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CAFR Report - 1985-1986 F • • F- • CITY • OF TIGARD, OREGON • ,• • COMPREHENSIVE ANNUAL FINANCIAL REPORT fiscal year ended June 30, 1986 • • • Coopers & Ly rand • • • • CITY OF TIGARD, OREGON • • COMPREHENSIVE ANNUAL FINANCIAL REPORT fiscal year ended June 30, 1986 • • • prepared by the City of Tigard - Department of Finance R. Wayne Lowry, Acting Director of Finance • • • CITY OF TIGARD, OREGON TABLE OF CONTENTS • Page INTRODUCTORY SECTION: Letter of Transmittal i -vii • Mayor and City Council Members viii Organization Chart ix Certificate of Achievement in Financial Reporting x FINANCIAL SECTION: • ACCOUNTANTS' REPORT 1 COMBINED FINANCIAL STATEMENTS (General Purpose Financial Statements): Combined Balance Sheet - All Fund Types and Account Groups 2 • Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Govern- mental Fund Types 3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 4 • Combined Statement of Revenues, Expenses and Changes in Retained Earnings /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 Combined Financial Statements 7 SUPPLEMENTARY DATA (Combining and Individual Fund and Account Group Statements and Other Financial Schedules): • General Fund: Statement 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 Statements of Revenues and Expenditures - Budget and Actual: Federal Revenue Sharing 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 • • CITY OF TIGARD, OREGON TABLE OF CONTENTS, Continued • Page FINANCIAL SECTION, Continued: • SUPPLEMENTARY DATA (Combining and Individual Fund and Account Group Statements and Other Financial Schedules), Continued: Special Assessments Fund: Statement of Revenues and Expenditures - • Budget and Actual 33 Enterprise Funds: Combining Balance Sheet 34 Combining Statement of Revenues, Expenses and Changes in Retained Earnings 35 Combining Statement of Changes in Financial • Position 36 Statements of Revenues and Expenditures - Budget and Actual: Sewer Fund 37 Storm Drainage Fund 38 Fiduciary Funds: • Combining Balance Sheet 39 Statement of Changes in Assets and Liabilities - Deferred Compensation Fund 40 General Fixed Assets Account Group: Statement of General Fixed Assets - By Sources 41 Statement of Changes in General Fixed Assets - • By Sources 42 Statement of General Fixed Assets - By Function and Activity 43 Statement of Changes in General Fixed Assets - By Function and Activity 44 Other Schedules: • Schedule of Property Tax Transactions and Outstanding Balances 45 Schedule of Bond and Bond Interest Transactions 46 Schedule of Future Debt Service Requirements of Bancroft Improvement Bonds 47 Schedule of Future Debt Service Requirements • of General Obligation Bonds 48 STATISTICAL SECTION: General Governmental Expenditures By Function - Budgetary Basis - for the last ten fiscal years 49 • General Governmental Revenues By Source - Budgetary Basis - for the last ten fiscal years 50 • • CITY OF TIGARD, OREGON TABLE OF CONTENTS, Continued • Page STATISTICAL SECTION, Continued: • Property Tax Levies and Collections - for the last ten fiscal years 51 Assessed and Estimated Actual Value of Taxable Property - for the last ten fiscal years 52 Property Tax Rates - All Overlapping Governments - for the last ten fiscal years 53 • Special Assessment Collections - for the last ten fiscal years 54 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita - for the last ten fiscal years 55 Computation of Legal Debt Margin 56 • Computation of Overlapping General Obligation Debt 57 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures - for the last ten fiscal years 58 • Property Value, Construction and Bank Deposits - for the last ten fiscal years 59 Principal Taxpayers 60 Demographic Statistics 61 Miscellaneous Statistical Data 62 • AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS: Introductory Comments 63 Internal Accounting Control 64 Other Comments and Disclosures 65 • • • • • • • • INTRODUCTORY SECTION • • • • • • • • !1 • CITY OF TIGA RD OREGON 25 Years of Service September 30, 1986 1961 - 1986 • Mayor John Cook 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, 1986. This report was prepared by the City's Department • of Finance. 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, and 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. 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 fund 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: the safeguarding of assets against loss from unautho- • rized use or disposition and • 13125 SW Hall Blvd„ P.O. Box 23397, Tigard, Oregon 97223 639 -4171 • • 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 • 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 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 appropria- tions prior to the release of purchase orders to vendors. Pur- chase orders which could result in an overrun of program balances • are not released until additional appropriations are made avail- able. 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. The City provides a range of services as authorized in its • Charter. This includes police protection, street construction and maintenance, sanitary sewers and storm drainages, library and parks, land use planning and zoning, public improvements and administrative services. 0 ii • • GENERAL GOVERNMENTAL FUNCTIONS Revenues for general governmental functions (all govern- • mental funds) on a generally accepted accounting principles basis totaled $5,534,897 in fiscal year 1986, an increase of 13% over last year. The increase over last year was due to substantial increases in taxes, franchise fees and intergovernmental revenues. These increases were offset by reduced miscellaneous (primarily interest) revenues. The amount of revenues from various sources • and changes from last year are as follows: Increase Percent (Decrease) of from Revenue Source Amount Total Fiscal 1985 • Taxes $1,226,373 22.2% $328,530 Franchise fees 941,264 17.0 350,018 Special assessments 361,268 6.5 (105,927) Licenses and permits 548,689 9.9 24,630 Intergovernmental revenues 1,371,804 24.8 313,204 • Charges for services 375,982 6.8 (37,142) Fines and forfeitures 167,610 3.0 33,570 Miscellaneous revenues 541,907 9.8 (185,996) $5,534,897 100.0% $720,887 • Taxes consist of property taxes on commercial and residential real and personal property within the City. Taxes increased as a result of higher tax levy to fund bonded indebtedness. Assessed property valuations increased $53.6 million, repre- senting an increase of 6.3% over last year. This increase is • mainly attributable to continuing construction of commercial property in the City, annexations and demand for residential property. Current tax collections were 90.32% of the current tax levy, up .5% from last year. The total collections (current and delinquent) to the current tax levy were 97.97 %. • 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. Fran- chise fees increased 17% over the prior year as a result of utility rate increases and some one -time only revenue adjustments for retroactive payments due to property annexations. • Intergovernmental revenues consist primarily of state and county gas taxes, shared cigarette and liquor taxes and Federal and State Revenue sharing entitlements. Intergovernmental revenues increased 24.8% over last year primarily as a result of a county gas tax revenue increase of $224,000. i • iii • • Miscellaneous revenues, which consist primarily of interest, decreased 9.8% from the prior year as a result of a decrease of interest revenue in the Capital Projects Fund of $141,000. • Expenditures for general governmental purposes on a generally accepted accounting principles basis totaled $6,816,768 in fiscal year 1986, an increase of 53.2% over last year. This change is due primarily to construction of the City's new civic center. The amount of expenditures by major functions of the City as compared • to last year is as follows: Percent Increase of from Function Amount Total Fiscal 1985 • Community services $2,157,622 31.7% $ 565,303 Community development 968,778 14.2 151,037 Policy and administration 132,846 1.9 18,059 City -wide support functions 635,905 9.3 376,624 Capital outlay 2,206,653 32.4 1,051,365 Debt service 547,154 8.0 36,788 • Other 167,810 2.5 167,810 $6,816,768 100.0% $2.366,986 Total unreserved fund balances of the City were a $16,712 deficit at June 30, 1986, consisting of $1,036,070 in the General • Fund, $1,068,297 in the Special Revenue Funds, $125,133 in the Debt Service Fund and a $2,246,207 deficit in the Special Assess- ment Fund. The decrease in fund balance from the prior year is a result of expenditures incurred in the Capital Projects Fund for the construction of the new City civic center. The deficit in the Special Assessments Fund arose because of the application of • generally accepted accounting principles to financial reporting for the fund. Revenues are recognized only to the extent that individual installments are considered measurable and available. The deficit is expected to be reduced and eliminated as deferred special assessment installments, which are subject to lien, become measurable and available and are collected. • ENTERPRISE OPERATIONS 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 private enterprises. • iv • • Sewer Fund • Operating revenues amounting to $583,437 were derived from service charges during fiscal year 1986. Operating expenses totaled $585,766. Net income was $14,405 after nonoperating interest revenues were considered for the fiscal year. Storm Drainage Fund • This fund was established during fiscal 1983 to separate sewer service activities from storm drainage activities. Oper- ating revenues amounting to $155,431 were derived from storm drainage service charges. Net loss, including depreciation of $108,579, was $135,622. • RETIREMENT PROGRAMS The City has three retirement options for employees. All nonpolice personnel can choose between a ICMA money purchase plan and /or on ICMA Deferred Compensation program. Police personnel • have a defined benefit and defined contribution pension plan through Banker's Life Insurance Company. Banker's Life acts as administrator of the pension plan. The police pension plans are accounted for in the Pension Trust Fund. The deferred compensa- tion plan is accounted for in an Agency Fund. POOLED CASH AND INVESTMENTS • For the purpose of maximizing yields on short -term invest- ments, temporary excess cash of all funds is pooled. Results of investment activity for the fiscal year are shown below in com- parison with the previous year: • Investment Income 1986 1985 General Fund $160,131 $ 91,980 Special Revenue Funds 52,119 68,778 Capital Projects Fund 63,674 204,658 Special Assessments Fund 34,476 67,975 • Enterprise Funds 20,040 19,573 Pension Trust Fund 137,242 164,785 $467,682 $617,749 Cash and investments at the end of fiscal year 1986 totaled • $5,893,921 at cost. City investments are approved by the State Treasurer in accordance with the Oregon Revised Statutes. Auto- matic deposits of shared revenues from other governmental agencies are transmitted directly to the state administered local govern- ment investment pool. • The interest earnings of investments are allocated to par- ticipating funds on the basis of the monthly average of their equities in the pooled accounts. v • • BONDED INDEBTEDNESS The City's total outstanding bonded debt at June 30, 1986 was • $4,917,000 of which $2,757,000 were Bancroft improvement bonds. Bancroft improvement bonds are not subject to the debt limitations described in the following paragraph. The City did not issue any bonds during fiscal 1986. The State of Oregon mandates a general obligation debt limit • of 3 percent of true cash value of taxable property within the City boundaries. This limit totaled $27,191,068 at June 30, 1986. The City's net debt subject to this limitation was $2,160,000, leaving the amount available for future indebtedness at $25,031,068. • CONCLUSION In recent years many advancements in financial management policies and procedures have been made by the City in an effort to achieve a sound financial system. According to the Government Finance Officers Association (GFOA), "The Certificate of • Achievement is the highest form of recognition in the area of governmental financial reporting, and its attainment represents a significant accomplishment by a governmental unit and its manage- ment". It is our opinion that this report conforms to these standards. • The overall financial condition of the City of Tigard as of June 30, 1986 is excellent given the current unstable economic climate. The City continues to provide services to its citizens well within its resources. In order to sustain this portion, the City's management is continually searching for ways to increase resources and implement cost reduction programs. Both areas are • under constant review, and all areas of opportunity are being thoroughly explored so that basic City services are not adversely affected by these economic factors. The future of the City of Tigard's economic vitality appears to be very good. The City continues to grow in spite of a gen- • erally depressed economy in the State of Oregon. INDEPENDENT AUDIT The State of Oregon (ORS 297.405 to 297.555) requires an annual audit of the fiscal affairs of the City by independent • public accountants selected by the City Council. This requirement has been complied with and the auditor's opinion has been included in this report. • vi • • ACKNOWLEDGMENTS • We would like to express our sincere gratitude to the person- nel of the Finance Department who assisted and contributed to the preparation of this report. Appreciation 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. • Respectfully submitted, d 4e ) , ,A • R. Wayne Low Acting Finance Director • Pw 1ILL Robert W. Jean City Administrator • • • • • vii • • CITY OF TIGARD, OREGON • MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1986 • Name Term Expires Mayor John E. Cook December 31, 1986 10455 S.W. Johnson Street Tigard, Oregon 97223 • Councilman Tom Brian (President) December 31, 1988 7630 S.W. Fir Street Tigard, Oregon 97223 Councilwoman Carolyn Eadon December 31, 1986 11825 S.W. Wildwood Court • Tigard, Oregon 97224 Councilman Gerald R. Edwards December 31, 1986 10390 S.W. Meadow Tigard, Oregon 97223 • Councilwoman Valerie Johnson December 31, 1988 12265 S.W. Walnut Tigard Oregon 97223 • Robert W. Jean, City Administrator R. Wayne Lowry, Acting Director of Finance • LEGAL COUNSEL • O'Donnell & Ramis 1727 N. W. Hoyt Portland, Oregon 97209 • viii • • • • • • • • • s • I • I CITIZENS J 1985 -86 ORGANIZATION: BY FUNCTION 4 - . CITY , BOARDS & MUNICIPAL ' COMMITTEES COURT COUNCIL • Justice ATTORNEY'S • POLICY • Policy Advice Services OFFICE l CITY ADMINISTRATI 1 • MANAGEMENT & ADMINISTRATION • Productivity & MGMT. SYSTEMS • COMMUNITY RELATIONS_$_VOLUNTEERS • CABLE T.V. & TECHNOLOGY N• " I 1 1 • 1 COMMUNITY POLICE LIBRARY FINANCE & DEVELOPMENT SERVICES , • Public Safety Coord. • XCLS • Financial Mint • Insurance & Risk MO • Program Administration • Operations Mint Coordination • Bonds & LID Finance • Utilities, Rents & Leases • Econanic Development • Internal Affairs • Library Adnin. • Cash Management • Gereral Gov't • Transportation Planning & Traffic Engineering • Crime Analysis • Volunteers • Budget M3ragenent • Projects Mgnt, LID's, & Engineering Contracts • Block Watch / Crime Prev. • Rotating • Personnel & Labor Relations • S,lii : r• anchises Adnin. I OPERATIONS , I Collections • Purchasing PATROL INVESTI- i SERVICES CITY T SERVICES DEVEL(P ENT SERVICES SERVICES :: .1.' I ! S.• J . GAT I ON 1 RECORDER 4. . Division Mgnt • Patrol • Investigative • Dispatch • City Recorder • Fleet tmt • Traffic Services • Clerical • Records Mgnt ~ • Inventory & • Narcotics Services • Elections OFFICE WASTE • K - 9 • Security OPERATICtE PCCOl1fT1 • Municipal SERVICES BUILDING ENGINEERIhv PLA111% • Veh e & WATER 1 TRE PARKS • Reserves .....----J Court • Codification — Bu Maint ` • Buildings • Sanitary • Street Maint. • Parks • Library • Financial • Street • Office Mgmt. • Building • Records & • Division Maint. Sewers • Sweeping Maintenancr Services Reports Vacations • Word Processing Codes Adnin & Maps Coordination • Support • Storm • Ditches • Parks • Reference • AR /AP • Clerical Support Inspection • Counter • Comprehensive Service Drainage • Signs Projects • Children's • Payroll • Reception & • Codes Services Planning • Signals & Programs • Utility Cashier Enforcement • G.I.S. • Annexations Street • Large Accounts • Photocopy • Survey • Current Ping Luhti � n9 Print • Projects • Parks Ping Inspection • Special Pruj. • • Certificate of • Achievement for Excellence in Financial • Reporting Presented to • City of Tigard Oregon For its Comprehensive Annual • Financial Report for the Fiscal Year Ended June 30, 1985 • A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) are judged to substantially • conform to program standards. _ ! UNITED STATES y ■ ANO N President f I " CANADA Ja 2 1 1 CORVORATIONJy SIAL • I Executive Director • X • • • • FINANCIAL SECTION • • • • • • C oopers certified public accountants &Lybrand • Honorable Mayor and Council Members City of Tigard Tigard, Oregon • We have examined the combined financial statements of the City of Tigard, Oregon as of and for the year ended June 30, 1986, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and the Minimum Standards for Audits of Oregon Municipal Corpora- tions and, accordingly, included such tests of the accounting • records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the combined financial statements re- ferred to above present fairly the financial position of the City of Tigard, Oregon as of June 30, 1986, 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 conform- ity with generally accepted accounting principles applied on a basis consistent with that of the preceding year after giving retroactive effect to the change, with which we concur, in account- ing for deferred compensation plans as described in Note 17 to the • combined financial statements. Our examination was made for the purpose of forming an opinion on the combined financial statements taken as a whole. 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 combined financial statements of the City of Tigard, Oregon. Such information has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in our opinion, is fairly stated in all material respects in • relation to the combined 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 � . S By 3 n John L. Dethman, a partner • Portland, Oregon August 22, 1986 1 • • • • • COMBINED FINANCIAL STATEMENTS (General Purpose Financial Statements) • • • • • • • 0 0 0 • (This page intentionally left blank.) 0 0 0 0 0 0 0 S CITY OF TIGARD, OREGON COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1986 S Governmental Special Debt S ASSETS General Revenue Service Assets: Cash and investments $ 895,659 $1,460,990 $119,508 Accounts receivable 1,004 24,359 Property taxes receivable 134,050 39,191 Contract receivable 72,211 • Assessment liens receivable Due from other funds 427,615 17,729 Inventory of gasoline 2,830 Fixed assets, net Amount available for bonded debt service Amount to be provided for retirement of general long -term debt Total assets $1.533.369 $1.503,078 $158.699 S LIABILITIES AND FUND EQUITY Liabilities: Accounts payable and accrued liabilities $ 192,622 Deposits 117,198 Accrued bond coupon interest Due to other funds $ 434,786 ID Deferred revenues: Account receivable 1,004 Property taxes 114,264 $ 33,566 Contract receivable 72,211 Assessment liens receivable Accrued vacation pay Deferred compensation payable • Bonds payable Total liabilities 497,299 434,786 33,566 Fund equity: Contributed capital Investment in general fixed assets Retained earnings • Fund balances (deficit): Reserved for employee retirement benefits Unreserved 1,036,070 1,068,292 125,133 Total fund equity 1,036,070 1,068,292 125,133 Total liabilities and fund equity $1.533.369 $1.503.078 $158.699 S The accompanying notes are an integral part of the combined financial statements. 2 • IP Fund Types Fiduciary Proprietary Fund Types Account Groups Capital Special Fund Type Trust General General Long- Total Projects Assessment Enterprise and Agency Fixed Assets Term Debt (Memorandum Only) $2,915 $ 603,317 $ 775,240 $2,036,292 $ 5,893,921 5,156 95,889 126,408 8,703 181,944 72,211 411 1,945,334 1,945,334 445,344 2,830 6,779,184 $5,174,212 11,953,396 $ 125,133 125,133 2,175,815 2,175,815 IP $8.071 $2.548.651 $7.659.016 $2.036.292 $5.174.212 $2.300.948 $22,922.336 $8,071 $ 99,135 $ 230,252 $ 530,080 17,767 134,965 3,407 3,407 10,558 445,344 1,004 147,830 72,211 1,935,316 1,935,316 2,563 $ 140,948 143,511 • $ 406,575 406,575 2,757,000 2,160,000 4,917,000 8,071 4,794,858 261,140 406,575 2,300,948 8,737,243 6,768,739 6,768,739 $5,174,212 5,174,212 629,137 629,137 1,629,717 1,629,717 (2,246,207) (16,712) (2,246,207) 7,397,876 1,629,717 5,174,212 14,185,093 $8,071 $2.548.651 $7.659.016 $2.036.292 $5.174.212 $2.300.948 $22.922.336 • 10 • • CITY OF TIGARD, OREGON COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES for the fiscal year ended June 30, 1986 II • Total Special Debt Capital Special (Memorandum General Revenue Service Projects Assessments Only) Revenues: Taxes $ 826,116 $400,257 $1,226,373 Franchise fees 941,264 941,264 Special assessments $ 361,268 361,268 IP Licenses and permits 539,817 $ 8,872 548,689 Intergovernmental revenues 565,649 806,155 1,371,804 Charges for services 41,633 334,349 375,982 Fines and forfeitures 167,610 167,610 Miscellaneous revenues, primarily interest 211,661 52,199 164 $ 63,888 213,995 541,907 Total revenues 3,293,750 1,201,575 400,421 63,888 575,263 5,534,897 AP Expenditures: Current: Community services 2,030,020 127,602 2,157,622 Community development 473,879 494,899 968,778 Policy and administration 110,455 22,391 132,846 City -wide support func- tions 582,854 53,051 635,905 41 Capital projects 25,000 164,757 1,675,177 341,719 2,206,653 Assessment refunds (Note 16): Principal 82,749 82,749 Interest 85,061 85,061 Debt service: Principal 40,000 40,000 Interest 236,503 270,651 507,154 Total expenditures 3,222,208 862,700 276,503 1,675,177 780,180 6,816,768 Excess of revenues over (under) expenditures 71,542 338,875 123,918 (1,611,289) (204,917) (1,281,871) Fund balances (deficit) - II beginning of year 964,528 729,417 1,215 1,611,289 (2,041,290) 1,265,159 Fund balances (deficit) - end of year $1.211 $1,068.292 $125,133 $ - $(2.246.207) $ (16.712) 41 IP The accompanying notes are an integral part of the combined financial statements. 3 II 41 CITY OF TIGARD, OREGON COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES for the fiscal year ended June 30, 1986 General Fund Special Revenue Funds Debt Service Variance Variance Favorable Favorable (Unfavor- (Unfavor- Budget Actual able) Budget Actual able) Budget Actual Revenues: Taxes $ 764,370 $ 826,116 $ 61,746 $393,400 $400,257 Franchise fees 626,000 941,264 315,264 41 Special assessments Licenses and permits 364,000 539,817 175,817 $ 4,000 $ 8,872 $ 4,872 Intergovernmental revenues 523,700 565,649 41,949 791,622 806,155 14,533 Charges for services 35,400 41,633 6,233 215,000 334,349 119,349 Fines and forfeitures 119,500 167,610 48,110 Miscellaneous revenues, primarily interest 80,200 211,661 131,461 41,500 52,199 10,699 4,600 164 Total revenues 2,513,170 3,293,750 780,580 1 1,201,575 149,453 398,000 400,421 41 Expenditures: Current: Community services 2,136,102 2,030,020 106,082 136,322 127,602 8,720 Community development 508,080 473,879 34,201 529,032 494,899 34,133 Policy and administration 110,740 110,455 285 22,760 22,391 369 City -wide support functions 595,733 582,854 12,879 68,900 53,051 15,849 Contingency 102,043 102,043 74,721 74,721 Capital projects 25,000 25,000 941,682 164,757 776,925 Special assessment refunds (Note 16): Principal Interest Debt service: Principal 40,000 40,000 Interest 236,503 236,503 41 Total expenditures 3,477,698 3,222,208 255,490 1,773,417 862,700 910,717 276,503 276,503 Excess of revenues over (under) expenditures (964,528) 71,542 1,036,070 (721,295) 338,875 1,060,170 121,497 123,918 Other financing sources: Proceeds from Bancroft bond sales 41 Excess of revenues and other sources over (under) expenditures (964,528) 71,542 1,036,070 (721,295) 338,875 1,060,170 121,497 123,918 Fund balances - budgetary basis, beginning of year 1,017,599 1,017,599 729,417 729,417 1,215 1,215 Fund balances - budgetary basis, • end of year $, 53,071 1,089,141 $1,036,070 $ 8,122 1,068,292 $1,060.170 $122.712 125,133 Adjustments from budgetary basis to generally accepted account- ing principles: Cumulative effect of differ- ences between budgetary basis and generally accepted accounting 41 principles basis of reporting beginning fund balance (53,071) Bond principal payments bud- geted as expenditures Fund balances (deficit) - gener- ally accepted accounting 41 principles basis, end of year $1,036,070 $1,068,292 $125.l3a The accompanying notes are an integral part of the combined financial statements. 4 41 1, II Fund Capital Projects Fund Special Assessments Fund Total (Memorandum Only) Variance Variance Variance Variance Favorable Favorable Favorable Favorable (Unfavor- (Unfavor- (Unfavor- (Unfavor- able) Budget Actual able) Budget Actual able) Budget Actual able) $6,857 $ 1,157,770 $1,226,373 $ 68,603 ir 626,000 941,264 315,264 $ 252,000 $ 361,268 $ 109,268 252,000 361,268 109,268 368,000 548,689 180,689 1,315,322 1,371,804 56,482 250,400 375,982 125,582 119,500 167,610 48,110 (4,436) $ 63,888 $ 63,888 294,363 213,995 (80,368) 420,663 541,907 121,244 • 2,421 63,888 63,888 546,363 575,263 28,900 4,509,655 5,534,897 1,025,242 2,272,424 2,157,622 114,802 1,037,112 968,778 68,334 133,500 132,846 654 664,633 635,905 28,728 AD 176,764 176,764 $1,800,000 1,675,177 124,823 4,200,000 341,719 3,858,281 6,966,682 2,206,653 4,760,029 82,749 (82,749) 82,749 (82,749) 85,061 (85,061) 85,061 (85,061) 250,000 250,000 290,000 290,000 10 296,363 270,651 25,712 532,866 507,154 25,712 1,800,000 1,675,177 124,823 4,746,363 1,030,180 3,716,183 12,073,981 7,066,768 5,007,213 2,421 (1,800,000) (1,611,289) 188,711 (4,200,000) (454,917) 3,745,083 (7,564,326) (1,531,871) 6,032,455 • 4,200,000 (4,200,000) 4,200,000 (4,200,000) 2,421 (1,800,000) (1,611,289) 188,711 - (454,917) (454,917) (3,364,326) (1,531,871) 1,832,455 1,611,289 1,611,289 1,490,015 1,490,015 4,849,535 4,849,535 i $2,,421 $ (188.711) - $,88,711 $,,490,015 1,035,098 $ (454,917) $ 1.485.209 3,317,664 $1.832.455 (3,531,305) (3,584,376) 250,000 250,000 ID $ - $(2,246,207) $ (16.712) ID 40 CITY OF TIGARD, OREGON COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS /FUND BALANCE - ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND for the fiscal year ended June 30, 1986 OM Proprietary Fiduciary Total Fund Type Fund Type (Memorandum Enterprise Pension Trust Only) OPERATING REVENUES: Service charges $738,868 $ 738,868 . Pension contributions $ 117,824 117,824 Total operating revenues 738,868 117,824 856,692 OPERATING EXPENSES: Salaries, wages and fringe benefits 368,734 368,734 Contracted services 11,936 11,936 General and administrative and other 277,161 277,161 Depreciation 222,294 222,294 Benefit payments and withdrawals 1,200 1,200 Contract charges 2,313 2,313 Total operating expenses 880,125 3,513 883,638 Operating income (loss) (141,257) 114,311 (26,946) S NONOPERATING REVENUE - Interest 20,040 219,492 239,532 Net income (loss) (121,217) 333,803 212,586 Add: Depreciation on fixed assets donated or acquired from capital contri- butions that reduces contributed capital 189,603 189,603 Increase in retained earnings /fund balance 68,386 333,803 402,189 RETAINED EARNINGS /FUND BALANCE - beginning of year 560,751 1,295,914 1,856,665 RETAINED EARNINGS - end of year $629,137 $1,629,717 $2.258.854 40 40 The accompanying notes are an integral part of the combined financial statements. 5 41 CITY OF TIGARD, OREGON COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUND for the fiscal year ended June 30, 1986 41 • Proprietary Fiduciary Total Fund Type Fund Type (Memorandum Enterprise Pension Trust Only) Working capital provided (used): In operations: Net income (loss) $(121,217) $333,803 $212,506 • Charges to operations not requiring outlay of working capital in the current period - depreciation 222,294 222,294 Working capital provided from operations 101,077 333,803 434,800 Capital contributions, net of donated 40 fixed assets of $368,492 120,258 120,258 Increase in working capital $221.335 $333.803 $555.138 Changes in components which increased (decreased) working capital: Cash and investments $369,989 $333,803 $703,792 i Accounts receivable 36,883 36,883 Property taxes receivable (34) (34) Interest receivable (931) (931) Due from other funds (52,011) (52,011) Accounts payable and accrued liabilities (115,663) (115,663) Customer deposits (6,340) (6,340) Due to other funds (10,558) (10,558) Increase in working capital $221,335 $333.803 $555.138 41 e The accompanying notes are an integral part of the combined financial statements. 411 6 • • • NOTES TO COMBINED FINANCIAL STATEMENTS • • • • • • • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS • 1. Summary of Significant Accounting Policies: Governmental Entities Included in the Combined Financial • Statements 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, 1986. The following criteria regarding manifestation of oversight were considered by the City in its evaluation of City • organizations and activities: 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 indepen- dently 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 finan- cial statements. Bases of Accounting The Governmental Fund Types are maintained on the modified accrual • basis of accounting. Under the modified accrual basis of account- ing, 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 general obligation bonds which is recorded on its due date. Earned but unpaid vacations which are recorded as • expenditures to the extent they are expected to be liq- uidated with expendable available financial resources. 7 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued 1. Summary of Significant Accounting Policies, Continued: Bases of Accounting, Continued Revenues which were measurable and available at June 30, 1986 under the modified accrual basis of accounting were as follows: • Federal and state grants (to the extent that revenues are recorded as eligible expenditures are incurred). • . Federal revenue sharing entitlements. State, county and local shared revenues for cigarette tax, liquor tax and other. • Property tax revenues and assessment liens principal 11 installments which are collected within sixty days following year end. 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. • Receivables Receivables for federal and state grants, federal revenue sharing entitlements and state, county and local shared revenues, included in accounts receivable, are recorded as revenue in the governmental funds as earned. • 8 41 CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 1. Summary of Significant Accounting Policies, Continued: Receivables, Continued • 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. Dis- counts 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. 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 Inventory of gasoline 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 estimated appraised value at date of donation. Estimated appraised value of donated assets is determined based on engineering estimates of current • 9 • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 1. Summary of Significant Accounting Policies, Continued: Enterprise Fund Fixed Assets, Continued • 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 use- ful 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 in- curred. 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. 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. 10 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 1. Summary of Significant Accounting Policies, Continued: Long -Term Debt • Long -term debt directly related and expected to be paid from the Enterprise Funds or Special Assessments Fund is recorded in these funds. All other unmatured long -term debt is recorded in the General Long -Term Debt Account Group. Repayment of general bonded debt recorded in the General Long -Term Debt Account Group is made • from the Debt Service Fund. Payment of vacation liabilities in the General Long -Term Debt Account Group is made from the General Fund. Accrued Vacation Pay 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 is recorded in all funds when leave is taken. • Contributed Capital Contributed capital in the Enterprise Funds represents the accumu- lation 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 trans- actions are recorded in contributed capital in the Enterprise Funds: Receipts of federal and state grants for acquisition of • fixed assets. • Fixed assets contributed from other funds or the General Fixed Assets Account Group. • Contributions from others for the acquisition or con- • struction of fixed assets. • Transfers from retained earnings for depreciation on fixed assets donated or acquired by contributed capital resources. • 11 • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 1. Summary of Significant Accounting Policies, Continued: 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 Budget Law. Appropriations are made at the major program level for each fund. Appropriations may not be legally overex- pended. Appropriations lapse at the end of each fiscal year. Budget amounts include original approved amounts and all sub- sequent 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, 1986, several appropriations transfers were made as well as three supplemental budget appro- priations. 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: / 411 The City of Tigard, under its Charter of 1962, is governed by an elected mayor and four councilmembers 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: Federal Revenue Sharing Fund: This fund accounts for Federal Revenue Sharing entitlements. • 12 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 2. Organization and Operation, Continued: Governmental Fund Types, Continued • Special Revenue Funds, Continued: State Tax Street Fund: This fund accounts for revenues received from state gasoline taxes which are to be expended as specified in the Constitution of the State of Oregon, Article IX, Section 3. • Streets SDC Fund: This fund accounts for system develop- ment charges to be used for major repair and improvement to extracapacity street facilities. Parks SDC Fund: This fund accounts for system develop - • ment charges for major improvements to recreational facilities within the City. County Road Levy Fund: This fund accounts for a spe- cial, 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. Debt Service Fund: This fund accounts for payment of general • obligation bond principal and interest. The principal source of revenue is from property taxes. Capital Projects Fund: This fund accounted for the costs of constructing a city building, including library, city hall and police facilities. The building was financed by general 41 obligation bond proceeds and interest earnings. The building was substantially complete as of June 30, 1986. Special Assessments Fund: This fund accounts for construc- tion and financing of specific street and sanitary sewer and storm drainage projects which benefit property owners. The 41 fund's primary financing sources are assessments against owners of benefited property and contributions from other funds for their share of costs. 13 • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 2. Organization and Operation, Continued: 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 fund accounts for monies withheld from employees under deferred compensation plans and the earnings on the investment of those funds (Note 11). Pension Trust Fund: This fund accounts for the police em- • ployees pension plans (Note 11). 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 long -term indebtedness not recorded in the Enterprise Funds and Special Assessments Fund. 3. Reconciliation of Generally Accepted Accounting Principles • Basis to Budgetary Basis: The budget for the Special Assessments Fund of the City is prepared differently from generally accepted accounting principles. There- fore, the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types is presented on the budgetary basis and is adjusted to the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types presented on the generally accepted accounting principles basis. The following is a recon- ciliation of the differences between the budgetary basis and generally accepted accounting principles basis for the excess of • revenues under expenditures for the aforementioned combined financial statements: Excess of revenues under expenditures - generally accepted accounting principles basis $(204,917) Expenditures: • Bond principal payments budgeted as expenditures (250,000) Excess of revenues under expenditures - budgetary basis $(454,917) 14 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 4. Cash and Investments: The City maintains a cash and investment pool that is available for use by all funds, except the Deferred Compensation Fund and • Pension Trust Fund. Each fund type's portion of this pool is displayed on the combined balance sheet as "Cash and investments ". The investments of the Deferred Compensation Fund and Pension Trust Fund are held separately from those of other City funds. State of Oregon Statutes authorize the City to invest in general • obligations of the United States government and its agencies, general obligations of certain states, certain bonds of Oregon municipalities, insurance contracts, bankers' acceptances and open time deposits, certificates of deposits and saving accounts of banks and savings and loans located in Oregon. • Cash and investments at June 30, 1986 were: Cash on hand $ 650 Cash held by Department of Finance, Washington County 14,097 Cash in bank demand deposits 139,970 Cash on deposit with Oregon Treasurer's Investment Pool 3,702,912 Investments with fiduciary (investment company for Deferred Compensation Fund) 406,575 Investments with fiduciary (insurance company for Pension Trust Fund) 1,629,717 • $5,893,921 The City's bank deposits were entirely covered by federal deposi- tory insurance or by collateral held by a custodian in the City's name. The City also invested in bank certificate of deposits during the year. 5. Contract Receivable: 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 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, 1986 comprise: • 15 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 5. Contract Receivable, Continued: Total receivable $83,044 • Less unearned interest 10,833 $72,211 The contract requires annual payments of $14,442 plus 5% interest on the unpaid balance to July 1, 1991. • 6. Assessment Liens Receivable: Assessment liens receivable represent the uncollected amounts levied against benefited property for the cost of local improve- ments. Because the assessments are liens against the benefited property, an allowance for uncollectible amounts is not deemed necessary. Substantially all assessments are payable over a period of ten to twenty years. Assessments bear 7% to 10.8% interest. • 7. Interfund Receivables and Payables: Interfund receivables and payables at June 30, 1986 are: Special Enter- • General Revenue prise Fund Funds Funds Total Due from other funds: Streets SDC $ 17,729 $ 17,729 State Tax Street $352,096 352,096 Parks SDC 36,165 36,165 • County Gas Tax 28,796 28,796 Storm Drainage 10,558 10,558 $427.615 $ 17,729 $445,344 Due to other funds: General $417,057 $10,558 $427,615 Parks SDC 17,729 17,729 $434,786 $10,558 $445,344 • • 16 • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 8. Fixed Assets: Fixed assets and related changes therein are as follows: • ENTERPRISE FUNDS Balance Balance June 30, June 30, 1985 Additions 1986 • Land $ 2,484 $ 2,484 Building 53,540 53,540 Sewer system 4,344,216 $345,062 4,689,278 Storm drainage system 4,936,711 23,430 4,960,141 Equipment 122,088 122,088 Autos and trucks 28,710 28,710 • 9,487,749 368,492 9,856,241 Less accumulated depreciation 2,854,763 222,294 3,077,057 $6,632.986 $146,198 $6,779,184 • GENERAL FIXED ASSETS ACCOUNT GROUP Balance Balance • June 30, Dele- June 30, 1985 Additions tions 1986 Land $ 913,481 $ 913,481 Buildings 865,737 $1,957,498 2,823,235 • Equipment 371,230 388,538 759,768 Autos and trucks 165,390 16,705 $(3,500) 178,595 Office equipment 195,850 195,850 Library books 252,038 51,245 303,283 $2,763.726 $2,413,986 $(3,500) $5,174,212 • • 17 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 9. Long -Term Debt: Bonds payable transactions for the year and future maturities of • bond principal and interest at June 30, 1986 are as follows: Principal Outstanding Matured Outstanding June 30, During June 30, 1985 Year 1986 Interest • General Obligation Bonds: General obligation city building bonds with interest rates from 9.7% to 18% (original amount $2,200,000): • Fiscal year: 1986 $ 40,000 $ 40,000 1987 45,000 $ 45,000 $ 229,302 1988 50,000 50,000 221,203 1989 55,000 55,000 215,202 1990 60,000 60,000 208,603 • 1991 65,000 65,000 202,153 1992 -1996 455,000 455,000 896,350 1997 -2001 760,000 760,000 609,810 2002 -2004 670,000 670,000 146,810 $2.200.000 $ 40.000 $2.160.000 $2.729.433 • Bancroft Improvement Bonds: Seven general obligation improvement bond issues with interest rates from 6% to 16.75% (original • amounts $3,447,181): Fiscal year: 1986 $ 250,000 $250,000 1987 278,000 $ 278,000 $ 242,951 1988 308,000 308,000 215,932 1989 328,000 328,000 187,955 41 1990 363,000 363,000 156,929 1991 388,000 388,000 122,257 1992 -1996 1,022,000 1,022,000 168,491 1997 -2001 50,000 50,000 25,600 2002 -2003 20,000 20,000 2,300 • $3.007.000 $250.000 $2.757.000 $1.122.415 • 18 • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 9. Long -Term Debt, Continued: During fiscal 1986, accrued vacation pay recorded in the General Long -Term Debt Account Group increased from $107,544 at June 30, • 1985 to $140,948 at June 30, 1986, an increase of $33,404. The accrual represents a normal accumulation of vested benefits at year end. 10. Contributed Capital: • The changes in contributed capital were as follows: Balance, beginning of year $6,469,592 Transfer of depreciation on certain contributed • fixed assets from retained earnings (189,603) Contributions from customers 488,750 Balance, end of year $6,768.739 • 11. Retirement Plans: Pension 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. Required employer contributions are accounted for in a defined benefit plan and required employee contributions, which are also paid by the City, are accounted for in a defined contri- bution plan. • The cost of the defined contribution plan is accrued and funded currently. The cost of the defined benefit plan, including amortization of the unfunded prior service cost over forty years and normal cost, is also accrued and funded currently. Due to the unitary nature of the police pension program, these two plans 41 have been accounted for in one pension trust fund. Pension contributions made to this fund by the City for the year ended June 30, 1986 were $117,824. There are no unfunded accrued liabilities for these plans. A comparison of accumulated plan benefits and plan net assets for • the police employees' defined benefit plan as of July 1, 1985, the latest actuarial valuation study, is presented below: 19 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 11. Retirement Plans, Continued: Pension Plans, Continued • Actuarial present value of accumulated plan benefits: Vested $455,601 Nonvested 53,078 $508,679 • Net assets available for benefits $841,555 The weighted average assumed rate of return used in determining the actuarial present value of accumulated plan benefits was 7.5 %. The City contributes to defined contribution plans for all eli- • gible employees. Eligible employees include all employees except police employees. Contributions to the plans are made to a fiduciary. The fiduciary holds the funds in trust and makes dis- tributions as provided by the plans. Expenditures by the City for the plans were $71,188 for the year ended June 30, 1986. • Deferred Compensation Plan 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 except police 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. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attribut- able to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the pro- perty 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's in an amount equal to the fair market value of the deferred account for each participant. The City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. • Expenditures by the City for the deferred compensation plan were $31,541 for the year ended June 30, 1986. 20 • • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 12. Transactions with Unified Sewerage Agency of Washington County: 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% of sewer service charges collected and 20% of connection charges collected, in accordance with an agreement between the City and USA dated Janu- ary 18, 1972. Payments of $1,144,992 were made to USA during 1986 under this agreement. • 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 Proprietary Fund Types and Similar Trust Fund. Revenues are reported net because the City acts in a fiduciary capacity on behalf of USA. • 13. Commitments and Contingencies: The City has a contingent liability against its full faith and credit for Bancroft improvement bonds recorded in the Special • Assessments Fund in the amount of $2,757,000. The City's general credit is obligated on these bonds only to the extent that liens foreclosed against properties involved in the assessment districts and collections of related assessments and interest are insuffi- cient to retire outstanding bonds and pay bond interest. • The City is a defendant in several legal actions currently pending. Although their outcome cannot be determined, it is the opinion of management that settlement of these matters will not have a material effect on the combined financial position and results of operations of the City. • • • • 21 • CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 14. Segment Information for Enterprise Funds: 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, 1986 is as follows: Sewer Storm Drainage Operations Operations Total • Operating revenues $ 583,437 $ 155,431 $ 738,868 Depreciation 113,715 108,579 222,294 Operating (loss) (2,329) (138,928) (141,257) Net income (loss) 14,405 (135,622) (121,217) Current capital contri- • butions 345,062 143,688 488,750 Fixed asset additions 345,062 23,430 368,492 Net working capital 391,838 226,854 618,692 Total assets 4,289,638 3,369,378 7,659,016 Total equity 4,039,056 3,358,820 7,397,876 • 15. Deficit Fund Balance: The deficit of $2,246,207 in the Special Assessments Fund at June 30, 1986 arises because of the application of generally accepted accounting principles to the financial reporting for the • fund. Bond proceeds used to finance construction of special assessment projects are not recognized as an "other financing source" because the liabilities for special assessment bonds payable are accounted for in the Special Assessments Fund. Special assessments are recognized as revenue only to the extent that individual installments are collected within sixty days following • year end. 16. Special Assessment Refunds: During fiscal 1986, the City completed the final assessment for • Local Improvement District No. 21. The final assessment resulted in cash refunds of $109,698 ($82,749 of principal and $26,949 of interest) to property owners, a reduction in special assessments receivable of $186,804 and a liability to property owners of $58,112 for interest paid on preassessed amounts in prior years. 11 • 22 s CITY OF TIGARD, OREGON NOTES TO COMBINED FINANCIAL STATEMENTS, Continued • 17. Accounting Change and Restatement: To comply with Governmental Accounting Standards Board Statement No. 2, amounts related to employee deferred compensation plans • have been recorded in an agency fund effective July 1, 1985. Prior to fiscal 1986 employee deferred compensation assets and liabilities were recorded in the General Fund. The reclassifica- tion between funds had no effect on the excess of revenues over (under) expenditures or fund equity as of and for the year ended June 30, 1985. • • • • • • • 23 • • • • • SUPPLEMENTARY DATA (Combining and Individual Fund and Account Group Statements and Other Financial Schedules) • • • • • • • • • a' GENERAL FUND 0 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. • 1 0 1 • • AD CITY OF TIGARD, OREGON GENERAL FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 4R 41 Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: Property taxes: Current year $ 711,650 $ 735,552 $ 23,902 0/ Prior years 52,220 90,564 38,344 Other 500 (500) Franchise fees 626,000 941,264 315,264 Licenses and permits 364,000 539,817 175,817 Intergovernmental revenues 523,700 565,649 41,949 Charges for current services 35,400 41,633 6,233 Fines and forfeitures 119,500 167,610 48,110 Use of money and property 62,200 174,568 112,368 41 Nonrevenue receipts 3,000 28,783 25,783 Recovered expenditures and other 15,000 8,310 (6,690) Total revenues 2,513,170 3,293,750 780,580 BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 1,017,599 1,017,599 4) Total $3,530.769 $4,311.349 $780.580 EXPENDITURES: Community services $2,136,102 $2,030,020 $106,082 Community development 508,080 473,879 34,201 Policy and administration 110,740 110,455 285 City -wide support function 595,733 582,854 12,879 Contingency 102,043 102,043 Capital projects 25,000 25,000 3,477,698 $3,222,208 $255.490 UNAPPROPRIATED ENDING FUND BALANCE 53,071 $3,530,769 41 0 4 24 0 0 • SPECIAL REVENUE FUNDS 0 The Special Revenue Funds account for revenue derived from specific tax or other earmarked revenue sources, including federal and state grant awards, which are legally restricted to • finance particular functions or activities. Funds included in this fund category are: Federal Revenue Sharing • State Tax Street Streets SDC Parks SDC County Road Levy • County Gas Tax • • • 41 CITY OF TIGARD, OREGON SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET June 30, 1986 f • Federal State County Revenue Tax Streets Parks Road County Sharing Street SDC SDC Levy Gas Tax Total ASSETS • Cash and investments $ 3,161 $539,009 $500,443 $132,161 $130,264 $155,952 $1,460,990 Accounts receivable 24,359 24,359 Due from other funds 17,729 17,729 Total assets $27.520 $539.009 $500.443 $149.890 $130.264 $,55.952 $1.503.078 • LIABILITIES AND FUND BALANCES Liabilities - due to other funds $352,096 $ 17,729 $ 36,165 $ 28,796 $ 434,786 Fund balances - unreserved $27,520 186,913 482,714 113,725 $130,264 127,156 1,068,292 Total liabilities and fund balances $27,520 $539.009 $500.443 $149.890 $,30,264 $155.952 $1.503.078 r 40 41 25 41 41 CITY OF TIGARD, OREGON SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS) t for the fiscal year ended June 30, 1986 S Federal State County Revenue Tax Streets Parks Road County Sharing Street SDC SDC Levy Gas Tax Total REVENUES: 41 Licenses and permits $ 8,872 $ 8,872 Intergovernmental revenues $105,916 373,618 $ 21,068 $305,553 806,155 Charges for services $267,659 $ 66,690 334,349 Miscellaneous revenues 22,989 15,613 5,301 5,185 3,111 52,199 Total revenues 105,916 405,479 283,272 71,991 26,253 308,664 1,201,575 EXPENDITURES: Community services 86,518 33,379 2,172 5,533 127,602 Community development 285,309 37,900 8,908 162,782 494,899 Policy and administra- tion 17,096 2,428 2,867 22,391 City -wide support 41 functions 45,650 7,401 53,051 Capital projects 5,440 40,649 95,009 10,337 13,322 164,757 Total expendi- tures 86,518 386,874 83,149 103,917 10,337 191,905 862,700 Excess of revenues over (under) 4, expenditures 19,398 18,605 200,123 (31,926) 15,916 116,759 338,875 FUND BALANCES - beginning of year 8,122 168,308 282,591 145,651 114,348 10,397 729,417 FUND BALANCES - end of year $ 27,520 $186.913 $482,714 $,13.725 $,30,264 $127,156 $1.068,292 r M 26 41 I CITY OF TIGARD, OREGON FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL 40 for the fiscal year ended June 30, 1986 i Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: • Federal revenue sharing entitlements $89,122 $105,916 $16,794 BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 8,122 8,122 Total $97,244 $114.038 $16.794 10 Variance Revised Favorable Appropriations Actual (Unfavorable) 41 EXPENDITURES: Community services $89,122 $ 86.518 $ 2.604 UNAPPROPRIATED ENDING FUND BALANCE 8,122 $97,244 i • 40 27 41 CITY OF TIGARD, OREGON STATE TAX STREET FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 • 40 Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: State gas tax $350,000 $373,618 $ 23,618 • Interest 10,000 22,989 12,989 Lighting Subdivisions 4,000 8,872 4,872 Total revenues 364,000 405,479 41,479 BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 168,308 168,308 41 Total $532.308 $573.787 $ 41.479 Variance f Revised Favorable Appropriations Actual (Unfavorable) EXPENDITURES: Community services $ 38,300 $ 33,379 $ 4,921 Community development 309,012 285,309 23,703 Policy and administration 17,100 17,096 4 • City -wide support functions 58,300 45,650 12,650 Contingency 48,353 48,353 Capital projects 61,243 5,440 55,803 Total $532,308 $386.874 $145.434 41 40 41 28 41 40 CITY OF TIGARD, OREGON STREETS SDC FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 41 40 Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: System development charges $195,000 $267,659 $ 72,659 Interest 25,000 15,563 (9,437) Miscellaneous 50 50 Total revenues 220,000 283,272 63,272 • BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 282,591 282,591 • Total $502.591 $565,863 $ 63.272 Variance 41 Revised Favorable Appropriations Actual (Unfavorable) EXPENDITURES: Community services $ 2,500 $ 2,172 $ 328 Community development 40,000 37,900 2,100 Policy and administration 2,500 2,428 72 Capital projects 457,591 40,649 416,942 Total $502.591 $ 83.149 $419.442 41 41 40 29 40 41 CITY OF TIGARD, OREGON PARKS SDC FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 41 i Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: System development charges $ 20,000 $ 66,690 $46,690 Interest 5,000 5,301 301 Total revenues 25,000 71,991 46,991 BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 145,651 145,651 r Total $,70.651 $217,642 $46.991 Variance 40 Revised Favorable Appropriations Actual (Unfavorable) EXPENDITURES: Community development $ 9,151 $ 8,908 $ 243 Capital projects 156,500 95,009 61,491 . Contingency 5,000 5,000 Total $170.651 $103.917 $66.734 40 S" r 30 41 0 CITY OF TIGARD, OREGON COUNTY ROAD LEVY FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 41 i Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: County maintenance and repair tax $ 1,500 $ 21,068 $ 19,568 Interest 500 5,185 4,685 Total revenues 2,000 26,253 24,253 BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 114,348 114,348 41 Total $116.348 $,40,601 $ 24.253 Variance 41 Revised Favorable Appropriations Actual (Unfavorable) EXPENDITURES: Capital projects $116.348 $ 10,337 $106.011 41 40 40 31 41 CITY OF TIGARD, OREGON COUNTY GAS TAX FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 41 i Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: County road tax $351,000 $305,553 $(45,447) 41 Interest 1,000 3,111 2,111 Total revenues 352,000 308,664 (43,336) BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 10,397 10,397 Total $362,397 $319.061 $(43.336) 41 Variance Revised Favorable 41 Appropriations Actual (Unfavorable) EXPENDITURES: Community services $ 6,400 $ 5,533 $ 867 Community development 170,869 162,782 8,087 Policy and administration 3,160 2,867 293 City -wide support functions 10,600 7,401 3,199 Capital projects 150,000 13,322 136,678 Contingency 21,368 21,368 Total $362,397 $191.905 $170.492 41 41 40 32 41 • • • SPECIAL ASSESSMENTS FUND • The Special Assessments Fund accounts for the construc- tion and financing of specific street and sanitary sewer projects which benefit property owners. The fund's primary financing • sources are assessments against owners of benefited property. Assessments, which become a lien against the benefited property, are levied based upon the estimated cost of the projects. The benefited property owner may elect to pay the assessment over a • period of ten years (or twenty years for parking facilities and for assessments levied after September 1971) in semi - annual installments. Upon completion of the project, general obligation ten -year and twenty -year serial coupon bonds are sold in an amount • equal to the unpaid assessments. • • • • IP CITY OF TIGARD, OREGON SPECIAL ASSESSMENTS FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 41 Variance Revised Favorable i Budget Actual (Unfavorable) REVENUES: Collection of bonded assessments $ 252,000 $ 361,268 $ 109,268 Interest on assessments 251,363 179,519 (71,844) Interest on investments 43,000 34,476 (8,524) Total revenues 546,363 575,263 28,900 4 OTHER FINANCING SOURCES: Bond proceeds 4,200,000 (4,200,000) Total revenues and other sources 4,746,363 575,263 (4,171,100) BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 1,490,015 1,490,015 • Total $6.236.378 $2.065.278 $(4.171.100) EXPENDITURES: Capital projects $4,200,000 $ 341,719 $3,858,281 Special assessment refunds: Principal 82,749 (82,749) Interest 85,061 (85,061) • 167,810 (167,810) Bond principal: Bancroft #11 3,000 3,000 12 15,000 15,000 13 30,000 30,000 14 5,000 5,000 15 65,000 65,000 16 100,000 100,000 17 32,000 32,000 Total bond principal 250,000 250,000 Bond interest: Bancroft #11 1,954 1,954 IP 12 4,575 4,575 13 34,382 34,382 14 18,884 18,884 15 65,465 65,465 16 102,418 102,418 17 68,685 42,973 25,712 • Total bond interest 296,363 270,651 25,712 Total expenditures 4,746,363 $,,030,180 $3.716.183 UNAPPROPRIATED ENDING FUND BALANCE 1,490,015 $6,236,378 41 33 41 • • • ENTERPRISE FUNDS • These funds are used to finance and account for the acquisition, operation and maintenance of sewer and storm drainage facilities which are supported by user charges. Funds included in • this fund category are: • Sewer Fund • Storm Drainage Fund • • • • • • 40 CITY OF TIGARD, OREGON ENTERPRISE FUNDS COMBINING BALANCE SHEET June 30, 1986 41 Storm Sewer Drainage Fund Fund Total ASSETS: Current assets: Cash and investments $ 569,212 $ 206,028 $ 775,240 • Accounts receivable 65,787 30,102 95,889 Property taxes receivable 7,421 1,282 8,703 Total current assets 642,420 237,412 879,832 Fixed assets, net 3,647,218 3,131,966 6,779,184 $4.289.638 $3.369.378 $7.659.016 LIABILITIES AND FUND EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 230,252 $ 230,252 Customer deposits 17,767 17,767 Accrued vacation pay 2,563 2,563 Due to other funds $ 10,558 10,558 • Total current liabilities 250,582 10,558 261,140 Fund equity: Contributed capital 3,424,014 3,344,725 6,768,739 Retained earnings 615,042 14,095 629,137 Total fund equity 4,039,056 3,358,820 7,397,876 • $4.289.638 $3.369.378 $7.659.016 41 40 34 41 CITY OF TIGARD, OREGON ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS • for the fiscal year ended June 30, 1986 Storm Sewer Drainage Fund Fund Total OPERATING REVENUES: Service charges $583,437 $155,431 $738,868 I OPERATING EXPENSES: Salaries, wages and employee benefits 261,679 107,055 368,734 Contracted services 8,713 3,223 11,936 General and administrative and other 201,659 75,502 277,161 Depreciation 113,715 108,579 222,294 1 Total operating expenses 585,766 294,359 880,125 Operating loss (2,329) (138,928) (141,257) NONOPERATING REVENUE - Interest 16,734 3,306 20,040 Net income (loss) 14,405 (135,622) (121,217) Add: Depreciation on fixed assets donated or acquired from capital contributions that reduces contributed capital 81,025 108,578 189,603 Increase (decrease) in retained earnings 95,430 (27,044) 68,386 RETAINED EARNINGS - beginning of year 519,612 41,139 560,751 I RETAINED EARNINGS - end of year $615.042 $ 14.095 $629.137 I 35 I 41 CITY OF TIGARD, OREGON ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION for the fiscal year ended June 30, 1986 41 • Storm Sewer Drainage Fund Fund Total Working capital provided (used): In operations: Net income (loss) $ 14,405 $(135,622) $(121,217) 41 Charges to operations not requiring outlay of working capital in the current period - depreciation 113,715 108,579 222,294 Working capital provided from (used in) operations 128,120 (27,043) 101,077 Capital contributions, net of donated fixed . assets of $345,062 and $23,430, respectively 120,258 120,258 Increase in working capital $128.120 $ 93.215 $221.335 Changes in components which increased (decreased) working capital: 41 Cash and investments $273,031 $ 96,958 $369,989 Accounts receivable 30,371 6,512 36,883 Property taxes receivable (355) 321 (34) Interest receivable (913) (18) (931) Due from other funds (52,011) (52,011) Accounts payable and accrued liabilities (115,663) (115,663) Customer deposits (6,340) (6,340) Due to other funds (10,558) (10,558) Increase in working capital $,28,120 $ 93.215 $221,335 41 41 41 36 41 CITY OF TIGARD, OREGON SEWER FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 I• 41 Variance Revised Favorable Budget Actual (Unfavorable) REVENUES: Sewer service charges $540,000 $583,437 $ 43,437 Interest 25,000 16,734 (8,266) Total revenues 565,000 600,171 35,171 BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 263,722 263,722 41 Total $$28,722 $863,893 $ 35,171 Variance 41 Revised Favorable Appropriations Actual (Unfavorable) EXPENDITURES: Community services $ 85,900 $ 75,059 $ 10,841 Community development 323,097 267,128 55,969 Policy and administration 32,200 32,200 City wide support function 109,324 85,532 23,792 41 Contingency 98,201 98,201 Capital projects 180,000 12,132 167,868 Total $828,722 $472.051 $356,671 Total expenditures, as reported above $472,051 Add depreciation 113,715 41 Total expenses as reported in the Combining Statement of Revenues, Expenses and Changes in Retained Earnings (page 35) $585.766 41 41 37 41 41 CITY OF TIGARD, OREGON STORM DRAINAGE FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1986 40 Variance Original Favorable Budget Actual (Unfavorable) REVENUES: Service charges $255,000 $155,431 $(99,569) 4 Interest 10,000 3,306 (6,694) Total revenues 265,000 158,737 (106,263) BEGINNING FUND BALANCE AVAILABLE FOR APPROPRIATION 41,139 41,139 Total $306.139 $199.876 $(106,263) 40 Variance Revised Favorable Appropriations Actual (Unfavorable) EXPENDITURES: Community services $ 46,100 $ 40,188 $ 5,912 Community development 130,939 105,965 24,974 Policy and administration 9,300 9,210 90 City wide support function 31,800 23,013 8,787 • Capital projects 88,000 7,404 80,596 Total $306,139 $185.780 $,20,359 Total expenditures, as reported above $185,780 Add depreciation 108,579 a Total expenses as reported in the Combining Statement of Revenues, Expenses and Changes in Retained Earnings (page 35) $294,359 41 41 38 41 • • 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 • • • • • CITY OF TIGARD, OREGON FIDUCIARY FUNDS COMBINING BALANCE SHEET June 30, 1986 11 Deferred Compensation Pension 11 Fund Trust Fund Total Assets: Cash and investments $406.575 $2.629.717 $2.036.292 Liabilities and Fund Balance: Liabilities: 41 Deferred compensation payable $406,575 $ 406,575 Fund balance: Reserved for employee retirement benefits $1,629,717 1,629,717 $406.575 $1.629.717 $2.036.292 41 11 11 r 11 11 39 11 40 CITY OF TIGARD, OREGON DEFERRED COMPENSATION FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES for the fiscal year ended June 30, 1986 S 40 Balance June 30, Balance 1985, as June 30, ASSETS restated Additions Deletions 1986 Cash and investments $331.744 $82.650 $7,819 $406.575 S LIABILITIES Deferred compensation payable $331.744 $132.650 $7,819 $406.575 S S S S S s 40 40 • • • GENERAL FIXED ASSETS ACCOUNT GROUP • This account group accounts for the fixed assets of the City other than those recorded in the Enterprise Funds. • • • • r • 40 CITY OF TIGARD, OREGON STATEMENT OF GENERAL FIXED ASSETS - BY SOURCES June 30, 1986 41 a GENERAL FIXED ASSETS Land $ 913,481 Buildings 2,823,235 Equipment 759,768 Autos and trucks 178,595 Office equipment 195,850 Library books 303,283 40 Total general fixed assets $5.174,212 INVESTMENT IN GENERAL FIXED ASSETS • Balance, beginning of year $2,763,726 Additions were provided by: General Fund 738,809 Capital Projects Fund 1,675,177 2,413,986 41 5,177,712 Retirements (3,500) Total investment in general fixed assets $5.174.212 40 40 r 41 41 40 41 CITY OF TIGARD, OREGON STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY SOURCES for the fiscal year ended June 30, 1986 41 41 Autos and Office Library Land Buildings Equipment Trucks Equipment Books Total Balance, beginning of year $913,481 $ 865,737 $371,230 $165,390 $195,850 $252,038 $2,763,726 Add: 41 Additions from: General Fund 282,321 388,538 16,705 51,245 738,809 Capital Projects Fund 1,675,177 1,675,177 1,957,498 388,538 16,705 51,245 2,413,986 Deduct: Retirements (3,500) (3,500) Balance, end of year $913.481 $2.823.235 $759,768 $178.595 $195.850 $303.283 $5.174,212 40 41 41 40 e 42 S 40 CITY OF TIGARD, OREGON STATEMENT OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY June 30, 1986 41 ` Machinery, Equipment Function and Activity Total Land Buildings and Other General Government: Control: Legislative $ 3,626 $ 3,626 Executive 16,666 16,666 40' Judicial 5,750 5,750 Total control 26,042 26,042 Staff Agencies: Finance 66,803 66,803 Recording and reporting 37,381 37,381 r Administrative officers and boards 83,789 83,789 Planning and zoning 159,503 159,503 Research and investigation 152,330 152,330 General government buildings 3,199,063 $597,130 $2,601,933 Total staff agencies 3,698,869 597,130 2,601,933 499,806 Total general government 3,724,911 597,130 2,601,933 525,848 Public safety: Police protection 379,060 1,171 75,224 302,665 Protective inspection 22,097 22,097 Total public safety 401,157 1,171 75,224 324,762 i Highways 252,721 2,300 39,286 211,135 Libraries 334,593 334,593 Recreation 460,830 312,880 106,792 41,158 Total general fixed assets $5,l74,212 $913,481 $2.823,235 $1,437,496 41 40 s 43 40 i41 CITY OF TIGARD, OREGON STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY June 30, 1986 41 41 General General Fixed Assets Fixed Assets Function and Activity June 30, 1985 Additions Deletions June 30, 1986 General Government: Control: Legislative $ 3,626 $ 3,626 11 Executive 16,666 16,666 Judicial 5,750 5,750 Total control 26,042 26,042 Staff agencies: Finance 66,803 66,803 Recording and reporting 37,381 37,381 $ Administrative officers and boards 13,879 $ 69,910 83,789 Planning and zoning 12,490 147,013 159,503 Research and investigation 61,111 91,219 152,330 General government buildings 1,241,565 1,957,498 3,199,063 Total staff agencies 1,433,229 2,265,640 3,698,869 41 Total general government 1,459,271 2,265,640 3,724,911 Public safety: Police protection 285,464 97,096 $3,500 379,060 Protective inspection 22,097 22,097 Total public safety 307,561 97,096 3,500 401,157 Highways 252,721 252,721 Libraries 283,343 51,250 334,593 Recreation 460,830 460,830 Total general fixed assets $2.763.726 $2,413.986 $3.500 $5.174.212 41 40 41 44 41 • • • 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 • • • • • • a CITY OF TIGARD, OREGON SCHEDULE OF PROPERTY TAX TRANSACTIONS AND OUTSTANDING BALANCES for the fiscal year ended June 30, 1986 41 Property Add Add Property* Taxes Levy as (Deduct) Taxes 41 Receivable Extended Corrections Deduct Deduct Receivable June 30, By and Cash Add Discounts June 30, 1985 Assessor Adjustments Collections Interest Allowed 1986 1985 -86 $1,283,711 $(1,806) $(1,159,480) $ 1,299 $(24,964) $ 98,760 1984 -85 $ 82,041 2,131 (45,827) 3,797 (8) 42,134 41 1983 -84 47,428 130 (23,742) 4,345 (1) 28,160 1982 -83 24,057 (972) (15,766) 4,151 (8) 11,462 1981 -82 10,312 (218) (12,679) 3,959 1,374 1980 -81 and prior 720 (538) (208) 81 (1) 54 41 $164.558 $1.283.711 6(1.273) $(1.257.702) $17.632 $(24.982) $181,944 Distributed as follows: General Fund: Current $ 721,915 $ 61,487 • Prior years' levies 90,861 72,563 Total General Fund 812,476 134,050 Debt Service Fund 394,771 39,191 Sewer Fund (sewer charges collected on tax roll and included in sewer service charges) 46,419 7,421 w Storm Drainage Fund (storm drainage charges collected on tax roll and included in storm drainage service charges) 4,036 1,282 Total $1.257.702 $181.944 41 *Included in this amount is $486 of property tax receivable attributable to the Tigard Urban Renewal Agency Fund which has been closed. 41 40 45 41 • • • • • • • • • • • CITY OF TIGARD, OREGON SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS for the fiscal year ended June 30, 1986 Bond Transactions Interest Transactions Out- Out- Out- Out- standing standing standing standing Original June 30, June 30, June 30, June 30, Bancroft Bonds Issue 1985 Issued Matured Paid 1986 1985 Matured Paid 1986 Issued August 1, 1975 $ 57,840 $ 30,000 $ 3,000 $ 3,000 $ 27,000 $ 1,954 $ 1,954 Issued November 1, 1979 128,082 75,000 15,000 15,000 60,000 $ 673 4,575 4,575 $ 673 Issued November 1, 1981 374,795 305,000 30,000 30,000 275,000 1,625 34,382 34,382 1,625 Issued September 1, 1982 184,664 175,000 5,000 5,000 170,000 18,884 18,884 Issued October 1, , 1982 838,600 730,000 65,000 65,000 665,000 65,465 65,246 219 Issued October 1, 1982 1,371,200 1,200,000 100,000 100,000 1,100,000 667 102,418 102,195 890 Issued September 1, 1984 492,000 492,000 32,000 32,000 460,000 42,973 42,973 $3,007.000 $250.000 $250.000 $2.757.000 $2,965 $270.651 $270.209 $3.407 General Obligation Bonds Issued June 1, 1984 2,200,000 $2.200.000 $ - $ 40.000 $ 40.000 $2.160.000 $ - $236.503 $236.503 $ - 41 ID 41 • li 41 • • • • • CITY OF TIGARD, OREGON SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS OF BANCROFT IMPROVEMENT BONDS as of June 30, 1986 Year Issued Issued Issued Issued Issued Issued Issued of August 1, 1975, November 1, 1979, November 1, 1981, September 1, 1982, October 1, 1982, October 1, 1982, September 1, 1984, Matur- Total Requirements 6% to 7% 6% to 7 -9/10% 11 -1 /4o to 13% 10 -1 /4o to 11-3/4% 8-1/2% to 13 -1/4% 8-2/10% to 16-3/4% 7.6% to 16% ity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest 1986- 87 $ 278,000 $ 242,951 $ 3,000 $1,759 $15,000 $3,532 $ 35,000 $ 30,158 $ 10,000 $ 18,003 $ 70,000 $ 58,850 $ 110,000 $ 92,468 $ 35,000 $ 38,181 1987- 88 308,000 215,932 3,000 1,556 15,000 2,527 40,000 25,633 10,000 16,828 80,000 52,375 125,000 82,393 35,000 34,620 1988- 89 328,000 187,955 3,000 1,354 15,000 1,519 40,000 21,102 10,000 15,690 85,000 45,050 135,000 71,530 40,000 31,710 1989- 90 363,000 156,929 3,000 1,151 15,000 506 45,000 16,213 10,000 14,640 90,000 37,062 155,000 59,050 45,000 28,307 1990- 91 388,000 122,257 3,000 945 55,000 10,370 10,000 13,640 100,000 28,150 170,000 44,742 50,000 24,410 1991- 92 433,000 83,269 3,000 735 60,000 3,570 10,000 12,640 115,000 17,794 190,000 28,532 55,000 19,998 1992- 93 413,000 43,255 3,000 525 10,000 11,628 125,000 6,094 215,000 9,943 60,000 15,065 1993 - 94 78,000 20,515 3,000 315 10,000 10,590 65,000 9,610 1994- 95 88,000 13,007 3,000 105 10,000 9,527 75,000 3,375 1995- 96 10,000 8,445 10,000 8,445 1996- 97 10,000 7,350 10,000 7,350 1997- 98 10,000 6,245 10,000 6,245 1998- 99 10,000 5,130 10,000 5,130 1999- 2000 10,000 4,005 10,000 4,005 2000- 2001 10,000 2,870 10,000 2,870 2001- 2002 10,000 1,725 10,000 1,725 2002- 2003 10,000 575 10,000 575 To- tals $2.757.000 $1.122.415 $27.000 01.445 $60.000 $8.084 $275,000 $107.046 $170.000 $159.531 $665,000 $245.375 $1.100.000 $388,658 $460.000 $205.276 CITY OF TIGARD, OREGON SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS OF GENERAL OBLIGATION BONDS as of June 30, 1986 4 I . Issued June 6, 1984 Year of 9.7% to 18% Maturity Principal Interest 1986 -87 $ 45,000 $ 229,302 • 1987-88 50,000 221,203 1988 -89 55,000 215,202 1989 -90 60,000 208,603 1990 -91 65,000 202,153 1991 -92 75,000 195,490 1992 -93 80,000 187,990 1993 -94 90,000 180,230 1994 -95 100,000 171,320 1995-96 110,000 161,320 1996 -97 125,000 150,210 1997 -98 135,000 137,460 1998 -99 150,000 123,555 1999 -2000 165,000 107,955 2000 -01 185,000 90,630 2001 -02 200,000 71,020 2002 -03 225,000 49,820 40 2003 -04 245,000 25,970 $2,160,000 $2.729,433 40 41 41 41 • 48 • • • • STATISTICAL SECTION • • • • • • • II CITY OF TIGARD, OREGON GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION - BUDGETARY BASIS for the last ten fiscal years 10 City -Wide Support II Functions, Fiscal Capital Year Ended Community Community Policy and Projects Debt June 30 Services Development Administration and Other Service Total 1977 $ 631,725 $ 267,107 $ 88,400 $ 105,608 $ 69,774 $1,162,614 • 1978 924,720 444,111 123,769 136,830 60,762 1,690,192 1979 984,687 328,701 143,343 135,088 54,598 1,646,417 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 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 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 Information derived from Comprehensive Annual Financial Reports for all governmental fund types. II II II II 49 II 11 CITY OF TIGARD, OREGON GENERAL GOVERNMENTAL REVENUES BY SOURCE - BUDGETARY BASIS for the last ten fiscal years 11 11 Fiscal Year Licenses Inter- Charges Ended Franchise and Governmental for Fines and Miscellaneous June 30 Taxes Fees Permits Revenues Services Forfeitures Revenues* Total 1977 $ 308,484 $162,828 $211,053 $ 489,211 $ 46,808 $ 22,615 $ 92,328 $1,333,327 11 1978 198,159 166,236 359,524 658,901 65,989 32,880 120,466 1,602,155 1979 215,764 205,572 502,113 716,085 114,603 57,410 170,672 1,982,219 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 1982 690,118 390,637 267,598 1,381,121 67,286 57,343 491,988 3,346,091 1983 728,641 449,778 347,798 1,456,325 43,460 55,651 1,235,048 4,316,701 40 1984 904,238 468,020 286,318 921,613 243,102 70,425 932,657 3,826,373 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 11 *Includes special assessment collections. 0 Information derived from Comprehensive Annual Financial Reports for all governmental fund types. 11 11 11 50 11 41 CITY OF TIGARD, OREGON PROPERTY TAX LEVIES AND COLLECTIONS for the last ten fiscal years 40 Percent of Percent of Total Tax Delinquent 41 Fiscal Year Percent Delinquent Total Collections Outstanding Taxes Ended Total Current Tax of Levy Tax Tax to Tax Delinquent to Tax June 30 Tax Levy Collections Collections Collections Collections Levy Taxes Levy 1977 $ 327,288 $ 293,516 89.68% $16,623 $ 310,139 94.76% $ 33,550 10.25% 1978 192,345 174,074 90.50 27,656 201,730 104.88 21,179 11.01 41 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 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 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 41 1985 962,280 864,334 89.82 90,687 955,021 99.24 164,558 17.10 1986 1,283,711 1,159,480 90.32 98,222 1,257,702 97.97 181,944 14.17 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 month on delinquent 41 taxes. Tax liens are foreclosed after three years' 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. 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. 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 due primarily to delinquent sewer charges of the City's Sewer Fund 41 and Storm Drainage Fund which are collected through the tax rolls and included in tax collections above. Information derived from Comprehensive Annual Financial Reports for all governmental fund types. f • 40 51 40 • • 4' 41 41 • • f • A 41 CITY OF TIGARD, OREGON ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY for the last ten fiscal years Ratio of Total Public Assessed Fiscal Real Property Personal Property Utility Proper Total to Total Year Estimated Estimated Estimate Estimated Estimated Ended Assessed Actual Assessed Actual Assessed Actual Assessed Actual Actual June 30, Value Value Value Value Value Value Value Value Value 1977 $194,968,099 $194,968,099 $17,145,211 $17,145,211 $11,422,836 $11,422,836 $223,536,146 $223,536,146 100% 1978 234,272,679 234,272,679 18,733,299 18,733,299 13,091,905 13,091,905 266,097,883 266,097,883 100 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 N 1980 384,440,292 384,440,292 21,065,797 21,065,797 14,968,913 14,968,913 420,475,002 420,475,002 100 1981 452,209,070 481,071,400 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 31,197,001 33,662,670 20,139,054 26,271,473 617,762,490 753,399,143 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 1984 712,347,200 786,812,100 37,192,100 40,973,590 26,504,200 29,153,338 776,043,500 856,939,028 91 1985 779,545,300 813,339,300 44,855,600 46,750,700 28,347,800 29,528,863 852,748,700 889,618,863 96 1986 824,906,100 824,906,100 49,240,710 49,240,710 32,222,117 32,222,117 906,368,927 906,368,927 100 All property is assessed as of January 1, preceding the fiscal year beginning the following 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 indi- vidual property may not increase more than 5% annually calculated on a statewide basis. Source: Washington County Department of Assessment and Taxation. II • • II It II • • A • • CITY OF TIGARD, OREGON PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (Per $1,000 of Assessed Value) for the last ten fiscal years Washington Fiscal Washington County Year Beaverton Tigard Unified Tualatin County Portland Education Ended City of Washington Tigard School School Water Sewerage Rural Fire Rural Fire Community Service Other June 30, Tigard County District #23 District #48 District Agency District District #1 College District Municipalities Total 1977 $1.45 $1.52 $14.51 $18.55 $.28 $.73 $3.01 $ .15 $.62 $.45 $ .57 $41.84 1978 .71 1.36 12.71 15.75 .29 .75 2.79 .22 .58 .41 .84 36.41 1979 .68 1.18 10.79 13.41 .33 .61 2.84 .25 .52 .37 .70 31.68 1980 .63 1.04 9.93 11.38 .30 .34 2.66 .22 .44 .30 .38 27.62 1981 .60 1.65 10.81 12.73 .34 .36 3.08 .30 .43 .28 .38 30.96 1982 1.19 4.23 11.34 14.95 .33 .35 2.86 .35 .58 .26 .80 37.24 1983 1.12 4.02 13.01 14.76 .51 .55 3.28 2.70 .57 .26 1.23 42.01 1984 1.18 1.88 12.67 13.97 .36 .61 3.15 2.70 .57 .26 1.48 38.83 1985 1.06 1.97 12.12 13.76 .37 .49 3.12 2.71 .57 .26 1.62 38.05 w 1986 1.35 1.93 11.55 13.25 .32 .36 2.60 2.65 .58 .25 1.48 36.32 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. Source: Washington County Department of Assessment and Taxation. 11 CITY OF TIGARD, OREGON SPECIAL ASSESSMENT COLLECTIONS for the last ten fiscal years 11 Fiscal Year Current Ratio of Total Ended Assessments Assessments Collections Outstanding • June 30 Due (1) Collected (2) to Amount Due Assessments 1977 $ 33,448 $ 22,944 68.6% $ 90,070 1978 25,000 26,328 105.3 63,741 1979 24,000 37,435 155.9 26,306 1980 29,000 19,374 66.8 224,101 • 1981 37,082 46,405 125.1 374,788 1982 32,000 61,068 190.8 2,067,732 1983 34,795 775,749 2,229.5 2,751,376 1984 174,464 469,969 269.4 2,417,184 1985 200,000 467,195 233.6 2,552,458 • 1986 250,000 361,268 144.5 1,945,334 (1) This amount is equal to the principal due on Bancroft improvement bonds. (2) Represents collections of current assessments for payment of Bancroft improvement bonds 41 as well as assessment collections on projects for which such bonds have not been issued. Source: City assessment records. 11 4, r 41 54 11 40 CITY OF TIGARD, OREGON RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA for the last ten fiscal years 40 Gross General Ratio of i Fiscal Obligation Less Debt Net Bonded Year Bonded Service Net Debt to Net Bonded Ended Assessed Debt Out- Monies Bonded Assessed Debt Per June 30, Population Value standing Available Debt Value Capita 1977 11,114 $223,536,146 $ 74,000 $ 21,030 $ 52,970 .02 $ 4.77 1978 11,899 266,097,883 50,000 22,445 27,555 .01 2.32 40 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) 1981 14,690 490,359,257 10,000 10,000 1982 * * * * * * * 1983 * * * * * * * 41 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 1986 20,250 906,368,927 2,160,000 125,133 2,034,867 .22 100.49 f Excludes Bancroft improvement bonds since these bonds are repaid from assessments against benefited property owners. *There was no outstanding general obligation bonded debt in 1983 and 1984. 41 Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County Department of Assessment and Taxation. r v 40 55 41 CITY OF TIGARD, OREGON COMPUTATION OF LEGAL DEBT MARGIN June 30, 1986 41 11 ORS 287.004 provides a debt limit of 3% of the true cash value of all taxable property within the City boundaries: True cash value (1985 -86) (1) $906,368,927 General obligation debt limit x3% 27,191,068 + Gross bonded debt $4,917,000 Excludable debt - Bancroft improvement bonds (2,757,000) Debt subject to limitation 2,160,000 Legal debt margin - amount available for future indebtedness $ 25.031.068 41 (1) From Washington County Department of Assessment and Taxation. t 41 41 40 41 56 s CITY OF TIGARD, OREGON COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT June 30, 1986 Percent Applicable Amount Appli- i Net Debt Inside City cable Inside Jurisdiction O utstanding of Tigard City of Tigard Port of Portland $146,820,000 2.52% $ 3,476,214 Washington County 12,150,000 9.70 92,150 Unified Sewerage Agency 28,205,000 11.90 2,672,740 i U.S.A. Metzger 546,000 22.07 90,487 Metzger Water District 119,366 51.14 53,413 Metzger Combined Water District 4,934,860 33.33 1,606,656 Tigard Water District 1,675,000 75.48 1,104,272 Tualatin Rural Fire District 620,000 34.16 211,792 f Washington County Fire District #1 4,035,000 3.07 117,888 Tigard School District #23 -J 15,863,000 48.97 7,250,009 Beaverton School District #48 23,570,000 1.52 333,412 $238,538.226 $27.009.033 s Source: Oregon Municipal Debt Advisory Commission. 40 40 41 40 57 41 41 CITY OF TIGARD, OREGON RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES for the last ten fiscal years 41 . Percent of Debt Fiscal Year T otal Total Service to Ended Debt General Total General June 30 Principal Interest Service Expenditures Expenditures 1977 $ 55,448 $ 14,326 $ 69,774 $1,162,614 6.0% 1978 49,000 11,762 60,762 1,690,192 3.6 1979 45,000 9,598 54,598 1,646,417 3.3 1980 38,000 12,348 50,348 2,214,887 2.3 1981 47,082 14,745 61,827 3,179,288 1.9 1982 42,000 33,425 75,425 3,614,109 2.1 1983 34,795 177,487 212,282 3,388,821 6.3 1984 174,464 275,081 449,545 4,116,810 10.9 1985 200,000 510,366 710,366 4,649,782 15.3 1986 290,000 507,154 797,154 7,066,768 11.3 4P Note: Includes Special Assessment Debt. Source: Comprehensive Annual Financial Reports of the City. 41 40 i • 58 41 II CITY OF TIGARD, OREGON PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS for the last ten fiscal years Commercial Residential • Fiscal Year Construction(1) Construction(1) Ended Number of Number of Bank Deposits June 30 Permits Value Permits Value (in thousands)(2) 1977 112 $ 6,879,656 582 $16,107,157 $ 64,929 1978 106 8,095,118 379 15,031,551 77,314 1979 69 10,877,291 657 24,000,387 90,305 1980 131 15,619,615 387 14,861,284 101,799 1981 131 8,013,746 289 18,343,452 101,520 1982 85 2,918,475 196 11,679,358 98,558 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) From City of Tigard Building Department. A (2) From State of Oregon Department of Commerce, Oregon Banking Division. IP II 41 II 59 II 41 CITY OF TIGARD, OREGON PRINCIPAL TAXPAYERS June 30, 1986 Percentage of Total a Assessed Assessed Taxpayer T ype of Business Valuation Valuation Pacific Realty Trust Real estate brokers $20,356,200 2.25% Glennbrook Associates Real estate 11,188,400 1.23 Sisters of Providence in Oregon Health care 10,717,400 1.18 41 F.I.G. Holding Company Insurance 9,453,600 1.04 SunTex Park Company Business park 6,933,400 .76 Oregon Education Association Education 6,242,200 .69 Duane Co. (Fred Meyer) Shopping Center 6,150,700 .68 Dana Corp. c/o Williams Air Control Manufacturing 5,870,700 .65 • The Coe Manufacturing Co. Manufacturing 5,090,600 .56 Sunset Terrace/Verdugo Parkview Apartments Apartments 4,919,900 .54 Coast Finance Finance 4,850,600 .54 41 Source: Washington County Department of Assessment and Taxation, based on April 1986 assessed valuations. 41 41 r f 60 41 41 CITY OF TIGARD, OREGON DEMOGRAPHIC STATISTICS for the last ten fiscal years 41 (2) (2) Per Capita Unemployment Income (3) Rate 41 (1) (Washington School (Portland Fiscal Year Population County) Enrollment Metro. Area) 1977 11,114 7,784 5,654 6.8 1978 11,899 8,800 5,643 5.2 1979 13,697 9,649 5,966 5.4 41 1980 14,855 10,935 6,256 6.3 1981 14,690 N/A 6,422 8.0 1982 17,700 N/A 6,491 N/A 1983 18,000 N/A 6,561 9.9(est.) 1984 18,287 N/A 6,358 8.1 . 1985 19,113 N/A 6,387 8.0 1986 20,250 N/A 6,474 9.0 Sources of information: (1) Portland State University, Population Research & Census Center. (2) U. S. Bureau of Labor Statistics. (3) Tigard School District #23J. 41 Information regarding the Median Age and Education Level of the City population is not available. N/A - Not available. 41 r 40 61 41 40 CITY OF TIGARD, OREGON MISCELLANEOUS STATISTICAL DATA June 30, 1986 41 Date of incorporation 1961 Form of government Council - Mayor - Administrator . Area 8.6 square miles Miles of streets 95.19 miles Number of street lights 1,593 Police protection: Number of stations 1 Number of policemen and officers 24 O Elementary Junior High High School Education (elementary only): Attendance centers 9 2 1 Number of classrooms 204 102 86 Number of teachers 208 96 103 Number of students 3,544 1,478 1,452 • Sanitary sewers 71.98 miles Building permits issued 607 permits were issued during fiscal year 1986 Recreation and culture: Number of parks Nine parks, totaling 60 acres 41 Number of libraries 1 library Number of volumes Approximately 30,000 volumes Employees: Classified service 52 Unclassified 27 41 Information obtained from the various departments of the City of Tigard, Oregon. 41 41 62 41 • • • • AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS • • • • • • • • • • AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS • Oregon Administrative Rules 162 -10 -000 through 162 -16- 000 incorporate the Minimum Standards for Audits of Oregon Munic- ipal 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 examina- • tion of such statements and schedules are set forth following. • • • • • 63 • AUDIT COMMENTS AND DISCLOSURES • I. Internal Accounting Control: We have examined the combined financial statements of • the City of Tigard, Oregon for the year ended June 30, 1986 and our report thereon, dated August 22, 1986, is included in a preceding section of this report. As part of our examination, we have obtained an understanding of accounting systems and controls • incorporated therein as required by generally accepted auditing standards. The purpose of gaining such an understanding is to assist the auditor in planning the nature and scope of the exami- nation of the combined financial statements. The process of • obtaining such an understanding is more limited than a study and evaluation necessary to express an opinion on the system of internal accounting control taken as a whole. Based on our understanding, we determined that our examination could be more efficiently conducted without placing reliance on internal ac- • counting controls, except for certain selected internal accounting controls. Accordingly, we did not directly evaluate and test those internal accounting controls not relied on. The nature and extent of our other auditing procedures were adjusted accordingly. • Our examination of the combined financial statements would not necessarily disclose all weaknesses in the system because it was based on selective tests of accounting records and • related data. Accordingly, we do not express an opinion on the system of internal accounting control of the City of Tigard, Oregon taken as a whole. However, based solely on the procedures described above, nothing came to our attention during our examina- • tion that indicated the existence of a material weakness. For this purpose, a weakness is considered material if it results in more than a relatively low risk that errors or irregularities in amounts that would be material in relation to the combined finan- cial statements of the City of Tigard, Oregon may occur and not be detected within a timely period. 64 • • AUDIT COMMENTS AND DISCLOSURES, Continued • I. Internal Accounting Control, Continued: This report is intended solely for the use of management • and the State of Oregon, Secretary of State, Division of Audits and should not be used for any other purpose. II. Other Comments and Disclosures: • We have examined the combined financial statements of City of Tigard, Oregon as of and for the year ended June 30, 1986, and our report thereon is included on Page 1 of this report. Our • examination was made in accordance with generally accepted audit- ing standards and the Minimum Standards for Audits of Oregon Municipal Corporations and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. • In connection with our examination, 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, 1986 and June 30, 1987, • . the legal requirements relating to debt, the collateral requirements for public fund deposits • specified in ORS Chapter 295, 4 65 • • AUDIT COMMENTS AND DISCLOSURES, Continued • II. Other Comments and Disclosures, Continued: • the appropriate law, rules, and regulations pertaining to programs funded wholly or partially by other govern- mental 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 moneys, • • ORS Chapter 279 in the awarding of public contracts and the construction of public improvements, except as follows: • During the year ended June 30, 1986, the City was out of compliance with the collateral requirements of ORS 295 regarding public fund deposits for the month of Septem- ber 1985. 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. ;• 66 • AUDIT COMMENTS AND DISCLOSURES, Continued II. Other Comments and Disclosures, Continued: We reviewed the City's insurance and fidelity bond • coverage at June 30, 1986 and ascertained such policies appeared to be in force. We are not competent by training to state whether the insurance policies cover- ing City -owned property in force at June 30, 1986, are adequate. COOPERS & LYBRAND By TOVn IIALA01 Y116(11, John Dethman, a partner Portland, Oregon August 22, 1986 • • • WO 67