HomeMy WebLinkAbout2005 CAFRCITY OF RENTON
2005
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Year Ended December 31, 2005
Michael E. Bailey, CPA, Administrator
Linda M. Parks, CPA, CGFM, Fiscal Services Director
Finance & Information Services
City of Renton
1055 South Grady Way
Renton, Washington 98055
(425) 430-6858
website: www.ci.renton.wa.us
ACKNOWLEDGEMENTS
Prepared by the Finance Division
of the Finance & Information Services Department
Finance & IS Administrator
Michael E. Bailey, CPA
Fiscal Services Director
Linda M. Parks, CPA, CGFM
Accounting Staff
Linda Dixon, Finance Analyst III
Norma Kuhn, Accounting Assistant IV
David Lemenager, Accounting Assistant III
Jill Masunaga, Finance Analyst III
Bang Parkinson, Finance Analyst Supervisor
Tracy Schuld, Accounting Supervisor
Vidya Vinod, Finance Analyst I
Nancy Violante, Grant Accountant
Cindy Zinck, Finance Analyst Supervisor
Administrative Secretary II
DeAnna Fricke
Form/Graphic Technician
Beth Haglund
Print & Mail Coordinator
Karl Hurst
TABLE OF CONTENTS
DECEMBER 31, 2005
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
Independent Auditor'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 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 Government 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
Statement of Cash Flows..................................................................................................
4-12
Fiduciary Fund Statements:
Statement of Fiduciary Net Assets...................................................................................
4-14
Statement of Changes in Fiduciary Net Assets................................................................
4-15
Notes to Financial Statements:
Note 1: Significant Accounting Policies.............................................................................
4-17
Note 2: Compliance and Accountability.............................................................................
4-26
Note 3: Deposits and Investments.......................................................................................
4-29
Note4: Property Taxes........................................................................................................
4-31
Note 5: Capital Assets and Depreciation............................................................................
4-32
Note6: Pensions..................................................................................................................
4-35
Note 7: Other Post Employment Benefits...........................................................................
4-41
Note8: Contingencies.........................................................................................................
4-42
Note9: Risk Management...................................................................................................
4-42
Note 10: Interfund Transactions............................................................................................
4-45
Note11: Net Assets...............................................................................................................
4-47
Note 12: Prior Year Restatements.........................................................................................
4-48
Note 13: Short Term Debt.....................................................................................................
4-48
Note14: Long Term Debt.....................................................................................................
4-48
Note 15: Deferred Charges in Proprietary Funds..................................................................
4-52
Note 16: Segment Information..............................................................................................
4-52
Note17: Joint Ventures.........................................................................................................
4-52
Note 18: Subsequent Events..................................................................................................
4-53
TABLE OF CONTENTS
DECEMBER 31, 2005
ITEM PAGE
Required Supplemental Information Other than MD&A
Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget to Actual
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 ......................................
6-39
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets,
Non -Major Enterprise Funds............................................................................................
6-41
Statement of Cash Flows, Non -Major Enterprise Funds ........................................................
6-42
Combining Statement of Net Assets, Internal Service Funds ................................................
6-44
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets,
InternalService Funds......................................................................................................
6-46
Combining Statement of Cash Flows, Internal Service Funds ...............................................
6-47
Statement of Changes in Assets and Liabilities Agency Fund — Special Deposit .................
6-49
Statistical Section
Statistical Section Description.................................................................................................
7-1
Table 1: Net Assets by Component........................................................................................
7-3
Table 2: Changes in Net Assets..............................................................................................
7-4
Table 3: Fund Balance of Government Funds........................................................................
7-6
Table 4: Changes in Fund Balances of Government Funds ...................................................
7-8
Table 5: General Government Tax Revenue by Source .......................................................
7-10
Table 6: Principal Property Tax Payers................................................................................
7-11
Table 7: Assessed Value and Estimated Actual Value of Taxable Property ........................
7-12
Table 8: Property Tax Rates Direct and Overlapping Governments ....................................
7-14
Table 9: Property Tax Levies & Collections........................................................................
7-16
Table 10: Sales Tax Collections by Sector.............................................................................
7-18
Table 11: Ratios of Outstanding Debt by Type......................................................................
7-20
Table 12: Legal Debt Margin Information.............................................................................
7-22
Table 13: Ratios of General Bonded Debt Outstanding.........................................................
7-24
Table 14: Direct and Overlapping Governmental Activities Debt .........................................
7-25
Table 15: Revenue Bond Coverage for Water and Sewer and Golf System Bonds ...............
7-26
Table 16: Demographic and Economic Statistics...................................................................
7-27
Table 17: Principal Employers...............................................................................................
7-28
Table 18: Full Time Equivalent City Government Employees by Function ..........................
7-29
Table 19: Operating Indicators by Function...........................................................................
7-31
Table 20: Capital Assets Statistics by Function.....................................................................
7-33
iv
June 16, 2006
Honorable Kathy Keolker, Mayor
Members of the Renton City Council
Residents of Renton
City of Renton, Washington
RE: THE 2005 COMPREHENSIVE ANNUAL FINANCIAL REPORT
Dear Mayor Keolker, City Councilmembers, and Residents of Renton:
We are pleased to present the City's Comprehensive Annual Financial Report for the year ended
December 31, 2005. We publish this financial statement in conformity with generally accepted
accounting principles (GAAP). It has been audited in accordance with generally accepted
auditing standards by the Washington State Auditor's Office.
The report includes our own representations concerning the finances of the City of Renton.
Consequently, we assume 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, we have established a comprehensive internal control framework that is
designed both to protect the City of Renton's assets from loss, theft or misuse and to maintain
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 that to the best of our knowledge and belief that this financial report is
complete and reliable in all material aspects.
These financial statements have been audited by the Washington State Auditor's Office. The
goal of this independent audit was to provide reasonable assurance that the City's financial
statements for the fiscal year ended December 31, 2005, are free of material misstatements. The
independent audit involved examining, on a test basis, evidence supporting the amounts and
disclosures in our 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, 2005, are fairly presented in conformity with GAAP. The State Auditor's
report is included as the first component of the financial section of this report.
2005 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 City's internal controls and
compliance to legal requirements with special emphasis on internal controls and legal
requirements involving the administration of federal grant programs.
The City's Single Audit Report is issued separately and is available upon request or directly from
the Washington State Auditor. Another State mandate requires the Washington State Auditor's
Office to 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 upon request and from the Washington State Auditor. In 2003, the City
implemented the newly -mandated Governmental Financial Reporting Model, which is a
significant change from prior years. This 2005 report is the third year this report 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
17.85 square miles. We have over 1,158 acres of parks that includes 26 active parks. As
presented by the Washington State Office of Financial Management, our 2005 population was
56,840.
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
1-2 Introduction
2005 Comprehensive Annual Financial Report City of Renton, Washington
pay for the operational, capital, and long-term debt costs. The City has its own water rights and
does not purchase water from outside sources. 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 Renton residents a monthly fee for the cost of sewer treatment performed by King County.
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 short-term operational costs, an active capital maintenance
program, and annual debt service payments for the construction of the clubhouse and the driving
range.
One operation the City has, which is somewhat unusual for cities our size, is its 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. Much of the major capital projects are paid by fees or with Federal
Aviation Administration grants.
The City of Renton complies 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 budget. 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 Mayor Kathy Keolker's 2006 State of the City's address she highlighted:
Introduction 1-3
2005 Comprehensive Annual Financial Report
City of Renton, Washington
"This City has never seen greater development and a broader spectrum of housing
opportunities. For the past 8 years, new construction has brought us record increases in
the total assessed valuation of business and residential property. 2005 was another
record-breaking year, with $312 million of value added through new construction. That
easily surpasses the 2004 record year, when $280 million of new development was added
within the city limits. In fact, over the past ten years, Renton's total assessed value has
more that doubled.
While overall sales tax revenue increased only slightly, we saw double digit increases
from general retail, hospitality, and restaurants -all indicators of a strong economy -- and
our largest retailers continue to grow. IKEA has broken ground on its fifth expansion
since coming to Renton eleven years ago. This is the highest -grossing IKEA store in all
of North America. After the current expansion is completed this fall, it will be the largest
single -story IKEA on the planet."
"We're also having great success diversifying and attracting new jobs to our community.
The Federal Reserve Bank of San Francisco is now under construction with its new
Branch Headquarters on the former Longacres site. When this state-of-the-art facility
opens next year, it will employ about 100 people."
"... the Educational Service District of Puget Sound, which moved its headquarters and
almost 400 employees here from Burien last fall ... provides services to thirty-five
school districts in Pierce and King Counties as well as Bainbridge Island. Now a
thousand education professionals are coming here every week for their own continuing
education, and then taking new skills back into schools all around the Puget Sound area."
"Last year, Lou and Linda Yaseen ... who discovered the Dove Ice Cream Bar and
turned it into a national phenomenon" and launched "a brand new product from right here
in Renton -- one to rival their original sensation. After building a 45,000 -square foot
processing facility in the Valley, they are now shipping "Blisscotti" frozen treats to
supermarkets up and down the West Coast."
"Over the past year we've also welcomed 353 new small businesses to Renton,
everything from dentists and attorneys to florists and restaurants. These new entrants to
our business community not only broaden employment opportunities for our residents,
but add vibrancy to our business community."
"PACCAR has added 900 jobs over the past two years and is producing nearly 40
Kenworth trucks each day at its plant in Renton."
"The aerospace industry is alive and well in Renton with more than 1,000 new Boeing
jobs added in 2005. The City is now home to three of Boeing's six major business
units --Commercial Airplanes, Boeing Capital, and the Shared Services Group, which is
just now moving into state-of-the-art offices here.
1-4 Introduction
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Production at the Renton Plant is outpacing everything we've seen in years. Two hundred
and twelve Boeing 737s were assembled and took their maiden flights from Renton last
year. Just a few weeks ago, the City Council and I attended the dedication of the 5,000th
737."
"In 2007, Boeing will begin assembly of the U.S. Navy's new Multi -mission Maritime
Aircraft, while it continues to roll out over 1,000 more 737s already on contract. It's clear
that Boeing will be building planes at the Renton plant for years, if not decades, to
come."
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. In past years, the City's revenue and
expenditures have not always been properly aligned with the City having to balance the General
Governmental expenditures by using existing fund balances. The 2006 budget was balanced
with a slight increase to fund reserves. Among the many economic development initiatives the
City is undertaking, one major development under consideration, located on surplus property by
Boeing's Renton Plant, should generate significant new revenues for the City. 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 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 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 2008. In 2005, we negotiated
with the unions and settled the contracts for three-year terms. Stable labor costs will help the
City manage costs in future years.
Cash Management
The City has adopted an Investment Policy that states that the primary objectives of investment
management, in priority order, are safety, liquidity, and return on investment. The Investment
Policy reflects provisions in state statute and authorizes investments in obligations with: the US
Government or its agencies; banker's acceptances; certificates of deposit issued by public
Introduction 1-5
2005 Comprehensive Annual Financial Report City of Renton, Washington
depositories in the State of Washington; 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, which are invested primarily in US Treasury
strips. In 2005, the independent actuarial study estimates a net pension obligation of $624,959,
and is reported as a General Fund liability in the Government -wide Financial Statements.
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
Sedgwick CMS for cases that exceed $350,000. The City also purchases life and disability
insurance from various healthcare insurance providers.
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. Bang
Parkinson's and Nancy Violante's assistance were invaluable in this effort. Linda Dixon and
Vidya Vinod contributed significantly by preparing the statistical section and other elements of
this report. Other contributors included: Norma Kuhn, David Lemenager, Jill Masunaga, Tracy
Schuld, and Cindy Zinck. The actual production could not be accomplished without the
technical expertise of DeAnna Fricke, Beth Haglund, and Karl Hurst. 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.
Sincerely,
Michael E. Bailey, CPA
Finance & Information Services Administrator
1-6 Introduction
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, 2004
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.
Introduction 1-7
ATU
President
*'/ de-�PAWZ�'
Executive Director
Introduction 1-7
City Council
Terri Briere, President
Randy Carman, Dan Clawson,
Denis W. 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
Vacant, Director
Human Services
Karen Bergsvik, Manager
Library
Vacant, Director
Police
Garry Anderson, Chief
425-430-7503
Operations/Support
Kevin Milosevich, Deputy Chief
Patrol Operations
Patrol Services
Investigations
Administrative
Services
Staff Services
LF
Auxiliary Services
Renton Citizens
Mayor
Kathy Keolker
425-430-6500
Chief Administrative Officer
Jay Covington
425-430-6500
Muncipal Court Judge
Terry Jurado
425-430-6550
Planning/Building/ Economic Development,
Public Works Neighborhoods, and
Gregg Zimmerman, Strategic Planning
Administrator Alex Pietsch, Administrator
425-430-7394 425-430-6580
Development Services
Neil Watts, Director
Human Resources
ic Development
f'CBtnWolters,Director
and Risk Management
425-430-7501
Michael Webby, Administrator
Maintenance Services
Michael Stenhouse, Director
425-430-7650
Neighborhoods
Art Larson, Deputy Fire Chief
Human Resources
Transportation Systems
Sandra Meyer, Director
Civil Service Commission
Strategic Planning
Risk Management
Support Services
Utility Systems
Lys Hornsby, Director
Fire
Human Resources
A. Lee Wheeler, Chief
and Risk Management
425-430-7501
Michael Webby, Administrator
425-430-7650
Operations
Art Larson, Deputy Fire Chief
Human Resources
Emergency Response
Civil Service Commission
Administration/
Risk Management
Support Services
Larry Rude,
Deputy Fire Chief
Prevention Bureau
Training
Disaster
Management
City of Renton 2005 Corporate Organization Structure
Administrative, Judicial,
and Legal Services
425-430-6500
Mayor's Office
Linda Herzog, Interim
Assistant to the 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 Bailey, Administrator
425-430-6858
Finance
Linda Parks, Director
Information Services
Print and Mail
Operations
D
Washington State Auditor
Brian Sonntag
INOEPENOENT AUDITOR'S REPORT
June l6, 2006
Tha Honoeabla Mayor antl Clty Council
City of Renton
Renwn. wasnmgwn
we name apmfed mea mpanying fmanplal statements of me governmental activitlas, the business-rypa a vihea, eann motor
funC, antl th¢ aggregate remaining fund Information of the City Of Renwn, King County, Washington, a of antltfor trio year entlad
December 3t, 2005, as listetl In [ha table of contents. These flnanclal stataman Gs a a lha rasponsiblllty of the Cny's management.
Our responsibili(y is to express Opinions On Ibase financal sla[am¢nts basatl On our autlit.
Wa contluttatl o autlit In a cortlanc¢ wifh auditing s[anrlarda generally a cep[etl in th¢ Unitetl States of America. TM1Ose
stantlartls req utre [not w¢ plan antl partortn [ha autlit [p obtain re noble a abeu[ whether [he flnanclal statements a
free of material missta(emenL An autlit IncluOes examining, o a test basis, ev tl¢ncecsupporting th¢ amounts antl tllsclosures In tris
flnenUal statements. An autlit also Inclutlas a ssing the a unGng principles usatl antl slgnlflcanl asOmatas made by
nagamanq a wall as evaluating lM1e overall flnanclal swtemenf presentation. Wa believe [hat our autlit provltles a reasonable
basis for our opinion.
Ino opinion, the flnanclal statements r¢f¢natl to above pres¢nt fairly, In all mawtlal respects, tM1e r¢sp¢e[iva financial position of
[M1a governmental activltles. [n¢ business -type activities, eacn major funtl, antl Ne aggregate remaining fund information of the Clty
of Banton, King County. Wasningwn. a of Uecemb¢r 31. 2005. antl [ha respective changes In financial poshion antl cash Howa,
where applicable, thereof. tar tris y¢ar In¢n antletl, in conformity with accounting Principles generally acceptetl In [M1a Unitetl Sfalas
Of AmenGa-
Tn¢ m nagemenl's discussion antl analysts on pages 3-'I through 3-t6 and bUrlgatary comparison Information on pages 5-1
IM1reugn 5-2 a not a requtratl part o} Me basic flnanclal s[atam¢nIs but a supplementary Infomtatlon regUbatl by tris
GOvemman[al Accoun[Ing Standartls Board. We have appltetl rzrtaln limltatl procatlures, which c naistatl principally Of Inquiries of
nagemant regartling the meMotls of measufem¢n[ antl presentation of [he requVatl supplementary Information. HOWavar, wa tllrl
no[ audit [ha InfortnatlOn and axpresa no opinion on IL
Our audit was perfonn¢d for tM1e purpose 01 wrtning opinions on the fnan Ual statements trial collectively comprise Iha CI[y's basic
flnanclal statements. Tne a mpanying Information Ilstatl a mbining Flnan Ual stat¢men[s and supplemental Infortna[ion o
pages 6-1 [nreugh 6-50 is prasen[etl for purposes of atltllHOnal analysts and is no[ a r¢qulretl part of tri¢ basic financial statements.
This Informa[IOn nos be¢n subjectatl to audl[Ing proceOures applletl In trio audit of we basic financial staf¢men[s and, In Ow opinion.
Is fairly stated, in all material respacffi, In relation to lha basic flnenUal statements taken as a wnol¢.
Tna Infortnatlon ItlanHfiatl In the table of contents as tri¢ introductory and SfaHs[ital Sections is presanlatl for purpOsaa of adtll[ional
clysis and Is no[ a requlretl part of [he basic financial statem¢nts oT Ina City. Such Inwrmation M1as not bean subjectatl to trio
audl[Ing procedures applied In tri¢ audit of trio basic financial stafaments anQ accortlinglY. we express n0 Opinion On It.
Si�nc/e/re/l/yy///)`/_^�/.L
BRIAN SONNTAG, CG/FM
STATE AUDITOR
nl�ln P� � Ic.v a uJl - ilv uPi �. \\...Iv n u_ n i r.ra ni_ .nu�� I1)lo I<u'I.�♦ µnnl hi._rtinM icy
<' I�..iu.uu. IL - �I 1\ I ..ui v..u�..ln. W I vv .v o.. n.. .v.i.im
2005 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, 2005. 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 2005
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.
FINANCIAL INFORMATION
This is the third year the City prepared its financial records in accordance to what is known as
Government Accounting Standards Board 34 (GASB 34). This method of accounting requires a full
accounting of all infrastructure reporting. This is the second 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 Analysis 3-1
2005 Comprehensive Annual Financial Report City of Renton, Washington
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, 2005, exceeded liabilities by over $458 million.
• As of December 31, 2005, the City's Governmental Activities reported net assets of $261
million. Of this total, $29 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 $203 million of the $261 million in Governmental
Activities net assets.
• The business type activities have total net assets of $197 million. Eighty-seven (87%)
percent of this total, $172 million, represents the City's investments in capital assets. An
unrestricted balance of $22 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, 2005 was
$110 million. Of this amount, fifty-six percent (56%) or $62 million is dedicated to the
water works projects. Another $2 million is for outstanding bonds for Senior Housing.
These bonds have a special taxing authority. The Golf Course has $4.4 million outstanding
in debt service. The balance of $42 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 2005. This is the third 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 Analysis
2005 Comprehensive Annual Financial Report
Figure 1
REQUIRED COMPONENTS OF THE
ANNUAL FINANCIAL REPORT
b7z.o Required Suppletnentaty
-
°' � " Information
o g o {other than MD&A)
� e
City of Renton, Washington
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, has been changed from the previous year.
During 2005 the City implemented GASB Statement No. 44 Economic Condition Reporting: The
Statistical Section — an amendment of NCGA Statement 1 and Concept Statement No. 3
Communication Methods in General Purpose External Financial Reports That Contain Basic
Financial Statements. 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 (referred
to as "business -type activities"). The governmental activities of the City include a full range of
Management's Discussion and Analysis 3-3
Management Discussion
and Analysis
{required supplementary information)
(new)
Government -wide Financial Statements (new)
G r
Fund Financial Statements (refocused)
Notes to the Financial Statements
(expanded/restructured)
b7z.o Required Suppletnentaty
-
°' � " Information
o g o {other than MD&A)
� e
City of Renton, Washington
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, has been changed from the previous year.
During 2005 the City implemented GASB Statement No. 44 Economic Condition Reporting: The
Statistical Section — an amendment of NCGA Statement 1 and Concept Statement No. 3
Communication Methods in General Purpose External Financial Reports That Contain Basic
Financial Statements. 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 (referred
to as "business -type activities"). The governmental activities of the City include a full range of
Management's Discussion and Analysis 3-3
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
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
3-4 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report
City of Renton, Washington
• 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.
Proprietary Funds
These types of funds consist of two types of funds: 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
Management's Discussion and Analysis 3-5
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
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 2004 to 2005 shows an increase in total net assets of $26 million.
3-6 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Table 1 is a condensed version of the Government -wide Statement of Net Assets.
Table 1
NET ASSETS
Current and other assets
$64,232,646
Total
Total
Governmental Governmental Business -type
Business -type
Primary
Primary
Activities Activities Activities
Activities
Government
Government
2004 2005 2004
2005
2004
2005
Current and other assets
$64,232,646
$69,083,752
$25,916,524
$27,021,623
$90,149,170
$96,105,375
Capital Assets (net of
qac
N
N
accumulated depreciation)
221,791,984
234,312,957
209,955,684
219,207,529
431,747,668
453,520,486
TOTAL ASSETS
$286,024,630
$303,396,709
$235,872,208
$246,229,152
$521,896,838
$549,625,861
Long term liabilities
35,136,799
34,448,776
46,390,483
47,794,739
81,527,282
82,243,515
Other liabilities
8,399,185
7,799,762
422,333
1,509,414
8,821,518
9,309,176
TOTAL LIABILITIES
$43,535,984
$42,248,538
$46,812,816
$49,304,153
$90,348,800
$91,552,691
NET ASSETS
Invested in capital assets,
net of related debt 195,282,055 203,297,293 163,891,546 171,827,746 359,173,601 375,125,039
Restricted 21,460,395 28,578,305 3,555,690 3,555,690 25,016,085 32,133,995
Unrestricted 25,746,196 29,272,573 21,612,156 21,541,563 47,358,352 50,814,136
TOTAL NET ASSETS $242,488,646 $261,148,171 $189,059,392 $196,924,999 $431,548,038 $458,073,170
The majority of the City's net assets (82%) 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 net of related debt increased from 2004 to 2005 by $16 million. In
2005, no bonds were issued; therefore, the long-term liabilities of the City decreased in the amount
of principal payments made.
$525,000,000
$450,000,000
$375,000,000
$300,000,000
$225,000,000
$150,000,000
$75,000,000
$0 I—
■ Unrestricted
■ Restricted
■ Invested in capital assets
Chart 1
CATEGORIES OF NET ASSETS
Management's Discussion and Analysis 3-7
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Management's Discussion and Analysis 3-7
2005 Comprehensive Annual Financial Report City of Renton, Washington
Restricted assets, representing resources that are subject to external restrictions on how they may be
used, equate to seven percent (7%) of total net assets, up from six percent in 2005. The remaining
balance (unrestricted net assets) of $50.8 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 2004
and 2005.
As of December 31, 2005, 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 changes in accounting principles)
increased in 2005 by $26.5 million. Governmental Activities generated seventy percent (70%) of
this total or $18.6 million, while business -type activities generated $7.9 million of this total.
The chart below (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 2005 Annual Report.
Busine
Sales Taxes
13%
Property
Taxes
16%
Chart 2
2005 TOTAL REVENUES BY SOURCE
Interest/Investment
earnings
Excise Taxes 1 %
Grants/Contribution Operating Grants &
4% Contributions
4%
Charges for Services
49%
3-8 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report City of Renton, Washington
Table 2
CHANGE OF NET ASSETS
Total Primary Total Primary
Governmental Governmental Business -Type Business -Type Government Government
Activities 2004 Activities 2005 Activities 2004 Activities 2005 2004 2005
Revenues
22,144,567
21,137,856
22,144,567
21,137,856
Program Revenues:
1,340,655
1,380,816
1,340,655
1,380,816
Charges for Services
$25,809,160
$27,101,167
$38,917,114
$40,029,830
$64,726,274
$67,130,997
Operating Grants & Contributions
6,213,791
4,979,601
112,616
196,974
$6,326,407
$5,176,575
Capital Grants & Contributions
1,745,718
1,227,503
6,583,241
5,101,699
$8,328,959
$6,329,202
General Revenues:
5,519,929
5,899,796
5,519,929
5,899,796
Property Taxes
19,578,390
21,523,818
$19,578,390
$21,523,818
Sales Taxes
18,281,949
18,910,823
$18,281,949
$18,910,823
Business Taxes
9,957,129
10,643,068
$9,957,129
$10,643,068
Other Taxes
6,751,264
6,938,265
$6,751,264
$6,938,265
Penalties and Interest
6,048
49
23,347,678
25,884,227
$6,048
$49
Interest and Investment earnings
1,291,669
1,449,001
270,605
458,797
$1,562,274
$1,907,798
Miscellaneous
4,346,619
1,958,217
119,455
639,646
$4,466,074
$2,597,863
TOTAL REVENUES
$93,981,737
$94,731,512
$46,003,031
$46,426,946
$139,984,768
$141,158,458
Program Expenses
Governmental Activities
General Government Services
22,144,567
21,137,856
22,144,567
21,137,856
Judicial
1,340,655
1,380,816
1,340,655
1,380,816
Security of persons and property
28,647,443
29,496,791
28,647,443
29,496,791
Physical Environment
2,278,445
2,208,340
2,278,445
2,208,340
Transportation
6,797,356
4,183,880
6,797,356
4,183,880
Economic Environment
5,519,929
5,899,796
5,519,929
5,899,796
Mental and Physical Health
228,966
300,171
228,966
300,171
Culture and Recreation
10,303,074
9,744,692
10,303,074
9,744,692
Interest on Long -Term Debt
1,627,581
1,710,346
1,627,581
1,710,346
Business -type Activities
Water
23,347,678
25,884,227
23,347,678
25,884,227
Airport
936,305
1,226,810
936,305
1,226,810
Solid Waste
8,558,441
9,327,525
8,558,441
9,327,525
Golf
1,933,113
2,132,077
1,933,113
2,132,077
TOTAL EXPENSES
$78,888,016
$76,062,688
$34,775,537
$38,570,639
$113,663,553
$114,633,327
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
$15,093,751 $18,668,824 $11,227,494 $7,856,307 $26,321,215 $26,525,131
(10,304) (9,300) $10,304 $9,300 0 0
15,083,417 18,659,524 11,237,798 7,865,607 26,321,215 26,525,131
227,405,228 242,488,646 177,821,594 189,059,392 405,226,822 431,548,038
$242,488,645 $261,148,171 $189,059,392 $196,924,999 $431,548,038 $458,073,170
Over sixty-six percent (66%) of the City of Renton's total revenue 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.
Governmental Activities Analysis
Governmental activities cost a total of
$76 million in 2005, down $2.8 million
from 2004. Of this amount, $33 million
was paid for either by those who directly
benefited from the programs or by other
governments and organizations that
Chart 3
2005 COMPARISON OF TOTAL GOVERNMENTAL
vs. BUSINESS TYPE EXPENSES
Business Type
Activities
34%
Governmental
Activities
66%
Management's Discussion and Analysis 3-9
2005 Comprehensive Annual Financial Report
City of Renton, Washington
subsidized certain programs with grants and contribution. The net expense (total expenses less
program revenues) of $43 million was the cost of governmental services City taxpayers primarily
paid through various taxes.
Chart 4 on the following page 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).
$30,000,000
$25,500,000
$21,000,000
$16,500,000
$12,000,000
$7,500,000
$3,000,000
-$1,500,000
Chart 4
GOVERNMENTAL ACTIVITIES
PROGRAM REVENUES AND EXPENSES
2004 vs 2005
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The following Chart (Chart 5) depicts the sources of revenues that fund governmental activities.
Approximately sixty-one percent (61%) is from various taxes. Charges for services, grants, and
interest earnings generate thirty-seven percent (37%) of total revenue for general governmental
activities.
3-10 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report
Chart 5
GOVERNMENTAL ACTIVITIES
REVENUES BY SOURCE
Operating Grants Capital Grants
5% 1%
Charges for Services
32%
Miscellaneous
2%
Interest Earnings—/ / Business Taxes
1% I 11%
Excise Taxes
7%
City of Renton, Washington
Property Taxes
22%
Retail Sales Taxes
19%
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
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
Chart 6 ■ Expenses
BUSINESS TYPE ACTIVITIES
PROGRAM REVENUES AND EXPENSES ■ Revenues
2004 2005 2004 Airport 2005 Airport 2004 Solid 2005 Solid 2004 Golf 2005 Golf
Waterworks Waterworks Waste Waste Course Course
The Waterworks Utility had a positive net change of $7.4 million at the end of 2005 compared to
$10.2 million in 2004. Rates were increased for Water & Sewer in 2005. The City generated $32.4
million in various fees for services from waterworks activities above the $25.8 million in expenses.
Management's Discussion and Analysis 3-11
2005 Comprehensive Annual Financial Report
City of Renton, Washington
The Airport's total expenses were $1.2 million. Grant revenues for 2005 were $292,367 with total
revenues of $1.19 million.
The Solid Waste Utility's revenues were $9.5 million generated from fees for services and $188,156
in grants. The total expenses were $9.3 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 $2.1 million. Thus, the Golf Course
generated a slight net asset change of $33,336 for the year.
Business -type activities are supported
primarily from charges for services. In the
City of Renton, $40 million was generated
from charges for services in the business -type
activities. These comprise eighty-seven
percent (87%) of the total financial support
for these activities. Grants are lower in 2005
and 2004. The Airport received a significant
capital grant from the Federal Aviation
Administration for capital projects in 2003.
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
Chart 7
BUSINESS TYPE ACTIVITIES
REVENUES BY SOURCES
hiterest &
Grants Miscellaneous
"harges for
Services
87%
Governmental Funds Analysis
At year-end, the governmental funds reported a combined fund balance of $43 million (refer to the
Governmental Funds Balance Sheet on pages 4-5). This is $2.9 million more than the beginning of
the year balance of $40.1 million. As noted in the Government -wide Financial Statement, net assets
for governmental activities increased by $18.6 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.
The total Governmental Funds Balance of $43 million, $42.8 million is classified as unreserved. The
previously mentioned increase of $2.9 million in Governmental Funds fund balance was due to a
couple of different factors:
1. City departments under -expended their 2005 budget allocations
2. Some revenues exceeded our estimates. In particular, property taxes and permit fees were
higher than budgeted. In 2005, sales taxes increased three percent (3%) over 2004.
3. The permit fees and related charges for services (for development plan review) were higher
than 2004 by twelve percent (12%).
3-12 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report City of Renton, Washington
All Departments analyze and ensure they spend below their budgetary limits each year on the fund
level. Salaries and benefits comprise seventy-two percent (72%) 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 seventy-two percent
(72%) of the entire General Governmental funds, most of the savings in 2005 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 never 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, 2005, 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
1/1/2005 12/31/2005 1/1/2005 12/31/2005 1/1/2005 12/31/2005
Land
$75,345,723
$81,997,215
$6,976,321
$6,976,321
$82,322,044
$88,973,536
Construction in Progress
9,979,042
15,819,455
10,367,654
2,512,285
$20,346,696
$18,331,740
Bldgs and Structures
57,390,924
55,442,027
11,426,408
11,467,501
$68,817,332
$66,909,528
Other Improvements
69,814,604
70,441,585
180,187,544
197,274,995
$250,002,148
$267,716,580
Machinery and Equipment
9,261,691
10,612,674
997,756
976,424
10,259,447
11,589,098
$221,791,984
$234,312,956
1209,955,683
5219207,526
$431,747,667
$453,520,482
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
beginning in 2003. The final phase of infrastructure was completed in 2004. General government
infrastructure includes streets, bridges, overlays and traffic controls. More detail about the City's
Capital Assets can be found in Note 5 to the financial statements.
Debt Administration
As shown in Table 4, the City's total outstanding debt at December 31, 2005, was $76.7 million.
This was a net increase (new issues less principal payments and refundings) of $33,912.
Management's Discussion and Analysis 3-13
2005 Comprehensive Annual Financial Report
Table 4
OUTSTANDING DEBT
City ofRenton, Washington
General Activities Business Type Activities Total Activities
1/1/2005 12/31/2005 1/1/2005 12/31/2005 1/1/2005 12/31/2005
General Obligation Bonds $30,629,403 $29,107,664 $30,629,403 $29,107,664
Revenue Debt $37,680,000 $35,790,000 37,680,000 35,790,000
Other Long Tenn Debt 8,384,138 11,589,789 8,384,138 11,589,789
30.629.403 &76A8=7.453
The City did not issue any new bonds in 2005. A Public Works Trust Fund Loan was received in
the amount of $3,862,500 to finance improvements to the water treatment system.
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 continues to benefit from progressive economic development activities started some years
ago. With the improving regional and national economies, the City's past efforts positioned it well
to take advantage of development opportunities. As part of these efforts, the City has developed
and acted on an economic plan that is "bold and aggressive." This preplanning has also positioned
the City to guide the type of development to that which it believes will serve the City best over the
long-term.
The strategy has been highly successful in helping the City's tax base to continue to grow. Over
$300 million in new construction development was added to the assessed value of the City in 2005.
This helped the City's property tax increase reach five percent (5%) with only a one -percent growth
coming from the existing property values.
Another example of this is the anticipated development of what was formerly The Boeing 757 site.
When production of this model discontinued, the City worked with Boeing to shape the future land
uses for the site. A major mixed-use development of 46 acres. This development is anticipated to
include 600,000 square feet of retail space, a theater, restaurants, open space, 900 residential units
and other amenities. This project is anticipated to add $300 million in new value to the tax base in
Phase 1 alone, along with annual retail sales of $220 million.
That is not to say that The Boeing Company does not continue to be a significant part of this
community. The ten -thousand employees of Boeing who work in Renton will continue to build the
Boeing 737 model airplane for years into the future.
The State's basic financial structure for city government creates a challenge to continue to produce
the necessary revenues to meet rising operational and capital expenses. The financial dilemma is the
result of past policy decisions by the State Legislature and 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
3-14 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report City of Renton, Washington
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
would have more significantly affected the levels of service if not for the City's progressive
economic development efforts.
Although the City's new fiscal environment may prove to be challenging, there are many positive
signs in our City's future.
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 Linda Parks, Fiscal Services Director, City of Renton,
Finance & IS Department, 1055 South Grady Way, Renton, WA 98055 or visit our web site at
www.ci.renton.wa.us.
Management's Discussion and Analysis 3-15
2005 Comprehensive Annual Financial Report City of Renton, Washington
This page is intentionally left blank.
3-16 Management's Discussion and Analysis
2005 Comprehensive Annual Financial Report
ASSETS
Cash and cash equivalents
Investments
Receivables (net of allowance
for uncollectibles)
Internal balances
Inventories
Prepayments
Other non-current assets
Restricted assets:
Cash and cash equivalents
Investments
Land
Construction in Progress
Capital assets (net of accumulated
depreciation)
Total assets
LIABILITIES
Accounts payable and
other liabilities
Interest payable
Unearned revenue
Non-current liabilities:
Due within one year
Due in more than one year
Total liabilities
NET ASSETS
Investment in capital assets,
net of related debt
Restricted for:
Promotional Programs
Construction projects
Debt service
Unrestricted
Total net assets
City of Renton, Washington
STATEMENT OF NET ASSETS
December 31, 2005
$ 7,499,559
PRIMARY GOVERNMENT
1,296,834
GOVERNMENTAL
BUSINESS -TYPE
185,085
ACTIVITIES
ACTIVITIES
TOTAL
$ 31,603,968
$ 11,521,539 $
43,125,507
24,563,479
3,859,800
28,423,279
8,842,484
6,800,196
15,642,680
(3,729)
3,729
30,389,098
354,613
354,613
103,116
-
103,116
3,974,434
926,056
4,900,490
1,155,690
1,155, 690
$
2,400,000
2,400,000
81,997,214
6,976,320
88,973,534
15,819,455
2,512,285
18,331,740
136,496,288
209,718,924
346,215,212
$ 303,396,709
$ 246,229,152 $
549,625,861
$ 7,499,559
$
1,296,834
$
8,796,393
185,085
5,063
190,148
115,118
207,517
322,635
4,059,678
3,071,945
7,131,623
30,389,098
44,722,794
75,111,892
$ 42,248,538
$
49,304,153
$
91,552,691
$ 203,297,293
$
171,827,746
$
375,125,039
486,359
-
486,359
28,091,946
-
28,091,946
3,555,690
3,555,690
29,272,573
21,541,563
50,814,136
$ 261,148,171
$
196,924,999
$
458,073,170
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-1
2005 Comprehensive Annual Financial Report
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2005
Page 1 of 2
City of Renton, Washington
Business -type activities
Waterworks utility
$ 25,884,227 $
27,569,448 $
PROGRAM REVENUES
4,809,332
Airport
1,226,810
901,603
OPERATING
292,367
Solid waste utility
9,327,525
CHARGES FOR
GRANTS AND
CAPITAL GRANT
FUNCTIONS/PROGRAMS
EXPENSES
SERVICES
CONTRIBUTIONS
& CONTRIBUTIONS
Primary government:
$ 38,570,639 $
40,029,830 $
196,974 $
5,101,699
Governmental activities:
$ 114,633,327 $
67,130,997 $
5,176,575 $
6,329,202
General government
$ 21,137,856
$ 17,525,244
$ 4,141,762 $
52,309
Judicial
1,380,816
697,883
-
-
Security of persons and property
29,496,791
247,235
602,381
Physical environment
2,208,340
894,750
-
-
Transportation
4,183,880
1,660,698
-
1,054,992
Economic environment
5,899,796
4,516,899
108,947
55,202
Mental and physical health
300,171
-
94,103
15,000
Culture and recreation
9,744,692
1,558,458
32,408
50,000
Interest on long-term debt
1,710,346
-
-
-
Total governmental activities
$ 76,062,688
$ 27,101,167
$ 4,979,601 $
1,227,503
Business -type activities
Waterworks utility
$ 25,884,227 $
27,569,448 $
8,818 $
4,809,332
Airport
1,226,810
901,603
-
292,367
Solid waste utility
9,327,525
9,393,366
188,156
-
Golf course
2,132,077
2,165,413
-
-
Total business -type activities
$ 38,570,639 $
40,029,830 $
196,974 $
5,101,699
Total primary government
$ 114,633,327 $
67,130,997 $
5,176,575 $
6,329,202
General revenues:
Taxes:
Property taxes
Timber 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
Net assets - ending
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-2
2005 Comprehensive Annual Financial Report
Page 2 of 2
NET (EXPENSE) REVENUE AND
CHANGES IN NET ASSETS
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS -TYPE
ACTIVITIES ACTIVITIES TOTAL
$ 581,459
$ 581,459
(682,933)
(682,933)
(28,647,175)
(28,647,175)
(1,313,590)
(1,313,590)
(1,468,190)
(1,468,190)
(1,218,748)
(1,218,748)
(191,068)
(191,068)
(8,103,826)
(8,103,826)
(1,710,346)
(1,710,346)
$ (42,754,417)
$ (42,754,417)
$ 6,503,371
$ 6,503,371
(32,840)
(32,840)
253,997
253,997
33,336
33,336
$ 6,757,864
$ 6,757,864
$ (42,754,417)
$ 6,757,864
$ (35,996,553)
$ 21,523,818
$
$ 21,523,818
18,910,823
18,910,823
10,643,068
10,643,068
6,938,265
6,938,265
49
49
1,449,001
458,797
1,907,798
1,958,217
639,646
2,597,863
(9,300)
9,300
-
$ 61,413,941
$ 1,107,743
$ 62,521,684
$ 18,659,525
$ 7,865,607
$ 26,525,132
$ 242,488,646
$ 189,059,392
$ 431,548,038
$ 261,148,171
$ 196,924,999
$ 458,073,170
City of Renton, Washington
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-3
2005 Comprehensive Annual Financial Report
ASSETS
Cash & cash equivalents
Investments
Receivables (net of allowances)
Taxes
Customer accounts
Accrued interest & penalty
Interfund loans receivable
Due from other funds
Due from other governmental units
Prepayments
Restricted assets:
Advances due from other funds
TOTAL ASSETS
City of Renton, Washington
BALANCE SHEET
GOVERNMENTALFUNDS
December 31, 2005
Page 1 of 2
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-4
OTHER
TOTAL
GOVERNMENTAL
GOVERNMENTAL
GENERAL
PARKS
FUNDS
FUNDS
$ 4,650,346 $
974,901
$ 19,441,909
$ 25,067,156
3,000,000
-
12,428,350
15,428,350
847,713
326,852
725,227
1,899,792
1,197,038
34,806
49,451
1,281,295
69,793
-
371,241
441,034
-
67,500
67,500
4,346
-
51,458
55,804
3,752,141
5,503
1,166,075
4,923,719
8,000
-
-
8,000
-
-
240,000
240,000
$ 13,529,377 $
1,342,062
$ 34,541,211
$ 49,412,650
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-4
2005 Comprehensive Annual Financial Report
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
Taxes payable
Retainage payable
Due to other funds
Custodial accounts
Deposits
Deferred revenue
Accrued employee wages and leave payable
Interfund advances - non-current
Total liabilities
Fund balances
Reserved for:
Advances to other funds
Prepaid items
Unreserved, designated for:
General fund contingency
Special revenue funds contingency
Unreserved reported in:
General fund
Special revenue funds
Debt service funds
Capital project funds
Total fund balances
TOTAL LIABILITIES AND FUND BALANCES
City of Renton, Washington
BALANCE SHEET
GOVERNMENTALFUNDS
December 31, 2005
Page 2 of 2
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL
GENERAL PARKS FUNDS FUNDS
$ 573,726
$ 152,571
$ 651,279
$ 1,377,576
11,727
4,515
2,116
18,358
-
235,048
235,048
15,984
603
43,181
59,768
155,037
29,200
184,237
34,739
32,981
67,720
1,021,826
-
4,591
1,026,417
2,518,467
317,359
289,735
3,125,561
307,500
307,500
$ 4,331,506
$ 504,248
$ 1,566,431
$ 6,402,185
$ -
$ -
$ 240,000
$ 240,000
8,000
8,000
3,126, 084
3,126, 084
-
674,398
609,945
1,284,343
6,063,787
-
-
6,063,787
163,416
1,481, 933
1,645,349
-
2,752,445
2,752,445
27,890,457
27,890,457
$ 9,197,871
$ 837,814
$ 32,974,780
$ 43,010,465
$ 13,529,377
$ 1,342,062
$ 34,541,211
$ 49,412,650
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-5
2005 Comprehensive Annual Financial Report
RECONCILIATION OF THE BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
December 31, 2005
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 resource:
and therefore are not reported in the governmental funds
Capital assets (net) and other non-current assets,
$ 238,287,390
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
$ 911,299
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
$ (194,341)
Long-term liabilities
(33,798,173)
Internal service funds are used by management to charge the costs o'
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
$ 12,931,531
NET ASSETS OF GOVERNMENTAL ACTIVITIES
City of Renton, Washington
$ 43,010,465
$ 261,148,171
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-6
2005 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
December 31, 2005
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Special assessments
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
General government
Security of persons and property
Physical environment
Transportation
Economic environment
Mental & physical health
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)
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL
GENERAL PARKS FUNDS FUNDS
$ 38,346,842
$ 8,211,081 $
12,236,158 $
58,794,081
3,046,091
-
1,640,517
4,686,608
2,994,718
6,933
2,685,518
5,687,169
2,163,442
2,024,065
1,375,782
5,563,289
683,045
-
48,241
731,286
2,718,806
1,077,236
3,796,042
-
-
23,340
23,340
66,228
110,047
141,325
317,600
367,469
45,788
647,096
1,060,353
90,604
25,311
453,966
569,881
$ 50,477,245
$ 10,423,227-$
20,329,179 $
81,229,649
$ 11,541,778
$ 2,655,838 $
185,018 $
14,382,634
29,031,626
-
-
29,031,626
2,190,228
-
-
2,190,228
-
35
4,711,889
4,711,924
4,266,112
554,970
301,942
5,123,024
12,700
-
-
12,700
43,453
7,311,344
1,521,453
8,876,250
103,115
-
11,334,989
11,438,104
-
1,375,738
1,375,738
-
-
1,713,525
1,713,525
$ 47,189,012
$ 10,522,187 $
21,144,554 $
78,855,753
$ (98,962) $
2,373,896
$ 3,288,233
(815,375) $
$ -
$ - $
5,476,360 $
5,476,360
(2,881,916)
(84,787)
(2,476,957)
(5,443,660)
37,047
427,500
464,547
$ (2,844,869)
$ (84,787) $
3,426,903 $
497,247
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ 443,364 $ (183,749) $ 2,611,528 $ 2,871,143
FUND BALANCE JANUARY 1 8,754,507 1,021,563 30,363,252 40,139,322
FUND BALANCE DECEMBER 31 $ 9,197,871 $ 837,814 $ 32,974,780 $ 43,010,465
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-7
2005 Comprehensive Annual Financial Report
City of Renton, Washington
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, 2005
NET CHANGES IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 2,871,143
Amounts reported for governmental activities in the statement
of activities are different because:
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 $ 18,546,102
Less current year depreciation (6,356,272)
Repayment of long term debt is an expenditure in governmen-
tal funds, but the repayment reduces long-term liabilities
in the statement of net assets. Loan or bond proceeds
provide current financial resources to governmenta
funds, but the repayment reduces long-term liabilities
in the statement of net assets.
Principal payments $ 2,134,159
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 $ (413,987)
Internal service funds or activities are used by management tc
charge the costs of certain activities to individual funds.
The net (expense) of the internal service fund anc
internal balances reported with governmental activities $ 1,878,380
CHANGES IN NET ASSETS OF GOVERNMENTAL ACTIVITIES $ 18,659,525
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-8
2005 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2005
Page 1 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY SOLID WASTE FUNDS FUNDS FUNDS
ASSETS
Current assets:
Cash & cash equivalents
$
8,505,117 $
1,233,900 $
1,782,522 $
11,521,539 $
6,536,812
Investments at fair value
1,970,979
150,000
1,738,821
3,859,800
9,135,129
Receivables (net of allowances):
Customer accounts
5,004,956
1,029,341
198,064
6,232,361
21,506
Special assessments - current
28,124
-
28,124
Interest - investments
98,460
8,883
53,641
160,984
269,888
Due from other funds
115,389
-
115,389
1,476
Due from other governmental units
203,238
167,783
7,706
378,727
5,249
Inventory of materials and supplies
301,512
-
53,101
354,613
Prepayments
95,116
Total current assets
$
16,227,775 $
2,589,907 $
3,833,855 $
22,651,537 $
16,065,176
Noncurrent assets:
Restricted cash, cash equivalents and
Investments at fair value
$
3,114,332 $
$
441,358 $
3,555,690 $
Special assessments deferred
68,269
68,269
Capital assets (net)
200,918,126
5,252
18,284,151
219,207,529
4,627,696
Deferred charges and other assets
812,857
44,930
857,787
Total noncurrent assets
204,913,584
5,252
18,770,439
223,689,275
4,627,696
TOTAL ASSETS
$
221,141,359 $
2,595,159 $
22,604,294 $
246,340,812 $
20,692,872
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-9
2005 Comprehensive Annual Financial Report
LIABILITIES
Current liabilities:
Accounts payable
Retainage payable
Due to other funds
Accrued interest payable
Accrued employee wages and benefits payable
Accrued taxes payable
Custodial Accounts
Deferred revenue
Revenue bonds payable
Capital leases payable
Total current liabilities
Long-term liabilities:
Revenue bonds payable
Unamortized premium on revenue bonds
Unamortized discount on revenue bonds
Deferred amount on revenue bond refundinc
Accrued employee wages and benefits payable
Claims incurred but not reported
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
City of Renton, Washington
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2005
Page 2 of 2
BUSINESS -TYPE ACTIVITIES
330,261
ENTERPRISE FUNDS
GOVERNMENTAL
OTHER TOTAL
ACTIVITIES
WATERWORKS ENTERPRISE ENTERPRISE
INTERNAL SERVICE
UTILITY SOLID WASTE FUNDS FUNDS
FUNDS
$ 298,397 $
330,261
$ 108,861 $
737,519
$ 211,274
72,452
15,133
87,585
421,883
103,865
49
7,746
111,660
1,240
167,338
1,098
14,065
182,501
-
176,081
8,658
47,994
232,733
34,762
25,989
38,826
54,429
119,244
792
30,659
-
89,091
119,750
-
138,805
68,712
207,517
$ 1,680,000 $
$ 270,000 $
1,950,000
$
8,622
8,622
-
$ 2,693,586 $
378,892
$ 684,653 $
3,757,131
$ 669,951
$ 30,750,000 $
-
$ 3,090,000 $
33,840,000
$
533,445
533,445
(474,931)
(333,435)
(808,366)
97,482
97,482
344,139
5,621
65,196
414,956
37,861
2,425,833
11,581,165
11,581,165
$ 42,831,300 $
5,621
$ 2,821,761 $
45,658,682
$ 2,463,694
$ 45,524,886 $
384,513
$ 3,506,414 $
49,415,813
$ 3,133,645
$ 156,906,961 $
5,252
$ 14,915,529 $
171,827,742
$ 4,627,696
3,114,332
-
441,358
3,555,690
15,595,180
2,205,394
3,740,993
21,541,567
12,931,531
$ 175,616,473 $
2,210,646
$ 19,097,880 $
196,924,999
$ 17,559,227
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-10
2005 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, 2005
NON-OPERATING REVENUES(EXPENSES)
Intergovernmental Revenues
$
- $
BUSINESS -TYPE ACTIVITIES
$ 292,367 $
292,367 $
-
Interest revenues
ENTERPRISE
FUNDS
102,590
GOVERNMENTAL
388,649
Gain(loss) on sale of capital assets
-
OTHER
TOTAL
ACTIVITIES
(373,334)
Other non-operating revenues(expenses)
WATERWORKS
523,411
ENTERPRISE
ENTERPRISE
INTERNAL SERVICE
838,965
Interest expense
UTILITY
SOLID WASTE
FUNDS
FUNDS
FUNDS
OPERATING REVENUES:
Amortization of debt discount and expense
(159,508)
-
(35,000)
(194,508)
Charges for services
$
26,427,386 $
9,463,844 $
3,067,206 $
38,958,436 $
6,046,398
Interdepartmental services
INCOME (LOSS) BEFORE CONTRIBUTIONS
757,456
3,635
-
761,091
-
Other services
AND TRANSFERS
384,606
188,156
-
572,762
7,185,709
TOTAL OPERATING REVENUES
$
27,569,448 $
9,655,635 $
3,067,206 $
40,292,289 $
13,232,107
OPERATING EXPENSES:
Transfers in(out)
9,300
-
-
9,300
Operations and Maintenance
$
4,410,143 $
613,581 $
1,688,602 $
6,712,326 $
873,987
Benefit Payments
FUND BALANCE JANUARY 1
885,574
42,433
322,416
1,250,423
7,653,083
Professional Services
NET ASSETS, DECEMBER 31
78,469
7,554,809
67,363
7,700,641
269,167
Administrative and General
11,593,074
103,762
393,550
12,090,386
838,744
Insurance
87,900
-
25,300
113,200
1,720,401
Taxes
1,837,664
1,009,001
10,702
2,857,367
-
Depreciation
4,957,286
3,939
633,192
5,594,417
810,622
TOTAL OPERATING EXPENSES
$
23,850,110 $
9,327,525 $
3,141,125 $
36,318,760 $
12,166,004
OPERATING INCOME (LOSS)
$
3,719,338 $
328,110 $ (73,919) $
3,973,529 $
1,066,103
NON-OPERATING REVENUES(EXPENSES)
Intergovernmental Revenues
$
- $
-
$ 292,367 $
292,367 $
-
Interest revenues
319,912
36,308
102,590
458,810
388,649
Gain(loss) on sale of capital assets
-
-
500
500
(373,334)
Other non-operating revenues(expenses)
523,411
9,751
533,162
838,965
Interest expense
(1,874,618)
(182,762)
(2,057,380)
-
Amortization of debt discount and expense
(159,508)
-
(35,000)
(194,508)
-
NON-OPERATING REVENUE NET OF EXPENSE
$
(1,190,803) $
36,308
$ 187,446 $
(967,049) $
854,280
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
$
2,528,535 $
364,418
$ 113,527 $
3,006,480 $
1,920,383
Capital contributions
4,849,831
-
-
4,849,831
-
Transfers in(out)
9,300
-
-
9,300
(42,000)
CHANGE IN NET ASSETS
$
7,387,666 $
364,418
$ 113,527 $
7,865,611 $
1,878,383
FUND BALANCE JANUARY 1
$
168,228,807 $
1,846,228
$ 18,984,353 $
189,059,388 $
15,680,844
NET ASSETS, DECEMBER 31
$
175,616,473 $
2,210,646
$ 19,097,880 $
196,924,999 $
17,559,227
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-11
2005 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2005
Page 1 of 2
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
Other operating receipts
Other non-operating receipts
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets
Capital contributions
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
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY SOLID WASTE FUNDS FUNDS FUNDS
$ 26,397,957 $
9,397,151
$
2,971,346
$ 38,766,454 $
13,591,838
704,101
-
-
704,101
-
(18,089,398)
(8,942,714)
(2,151,842)
(29,183,954)
(1,432,269)
4,171,946
5,149
4,177,095
(865,728)
(37,302)
(332,696)
(1,235,726)
(7,758,187)
-
(364,418)
(364,418)
(1,412,752)
523,411
(172,511)
350,900
-
$ 12,842,289 $
52,717
$
319,446
$ 13,214,452 $
2,988,630
$ 9,300 $
-
$
292,367
$ 301,667 $
-
$ 9,300 $
$
292,367
$ 301,667 $
$ (14,239,976) $
$
(606,589)
$ (14,846,565) $
(1,183,765)
4,849,831
4,849,831
(2,519,143)
(270,000)
(2,789,143)
(1,893,777)
9,035
(1,884,742)
$ (13,803,065) $
$
(867,554)
$ (14,670,619) $
(1,183,765)
$ 2,156,812 $
$
$ 2,156,812 $
-
-
(16,410)
-
33,247
88,112
121,359
315,573
$ 2,156,812 $
33,247
$
88,112
$ 2,278,171 $
299,163
$ 1,205,336 $
85,964
$
(167,629)
$ 1,123,671 $
2,104,028
7,299,781
1,147,936
1,950,151
10,397,868
4,432,784
$ 8,505,117 $
1,233,900
$
1,782,522
$ 11,521,539 $
6,536,812
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-12
2005 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF CASH FLOWS
328,110
PROPRIETARY FUNDS
3,973,529 $
FOR THE YEAR ENDED DECEMBER 31, 2005
Page 2 of 2
BUSINESS -TYPE ACTIVITIES
3,939
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)
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
$ 3,719,338 $
328,110
$ (73,919) $
3,973,529 $
1,066,103
$ 4,957,286
3,939
633,192
5,594,417
810,622
523,411
-
(172,511)
350,900
465,631
(414,035)
(258,484)
(141,521)
(814,040)
359,731
(1,409)
(70,389)
(7,706)
(79,504)
(5,544)
15,131
-
(9,407)
5,724
(7,411)
(91,244)
43,781
62,706
15,243
395,159
4,120,000
5,149
4,125,149
(18,956)
629
15,427
(2,900)
2,032
5,746
5,746
12,921
12,570
25,491
19,846
5,131
(10,280)
14,697
(97,693)
$ 9,122,951 $
(275,393)
- $ 393,365 $
9,240,923 $
1,922,527
$ 12,842,289 $
52,717
$ 319,446 $
13,214,452 $
2,988,630
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-13
2005 Comprehensive Annual Financial Report
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
December 31, 2005
ASSETS
Cash & cash equivalents
Investments at fair value:
Federal National Mortgage Association
US Treasury Strips
Zero Coupon Treasury Bonds
Receivables (net of allowances)
Interest on investments
TOTAL ASSETS
LIABILITIES
Vouchers & contracts payable
Accrued employee benefits payable
Deposits payable
TOTAL LIABILITIES
NET ASSETS
Held is trust for pension benefits
& other purposes
PENSION TRUST
AGENCY
FIREFIGHTER'S
SPECIAL
PENSION
DEPOSITS
$ 841,868
$ 366,137
124,468
-
4,591,024
162,591
2,295,913
-
$ 8,015,864
$ 366,137
$ -
$ 12,042
1,180
$
$ 352,915
$
$ 366,137
$ 8,015,864 $
City of Renton, Washington
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-14
2005 Comprehensive Annual Financial Report
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIREMEN'S PENSION FUND
December 31, 2005
PENSION TRUST
FIREMEN'S
PENSION
ADDITIONS:
Other contributions:
Fire insurance premiums $ 72,404
Investment income:
Interest revenue 426,717
TOTAL ADDITIONS $ 499,121
DEDUCTIONS:
Benefit payments
Administrative and general
TOTAL DEDUCTIONS
NET INCREASE(DECREASE)
NET ASSETS - JANUARY 1
NET ASSETS - DECEMBER 31
$ 402,202
14,375
$ 416,577
$ 82,544
$ 7,933,320
$ 8,015,864
City of Renton, Washington
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-15
2005 Comprehensive Annual Financial Report
This page is intentionally left blank.
City of Renton, Washington
Basic Financial Statements, 4-16
2005 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
January 1, 2005 through December 31, 2005
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.
The City had implemented all applicable GASB Statements through GASB Statement No. 42,
prior to fiscal year 2005. During 2005 the City implemented GASB Statement No.44 Economic
Condition Reporting: The Statistical Section — an amendment of NCGA Statement 1 and
Concept Statement No. 3 Communication Methods in General Purpose External Financial
Reports That Contain Basic Financial Statements. The City of Renton had not yet implemented
Statement No. 43: Financial Reporting for Postemployment Benefit Plans Other Than Pension
Plans, Statement No. 45: Accounting and Financial Reporting by Employers for Postemployment
Benefits Other Than Pensions, Statement No. 46: Net Asset Restricted by Enabling Legislation —
an amendment of GASB Statement No. 34, and Statement No. 47: Accounting for Terminated
Benefits.
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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-17
2005 Comprehensive Annual Financial Report City of Renton, Washington
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 recognized 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, the financial 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
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 notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-18
2005 Comprehensive Annual Financial Report
City of Renton, Washington
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 parry 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. The Community Development Block activities are accounted for within this fund,
which is federally funded.
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
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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-19
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
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 one percent 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 one 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.
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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-20
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
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
numerous capital improvements projects, to provide infrastructure necessary for controlled
growth, and to address general City needs. Primary resources include: general tax revenues,
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-21
2005 Comprehensive Annual Financial Report City of Renton, Washington
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 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.
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.
PENSION TRUST FUND
FIREMEN'S PENSION FUND
The Firemen's Pension Fund accounts for the payment of administrative costs and benefits for
retired firefighters 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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-22
2005 Comprehensive Annual Financial Report City of Renton, Washington
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 governmental 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
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
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-23
2005 Comprehensive Annual Financial Report City of Renton, Washington
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 either "due to/from other funds " (i.e., the current portion
of interfund loans) or "advances to/from 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.
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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-24
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
Fund Reserved Purpose of
General Fund Prepaid Items $8,000
Munici al Facilities Advances to other Funds 240,000
Total 111
10. Net Assets (refer to Note 11).
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-25
2005 Comprehensive Annual Financial Report City of Renton, Washington
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:
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,
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-26
2005 Comprehensive Annual Financial Report City of Renton, Washington
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
(RCW) 35a.33. The steps in the budget process are as follows:
1. Prior to November 1, the Mayor submits a proposed budget to the City Council. This budget
is based on priorities established by the Council; estimates provided by the City departments
during the preceding months; balanced by 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
legal authority to increase or decrease a given fund's annual budget. This is accomplished by
City ordinance. The budget was amended three times during 2005.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-27
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Original budgeted inflows as compared to the final budgeted inflows are as follows:
Fund
Original
Budgeted
Inflows
Final
d.Budgeted
Inflows
Increase
t
Inflows
General Fund
$46,874,100
$47,405,730
$531,630
Park Fund
10,462,100
10,462,100
0
Arterial Street Fund
353,500
353,500
Street Fund
6,283,500
6,283,500
0
Community Development Block Grant Fund
314,500
0
(314,500)
Library Fund
1,494,700
1,494,700
0
Hotel/Motel Tax Fund
220,000
236,000
16,000
Paths and Trails Reserve Fund
0
0
0
1 % 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
35,900
35,900
0
General Government Miscellaneous Debt Service Fund
1,866,300
1,866,300
1989 UGO Bond Redemption Fund
519,100
519,100
0
Special Assessment Debt Fund
9,500
9,500
0
Downtown Parking Garage
0
0
0
Community Development Impact Mitigation Fund
255,000
255,000
Fire Impact Mitigation Fund
300,000
300,000
Transportation Impact Mitigation Fund
600,000
600,000
Leased City Properties Fund
446,700
446,700
0
Aquatic Center Fund
0
0
Municipal Facilities Construction Fund
2,948,500
5,777,291
2,828,791
General Government Capital Improvement Fund
6,145,200
6,498,700
353,500
Waterworks Utility Fund
35,042,900
41,414,033
6,371,133
Airport Fund
1,686,200
1,686,200
0
Solid Waste Utility Fund
8,866,000
9,162,800
296,800
Golf Course Fund
2,475,200
2,635,200
160,00
Equipment Re air and Replacement Fund
3,176,900
3,176,900
Insurance Fund
2,883,800
2,883,800
0
Medical Insurance
7,754,500
7,754,500
0
Totals
$141,707,300
$151,950,654
I ,243,354
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-28
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Original budgeted outflows as compared to the final budgeted outflows are as follows:
Fund
Original
Budgeted
Outflows
Final
Budgeted
Outflows
Increase
(Decrease)
Budgeted
Outflows
General Fund
$48,003,500
$50,515,246
$2,511,746
Park Fund
10,462,100
10,578,287
116,187
Arterial Street Fund
353,500
353,500
0
Street Fund
6,286,200
6,608,776
322,576
Community Development Block Grant Fund
314,500
0
(314,500
Library Fund
1,494,700
2,014,712
520,012
Hotel/Motel Tax Fund
220,000
236,000
16,000
Paths and Trails Reserve Fund
0
0
0
1% for Art Fund
50,000
90,000
40,000
Cable Communications Development Fund
38,900
38,900
0
1997 LGO Bond Fund
654,300
654,300
0
1978 LGO Bond Fund
35,900
35,900
0
General Government Miscellaneous Debt Service Fund
1,866,300
1,866,300
0
1989 UGO Bond Redemption Fund
519,100
519,100
0
Special Assessment Debt Fund
12,800
12,800
0
Downtown Parking Garage
0
53,300
53,300
Community Development Impact Mitigation Fund
0
0
0
Fire Impact Mitigation Fund
300,000
300,000
0
Transportation Impact Mitigation Fund
1,313,400
1,313,400
0
Leased City Properties Fund
446,700
662,920
216,220
Aquatic Center Fund
0
0
0
Municipal Facilities Construction Fund
4,335,000
11,167,699
6,832,699
General Government Capital Improvement Fund
7,986,500
13,586,637
5,600,137
Waterworks Utility Fund
36,444,400
49,964,933
13,520,533
Airport Fund
1,960,000
2,133,600
173,600
Solid Waste Utility Fund
9,078,700
9,612,000
533,300
Golf Course Fund
2,631,200
3,142,000
510,800
Equipment Rental Fund
3,026,200
3,426,200
400,000
Insurance Fund
3,549,300
3,549,300
0
Medical Insurance
Totals
7,850,300
$149,233,500
7,850,300
0
$31,052,610
NOTE 3. DEPOSITS AND INVESTMENTS
A. Deposits
The City's deposits and certificates of deposit are entirely covered by the federal depository
insurance (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
Investment Pool (LGIP)), or certificates of deposit with Washington State Banks and savings and
loan institutions.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-29
2005 Comprehensive Annual Financial Report City of Renton, Washington
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
As of December 31, 2005, the City had the following investments:
Investment rate risk. The City's investment portfolio is designed to exceed a market average rate
of return during budgetary and economic cycles, taking into account the City's risk constraints
and cash flow needs. Market average shall be defined as the average return on three-month U.S.
Treasury bills, or the average rate on Fed funds, whichever is higher. These indices are
considered benchmarks for riskless investment transactions and therefore comprise a minimum
standard for the portfolio's rate of return.
Credit risk. The City invests in securities identified as eligible investments as defined by State
law (RCW 35A.40.050 ) "Fiscal — Investment of Funds", as interpreted by the most current
edition of the Office of the State Treasurer, State of Washing publication titled "Eligible
Investments for Public Funds."
Concentration of credit risk. The City diversifies investment instruments to avoid incurring
unreasonable risks inherent in over -investing in specific instruments, individual financial
institutions or maturity dates. With the exception of U.S. Treasury securities and the Local
Government Investment Pool, no more than 25 percent of the City's total investment portfolio
will be invested in a single security type or with a single financial institution.
Custodial credit risk. All security transactions, including collateral for repurchase agreements,
entered into by the City are conducted on a delivery -verse -payment (DVP) basis. Securities,
held by a third party custodian have to be designed by the FIS Administrator. Certificates of
Deposit are delivered to and held by the Finance Division.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-30
�Investment Type
Certificates of Deposit
Fair Value
$22,000,000.00
Federal Farm Credit Bank
4,112,762.62
Federal National Mortgage Association
7,710,515.42
Local Governmental Investment Pool LGIP
33,393,991.34
Municipal Investor Account (MIA)
Total
9,545,122.20
$76,762,391.58
Investment rate risk. The City's investment portfolio is designed to exceed a market average rate
of return during budgetary and economic cycles, taking into account the City's risk constraints
and cash flow needs. Market average shall be defined as the average return on three-month U.S.
Treasury bills, or the average rate on Fed funds, whichever is higher. These indices are
considered benchmarks for riskless investment transactions and therefore comprise a minimum
standard for the portfolio's rate of return.
Credit risk. The City invests in securities identified as eligible investments as defined by State
law (RCW 35A.40.050 ) "Fiscal — Investment of Funds", as interpreted by the most current
edition of the Office of the State Treasurer, State of Washing publication titled "Eligible
Investments for Public Funds."
Concentration of credit risk. The City diversifies investment instruments to avoid incurring
unreasonable risks inherent in over -investing in specific instruments, individual financial
institutions or maturity dates. With the exception of U.S. Treasury securities and the Local
Government Investment Pool, no more than 25 percent of the City's total investment portfolio
will be invested in a single security type or with a single financial institution.
Custodial credit risk. All security transactions, including collateral for repurchase agreements,
entered into by the City are conducted on a delivery -verse -payment (DVP) basis. Securities,
held by a third party custodian have to be designed by the FIS Administrator. Certificates of
Deposit are delivered to and held by the Finance Division.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-30
2005 Comprehensive Annual Financial Report
NOTE 4. PROPERTY TAXES
City of Renton, Washington
The County Finance Director acts as an agent to collect property taxes levied in the county for all
taxing authorities. Taxes are levied annually, 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. 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.
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. Washington
State Constitution and Washington State law, RCW 84.55.010, limit the rate.
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 one percent 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 2005 is $3.15 and the excess levy for General Obligation Bond debt is $.08 for a total of
$3.23, per the King County Assessor's 2005 Annual Report.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-31
2005 Comprehensive Annual Financial Report
NOTE 5. CAPITAL ASSETS AND DEPRECIATION
City of Renton, Washington
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 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:
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-32
Estimated
Type of Asset
Buildings and Structures, except Utility Plant
Service
25-50
.
years
Other Improvements
25-50
years
Utility Plant
25-75
years
Machinery and Equipment
3-20
years
Infrastructure
25-50
years
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-32
2005 Comprehensive Annual Financial Report
City of Renton, Washington
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. Basic Financial Statements, 4-33
Governmental
General Government
i
$2,009,733
Judicial
0
Security of Persons and Property
639,339
Physical Environment
15,652
Transportation
2,015,036
Economic Development
294,737
Culture and Recreation
1,320,962
Health and Human Services
60,813
Total Governmental i
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-33
Business -type Activities
Amount
Solid Waste
Golf Course
Total Business -type Activities Depreciation Expense
$5,594,418
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-33
2005 Comprehensive Annual Financial Report
E. SUMMARY OF CHANGES
City of Renton, Washington
Description
GOVERNMENTAL ACTIVITIES
Capital Assets not being Depreciated:
Beginning
Balance
Increases
Decreases
Balance
Land and Land Improvements
$75,345,723
$6,651,492
$81,997,215
Construction in Progress
9,979,042
5,877,433
$37,020
15,819,455
Total Capital not being depreciated
85,324,765
12,528,925
37,020
97,816,670
Other Capital Assets:
Buildings and Structures
73,557,875
48,117
73,605,992
Other Improvements
98,972,848
3,398,370
44,883
102,371,218
Machinery and Equipment
21,793,093
3,014,372
852,064
23,955,401
Total Other Capital Assets at
Capitalized Cost
194,323,816
6,460,859
852,064
199,932,611
Less Accumulated Depreciation for:
Buildings and Structures
16,166,951
1,984,041
12,973
18,163,965
Other Improvements
29,158,244
2,784,877
13,488
31,929,633
Machinery and Equipment
12,531,402
1,587,354
776,029
13,342,727
Total Accumulated Depreciation
57,856,597
6,356,272
776,544
63,436,325
Governmental Activities Capital
Assets, Net of Depreciation
221,791,984
12,633,512
112,540
234,312,956
BUSINESS -TYPE ACTIVITIES
Capital Assets not being Depreciated:
Land and Land Improve ents
6,976,321
6,976,321
Construction in Progress
10,367,654
1,088,874
8,944,243
2,512,285
Total Capital Assets not being
Depreciated
17,343,975
1,088,874
8,944,243
9,488,606
Other Capital Assets
Buildings and Structures
14,626,078
406,543
15,032,621
Other Improvements
237,433,173
22,170,118
44,883
259,558,408
Machinery and Equipment
5,604,529
124,969
5,729,498
Total Other
Capital Assets at Capitalized Cost
257,663,780
22,701,630
44,883
280,320,527
Less Accumulated Depreciation for:
Buildings and Structures
3,199,670
365,450
3,565,120
Other Improvements
57,245,629
5,082,667
44,883
62,283,413
Machinery and Equipment
4,606,773
146,301
4,753,074
Total Accumulated Depreciation
65,052,072
5,594,418
44,883
70,601,607
Business -type Capital Assets,
Net of Depreciation
$209,955,683
$18,196,086
$8,944,243
$219,207,526
At the end of 2005, 60 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, 2005, are as follows:
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-34
2005 Comprehensive Annual Financial Report City of Renton, Washington
NOTE 6. PENSIONS
With the exception of firefighters employed prior to March 1, 1970, substantially all City's 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, PO Box 48380, Olympia, WA 98504-8380.
The City is the administrator of the Firefighter's Pension Plan for all firefighters employed prior
to March 1, 1970. The Firefighter'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, Finance
Division, 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 SystemPERS) 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, Appellate, 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 PERS system by September 30, 1977, are Plan 1 members. Those
who 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 that 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
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-35
2005 Comprehensive Annual Financial Report City of Renton, Washington
within 90 days of employment. An 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.
There are 1,169 participating employers in PERS. Membership in PERS consisted of the
following as of the latest actuarial valuation date for the plans of September 30, 2004:
Retirees and Beneficiaries Receiving Benefits
66,846
Terminated Plan Members Entitled To But Not Yet ReceivingBenefits
21,031
Active Plan Members Vested
103,039
Active Plan Members Non -vested
53,217Total
244,13,
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-36
2005 Comprehensive Annual Financial Report City of Renton, Washington
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 RCW 41.40 and
41.45.
The required contribution rates expressed as a percentage of current -year covered payroll, as of
December 31, 2005, were as follows:
* The employer rates include the employer administration expense fee
currently at .19%;
** Plan 3 defined benefit portion only; and,
*** Variable from 5.0 percent minimum to 15.0 percent 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 2 PERS Plan 3
2005 $33,340 $367,240 $51,521
2004 25,977 252,464 35,737
2003 26,914 257,812 24,838
Enforcement Officer's and Firefighter's Retirement System (LEOFF) Plans 1 and 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, being an exception. 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
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-37
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
There are 369 participating employers in LEOFF. Membership in LEOFF consisted of the
following as of the latest actuarial valuation date for the plans of September 30, 2004:
Retirees and Beneficiaries Receiving Benefits
8,542
Terminated Plan Members Entitled To But Not Yet Receiving Benefits
528
Active Plan Members Vested
12,079
Active Plan Members Non -vested
3,523
Total
24,672
Funding Policy
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
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-38
2005 Comprehensive Annual Financial Report City of Renton, Washington
to pay at the level adopted by the Department of Retirement Systems in accordance with RCW
41.45. 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 1
and 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 is statute. The methods used to determine the
contribution rates are established under state statute in accordance with RCW 41.26 and 41.45.
The required contribution rates expressed as a percentage of current -year covered payroll, as of
December 31, 2004, were as follows:
Contributor
Employer* .19% 4.39%**
Employee .00% 6.99%
State N/A
* The employer rates include the employer administration
expense fee currently at .19%.
** The employer rate for ports and universities is 7.18%.
Both the City and the employees made the required contributions. The City's required
contributions for years ended December 31, were as follows:
Year LEOFF Plan I I LEOFF Plan 2
2005 $2,554 $549,001
2004 3,128 433,463
2003 3,632 403,392
Firefighter's Pension
Plan Description
The Firefighter'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 firefighters 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, 2005, there were 44
members in the System:
Retirees and Beneficiaries Receiving Benefits
40
Retirees Currently Receiving Full Retirement Through LEOFF
4
Active Plan Members Vested
0
Active Plan Members Non -vested
0
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-39
2005 Comprehensive Annual Financial Report City of Renton, Washington
Funding Pqlicy
Under state law, the Firefighter'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 Firefighter's Pension Plan are paid by the Plan.
For 2005, this cost was $14,375.
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) 3 percent inflation rate; 2) 5.5
percent investment return, compounded annually; 3) 4 percent salary increase annually; 4) 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 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 2005
include $72,404 from fire insurance premiums and $426,717 of investment income.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-40
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
During past years, we also 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
negative for 2005. The Net Pension Obligation moves from ($446,410) to ($624,959) 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 December 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
firefighters hired prior to October 1, 1977) and Fire Pension (firefighters hired prior to March 1,
1970) 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 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 $1,238,217 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 $78.20 per month for 43 LEOFF I
retirees and five Fire Pension retirees.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-41
2005 Comprehensive Annual Financial Report
NOTE 8. CONTINGENCIES
City of Renton, Washington
Liti ag tion
The City has recorded in its financial statements all material liabilities, including an estimate for
situations that 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 of 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. 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 are as follows:
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-42
2005 Comprehensive Annual Financial Report City of Renton, Washington
During 2005, 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 RCW 48.62 (Self -Insurance Regulation) and RCW 39.34 (Interlocal Cooperation Act),
nine 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 115 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, stopgap, 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.
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
$500,000 for all perils other than flood and earthquake, and insured above that amount by the
purchase of reinsurance.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-43
Risk
Retention
Type of
Occurrence
Claims AdministratorAggregate
Amount
Property
$25,000
WA Cities Ins
$500i0 (per
WA Cities Ins
Authority
occurubject
Authority
to its
Liability
250,000
WA Cities Ins
100
WA Cities Ins
Authorityerence
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
100,000,000
Ace Property &
Casualty
Underground Storage Tank
5,000
Arthur J. Gallagher
1,000,000
Commerce &
Industry
Worker's Comp
350,000
1 Sedgwick CMS
1 1,000,000
1 Midwest Casualty
Employee Health
140,000
1 HMA, Inc
I N/A
I SunLife
During 2005, 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 RCW 48.62 (Self -Insurance Regulation) and RCW 39.34 (Interlocal Cooperation Act),
nine 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 115 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, stopgap, 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.
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
$500,000 for all perils other than flood and earthquake, and insured above that amount by the
purchase of reinsurance.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-43
2005 Comprehensive Annual Financial Report City of Renton, Washington
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
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 agreement, 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, 2005, the City had accrued the following
amounts for outstanding claims:
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-44
Property
Employee
it
IBNR Claims at Beginning of the Year $583,617
$695,930
$1,258,170
$2,537,717
Current Year and Changes in Estimates 792,048
418,609
5,222,493
6,433,150
Claims Payments 765,621
349,450
5,429,963
6,545,034
IBNR Claims at End of the Year 610,044
$765,089
1,050,700
2,425,833
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-44
2005 Comprehensive Annual Financial Report
City of Renton, Washington
2004 �
'
Liability
Compensation
ployee
Health
Totals
IBNR Claims at Beginning of the Year $921,733
$515,270
$1,037,746
$2,474,749
Current Year and Changes in Estimates 619,997
1,849,742
5,456,855
7,926,594
Claims Payments 958,113
1,669,082
5,236,431
7,863,626
IBNR Claims at End of the Year 583,617
695,930
1,258,170
2,537,717
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 involve 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
payable 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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-45
2005 Comprehensive Annual Financial Report
City of Renton, Washington
As of December 31, 2005, outstanding interfund balances (resulting from various interfund
transactions) were as follows:
* Difference is the result of rounding individual fund numbers in the aggregate.
The following is a recap of interfund advances (expected to be paid by 2007):
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-46
PayablesReceivables
D ue To
Due From �i
Other
Purpose
Fund
Other Funds
Funds
$15,984
To accrue 2005 interfund services provide, paid
General Fund
$4,346
for in 2006
Parks
603
To accrue 2005 interfund services provide, paid
for in 2006
Street
45,762
To accrue 2005 interfund services provide, paid
for in 2006
C.D. Impact
5,696
To accrue 2005 interfund services provide, paid
Mitigation
for in 2006
General CIP
43,181
To accrue 2005 interfund services provide, paid
for in 2006
Waterworks Utility
115,389
103,914
To accrue 2005 interfund services provide, paid
for in 2006
Golf
4,579
To accrue 2005 interfund services provide, paid
for in 2006
Airport
3,167
To accrue 2005 interfund services provide, paid
for in 2006
Insurance
1,240
To accrue 2005 interfund services provide, paid
for in 2006
Equipment Rental
1,476
To accrue 2005 interfund services provide, paid
for in 2006
66'
S172,669
* Difference is the result of rounding individual fund numbers in the aggregate.
The following is a recap of interfund advances (expected to be paid by 2007):
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-46
2005 Comprehensive Annual Financial Report
Transfers for 2005 were as follows:
City of Renton, Washington
Fund
General
Transfer
110
Transfer �
Out
$2,881,916
I
Purpose
Contribution for Municipal CIP
Parks
84,787
Contribution for Municipal CIP
Arterial Street
353,500
Contribution for CIP Projects
Street
322,576
Contribution for Municipal CIP
Library
520,012
Contribution for Municipal CIP
1% for Art
$15,669
From General CIP for Art
General Debt
300,000
9,300
Contribution out for Sierra Heights
Dayton Projects Debt Payments.
Contribution in for Fire Impact Debt.
Fire Impact
300,000
Contribution for Fire Impact Debt
Payments
Transportation
955,900
Contribution for Capital Improvements
Municipal
3,851,291
General CIP
1,309,400
15,669
Contribution for 1% Art Fund
Waterworks
9,300
For Sierra Heights Dayton Projects
Debt Payments
Equipment Rental
Totals
$5,485,660
42,000
$5,485,660
Contribution for Municipal CIP
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 that 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. Basic Financial Statements, 4-47
2005 Comprehensive Annual Financial Report
Restricted assets are as follows:
City of Renton, Washington
C. Unrestricted assets represent unrestricted liquid assets. The City's management may have
plans or tentative commitments to expend resources certain purposes in future periods.
Further legal action will be required to authorize the actual expenses or expenditures.
NOTE 12. PRIOR YEAR RESTATEMENTS
The City had no prior period adjustments to beginning fund balances or net assets.
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 2005.
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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-48
Fund
Hotel/Motel Tax
Purpose
Tourism
$301,580
Arterial Street
Road Construction
383,673
Cable Communications
Cable Development
184,779
Community Development Impact
Mitigation for Park Development
617,530
Municipal Facilities
Capital Projects
13,552,915
Capital Projects
General Governmental Capital Projects
8,318,056
Fire Impact
Miti ation for Fire Improvements
1,301,644
Transportation Impact
Mitigation for Transportation Projects
3,918,128
Waterworks
Debt Service Reserves
3,114,332
Golf Course
Debt Service Reserves
441,358
Totals
99
C. Unrestricted assets represent unrestricted liquid assets. The City's management may have
plans or tentative commitments to expend resources certain purposes in future periods.
Further legal action will be required to authorize the actual expenses or expenditures.
NOTE 12. PRIOR YEAR RESTATEMENTS
The City had no prior period adjustments to beginning fund balances or net assets.
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 2005.
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.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-48
2005 Comprehensive Annual Financial Report
Outstanding debt issues as of December 31, 2005, are as follows:
City of Renton, Washington
pe 1
GOVERNMENTAL DEBT:
General Obligation Bonds:
Limited
Issued
1
Maturity
1
original
Issued
nt
1996 G O Bonds
4.25%-5.40%
10/15/96
10/15/06
$553,337
1997 G O RefundingBonds
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
4.30%-5.38%
09/15/00
12/01/15
2,551,600
2001 GO Refunding Bonds
2.10%-5.25%
11/01/01
12/01/17
13,505,000
2001 G O Bonds
5.0%-5.25%
11/01/01
12/01/21
6,000,000
2002 GO Bonds
2.50%-5.00%
7/15/02
12/01/22 1
3,895,000
SUBTOTAL LIMITED GO
43,886,508
Unlimited
1993 G O Refunding Bonds -Senior Housing
5.20%-61.0%
09/01/93
02/01/09
4,270,000
SUBTOTAL UNLIMITED GO
4,270,000
TOTAL GENERAL OBLIGATION BONDS
48,156,508
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)
4,690,510
TOTAL GOVERNMENTAL -TYPE DEBT
53,125,190
BUSINESS -TYPE DEBT:
Revenue Bonds:
1998 Water/Sewer Refunding
4.46%
03/01/98
06/01/13
6,120,000
1999 Golf System Refunding
4.96%
04/01/99
12/01/15
5,040,000
2002 Water/Sewer
4.80%
07/01/02
12/01/22
11,980,000
2003 Water/Sewer Refunding
3.20%
09/15/03
06/01/13
8,035,000
2004 Water/Sewer
4.33%
11/01/04
12/01/27
10,335,000
TOTAL REVENUE BONDS
41,510,000
Public Works Trust Fund Loans:
Sierra Heights Sewer Improvements
2.00%
01/20/92
07/01/12
888,462
Central Renton Sewer Replacement
1.00%
05/04/93
07/01/15
1,631,800
East Renton Interceptor
1.00%
06/07/93
07/01/13
2,542,704
Dayton Avenue NE
2.00%
05/12/94
07/01/14
96,958
NE 27` /Aberdeen Drainage Improvements
1.00%
05/15/95
07/01/15
731,000
East Kenn dale Interceptor
2.00%
01/24/98
07/01/16
2,093,740
Hone creek Interceptor
2.00%
12/04/95
07/01/16
1,840,568
Corrosion Control Treatment Facilities
1.00%
01/06/97
07/01/17
1,106,000
Maplewood Water Improvement
0.50%
1/22/02
07/01/21
567,831
Construct CT Pipeline for Wells
0.50%
11/5/02
7/1/22
814,527
Maplewood Water Improvement
0.50%
06/03/04
07/01/24
4,892,500
TOTAL PUBLIC WORKS TRUST FUND LOANS
17,206,090
Capital Leases:
Golf Course Lease
3.81%
4/1/03
4/1/06
78,192
TOTAL CAPITAL LEASES
78,192
Employee Leave Benefits
411,340
TOTAL BUSINESS -TYPE DEBT
59,205,622
TOTAL1 1 ON OUTSTANDING DEBT
AS OF DECEMBER
31,2005I
,812 1
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-49
2005 Comprehensive Annual Financial Report
For outstanding debt additions and retirements are summarized as follows:
City of Renton, Washington
Type of I)ebt
Balanced
Owed
01/01/2005
Add
112/31/2005
Balanced
Owed
Due
Within O,
Year
GOVERNMENTAL DEBT:
General Obligation Bonds:
Limited
1996 G O Bonds
$127,012
SO
$15,342
$111,670
$111,670
1997 G O RefundingBonds
1,204,397
0
775,364
429,033
429,033
1997 G O Bonds
2,037,744
0
0
2,037,744
198,243
2000 G O Valley Comm Bonds
2,054,000
0
146,000
1,908,000
153,000
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
3,620,000
0
145,000
3,475,000
150,000
SUBTOTAL LIMITED GO
28,238,153
0
1,081,706
27,156,447
1,041,946
Unlimited
1993 G O Refunding Bonds -Senior Housing
2,280,000
0
410,000
1,870,000
430,000
SUBTOTAL UNLIMITED GO
2,280,000
0
410,000
1,870,000
430,000
TOTAL GENERAL OBLIGATION BONDS
30,518,153
0
1,491,706
29,026,447
1,471,946
Installment Contracts:
Certificates of Participation
111,250
0
30,033
81,217
31,404
TOTAL INSTALLMENT CONTRACTS
111,250
0
30,033
81,217
31,404
Employee Leave Benefits (Primarily General Fund
Obligations)
4,507,396
2,706,648
2,523,534
4,690,510
2,556,328
TOTAL GENERAL OBLIGATION DEBT
35,136,799
2,706,648
4,045,273
33,798,174
4,059,678
BUSINESS -TYPE DEBT:
Revenue Bonds:
1998 Water/Sewer Refunding
5,045,000
0
495,000
4,550,000
520,000
1999 Golf System Refunding
3,620,000
0
260,000
3,360,000
270,000
2002 Water/Sewer
11,745,000
0
135,000
11,610,000
110,000
2003 Water/Sewer Refunding
6,935,000
0
1,000,000
5,935,000
1,050,000
2004 Water/Sewer
10,335,000
0
0
10,335,000
0
TOTAL REVENUE BONDS
37,680,000
0
1,890,000
35,790,000
1,950,000
Public Works Trust Fund Loans:
Sierra Heights Sewer Improvements
205,141
0
25,642
179,499
25,642
Central Renton Sewer Replacement
891,386
0
87,484
803,903
87,483
East Renton Interceptor
1,211,130
0
134,570
1,076,560
134,570
Dayton Avenue NE
51,031
0
5,103
45,928
5,103
NE 27` /Aberdeen Drainage Improvements
468,487
0
42,590
425,897
42,590
East Kenn dale Interceptor
1,402,252
0
116,855
1,285,397
116,855
Hone creek Interceptor
1,162,464
0
96,872
1,065,592
96,872
Corrosion Control Treatment Facilities
641,640
0
49,357
592,283
49,357
Maplewood Water Improvement
515,116
0
30,301
484,815
30,301
Const. CT Pipeline for Wells
771,657
0
42,870
728,787
42,870
Maplewood Water Improvements
1,030,000
3,862,500
0
4,892,500
257,500
TOTAL PUBLIC WORKS TRUST FUND
LOANS
8,350,304
3,862,500
631,643
11,581,161
889,143
Operating Leases:
Golf Course Cart Lease
33,834
0
25,212
8,622
0
TOTAL OPERATING LEASES
33,834
0
25,212
8,622
0
Employee Leave Benefits 1
326,345
293,787
208,792
411,340
224,180
TOTAL BUSINESS -TYPE DEBT 1
JGRAND TOTALS
46,390,483
$81,527,282
4,156,287
S6,862,935
2,755,647
$6,800,920
47,791,123
$81,589,297
3,063,323
$7,123,0011_1
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-50
2005 Comprehensive Annual Financial Report City of Renton, Washington
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 2006 with an accreted value of
$194,000. The deep -discount debt is reported in the government -wide financial statements in the
amount of $111,670, net of the remaining unamortized discount.
The 1997 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 2006, 2007, 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, 2005, 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, 2005, are as follows:
AMOUNT AVAILABLE FOR DEBT SERVICE
Fund balances that have been reserved for debt repayment are $2,752,445 in the debt service
funds.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-51
Year Ending December 31
Governmental Activities
Principle
Interest
Business -type Activities
Principle
Interest
2006
$1,623,350
$1,825,527
$2,847,764
$1,691,658
2007
1,686,763
1,819,024
2,914,143
1,619,071
2008
1,559,551
1,814,989
2,994,143
1,527,344
2009
1,665,000
1,688,288
3,074,143
1,440,494
2010
1,704,000
1,137,343
3,154,143
1,348,254
2011-2015
9,729,000
4,456,712
12,923,616
5,308,566
2016-2020
9,210,000
1,918,149
7,625,796
3,656,087
2021-2025
2,170,000
122,750
8,406,041
2,006,782
2026-2027
Totals
'
3,440,000
.'
260,000
$18,858,256
AMOUNT AVAILABLE FOR DEBT SERVICE
Fund balances that have been reserved for debt repayment are $2,752,445 in the debt service
funds.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-51
2005 Comprehensive Annual Financial Report City of Renton, Washington
NOTE 15 - DEFERRED CHARGES IN PROPRIETARY FUNDS
As of December 31, 2005, the Waterworks Utility Fund had deferred charges and other assets in
the amount of $812,857 for debt issue costs on the 2002-2004 Revenue Bonds. This amount will
be fully amortized by 2022. The Golf Course Fund amount was $44,930 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
2005.
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. Federal Way was formally admitted in 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 that 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 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, 2005, on Valley Comm:
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-52
2005 Comprehensive Annual Financial Report City of Renton, Washington
CommValley
Assets $22,636,818 22.52%*
Liabilities 591,520
�Total Equity $22,045,298 $3,974,434
*After removing $4,395,025 in assets not subject to the equity
interest calculations.
Completed Financial Statements for Valley Comm can be obtained from the Valley
Communications Center, 23807 — 981h Avenue South, Kent, WA 98031.
NOTE 18. SUBSEQUENT EVENTS
Although the City did not identify in the 2006 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 $20 million in general obligation debt in 2006 to fund capital improvement projects.
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-53
2005 Comprehensive Annual Financial Report
This page is intentionally left blank.
City of Renton, Washington
Basic Financial Statements, 4-54
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL FUND
December 31, 2005
Required Supplemental Information, 5-1
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED
AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORGINIAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 36,984,500
$ 36,984,500 $
37,826,781
$ 520,061 $
38,346,842
Licenses and permits
1,962,800
1,962,800
3,018,621
27,470
3,046,091
Intergovernmental revenues
2,374,900
2,272,905
2,627,729
366,989
2,994,718
Charges for services
1,594,700
1,594,700
2,062,699
100,743
2,163,442
Fines and forfeits
969,500
969,500
672,073
10,972
683,045
Interfund revenues
2,507,600
2,507,600
2,728,134
(9,328)
2,718,806
Contributions
23,800
28,425
66,228
66,228
Interest
657,800
657,800
624,018
(256,549)
367,469
Miscellaneous revenues
113,000
113,000
76,545
14,059
90,604
TOTAL REVENUES
$ 47,188,600
$ 47,091,230 $
49,702,828
$ 774,417 $
50,477,245
EXPENDITURES
Current:
General government
$ 11,753,300
$ 11,768,300 $
11,492,908
$ 48,870 $
11,541,778
Security of persons and property
28,636,600
28,834,530
28,634,769
396,857
29,031,626
Physical environment
2,295,900
2,295,900
2,205,379
(15,151)
2,190,228
Economic environment
4,526,100
4,266,600
4,248,593
17,519
4,266,112
Mental & physical health
10,600
10,600
12,700
-
12,700
Culture & recreation
70,000
70,000
43,453
43,453
Capital outlay
45,000
49,200
103,115
-
103,115
TOTAL EXPENDITURES
$ 47,337,500
$ 47,295,130 $
46,740,917
$ 448,095 $
47,189,012
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (148,900)
$ (203,900) $
2,961,911
$ 326,322 $
3,288,233
OTHER FINANCING SOURCES (USES)
Transfer (out)
$ (980,500)
$ (2,881,916) $
-
$ (2,881,916) $
(2,881,916)
Sale of capital assets
37,047
37,047
TOTAL OTHER FINANCE SOURCES (USES)
$ (980,500)
$ (2,881,916) $
37,047
$ (2,881,916) $ (2,844,869)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (1,129,400)
$ (3,085,816) $
2,998,958
$ (2,555,594) $
443,364
FUND BALANCE JANUARY 1
$ 1,129,400
$ 3,085,816 $
6,742,128
$ 2,012,379 $
8,754,507
FUND BALANCE DECEMBER 31
$ -
$ - $
9,741,086
$(543,215) $
9,197,871
Required Supplemental Information, 5-1
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - PARKS FUND
December 31, 2005
Required Supplemental Information, 5-2
ACTUAL
BUDGET TO GAAP ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORGINIAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
8,387,100
$ 8,387,100 $
8,156,207
$ 54,874
$ 8,211,081
Intergovernmental revenues
1,848
5,085
6,933
Charges for services
2,035,400
2,035,400
2,014,518
9,547
2,024,065
Contributions
2,900
2,900
60,047
50,000
110,047
Interest
36,700
36,700
41,599
4,189
45,788
Miscellaneous revenues
25,311
25,311
TOTAL REVENUES
$
10,462,100
$ 10,462,100 $
10,299,530
$ 123,695
$ 10,423,225
EXPENDITURES
Current:
General government
$
2,734,100
$ 2,734,100 $
2,667,216
$ (11,378)
$ 2,655,838
Transportation
-
35
35
Economic environment
564,400
564,400
555,318
(348)
554,970
Mental & physical health
Culture & recreation
7,163,600
7,195,000
7,270,937
40,407
7,311,344
TOTAL EXPENDITURES
$
10,462,100
$ 10,493,500 $
10,493,506
$ 28,681
$ 10,522,187
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
$ (31,400) $
(193,976)
$ 95,014
$ (98,962)
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
$ (84,787) $
$ (84,787)
$ (84,787)
TOTAL OTHER FINANCE SOURCES (USES)
$
$ (84,787) $
$ (84,787)
$ (84,787)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
(116,187)
(193,976)
10,227
(183,749)
FUND BALANCE JANUARY 1
116,187
953,149
68,414
1,021,563
FUND BALANCE DECEMBER 31
$
$ $
759,173
$ 78,641
$ 837,814
Required Supplemental Information, 5-2
2005 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.
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 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 Statements & Schedules, 6-1
2005 Comprehensive Annual Financial Report City of Renton, Washington
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.
Combining Statements & Schedules, 6-2
2005 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 Statements & Schedules, 6-3
2005 Comprehensive Annual Financial Report
Proprietary Funds
Enterprise Funds
AIRPORT FUND
City of Renton, Washington
Accounts for revenues and expenses for 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 that 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 from the Insurance Fund and rates are charged to departments based on use and/or
coverage requirements.
Combining Statements & Schedules, 6-4
2005 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 1 of 7
SPECIAL REVENUE FUNDS
City of Renton, Washington
ASSETS
STREET
STREET
LIBRARY
MOTELTAX
Cash & cash equivalents
$
238,836
$ 1,038,556
$ 226,846
$
276,326
Investments
-
-
-
-
Receivables (net of allowances):
Taxes
171,469
Customer accounts
40,860
-
Accrued interest & penalty
-
1,433
Interfund loans receivable
-
-
Due from other funds
-
45,762
-
Due from other governmental units
144,837
68,158
27,348
Restricted assets:
Advances due from other funds
-
-
-
-
TOTAL ASSETS
$
383,673
$ 1,364,805
$ 228,279
$
303,674
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
-
$ 92,918
$ 64,941
$
2,094
Taxes payable
465
112
-
Retainage payable
-
-
Due to other funds
Interfund loans payable
Deposits
Deferred revenue
-
-
Accrued employee wages and leave payable
227,012
59,151
-
Totalliabilities
$
$ 320,395
$ 124,204
$
2,094
Fund balances
Reserved for:
Advances to other funds
-
-
-
Unreserved, designated for:
Special revenue funds contingency
-
505,870
104,075
-
Unreserved reported in:
Special revenue funds
$
383,673
$ 538,540
$ -
$
301,580
Total fund balances
$
383,673
$ 1,044,410
$ 104,075
$
301,580
TOTAL LIABILITIES AND FUND BALANCES
$
383,673
$ 1,364,805
$ 228,279
$
303,674
Combining Statements & Schedules, 6-5
2005 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 2 of 7
City of Renton, Washington
Combining Statements & Schedules, 6-6
SPECIAL REVENUE FUNDS
PATHS &
ONE PERCENT
CABLE COMM.
TOTAL
ASSETS
TRAILS
ART
& DEVELOPMENT
SRF
Cash & cash equivalents
$
2,904
$ 93,351
$ 89,136
$ 1,965,955
Investments
-
-
100,000
100,000
Receivables (net of allowances):
Taxes
-
171,469
Customer accounts
-
40,860
Accrued interest & penalty
3,090
4,523
Interfund loans receivable
-
-
Due from other funds
45,762
Due from other governmental units
240,343
Restricted assets:
-
Advances due from other funds
-
-
-
-
TOTAL ASSETS
$
2,904
$ 93,351
$ 194226
$ 2,568,912
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
-
$ 22,894
$ 7,447
$ 190,294
Taxes payable
-
-
577
Retainage payable
-
Due to other funds
Interfund loans payable
Deposits
Deferred revenue
-
Accrued employee wages and leave payable
-
-
286,163
Total liabilities
$
$ 22,894
$ 7,447
$ 477,034
Fund balances
Reserved for:
Advances to other funds
-
-
-
Unreserved, designated for:
Special revenue funds contingency
-
-
-
609,945
Unreserved reported in:
Special revenue funds
$
2,904
$ 70,457
$ 184,779
$ 1,481,933
Total fund balances
$
2,904
$ 70,457
$ 184,779
$ 2,091,878
TOTAL LIABILITIES AND FUND BALANCES
$
2,904
$ 93,351
$ 192,226
$ 2,568,912
Combining Statements & Schedules, 6-6
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Combining Statements & Schedules, 6-7
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL
FUNDS
December
31, 2005
Page 3 of 7
DEBT SERVICE FUNDS
1997 LGO BOND
1978 LGO BOND
1989 LGO
ASSETS
REDEMPTION
REDEMPTION
REFUNDING
Cash & cash equivalents
$
20,297
$ 28,208
$
Investments
-
-
Receivables (net of allowances):
Taxes
Customer accounts
Accrued interest & penalty
Interfund loans receivable
Due from other funds
Due from other governmental units
Restricted assets:
Advances due from other funds
-
-
TOTAL ASSETS
$
20,297
$ 28,208
$
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
$
$
Taxes payable
Retainage payable
Due to other funds
Interfund loans payable
Deposits
Deferred revenue
Accrued employee wages and leave payable
Total liabilities
$
$
$
Fund balances
Reserved for:
Advances to other funds
Unreserved reported in:
General fund
Special revenue funds
Debt service funds
$
20,297
$ 28,208
Total fund balances
$
20,297
$ 28,208
$
TOTAL LIABILITIES AND FUND BALANCES $
20,297
$ 28,208
$
Combining Statements & Schedules, 6-7
2005 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-8
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 4 of 7
DEBT SERVICE FUND
GENERAL 1989 UGO BOND
SPECIAL
TOTAL
ASSETS
DEBT REDEMPTION
ASSESSMENT
DSF
Cash & cash equivalents
$
1,782,240 $ 576,036
$ 47,828
$ 2,454,609
Investments
- -
20,000
20,000
Receivables (net of allowances):
Taxes
271,949 9,860
-
281,809
Customer accounts
- -
-
-
Accrued interest & penalty
618
618
Interfund loans receivable
-
-
Due from other funds
Due from other governmental units
Restricted assets:
Advances due from other funds
- -
-
-
TOTAL ASSETS
$
2,054,189 $ 585,896
$ 68,446
$ 2,757,036
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
- $ -
$ -
$ -
Taxes payable
Retainage payable
Due to other funds
Interfund loans payable
Deposits
-
-
Deferred revenue
4,591
4,591
Accrued employee leave payable
-
-
Totalliabilities
$
$ 4,591
$
$ 4,591
Fund balances
Reserved for:
Advances to other funds
-
-
Unreserved reported in:
General fund
Special revenue funds
-
Debt service funds
$
2,054,189 $ 581,305
$ 68,446
$ 2,752,445
Total fund balances
$
2,054,189 $ 581,305
$ 68,446
$ 2,752,445
TOTAL LIABILITIES AND FUND BALANCES
$
2,054,189 $ 585,896
$ 68,446
$ 2,757,036
Combining Statements & Schedules, 6-8
2005 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6-9
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 5 of 7
CAPITAL PROJECT FUNDS
DOWNTOWN
C.D. IMPACT
FIRE IMPACT
TRANS. IMPACT
ASSETS
PARKING
MITIGATION
MITIGATION
MITIGATION
Cash & cash equivalents
$
170,983 $
612,210
$ 471,616
$ 1,656,207
Investments
-
-
846,719
2,188,894
Receivables (net of allowances):
Taxes
-
-
Customer accounts
-
-
-
Accrued interest & penalty
14,802
23,314
73,027
Interfund loans receivable
-
-
-
-
Due from other funds
5,696
Due from other governmental units
-
Restricted assets:
Advances due from other funds
-
-
-
-
TOTAL ASSETS
$
185,785 $
617,906
$ 1,341,649
$ 3,918,128
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
- $
376
$ -
$ -
Taxes payable
-
-
Retainage payable
40,005
Due to other funds
-
Interfund loans payable
Deposits
Deferred revenue
Accrued employee leave payable
-
-
Totalliabilities
$
$
376
$ 40,005
$
Fund balances
Reserved for:
Advances to other funds
-
-
-
Unreserved, designated for:
Capital projects funds
$
185,785 $
617,530
$ 1,301,644
$ 3,918,128
Total fund balances
$
185,785 $
617,530
$ 1,301,644
$ 3,918,128
TOTAL LIABILITIES AND FUND BALANCES
$
185,785 $
617,906
$ 1,341,649
$ 3,918,128
Combining Statements & Schedules, 6-9
2005 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 6 of 7
City of Renton, Washington
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$ -
CAPITAL PROJECT FUNDS
284,469
$ 176,140
$ 460,985
LEASED
AQUATIC MUNICIPAL
GENERAL
TOTAL
ASSETS
PROPERTY
CENTER FACILITIES
C.I.P.
CPF
Cash & cash equivalents
$ 392,129 $
183,010 $ 9,476,291 $
2,058,899 $
15,021,345
Investments
-
3,707,349
5,565,388
12,308,350
Receivables (net of allowances):
307,500
Taxes
32,981
271,949
271,949
Customer accounts
8,591
8,591
Accrued interest & penalty
115,365
139,592
366,100
Interfund loans receivable
67,500
-
67,500
Due from other funds
325,539
$ 371,555
-
5,696
Due from other governmental units
925,732
925,732
Restricted assets:
Advances due from other funds
Advances to other funds
240,000
-
240,000
TOTAL ASSETS
$ 400,720 $
183,010 $ 13,878,454 $
8,689,611 $
29,215,263
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$ -
$ $
284,469
$ 176,140
$ 460,985
Taxes payable
1,539
-
1,539
Retainage payable
1,739
41,070
152,234
235,048
Due to other funds
-
43,181
43,181
Advances payable to other funds
307,500
307,500
Deposits
32,981
32,981
Deferred revenue
Accrued employee wages and leave payable
3,572
3,572
Total liabilities
$ 347,331
$ $
325,539
$ 371,555
$ 1,084,806
Fund balances
Reserved for:
Advances to other funds
240,000
-
240,000
Unreserved, designated for:
Capital projects funds
$ 53,389
$ 183,010 $
13,312,915
$ 8,318,056
$ 27,890,457
Total fund balances
$ 53,389
$ 183,010 $
13,552,915
$ 8,318,056
$ 28,130,457
TOTAL LIABILITIES AND FUND BALANCES
$ 400,720
$ 183,010 $
13,878,454
$ 8,689,611
$ 29,215,263
Combining Statements & Schedules, 6-10
2005 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 7 of 7
City of Renton, Washington
Combining Statements & Schedules, 6-11
TOTAL OTHER
TOTAL
TOTAL
TOTAL
GOVERNMENTAL
ASSETS
SRF
DSF
CPF
FUNDS
Cash & cash equivalents
$
1,965,955
$ 2,454,609
$ 15,021,345
$ 19,441,909
Investments
100,000
20,000
12,308,350
12,428,350
Receivables (net of allowances):
Taxes
171,469
281,809
271,949
725,227
Customer accounts
40,860
-
8,591
49,451
Accrued interest & penalty
4,523
618
366,100
371,241
Interfund loans receivable
-
67,500
67,500
Due from other funds
45,762
5,696
51,458
Due from other governmental units
240,343
925,732
1,166,075
Restricted assets:
Advances due from other funds
-
240,000
240,000
TOTAL ASSETS
$
2,568,912
$ 2,757,036
$ 29,215,263
$ 34,541,211
LIABILITIES AND FUND BALANCES
-
Liabilities
-
Accounts payable
$
190,294
$ -
$ 460,985
$ 651,279
Taxes payable
577
1,539
2,116
Retainage payable
-
235,048
235,048
Due to other funds
43,181
43,181
Interfund loans payable
307,500
307,500
Deposits
-
32,981
32,981
Deferred revenue
4,591
-
4,591
Accrued employee wages and leave payable
286,163
-
3,572
289,735
Total liabilities
$
477,034
$ 4,591
$ 1,084,806
$ 1,566,431
Fund balances
Reserved for:
Advances to other funds
-
-
240,000
240,000
Unreserved, designated for:
Special revenue funds contingency
609,945
-
609,945
Unreserved reported in:
Special revenue funds
1,481, 933
-
1,481,933
Debt service funds
2,752,445
-
2,752,445
Capital projects funds
-
-
27,890,457
27,890,457
Total fund balances
$
2,091,878
$ 2,752,445
$ 28,130,457
$ 32,974,780
TOTAL LIABILITIES AND FUND BALANCES
$
2,568,912
$ 2,757,036
$ 29,215,263
$ 34,541,211
Combining Statements & Schedules, 6-11
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 1 of 7
Combining Statements & Schedules, 6-12
SPECIAL REVENUE FUNDS
ARTERIAL
STREET
STREET
LIBRARY
REVENUES
Taxes
$
$
4,489,645
$
1,455,195
Licenses and permits
54,154
Intergovernmental revenues
523,183
875,425
Charges for services
-
7,477
Fines and forfeits
-
48,241
Interfund revenues
1,077,236
Special assessments
-
Contributions
-
-
8,123
Interest
9,572
24,846
14,758
Miscellaneous revenues
-
1,340
(374)
TOTAL REVENUES
$
532,755
$
6,522,646
$
1,533,420
EXPENDITURES
Current:
General government
$
-
$
$
Transportation
4,711,889
Economic environment
Culture & recreation
1,489,613
Capital outlay
1,251,794
-
Debt service:
Principal payment
Interest payment
TOTAL EXPENDITURES
$
-
$
5,963,683
$
1,489,613
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
532,755
$
558,963
$
43,807
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$
-
$
Transfer (out)
(353,500)
(322,576)
(520,012)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES)
$
(353,500)
$ (322,576)
$
(520,012)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
179,255
$
236,387
$
(476,205)
FUND BALANCE JANUARY 1
$
204,418
$
808,023
$
580,280
FUND BALANCE DECEMBER 31
$
383,673
$
1,044,410
$
104,075
Combining Statements & Schedules, 6-12
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
Combining Statements & Schedules, 6-13
OTHER GOVERNMENTAL FUNDS
December
31, 2005
Page 2 of 7
SPECIAL REVENUE FUNDS
HOTEL/
PATHS &
ONE PERCENT
CABLE COMM.
TOTAL
MOTELTAX
TRAILS
ART
& DEVELOPMENT
SRF
REVENUES
Taxes
$
207,327
$
$
$
$ 6,152,167
Licenses and permits
-
54,154
Intergovernmental revenues
1,398,608
Charges for services
7,477
Fines and forfeits
48,241
Interfund revenues
1,077,236
Special assessments
-
-
Contributions
55,000
63,123
Interest
7,432
78
2,559
3,641
62,886
Miscellaneous revenues
-
-
-
3,000
3,966
TOTAL REVENUES
$
269,759
$ 78
$ 2,559
$ 6,641
$ 8,867,858
EXPENDITURES
Current:
General government
$
$
$
$
$ -
Transportation
4,711,889
Economic environment
238,027
238,027
Culture & recreation
-
31,840
1,521,453
Capital outlay
46,319
-
1,298,113
Debt service:
Principal payment
-
-
Interest payment
-
-
-
TOTAL EXPENDITURES
$
238,027
$
$ 46,319
$ 31,840
$ 7,769,482
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
31,732
$ 78
$ (43,760)
$ (25,199)
$ 1,098,376
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ -
$ 15,669
$
$ 15,669
Transfer (out)
-
(1,196,088)
Sale of capital assets
-
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ 15,669
$
$ (1,180,419)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
31,732
$ 78
$ (28,091)
$ (25,199)
$ (82,043)
FUND BALANCE JANUARY 1
$
269,848
$ 2,826
$ 98,548
$ 209,978
$ 2,173,921
FUND BALANCE DECEMBER 31
$
301,580
$ 2,904
$ 70,457
$ 184,779
$ 2,091,878
Combining Statements & Schedules, 6-13
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 3 of 7
DEBT SERVICE FUNDS
1997 LGO BOND 1978 LGO BOND 1989 LGO
REDEMPTION REDEMPTION REFUNDING
REVENUES
Taxes
$ 654,301 $ 35,900 $
Licenses and permits
- -
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Special assessments
Contributions
- -
Interest
2,046 686
Miscellaneous revenues
- -
TOTAL REVENUES
$ 656,347 $ 36,586
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
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
- 22,408
651,857 13,003
$ 651,857 $ 35,411
$ 4,490 $ 1,175
$ 4,490 $ 1,175
$ 15,807 $ 27,033
$ 20,297 $ 28,208 $
Combining Statements & Schedules, 6-14
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Current:
Page 4 of 7
DEBT SERVICE FUND
General government
$
GENERAL 1989 UGO BOND SPECIAL
TOTAL
$
DEBT REDEMPTION ASSESSMENT
DSF
REVENUES
Taxes
$ 2,714,533 $ 513,317 $ $
3,918,051
Licenses and permits
-
-
Intergovernmental revenues
Culture & recreation
Charges for services
Fines and forfeits
Capital outlay
Interfund revenues
Special assessments
23,340
23,340
Contributions
Interest
73,307 10,503 9,481
96,023
Miscellaneous revenues
943,330
410,000
TOTAL REVENUES
$ 2,787,840 $ 523,820 $ 32,821 $
4,037,414
EXPENDITURES
Current:
General government
$
$
$
$
Transportation
Economic environment
Culture & recreation
Capital outlay
Debt service:
Principal payment
943,330
410,000
1,375,738
Interest payment
914,725
105,780
1,460
1,686,825
TOTAL EXPENDITURES
$
1,858,055
$ 515,780
$ 1,460
$ 3,062,563
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
929,785
$ 8,040
$ 31.361
$ 974,851
OTHER FINANCING SOURCES (USES)
Transfer in
$
300,000
$
$ -
$ 300,000
Transfer (out)
(9,300)
(9,300)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES)
$
300,000
$
$ (9,300)
$ 290,700
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
1,229,785
$ 8,040
$ 22,061
$ 1,265,551
FUND BALANCE JANUARY 1
$
824,404
$ 573,265
$ 46,385
$ 1,486,894
FUND BALANCE DECEMBER 31
$
2,054,189
$ 581,305
$ 68,446
$ 2,752,445
Combining Statements & Schedules, 6-15
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL
FUNDS
December 31, 2005
Page 5 of 7
CAPITAL PROJECT FUNDS
DOWNTOWN
C.D. IMPACT
FIRE IMPACT
TRANS. IMPACT
PARKING
MITIGATION
MITIGATION
MITIGATION
REVENUES
Taxes
$
$
$
$
Licenses and permits
Intergovernmental revenues
Charges for services
301,236
362,362
522,808
Fines and forfeits
-
-
Interfund revenues
Special assessments
Contributions
-
-
Interest
37,063
15,883
44,445
98,966
Miscellaneous revenues
-
-
-
TOTAL REVENUES
$
37,063
$ 317,119
$ 406,807
$ 621,774
EXPENDITURES
Current:
General government
$
-
$ -
$ -
$
Transportation
Economic environment
Culture & recreation
-
Capital outlay
17,226
Debt service:
Principal payment
-
Interest payment
-
TOTAL EXPENDITURES
$
17,226
$ -
$ -
$
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
19,837
$ 317,119
$ 406,807
$ 621,774
OTHER FINANCING SOURCES (USES)
Transfer in
$
$ -
$ -
$
Transfer (out)
(300,000)
(955,900)
Sale of capital assets
427,500
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$ 127,500
$ (955,900)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
19,837
$ 317,119
$ 534,307
$ (334,126)
FUND BALANCE JANUARY 1
165,948
300,411
767,337
4,252,254
FUND BALANCE DECEMBER 31
$
185,785
$ 617,530
$ 1,301,644
$ 3,918,128
Combining Statements & Schedules, 6-16
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 6of7
CAPITAL PROJECT FUNDS
LEASED AQUATIC MUNICIPAL GENERAL TOTAL
PROPERTY CENTER FACILITIES C.I.P. CPF
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Special assessments
Contributions
Interest
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
$
$ $
2,165,940
$ -
$ 2,165,940
Transfer in $ $
$
-
1,586,363
1,586,363
Transfer (out)
-
1,286,910
1,286,910
177,374
770
3,755
1,368,305
-
$
78,202
$ 1,293,731 $
78,202
12,937
5,620
260,614
12,659
488,187
-
-
450,000
450,000
$ 190,311
$ 5,620 $
2,505,526
$ 3,339,687
$ 7,423,907
FUND BALANCE JANUARY 1 149,988
177,390
$ 185,018
$ - $
-
$
$ 185,018
13,552,915
$ 8,318,056 $
63,915
63,915
75,192
2,753,305
7,191,153
10,036,876
26,700
26,700
$ 286,910
$ $
2,817,220
$ 7,191,153
$ 10,312,509
5,620 $ (311,694)
$ (3,851,466)
$ (2,888,602)
$ (96,599) $
OTHER FINANCING SOURCES (USES)
Transfer in $ $
$
3,851,291
$ 1,309,400 $
5,160,691
Transfer (out)
(15,669)
(1,271,569)
Sale of capital assets
427,500
TOTAL OTHER FINANCE SOURCES (USES) $ $
$
3,851,291
$ 1,293,731 $
4,316,622
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ (96,599) $
5,620 $
3,539,597
$ (2,557,735) $
1,428,020
FUND BALANCE JANUARY 1 149,988
177,390
10,013,318
10,875,791
26,702,437
FUND BALANCE DECEMBER 31 $ 53,389 $
183,010 $
13,552,915
$ 8,318,056 $
28,130,457
Combining Statements & Schedules, 6-17
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2005
Page 7 of 7
Combining Statements & Schedules, 6-18
TOTAL OTHER
TOTAL
TOTAL
TOTAL
GOVERNMENTAL
SRF
DSF
CPF
FUNDS
REVENUES
Taxes
$
6,152,167
$ 3,918,051
$ 2,165,940
$ 12,236,158
Licenses and permits
54,154
-
1,586,363
1,640,517
Intergovernmental revenues
1,398,608
1,286,910
2,685,518
Charges for services
7,477
1,368,305
1,375,782
Fines and forfeits
48,241
-
48,241
Interfund revenues
1,077,236
-
1,077,236
Special assessments
-
23,340
-
23,340
Contributions
63,123
-
78,202
141,325
Interest
62,886
96,023
488,187
647,096
Miscellaneous revenues
3,966
-
450,000
453,966
TOTAL REVENUES
$
8,867,858
$ 4,037,414
$ 7,423,907
$ 20,329,179
EXPENDITURES
Current:
General government
$
-
$ -
$ 185,018
$ 185,018
Transportation
4,711,889
-
4,711,889
Economic environment
238,027
63,915
301,942
Culture & recreation
1,521,453
-
1,521,453
Capital outlay
1,298,113
-
10,036,876
11,334,989
Debt service:
Principal payment
-
1,375,738
-
1,375,738
Interest payment
-
1,686,825
26,700
1,713,525
TOTAL EXPENDITURES
$
7,769,482
$ 3,062,563
$ 10,312,509
$ 21,144,554
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
1,098,376
$ 974,851
$ (2,888,602)
$ (815,375)
OTHER FINANCING SOURCES (USES)
Transfer in
$
15,669
$ 300,000
$ 5,160,691
$ 5,476,360
Transfer (out)
(1,196,088)
(9,300)
(1,271,569)
(2,476,957)
Sale of capital assets
-
427,500
427,500
TOTAL OTHER FINANCE SOURCES (USES)
$
(1,180,419)
$ 290,700
$ 4,316,622
$ 3,426,903
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(82,043)
$ 1,265,551
$ 1,428,020
$ 2,611,528
FUND BALANCE JANUARY 1
2,173,921
1,486,894
26,702,437
30,363,252
FUND BALANCE DECEMBER 31
$
2,091,878
$ 2,752,445
$ 28,130,457
$ 32,974,780
Combining Statements & Schedules, 6-18
2005 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, 2005
REVENUES
Intergovernmental revenues
Interest
TOTALREVENUES
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
$ (353,500) $ (353,500) $ $ (353,500) $ (353,500)
$ (353,500) $ (353,500) $ $ (353,500) $ (353,500)
$ $
$
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
$ 351,500
$ 351,500
$ 378,347 $
144,836 $
523,183
2,000
2,000
9,572
-
9,572
$ 353,500
$ 353,500
$ 387,919 $
144,836 $
532,755
$ 387,919 $
144,836 $
$ 353,500
$ 353,500
532,755
$ (353,500) $ (353,500) $ $ (353,500) $ (353,500)
$ (353,500) $ (353,500) $ $ (353,500) $ (353,500)
$ $
$
387,919
$ (208,664) $
179,255
$ $
$
204,419
$ (1) $
204,418
$ $
$
592,338
$ (208,665) $
383,673
Combining Statements & Schedules, 6-19
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - STREET FUND
December 31, 2005
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (2,700)
$ (2,700) $
440,040
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
-
$ (322,576) $ (322,576)
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
AND OTHER FINANCING SOURCES OVER
Taxes
$
4,484,900
$ 4,484,900
$ 4,513,733
$ (24,088) $
4,489,645
Licenses and permits
FUND BALANCE JANUARY 1
26,300
26,300
27,357
26,797
54,154
Intergovernmental revenues
$ - $
788,100
788,100
807,267
68,158
875,425
Interfund revenues
902,000
902,000
1,067,218
10,018
1,077,236
Interest
24,400
24,400
24,846
-
24,846
Miscellaneous revenues
57,800
57,800
426
914
1,340
TOTAL REVENUES
$
6,283,500
$ 6,283,500
$ 6,440,847
$ 81,799 $
6,522,646
EXPENDITURES
Current:
Transportation
$
4,965,700
$ 4,965,700
$ 4,753,549
$ (41,660) $
4,711,889
Capital outlay
1,320,500
1,320,500
1,247,258
4,536
1,251,794
TOTAL EXPENDITURES
$
6,286,200
$ 6,286,200
$ 6,000,807
$ (37,124) $
5,963,683
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (2,700)
$ (2,700) $
440,040
$ 118,923 $ 558,963
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
$ (322,576) $
-
$ (322,576) $ (322,576)
TOTAL OTHER FINANCE SOURCES (USES)
$
$ (322,576) $
-
$ (322,576) $ (322,576)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (2,700)
$ (325,276) $
440,040
$ (203,653) $ 236,387
FUND BALANCE JANUARY 1
$ 2,700
$ 325,276 $
828,170
$ (20,147) $ 808,023
FUND BALANCE DECEMBER 31
$ -
$ - $
1,268,210
$ (223,800) $ 1,044,410
Combining Statements & Schedules, 6-20
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - LIBRARY FUND
December 31, 2005
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
$ (520,012) $
$ (520,012) $ (520,012)
ACTUAL
BUDGET TO GAAP
ACTUAL
$ (520,012) $
(520,012)
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
AND OTHER FINANCING SOURCES OVER
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
$ (520,012) $
43,633 $ (519,838) $
(476,205)
FUND BALANCE JANUARY 1
$
$ 520,012 $
Taxes
$
1,455,200
$ 1,455,200
$ 1,455,200
$ (5) $
1,455,195
Charges for services
6,200
6,200
7,477
-
7,477
Fines and forfeits
29,500
29,500
48,064
177
48,241
Contributions
1,400
1,400
8,123
-
8,123
Interest
2,400
2,400
14,758
-
14,758
Miscellaneous revenues
-
-
(197)
(177)
(374)
TOTAL REVENUES
$
1,494,700
$ 1,494,700
$ 1,533,425
$ (5) $
1,533,420
EXPENDITURES
Current:
Culture & recreation
$
1,493,700
$ 1,493,700
$ 1,489,792
$ (179) $
1,489,613
Capital outlay
1,000
1,000
-
-
-
TOTAL EXPENDITURES
$
1,494,700
$ 1,494,700
$ 1,489,792
$ (179) $
1,489,613
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
-
$ -
$ 43,633
$ 174 $
43,807
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
$ (520,012) $
$ (520,012) $ (520,012)
TOTAL OTHER FINANCE SOURCES (USES)
$
$ (520,012) $
$ (520,012) $
(520,012)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (520,012) $
43,633 $ (519,838) $
(476,205)
FUND BALANCE JANUARY 1
$
$ 520,012 $
639,585 $ (59,305) $
580,280
FUND BALANCE DECEMBER 31
$
$ - $
683,218 $ (579,143) $
104,075
Combining Statements & Schedules, 6-21
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - HOTEL/MOTEL TAX FUND
December 31, 2005
Combining Statements & Schedules, 6-22
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
150,000
$ 150,000
$ 179,977
$ 27,350
$ 207,327
Contributions
65,000
81,000
70,000
(15,000)
55,000
Interest
5,000
5,000
7,432
-
7,432
TOTAL REVENUES
$
220,000
$ 236,000
$ 257,409
$ 12,350
$ 269,759
EXPENDITURES
Current:
Economic environment
$
220,000
$ 236,000
$ 236,000
$ 2,027
$ 238,027
TOTAL EXPENDITURES
$
220,000
$ 236,000
$ 236,000
$ 2,027
$ 238,027
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
-
$ -
$ 21,409
$ 10,323
$ 31,732
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$ -
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 21,409
$ 10,323
$ 31,732
FUND BALANCE JANUARY 1
$
$
$ 254,849
$ 14,999
$ 269,848
FUND BALANCE DECEMBER 31
$
$
$ 276,258
$ 25,322
$ 301,580
Combining Statements & Schedules, 6-22
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - PATHS AND TRAILS FUND
December 31, 2005
Combining Statements & Schedules, 6-23
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$
79
$ (1) $
78
TOTAL REVENUES
$
$
$
79
$ (1) $
78
TOTAL EXPENDITURES
$
$
$
-
$ - $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
$
$
79
$ (1) $
78
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$
-
$ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$
79
$ (1) $
78
FUND BALANCE JANUARY 1 RESTATED
$
$
$
2,826
$ - $
2,826
FUND BALANCE DECEMBER 31
$
$
$
2,905
$ (1) $
2,904
Combining Statements & Schedules, 6-23
2005 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, 2005
Combining Statements & Schedules, 6-24
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$ 2,559
$
$ 2,559
TOTAL REVENUES
$
$
$ 2,559
$
$ 2,559
EXPENDITURES
Capital outlay
$ 50,000
$ 90,000
$ 23,425
$ 22,894
$ 46,319
TOTAL EXPENDITURES
$ 50,000
$ 90,000
$ 23,425
$ 22,894
$ 46,319
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (50,000)
$ (90,000)
$ (20,866)
$ (22,894)
$ (43,760)
OTHER FINANCING SOURCES (USES)
Transfer in
$
$
$ 15,669
$
$ 15,669
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ 15,669
$
$ 15,669
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (50,000)
$ (90,000)
$ (5,197)
$ (22,894)
$ (28,091)
FUND BALANCE JANUARY 1
$ 50,000
$ 90,000
$ 98,548
$ -
$ 98,548
FUND BALANCE DECEMBER 31
$ -
$ -
$ 93,351
$ (22,894)
$ 70,457
Combining Statements & Schedules, 6-24
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - CABLE COMMUNICATIONS DEVELOPMENT FUND
December 31, 2005
Combining Statements & Schedules, 6-25
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
35,000
$ 35,000
$ -
$ -
$ -
Interest
2,400
2,400
5,090
(1,449)
3,641
Miscellaneous revenues
1,500
1,500
3,000
3,000
TOTAL REVENUES
$
38,900
$ 38,900
$ 8,090
$ (1,449)
$ 6,641
EXPENDITURES
Current:
Culture & recreation
$
38,900
$ 38,900
$ 31,840
$
$ 31,840
TOTAL EXPENDITURES
$
38,900
$ 38,900
$ 31,840
$
$ 31,840
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
-
$ -
$ (23,750)
$ (1,449)
$ (25,199)
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$ -
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ (23,750)
$ (1,449)
$ (25,199)
FUND BALANCE JANUARY 1
$
$
$ 205,439
$ 4,539
$ 209,978
FUND BALANCE DECEMBER 31
$
$
$ 181,689
$ 3,090
$ 184,779
Combining Statements & Schedules, 6-25
2005 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, 2005
Combining Statements & Schedules, 6-26
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
-
-
2,046
-
2,046
TOTAL REVENUES
$
654,300
$ 654,300
$ 656,346
$ 1
$ 656,347
EXPENDITURES
Debt service:
Interest payment
$
654,300
$ 654,300
$ 651,857
$
$ 651,857
TOTAL EXPENDITURES
$
654,300
$ 654,300
$ 651,857
$
$ 651,857
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
-
$ -
$ 4,489
$ 1
$ 4,490
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$ -
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 4,489
$ 1
$ 4,490
FUND BALANCE JANUARY 1
$
$
$ 15,806
$ 1
$ 15,807
FUND BALANCE DECEMBER 31
$
$
$ 20,295
$ 2
$ 20,297
Combining Statements & Schedules, 6-26
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1978 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND (1997 GO Refunding Bonds)
December 31, 2005
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
35,900 $ 35,900
$ 35,900
$
$ 35,900
Interest
- -
686
686
TOTAL REVENUES
$
35,900 $ 35,900
$ 36,586
$
$ 36,586
EXPENDITURES
Debt service:
Principal payment
$
22,400 $ 22,400
$ 22,408
$
$ 22,408
Interest payment
13,500 13,500
13,003
13,003
TOTAL EXPENDITURES
$
35,900 $ 35,900
$ 35,411
$
$ 35,411
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
- $ -
$ 1,175
$
$ 1,175
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 1,175
$
$ 1,175
FUND BALANCE JANUARY 1
$
$
$ 27,031
$ 2
$ 27,033
FUND BALANCE DECEMBER 31
$
$
$ 28,206
$ 2
$ 28,208
Combining Statements & Schedules, 6-27
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
December 31, 2005
Combining Statements & Schedules, 6-28
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
1,541,900
$ 1,541,900
$ 1,619,785
$ 1,094,748
$ 2,714,533
Interest
24,400
24,400
73,307
-
73,307
TOTAL REVENUES
$
1,566,300
$ 1,566,300
$ 1,693,092
$ 1,094,748
$ 2,787,840
EXPENDITURES
Debt service:
Principal payment
$
943,500
$ 943,500
$ 943,330
$ -
$ 943,330
Interest payment
922,800
922,800
914,725
914,725
TOTAL EXPENDITURES
$
1,866,300
$ 1,866,300
$ 1,858,055
$ -
$ 1,858,055
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (300,000) $
(300,000)
$ (164,963)
$ 1,094,748
$ 929,785
OTHER FINANCING SOURCES (USES)
Transfer in
$
300,000
$ 300,000
$ 300,000
$ -
$ 300,000
TOTAL OTHER FINANCE SOURCES (USES)
$
300,000
$ 300,000
$ 300,000
$ -
$ 300,000
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
-
$ -
$ 135,037
$ 1,094,748
$ 1,229,785
FUND BALANCE JANUARY 1
$
$
$ 1,647,198
$ (822,794)
$ 824,404
FUND BALANCE DECEMBER 31
$
$
$ 1,782,235
$ 271,954
$ 2,054,189
Combining Statements & Schedules, 6-28
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND (Coulon Park)
December 31, 2005
Combining Statements & Schedules, 6-29
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
514,100
$ 514,100
$ 508,651
$ 4,666
$ 513,317
Interest
5,000
5,000
10,503
-
10,503
TOTAL REVENUES
$
519,100
$ 519,100
$ 519,154
$ 4,666
$ 523,820
EXPENDITURES
Debt service:
Principal payment
$
410,000
$ 410,000
$ 410,000
$ -
$ 410,000
Interest payment
109,100
109,100
105,780
105,780
TOTAL EXPENDITURES
$
519,100
$ 519,100
$ 515,780
$ -
$ 515,780
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
-
$ -
$ 3,374
$ 4,666
$ 8,040
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$ -
$ -
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 3,374
$ 4,666
$ 8,040
FUND BALANCE JANUARY 1
$
$
$ 572,659
$ 606
$ 573,265
FUND BALANCE DECEMBER 31
$
$
$ 576,033
$ 5,272
$ 581,305
Combining Statements & Schedules, 6-29
2005 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, 2005
Combining Statements & Schedules, 6-30
ACTUAL BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS OVER(UNDER)
BASIS
REVENUES
Special assessments
$ 7,000 $ 7,000 $
23,340 $ - $
23,340
Interest
2,500 2,500
12,061 (2,580)
9,481
TOTAL REVENUES
$ 9,500 $ 9,500 $
35,401 $ (2,580) $
32,821
EXPENDITURES
Debt service:
Interest payment
$ 3,500 $ 3,500 $
1,460 $ $
1,460
TOTAL EXPENDITURES
$ 3,500 $ 3,500 $
1,460 $ $
1,460
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 6,000 $ 6,000 $
33,941 $ (2,580) $
31,361
OTHER FINANCING SOURCES (USES)
Transfer (out)
$ (9,300) $ (9,300) $
- $ (9,300) $ (9,300)
TOTAL OTHER FINANCE SOURCES (USES)
$ (9,300) $ (9,300) $
7$ (9,300) $ (9,300)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (3,300) $ (3,300) $
33,941 $ (11,880) $
22,061
FUND BALANCE JANUARY 1 RESTATED
$ 3,300 $ 3,300 $
43,190 $ 3,195 $
46,385
FUND BALANCE DECEMBER 31
$ - $ - $
77,131 $ (8,682L $
68,446
Combining Statements & Schedules, 6-30
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - DOWNTOWN PARKING GARAGE
December 31, 2005
Combining Statements & Schedules, 6-31
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$ 37,064
$ (1) $
37,063
TOTAL REVENUES
$
$
$ 37,064
$ (1) $
37,063
EXPENDITURES
Capital outlay
$
$ 53,300
$ 39,074
$ (21,848) $
17,226
TOTAL EXPENDITURES
$
$ 53,300
$ 39,074
$ (21,848) $
17,226
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
$ (53,300)
$ (2,010)
$ 21,847 $
19,837
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$ -
$ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (53,300)
$ (2,010)
$ 21,847 $
19,837
FUND BALANCE JANUARY 1
$
$ 53,300
$ 172,992
$ (7,044) $
165,948
FUND BALANCE DECEMBER 31
$
$ -
$ 170,982
$ 14,803 $
185,785
Combining Statements & Schedules, 6-31
2005 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, 2005
Combining Statements & Schedules, 6-32
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$
250,000
$ 250,000
$ 301,236
$
$ 301,236
Interest
5,000
5,000
15,883
15,883
TOTAL REVENUES
$
255,000
$ 255,000
$ 317,119
$
$ 317,119
EXPENDITURES
Capital outlay
$
-
$ -
$ -
$
$
TOTAL EXPENDITURES
$
-
$ -
$ -
$
$
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
255,000
$ 255,000
$ 317,119
$
$ 317,119
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$ -
$ -
$
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
255,000
$ 255,000
$ 317,119
$
$ 317,119
FUND BALANCE JANUARY 1
$
-
$ -
$ 300,409
$ 2
$ 300,411
FUND BALANCE DECEMBER 31
$
255,000
$ 255,000
$ 617,528
$ 2
$ 617,530
Combining Statements & Schedules, 6-32
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - FIRE IMPACT MITIGATION FUND
December 31, 2005
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 300,000
$ 300,000 $
411,938
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
-
-
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
-
$ (300,000) $
(300,000)
Sale of capital assets
Charges for services
$
275,000
$ 275,000
$ 362,362 $
- $
362,362
Interest
127,500
25,000
25,000
48,740
(4,295)
44,445
TOTAL REVENUES
$
300,000
$ 300,000
$ 411,102 $
(4,295) $
406,807
EXPENDITURES
$
$ $
839,438
$ (305,131) $
534,307
FUND BALANCE JANUARY 1 RESTATED
Capital outlay
$
-
$ -
$ (836) $
836 $
$
TOTAL EXPENDITURES
$
-
$ -
$ (836) $
836 $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 300,000
$ 300,000 $
411,938
$ (5,131) $
406,807
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt
-
-
-
-
Transfer (out)
$ (300,000)
$ (300,000) $
-
$ (300,000) $
(300,000)
Sale of capital assets
427,500
427,500
TOTAL OTHER FINANCE SOURCES (USES)
$ (300,000)
$ (300,000) $
427,500
$ (300,000) $
127,500
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ $
839,438
$ (305,131) $
534,307
FUND BALANCE JANUARY 1 RESTATED
$
$ $
742,175
$ 25,162 $
767,337
FUND BALANCE DECEMBER 31
$
$ $
1,581,613
$ (279,969) $
1,301,644
Combining Statements & Schedules, 6-33
2005 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, 2005
REVENUES
Charges for services
Interest
TOTALREVENUES
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
$ (1,313,400) $ (1,313,400) $ $ (955,900) $ (955,900)
$ (1,313,400) $ (1,313,400) $ $ (955,900) $ (955,900)
$ (713,400)
$ (713,400) $
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
$ 500,000
$ 500,000
$ 522,808 $
- $
522,808
100,000
100,000
92,956
6,010
98,966
$ 600,000
$ 600,000
$ 615,764 $
6,010 $
621,774
$ 615,764 $
6,010 $
$ 600,000
$ 600,000
621,774
$ (1,313,400) $ (1,313,400) $ $ (955,900) $ (955,900)
$ (1,313,400) $ (1,313,400) $ $ (955,900) $ (955,900)
$ (713,400)
$ (713,400) $
615,764
$ (949,890) $ (334,126)
$ 713,400
$ 713,400 $
4,196,342
$ 55,912 $ 4,252,254
$ -
$ - $
4,812,106
$ (893,978) $ 3,918,128
Combining Statements & Schedules, 6-34
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - LEASED CITY PROPERTIES
December 31, 2005
Combining Statements & Schedules, 6-35
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$
446,700 $
446,700 $
172,030 $
5,344 $
177,374
Interest
-
-
12,936
1
12,937
TOTAL REVENUES
$
446,700 $
446,700 $
184,966 $
5,345 $
190,311
EXPENDITURES
Current:
General government
$
156,700 $
272,920 $
185,487 $
(469) $
185,018
Capital outlay
-
100,000
75,192
-
75,192
Debt service:
Principal payment
260,000
260,000
200,000
(200,000)
-
Interest payment
30,000
30,000
19,200
7,500
26,700
TOTAL EXPENDITURES
$
446,700 $
662,920 $
479,879 $
(192,969) $
286,910
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
- $ (216,220) $
(294,913) $
198,314 $
(96,599)
TOTAL OTHER FINANCE SOURCES (USES)
$
$
- $
- $
- $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (216,220) $
(294,913) $
198,314 $ (96,599)
FUND BALANCE JANUARY 1
$
$
216,220 $
651,674 $
(501,686) $
149,988
FUND BALANCE DECEMBER 31
$
$
- $
356,761 $
____L303,372L $
53,389
Combining Statements & Schedules, 6-35
2005 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, 2005
Combining Statements & Schedules, 6-36
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$
5,620
$
$ 5,620
TOTAL REVENUES
$
$
$
5,620
$
$ 5,620
TOTAL EXPENDITURES
$
$
$
-
$
$
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
$
$
5,620
$
$ 5,620
TOTAL OTHER FINANCE SOURCES (USES)
$
$
$
-
$
$
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$
5,620
$
$ 5,620
FUND BALANCE JANUARY 1
$
$
$
177,390
$
$ 177,390
FUND BALANCE DECEMBER 31
$
$
$
183,010
$
$ 183,010
Combining Statements & Schedules, 6-36
2005 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - MUNICIPAL FACILITIES CONSTRUCTION FUND
December 31, 2005
Combining Statements & Schedules, 6-37
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
1,500,000
$ 1,500,000
$ 3,173,910
$ (1,007,970) $
2,165,940
Charges for services
-
-
770
770
Contributions
-
-
78,202
-
78,202
Interest
100,000
100,000
251,083
9,531
260,614
Miscellaneous revenues
120,000
120,000
-
-
-
TOTAL REVENUES
$
1,720,000
$ 1,720,000
$ 3,503,965
$ (998,439) $
2,505,526
EXPENDITURES
Current:
Economic environment
$
50,000
$ 91,200
$ 63,915
$ - $
63,915
Capital outlay
4,285,000
11,076,499
2,745,805
7,500
2,753,305
TOTAL EXPENDITURES
$
4,335,000
$ 11,167,699
$ 2,809,720
$ 7,500 $
2,817,220
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(2,615,000) $ (9,447,699)
$ 694,245
$ (1,005,939) $ (311,694)
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt
$
-
$ -
$ 200,000
$ (200,000) $
-
Transfer in
1,022,500
3,851,291
3,851,291
3,851,291
Sale of capital assets
206,000
206,000
-
-
TOTAL OTHER FINANCE SOURCES (USES)
$
1,228,500
$ 4,057,291
$ 4,051,291
$ (200,000) $
3,851,291
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(1,386,500) $ (5,390,408)
$ 4,745,536
$ (1,205,939) $
3,539,597
FUND BALANCE JANUARY 1
$
1,386,500
$ 5,390,408
$ 8,182,808
$ 1,830,510 $
10,013,318
FUND BALANCE DECEMBER 31
$
-
$ -
$ 12,928,344
$ 624,571 $
13,552,915
Combining Statements & Schedules, 6-37
2005 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, 2005
Combining Statements & Schedules, 6-38
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Licenses and permits
$
1,600,000
$ 1,600,000
$ 1,586,363
$ - $
1,586,363
Intergovernmental revenues
3,231,800
3,231,800
767,942
518,968
1,286,910
Charges for services
-
-
3,755
-
3,755
Interest
-
12,659
12,659
Miscellaneous revenues
-
-
450,000
-
450,000
TOTAL REVENUES
$
4,831,800
$ 4,831,800
$ 2,808,060
$ 531,627 $
3,339,687
EXPENDITURES
Capital outlay
$
7,986,500
$ 13,586,637
$ 2,657,102
$ 4,534,051 $
7,191,153
TOTAL EXPENDITURES
$
7,986,500
$ 13,586,637
$ 2,657,102
$ 4,534,051 $
7,191,153
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ (3,154,700)
$ (8,754,837)
$ 150,958
$ (4,002,424) $
(3,851,466)
OTHER FINANCING SOURCES (USES)
Transfer in
$
1,313,400
$ 1,666,900
$ 1,309,400
$ - $
1,309,400
Transfer (out)
-
-
-
(15,669)
(15,669)
TOTAL OTHER FINANCE SOURCES (USES)
$
1,313,400
$ 1,666,900
$ 1,309,400
$ (15,669) $
1,293,731
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (1,841,300)
$ (7,087,937)
$ 1,460,358
$ (4,018,093) $
(2,557,735)
FUND BALANCE JANUARY 1
$
1,841,300
$ 7,087,937
$ 10,539,174
$ 336,617 $
10,875,791
FUND BALANCE DECEMBER 31
$
-
$ -
$ 11,999,532
$(3,681,476) $
8,318,056
Combining Statements & Schedules, 6-38
2005 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF NET ASSETS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2005
Page 1 of 2
Combining Statements & Schedules, 6-39
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
ASSETS
Current assets:
Cash & cash equivalents
$
1,036,342
$
746,180
$ 1,782,522
Investments at fair value
1,488,821
250,000
1,738,821
Receivables (net of allowances):
Customer accounts
146,960
51,104
198,064
Interest - investments
38,836
14,805
53,641
Due from other governmental units
7,706
-
7,706
Inventory of materials and supplies
-
53,101
53,101
Total current assets
$
2,718,665
$
1,115,190
$ 3,833,855
Restricted assets:
Deposits
-
-
Cash & residual investments @FMV
$
$
441,358
$ 441,358
Total restricted assets
441,358
441,358
Capital assets (net)
8,932,337
9,351,814
18,284,151
Deferred charges and other assets
-
44,930
44,930
TOTAL ASSETS
$
11,651,002
$
10,953,292
$ 22,604,294
Combining Statements & Schedules, 6-39
2005 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF NET ASSETS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2005
Page 2 of 2
Combining Statements & Schedules, 6-40
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
LIABILITIES
Current liabilities:
Accounts payable
$
35,617
$ 73,244
$ 108,861
Retainage payable
15,133
-
15,133
Due to other funds
3,167
4,579
7,746
Accrued interest payable
-
14,065
14,065
Accrued employee benefits payable
14,587
33,407
47,994
Accrued taxes payable
37,554
16,875
54,429
Unamortized Premium
Custodial Accounts
-
89,091
89,091
Deferred revenue
68,712
-
68,712
Operating leases payable
-
8,622
8,622
Total current liabilities
$
174,770
$ 239,883
$ 414,653
Liabilities payable from restricted assets:
Revenue bonds payable - current
$
-
$ 270,000
$ 270,000
Total liabilities payable from restricted assets
$
$ 270,000
$ 270,000
Long-term liabilities:
Revenue bonds payable
$
$ 3,090,000
$ 3,090,000
Unamortized discounts on revenue bonds
(333,435)
(333,435)
Accrued employee wages and benefits payable
14,315
50,881
65,196
Total long-term liabilities
$
14,315
$ 2,807,446
$ 2,821,761
TOTAL LIABILITIES
$
189,085
$ 3,317,329
$ 3,506,414
NET ASSETS
Investment in capital assets,
net of related debt
$
8,932,337
$ 5,697,980
$ 14,630,317
Restricted
-
441,358
441,358
Unrestricted
2,529,580
1,496,625
4,026,205
TOTAL NET ASSETS
$
11,461,917
$ 7,635,963
$ 19,097,880
Combining Statements & Schedules, 6-40
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSET
NON - MAJOR ENTERPRISE FUNDS
December 31, 2005
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 REVENUES(EXPENSES)
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUND:
$ 901,793 $ 2,165,413 $ 3,067,206
$ 901,793 $ 2,165,413 $ 3,067,206
$ 516,701 $
1,171,901 $
1,688,602
83,860
238,556
322,416
67,363
-
67,363
154,627
238,923
393,550
25,300
-
25,300
644
10,058
10,702
378,315
254,877
633,192
$ 1,226,810 $
1,914,315 $
3,141,125
$ (325,017) $
251,098 $
(73,919)
Intergovernmental revenues
$
292,367
$ - $
292,367
Interest revenues
59,668
42,922
102,590
Gain(loss) on sale of capital assets
-
500
500
Other non-operating revenues(expenses)
3,044
6,707
9,751
Interest expense
-
(182,762)
(182,762)
Amortization of debt discount and expense
-
(35,000)
(35,000)
NON-OPERATING REVENUE NET OF EXPENSES
$
355,079
$ (167,633) $
187,446
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
$
30,062
$ 83,465 $
113,527
CHANGE IN NET ASSETS
$
30,062
$ 83,465 $
113,527
NET ASSETS, JANUARY 1
$
11,431,855
$ 7,552,498 $
18,984,353
NET ASSETS, DECEMBER 31
$
11,461,917
$ 7,635,963 $
19,097,880
Combining Statements & Schedules, 6-41
2005 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2005
Page 1 of 2
City of Renton, Washington
Combining Statements & Schedules, 6-42
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
$
811,505
$ 2,159,841 $
2,971,346
Cash paid to suppliers for goods & services
(759,048)
(1,392,794)
(2,151,842)
Cash paid to other funds for goods & services
642
4,507
5,149
Cash paid to employees
(106,537)
(226,159)
(332,696)
Other non-operating receipts
3,044
(175,555)
(172,511)
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$ (50,394)
$ 369,840 $
319,446
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
292,367
292,367
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES
$
292,367
$ $
292,367
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets
$
(144,020)
$ (462,569) $
(606,589)
Principal payments on debt
(270,000)
(270,000)
Interest payments on debt
9,035
9,035
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES
$ (144,020)
$ (723,534) $
(867,554)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest on investments
$
50,292
$ 37,820 $
88,112
NET CASH PROVIDED(USED) BY
INVESTING ACTIVITIES
$
50,292
$ 37,820 $
88,112
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
$
148,245
$ (315,874) $
(167,629)
CASH & CASH EQUIVALENTS, JANUARY 1
$
888,097
$ 1,062,054 $
1,950,151
CASH & CASH EQUIVALENTS, DECEMBER 31
$
1,036,342
$ 746,180 $
1,782,522
Combining Statements & Schedules, 6-42
2005 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2005
Page 2 of 2
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 tc
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
Increase in fair value of investments
Net Depreciation & Amortization
City of Renton, Washington
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
$ (325,017) $
251,098 $
(73,919)
378,315
254,877
633,192
3,044
(175,555)
(172,511)
(120,903)
(20,618)
(141,521)
(7,706)
(7,706)
(9,407)
(9,407)
62,706
62,706
642
4,507
5,149
31,338
(15,911)
15,427
5,746
5,746
12,570
12,570
(22,677) 12,397 (10,280)
$ 274,623 $ 118,742 $ 393,365
$ (50,394) $ 369,840 $ 319,446
$ 2,821 - $ 2,821
- 34,697 34,697
Combining Statements & Schedules, 6-43
2005 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2005
Page 1 of 2
Combining Statements & Schedules, 6-44
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
ASSETS
Current assets:
Cash & cash equivalents
$
1,369,866
$ 5,166,946
$ 6,536,812
Investments at fair value
2,850,000
6,285,129
9,135,129
Receivables (net of allowances):
Customer accounts
16,491
5,015
21,506
Interest - investments
72,633
197,255
269,888
Due from other funds
1,476
-
1,476
Due from other governmental units
5,249
-
5,249
Prepayments
92,116
3,000
95,116
Total current assets
$
4,407,831
$ 11,657,345
$ 16,065,176
Property, Plant, and Equipment:
Capital assets (net)
$
4,621,482
$ 6,214
$ 4,627,696
Total Property, Plant, and Equipment
$
4,621,482
$ 6,214
$ 4,627,696
TOTAL ASSETS
$
9,029,313
$ 11,663,559
$ 20,692,872
Combining Statements & Schedules, 6-44
2005 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2005
Page 2 of 2
City of Renton, Washington
Combining Statements & Schedules, 6-45
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
LIABILITIES
Current liabilities:
Accounts payable
$
27,030 $
184,244 $
211,274
Retainage payable
421,883
421,883
Due to other funds
-
1,240
1,240
Accrued employee benefits payable
22,125
12,637
34,762
Accrued taxes payable
792
792
Total current liabilities
$
49,947 $
620,004 $
669,951
Long-term liabilities:
Accrued employee wages and benefits payable
$
31,606 $
6,255 $
37,861
Claims incurred but not reported
-
2,425,833
2,425,833
Total long-term liabilities
$
31,606 $
2,432,088 $
2,463,694
TOTAL LIABILITIES
$
81,553 $
3,052,092 $
3,133,645
NET ASSETS
Investment in capital assets,
net of related debt
$
4,621,482 $
6,214 $
4,627,696
Unrestricted
4,326,278
8,605,253
12,931,531
TOTAL NET ASSETS
$
8,947,760 $
8,611,467 $
17,559,227
Combining Statements & Schedules, 6-45
2005 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2005
Combining Statements & Schedules, 6-46
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
OPERATING REVENUES:
Charges for services
$
3,136,523 $
2,909,875 $
6,046,398
Other operating revenues
-
7,185,709
7,185,709
TOTAL OPERATING REVENUES
$
3,136,523 $
10,095,584 $
13,232,107
OPERATING EXPENSES:
Operations and maintenance
$
752,875 $
121,112 $
873,987
Benefit payments
148,052
7,505,031
7,653,083
Professional services
10,835
258,332
269,167
Administrative and general
775,752
62,992
838,744
Insurance
246,500
1,473,901
1,720,401
Depreciation
798,192
12,430
810,622
TOTAL OPERATING EXPENSES
$
2,732,206 $
9,433,798 $
12,166,004
OPERATING INCOME (LOSS)
$
404,317 $
661,786 $
1,066,103
NON-OPERATING REVENUES(EXPENSES):
Interest revenues
$
119,527 $
269,122 $
388,649
Gain(loss) on sale of capital assets
1,215
(374,549)
(373,334)
Other non-operating revenues(expenses;
6,327
832,638
838,965
NON-OPERATING REVENUE NET OF EXPENSE
$
127,069 $
727,211 $
854,280
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
$
531,386 $
1,388,997 $
1,920,383
Transfersin(out)
$
(42,000) $
- $
(42,000)
CHANGE IN NET ASSETS
$
489,386 $
1,388,997 $
1,878,383
NET ASSETS, JANUARY 1
$
8,458,374 $
7,222,470 $
15,680,844
NET ASSETS, DECEMBER 31
$
8,947,760 $
8,611,467 $
17,559,227
Combining Statements & Schedules, 6-46
2005 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
December 31, 2005
Page 1 of 2
City of Renton, Washington
Combining Statements & Schedules, 6-47
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
$
3,123,665 $
10,468,173 $
13,591,838
Cash paid to suppliers for goods & services
(1,291,431)
(140,838)
(1,432,269)
Cash paid to employees
(151,074)
(7,607,113)
(7,758,187)
Other operating receipts
(481,844)
(930,908)
(1,412,752)
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$
1,199,316 $
1,789,314 $
2,988,630
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets
$
(1,183,765) $
$
(1,183,765)
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES
$
(1,183,765) $
$
(1,183,765)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments
$
- $
(16,410) $
(16,410)
Interest on investments
102,444
213,129
315,573
NET CASH PROVIDED(USED) BY
INVESTING ACTIVITIES
$
102,444 $
196,719 $
299,163
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
$
117,995 $
1,986,033 $
2,104,028
CASH & CASH EQUIVALENTS, JANUARY 1
$
1,251,871 $
3,180,913 $
4,432,784
CASH & CASH EQUIVALENTS, DECEMBER 31
$
1,369,866 $
5,166,946 $
6,536,812
Combining Statements & Schedules, 6-47
2005 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
December 31, 2005
Page 2 of 2
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 payables
& other short-term liabilities
Increase(decrease)in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Increase in fair value of investments
City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
$ 404,317 $ 661,786 $ 1,066,103
798,192
12,430
810,622
7,542
458,089
465,631
(12,858)
372,589
359,731
(5,544)
-
(5,544)
(7,506)
95
(7,411)
9,897
385,262
395,159
792
1,240
2,032
4,484
(102,177)
(97,693)
$ 794,999
$ 1,127,528 $
1,922,527
$ 1,199,316
$ 1,789,314 $
2,988,630
11,580 11,580
Combining Statements & Schedules, 6-48
2005 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND - SPECIAL DEPOSIT
December 31, 2005
Page 1 of 1
Combining Statements & Schedules, 6-49
BEGINNING
ENDING
BALANCE
DEBITS
CREDITS
BALANCE
ASSETS
Cash
$
296,252
$
104,511,205
104,441,320
$
366,137
TOTAL ASSETS
$
296,252
$
104,511,205
$ 104,441,320
$
366,137
LIABILITIES
Vouchers & contacts payable
$
-
$
57,375,314
57,387,356
$
12,042
Accrued employee benefits
37,116
46,732,346
46,696,410
1,180
Deposits Payable
259,136
286,971
380,750
352,915
TOTAL LIABILITIES
$
296,252
$
104,394,631
$ 104,464,516
$
366,137
Combining Statements & Schedules, 6-49
2005 Comprehensive Annual Financial Report
This page is intentionally left blank.
City of Renton, Washington
Combining Statements & Schedules, 6-50
2005 Comprehensive Annual Financial Report
STATISTICAL SECTION
December 31, 2005
City of Renton, Washington
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 the 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
2005 Comprehensive Annual Financial Report
This page is intentionally left blank.
City of Renton, Washington
Statistical Section, 7-2
2005 Comprehensive Annual Financial Report
TABLE 1
NET ASSETS BY COMPONENT
LAST THREE FISCAL YEARS
(Accrual basis of accounting)
Governmental activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total governmental activities net assets
Business -type activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total business -type activities net assets
Primary government
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net assets
'First Year of Net Assets by Component
Source : City of Renton, Finance & IS Deparrtment
City of Renton, Washington
FISCAL YEAR
2003' 2004 2005
$ 89,360,313 $ 195,282,055 $ 203,297,293
6,816,559 21,460,395 28,578,305
41,699,232 25,746,196 29,272,573
$ 137,876,104 $ 242,488,646 $ 261,148,171
$ 158,886,497 $ 163,891,546 $ 171,827,746
3,048,210 3,555,690 3,555,690
15,886,887 21,612,156 21,541,563
$ 177,821,594 $ 189,059,392 $ 196,924,999
$ 248,246,810 $ 359,173,601 $ 375,125,039
9,864,769 25,016,085 32,133,995
57,586,119 47,358,352 50,814,136
$ 315,697,698 $ 431,548,038 $ 458,073,170
Statistical Section, 7-3
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Statistical Section, 7-4
TABLE 2
CHANGES IN NET ASSETS
LAST THREE FISCAL YEARS
(Accrual basis of accounting)
Page 1
of 2
FISCAL YEAR
20031
2004
2005
EXPENSES
Government activities:
General government
$
24,365,244
$
22,144,567
$
21,137,856
Judicial
1,258,956
1,340,655
1,380,816
Security of persons and property
26,238,548
28,647,443
29,496,791
Physical environment
2,013,239
2,278,445
2,208,340
Transportation
4,221,713
6,797,356
4,183,880
Economic development
5,886,795
5,519,929
5,899,796
Mental and physical health
21,646
228,966
300,171
Culture and recreation
8,689,666
10,303,074
9,744,692
Interest on long-term debt
1,827,464
1,627,581
1,710,346
Total governmental activities expenses
$
74,523,271
$
78,888,016
$
76,062,688
Business -type activities:
Water
$
22,381,464
$
23,347,678
$
25,884,227
Airport
1,219,465
936,305
1,226,810
Solid Waste
8,516,598
8,558,441
9,327,525
Golf
1,831,670
1,933,113
2,132,077
Total business -type activities net assets
$
33,949,197
$
34,775,537
$
38,570,639
Total primary government expenses
$
108,472,468
$
113,663,553
$
114,633,327
PROGRAM REVENUES
Government activities:
Charges for services:
General government charges
$
16,716,472
$
15,579,366
$
17,525,244
Judicial
1,287,901
1,531,773
697,883
Security of persons and property
929,780
200,149
247,235
Physical environment
759,700
837,027
894,750
Transportation
1,519,383
1,916,862
1,660,698
Economic environment
4,969,475
4,236,596
4,516,899
Culture and recreation
1,460,879
1,507,387
1,558,458
Operating grants and contributions
3,732,443
6,213,791
4,979,601
Capital grants and contributions
1,094,764
1,745,718
1,227,503
Total governmental activities program revenues
$
32,470,797
$
33,768,669
$
33,308,271
Business -type activities:
Charges for services:
Business -type charges
$
37,077,258
$
38,917,114
$
40,029,830
Operating grants and contributions
222,193
112,616
196,974
Capital grants and contributions
6,600,471
6,583,241
5,101,699
Total business -type activities program revenues
$
43,899,922
$
45,612,971
$
45,328,503
Total primary government program revenues
$
76,370,719
$
79,381,640
$
78,636,774
Net (expense)/revenue
Governmental activities
$
(42,052,474)
$
(45,119,347)
$
(42,754,417)
Business -type activities
9,950,725
10,837,434
6,757,864
Total primary government net expense
$
(32,101,749)
$
(34,281,913)
$
(35,996,553)
Statistical Section, 7-4
2005 Comprehensive Annual Financial Report
TABLE 2
CHANGES IN NET ASSETS
LAST THREE FISCAL YEARS
(Accrual basis of accounting)
Page 2 of 2
City of Renton, Washington
'First Year of Changes in Net Assets
Statistical Section, 7-5
FISCAL YEAR
2003
2004
2005
GENERAL REVENUES AND OTHER CHANGES
IN NET ASSETS
Governmental activities:
Taxes
Property taxes
$
19,520,575
$
19,578,390
$
21,523,818
Sales taxes
17,334,831
18,281,949
18,910,823
Business taxes
10,895,130
9,957,129
10,643,068
Othertaxes
5,449,877
6,751,264
6,938,265
Penalties and interest
5,415
6,048
49
Investment earnings
1,081,398
1,291,669
1,449,001
Miscellaneous
312,867
4,346,619
1,958,217
Transfers
(40,000)
(10,304)
(9,300)
Total governmental activities
$
54,560,093
$
60,202,764
$
61,413,941
Business -type activities:
Investment earnings
242,055
270,605
458,797
Miscellaneous
369,513
119,455
639,646
Transfers
40,000
10,304
9,300
Total business -type activities
$
651,568
$
400,364
$
1,107,743
Total primary government
$
55,211,661
$
60,603,128
$
62,521,684
CHANGES IN NET ASSETS
Governmental activities
$
12,507,619
$
15,083,417
$
18,659,525
Business -type activities
10,602,293
11,237,798
7,865,607
Total primary government
$
23,109,912
$
26,321,215
$
26,525,132
'First Year of Changes in Net Assets
Statistical Section, 7-5
2005 Comprehensive Annual Financial Report
TABLE 3
FUND BALANCE OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(Accrual basis of accounting)
Page 1 of 2
General fund
$10,000,000
--*--General
$a,000,000
$6,000,000
$4,000,000
$2,000,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
City of Renton, Washington
All other governmental funds
Reserved
$ -
$ -
FISCAL YEAR
$ -
$ -
Unreserved, reported in:
1996
1997
1998
1999
2000
General fund
9,254,649
8,999,135
9,037,183
2,890,947
3,898,265
Reserved
$ 87,000
$ 87,000
$ 87,000
$ 83,000
$ 311,673
Unreserved
6,767,563
6,291,113
4,555,713
5,381,222
8,025,332
Total general fund
$ 6,854,563
$ 6,378,113
$ 4,642,713
$ 5,464,222
$ 8,337,005
All other governmental funds
Reserved
$ -
$ -
$ -
$ -
$ -
Unreserved, reported in:
Special revenue funds
9,254,649
8,999,135
9,037,183
2,890,947
3,898,265
Debt service funds
3,790,030
2,919,630
2,325,340
2,987,015
2,653,495
Capital project funds
8,572,108
17,694,301
18,663,675
21,682,591
23,570,741
Total all other governmental funds
$ 21,616,787
$ 29,613,066
$ 30,026,198
$ 27,560,553
$ 30,122,501
Source : City of Renton, Finance & IS Department
Statistical Section, 7-6
2005 Comprehensive Annual Financial Report
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
TABLE 3
FUND BALANCE OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(Accrual basis of accounting)
Page 2 of 2
All other governmental funds
—40 --All other governmental
City of Renton, Washington
1996 1997 1998 1999 2000 2001 2002 2003 2004 200:
All other governmental funds
Reserved
$ 920,000
$ 1,260,000
FISCAL YEAR
$ 500,000
$ 240,000
Unreserved, reported in:
2001
2002
2003
2004
2005
General fund
4,938,021
3,361,529
3,985,917
3,238,246
2,929,692
Reserved
$ 318,053
$ 83,000
$ 83,000
$ 108,742
$ 8,000
Unreserved
6,428,315
3,920,136
6,758,364
8,603,003
9,189,871
Total general fund
$ 6,746,368
$ 4,003,136
$ 6,841,364
$ 8,711,745
$ 9,197,871
All other governmental funds
Reserved
$ 920,000
$ 1,260,000
$ 880,000
$ 500,000
$ 240,000
Unreserved, reported in:
Special revenue funds
4,938,021
3,361,529
3,985,917
3,238,246
2,929,692
Debt service funds
2,546,129
2,030,335
1,916,243
1,486,894
2,752,445
Capital project funds
29,133,681
33,742,638
22,628,512
26,202,437
27,890,457
Total all other governmental funds
$ 37,537,831
$ 40,394,502
$ 29,410,672
$ 31,427,577
$ 33,812,594
Statistical Section, 7-7
2005 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 4
CHANGES IN FUND BALANCES OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(Accrual basis of accounting)
Page 1 of 2
FISCAL YEAR
1996 1997 1928 1999 2400
REVENUES
Taxes
$ 36,836,487
$ 40,050,814
$ 41,722,051
$ 44,397,793 $
47,827,013
Licenses and permits
3,134,890
3,935,350
4,146,167
3,780,303
4,562,892
Intergovernmental
10,445,165
7,391,617
9,078,690
5,637,817
6,793,084
Charges for services
5,345,264
5,548,215
7,785,760
7,157,860
7,805,409
Fines
958,082
733,561
722,054
831,327
937,689
Interfund revenues
-
-
-
-
-
Special assessments
857,664
393,961
516,929
689,931
352,648
Contributions
-
800,000
1,974,897
91,383
64,092
Interest
2,194,257
2,250,016
2,626,519
2,129,455
2,307,978
Miscellaneous
619,927
608,217
555,701
682,625
727,465
Total revenues
$ 60,391,736
$ 61,711,751
$ 69,128,768
$ 65,398,494 $
71,378,270
EXPENDITURES
General government
$ 8,420,834
$ 8,675,215
$ 9,915,676
$ 10,058,875 $
10,858,538
Security of persons and property
18,346,795
19,249,622
20,074,074
21,300,403
22,889,748
Physical environment
1,759,571
1,708,461
1,730,735
1,892,541
1,769,642
Transportation
13,570,398
9,899,119
10,985,484
10,706,833
10,330,362
Economic and physical development
3,022,503
3,414,034
4,060,970
3,814,967
4,337,239
Mental and physical health
5,746
7,570
10,962
8,486
8,599
Culture and recreation
5,426,701
5,592,278
5,804,099
6,166,358
6,606,662
Capital outlay
4,835,459
15,359,691
13,712,159
11,002,950
7,450,837
Debt service
-
Interfund loan proceeds
148,000
Principal
2,899,424
2,273,896
2,032,436
2,707,994
2,481,026
Interest
1,033,938
1,525,725
1,381,069
1,345,588
1,205,281
Total expenditures
$ 59,321,369
$ 67,705,611
$ 69,707,664
$ 69,004,995 $
67,937,934
Excess of revenues
over(under)expenditures
$
1,070,367
$
(5,993,860)
$ (578,896)
$ (3,606,501)
$ 3,440,336
OTHER FINANCING SOURCES (USES)
Transfers in
$
1,414,044
$
6,683,875
$ 6,244,003
$ 4,670,101
$ 3,694,498
Transfers out
(2,057,379)
(7,856,758)
(7,413,375)
(4,587,778)
(3,662,809)
Other financing sources (uses)
(238,549)
Proceeds of long-term debt
553,337
16,141,643
38,990
-
Interfund loan proceeds
148,000
-
448,000
823,000
Interfund loan repayments
(148,000)
(448,000)
(823,000)
Funds remitted to bond trustee
(1,410,279)
Capital leases
-
-
-
-
-
Sale of capital assets
267,709
197,757
362,890
563,283
1,403,688
Total other financing
sources (uses)
$
177,711
$
13,517,689
$ (806,482)
$ 684,596
$ 1,435,377
Net change in fund balances
$
1,248,078
$
7,523,829
$ (1,385,378)
$ (2,921,905)
$ 4,875,713
Debt service as a percentage of noncapital
expenditures
7.22%
7.26%
6.10%
6.99%
6.09%
Source : City of Renton, Finance & IS Department
Statistical Section, 7-8
2005 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 4
CHANGES IN FUND BALANCES OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(Accrual basis of accounting)
Page 2 of 2
FISCAL YEAR
2001 20022 2003 2004 2005
REVENUES
Taxes
$ 50,218,530
$
49,901,849
$
53,722,322
$
55,344,506
$58,794,081
Licenses and permits
4,065,518
4,229,501
4,226,883
4,329,086
4,686,608
Intergovernmental
6,129,103
6,212,359
4,533,544
7,570,570
5,687,169
Charges for services
7,301,538
7,777,778
6,016,704
6,593,153
5,563,289
Fines
993,093
1,043,199
1,055,564
1,008,984
731,286
Interfund revenues
-
-
3,482,110
3,638,574
3,796,042
Special assessments
333,056
312,908
295,673
20,852
23,340
Contributions
191,877
118,103
255,102
249,938
317,600
Interest
2,583,931
1,073,538
1,081,420
1,059,886
1,060,353
Miscellaneous
1,231,574
1,198,846
40,314
122,799
569,881
Total revenues
$ 73,048,220
$
71,868,081
$
74,709,636
$
79,938,348
$
81,229,649
EXPENDITURES
General government
$ 11,193,462
$
12,523,577
$
13,283,955
$
13,660,095
$
14,382,634
Security of persons and property
23,569,864
24,924,380
26,029,354
27,462,613
29,031,626
Physical environment
1,878,956
1,898,665
2,015,562
2,201,777
2,190,228
Transportation
13,885,329
10,622,373
4,461,387
4,615,345
4,711,924
Economic and physical development
4,484,526
4,479,582
4,613,587
4,947,080
5,123,024
Mental and physical health
6,756
11,445
10,368
11,723
12,700
Culture and recreation
7,263,056
7,382,069
7,585,936
8,563,967
8,876,250
Capital outlay
5,359,801
10,532,479
21,089,534
13,246,669
11,438,104
Debt service
-
Principal
2,086,447
1,849,269
1,417,042
1,477,579
1,375,738
Interest
882,748
1,382,717
1,833,102
1,763,893
1,713,525
Total expenditures
$ 70,610,945
$
75,606,556
$
82,339,827
$
77,950,741
$
78,855,753
Excess of revenues
over(under)expenditures
$ 2,437,275
$
(3,738,475)
$
(7,630,191)
$
1,987,607
$
2,373,896
OTHER FINANCING SOURCES (USES)
Transfers in
$ 6,850,944
$
9,441,451
$
3,511,700
$
6,563,978
$
5,476,360
Transfers out
(8,873,294)
(10,009,962)
(3,551,700)
(7,764,278)
(5,443,660)
Other financing sources (uses)
Proceeds of long-term debt
6,023,484
3,879,038
Interfund loan proceeds
363,800
860,000
Interfund loan repayments
(363,800)
(860,000)
Funds remitted to bond trustee
Capital leases
-
-
-
-
-
Sale of capital assets
61,685
104,825
171,249
117,328
464,547
Total other financing
sources (uses)
$ 4,062,819
$
3,415,352
$
131,249
$ (1,082,972)
$
497,247
Net change in fund balances
$ 6,500,094
$ (323,123)
$ (7,498,942)
$
904,635
$
2,871,143
Debt service as a percentage of noncapital
expenditures
4.55%
4.97%
5.31%
5.01%
4.58%
Statistical Section, 7-9
2005 Comprehensive Annual Financial Report
TABLE 5
GENERAL GOVERNMENT TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(Modified accrual basis of accounting)
City of Renton, Washington
Source: City of Renton, Finance & IS Department
Statistical Section, 7-10
TAX REVENUES BY SOURCE
PENALTY/
1996-2005
$60
ADMISSION /
L
FISCAL
PROPERTY
SALES
UTILITY
EXCISE
DELINQUENT
0
$40
TAX
TAX
TAX
TAX
TAX
TOTAL
0
$ 13,492,777
$ 12,284,497
$ 6,920,549
N
$ 3,059
$ 34,965,748
1997
C
4
13,438,839
7,351,853
3,161,912
3,352
38,187,709
1998
13 Penalty/Delinquent
2
$20
4,336,307
■ Excise
41,455,565
1999
15,659,424
O Business
8,289,865
4,831,792
1,217
O Sales and Use
2000
16,397,638
16,585,478
■ Property
4,724,682
$0
47,504,428
2001
16,794,636
16,724,787
1996 1997 1998 1999 2000 2001 2002 2003
2004 2005
Source: City of Renton, Finance & IS Department
Statistical Section, 7-10
PENALTY/
ADMISSION /
INTEREST
FISCAL
PROPERTY
SALES
UTILITY
EXCISE
DELINQUENT
YEAR
TAX
TAX
TAX
TAX
TAX
TOTAL
1996
$ 13,492,777
$ 12,284,497
$ 6,920,549
$ 2,264,867
$ 3,059
$ 34,965,748
1997
14,231,754
13,438,839
7,351,853
3,161,912
3,352
38,187,709
1998
14,524,083
14,948,815
7,645,323
4,336,307
1,036
41,455,565
1999
15,659,424
15,282,981
8,289,865
4,831,792
1,217
44,065,280
2000
16,397,638
16,585,478
9,788,167
4,724,682
8,462
47,504,428
2001
16,794,636
16,724,787
11,105,722
5,066,122
1,939
49,693,206
2002
18,373,237
16,431,456
9,798,260
4,711,446
4,404
49,318,803
2003
19,587,986
17,334,831
10,895,131
5,449,877
5,415
53,273,240
2004
19,886,805
18,281,949
9,957,130
6,751,265
6,048
54,883,197
2005
21,826,229
18,910,822
10,643,068
6,938,264
49
58,318,433
Source: City of Renton, Finance & IS Department
Statistical Section, 7-10
2005 Comprehensive Annual Financial Report
TABLE 6
PRINCIPAL PROPERTY TAX PAYERS
December 31, 2005
City of Renton, Washington
Source: 'King County Department of Assessments
Statistical Section, 7-11
2005
1996
% OF TOTAL
% OF TOTAL
TAXABLE'
TAXABLE
TAXABLE
TAXABLE
ASSESSED
ASSESSED
ASSESSED
ASSESSED
TAXPAYER
VALUE
RANK
VALUE
VALUE
RANK
VALUE
The Boeing Company
$561,274,026
1
8.38%
$691,425,528
1
19.15%
PACCAR Inc.
106,646,760
2
1.59%
81,250,522
3
2.25%
Puget Sound Energy-Elec/Gas
79,178,508
3
1.18%
85,157,098
2
2.36%
AMB Property Corp.
43,670,400
4
0.65%
Renton Properties LLC
39,403,400
5
0.59%
HSC Real Estate Inc. (AvalonBay Comm)
34,169,000
6
0.51%
Qwest Corporation
29,746,472
7
0.44%
36,512,282
5
1.01%
Wal-Mart
27,877,700
8
0.42%
Fred Meyer Stores Inc.
27,762,178
9
0.41%
21,859,225
7
0.61%
Walton Renton Investors III
23,746,800
10
0.35%
Pacific NW Group
42,231,900
4
1.17%
Renton Village Assoc.
23,075,400
6
0.64%
Rosche One Interests
20,530,200
8
0.57%
Sunpointe Associates Ltd
15,333,300
9
0.42%
Blackner JVLLC
13,770,300
10
0.38%
All Others
5,724,274,903
85.47%
2,579,504,192
71.44%
Total Assessed Valuation
$ 6,697,750,147
100.00%
$ 3,610,649,947
100.00%
Source: 'King County Department of Assessments
Statistical Section, 7-11
2005 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 7
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Page 1 of 2
Total Taxable Assessed Value
8,000
7,000 ❑Taxable Assessed Value
y
C
6,000 —
E
� 5,000
17-1
> 4,000
CD
CD
N 3,000
m
N
a 2,000
1,000
0,
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
FISCAL
YEAR
REAL PROPERTY
PERSONAL PROPERTY
ENDED
RESIDENTIAL
COMMERCIAL
DECEMBER 31
PROPERTY
PROPERTY
OTHER
1996
$ 2,933,904,882 $
N/A
$ 612,192,280
1997
2,978,575,856
N/A
647,025,908
1998
3,099,917,868
N/A
725,191,466
1999
3,543,075,457
N/A
715,425,293
2000
2,958,443,598
2,368,630,142
714,803,819
2001
1,703,991,595
2,613,181,185
745,490,732
2002
2,810,986,787
2,008,043,209
774,850,492
2003
2,314,794,930
2,921,180,100
747,879,276
2004
2,598,762,769
3,057,577,700
716,313,413
2005
2,823,407,473
3,217,655,000
656,709,434
2000 is the first year when breakdown is available
The tax exempt real property value is not available for the last ten years
Statistical Section, 7-12
2005 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 7
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
Page 2 of 2
Direct Tax Rate
$4.500
$4.000
❑Tax Rate
$3.500
$3.000 1 IF
—
y $2.500
Y
$2.000
$1.500
$1.000
$0.500
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
TOTAL
ASSESSED
VALUE
TOTAL
DIRECT
TAX
RATE
$ 3,546,097,162
$ 3.944
$ 3,625,601,764
3.988
$ 3,825,109,334
3.896
$ 4,258,500,750
3.747
$ 6,041,877,559
3.684
$ 5,062,663,512
3.375
$ 5,593,880,488
3.354
$ 5,983,854,306
3.277
$ 6,372,653,882
3.327
$ 6,697,771,907
3.227
Statistical Section, 7-13
2005 Comprehensive Annual Financial Report
TABLE 8
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Page 1 of 2
Direct Property Tax Rates
$4.00000
$3.50000
$3.00000
$2.50000
dtM-
$2.00000
$1.50000
$1.00000
$0.50000
Year
DIRECT RATES OVERLAPPING RATES
CITY OF RENTON COUNTY
City of Renton, Washington
Source: King County Codes and Levies
Statistical Section, 7-14
Debt
Total
Debt
Total
Fiscal
Operating
Service
City
Operating
Service
County
Year
Millage
Millage
Millage
Millage
Millage
Millage
1996
$ 3.60000
$ 0.34413
$ 3.94413
$ 1.81599
$ 0.39344
$ 2.20943
1997
3.60000
0.38781
3.98781
1.75898
0.37275
2.13173
1998
3.55000
0.34608
3.89608
1.50586
0.34523
1.85109
1999
3.42726
0.31981
3.74707
1.51957
0.25428
1.77385
2000
3.39877
0.28488
3.68365
1.39802
0.29149
1.68951
2001
3.27385
0.10078
3.37463
1.47266
0.26981
1.74247
2002
3.26036
0.09397
3.35433
1.19751
0.25198
1.44949
2003
3.18871
0.08865
3.27736
1.15386
0.19562
1.34948
2004
3.16022
0.08322
3.24344
1.18279
0.24867
1.43146
2005
3.14843
0.07861
3.22704
1.15665
0.22564
1.38229
Source: King County Codes and Levies
Statistical Section, 7-14
2005 Comprehensive Annual Financial Report
TABLE 8
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
Page 2 of 2
Overlapping Property Tax Rates
$7.00000
$6.00000
$5.00000
$4.00000
$3.00000
$2.00000
$1.00000 1 �J-WL
$-
0`O
Year
OVERLAPPING RATES
SCHOOL DISTRICT
Total
School
Millage _
$ 3.71940 $
3.15029
3.49222
3.78290
3.65397
3.36669
3.11288
2.98691
3.48578
3.99250
Total
Overlapping
Rates
City of Renton, Washington
Total
Direct &
Overlapping
Rates
6.62779 $
10.57192
Debt
Special
Operating
Service
Districts
9.98634
Millage
9.63427
5.64442
$ 0.69896
$ 2.07212
$ 1.64728
0.69220
2.09865
1.05164
0.42400
2.11248
1.37974
0.68252
1.87903
1.90387
0.60714
1.85286
1.80111
0.53526
1.74147
1.62522
0.53599
1.63516
1.47772
0.59292
1.62358
1.36333
0.58319
1.60492
1.88086
0.57542
1.62332
2.36918
Total
School
Millage _
$ 3.71940 $
3.15029
3.49222
3.78290
3.65397
3.36669
3.11288
2.98691
3.48578
3.99250
Total
Overlapping
Rates
City of Renton, Washington
Total
Direct &
Overlapping
Rates
6.62779 $
10.57192
5.97422
9.96203
5.76731
9.66339
6.23927
9.98634
5.95062
9.63427
5.64442
9.01905
5.09836
8.45269
4.92931
8.20667
5.50043
8.74387
5.95021
9.17725
Statistical Section, 7-15
2005 Comprehensive Annual Financial Report
TABLE 9
PROPERTY TAX LEVIES & COLLECTIONS
LAST TEN FISCAL YEARS
Page 1 of 2
Levies vs Collections
$25,000,000
13TOTAL TAX
$20,000,000 TOTAL COLLECTIONS TO DATE
$15,000,000 M M
$10,000,000
$5,000,000 — — — — — — —
$
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
FISCAL
YEAR TOTALTAX
ENDED LEVY FOR
DECEMBER 31 FISCAL YEAR
COLLECTED WITHIN THE
FISCAL YEAR OF THE LEVY
AMOUNT % OF LEVY
1996
$ 13,583,469 $
13,359,611
98.4%
1997
14,167,346
13,970,125
98.6%
1998
14,719,382
14,511,118
98.6%
1999
15,850,628
15,595,427
98.4%
2000
16,633,388
16,337,790
98.2%
2001
16,967,683
16,677,882
98.3%
2002
18,581,814
18,285,908
98.4%
2003
19,486,858
19,149,258
98.3%
2004
20,451,011
20,184,238
98.7%
2005
21,654,069
21,632,695
99.9%
Sources:
2005 Annual Property Tax Reports from King County
Annual Tax Receivable Summary
City of Renton, Washington
Statistical Section, 7-16
2005 Comprehensive Annual Financial Report
TABLE 9
PROPERTY TAX LEVIES & COLLECTIONS
LAST TEN FISCAL YEARS
Page 2 of 2
City of Renton, Washington
Property tax collections
$25,000,000
Collections within fiscal yr
$20,000,000 (Collections in subsequent years
$15,000,000
$10,000,000
$5,000,000
$-
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
COLLECTIONS IN
SUBSEQUENT YEARS
TOTAL COLLECTIONS TO DATE
AMOUNT
% OF LEVY
$ 223,784
$
13,583,395
100.0%
197,048
$
14,167,173
100.0%
208,010
$
14,719,128
100.0%
251,889
$
15,847,316
100.0%
293,803
$
16,631,593
100.0%
282,108
$
16,959,990
100.0%
279,022
$
18,564,930
99.9%
313,186
$
19,462,444
99.9%
200,216
$
20,384,454
99.7%
$
21,632,695
99.9%
Statistical Section, 7-17
2005 Comprehensive Annual Financial Report
TABLE 10
SALES TAX COLLECTIONS BY SECTOR
LAST TEN FISCAL YEARS
Page 1 of 2
City of Renton, Washington
$7,000,000
$6,000,000
Sales Tax Collections by Sector
1995-2000
$5,000,000
O Retail
$1,545,886
■ Construction
Manufacturing
O Manufacturing
$4,000,000
1998,
1999
0 Transportation
FUNCTION
■ Wholesale
$3,000,000 -
— 13Automotive
614,603
■ Services
$2,000,000
0 Miscellaneous
$1,000,000
1,601,399
$0
1,643,207
1996
1997 1998 1999 2000
OTHER SECTORS
Construction
$1,687,553
$1,865,804
FISCAL YEAR
$1,545,886
$1,671,621
Manufacturing
19962
1997
1998,
1999
2000
FUNCTION
467,441
534,482
516,572
614,603
768,421
RETAIL TRADE SECTOR
1,418,680
1,559,964
1,601,399
1,692,718
1,643,207
Furniture
N/A
$873,707
N/A
$1,245,207
$1,564,002
Electronics and Appliances'
2,119,868
1,770,179
1,770,069
2,063,272
2,128,373
General Merchandise
N/A
404,771
N/A
560,413
581,268
Misc Retail Trade
N/A
482,771
N/A
586,594
713,017
Others
N/A
1,373,238
N/A
1,495,038
1,641,879
Subtotal Retail
$2,525,512
$3.134,487
$3,128.88
$3.887,252
$4,500,166
OTHER SECTORS
Construction
$1,687,553
$1,865,804
$1,913,356
$1,545,886
$1,671,621
Manufacturing
594,779
643,122
710,983
411,607
348,439
Transportation
467,441
534,482
516,572
614,603
768,421
Wholesale
1,418,680
1,559,964
1,601,399
1,692,718
1,643,207
Automotive
2,451,888
2,761,201
2,840,747
3,446,262
3,775,582
Services
2,119,868
1,770,179
1,770,069
2,063,272
2,128,373
Miscellaneous
233,072
307,273
302,535
467,401
428,379
Subtotal - Other Sectors
$8,973,281
$9.442,025
$9,655,661
$10,241,749
$10,764,022
Total Sales Tax
$11.498.793
$12.576.512
$12.784.544
$14.129.001
$15.264.188
In 2005, due to the change in sales tax codes from
SIC2 and SIC4 to NAIC, more categories were added.
The Retail Furniture category was split up as Furniture and Home Furnishings,
and Electronics
and Appliances
2 6' The detail information for the Retail sector, 1996 to
1998, are not available
Statistical Section, 7-18
2005 Comprehensive Annual Financial Report
TABLE 10
SALES TAX COLLECTIONS BY SECTOR
LAST TEN FISCAL YEARS
Page 2 of 2
City of Renton, Washington
FISCAL YEAR
2001 292 2003 29Q4 2205
FUNCTION
RETAIL TRADE SECTOR
Sales Tax Collections by Sector
2001-2005
$7,000,000
$1,920,734
$1,623,906
$6,000,000
$2,205,114
$1,203,942
Electronics and Appliances
O Retail
$5,000,000
1,065,416
General Merchandise
643,592
■Construction
788,699
1,013,876
O Manufacturing
$4,000,000
704,420
O Transportation
763,596
862,919
■ Wholesale
$3,000,000
1,608,082
O Automotive
1,667,483
1,651,782
■ Services
$2,000,000
$4.876,828
O Miscellaneous
$1,000,000
$5,733,691
$6.419,057
$0-444
2001
2002 2003 2004 2005
FISCAL YEAR
2001 292 2003 29Q4 2205
FUNCTION
RETAIL TRADE SECTOR
Furniture
$1,920,734
$1,623,906
$1,758,082
$2,205,114
$1,203,942
Electronics and Appliances
1,065,416
General Merchandise
643,592
673,164
788,699
1,013,876
1,073,144
Misc Retail Trade
704,420
681,148
763,596
862,919
848,834
Others
1,608,082
1,622,166
1,667,483
1,651,782
2,227,721
Subtotal Retail
$4.876,828
$4,600.38
$4.977,860
$5,733,691
$6.419,057
OTHER SECTORS
Construction
$2,060,061
$1,899,005
$2,122,560
$2,641,907
$2,495,684
Manufacturing
426,965
547,333
754,501
556,555
569,269
Transportation
648,177
621,314
563,863
628,918
494,866
Wholesale
1,535,709
1,451,387
1,442,263
1,416,559
1,025,132
Automotive
3,307,794
3,549,973
3,625,878
3,538,502
3,946,163
Services
1,913,630
1,835,039
1,953,254
1,677,315
1,736,569
Miscellaneous
574,268
546,400
567,225
460,372
421,715
Subtotal - Other Sectors
$10,466,604
$10,450,451
$11,029,544
$10,920,128
$10,689,398
Total Sales Tax $15.343.432 $15.050.835 $16.007.404 $16.653.819 $17.108.455
Statistical Section, 7-19
2005 Comprehensive Annual Financial Report
TABLE 11
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Page 1 of 2
2005
Primary Government Debt
PWTF Loans
15% GO Bonds
38%
Enterprise
Bonds
47%
GOVERNMENTAL ACTIVITIES BUSINESS -TYPE ACTIVITIES
GENERAL SPECIAL
FISCAL OBLIGATION ASSESSMENT ENTERPRISE PWTF
YEAR BONDS BONDS BONDS LOANS
City of Renton, Washington
1996 $
17,382,945 $
2,456,000
$ 31,750,000
$ 5,603,396
1997
30,121,269
1,835,000
29,940,000
7,691,547
1998
24,486,738
1,335,000
28,580,000
9,245,358
1999
26,466,763
680,000
26,860,000
9,024,460
2000
24,345,738
320,000
25,020,000
8,645,788
2001
29,289,290
135,000
23,070,000
7,894,357
2002
33,797,023
-
31,230,000
8,222,135
2003
32,245,982
29,070,000
7,579,447
2004
30,629,403
37,680,000
8,350,304
2005
29,107,664
35,790,000
11,581,168
Source: City of Renton, Finance & IS Department
Statistical Section, 7-20
2005 Comprehensive Annual Financial Report
TABLE 11
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Page 2 of 2
Primary Government Debt
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000 Total Debt
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Years
BUSINESS -
TYPE
ACTIVITIES
TOTAL PRIMARY
CAPITAL GOVERNMENT DEBT PER
LEASES DEBT POPULATION CAPITA
$ 91,274 $
57,283,615
45,170 $
1,268
123,947
69,711,763
45,920
1,518
82,095
63,729,191
46,270
1,377
42,276
63,073,499
47,620
1,325
86,609
58,418,135
50,052
1,167
45,656
60,434,303
51,140
1,182
7,238
73,256,396
53,840
1,361
58,105
68,953,534
54,900
1,256
33,834
76,693,541
55,360
1,385
8,621
76,487,453
56,840
1,346
City of Renton, Washington
Statistical Section, 7-21
2005 Comprehensive Annual Financial Report
Debt Limit
Total net debt applicable to limit
Legal debt margin
Total net debt applicable to the limit
as a percentage of debt limit
City of Renton, Washington
TABLE 12
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Page 1 of 2
FISCAL YEAR
1996
1997
1998
1999
2000
$ 270,798,746
$ 271,920,132
$ 319,387,557
$ 319,387,556
$ 340,899,076
15,956,223
28,936,990
26,958,807
24,462,390
22,248,983
$ 254,842,523
$ 242,983,142
$ 292,428,750
$ 294,925,166
$ 318,650,093
5.89% 10.64% 8.44% 7.66% 6.53%
Statistical Section, 7-22
2005 Comprehensive Annual Financial Report
TABLE 12
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Page 2 of 2
City of Renton, Washington
LEGAL DEBT MARGIN CALCULATION FOR FISCAL YEAR 2005
Assessed Value $ 6,697,750,147
Add back: exempt real property 21,760
Total assessed value $ 6,697,771,907
Debt Limit
2.5% of general purpose limit, voted and non -voted 167,444,298
2.5% Utility purpose limit, voted 167,444,298
2.5% Open Space, Park and Capital facilities, voted 167,444,298
Total Debt Limit $ 502,332,893
Debt applicable to limit:
General obligation bonds $ 29,026,447
Contracts Payable 81,217
29,107,664
Less: Amount set aside for repayment of
general obligation debt and contracts payable (2,683,997)
Total net debt applicable to limit $ 26,423,667
Legal Debt Margin $ 475,909,226
Statistical Section, 7-23
FISCAL YEAR
2001
2002
2003
2004
2005
Debt Limit
$ 379,698,131
$ 419,541,037
$ 448,787,441
$ 477,947,409 $
502,332,893
Total net debt applicable to limit
27,586,389
32,258,499
28,173,327
28,137,536
26,423,667
Legal debt margin
$ 352,111,742
$ 387,282,538
$ 420,614,114
$ 449,809,873 $
475,909,226
Total net debt applicable to the limit
as a percentage of debt limit
7.27%
7.69%
6.28%
5.89%
5.26%
LEGAL DEBT MARGIN CALCULATION FOR FISCAL YEAR 2005
Assessed Value $ 6,697,750,147
Add back: exempt real property 21,760
Total assessed value $ 6,697,771,907
Debt Limit
2.5% of general purpose limit, voted and non -voted 167,444,298
2.5% Utility purpose limit, voted 167,444,298
2.5% Open Space, Park and Capital facilities, voted 167,444,298
Total Debt Limit $ 502,332,893
Debt applicable to limit:
General obligation bonds $ 29,026,447
Contracts Payable 81,217
29,107,664
Less: Amount set aside for repayment of
general obligation debt and contracts payable (2,683,997)
Total net debt applicable to limit $ 26,423,667
Legal Debt Margin $ 475,909,226
Statistical Section, 7-23
2005 Comprehensive Annual Financial Report
TABLE 13
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
City of Renton, Washington
FISCAL
YEAR
GENERAL
OBLIGATION
BONDS
LESS:
AMOUNTS
AVAILABLE
IN DEBT
NET
GENERAL
OBLIGATION
DEBT
ASSESSED'
VALUE
% OF GO
DEBT TO
ASSESSED
VALUE
PER
CAPITA
1996
$ 17,382,945
$ 1,426,714
$ 15,956,231
$ 3,546,097,162
0.45%
$ 353
1997
30,121,269
1,641,090
28,480,179
3,625,601,764
0.79%
620
1998
24,486,738
1,590,425
22,896,313
3,825,109,334
0.60%
495
1999
26,466,763
2,345,570
24,121,193
4,258,500,750
0.57%
507
2000
24,345,738
2,096,755
22,248,983
4,545,321,019
0.49%
445
2001
29,289,290
1,770,724
27,518,566
5,062,641,752
0.54%
538
2002
33,797,023
1,540,203
32,256,820
5,593,880,488
0.58%
599
2003
32,245,982
1,879,654
30,366,328
5,983,832,546
0.51%
553
2004
30,629,403
1,440,509
29,188,894
6,372,632,122
0.46%
527
2005
29,107,664
2,683,999
26,423,665
6,697,750,147
0.39%
465
Source: 'King County Department of Assessments
Statistical Section, 7-24
2005 Comprehensive Annual Financial Report
TABLE 14
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
City of Renton, Washington
Sources:
King County Department of Executive Services
2 King County Department of Assessments
Statistical Section, 7-25
ESTIMATED
ESTIMATED
SHARE OF
DEBT
%
OVERLAPPING
GOVERNMENTAL UNIT
OUTSTANDING
APPLICABLE
DEBT
City of Renton Direct Debt
$ 29,026,447
100%
$ 29,026,447
City of Renton Overlapping Debt
King County
895,983,000
2.71%
24,281,139
Port of Seattle
380,225,000
2.71%
10,304,098
Renton School District #403
210,288,981
55.30%
116,289,806
Issaquah School District #411
195,787,987
1.17%
2,290,719
Kent School District #415
219,814,362
0.0005%
1,099
Fire District 10-1
1,788,870
0.3558%
6,365
King County Library
85,891,157
0.36%
309,208
City of Renton Overlapping Debt
$ 153,482,435
Total Direct and Overlapping Debt
$ 182,508,882
Sources:
King County Department of Executive Services
2 King County Department of Assessments
Statistical Section, 7-25
2005 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 15
REVENUE BOND COVERAGE FOR WATER AND SEWER AND GOLF SYSTEM BONDS
LAST TEN FISCAL YEARS
Notes
(a) Revenue includes connection charges, system development charges, latecomer fees, and interest revenue.
(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 & IS Department
Statistical Section, 7-26
(a)
WATER/SEWER & GOLF COURSE REVENUE BONDS
3.61
4.00
2.93
3.07
W/O
AVAILABLE FOR
DEBT SERVICE
2.16 2.14
2.03
3.50
2.16
DEBT SERVICE
PRINCIPAL
INTEREST
COVERAGE
1.67
3.00
2.30
2.04
1.38
1.80
21,101,884 $
14,724,057 $
6,377,827 $
1.66
O
2.03
1997
1.43
14,580,175
6,757,236
2.40
2.90
2.16
1998
2.50
14,877,435
6,719,665
1,765,000
t GOLF COURSE
2.14
1999
21,784,310
16,407,442
5,376,868
1,810,000
1,333,452
1.71
2000
23,682,511
15,653,774
8,028,737
w
1,112,778
2.93
2001
21,994,245
16,051,720
5,942,525
1,730,000
1,019,923
Q
2.00
24,045,660
17,495,472
6,550,188
1,805,000
928,303
2.40
2003
w
16,990,519
8,943,601
1,635,000
1,282,115
3.07
1.98
27,301,230
18,325,863
0O
U
50
1,010,268
3.61
1.25
27,889,360
1.00
8,996,536
1,630,000
1,477,124
2.90
GOLF COURSE
REVENUE BONDS (c):
1996 $
1,724,578 $
1,076,030 $
648,548 $
140,000 $
0.50
1.43
1997
2,090,510
1,270,849
819,661
150,000
305,783
0.00
1998
2,109,506
1,355,669
753,837
155,000
298,658
1.66
1999
1996 1997 1998
1999
2000
2001
2002 2003 2004
2005
2000
2,328,044
1,320,681
1,007,363
YEARS
227,222
2.30
2001
Notes
(a) Revenue includes connection charges, system development charges, latecomer fees, and interest revenue.
(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 & IS Department
Statistical Section, 7-26
(a)
EXPENSES
3.61
2.93
3.07
W/O
AVAILABLE FOR
DEBT SERVICE
2.16 2.14
2.03
2.23
2.16
DEBT SERVICE
PRINCIPAL
INTEREST
COVERAGE
1.67
2.30
2.04
1.38
1.80
21,101,884 $
14,724,057 $
6,377,827 $
1.66
1.71
2.03
1997
1.43
14,580,175
6,757,236
1,660,000
_
2.16
1998
-� WATER/SEWER
14,877,435
6,719,665
1,765,000
t GOLF COURSE
Notes
(a) Revenue includes connection charges, system development charges, latecomer fees, and interest revenue.
(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 & IS Department
Statistical Section, 7-26
(a)
EXPENSES
NET REVENUE
FISCAL
W/O
AVAILABLE FOR
DEBT SERVICE
(b)
YEAR
REVENUE DEPRECIATION
DEBT SERVICE
PRINCIPAL
INTEREST
COVERAGE
WATER AND SEWER REVENUE BONDS:
1996 $
21,101,884 $
14,724,057 $
6,377,827 $
1,570,000 $
1,567,581 $
2.03
1997
21,337,411
14,580,175
6,757,236
1,660,000
1,474,986
2.16
1998
21,597,100
14,877,435
6,719,665
1,765,000
1,377,342
2.14
1999
21,784,310
16,407,442
5,376,868
1,810,000
1,333,452
1.71
2000
23,682,511
15,653,774
8,028,737
1,630,000
1,112,778
2.93
2001
21,994,245
16,051,720
5,942,525
1,730,000
1,019,923
2.16
2002
24,045,660
17,495,472
6,550,188
1,805,000
928,303
2.40
2003
25,934,120
16,990,519
8,943,601
1,635,000
1,282,115
3.07
2004
27,301,230
18,325,863
8,975,367
1,475,000
1,010,268
3.61
2005
27,889,360
18,892,824
8,996,536
1,630,000
1,477,124
2.90
GOLF COURSE
REVENUE BONDS (c):
1996 $
1,724,578 $
1,076,030 $
648,548 $
140,000 $
312,083 $
1.43
1997
2,090,510
1,270,849
819,661
150,000
305,783
1.80
1998
2,109,506
1,355,669
753,837
155,000
298,658
1.66
1999
2,252,217
1,278,489
973,728
280,000
157,548
2.23
2000
2,328,044
1,320,681
1,007,363
210,000
227,222
2.30
2001
2,375,997
1,480,024
895,973
220,000
219,348
2.04
2002
2,279,361
1,415,674
863,687
225,000
210,548
1.98
2003
2,177,122
1,573,296
603,826
235,000
201,210
1.38
2004
2,198,597
1,460,445
738,152
250,000
191,223
1.67
2005
2,208,335
1,657,294
551,041
260,000
180,348
1.25
Notes
(a) Revenue includes connection charges, system development charges, latecomer fees, and interest revenue.
(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 & IS Department
Statistical Section, 7-26
2005 Comprehensive Annual Financial Report
TABLE 16
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
City of Renton, Washington
Unemployment Rate
7.0%
6.0%
PERSONAL PERSONAL
SCHOOL
EMPLOYMENT
POPULATION a INCOME b INCOME o
MEDIAN ENROLLMENT e
RATE f
FISCAL KING
5.0%
CITY OF
YEAR COUNTY RENTON KING COUNTY KING COUNTY
AGE RENTON
RENTON
3.7%
1998
1,686,266
46,270
65,485,103,000
38,241
35.26
12,513
3.4%
1999
1,712,122
47,620
72,997,198,000
42,218
35.50
4.0%
3.5%
2000
1,737,046
50,052
77,271,598,000
44,438
35.70
12,527
4.0%
2001
1,758,312
51,140
76,883,017,000
3.0%
2.0%
13Unemployment Rate
1.0%
U
. I . I LU
0.0% tL i I
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
PER CAPITA
1,628,800
UN -
PERSONAL PERSONAL
SCHOOL
EMPLOYMENT
POPULATION a INCOME b INCOME o
MEDIAN ENROLLMENT e
RATE f
FISCAL KING
CITY OF
CITY OF
YEAR COUNTY RENTON KING COUNTY KING COUNTY
AGE RENTON
RENTON
1996
1,628,800
45,170 $
53,941,626,000 $
32,594
34.03
12,318
5.4%
1997
1,659,106
45,920
57,707,202,000
34,253
35.00
12,266
3.7%
1998
1,686,266
46,270
65,485,103,000
38,241
35.26
12,513
3.4%
1999
1,712,122
47,620
72,997,198,000
42,218
35.50
12,557
3.5%
2000
1,737,046
50,052
77,271,598,000
44,438
35.70
12,527
4.0%
2001
1,758,312
51,140
76,883,017,000
43,842
35.92
12,556
5.1%
2002
1,774,312
53,840
78,400,551,000
44,585
36.13
12,892
6.2%
2003
1,779,300
54,900
80,002,571,000
45,334
36.38
13,046
6.2%
2004
1,788,300
55,360
N/A
N/A
36.60
13,062
5.1%
2005
1,808,300
56,840
N/A
N/A
36.85
13,192
4.7%
Sources:
a Washington State Office of Financial Management
b U.S. Bureau of Economic Analysis.
C U.S. Bureau of Economic Analysis.
a Washington State Office of Financial Management
e Renton Public Schools
f Washington State Employment Security Department
Statistical Section, 7-27
2005 Comprehensive Annual Financial Report
TABLE 17
PRINCIPAL EMPLOYERS
1 U112
City of Renton, Washington
1996
EMPLOYER
EMPLOYEES
RANK
EMPLOYEES
RANK
The Boeing Company
10,865
1
16,731
1
PACCAR Inc.
1,710
2
1,346
3
Valley Medical Center
1,606
3
1,477
2
Renton School District #403
1,348
4
645
5
Federal Aviation Administration
794
5
1,114
4
City of Renton
608
6
637
7
ER Solutions, Inc.
507
7
-
Young's - Columbia of Washington, LLC
379
8
Wal-Mart #2516
377
9
Fry's Electronics, Inc.
343
10
-
Multiple Zones International Inc.
642
6
AIM Aviation
403
8
Sound Ford
313
9
Wizards of the Coast
295
10
Source: 'Business license records and individual queries
Statistical Section, 7-28
2005 Comprehensive Annual Financial Report
City of Renton, Washington
Statistical Section, 7-29
TABLE 18
FULL TIME EQUIVALENT CITY
GOVERNMENT
EMPLOYEES
BY FUNCTION
LAST TEN FISCAL YEARS
Page 1 of 2
FISCAL YEAR
1996 1997
1998
1999
2000
FUNCTION
General Government
67.3
72.5
83.9
85.8
89.3
Public Safety
Police
Commissioned Officers
86.0
86.0
86.0
84.0
84.0
Non -Commissioned Officers
30.2
31.2
31.2
34.2
34.2
Fire
Commissioned Officers
97.0
97.0
100.0
103.0
105.0
Non -Commissioned Officers
11.0
10.1
10.0
10.0
11.0
Planning/ Building/ Public Works
Administration/Development Services
55.4
54.6
45.8
45.8
44.8
Transportation Systems
36.8
37.2
36.6
38.8
39.8
Utility Systems
19.4
20.8
24.7
24.7
25.2
Maintenance Services
62.4
62.5
63.3
64.8
64.8
Culture and Recreation
Parks and Recreation
122.1
126.1
121.5
120.8
126.7
Library
24.0
22.0
21.8
23.5
23.5
Golf Course
16.5
18.6
19.1
19.7
19.4
Total
628.1
638.6
643.9
655.1
667.7
Source: City of Renton, Finance & IS Department
Statistical Section, 7-29
2005 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 18
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
Page 2 of 2
Statistical Section, 7-30
FISCAL YEAR
2001
2002
2003
2004
2005
FUNCTION
General Government
92.3
93.8
93.3
95.2
92.7
Public Safety
Police
Commissioned Officers
86.0
88.0
88.0
89.0
91.0
Non -Commissioned Officers
36.2
40.2
40.2
41.2
43.2
Fire
Commissioned Officers
105.0
105.0
105.0
106.0
106.0
Non -Commissioned Officers
11.0
12.0
12.0
13.0
13.0
Planning/ Building/ Public Works
Administration/Development Services
45.3
44.8
44.8
44.8
44.1
Transportation Systems
39.8
39.8
39.3
40.8
39.3
Utility Systems
25.2
26.7
26.7
26.7
26.7
Maintenance Services
65.8
66.3
67.3
67.3
67.3
Culture and Recreation
Parks and Recreation
128.7
127.7
126.7
135.9
134.9
Library
23.5
23.5
23.5
23.5
22.5
Golf Course
20.4
20.4
20.4
20.4
20.4
Total
679.2
688.2
687.2
703.8
701.1
Statistical Section, 7-30
2005 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 19
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
Page 1 of 2
Statistical Section, 7-31
FISCAL YEAR
1996
1997
1998
1999
2000
FUNCTION
Police
Physical arrests
2,444
1,939
1,860
2,287
2,463
Parking violations
5,979
5,170
4,240
3,379
5,955
Traffic violations
10,924
11,300
12,248
11,832
12,188
Fire
Number of calls answered
7,560
7,210
7,808
7,698
7,895
Inspections
1,767
1,856
1,880
2,021
2,265
Highways and Streets
Street resurfacing (miles)
4.37
4.56
1.15
4.65
1.76
Recyclables collected (tons/yr)
4,315.2
4,613.1
4,855.6
5,045.7
5,493.8
Culture and Recreation
Athletic field attendence
78,021
82,739
82,879
86,527
87,000
Community Center admissions
200,657
183,627
154,327
148,041
156,500
Library
Volume in collections
149,793
163,298
144,685
153,935
147,818
Total volumes borrowed
277,441
313,407
310,996
334,619
352,334
Water
Metered connection
12,910
13,212
13,595
14,279
14,224
Average daily consumption
7,099
7,159
7,554
7,426.5
7,457
(thousands of gallons)
Peak daily consumption
13,636
13,841
15,177
11,472
13,590
(thousands of gallons)
Source: City of Renton Departments
Statistical Section, 7-31
2005 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 19
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
Page 2 of 2
Statistical Section, 7-32
Fiscal Year
2001
2002
2003
2004
2005
FUNCTION
Police
Physical arrests
3,411
3,813
3,735
4,280
4,590
Parking violations
6,325
4,776
2,742
3,733
3,575
Traffic violations
10,936
11,448
11,651
10,963
12,866
Fire
Number of calls answered
8,273
8,233
8,582
8,984
9,202
Inspections
2,269
2,261
2,681
2,539
3,438
Highways and Streets
Street resurfacing (miles)
6.54
6.13
4.85
3.67
3.69
Recyclables collected (tons/yr)
5,793.6
5,119.8
4,389.0
4,920.3
4,934.2
Culture and Recreation
Athletic field permits issued
119,422
126,534
137,811
156,707
155,000
Community Center admissions
174,500
162,970
172,911
172,537
177,761
Library
Volume in collections
148,758
155,463
158,676
165,406
190,011
Total volumes borrowed
382,443
456,982
499,792
512,059
491,470
Water
Metered connection
13,969
14,583
15,181
15,379
16,585
Average daily consumption
7,097
7,232
7,581
7,635
7,306
(thousands of gallons)
Peak daily consumption
11,960
12,477
14,080
14,248
13,025
(thousands of gallons)
Statistical Section, 7-32
2005 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 20
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
Page 1 of 2
Source: City of Renton Departments
Statistical Section, 7-33
FISCAL YEAR
1996
1997
1998
1999
2000
FUNCTION
Police safety
Police:
Stations
1.0
1.0
1.0
1.0
1.0
Patrol units
6.0
6.0
6.0
7.0
7.0
Fire stations
4.0
5.0
5.0
5.0
5.0
Highways and streets
Street (miles)
191.8
190.1
190.1
180.6
195.4
Streetlights (added)
54.0
94.0
24.0
46.0
69.0
Culture and recreation
Parks acreage
1,143.0
1,158.0
1,158.0
1,158.0
1,158.0
Parks
25.0
25.0
27.0
28.0
28.0
Swimming pools
-
-
-
-
-
Tennis courts
17.0
17.0
17.0
17.0
17.0
Community centers
1.0
1.0
1.0
1.0
1.0
Water
Water mains (miles)
237.3
243.9
248.6
252.2
278.0
Fire hydrants
2,697.0
2,763.0
2,839.0
2,893.0
2,993.0
Sewer
Sanitary sewers (miles)
164.6
167.4
169.1
170.9
162.6
Storm sewers (miles)
170.2
173.0
177.9
180.9
183.8
Source: City of Renton Departments
Statistical Section, 7-33
2005 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 20
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
Page 2 of 2
Statistical Section, 7-34
FISCAL YEAR
2001
2002
2003
2004
2005
FUNCTION
Police safety
Police:
Stations
1.0
1.0
1.0
1.0
1.0
Patrol units
7.0
7.0
7.0
7.0
7.0
Fire stations
5.0
5.0
5.0
5.0
5.0
Highways and streets
Street (miles)
195.6
213.2
213.7
213.7
218.0
Streetlights
75.0
53.0
120.0
92.0
86.0
Culture and recreation
Parks acreage
1,158.0
1,158.0
1,158.0
1,158.0
1,158.0
Parks
26.0
26.0
26.0
26.0
26.0
Swimming pools
-
-
-
1.0
1.0
Tennis courts
17.0
17.0
17.0
17.0
17.0
Community centers
1.0
1.0
1.0
1.0
1.0
Water
Water mains (miles)
283
289.0
291.0
291.1
293.0
Fire hydrants
3102
3,193.0
3,240.0
3,274.0
3,374.0
Sewer
Sanitary sewers (miles)
168.1
176.7
183.5
189.6
193.3
Storm sewers (miles)
189.7
199.4
204.0
209.7
214.8
Statistical Section, 7-34