owners of benefitted property interest and
contributions from other funds for their share of costs.
' Capital Projects Fund: This fund accounts for the construction of specific street
and sanitary sewer and storm drainage projects which benefit property owners.
Principal resources are proceeds from bond anticipation notes.
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.
' Fiduciary Fund Types:
Deferred Compensation Fund - This agency fund accounts for monies withheld from
' employees under deferred compensation plans and the earnings on the investment of
those funds.
' Pension Trust Fund - This fund accounts for the police employees' pension plans.
Account Groups
General Fixed Assets - This account group accounts for the City's investment in
fixed assets, with the exception of those assets held by the Enterprise Funds.
General Long -Term Debt - This account group accounts for general long -term
indebtedness of the City.
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CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
3. Elimination of the Special Assessments Fund Type
As required by the Government Accounting Standards Board (GASB) Statement No. 6, the
City has eliminated the Special Assessment Fund for generally accepted accounting
principles purposes by recognizing the construction activities of the special assessment
' projects in the Capital Projects Fund and the collection of bonded assessments liens
receivable and the payment of Bancroft bond debt service in the Bancroft Bond Debt
Service Fund.
The change, which was made retroactively, eliminated the fund balance deficit in the
Special Assessment Fund as of June 30, 1987, as follows:
Fund balance (deficit) as of June 30, 1987;
as previously reported ($2,121,526)
Transfer of Bancroft Improvement Bonds to the
General Long -Term Debt Account Group $2,479,000
' Recording of Fund balance related to debt
service activities in the Bancroft Bond Debt
Service Fund (637,484)
' Transfer of deficit fund balance for construction
projects to the Capital Projects Fund 280,010
Fund balance as of June 30, 1987, as restated $ -
The transfer of the deficit fund balance of $280,010 to the Capital Projects Fund
' represented construction expenditures incurred in fiscal year 1987 which were financed
by monies within the Special Assessment Fund prior to the issuance of Bond Anticipation
Notes. Such notes were issued in fiscal year 1988 and recorded in the Capital Projects
Fund, thus eliminating this deficit.
The change had the effect of increasing excess of revenues and other sources over
expenditures in the Capital Projects Fund and the Debt Service Funds in fiscal year 1988
1 by $1,014,503 and $194,937, respectively. The effect on total combined (memorandum
only) fund balances of the City, taken as a whole, was to increase the fund balances as
of June 30, 1988, by $3,371.000. This increase is due to the recognition of Bancroft
Improvement Bonds of $2,171,000 and Bond Anticipation Notes of $1,200,000 as of June 30,
1988 in the General Long -Term Debt Account Group.
For budgetary purposes, the City budgeted the construction and debt service activities
' related to the special assessment projects in the Special Assessment Fund. Accordingly,
the Special Assessment Fund Type is included in the Combined Statement of Revenues,
Expenditures and Changes in Fund Balances - Budget (Non -GAAP Basis) and Actual - All
Governmental Fund Types, whereas such activities are recognized in the Debt Service and
Capital Project Fund Types in the Combined Statement of Revenues Expenditures and
Changes in Fund Balances - All Governmental Fund Types on the general accepted
accounting principles basis.
13
' CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1
4. Cash and Investments:
The City maintains a cash and investment pool that is available for use by all funds,
except the Deferred Compensation Fund and Pension Trust Fund. Each fund type's portion
' of this pool is displayed on the combined balance sheet as "cash and investments." The
investments of the Deferred Compensation Fund and Pension Trust Fund are held separately
from those of other City funds.
Cash and investments are comprised of the following at June 30, 1988:
Cash on hand $ 9,021
' Cash Held by Department of Finance, Washington County 16,921
Deposits with financial institutions 841,108
Investments 7,325,784
$$,192,834
Deposits
' Deposits with financial institutions include bank demand deposits and time deposit
accounts. The total bank balance is $937,906 (book balance is $841,108). Of these
deposits, $200,000 was covered by federal depository insurance and $250,000 was
' collateralized with securities held by financial institutions 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. Of the City's
' deposits with financial institutions, $487,906 was uncollateralized at June 30, 1988.
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, 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, 1988. Category 1 includes investments that are insured
or for which the securities are held in the City's name. Category 2 includes uninsured
investments for which the securities are held in the City's name by the trust department
of the financial institution selling the security to the City. Category 3 includes
uninsured investments for which the securities are held by the financial institution
selling the security to the City or by its trust department, but not in the City's
name. There were no category 1 and 2 investments at June 30, 1988.
14
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
I
4. Cash and Investments: (continued)
II Investments (continued)
Category Carrying Market
II 1 2 3 Amount Value
Held by custodian under
I deferred compensation plan $ $ $ 528,781 $ 528,781 $ 528,781
Held by custodian under
pension plan 2,118,040 2,118,040 2,118,040
' $ - $ - $2,646,821 2,646,821 2,646,821
I State treasurer's investment
pool 4,678,963 4,678,963
II Total Investments $7,325,784 $7,325,784
5. Contract Receivable:
1 This represents the balance due to the City from the Unified Sewerage Agency of
Washington County resulting from the sale of certain sewage treatment and collection
I facilities to the Agency in 1970. This contract is recorded in the General Fund because
at the time of sale of the facilities, the City's sewer operations were accounted for in
the General Fund. Amounts due at June 30, 1988 comprise:
II Total receivable $ 47,659
Less unearned interest 4,333
I $ 43,326
The contract requires annual payments of $14,442 plus 5 percent interest on the unpaid
I balance to July 1, 1991.
6. Assessment Liens Receivable:
I Assessment liens receivable represent the uncollected amount levied against benefitted
property for the cost of local improvements. Because the assessments are liens against
the benefitted property, an allowance for uncollectable amounts is not deemed
II necessary. Substantially all assessments are payable over a period of 10 to 20 years.
Assessments bear 7 percent to 13 percent interest.
a
II
II 15
1
II
CITY OF TIGARD, OREGON
II NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
7. Interfund Receivables and Payables:
I Interfund receivables and payables at June 30, 1988, are:
I Special
General Revenue
Fund Funds Total
Due from other funds:
I
General $ $ 13,000 $ 13,000
Streets SDC 5,100 5,100
State Tax Street 188,052 188,052
I County Road Levy 17,430 17,430
County Gas Tax 2,011 2,011
' $205,482 $ 20,111 $225,593
Due to other funds:
General $ $205,482 $205,482
II State Tax Street 13,000 13,000
Streets SDC 5,100 5,100
County Gas Tax 2,011 2,011
I $ 13,000 $212,593 $225,593
8. Fixed Assets:
II Fixed assets and related changes therein are as follows:
ENTERPRISE FUNDS
il Balance Reclass- Balances
June 30, 1987 Additions ifications June 30, 1988
I Land $ 2,484 $ $ $ 2,484
Building 53,540 53,540
Sewer system 5,056,250 211,686 5,267,936
II
Storm drainage system 5,126,900 184,393 5,311,293
Equipment 128,087 27,615 (60,096) 95,606
Autos and trucks 28,710 57,460 60,096 146,266
II 10,395,971 481,154 - 10,877,125
depreciation 3,308,561 284,278 3,592,839
I $ 7,087,410 $ 196,876 $ - $ 7,284,286
II
II
I 16
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
II
8. Fixed Assets: (continued)
II GENERAL FIXED ASSETS ACCOUNT GROUP
II Balance Reclass- Balances
June 30, 1987 Additions ifications Retirements June 30, 1988
I Land $ 931,081 $ 228,719 $ $ $1,159,800
Buildings 2,885,783 43,879 (520,273) (16,756) 2,912,906
Equipment 861,111 71,371 (37,972) 374,237
II Autos and trucks 320,922 125,329 239,461 (57,124) 628,488
Office equipment 446,424 138,780 280,812 (23,910) 842,106
Library books 366,375 85,923 452,298
1 $5,811,596 $ 694,001 $ -- $ (135,762) $6,369,835
9. Long -Term Debt:
II Bonds Payable
Bonds payable transactions for the year and future maturities of bond principal and
1
interest at June 30, 1988 are as follows:
U Matured
Outstanding and Paid Outstanding
June 30, 1987 During Year June 30, 1988 Interest
I General Obligation Bonds:
General obligation city
building bonds with
I interest rates from 5.95%
to 18% (original amount
$4,415,000):
II Fiscal Year:
1988 $ 85,000 $ 85,000 $ $
1989 90,000 90,000 167,037
II 1990 95,000 95,000 158,951
1991 105,000 105,000 150,924
1992 115,000 115,000 142,363
1993 120,000 120,000 132,862
1 1994 -1998 770,000 770,000 521,096
1999 -2003 1,040,000 1,040,000 267,438
2004 -2005 245,000 245,000 14,700
II $2,665,000 $ 85,000 $2,580,000 $1,555,371
II
I 17
I
CITY OF TIGARD, OREGON
II NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
9. Long -Term Debt: (continued)
I Matured
Outstanding and Paid Outstanding
' June 30, 1987 During Year June 30, 1988 Interest
Bancroft Improvement Bonds:
Seven general obligation
improvement bond issues
II with interest rates from
6% to 16.75% (original
amounts $3,447,181, pay-
' able first from assessments
to benefitted properties
and second, if necessary
II from the general credit of
the City:
Fiscal Year
1988 $ 308,000 $ 308,000 $ $
I 1989 328,000 328,000 187,955
1990 363,000 363,000 156,929
1991 388,000 388,000 122,257
I 1992 433,000 433,000
413,000 83,269
1993 413,000 43,255
1994 -1998 196,000 196,000 55,562
1999 -2003 50,000 50,000 14,305
II $2,479,000 $ 308,000 $2,171,000 $ 663,532
In fiscal year 1987, the City issued $2,215,000 in General Obligation Bonds to advance
I refund $1,640,000 of outstanding 1984 Series bonds. The net proceeds were deposited in
an irrevocable trust with an escrow agent to provide for future debt service payments on
the 1984 Series bonds. As a result, the 1984 Series bonds are considered defeased and
I the liability for those bonds has been removed from, and not included in, the General
Long -Term Debt Account Group. At June 30, 1988, the outstanding balance on the 1984
Series bonds is $1,640,000.
II Other Long -Term Debt
Changes in other long -term debt for the year ended June 30, 1988; are as follows:
I Outstanding Outstanding
June 30, 1987 Additions Deletions June 30, 1988
I Capital lease obligation
(computer system) $ 224,116 $ - $ 49,008 $ 175,108
II Accrued vacation payable $ 126,539 $ 106,538 $ 126,539 $ 106,538
II
II 18
II
II CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
II
9. Long -Term Debt: (continued)
II Other Long -Term Debt
Outstanding Outstanding
II June 30, 1987 Additions Deletions June 30, 1988
Amount due to Bancroft
I Bond Debt Service Fund $ 124,950 $ - $ 15,000 $ 109,950
Bond Anticipation Notes $ - $1,200,000 $ - $1,200,000
II The City leases its computer system under a 5 year capital lease. At the end of the
lease term, ownership of the computer system is transferred to the City. Principal
and interest at 9 percent are due annually.
II The amount due to Bancroft Bond Debt Service Fund will be funded over 9 years by the
Streets SDC Fund.
II The Bond Anticipation Notes mature October 1, 1989. Principal and interest at 5.5
percent are due at maturity.
II Future maturities of other long -term debt at June 30, 1988, are as follows:
Amount Due to
I Capital
Lease Accrued Bancroft Bond Bond
Vacation Debt Service Anticipation
Obligation Payable Fund Notes
II 1989 $ 69,178 $ 106,538 $ 15,000 $
1990 69,178 15,000 1,200,000
1991 69,178 15,000
I 1992 15,000
1993 15,000
Thereafter 34,950
II Total 207,534 106,538 109,950 1,200,000
Less amount representing
I interest 32,426
Total $ 175,108 $ 106,538 $ 109,950 $1,200,000
II
II
II
II 19
II
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
10. Contributed Capital:
The changes in contributed capital were as follows:
' Balance, beginning of year $7,255,811
Transfer of depreciation on certain contributed
fixed assets from retained earnings (205,942)
Contributions from customers 419,789
Balance, end of year $7,469,658
' 11. Retirement Plans:
Pensions Plans
' Full -time Police employees who have completed six months of service are participants in
a City sponsored pension program consisting of a defined benefit plan, and a defined
contribution plan, both single employer plans. Employee contributions, representing 6%
' of a participant's salary as defined in the plan document, are paid by the City, and are
recorded in the defined contribution plan whereas employer contributions are recognized
in the defined benefit plan. Total contributions for the fiscal year 1988 to the
defined contribution plan were $58,911. The City's payroll for employees covered for
' the year ended June 30, 1988, was $1,043,064. The City's total payroll was
approximately $3,202.000 for the year ended June 30, 1988.
' Current membership as of July 1, 1988 in the pension plan is comprised of the following:
Group July 1, 1988
' Retirees and beneficiaries currently receiving
benefits 2
Vested terminated employees 5
' Active employees:
Fully vested 20
Non vested 21
' Participants under the defined benefit plan (The Plan) fully vest after five years of
continuous service. Normal retirement is allowed at age 55 and completion of 25 years
' of service or, after attaining age 57 and completion of 20 years of service. Early
retirement is allowed 5 years prior to the normal retirement date. Retirement benefits
are reduced if retirement occurs prior to the normal retirement date. Participants in
the defined contribution plan immediately vest.
' Retirement benefits under The Plan are calculated using a formula based on salary and
length of service and are payable monthly. The Plan also provides death and disability
' benefits. These benefit provisions and other requirements are established by City
Council. The City's policy is to fund the minimum required actuarially determined
contribution on a current basis.
' 20
I
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
' 11. Retirement Plans: (continued)
' Pensions Plans (continued)
The amount shown below as the "pension benefit obligation" for The Plan 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 the Plan 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 The Plan.
l The pension benefit obligation was computed as part of the most recent actuarial
valuation performed as of July 1, 1988. Significant actuarial assumptions used to
compute the pension benefit obligation include a rate of return on investment of present
' and future assets of 7.5 percent and projected annual salary increases of 6 percent.
The assets in excess of pension benefit obligation as of July 1, 1988, is as follows:
Net assets available for benefits (market value) $1,341,385
Pension benefit obligation:
' Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits 126,573
' Current Employees:
Employer- financed vested 585,870
Employer- financed nonvested 537,681
'
Assets in excess of pension benefit obligation 1,250,124
$ 91,261
The Plan provides for actuarially determined periodic contributions that are sufficient
' to pay benefits when due. The actuarial funding method is the "entry age normal- frozen
initial liability method" which is used to determine the contribution required. The
significant assumptions used to compute the actuarially determined contribution
' requirement are the same as those used to compute the pension benefit obligation
described above.
' The actuarially determined annual contribution requirement as of July 1, 1987 for fiscal
year 1988 was determined to be approximately $124,000; no breakdown as to the components
of the required contribution between normal cost and amortization of the unfunded frozen
initial liability is available. The City's contribution for fiscal year 1988 was
' approximately $124,000, which represented approximately 12 percent of current covered
payroll.
' Certain ten -year and three -year trend information, which is designed to give an
indication of the progress made in accumulating sufficient assets to pay benefits when
due, as required by Statement No. 5 of the Government Accounting Standards Board, is not
' available because the first actuarial valuation providing the required actuarial
information was prepared as of July 1, 1988. For fiscal year 1988, net assets available
for benefits were 107 percent of the pension benefit obligation and the assets in excess
of pension benefits obligation represented approximately 9 percent of the annual payroll
' covered by the Plan.
21
1
CITY OF TIGARD, OREGON
II NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
I ii. Retirement Plans: (continued)
Pension Plans (continued)
II Certain additional trend information which is required supplementary information as
specified by Statement No. 5 is shown below for those years in which such information
was available.
II Fiscal Year Ended
1988 1987 1986 1985 1984 1983
Net assets available for
II benefits $1,341,385 $1,131,489 $841,555 $673,503 $454,140 $367,178
Employer contributions 178,314 153,961 117,824 135,095 89,587 65,087
Investment income 177,828 149,983 219,492 164,785 109,043 48,038
I Benefit payments & withdrawals 15,151 152,762 1,200 4,586 4,320 5,079
Administration expenses 3,046 804 2,313 5,267 5,267 5,077
1 Annual covered payroll 1,043,064 850,368 760,224 660,804 656,172 603,384
Employer contributions as
% of covered payroll 17.1% 18.1% 15.5% 20.4% 13.6% 10.8%
II The City also contributes to defined contribution, single employer plans at 10 percent and
12.5 percent of gross salary depending on the employment group, for all other eligible
employees. Employees become eligible after six months of service and vest immediately.
I Contributions to the plans are made to a fiduciary. The fiduciary holds the funds in
trust and makes distributions as provided by the plans. Expenditures by the City for the
plans were $184,838 for the year ended June 30, 1988. Current year covered payroll
1 amounted to $2,158,936.
Deferred Compensation Plan
I The City offers certain employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all City employees, permits
them to defer a portion of their salary until future years. Contributions for the plan
' are made to fiduciaries who hold the funds in trust for the plan participants. The
deferred compensation is not available to employees until termination, retirement, death,
or unforeseeable emergency.
I All amounts of compensation deferred under the plan, 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
II and rights of the City (without being restricted to the provisions of benefits under the
plan), subject only to the claims of the City's general creditors. Participants' rights
under the plan, are equal to those of general creditors of the City in an amount equal to
1 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.
II Expenditures by the City for the deferred compensation plan were $48,625 for the year
ended June 30, 1988.
I
22
1
1
CITY OF TIGARD, OREGON
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS, (continued)
1
12. Transactions with Unified Sewerage Agency of Washington County:
1 The City of Tigard 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 connection
I charges collected, in accordance with an agreement between the City and USA dated
January 18, 1972. Payments of $2,053,274 were made to USA during 1988 under this
agreement.
1 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 Earnings /Fund
Balance -- All Propriety Fund Types and Similar Trust Fund. Revenues are reported net
1 because the City acts in a fiduciary capacity on behalf of USA.
13. Segment Information for Enterprise Funds:
1 The City's two Enterprise Funds account for the acquisition, operation, and maintenance
of sewer and storm drainage systems which are supported by user charges. Segment
information for the year ended June 30, 1988 is as follows:
1 Sewer Storm Drainage
Fund Fund Total
II Operating revenue $ 687,549 $ 355,661 $1,043,210
Depreciation 170,945 113,333 284,278
Operating loss (24,171) (90,225) (114,396)
1 Net Income (loss) 12,906 (74,748) (61,842)
Current capital contributions 192,905 226,882 419,787
Fixed asset additions 296,757 184,396 481,153
1 Net working capital 586,440 374,437 960,877
Total assets 4,954,704 3,639,456 8,594,160
Total equity 4,610,102 3,635,061 8,245,163
1 14. Deficit Retained Earnings:
The Storm Drainage Fund, an enterprise fund, had a deficit retained earnings of $29,913
1 at June 30, 1988; however, overall fund equity was $3,635,061 because of significant
capital contributions to the fund.
1
I
I
1
1 23
1
I
I
I
1
I
I SUPPLEMENTARY DATA
(Combining and Individual Fund and Account Group Statements
I and Other Financial Schedules)
I
I
1
I
I
I
I
I
I
I
I
I
1
r
I
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.
11
I
I
1
I
I
I
I
II CITY OF TIGARD, OREGON
GENERAL FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
r Variance
Revised Favorable
Budget Actual (Unfavorable)
II REVENUES:
Taxes $2,040,190 $2,018,792 $ (21,398)
II Franchise fees 802,800 749,684 (53,116)
Licenses and permits 766,000 786,738 20,738
Intergovernmental revenues 747,272 766,662 19,370
II Charges for current services 24,853 24,853
Fines and forfeitures 208,500 254,154 45,654
Miscellaneous revenues,
primarily interest 285,000 314,422 29,422
II Total revenues 4,849,762 4,915,305 65,543
I BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 1,314,661 1,314,661
Total $6,164,423 $6,229,966 $ 65,543
II EXPENDITURES:
Community services $3,074,701 $2,998,366 $ 76,335
Community development 1,067,572 994,641 72,931
Policy and administration 101,700 98,700 3,000
City -wide support functions 506,088 477,794 28,294
II Contingency 1,067,244 1,067,244
Capital projects 347,118 323.162 23,956
Total Expenditures $6,164,423 $4,892,663 $1,271,760
II
II
II
II
r
11
I 24
II
11
1
11
SPECIAL REVENUE FUNDS
I
The Special Revenue Funds account for revenue derived from specific tax 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
• State Tax Street
' • Streets SDC
• Parks SDC
• County Road Levy
• County Gas Tax
11
I
II CITY OF TIGARD, OREGON
SPECIAL REVENUE FUNDS
I COMBINING BALANCE SHEET
June 30, 1988
I Forfeitures
From State County
Criminal Tax Streets Parks Road County
II Activity Street _ SDC SDC Levy Gas Tax Total
ASSETS
II Cash and investments $ 45,242 $ 321,553 $ 731,357 $ 90,881 $ 85,344 $ 82,345 $1,356,722
II Due from other funds 20,111 20,111
Total assets $ 45,242 $ 341,664 $ 731,351 $ 90,881 $ 85,344 $ 82,345 $1,376,833
1 LIABILITIES AND
FUND BALANCES
II LIABILITIES:
Accounts payable $ $ $ 120 $ 50 $ $ $ 170
Due to other funds 188,052 5,100 17,430 2,011 212,593
II Total liabilities 0 188,052 5,220 50 17,430 2,011 212,763
FUND BALANCES -
II UNRESERVED 45,242 153,612 726,137 90,831 67,914 80,334 1,164,070
Total liabilities
II and fund balance $ 45,242 $ 341,664 $ 731,357 $ 90,881 $ 85,344 $ 82,345 $1,376,833
II
II
II
II
II
II
I 25
II CITY OF TIGARD OREGON
SPECIAL REVENUE FUNDS
I COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
(GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS)
II for the fiscal year ended June 30, 1988
I Forfeitures
From State County
Criminal Tax Streets Parks Road County
Activity Street SDC SDC Levy Gas Tax Total
II REVENUES:
I Licenses and permits $ $ 11,921 $ $ $ $ $ 11,921
Intergovernmental
revenues 583,691 1,474 101,311 686,476
Charges for services 390,735 98,460 489,195
I
Miscellaneous revenues 50,741 8,285 38,940 4,173 7,020 8,235 117,994
Total revenues 50,741 603,897 429,675 103,233 8,494 109,546 1,305,586
I EXPENDITURES:
I Community Services 5,499 25,935 12,521 43,955
Community Development 565,041 77,504 2,725 64,394 60,208 769,872
Policy and admini-
stration 18,474 3,842 22,316
I City -wide Support
functions 71,429 14,663 86,092
Capital projects 51,299 275,703 37,797 2,170 9,684 376,653
II Total expenditures 5,499 732,178 353,207 40,522 66,564 100,918 1,298,888
Excess of revenues
I
over (under)
expenditures 45,242 (128,281) 76,468 62,711 (58,070) 8,628 6,698
I FUND BALANCES -
beginning of year 281,893 649,669 28,120 125,984 71,706 1,157,372
I FUND BALANCES -
end of year $ 45,242 $ 153,612 $ 726,137 $ 90,831 $ 67,914 $ 80,334 $1,164,070
I
I
I
II 26
I
' CITY OF TIGARD, OREGON
FORFEITURES FROM CRIMINAL ACTIVITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
' Variance
Favorable
'
Budget Actual (Unfavorable)
REVENUES:
' Miscellaneous $ 50,741 $ 50,741 $ -
I Budgeted Variance
Appropriations Actual (Unfavorable)
' EXPENDITURES:
Community Services $ 50,741 $ 5,499 $ 45,242
I
I
1
I
27
II CITY OF TIGARD, OREGON
STATE TAX STREET FUND
I SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
I Variance
Favorable
Budget Actual (Unfavorable)
II REVENUES:
I State gas tax $ 570,000 $ 583,691 $ 13,691
Lighting subdivisions 6,000 11,921 5,921
Interest 35,200 8,285 (26,915)
I Total revenues 611,200 603,897 (7,303)
BEGINNING FUND BALANCE AVAILABLE
II FOR APPROPRIATION 281,893 281,893
Total $ 893,093 $ 885,790 $ (7,303)
II
Variance
I Budgeted Favorable
(U
Appropriations Actual (Unfavorable)
EXPENDITURES:
II Community Services $ 27,875 $ 25,935 $ 1,940
Community Development 596,751 565,041 31,710
I Policy and administration 19,000 18,474 526
4,
City -wide support functions 75,871 71,429
4,442
Capital projects 119,000 51,299 67,701
Contingency 54,596 54,596
II Total $ 893,093 $ 732,178 $ 160,915
II
II
II
I
II
II 28
II
II CITY OF TIGARD OREGON
STREETS SDC FUND
II SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
I Variance
Favorable
I Budget Actual (Unfavorable)
REVENUES:
I System development charges $ 240,000 $ 390,735
38 940 $ 150,735
Interest 20,000 , 18,940
I Total revenues 260,000 429,675 169,675
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 649,669 649,669
I Total $ 909,669 $1,079,344 $ 169,675
I Variance
Budgeted Favorable
I Appropriations Actual (Unfavorable)
EXPENDITURES:
I Community Development $ 82,154 $ 77,504 $ 4,650
Capital projects 604,500 275,703 328,797
Contingency 223,015 223,015
' Total $ 909,669 $ 353,207 $ 556,46Z
1
II
II
II
II
II
II 29
II
II CITY OF TIGARD, OREGON
PARKS SDC FUND
I SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
1 Variance
Favorable
Budget Actual (Unfavorable)
II REVENUES:
I System development charges $ 125,000 $ 98,460
4 $ (26,540)
Interest 4,000 ,773 773
Total revenues 129,000 103,233 (25,767)
II
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 28,120 28,120
II Total $ 157,120 $ 131,353 $ (25,767)
I Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
I EXPENDITURES:
I Community Development $ 3,287 $ 2,725 $ 562
Capital projects 130,768 37,797 92,971
Contingency 23,065 23,065
II Total $ 157,120 $ 40,522 $ 116,598
II
II
II
II
I
II
1 30
II
I CITY OF TIGARD, OREGON
COUNTY ROAD LEVY FUND
I SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
I Variance
Favorable
Budget Actual (Unfavorable)
11 REVENUES:
1 County maintenance and repair tax $ 1,474 020 (1,026)
Interest 500 7, 6,520
I Total revenues 3,000 8,494 5,494
BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 125,984 125,984
I Total $ 128,984 $ 134,478 $ 5,494
II Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
II
EXPENDITURES:
I Community Development 67,219 64,394 2,825 $
Capital projects 5,000 2,170 2,830
Contingency 56,765 56,765
U Total $ 128,984 $ 66,564 $ 62,420
1
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II 31
II
II CITY OF TIGARD, OREGON
COUNTY GAS TAX FUND
II SCHEDULE OF REVENUES AND EXPENDITURES -- BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
I Variance
Favorable
Budget Actual (Unfavorable)
I REVENUES:
I County road tax $ 97,208 $ 101,311
8 235 $ 4,103
Interest 1,000 , 7,235
Total revenues 98,208 109,546 11,338
II BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 71,706 71,706
II Total $ 169,914 $ 181,252 $ 11,338
II Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
II EXPENDITURES:
I Community services $ 13,875 $ 12,521 $ 1,354
Community development 66,251 60,208 6,043
Policy and administration 3,800 3,842 (42)
City -wide support functions 15,564 14,663 901
I
Capital projects 22,500 9,684 12,816
Contingency 47,924 47,924
11 Total $ 169,914 $ 100,918 $ 68,996
II
II
I
II
II
II 32
II
I
I
I
I
I
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:
Bond Debt Service Fund
Bancroft Bond Debt Service Fund
Principal sources of revenues are property taxes and franchise fees for the Bond
Debt Service Fund and special assessment collections and interest earnings for the
' Bancroft Bond Debt Service Fund.
As required by GASB Statement No. 6, the Special Assessment Fund has been
1 eliminated for generally accepted accounting principles purposes and debt service
activities of the fund have been recognized in the Bancroft Bond Debt Service Fund
included herein. Construction activities of the Special Assessment Fund have been
recognized elsewhere in a capital projects fund. However, for budgetary purposes,
the Special Assessment Fund has not been eliminated and its budgetary activities
are included in the Special Assessment Fund section of the Comprehensive Annual
Financial Report.
I
I
II CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
I COMBINING BALANCE SHEET
June 30, 1988
II
Bancroft
Bond Debt Bond Debt
I ASSETS Service Service Total
Cash and investments $ 15,198 $ 787,966 $ 803,164
II Property taxes receivable 24,052 24,052
Assessment liens receivable 1,218,351 1,218,351
Accrued interest on delinquent
Assessments 27,245 27,245
II Total Assets $ 39,250 $2,033,562 $2,072,812
I LIABILITIES AND FUND BALANCES
LIABILITIES
II Accounts payable and accrued
liabilities $ $ 6,906 $ 6,906
II Deferred revenues:
Property taxes 21,379 21,379
II Assessment liens receivable 1,166,990 1,166,990
Accrued interest on delinquent
assessments 27,245 27,245
II Total Liabilities 21,379 1,201,141 1,222,520
1 FUND BALANCES - UNRESERVED 17,871 832,421 850,292
Total liabilities And
II fund balances $ 39,250 $2,033,562 $2,072,812
1
II
II
II 33
II
II
CITY OF TIGARD, OREGON
DEBT SERVICE FUNDS
II
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
(GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS)
II for the fiscal year ended June 30, 1988
II
Bancroft
Bond Debt Bond Debt
II Service Service Total
REVENUES:
I Taxes $ 134,000 $ $ 134,000
Franchise fees 100,160 100,160
I Special assessments 532,224 532,224
Miscellaneous revenues
Primarily interest 5,290 187,510 192,800
I Total revenues 239,450 719,734 959,184
I EXPENDITURES:
Debt Service:
Principal 85,000 308,000 393,000
II Interest 174,437 215,932 390,369
Other 1,000 865 1,865
II Total expenditures 260,437 524,797 785,234
II Excess of revenues
over (under) Expenditures (20,987) 194,937 173,950
FUND BALANCES - beginning of year,
II as previously reported 38,858 38,858
Adjustment to eliminate
II Special Assessment Fund 637,484 637,484
II FUND BALANCES - beginning of year,
as restated 38,858 637,484 676,342
I FUND BALANCES - End of year $ 17,871 $ 832,421 $ 850,292
II
I 34
II
II CITY OF TIGARD OREGON
BOND DEBT SERVICE FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
II
I Variance
Favorable
Budget Actual (Unfavorable)
I REVENUES:
Taxes $ 128,300 $ 134,000 $ 5,700
' Franchise fees 107,000 100,160
5 (6,840)
Interest 200 ,290 5,090
Total revenues 235,500 239,450 3,950
II
BEGINNING FUND BALANCE
I AVAILABLE FOR APPROPRIATION 38,858 38,858
Total $ 274,358 $ 278,308 $ 3,950
II
Variance
Budgeted Favorable
I Appropriations Actual (Unfavorable)
EXPENDITURES:
II Debt service:
Principal $ 85,000 $ 85,000 $
Interest 174,500 174,437 63
I Registrar fees 1,000 1,000
Contingency 13,858 13,858
I Total expenditures $ 274,358 $ 260,437 $ 13,921
II
II
II
1
11 35
II
1
' SPECIAL ASSESSMENTS FUND
' In accordance with GASB Statement No. 6, the Special Assessments Fund was
eliminated for generally accepted accounting principles purposes and its activities
were transferred to a debt service fund and capital projects fund. However, for
' budgeting purposes, the City budgeted the activities of this fund as a special
assessments fund. Accordingly, budget to actual comparison of the Special
Assessments Fund is included in this section of the Comprehensive Annual Financial
Report.
1
1
II CITY OF TIGARD, OREGON
SPECIAL ASSESSMENTS FUND
I SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
II Variance
Favorable
Budget Actual (Unfavorable)
II REVENUES:
Collection of bonded assessments $ 523,950 $ 532,224 $ 8,274
I Interest 190,461 190,461
Total revenues 523,950 722,685 198,735
OTHER FINANCING SOURCES:
Bond anticipation note proceeds 4,100,000 1,200,000 (2,900,000)
I Total revenues and other
financing sources 4,623,950 1,922,685 (2,701,265)
I BEGINNING FUND BALANCE AVAILABLE
FOR APPROPRIATION 357,474 357,474
II Total $4,981,424 $2,280,159 $(2,701,265)
Variance
I Budgeted Favorable
Appropriations Actual (Unfavorable)
EXPENDITURES:
I Capital projects $4,100,000 $ 189,313 $ 3,910,687
Bond principal 308,000 308,000
Bond interest 215,950 215,932 18
Total bond debt service 523,950 523,932 18
I Total expenditures 4,623,950 $ 713,245 $ 3,910,705
I UNAPPROPRIATED ENDING FUND BALANCE 357,474
$4,981,424
II
II
a
II 36
II
II
II
II
II
1
II ENTERPRISE FUNDS
II These funds are used to finance and account for the acquisition and maintenance of
sewer and storm drainage facilities which are supported by user charges. Funds
I included in this fund category are:
• Sewer Fund
I • Storm Drainage Fund
II
II
II
II
II
I
II
II
I
II
II
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
II COMBINING BALANCE SHEET
June 30, 1988
II
Storm
I Sewer
Fund Drainage
Fund Total
ASSETS:
II Current assets:
Cash and investments $ 852,752 $ 352,380 $1,205,132
I Accounts receivable 78,290 26,452 104,742
Total current assets 931,042 378,832 1,309,874
II Fixed assets, net 4,023,662 3,260,624 7,284,286
$4,954,704 $3,639,456 $8,594,160
1
LIABILITIES AND FUND EQUITY:
I LIABILITIES:
Current liabilities:
Accounts payable and accrued
I liabilities $ 336,591 $ 10 $ 336,601
Accrued vacation payable 8,011 4,385 12,396
11 Total current liabilities 344,602 4,395 348,997
FUND EQUITY:
I Contributed capital 3,804,684 3,664,974 7,469,658
Retained earnings (deficit) 805,418 (29,913) 775,505
Total fund equity 4,610,102 3,635,061 8,245,163
I $4,954,704 $3,639,456 $8,594,160
1
I
II
II
I 37
II
CITY OF TIGARD, OREGON
ENTERPRISE FUNDS
t COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
for the fiscal year ended June 30, 1988
I
II Storm
Sewer Drainage
Fund Fund Total
II OPERATING REVENUES:
Service charges $ 687,549 $ 355,661 $1,043,210
I OPERATING EXPENSES:
Salaries and wages 218,326 179,508 397,834
I Contracted services 7,239
315,210 10,056 17,295
General and administrative and other 5,210 142,989 458,199
Depreciation 170,945 113,333 284,278
II Total operating expenses 711,720 445,886 1,157,606
Operating loss (24,171) (90,225) (114,396)
II -
NONOPERATING REVENUE Interest 37,077 15,477 52,554
I Net income (loss) 12,906 (74,748) (61,842)
Add depreciation on fixed assets donated
I or acquired from capital contributions
that reduces contributed capital 92,609 113,333 205,942
Increase in retained earnings 105,515 38,585 144,100
II RETURNED EARNINGS - beginning of year 699,903 (68,498) 631,405
II RETAINED EARNINGS - end of year $ 805,418 $ (29,913) $ 775,505
1
II
II
II
II 38
II
II CITY OF TIGARD OREGON
ENTERPRISE FUNDS
I COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
for the fiscal year ended June 30, 1988
II
I Storm
Sewer Drainage
Fund Fund Total
II Working capital provided from (used in):
Operations:
Net Income (loss) $ 12,906 $ (74,748) $ (61,842)
I Charges to operations not requiring
outlay of working capital in
I the current period -
depreciation 170,945 113,333 284,278
Working capital provided from
II operations 183,851 38,585 222,436
Capital contributions, net of donated
II fixed assets of $192,905 and $93,727,
respectively 133,155 133,155
Fixed asset additions (103,852) (90,669) (194,521)
I Increase in working capital $ 79,999 $ 81,071 $ 161,070
1 Changes in components which increased
(decreased) working capital:
Cash and investments $ 294,764 $ 102,388 $ 397,152
II Accounts receivable (99,187) (19,238) (118,425)
Property taxes receivable (7,646) (665) (8,311)
Accounts payable and accrued liabilities (107,883) (10) (107,893)
Accrued vacation payable (1,735) (1,404) (3,139)
II Due to other funds 1,686 1,686
Increase in working capital $ 79,999 $ 81,071 $ 161,070
II
II
II
II
II 39
1
II CITY OF TIGARD, OREGON
SEWER FUND
11 SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
I
Variance
Favorable
II Budget Actual (Unfavorable)
REVENUES:
I Sewer service charges 665,800 687,549 21,749 $
Interest 20,000 37,077 17,077
I Total Revenues 685,800 724,626 38,826
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 699,903 506,444 (193,459)
II Total $1,385,703 $1,231,070 $ (154,633)
II Variance
Budgeted Favorable
Appropriations Actual (Unfavorable)
II EXPENDITURES:
Community services $ 136,675 $ 126,239 $ 10,436
1 Community development 343,059 313,277 29,782
Policy and administration 30,400 29,499 901
City -wide support function 149,353 140,703 8,650
I Capital projects
Contingency 485,946 34,909 451,037
240.270 240,270
$1,385,703 $ 644,627 $ 741,076
11
Total expenditures, as reported above $ 644,627
I Add depreciation 170,945
Less fixed asset additions (103,852)
II Total expenses as reported on page 38 $ 711,720
1
II
II
I 40
II
II CITY OF TIGARD, OREGON
STORM DRAINAGE FUND
II SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
for the fiscal year ended June 30, 1988
II
Variance
Favorable
II Budget Actual (Unfavorable)
REVENUES:
I Service charges $ 515,000 $ 488,816 $ (26,184)
Interest 15,000 15,477 477
I Total Revenues 530,000 504,293 (25,707)
BEGINNING FUND BALANCE AVAILABLE FOR
APPROPRIATION 80,608 80,608
I Total $ 610,608 $ 584,901 $ (25,707)
II Variance
Budgeted Favorable
II Appropriations Actual (Unfavorable)
EXPENDITURES:
Community services $ 32,000 $ 29,558 $ 2,442
I Community development 238,550 218,383 20,167
Policy and administration 17,100 16,538 562
City -wide support function 65,865 61,778 4,087
I Capital projects 255,500 96,965 158,535
Contingency 1.593 1,593
$ 610,608 $ 423,222 $ 187,386
II
Total revenues, as reported above $ 504,293
I Less amounts recognized as contributed
capital (133,155)
II Total revenues as reported on page 38 $ 371,138
Total expenditures, as reported above $ 423,222
I Add depreciation 113,333
Less fixed asset additions ( 90,669)
II Total expenses as reported on page 38 $ 445,886
II
I 41
II
1
1
w
' 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 Fund
i
1
1
1
1
I
i
1
1
i
CITY OF TIGARD, OREGON
FIDUCIARY FUNDS
' COMBINING BALANCE SHEET
June 30, 1988
' Agency Fund -
Deferred
Compensation Pension
' Fund Trust Fund Total
ASSETS:
' Cash and investments $ 528,781 $2,118,040 $2,646,821
' LIABILITIES AND FUND BALANCE:
LIABILITIES:
Deferred compensation payable $ 528,781 $ $ 528,781
FUND BALANCE:
Reserved for employee retirement
' benefits 2,118,040 2,118,040
$ 528,781 $2,118,040 $2,646,821
1
I
' 42
I
CITY OF TIGARD, OREGON
AGENCY FUND - DEFERRED COMPENSATION FUND
' STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
for the fiscal year ended June 30, 1988
Balance Balance
' June 30, June 30,
1987 Additions Deletions 1988
ASSETS
' Cash and investments $ 463,909 $ 89,777 $ 24,905 $ 528,781
' LIABILITIES
Deferred compensation payable $ 463,909 $ 89,777 $ 24,905 $ 528,781
I
43
I
I
I
I
I
I GENERAL FIXED ASSETS ACCOUNT GROUP
I This account group accounts for the fixed assets of the City other than those recorded
in the Enterprise Funds.
I
I
I
I
I
I
I
1
I
I
I
II CITY OF TIGARD OREGON
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCES
I June 30, 1988
1
GENERAL FIXED ASSETS
II Land $1,159,800
Buildings 2,912,906
Equipment 374,237
II Autos and trucks 628,488
Office equipment 842,106
Library books 452,298
I Total general fixed assets $6,369,835
II INVESTMENT IN GENERAL FIXED ASSETS
II Balance, beginning of year $5,811,596
Additions were provided by:
I General Fund 691,941
Donated assets 2,060
6,505,597
II Retirements (135,762)
II Total investment in general fixed assets $6,369,835
II
II
1
II
II
II
I 44
II
CITY OF TIGARD, OREGON
' SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES
for the fiscal year ended June 30, 1988
' Autos and Office Library
Land Buildings Equipment Trucks Equipment Books Total
Balance, beginning
of year $ 931 $2,885,783 $ 861.111 $ 320.822 $ 446,424 $ 366,315 $5,811,596
I Additions from:
General Fund 228,719 43,819 71,311 125,329 138,780 83,863 691,941
Donated assets 2,060 2,060
' 228,719 43,879 71,371 125,329 138,780 85,923 694,001
Deduct:
' Retirements (16,756) (37,972) (57,124) (23,910) (135,762)
Reclassification (520,273) 239,461 280,812
Balance, end of
year $1,159,800 $2,912,906 $ 374,237 $ 628,488 $ 842,106 $ 452,298 $6,369,835
45
II CITY OF TIGARD
SCHEDULE OF GENERAL FIXED ASSETS
II BY FUNCTION AND ACTIVITY
June 30, 1988
II
Machinery,
II
Equipment,
Function and Activity Total Land Building and Other
Community services:
I Police $ 445,687 $ $ $ 445,687
Admin services 2,850 2,850
Finance 3,637 3,637
II Accounting 66,533 66,533
City recorder 1,367 1,367
Office services 94,373 94,373
Records 19,198 19,198
II
Court 2,648 2,648
Library 639,348 639,348
I Total community services $1,275,641 1,275,641
Community development
I Admin and projects 8,039 8,039
Development serv. /admin. 4,500 4,500
Building 35,730 35,730
Planning 525 525
I Engineering 95,858 95,858
Operations /admin. 38,508 38,508
Operations /shops 24,474 24,474
I Streets 283,402
149 443 283,402
Parks , 149,443
Total community development 640,479 640,479
II Policy and administration
Mayor and city council 7,885 7,885
II City administration 7,997 7,997
Total policy and
I administration 15,882 15,882
General government 4,437,833 1,159,800 2,912,906 365,127
I Total general fixed assets $6,369,835 $1,159,800 $2,912,906 $2
1
1
I 46
I
II CITY OF TIGARD
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
I BY FUNCTION AND ACTIVITY
June 30, 1988
1
General General
Fixed Assets Fixed Assets
1 Function and Activity June 30, 1987 Additions Retirements June 30, 1988
Community services:
I Police $ 391,301 $ 75,577
2,850 $ 21,191 $ 445,687
Admin services 2,850
Finance 3,819 4,780 4,962 3,637
1 Accounting 66,533 66,533
City recorder 1,367 1,367
Office services 87,657 6,716 94,373
Records 11,994 7,204 19,198
1 Court 2,648 2,648
Library 522,027 117,321 639,348
1 Total community services 1,090,196 211,598 26,153 1,275,641
Community development
Admin and projects 8,188 149 8,039
II Development serv. /admin. 4,500 4,500
Building 43,547 7,817 35,730
Planning 1,288 763 525
II Engineering 89,485 13,253 6,880 95,858
Operations / admin. 22,332 16,176 38,508
Operations /shops 38,777 1,082 15,385 24,474
1 Streets 182,593 101,142 333
54 610 283,402
Parks 186,753 17,300 , 149,443
Total community development 572,963 153,453 85,937 640,479
II Policy and administration
Mayor and city council 5,478 2,407 7,885
I City administration 4,883 3,469 355 7,997
Total policy and
II administration 10,361 5,876 355 15,882
General government 4,138,076 323,074 23,317 4,437,833
1 Total general fixed assets $5,811,596 $ 694,001 $ 135,762 $6,369,835
I
1
1 47
1
I
I
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
I
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I
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1
II CITY OF TIGARD, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS
I AND OUTSTANDING BALANCES
for the fiscal year ended June 30, 1988
1
Property Add Add Property
Taxes Levy as (Deduct) Taxes
11 Receivable Extended Corrections Deduct Deduct Receivable
June 30, By and Cash Add Discounts June 30,
1987 Assessor Adjustments Collections Interest Allowed 1988
1 1987-88 $ $2,229,786 $ (5,854) $(2,023,790) $ 2,035 $(46,405) $ 155,772
1 1986 -87 135,679 (7,848) (70,888) 5,841 67 62,851
1985 -86 47,543 (2,159) (26,360) 4,850 18 23,892
1 198485 19,802 (68) (14,522) 3,658 4 8,874
1983 -84 11,312 (1,380) (11,728) 3,676 1 1,881
1 1982-83
and prior 2,528 (521) (1,161) 479 1,325
I $216,864 $2,229,786 $(17,830) $(2,148,449) $20,539 $(46,315) $ 254,595
(Distributed as follows:
General Fund:
Current $ 1,906,005 $ 146,706
1 Prior years' levies 107,256 83,837
Total General Fund 2,013,261 230,543
II Debt Service Fund 135,188 24,052
Total $ 2,148,449 $ 254,595
II
II
II
II
II
1 48
II
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
CITY OF TIGARD, OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
for the fiscal year ended June 30, 1988
Bond Transactions Interest Transactions
Out- Out- Out- Out-
standing standing standing standing
Original June 30, June 30, June 30, June 30,
Bancroft Bonds Issue 1987 Matured Paid 1988 1987 Matured Paid 1988
Issued August 1, 1975 $ 57,840 $ 24,000 $ 3,000 $ 3,000 $ 21,000 $ $ 1,556 $ 1,556 $
Issued November 1,
1979 128,082 45,000 15,000 15,000 30,000 673 2,527 2,527 673
Issued November 1,
1981 374,795 240,000 40,000 40,000 200,000 1,625 25,633 25,633 1,625
Issued September 1,
1982 184,664 160,000 10,000 10,000 150,000 16,828 16,828
Issued October 1,
1982 838,600 595,000 80,000 80,000 515,000 232 52,375 51,421 1,186
Issued October 1,
4 1982 1,371,200 990,000 125,000 125,000 865,000 3,417 82,393 84,691 1,119
Issued September 1,
1984 492,000 425,000 35,000 35,000 390,000 34,620 34,620
$2,479,000 $308,000 $308,000 $2,171,000 $ 5,947 $215,932 $217,276 $4603
General Obligation
Bonds
Issued June 1, 1984 $2,200,000 $ 475,000 $ 50,000 $ 50,000 $ 425,000 $ $ 49,882 $ 49,882 $
Issued February 24,
1987 2,215,000 2,190,000 35,000 35,000 2,155,000 124,555 124,555
$2,665,000 $ 85,000 $ 85,000 $2,580,000 $ - $174,437 $174,437 $ -
II
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS II OF BANCROFT IMPROVEMENT BONDS
AS OF June 30, 1988
Year Issued Issued Issued II
of August 1, 1975, November 1, 1979, November 1, 1981,
Matur- Total Requirements 6% to 7% 6% to 7 -9/10% 11%% to 13% II ity Principal Interest Principal Interest Principal Interest Principal Interest
1988- II
$ 328,000 $ 187,955 $ 3,000 $ 1,354 $ 15,000 $ 1,519 $ 40,000 $ 21,102
1989-
90 363,000 156,929 3,000 1,151 15,000 506 45,000 16,213
1990- II
388,000 122,257 3,000 945 55,000 10,370
1991-
92 433,000 83,269 3,000 735 60,000 3,570 II
1992-
93 413,000 43,255 3,000 525
1993- II 94 78,000 20,515 3,000 315
1994-
95 88,000 13,007 3,000 105
1995- II
10,000 8,445
1996-
97 10,000 7,350
II
1997-
98 10,000 6,245
1998-
99 10,000 5,130
II
1999-
2000 10,000 4,005
2000- II
10,000 2,870
2001-
2002 10,000 1,725 II 2002-
2003, 10,000 575
Totals $2,171,000 $463,532 $ 21,000 $ 5,130 $ 30,000 $ 2,025 $200,000 $ 51,255 II
II
II
II
50 II
1
II
II
II Issued Issued Issued Issued
September 1, 1982 October 1, 1982, October 1, 1982, September 1, 1984,
II 10%% to 11%% 8%% to 13%% 8 -2/10% to 13%% 7.6% to 16%
Principal Interest Principal Interest Principal Interest Principal Interest
II $ 10,000 $ 15,690 $ 85,000 $ 45,050 $135,000 $ 71,530 $ 40,000 $ 31,710
10,000 14,640 90,000 37,062 155,000 59,050 45,000 28,307
II 10,000 13,640 100,000 28,150 170,000 44,742 50,000 24,410
I 10,000 12,640 115,000 17,794 190,000 28,532 55,000 19,998
10,000 11,628 125,000 6,094 215,000 9,943 60,000 15,065
11 10,000 10,590 65,000 9,610
10,000 9,527 75,000 3,375
II 10,000 8,445
II 10,000 7,350
10,000 6,245
II 10,000 5,130
10,000 4,005
II 10,000 2,870
10,000 1,725
II 10,000 575
II $150,000 $124,700 $515,000 $134,150 $865,000 $213,797 $390,000 $132,475
II
II
II
II
II
II CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
I OF GENERAL OBLIGATION BONDS
as of June 30, 1988
II Issued Issued
June 6, 1984 February 24, 1987
I Year of Total 9.7% to 18% 5.95% to 6%
Maturity Principal Interest Principal Interest Principal Interest
I 1988 -89
1989 -90 $ 90,000 $ 167,037 $ 55,000 $ 43,882 $ 35,000 $ 123,155
95,000 158,951 60,000 37,283 35,000 121,668
1990 -91 105,000 150,924 65,000 30,832 40,000 120,092
1991 -92 115,000 142,363 75,000 24,170 40,000 118,193
II 1992 -93 120,000 132,862 80,000 16,670 40,000 116,192
1993 -94 135,000 123,062 90,000 8,910 45,000 114,152
1994 -95 145,000 111,790 145,000 111,790
11 1995 -96 155,000 104,178 155,000 104,178
1996 -97 165,000 95,653 165,000 95,653
1997 -98 170,000 86,413 170,000 86,413
1998 -99 185,000 76,638 185,000 76,638
I 1999 -2000 195,000 66,000 195,000 66,000
2000 -01 210,000 54,300 210,000 54,300
2001 -02 215,000 41,700 215,000 41,700
I 2002 -03 235,000 28,800 235,000 28,800
2003 -04 245,000 14,700 245,000 14,700
II $2,580,000 $1,555,371 $ 425,000 $ 161,747 $2,155,000 $1,393,624
1
1
1
II
II
1
1
II 51
1
1
1
1
1
1
1 STATISTICAL SECTION
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION -
1 BUDGETARY BASIS
for the last ten fiscal years
II City -Wide
Support
I Fiscal Functions,
Capital
Year Ended Community Community Policy and Projects Debt
I June 30 Services Development Administration and Other Service Total
1979 $ 984,687 $ 328,701 $ 143,343 $ 135,088 $ 54,598 $1,646,417
II 1980 1,231,631 510,098 190,308 232,502 50,348 2,214,887
1981 1,398,867 871,638 208,062 638,894 61,827 3,179,288
II 1982 1,591,208 1,113,210 282,349 551,917 75,425 3,614,109
II 1983 1,527,913 1,126,758 154,184 367,684 212,282 3,388,821
1984 1,680,374 1,507,879 237,028 241,984 449,545 4,116,810
II 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
II 1987 2,450,459 1,462,456 111,909 1,183,467 808,888 6,017,179
II 1988 3,042,321 1,764,513 121,016 1,452,149 785,234 7,165,233
Information derived from Comprehensive Annual Financial Reports for all Governmental
II Fund Types.
1
II
II
11
II
II 52
II
II CITY OF TIGARD, OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCE - BUDGETARY BASIS
1 for the last ten fiscal years
II Fiscal
Year Licenses Inter- Charges
Ended Franchise and Governmental for Finds and Miscellaneous
II June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues* Total
1979 $ 215,764 $205,572 $ 502,113 $ 716,085 $114,603 $ 57,410 $ 170,672 $1,982,219
II 1980 256,366 275,861 362,818 893,586 51,074 57,000 329,716 2,226,421
1981 287,157 348,596 379,121 1,179,130 65,612 56,177 261,328 2,577,121
1 1982 690,118 390,637 267,598 1,381,121 67,286 57,343 491,988 3,346,091
II 1983 728,641 449,778 347,798 1,456,325 43,460 55,651 1,235,048 4,316,701
1984 904,238 468,020 286,318 921,613 243,102 70,425 932,657 3,826,373
II 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
1 1987 1,807,800 745,520 650,961 1,246,840 382,384 144,559 1,127,693 6,105,757
II 1988 2,152,792 849,844 1,031,018 1,220,779 514,048 254,154 1,160,391 7,183,026
II * Includes special assessment collections
II Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types.
1
1
1
1
1
II 53
1
II CITY OF TIGARD, OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
II for the last ten fiscal years
I Percent Percent
otal Tax Delinquent
Year Percent Delinquent Total Collections Outstanding Taxes
I Ended Total Current Tax of Levy Tax Tax To Tax Delinquent to Tax
une 30 Tax Levy Collections Collections Collections Collections Levy Taxes Levy
1979 $ 227,357 $ 201,349 88.56% $ 17,123 $ 218,472 96.09% $ 27,790 12.22%
1980 279,241 245,353 87.86 21,819 267,172 95.68 35,635 12.76
II 1981 308,904 271,649 87.94 26,884 298,533 96.64 41,516 13.44
1982 756,116 675,712 89.37 19,150 694,862 91.90 85,411 11.30
II 1983 817,642 722,215 88.33 42,635 764,850 93.54 130,010 15.90
1984 985,234 876,215 88.93 71,058 947,273 96.15 158,045 16.04
II 1985 962,280 864,334 89.82 90,687 955,021 99.24 164,558 17.10
II 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
11 1988 2,229,786 2,023,790 90.76 124,659 2,148,449 96.35 254,595 11.42
II Effective July 1, 1980, 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
I 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.
II Prior to July 1, 1980, taxes were levied as of July 1 each year and were payable quarterly, without
interest, on November 15, February 15, May 15, and August 15.
I Property tax collections do not agree to tax revenues on the Schedule of General Governmental Revenues By
Source - Budgetary basis for the last ten fiscal years (page 53), due primarily to delinquent sewer and
storm drainage charges of the City's Sewer Fund and Storm Drainage Fund which are collected through the
il tax rolls and included in tax collections above.
II Information derived from Comprehensive Annual Financial Reports.
II
II 54
II
1 1 1 1 1 1 1 1 r 1 r r 1 1 1 r 1 1 1
CITY OF TIGARD, OREGON
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
for the last ten 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
1979 $289,512,146 $289,512,146 $20,361,151 $20,361,151 $15,384,874 $15,384,874 $325,258,171 $325,258,171 100 %
1980 384,440,292 384,440,292 21,065,797 21,065,797 14,968,913 124,968,913 420,475,002 420,475,002 100
1981 452,209,070 481,011,400 22,605,561 25,281,960 15,544,626 20,345,534 490,359,257 526,698,894 93
1982 566,426,435 693,465,000 31,191,001 33,662,670 20,139,054 26,271,413 617,762,490 753,399,143 82
1983 630,046,800 745,709,900 33,540,700 39,470,220 22,611,500 26,570,277 686,199,000 811,750,397 85
tri
1984 112,341,200 786,812,100 31,192,100 40,973,590 26,504,200 29,153,338 776,043,500 856,939,028 91
1985 719,545,300 813,339,300 44,855,600 46,750,700 28,347,800 29,528,963 852,748,700 889,618,863 96
1986 824,906,100 824,906,100 49,240,710 49,240,710 32,222,117 32,222,111 906,368,921 906,368,927 100
1987 867,279,500 867,279,500 61,379,940 61,379,940 28,457,428 28,451,428 957,116,868 957,116,868 100
1988 1,057,515,500 1,057,515,500 86,733,050 86,133,050 32,526,302 32,526,302 1,176,774,852 1,176,774,852 100
All property is assessed as of January 1, preceding the fiscal year beginning July 1. Prior to July 1, 1980, all property was
required by State of Oregon statute to be assessed at 100% of its true cash value.
Effective July 1, 1980, the true cash value of assessment concept was replaced by a system whereby the assessed value of
individual property may not increase more than 5% annually calculated on a state -wide basis.
Source: Washington County Department of Assessment and Taxation.
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
CITY OF TIGARD, OREGON
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(Per $1,000 of Assessed Value)
for the last ten years
Washington Washington
Fiscal Metzger Tigard Beaverton County County
Year Metzger Water School School Tigard Unified Tualatin Rural Fire Portland Education Other
Ended Water District City of Washington District District Water Metzger Sewerage Rural fire District Community Service Taxing
June 30 District Combined Tigard County No. 23 No. 48 District Sanitary Agency District No. 1 College District Agencies
1979 $ .68 $1.18 $10.19 $13.41 $.33 $.61 $2.84 $ .25 $.52 $.37 $ .10
1980 .63 1.04 9.93 11.38 .30 .34 2.66 .22 .44 .30 .38
1981 .60 1.65 10.81 12.13 .34 .36 3.08 .30 .43 .28 .38
1982 1.19 4.23 11.34 14.95 .33 .35 2.86 .35 .58 .26 .80
1983 1.12 4.02 13.01 14.76 .51 .55 3.28 2.10 .57 .26 1.23
1984 1.18 1.88 12.61 13.91 .36 .61 3.15 2.70 .57 .26 1.48
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
s
" 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
Tax rates, expressed in dollars and cents per $1,000 of assessed value of taxable property in each taxing district, are required by the State
Constitution to be uniform throughout the district.
Taxes levied may be composed of three types of levies: (1) a base operating levy, (2) a special operating levy approved by the voters in the district
and (3) a debt service levy. The operating levy may be increased annually to 106% of the highest levy in the prior three years. Levy increases are
permitted in the year following expansion of a district's boundaries. Special operating levies may be approved for periods not exceeding 10 years. Each
district with outstanding general obligation bonded debt is required to levy taxes sufficient, with other available funds, to meet principal and interest
payments when due.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with territory in the County. The County collects all
taxes against property in the County (except assessments for improvements charged to benefited property) and distributes taxes collected at least
monthly. No charges are made to the taxing districts for these services.
NOTE: - Not all taxing districts rates are charged on each parcel of property, actual rates on tax bills are a combination of the above depending upon
the location of the parcel and the school district and sewer and water district boundaries. Total overlaping tax rates for property in Tigard in 1988
ranged from $19.05/1000 to $24.56/1000.
Source: Washington County Department of Assessment and Taxation.
II CITY OF TIGARD, OREGON
SPECIAL ASSESSMENT COLLECTIONS
II for the last ten fiscal years
il Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding
II June 30 Due (1) Collected (2) to Amount Due Assessments
1979 $ 24,000 $ 37,435 155.9% $ 26,306
II 1980 29,000 19,374 66.8 224,101
1981 37,082 46,405 125.1 374,788
II 1982 32,000 61,068 190.8 2,067,732
II 1983 34,795 775,749 2,229.5 2,751,376
1984 174,464 469,969 269.4 2,417,184
II 1985 200,000 467,195 233.6 2,552,458
1986 250,000 361,268 144.5 1,945,334
1 1987 278,000 547,106 196.8 1,565,038
II 1988 308,000 532,224 172.8 1,218,351
11 (1) This amount is equal to the principal on Bancroft improvement bonds.
(2) Represents collections of current assessments for payment of Bancroft improvement
II bonds as well as assessment collections on projects for which such bonds have not
been issued.
II Source: City assessment records.
II
II
II
II
II 57
II
1
CITY OF TIGARD, OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
II
NET BONDED DEBT PER CAPITA
for the last ten fiscal years
1
I Gross
General Ratio of
Fiscal Obligation Less Debt Net Bonded
Year Bonded Service Net Debt to Net Bonded
II Ended Assessed Debt Out- Monies Bonded Assessed Debt Per
June 30 Population Value standing Available Debt Value Capita
II 1979 13,697 $325,258,171 $ 29,000 $ 24,601 $ 4,399 $ .32
1980 14,855 420,475,002 20,000 27,698 (7,698)
II 1981 14,690 490,359,257 10,000 10,000
1982 * * * * * * *
II 1983 * * * * * * *
II 1984 18,287 776,043,500 2,200,000 - 2,200,000 .28 120.30
1985 19,113 852,748,700 2,200,000 1,215 2,198,785 .26 115.04
II 1986 20,250 906,368,927 2,160,000 125,133 2,034,867 .22 100.49
1987 22,000 956,736,168 2,665,000 38,858 2,626,142 .27 119.37
1 1988 24,782 1,176,774,852 2,580,000 17,871 2,562,129 .21 103.39
II
Excludes Bancroft Improvement Bonds since these bonds are repaid from assessments
P P
against benefited property owners.
II
* There was no outstanding general obligation bonded debt in 1982 and 1983.
1
II Sources: Ci budgecumnts, Comprehensive Annual Financial Reports of the City
and ty Washi ngton do Coun Department of Assessment and Taxation.
II
1
1 58
II
' CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1988
II ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property
within the City boundaries:
II True cash value (1987 -88) (1) $1,176,774,852
' General obligation debt limit x3%
35,303,246
I Gross bonded debt $4,751,000
Excludable debt - Bancroft improvement bonds (2,171,000)
II Debt subject to limitation 2,580,000
Legal debt margin - amount available for future indebtedness $ 32,723,246
II (1) From Washington County Department of Assessment and Taxation.
' 59
II CITY OF TIGARD, OREGON
COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT
II June 30, 1988
II Percent
Applicable Amount Appli-
' Net Debt Inside City cable Inside
Jurisdiction Net
of Tigard City of Tigard
I Port of Portland $129,745,000 2.63% $ 3,412,294
Washington County 13,385,000 9.88 1,322,438
II Unified Sewerage Agency 19,110,000 12.05 2,302,755
U.S.A. Metzger 140,000 23.14 32,396
I Metzger Water District 74,603 51.30 38,271
I Metzger Combined Water District 5,123,155 33.77 1,730,089
Tigard Water District 1,080,000 72.84 786,672
II Tualatin Rural Fire District 330,000 33.87 111,771
Washington County Fire District #1 3,415,000 3.49 119,184
II Tigard School District #23 -J 21,370,000 48.85 10,439,245
Beaverton School District #48 30,725,000 1.85 568,413
II
$224,497,758 $20,863,528
II
II Source: Oregon Municipal Debt Advisory Commission.
II
II
II
II
1 60
II
I CITY OF TIGARD, OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
II FOR GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
for the last ten fiscal years
1
Total Percent of Debt
I Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
II 1979 $ 45,000 $ 9,598 $ 54,598 $1,646,417 3.3%
1980 38,000 12,348 50,348 2,214,887 2.3
1 1981 47,082 14,745 61,827 3,179,288 1.9
II 1982 42,000 33,425 75,425 3,614,109 2.1
1983 34,795 177,487 212,282 3,388,821 6.3
II 1984 174,464 275,081 449,545 4,116,810 10.9
1985 200,000 510,366 710,366 4,649,782 15.3
II 1986 290,000 507,154 797,154 7,066,768 11.3
1987 348,000 460,888 808,888 6,017,179 13.4
II
1988 393,000 390,369 783,369 7,165,233 10.9
1
Note: Includes Special Assessment Debt
II
Source: Comprehensive Annual Financial Reports of the City.
1
1
1
II
1
II 61
II
I CITY OF TIGARD, OREGON
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
I for the last ten fiscal years
II Commercial Residential
Fiscal Year Construction(1) Construction(1)
Ended Number of Number of Bank Deposits
II June 30 Permits Value Permits Value (in thousands) (2)
1979 69 $10,877,291 657 $24,000,387 $ 90,305
II 1980 131 15,619,615 387 14,861,284 101,799
1981 131 8,013,746 289 18,343,452 101,520
II 1982 85 2,918,475 196 11,679,358 98,558
I 1983 102 3,940,579 244 13,281,694 102,314
1984 25 4,079,306 214 14,006,305 118,124
II 1985 33 9,890,600 231 16,948,338 129,152
1986 175 12,746,938 432 26,920,055 142,031
1 1987 169 10,717,219 442 44,412,105 175,236
II 1988 228 34,991,735 633 32,524,988 165,107
II (1) From City of Tigard Building Department
(2) From State of Oregon Department of Commerce, Division of Finance and Corporate
II Securities
II
II
II
II
II
1 62
II
II CITY OF TIGARD, OREGON
PRINCIPAL TAXPAYERS
I June 30, 1988
II Percentage
Of Total
II Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Square Land Co., Ltd. Real Estate $37,154,700 2.775%
II Crow - Spieker - Hosford Shopping Center 35,674,300 2.664
II Pacific Realty Co. Real Estate 25,743,300 1.923
Nesbitt Partners Hotel 14,750,000 1.102
II Fringe Land Co. Shopping Center 13,397,200 1.001
S & J Builders Ltd. Apartments 10,887,100 0.813
1 Robinson, Chester L. Business Park 10,768,400 0.804
I The May Dept. Stores Co. Shopping Center 10,435,800 0.780
Sears Roebuck Co. Department Store 7,700,000 0.575
I Square Land Co.
By J.C. Penney Co. Shopping Center 6,825,600 0.510
II Total Principal Taxpayers 160,061,400 12.947
All Other Taxpayers 1,016,713,452 87.053
II Total 1,176,774,852 100.000
1 Source: City of Tigard Planning staff.
1
1
1
1
II 63
1
II CITY OF TIGARD, OREGON
DEMOGRAPHIC STATISTICS
II for the last ten fiscal years
II
Assessed (2)
Value Unemployment
I of Taxable (3) Rate
(1) Property School (Portland)
Fiscal Year Population Per Capita Enrollment Metro. Area
II 1979 14,799 $23,746 5,966 5.4%
1980 14,900 28,305 6,256 6.3
II
1981 15,500 33,380 6,422 8.0
11 1982 17,700 34,902 6,491 N/A
1983 17,850 38,122 6,561 9.9
II 1984 18,450 42,436 6,358 8.1
1985 20,250 44,616 6,387 8.0
II 1986 20,765 44,759 6,474 9.0
II 1987 23,335 43,488 7,064 5.5
1988 Estimated 24,782 47,485 7,050 4.9
II
Sources of information:
11 (1) Portland State University, Population Research & Census Center.
II (2) U.S. Bureau of Labor Statistics.
(3) Tigard School District #23 -J.
II N/A - Not available.
II
II
II
II 64
II
I CITY OF TIGARD, OREGON
MISCELLANEOUS STATISTICAL DATA
II June 30, 1988
II Date of incorporation 1961
Form of government Council - Mayor - Administrator
1 Area 10.1 square miles
Miles of streets 95.19 miles
Number of street lights 1,265
11 City owned 605
City maintained (PGE owned)
Police protection:
II Number of stations 1
Number of policemen and officers 36
I Elementary Junior High High School
Education (elementary only):
Attendance centers 9 2 1
Number of classrooms 171 80 86
II
Number of teachers 225 97 103
Number of students 3,950 1,525 1,575
II Sanitary sewers 98.94 miles
Storm lines 33 miles
' Open ditches 60 miles
Building permits issued (1988) 861 permits
I Recreation and culture:
Number of parks 11 totaling 117.42 acres
I Number of libraries 1
Number of volumes (estimated) 53,000 volumes
I Employees:
Classified service (union) 99
Unclassified (non- union) 36
II
Information obtained from the various departments of the City of Tigard, Oregon.
II
II
II
II 65
II
1
1
1
1
1
' AUDIT COMMENTS AND DISCLOSURES
REQUIRED BY STATE REGULATIONS
1
1
1
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1
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1
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1
1
1
1
1
1
1
1
1
AUDIT COMMENTS AND DISCLOSURES
1 REQUIRED BY STATE REGULATIONS
1
Oregon Administrative Rules 162 -10 -050 through 162 -10 -320 incorporates 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 examination
of such statements and schedules are set forth following.
1
1
1
1
1
1
1
1
1 66
1
' AUDIT COMMENTS AND DISCLOSURES
Internal Accounting Control:
' We have audited the general purpose financial statements of City of Tigard,
Oregon, for the year ended June 30, 1988, and have issued our report thereon
dated September 14, 1988. As part of our audit, we made a study and evaluation
' of the system of internal accounting control of the City of Tigard, Oregon, to
the extent we considered necessary to evaluate the system as required by
generally accepted auditing standards and the standards for financial and
compliance audits contained in the U.S. General Accounting Office Standards for
' Audit of Governmental Organizations, Programs, Activities, and Functions. For
the purpose of this report, we have classified the significant internal
accounting controls in the following categories:
' • Revenue /Receipts
• Purchasing /Disbursements
' • Payroll
' Our study included an evaluation of the accounting controls over purchasing/
disbursements. We did not evaluate the accounting controls over revenue/
receipts and payroll because we concluded that the audit could be performed more
' efficiently by expanding substantive tests, thus placing little reliance on the
internal control system. The purpose of our study and evaluation was to
determine the nature, timing, and extent of the auditing procedures necessary for
expressing an opinion on the City's financial statements. Our study and
' evaluation was more limited than would be necessary to express an opinion on the
system of internal accounting control taken as a whole or on any of the
categories of controls identified above.
The management of City of Tigard, Oregon, is responsible for establishing and
maintaining a system of internal accounting control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of control procedures. The objectives of a
system are to provide management with reasonable, but not absolute, assurance
that assets are safeguarded against loss from unauthorized use or disposition,
and that transactions are executed in accordance with management's authorization
and recorded properly to permit the preparation of financial statements in
accordance with generally accepted accounting principles. Because of inherent
' limitations in any system of internal accounting control, errors or
irregularities may nevertheless occur and not be detected. Also, projection of
any evaluation of the system to future periods is subject to the risk that
' procedures may become inadequate because of changes in conditions or that the
degree of compliance with the procedures may deteriorate.
i
' 67
' AUDIT COMMENTS AND DISCLOSURES, Continued
Internal Accounting Control, Continued:
' Our study and evaluation made for the limited purpose described in the first
paragraph would not necessarily disclose all material weaknesses in the system.
Accordingly, we do not express an opinion on the system of internal accounting
' control of City of Tigard, Oregon, taken as a whole or on any of the categories
of controls identified in the first paragraph. However, our study and evaluation
disclosed no condition that we believe to be a material weakness.
' This report is intended solely for the use of management, the State of Oregon
Division of Audit and appropriate federal grantor agencies and should not be used
for any other purpose. This restriction is not intended to limit the
' distribution of this report, which upon acceptance by City Council is a matter of
public record.
II. Other Comments and Disclosures:
We have audited the general purpose financial statements of the City of Tigard,
Oregon as of and for the year ended June 30, 1988, 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:
' • ORS 294.305 to 294.520 in the preparation and adoption of its budget and tax
levies for the fiscal years ended June 30, 1988 and June 30, 1989,
' • the legal requirements relating to debt,
• the collateral requirements for public fund deposits specified in ORS
' Chapter 295,
• the appropriate law, rules, and regulations pertaining to programs funded
' wholly or partially by other governmental agencies,
• the cost accounting guidelines developed by the State of Oregon Executive
Department with regard to the City's cost accounting system,
' • ORS 294.035 in the investment of public monies,
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' AUDIT COMMENTS AND DISCLOSURES, Continued
II. Other Comments and Disclosures, Continued:
' • ORS Chapter 279 in the awarding of public contracts and the construction of
public improvements,
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, 1988
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, 1988, are adequate.
COOPERS & LYBRAND
By: UO4WN V
' John Dethman, a partner
Portland, Oregon
September 14, 1988
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