HomeMy WebLinkAbout2004 CAFRCITY OF RENTON
2004
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Year Ended December 31, 2004
Michael R. Wilson, Interim Administrator
Victoria A. Runkle, Former Administrator
Linda M. Parks, CPA, CGFM, Fiscal Services Director
Finance & Information Services
1055 South Grady Way
Renton, Washington 98055
425-430-6858
website: www.ci.renton.wa.us
ACKNOWLEDGEMENTS
Prepared by the City of Renton Finance Division
Finance & Information Services
Michael R. Wilson, Interim Administrator
Victoria A. Runkle, Former Administrator
Fiscal Services Director
Linda M. Parks, CPA, CGFM
Accounting Staff
Linda Dixon
Norma Khun
David Lemenager
Jill Masunaga
Bang Parkinson
Tracy Schuld
Vidya Vinod
Nancy Violante
Cindy Zinck
Administrative Secretary II
DeAnna Fricke
Form Graphics Technician
Beth Haglund
Print & Mail Coordinator
Deborah Willard
TABLE OF CONTENTS
DECEMBER 31, 2004
ITEM
PAGE
INTRODUCTORY SECTION
Letterof Transmittal.......................................................................................................................... 1-1
2004 Comprehensive Annual Financial Report Award..................................................................... 1-7
Corporate Organization Structure & Reporting Relations................................................................. 1-8
FINANCIAL SECTION
IndependentAuditor's Report....................................................................................................... 2-1
Management Discussion and Analysis...........................................................................................
3-1
Basic Financial Statements:
Government -wide Financial Statements
Statementof Net Assets...............................................................................................................
4-1
Statementof Activities.................................................................................................................
4-2
Fund Statements
Government Fund Financial Statements
BalanceSheet...........................................................................................................................
4-4
Reconciliation of the Balance Sheet to the Statement of Net Assets .......................................
4-6
Statement of Revenues, Expenditures and Changes in Fund Balances ....................................
4-7
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .............................
4-8
Proprietary Fund Financial Statements
Statementof Net Assets...........................................................................................................
4-9
Statement of Revenues, Expenses and Changes in Fund Balances ........................................
4-11
Statementof Cash Flows........................................................................................................
4-12
Fiduciary Fund Statements
Statementof Net Assets.........................................................................................................
4-14
Statement of Changes in Fiduciary Net Assets......................................................................
4-15
Notes to Financial Statements:
Note l: Significant Accounting Policies...............................................................................
4-17
Note 2: Compliance and Accountability...............................................................................
4-27
Note 3: Deposits and Investments.........................................................................................
4-29
Note4: Property Taxes..........................................................................................................
4-30
Note 5: Capital Assets and Depreciation..............................................................................
4-31
Note6: Pensions....................................................................................................................
4-34
Note 7: Other Post Employment Benefits.............................................................................
4-40
Note8: Contigencies.............................................................................................................
4-41
Note9: Risk Management.....................................................................................................
4-41
Note 10: Inter -fund Transactions............................................................................................
4-44
Note11: Net Assets.................................................................................................................
4-46
Note 12: Prior Year Restatements...........................................................................................
4-47
Note13: Short-term Debt........................................................................................................
4-47
Note14: Long-term Debt........................................................................................................
4-47
Note 15: Deferred Charges in Proprietary Funds....................................................................
4-51
Note 16: Segment Information................................................................................................
4-51
Note17: Joint Ventures...........................................................................................................
4-51
Note 18: Subsequent Events...................................................................................................
4-52
TABLE OF CONTENTS
DECEMBER 31, 2004
ITEM
Required Supplemental Information Other than MD&A
Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget to Actual
PAGE
GeneralFund................................................................................................................................ 5-1
ParksFund....................................................................................................................................
5-2
Combining Statements
Non -Major Fund Descriptions.....................................................................................................
6-1
CombiningBalance Sheet............................................................................................................
6-5
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ..................
6-12
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budgetto Actual........................................................................................................................
6-19
Combining Statement of Net Assets, Non -Major Enterprise Funds ..........................................
6-40
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets,
Non -Major Enterprise Funds...............................................................................................
6-42
Statement of Cash Flows, Non -Major Enterprise Funds...........................................................
6-43
Combining Statement of Net Assets, Internal Service Funds ....................................................
6-45
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets,
Internal Service Funds.........................................................................................................
6-47
Combining Statement of Cash Flows, Internal Service Funds ..................................................
6-48
Statistical Section
Statistical Section Description.....................................................................................................
7-1
Table 1: General Government Revenues & Expenditures - Last Ten Fiscal Years ..................
7-2
Table 2: Assessed Value, Property Tax Rates, Levies and Collections -
LastTen Fiscal Years...........................................................................................
7-4
Table 3: Ratio of Net General Obligation Debt to Assessed Value
& Net Bonded Debt per Capita - Last Ten Fiscal Years ......................................
7-6
Table 4: Special Assessment Billings and Collections - Last Ten Fiscal Years .......................
7-7
Table 5: Computation of Legal Debt Margin - December 31, 2004 .........................................
7-8
Table 6: Computation of Direct and Overlapping Debt - December 31, 2004 .........................
7-9
Table 7: General Obligation Bonds/Expenditure Ratio - Last Ten Fiscal Years ....................
7-10
Table 8: Revenue Bond Coverage - Last Ten Fiscal Years ....................................................
7-11
Table 9: Retail Sales by Source - Last Five Fiscal Years .......................................................
7-12
Table 10: Largest Taxpayers and Principal Employers............................................................
7-13
Table 11: Construction Permits - Last Ten Fiscal Years...........................................................
7-14
Table 12: Demographic Statistics - Last Ten Fiscal Years .......................................................
7-16
Table 13: Miscellaneous Statistics............................................................................................7-17
EV
V
Kathy Keolker-Wheeler, Mayor
June 27, 2005
Honorable Kathy Keolker-Wheeler, Mayor
Members of the Renton City Council
City of Renton
1055 South Grady Way
Renton, Washington 98055
CITY OF RENTON
Finance & Information Services
Michael R. Wilson, Administrator
RE: TRANSMITTAL OF THE 2004 COMPREHENSIVE ANNUAL FINANCIAL REPORT
Dear Mayor Keolker-Wheeler and City Councilmembers:
State law requires that cities with populations of 25,000 or more publish financial statements in
conformity with generally accepted accounting principles (GAAP) and audited in accordance
with generally accepted auditing standards by the Washington State Auditor's Office. Pursuant
to that requirement, we hereby issue the Comprehensive Annual Financial Report of the City of
Renton for the fiscal year ended December 31, 2004.
The report consists of management's representations concerning the finances of the City of
Renton. Consequently, management assumes full responsibility for the completeness and
reliability of all of the information presented in this report. To provide a reasonable basis for
making these representations, the City management established a comprehensive internal control
framework that is designed both to protect the government's assets from loss, theft or misuse and
to compile sufficient reliable information for the preparation of the City's financial statements in
conformity with GAAP. Because the cost of internal controls should not outweigh the benefits,
the City's comprehensive framework of internal controls is designed to provide reasonable,
rather than absolute, assurance that the financial statements will be free from material
misstatement. As management, we attest to the best of our knowledge and belief that this
financial report is complete and reliable in all material aspects.
The City of Renton's financial statements have been audited by the Washington State Auditor's
Office. The goal of the independent audit was to provide reasonable assurance that the City's
financial statements for the fiscal year ended December 31, 2004, are free of material
misstatements. The independent audit involved examining, on a test basis, evidence supporting
the amounts and disclosures in the City of Renton's financial statements; assessing the
accounting principles used and significant estimates made by management; and evaluating the
overall financial statement presentation. Based upon the audit, the independent auditor
concluded that there was a reasonable basis for issuing an unqualified opinion that the City of
Renton's financial statements for the fiscal year ended December 31, 2004, are fairly presented
in conformity with GAAP. The State Auditor's report is present as the first component of the
financial section of this report.
1055 South Grady Way - Renton, Washington 98055 - (425) 430-6850
RENTON
AHEAD OF THE CURVE
2004 Comprehensive Annual Financial Report City of Renton, Washington
The independent audit of the City of Renton's financial statements is part of a broader, federally -
mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The
standards governing Single Audit engagements require the independent auditor to report not only
on the fair presentation of the financial statements, but also the audited government's internal
controls and compliance to legal requirements with special emphasis on internal controls and
legal requirements involving the administration of federal awards.
The City's Single Audit Report is issued separately and is now available upon request. Another
State mandate requires the Washington State Auditor's Office perform additional tests of
compliance with State laws and regulations as required by RCW 43.09.260. This statute requires
the State Auditor to inquire as to whether the City complied with the laws and the Constitution of
the State of Washington, its own ordinances and orders, and the requirements of the State
Auditor's Office. The City's State compliance report is also available separately upon request.
In 2003, the City implemented the newly -mandated governmental financial reporting model,
which is a dramatic change from prior years. The 2004 report is the second year this report and
has been prepared under the new financial reporting model. GAAP requires that management
provide a narrative introduction, overview, and analysis to accompany the basic financial
statements in the form of the Management's Discussion and Analysis (MD&A). This letter of
transmittal is designed to complement the MD&A and should be read in conjunction with it. The
City's MD&A can be found immediately following the independent auditor's report.
THE CITY OF RENTON AND ITS SERVICES
The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake
Washington, our City borders the City of Seattle to the north. We currently have a land area of
17.2 square miles. We have over 1,180 acres of parks that includes 26 active parks. As
presented by the Washington State Office of Financial Management, our 2004 population was
55,360.
The City of Renton has a strong mayor form of government with an appointed Chief
Administrative Officer. The Mayor is independently elected to a four-year term. The Mayor's
job is to manage and implement the policies established by the seven -member City Council. The
Council establishes policies, appropriates monies through the budget process and adopts local
laws through ordinances. Each Councilmember serves a four-year term and they are elected on a
staggered two-year cycle. Both the Council and the Mayor are elected on a non-partisan basis.
The City is a general-purpose governmental entity and provides the full range of municipal
services allowed by statute or charter. These services include police, fire, emergency medical,
street maintenance, planning and zoning, libraries, parks and recreation, and general
administrative services.
The City operates four utilities: water, sewer, surface water, and solid waste. These are operated
very similar to a private business where the revenues from rates and other direct sources must
pay for the operational, capital and long-term debt costs. The City has its own water rights and
Introduction 1-2
2004 Comprehensive Annual Financial Report City of Renton, Washington
does not purchase water from the City of Seattle. The City's sewage is treated by King County,
but the City is responsible for transferring and maintaining the system to King County. The City
bills all Renton residents the King County monthly fee for sewer treatment costs.
The City also operates a golf course. All costs of the Maplewood Golf Course are paid from
green fees, driving range fees, revenue from the restaurant vendor, and other miscellaneous
revenue. The golf course has both short-term operational costs and an annual debt service
payment for the construction of the clubhouse and the driving range.
One unusual operation the City has is an airport. The Renton Municipal Airport is used by small
private plane operators, a floatplane tourist company, and Boeing initiates its maiden 737 flights
from this airport. The operational costs of the airport are paid from rental fees. Most of the
major capital projects are paid with Federal Aviation Administration grants.
The City of Renton must comply with the Budgeting, Accounting, and Reporting System
(BARS) as delineated by the Office of the State Auditor as authorized under RCW 43.09.200 and
43.09.230. State law also mandates timely submission of annual financial reports to the State
Auditor for annual independent audits. The City of Renton's financial system incorporates
financial and administrative controls to ensure the safeguarding of assets and reliability of
financial reports. These controls are designed to provide reasonable assurance that transactions
are executed in accordance with management authorization and are recorded in conformity with
GAAP. They also provide accountability of and control over assets and obligations, and
sufficient reporting and review exist to provide adequate information for analysis and
comparability of data.
The City of Renton maintains budgetary controls to ensure compliance with legal provisions
embodied in the annual appropriated budget. With the exception of construction funds, which
receive project -life budget authority through the Capital Improvement Plan and ordinances, all
activities are appropriated through the annual budget process and published in the City's Annual
Budget document. The City Council must adopt an ordinance to increase or decrease total
appropriations in a Fund. The Mayor has the authority to move appropriations within a Fund. A
thorough discussion of the City's accounting policies can be found under the Summary of
Significant Accounting Policies in the Notes to the Financial Statements.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is a perspective of past activities that
influence the City's financial condition. The following information is presented to place that
information in context with the general economy.
Economic Condition and Outlook
In the 2005 State of the City's Economy address, Mayor Kathy Keolker-Wheeler reported: "A
recent report shows that South King County's share of the County's business income, taxable
sales and employment is growing. South County's share of total County gross business income
Introduction 1-3
2004 Comprehensive Annual Financial Report City of Renton, Washington
grew from 16 percent in 1997 to almost 19 percent in 2004. Renton is a big part of that overall
growth — gross business income in the City grew 60 percent to $4.3 billion during that same time
span.
Within the City limits, at year-end 2004, there were 2,385 active business licenses, an increase of
20 percent from 2003. We are averaging 35,600 employees, about 700 jobs shy of our 2003
total. While that may sound like bad news, it's important to understand that between 2003 and
2004, we lost over 1,900 Boeing jobs. The positive job growth rebound is happening in other
sectors.
On the industrial side, our two biggest manufacturing businesses are both experiencing job
growth. Production is ramping up at PACCAR'S Kenworth Plant with more than 550 new jobs
this past year. At Boeing, employment levels are significantly lower that in 1990, one of the
peak years. At that time, Boeing's Renton operations accounted for 59 percent of the jobs here.
After 15 years and a reduction of 12,000 jobs, that percentage is 31 percent, nearly half what it
was. But production of the 737 is increasing, employment is stabilizing and it is expected to
remain that way beyond this decade and into the next one. Equally exciting is Boeing's award of
the Navy's Multi -mission Maritime Aircraft contract and its decision to build what is projected
to be 300 of the new submarine hunters at the Renton plant. That contract alone means more
than 1,000 additional jobs in our community.
We are fortunate that Renton is still home to the Commercial Airplane Headquarters. Boeing has
been an important part of our community economically and socially for over 60 years and we
want it to continue to be for generations to come. At the same time, these past 15 years were a
wake-up call about changes in our economy. We will continue our conscious and concerted
effort to diversify our economic base.
Even with the fluctuation in manufacturing jobs, we continue to make great strides in our
recruitment and retention efforts. We have increased jobs in wholesale, retail, and business
services — including many diverse, small, and medium size companies. Names like Wizards of
the Coast, Classmates.com, Microscan, Kaye Smith Business Graphics, TOPICS Entertainment,
Casabyte, Shuttle Express, and Authentic Ethnic Entrees are proudly associated with Renton."
UPDATE FROM BUDGET DOCUMENT
Outlook
The Finance & Information Services Department prepares a long-range forecast each year and
provides it to the Mayor, City Council, and city employees. Over the past few years, the City's
revenues and expenditures have not always been properly aligned with the City having to
balance the General Governmental expenditures by using existing fund balances. There is,
however, one major development under consideration that could generate a new revenue source
for the City, which is the surplus property at Boeing Renton Plant. Boeing has secured a
developer to plan and construct a significant retail and entertainment center on forty-six acres of
under-utilized property. The City will help with the construction of utilities and transportation
Introduction 1-4
2004 Comprehensive Annual Financial Report City of Renton, Washington
improvements. This will be a significant change for the community and the first step to the
redevelopment of property as Boeing becomes a more efficient company and decreases its
property holdings within the City of Renton.
Legislative decisions to provide tax breaks to manufacturing and research companies and
decisions to cap property taxes have largely offset the gains the City has made through the City's
progressive economic development efforts. Renton continues to work hard to find ways to
mitigate the impacts of this change. Our sales tax growth was healthy enough to meet the costs
of providing the current level of service and Renton witnessed continued significant growth in
revenues from new construction. While revenue continues to grow, the cost of government is
growing at a faster rate than the revenue with the high cost of employee health care and pensions
comprising a sizable percentage of these expenditures.
The City has labor contracts with all of its labor unions through 2005. We will begin to
negotiate with all the unions in the first quarter of 2005. During the last contract period, 2003
through 2005, the unions agreed to help pay for some of their health benefits. This has provided
some assistance in managing healthcare costs.
Cash Management
The City has adopted a Cash and Investments policy that states the primary objectives of cash
and investment management in priority order is safety, liquidity, and return on investment.
These investment policies reflect provisions in state statute and authorize investments in
obligations of the US Government or its agencies, banker's acceptances, certificates of deposit
issued by public depositories in the State of Washington, repurchase agreements, the Washington
State Local Government Investment Pool, and any other investment authorized by law for taxing
districts in the State of Washington.
The City has a Fire Pension Fund that is managed by an Oversight Board with members
including Firefighters, the Mayor and one Councilmember. Their investment policies reflect the
long-term obligations of investing these funds and are somewhat broader in terms of permitted
investments. Since 2001 independent actuarial studies have demonstrated the Fire Pension
obligations are fully funded in secure investments.
Risk Management
The City belongs to the Washington Cities Insurance Authority (WCIA). The WCIA is a
consortium of Washington State cities that purchases excess coverage in large blocks, thus
leveraging the market and risk across a large base. It has a professional staff, but operates with
an Oversight Board comprised of City representatives. This Board meets monthly. In most
cases, the City of Renton has a variety of insurance deductibles that range from $25,000 to a
maximum of $250,000. The City maintains a self-insurance program for health and dental
coverage for City employees and dependents. The City purchases excess medical coverage from
Symetra healthcare for cases that exceed $250,000. The City also purchases life and disability
insurance from various healthcare insurance providers.
Introduction 1-5
2004 Comprehensive Annual Financial Report City of Renton, Washington
Awards and Acknowledgements
The City has a long history of superior achievements in the preparation of its Comprehensive
Annual Financial Reports through the peer review program conducted by the Government
Finance Officers Association. The dedicated staff of the Finance Division work hard each day to
ensure that the City's financial records always display information in conformance with legal
parameters. All members of the division are to be commended for their consistent dedication to
excellence in local government finance. In particular, Linda Parks, CPA, the City's Fiscal
Services Director, directed the production of this year's annual financial report. Nancy
Violante's assistance was invaluable in this effort. Linda Dixon contributed significantly by
preparing the statistical section and other elements of this report. Other contributors included:
Norma Kuhn, David Lemenager, Jill Masunaga, Bang Parkinson, Tracy Schuld, Vidya Vinod,
and Cindy Zinck. The actual production could not be accomplished without the technical
expertise of DeAnna Fricke, Beth Haglund, and Deborah Willard. We are pleased with the
comprehensive content and quality of this financial report knowing that the citizens of Renton
can rely on this report as the definitive assessment of all City financial operations.
The Government Finance Officers Association of the United States and Canada (GFOA)
awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of
Renton for its comprehensive annual financial report for the fiscal year ended December 31,
2003. In order to be awarded a Certificate of Achievement, a government must publish an easily
readable and efficiently organized comprehensive annual financial report. This report must
satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement
Program's requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
Sincerely,
Michael R. Wilson
Interim Finance & Information Services Administrator
Introduction 1-6
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton,
Washington
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2003
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
F. OFFj�
OF
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AMD j�
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President
,off SEAL roti
4"A0
Executive Director
City Council
Terri Briere, President
Randy Carman, Dan Clawson
Denis Law, Toni Nelson
Marcie Palmer, and Don Persson
425-430-6501
Community Services
Dennis Culp,
Administrator
425-430-6600
Facilities
Peter Renner, Director
Parks
Leslie Betlach, Director
Recreation
Sylvia Allen, Director
Human Services
Karen Bergsvik, Manager
Library
Vacant, Director
Police
Garry Anderson, Chief
425-430-7507
Operations/Support
Kevin Milosevich, Deputy Chief
Patrol Operations
Patrol Services
Investigations
Administrative
Services
Staff Services
Auxiliary Services
Renton Citizens
Mayor
Kathy Keolker-Wheeler
425-430-6500
Chief Administrative Officer
Jay Covington
425-430-6500
Planning/Building/
Public Works
Gregg Zimmerman,
Administrator
425-430-7394
Development Services
Neil Watts, Director
Maintenance Services
Michael Stenhouse, Director
Transportation Systems
Sandra Meyer, Director
Utility Systems
Lys Hornsby, Director
Fire
A. Lee Wheeler, Chief
425-430-7501
Operations
Art Larson, Deputy Fire Chief
1 Emergency Response
Administration/
Support Services
Larry Rude,
Deputy Fire Chief
Prevention Bureau
Training
Disaster
Management
Muncipal Court Judge
Terry Jurado
425-430-6550
Economic Development,
Neighborhoods, and
Strategic Planning
Alex Pietsch, Administrator
425-430-6580
Economic Development
Ben Wolters, Director
Neighborhoods
Strategic Planning
Human Resources
and Risk Management
Michael Webby, Administrator
425-430-7650
Human Resources
Civil Service Commission
Risk Management
City of Renton Corporate Organization Structure
Administrative, Judicial,
and Legal Services
425-430-6500
Mayor's Office
Vacant, Assistant to CAO
City Clerk/Cable Mgr.
Bonnie Walton
Court Services
Joe McGuire, Director
Hearing Examiner
Fred Kaufman
City Attorney
Warren Barber Fontes, P.S.
Finance and
Information Services
Michael Wilson, Interim Administrator
425-430-6858
Finance
Linda Parks, Director
Information Services
Print and Mail
Operations
Sunset Building
PO Box 40021
Olympia, Washington 98504-0021
INDEPENDENT AUDITOR'S REPORT
June 27, 2005
Mayor and City Council
City of Renton
Renton, Washington
Washington State Auditor
Brian Sonntag
(360) 902-0370
FAX (360) 753-0646
TDD Relay 1-800-833-6388
http://www.sao.wa.gov
We have audited the accompanying financial statements of the governmental activities, the business -type activities, each major fund
and the aggregate remaining fund information of the City of Renton, King County, Washington, as of and for the year ended December
31, 2004, as listed in the table of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the
governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of City of Renton,
as of December 31, 2004, and the respective changes in financial position and cash flows, where applicable, thereof, for the year then
ended, in conformity with accounting principles generally accepted in the United States of America.
The management's discussion and analysis on pages 3-1 through 3-16 and budgetary comparison information on pages 5-1 through 5-
2 are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the
methods of measurement and presentation of the required supplementary information. However, we did not audit the information and
express no opinion on it.
Our audit was performed for the purpose of forming opinions on the financial statements that collectively comprise the City's basic
financial statements. The accompanying information listed as combining financial statements and supplemental information on pages
6-1 through 6-50 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The
combining financial statements and supplemental information has been subjected to auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken
as a whole.
The information identified in the table of contents as the Introductory and Statistical Sections is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the City. Such information has not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on it.
Sincerely,
BRIAN SONNTAG, CGFM
STATE AUDITOR
2004 Comprehensive Annual Financial Report City of Renton, Washington
MANAGEMENT'S DISCUSSION AND ANALYSIS
The City of Renton's discussion and analysis provides a narrative overview of the City's financial
activities for the fiscal year ended December 31, 2004. The intent of the discussion and analysis
is to review the City's financial performance as a whole.
This Management's Discussion and Analysis (MD&A) combined with the Transmittal Letter, the
Financial Statements, and the Notes to the Financial Statements represent the complete 2004
financial activities for the City of Renton. These are all intended to help the reader understand
the City's significant financial issues. This MD&A provides an overview of the City's financial
records. The data in this financial report also identifies any material deviations from the financial
plan and the adopted Annual Budget. Finally, the intent of the MD&A and other financial
information is to isolate and identify individual fund issues or concerns.
This is the second year the City prepared its financial records in accordance with the Government
Accounting Standards Board 34 (GASB 34). This method of accounting requires a full
accounting of all infrastructure reporting. This is the first year the full benefits of this new
standard was evident as we are able to show comparisons from the prior year's financial
information. The City fully implemented the final phase of the infrastructure component in 2004.
The City's general government -wide financial statements were prepared on the full accrual basis
of accounting in conformity with generally accepted accounting principles (GAAP). The City's
fund financial statements for its major and non -major governmental funds were prepared on the
modified accrual basis of accounting in conformity with GAAP. The City's major and non -major
enterprise funds, internal service funds and pension funds were accounted for on the accrual basis.
The City of Renton, along with all cities, counties and other governmental entities in Washington,
must comply with the Budgeting, Accounting, and Reporting System (BARS) as defined by the
Washington State Office of the Auditor (SAO). The SAO audits the financial records of all cities
and other governmental units within the State. The City of Renton's financial system integrates
financial and administrative controls that ensure the safeguarding of assets and the reliability of
financial reports. These controls are designed to provide:
1. reasonable assurance that transactions are executed in accordance to management
understanding and approval;
2. reasonable assurance that transactions are executed in accordance to GAAP principles;
3. accountability for control of assets and obligations; and
4. assurance that sufficient reporting and review exists to provide adequate information for
analysis and comparability of data.
Internal control is a high priority for the City. The State Office of the Auditor reviews the City's
internal controls, and the City receives and takes action on all the recommendations made.
Management's Discussion and Analyasis 3-1
City of Renton, Washington 2004 Comprehensive Annual Financial Report
The City maintains strong budgetary controls in order to ensure compliance with legal provisions
embodied in the annual appropriated budget as approved by the City Council. The City Council
must be authorized any budget increase or decrease to any Fund.
Financial Highlights
• The City's total assets as of December 31, 2004, exceeded liabilities by over $431 million.
• As of December 31, 2004, the City's Governmental Activities reported net assets of $242
million. Of this total, $25 million is defined as unrestricted and can be used for needs the
Mayor and Council deem necessary. These monies are intended to provide a cushion
against significant economic downturns in revenues and to maintain sufficient working
capital and cash flow to meet daily financial needs.
• Investments in capital assets comprise $195 million of the $242 million in Governmental
Activities net assets.
• The Business type activities have total net assets of $189 million. Eighty-six (86%)
percent of this total, $163 million, represents the City's investments in capital assets. An
unrestricted balance of $21 million remains and is used to meet day to day cash flow
requirements and to ensure we can meet all obligations of the utilities and other Funds if
the revenues do not meet expectations.
• The City's total principal and interest on outstanding debt as of December 31, 2004 was
$114 million. Of this amount, forty-six percent (46%) or $53 million is dedicated to the
water works projects. Another $2.6 million is for outstanding bonds for Senior Housing.
These bonds have a special taxing authority. The Golf Course has $4.8 million
outstanding in debt service. The balance of $54 million of our debt is dedicated for
general governmental purposes, including the purchase of City Hall, the construction of
the downtown parking garage and a replacement of a fire station (our share of a regional
E-911), Communications Center, and other small projects, including municipal -bonds sold
for fire equipment.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis provides an introduction and overview to the City of Renton's basic
financial statements. The basic financial statements are comprised of three components:
1. Government -wide financial statements;
2. Fund financial statements; and
3. Notes to the financial statements
The graphic representation below illustrates the required components of the City's annual
financial report and how the required parts are arranged and relate to one another. This
illustration helps explain the City's financial presentation in 2004. This is the second year the
City of Renton was mandated to prepare its financial statements in conformance to a new standard
commonly referred to as GASB 34. This graphic representation should be used in conjunction
with the following explanations to help guide the reader in understanding the financial condition
of the City of Renton.
3-2 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report City of Renton, Washington
Figure 1
REQUIRED COMPONENTS OF THE
ANNUAL FINANCIAL REPORT
Management Discussion
and Analysis
(required supplementary information)
ff] (new)
A
E3CGovernment -wide Financial Statements (new)
Fund Financial Statements (refocused)
Notes to the Financial Statements
(expanded/restructured)
�d
.c ERequiredlementary
tion
oMD&A)
F
V1
In addition to the required components shown in Figure 1, the City's annual report also includes
other voluntary supplementary information. The most significant section is the Combining
Statements. These provide Balance Sheets, Statement of Revenues, Expenditures, and Changes
in Fund Balances with Budget to Actual comparisons, Statement of Net Assets, and Cash Flows
for all Non -Major Funds.
The next section of information, the Statistical Section, is in the same format as previous year's
information. This section provides a ten-year view of the City's Revenue, Expenditures, Debt
Obligations and Debt Capacity, the City's largest taxpayers, and those entities with the largest
employment within the City of Renton. This section provides a long-term perspective on the
City's economy.
BASIC FINANCIAL STATEMENTS
Government -wide Financial Statements provide readers with a broad overview of the City of
Renton's finances in a manner similar to a private sector business. They provide both short-term
and long-term information about the City's overall financial status. The government -wide
statements distinguish between functions of the City that are principally supported by taxes and
intergovernmental revenues (referred to as "governmental activities") from functions that are
intended to recover all or a significant portion of their costs through user fees and charges
Management's Discussion and Analyasis 3-3
City of Renton, Washington 2004 Comprehensive Annual Financial Report
(referred to as "business -type activities"). The governmental activities of the City include a full
range of local government services provided to the public such as police and fire protection; road
maintenance and construction; community planning and economic development; libraries, parks
and recreational opportunities; and other community services. The business -type activities of the
City include water, sewer, surface water, solid waste management and services, golf course, and
airport.
The Statement of Net Assets presents information on all of the City's assets and liabilities with
the difference between the two reported as net assets. This statement for the first time combines
and consolidates governmental funds' current financial resources (short term available resources)
with capital assets and long-term obligations, which is primarily debt. The Statement of Net
Assets serves a purpose similar to that of the Balance Sheet of a private -sector business. Over
time, increases or decreases in net assets may serve as one indicator of whether the financial
position of the City is improving or deteriorating. Other indicators to consider when evaluating
the financial position of the City includes changes to the property tax base, general economic
conditions as demonstrated through business licenses fees or sales tax revenue, and the condition
of the City's infrastructure (roads, drainage systems, bridges, water infrastructure.)
The Statement of Activities focuses upon both the gross and net cost of various activities that are
provided by the government's general tax and other revenues. This is intended to summarize and
simplify the user's analysis of cost to various governmental services and/or subsidy to various
business -type activities. By separating program revenue from general revenue, users of the
financial statements can identify the extent to which each program relies on taxes for funding.
The Governmental Activities reflect the City's basic functions: General Government, Security of
Person and Property, Physical Environment, Mental and Physical Health, and Culture and
Recreation. Property, sales and utility taxes finance the majority of these functions.
All changes in net assets are reported using accrual basis of accounting, which is similar to the
accounting used in the private sector. The accrual basis of accounting requires that revenues are
reported when earned and expenses are reported when incurred, no matter when the revenue will
actually be received or the obligation will be paid. For example, property taxes are shown as a
receivable as revenue even though some amount of these taxes will not be available to the City for
several years. All unpaid vendor obligations are illustrated as an accounts payables obligation as
of December 31.
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund financial statements
familiar. However, GASB 34 states the focus must now be on Major Funds. A fund is a group of
related accounts that is used to maintain control over resources that have been segregated for
specific activities and objectives. The City uses funds to ensure and demonstrate fiscal integrity
and compliance with finance related legal requirements. There are three types of funds:
governmental, proprietary and fiduciary.
3-4 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report City of Renton, Washington
A Major Fund has three elements as defined by GASB 34:
Total assets, liabilities, revenues or expenditures of that individual governmental or
enterprise funds are at least ten percent (10%) of the corresponding total (assets, liabilities,
etc) for all funds of that category or type (i.e. governmental, proprietary or fiduciary); and
Total assets, liabilities, revenues or expenditures/expenses of the individual government
fund or enterprise funds are at least five percent (5%) of the corresponding total for all
governmental and enterprise funds combined; or
Any other governmental or enterprise fund that the government's officials believe is
particularly important.
Governmental Funds present most of a government's tax -supported activities. The Proprietary
Funds describe and financially manage the government's business -type activities where all or part
of the activities' costs are supported by fees and charges that are paid directly by those who
benefit from the activities. Fiduciary Funds control resources held by the government as a trustee
or agent for parties outside of the government. The resources of Fiduciary Funds cannot be used
to support the government's own programs.
Governmental Funds
The Governmental Fund Balance Sheet and Governmental Fund Statement of Revenues,
Expenditures, and Changes in Fund Balances present separate columns of financial data for the
General Fund and the Park Fund. These comprise the City's major governmental funds. Data
from the remaining governmental funds are combined and presented in a single, aggregated
column in the fund statements. Individual fund data for each of the non -major governmental funds
is provided in the form of combining statements.
Governmental Funds are used to account for essentially the same functions reported as
governmental activities in the government -wide financial statements. The focus of governmental
fund financial statements is on near-term inflows and outflows of available resources and on
balances of resources available at the end of the fiscal year. Such information is useful in
evaluating whether there are more or less financial resources that can be spent in the near future to
finance City services.
Because the focus of governmental fund financial statements is a narrower view than that of the
government -wide financial statements, it is useful to compare information presented for
governmental funds with similar information presented for governmental activities in the
government -wide financial statements. This gives the reader a better understanding of the long-
term impact of the government's near-term financing decisions. The Governmental Fund
Balance Sheet and the Governmental Fund Statement of Revenues, Expenditures, and Changes in
Fund Balances provide reconciliation to the governmental activities column in the government -
wide statements to facilitate this comparison.
The City maintains budgetary controls over its governmental funds. Budgetary controls ensure
compliance with legal provisions embodied in the annual appropriated budget. Governmental
fund budgets are established in accordance with state law and are adopted on a fund level.
General Fund budget variances are reviewed later in this discussion and analysis.
Management's Discussion and Analyasis 3-5
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Proprietary Funds
These funds consist of two types: Enterprise and Internal Service. They have always been
operated as private business activity. Enterprise Funds are used to report the same functions as
business -type activities in the government -wide financial statements. Internal Service Funds are
used to report activities that provide supplies and services to various City departments and to
accumulate and allocate the associated costs of providing these services to the various functions.
The revenues and expenses of internal service funds that are duplicated in other Funds are
eliminated in the government -wide statements. Because the remaining balances primarily benefit
governmental, rather than business -type activities, they have been included within governmental
activities in the government -wide statements.
The City of Renton has two major proprietary funds: Waterworks Utility (water, wastewater and
stormwater) and Solid Waste. All other activities are combined in Other Enterprise Funds.
Governmental Activities Internal Service Funds are reported separately in this section.
The Proprietary Fund Balance Sheet and the Proprietary Fund Statement of Revenues, Expenses,
and Changes in Fund Equity present separate columns of financial data for the Waterworks Utility
and Solid Waste. Data from the remaining enterprise funds are combined and presented in a
single, aggregated column in the fund statements. Governmental Activities Internal Service
Funds are reported separately in this section.
Proprietary Fund statements provide the same type of information as the government -wide
financial statements, only in more detail, since both apply the accrual basis of accounting. In
comparing the total assets and total liabilities between the two statements, only slight differences
will be noticed. One notable difference is that the "due from other funds" (asset) and the "due to
other funds" (liability) in the proprietary fund statements are combined in a single line called
"internal balances" in the asset section of the government -wide statement of net assets.
Fiduciary Funds
Fiduciary Funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reported in the government -wide financial statements
because the resources of those funds are not available to support the City's own operations. All of
the City's fiduciary activities are reported in a separate Statement of Fiduciary Net Assets and a
Statement of Changes in Fiduciary Net Assets.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data
provided, and are an integral part of the government -wide and fund financial statements.
Combining statements for non -major Governmental and Enterprise funds, as well as internal
service funds, are presented immediately following the required supplementary information on
pensions.
3-6 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENT -WIDE FINANCIAL ANALYSIS
Statement of Net Assets
Changes in net assets may serve as a useful indicator of a government's financial position. The
overall financial position has improved for the City of Renton over the prior year. Changes in Net
Assets from 2003 to 2004 shows an increase in total net assets of $116 million.
Table 1 is a condensed version of the Government -wide Statement of Net Assets. Because this is
the City's second year reporting on a Government -wide basis, prior year comparable data is
available and presented in the table.
Current and other assets
Capital Assets (net of
accumulated depreciation)
TOTAL ASSETS
Long term liabilities
Other liabilities
TOTAL LIABILITIES
NET ASSETS
Invested in capital assets, net of
related debt
Restricted
Unrestricted
TOTAL NET ASSETS
Table 1
NET ASSETS
Total Total
Governmental Governmental Business -type Business -type Primary Primary
Activities Activities Activities Activities Government Government
2003 2004 2003 2004 2003 2004
$ 55,651,193 $64,232,646 $ 21,169,436 $25,916,524 $ 76,820,635 $90,149,170
123,873,908 221,791,984 194,185,361 209,955,684 318,059,269 431,747,668
$179,525,101 $286,024,630 $215,354,803 $235,872,208 $394,879,904 $521,896,838
32,915,102 35,136,799 33,085,652 46,390,483 66,000,754 77,832,432
8,733,895 8,399,185 4,447,557 422,333 13,181,452 12,516,368
$41,648,997 $43,535,984 $37,533,210 $46,812,816 $79,182,206 $90,348,800
89,360,313 195,282,055 158,886,497 163,891,546 248,246,810 359,173,601
6,816,559 21,460,395 3,048,210 3,555,690 9,894,769 25,016,085
41,699,232 25,746,196 15,886,887 21,612,156 57,556,119 47,358,352
$137,876,104 $242,488,646 $177,821,594 $189,059,392 $315,697,698 $431,548,038
The majority of the City's net assets (83%) are investments in capital assets (e.g., streets, drainage,
construction in progress, buildings, equipment, water and sewer pipes) less any related
outstanding debt used to acquire these assets. The City's capital assets are used to provide
services to citizens. It should be noted that although the investment in capital assets is reported
net of related debt, resources needed to repay this debt must be provided from other sources since
the capital assets themselves cannot be used to liquidate these liabilities.
Investments in capital assets increased from 2003 to 2004 in Governmental Activities primarily
because the City added the infrastructure assets as required by GASB statement 34. In 2004, the
Waterworks fund issued bonds in the amount of $10 million for constructions projects that
increase the long-term liability account in the Business -type activities.
Management's Discussion and Analyasis 3-7
City of Renton, Washington 2004 Comprehensive Annual Financial Report
$450,000,000
$375,000,000
$300,000,000
$225,000,000
$150,000,000
$75,000,000
■ Unrestricted $0
■ Restricted
■ Invested in capital
assets
Chart 1
CATEGORIES OF NET ASSETS
Restricted assets, representing resources that are subject to external restrictions on how they may
be used, equate to five percent (5%) of total net assets. The remaining balance (unrestricted net
assets) of $47.3 million may be used to meet the City's ongoing obligations. Chart 1 provides a
graphical comparison of the three categories of net assets for 2003 and 2004.
As of December 31, 2004, the City reports positive balances in all three categories of net assets,
for the government as a whole, as well as for separate governmental and business -type activities.
Statement of Change in Net Assets
The City's total net assets (before prior period adjustments and the change in accounting
principal) increased in 2004 by $116 million. Governmental Activities generated ninety percent
(90%) of this total or $105 million, while business -type activities generated $11 million of this
total.
Chart 2
2004 TOTAL REVENUES BY SOURCE
Interest/Investment
earnings
Excise Taxes 1% Mi ... 11 -e
Business
7%
Sales Taxes
13%
Property
Taxes
16%
Capital Operating Grants &
Grants/Contributions Contributions
6% 5%
Charges for Services
46%
Chart 2 illustrates the
various sources and
amounts of revenue
received by the
government as a
whole. Table 2
follows the Chart.
This is a condensed
version of the
Statement of
Activities for the City.
Comparable data is
available and provided
in the 2004 Annual
Report.
3-8 Management's Discussion and Analyasis
N
N
H
H
C4
V + N
F
O
N
Restricted assets, representing resources that are subject to external restrictions on how they may
be used, equate to five percent (5%) of total net assets. The remaining balance (unrestricted net
assets) of $47.3 million may be used to meet the City's ongoing obligations. Chart 1 provides a
graphical comparison of the three categories of net assets for 2003 and 2004.
As of December 31, 2004, the City reports positive balances in all three categories of net assets,
for the government as a whole, as well as for separate governmental and business -type activities.
Statement of Change in Net Assets
The City's total net assets (before prior period adjustments and the change in accounting
principal) increased in 2004 by $116 million. Governmental Activities generated ninety percent
(90%) of this total or $105 million, while business -type activities generated $11 million of this
total.
Chart 2
2004 TOTAL REVENUES BY SOURCE
Interest/Investment
earnings
Excise Taxes 1% Mi ... 11 -e
Business
7%
Sales Taxes
13%
Property
Taxes
16%
Capital Operating Grants &
Grants/Contributions Contributions
6% 5%
Charges for Services
46%
Chart 2 illustrates the
various sources and
amounts of revenue
received by the
government as a
whole. Table 2
follows the Chart.
This is a condensed
version of the
Statement of
Activities for the City.
Comparable data is
available and provided
in the 2004 Annual
Report.
3-8 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report City of Renton, Washington
Table 2
CHANGE OF NET ASSETS
Business- Business-
Governmenta Governmenta Type Type Total Primary Total Primary
1 Activities I Activities Activities Activities Government Government
2003 2004 2003 2004 2003 2004
Revenues
Program Revenues:
Charges for Services
$27,643,590
$25,809,160
$37,077,258
$38,917,114
$64,720,848
$64,726,274
Operating Grants & Contributions
3,732,443
6,213,791
222,193
112,616
3,954,636
6,326,407
Capital Grants & Contributions
1,094,764
1,745,718
6,600,471
6,583,241
7,695,235
8,328,959
General Revenues:
2,013,239
2,278,445
2,013,239
2,278,445
Property Taxes
19,520,575
19,578,390
19,520,575
19,578,390
Sales Taxes
17,334,831
18,281,949
17,334,831
18,281,949
Business Taxes
10,895,130
9,957,129
10,895,130
9,957,129
Other Taxes
5,449,877
6,751,264
5,449,877
6,751,264
Penalties and Interest
5,415
6,048
5,415
6,048
Interest and Investment earnings
1,081,398
1,291,669
242,055
270,605
1,323,453
1,562,274
Miscellaneous
312,867
4,346,619
369,513
119,455
682,380
4,466,074
TOTAL REVENUES
$87,070,890
$93,981,737
$44,511,490
$46,003,031
$131,582,380
$139,984,768
Program Expenses
Governmental Activities:
General Government Services
24,365,244
22,144,567
24,365,244
22,144,567
Judicial
1,258,956
1,340,655
1,258,956
1,340,655
Security of persons and property
26,238,548
28,647,443
26,238,548
28,647,443
Physical Environment
2,013,239
2,278,445
2,013,239
2,278,445
Transportation
4,221,713
6,797,356
4,221,713
6,797,356
Economic Environment
5,886,795
5,519,929
5,886,795
5,519,929
Mental and Physical Health
21,646
228,966
21,646
228,966
Culture and Recreation
8,689,666
10,303,074
8,689,666
10,303,074
Interest on Long -Term Debt
1,827,464
1,627,581
1,827,464
1,627,581
Business -type Activities
Water
22,381,464
23,347,678
22,381,464
23,347,678
Airport
1,219,465
936,305
1,219,465
936,305
Solid Waste
8,516,598
8,558,441
8,516,598
8,558,441
Golf
1,831,670
1,933,113
1,831,670
1,933,113
TOTAL EXPENSES
$74,523,270
$78,888,016
$33,949,197
34,775,537
$108,472,467
$113,663,553
Increase in net assets before Transfers
Transfers
Increase in net assets
Net assets — beginning restated
Prior period adjustments
Change in accounting principles
Net Assets Ending
(40,000) (10,304)
125,368,485 227,405,228
40,000
167,219,301
$10,304 -0- -0-
177,821,594 292,587,786 405,226,822
$137,876,104 $242,488,646 $177,821,594 $189,059,392 $315,697,698 $431,548,038
Over sixty-nine percent (69%) of the City of Renton's total activities are for general governmental
activities such as providing police, fire, parks, libraries, recreational, building safety and planning
services.
The largest Business Type activities include water, sewer, surface water, solid waste and golf
activities.
Management's Discussion and Analyasis 3-9
City of Renton, Washington
Governmental Activities Analysis
Governmental activities cost a
total of $78.8 million in 2004.
Of this amount, $33.7 million
was paid for either by those
who directly benefited from
the programs or by other
governments and
organizations that subsidized
certain programs with grants
and contributions. The net
expense (total expenses less
program revenues) of $45.1
million was the cost of
governmental services City
taxpayers primarily paid
through various taxes.
2004 Comprehensive Annual Financial Report
Chart 3
2004 COMPARISON OF TOTAL GOVERNMENT
BUSINESS TYPE EXPENSES
Business Type
Activities
31°/a
Govemmental
Activities
i9%
Chart 4 portrays the cost of each of the City's major governmental programs along with each
program's generated revenues (fees and intergovernmental revenues specifically related to that
program).
$27,000,000
$22,500,000
$18,000,000
$13,500,000
$9,000,000
$4,500,000
$0
Chart 4
GOVERNMENTAL ACTIVITIES
PROGRAM REVENUES AND EXPENSES
2003 vs 2004
41
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eia� e<a� �So Sv 4So4 404 ° ° ° °��' ��'
�* o �A b b dS SS e4 54 ea ea e e Sti Sti
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3-10 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report
City of Renton, Washington
The following Chart (Chart 5) depicts the sources of revenues that fund governmental activities.
Approximately fifty-eight percent (58%) is from various taxes. Charges for services, grants, and
interest earnings generate forty-two percent (42%) of total revenue for general governmental
activities.
Charges for
Services
27%
Miscellaneous
5%
Interest
I%
Chart 5
GOVERNMENTAL ACTIVITIES
REVENUES BY SOURCE
Operating Grants Capital Grants
7% 2% Property Taxes
nusmess i axes
7% 11%
les Taxes
Business -Type Activities Analysis
Charts 6 and 7 present the same information on business -type activities as illustrated for general
governmental type activities. Chart 6 shows the expense of each of the City's business -type
programs along with each program's generated revenues (fees and intergovernmental revenues
specifically related to that program.)
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
Chart 6
BUSINESS TYPE ACTIVITIES
PROGRAM REVENUES AND EXPENSE 0 Expenses
■ Revenues
2003 2004 2003Airport 2004Airport 2003Solid 2004 Solid 2003 Golf 2004 Go If
Waterworks Waterworks Waste Waste Course Course
Management's Discussion and Analyasis 3-11
City of Renton, Washington 2004 Comprehensive Annual Financial Report
The Waterworks Utility had a positive net change of $10.2 million at the end of 2004 compared to
$7.4 million in 2003. Rates were increased for Water & Sewer in 2004. The City generated
nearly $33.5 million in various fees for services from waterworks activities above the $23.3
million in expenses.
The Airport's total expenses were $900,000. In 2003, it had a large capital program and received
over $2.5 million from various federal grants for work started in 2003 and scheduled for
completion in 2004. Grant revenues for 2004 were $158,586 with total revenues of $900,000.
The Solid Waste Utility's revenues were $8.8 million generated from fees for services and
$97,969 in grants. The total expenses were $8.5 million.
The Golf Course generated a total of $2.1 million in green fees, driving range charges, and other
user fees. The total expenses for the Golf Course were $1.9 million. Thus, the Golf Course
generated a positive net asset change of $243,867 for the year.
Business -type activities are
supported primarily from
charges for services. In the City
of Renton, $38.9 million was
generated from charges for
services in the business -type
activities. These comprise
eighty-five percent (85%) of the
total financial support for these
activities. Grants are lower in
2004 than 2003. The Airport
received a significant amount
from the Federal Aviation
Administration for capital
projects in 2003.
Chart 7
BUSINESS TYPEACTIVITIES
REVENUES BY SOURCES
Interest &
Grants Miscellaneous
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
Governmental Funds Analysis
Charges for Services
84%
At year-end, the governmental funds reported a combined fund balance of $40.1 million (refer to
the Governmental Funds Balance Sheet on pages 4-5). This is $3.9 million more than the
beginning of the year balance of $36.2 million. As noted in the Government -wide Financial
Statement, net assets for governmental activities increased by $15.5 million. The difference is
due primarily to the way capital assets are reported. In the fund financial statements, capital
expenditures are reported as current expenditures, thereby directly reducing available resources
(fund balances). At the government -wide level of reporting, the same capital expenditures are
capitalized and thereby included in the net asset balance.
3-12 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report City of Renton, Washington
Of the total Governmental Funds Balance of $40.1 million, $39.5 million is classified as
unreserved. The Governmental Funds experienced an increase of $3.9 million in fund balance.
This was due in part to City departments under -expending their 2004 budget allocations and a
prior period adjustment of 2.9 million. Some revenues exceeded our estimates. In particular,
sales and property taxes were higher than budgeted. In 2004, sales taxes increased four percent
(4%) over 2003 due to one full year of sale tax receipts from two new major businesses in Renton
(Fry's Electronics and Sam's Club).
All Departments analyze and ensure they spend below their budgetary limits each year on the
fund level. Salaries and benefits comprise sixty-seven percent (67%) of the General
Governmental expenditures with the trend of this continuing to grow due to increases in
employee's medical benefits and compensation packages. Since salaries and benefits represent
sixty-seven percent (67%) of the entire General Governmental funds, most of the savings in 2004
were due to delays or deferrals in filling position vacancies.
Business Type Funds Analysis
There were no extraordinary events in any of the business type funds. These funds also spent
below their budgetary limits. The large savings in the water utility was due to the fact the capital
expenditures are often not spent as fast as planned due to weather, regulatory compliance, or other
issues outside the utility's management influence.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton's investment in capital assets, including construction in progress, for its
governmental and business -type activities as of December 31, 2004, amounts to $431.7 million as
presented on the following table.
Table 3
CAPITAL ASSETS
(Net of Accumulated Depreciation)
General Activities Business Type Activities Total Activities
1/1/2004 12/31 /2004 1/1/2004 12/31 /2004 1/1/2004 12/31 /2004
Land
$31,990,429
$75,345,723
$6,976,321
$6,976,321
$38,966,750
$82,322,044
Construction in Progress
17,897,412
9,979,042
9,619,858
10,367,654
27,517,270
20,346,696
Bldgs and Structures
22,727,062
57,390,924
14,405,095
11,426,408
37,132,157
68,817,332
Other Improvements
17,007,992
69,814,604
162,117,789
180,187,544
179,125,781
250,002,148
Machinery and Equipment
34,251,013
9,261,691
1,066,298
997,756
35,317,311
10,259,447
123.873.908 221.791.984
194.185.361
$209 955,683
318.059.269
431.747.667
In compliance with GASB 34, the City added the estimated historical cost of general government
infrastructure assets and related estimated accumulated depreciation to its financial statements in
2003 and 2004. The final phase of infrastructure was completed in 2004. General government
infrastructure includes streets, bridges, overlays and traffic controls.
Management's Discussion and Analyasis 3-13
City of Renton, Washington
Debt Administration
2004 Comprehensive Annual Financial Report
As shown in Table 4, the City's total outstanding debt at December 31, 2004, was $76.6 million.
This was a net increase (new issues less principal payments and refundings) of $7.7 million.
General Obligation bonds
Revenue Debt
Other Long Term Debt
Table 4
OUTSTANDING DEBT
General Activities Business Type Activities Total Activities
1/1/2004 12/31/2004 1/1/2004 12/31/2004 1/1/2004 12/31/2004
$32,245,982 $30,629,403 $32,245,982 $30,629,403
$29,070,000 $37,680,000 29,070,000 37,680,000
87,637,552 8,384,138 7,637,552 8,384,138
32,245,982 30.629.403 36,707.552
146.064.138 $68,953,534 $76,693,541
During 2004, the City issued $10,335,000 in bonds for the purpose of providing improvements or
additions to the waterworks utility.
The City of Renton maintains an A+ rating from both Fitch and Standard and Poor's rating
agencies for its General Obligation Debt. The Water & Sewer Revenue Bond underlying ratings
are AA- from both these rating agencies. More detailed information about the City's long-term
debt can be found in Note 14 to the financial statements.
FUTURE YEAR'S BUDGETARY IMPACTS
The City's basic financial structure will be challenged in 2005 and beyond to continue to produce
the necessary revenues to meet rising operational and capital expenses. Over the last few years,
the City's revenues and expenditures have not always been properly aligned, with the City often
having to balance the General Governmental expenditures with existing funds balances. The
financial dilemma is due to a number of factors including past decisions by the State Legislature
and recent decisions by the voters of the State of Washington to restrict tax growth. Legislative
decisions to provide tax breaks to manufacturing and research companies to cut back on revenues
the State shares with local government, and the decision to cap property taxes have further
complicated the City's ability to produce adequate revenues to fund traditional levels of services
and programs. Over the last several years, these adverse State actions have largely offset the
gains the City has made through the City's progressive economic development efforts.
The one percent (1%) limitation on our property tax collections enacted by Initiative 747 has
severely reduced the growth in property tax revenues we have been accustomed to using for
General Governmental services. As a result of this property tax lid, the City's portion of this
year's property tax rate will decrease by two cents per thousand dollars of assessed property
valuation.
3-14 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report City of Renton, Washington
Although the City's new fiscal environment may prove to be challenging, 2004 did raise many
promising signs for the health of our local economy that should continue to improve. A positive
indicator of the City's economic health was the four percent (4%) growth in our sales tax revenue
base. Another indicator was the tremendous growth in the collection of real estate excise taxes
resulting from the strong real estate sales activity in 2004. This revenue source more than
doubled over the previous year's collections, resulting in nearly $2.3 million of additional
revenues generated for capital projects. Significant growth in revenues from new construction
has continued in 2004, with over $200 million in new assessed valuation added to our property tax
rolls last year. Single-family housing construction and sales continued to boom with 500 building
permits issued and 1,771 homes sold last year. The City of Renton has also seen renewed interest
in new development projects in downtown Renton and the Valley that should bring new jobs and
housing opportunities in this new year.
While Renton lost 12,000 Boeing jobs over the past five years due to relocation of employees and
the termination of Boeing's 757 program, the company's employment levels have stabilized.
Production of the 737 is actually increasing and the future of the 737 in Renton appears secure
well beyond this decade. The Federal Government's decision to award the Navy's Multi -Mission
Maritime Aircraft to the Boeing Company, and Boeing's decision to build what is projected to be
300 of the new "submarine hunters" at the Renton Plant means more than 1,000 additional jobs in
our community. Production is also ramping up at PACCAR's Kenworth Plant resulting in the
addition of more than 550 jobs in 2004.
The City is looking forward to the redevelopment of surplus property at Boeing's Renton Plant
commencing in late 2005. Boeing has secured a developer to plan and construct a significant
retail and entertainment center on forty-six acres of underutilized property. This major
redevelopment project will begin the transformation of the emerging South Lake Washington
neighborhood. This exciting development will provide Renton residents with a new community -
gathering place and will bring a new array of retail shopping opportunities to our City.
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors and others interested
in the City's finances with a general overview of the City's finances and to show the City's
accountability for financial resources it receives. If you have any questions about this report or
need additional information, please contact the Finance and IS Department at 1055 South Grady
Way, Renton, WA 98055.
Management's Discussion and Analyasis 3-15
City of Renton, Washington 2004 Comprehensive Annual Financial Report
This page is intentionally left blank.
3-16 Management's Discussion and Analyasis
2004 Comprehensive Annual Financial Report
STATEMENT OF NET ASSETS
December 31, 2004
City of Renton, Washington
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-1
Primary Government
Governmental
Business -type
Activities
Activities
Total
ASSETS
Cash and cash equivalents
$
25,660,483
$
10,397,868
$ 36,058,351
Investments
26,541,662
5,608,272
32,149,934
Receivables (net of allowance
for uncollectibles)
7,775,265
5,954,472
13,729,737
Internal balances
14,315
(14,315)
-
Inventories
-
360,337
360,337
Prepayments
121,447
-
121,447
Other non-current assets
4,119,474
54,200
4,173,674
Restricted assets:
Cash and cash equivalents
-
2,905,690
2,905,690
Investments
-
650,000
650,000
Land
75,345,723
6,976,321
82,322,044
Construction in Progress
9,979,042
10,367,654
20,346,696
Capital assets (net of accumulated
depreciation)
136,467,219
192,611,709
329,078,928
Total assets
$
286,024,630
$
235,872,208
$ 521,896,838
LIABILITIES
Accounts payable and
other liabilities
$
8,117,026
$
117,227
$ 8,234,253
Interest payable
233,891
123,080
356,971
Unearned revenue
48,268
182,026
230,294
Non-current liabilities:
Due within one year
3,724,763
2,734,925
6,459,688
Due in more than one year
31,412,036
43,655,558
75,067,594
Total liabilities
$
43,535,984
$
46,812,816
$ 90,348,800
NET ASSETS
Investment in capital assets,
net of related debt
$
195,282,055
$
163,891,546
$ 359,173,601
Restricted for:
Promotional Programs
479,826
-
479,826
Grant programs
42,762
42,762
Construction projects
20,937,807
-
20,937,807
Debt service
-
3,555,690
3,555,690
Unrestricted
25,746,196
21,612,156
47,358,352
Total net assets
$
242,488,646
$
189,059,392
$ 431,548,038
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-1
City of Renton, Washington
2004 Comprehensive Annual Financial Report
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2004
Page 1 of 2
The notes to the financial statements are an integral part of this statement.
4-2
Basic Financial Statements
Program Revenues
Operating
Charges for
Grants and
Capital Grant
Functions/Programs
Expenses
Services
Contributions
& Contributions
Primary government:
Governmental activities:
General government
$ 22,144,567 $
15,579,366
$
5,681,892
$ 49,466
Judicial
1,340,655
1,531,773
-
-
Security of persons and property
28,647,443
200,149
429,927
Physical environment
2,278,445
837,027
-
-
Transportation
6,797,356
1,916,862
-
1,352,351
Economic environment
5,519,929
4,236,596
30,000
32,201
Mental and physical health
228,966
-
35,922
11,700
Culture and recreation
10,303,074
1,507,387
36,050
300,000
Interest on long-term debt
1,627,581
-
-
-
Total governmental activities
$ 78,888,016 $
25,809,160
$
6,213,791
$ 1,745,718
Business -type activities:
Waterworks utility
$ 23,347,678 $
27,102,797
$
14,647
$ 6,424,655
Airport
936,305
804,500
-
158,586
Solid waste utility
8,558,441
8,832,837
97,969
-
Golf course
1,933,113
2,176,980
-
-
Total business -type activities
$ 34,775,537 $
38,917,114
$
112,616
$ 6,583,241
Total primary government
$ 113,663,553 $
64,726,274
$
6,326,407
$ 8,328,959
General revenues:
Taxes:
Property taxes
Retail sales taxes
Business taxes
Excise taxes
Penalties and interest
Interest and investment earnings
Miscellaneous
Transfers
Total general revenues and transfers
Change in net assets
Net assets - beginning (restated)
Net assets - ending
The notes to the financial statements are an integral part of this statement.
4-2
Basic Financial Statements
2004 Comprehensive Annual Financial Report
Page 2 of 2
Not(Expense)Revenue and
Changes in Net Assets
Primary Government
Governmental Business -type
10,194,421
Activities Activities
Total
$ (833,843) $
(833,843)
191,118
191,118
(28,017,367)
(28,017,367)
(1,441,418)
(1,441,418)
(3,528,143)
(3,528,143)
(1,221,132)
(1,221,132)
(181, 344)
(181,344)
(8,459,637)
(8,459,637)
(1,627, 581)
(1,627,581)
$ (45,119,347) $
(45,119,347)
$ 10,194,421 $
10,194,421
26,781
26,781
372,365
372,365
243,867
243,867
$ 10,837,434 $
10,837,434
1,291,669
$ (45,119,347) $ 10,837,434 $
4,346,619
(34,281,913)
$ 19,578,390 $
$ 19,578,390
18,281,949
18,281,949
9,957,129
9,957,129
6,751,264
6,751,264
6,048
6,048
1,291,669
270,605 1,562,274
4,346,619
119,455 4,466,074
(10,304)
10,304 -
$ 60,202,764
$
400,364 $
$ 15,083,418
$
11,237,798 $
$ 227,405,228
$
177,821,594 $
$ 242,488,646
$
189,059,392 $
60,603,128
26,321,216
405,226,822
431,548,038
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
City of Renton, Washington
4-3
City of Renton, Washington
ASSETS
Cash & cash equivalents
Investments
Receivables (net of allowances)
Taxes
Customer accounts
Accrued interest & penalty
Special assessments
Due from other funds
Due from other governmental units
Prepayments
Restricted assets:
Advances due from other funds
Special Assessments Deferred
TOTAL ASSETS
2004 Comprehensive Annual Financial Report
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2004
Page 1 of 2
The notes to the financial statements are an integral part of this statement.
4-4
Basic Financial Statements
OTHER
TOTAL
GOVERNMENTAL
GOVERNMENTAL
GENERAL
PARKS
FUNDS
FUNDS
$ 4,134,322 $
1,171,996
$ 15,921,380 $
21,227,698
3,000,000
-
14,434,523
17,434,523
810,488
271,976
599,640
1,682,104
983,869
25,625
29,124
1,038,618
326,313
-
350,406
676,719
-
2,288
2,288
3,999
1,087,122
1,091,121
3,218,062
499,424
3,717,486
33,742
-
33,742
75,000
500,000
575,000
-
-
68,421
68,421
$ 12,585,795 $
1,469,597
$ 33,492,328 $
47,547,720
The notes to the financial statements are an integral part of this statement.
4-4
Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
BALANCE SHEET
GOVERNMENTALFUNDS
December 31, 2004
Page 2 of 2
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL
GENERAL PARKS FUNDS FUNDS
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $
347,917
$ 114,799
$ 498,352
$ 961,068
Taxes payable
15,233
4,327
33,480
53,040
Retainage payable
-
-
510,761
510,761
Due to other funds
994
57
1,076,936
1,077,987
Custodial accounts
104,753
29,850
-
134,603
Deposits
24,739
-
32,981
57,720
Deferred revenue
1,198,435
-
79,745
1,278,180
Accrued employee wages and leave payable
2,181,979
299,001
279,059
2,760,039
Interfund advances - non-current
-
-
575,000
575,000
Total liabilities $
3,874,050
$ 448,034
$ 3,086,314
$ 7,408,398
Fund balances
Reserved for:
Advances to other funds $
75,000
$ -
$ 500,000
$ 575,000
Prepaid items
33,742
-
33,742
Unreserved, designated for:
General fund contingency
2,936,535
-
-
2,936,535
Special revenue funds contingency
-
836,968
622,472
1,459,440
Unreserved reported in:
General fund
5,666,468
-
-
5,666,468
Special revenue funds
-
184,595
1,594,211
1,778,806
Debt service funds
-
1,486,894
1,486,894
Capital project funds
-
-
26,202,437
26,202,437
Total fund balances $
8,711,745
$ 1,021,563
$ 30,406,014
$ 40,139,322
TOTAL LIABILITIES AND FUND BALANCES $
12,585,795
$ 1,469,597
$ 33,492,328
$ 47,547,720
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-5
City of Renton, Washington 2004 Comprehensive Annual Financial Report
RECONCILIATION OF THE BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
December 31, 2004
FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of net assets are
different because:
Capital assets used in governmental activities are not financial resources
and therefore are not reported in the governmental funds.
Capital assets (net) and other non-current assets.
The focus of governmental funds is on short-term financing, assets are
offset by deferred revenue and are not included in fund balances.
Deferred revenue
Long-term liabilities, including bonds payable are not due and payable in the
current period and therefore are not reported in the governmental funds.
Interest payable
Long-term liabilities
Internal service funds are used by management to charge the costs of
certain activities to individual funds.
Total assets and liabilities of the internal service funds that are
reported with governmental activities, less capital assets reported above.
NET ASSETS OF GOVERNMENTAL ACTIVITIES
The notes to the financial statements are an integral part of this statement.
4-6
$ 40,139,322
$ 225,911,460
$ 1,229,052
$ (243,147)
(35,932,332)
$ 11,384,291 $
242,488,646
Basic Financial Statements
2004 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
December 31, 2004
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-7
OTHER
TOTAL
GOVERNMENTAL
GOVERNMENTAL
GENERAL
PARKS
FUNDS
FUNDS
REVENUES
Taxes
$
35,452,979
$ 7,619,665
$ 12,271,862
$ 55,344,506
Licenses and permits
2,662,749
-
1,666,337
4,329,086
Intergovernmental revenues
2,347,221
4,500
5,218,849
7,570,570
Charges for services
1,998,396
2,009,261
2,585,496
6,593,153
Fines and forfeits
964,804
-
44,180
1,008,984
Interfund revenues
2,613,038
1,025,536
3,638,574
Special assessments
-
-
20,852
20,852
Contributions
104,804
66,840
78,294
249,938
Interest
601,898
-
457,988
1,059,886
Miscellaneous revenues
109,464
876
12,459
122,799
TOTAL REVENUES
$
46,855,353
$ 9,701,142
$ 23,381,853
$ 79,938,348
EXPENDITURES
Current:
General government
$
10,969,047
$ 2,618,021
$ 73,027
$ 13,660,095
Security of persons and property
27,462,613
-
-
27,462,613
Physical environment
2,201,777
-
2,201,777
Transportation
-
-
4,615,345
4,615,345
Economic environment
3,951,377
486,402
509,301
4,947,080
Mental & physical health
11,723
-
-
11,723
Culture & recreation
34,686
6,999,267
1,530,014
8,563,967
Capital outlay
75,767
169,363
13,001,539
13,246,669
Debt service:
Principal payment
-
-
1,477,579
1,477,579
Interest payment
-
-
1,763,893
1,763,893
TOTAL EXPENDITURES
$
44,706,990
$ 10,273,053
$ 22,970,698
$ 77,950,741
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
2,148,363
$ (571,911) $
411,155
$ 1,987,607
OTHER FINANCING SOURCES (USES)
Transfer in
$
138,700
$ -
$ 6,425,278
$ 6,563,978
Transfer (out)
(3,405,500)
(350,000)
(4,008,778)
(7,764,278)
Sale of capital assets
2,325
115,003
117,328
TOTAL OTHER FINANCE SOURCES (USES)
$
(3,264,475) $
(350,000) $
2,531,503
$ (1,082,972)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES& OTHER FINANCING USES
$
(1,116,112) $
(921,911) $
2,942,658
$ 904,635
FUND BALANCE JANUARY 1
6,841,364
1,943,474
27,467,198
36,252,036
Prior Period Adjustment
2,986,493
-
(3,842)
2,982,651
FUND BALANCES JANUARY 1 RESTATED
$
9,827,857
$ 1,943,474
$ 27,463,356
$ 39,234,687
FUND BALANCE DECEMBER 31
$
8,711,745
$ 1,021,563
$ 30,406,014
$ 40,139,322
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-7
City of Renton, Washington
2004 Comprehensive Annual Financial Report
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2004
NET CHANGES IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of
activities are different because:
Prior Period Adjustments
Governmental funds report capital outlays as expenditures,
however, in the statement of activities, the cost of those assets
are depreciated over their estimated useful lives.
Expenditures for capital assets
Less current year depreciation
Repayment of bond principal is an expenditure in governmental
funds, but the repayment reduces long-term liabilities
in the statement of net assets. Loan or bond proceeds
provide current financial resources to governmental
funds, but the repayment reduces long-term liabilities
in the statement of net assets.
Bond proceeds
Principal payments
Some revenues or expenditures reported in the statement of activities
are not yet available or expensed and therefore are not reported
as revenue or expenses in governmental funds.
Internal service funds or activities are used by management to
charge the costs of certain activities to individual funds.
The net (expense) of the internal service fund and internal
balances reported with governmental activities.
CHANGES IN NET ASSETS OF GOVERNMENTAL ACTIVITIES
The notes to the financial statements are an integral part of this statement.
$ 2,982,651
$ 14,634,127
(5,859,163)
$ (1,344,700)
1.61 F'i_579
$ (309,764)
$ 2,459,053
904,635
15,083,418
4-8 Basic Financial Statements
2004 Comprehensive Annual Financial Report
ASSETS
Current assets:
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Customer accounts
Special assessments - current
Interest - investments
Due from other funds
Due from other governmental units
Inventory of materials and supplies
Prepayments
Total current assets
Noncurrent assets:
Restricted cash, cash equivalents and
Investments at fair value
Special assessments deferred
Capital assets (net)
Deferred charges and other assets
Total noncurrent assets
TOTAL ASSETS
City of Renton, Washington
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2004
Page 1 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
WATERWORKS
UTILITY
SOLID WASTE
OTHER
ENTERPRISE
FUNDS
TOTAL
ENTERPRISE
FUNDS
ACTIVITIES
INTERNAL SERVICE
FUNDS
$ 7,299,781
$ 1,147,936
$ 1,950,151
$ 10,397,868
$
4,432,784
3,722,272
150,000
1,736,000
5,608,272
9,107,139
4,601,103
770,857
56,543
5,428,503
381,237
32,011
-
-
32,011
-
123,685
5,822
41,984
171,491
208,392
40,199
-
-
40,199
1,181
225,073
97,394
-
322,467
-
316,643
-
43,694
360,337
-
-
-
-
-
87,705
$ 16,360,767
$ 2,172,009
$ 3,828,372
$ 22,361,148
$
14,218,438
$ 3,114,332
$ -
$ 441,358
$ 3,555,690
$
54,200
-
-
54,200
-
191,635,436
9,192
18,311,056
209,955,684
4,296,553
888,729
-
49,314
938,043
-
195,692,697
9,192
18,801,728
214,503,617
4,296,553
$ 212,053,464
$ 2,181,201
$ 22,630,100
$ 236,864,765
$
18,514,991
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-9
City of Renton, Washington 2004 Comprehensive Annual Financial Report
LIABILITIES
Current liabilities:
Accounts payable
Retainage payable
Due to other funds
Due to other governmental units
Accrued interest payable
Accrued employee wages and benefits payable
Accrued taxes payable
Custodial Accounts
Deferred revenue
Capital leases payable
Total current liabilities
Liabilities payable from restricted assets:
Deposits payable
Revenue bonds payable - current
Total liabilities payable from restricted assets
Long-term liabilities:
Revenue bonds payable
Unamortized premium on revenue bonds
Unamortized discount on revenue bonds
Deferred amount on reveneue bond refunding
Accrued employee wages and benefits payable
Claims incurred but not reported
Capital leases payable
Public works trust fund loan payable
Total long-term liabilities
TOTAL LIABILITIES
NET ASSETS
Investment in capital assets,
net of related debt
Restricted
Unrestricted
TOTAL NET ASSETS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2004
Page 2 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY SOLID WASTE FUNDS FUNDS FUNDS
406,419 $
55,674
51,919
2,095,948
106,955
157,062
48,305
27,299
125,884
286,480 $
1,098
5,092
38,247
3,075,465 $ 330,917 $
$ 1,630,000 $
$ 1,630,000 $
$ 32,430,000 $
533,491
(552,031)
110,060
343,312
6,254,360
$ 39,119,192 $
$ 43,824,657 $
$ 149,225,132 $
3,114,332
26,395 $
21,600
2,597
15,029
68,282
27,084
82,684
56,142
661
719,294 $
77,274
54,516
2,095,948
123,082
230,436
113,636
109,983
182,026
25,212
3,731,407 $
661
1,890,000 $
$
260,661
$ 1,890,661 $
$
3,360,000
$ 35,790,000 $
-
533,491
(363,748)
(915,779)
-
110,060
4,056
55,188
402,556
8,621
8,621
-
6,254,360
4,056 $
3,060,061
$ 42,183,309 $
334,973 $
3,645,747
$ 47,805,377 $
9,192 $ 14,657,222 $ 163,891,546 $
- 441,358 3,555,690
1,837,036 3,885,773 21,612,152
$ 168,228,807 $ 1,846,228 $ 18,984,353 $ 189,059,388 $
The notes to the financial statements are an integral part of this statement.
4-10
Basic Financial Statements
237,998
29,630
267,628
28,802
2,537,717
2,566,519
2,834,147
4,296,553
11,384,291
15,680,844
2004 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2004
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
OPERATING REVENUES:
Charges for services
Interdepartmental services
Other services
TOTAL OPERATING REVENUES
OPERATING EXPENSES:
Operations and Maintenance
Benefit Payments
Professional Services
Administrative and General
Insurance
Taxes
Depreciation
TOTAL OPERATING EXPENSES
OTHER TOTAL ACTIVITIES
WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY SOLID WASTE FUNDS FUNDS FUNDS
$ 26,003,272 $ 8,894,611 $ 2,981,675 $ 37,879,558 $
672,442 6,232 - 678,674
427,088 97,969 - 525,057
$ 27,102,802 $ 8,998,812 $ 2,981,675 $ 39,083,289 $
$ 4,487,536 $
542,934 $
1,417,405 $
828,627
34,123
271,807
103,385
7,015,503
32,406
10,952,876
50,131
346,504
83,700
-
24,100
1,869,739
911,811
8,900
4,420,982
3,939
540,967
$ 22,746,845 $
8,558,441 $
2,642,089 $
OPERATING INCOME (LOSS) $ 4,355,957 $
NON-OPERATING REVENUES(EXPENSES):
Intergovernmental Revenues $ - $
Interest revenues 198,428
Gain(loss) on sale of capital assets -
Othernon-operatingrevenues(ex pens es) 19,856
Interest expense (454,465)
Amortization of debt discount and expense (146,364)
NON-OPERATING REVENUE NET OF EXPENSE $ (382,545) $
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS $
Capital contributions
Operating transfers in(out)
CHANGE IN NET ASSETS
FUND BALANCE JANUARY 1
NET ASSETS, DECEMBER 31
6,447,875 $
1,134,557
7,151,294
11,349,511
107,800
2,790,450
33,947,375 $
5,135,914 $
- $ 158,586 $
158,586 $
12,095 60,080
270,603
43 4,550
24,449
- (192,109)
(646,574)
- (35,220)
(181,584)
12,138 $ (4,113) $
(374,520) $
6,466,113 6,466,113
10,300 10,300
5,701,880
11,799,244
795,071
6,847,484
309,895
743,368
1,815,056
882,678
405,692
231,783
380,471
251,109
$ 10,449,825
$
452,509
$ 335,473
$ 11,237,807
$ 2,459,055
$ 157,778,982
$
1,393,719
$ 18,648,880
$ 177,821,581
$ 13,221,789
$ 168,228,807
$
1,846,228
$ 18,984,353
$ 189,059,388
$ 15,680,844
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-11
City of Renton, Washington 2004 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2004
PAGE 1 OF 2
The notes to the financial statements are an integral part of this statement.
4-12
Basic Financial Statements
BUSINESS -TYPE ACTIVITIES
ENTERPRISE
FUNDS
GOVERNMENTAL
OTHER
TOTAL
ACTIVITIES
WATERWORKS
ENTERPRISE
ENTERPRISE
INTERNAL SERVICE
UTILITY
SOLID WASTE
FUNDS
FUNDS
FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
$
25,869,029 $
8,848,058
$ 3,008,269 $
37,725,356 $
11,423,963
Cash received from other funds for services
700,762
-
-
700,762
-
Cash paid to suppliers for goods & services
(11,897,712)
(7,648,124)
(771,850)
(20,317,686)
(9,494,613)
Cash paid to other funds for goods & services
1,425,968
(287,031)
(204,185)
934,752
(245,909)
Cash paid to employees
(4,477,935)
(174,454)
(1,257,898)
(5,910,287)
(710,887)
Cash paid for city utility taxes
(1,869,739)
(481,091)
-
(2,350,830)
Other operating receipts
427,088
104,201
2,175
533,464
-
Other non-operating receipts
19,856
26,389
2,375
48,620
251,976
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$
10,197,317 $
387,948
$ 778,886 $
11,364,151 $
1,224,530
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
$
10,300 $
-
$ - $
10,300 $
1,350,000
Advances from other funds
-
-
(160,000)
Subsidy from federal grant
-
-
-
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES
$
10,300 $
$ $
10,300 $
1,190,000
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment
$
- $
$ $
- $
428,035
Acquisition & construction of capital assets
(13,414,924)
(1,056,554)
(14,471,478)
(544,264)
Capital contributions
-
-
Capital grants
-
471,965
471,965
Proceeds from the sale of bonds
10,575,952
10,575,952
Principal payments on debt
(1,475,000)
(274,272)
(1,749,272)
Interest payments on debt
(1,908,008)
(193,540)
(2,101,548)
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES
$
(6,221,980) $
$ (1,052,401) $
(7,274,381) $
(116,229)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments
$
(2,966,781) $
$ $
(2,966,781) $
3,000,000
Payments for investments
110,461
(986,000)
(875,539)
(7,757,139)
Interest on investments
-
7,598
23,100
30,698
189,041
NET CASH PROVIDED(USED) BY
INVESTING ACTIVITIES
$
(2,856,320) $
7,598
$ (962,900) $
(3,811,622) $
(4,568,098)
NET INCREASE (DEGREASE) IN CASH &
CASH EQUIVALENTS
$
1,129,317 $
395,546
$ (1,236,415) $
288,448 $
(2,269,797)
CASH & CASH EQUIVALENTS, JANUARY 1
6,170,464
752,390
3,186,566
10,109,420
6,702,581
CASH & CASH EQUIVALENTS, DECEMBER 31
$
7,299,781 $
1,147,936
$ 1,950,151 $
10,397,868 $
4,432,784
The notes to the financial statements are an integral part of this statement.
4-12
Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2004
PAGE 2 OF 2
BUSINESS -TYPE ACTIVITIES
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-13
ENTERPRISE FUNDS
GOVERNMENTAL
OTHER
TOTAL
ACTIVITIES
WATERWORKS
ENTERPRISE
ENTERPRISE
INTERNAL SERVICE
UTILITY
SOLID WASTE
FUNDS
FUNDS
FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
$ 4,355,957
$ 440,371 $
339,586 $
5,135,914
$
405,692
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
$ 4,420,982
3,939
540,967
4,965,888
882,678
Other non-operating revenue
19,856
26,389
4,550
50,795
251,976
(Increase)decrease in
accounts receivable
(179,289)
(47,241)
3,509
(223,021)
(375,279)
(Increase)decrease in due from
other funds/governmental units
28,320
(44,815)
-
(16,495)
(Increase)decrease in inventory
& prepaid items
14,791
-
5,659
20,450
(7,445)
Increase(decrease)in vouchers
retainage payable
(135,582)
589
(170,648)
(305,641)
(29,595)
Increase(decrease) in due to
other governmental units
1,425,968
-
(7,442)
1,418,526
Increase(decrease) in payables
& other short-term liabilities
(1,436)
2,291
(3,205)
(2,350)
Increase(decrease)in
customer deposits
2,470
-
12,370
14,840
-
Increase(decrease)in
deferred revenues
42,576
-
11,328
53,904
62,969
Increase(decrease)in accrued
employee leave benefits
202,704
6,425
42,212
251,341
33,534
Total adjustments
$ 5,841,360
$ (52,423) $
439,300 $
6,228,237
$
818,838
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$ 10,197,317
$ 387,948 $
778,886 $
11,364,151
$
1,224,530
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets
$ 6,466,113
$ $
$
6,466,113
$
Increase in fair value of investments
-
Borrowing under capital leases
-
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-13
City of Renton, Washington 2004 Comprehensive Annual Financial Report
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
December 31, 2004
ASSETS
Cash & cash equivalents
Investments at fair value:
Federal National Mortgage Association
State linvestment Pool
US Treasury Strips
Zero Coupon Treasury Bonds
Receivables (net of allowances)
Interest on investments
TOTAL ASSETS
LIABILITIES
Deposits payable
TOTAL LIABILITIES
NET ASSETS
Held is trust for pension benefits
& other purposes
PENSION TRUST
AGENCY
FIREFIGHTER'S
SPECIAL
PENSION
DEPOSIT
$ 779,516
$ 259,136
107,195
754,767
3,859,928
354,482
2,077,432
-
$ 7,933,320
$ 259,136
$
$ 259,136
$ -
$ 259,136
$ 7,933,320 $ -
The notes to the financial statements are an integral part of this statement.
4-14
Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIREMEN'S PENSION FUND
December 31, 2004
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-15
PENSION TRUST
FIREMEN'S
PENSION
ADDITIONS:
Other contributions:
Fire insurance premiums
$
70,250
Investment income:
Interest revenue
492,419
TOTAL ADDITIONS
$
562,669
DEDUCTIONS:
Benefit payments
$
374,624
Administrative and general
7,099
TOTAL DEDUCTIONS
$
381,723
NET INCREASE(DECREASE)
$
180,946
NET ASSETS - JANUARY 1
$
7,752,374
NET ASSETS - DECEMBER 31
$
7,933,320
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-15
City of Renton, Washington 2004 Comprehensive Annual Financial Report
This Page Intentionally Left Blank
The notes to the financial statements are an integral part of this statement.
4-16 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
January 1, 2004 through December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton was incorporated on September 6, 1901, and operates under the laws of the
State of Washington applicable to a Non -Charter code city with a Mayor/Council form of
government. A full-time Mayor and seven part-time Council members serve the City, all elected
at large to four-year terms. The City provides the full range of municipal services authorized by
state statues, together with a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and a
Municipal Golf Course.
The accounting and reporting policies of the City related to the funds included in the
accompanying financial statements conform to generally accepted accounting principles (GAAP)
applicable to state and local governments. GAAP for local governments include those principles
prescribed by the Governmental Accounting Standards Board (GASB), the Financial Accounting
Standards Board (FASB), when applicable, and the American Institute of Certified Public
Accountants (AICPA) pronouncements that have been made applicable by GASB Statements or
Interpretations.
In accordance with GASB Statement 20 the City has not applied to its proprietary activities FASB
Statements and Interpretations, Accounting Principles Board opinions, and Accounting Research
Bulletins of the Committee of Accounting Procedure issued after November 30, 1989.
In June 1999, GASB approved Statement 34 "Basic Financial Statements and Management
Discussion and Analysis for State and Local Governments." Significant changes in the statement
include the following:
A Management Discussion and Analysis (MD&A) section providing an analysis of the
City's overall position and results of operation.
Government -wide financial statements prepared using full accrual accounting for all the
City's activities including infrastructure (roads, bridges, traffic signals and signs, etc.).
A change in the fund financial statements focusing on the major funds.
The City implemented the general provisions of the GASB Statement 34 for the fiscal year 2003
and reported retroactively the infrastructure component (assets acquired between January 1, 1980
to December 31, 2002) for fiscal year ending December 31, 2004.
Except as noted above, the City has implemented all applicable GASB Statements through GASB
Statement 40, prior to fiscal year 2004.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-17
City of Renton, Washington 2004 Comprehensive Annual Financial Report
A. REPORTING ENTITY
As required by GAAP the City's financial statements present the City of Renton — the primary
government. There are no component units (either blended or discretely presented) included in
these statements.
B. BASIC FINANCIAL STATEMENTS — GASB 34 PRESENTATION
The City's basic financial statements include both government -wide (reporting the City as a
whole) and fund financial statements (reporting the City's major funds). Both the government -
wide and fund financial statements categorize primary activities as either government or business -
type.
GOVERNMENT -WIDE STATEMENTS
In the government -wide Statement of Net Assets, both the governmental and business -type
activities columns (a) are presented on a consolidated basis by column, and (b) are reported on a
full accrual, economic resource basis, which recognizes all long-term assets and receivables as
well as long-term debt and obligations. The City's net assets are reported in three parts —
investment in capital assets, net of related debt; restricted net assets; and unrestricted net assets.
The City first utilizes restricted resources to finance qualifying activities.
The government -wide Statement of Activities reports both the gross and net cost of each of the
City's functions and business -type activities (general government, judicial, security of persons
and property, physical environment, transportation, economic environment, mental and physical
health, culture and recreation, waterworks utility, airport, solid waste utility, and golf course).
General government revenues (property taxes, timber taxes, retail sales and use taxes, business
taxes, excise taxes, and other taxes) also support the functions. The Statement of Activities
reduces gross expenses (including depreciation) by related program revenues, operating and
capital grants and contributions. Program revenues must be directly associated with the function
or a business -type activity. Operating grants include operating specific and discretionary (either
operating or capital) grants while the capital grants column reflects capital specific grants.
The net cost, by function or business -type activity, is normally covered by general revenues.
The government -wide focus is more on the sustainability of the City as an entity and the change in
the City's net assets resulting from the current year's activities.
FUND FINANCIAL STATEMENTS
In the fund financial statements, transactions are recorded in individual funds, each accounted for
by a separate set of self -balancing accounts that comprise assets, liabilities, reserves, fund equity,
revenues, and expenditures or expenses. The presentation is by major funds in either the
governmental or business -type categories. GASB Statement 34 sets forth the minimum criteria
for the determination of a major fund. The non -major funds are combined in the fund financial
statements and are detailed in the combining section.
The governmental major fund statements in the fund financial statement are presented on current
financial resources and modified accrual basis of accounting. Since governmental fund
statements are presented on a different measurement focus and basis of accounting than the
The notes to the financial statements are an integral part of this statement.
4-18 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
government -wide statements' governmental column, a reconciliation is presented at the end of the
statement, which briefly explains the adjustments necessary to transform the fund statements into
the government -wide presentation.
Internal service funds of a government are presented in summary form as part of the proprietary
fund financial statements. Since the principal users of the internal services are the City's
governmental activities, financial statements for internal service funds are consolidated into the
governmental column when presented at the governmental level. These services are reflected in
the appropriate functional activity (general government, judicial, security of persons and property,
physical environment, transportation, economic environment, mental and physical health, culture
and recreation).
Interfund fund activity has been eliminated from the government -wide financial statements.
Exceptions are payments in lieu of taxes, external type transactions within the internal service
funds (revenue and expenses for interest or services provided to other governmental organization)
and other charges for waterworks utility or storm water utility. Elimination of these charges
would distort the direct cost and program revenues for these functions.
The City's fiduciary funds are presented in the fund financial statements. Since the assets are
being held for the benefit of a third party and cannot be used for obligations of the City, they are
not included in the government -wide statements.
The following describes each fund as presented in the fund financial statements.
MAJOR FUNDS
GOVERNMENTAL FUNDS
GENERAL FUND
The General Fund is the primary operating fund of the city. It is used to account for the resources
and disbursements of ordinary City operations that are not required to be accounted for in another
fund. These include the costs of public safety, building, planning, human services, and general
administration. The major sources of revenue are property taxes, utility taxes, and sales taxes.
Licenses and permits, charges for services, and fines and forfeits provide additional support.
PARKS
The Parks Fund accounts for the City's parks and recreation programs: operations, maintenance,
and improvements for municipal park buildings, and landscaping and street tree functions.
Resources are primarily from general tax revenues and charges for services.
ENTERPRISE FUNDS
WATERWORKS UTILITY
The Waterworks Utility Fund accounts for all the operation and capital improvement programs
for the water, wastewater, and storm water services within the City. The activities primarily
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-19
City of Renton, Washington 2004 Comprehensive Annual Financial Report
supported by user fees include: administration, billings and collections, debt service, engineering
and operation, maintenance and repairs. The primary resources for the capital improvement
programs are revenue bond proceeds, grants (as available) and utility collection charges.
SOLID WASTE
Solid waste, recycling and yard waste collection services for the City are accounted for in this
fund, supported entirely by service fees. The expenses include payment to the City's garbage
contractor and other service charges.
NON -MAJOR FUNDS
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one-half cent State
Gasoline Tax revenue to cities and towns for construction, improvements, and major repair of
streets.
STREET FUND
The Street Fund was established pursuant to state law to account for maintenance and
improvements of the City's street and traffic control systems. Major sources of support are
general revenues and state levied taxes on motor vehicle fuels distributed to the City of Renton.
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
The Community Development Block Grant Fund was established to administer the federally
funded Community Development Block Grant activity.
LIBRARY FUND
The Library Fund accounts for operation of the City's library system, including central and
branch facilities. Resources to the fund are mainly general tax revenues and library fines.
HOTEL/MOTEL TAX FUND
Accounts for monies collected through an increase of 1% in hotel/motel taxes for the purpose of
increasing tourism in the City of Renton.
PATHS AND TRAILS RESERVE FUND
The Paths and Trails Reserve Fund was created for the purpose of planning, accommodating, and
establishing and maintaining certain paths and trails within the City of Renton.
1 % FOR ART FUND
The City of Renton established this fund by contributing 1 percent of general governmental
capital project funding for art projects.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and
development of cable communications as established by City ordinance.
The notes to the financial statements are an integral part of this statement.
4-20 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
1997 -LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a Council -approved bond issue, which provided funding for the
purchase of Renton City Hall.
1978 -LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
This fund accounts for debt service on a Council -approved bond issue, which provided partial
funding for construction of the Renton Senior Activity Center.
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
Accounts for debt service on installment contracts for equipment, City Shop land purchase, the
1984 and 1985 Limited General Obligation Bond issues for equipment and the 1986 Limited
Bond issued to finance a community center, library improvements, permanent financing for
purchase of a golf course, acquisition of wetland property and equipment.
1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a voter -approved bond issue, which provided financing to; acquire,
construct, rehabilitate, equip and develop low-income housing for the elderly.
SPECIAL ASSESSMENT DEBT FUND
The Special Assessment Debt Fund accounts for the special assessment collections.
DOWNTOWN PARKING GARAGE
Accounts for resources and expenditures related to the construction of a downtown parking
facility.
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
FIRE IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
LEASED CITY PROPERTIES
Accounts for revenue and expenditures related to City property leased to outside entities.
AQUATIC CENTER FUND
Accounts for resources and expenditures related to the construction of the Henry Moses Family
Aquatic Center.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-21
City of Renton, Washington 2004 Comprehensive Annual Financial Report
MUNICIPAL FACILITIES CONSTRUCTION FUND
The Municipal Facilities Construction Fund accounts for the acquisition and development of
municipal facilities. Resources included general and special revenue taxes and Council -approved
general obligation bonds.
GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
The General Government Capital Improvement Fund accounts for revenues and expenditures for
of numerous capital improvements projects, to provide infrastructure necessary for controlled
growth, and to address general City needs. Primary resources include; general tax revenues,
business licenses fees, federal and state grants, general obligation bond proceeds and transfers
from various cumulative reserve funds.
AIRPORT FUND
Provides accounting for revenues and expenses which provides administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger -Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. It
accounts for the operation, maintenance, debt service and capital improvements of the facility.
OTHER FUND TYPES
INTERNAL SERVICE FUNDS
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicle
and auxiliary equipment, except for fire apparatus and replacement of police patrol vehicles. All
equipment costs, including depreciation, are factors in calculating the rates which are charged to
each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City departments,
including provisions for losses on property, liability, worker's compensation, unemployment
compensation, and the health care program. Expenses are paid by the Insurance Fund and rates
are charged to departments based on use and/or coverage requirements.
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an agent
for individuals, private organizations, other governmental units and/or other funds. The City has
one Pension Trust Fund and one Agency Fund.
The notes to the financial statements are an integral part of this statement.
4-22 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
PENSION TRUST FUND
FIREMEN'S PENSION FUND
The Firemen's Pension Fund accounts for the payment of administrative costs and benefits for
retired fire fighters and their beneficiaries, who were employed prior to March 1, 1970. Primary
revenues sources are general property tax allocations in accordance with actuarial calculations,
the fire premium tax, and investment income.
AGENCY FUND
SPECIAL DEPOSIT FUND
The Special Deposit Fund was established for the purpose of holding or retaining cash deposits or
other securities pending fulfillment of certain conditions and/or requirements by the depositor.
Refunds are made when all obligations have been met and only upon authorization from the
transmitting department.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized
in the accounts and reported in the financial statements. It relates to the timing of the
measurement made regardless of the measurement focus applied:
1. Accrual
Both governmental and business -type activities in the government -wide financial statements and
the proprietary and fiduciary fund financial statements are presented on the accrual basis of
accounting. Revenues are recognized when earned and expenses are recognized when incurred.
Substantially all government fund revenues are accrued. Property taxes are billed and collected
within the same period in which taxes are levied. Subsidies and grants to proprietary funds,
which finance either capital or current operations, are reported as non-operating revenue based on
GASB Statement 33. In applying GASB Statement 33 to grant revenues, the provider recognizes
liabilities and expenses and the recipient recognizes receivables and revenue when the eligibility
requirements, including time requirements, are met. Resources transmitted before the eligibility
requirements are met, are reported as advances by the provider and deferred revenue by the
recipient.
2. Modified Accrual
The government funds financial statements are presented on the modified basis of accounting.
Under the modified accrual basis of accounting, revenues are recorded when susceptible to
accrual: i.e., both measurable and available. "Available" means collectible within the current
period or soon enough thereafter to be used to pay liabilities of the current period. The City
considers all revenue reported in the governmental funds to be available if the revenues are
collected within sixty days after year-end. Expenditures are generally recognized under the
modified accrual basis of accounting when the related liability is incurred. The exception to this
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-23
City of Renton, Washington 2004 Comprehensive Annual Financial Report
general rule is that principal and interest on general obligation long-term debt, if any, is
recognized when due.
D. ASSETS, LIABILITIES, AND FUND EQUITY
1. Cash and Cash Equivalents
The City has defined cash and cash equivalents as cash on hand, demand deposits, and all highly
liquid investments (including restricted assets) with maturity of three months or less when
purchased. These amounts are classified on the balance sheet or in the statement of net assets as
cash and cash equivalents or investments in the various funds. The interest on these investments
is prorated to the applicable funds. Included in this category are all funds invested in the Local
Government Investment Pool and Municipal Investor Account. Excluded from this category are
cash balances held by Fiscal Agents since the City does not have discretionary use of these funds.
2. Investments — Refer to Note 3B.
3. Receivables and Payables — Amounts Owed/Payable to/by the City at year-end.
Taxes receivable consists of property taxes and related interest and penalties (Refer to Note 4).
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Accrued interest payable consists of amounts owed on notes, loans, and contracts.
Customer accounts receivable/payable consists of amounts owed from/to private individuals or
organizations for goods and services. If the transactions are with another governmental unit, it is
accounted for within "due from/to other governments ".
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consist of current and delinquent assessments and related interest
and penalties. Deferred assessments consist of special assessments not due within one year.
Receivables have been reported net of estimated uncollectible accounts. Because property taxes,
special assessments, and utility billings are considered liens on property, no estimated
uncollectible amounts are established.
Activity between funds that are representative of lending/borrowing arrangements outstanding at
the end of the fiscal year are referred to as either "due to/from other funds " (i.e., the current
portion of interfund loans) or "advances tofrom other funds" (i.e., the non-current portion of
interfund loans). All other outstanding balances between the governmental activities and
business -type activities are reported in the government -wide financial statements as "internal
balances" (Refer to Note 10).
Advances between funds, as reported in the fund financial statements, are offset by a fund balance
reserve account in applicable governmental funds to indicate that they are not available for
appropriation and are not expendable available financial resources.
In the government -wide financial statements, and proprietary fund types in the fund financial
statements, long-term liabilities are reported in applicable governmental activities, business -type
activities, or proprietary fund type statement of net assets.
The notes to the financial statements are an integral part of this statement.
4-24 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
Unamortized Premium — the unamortized portion of the excess of bonds proceeds over their face
value (excluding accrued interest and issuance costs).
Deferred Amount -Refunding — The difference between the carrying amount of redeemed/defeased
debt and its reacquisition price. This amount is deferred and amortized over the remaining life of
the debt or the life of the new debt, whichever is shorter.
4. Inventories and prepaid items
All City inventories are maintained on a consumption basis of accounting where items are
purchased for inventory and charged to the budgetary accounts as the items are consumed. Any
material inventories at year-end are included in the balance sheet of the appropriate fund.
Inventories are carried at cost on the first -in, first out — FIFO basis.
Certain payments to vendors reflect costs applicable to future accounting periods and are reported
as prepaid items in both the government -wide and fund statements.
5. Capital Assets and Depreciation — (Refer to Note 5)
6. Deferred Revenues
This account includes amounts recognized as receivables but not revenues in the governmental
funds because the revenue recognition criterion has not been met.
7. Custodial Accounts
This account reflects the liability for net monetary assets being held by the City in its agency
capacity.
8. Compensated Absences
The City accrues accumulated unpaid vacation and other leave and associated employee -related
costs when earned (or estimated to be earned) by the employee. The non-current portion (the
amount estimated to be used in subsequent fiscal years) for governmental funds is maintained
separately and represents a reconciling item between the fund and government -wide
presentations.
9. Fund Balance Designations and Reservations
In the fund financial statements, governmental funds report reservations of fund balance for
amounts that are not available for appropriation or are legally restricted by outside parties for use
for a specific purpose. Designations of fund balance represent tentative management plans that
are subject to change. The City has the following reserved or designated fund balances.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-25
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Fund Reserved Purpose of
General Fund Advances to other Funds $75,000
General Fund Prepaid Items 33,742
Municipal Facilities Advances to other Funds 500,000
Totals 6I:
,742
10. Net Assets —(Refer to Note 11)
11. Encumbrances
An encumbrance system is maintained to account for commitments resulting from approved
purchase orders, contracts, and other commitments. Encumbrances remaining at year-end lapse
and are canceled. Upon request by the department and approval of the City Council,
encumbrances may be re -appropriated in the following year.
E. REVENUES, EXPENDITURES AND EXPENSES
1. Program Revenues
Program revenues include charges for services to customers for goods and services provided,
operating grants and contributions, and non-operating grants and contributions within the
government -wide Statement of Activities. Charges for services include business licenses,
construction permits, and weapon permits.
2. General Revenues
Property taxes, timber taxes, retail taxes, business taxes, excise taxes, and associated penalties and
interest, and interest and investment earnings are classified as general revenues within the
government -wide Statement of Activities.
3. Interfund Transfers
Permanent reallocation of resources between funds of the reporting entity are classified as
interfund transfers. For purposes of the government -wide Statement of Activities, all interfund
transfers between individual governmental funds have been eliminated.
4. Expenditures/Expenses
Expenses in the government -wide Statement of Activities are reported by function as a
governmental activity (general government, judicial, security of persons and property, physical
environment, transportation, economic environment, culture and recreation, or interest on long-
term debt) or business -type activity (waterworks utility, airport, solid waste utility, or golf
course). In the fund financial statements, expenditures of governmental funds are classified by;
The notes to the financial statements are an integral part of this statement.
4-26 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
function, debt service principle and interest payments, or purchases of capital items. Proprietary
expenditures are classified as operating or non-operating.
5. Operating and Non-operating Revenues and Expenses
Operating revenues and expenses for proprietary funds are those that result from providing
services and producing and delivering goods and/or services in connection to the proprietary
fund's principle ongoing operations. It includes all revenue and expenses not related to capital
and related financing, non -capital financing, or investing activities. All revenues and expenses
not meeting this definition are non-operating revenues and expenses.
NOTE 2. COMPLIANCE AND ACCOUNTABILITY
The City of Renton budgets its funds on the cash basis of accounting at the fund level. Annual
appropriated budgets are adopted for governmental funds. Budgets for proprietary funds are
"management budgets" and are not legally required to be reported. Included in the Required
Supplemental and Combining sections of the CAFR are Schedules of Revenues, Expenditures,
and Changes in Fund Balances (Budget to Actual) reporting the Actual Budgetary Basis (cash
basis) verses Actual GAAP Basis of Accounting (modified basis) for all legally adopted budgets.
There have been no material violations of finance -related legal or contractual provisions, and
there have been no expenditures exceeding legal appropriations in any of the funds of the City.
A. PROCEDURES FOR ADOPTING THE ORIGINAL BUDGET
The City of Renton's budget procedures are mandated by the Revised Code of Washington
35a.33. The steps in the budget process are as follows:
Prior to November 1, the Mayor submits a proposed budget to the City Council. This budget
is based on priorities established by the Council and estimates provided by the City
departments during the preceding months, and is balanced with revenue estimates made by the
Mayor.
2. The City Council conducts public hearings on the proposed budget in November and
December.
3. The Council makes their adjustments to the proposed budget and adopts, by ordinance, a
final balanced budget no later than December 31.
4. The final operating budget as adopted is published and distributed within the first four months
of the following year.
B. AMENDING THE BUDGET
The budget, as adopted, constitutes the legal authority for expenditures. Budgets are adopted on
the cash basis of accounting; therefore any comparisons between budget and actual revenues and
expenditures are reported under the budgetary basis. The annual budget is adopted with
budgetary control at the fund level, so expenditures may not legally exceed appropriations at that
level of detail. Transfers or revisions within funds are allowed, but only the City Council has the
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-27
City of Renton, Washington 2004 Comprehensive Annual Financial Report
legal authority to increase or decrease a given fund's annual budget. This is accomplished by City
ordinance. The budget was amended four times during 2004.
Original budgeted inflows as compared to the final budgeted inflows are as follows:
Fund
General Fund
Original
Budgeted
Inflows
$44,750,600
Final
Budgeted
Inflows
$44,934,900
Increase
i
Budgeted
Inflows
$184,30
Park Fund
9,905,300
9,905,300
0
Arterial Street Fund
350,500
350,500
0
Street Fund
6,055,400
6,055,400
0
Community Development Block Grant Fund
331,600
331,600
0
Library Fund
1,532,200
1,532,200
0
Hotel/Motel Tax Fund
197,500
197,500
0
Paths and Trails Reserve Fund
0
0
0
One Percent for Art Fund
0
0
0
Cable Communications Development Fund
38,900
38,900
1997 LGO Bond Fund
654,300
654,300
0
1978 LGO Bond Fund
28,900
28,900
0
General Government Miscellaneous Debt Service Fund
1,872,900
1,872,900
0
1989 UG -0 Bond Redemption Fund
517,600
517,600
0
Special Assessment Debt Fund
17,400
17,400
0
Downtown Parking Garage
0
0
0
Community Development Impact Mitigation Fund
237,000
501,000
264,000
Fire Impact Mitigation Fund
225,000
318,000
93,000
Transportation Impact Mitigation Fund
650,000
757,000
107,000
Leased City Properties Fund
546,400
846,400
300,000
Aquatic Center Fund
0
0
0
Municipal Facilities Construction Fund
2,060,500
4,198,500
2,138,000
General Government Capital Improvement Fund
7,325,700
9,541,700
2,216,00
Waterworks Utility Fund
35,139,500
45,714,500
10,575,00
Airport Fund
882,300
882,300
0
Solid Waste Utility Fund
8,715,300
8,715,300
0
Golf Course Fund
2,442,800
2,562,800
120,000
Equipment Repair and Replacement Fund
2,778,900
2,778,900
0
Insurance Fund
9,017,600
10,921,000
1,903,400
Totals
I$17,900,700
Original budgeted outflows as compared to the final budgeted outflows are as follows:
The notes to the financial statements are an integral part of this statement.
4-28 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
NOTE 3. DEPOSITS AND INVESTMENTS
A. Deposits
The City's deposits and certificates of deposit are entirely covered by the Federal Depository
Insurance Commission (FDIC) or by collateral held in a multiple financial institution collateral
pool administered by the Washington Public Deposit Protection Commission (WPDPC).
B. Investments
As required by state law, all investments of the City's funds (except as noted below) are
obligations of the U.S. Government, U.S. agency issues, obligations of the State of Washington,
general obligations of Washington State municipalities (the State Treasurer's Local Government
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-29
Original
Budgeted
OutflowsFund
Final
i 1` 1
1`Outflows
Increase
(Decrease)
Budgeted
General Fund
$45,506,600
$48,945,500
$3,438,900
Park Fund
10,270,300
10,708,800
438,500
Arterial Street Fund
353,500
353,500
0
Street Fund
6,055,400
6,455,000
399,600
Community Development Block Grant Fund
331,600
362,100
30,500
Library Fund
1,532,200
1,646,300
114,100
Hotel/Motel Tax Fund
200,000
215,500
15,500
Paths and Trails Reserve Fund
0
0
0
One Percent for Art Fund
50,000
50,000
0
Cable Communications Development Fund
36,600
36,600
0
1997 LGO Bond Fund
654,300
654,300
0
1978 LGO Bond Fund
28,900
28,900
0
General Government Miscellaneous Debt Service Fund
1,872,900
2,255,900
383,000
1989 UGO Bond Redemption Fund
511,500
536,500
25,000
Special Assessment Debt Fund
17,300
17,300
0
Downtown Parking Garage
1,638,700
1,915,200
276,500
Community Development Impact Mitigation Fund
0
1,275,000
1,275,000
Fire Impact Mitigation Fund
300,000
1,596,300
1,296,300
Transportation Impact
Mitigation Fund
1,389,300
1,389,300
0
Leased City Properties Fund
576,800
877,000
300,200
Aquatic Center Fund
0
1,123,500
1,123,500
Municipal Facilities Construction Fund
2,507,000
9,150,400
6,643,400
General Government Capital Improvement Fund
8,460,400
10,676,400
2,216,000
Waterworks Utility Fund
40,154,300
54,935,000
14,780,700
Airport Fund
805,900
2,317,700
1,511,800
Solid Waste Utility Fund
8,718,100
8,748,800
30,700
Golf Course Fund
2,608,800
3,087,400
478,600
Equipment Rental Fund
2,520,400
2,938,900
418,500
Insurance Fund
Totals1
9,017,600
: II
11,083,500
$183,380,600$37,262,200
2,065,900
NOTE 3. DEPOSITS AND INVESTMENTS
A. Deposits
The City's deposits and certificates of deposit are entirely covered by the Federal Depository
Insurance Commission (FDIC) or by collateral held in a multiple financial institution collateral
pool administered by the Washington Public Deposit Protection Commission (WPDPC).
B. Investments
As required by state law, all investments of the City's funds (except as noted below) are
obligations of the U.S. Government, U.S. agency issues, obligations of the State of Washington,
general obligations of Washington State municipalities (the State Treasurer's Local Government
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-29
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Investment Pool (LGIP), or certificates of deposit with Washington State Banks and savings and
loan institutions.
A 2a7 -like -pool is an external investment pool that is not registered with the SEC as an
investment company, but nevertheless has a policy that it will, and does, operate in a manner
consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940. The LGIP,
managed by the Washington State Office of the Treasurer, is comparable to a Rule 2a7 -pools
recognized by the Securities and Exchange Commission, Rule 2a7 allows SEC -registered mutual
funds to use amortized cost rather than market value to report net assets to compute share prices.
Investments are shown on the entity -wide Statement of Net Assets at fair market value or for 2a7 -
like pools at amortized cost. Investments are reported with Cash and Investments of
Governmental Activities and within Cash and Cash Equivalents or Investments of Business -type
Activities.
C. Deposit and Investment Schedule
Amounts reported in fund statements:
NOTE 4. PROPERTY TAXES
The County Finance Director acts as an agent to collect property taxes levied in the county for all
taxing authorities. Taxes are levied annually on January 1 on property value listed as of the prior
August 31. Assessed values are established by the County Assessor at 100 percent of fair market
value. A revaluation of all property is required every two years; however King County has the
ability to revalue annually.
Property taxes levied by the County Assessor and collected by the County Finance Director
become a lien on the first day of the levy year and may be paid in two equal installments if the
total amount exceeds $30.00. The first half of real property taxes is due on April 30 and the
balance is due October 31. Delinquent taxes bear interest at the rate of 12 percent and are subject
to additional penalties if not paid as scheduled. No allowance for uncollectible taxes is
established because delinquent taxes are considered fully collectible.
The notes to the financial statements are an integral part of this statement.
4-30 Basic Financial Statements
Governmental Funds ____Cash and Cash Equivalents
$21,227,698
Investments
$17,434,523
Proprietary
Cash and Cash Equivalents
$14,830,652
Investments
$14,715,411
Restricted Investments
$3,555,690
Fiduciary Funds
Cash and Cash Equivalents
$1,038,652
Investments
Total
$5,076,372
$77,878,998
NOTE 4. PROPERTY TAXES
The County Finance Director acts as an agent to collect property taxes levied in the county for all
taxing authorities. Taxes are levied annually on January 1 on property value listed as of the prior
August 31. Assessed values are established by the County Assessor at 100 percent of fair market
value. A revaluation of all property is required every two years; however King County has the
ability to revalue annually.
Property taxes levied by the County Assessor and collected by the County Finance Director
become a lien on the first day of the levy year and may be paid in two equal installments if the
total amount exceeds $30.00. The first half of real property taxes is due on April 30 and the
balance is due October 31. Delinquent taxes bear interest at the rate of 12 percent and are subject
to additional penalties if not paid as scheduled. No allowance for uncollectible taxes is
established because delinquent taxes are considered fully collectible.
The notes to the financial statements are an integral part of this statement.
4-30 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
At year-end, property taxes are recorded as a receivable with the portion not expected to be
collected within 60 days offset by deferred revenue. During the year, property tax revenues are
recognized when cash is received.
The tax rate for general City operations is limited to $3.35 per $1000 of assessed value. Of this
amount, up to $.45 per thousand may be designated for contribution to the Firemen's Pension
Fund if a report by a qualified actuary indicated that additional funds are required.
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: The levy limit calculation applies to a taxing district's budget, and not to
increases in the assessed value or tax bill of individual properties. Initiative 747 restricts
individual taxing districts from collecting, in any year, more than a 1% increase in their
regular, non -voted, levy over the highest levy amount since 1985. New construction,
annexations, and excess levies approved by the voters are not included in the levy limit
calculation. If the assessed valuation increases by more than one percent due to revaluation,
the levy rate will be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular
(non -voted) combined property tax rate applied to an individual's property to one percent
($10 per $1000) on the market valuation. Voters may approve special levies that are added to
this figure. If the taxes of all districts exceed this amount, each is proportionately reduced
until the total is at or below the one -percent limit.
3. The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. The City's regular
levy for 2004 is $3.16 and the excess levy for General Obligation Bond debt is $.08 for a total of
$3.24, per the King County Assessor's 2004 Annual Report.
NOTE 5. CAPITAL ASSETS AND DEPRECIATION
A. GENERAL POLICES
Major expenditures for capital assets, including capital leases and major repairs that increase the
useful life, are capitalized. The capitalization threshold applied to the City's assets is $5,000.
Maintenance, repairs, and minor renewals are accounted for as expenditures or expenses when
incurred.
All capital assets are valued at historical cost (or estimated cost, where historical cost is not
known /or estimated market value for donated assets /or the lower of cost or fair market value
when transferred between proprietary and governmental funds.)
The City has acquired certain assets with funding provided by federal financial assistance
programs. Depending on the terms of the agreements involved, the federal government could
retain an interest in these assets. However, the City has sufficient legal interest to accomplish the
purposes for which the assets were acquired, and has included such assets within the applicable
statements.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-31
City of Renton, Washington 2004 Comprehensive Annual Financial Report
The City capitalizes art and historical treasures. Art and historical treasures are expected to be
maintained or enhanced over time and thus, are not depreciated.
B. GOVERNMENTAL CAPITAL ASSETS
Governmental long-lived assets of the City purchased, leased, or constructed are recorded as
expenditures in the governmental funds and are capitalized, net of depreciation, in the
government -wide statements.
C. PROPRIETARY FUND CAPITAL ASSETS
Capital assets of proprietary funds are capitalized in their respective statement of net assets, net of
depreciation.
D. DEPRECIATION
Depreciation on all depreciable assets is provided on the straight-line basis over the following
useful lives:
Depreciation Expense was charged to governmental and business -type activities as follows:
Type of Asset
Buildings and Structures, except Utility Plant
rvice Life
25-50 years
Other Improvements
25-50 years
Utility Plant
25-75 years
Machinery and Equipment
3-20 years
Infrastructure
25-50 years
Depreciation Expense was charged to governmental and business -type activities as follows:
The notes to the financial statements are an integral part of this statement.
4-32 Basic Financial Statements
Governmental Activities
General Government
Amount
$1,997,981
Judicial
0
Security of Persons and Property
469,290
Physical Environment
15,651
Transportation
1,987,563
Transportation Prior Year Infrastructure
13,171,766
Economic Develo ment
265,326
Culture and Recreation
1,063,329
Health and Human Services
60,813
Total Governmental Depreciation Expense
The notes to the financial statements are an integral part of this statement.
4-32 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
E. SUMMARY OF CHANGES
Description
GOVERNMENTAL ACTIVITIES
Capital Assets not being depreciated:
Beginning
Balance
Increases
Decreases
Balance
Land and Land Improvements
$31,990,429
$43,355,294
$0
$75,345,723
Construction in Progress
17,897,412
5,223,993
13,142,363
9,979,042
Total Capital not being depreciated
$49,887,841
$48,579,287
$13,142,363
$85,324,765
Other Capital Assets:
Buildings and Structures
$34,065,680
$39,655,050
$162,855
$73,557,875
Other Improvements
29,775,092
72,598,402
3,400,646
98,972,848
Machinery and Equipment
48,970,173
1,707,635
28,884,715
21,793,093
Total Other Capital Assets at
Capitalized Cost
$112,810,945
$113,961,087
$32,448,216
$194,323,816
Less Accumulated Depreciation for:
Buildings and Structures
$11,338,619
$4,828,332
$0
$16,166,951
Other Improvements
12,767,100
16,391,144
0
29,158,244
Machinery and Equipment
14,719,159
1,611,796
3,799,553
12,531,402
Total Accumulated Depreciation
$38,824,878
$22,831,272
$3,799,553
$57,856,597
Governmental Activities Capital
Assets, Net of Depreciation
$123,873,908
$139,709,102
$41,791,026
$221,791,984
BUSINESS -TYPE ACTIVITIES
Capital Assets not being Depreciated:
Land and Land Improvements
$6,976,321
$0
$0
$6,976,321
Construction in Process
9,619,858
14,126,032
13,378,236
10,367,654
Total Capital Assets not being
Depreciated
$16,596,179
$14,126,032
$13,378,236
$17,343,975
Other Capital Assets
Buildings and Structures
$17,304,915
$0
$2,678,837
$14,626,078
Other Improvements
214,968,637
22,568,502
103,966
237,433,173
Machinery and Equipment
5,505,780
98,749
0
5,604,529
Total Other
Capital Assets at Capitalized Cost
$237,779,332
$22,667,251
$2,782,803
$257,663,780
Less Accumulated Depreciation for:
Buildings and Structures
$2,899,820
$299,850
$0
$3,199,670
Other Improvements
52,850,848
4,498,747
103,966
57,245,629
Machinery and Equipment
4,439,482
167,291
0
4,606,773
Total Accumulated Depreciation
$60,190,150
$4,965,888
$103,996
$65,052,072
Business -type Capital Assets,
Net of Depreciation
$194,185,361
$31,827,395
$16,057,043
$209,955,683
At the end of 2004, one hundred fourteen (114) projects comprise the Construction in Progress.
Upon completion, the projects will be capitalized in the Government -wide Statements in their
appropriate categories and in the fund statements for proprietary funds, if applicable.
Construction Commitments at December 31, 2004 are as follows:
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-33
City of Renton, Washington 2004 Comprehensive Annual Financial Report
NOTE 6. PENSIONS
With the exception of fire fighters employed prior to March 1, 1970, substantially all City full-
time and qualifying part-time employees participate in one of the following statewide retirement
systems administered by the Washington State Department of Retirement Systems, under cost-
sharing multiple -employer public employee defined benefit and defined contribution retirement
plans. The Department of Retirement Systems (DRS), a department within the primary
government of the State of Washington, issues a publicly available comprehensive annual
financial report (CAFR) that includes financial statements and required supplementary
information for each plan. The DRS CAFR may be obtained by writing to: Department of
Retirement Systems, Communications Unit, P.O. Box 48380, Olympia, WA 98504-8380.
The City is the administrator of the Fire Fighter's Pension Plan for all fire fighters employed prior
to March 1, 1970. The Fire Fighter's Pension Plan is considered part of the City's reporting entity
and is included in the City's financial statements as a pension trust fund. An actuarial report
prepared by Milliman, USA may be obtained by contacting the City of Renton, Office of Finance,
1055 South Grady Way, Renton, WA 98055.
The following disclosures are made pursuant to GASB Statement No. 27, Accounting for
Pensions by State and Local Government Employers.
Public Employees Retirement System (PERS) Plans 1, 2, and 3
Plan Description
PERS is a cost-sharing multiple -employer retirement system comprised of three separate plans for
membership purposes: Plans 1 and 2 are defined benefit plans and Plan 3 is a combination
defined benefit/defined contribution plan. Membership in the system includes: elected officials;
state employees; employees of the Supreme, Appeals, and Superior courts (other than judges
currently in a judicial retirement system); employees of legislative committees; community and
technical colleges, college and university employees (not in national higher education retirement
programs); judges of district and municipal courts; and employees of local governments. PERS
participants who joined the system by September 30, 1977, are Plan 1 members. Those joined on
or after October 1, 1977 and by either February 28, 2002 for state and higher education
employees, or August 31, 2002 for local government employees, are Plan 2 members unless they
exercise an option to transfer their membership to Plan 3. PERS participants joining the system
on or after March 1, 2002 for state and higher education employees, or September 1, 2002 for
local government employees have the irrevocable option of choosing membership in either PERS
Plan 2 or PERS Plan 3. The option must be exercised within 90 days of employment. An
The notes to the financial statements are an integral part of this statement.
4-34 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
employee is reported in Plan 2 until a choice is made. Employees who fail to choose within 90
days default to PERS Plan 3. PERS defined benefit retirement benefits are financed from a
combination of investment earnings and employer and employee contributions. PERS retirement
benefit provisions are established in state statute and may be amended only by the State
Legislature.
Plan 1 retirement benefits are vested after an employee completes five years of eligible service.
Plan 1 members are eligible for retirement at any age after 30 years of service, or at age 60 with
five years of service, or at age 55 with 25 years of service. The annual pension is 2 percent of the
average final compensation per year of service, capped at 60 percent. The average final
compensation is based on the greatest compensation during any 24 eligible consecutive
compensation months. If qualified, after reaching age 66, a cost -of -living allowance is granted
based on years of service credit and is capped at 3 percent annually.
Plan 2 retirement benefits are vested after an employee completes five years of eligible service.
Plan 2 members may retire at age 65 with five years of service, or at 55 with 20 years of service,
with an allowance of 2 percent of the average final compensation per year of service. The average
final compensation is based on the greatest compensation during any eligible consecutive 60 -
month period. Plan 2 retirements prior to age 65 receive reduced benefits. If retirement is at age
55 or older with 30 years of service, a 3 percent per year reduction applies; otherwise an actuarial
reduction will apply. There is no cap on years of service credit; and a cost -of -living allowance is
granted (indexed to the Seattle Consumer Price Index), capped at 3 percent annually.
Plan 3 has a dual benefit structure. Employer contributions finance a defined benefit component,
and member contributions finance a defined contribution component. The defined benefit portion
provides a benefit calculation at 1 percent of the average final compensation per year of service.
The average final compensation is based on the greatest compensation during any eligible
consecutive 60 -month period. Plan 3 members become eligible for retirement if they have at least
ten years of service; or five years including twelve months that were earned after age 54; or five
service credit years earned in PERS 2 prior to June 1, 2003. Plan 3 retirements prior to age 65
receive reduced benefits. If retirement is at age 55 or older with at least 30 years if service; a 3
percent per year reduction applies; otherwise an actuarial reduction will apply. There is no cap on
years of service credit; and Plan 3 provides the same cost -of -living allowance as Plan 2. The
defined contribution portion can be distributed in accordance with an option selected by the
member, either as a lump sum or pursuant to other options authorized by the Employee
Retirement Benefits Board.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-35
City of Renton, Washington 2004 Comprehensive Annual Financial Report
There are 1,168 participating employers in PERS. Membership in PERS consisted of the
following as of the latest actuarial valuation date for the plans of September 30, 2003:
Retirees and Beneficiaries Receiving Benefits
65,362
Terminated Plan Members Entitled To But Not Yet Receiving Benefits
20,001
Active Plan Members Vested
100,469
Active Plan Members Non -vested
Total
54,081
$239,913
Funding Policy
Each biennium the state Pension Funding Council adopts Plan 1 employer contribution rates, Plan
2 employer and employee contributions rates, and Plan 3 employer contribution rates. Employee
contribution rates for Plan 1 are established by statute at 6 percent for state agencies and local
government unit employees, and 7.5 percent for state government elected officers. The employer
and employee rates for Plan 2 and the employer contribution rates for Plan 3 are developed by the
Office of the State Actuary to fully fund Plan 2 and the defined benefit portion of Plan 3. All
employers are required to contribute at the level established by the Legislature. PERS 3 defined
contribution is a non-contributing plan for employers. Employees who participate in the defined
contribution portion of PERS 3 do not contribute to the benefit portion of PERS Plan 3. The
Employee Retirement Benefits Board sets Plan 3 employee contribution rates. Six rate options
are available ranging form 5 to 15 percent; two of the options are graduated rates dependent on
the employee's age. The methods used to determine the contribution requirements are established
under state statute in accordance with Chapters 41.40 and 41.45 RCW.
The required contribution rates expressed as a percentage of current -year covered payroll, as of
December 31, 2004 were as follows:
* The employer rates include the employer administration expense fee currently at .19%,
** Plan 3 defined benefit portion only,
*** Variable from 5.0% minimum to 15.0% maximum based on rate selected by the PERS 3 member.
Both the City and the employees made the required contributions. The City's required
contributions for years ended December 31, were as follows:
Year PERS Plan I PERS Plan 21 1 'PERS Plan 3
2004 $25,977 7252,464 $35,737
2003 $26,914 $257,812 $24,838
2002 $31,176 $295,093 $431
The notes to the financial statements are an integral part of this statement.
4-36 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
Law Enforcement Officer's and Fire Fighter's Retirement System (LEOFF) Plans 1 & 2
Plan Description
LEOFF is a cost-sharing multiple -employer retirement system comprised of two separate defined
benefit plans. Membership in the system includes all full-time, fully compensated; local law
enforcement officers and firefighters. LEOFF is comprised primarily of non -state employees,
with the exception of the Department of Fish and Wildlife enforcement officers, who were first
included prospectively effective July 27, 2003. LEOFF participants who joined the system by
September 30, 1977 are Plan 1 members. Those who joined on or after October 1, 1977 are Plan
2 members. Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established to
provide governance of LEOFF Plan 2. The Board's duties include adopting contribution rates
and recommending policy changes to the Legislature for the LEOFF Plan 2 retirement plan.
Effective January 1, 2003, firefighter emergency medical technicians (EMTs) may transfer PERS
Plan 1 or Plan 2 service credit to LEOFF Plan 2 if while employed for the city, town, county or
district, the EMT's job was relocated to a fire department from another city, town, county or
district. LEOFF defined benefits are financed from a combination of investment earnings,
employer and employee contributions, and a special funding situation in which the state pays the
remainder through state legislative appropriations. LEOFF retirement benefit provisions are
established in state statute and may be amended only by the State Legislature.
Plan 1 retirement benefits are vested after an employee completes five years of eligible service.
Plan 1 members are eligible for retirement with five years of service at the age of 50. The benefit
per year of service calculated as a percent of final average salary is as follows:
Percent of Final
Term of Service Average Salary
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less than 10 years 1.0%
The final average salary is the basic monthly salary received at the time of retirement, provided a
member has held the same position or rank for 12 months preceding the date of retirement.
Otherwise, it is the average of the highest consecutive 24 months' salary within the last 10 years
of service. If membership was established in LEOFF after February 18, 1974, the service
retirement benefit is capped at 60 percent of final average salary. A cost -of -living allowance is
granted (indexed to the Seattle Consumer Price Index.)
Plan 2 retirement benefits are vested after an employee completes five years of eligible service.
Plan 2 members may retire at the age of 50 with 20 years of service, or at age 53 with five years of
service, with an allowance of 2 percent of the final average salary per year of service. The final
average salary is based on the highest consecutive 60 months. Plan 2 retirements prior to age 53
are reduced 3 percent for each year that the benefit commences prior to age 53. There is no cap on
years of service credit; and a cost -of -living allowance is granted (indexed to the Seattle Consumer
Price Index), capped at 3 percent annually.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-37
City of Renton, Washington 2004 Comprehensive Annual Financial Report
There are 368 participating employers in LEOFF. Membership in LEOFF consisted of the
following as of the latest actuarial valuation date for the plans of September 30, 2003:
Funding PolicX
Starting on July 1, 2000, Plan 1 employers and employees will contribute zero percent as long as
the plan remains fully funded. Employer and employee contribution rates are developed by the
Office of the State Actuary to fully fund the plan. Plan 2 employer and employees are required to
pay at the level adopted by the Department of Retirement Systems in accordance with Chapter
41.45 RCW. All employers are required to contribute at the level required by state law. The
Legislature, by means of a special funding arrangement, appropriated money from the state
General Fund to supplement the current service liability and fund the prior service cost of Plan 2
in accordance with the requirements of the Pension Funding Council. However, this special
funding situation is not mandated by the state constitution and this funding requirement could be
returned to the employers by a change in statute. The methods used to determine the contribution
rates are established under state statute in accordance with chapters 41.26 and 41.45 RCW.
The required contribution rates expressed as a percentage of current -year covered payroll, as of
December 31, 2004, were as follows:
'ContributorPlan 2
Employer* .19% 3.25%**
Employee .00% 5.09%
State N/A 2.03%
* The employer rates include the employer administration expense fee currently at .19%.
** The employer rate for ports and universities is 5.28%.
Both the City and the employees made the required contributions. The City's required
contributions for years ended December 31, were as follows:
2004 $3,128 $433,463
2003 $3,632 $403,392
2002 $3,609 $369,533
The notes to the financial statements are an integral part of this statement.
4-38 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
Fire Fighter's Pension
Plan Description
The Fire Fighter's Pension Plan is a closed, single -employer, defined benefit pension plan
established in accordance with RCW 41.18 and Renton Municipal Code. This plan provides
retirement and disability benefits, annual cost -of -living adjustments, and death benefits to plan
members and beneficiaries. This system was established for fire fighters employed prior to
March 1, 1970, when the LEOFF retirement system was established. The retirement benefits vest
after 20 years of service. Members may retire after 25 years of service regardless of age; and after
age 50 with 20 or more years of service. At December 31, 2004, there were 49 members in the
System:
Funding Policy
Under State law, the Fire Fighter's Pension Plan is provided an allocation of all monies received
by the State from taxes on fire insurance premiums; interest earnings; member contributions made
prior to the inception of LEOFF; and City contributions required to meet projected future pension
obligations. Costs of administering the Fire Fighter's Pension Plan are paid by the Plan. For
2004, this cost was $7,099. An actuarial valuation is done every two years and was completed as
of January 1, 2005. The recap of the last three valuations is as follows:
Significant actuarial assumptions used in the valuation include: 1) three percent (3%) inflation
rate, 2) five and one half percent (5.5%) investment return, compounded annually; 3) four percent
(4%) salary increase annually; 4) four (4 %) percent post-retirement benefit increase annually; 5)
level dollar amortization method; and 6) 30 -year closed amortization period as of January 1,
2000. All assets are carried on a market value basis. There were no material changes to the
benefit provisions, actuarial funding method (the modified aggregate cost method) or other
significant factors that affect contributions required.
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-39
City of Renton, Washington 2004 Comprehensive Annual Financial Report
The Annual Required Contribution (ARC) was computed using an alternate funding method, the
Entry Age Normal Cost Method. Under this method the projected benefits are allocated on a level
basis as a percentage of salary over the earnings of each individual between entry age and
assumed exit age. The amount allocated to each year is called the Normal Cost and the portion of
the Actuarial Present Value of all benefits not provided for by future Normal Cost payments is
called the Actuarial Accrued Liability. Since all members have already retired, the amount of the
Normal Cost is zero. The Unfunded Actuarial Accrued Liability (UAAL) is the Actuarial
Accrued Liability minus the actuarial value of the Fund's assets. The actuarial accrued liability is
equal to the present value of benefits. The three-year trend of annual pension cost and net pension
obligation is recapped as follows:
Employees are not required to make contributions. The contributions to the System for 2004
include $70,250 from fire insurance premiums and $492,419 of investment income.
In the past, we did not subtract disbursements from the fund for non -pension payments
(administrative and medical expenses paid out of the fund) from employer contributions. After
reviewing GASB comments and procedures, we believe that these should be subtracted from
employer contributions, even if it results in negative contributions.
Also in the past years, we constrained the annual required contribution (ARC) to be non -negative,
even though there has been a negative unfunded liability for the pension plan. We have now
removed this constraint.
As a result of these changes, the annual required contribution and the annual pension cost are
actually negative for 2004. The Net Pension Obligation moves from ($179, 836) to ($446,410)
and is included in the City of Renton's General Fund as a liability.
It is our understanding that GASB prefers that funds do not re -state previous statements, so we
have not changed any amounts prior to 12/31/2003.
NOTE 7. OTHER POST EMPLOYMENT BENEFITS
In addition to the pension benefits described in Note 6, the City provides post employment
benefits in accordance with State statute to all LEOFF I (law enforcement officers and fire
fighters hired prior to 10/1/77) and Fire Pension (fire fighters hired prior to 3/1/70) retirees.
Currently there are 98 LEOFF I retirees who receive necessary medical and hospitalization
coverage and five retirees who are covered solely by the Fire Pension Plan and receive medical
The notes to the financial statements are an integral part of this statement.
4-40 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
coverage limited to treatment of service -related disabilities only. Expenditures for post
employment health care benefits are recognized as retirees report claims. The City does not have
a funding policy at this time and no assets are designated for this purpose. During the year,
expenditures of $760,624 were recognized for post employment health care.
State statute provides that the City's responsibility for medical payments of LEOFF I retirees is
secondary to any other coverage retirees receive or are eligible to receive. The City recognizes a
potential savings exists when retirees utilize Medicare as primary coverage and the City for
secondary coverage and ineligible expenses. Therefore, upon reaching age 65, the City requires
the retirees to apply for and utilize Medicare Part B coverage. The City reimburses these
Medicare premiums at an average cost of approximately $66.60 per month for forty-four (44)
LEOFF I retirees and five (5) Fire Pension retirees.
NOTE 8. CONTINGENCIES
Liti ag tion
The City has recorded in its financial statements all material liabilities, including an estimate for
situations which are not yet resolved but where, based on available information, management
believes it is probable that the City will have to make payment. In the opinion of management,
the City's insurance policies and/or self-insurance reserves are adequate to pay all known or
pending claims.
Contingencies under Grant Provisions
The City participates in a number of federal and state assisted programs. These grants are subject
to audit by the grantors or their representatives. Such audits could result in requests for
reimbursement to grantor agencies for expenditures disallowed under the terms of the grants. The
City's management believes that such disallowances, if any, will be immaterial.
Bond Indentures
The City is in compliance with all significant bond indenture and restrictions.
Construction Commitments
Refer to Note 5.
NOTE 9. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City
of Renton protects itself against unforeseen losses by utilizing a three -pronged risk management
approach. First, the City self -funds first level losses through its Insurance Fund. Second, excess
insurance is purchased to cover medium and large losses. And third, the City reserves the right to
utilize the provisions of RCW 35A.31.060 to fund catastrophic or uninsured losses. This State
statute allows cities to levy a non -voted property tax increase to pay for uninsured claims. An
analysis of the self-insurance retention levels, limits of insurance, and claims administrators for
the major types of coverage is as follows:
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-41
City of Renton, Washington 2004 Comprehensive Annual Financial Report
During 2004, there were no reductions in insurance coverage, and settlements for the last three
years have not exceeded insurance coverage.
The City of Renton is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW` (Self -Insurance Regulation) and Chapter 39.34 RCW (Interlocal
Cooperation Act), nine (9) cities originally formed WCIA on January 1, 1981. WCIA was created
for the purpose of providing a pooling mechanism for jointly purchasing insurance, jointly self-
insuring, and/or jointly contracting for risk management services. WCIA has a total of 108
members.
New members initially contract for a three-year term and thereafter automatically renew on an
annual basis. A one-year withdrawal notice is required before membership can be terminated.
Termination does not relieve a former member from its unresolved loss history incurred during
membership.
Liability coverage is written on an occurrence basis, without deductibles. Coverage includes
general, automobile, police, public officials' errors or omissions, stop -gap, and employee benefits
liability. Limits are $3 million per occurrence self insured layer, and $11 million per occurrence
in the re -insured excess layer with no annual aggregate except $10 million per member for public
officials' errors and omissions. The excess layer is insured by the purchase of reinsurance and
insurance. Total limits are $14 million per occurrence. The Board of Directors determines the
limits and terms of coverage annually.
The notes to the financial statements are an integral part of this statement.
4-42 Basic Financial Statements
isk
Claims
Aggregate
Retentl6ii
1' of Coverage
Property
525,000
WA Cities Ins
$500,000,000
WA Cities Ins
Authority
(per occurrence
Authority
subject to sub -
limits)
Liability
$250,000
WA Cities Ins
$14,000,000
WA Cities Ins
Authority
(per occurrence)
Authority
Auto Liability
$250,000
WA Cities Ins
$14,000,000
WA Cities Ins
Authority
(per occurrence)
Authority
Boiler and Machinery
$5,000
Arthur J. Gallagher
$50,000,000
Zurich
Public Officers
$250,000
WA Cities Ins
$10,000,000
WA Cities Ins
Authority
Authority
Crime
$10,000
Arthur J. Gallagher
$1,000,000
Travelers
Casualty &
Surety
Airport Liability
$0
Arthur J. Gallagher
$50,000,000
Ace Property &
Casualty
Underground Storage
$10,000
Arthur J. Gallagher
$1,000,000
Commerce &
Tank
Industry
Worker's Comp
$350,000
Johnston &
$1,000,000
Midwest
Culbertson
Casualty
Employee Health
$210,000
HMA, Inc
N/A
Safeco
During 2004, there were no reductions in insurance coverage, and settlements for the last three
years have not exceeded insurance coverage.
The City of Renton is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW` (Self -Insurance Regulation) and Chapter 39.34 RCW (Interlocal
Cooperation Act), nine (9) cities originally formed WCIA on January 1, 1981. WCIA was created
for the purpose of providing a pooling mechanism for jointly purchasing insurance, jointly self-
insuring, and/or jointly contracting for risk management services. WCIA has a total of 108
members.
New members initially contract for a three-year term and thereafter automatically renew on an
annual basis. A one-year withdrawal notice is required before membership can be terminated.
Termination does not relieve a former member from its unresolved loss history incurred during
membership.
Liability coverage is written on an occurrence basis, without deductibles. Coverage includes
general, automobile, police, public officials' errors or omissions, stop -gap, and employee benefits
liability. Limits are $3 million per occurrence self insured layer, and $11 million per occurrence
in the re -insured excess layer with no annual aggregate except $10 million per member for public
officials' errors and omissions. The excess layer is insured by the purchase of reinsurance and
insurance. Total limits are $14 million per occurrence. The Board of Directors determines the
limits and terms of coverage annually.
The notes to the financial statements are an integral part of this statement.
4-42 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
Insurance coverage for property, automobile physical damage, fidelity, inland marine, and boiler
and machinery are purchased on a group basis. Various deductibles apply by type of coverage.
Property insurance and auto physical damage are self-funded from the members' deductible to
$250,000 for all perils other than flood and earthquake, and insured above that amount by the
purchase of reinsurance.
In-house services include risk management consultation, loss control field services, claims and
litigation administration, and loss analyses. WCIA contracts for the claims investigation,
consultants for personnel issues and land use problems, insurance brokerage, and lobbyist
services.
WCIA is fully funded by its members, who make annual assessments on a prospectively rated
basis, as determined by an outside, independent actuary. The assessment covers loss, loss
adjustment, and administrative expenses. As outlined in the interlocal, WCIA retains the right to
additionally assess the membership for any funding shortfall.
An investment committee, using investment brokers, produces additional revenue by investment
of WCIA's assets in financial instruments, which comply with all State guidelines. These
revenues directly offset portions of the membership's annual assessment.
A Board of Directors governs WCIA, which is comprised of one designated representative from
each member. The Board elects an Executive committee and appoints a Treasurer to provide
general policy direction for the organization. The WCIA Executive Director reports to the
Executive Committee and is responsible for conducting the day-to-day operations of WCIA.
The City's Risk Management Program is administered by the Human Resources and Risk
Management Administrator, with claims being processed by the independent claims
administrators noted above. As of December 31, 2004, the City had accrued the following
amounts for outstanding claims:
Claims settlements and loss expenses are accrued in the Insurance Fund for the estimated
settlement value of both reported and unreported claims. The Insurance Fund is used for
collecting interfund premiums from insured funds and departments, and for paying claims
settlements. Interfund premiums are assessed on the basis of claims history, number of
employees, and value of assets. The following presents changes in claims liabilities the current
and previous year:
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-43
City of Renton, Washington 2004 Comprehensive Annual Financial Report
NOTE 10. INTERFUND TRANSACTIONS
Interfund transactions are classified as follows:
1. Services Provided — Transactions that would be treated as revenues, expenditures, or
expenses if they involved external organizations, such as buying goods and services or
payments in lieu of taxes, are similarly treated when they involve other funds of the City of
Renton.
2. Transfers — Transactions to support the operations of other funds are recorded as "Transfers"
and classified with "Other Financing Sources or Uses" in the fund statements. Transfers
between governmental or proprietary funds are netted as part of the reconciliation to the
Government -wide financial statements.
3. Contributions — Contributions to the capital of enterprise or internal service funds, transfers
of capital assets between proprietary and governmental funds, transfers to establish or
reduce working capital in other funds, and transfers remaining balances when funds are
closed are classified non-operating revenue.
4. Loans/Advances — Loans between funds are classified as interfund loans receivable and pay-
able or as advances to and from other funds in the fund statements. Interfund loans do not
affect total fund equity, but advances to other funds are offset by a reservation of fund
equity. Loans and Advances are subject to elimination upon consolidation.
As of December 31, 2004, outstanding interfund balances (resulting from various interfund
transactions) were as follows:
The notes to the financial statements are an integral part of this statement.
4-44 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
Fund
Receivables
Due FromDue
Other Funds
Payables
To
Other
General Fund
$3,999
$994
Parks
0
57
Street
34,928
3,021
CDBG
0
71
Fire Impact
836
0
Municipal
1,051,358
0
General Debt
0
1,051,358
General CIP
0
22,486
Waterworks Utility
40,199
51,919
Airport
0
2,525
Golf Course
0
72
Equil2ment Rental
1,181
0
Totals*
I
I
* Difference is the result of rounding individual fund numbers in the aggregate.
The following is a reconciliation of interfund advances (expected to be paid within two years):
Fund
Advances
Due From
Other Funds Other
Advances
Due To
Funds
� C
1
111
-� ��•
1
11 111
�.
11 111
1
Totals
$575,000
$575,000
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-45
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Transfers for 2004 were as follows:
Fund
General
Transfer
In
$138,700
Transfer
Out
$3,405,500
Parks
0
350,000
Arterial Street
0
353,500
Street
0
335,000
Library0
110,000
1 % for Art
3,278
0
General Debt
215,000
233,000
Special Assessment
0
10,300
Downtown Parking
0
1,813,700
C.D. Impact
14,000
0
Fire Impact
93,000
215,000
Leased Property
300,000
0
Transportation
107,000
721,000
Municipal
3,118,500
214,000
General CIP
2,574,500
3,278
Waterworks
10,300
0
Equipment Rental
0
0
Insurance Fund
1,190,000
0
Totals
$7,764,278
$7,764,278
NOTE 11. NET ASSETS
The government -wide and business type fund financial statements utilize a net asset presentation.
Net assets are the difference between assets and liabilities. Net assets are categorized as
investments in capital assets (net of related debt), restricted, and unrestricted.
A. Investment in Capital Assets (net of related debt) is intended to reflect the portion of net assets
which are associated with non -liquid, capital assets less outstanding capital asset related debt.
The net related debt is the debt less the outstanding liquid assets and any associated
unamortized costs.
B. Restricted assets are liquid assets (generated from revenues and not bond proceeds) which have
third party (statutory, bond covenant, or granting agency) limitations on their use. The City
would typically use restricted assets first, as appropriated opportunities arise, but reserve the
right to selectively defer the use thereof to a future project or replacement equipment
acquisition.
The notes to the financial statements are an integral part of this statement.
4-46 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
Restricted assets are as follows:
C. Unrestricted assets represent unrestricted liquid assets. The City's management may have
plans or tentative commitments to expend resources for certain purposes in future periods.
Further legal action will be required to authorize the actual expenses or expenditures.
NOTE 12. PRIOR YEAR RESTATEMENTS
The 1% for Art fund financial statements record a prior period adjustment in the amount of
$3,842. This was due to an error in accounting resulting in overstatement of interest earnings
accrual in 2003.
Prior to 2004, the City did not accrue Shared Revenue due to the City from the State of
Washington. Beginning in 2004 this receivable was recorded and resulted in a prior period
adjustment in the General Fund of $2,982.661.
NOTE 13. SHORT TERM DEBT
Short-term debt is defined as debt with maturity of one year or less from the date of issuance. The
City had no short-term debt in 2004.
NOTE 14. LONG TERM DEBT
The City of Renton's long-term debt consists of General Obligation Debt, repaid mainly from
general governmental revenue sources and Proprietary Debt, repaid from proprietary revenues.
These debts are accounted for in the following areas: 1) The outstanding general obligation debt
and special assessment debt are reported in the government -wide financial statements 2) The
repayment, or debt service of the same, is recorded in the Debt Service Funds; and 3) The
proprietary debt liability and repayment of the same are reported in individual Proprietary Funds.
Outstanding debt issues as of December 31, 2004 are as follows:
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-47
Fund
Hotel/Motel Tax
Purpose
Tourism
Amount
$269,848
Arterial Street
Road Construction
204,418
CDBG
Advance of Local Government Block Grants
42,762
Cable Communications
Cable Development
209,978
Community Development Impact
Mitigation for Park Development
300,411
Municipal Facilities
Capital Projects
7,108,818
Capital Projects
General Governmental Capital Projects
8,304,569
Fire Impact
Mitigation for Fire Improvements
767,337
Transportation Impact
Mitigation for Transportation Projects
4,252,254
Waterworks
Debt Service Reserves
3,114,332
Golf Course
Debt Service Reserves
441,358Totals
S25,016,085
C. Unrestricted assets represent unrestricted liquid assets. The City's management may have
plans or tentative commitments to expend resources for certain purposes in future periods.
Further legal action will be required to authorize the actual expenses or expenditures.
NOTE 12. PRIOR YEAR RESTATEMENTS
The 1% for Art fund financial statements record a prior period adjustment in the amount of
$3,842. This was due to an error in accounting resulting in overstatement of interest earnings
accrual in 2003.
Prior to 2004, the City did not accrue Shared Revenue due to the City from the State of
Washington. Beginning in 2004 this receivable was recorded and resulted in a prior period
adjustment in the General Fund of $2,982.661.
NOTE 13. SHORT TERM DEBT
Short-term debt is defined as debt with maturity of one year or less from the date of issuance. The
City had no short-term debt in 2004.
NOTE 14. LONG TERM DEBT
The City of Renton's long-term debt consists of General Obligation Debt, repaid mainly from
general governmental revenue sources and Proprietary Debt, repaid from proprietary revenues.
These debts are accounted for in the following areas: 1) The outstanding general obligation debt
and special assessment debt are reported in the government -wide financial statements 2) The
repayment, or debt service of the same, is recorded in the Debt Service Funds; and 3) The
proprietary debt liability and repayment of the same are reported in individual Proprietary Funds.
Outstanding debt issues as of December 31, 2004 are as follows:
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-47
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Type of Debt
GOVERNMENTAL DEBT:
General Obligation Bonds:
Limited
Interest Rates
Issued
Date
Maturity
Date
Original
Issued
Amount
1994 G O Bonds
4.60%-6.30%
12/01/94
12/01/04
$980,000
1996 G O Bonds
4.25%-5.40%
10/15/96
10/15/06
553,337
1997 G O Refunding Bonds
5.25%-5.55%
05/01/97
12/01/06
2,683,827
1997 G O Bonds
5.55%-5.75%
05/01/97
12/01/17
14,697,744
2000 G O Valley Comm Bonds
5.31%
09/15/00
12/01/15
2,551,600
2001 GO Refunding Bonds
2.10%-4.85%
10/18/01
12/01/17
13,505,000
2001 G O Bonds
4.90%-5.00%
10/18/01
12/01/21
6,000,000
2002 GO Bonds
2.50%-5.00%
7/15/02
12/01/22
3,895,000
SUBTOTAL LIMITED GO
$44,866,508
Unlimited
1993 G O Refunding Bonds -Senior Housing
2.70%-5.20%
09/01/93
02/01/09
$4,270,000
SUBTOTAL UNLIMITED GO
$4,270,000
TOTAL GENERAL OBLIGATION BONDS
$49,136,508
Installment Contracts:
Certificates of Participation
4.51%
09/01/98
06/01/08
$278,172
TOTAL INSTALLMENT CONTRACTS
$278,172
Employee Leave Benefits (Primarily General Fund
Obligations)
$4,042,248
TOTAL GOVERNMENTAL -TYPE DEBT
$53,456,928
BUSINESS -TYPE DEBT:
Revenue Bonds:
1998 Water/Sewer Refunding
3.70%-5.10%
03/01/98
06/01/13
$6,120,000
1999 Golf System Refunding
3.25%-5.30%
04/01/99
12/01/15
5,040,000
2002 Water/Sewer
2.50%-5.25%
07/01/02
12/01/15
11,980,000
2003 Water/Sewer Refunding
2.00-3.70%
10/1/03
06/01/13
8,035,000
2004 Water/Sewer
3.55%-5.00%
11/01/04
12/01/27
10,335,000
TOTAL REVENUE BONDS
$41,510,000
Public Works Trust Fund Loans:
Sierra Heights Sewer Improvements
3.00%
10/20/92
07/01/12
$888,462
Central Renton Sewer Replacement
1.00%
06/14/93
07/01/15
1,631,800
East Renton Interceptor
2.00%
06/14/93
07/01/13
2,542,704
Dayton Avenue NE
2.00%
05/24/94
07/01/14
96,958
Sanitary Sewer Grouting
2.00%
05/19/94
07/01/04
349,011
NE 27t /Aberdeen Drainage Improvements
1.00%
06/27/95
07/01/15
731,000
East Kennydale Interceptor
2.00%
06/26/96
07/01/16
2,093,740
Hone creek Interceptor
2.00%
06/26/96
07/01/16
1,840,568
Corrosion Control Treatment Facilities
1.00%
03/26/96
07/01/17
1,106,000
Maplewood Water Improvement
0.50%
1/22/02
7/1/06
425,873
Const. CT Pipeline for Wells
0.50%
11/5/02 1
7/1/22
522,180
Maplewood Water Improvement
0.50%
07/01/04
06/30/24
1,030,000
TOTAL PUBLIC WORKS TRUST FUND LOANS
$13,258,296
Operating Leases:
Golf Course Lease
3.81%
4/1/03
4/1/06
$73,780
TOTAL OPERATING LEASES
$73,780
Employee Leave Benefits
$345,083
TOTAL BUSINESS -TYPE DEBT
$55,187,159
TOTAL1 1 ON OUTSTANDING DEBT
AS OF DECEMBER
31,2004$108,644,087
The notes to the financial statements are an integral part of this statement.
4-48 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
For outstanding debt additions and retirements are summarized as follows:
Type of Debt
Balanced
Owed
01/01/2004
Addii
i12/31/2004
Balanced
Owed
Due
Within On
Year
GOVERNMENTAL DEBT:
General Obligation Bonds:
Limited
1994 G O Bonds
$35,000
$0
$35,000
0
0
1996 G O Bonds
386,012
0
259,000
127,012
15,341
1997 G O Refunding Bonds
1,834,253
0
629,856
1,204,397
775,364
1997 G O Bonds
2,037,744
0
0
2,037,744
0
2000 G O Valley Comm Bonds
2,193,000
0
139,000
2,054,000
146,000
2001 G O Refunding Bonds
13,195,000
0
0
13,195,000
0
2001 G O Bonds
6,000,000
0
0
6,000,000
0
2002 G O Bonds
3,760,000
0
140,000
3,620,000
145,000
SUBTOTAL LIMITED GO
$29,441,009
$0
$1,202,856
$28,238,153
$1,081,705
Unlimited
1993 G O Refunding Bonds -Senior Housing
$2,665,000
$0
$385,000
$2,280,000
$410,000
SUBTOTAL UNLIMITED GO
$2,665,000
$0
$385,000
$2,280,000
$410,000
TOTAL GENERAL OBLIGATION BONDS
$32,106,009
$0
$1,587,856
$30,518,153
$1,491,705
Installment Contracts:
Certificates of Participation
139,972
$0
$28,722
$111,250
$30,033
TOTAL INSTALLMENT CONTRACTS
$139,972
$0
$28,722
$111,250
$30,033
Employee Leave Benefits (Primarily General
Fund Obligations)
$4,109,111
$251,796
$146,489
$4,507,396
$2,203,025
TOTAL GENERAL OBLIGATION DEBT
$36,355,092
$251,796
$1,763,067
$35,136,799
$3,724,763
BUSINESS -TYPE DEBT:
Revenue Bonds:
1998 Water/Sewer Refunding
5,300,000
0
255,000
5,045,000
495,000
1999 Golf System Refunding
3,870,000
0
250,000
3,620,000
260,000
2002 Water/Sewer
11,865,000
0
120,000
11,745,000
135,000
2003 Water/Sewer Refunding
8,035,000
0
1,100,000
6,935,000
1,000,000
2004 Water/Sewer
0
10,335,000
0
10,335,000
0
TOTAL REVENUE BONDS
$29,070,000
10,335,000
$1,725,000
$37,680,000
$1,890,000
Public Works Trust Fund Loans:
Sierra Heights Sewer Improvements
$230,783
$0
$25,642
$205,141
$25,642
Central Renton Sewer Replacement
978,870
0
87,484
891,386
87,483
East Renton Interceptor
1,345,700
0
134,570
1,211,130
134,570
Dayton Avenue NE
56,134
0
5,103
51,031
5,103
Sanit2V Sewer Grouting
61,803
0
61,803
0
0
NE 27` /Aberdeen Drainage Improvements
511,077
0
42,590
468,487
42,590
East Kenn dale Interceptor
1,519,107
0
116,855
1,402,252
116,855
Hone creek Interceptor
1,259,336
0
96,872
1,162,464
96,872
Corrosion Control Treatment Facilities
690,997
0
49,357
641,640
49,357
Maplewood Water Improvement
403,459
141,958
30,301
515,116
30,301
Const. CT Pipeline for Wells
522,180
292,347
42,870
771,657
42,870
Maplewood Water Improvements
01,030,000
0
1,030,000
0
TOTAL PUBLIC WORKS TRUST FUND
LOANS
$7,579,446
$1,464,305
$693,447
$8,350,304
$631,643
Operating Leases:
Golf Course Cart Lease
58,105
0
24,271
33,834
25,212
TOTAL OPERATING LEASES
58,105
$0
$24,271
$33,834
$25,212
Employee Leave Benefits
$365,319
$199,099
$238,073
$326,345
$188,070
TOTAL BUSINESS -TYPE DEBT
$37,072,870
$11,998,404
$2,680,791
$46,390,483
$2,734,925
GRAND TOTALS'$12,250,200
$6,459,68
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-49
City of Renton, Washington 2004 Comprehensive Annual Financial Report
DEEP DISCOUNT DEBT
The 1996 Limited General Obligation Bond Issue included capital appreciation bonds that are
issued at a deep discount. The deep -discount debt will mature in the years 2005 and 2006 with an
accreted value of $25,000 and $194,000 respectively. The deep -discount debt is reported in the
Government -wide financial statements in the amount of $127,012, net of the remaining
unamortized discount.
The 1997 Limited General Obligation Bond issue included capital appreciation bonds that were
issued at a deep discount. The deep -discount debt will mature in the years 2006, 2007, and 2008
and 2009 with an accreted value of $335,000, $1,245,000, $1,250,000 and 1,000,000,
respectively. The deep -discount debt is reported in the Government -wide financial statements in
the amount of $2,037,744, net of the remaining unamortized discount.
SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT
As of December 31, 2004 the City of Renton has no special assessment debt outstanding.
DEBT LIMIT CAPACITIES
State law provides that debt cannot be incurred in excess of the following percentages of the value
of the taxable property of the City: 1.5 percent without a vote of the people provided the
indebtedness with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent
with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and
7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for
open space development and parks facilities. Table 5 in the Statistical Section shows the
computation of legal debt margin for general and special purpose capacities for the City of
Renton.
ANNUAL DEBT SERVICE REQUIREMENTS
The annual debt service requirements to maturity, including principal and interest, for long-term
debt as of December 31, 2004 are as follows:
The notes to the financial statements are an integral part of this statement.
4-50 Basic Financial Statements
Year Ending December 31
Governmental
Principle
Activities
Interest
Btisi�Me Activities
Principle
Interest
2005
$1,781,738
$1,818,457
$2,546,855
$1,744,830
2006
1,623,350
1,825,527
2,644,475
1,677,925
2007
1,686,763
1,819,024
2,710,854
1,600,773
2008
1,559,551
1,814,989
2,790,854
1,510,063
2009
1,665,000
1,688,288
2,870,854
1,424,230
2010-2014
9,300,000
4,899,941
12,977,951
5,679,194
2015-2019
9,543,000
2,413,763
7,117,043
3,914,481
2020-2024
3,970,000
321,250
7,365,267
2,352,031
2025-2027
Totals
$31,129,402
. I '
5,040,000
$46,064,153
512,000
$20,415,527
The notes to the financial statements are an integral part of this statement.
4-50 Basic Financial Statements
2004 Comprehensive Annual Financial Report City of Renton, Washington
AMOUNT AVAILABLE FOR DEBT SERVICE
Fund balances that have been reserved for debt repayment are $486,894 in the debt service funds.
DEBT LIMITATIONS
Refer to Table 5 in the Statistical section for the computation of Legal Debt Margin.
NOTE 15 - DEFERRED CHARGES IN PROPRIETARY FUNDS
As of December 31, 2004, the Waterworks Utility Fund had deferred charges and other assets in
the amount of $888,729 for debt issue costs on the 2002-2004 Revenue Bonds. This amount will
be fully amortized by 2022. The Golf Course Fund amount was $49,314 for the 1999 Refunded
Bond debt issue costs and discount. This amount will be fully amortized by 2016.
NOTE 16. SEGMENT INFORMATION
An identifiable activity (or grouping of activities) required to be accounted for separately, which
(a) is reported as or within an enterprise fund, (b) for which one or more revenue bonds are
outstanding, and (c) where the revenue stream is pledged for payment of, are required to disclose
segment information. The City of Renton has no required segment information to disclose for
2003.
NOTE 17. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and
that is owned, operated, or governed by two or more participants as a separate and specific
activity subject to joint control in which the participants retain (a) an on-going financial interest or
(b) an on-going financial responsibility. The City participates in one joint venture.
VALLEY COMMUNICATIONS CENTER
The "Valley Communications Center" was established August 20, 1976, when an Interlocal
Agreement was entered into by four original participating municipal corporations, including the
cities of Renton, Kent, Auburn, and Tukwila, and Federal Way which was formally admitted
during 2000. The agreement is sanctioned by the provisions and terms of the Interlocal
Cooperation Act pursuant to RCW 39.34. The initial duration of the agreement was five years,
and thereafter is automatically extended for consecutive five-year periods.
The purpose of the joint operation, hereafter referred to as Valley Comm, is to provide improved
consolidated emergency communications (dispatch) services for police, fire, and medical aid, to
the five participating cities and to several subscribing agencies which include: King County Fire
Districts 2, 17 (Black Diamond), 20, 26, 40, 43, 44, 47; City of Pacific Police and Fire
Departments; City of Black Diamond Police Department; City of Des Moines Police Department;
SeaTac Fire Department; North Highline Fire Department; King County EMS Units; and Vashon
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-51
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Island Fire Department. Separate agreements between Valley Comm and the subscribing
agencies have been executed, which set forth conditions of services and rates charged.
The City of Renton reports its share of equity interest in the Governmental Activities column
within the Government -wide financial statements under non-current assets. The following is
condensed (unaudited) financial information as of December 31, 2004, on Valley Comm:
Valley
I Comm Renton Interest
Assets $24,053,358 1 22.43%
Liabilities $393,809
Total Equity $23,659,548 $4,119,474
*After removing $5,294,309 in assets not subject to the equity interest calculations.
Completed Financial Statements for Valley Comm can be obtained from the Valley
Communications Center, 23807 — 98th Ave South, Kent, WA 98031
NOTE 18. SUBSEQUENT EVENTS
Although the City did not identify in the 2005 Annual Budget the issuance of any General
Obligation Bonds and Water/Sewer Revenue Bonds for project funding, the City does intend to
issue up to $45 million in general obligation debt in 2005 to fund capital improvement projects.
The notes to the financial statements are an integral part of this statement.
4-52 Basic Financial Statements
2004 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL FUND
December 31, 2004
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
General government
Security of persons and property
Physical environment
Economic environment
Mental & physical health
Culture & recreation
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
BUDGETED AMOUNTS
ORGINIAL
$ 35,071,800 $
1,806,100
1,896,600
1,548,800
956,100
2,629,300
25,000
560,000
FINAL
35,071,800 $
1,806,100
1,973,300
1,551,400
956,100
2,629,300
25,000
560,000
$ 44,611,900 $ 44,796,200 $
$ 11,157,200 $ 11,700,900 $
26,992,500 27,269,900
2,203,500 2,210,500
4,048,600 4,199,900
10,600 10,600
68,700 68,700
45,000 79,500
$ 44,526,100 $ 45,540,000 $
ACTUAL BUDGET TO GAAP
BUDGETARY DIFFERENCES
BASIS OVER(UNDER)
35,621,890 $ (168,911) $
2,661,889
860
2,223,645
123,576
1,988,112
10,284
980,794
(15,990)
2,613,662
(624)
104,804
-
334,982
266,916
109,496
(32)
10,734,275 $ 234,772 $
25,975,061
1,487,552
2,086,183
115,594
3,793,418
157,959
11,723
-
34,686
-
75,784
(17)
42,711,130 $
1,995,860 $
ACTUAL
GAAP
35,452,979
2,662,749
2,347,221
1,998,396
964,804
2,613,038
104,804
601,898
46, 855, 353
10, 969, 047
27,462,613
2,201,777
3,951,377
11,723
34,686
75,767
44,706,990
$ 8b,8UU $ (/43,8UU) $ 3,928,144 $ (1, / /9, /81) $ 2,148,:363
Transfer in
$
138,700 $
138,700 $
138,700
$
$ 138,700
Transfer (out)
(980,500)
(3,405,500)
(3,405,500)
(3,405,500)
Sale of capital assets
2,325
2,325
TOTAL OTHER FINANCE SOURCES (USES)
$
(841,800) $
(3,266,800) $
(3,264,475) $
$ (3,264,475)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(756,000) $
(4,010,600) $
663,669
$ (1,779,781) $
(1,116,112)
FUND BALANCE JANUARY 1
$
826,000 $
4,080,600 $
6,164,577
$ 676,787
$ 6,841,364
Prior Priod Adjustment
-
-
-
2,986,493
2,986,493
FUND BALANCES JANUARY 1 RESTATED
$
826,000 $
4,080,600 $
6,164,577
$ 3,663,280
$ 9,827,857
FUND BALANCE DECEMBER 31
$
70,000 $
70,000 $
6,828,246
$ 1,883,499
$ 8,711,745
Required Supplemental Information 5-1
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - PARKS FUND
December 31, 2004
REVENUES
Taxes
Intergovernmental revenues
Charges for services
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
General government
Economic environment
Culture & recreation
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 2,613,500 $
2,619,600 $
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORGINIAL
FINAL
BASIS
OVER(UNDER)
BASIS
$ 8,007,200 $
8,007,200 $
7,626,462
$ (6,797) $
7,619,665
-
-
4,500
4,500
1,865,000
1,865,000
2,025,033
(15,772)
2,009,261
3,100
3,100
16,840
50,000
66,840
30,000
30,000
4,391
(4,391)
-
-
-
879
(3)
876
$ 9,905,300 $
9,905,300 $
9,678,105
$ 23,037 $
9,701,142
$ 2,613,500 $
2,619,600 $
2,540,433 $
77,588 $ 2,618,021
544,100
545,700
469,904
16,498 486,402
6,954,400
7,035,200
6,821,097
178,170 6,999,267
158,300
158,300
169,363
- 169,363
$ (365,000) $ (453,500) $ (322,692) $ (249,219) $ (571,911)
FUND BALANCE JANUARY 1
365,000 803,500 1,625,841
267,633
1,893,474
FUND BALANCES JANUARY 1 RESTATED $
365,000 $ 803,500 $ 1,625,841 $
267,633 $
1,893,474
FUND BALANCE DECEMBER 31 $
- $ - $ 953,149 $
18,414 $
971,563
5-2 Required Supplemental Information
2004 Comprehensive Annual Financial Report City of Renton, Washington
NON -MAJOR FUNDS
Governmental Funds
Special Revenue Funds
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one-half cent State
Gasoline Tax revenue to cities and towns for construction, improvements, and major repair of
streets.
STREET FUND
The Street Fund was established pursuant to state law to account for maintenance and
improvements of the City's street and traffic control systems. Major sources of support are
general revenues and state levied taxes on motor vehicle fuels distributed to the City of Renton.
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
The Community Development Block Grant Fund was established to administer the federally
funded Community Development Block Grant activity.
LIBRARY FUND
Accounts for operation of the City's library system, including central and branch facilities.
Resources to the fund are mainly general tax revenues and library fines.
HOTEL/MOTEL TAX FUND
Accounts for monies collected through an increase of 1% in hotel/motel taxes for the purpose of
increasing tourism in the City of Renton.
PATHS AND TRAILS RESERVE FUND
The Paths and Trails Reserve Fund was created for the purpose of planning, accommodating, and
establishing and maintaining certain paths and trails within the City of Renton. One-half of one -
percent (1/2 of 1 %) of the State levied motor vehicle fuel tax distributed to the City is allocated to
this fund each year.
ONE PERCENT FOR ART FUND
The City of Renton established this fund by contributing 1% of general governmental capital
project funding for art projects.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and
development of cable communications as established by City ordinance.
Combining Fund Statements & Schedules 6-1
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Debt Service Funds
1997 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a Council -approved bond issue, which provided funding for the
purchase of Renton City Hall. (2001 GO Refund Bonds)
1978 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a Council -approved bond issue, which provided partial funding for
construction of the Renton Senior Activity Center. (1997 GO Refunding Bonds)
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
Accounts for debt service on installment contracts for equipment, City Shop land purchase, the
1984 and 1985 Limited General Obligation Bond issues for equipment and the 1986 Limited
Bond issued to finance a community center, library improvements, permanent financing for
purchase of a golf course, acquisition of wetland property and equipment.
1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a voter -approved bond issue, which provided financing to; acquire,
construct, rehabilitate, equip and develop low income housing for the elderly.
SPECIAL ASSESSMENT DEBT FUND
The Special Assessment Debt Fund accounts for the special assessment collections.
6-2 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
Capital Project Funds
DOWNTOWN PARKING GARAGE
Accounts for resources and expenditures related to the construction of a downtown parking
facility.
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
FIRE IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
LEASED CITY PROPERTIES
Accounts for revenue and expenditures related to City property leased to outside entities.
AQUATIC CENTER FUND
Accounts for resources and expenditures related to the construction of the Henry Moses Family
Aquatic Center.
MUNICIPAL FACILITIES CONSTRUCTION FUND
The Municipal Facilities Construction Fund accounts for the acquisition and development of
municipal facilities. Resources included general and special revenue taxes and Council -approved
general obligation bonds.
GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
The General Government Capital Improvement Fund accounts for revenues and expenditures for
of numerous capital improvements projects, to provide infrastructure necessary for controlled
growth, and to address general City needs. Primary resources include; general tax revenues,
business licenses fees, federal and state grants, general obligation bond proceeds and transfers
from various cumulative reserve funds.
Combining Fund Statements & Schedules 6-3
City of Renton, Washington 2004 Comprehensive Annual Financial Report
Proprietary Funds
Enterprise Funds
AIRPORT FUND
Provides accounting for revenues and expenses which provides administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger -Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. It
accounts for the operation, maintenance, debt service and capital improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles
and auxiliary equipment, except for fire apparatus and replacement of police patrol vehicles. All
equipment costs, including depreciation, are factors in calculating the rates which are charged to
each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City departments,
including provisions for losses on property, liability, worker's compensation, unemployment
compensation, and the health care program. Expenses are paid by the Insurance Fund and rates
are charged to departments based on use and/or coverage requirements.
6-4 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 1 of 7
SPECIAL REVENUE FUNDS
Combining Fund Statements & Schedules 6-5
ARTERIAL
ASSETS
STREET
STREET
CDBG
LIBRARY
Cash & cash equivalents
$
204,418
$ 871,935
$
103,773
$ 640,540
Investments
-
-
-
-
Receivables (net of allowances):
Taxes
130,593
Customer accounts
12,259
-
Accrued interest & penalty
-
1,433
Special assessments
-
-
Due from other funds
34,928
-
Due from other governmental units
64,963
27,697
Restricted assets:
Advances due from other funds
-
-
Special assessments Deferred
-
-
-
-
TOTAL ASSETS
$
204,418
$ 1,114,678
$
131,470
$ 641,973
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
$ 91,595
$
9,023
$ 2,495
Taxes payable
133
-
-
Retainage payable
-
-
Due to other funds
3,021
71
Interfund loans payable
-
75,000
Deposits
-
Deferred revenue
-
-
-
Accrued employee wages and leave payable
211,906
4,614
59,198
Total liabilities
$
$ 306,655
$
88,708
$ 61,693
Fund balances
Reserved for:
Advances to other funds
-
-
-
Unreserved, designated for:
Special revenue funds contingency
502,896
-
119,576
Unreserved reported in:
Special revenue funds
$
204,418
$ 305,127
$
42,762
$ 460,704
Total fund balances
$
204,418
$ 808,023
$
42,762
$ 580,280
TOTAL LIABILITIES AND FUND BALANCES $
204,418
$ 1,114,678
$
131,470
$ 641,973
Combining Fund Statements & Schedules 6-5
City of Renton, Washington 2004 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 2 of 7
SPECIAL REVENUE FUNDS
6-6 Combining Fund Statements & Schedules
HOTEL/
PATHS &
ONE PERCENT
CABLE COMM.
TOTAL
ASSETS
MOTEL TAX
TRAILS
ART
& DEVELOPMENT
SRF
Cash & cash equivalents
$
254,848
$
2,826
$
98,548
$ 105,743
$ 2,282,631
Investments
-
-
-
100,000
100,000
Receivables (net of allowances):
Taxes
-
-
130,593
Customer accounts
15,000
-
27,259
Accrued interest & penalty
-
4,540
5,973
Special assessments
-
-
Due from other funds
34,928
Due from other governmental units
92,660
Restricted assets:
-
Advances due from other funds
Special assessments Deferred
-
-
-
-
-
TOTAL ASSETS
$
269,848
$
2,826
$
98,548
$ 210,283
$ 2,674,044
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
$
$
$ 305
$ 103,418
Taxes payable
-
133
Retainage payable
-
Due to other funds
3,092
Advances payable to other funds
75,000
Deposits
-
Deferred revenue
-
Accrued employee leave payable
-
275,718
Total liabilities
$
$
$
$ 305
$ 457,361
Fund balances
Reserved for:
Advances to other funds
-
-
Unreserved, designated for:
Special revenue funds
-
622,472
Unreserved reported in:
Special revenue funds
$
269,848
$
2,826
$
98,548
$ 209,978
$ 1,594,211
Total fund balances
$
269,848
$
2,826
$
98,548
$ 209,978
$ 2,216,683
TOTAL LIABILITIES AND FUND BALANCES
$
269,848
$
2,826
$
98,548
$ 210,283
$ 2,674,044
6-6 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 3 of 7
DEBT SERVICE FUNDS
Combining Fund Statements & Schedules 6-7
1997 LGO BOND
1978 LGO BOND
ASSETS
REDEMPTION
REDEMPTION
Cash & cash equivalents
$ 16,109
$ 27,033
Investments
-
-
Receivables (net of allowances):
Taxes
Customer accounts
Accrued interest & penalty
Special assessments
Due from other funds
Due from other governmental units
Restricted assets:
Advances due from other funds
Special assessments deferred
-
-
TOTAL ASSETS
$ 16,109
$ 27,033
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$ 302
$
Taxes payable
-
Retainage payable
Due to other funds
Interfund loans payable
Deposits
Deferred revenue
Accrued employee wages and leave payable
-
Totalliabilities
$ 302
$
Fund balances
Reserved for:
Advances to other funds
-
Unreserved reported in:
General fund
Special revenue funds
-
-
Debt service funds
$ 15,807
$ 27,033
Total fund balances
$ 15,807
$ 27,033
TOTAL LIABILITIES AND FUND BALANCES
$ 16,109
$ 27,033
Combining Fund Statements & Schedules 6-7
City of Renton, Washington 2004 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 4 of 7
DEBT SERVICE FUND
6-8 Combining Fund Statements & Schedules
GENERAL
1989 UGO BOND
SPECIAL
TOTAL
ASSETS
DEBT
REDEMPTION
ASSESSMENT
DSF
Cash & cash equivalents
$
1,647,202
$
572,662
$ 23,189
$
2,286,195
Investments
-
-
20,000
20,000
Receivables (net of allowances):
Taxes
228,560
11,927
-
240,487
Customer accounts
-
-
-
-
Accrued interest & penalty
908
908
Special assessments
2,288
2,288
Due from other funds
-
-
Due from other governmental units
Restricted assets:
Advances due from other funds
-
-
Special assessments deferred
-
-
68,421
68,421
TOTAL ASSETS
$
1,875,762
$
584,589
$ 114,806
$
2,618,299
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
$
$
$
302
Taxes payable
-
Retainage payable
-
Due to other funds
1,051,358
1,051,358
Interfund loans payable
-
-
Deposits
-
Deferred revenue
11,324
68,421
79,745
Accrued employee leave payable
-
-
-
-
Totalliabilities
$
1,051,358
$
11,324
$ 68,421
$
1,131,405
Fund balances
Reserved for:
Advances to other funds
-
-
-
-
Unreserved reported in:
General fund
Special revenue funds
-
-
-
-
Debt service funds
$
824,404
$
573,265
$ 46,385
$
1,486,894
Total fund balances
$
824,404
$
573,265
$ 46,385
$
1,486,894
TOTAL LIABILITIES AND FUND BALANCES
$
1,875,762
$
584,589
$ 114,806
$
2,618,299
6-8 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
Combining Fund Statements & Schedules 6-9
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 5 of 7
CAPITAL PROJECT FUNDS
DOWNTOWN C.D. IMPACT
FIRE IMPACT
TRANS. IMPACT
ASSETS
PARKING MITIGATION
MITIGATION
MITIGATION
Cash & cash equivalents
$
184,663 $ 323,687
$
101,537
$
1,996,342
Investments
- -
845,938
2,186,138
Receivables (net of allowances):
Taxes
-
-
Customer accounts
-
-
-
Accrued interest & penalty
14,802
28,390
69,774
Special assessments
-
-
-
Due from other funds
836
Due from other governmental units
-
Restricted assets:
Advances due from other funds
Special assessments Deferred
- -
-
-
TOTAL ASSETS
$
199,465 $ 323,687
$
976,701
$
4,252,254
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
33,517 $ 23,276
$
-
$
-
Taxes payable
- -
-
Retainage payable
209,364
Due to other funds
-
Interfund loans payable
Deposits
Deferred revenue
Accrued employee leave payable
- -
-
Totalliabilities
$
33,517 $ 23,276
$
209,364
$
Fund balances
Reserved for:
Advances to other funds
- -
-
-
Unreserved, designated for:
Capital projects funds
$
165,948 $ 300,411
$
767,337
$
4,252,254
Total fund balances
$
165,948 $ 300,411
$
767,337
$
4,252,254
TOTAL LIABILITIES AND FUND BALANCES
$
199,465 $ 323,687
$
976,701
$
4,252,254
Combining Fund Statements & Schedules 6-9
City of Renton, Washington 2004 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 6 of 7
CAPITAL PROJECT FUNDS
6-10 Combining Fund Statements & Schedules
LEASED
AQUATIC
MUNICIPAL
GENERAL
TOTAL
ASSETS
PROPERTY
CENTER
FACILITIES
C.I.P.
CPF
Cash & cash equivalents
$ 719,531
$ 380,975
$ 3,839,155
$ 3,806,664
$ 11,352,554
Investments
-
-
4,415,997
6,866,450
14,314,523
Receivables (net of allowances):
Taxes
-
228,560
-
228,560
Customer accounts
1,865
-
-
1,865
Accrued interest & penalty
-
104,686
125,873
343,525
Special assessments
-
-
-
Due from other funds
1,051,358
-
1,052,194
Due from other governmental units
-
406,764
406,764
Restricted assets:
-
Advances due from other funds
500,000
-
500,000
Special assessments Deferred
-
-
-
-
-
TOTAL ASSETS
$ 721,396
$ 380,975
$ 10,139,756
$ 11,205,751
$ 28,199,985
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$ -
$
$ 97,867
$ 239,972
$ 394,632
Taxes payable
33,347
-
-
33,347
Retainage payable
1,739
203,585
28,571
67,502
510,761
Due to other funds
-
-
-
22,486
22,486
Advances payable to other funds
500,000
-
500,000
Deposits
32,981
32,981
Deferred revenue
-
-
Accrued employee wages and leave payable
3,341
-
-
-
3,341
Total liabilities
$ 571,408
$ 203,585
$ 126,438
$ 329,960
$ 1,497,548
Fund balances
Reserved for:
Advances to other funds
-
-
500,000
-
500,000
Unreserved, designated for:
Capital projects funds
$ 149,988
$ 177,390
$ 9,513,318
$ 10,875,791
$ 26,202,437
Total fund balances
$ 149,988
$ 177,390
$ 10,013,318
$ 10,875,791
$ 26,702,437
TOTAL LIABILITIES AND FUND BALANCES
$ 721,396
$ 380,975
$ 10,139,756
$ 11,205,751
$ 28,199,985
6-10 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 7 of 7
LIABILITIES AND FUND BALANCES
Liabilities
City of Renton, Washington
TOTAL
TOTAL
ASSETS
SRF
DSF
Cash & cash equivalents
$ 2,282,631 $
2,286,195 $
Investments
100,000
20,000
Receivables (net of allowances):
29,124
343,525
Taxes
130,593
240,487
Customer accounts
27,259
-
Accrued interest & penalty
5,973
908
Special assessments
-
2,288
Due from other funds
34,928
-
Due from other governmental units
92,660
79,745
Restricted assets:
79,745
Accrued employee wages and leave payable
Advances due from other funds
-
-
Special assessments deferred
-
68,421
TOTAL ASSETS
$ 2,674,044 $
2,618,299 $
LIABILITIES AND FUND BALANCES
Liabilities
City of Renton, Washington
500,000 500,000
- 68,421
28,199,985 $ 33,492,328
Accounts payable $
TOTALOTHER
TOTAL
GOVERNMENTAL
CPF
FUNDS
11,352,554
$ 15,921,380
14, 314, 523
14, 434, 523
228,560
599,640
1,865
29,124
343,525
350,406
-
2,288
1,052,194
1,087,122
406,764
499,424
500,000 500,000
- 68,421
28,199,985 $ 33,492,328
Accounts payable $
103,418
$ 302
$ 394,632
$ 498,352
Taxes payable
133
-
33,347
33,480
Retainage payable
-
-
510,761
510,761
Due to other funds
3,092
1,051,358
22,486
1,076,936
Interfund loans payable
75,000
-
500,000
575,000
Deposits
-
-
32,981
32,981
Deferred revenue
-
79,745
-
79,745
Accrued employee wages and leave payable
275,718
-
3,341
279,059
Total liabilities $
457,361
$ 1,131,405
$ 1,497,548
$ 3,086,314
Fund balances
Reserved for:
Advances to other funds
-
-
500,000
500,000
Debt service
-
-
Prepaid items
-
-
Unreserved, designated for:
Special revenue funds contingency
622,472
622,472
Unreserved reported in:
Special revenue funds
1,594,211
-
1,594,211
Debt service funds
-
1,486,894
-
1,486,894
Capital projects funds
-
-
26,202,437
26,202,437
Total fund balances $
2,216,683
$ 1,486,894
$ 26,702,437
$ 30,406,014
TOTAL LIABILITIES AND FUND BALANCES $
2,674,044
$ 2,618,299
$ 28,199,985
$ 33,492,328
Combining Fund Statements & Schedules 6-11
City of Renton, Washington
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 1 of 7
SPECIAL REVENUE FUNDS
ARTERIAL
STREET STREET
CDBG
LIBRARY
REVENUES
Taxes
$
$ 4,127,728
$
$ 1,893,799
Licenses and permits
29,254
-
Intergovernmental revenues
394,445
736,855
269,198
-
Charges for services
-
-
-
9,533
Fines and forfeits
-
44,180
Interfund revenues
1,025,536
-
Contributions
-
-
-
3,593
Interest
1,962
3,742
436
2,621
Miscellaneous revenues
-
10,914
-
-
TOTAL REVENUES
$ 396,407
$ 5,934,029
$ 269,634
$ 1,953,726
EXPENDITURES
Current:
Transportation
$ -
$ 4,615,345
$ -
$ -
Economic environment
-
276,421
-
Culture & recreation
-
-
1,500,790
Capital outlay
1,175,349
6,310
-
TOTAL EXPENDITURES
$ -
$ 5,790,694
$ 282,731
$ 1,500,790
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 396,407
$ 143,335
$ (13,097) $
452,936
OTHER FINANCING SOURCES (USES)
Transfer in
$ -
$ -
$
$ -
Transfer (out)
(353,500)
(335,000)
(110,000)
TOTAL OTHER FINANCE SOURCES (USES)
$ (353,500) $
(335,000) $
$ (110,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ 42,907
$ (191,665) $
(13,097) $
342,936
FUND BALANCE JANUARY 1
$ 161,511
$ 999,688
$ 55,859
$ 237,344
Prior Period Adjustment
-
-
-
-
FUND BALANCE JANUARY 1 RESTATED
$ 161,511
$ 999,688
$ 55,859
$ 237,344
FUND BALANCE DECEMBER 31
$ 204,418
$ 808,023
$ 42,762
$ 580,280
6-12 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 2 of 7
SPECIAL REVENUE FUNDS
HOTEL/ PATHS & ONE PERCENT CABLE COMM. TOTAL
REVENUES
Taxes
$
154,111
$
$
$ 35,000
$
6,210,638
Licenses and permits
-
-
29,254
Intergovernmental revenues
1,400,498
Charges for services
9,533
Fines and forfeits
44,180
Interfund revenues
-
1,025,536
Contributions
42,500
-
46,093
Interest
-
20
722
4,544
14,047
Miscellaneous revenues
-
-
1,500
12,414
TOTAL REVENUES
$
196,611$
20
$
722
$ 41,044
$
8,792,193
EXPENDITURES
Current:
Transportation
$
-
$ -
$
-
$ -
$
4,615,345
Economic environment
212,157
-
488,578
Culture & recreation
-
-
29,224
1,530,014
Capital outlay
-
3,293
-
1,184,952
TOTAL EXPENDITURES
$
212,157
$ -
$
3,293
$ 29,224
$
7,818,889
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(15,546) $
20
$
(2,571) $
11,820
$
973,304
OTHER FINANCING SOURCES (USES)
Transfer in
$
$ -
$
3,278
$ -
$
3,278
Transfer (out)
-
(798,500)
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$
3,278
$ -
$
(795,222)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(15,546) $
20
$
707
$ 11,820
$
178,082
FUND BALANCE JANUARY 1
$
285,394
$ 2,806
$
101,683
$ 198,158
$
2,042,443
Prior Period Adjustment
-
-
(3,842)
-
(3,842)
FUND BALANCE JANUARY 1 RESTATED
$
285,394
$ 2,806
$
97,841
$ 198,158
$
2,038,601
FUND BALANCE DECEMBER 31
$
269,848
$ 2,826
$
98,548
$ 209,978
$
2,216,683
Combining Fund Statements & Schedules 6-13
City of Renton, Washington 2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 3 of 7
DEBT SERVICE FUNDS
REVENUES
Taxes
Special assessments
Interest
TOTAL REVENUES
EXPENDITURES
Debt service:
Principal payment
Interest payment
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer in
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
FUND BALANCE JANUARY 1
Prior period adjustment
FUND BALANCE JANUARY 1 RESTATED
FUND BALANCE DECEMBER 31
1997 LGO BOND 1978 LGO BOND
REDEMPTION REDEMPTION
1P U:J 'JV I .p GU'Jv I
$ 654,731 $ 29,149
m m . n nnn
$ 652,460 $ 27,175
2,271 $ 1,974
6-14 Combining Fund Statements & Schedules
$ 2,271
$ 1,974
$ 13,536
$ 25,059
$ 13,536
$ 25,059
$ 15,807
$ 27,033
6-14 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 4 of 7
DEBT SERVICE FUND
GENERAL 1989 UGO BOND SPECIAL TOTAL
DEBT REDEMPTION ASSESSMENT DSF
REVENUES
$
(410,725) $
(14,665) $
20,096
$ (401,049)
Taxes
$
1,567,183
$ 513,209
$ -
$
2,763,594
Special assessments
215,000 $
-
-
20,852
Transfer (out)
20,852
Interest
970
-
1,529
$
3,177
TOTAL REVENUES
$
1,568,153
$ 513,209
$ 22,381
$
2,787,623
EXPENDITURES
AND OTHER FINANCING SOURCES OVER
Debt service:
$
(428,725) $
(14,665) $
9,796
$ (429,349)
Principal payment
$
1,074,376
$ 385,000
$ -
$
1,477,579
Interest payment
-
904,502
142,874
2,285
FUND BALANCE JANUARY 1 RESTATED
1,711,093
TOTAL EXPENDITURES
$
1,978,878
$ 527,874
$ 2,285
$
3,188,672
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(410,725) $
(14,665) $
20,096
$ (401,049)
OTHER FINANCING SOURCES (USES)
Transfer in
$
215,000 $
$
-
$ 215,000
Transfer (out)
(233,000)
(10,300)
(243,300)
TOTAL OTHER FINANCE SOURCES (USES)
$
(18,000) $
$
(10,300) $
(28,300)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(428,725) $
(14,665) $
9,796
$ (429,349)
FUND BALANCE JANUARY 1
$
1,253,129 $
587,930 $
36,589
$ 1,916,243
Prior period adjustment
-
-
-
-
FUND BALANCE JANUARY 1 RESTATED
$
1,253,129 $
587,930 $
36,589
$ 1,916,243
FUND BALANCE DECEMBER 31
$
824,404 $
573,265 $
46,385
$ 1,486,894
Combining Fund Statements & Schedules 6-15
City of Renton, Washington
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 5 of 7
6-16 Combining Fund Statements & Schedules
CAPITAL PROJECT FUNDS
DOWNTOWN
C.D. IMPACT
FIRE IMPACT
TRANS. IMPACT
PARKING
MITIGATION
MITIGATION
MITIGATION
REVENUES
Taxes
$
$
$
$
Licenses and permits
Intergovernmental revenues
250,000
-
Charges for services
245,054
659,446
915,752
Contributions
-
-
-
Interest
1,689
715
61,994
54,650
Miscellaneous revenues
-
-
-
-
TOTAL REVENUES
$
1,689
$ 495,769
$ 721,440
$ 970,402
EXPENDITURES
Current:
General government
$
-
$ -
$ -
$ -
Economic environment
-
-
-
Capital outlay
69,489
1,274,705
1,375,428
Debt service:
Interest payment
-
-
-
TOTAL EXPENDITURES
$
69,489
$ 1,274,705
$ 1,375,428
$ -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(67,800)
$ (778,936) $
(653,988) $
970,402
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ 14,000
$ 93,000
$ 107,000
Transfer (out)
(1,813,700)
-
(215,000)
(721,000)
Sale of capital assets
-
TOTAL OTHER FINANCE SOURCES (USES)
$
(1,813,700)
$ 14,000
$ (122,000) $
(614,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(1,881,500)
$ (764,936) $
(775,988) $
356,402
FUND BALANCE JANUARY 1
2,047,448
1,065,347
1,543,325
3,895,852
Prior period adjustment
-
-
-
-
FUND BALANCE JANUARY 1 RESTATED
$
2,047,448
$ 1,065,347
$ 1,543,325
$ 3,895,852
FUND BALANCE DECEMBER 31
$
165,948
$ 300,411
$ 767,337
$ 4,252,254
6-16 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 6 of 7
CAPITAL PROJECT FUNDS
LEASED AQUATIC MUNICIPAL GENERAL TOTAL
REVENUES
Taxes
$
$
$ 3,297,630
$ -
$ 3,297,630
Licenses and permits
-
1,637,083
1,637,083
Intergovernmental revenues
-
3,568,351
3,818,351
Charges for services
754,642
855
214
2,575,963
Contributions
-
32,201
-
32,201
Interest
6,097
39,380
216,683
59,556
440,764
Miscellaneous revenues
-
-
45
-
45
TOTAL REVENUES
$
760,739
$
39,380
$ 3,547,414
$ 5,265,204
$ 11,802,037
EXPENDITURES
Current:
General government
$
73,027
$
-
$ -
$ -
$ 73,027
Economic environment
-
-
20,723
-
20,723
Capital outlay
64,624
1,116,359
2,661,769
5,254,213
11,816,587
Debt service:
Interest payment
52,800
-
-
-
52,800
TOTAL EXPENDITURES
$
190,451
$
1,116,359
$ 2,682,492
$ 5,254,213
$ 11,963,137
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
FUND BALANCE JANUARY 1
Prior period adjustment
FUND BALANCE JANUARY 1 RESTATED $
570,288 $ (1,076,979) $ 864,922 $ 10,991 $ (161,100)
300,000 $ $ 3,118,500 $ 2,574,500 $ 6,207,000
- (214,000) (3,278) (2,966,978)
300,000 $ - $ 3,019,503 $ 2,571,222 $ 3,355,025
(720,300) 1,254,369 6,128,893 8,293,578 23,508,512
FUND BALANCE DECEMBER 31 $ 149,988 $ 177,390 $ 10,013,318 $ 10,875,791 $ 26,702,437
Combining Fund Statements & Schedules 6-17
City of Renton, Washington
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2004
Page 7 of 7
TOTAL OTHER
TOTAL TOTAL TOTAL GOVERNMENTAL
SRF DSF CPF FUNDS
REVENUES
12,271,862
Taxes
$ 6,210,638 $
Licenses and permits
29,254
Intergovernmental revenues
1,400,498
Charges for services
9,533
Fines and forfeits
44,180
Interfund revenues
1,025,536
Special assessments
-
Contributions
46,093
Interest
14,047
Miscellaneous revenues
TOTAL REVENUES $
EXPENDITURES
Current:
General government $
Transportation
Economic environment
Culture & recreation
Capital outlay
Debt service:
Principal payment
Interest payment
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
2,763,594 $ 3,297,630 $
12,271,862
- 1,637,083
1,666,337
3,818,351
5,218,849
2,575,963
2,585,496
-
44,180
-
1,025,536
20,852 -
20,852
- 32,201
78,294
3,177 440,764
457,988
- 45
12,459
8,792,193 $ 2,787,623 $ 11,802,037 $ 23,381,853
-
$
$ 73,027
$ 73,027
4,615,345
-
4,615,345
488,578
20,723
509,301
1,530,014
-
1,530,014
1,184,952
11,816,587
13,001,539
-
1,477,579
-
1,477,579
-
1,711,093
52,800
1,763,893
7,818,889
$ 3,188,672
$ 11,963,137
$ 22,970,698
973,304
$ (401,049)
$ (161,100)
$ 411,155
3,278
$ 215,000
$ 6,207,000
$ 6,425,278
(798,500)
(243,300)
(2,966,978)
(4,008,778)
115,003
115,003
(795,222)
$ (28,300)
$ 3,355,025
$ 2,531,503
178,082 $ (429,349) $ 3,193,925 $ 2,942,658
FUND BALANCE JANUARY 1 2,042,443 1,916,243 23,508,512 27,467,198
Prior period adjustment (3,842) - - (3,842)
FUND BALANCE JANUARY 1 RESTATED $ 2,038,601 $ 1,916,243 $ 23,508,512 $ 27,463,356
FUND BALANCE DECEMBER 31 $ 2,216,683 $ 1,486,894 $ 26,702,437 $ 30,406,014
6-18 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - ARTERIAL STREET FUND
December 31, 2004
Combining Fund Statements & Schedules 6-19
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Intergovernmental revenues
$
348,500 $
348,500 $
394,445
$ - $
394,445
Interest
2,000
2,000
2,448
(486)
1,962
TOTAL REVENUES
$
350,500 $
350,500 $
396,893$
(486) $
396,407
TOTAL EXPENDITURES
$
- $
- $
-
$ - $
-
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
350,500 $
350,500 $
396,893
$ (486) $
396,407
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
(353,500) $
(353,500) $
(353,500)
$ - $
(353,500)
TOTAL OTHER FINANCE SOURCES (USES)
$
(353,500) $
(353,500) $
(353,500)
$ - $
(353,500)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(3,000) $
(3,000) $
43,393
$ (486) $
42,907
FUND BALANCE JANUARY 1
$
3,000 $
3,000 $
161,026
$ 485 $
161,511
FUND BALANCE DECEMBER 31
$
- $
- $
204,419
$ (1) $
204,418
Combining Fund Statements & Schedules 6-19
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - STREET FUND
December 31, 2004
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Interfund revenues
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
Transportation
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
$ 4,232,000 $
4,232,000 $
4,053,468 $
24,000
24,000
25,004
775,700
775,700
736,855
945,900
945,900
1,031,487
20,000
20,000
4,957
57,800
� C ACC AAA A
57,800
C /SCC All�
10,914
C �C/1 CAC A
74,260 $ 4,127,728
4,250 29,254
- 736,855
(5,951) 1,025,536
(1,215) 3,742
10,914
$ 4,789,200 $ 4,850,200 $ 4,468,068 $ 147,277 $
1,266,200 1,269,800 1,122,595 52,754
$ 6,055,400 $ 6,120,000 $ 5,590,663 $ 200,031 $
$ - $ (64,600) $ 272,022 $ (128,687) $
4,615,345
5,790,694
143,335
Transfer (out)
(335,000)
(335,000)
(335,000)
TOTAL OTHER FINANCE SOURCES (USES)
$
$
(335,000) $
(335,000) $
$
(335,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
(399,600) $
(62,978) $
(128,687) $
(191,665)
FUND BALANCE JANUARY 1
$
$
399,600 $
891,148 $
108,540 $
999,688
FUND BALANCE DECEMBER 31
$
$
- $
828,170 $
(20,147) $
808,023
6-20 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - COMMUNITY DEVELOPMENT BLOCK GRANT FUND
December 31, 2004
Combining Fund Statements & Schedules 6-21
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Intergovernmental revenues
$ 331,600
$ 331,600
$ 297,399
$ (28,201) $
269,198
Interest
-
-
436
436
TOTAL REVENUES
$ 331,600
$ 331,600
$ 297,835
$ (28,201) $
269,634
EXPENDITURES
Current:
Economic environment
$ 331,600
$ 332,100
$ 282,210
$ (5,789) $
276,421
Capital outlay
-
30,000
6,310
6,310
TOTAL EXPENDITURES
$ 331,600
$ 362,100
$ 288,520
$ (5,789) $
282,731
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$ (30,500) $
9,315
$ (22,412) $
(13,097)
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$ -
$ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (30,500) $
9,315
$ (22,412) $
(13,097)
FUND BALANCE JANUARY 1
$
$ 30,500
$ 19,323
$ 36,536 $
55,859
FUND BALANCE DECEMBER 31
$
$ -
$ 28,638
$ 14,124 $
42,762
Combining Fund Statements & Schedules 6-21
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - LIBRARY FUND
December 31, 2004
BUDGETED AMOUNTS
ORIGINAL FINAL
REVENUES
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
Taxes
$ 1,493,800
$ 1,493,800 $
1,893,800
$ (1) $
1,893,799
Charges for services
6,000
6,000
9,533
-
9,533
Fines and forfeits
28,900
28,900
44,180
44,180
Contributions
1,500
1,500
3,593
3,593
Interest
2,000
2,000
2,621
2,621
TOTAL REVENUES
$ 1,532,200
$ 1,532,200 $
1,953,727
$ (1) $
1,953,726
EXPENDITURES
Current:
Culture & recreation
$ 1,531,200
$ 1,535,300 $
1,450,558
$ 50,232 $
1,500,790
Capital outlay
1,000
1,000
-
-
-
TOTAL EXPENDITURES
$ 1,532,200
$ 1,536,300 $
1,450,558
$ 50,232 $
1,500,790
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$ (4,100) $
503,169
$ (50,233) $
452,936
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
$ (110,000) $
(110,000) $
$
(110,000)
TOTAL OTHER FINANCE SOURCES (USES)
$
$ (110,000) $
(110,000) $
$
(110,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (114,100) $
393,169
$ (50,233) $
342,936
FUND BALANCE JANUARY 1
$
$ 114,100 $
246,416
$ (9,072) $
237,344
FUND BALANCE DECEMBER 31
$
$ - $
639,585
$ (59,305) $
580,280
6-22 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - HOTEUMOTEL TAX FUND
December 31, 2004
Combining Fund Statements & Schedules 6-23
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
130,000
$ 130,000
$ 154,114
$ (3) $
154,111
Contributions
65,000
65,000
57,500
(15,000)
42,500
Interest
2,500
2,500
5,528
(5,528)
-
TOTAL REVENUES
$
197,500
$ 197,500
$ 217,142
$ (20,531) $
196,611
EXPENDITURES
Current:
Economic environment
$
200,000
$ 215,500
$ 206,405
$ 5,752 $
212,157
TOTAL EXPENDITURES
$
200,000
$ 215,500
$ 206,405
$ 5,752 $
212,157
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(2,500) $
(18,000) $
10,737
$ (26,283) $
(15,546)
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$ -
$ -
$ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
(2,500) $
(18,000) $
10,737
$ (26,283) $
(15,546)
FUND BALANCE JANUARY 1
$
2,500
$ 18,000
$ 244,112
$ 41,282 $
285,394
FUND BALANCE DECEMBER 31
$
-
$ -
$ 254,849
$ 14,999 $
269,848
Combining Fund Statements & Schedules 6-23
City of Renton, Washington 2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - PATHS AND TRAILS FUND
December 31, 2004
6-24 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$
19-$
1
$ 20
TOTAL REVENUES
$
$
$
19
$ 1
$ 20
TOTAL EXPENDITURES
$
$
$
-
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
$
$
19
$ 1
$ 20
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$
-
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$
19
$ 1
$ 20
FUND BALANCE JANUARY 1 RESTATED
$
$
$ (1)
$ 2,806
$
2,807
FUND BALANCE DECEMBER 31
$
$
$
2,826
$ -
$ 2,826
6-24 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - ONE PERCENT FOR ART FUND
December 31, 2004
Combining Fund Statements & Schedules 6-25
ACTUAL
BUDGETTO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$ 2,150
$ (1,428) $
722
TOTAL REVENUES
$
$
$ 2,150
$ (1,428) $
722
EXPENDITURES
Capital outlay
$
50,000 $
50,000
$ 3,293
$ $
3,293
TOTAL EXPENDITURES
$
50,000 $
50,000
$ 3,293
$ $
3,293
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(50,000) $
(50,000) $
(1,143)
$ (1,428) $
(2,571)
OTHER FINANCING SOURCES (USES)
Transfer in
$
$
$ 3,278
$ $
3,278
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ 3,278
$ $
3,278
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
(50,000) $
(50,000) $
2,135
$ (1,428) $
707
FUND BALANCE JANUARY 1
50,000
50,000
96,413
5,270
101,683
Prior Period Adjustment
-
-
-
(3,842)
(3,842)
FUND BALANCE JANUARY 1
$
50,000 $
50,000
$ 96,413
$ 1,428 $
97,841
FUND BALANCE DECEMBER 31
$
- $
-
$ 98,548$
- $
98,548
Combining Fund Statements & Schedules 6-25
City of Renton, Washington 2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - CABLE COMMUNICATIONS DEVELOPMENT FUND
December 31, 2004
6-26 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 35,000
$
35,000
$ 35,000
$ -
$
35,000
Interest
2,400
2,400
2,024
2,520
4,544
Miscellaneous revenues
1,500
1,500
1,500
-
1,500
TOTAL REVENUES
$ 38,900
$
38,900
$ 38,524
$ 2,520
$
41,044
EXPENDITURES
Current:
Culture & recreation
$ 36,600
$
36,600
$ 29,224
$ -
$
29,224
TOTAL EXPENDITURES
$ 36,600
$
36,600
$ 29,224
$ -
$
29,224
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 2,300
$
2,300
$ 9,300
$ 2,520
$
11,820
TOTAL OTHER FINANCE SOURCES (USES)
$ -
$
$ -
$ -
$
-
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ 2,300
$
2,300
$ 9,300
$ 2,520
$
11,820
FUND BALANCE JANUARY 1
$ -
$
-
$ 196,139
$ 2,019
$
198,158
FUND BALANCE DECEMBER 31
$ 2,300
$
2,300
$ 205,439
$ 4,539
$
209,978
6-26 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1997 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND (2001 GO Refund Bonds)
December 31, 2004
Combining Fund Statements & Schedules 6-27
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 654,300
$ 654,300
$ 654,300
$ 1
$ 654,301
Interest
-
-
430
-
430
TOTAL REVENUES
$ 654,300
$ 654,300
$ 654,730
$ 1
$ 654,731
EXPENDITURES
Debt service:
Interest payment
$ 654,300
$ 654,300
$ 652,460
$ -
$ 652,460
TOTAL EXPENDITURES
$ 654,300
$ 654,300
$ 652,460
$
$ 652,460
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$ -
$ 2,270
$ 1
$ 2,271
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 2,270
$ 1
$ 2,271
FUND BALANCE JANUARY 1
$
$
$ 13,536
$ -
$ 13,536
FUND BALANCE DECEMBER 31
$
$
$ 15,806
$ 1
$ 15,807
Combining Fund Statements & Schedules 6-27
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1978 LIMITED GENERAL OBLIGATION GOND REDEMPTION FUND (1997 GO Refunding Bonds)
December 31, 2004
6-28 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 28,900
$
28,900
$ 28,900
$ 1
$ 28,901
Interest
-
-
248
-
248
TOTAL REVENUES
$ 28,900
$
28,900
$ 29,148
$ 1
$ 29,149
EXPENDITURES
Debt service:
Principal payment
$ 19,000
$
19,000
$ 18,203
$ -
$ 18,203
Interest payment
9,900
9,900
8,972
8,972
TOTAL EXPENDITURES
$ 28,900
$
28,900
$ 27,175
$ -
$ 27,175
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$
$ 1,973
$ 1
$ 1,974
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 1,973
$ 1
$ 1,974
FUND BALANCE JANUARY 1
$
$
$ 25,058
$ 1
$ 25,059
FUND BALANCE DECEMBER 31
$
$
$ 27,031
$ 2
$ 27,033
6-28 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
REVENUES
Taxes
Interest
TOTAL REVENUES
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
December 31, 2004
EXPENDITURES
Debt service:
Principal payment
Interest payment
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
$ 1,552,900
$ 1,552,900
$ 2,604,258
$
(1,037,075)
$ 1,567,183
20,000
20,000
20,996
(20,026)
970
$ 1,572,900
$ 1,572,900
$ 2,625,254
$
(1,057,101)
$ 1,568,153
$ 1,074,500
$ 1,074,500
$ 1,074,376
$
$ 1,074,376
798,400
948,400
904,502
904,502
$ 1,872,900
$ 2,022,900
$ 1,978,878
$
$ 1,978,878
(1,057,101)
$ (410,725)
$
$ (300,000)
$ (450,000)
$ 646,376
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
300,000 $ 300,000 $ 215,000 $
- (233,000) (233,000)
300,000 $ 67,000 $ (18,000) $
$ 215,000
(233,000)
$ (18,000)
_$ (383,000) $ 628,376 $ (1,057,101) $ (428,725)
FUND BALANCE JANUARY 1 $ $ 383,000 $ 1,018,822 $ 234,307 $ 1,253,129
FUND BALANCE DECEMBER 31 $ $ - $ 1,647,198 $ (822,794) $ 824,404
Combining Fund Statements & Schedules 6-29
City of Renton, Washington 2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND (Coulon Park)
December 31, 2004
6-30 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
512,600
$ 512,600
$
520,855
$ (7,646) $
513,209
Interest
5,000
5,000
5,167
(5,167)
-
TOTAL REVENUES
$
517,600
$ 517,600
$
526,022
$ (12,813) $
513,209
EXPENDITURES
Debt service:
Principal payment
$
365,000
$ 365,000
$
385,000
$ $
385,000
Interest payment
146,500
171,500
142,874
142,874
TOTAL EXPENDITURES
$
511,500
$ 536,500
$
527,874
$ $
527,874
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
6,100
$ (18,900) $
(1,852)
$ (12,813) $
(14,665)
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$ -
$
-
$ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
6,100
$ (18,900) $
(1,852)
$ (12,813) $
(14,665)
FUND BALANCE JANUARY 1
$
-
$ 18,900
$
574,511
$ 13,419 $
587,930
FUND BALANCE DECEMBER 31
$
6,100
$ -
$
572,659
$ 606 $
573,265
6-30 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - SPECIAL ASSESSMENT DEBT FUND
December 31, 2004
Combining Fund Statements & Schedules 6-31
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Special assessments
$
13,300
$
13,300
$ 20,852
$ - $
20,852
Interest
4,100
4,100
4,233
(2,704)
1,529
TOTAL REVENUES
$
17,400
$
17,400
$ 25,085
$ (2,704) $
22,381
EXPENDITURES
Debt service:
Interest payment
$
7,000
$
7,000
$ 2,285
$ $
2,285
TOTAL EXPENDITURES
$
7,000
$
7,000
$ 2,285
$ $
2,285
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
10,400
$
10,400
$ 22,800
$ (2,704) $
20,096
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
(10,300) $
(10,300) $
(10,300) $
$
(10,300)
TOTAL OTHER FINANCE SOURCES (USES)
$
(10,300) $
(10,300) $
(10,300) $
$
(10,300)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
100
$
100
$ 12,500
$ (2,704) $
9,796
FUND BALANCE JANUARY 1 RESTATED
$
-
$
-
$ 30,690
$ 5,899 $
36,589
FUND BALANCE DECEMBER 31
$
100
$
100
$ 43,190
$ 3,195 $
46,385
Combining Fund Statements & Schedules 6-31
City of Renton, Washington 2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - DOWNTOWN PARKING GARAGE
December 31, 2004
6-32 Combining Fund Statements & Schedules
ACTUAL BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$ $
$
1,688$
1 $
1,689
TOTAL REVENUES
$ $
$
1,688$
1 $
1,689
EXPENDITURES
Capital outlay
$ $
101,500 $
56,111 $
13,378 $
69,489
TOTAL EXPENDITURES
$ $
101,500 $
56,111 $
13,378 $
69,489
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ $
(101,500) $
(54,423) $
(13,377) $
(67,800)
OTHER FINANCING SOURCES (USES)
Transfer (out)
$ (1,638,700) $
(1,813,700) $
(1,813,700) $
$
(1,813,700)
TOTAL OTHER FINANCE SOURCES (USES)
$ (1,638,700) $
(1,813,700) $
(1,813,700) $
$
(1,813,700)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES& OTHER FINANCING USES
$ (1,638,700) $
(1,915,200) $
(1,868,123) $
(13,377) $
(1,881,500)
FUND BALANCE JANUARY 1
$ 1,638,700 $
1,915,200 $
2,041,115 $
6,333 $
2,047,448
FUND BALANCE DECEMBER 31
$ - $
- $
172,992 $
(7,044) $
165,948
6-32 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
December 31, 2004
BUDGETED AMOUNTS
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
Combining Fund Statements & Schedules 6-33
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Intergovernmental revenues
$
-
$ 250,000
$ 250,000
$ $
250,000
Charges for services
225,000
225,000
245,054
245,054
Interest
12,000
12,000
5,981
(5,266)
715
TOTAL REVENUES
$
237,000
$ 487,000
$ 501,035
$ (5,266) $
495,769
EXPENDITURES
Capital outlay
$
-
$ 1,275,000
$ 1,274,705
$ $
1,274,705
TOTAL EXPENDITURES
$
-
$ 1,275,000
$ 1,274,705
$ $
1,274,705
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
237,000
$ (788,000) $
(773,670) $
(5,266) $
(778,936)
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ 14,000
$ 14,000$
$
14,000
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$ 14,000
$ 14,000$
$
14,000
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
237,000
$ (774,000) $
(759,670) $
(5,266) $
(764,936)
FUND BALANCE JANUARY 1
$
-
$ 774,000
$ 1,060,079
$ 5,268 $
1,065,347
FUND BALANCE DECEMBER 31
$
237,000
$ -
$ 300,409$
2 $
300,411
Combining Fund Statements & Schedules 6-33
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - FIRE IMPACT MITIGATION FUND
December 31, 2004
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $ 225,000 $ (1,071,300) $ (634,027) $ (19,961) $ (653,988)
OTHER FINANCING SOURCES (USES)
Transfer in $ - $ 93,000 $ 93,000 $ $ 93,000
Transfer (out) (300,000) (300,000) (215,000) (215,000)
TOTAL OTHER FINANCE SOURCES (USES) $ (300,000) $ (207,000) $ (122,000) $ $ (122,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ (75,000) $ (1,278,300) $ (756,027) $ (19,961) $ (775,988)
FUND BALANCE JANUARY 1 RESTATED $ 75,000 $ 1,278,300 $ 1,498,202 $ 45,123 $ 1,543,325
FUND BALANCE DECEMBER 31 $ - $ - $ 742,175 $ 25,162 $ 767,337
6-34 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Intergovernmental revenues
-
-
-
Charges for services
$
200,000
$ 200,000
$
659,446
$ $
659,446
Interest
25,000
25,000
87,662
(25,668)
61,994
TOTAL REVENUES
$
225,000
$ 225,000
$
747,108
$ (25,668) $
721,440
EXPENDITURES
Capital outlay
$
-
$ 1,296,300
$
1,381,135
$ (5,707) $
1,375,428
TOTAL EXPENDITURES
$
-
$ 1,296,300
$
1,381,135
$ (5,707) $
1,375,428
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $ 225,000 $ (1,071,300) $ (634,027) $ (19,961) $ (653,988)
OTHER FINANCING SOURCES (USES)
Transfer in $ - $ 93,000 $ 93,000 $ $ 93,000
Transfer (out) (300,000) (300,000) (215,000) (215,000)
TOTAL OTHER FINANCE SOURCES (USES) $ (300,000) $ (207,000) $ (122,000) $ $ (122,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ (75,000) $ (1,278,300) $ (756,027) $ (19,961) $ (775,988)
FUND BALANCE JANUARY 1 RESTATED $ 75,000 $ 1,278,300 $ 1,498,202 $ 45,123 $ 1,543,325
FUND BALANCE DECEMBER 31 $ - $ - $ 742,175 $ 25,162 $ 767,337
6-34 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL -TRANSPORTATION IMPACT MITIGATION FUND
December 31, 2004
BUDGETED AMOUNTS
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
Combining Fund Statements & Schedules 6-35
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$
500,000
$ 500,000
$ 915,752
$ -
$ 915,752
Interest
150,000
150,000
35,404
19,246
54,650
TOTAL REVENUES
$
650,000
$ 650,000
$ 951,156
$ 19,246
$ 970,402
TOTAL EXPENDITURES
$
-
$ -
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
650,000
$ 650,000
$ 951,156
$ 19,246
$ 970,402
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ 107,000
$ 107,000
$ -
$ 107,000
Transfer (out)
(1,389,300)
(1,389,300)
(721,000)
(721,000)
TOTAL OTHER FINANCE SOURCES (USES)
$
(1,389,300) $
(1,282,300) $
(614,000) $
-
$ (614,000)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(739,300) $
(632,300) $
337,156
$ 19,246
$ 356,402
FUND BALANCE JANUARY 1
$
739,300
$ 632,300
$ 3,859,186
$ 36,666
$ 3,895,852
FUND BALANCE DECEMBER 31
$
-
$ -
$ 4,196,342
$ 55,912
$ 4,252,254
Combining Fund Statements & Schedules 6-35
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - LEASED CITY PROPERTIES
December 31, 2004
BUDGETED AMOUNTS
ORIGINAL FINAL
REVENUES
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
Charges for services
$ 546,400
$ 546,400
$ 754,444
$ 198
$ 754,642
Interest
-
-
6,099
(2)
6,097
TOTAL REVENUES
$ 546,400
$ 546,400
$ 760,543
$ 196
$ 760,739
EXPENDITURES
Current:
General government
$ 144,000
$ 144,200
$ 69,687
$ 3,340
$ 73,027
Capital outlay
-
300,000
64,624
-
64,624
Debt service:
Principal payment
380,000
380,000
380,000
(380,000)
-
Interest payment
52,800
52,800
52,800
52,800
TOTAL EXPENDITURES
$ 576,800
$ 877,000
$ 567,111
$ (376,660)
$ 190,451
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (30,400)
$ (330,600)
$ 193,432
$ 376,856
$ 570,288
OTHER FINANCING SOURCES (USES)
Transfer in
$
$ 300,000
$ 300,000
$ -
$ 300,000
TOTAL OTHER FINANCE SOURCES (USES)
$
$ 300,000
$ 300,000
$ -
$ 300,000
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (30,400)
$ (30,600)
$ 493,432
$ 376,856
$ 870,288
FUND BALANCE JANUARY 1
$ 30,400
$ 30,600
$ 158,242
$ (878,542)
$ (720,300)
FUND BALANCE DECEMBER 31
$ -
$ -
$ 651,674
$ (501,686)
$ 149,988
6-36 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - AQUATIC CENTER FUND
December 31, 2004
REVENUES
Interest $
TOTAL REVENUES $
EXPENDITURES
Capital outlay $
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
$
$
62,337
$ (22,957) $
39,380
$
$
62,337
$ (22,957) $
39,380
$
1,123,500 $
1,116,359
$ $
1,116,359
$
1,123,500 $
1,116,359
$ $
1,116,359
$ (1,123,500) $ (1,054,022) $ (22,957) $ (1,076,979)
$ (1,123,500) $ (1,054,022) $ (22,957) $ (1,076,979)
FUND BALANCE JANUARY 1 $ $ 1,123,500 $ 1,231,412 $ 22,957 $ 1,254,369
FUND BALANCE DECEMBER 31 $ $ - $ 177,390 $ - $ 177,390
Combining Fund Statements & Schedules 6-37
City of Renton, Washington
2004 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - MUNICIPAL FACILITIES CONSTRUCTION FUND
December 31, 2004
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL BUDGET TO GAAP ACTUAL
BUDGETARY DIFFERENCES GAAP
REVENUES
Taxes $ 1,000,000 $ 1,000,000 $ 2,231,993 $ 1,065,637 $ 3,297,630
Charges for services - - 855 - 855
Contributions - - 32,201 32,201
Interest 80,000 80,000 220,702 (4,019) 216,683
Miscellaneous revenues - - 45 - 45
TOTAL REVENUES $ 1,080,000 $ 1,080,000 $ 2,485,796 $ 1,061,618 $ 3,547,414
EXPENDITURES
Current:
Economic environment
$ 50,000 $
50,000 $
20,723 $ - $
Capital outlay
2,457,000
8,886,400
2,659,902 1,867
TOTAL EXPENDITURES
$ 2,507,000 $
8,936,400 $
2,680,625 $ 1,867 $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (1,427,000) $
(7,856,400) $
(194,829) $ 1,059,751 $
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt $
Transfer in
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
- $ - $ 380,000 $
980,500 3,118,500 3,118,500
- (214,000) (214,000)
115,003
20,723
2,661,769
864,922
(380,000) $ -
3,118,500
(214,000)
115,003
(446,500) $ (4,951,900) $ 3,204,674 $ 679,751 $ 3,884,425
FUND BALANCE JANUARY 1 $ 446,500 $ 4,951,900 $ 4,978,134 $ 1,150,759 $ 6,128,893
FUND BALANCE DECEMBER 31 $ - $ - $ 8,182,808 $ 1,830,510 $ 10,013,318
6-38 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
December 31, 2004
Combining Fund Statements & Schedules 6-39
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Licenses and permits
$
1,936,400
$
1,936,400
$ 1,637,081
$ 2
$ 1,637,083
Intergovernmental revenues
2,500,000
4,716,000
3,315,773
252,578
3,568,351
Charges for services
-
-
214
-
214
Interest
-
-
-
59,556
59,556
TOTAL REVENUES
$
4,436,400
$
6,652,400
$ 4,953,068
$ 312,136
$ 5,265,204
EXPENDITURES
Capital outlay
$
8,460,400
$
10,676,400
$ 5,277,016
$ (22,803)
$ 5,254,213
TOTAL EXPENDITURES
$
8,460,400
$
10,676,400
$ 5,277,016
$ (22,803)
$ 5,254,213
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(4,024,000) $
(4,024,000) $
(323,948) $
334,939
$ 10,991
OTHER FINANCING SOURCES (USES)
Transfer in
$
2,889,300
$
2,889,300
$ 2,574,500
$ -
$ 2,574,500
Transfer (out)
-
-
(3,278)
(3,278)
TOTAL OTHER FINANCE SOURCES (USES)
$
2,889,300
$
2,889,300
$ 2,571,222
$ -
$ 2,571,222
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(1,134,700) $
(1,134,700) $
2,247,274
$ 334,939
$ 2,582,213
FUND BALANCE JANUARY 1
$
1,134,700
$
1,134,700
$ 8,291,900
$ 1,678
$ 8,293,578
FUND BALANCE DECEMBER 31
$
-
$
-
$ 10,539,174
$ 336,617
$ 10,875,791
Combining Fund Statements & Schedules 6-39
City of Renton, Washington 2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2004
Page 1 of 2
6-40 Combining Fund Statements & Schedules
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
ASSETS
Current assets:
Cash & cash equivalents
$
888,097
$
1,062,054
$
1,950,151
Investments at fair value
1,486,000
250,000
1,736,000
Receivables (net of allowances):
Customer accounts
26,057
30,486
56,543
Interest - investments
32,281
9,703
41,984
Due from other governmental units
-
-
-
Inventory of materials and supplies
-
43,694
43,694
Total current assets
$
2,432,435
$
1,395,937
$
3,828,372
Restricted assets:
Cash & residual investments @FMV
$
-
$
441,358
$
441,358
Total restricted assets
-
441,358
441,358
Capital assets (net)
9,166,632
9,144,424
18,311,056
Deferred charges and other assets
-
49,314
49,314
TOTAL ASSETS
$
11,599,067
$
11,031,033
$
22,630,100
6-40 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2004
Page 2 of 2
City of Renton, Washington
NET ASSETS
Investment in capital assets,
net of related debt
Restricted
Unrestricted
TOTAL NET ASSETS
$ 9,166,632 $ 5,490,590 $
- 441,358
2,265,223 1,620,550
$ 11,431,855 $ 7,552,498 $
14,657,222
441,358
3,885,773
18,984,353
Combining Fund Statements & Schedules 6-41
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
LIABILITIES
Current liabilities:
Accounts payable
$
22,951
$ 3,444
$ 26,395
Retainage payable
14,506
7,094
21,600
Due to other funds
2,525
72
2,597
Accrued interest payable
-
15,029
15,029
Accrued employee benefits payable
37,852
30,430
68,282
Accrued taxes payable
19,509
7,575
27,084
Custodial Accounts
-
83,345
83,345
Deferred revenue
56,142
-
56,142
Operating leases payable
-
25,212
25,212
Total current liabilities
$
153,485
$ 172,201
$ 325,686
Liabilities payable from restricted assets:
Revenue bonds payable - current
$
-
$ 260,000
$ 260,000
Total liabilities payable from restricted assets
$
$ 260,000
$ 260,000
Long-term liabilities:
Revenue bonds payable
$
$ 3,360,000
$ 3,360,000
Unamortized discounts on revenue bonds
(363,748)
(363,748)
Accrued employee wages and benefits payable
13,727
41,461
55,188
Operating leases payable
-
8,621
8,621
Total long-term liabilities
$
13,727
$ 3,046,334
$ 3,060,061
TOTAL LIABILITIES
$
167,212
$ 3,478,535
$ 3,645,747
NET ASSETS
Investment in capital assets,
net of related debt
Restricted
Unrestricted
TOTAL NET ASSETS
$ 9,166,632 $ 5,490,590 $
- 441,358
2,265,223 1,620,550
$ 11,431,855 $ 7,552,498 $
14,657,222
441,358
3,885,773
18,984,353
Combining Fund Statements & Schedules 6-41
City of Renton, Washington
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
NON - MAJOR ENTERPRISE FUNDS
December 31, 2004
OPERATING REVENUES:
Charges for services $
TOTAL OPERATING REVENUES $
OPERATING EXPENSES:
Operations and maintenance $
Benefit payments
Professional services
Administrative and general
Insurance
Taxes
Depreciation
TOTAL OPERATING EXPENSES $
OPERATING INCOME (LOSS) $
NON-OPERATING REVEN UES(EXPENSES):
Intergovernmental revenues $
Interest revenues
Other non-operating revenues (expenses)
Interest expense
Amortization of debt discount and expense
NON-OPERATING REVENUE NET OF EXPENSES $
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS $
CHANGE IN NET ASSETS $
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
AIRPORT
$
GOLF COURSE
TOTAL
NON -MAJOR
ENTERPRISE FUND
804,692
$
2,176,983
$ 2,981,675
804,692
$
2,176,983
$ 2,981,675
370,349
$
1,047,056
$ 1,417,405
53,845
217,962
271,807
32,406
-
32,406
159,977
186,527
346,504
24,100
-
24,100
-
8,900
8,900
295,628
245,339
540,967
936,305
$
1,705,784
$ 2,642,089
(131,613) $
471,199
$ 339,586
158,586
$
-
$ 158,586
38,466
21,614
60,080
2,175
2,375
4,550
-
(192,109)
(192,109)
-
(35,220)
(35,220)
199,227
$
(203,340)
$ (4,113)
67,614
$
267,859
$
335,473
67,614
$
267,859
$
335,473
NET ASSETS, JANUARY 1 $ 11,364,241 $ 7,284,639 $ 18,648,880
NET ASSETS, DECEMBER 31 $ 11,431,855 $ 7,552,498 $ 18,984,353
6-42 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $
Cash received from other funds for services
Cash paid to suppliers for goods & services
Cash paid to other funds for goods & services
Cash paid to employees
Cash paid for city utility taxes
Other operating receipts
Other non-operating receipts
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES $
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES $
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment $
Acquisition & construction of capital assets
Capital contributions
Capital grants
Principal payments on debt
Interest payments on debt
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES $
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments $
Payments for investments
Interest on investments
NET CASH PROVIDED(USED) BY
INVESTING ACTIVITIES $
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS $
CASH & CASH EQUIVALENTS, JANUARY 1 $
CASH & CASH EQUIVALENTS, DECEMBER 31 $
City of Renton, Washington
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2004
PAGE 1 OF 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
827,584
$
2,180,685
$ 3,008,269
(409,354)
(362,496)
(771,850)
(59,502)
(144,683)
(204,185)
(355,001)
(902,897)
(1,257,898)
2,175
-
2,175
-
2,375
2,375
5,902
$
772,984
$ 778,886
(637,572)
(418,982)
(1,056,554)
471,965
471,965
-
(274,272)
(274,272)
(193,540)
(193,540)
(165,607)
$
(886,794)
$ (1,052,401)
(986,000)
-
(986,000)
8,979
14,121
23,100
(977,021)
$
14,121
$ (962,900)
(1,136,726)
$
(99,689)
$ (1,236,415)
2,024,823
$
1,161,743
$ 3,186,566
888,097
$
1,062,054
$ 1,950,151
Combining Fund Statements & Schedules 6-43
City of Renton, Washington 2004 Comprehensive Annual Financial Report
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
Other non-operating revenue
(Increase)decrease in
accounts receivable
(Increase)decrease in due from
other funds/governmental units
(Increase)decrease in inventory
& prepaid items
Increase(decrease)in vouchers
retainage payable
Increase(decrease) in due to
other governmental units
Increase(decrease) in payables
& other short-term liabilities
Increase(decrease)in
customer deposits
Increase(decrease)in
deferred revenues
Increase(decrease) in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Borrowing under operating leases
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2004
PAGE 2OF2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
$ (131,613) $ 471,199 $ 339,586
295,628
2,175
11,564
(171,518)
(3,057)
(2,592)
245,339
2,375
(8,055)
5,659
870
(4,385)
(613)
12,370
11,328
(6,013) 48,225
$ 137,515 $ 301,785 $
$ 5,902 $ 772,984 $
540,967
4,550
3,509
5,659
(170,648)
(7,442)
(3,205)
12,370
11,328
42,212
439,300
778,886
6-44 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2004
Page 1 of 2
ASSETS
Current assets:
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Customer accounts
Interest - investments
Due from other funds
Prepayments
Total current assets
Property, Plant, and Equipment:
Capital assets (net)
Total Property, Plant, and Equipment
TOTAL ASSETS
City of Renton, Washington
EQUIPMENT
RENTAL
INSURANCE
FUND
TOTAL
INTERNAL
SERVICE FUNDS
$ 1,251,871
$ 3,180,913
$
4,432,784
2,850,000
6,257,139
9,107,139
3,633
377,604
381,237
55,550
152,842
208,392
1,181
-
1,181
84,610
3,095
87,705
$ 4,246,845
$ 9,971,593
$
14,218,438
$ 4,277,909
$ 18,644
$
4,296,553
$ 4,277,909
$ 18,644
$
4,296,553
$ 8,524,754
$ 9,990,237
$
18,514,991
Combining Fund Statements & Schedules 6-45
City of Renton, Washington 2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2004
Page 2 of 2
LIABILITIES
Current liabilities:
Accounts payable $
Accrued employee benefits payable
Total current liabilities $
Long-term liabilities:
Accrued employee wages and benefits payable $
Claims incurred but not reported
Total long-term liabilities $
TOTAL LIABILITIES $
NET ASSETS
Investment in capital assets,
EQUIPMENT
RENTAL
$ 4,277,909 $
INSURANCE
FUND
TOTAL
INTERNAL
SERVICE FUNDS
17,133
$
220,865
$ 237,998
20,637
$ 8,458,374 $
8,993
29,630
37,770
$
229,858
$ 267,628
28,610
$
192
$ 28,802
-
2,537,717
2,537,717
28,610
$
2,537,909
$ 2,566,519
66,380
$
2,767,767
$ 2,834,147
net of related debt
$ 4,277,909 $
18,644 $
4,296,553
Unrestricted
4,180,465
7,203,826
11,384,291
TOTAL NET ASSETS
$ 8,458,374 $
7,222,470 $
15,680,844
6-46 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2004
Combining Fund Statements & Schedules 6-47
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
OPERATING REVENUES:
Charges for services
$
2,778,117
$
2,923,763
$ 5,701,880
Other operating revenues
-
6,097,364
6,097,364
TOTAL OPERATING REVENUES
$
2,778,117
$
9,021,127
$ 11,799,244
OPERATING EXPENSES:
Operations and maintenance
$
685,039
$
110,032
$ 795,071
Benefit payments
127,531
6,719,953
6,847,484
Professional services
6,733
303,162
309,895
Administrative and general
681,541
61,827
743,368
Insurance
234,800
1,580,256
1,815,056
Depreciation
870,248
12,430
882,678
TOTAL OPERATING EXPENSES
$
2,605,892
$
8,787,660
$ 11,393,552
OPERATING INCOME (LOSS)
$
172,225
$
233,467
$ 405,692
NON-OPERATING REVENUES(EXPENSES):
Interest revenues
$
78,258
$
153,525
$ 231,783
Gain(loss) on sale of capital assets
5,922
374,549
380,471
Other non-operating revenues (expenses)
-
251,109
251,109
NON-OPERATING REVENUE NET OF EXPENSE
$
84,180
$
779,183
$ 863,363
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
$
256,405
$
1,012,650
$ 1,269,055
Transfers in(out)
$
-
$
1,190,000
$ 1,190,000
CHANGE IN NET ASSETS
$
256,405
$
2,202,650
$ 2,459,055
NET ASSETS, JANUARY 1
$
8,201,969
$
5,019,820
$ 13,221,789
NET ASSETS, DECEMBER 31
$
8,458,374
$
7,222,470
$ 15,680,844
Combining Fund Statements & Schedules 6-47
City of Renton, Washington
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
Cash paid to suppliers for goods & services
Cash paid to other funds for goods & services
Cash paid to employees
Other non-operating receipts
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
Advances from other funds
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment
Acquisition & construction of capital assets
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments
Payments for investments
Interest on investments
NET CASH PROVIDED(USED) BY
INVESTING ACTIVITIES
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
December 31, 2004
PAGE 1 OF 2
EQUIPMENT
RENTAL
INSURANCE
FUND
TOTAL
INTERNAL
SERVICE FUNDS
$ 2,775,565 $
8,648,398
$ 11,423,963
(966,566)
(8,528,047)
(9,494,613)
(245,909)
1,094,852 $
(245,909)
(512,779)
(198,108)
(710,887)
867
251,109
251,976
$ 1,051,178 $
173,352
$ 1,224,530
$
$ 1,350,000
$ 1,350,000
(160,000)
(160,000)
157,019 $
$ -
$ 1,190,000
$ 1,190,000
1,094,852 $
$ 53,486
$ 374,549
$ 428,035
(544,264)
-
(544,264)
$ (490,778)
$ 374,549
$ (116,229)
$ 1,000,000
$ 2,000,000
$ 3,000,000
(1,500,000)
(6,257,139)
(7,757,139)
96,619
92,422
189,041
$ (403,381)
$ (4,164,717)
$ (4,568,098)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
$
157,019 $
(2,426,816) $ (2,269,797)
CASH & CASH EQUIVALENTS, JANUARY 1
$
1,094,852 $
5,607,729 $ 6,702,581
CASH & CASH EQUIVALENTS, DECEMBER 31
$
1,251,871 $
3,180,913 $ 4,432,784
6-48 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
December 31, 2004
PAGE 2OF2
City of Renton, Washington
Combining Fund Statements & Schedules 6-49
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
$ 172,225
$ 233,467
$ 405,692
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
870,248
12,430
882,678
Other non-operating revenue
867
251,109
251,976
(Increase)decrease in
accounts receivable
(2,550)
(372,729)
(375,279)
(Increase)decrease in inventory
& prepaid items
(7,350)
(95)
(7,445)
Increase(decrease)in vouchers
retainage payable
(9,322)
(20,273)
(29,595)
Increase(decrease)in
deferred revenues
-
62,969
62,969
Increase(decrease) in accrued
employee leave benefits
27,060
6,474
33,534
Total adjustments
$ 878,953
$ (60,115)
$ 818,838
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$ 1,051,178
$ 173,352
$ 1,224,530
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Capital asset trade-ins
$ -
$ -
$
Combining Fund Statements & Schedules 6-49
City of Renton, Washington 2004 Comprehensive Annual Financial Report
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND - SPECIAL DEPOSIT
December 31, 2004
Page 1 of 1
BEGINNING ENDING
BALANCE DEBITS CREDITS BALANCE
ASSETS
Cash $ 216,892 $ 395,097 $ 352,853 $ 259,136
TOTAL ASSETS $ 216,892 $ 395,097 $ 352,853 $ 259,136
LIABILITIES
Vouchers Payable $ - $ 347,022 $ 347,022 $ -
Deposits Payable 216,892 349,264 391,508 259,136
TOTAL LIABILITIES $ 216,892 $ 696,286 $ 738,530 $ 259,136
6-50 Combining Fund Statements & Schedules
2004 Comprehensive Annual Financial Report City of Renton, Washington
STATISTICAL SECTION
December 31, 2004
Presentations included in the Statistical Section of the Comprehensive Annual Financial Report
(CAFR) provide detailed data on the physical, economic, social, and political characteristics of
the reporting government. They are intended to provide CAFR users with a broader and more
complete understanding of the government and its financial affairs than is possible from the
financial statements and supporting schedules included in the Financial Section. Statistical tables
usually cover more than two fiscal years and often present data from outside the accounting
records. Therefore, in contrast to financial section information, statistical section data are not
usually susceptible to independent audit.
Statistical Section 7-1
City of Renton, Washington 2004 Comprehensive Annual Financial Report
TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION,
INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS,
FOR GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS
(PAGE 1 of 2)
68.0
68.1
Ten Year Annual General Governmental Revenue Trends
1996
$ 80
M
REVENUES
54.1
i
1
$70
33,970,167
$ 36,226,318
$ 37,903,857
$
59.9
Licenses and Permits
I
1,236,046
1,569,007
2,145,849
i
$60
Intergovernmental Revenues
4,343,249
4,044,611
4,164,921
0
Charges for Services
48.4
4,818,352
5,344,029
$ 50
7,699,258
n
998,553
958,082
S
$40
722,054
Miscellaneous
o
$ 30
3,513,802
3,601,057
f
5,139,563
TOTAL REVENUES
$
48,447,250
$20
$ 54,095,540
$
D
EXPENDITURES
General Government
$
7,807,624
$ 8,420,834
$ 8,675,215
$
9,915,676
Security of Persons and Property
17,187,719
18,344,175
19,249,622
20,074,074
Physical Environment
o
I
$p
1,759,571
1,708,461
1,730,735
Transportation
4,947,622
4,509,833
4,896,235
4,838,713
Economic Environment
3,606,022
3,022,503
3,414,034
4,060,970
Mental and Physical Health
7,843
1
$0
10,962
Culture and Recreation
5,130,721
5,429,238
5,592,278
5,804,099
Capital Outlay
494,585
2,302,888
3,496,515
4,881,689
Debt Service
3,347,293
3,933,368
3,547,127
3,413,505
TOTAL EXPENDITURES
a
44,049,803
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
r
$
54,730,423
S
(2,336,448)
68.0
68.1
62.3 63'8 63.1
1996
1997
57.1
REVENUES
54.1
51.7
Taxes
$
33,970,167
$ 36,226,318
$ 37,903,857
$
40,061,373
Licenses and Permits
1,236,046
1,569,007
2,145,849
2,086,727
Intergovernmental Revenues
4,343,249
4,044,611
4,164,921
4,184,545
DESCRIPTION
1995
1996
1997
1998
REVENUES
Taxes
$
33,970,167
$ 36,226,318
$ 37,903,857
$
40,061,373
Licenses and Permits
1,236,046
1,569,007
2,145,849
2,086,727
Intergovernmental Revenues
4,343,249
4,044,611
4,164,921
4,184,545
Charges for Services
4,818,352
5,344,029
5,546,295
7,699,258
Fines and Forfeits
998,553
958,082
733,561
722,054
Miscellaneous
3,080,883
3,513,802
3,601,057
5,139,563
TOTAL REVENUES
$
48,447,250
$ 51,655,849
$ 54,095,540
$
59,893,520
EXPENDITURES
General Government
$
7,807,624
$ 8,420,834
$ 8,675,215
$
9,915,676
Security of Persons and Property
17,187,719
18,344,175
19,249,622
20,074,074
Physical Environment
1,520,374
1,759,571
1,708,461
1,730,735
Transportation
4,947,622
4,509,833
4,896,235
4,838,713
Economic Environment
3,606,022
3,022,503
3,414,034
4,060,970
Mental and Physical Health
7,843
5,746
7,570
10,962
Culture and Recreation
5,130,721
5,429,238
5,592,278
5,804,099
Capital Outlay
494,585
2,302,888
3,496,515
4,881,689
Debt Service
3,347,293
3,933,368
3,547,127
3,413,505
TOTAL EXPENDITURES
$
44,049,803
$ 47,728,156
$ 50,587,057
$
54,730,423
Other Increases (Decreases)
(2,336,448)
(1,129,720)
(5,110,847)
(7,308,428)
Transfer In/Out
(260,482)
(544,504)
0
63,110
FUND BALANCE, JANUARY 1
15,845,156
17,645,773
19,899,242
18,296,878
FUND BALANCE DECEMBER 31
17,645,673
19,899,242
18,296,878
$
16,214,657
Source: City of Renton Finance Department.
7-2 Statistical Section
2004 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION,
INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS,
FOR GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS
(PAGE 2 of 2)
Statistical Section 7-3
1999
2000
2001
2002
2003
2004
$
42,807,838
$
46,365,818
$
48,802,624
$ 48,732,975
$ 51,993,639
$
52,046,876
1,745,899
2,630,315
2,151,168
2,407,240
2,595,463
2,692,003
3,600,258
3,738,843
3,323,816
3,326,630
3,563,638
3,752,219
5,488,634
5,821,977
5,828,449
6,305,504
4,170,099
4,017,190
831,327
1,008,098
978,717
987,167
1,055,564
1,008,984
2,668,990
2,742,896
2,735,525
1,370,303
4,665,725
4,619,039
$
57,142,946
$
62,307,947
$
63,820,299
$ 63,129,819
$ 68,044,128
$
68,136,311
$
9,972,040
$
10,648,052
$
11,062,898
$ 12,395,939
$ 13,211,802
$
13,587,068
21,336,276
22,861,304
23,596,319
24,926,075
26,029,354
27,462,613
1,892,549
1,769,012
1,878,916
1,897,165
2,015,562
2,201,777
5,130,703
5,118,420
5,545,590
5,642,823
4,461,387
4,615,345
3,792,464
4,327,075
4,477,535
4,652,823
4,592,858
4,926,357
8,486
8,599
6,756
11,445
10,368
11,723
6,159,132
6,602,437
7,260,078
7,381,335
7,585,936
8,563,967
717,037
315,324
176,202
60,978
1,210,501
1,430,082
4,053,582
3,686,306
3,089,491
3,103,299
3,174,544
3,188,672
$
53,062,269
$
55,336,529
$
57,093,785
$ 60,071,882
$ 62,292,312
$
65,987,604
(2,428,669)
(2,469,837)
(7,384,761)
(7,670,995)
(2,284,671)
(4,437,997)
(6,315,060)
(955,000)
0
0
0
0
16,005,236
11,342,184
14,888,765
14,230,518
9,276,379
15,726,175
$
11,342,184
14,888,765
14,230,518
9,617,460
12,743,524
13,436885
Statistical Section 7-3
City of Renton, Washington 2004 Comprehensive Annual Financial Report
TABLE 2: ASSESSED VALUE PROPERTY TAX RATES, LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(PAGE 1 of 2)
Ten Year Assessed Valuation Trends
64
$ 7.0 6.0
1996
1997
5.6
ASSESSED VALUE DECEMBER 31:
$ 6.0
5.1
$ 5.0
3.8 4.3
3.6 3.5 3.6
4.5
$2,978,575,856
$3,099,917,868
Personal Property Value
675,278,785
612,192,280
647,025,908
725,191,466
TOTAL ASSESSED VALUE
3,579,700,073
3,546,097,162
3,625,601,764
3,825,109,334
CITY AND OVERLAPPING TAX RATES: (a)
$ 4.0
City of Renton: General Levy
$3.55454
$3.60000
$3.60000
$3.55000
City of Renton: Special Levy
0.36408
0.34413
0.38781
0.34608
City of Renton Total
$3.91862
$3.94413
$3.98781
$3.89608
King County
2.25288
2.20943
2.13173
1.85109
Port of Seattle
0.29482
0.29211
$ 3.0
0.26466
Hospital District #1
0.15084
0.15698
0.15959
0.15934
Renton School District #403
3.52218
3.71940
3.53615
3.49222
State of Washington
3.41873
3.49966
3.52499
3.51138
Emergency Medical Services
0.24990
0.24987
0.25000
n/a
TOTAL PROPERTY TAX RATES
$13.80797
$ 2.0
$13.87288
$13.17477
PROPERTY TAX LEVIES AND COLLECTIONS:
LEVY:
Original
$13,971,424
$13,898,818
$14,364,723
$14,822,739
Adjusted
13,799,832
13,583,469
14,167, 346
14,719,382
COLLECTIONS:
$1.0
Current Collections
$13,327,749
$13,359,611
$13,970,125
$14,511,118
Percent of Adjusted Levy
96.58%
98.35%
98.61%
98.59%
Delinquent Collections
$323,487
$347,054
$315,345
$211,113
TOTAL COLLECTION OF CURRENT & DELINQUEN-
$13,651,236
$13,706,665
$14,285,470
$14,722,231
$ 0.0
98.92%
100.91%
100.83%
100.02%
OUTSTANDING DELINQUENT TAXES
$559,159
$435,963
$317,841
$314,989
PERCENT OF DELINQUENT TAXES TO ADJ LEVY
4.05%
3.21%
2.24%
2.14%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
DESCRIPTION
1995
1996
1997
1998
ASSESSED VALUE DECEMBER 31:
Real Property Value
$2,904,421,288
$2,933,904,882
$2,978,575,856
$3,099,917,868
Personal Property Value
675,278,785
612,192,280
647,025,908
725,191,466
TOTAL ASSESSED VALUE
3,579,700,073
3,546,097,162
3,625,601,764
3,825,109,334
CITY AND OVERLAPPING TAX RATES: (a)
City of Renton: General Levy
$3.55454
$3.60000
$3.60000
$3.55000
City of Renton: Special Levy
0.36408
0.34413
0.38781
0.34608
City of Renton Total
$3.91862
$3.94413
$3.98781
$3.89608
King County
2.25288
2.20943
2.13173
1.85109
Port of Seattle
0.29482
0.29211
0.28261
0.26466
Hospital District #1
0.15084
0.15698
0.15959
0.15934
Renton School District #403
3.52218
3.71940
3.53615
3.49222
State of Washington
3.41873
3.49966
3.52499
3.51138
Emergency Medical Services
0.24990
0.24987
0.25000
n/a
TOTAL PROPERTY TAX RATES
$13.80797
$14.07158
$13.87288
$13.17477
PROPERTY TAX LEVIES AND COLLECTIONS:
LEVY:
Original
$13,971,424
$13,898,818
$14,364,723
$14,822,739
Adjusted
13,799,832
13,583,469
14,167, 346
14,719,382
COLLECTIONS:
Current Collections
$13,327,749
$13,359,611
$13,970,125
$14,511,118
Percent of Adjusted Levy
96.58%
98.35%
98.61%
98.59%
Delinquent Collections
$323,487
$347,054
$315,345
$211,113
TOTAL COLLECTION OF CURRENT & DELINQUEN-
$13,651,236
$13,706,665
$14,285,470
$14,722,231
PERCENT OF ADJUSTED LEVY
98.92%
100.91%
100.83%
100.02%
OUTSTANDING DELINQUENT TAXES
$559,159
$435,963
$317,841
$314,989
PERCENT OF DELINQUENT TAXES TO ADJ LEVY
4.05%
3.21%
2.24%
2.14%
Source: King County Department of Assessments.
(a) Property tax rates are in dollars per $1,000 of taxable property valued at 100%.
7-4 Statistical Section
2004 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 2: ASSESSED VALUE PROPERTY TAX RATES, LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(PAGE 2 of 2)
P rooerty Tax Allocation
Cityof Renton
EMS 27%
2% - -
King County
State 12%
23°%
Port of Seattle
20
Hospital
1%
Schools
33%
1999
2000
2001
2002
2003
2004
$3,543,075,457
$3,830,517,200
$4,317,151,020
$4,819,029,996
$5,235,953,270
$5,656,318,709
715,425,293
714,803,819
745,490,732
774,850,492
747,879,276
716,313,413
4,258,500,750
4,545,321,019
5,062,641,752
5,593,880,488
5,983,832,546
6,372,632,122
$3.42726
$3.39877
$3.27385
$3.26036
$3.18871
$3.14843
0.31981
0.28488
0.10078
0.09397
0.08865
0.07861
$3.74707
$3.68365
$3.37463
$3.35433
$3.27736
$3.22704
1.77385
1.68951
1.55218
1.44949
1.34948
1.38229
0.23898
0.21585
0.19029
0.18956
0.25895
0.25321
0.15354
0.11830
0.09873
0.09643
0.09254
0.09039
3.78290
3.65397
3.36669
3.11288
2.98691
3.99250
3.35872
3.30278
3.14502
2.98946
2.89680
2.68951
0.29000
0.27299
0.24624
0.25000
0.24143
0.23182
$13.34506
$12.93705
$11.97378
$11.44215
$11.10347
$11.86676
$15,843,325
$16,658,569
$17,007,993
$18,676,141
$19,530,405
$20,584,202
15,850,628
16,633,388
16,967,683
18,581,814
19,486,858
20,451,011
$15,595,427
$16,337,790
$16,677,882
$18,285,908
$19,149,258
$20,184,238
98.39%
98.22%
98.29%
98.41%
98.27%
98.70%
$215,939
$238,361
$264,579
$275,697
$281,300
$321,948
$15,811,366
$16,576,151
$16,942,461
$18,561,605
$19,430,558
$20,506,186
99.75%
99.66%
99.85%
99.89%
99.71%
100.27%
$354,250
$389,125
$414,348
$434,556
$490,828
$435,683
2.23%
2.34%
2.44%
2.34%
2.52%
2.13%
Statistical Section 7-5
City of Renton, Washington 2004 Comprehensive Annual Financial Report
TABLE 3: RATIO OF NET GENERAL OBLIGATION DEBT TO ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA - LAST TEN FISCAL YEARS
(PAGE 1 of 1)
$800
Ten Year Renton Per Capita Net Bonded Debt Trends
ASSESSED
VALUE
GROSS
BONDED DEBT
DEBT SERVICE
FUNDS
AVAILABLE
NET
BONDED
DEBT
RATIO OF NET
BONDED DEBT TO
ASSESSED VALUE
NET BONDED
DEBT
PER CAPITA
$ 700 -
44,890
$ 3,579,700,073
$
19,065,569
$
1,220,234
$630
$ 583
$ 599
$ 398
$600
45,170
$ 3,546,097,162
$
17,382,945
$
1,426,722
$ 15,956,223
0.45%
$ 353
$539
45,920
$ 3,625,601,764
$
30,121,269
$
1,184,279
$ 514
513 $ 508
$ 500
1998
46,270
$ 3,825,109,334
$
461
$
1,527,931
$ 26,958,807
0.70%
$ 583
1999
47,620
$ 4,258,500,750
$
26,466,763
$
2,004,373
$ 24,462,390
398
$ 514
2000
48,270
$ 4,545,321,019
$
24,345,738
$
2,096,755
$ 400
0.49%
$ 461
2001
51,140
$ 5,062,641,752
$
29,289,290
$
1,702,901
$ 27,586,389
0.54%
$ 539
2002
53,840
$ 5,593,880,488
$
33,797,023
$
1,538,524
$ 32,258,499
$ 300
$ 599
2003
54,900
$ 5,983,832,546
$
30,052,982
$
1,879,655
$ 28,173,327
0.47%
$ 513
2004
55,360
$ 6,372,632,122
$200 -
30,629,402
$
2,491,866
1995
1996 1997 1998 1999 2000 2001 2002 2003 2004
FISCAL
YEAR
POPULATION
ASSESSED
VALUE
GROSS
BONDED DEBT
DEBT SERVICE
FUNDS
AVAILABLE
NET
BONDED
DEBT
RATIO OF NET
BONDED DEBT TO
ASSESSED VALUE
NET BONDED
DEBT
PER CAPITA
1995
44,890
$ 3,579,700,073
$
19,065,569
$
1,220,234
$ 17,845,335
0.50%
$ 398
1996
45,170
$ 3,546,097,162
$
17,382,945
$
1,426,722
$ 15,956,223
0.45%
$ 353
1997
45,920
$ 3,625,601,764
$
30,121,269
$
1,184,279
$ 28,936,990
0.80%
$ 630
1998
46,270
$ 3,825,109,334
$
28,486,738
$
1,527,931
$ 26,958,807
0.70%
$ 583
1999
47,620
$ 4,258,500,750
$
26,466,763
$
2,004,373
$ 24,462,390
0.57%
$ 514
2000
48,270
$ 4,545,321,019
$
24,345,738
$
2,096,755
$ 22,248,983
0.49%
$ 461
2001
51,140
$ 5,062,641,752
$
29,289,290
$
1,702,901
$ 27,586,389
0.54%
$ 539
2002
53,840
$ 5,593,880,488
$
33,797,023
$
1,538,524
$ 32,258,499
0.58%
$ 599
2003
54,900
$ 5,983,832,546
$
30,052,982
$
1,879,655
$ 28,173,327
0.47%
$ 513
2004
55,360
$ 6,372,632,122
$
30,629,402
$
2,491,866
$ 28,137,536
0.44%
$ 508
Source: State of Washington Office of Program Planning and Fiscal Management,
King County Department of Assessments, and City of Renton Finance Department.
7-6 Statistical Section
2004 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 4: SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(PAGE 1 of 1)
P
ASSESSMENTS
Special Assessment Billings and Collections
e
r
270.0%
254.7%
FISCAL
Cc
ADDITIONAL
ASSESSMENT
----- COLLECTION -----
ASA %
o e
240.0°
1/1
ASSESSMENT
I n
PRINCIPAL
212.7%
TOTAL
OF BILLING
218.0%
I t
210.0°
$
124,294
$ 588,009
$ 908,724
$ 342,194
$ 1,250,918
ea
3,966,467
1996
174.0%
$
184.9%
$ 820,459
$ 1,002,924
$ 607,356
Cg g
X0.0%
196.3%
1997
$ 3,209,358
$
0
$ 471,759
$ 605,594
t e
i
150.0%
174.04% $
2,603,764
1998
188.2°
$
137.8%
$ 392,626
$ 568,553
$ 170,563
$ 739,116
188.25% $
2,035,652
00
120.0%
$
76,880
$ 471,303
$ 728,920
$ 142,528
139.6%
184.90% $
1,383,612
2000
$ 1,383,612
n f
0
$ 311,375
$ 352,649
$ 82,097
$ 434,746
139.62% $
1,030,963
2001
$ 1,030,963
$
121.5%
$ 293,261
$ 333,056
$ 71,088
$ 404,144
90.0%
697,908
2002
$ 697,908
$
0
$ 292,747
$ 312,908
$ 42,689
$ 355,597
121.47% $
385,000
2003
a
$
0
$ 124,934
$ 295,618
$ 22,610
$ 318,228
254.72% $
89,382
2004
$ 89,382
$
0
S i
60.0%
$ 3,669
$ 24,522
217.97% $
68,530
-
I
a I
30.0%
0.0%
n
1995 1996
1997 1998 1999 2000 2001 2002 2003 2004
9
Source: City of Renton Finance Department.
Statistical Section 7-7
ASSESSMENTS
COLLECTION
ASSESSMENTS
FISCAL
RECEIVABLE
ADDITIONAL
ASSESSMENT
----- COLLECTION -----
ASA %
RECEIVABLE
YEAR
1/1
ASSESSMENT
BILLING
PRINCIPAL
INTEREST
TOTAL
OF BILLING
12/31
1995
$ 4,750,897
$
124,294
$ 588,009
$ 908,724
$ 342,194
$ 1,250,918
212.74% $
3,966,467
1996
$ 4,212,282
$
0
$ 820,459
$ 1,002,924
$ 607,356
$ 1,610,280
196.27% $
3,209,358
1997
$ 3,209,358
$
0
$ 471,759
$ 605,594
$ 215,457
$ 821,051
174.04% $
2,603,764
1998
$ 2,603,764
$
441
$ 392,626
$ 568,553
$ 170,563
$ 739,116
188.25% $
2,035,652
1999
$ 2,035,652
$
76,880
$ 471,303
$ 728,920
$ 142,528
$ 871,448
184.90% $
1,383,612
2000
$ 1,383,612
$
0
$ 311,375
$ 352,649
$ 82,097
$ 434,746
139.62% $
1,030,963
2001
$ 1,030,963
$
0
$ 293,261
$ 333,056
$ 71,088
$ 404,144
137.81% $
697,908
2002
$ 697,908
$
0
$ 292,747
$ 312,908
$ 42,689
$ 355,597
121.47% $
385,000
2003
$ 385,000
$
0
$ 124,934
$ 295,618
$ 22,610
$ 318,228
254.72% $
89,382
2004
$ 89,382
$
0
$ 11,250
$ 20,852
$ 3,669
$ 24,522
217.97% $
68,530
Source: City of Renton Finance Department.
Statistical Section 7-7
City of Renton, Washington
2004 Comprehensive Annual Financial Report
TABLE 5: COMPUTATION OF LEGAL DEBT MARGIN FOR
GENERAL AND SPECIAL PURPOSE CAPACITIES
AS OF DECEMBER 31, 2003, AND ALL DEBT CAPACITIES - LAST TEN FISCAL YEARS
(PAGE 1 of 1)
Ten Year Debt Capacity Trends
$80
M
i
I
$60—E 60$ 54.1
0 $50.8
n $45.1 —� $53.5
S $42.8 $41.9 $43.3
$ 47.8
0 $4"0.6��*3, f 31.5
$ 38.7 $ 39.0
D
° $2
a
r
s
$ 69.2
$ 63.6
$ 62.0
$ 57.7
$0 1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
DESCRIPTION
GENERALCAPACITY
SPECIAL PURPOSE CAPACITY
TOTAL
CAPACITY
COUNCILMANIC EXCESSLEVY
PARKSAND UTILITY
OPENSPACE PURPOSES
ASSESSED VALUE (2003): $6,372,632,122
2.50%of Assessed Value
1.50%of Assessed Value
STATUTORY DEBT LIM IT
General Obligation Bonds
Installment Contracts (a)
TOTAL DEBT OUTSTANDING
Less Amount Available in Debt Service Funds
NET DEBT OUTSTANDING
REMAINING DEBT CAPACITY
$ N/A
95,589,482
$ 159,315,803
(95,589,482)
$ 159,315,803
N/A
$ 159,315,803
N/A
$ 477,947,409
0
$ 95,589,482 $ 63,726,321
$ 159,315,803 $ 159,315,803
$ 477,947,409
$ 28,238,152 $ 2,280,000
111,250 0
$ 0 $ 0
0 0
$ 30,518,152
111250
$ 28,349,402 $ 2,280,000
$ 0 $ 0
$ 30,629,402
$ 1,918,601 $ 573,265
$ 0 $ 0
$ 2,491,866
$ 26,430,801 $ 1,706,735
$ 0 $ 0
is 28,137,536
$ 69,158,681 $ 62,019,586
$ 159,315,803 $ 159,315,803
$ 449,809,873
Source: King County Department of Assessments.
City of Renton Finance Department.
(a) Statutorylimit=.75%of 11/6of assessed value.
7-8 Statistical Section
2004 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 6: COMPUTATION OF DIRECT AND OVERLAPPING DEBT - DECEMBER 31, 2004
(PAGE 1 OF 1)
JURISDICTION
NET DEBT
OUTSTANDING
PERCENTAGE
APPLICABLE
TO RENTON
AMOUNT
APPLICABLE
TO RENTON
NET DIRECT DEBT:
City of Renton
$28,026,287
100.00%
$28,026,287
OVERLAPPING DEBT:
King County
$925,169,965
2.69%
$24,887,072
Port of Seattle
$397,285,000
2.69%
$10,686,967
Renton School District #403
$229,191,130
54.85%
$125,711,335
Sub -Total
$1,551,646,095
10.39%
$161,285,374
Source: King County Department of Finance and King County Department of Assessments.
Statistical Section 7-9
City of Renton, Washington 2004 Comprehensive Annual Financial Report
TABLE 7: RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLIGATION
BONDS TO TOTAL GENERAL GOVERNMENT EXPENDITURES - LAST TEN FISCAL YEARS
(PAGE 1 of 1)
FISCAL
YEAR
(a)
PRINCIPAL
(a)
INTEREST
TOTAL
DEBT SERVICE
(b)
TOTAL GENERAL
GOVERNMENTAL
EXPENDITURES
RATIO OF DEBT
SERVICE TO
EXPENDITURES
1995
$
1,720,397
$
843,051
$
2,563,448
$
44,049,803
5.82%
1996
$
1,631,406
$
770,117
$
2,401,523
$
47,728,156
5.03%
1997
$
1,619,878
$
1,093,294
$
2,713,172
$
50,587,057
5.36%
1998
$
1,499,418
$
1,251,809
$
2,751,227
$
54,730,423
5.03%
1999
$
2,019,976
$
1,252,437
$
3,272,413
$
53,062,269
6.17%
2000
$
2,121,025
$
1,160,537
$
3,281,562
$
55,336,529
5.93%
2001
$
1,901,447
$
981,680
$
2,883,127
$
57,093,785
5.05%
2002
$
1,714,269
$
1,242,740
$
2,957,009
$
60,071,882
4.92%
2003
$
1,417,042
$
1,754,502
$
3,171,544
$
62,292,312
5.09%
2004
$
1,477,579
$
1,708,808
$
3,186,387
$
65,987,604
4.83%
(a) Principal and Interest are based on total GO Bond debt payments.
(b) General Government Expenditures include General, Special Revenue, and Debt Service Funds
Other Financing Uses and Residual Equity Transfers are not included.
Source: City of Renton Finance Department
7-10 Statistical Section
2004 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 8: REVENUE BOND COVERAGE FOR WATER AND SEWER, AND GOLF SYSTEM BONDS
LAST TEN FISCAL YEARS
(PAGE 1 of 1)
4.00
C 3.50
o R a00
v a 250
e t 200
i
r 150
a
9 ° 100
e 0.50
0.00
Water/Sewer Revenue Bond Debt Service Coverage
ss. s•. ss sss sss .��� .�r .��► .�u .���
FISCAL
YEAR
(a)
GROSS
REVENUE
OPERATING
EXPENSES
W/O DEPREC.
NET REVENUE
AVAILABLE FOR
DEBT SERVICE
3.73
AVERAGE ANNUAL
DEBT SERVICE
REQUIREMENTS
(b)
COVERAGE
COVERAGE
IS TO BE
AT LEAST
WATER AND SEWER REVENUE BONDS:
3.33
243 256
-63
250
261
1995
$
283
$
280
$
251
$
3,131,174
2.43
1.3
1996
$
22,842,549
$
14,750,009
$
8,092,540
$
3,173,846
2.55
1.3
1997
$
22,854,798
$
14,580,175
$
8,274,623
$
3,151,984
2.63
1.3
1998
$
23,126,374
$
14,877,435
$
8,248,939
$
3,155,670
2.61
1.3
1999
$
23,861,159
$
16,407,442
$
7,453,717
$
2,658,909
2.80
1.3
2000
$
25,541,809
$
15,653,774
$
9,888,035
$
2,650,713
ss. s•. ss sss sss .��� .�r .��► .�u .���
FISCAL
YEAR
(a)
GROSS
REVENUE
OPERATING
EXPENSES
W/O DEPREC.
NET REVENUE
AVAILABLE FOR
DEBT SERVICE
AVERAGE ANNUAL
DEBT SERVICE
REQUIREMENTS
(b)
COVERAGE
COVERAGE
IS TO BE
AT LEAST
WATER AND SEWER REVENUE BONDS:
1995
$
20,781,235
$
13,187,048
$
7,594,187
$
3,131,174
2.43
1.3
1996
$
22,842,549
$
14,750,009
$
8,092,540
$
3,173,846
2.55
1.3
1997
$
22,854,798
$
14,580,175
$
8,274,623
$
3,151,984
2.63
1.3
1998
$
23,126,374
$
14,877,435
$
8,248,939
$
3,155,670
2.61
1.3
1999
$
23,861,159
$
16,407,442
$
7,453,717
$
2,658,909
2.80
1.3
2000
$
25,541,809
$
15,653,774
$
9,888,035
$
2,650,713
3.73
1.3
2001
$
23,508,826
$
16,051,720
$
7,457,106
$
2,638,201
2.83
1.3
2002
$
26,212,078
$
17,468,472
$
8,743,606
$
3,121,885
2.80
1.3
2003
$
25,934,120
$
16,990,519
$
8,943,601
$
2,685,530
3.33
1.3
2004
$
27,301,230
$
18,325,863
$
8,975,367
$
3,572,046
2.51
1.3
GOLF COURSE REVENUE BONDS (c):
1995
$
1,490,505
$
767,283
$
723,222
$
421,127
1.72
1.25
1996
$
2,078,745
$
1,076,030
$
1,002,715
$
431,521
2.32
1.25
1997
$
2,724,692
$
1,270,849
$
1,453,843
$
455,626
3.19
1.25
1998
$
2,432,929
$
1,355,669
$
1,077,260
$
455,742
2.36
1.25
1999
$
2,252,217
$
1,278,489
$
973,728
$
439,979
2.21
1.25
2000
$
2,328,044
$
1,320,681
$
1,007,363
$
440,164
2.29
1.25
2001
$
2,377,197
$
1,480,024
$
897,173
$
440,223
2.04
1.25
2002
$
2,279,361
$
1,415,674
$
863,687
$
440,585
1.96
1.25
2003
$
2,170,909
$
1,573,276
$
597,633
$
440,951
1.36
1.25
2004
$
2,198,597
$
1,460,445
$
738,152
$
440,927
1.67
1.25
(a) Gross revenue includes connection charges, system development charges, and latecomer fees.
(b) Bond financing requirements are that the average annual coverage is at least 1.3 times the average annual
debt service for Water and Sewer revenue bonds. The Golf System revenue bonds coverage requirement is at
least 1.25 times that of respective calendar year's annual debt service.
(c) 1999 Golf System Refunding Revenue Bonds were issued to refund the 1994 Golf System Revenue Bonds.
Source: City of Renton Finance Department.
Statistical Section 7-11
City of Renton, Washington 2004 Comprehensive Annual Financial Report
TABLE 9: CITY OF RENTON RETAIL SALES BY SOURCE
LAST FIVE FISCAL YEARS
(PAGE 1 of 1)
Other
Finance
Transportation/Utilities
Manufacturing
Wholesale
General Retailing
Construction
Services
Auto Dealers
Changing Sales Tax Composition
(2000 vs 2004)
-1.84%
2000
0.12%
1.82%
2002
2003
2004
SOURCE
AMOUNT
0.63%
AMOUNT
-1.24
E-
1.32%IE
AMOUNT
%
AMOUNT
%
AMOUNT
%
Auto Dealers
$409,110,750
24.14%
$359,922,566
-3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00%
Source: City of Renton Finance Department
7-12 Statistical Section
2000
2001
2002
2003
2004
SOURCE
AMOUNT
%
AMOUNT
%
AMOUNT
%
AMOUNT
%
AMOUNT
%
Auto Dealers
$409,110,750
24.14%
$359,922,566
2120%
$407,773,923
24.30%
$425,443,217
24.12%
$422,933,200
22.82%
Services
184,010,624
10.86%
184,448,578
10.87%
195,854,385
11.67%
205,379,198
11.65%
178,284,389
9.62%
Construction
203,430,733
12.00%
233,809,887
13.77%
216,620,057
12.91%
249,573,851
14.15%
293,876,750
15.86%
General Retailing
568,751443
33.55%
598,500,227
35.26%
542,873,439
32.36%
543,020,313
30.79%
655,606,313
35.38%
Wholesale
183,977,330
1D.85%
170,882,622
10.07%
166,964,019
9.95%
192,359,603
1D.91D/o
163,609,530
8.83%
Manufacturing
25,251,464
1.49%
45,099,847
2.66%
36,139,653
2.15%
40,305,117
2.29%
39,350,437
2.12%
Transportation/Utilities
82,501187
4.87%
56,809,524
3.35%
70,092,150
4.18%
58,084,593
3.29%
56,131,968
3.03%
Finance
27,440,587
1.62%
37,543,871
2.210/6
30,167,799
180%
35,837,775
2.03%
29,736,622
1.60%
Other
10,546,942
0.62%
10,401,230
0.619/6
11,339,423
0.68%
13,635,965
0.77%
13,767,932
0.74%
TOTALS
$1,695,021,060
100.00%1
$1,697,418,352
EL02L/oL
$1,677,824,848
100.00%
$1,763,639,632
100.00%1
$1,853,297,141
X0.00%
Source: City of Renton Finance Department
7-12 Statistical Section
2004 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 10: 10 LARGEST TAXPAYERS BASED ON ASSESSED VALUATION
AND PRINCIPAL EMPLOYERS
(PAGE 1 of 1)
Source: Assessed Valuation: King County Department of Assessments. 2005 Taxroll Year.
Assessed Valuation for Largest Taxpayer: King County Department of Assessments,
Both real and personal property assessment where applicable.
Number of Employees: Estimated based upon City of Renton Business License Records and
individual inquiry where applicable.
Statistical Section 7-13
2004 REAL PROPERTY
PERCENT OF
ASSESSED
ASSESSED
TAXPAYER
TYPE OF BUSINESS
VALUATION
VALUATION
The Boeing Company
Aerospace & Computer Services
315,450,000
4.72%
PACCAR
Heavy Manufacturing
72,197,100
1.08%
Puget Sound Energy
Electric/Gas Utility
81,118,762
1.21%
Qwest
Telephone Utility
45,955,646
0.69%
AMB Property Corp
Commercial Property Owners
43,820,000
0.66%
Renton Properties LLC
Real Estate Developer
38,799,100
0.58%
Fred Meyer Stores
Retail-Miscellanious
25,401,500
0.38%
Avalon Bay Communities Inc
Apartment Building
26,396,000
0.39%
Walmart
Retail - Miscellanious
24,737,200
0.37%
Walton Renton Investors III
Commercial Property Owners
23,398,400
0.35%
Total Assessed Valuation - Largest Taxpayers
$ 697,273,708
10.43%
Total Assessed Valuation - Al Others
5,986,036,919
89.57%
Total Assessed Valuation
49.21%
$ 6,683,310,627
100.00%
Source: Assessed Valuation: King County Department of Assessments. 2005 Taxroll Year.
Assessed Valuation for Largest Taxpayer: King County Department of Assessments,
Both real and personal property assessment where applicable.
Number of Employees: Estimated based upon City of Renton Business License Records and
individual inquiry where applicable.
Statistical Section 7-13
2004
FULL TIME EQUIV.
PERCENT OF
PRINCIPAL EMPLOYERS
TYPE OF BUSINESS
EMPLOYEES
EMPLOYEES
The Boeing Company
Aerospace & Computer Services
10,448
29.35%
Valley Medical Center
Medical Services
1,630
4.58%
Renton School District
Public Education
1,350
3.79%
PACCAR
Heavy Manufacturing
1,370
3.85%
City of Renton
City Government
889
2.50%
Federal Aviation Administration
Federal Government
850
2.39%
Wal Mart
Retail - Miscellaneous
442
1.24%
ER Solutions
Loan Brokers
391
1.10%
IKEA
Retail - Miscellaneous
355
1.00%
Fry's Electronics
Retail - Miscellaneous
354
0.99%
Total Number of Employees-
Principal Employers
18,079
50.79%
Total Number of Employees -
Al Other Employers
17,519
49.21%
Total Employees Working Within Renton
35,598
100.00%
Source: Assessed Valuation: King County Department of Assessments. 2005 Taxroll Year.
Assessed Valuation for Largest Taxpayer: King County Department of Assessments,
Both real and personal property assessment where applicable.
Number of Employees: Estimated based upon City of Renton Business License Records and
individual inquiry where applicable.
Statistical Section 7-13
City of Renton, Washington 2004 Comprehensive Annual Financial Report
TABLE 11: CONSTRUCTION PERMITS
LAST TEN FISCAL YEARS
(PAGE 1 of 2)
Source: Construction permits and values-Cityof Renton Building Department.
Note: Starting September 1997, Combo Building Permits are being issued for newresidential construction. This combo permit combines
permits for building, electrical, mechanical, and plumbing.
7-14 Statistical Section
NEW CONSTRUCTION
ALLNEW
CONSTRUCTION
BUILDING
PERM ITS
OTHER
PERM ITS
PERM ITS
COMMERCIAL
M ULTI FAM ILY
SINGLE FAM ILY COM IM ULTUSINGLE
FISCAL
NO.OF
DOLLAR
NO.OF
DOLLAR
NO.OF
DOLLAR
NO.OF
DOLLAR
YEAR
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUATION
1995
29
$ 43,913,909
16
$ 7,051996
133
$ T7,464,456
1,1D0
$ 11,031,008
1,278
$
79,461369
1996
26
$ 38,474,779
27
$ 11207,074
192
$ 27,344,159
1,159
$ 6,684,931
1,404
$
83,710,943
1997
28
$ 56,368,747
73
$ 40,593,074
249
$ 37,453,977
1,639
$ 14,350,058
1,989
$
148,765,857
1998
34
$ 25,191,943
78
$ 36,411387
280
$ 37,017,381
892
$ 10,260,968
1,284
$
1D8,881679
1999
34
$ 32,900,792
32
$ 21972,362
175
$ 25,902,812
601
$ 6,863,519
842
$
87,639,485
2000
35
$ 28,312,674
36
$ 32,045,355
351
$ 53,657,095
699
$ 10,596,874
1,121
$
124,611998
2001
9
$ 3,717,968
15
$ 16,635,694
376
$ 57,526,127
474
$ 5,301,519
874
$
83,181308
2002
46
$ 31,113,577
26
$ 10,004,782
475
$ 78,906,931
339
$ 5,068,547
886
$
125,093,837
2003
16
$ 14,065,511
1
$ 8,741532
564
$ 11B,932,283
546
$ 7,084,420
1,127
$
148,823,745
2004
1 33
$ 34,470,168
1 16
$ 6,348,156
1 505
$ 1D1,123,404
1 390
$ 5,377,325
1 944
$
147,319,073
Source: Construction permits and values-Cityof Renton Building Department.
Note: Starting September 1997, Combo Building Permits are being issued for newresidential construction. This combo permit combines
permits for building, electrical, mechanical, and plumbing.
7-14 Statistical Section
2004 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 11: CONSTRUCTION PERMITS
LAST TEN FISCAL YEARS
(PAGE 2 of 2)
Ten Year Total Construction Permit Valuation Trend
$270
237.4 226.1 228.0
$240 239.2
$21D 194.3 179.5
$180
$150 121.3
$120
$90 133.5 131.9 128.1
$60
$30
$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Statistical Section 7-I5
ADDITIONAL/ALTERATION
CONSTRUCTION
ALLALTERATION
TOTAL
CONSTRUCTION
ALL
BUILDINGPERMITS
OTHER
PERM ITS
PERM ITS
P E R M IT S
COMMERCIAL
M ULTI FAM ILY
SINGLE FAM ILY
COM /M ULTI/SINGLE
FISCAL
NO.OF
DOLLAR
NO.OF
DOLLAR
NO.OF
DOLLAR
NO.OF
DOLLAR
YEAR
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUATION
PERMITS VALUATION
1995
336
$ 23,760,983
12
$ 203,450
99
$ 1,856,162
1,618
$ 16,014,437
2,065
$ 41835,033
3,343
$ 121,296,402
1996
314
$ 33,112,674
31
$ 666,046
97
$ 1,679,484
1652
$ 14,336,769
2,094
$ 49,794,973
3,498
$ 133,505,916
1997
356
$ 64,142,868
11
$ 303,112
96
$ 1,418,804
1,891
$ 24,615,480
2,354
$ 90,480,264
4,343
$ 239,246,120
1998
317
$ 56,323,245
14
$ 3,819,252
1D1
$ 1,549,018
1,960
$ 23,704,320
2,392
$ 85,395,835
3,676
$ 194,277,514
1999
277
$ 25,879,237
100
$ 537,329
146
$ 1889,443
1,761
$ 15,932,899
2,284
$ 44,238,909
3,126
$ 131,878,394
2000
31D
$ 77,340,658
58
$ 1,027,001
137
$ 2,985,809
1947
$ 31,477,806
2,452
$ 112,831274
3,573
$ 237,443,272
2001
247
$ 27,005,353
47
$ 1,159,050
115
$ 1752,068
1812
$ 14,989,741
2,221
$ 44,906,212
3,095
$ 128,087,520
2002
323
$ 28,886,876
66
$ 2,153,51D
152
$ 3,135,412
2,257
$ 20,232,427
2,798
$ 54,408,224
3,684
$ 179,502,062
2003
280
$ 44,417,357
37
$ 524,639
162
$ 3,766,242
2,083
$ 28,534,741
2,582
$ 77,242,977
3,709
$ 226,066,723
2004
1 320
$ 49,258,839
1 63
$ 1964,864
1 139
$ 3,377,016
1 2,314
$ 26,078,653
1 2,836
$ 80,679,371
3,780
$ 227,998,446
Statistical Section 7-I5
City of Renton, Washington
2004 Comprehensive Annual Financial Report
TABLE 12: DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(PAGE 1 of 1)
60.0
Ten Year Population Trends
SCHOOL
ENROLLMENT
53.8 54.9
50.0 44.9 45.2 45.9 46.3
40.0
NUMBER
EMPLOYED
55.4
UNEMPLOYMENT
RATE
1995
44,890
30.0
26,220
24,720
1,500
5.7%
1996
45,170
12,333
26,860
25,410
1,450
20.0
1997
45,920
12,277
28,190
27,150
1,040
3.7%
1998
46,270
12,532
10.0
28,010
980
3.4%
1999
47,620
12,500
29,537
28,513
1,024
3.5%
0.0
48,270
12,443
29,370
28,300
1,070
3.6%
2001
51,140
12,521
28,410
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
51.1
47.6 48.3
FISCAL
YEAR
POPULATION
SCHOOL
ENROLLMENT
LABOR
FORCE
NUMBER
EMPLOYED
NUMBER
UNEMPLOYED
UNEMPLOYMENT
RATE
1995
44,890
12,173
26,220
24,720
1,500
5.7%
1996
45,170
12,333
26,860
25,410
1,450
5.4%
1997
45,920
12,277
28,190
27,150
1,040
3.7%
1998
46,270
12,532
28,990
28,010
980
3.4%
1999
47,620
12,500
29,537
28,513
1,024
3.5%
2000
48,270
12,443
29,370
28,300
FISCAL
YEAR
POPULATION
SCHOOL
ENROLLMENT
LABOR
FORCE
NUMBER
EMPLOYED
NUMBER
UNEMPLOYED
UNEMPLOYMENT
RATE
1995
44,890
12,173
26,220
24,720
1,500
5.7%
1996
45,170
12,333
26,860
25,410
1,450
5.4%
1997
45,920
12,277
28,190
27,150
1,040
3.7%
1998
46,270
12,532
28,990
28,010
980
3.4%
1999
47,620
12,500
29,537
28,513
1,024
3.5%
2000
48,270
12,443
29,370
28,300
1,070
3.6%
2001
51,140
12,521
28,410
26,800
1,610
5.7%
2002
53,840
12,726
28,620
26,630
1,990
7.0%
2003
54,900
12,908
29,000
26,834
2,166
7.5%
2004
55,360
13,045
28,232
26,633
1,599
5.7%
Source: Population - State of Washinqton Office of Proqram Planninq and Fiscal Manaqement
School Enrollment - Renton School District 403
Unemployment Rate - Employment Security Department, Labor Market and Economic Analysis
Branch, Labor Market Information Center.
7-16 Statistical Section
2004 Comprehensive Annual Financial Report
TABLE 13: MISCELLANEOUS STATISTICS
DECEMBER 31, 2004
(PAGE 1 of 1)
WASHINGTON STATE
City of Renton, Washington
DATE OF INCORPORATION
September6, 1901
TRAFFIC SIGNALS
FORM OF GOVERNMENT
Mayor- Council
Number of Signalized Intersections
1D6
TYPE OF GOVERNM ENT
Non -Charter, Code City
LOCATION
11 Miles South of Seattle
STREETS
LAND AREA
17.2 Square M iles
M iles of Streets and alleys
213.67
RANK IN SIZE- STATE OF WASHINGTON
1D
RANK IN SIZE - KING COUNTY
5
UTILITY SERVICES
POPULATION (Official April, 2004)
55,360
Water:
2003 KC CERT OF ASSESSED VALUATION
Total Customers
15,159
forthe 2004 Tax Roll Year
$6,372,632,122
Total Gallons of Water Produced
2,794,516,000
CITY EM PLOYEES (Actual Full Time Equivalents/FTE)
699.1
Number of Fire Hydrants
3,274
M iles of Water M ain
291.1
ELECTION & VOTER REGISTRATION
N umber of P recincts
66
SanitarySewer:
Number of Registered Voters (2003)
34,623
Total Customers
14,432
FIRE PROTECTION
Storm Drainage:
Fire Rating (Washington Surveyand Rating Bureau)
3
Numberof Accounts
14,478
Number of Commissioned Fire Fighting Personnel
106
M iles of Storm Sewers
204.0
Number of Stations (includes Dist #25)
5
Total Fire Loss
1,322,659
LICENSE & PERM ITS
Number of Life Support Responses
6,428
Business Licenses
4,383.0
All Other Responses
2,556
Amusement Devices
138.0
Total Numberof Responses
8,984
Special Permits (Peddler)
14.0
Animal Licenses (Dog and Cat)
1,651.0
POLICE PROTECTION
Numberof Commissioned Police Personnel
89
AIRPORT
Numberof Calls for Services
64,317
Area in acres
157.21
Total Crimes Reported (Class I, II, III)
9,413
Feet of Asphaltic Concrete Runway
5,379
Traffic Accidents Investigated
1,850
Total Operations
96,337
All Other Traffic Violations
11,245
LIBRARY
PARKS & RECREATION
Libraries (Main and Highlands Branch)
2
Total Acreage
1,180
Total Registered Borrowers
288,205
Numberof Parks and Playgrounds
26
Total Circulation
512,059
Statistical Section 7-17
City of Renton, Washington 2004 Comprehensive Annual Financial Report
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7-I8 Statistical Section