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HomeMy WebLinkAbout1994 CAFR CITY OF RENTON CITY OF RENTON JUN 2 9 1995 -- RECEIVED CITY CLERK'S OFFICE o mp re e 4 R' ' _ . r O 11 a cla n. (For the year ended December 31,1994) 200 Mill Avenue South - Renton, WA 98055 - (206)235-2558 r, COVER .. The Rubber Ducky Derby, held each August as a part of the Renton River Days festival, results in charitable contributions to the American Heart Association and a number of local charities supported r by Renton Rotary. The Renton Police DARE Program, Connection Daycare Center, the Northwest Burn Foundation, Renton Area Youth and Family Services and other Renton area charities benefitfrom proceeds of the Derby. The Rubber Ducky Derby is just one of the many activities during the Renton River Days community family festival, which is a celebration of pride in our community. r r r r r r IW The City of Renton, Washington Comprehensive Annual Financial Report For the Year Ended December 31, 1994 i Introductory Section L E 6 f W Y iY dfY eY/I Victoria Runkle Finance Director ® This document printed on 50%recycled paper with 15%post-consumer waste. COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1994 TABLE OF CONTENTS ITEM PAGE INTRODUCTORY SECTION City Organization Structure& Reporting Relations ••• ' Letterof Transmittal...............................................................................................................................................................iv FINANCIAL SECTION AUDITOR'S REPORT...............................................................................................................................................................2 COMBINED FINANCIAL STATEMENTS-OVERVIEW (General Purpose Financial Statements) Combined Balance Sheet-All Fund Types and Account Groups................................................................................................4 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances All Governmental Fund Types..............................6 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual.............................................7 Combined Statement of Revenues, Expenses, and Changes in Fund Equity Proprietary and Similar Trust Funds............................ 11 Combined Statement of Cash Flows Proprietary and Similar Trust Funds.................................................................................. 12 ' Notes to Financial Statements Note 1: Significant Accounting Policies............................................................................................................................ 19 ReportingEntity.............................................................................................................................................. 19 Basis of Presentation-Fund Accounting............................................................................................................ 19 Basisof Accounting........................................................................................................................................20 Budgets and Budgetary Accounting..................................................................................................................20 Assets, Liabilities and Fund Equity....................................................................................................................21 Cashand Cash Equivalents.........................................................................................................................21 Investments .............................................................................................................................................21 ' Inventories...............................................................................................................................................21 PropertyTaxes Receivable .........................................................................................................................21 AssessmentsReceivable............................................................................................................................21 FixedAssets and Depreciation....................................................................................................................21 Accumulated Unpaid Vacation& Sick Pay....................................................................................................22 Fund Equity- Reserves& Designations .......................................................................................................22 Direct Charges/Credits to Enterprise Funds Retained Earnings.........................................................................22 RiskManagement and Risk Retention..........................................................................................................22 Note 2: Stewardship, Compliance and Accountability........................................................................................................22 Note3: Cash & Investments ..........................................................................................................................................22 Note4: Deferred Compensation......................................................................................................................................23 Note5: Receivables and Payables...................................................................................................................................24 Note 6: Operating and Residual Equity Transfers...............................................................................................................255 Note7: Fixed Assets.....................................................................................................................................................26 Note8: Prepaid Items....................................................................................................................................................27 Note9: Joint Ventures..................................................................................................................................................27 Note 10: Pension Plan &Other Postemployment Benefits...................................................................................................29 PERSand LEOFF.............................................................................................................................................29 Firemen's Pension...........................................................................................................................................30 Note11: Construction Commitments...............................................................................................................................31 Note12: Long-Term Debt...............................................................................................................................................32 Note 13: Deferred Charges in Proprietary Funds ................................................................................................................36 Note 14: Reservations and Designations of Fund Equity......................................................................................................36 Note 15: Segment Information for Enterprise Funds...........................................................................................................36 Note16: Litigation.........................................................................................................................................................37 ' Note17: Risk Management.............................................................................................................................................37 Note18: Prior Period Adjustments...................................................................................................................................37 COMBINING FINANCIAL STATEMENTS AND SCHEDULES OF INDIVIDUAL FUNDS AND ACCOUNT GROUPS: General Fund: ComparativeBalance Sheet..............................................................................................................................................40 Statement of Revenues, Expenditures, and Changes in Fund Balance....................................................................................41 Statement of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual.........................................................42 i COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1994 TABLE OF CONTENTS-CONTINUED ITEM PAGE Soecial Revenue Funds: ^Combining Balance Sheet.................................................................................................................................................44 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances...................................................................46 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual........................................48 Debt Service Funds: CombiningBalance Sheet.................................................................................................................................................56 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances...................................................................58 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual........................................60 Capital Prot Funds: CombiningBalance Sheet.................................................................................................................................................68 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance....................................................................70 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual........................................72 Enterprise Funds: CombiningBalance Sheet.................................................................................................................................................78 Combining Statement of Revenues, Expenses, and Changes in Fund Equity...........................................................................80 CombiningStatement of Cash Flows.................................................................................................................................82 Internal Service Funds: CombiningBalance Sheet.................................................................................................................................................88 Combining Statement of Revenues, Expenses, and Changes in Fund Equity...........................................................................89 CombiningStatement of Cash Flows.................................................................................................................................90 CombiningSheet.................................................................................................................................................92 Firemen's Pension Trust Fund Comparative Statement of Revenues, Expenses, and Changes in Fund Equity..............................94 Firemen's Pension Trust Fund Comparative Statement of Cash Flows...................................................................................95 Combining Statement of Changes in Assets and Liabilities All Agency Funds.........................................................................96 Qeneral Fixed Asset Account Grou_D: ComparativeBalance Sheet.............................................................................................................................................98 Schedule of General Fixed Assets by Source......................................................................................................................99 Schedule of General Fixed Assets by Function and Activity................................................................................................ 100 Schedule of Changes in General Fixed Assets by Function and Activity............................................................................... 100 General Long-Term Debt Account Group: ComparativeBalance Sheet............................................................................................................................................ 102 STATISTICAL SECTION Table 1: General Government Revenues& Expenditures-Last Ten Fiscal Years.................................................................... 104 Table 2: Assessed Value, Property Tax Rates, Levies and Collections-Last Ten Fiscal Years................................................. 106 Table 3: Ratio of Net General Obligation Debt to Assessed Value&Net Bonded Debt per Capita-Last Ten Fiscal Years........... 108 Table 4: Special Assessment Billings and Collections-Last Ten Fiscal Years........................................................................ 109 Table 5: Computation of Legal Debt Margin-December 31, 1992 ...................................................................................... 110 Table 6: Computation of Direct and Overlapping Debt-December 31, 1992 ........................................................................ 1 1 1 Table 7: General Obligation Bonds/Expenditure Ratio- Last Ten Fiscal Years......................................................................... 112 Table 8: Revenue Bond Coverage- Last Ten Fiscal Years................................................................................................... 113 Table9: Retail Sales By Source....................................................................................................................................... 114 Table 10: Largest Taxpayers and Principal Employers.......................................................................................................... 115 Table 11: Construction and Bank Deposits -Last Ten Fiscal Years........................................................................................ 116 Table 12: Demographic Statistics-Last Ten Fiscal Years.................................................................................................... 117 Table 13: Miscellaneous Statistics.................................................................................................................................... 118 City of Renton 1994 CAFR ' CORPORATE ORGANIZATION AND REPORTING RELATIONSHIPS - - — --- RENTON'S MISSION STATEMENT RENTON The City of Renton,in partnership with residents, CITIZENS business, and government,is dedicated to: Providing a healthy atmosphere in which to live&raise families: Encourage responsible growth and economic vitality; Create a positive work environment; Resulting in a quality community where people choose Councilmembers: to live,work and play. Tim Schitzer, — -- President Earl Clymer Randy Corman Bob Edwards Mayor- --- HUMAN RESOURCES&RISK MGMT ' Kathy Keolker-Wheeler Tony Nelson Beverly Nelson-Glade Richard Stredicke Human Resources & Jesse Tanner Risk Mgmt Administrator PLAN/BLDG/PUBLIC WORKS EXECUTIVE DEPARTMENT FINANCE&INFORMATION SERVICES Gregg Zimmerman City Attorney Executive Assistant Administrator LarryWarren Jay Covington; , 9 Victoria Runkle Administrator Development Transportation , Services Director Systems Director i pal ourt Hearing Kaufman Examiner Judge LFnanciFisMel Wilson g gcalRoger Lewis ning Mgr :Hugh ervices DirectorHenderson Simpson Planning/Tech Utilities \ Services Director Systems Director Mike Kattermann Ron Olsent City Clerk Information I Marilyn Petersen (Systems Director Maintenance i Phil Jewett Services Director Jack Crumley j FIRE DEPARTMENT POLICE DEPARTMENT COMMUNITY SERVICES Lee Wheeler Alan Wallis Sam Chastain Chief Chief i Administrator LDepjh I Garry Anderson / Don Persson Recreation Director !Library Director Deputy Chief Deputy Chief Terry Higashiyama ---- Clark Petersen Suppression Glen Gordon Prevention perations Support Services Human Services Facilities Director Gary Gotti Art Larson Bureau Bureau Manager Jim Shepherd Jack McLaughlin Deputy Chief/ Carolyn Sundvall Battalion Chief Fire Marshal Investigation Crime Prev Patrol/Traffic Adm Sv/Training Animal Control Staff Sery ! Gambling Enforcmt Jail Parks Director f Emerg Mgt Safety Leslie Betlach Ray Barilleaux Larry Eager Battalion Chief Battalion Chief iii ;y CITY OF RENTON .aR Finance& Information Services Earl Clymer,Mayor Victoria A.Runkle,Administrator Honorable Earl Clymer,Mayor June 9, 1995 Members of the Renton City Council City of Renton 200 Mill Avenue South Renton, WA 98055 Dear Mayor and Council Members: TRANSMITTAL OF 1994 COMPREHENSIVE ANNUAL FINANCIAL REPORT This correspondence transmits a copy of Renton's Comprehensive Annual Financial Report for the year ending December 31, 1994. It also provides a brief overview of the information contained in the annual report. The letter of transmittal has been organized into five sections: 1)Introduction;2)Economic Condition and Outlook;3)Major Program Initiatives;4)Financial Information;and 5)Other Information. INTRODUCTION The introductory section provides you with information regarding the Comprehensive Annual Report's structure, various representations pertaining to responsibility for drafting the document, and the statutory requirements that frame the preparation of this report. Management Representation The City of Renton Finance and Information Services Department is responsible for the accuracy, completeness, and fairness of presentation of the information contained in this report. The department warrants that,to the best of our knowledge and ability, the data and disclosures reported are both accurate in all material aspects, and they fairly represent Renton's financial position and results of operations of its various funds and account groups. This report is prepared in accordance with the requirements of Washington State Law 43.09.230, and in conformance with Generally Accepted Accounting Principles. CAFR Contents The report is divided into three sections: 1) The Introductory Section which includes the Table of Contents,the City of Renton Organization Chart and principal officials, and a Letter of Transmittal; 2)The Financial Section includes an independent auditor's report, and the combined financial statements and accompanying note disclosures, followed by combining financial statements by fund type and account group. The Combined Financial Statements, together with the Notes To The Financial Statements, comprise the General Purpose Financial Statements, which provide an overview of the financial position and the results of operations for the City;and 3)The Statistical Section,which presents financial,economic, social,and demographic data about the City. The statistical section is useful in revealing trends which have and may continue to affect the City of Renton. Reporting Entity This report includes all City funds, account groups, agencies,boards, and commissions that are controlled by, or dependent on the City. This is determined on the basis of authority to appoint or remove the majority of board members; financial support, including debt secured by revenues or general obligations of the City; obligation of the City to finance any deficits that may occur;or receipt of significant subsidies from the City. iv City of Renton 1994 CAFR , This report does not include the financial position or results of operations for the Renton Housing Authority. The Housing Authority has been excluded because the City neither reviews their budget,nor is obligated to fund any of their deficits. The Mayor does appoint members to the Housing Authority Board. Renton is a participant in the Valley Communications Center, which provides consolidated emergency dispatch services for the Cities of Auburn, Kent, Renton, and Tukwila. Each city shares a portion of support to the center, based on dispatchable call services provided to each entity. The Valley Communications Center is reported in the City's financial statements as a joint venture. ECONOMIC CONDITION AND OUTLOOK The economic condition section of the transmittal letter briefly reviews the status of the local economy, operation of major industries,and future economic outlook. General The City of Renton is located 11 miles south of Seattle at the southern end of Lake Washington. In 1994, Renton was the sixth largest city in King County,and the eleventh largest city in the state,with an official 1994 population of 43,970. Residential growth in the City is generated around single family residential construction geared to middle and upper-middle income families. New commercial and industrial development has primarily been centered either in industrial parks or increasing large retail centers. The following table presents the City's growth over the past ten years. During 1994, the City began to see a more stable environment. Population growth continues at a steady pace. The City's retail base is growing stronger as we diversify. The , base Assessed Valuation of the City is expected to grow at a constant rate of two to three percent annually. While building permit fees show some negative growth rates,the City expects actual growth will continue. Growth Indicator 1985 1994 Chane %Chane Population 34,030 43,970 9,940 30% Assessed Valuation $ 1,852,397,097 $ 3,407,827,283 $ 1,555,430,186 84% Building Permit Value $ 116,609,898 $ 110,022,693 $ (6,587,205) (6%) Retail Sales $ 719,852,000 1 $ 1,131,353,671 $ 411,501,671 58% COMMUNITY GROWTH The City's 1.1 percent population growth between 1993 and 1994 demonstrates the continued health of the City. This growth j is expected to continue with home development within the City and annexations. In 1994 an area known as The Orchards began to be constructed. This planned development will have 119 single-family and over 330 multi-family units, including ' town-homes and apartments. Over 1,100 residents will be added to the City's population. In addition to that development,the City issued 110 additional single-family permits with a total valuation of$15,554,337. A new senior housing development was started. When completedit will add over 90 units. , In 1994,the City began an aggressive annexation strategy. At the beginning of the year, the City annexed an area known as Winsper. This area increased the City's single family housing stock by 168 parcels with an estimated value of$23,208,400. The population grew by 452 citizens. By the end of this century the area has the capacity to add an additional 660 units to the overall housing stock,with a total assessed value of $102,405,122. Washington State's Growth Management Act was implemented completely in 1994. The Act requires the cities and counties to agree to an urban growth boundary. The urban growth boundary defines the area of the county where urban size lots and services will be provided. The boundary will also be used to initiate natural city boundaries. The City of Renton is expected to grow to the urban boundary line by the end of the century. This began in 1994 with the j annexation process for areas known as Stonegate and the East Renton Annexation area. City of Renton 1994 CAFR The Stonegate Area is located northeast of the City limits. The area will have 53 new homes, adding an estimated value of $9,489,000. It is estimated after these homes are completed the City will gain approximately 150 new residents. The East Renton Annexation area has both existing homes and large tracts of property for future development. There are currently 301 single family homes with a population of 836 residents. Under full development, there will be approximately 1,434 units with an estimated population of 4,000. The area is expected to increase the City's base assessed valuation growth by$301 million. The Stonegate Annexation will take effect in 1995. The East Renton area annexation should be complete by mid-1995. BUSINESS GROWTH The benefits of a concentrated economic development program became evident in 1994. While there have been significant staff reductions at Boeing, the overall employment within City limits has grown by 966 jobs. This is a 3% increase. The Boeing Company has obviously made extensive overall reductions since 1992. However, with the opening of the Customer Service Training Center and other business decisions, the Boeing employment in Renton remained stable in 1994 after three years of significant reductions. The aircraft builder continues to review and adjust to the overall economy. The City follows these adjustments carefully. We fully expect further reductions. However, with the Boeing Company's change of policy on early retirements,the economic impacts should be minimal. The City is noting continued growth in other industries as it attempts to diversify its employment base. In 1994 an area known as Renton Village grew exponentially. A major grocery store changed its location, and upgraded its facility. This permitted growth in the area to include over five new thriving businesses. A major furniture retailer, IKEA, began operations in late 1994. We also had City University, a continuing education organization, move to Renton. The Saturn of Renton auto dealership opened in 1994, which added another major sales tax source to the City's other eight dealerships. In addition to the manufacturing and retail sectors, the City has a medical center, Valley Medical Center, which serves the entire south region of the County. The Center serves over 375,000 people with an extended staff of 1,200 in a 255-bed facility. The City is also the home of the southern satellite for Group Health, the region's largest health management organization. It employs over 490 people. Overall, our ten top employers created 66 percent of the jobs in 1994 as compared to 84 percent in 1993. We expect this trend to continue. FUTURE ECONOMIC OUTLOOK The future shows a continuing positive economic environment. Boeing is in the middle of its development of a 737X jet liner. This is the next generation of the 737. In addition,the company has rented significant space for an automation project that is expected to last 18-24 months. The City and Boeing have completed an Environmental Impact Statement and development plan for a 164-acre site known as the Customer Service Training Center(CSTC). This area includes a major training facility for pilots and mechanics of Boeing aircraft and will include both business and retail sites in the future. The retail core will continue to grow. During 1994,building began on a Fred Meyer retail store, It is expected to open mid- summer 1995. Other retail businesses are expanding. The City helped create an auto mall zone,thus providing opportunities for continued growth for Dodge and Chevrolet auto sales. A HomeBase retail outlet will be opened in 1995 with another developed space for additional major retailing. The state rewrote its healthcare initiative, and the outlook has become more stable than in 1993. While we now know there will be no state-imposed changes to the City's healthcare program, we will continue to work with our employees and providers to minimize the costs of healthcare. Initiative 601,a statewide tax limitation referendum,has not had a dramatic impact on the City's revenues. The incorporation and annexations of other cities has had more of an impact with state-shared revenues being allocated to a larger pool of city residents. This trend will continue and will be monitored for adverse impacts. Vi City of Renton 1994 CAFR , Generali the long-term outlook is one of continued stead growth. The Ci will have to continue to focus upon the rising Y, g Y�' City P g costs in relationship to revenue growth. The State's fiscal laws encourage the City to generate sales tax growth over other types of revenue. The increases in assessed value with the steady diversification of businesses will have a positive long term impact on the City's continued ability to offer services. MAJOR PROGRAM INITIATIVES , Over the course of the past two years the City Council has developed strategic planning for the future of the City. The Council has developed the following 11 priorities. ' 1. Strengthen the City's financial condition 2. Develop and implement an annexation strategy ' 3. Implement the City's Capital Improvement Program 4. Improve internal and external communications 5. Improve operational efficiency 6. Implement the Downtown Development Plan 7. Develop a training/supervisory program for all managers 8. Develop Youth-at-Risk programs 9. Develop and maintain a leadership role in regional issues , 10. Address outstanding planning issues 11. Work to establish Intergovernmental Agreements and relations that benefit the City of Renton Strengthen the City's financial condition The first priority has been the most significant. The City's financial condition ' mirrored that of our major employer, Boeing. Since 1992, the City has had to make dramatic changes to its service level. Street sweeping, brush cutting, support services,janitorial support and other less public services were reduced in order to , maintain the City's core services. Attention has been given to labor and health costs and ways to stabilize those. Finally, the City embarked on an aggressive economic development program to diversify the tax base. This work has permitted the City to live within its revenue base. In addition, City policy makers adopted fiscal policies which stated 50 percent of all new sales tax revenue will be dedicated to long-term capital investment. The strategy adopted and implemented is to identify core services and levels of service,and make investments for the future. This will diminish the extreme spending patterns based upon the fortunes of our economic base. ' Develop and implement an annexation strategy The City has aggressively implemented this priority. As discussed earlier,by the end of 1995,the City should have over$50million in new base Assessed Valuation. , Implement the City's Capital Improvement Program The first priority of setting aside resources is connected to this third item. The establishing of funding for the City's Capital Improvement Program(CIP)has permitted the City to match State& ' local open space grants for the purchase of property. In 1994 and 1995,the City addressed long-term space concerns for the police and courts with a voter approved bond issue request. While this proposal failed at the polls,the City continues to focus its attention on these needs,and will implement a dialogue with citizens to further refine capital priorities. Finally, in addition to establishing a major maintenance plan,the City adopted a Capital Facilities Plan(CFP)which identified ' new capital facilities required to meet impacts of population growth. This plan will be used in future years to allocate resources. , Improve Internal and External Communications For several years the City has had a Citywide Newsletter mailed to all residents. In 1995,an entrepreneur began a community-based newspaper. The City has chosen to consolidate their newsletter with this newspaper. It provides more coverage and a larger space to communicate with citizens. In addition to external communications, the City began to build technological infrastructure. The new Wide Area Network system will provide on-line communications between all City employees by the end of 1995. At year end 1994, the ' administrative departments and all planning and public work employees were "on-line." Also, by the end of 1995 the City will provide access for the public to communicate through computer technology with the City and other public agencies. Vii City of Renlon l 994 CAFR The City continues to produce a monthly newsletter for all employees. In addition,the Mayor and his Executive Assistant are having monthly "brown bag" lunch meetings with employees. These meetings are unstructured and are held at different locations throughout the City. This was instituted in response to the need for more open communicationwith staff Improve Operational Efficiency The City continues to review and evaluate programs for appropriate service levels. This is an ongoing process that has translated into cross training staff to permit employees to be more responsive to customers, creation of an Electronic Home Detention program, and focus on revenue generation. Departments continually review ways to do more with less. The budget process will continue to examine options. Implement the Downtown Plan In 1994, the City began a determined effort to improve the downtown core. The City helped fund the Downtown Renton Association. The money is used to hire an individual to market the downtown. A long- term vision has been adopted in the City's Comprehensive Land Use Plan. Over the course of the next year, the City will pursue ways to implement that vision. Develop a Training/Supervisory Program for All Managers The City has reduced its overall budget dramatically over the past few years. Yet, with few exceptions, the quality of the work and the productivity of its employees has remained exceptional. Nonetheless this has come at a price. Sometimes our employees are so busy doing the work, they are not communicating across departments to find more efficient ways of accomplishing work, or asking the questions of how the work fits within the overall City family. Further, as with all reductions and increased demands, there is a certain amount of stress involved. To address these concerns,the City has had several meetings with different levels of managers. The Human Resources Department has organized Citywide training for all managers in both 1994 and 1995. In addition,there have been meetings with various levels on budget training. In 1995,the Employee Assistance Program will be reinstated. This program will help meet the needs of employees. Develop Youth-At-Risk Programs The City continues to support programs to invest in the future of our youth. The City added 1.5 staff to youth programs both at the Community Center and the neighborhood facility. Develop and Maintain a Leadership Role in Regional Issues and Work to Establish Intergovernmental Agreements These two priorities are connected. Renton has a history of producing regional leaders. It is the home of the current Governor. Renton has several activists in the areas of health care and the environment. Working with our neighbors in finding solutions to growth, environment, economic development, transportation and public safety issues is a top priority. In 1994, the City began an interlocal agreement with a local Fire District. This agreement helped provide continued employment for their employees while simultaneously providing a continued level of service for our growing population. The Police Department began discussions with a neighboring City to provide public safety services. While these are only discussions at this point,it illustrates a continued attempt to find economes of scale in service provision. The City continues to be an active participant in regional forums that are addressing long term land use decisions and vision. The Growth Management Act,referred to earlier,resulted in a boundary permitting natural growth in land and population for Renton. Address Outstanding Planning Issues This final priority is one that can be measured as a success. At the end of 1994, the City had completed its deliberations of the 20-Year Comprehensive Plan. While the Plan was not adopted until early 1995, the overall public hearings and difficult vision discussions were held and debated in 1994. This work included not only compromise between our citizens,but required discussions with the County and neighboring jurisdictions. Summary The establishment of strategic goals and priorities is an iterative process. Establishing a sound fiscal base has been the primary priority of the City for the past three years. As the City has attained this goal, it has permitted the decision makers to concentrate on issues of long term space and the beginning of strategic planning for the next century. During the next year the Council will define the core City services for the next decade. FINANCIAL INFORMATION The financial information section of the transmittal letter will discuss accountingibudgetary controls, and summarize the operating results for Renton's major fund groups. Viii City of Renton 1994 CAFR Accounting and Administrative Controls The City utilizes various accounting and administrative controls to ensure stewardship responsibilities are fulfilled. Accounting control includes the plans, procedures and systems used to safeguard , assets and the reliability of financial records. These controls provide reasonable assurance that transactions are executed in accordance with management authorization,recorded in conformity with Generally Accepted Accounting Principles,and that sufficient reporting and review exist to provide adequate information for comparability and analysis of data. Administrative , control refers to the decision making process utilized to establish management authorization for financial transactions, and is the starting point for establishing accounting controls. Washington State cities and counties must comply with the Budgeting, Accounting and Reporting System prescribed by the , Office of the State Auditor. State laws also provide for annual independent audits by the Office of the State Auditor. Audits routinely include a thorough review of all administrative and accounting policies and procedures. Budgetary control is integrated with the accounting system. Budgeting is carried out in accordance with State RCW 35A.33. ' Annual appropriated budgets are adopted for the General, Special Revenue, Debt Service and Capital Projects Funds, with appropriations lapsing at year-end. Enterprise and Internal Service Fund budgets are for management control only and are, therefore, not reported. A budget increase or decrease to a fund must be authorized by the City Council, while transfers ' within a fund may be authorized by the Mayor. All budgets are controlled at the fund level. An encumbrance system is maintained to account for all commitments resulting from approved purchase orders and contracts and serves as an additional measure of budgetary control. Open encumbrances lapse at year-end and are reappropriated or absorbed in the next year's operating budget. General Governmental Revenues General Governmental operations consist of General Fund, Special Revenue Funds and , Debt Service Funds. The following table summarizes the revenues by source for 19S and 1994. General Government Revenues 1994 1993 Chane and Other Sources Amount % Amount % Amount %. Property Taxes S 13,210,307 22.78% S 11,904,568 18.5% S 1,305,739 10.97%. Sales Taxes 10,212,643 17.61% 10,525,696 16.4% (313,053) -2.97°/. Utility Taxes 5,741,604 9.90% 5,617,061 8.7% 124,543 2.22% Other Taxes 1,621,428 2.80% 3,156,840 4.9% (1,535,412) -48.64%. Licenses and Permits 1,310,570 2.26% 1,145,967 1.8% 164,603 14.36% lntergovemmental Revenues 4,998,676 8.62% 4,297,932 6.7% 700,744 16.300/. Charges for Services 1,543,902 2.66% 1,437,069 2.2% 106,833 7.43% Fines and Forfeits 1,107,780 1.91% 881,016 1.4% 226,764 25.74% Interest 1,100,821 1.90% 1,015,369 1.6% 85,452 8.42% Miscellaneous Revenue 1,734,990 2.99% 1,234,467 1.9% 500,523 40.55% Sub-total Revenues 42,582,721 73.44% 41,215,985 64.1% 1,366,736 3.32%. Other Financing Sources 770,664 1.33% 11,039,750 17.2% (10,269,086) -93.02% Beginning Fund Balance 14,631,484 25.23% 12,024,394 18.7% 2,607,090 21.68%. Total Resources and Fund Balance S 57,984,869 100.00% S 64,280,129 100.0% (6,295,260) -9.79% The 1994 General Governmental revenues totaled $42.6 million, an increase of $1.4 million from 1993. The following addresses the fluctuations between 1993 and 1994 for revenue categories listed above: 1) Property Taxes-The increase of 10.97%is due to annual maintenance of 6%and 4.97%of new construction. 2)Sales Taxes-The decrease of 2.97%is due to the completion of the I405 project. However, 1994 decreases incurred will be offset by increased retail diversity in the business base in future years. 3) Utility Taxes - The increase is attributable to population increases and the inclusion of cellular phone utility tax in this category. 4) Other Taxes-The decrease is due to less impact mitigation fees being collected. ' 5) Licenses and Permits - Business license revenues increased substantially due to concentrated efforts by the City and increased building permits issued. 6) Intergovernmental Revenues - Increase represents reimbursements from the federal government for emergency fire coverage, block grant reimbursements and increases in grants for capital projects. 7) Interest , Revenue- Interest rates on investments increased over 1993. 8) Other Financing Sources-No bond proceeds in 1994. 1!( City of Renton 1994 CAFR General Governmental Expenditures The City's General Governmental operating expenditures and other uses, which include General,Special Revenue and Debt Service Fund types,are summarized below. General Government 1994 1993 Change Expenditures and Other Uses Amount % Amount % Amount General Government $ 5,998,922 10.35% $ 5,258,009 8.2% $ (740,913) -14.09% Security of Persons/Property 17,272,774 29.79% 15,654,019 24.3% (1,618,755) -10.34% Physical Environment 999,985 1.72% 1,163,369 1.8% 163,384 14.04% Transportation 3,422,909 5.90% 2,937,977 4.6% (484,932) -16.51% Economic Environment 3,524,258 6.08% 3,155,164 4.9% (369,094) -11.70% Mental and Physical Health 10,755 0.02% 8,983 0.0% (1,772) -19.73% Culture and Recreation 4,946,035 8.53% 4,603,052 7.1% (342,983) -7.45% Capital Outlay 547,281 2.71% 549,412 .9% 2,131 0.39% Debt Service 4,289,678 7.40% 3,554,238 5.5% (735,440) -20.69% Sub-total Expenditures 41,012,597 70.73% 36,884,223 57.3% (4,128,374) -11.19% Other Financing Uses 1,127,116 1.94% 12,871,015 20.0% 11,743,899 91.24% Ending Fund Balance 15,845,156 27.33% 14,631,484 22.7% 1,213,672 -8.29% Total Expenditures/Fund $ 57,984,869 100.00% 1 $ 64,386,722 100.0% $ 6,401,853 9.94% Balance Expenditures for general governmental functions totaled $41.0 million in 1994, an increase of 11.2%, or $4.1 million over 1993. All of the bargaining units within the City received a cost of living increase in 1994 ranging from 1.5% to 3.5%. During 1994, 89% of the City's work force was included in these general governmental funds. Additionally, expenditures relating to supplies and other services were increased by 2.5%to keep in line with inflation. The following identifies major fluctuations between 1993 and 1994: 1) General Governmental- Increases in salaries. 2) Security of Persons/Property - Increases in salaries,bargaining units settlements, and increased fire district 25 personnel costs. 3) Culture and Recreation- The increase is due primarily to salaries. 5) Other Financing Uses-No payments made to the bond trustee in 1994 General Governmental Fund Balance The following table provides a summary of General Governmental revenues, expenditures and fund balance for 1993 and 1994, which includes General, Special Revenue and Debt Service Fund types. The 1994 revenue increased by$1.4 million or 3.3%,and expenditures were$4.1 million or 6.7%more than 1993. The 1994 revenues exceeded expenditures by $1.6 million. Although the total ending fund balance increased by $2.6 million, it is important to note that the majority of this fund balance is designated for special purposes and is not available for appropriation. General Government Revenues,Expenditures Chan e and Fund Balance 1994 1993 Amount Percent Total Revenues $ 42,582,721 $ 41,215,985 $ 1,366,736 3.32% Total Expenditures 41,012,597 36,884,223 4,128,374 -11.190/6 Excess of Revenues over Expenditures 1,570,124 4,331,762 (2,761,638) -63.75% Other Increases(Decreases) (356,452) (1,724,672) 1,368,220 -79.33% Fund Balance January l 14,631,484 12,024,394 2,607,090 21.68% Fund Balance December 31 $ 15,845,156 $ 14,631,484 $ 1,213,672 1 8.29% Proprietary Operations The City's proprietary operations include four enterprise and two internal service funds. The four enterprises are: A Water/Waste Water/Surface Water (Waterworks) Utility, Municipal Airport, Municipal Golf Course and Solid Waste Utility. Each enterprise reimburses the General Fund for services received, including data processing, central stores, and printing. The amount charged is expressed as a percentage of operating expenses, together with operation summaries of these enterprises as listed below. X City ofRenlon 1994 CAFR , Waterworks Airport Solid Waste Golf Course Item 000's) 1994 1993 1 1994 1993 1 1994 1993 1 1994 1993 , Operating Revenues $ 16,663 S 14,832 S 684 $ 612 $ 6,135 $ 6,252 $ 867 S 804 Operating Exp.w/o Der S 11,501 S 10,478 S 326 S 295 S 6,303 $ 6,470 S 561 S 530 Operating Inc.w/o Depr S 5,162 S 4,354 $ 358 S 317 $ (168) $ (218) S 306 $ 274 ' General Fund Reimb $ 3,122 S 1,910 S 48 S 32 $ 295 S 211 S 21 $ 20 Reimbursement as a%of Operating Expense 27.15% 18.23% 14.72% 10.85% 4.68% 3.27% 3.74% 3.78% , Available for Debt Service $ 6,765 S 6,331 N/A $ 368 N/A N/A S 757 N/A Debt Service Coverage 2.25 2.36 N/A 7.23 N/A N/A 1.81 N/A Retained Earnings S 11,352 $ 9,411 1 S 3,705 1 $ 3,347 1 $ 678 1 $ 800 1 S 2,426 1 S 2,018 Each year the Council analyzes the budgets, capital improvement programs (CIP) and the rates for all four of the City's , utilities. In addition,the Council reviews the increase in sewer rates by King County(formerly METRO)for the transport and treatment of all sewage in the County. The primary driver of the increases were the CIP expenditures. It is expected the CIP , will continue to push rate increases through the next decade as the City meets aging and growth needs of the current systems. Effective January 1, 1994, the Council approved an 8.4% increase in water rates and a 13% increase in Waste Water rates. With the completion in 1993 of major resource and pumping facilities in the water and surface water utilities, the City is concentrating its utility capital expenditures on maintenance of an aging system. In 1994 watermain and pipeline comprised over 80 percent of the CIP expenditures. The single most extensive allocation was completing the supply lines from an area known as Maplewood into our overall system. This is the last large water source project and will meet our needs for the next 50 years. Solid Waste rates did not increase in 1994. The Utility sponsored Spring and Fall Collection events that permitted citizens to , dispose of bulky yard waste, used motor oil, oil filters, and antifreeze, white goods and tires. The City's curbside recycling/yard waste collection continues its success with a residential diversion of 56%. A new multi-family recycling program began in the spring with an eight-month diversion rate of 10%of the waste stream from this customer group. Overall diversion of the total City waste stream is 22%. Surface Water Utility taxes did not increase in 1994. The Utility began the Cedar River Delta Dredging Project funded by a state grant and Boeing. Work continued on the Wetlands Mitigation Bank plan which is attempting to develop a comprehensive plan to save large useful wetlands in exchange for lower class wetlands. In addition to having its own water sources and managing separate utilities, the City of Renton also maintains its own , municipal airport. It services two primary customers: individual users and The Boeing Company. Airport leases comprise the primary funding source, with Boeing paying for 37% of the total lease revenues. The Airport continues to average approximately 140,000 annual take-offs and landings per year. Of the annual take-offs and landings, over 90% are small ' planes. The Golf Course Fund was created in January, 1985 with the adoption of Ordinance #3884. The Ordinance authorized issuance of$3,965,000 Councilmanic General Obligation Bonds to acquire, improve, and develop the golf course. The Maplewood Golf Course is an 18-hole course and is operated by a concessionaire, and maintained by the City through the Recreation Division of the Community Services Department. Debt retirement of the refunded 1986 general obligation bonds used to acquire the golf course is funded each year by a transfer from the General Fund. $321,570 was transferred in 1994. ' In July of 1994,the City Council authorized$5,000,000 of revenue bonds for golf course improvements. These proceeds will be used to construct a club house, driving range, restaurant, catering facilities, and golf course hole improvements. These bonds will be paid back over a twenty year period. Estimated completion of this project will be inOctober of 1995. , Xi City ojRen(on/994 CAFR Internal Service Renton's two Internal Service operations are the Equipment Rental and Insurance Funds. Equipment Rental meets the maintenance and replacement needs of over 200 City vehicles and auxiliary equipment by charging user departments a rental fee. The City allocated approximately$369,400 for replacement of 16 vehicles in 1994. Risk Management In 1984,the City adopted a comprehensive self-insurance program for its liability, property, and worker's compensation exposures. The Insurance Fund was established to account for this activity. In the program, the City retains $250,000 liability per property and general liability claim. The Insurance Fund charges City departments to finance their risk, based on the claims history and cost of excess insurance coverages. Claims payments and appropriate excess insurance coverages are financed by the fund. The City began self insuring for health care in 1985. Dental coverage was folded into the self-insurance plan in 1988. Excess medical loss insurance is purchased to provide coverage in excess of$70,000 per person with a maximum life time coverage of$1,000,000 per person. In 1994, 515 employees with 1,013 dependents, 20 Cobra and 67 eligible retired firefighters and policemen were covered under this program. In addition to regular insurance activity, the City uses the Insurance Fund to build up an operating reserve to protect against future economic revenue downturns. The operating reserve is targeted at 8% of the general governmental expenditures (General, Parks, Street, Library, and Limited Debt Service Funds). At 1994 year-end, the 8% target was $3,340,731. The City increased premiums by 25% in 1993 and by an additional 15% in 1994. The 1994 increase in premiums along with an additional transfer of$250,000 from excess 1993 revenues increased the operating reserve to $2,577,307. The following table summarizes the Self-Insurance Fund operations for 1994: Property& Workers Unemploy. Item Medical Dental Liability Comp. Comp. Total Claims Paid 1,874,226 431,625 291,501 404,209 47,710 3,049,271 Excess Loss Coverage 108,019 0 406,477 0 0 514,496 Administrative Fees 124,793 0 22,445 0 0 147,238 Total Costs 2,107,038 431,625 720,423 404,209 47,710 3,711,005 Premium Received 2,514,991 504,736 1,212,139 400,181 46,150 4,687,197 Su lus(Deficienc 407,953 73,111 491,716 4,028 (1,560) 76,192 Debt Administration The following table displays the City's remaining general obligation debt capacities, outstanding debt, and the ratio to 1994 current assessed value($3,407,827,283): Remaining Capacity Percent Net Outstanding Percent Type of G.0 Bond Issue as of 12/31/94 of AV Debt as of 12/31/94 of AV General Purpose: General/Non-Voted $ 42,587,170 1.24% $ i 1,755,297 0.34% GeneralNoted 30,972,397 .090% 5,325,000 0.16% Total General Purpose 73,559,567 2.14% 17,080,297 0.500/0 Parks/OpenSpace 86,184,316 2.51% 4,060,000 0.12% Utility urpose 89,765,477 2.62% 0 0.000/0 Total Debt CaEacity $ 249,509,360 7.27% 1 $ 21,14Q297 0.62% During 1994, $1,905,000 of general obligation bonds, $173,306 of installment contracts, and $1,390,000 of revenue bonds were retired. Bonds issued during 1994 included $980,000 general obligation bonds, $8,570,000 in revenue bonds and $8,860,000 in revenue refunding bonds. The City also contracted for three new Public Works Trust Fund Loans totaling $2,017,980. During 1994, $436,319 of these loans were redeemed. These loans are from the Washington State Department of Community Development and the proceeds are being used for sewer improvements. The City's current bond rating is Al from Moody's Investors Service for both general obligation and revenue bonds. Cash Management The City operates an aggressive cash management program, investing all surpluses as determined by anticipated cash flow needs. Investment decisions are based on established investment policies, analysis of liquidity requirements, safety assurances and yield. The City's portfolio consists of federal government obligations, investments in the State Investment Pool, prime banker's acceptances, and certificates of deposit with maturities ranging from one day to sixteen years. XII City ofRenton 1994 CAFR Safeguarding assets is of primary concern to the City and its regulating agencies. In April of 1987, the Governmental ' Accounting Standards Board issued Statement #3, requiring detailed disclosure regarding the risk associated with deposits and investments held by the City. A categorization procedure was established, where Category 1 includes investments that are either insured, registered or held by the City or its agent in the City of Renton's name; Category 2 includes uninsured and unregistered investments held by the counterparty's trust department or agent in the City's name; and Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent but not in the City's name. This categorization for the City of Renton is included in Note 3 of the Notes to the Financial , Statements. In order to assure the highest degree of safety on all City investments, a safekeeping agreement was established for all securities purchased after December, 1988. This will insure investments meet the Category I classification test. The Washington State Treasurer manages a State Investment Pool for use by any city,county,town, municipal corporation,or special taxing district within the state. Municipalities determine the amount and length of investment based on individual cash flow needs. Interest is earned based on the pool's actual experience for the month, less an administrative fee. The interest rate earned by the pool has become a recognized benchmark for entities to measure their own portfolio performance. In 1993, the average interest rate earned by the State Investment Pool was 4.24%, compared to the 5.03% earned by the City. The following table compares 1993 and 1994 investment activity. Item 1994 1993 Difference Average Invested Balance $42,987,446 $37,655,1 12 $ 5,332,334 Average City Interest Rate 5.03% 4.55% .48% Average State Pool Rate 4.24% 3.41% .83% Total Interest Earnings $ 2,177,879 $ 1,805,166 $ 372,713 OTHER INFORMATION , The final section of the letter of transmittal will provide information regarding the City's annual audit, awards, and acknowledgments. Independent Audit Washington State Law requires an annual audit of the City's financial statements by the independently elected State Auditor. The State Auditor conducts the audit in accordance with generally accepted auditing standards, as promulgated by the American Institute of Certified Public Accountants(AICPA),and provides an independent opinion on the City's financial position and results of operations and the cash flows of its proprietary fund types. In addition to the opinion on the City's financial statements included in this report, the State Auditor also issues separate reports on internal control and compliance with laws and regulations that meet the requirements of the Single Audit Act of 1984 and related OMB Circular A-128. The audit of 1994 has been completed and the City has been issued an unqualified opinion. The "Independent Auditor's Report" is included in the "Financial Section"of this document. S XIII City ojRenfon 1994 CAFR Certificate of Achievement Certificate of Achievement The Government Finance Officers'Association of the United States and Canada for Excellence (GFOA) awarded the Certificate of Achievement for Excellence in Financial in Financial Reporting Reporting to the City of Renton for its Comprehensive Annual Financial Report Pr¢sent¢d to for the year ended December 31, 1993. The Certificate of Achievement is a City of Benton, prestigious national award recognizing conformance with the highest standards Washington for preparation of state and local government financial reports. ,w For It.Compre11-1—/annual Flr. I&I Report for the FI—IV—Fnd¢d f�¢.c—ber 31, 1993 A C•+Nuu M Ad.......rn.f..r FxvW.r,.".F"a.cW In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program standards. Such Comprehensive Annual Financial Reports must satisfy both Generally Accepted Accounting Principles and applicable legal requirements. Acknowledgments Preparation of this report could not have been accomplished without the professional, efficient, and dedicated services of the entire staff of the Finance and Information Services Department and the various department heads and employees who assisted and contributed to its preparation. Further appreciation is extended to the Mayor and City Council for their encouragement, interest, and support in conducting the financial operations of the City in a sound and progressive manner. The efficient assistance of examiners from the office of the State Auditor is also appreciated. Staff who had a direct role in preparing Renton's 1994 Comprehensive Annual Financial Report take great pride in their work, and the entire team who worked on this project are recognized on the last page of the report. I will be happy to respond to any questions or comments about the information contained in this report. Again,sincere thanks for the support shown to the Finance and Information Services Department. Sincerely, CITY OF RENTON Victoria A. Runkle Finance and Information Services Administrator cc: Washington State Auditor XI\' ANT � City of Renton 1994 CAFR r 1 r r1994 Annual Financial Rego Financial Statements 1 r r r i 1 r r r r r r r City of Renton 1994 CAFR r • Washington State Auditor Legislative Building (360)753-5277 U/ PO Box 40021 Brian SonntagFAX(360)753-0646 Olympia,Washington 98504-0021 b TDD Relay 1-800-833-6388 r INDEPENDENT AUDITOR'S REPORT June 5, 1995 The Honorable Mayor and City Council City of Renton King County, Washington w We have audited the general-purpose financial statements of the City of Renton,King County,Washington,as of and for the fiscal year ended December 31, 1994,as listed in the table of contents. These financial statements are the responsibility of ,rr the city's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. ,r An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,as well as evaluating the overall fmancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. wr Our audit was performed pursuant to the Revised Code of Washington 43.09.260,under which a full report on the results of this audit will be issued. This report may include findings and recommendations on compliance matters, internal control procedures, and questionable costs or contingencies that would not be material in relation to the general-purpose financial statements taken as a whole. In our opinion,the financial statements referred to above present fairly,in all material respects,the financial position of the City of Renton, King County, Washington, at December 31, 1994, and the results of its operations and cash flows of its proprietary fund types and similar trust funds for the fiscal year then ended,in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general-purpose financial statements taken as a whole. The combining,individual fund,and account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis, and are not a required part of the general-purpose financial statements of the City of Renton,King County,Washington. The information has been subjected to the procedures applied in the audit of the general- purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general-purpose financial statements taken as a whole. The other data included in this report,designated as the statistical section in the table of contents,has not been audited by us and, accordingly, we express no opinion on such data. r Sincer Brian Sonntag State Auditor w 2 ... City of Renton 1994 CA FR .r 1994 Annual Financial Report General Purpose Financial Statements ,.. 3 City of Renton 1994 CAFR ' COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS: DECEMBER 31, 1994 Page 1 of 2 With Comparative Totals for December 31, 1993 ' GOVERNMENTAL FUND TYPES SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS ASSETS: Cash and Cash Equivalents .............................. $ 3,140,495 $ 1,689,964 $ 1,577,106 $ 685,103 Cash With Fiscal Agent ................................. 0 0 98,644 0 Deferred Compensation Plan Assets - Note 4 ............. 0 0 0 0 Investments - Note 3 ................................... 0 7,941,199 1,810,117 4,699,193 Receivables, net of Allowance for Uncollectibles-Note 5: 2,608,894 208,513 4,909,667 168,464 t Due From Other Funds - Note 5 .......................... 75,211 55,785 4,422 664 Interfund Loans/Advances-Current Note 5 .............. 0 0 0 0 Due From Other Governmental Units Note 5 ............. 47,249 132,104 0 3,213,677 Inventory of Material and Supplies Note 1 ............ 0 0 0 0 ' Prepaid Items - Note 8 ................................. 13,000 0 0 0 Investment in Joint Venture - Note 9 ................... 0 0 0 0 Restricted Assets: Deposits ............................................. 0 0 0 0 ' Revenue Bond Debt Service ............................ 0 0 0 0 Construction Account ................................. 0 0 0 0 Interfund Loans/Advances Non-Current - Note 5 ........ 54,000 0 0 0 Fixed Assets (Net) - Note 1 & 7 ........................ 0 0 0 0 ' Construction In Progress Note 7 ...................... 0 0 0 0 Deferred Charges and Other Assets - Note 13 ............ 0 0 0 0 Available in Debt Service & Capital Project Funds....... 0 0 0 0 Amount To Be Provided Long Term Debt Retirement ........ 0 0 0 0 , TOTAL ASSETS ............................................. $ 5,938,849 $10,027,565 $ 8,399,956 $ 8,767,101 LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable ........................... $ 379,578 $ 225,650 $ 706 $ 338,945 ' Retainage Payable .................................... 0 0 0 15,966 Due To Other Funds - Note 5 .......................... 143,144 85,950 0 43,794 Interfund Loans/Advances-Current Note 5 ............ 0 0 0 0 Due To Other Governmental Units Note 5 ............. 951,316 0 0 0 ' Payables - Note 5 .................................... 1,294 5,168 98,644 0 Deferred Revenues .................................... 1,628,493 0 4,623,621 150,435 Liabilities Payable from Restricted Assets: Deposits Payable ................................... 0 0 0 0 ' General Obligation Bonds Payable-Current-Note 12 ... 0 0 0 0 Revenue Bonds Payable - Current Portion-Note 12 .... 0 0 0 0 Other Short Term Liabilities - Note 12 ............... 0 0 0 0 Deposits Payable ..................................... 83,027 19,700 0 0 General Obligation Bonds Payable-Current-Note 12 ..... 0 0 0 0 ' General Obligation Bonds Payable - Note 12 ........... 0 0 0 0 Unamortized Discounts on G.O. Bond ................... 0 0 0 0 Special Assessment Bonds Payable - Note 12 ........... 0 0 0 0 Revenue Bonds Payable - Note 12 ...................... 0 0 0 0 Unamortized Discounts on Revenue Bond ................ 0 0 0 0 Accrued Employee Leave Benefits - Note 1 & 12 ........ 137,010 87,913 0 0 Deferred Compensation Payable - Note 4 ............... 0 0 0 0 Interfund Loans/Advances - Non-Current - Note 5....... 0 50,000 0 0 ' Claims Incurred But Not Reported - Note 17 ........... 0 0 0 0 Installment Purchase Contracts - Note 12 ............. 0 0 0 0 Public Works Trust Fund Loan Payable ............... 0 0 0 0 Arbitrage Rebate Tax Payable - Note 12 ............ 0 0 0 0 TOTAL LIABILITIES ........................................ $ 3,323,862 $ 474,381 $ 4,722,971 $ 549,140 FUND EQUITY AND OTHER CREDITS: Fund Balance: Reserved - Note 1 & 14 ............................. $ 67,000 $ 0 $ 3,676,985 $ 291,645 Unreserved Designated ............................ 500,052 0 0 0 Unreserved - Undesignated .......................... 2,047,935 9,553,184 0 7,926,316 ... Contributed Capital .................................. 0 0 0 0 Retained Earnings: Reserved - Note 1 & 14 ............................. 0 0 0 0 Unreserved ......................................... 0 0 0 0 .r Investments in Joint Venture and General Fixed Assets. 0 0 0 0 TOTAL FUND EQUITY AND OTHER CREDITS $ 2,614,987 $ 9,553,184 $ 3,676,985 $ 8,217,961 TOTAL LIABILITIES, EQUITY AND OTHER CREDITS .............. $ 5,938,849 $10,027,565 $ 8,399,956 $ 8,767,101 THE ACCOMPANYING NOTES ARE r 4 t City of Renton 1994 CAFR Page 2 of 2 PROPRIETARY FUND TYPES FIDUCIARY ACCOUNT GROUPS COMPARATIVE TOTALS INTERNAL TRUST GENERAL GENERAL LONG (MEMORANDUM ONLY) ENTERPRISE SERVICE AND AGENCY FIXED ASSETS TERM DEBT 1994 1993 $ 882,891 $ 1,254,701 S 458,793 S 0 $ A S 9,689,053 E 10,518,483 0 0 0 0 0 98,644 249,891 0 0 5,510,358 0 0 5,510,358 4,459,948 6,679,779 2,840,134 2,554,901 0 0 26,525,323 20,075,578 3,288,390 121,490 123,863 0 0 11,429,281 11,419,818 140,298 0 0 0 0 276,380 442,668 0 10,842 0 0 0 10,842 104,991 568,595 18,348 0 0 0 3,979,973 3,185,195 263,611 39,116 0 0 0 302,727 307,130 .� 3,937 3,000 0 0 0 19,937 14,938 0 0 0 1,062,201 0 1,062,201 846,596 20,435 0 0 0 0 20,435 29,170 3,923,963 0 0 0 0 3,923,963 4,046,703 9,526,046 0 0 0 0 9,526,046 9,237,889 0 19,057 0 0 0 73,057 83,899 89,197,917 1,543,983 0 54,987,170 0 145,729,070 144,410,436 18,810,614 0 0 7,548,931 0 26,359,545 16,881,709 144,000 0 0 0 0 144,000 160,000 0 0 0 0 4,372,588 4,372,588 4,481,031 0 0 0 0 19,213,486 19,213,486 22,289,274 $133,450,476 $ 5,850,671 $ 8,647,915 $63,598,302 $23,586,074 $268,266,909 $253,245,347 $ 637,111 $ 48,332 $ 0 $ 0 $ 0 $ 1,630,322 $ 1,627,713 52,722 0 0 0 0 68,688 65,955 0 3,492 0 0 0 276,380 442,668 10,842 0 0 0 0 10,842 104,991 212,281 0 0 0 0 1,163,597 843,289 563,769 18,779 0 0 0 687,654 707,597 .. 85,841 0 0 0 0 6,488,390 8,402,535 20,435 0 0 0 0 20,435 29,170 411,860 0 0 0 0 411,860 342,690 ... 1,470,000 0 0 0 0 1,470,000 1,390,000 0 (2,205) 0 0 0 (2,205) 61,597 0 0 149,671 0 0 252,398 374,110 0 195,505 0 0 0 195,505 106,155 .. 2,978,960 1,529,055 0 0 15,769,620 20,277,635 21,361,155 (128,447) (19,183) 0 0 0 (147,630) (81,234) 0 0 0 0 4,141,000 4,141,000 5,467,063 33,460,000 0 0 0 0 33,460,000 26,360,000 (640,761) 0 0 0 0 (640,761) (626,674) 248,161 59,102 0 0 3,108,512 3,640,698 3,822,176 0 0 5,510,358 0 0 5,510,358 4,459,948 19,057 0 4,000 0 0 73,057 83,899 0 1,299,559 0 0 0 1,299,559 1,259,126 0 0 0 0 275,297 275,297 448,603 2,862,821 0 0 0 0 2,862,821 1,385,565 8,584 3,101 0 0 291,645 303,330 411,024 $ 42,273,236 $ 3,135,537 $ 5,664,029 $ 0 $23,586,074 $ 83,729,230 $ 78,849,121 $ 0 $ 0 $ 7,686,000 $ 0 $ 0 $ 11,721,630 $ 11,611,032 0 0 0 0 0 500,052 419,238 0 0 (4,702,114) 0 0 14,825,321 14,464,208 73,016,237 1,038,192 0 0 0 74,054,429 73,526,187 3,073,274 0 0 0 0 3,073,274 2,201,018 15,087,729 1,676,942 0 0 0 16,764,671 13,768,926 0 0 0 63,598,302 0 63,598,302 58,405,617 $ 91,177,240 $ 2,715,134 $ 2,983,886 $63,598,302 $ 0 $184,537,679 $174,396,226 $133,450,476 $ 5,850,671 $ 8,647,915 $63,598,302 $23,586,074 $268,266,909 $253,245,347 AN INTEGRAL PART OF THIS STATEMENT 5 City ojRenton 1994 CAFR ' COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES Page 1 of 1 ' FOR ALL GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 GOVERNMENTAL FUND TYPES COMPARATIVE TOTALS SPECIAL DEBT CAPITAL (MEMORANDUM ONLY) GENERAL REVENUE SERVICE PROJECTS 1994 1993 ' REVENUES Taxes ............................. $19,495,338 $ 8,712,660 $ 2,577,985 $ 485,218 $ 31,271,201 $ 31,568,654 ' Licenses And Permits ............... 1,270,844 39,726 0 1,540,689 2,851,259 2,899,581 Intergovernmental Revenues ......... 3,640,553 1,358,123 0 6,923,813 11,922,489 8,675,288 Charges For Services ............... 865,173 678,729 0 2,619 1,546,521 1,438,413 Fines And Forfeits ................. 1,090,523 17,256 0 0 1,107,779 881,016 Special Assessments ................ 0 0 1,029,437 0 1,029,437 888,498 Interest ........................... 479,252 424,454 213,814 74,932 1,192,452 1,071,603 Miscellaneous Revenues ............. 188,533 500,321 0 60,010 748,864 541,432 TOTAL REVENUES .,.......$27,030,216 $11,731,269 $ 3,821,236 S 9,087,281 S 51,670,002 $ 47,964,485 EXPENDITURES Current: General Government .............. $ 4,560,795 S 1,438,127 $ 0 S 0 S 5,998,922 $ 5,258,009 Security Of Persons And Property . 17,272,774 0 0 0 17,272,774 15,654,019 Physical Environment ............. 999,985 0 0 0 999,985 1,163,369 Transportation ................... 0 3,422,909 0 5,425,222 8,848,131 4,775,406 Economic Environment ............. 2,842,980 681,278 0 0 3,524,258 3,155,164 ' Mental And Physical Health ....... 10,755 0 0 0 10,755 8,983 Culture and Recreation ........... 0 4,946,035 0 0 4,946,035 4,628,052 Capital Outlay ..................... 281,572 265,709 0 4,646,421 5,193,702 4,472,604 Debt Service: ' Principal Retirement ............. 43,802 0 2,940,351 0 2,984,153 1,890,962 Interest & Fiscal Charges ........ 19,553 0 1,285,972 0 1,305,525 1,797,270 TOTAL EXPENDITURES ..................$26,032,216 $10,754,058 $ 4,226,323 510,071,643 S 51,084,240 $ 42,803,838` EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES ................... $ 998,000 $ 977,211 $ (405,087) $ (984,362) $ 585,762 S 5,160,647 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ........$ 0 $ 0 $ 0 $ 0 $ 0 5 12,670,813 , Interfund Loan Proceeds ............ 0 0 0 0 0 700,000 Interfund Loan Repayments .......... 0 200,000 0 (504,007) (304,007) (400,000) Operating Transfers In ............. 10,000 232,688 1,129 527,689 771,506 996,030 Operating Transfers (Out) .......... (960,063) (146,403) 0 (232,687) (1,339,153) (1,371,605) Other Financing (Uses) ............. 300,000 0 0 193,250 493,250 (300,000) Sale Of General Fixed Assets ....... 26,180 667 0 0 26,847 113,000 Funds Remitted to Bond Trustee ..... 0 0 0 0 0 (13,999,410) TOTAL OTHER FINANCING SOURCES (USES) $ (623,883) $ 286,952 $ 1,129 $ (15,755) $ (351,557) S (1,591,172) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES$ 374,117 $ 1,264,163 $ (403,958) $(1,000,117) S 234,205 S 3,569,475 ' FUND BALANCE JANUARY 1 ............... 2,240,870 8,309,671 4,080,943 9,197,428 23,828,912 20,177,550 Residual Equity Transfers In ....... 0 0 256,599 20,650 277,249 156,068 Residual Equity Transfers Out ...... 0 (20,650) (256,599) 0 (277,249) (160,829) Prior Period Corrections ........... 0 0 0 0 0 86,648 FUND BALANCE DECEMBER 31 ............$ 2,614,987 $ 9,553,184 $ 3,676,985 S 8,217,961 $ 24,063,117 $ 23,828,912'`. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 6 City of Renton 1994 CAFR COMBINED STATEMENT OF REVENUES, EXPENDITURES Page 1 of 4 AND CHANGES IN FUND BALANCES, BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 GENERAL FUND VARIANCE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> REVENUES Taxes .............................................. $ 19,644,087 $ 19,495,338 $ (148,749) Licenses And Permits ............................... 1,001,711 1,270,844 269,133 Intergovernmental Revenues ......................... 3,456,554 3,640,553 183,999 Charges For Services ............................... 901,908 865,173 (36,735) Fines And Forfeits ................................. 1,116,600 1,090,523 (26,077) Special Assessments ................................ 0 0 0 Interest ........................................... 320,000 479,252 159,252 Miscellaneous Revenues ............................. 130,553 188,533 57,980 TOTAL REVENUES ....... .i.......................... $ 26,571,413 $ 27,030,216 $ 458,803 EXPENDITURES Current: General Government ............................... $ 4,722,453 $ 4,560,795 $ 161,658 Security Of Persons And Property ................. 18,343,248 17,272,774 1,070,474 Physical Environment ............................. 1,196,652 999,985 196,667 Transportation ................................... 0 0 0 Economic Environment ............................. 3,222,655 2,842,980 379,675 Mental And Physical Health ....................... 9,752 10,755 (1,003) Culture and Recreation ........................... 0 0 0 Capital Outlay ..................................... 264,149 281,572 (17,423) Debt Service: Principal Retirement ............................. 43,802 43,802 0 Interest & Fiscal Charges ........................ 19,553 19,553 0 TOTAL EXPENDITURES ................................... $ 27,822,264 $ 26,032,216 $ 1,790,048 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (1,250,851) $ 998,000 $ 2,248,851 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 Interfund Loan Proceeds ............................ 0 0 0 Interfund Loan Repayments .......................... 0 0 0 Operating Transfers In ............................. 10,000 10,000 0 Operating Transfers (Out) .......................... (964,379) (960,063) 4,316 Other Financing Sources ............................ 300,000 300,000 0 Sale Of General Fixed Assets ....................... 0 26,180 26,180 Funds Remitted to Bond Trustee ..................... 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ (654,379) $ (623,883) $ 30,496 EXCESS (DEFICIENCY) OF REVENUES ., AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (1,905,230) $ 374,117 $ 2,279,347 FUND BALANCE JANUARY 1 ............................... 2,335,384 2,240,870 (94,514) w. Residual Equity Transfers In ....................... 0 0 0 Residual Equity Transfers (Out) .................... 0 0 0 Prior Period Corrections ........................... 0 0 0 FUND BALANCE DECEMBER 31 .. $ 430,154 $ 2614 987'' $ ,2,184,833 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 7 City of Renton 1994 CAFR COMBINED STATEMENT OF REVENUES, EXPENDITURES Page 2 of 4 ' AND CHANGES IN FUND BALANCES, BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 SPEGIAL<REVENUE FUNO TYPES VARIANCE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> REVENUES Taxes .............................................. $ 8,671,421 $ 8,712,660 $ 41,239 Licenses And Permits ............................... 14,000 39,726 25,726 Intergovernmental Revenues ......................... 1,669,164 1,358,123 (311,041) Charges For Services ............................... 595,665 678,729 83,064 Fines And Forfeits ................................. 15,200 17,256 2,056 Special Assessments ................................ 0 0 0 Interest ........................................... 135,453 424,454 289,001 Miscellaneous Revenues ............................. 473,850 500,321 26,471 TOTAL REVENUES ......' ...'............................ $ 11,574,753 $ 11,731,269 $ 156,516 EXPENDITURES Current: General Government ............................... $ 1,595,808 $ 1,438,127 $ 157,681 Security Of Persons And Property ................. 0 0 0 Physical Environment ............................. 0 0 0 Transportation ................................... 6,475,559 3,422,909 3,052,650 Economic Environment ............................. 682,729 681,278 1,451 Mental And Physical Health ....................... 0 0 0 Culture and Recreation ........................... 5,023,612 4,946,035 77,577 Capital Outlay ..................................... 3,711,859 265,709 3,446,150 Debt Service: Principal Retirement ............................. 0 0 0 Interest & Fiscal Charges 0 0 0 TOTAL EXPENDITURES $ 17,489,566 $ 10,754,058 $ 6,735,508 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (5,914,814) $ 977,211 $ 6,892,025 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 Interfund Loan Proceeds ............................ 0 0 0 Interfund Loan Repayments .......................... 400,000 200,000 (200,000) Operating Transfers In ............................. 232,688 232,688 0 Operating Transfers (Out) .......................... (486,370) (146,403) 339,967 Other Financing Sources ............................ 0 0 0 Sale Of General Fixed Assets ....................... 0 667 667 Funds Remitted to Bond Trustee ..................... 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ 146,318 $ 286,952 $ 140,634 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (5,768,496) S 1,264,163 $ 7,032,659 FUND BALANCE JANUARY 1 ............................... 8,143,960 8,309,671 165,711 Residual Equity Transfers In ....................... 0 0 0 Residual Equity Transfers (Out) .......... 0 (20,650) (20,650) 0 0 0 FUND BALANCE DECEMBER 31 .......................... ? $,' 2,375,464 $ 9,553,1841.'s S 7,177,720 THE ACCOMPANYING NOTES ARE AN 8 City of Renton 1994 CAFR Page 3 of 4 DEBT SERVICE FUND TYPES CAPITAL. PROJECTS FUND TYPES VARIANCE VARIANCE FAVORABLE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> BUDGET ACTUAL <UNFAVORABLE> $ 2,448,599 $ 2,577,985 $ 129,386 $ 350,000 $ 485,218 $ 135,218 0 0 0 1,443,960 1,540,689 96,729 .. 0 0 0 15,656,469 6,923,813 (8,732,656) 0 0 0 1,000 2,619 1,619 0 0 0 0 0 0 1,167,333 1,029,437 (137,896) 0 0 0 97,500 213,814 116,314 13,000 74,932 61,932 0 0 0 55,011 60,010 4,999 $ 3,713,432 $ 3.;821,236 $ 107,804 $ 17,519,440 S 9,087,281 $ 0 S 0 $ 0 $ 0 S 0 S 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15,957,555 5,425,222 10,532,333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9,622,427 4,646,421 4,976,006 3,294,645 2,940,351 354,294 0 0 0 1,309,317 1,285,972 23,345 289,027 0 289,027 S 4,603,962 $ 4,226,323 $ 377,639 S 25,869,009 $ 10,071,643 $ 15,797,366 $ (890,530) $ (405,087) $ 485,443 S (8,349,569) $ (984,362) $ 7,365,207 S 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 (704,007) (504,007) 200,000 1,129 1,129 0 844,915 527,689 (317,226) 0 0 0 (232,687) (232,687) 0 0 0 0 0 0 0 0 0 0 193,250 193,250 0 0 0 0 0 0 0 $ 1,129 S 1,129 $ 0 ; y01,471 $ (15,755) $ (117,226) $ (889,401) $ (403,958) $ 485,443 S (8,248,098) $ (1,000,117) $ 7,247,981 3,845,378 4,080,943 235,565 8,394,492 9,197,428 802,936 256,599 256,599 (0) 22,741 20,650 (2,091) (256,599) (256,599) 0 0 0 0 0 0 0 0 0 0 $ 2,955,977 $ 3,676,985 S 721,008 S 169,135 $ 8,217,961 $ 8,048,826 INTEGRAL PART OF THIS STATEMENT 9 City of Renton 1994 CAFR COMBINED STATEMENT OF REVENUES, EXPENDITURES Page 4 of 4 ' AND CHANGES IN FUND BALANCES, BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 COMPARATIVE TOTALS (MEMORANDUM ONLY) VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 31,114,107 $ 31,271,201 $ 157,094 $ 31,568,654 Licenses And Permits ............................... 2,459,671 2,851,259 391,588 2,899,581 Intergovernmental Revenues ......................... 20,782,187 11,922,489 (8,859,698) 8,675,288 Charges For Services ............................... 1,498,573 1,546,521 47,948 1,438,413 Fines And Forfeits ................................. 1,131,800 1,107,779 (24,021) 881,016 Special Assessments ................................ 1,167,333 1,029,437 (137,896) 888,498 Interest ........................................... 565,953 1,192,452 626,499 1,071,603 Miscellaneous Revenues 659,414 748,864 89,450 541,432 ;;TOTAL REVENUES ....................................... $ 59,379,038 $ 51,670,002 $(7,709,036) $ 47,964,485 EXPENDITURES , Current: General Government ............................... $ 6,318,261 $ 5,998,922 $ 319,339 $ 5,258,009 Security Of Persons And Property ................. 18,343,248 17,272,774 1,070,474 15,654,019 Physical Environment ............................. 1,196,652 999,985 196,667 1,163,369 Transportation ................................... 22,433,114 8,848,131 13,584,983 4,775,406 Economic Environment ............................. 3,905,384 3,524,258 381,126 3,155,164 Mental And Physical Health ....................... 9,752 10,755 (1,003) 8,983 ' Culture and Recreation ........................... 5,023,612 4,946,035 77,577 4,628,052 Capital Outlay ..................................... 13,598,435 5,193,702 8,404,733 4,472,604 Debt Service: Principal Retirement ............................. 3,338,447 2,984,153 354,294 1,890,962 Interest & Fiscal Charges 1,617,897 1,305,525 312,372 1,797,270 TOTAL EXPENDITURES ................................... $ 75,784,801 $ 51,084,240 $24,700,562 $ 42,803,838 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $(16,405,764) $ 585,762 $16,991,525 $ 5,160,647 OTHER FINANCING SOURCES (USES) Proceeds of Long-Term Debt ......................... $ 0 $ 0 $ 0 $ 12,670,813 Interfund Loan Proceeds ............................ 0 0 0 700,000 Interfund Loan Repayments .......................... (304,007) (304,007) 0 (400,000) Operating Transfers In ............................. 1,088,732 771,506 (317,226) 996,030 Operating Transfers (Out) (1,683,436) (1,339,153) 344,283 (1,371,605) Other Financing Sources ............................ 300,000 300,000 0 (300,000) Sale Of General Fixed Assets ....................... 193,250 220,097 26,847 113,000 Funds Remitted to Bond Trustee ..................... 0 0 0 (13,999,410) TOTAL OTHER FINANCING SOURCES (USES) ................. $ (405,461) $ (351,557) $ 53,904 $ (1,591,172) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $(16,811,225) $ 234,205 $17,045,430 $ 3,569,475 FUND BALANCE JANUARY 1 ............................... 22,719,214 23,828,912 1,109,698 20,177,550 Residual Equity Transfers In ....................... 279,340 277,249 (2,091) 156,068 Residual Equity Transfers (Out) .................... (256,599) (277,249) (20,650) (160,829) Prior Period Corrections ........................... 0 0 0 86,648 FUND BALANCE DECEMBER 31 ............................. $ 5,930,730 $ 24,063,117 $18,132,387 $ 23,828,912 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 10 City of Renton 1994 CAFR COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY Page 1 of 1 ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 PROPRIETARY FUND TYPES FIDUCIARY COMPARATIVE TOTALS INTERNAL FUND TYPE (MEMORANDUM ONLY) ENTERPRISE SERVICE PENSION TRUST 1994 1993 OPERATING REVENUES: Charges for Services ........................... $23,966,430 $ 5,914,912 $ 0 $29,881,342 $27,443,468 Fire Insurance Premiums ........................ 0 0 78,893 78,893 51,032 Property Taxes ................................. 0 0 257,000 257,000 246,000 Interest Revenue ............................... 0 0 281,189 281,189 228,286 Other Operating Revenue ........................ 353,518 97,214 0 450,732 516,234 TOTAL OPERATING REVENUE .......................... $24,319,948 $ 6,012,126 $ 617,082 $30,949,156 $28,485,020 OPERATING EXPENSES: Operations and Maintenance ..................... $14,657,227 $ 683,896 $ 0 $15,341,123 $15,081,952 Benefit Payments 0 3,081,780 295,605 3,377,385 4,500,984 Professional Services .......................... 0 249,804 0 249,804 220,702 Administrative and General ..................... 1,595,414 279,664 3,157 1,878,235 1,618,951 Insurance ...................................... 12,816 404,785 0 417,601 432,559 Taxes .................................. 2,424,218 0 0 2,424,218 2,021,168 Depreciation ................................... 2,220,451 344,801 0 2,565,252 2,563,357 TOTAL OPERATING EXPENSES ... ..... . $20,910,126 S 5,044,730 $ 298,762 $26,253,618 $26,439,673 OPERATING INCOME (LOSS) .. . $ 3,409,822 S 967,396 $ 318,320 $ 4,695,538 $ 2,045,347 �r NON-OPERATING REVENUE (EXPENSE): Interest Revenue ............................... $ 880,672 $ 104,755 $ 0 $ 985,427 $ 701,699 Gain (Loss) on Sale of Assets .................. 0 4,908 0 4,908 (23,949) Other Non-operating Revenue .................... 87,766 6,220 0 93,986 322,857 Interest Expense ............................... (1,762,354) (45,112) 0 (1,807,466) (1,514,025) Arbitrage Expense .............................. (560) (190) 0 (750) (747) Amortization of Debt Discount and Expense (83,514) (1,825) 0 (85,339) (72,130) NON-OPERATING REVENUE NET OF EXPENSES $ (877,990) $ 68,756 $ 0 $ (809,234) $ (586,295) INCOME (LOSS) BEFORE OPERATING TRANSFERS ......... $ 2,531,832 $ 1,036,152 $ 318,320 $ 3,886,304 $ 1,459,052 OPERATING TRANSFERS IN .......................... 321,570 256,077 0 577,647 375,575 OPERATING TRANSFERS OUT .......................... 0 (10,000) 0 (10,000) 0 NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM ...... $ 2,853,402 '$ 1,2.82,229 $ 318,320 $ 4,453,951 $ 1,834,627 EXTRAORDINARY LOSS ON ADVANCE REFUNDING .......... 0 0 0 0 1,456,489 NET INCOME (LOSS) ................................ $ 2,853,402 S 1,282,229 $ 318,320 $ 4,453,951 $ 378,138 Depreciation Reducing Grant Contributed Capital. 164,763 0 0 164,763 159,580 INCREASE (DECREASE) IN RETAINED EARNINGS ......... $ 3,018,165 $ 1,282,229 S 318,320 $ 4,618,714 $ 537,718 RETAINED EARNINGS, JANUARY 1 ..................... S15,575,231 $ 394,713 $2,665,566 $18,635,510 518,093,031 Prior Period Corrections - Note 18 ............. (432,393) 0 0 (432,393) 0 RETAINED EARNINGS, JANUARY 1, RESTATED ........... $15,142,838 $ 394,713 $2,665,566 $18,203,117 $18,093,031 Residual Equity Transfers In (Out) ............. 0 0 0 0 4,761 M RETAINED EARNINGS, DECEMBER 31 ................... $18,161,003 $ 1,676,942 $2,983,886 5 22,821,831 $18,635,510 CONTRIBUTED CAPITAL, JANUARY 1 ................... $72,487,995 $ 1,038,192 $ 0 $73,526,187 $68,516,381 Capital Grants ............................... $ 101,929 $ 0 $ 0 $ 101,929 $ 966,423 Prior Period Corrections ..................... (1,437,533) 0 0 (1,437,533) 0 Amortization on Capital Grants ............... (164,763) 0 0 (164,763) (159,580) Other Contributed Capital .................. 2,028,609 0 0 2,028,609 4,202,963 ;CONTRIBUTED CAPITAL, DECEMBER 31 ................. $73,016,237 $ 1,038,192 S 0 $74,054,429 $73,526,187'>s FUND EQUITY, DECEMBER 31 ......................... $91,177,240 $ 2,715,134 $2,983,886 S 96,876,260 $92,161,697 1 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 11 Cite of Renton 1994 CAFR COMBINED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994 Page 1 of 4 ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS With Comparative Totals for Year Ended December 31, 1993 PROPRIETARY FUND TYPES. INTERNAL ENTERPRISE SERVICE CASH FLOWS FROM OPERATING ACTIVITIES: Cash Received From Customers ................................. $ 23,676,044 $ 0 Cash Received From Other Funds for Goods and Services ........ 324,231 5,916,920 , Cash Received From Taxes on Fire Insurance Premiums .......... 0 0 Cash Received From Property Taxes ............................ 0 0 Cash Payments to Suppliers for Goods and Services ............ (11,697,501) (4,096,542) Cash Paid to Other Funds for Goods and Services .............. (3,130,896) (399,609) Cash Paid to Employees ....................................... (2,622,729) (240,805) Cash Paid for Taxes .......................................... (1,354,435) 0 Cash Paid for Retirees ....................................... 0 0 Interest Revenue ............................................. 0 0 Other Operating Receipts ..................................... 354,133 97,214 Other Non-Operating Receipts ................................. 20,716 71,704 NET CASH PROVIDED_(USED) BY OPERATING ACTIVITIES .... $ 5,569,563 $ 1,348,882 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: ' Proceeds From Interfund Loans ................................ $ 0 $ 0 Operating Grants Received .................................... 110,143 0 Operating Transfers From Other Funds ......................... 325,887 256,077 Operating Transfers To Other Funds ........................... 0 (10,000) Other Non-Operating Receipts ................................. 496 0 Repayments on Interfund Loans ................................ (110,531) 13,384 NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES ... $ 325,995 $ 259,461 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds .................................. $ 8,570,000 $ 969,385 Payments on Bond Issuance and Registration Fees .............. (155,764) (100) Proceeds From State Long-Term Loans .......................... 1,637,842 0 Proceeds From Sale of Equipment .............................. 0 17,446 Acquisition and Construction of Capital Assets ............... (8,758,199) (281,009) Payments Received from Intergovernmental Loan ................ 37,989 0 Capital Contributions ........................................ 984,569 0 Capital Grants ............................................... 217,207 0 Principal Payments on Bonds .................................. (1,821,020) (74,005) Interest Payments on Bonds ................................... (1,288,752) (41,435) Interest Payments on State Long-Term Loans ................... (39,373) 0 Residual Equity Transfer Out ................................. 0 0 NET CASH PROVIDED (USED) BY CAPITAL FINANCING ACTIVITIES ...... $ (615,501) S 590,282 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments $ 24,020,546 $ 2,488,997 Payments for Investments ..................................... (29,418,481) (4,178,900) Interest on Investments ..................................... 656,125 7,657 NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES ............. S (4,741,810) $ (1,682,246) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS .......... $ 20,620 $ 516,379 ' CASH AND CASH EQUIVALENTS, JANUARY 1 .......................... 14,332,716 738,322 CASH AND CASH EQUIVALENTS, DECEMBER 31 ......................... $ 14,353,336 $ 1,254,701 CASH AT THE END OF THE YEAR CONSISTS OF: ' Cash and Cash Equivalents .................................... $ 270,705 $ 1,254,701 Cash Restricted for: Deposits ................................................... 20,435 0 Revenue Bond Debt Service .................................. 4,536,149 0 Construction Account ....................................... 9,526,046 0 TOTAL CASH AT THE END OF THE YEAR .............................. $ 14,353,335 $ 1,254,701 12 City of Renton 1994 CAFR µ Page 2 of 4 FIDUCIARY COMPARATIVE TOTALS FUND TYPE (MEMORANDUM ONLY) PENSION TRUST 1994 1993 $ 0 $ 23,676,044 $ 21,634,783 0 6,241,151 5,612,008 78,893 78,893 51,032 257,000 257,000 246,000 (221) (15,794,264) (15,605,155) (2,936) (3,533,441) (3,318,910) 0 (2,863,534) (2,777,631) 0 (1,354,435) (1,244,710) (295,605) (295,605) (283,383) 246,289 246,289 240,928 0 451,347 516,698 0 92,420 127,175 $ 283,420 $ 7,201,865 $ 5,198,835 $ 95,000 $ 95,000 $ 0 0 110,143 139,291 0 581,964 366,394 0 (10,000) 0 0 496 0 0 (97,147) 0 $ 95,000 $ 680,456 $ 505,685 $ 0 $ 9,539,385 $ 7,689,789 0 (155,864) (56,132) 0 1,637,842 477,925 0 17,446 15,909 0 (9,039,208) (11,574,671) 0 37,989 37,875 0 984,569 1,668,594 0 217,207 1,337,881 0 (1,895,025) (1,707,280) 0 (1,330,187) (1,530,053) 0 (39,373) (2,168,152) 0 0 4,761 $ 0 $ (25,219) $ (5,803,554) $ 256,355 $ 26,765,898 $ 24,466,081 (824,087) (34,421,468) (22,754,002) 0 663,782 568,672 $ (567,732) $ (6,991,788) $ 2,280,751 $ (189,312) $ 347,687 $ 2,181,717 494,434 15,565,472 13,380,755 $ 305,122 $ 15,913,159 $ 15,562,472 $ 305,122 $ 1,830,528 $ 2,248,710 0 20,435 29,170 0 4,536,149 4,046,703 0 9,526,046 9,237,889 $ 305,122 $ 15,913,158 $ 15,562,472 13 Cite of Renton 1994 CAFR , COMBINED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994 Page 3 of 4 ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS With Comparative Totals for Year Ended December 31, 1993 PROPRIETARY FUND TYPES INTERNAL ENTERPRISE SERVICE RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) ...................................... $ 3,409,821 $ 967,396 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) By Operating Activities: Depreciation and Amortization of Deferred Charge ........... $ 2,236,451 $ 344,801 Other Non-Operating Revenue ................................ (12,517) 2,829 (Increase) Decrease in Accounts Receivable ................. 41,616 24,978 (Increase) Decrease in Interest on Investments ............. 0 0 (Increase) Decrease in Due From Other Funds/Governmental ... (337) 53,551 (Increase) Decrease in Inventory/Prepaid Items ............. (4,815) (412) Increase (Decrease) in Vouchers/Contracts/Retainage Payable. (78,810) (37,464) Increase (Decrease) in Due to Other Funds/Governmental ..... 0 3,492 Increase (Decrease) in Payables/Other Short Term Liabilities 96,602 (62,064) Increase (Decrease) in Customer Deposits ................... (8,735) 0 Increase (Decrease) in Deferred Revenues ................... (32,192) 0 Increase (Decrease) in Accrued Employee Leave Benefits ..... (77,521) 11,342 Increase (Decrease) in Claims Incurred But Not Reported .... 0 40,433 Capital Cost Reported as Operating Expense ................. 0 0 Total Adjustments ...................................... $ 2,159,742 S 381,486 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ............... $ 5,569,563 $ 1,348,882 SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Fixed Assets Contributed By Developers ....................... $ 1,053,532 $ 0 Fixed Asset Contributed By Other Funds ....................... 0 0 Asset Trade-In ............................................... 0 6,038 Advance Refunding of Revenue Bonds ........................... 0 0 TOTAL NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES ......... $ 1,053,532 $ 6,038 THE ACCOMPANYING NOTES ARE AN Fiduciary Fund Type Cash and Equivalents Cash Reconciliation: Pension Trust ......................... $ 305,122 Special Deposits ...................... 149,671 , Advanced Travel ....................... 4,000 Total Cash ............................... $ 458,793 * Above cash and cash equivalents reconciliation, cross-references cash and cash equivalents on the combined statements of Cash Flows and Balance Sheets 14 Crry of Renton/994 CAFR Page 4 of 4 FIDUCIARY COMPARATIVE TOTALS FUND TYPE (MEMORANDUM ONLY) PENSION TRUST 1994 1993 S 318,320 S 4,695,537 S 2,045,347 $ 0 S 2,581,252 $ 2,579,357 0 (9,688) 149,342 0 66,594 (327,997) (35,557) (35,557) 13,299 657 53,871 24,937 0 (5,227) (11,598) 0 (116,274) 84,407 0 3,492 (4,629) 0 34,538 54,341 0 (8,735) 8,690 0 (32,192) 1,282 0 (66,179) 42,083 0 40,433 535,517 0 0 4,457 $ (34,900) S 2,506,328 $ 3,153,488 S 283,420 S 7,201,865 $ 5,198,835 $ 0 S 1,053,532 S 2,194,457 0 0 10,680 0 6,038 25,500 0 0 9,300,093 $ 0 $ 1,059,570 $ 11,530,730 INTEGRAL PART OF THIS STATEMENT 15 � Y � �u � ��NT�� � �.. City of Renton 1994 CAFR NOTES TO THE FINANCIAL STATEMENTS Financial statements need to be supplemented with additional information to fairly present the government's financial position and results of operations in conformity with Generally Accepted Accounting Principles. Additional information is often to detailed or unsuitable for presentation on the face of the financial statements. Therefore, the notes provide this information and become an integral part of the financial statements. .r. 17 NOTES TO THE FINANCIAL STATEMENTS INDEX NOTE 1 -SIGNIFICANT ACCOUNTING POLICIES..................................................................................................................................................................19 Table1: Property Tax Levy...........................................................................................................................................................................................21 Table2: Fixed Asset Service Life.................................................................................................................................................................................22 Table3: Employee Leave Payable................................................................................................................................................................................22 NOTE 2-STEWARDSHIP,COMPLIANCE,AND ACCOUNTABILITY....................................................................................................................................22 NOTE3- CASH&INVESTMENTS............................................................................................................................................................................................22 Table 4: Reconciliation of Cash and Investments by Fund Group................................................................................................................................23 Table 5: Classification of Investments As of December 31,1994................................................................................................................................23 NOTE4-DEFERRED COMPENSATION....................................................................................................................................................................................23 NOTE5-RECEIVABLES AND PAYABLES...............................................................................................................................................................................24 Table6: Receivables and Payables...............................................................................................................................................................................24 Table 7: Interfund Receivables and Payables...............................................................................................................................................................24 Table 8: Interfund Loans/Advances Receivable and Payable......................................................................................................................................25 Table9: Due From Other Governmental Units.............................................................................................................................................................25 e NOTE 6-OPERATING AND RESIDUAL EQUITY TRANSFERS.............................................................................................................................................25 Table10: Residual Equity Transfers.............................................................................................................................................................................25 Table11: Operating Transfers......................................................................................................................................................................................26 NOTE7-FIXED ASSETS.............................................................................................................................................................................................................26 Table 12: Changes in General Fixed Assets.................................................................................................................................................................26 Table13: Construction Work In Progress.....................................................................................................................................................................26 Table 14: Proprietary Property,Plant&Equipment.....................................................................................................................................................27 NOTE8-PREPAID ITEMS...........................................................................................................................................................................................................27 NOTE9-JOINT VENTURE..........................................................................................................................................................................................................27 Table15: Joint Venture Cost Distribution....................................................................................................................................................................27 Table 16: Financing Contributions&Outstanding Debt..............................:...............................................................................................................28 Table17: Balance Sheet...............................................................................................................................................................................................28 Table 18: Statement of Revenues,Expenses and Changes in Retained Earnings......................................................................................................28 Table19: Joint Venture Equity.....................................................................................................................................................................................29 Table 20: Mobile Data Terminal/800-Megahertz Radio Purchase Agreement.............................................................................................................29 NOTE 10-PENSION PLAN&OTHER POSTEMPLOYMENT BENEFITS...............................................................................................................................29 Table 21: PERS and LEOFF Information By Plan.......................................................................................................................................................29 Table 22: PERS and LEOFF Information By System...................................................................................................................................................30 Table 23: Unfunded Pension Benefit Obligation..........................................................................................................................................................30 Table 24: Fire Pension Ten-Year Funding Progress Data.............................................................................................................................................31 Table 25: Fire Pension Ten-Year Revenues and Expenses...........................................................................................................................................31 Id NOTE1 I -CONSTRUCTION COMMITMENTS.........................................................................................................................................................................31 Table26: Construction Commitments..........................................................................................................................................................................31 ' NOTE12-LONG-TERM DEBT....................................................................................................................................................................................................32 Table 27: Long-Term Debt Additions and Retirements Summary...............................................................................................................................32 Table 28 Outstanding Debt as of December 31, 1994...................................................................................................................................................33 Table29: Pro Rata Debt...............................................................................................................................................................................................34 Table30: Debt Limit Capacities...................................................................................................................................................................................34 , Table31: Refunded Bonds............................................................................................................................................................................................35 Table32: Changes to Refunded Bonds Payable...........................................................................................................................................................35 Table33: Debt Service Requirement to Maturity..........................................................................................................................................................35 ' NOTE 13-DEFERRED CHARGES IN PROPRIETARY FUNDS................................................................................................................................................36 NOTE 14-RESERVATIONS AND DESIGNATIONS OF FUND EQUITY.................................................................................................................................36 Table34: Reservations of Fund Equity.........................................................................................................................................................................36 Table 35: Unreserved Designated Fund Equity.............................................................................................................................................................36 NOTE 15-SEGMENT INFORMATION FOR ENTERPRISE FUNDS........................................................................................................................................36 Table 36: Segment Information for Enterprise Funds...................................................................................................................................................36 NOTE16-LITIGATION................................................................................................................................................................................................................37 NOTE17-RISK MANAGEMENT................................................................................................................................................................................................37 ' Table37: Risk Management.........................................................................................................................................................................................37 Table38: Outstanding Claims...............................................................................................................................:.......................................................37 Table39: Changes in Claims Liabilities.......................................................................................................................................................................37 NOTE 18-PRIOR PERIOD ADJUSTMENTS..............................................................................................................................................................................37 ' 18 .. City of Renton Notes to The Financial Statements CITY OF RENTON NOTES TO THE FINANCIAL STATEMENTS For the Year Ended December 31, 1994 NOTE 1 -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. Renton is served by a full-time Mayor and seven part-time Council members,all elected at large to four-year terms. The City provides the full range of municipal services authorized by State law, 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 of Renton,which conform to generally accepted accounting principles for governments, are regulated by the Washington State Auditor's Office,Division of Municipal Corporations. The City's significant accounting policies are described in the following notes. THE REPORTING ENTITY Based on the criteria of Statement No. 14 of the Governmental Accounting Standards Board(GASB),the City's Comprehensive Annual Financial Report(CAFR) " includes all funds,account groups,agencies and boards for which the City is financially accountable. Financial accountability is defined as follows: A primary government has substantive authority to appoint a voting majority of a component unit's board; the primary government has the ability to impose its will on a component unit;the component unit can provide a financial benefit to,or impose a financial burden on the primary government;and the component unit is fiscally dependent on the primary government. The Renton Housing Authority has been excluded because the City neither reviews its budget nor is obligated to finance any of its deficits. The Mayor does appoint members to the Housing Authority Board,but the Board is fiscally independent of the City. BASIS OF PRESENTATION-FUND ACCOUNTING The accounts of the City are organized on the basis of funds and account groups,each of which is considered a separate accounting entity. Each fund is accounted .. for with a separate set of self-balancing accounts that comprise its assets,liabilities,fund equity,revenues and expenditures or expenses,as appropriate. The City's resources are allocated to and accounted for in individual funds according to the purpose for which they are spent and how they are controlled. The three broad fund categories,seven generic fund types,and two account groups presented in this report are described below. ,r Governmental Fund Types All Governmental Funds are accounted for on a spending or "financial flow" measurement focus. This means that generally only current assets and current liabilities are included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of"available spendable resources." Governmental Fund operating statements focus on measuring changes in financial position, rather than net income; they present increases (revenues and other financing sources)and decreases(expenditures and other financing uses)in net current assets. The General Fund is the general operating fund of the City. It accounts for all financial resources and transactions except those required to be accounted for in another fund. ^+w Special Revenue Funds account for the proceeds of specific revenue sources(other than special assessments,and major capital projects)that are legally restricted to expenditures for specified purposes. Debt Service Funds account for the accumulation of resources for,and the payment of,general long-term debt principal,interest,and related costs. Capital Projects Funds account for financial resources to be used for the acquisition or construction of major capital facilities other than those financed by Proprietary Funds. .. Proprietary Fund TVDes Proprietary Funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and all liabilities (whether current or non-current) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained eamings components. Proprietary Fund operating statements present increases(revenues and gains)and decreases(expenses and losses)in net total assets. The Proprietary Fund measurement focus is upon determination of net income,financial position,and reporting of cash flows. Enterprise Funds account for operations that are self-supported through user charges. The enterprise is financed and operated like a private business enterprise, which requires periodic determination of revenues earned,expenses incurred, and net income for capital maintenance, public policy, management control, and accountability. Internal Service Funds account for the financing of goods or services provided by one department or agency to other departments or agencies of the City or to other governments. Fiduciary Fund Types Fiduciary Funds account for assets held by the City in a trustee capacity or as an agent for individuals,private organizations,other governments,and other funds. These include Expendable Trust,Nonexpendable Trust, Pension Trust, and Agency Funds. City of Renton Fiduciary Funds do not include any Expendable or Nonexpendable Trust Funds. Pension Trust Funds are accounted for in essentially the same manner as Proprietary Funds. Agency Funds are custodial in nature(assets equal liabilities)and do not involve measurement of results and operations. M 19 City of Renton Notes to The Financial Statements Account Groups ' Account Groups are used to establish accounting control over the City's general fixed assets and general long-term debt. The City uses two account groups. The General Fixed Assets Account Group accounts for all fixed assets of the City other than those accounted for in Proprietary Funds. The General Long-Term Debt Account Group accounts for all long-term debt of the City except that accounted for in the Proprietary Funds. Comparative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However,comparative data has not been presented by fund type in each of the statements since their inclusion would make the ' statements unduly complex and difficult to read. Total Columns on Combined Statements Total columns on the combined statements are presented only to facilitate financial analysis. Data in these columns do not present financial position,results of operations, or the reporting of cash flows in conformity with generally accepted accounting principles. The data is also not comparable to a consolidation. ' lnterfund eliminations have not been made in the aggregation of the data. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. , Modified Accrual Basis of Accounting The modified accrual basis of accounting is followed in all Governmental Funds and Agency Funds. 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 pay ' current liabilities. Specific major revenue sources subject to accrual are discussed below. The portion of property taxes receivable at year-end that are received in January for the prior year's levy are recorded as revenue. The remaining balance is not normally expected to be collected within 30 days after the current period and is,therefore,reported as deferred revenue. Grant revenues from cost reimbursement ' grants are considered earned and therefore available when the expenditure is incurred,in accordance with NCGA Statement 2. Interest on investments is recorded as revenue when earned. Special assessments and charges for services are recorded as revenue when billed and due within 30 days. Revenue sources which are not considered to meet the measurable and available criteria for revenue recognition include licenses and permits, fines and forfeitures, and other miscellaneous revenues since they are generally not measurable until received. Under the modified accrual basis,expenditures are recorded when the fund liability is incurred,except for principal and interest on general long-term debt,which ' are recorded when due. Purchases of fixed assets out of Governmental Funds are treated as expenditures during the year incurred and the assets are capitalized in the General Fixed Assets Account Group. Long-term liabilities,including vacation pay not currently due and payable,are accounted for in the General Long-Term Debt Account Group,except for long-term liabilities accounted for in the Proprietary Funds. ' Accrual Basis oLAccountiny The accrual basis of accounting is followed in all Proprietary Funds and the Pension Trust Fund. Revenues are recognized when earned and expenses are recognized when incurred. The revenues of the Waterworks and Solid Waste Utilities,which are based upon service rates authorized by the City Council,are determined by monthly billings to customers.Revenues of the Golf Course are based on user fees,and Airport revenue is based on lease agreements. Earned but unbilled revenues at year-end are accrued and reported in the financial statements. Fixed asset purchases are capitalized,and long-term liabilities are accounted for in the appropriate funds. BUDGETS AND BUDGETARY ACCOUNTING ' The City of Renton budgets its funds in accordance with the Revised Code of Washington(RCW)35A.33. In compliance with the Code, annual appropriated budgets are adopted for the General, Special Revenue, Debt Service and Capital Projects Funds. Any unexpended appropriations lapse at the end of the fiscal year. For Governmental Funds,there are no substantial differences between the budgetary basis and generally accepted accounting principles. Budgetary accounts , are integrated in fund ledgers for all budgeted funds,but the financial statements include budgetary comparisons for annually budgeted Governmental Funds only. Budgets established for Proprietary and Trust Funds are"management budgets,"and are not legally required to be reported. Annual appropriated budgets are adopted at the fund level. Subsidiary revenue and expenditure ledgers are used to compare the budgeted amounts with actual ' revenues and expenditures. As a management control device,the subsidiary ledgers monitor expenditures for individual functions and activities by object class. The City of Renton's budget procedures are mandated by 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 and estimates provided by the City departments , during the preceding months,and balanced with revenue estimates made by the Mayor. 2)The City Council conducts public hearings on the proposed budget in November and December. 3)The Council makes its 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. Copies of the budget are made available to the public. Transfers or revisions within funds are allowed, but only the City Council has the authority to increase or decrease a given fund's annual budget. This is accomplished by City ordinance. The budget was amended two times during 1994. Budget amounts presented in the basic financial statements include the " original amounts,after all transfers and adjustments,as approved by the City Council. 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 cancelled. Upon request by the department and approval of the City Council,encumbrances may be reappropriated in the following year. At year-end,the City had encumbrances of$1,938,620. ..a 20 City of Renton Notes to The Financial Statements ASSETS,LIABILITIES AND FUND EQUITY Cash&Cash Equivalents All highly liquid investments(including restricted assets)with a maturity of three months or less when purchased are considered cash equivalents. Included in this category are all funds invested in the Local Government Investment Pool and Municipal Investors Account. Excluded from this category are cash balances held by Fiscal Agents since the City does not have discretionary use of these funds. Cash held by Fiscal Agents is included in an investment type account. Investments The City of Renton invests all short-term cash surpluses. A Surplus Bank Balance Fund is maintained to account for these residual investments and earnings are allocated to the General Fund. Investments are also held separately by several of the funds with interest earned directly for the benefit of each fund. Investments are reported on the financial statements at cost or amortized cost which approximates market,except for the assets held in the deferred compensation program which are valued at market. Washington State statutes provide for the City to hold investments consisting of obligations of the Federal government, repurchase agreements,prime banker's acceptances,and time certificates of deposit issued by Washington State depositories that participate in the Washington State Public Depository Protection Commission (WPDPC). The WPDPC is a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission. Additional deposit and investment information is presented in Note 3. Inventories Inventories carried in Proprietary Funds are valued at average cost which approximates the market value. The inventory in the Waterworks Utility Fund is charged out at average cost plus a 20%handling fee when issued,and the inventory in the Equipment Rental Fund is issued at average cost. A physical count is taken at year-end in both funds. Governmental Funds use the purchase method whereby inventory items are considered expenditures when purchased. The amount outstanding at year-end is immaterial and is,therefore,not included on the balance sheet. Property Taxes Receivable The County Finance Director acts as an agent to collect property taxes levied in the county for all taxing authorities. Taxes are levied annually on January 1 on property value listed as of the prior August 31. Assessed values are established by the County Assessor at 100%of fair market value. A revaluation of all property is required every two years. 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$10. 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%and are subject to additional penalties if not paid as scheduled. At year-end,property taxes are recorded as a receivable with the portion not expected to be collected within 30 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 $3.60 per $1,000 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 indicates that additional funds are required. a+ The payment of principal and interest on Limited Tax(non-voted)Bonds issued by the City is made from the general levy. Accordingly,the issuance of Limited Tax General Obligation Bonds has the effect of reducing property taxes available for the general operations of City government. In 1994,the City levied$3.41189 per$1,000 of assessed valuation for general purposes and$.07492 for the Firemen's Pension Fund,for a total general tax levy of$3.48681. State law also provides that the City's operating levy may not exceed 106%of the largest single levy of the past three years. The State Constitution provides that the total of all taxes upon real and personal property by the State and all taxing entities, including the City,shall not in any year exceed 1%($10 per thousand dollars)of the true and fair monetary value of such property. This limitation may be exceeded upon the approval of 60%of the City voters at an election in which the total vote exceeds 40%of the votes cast at the last preceding general election. For 1994, the City's general tax levy was $3.48681 and the excess levy for Unlimited General Obligation Bonds issued for the construction of Gene Coulon Memorial Beach Park and Senior Housing was$.36282; a total of$3.84963 per$1,000 on a total assessed valuation of$3,430,325,042, per the King County Assessor's 1994 Annual Report. Estimated and actual property tax revenue is compared in the following table: Table 1: Property Tax Lev Estimated Property Actual Property Item Taxes Taxes Variance General Levy $ 11,916,619 $ 11,823,735 $ (92,884) Excess Levy 1,332,731 1,223,729 109,002 Totals $ 13,249,350 $ 13,047,464 $ (201,886) Assessments Receivable Unpaid special assessments receivable is reported in three accounts: current, delinquent, and deferred. Current assessments are those due within one month; delinquent assessments are past due; and deferred assessments are due beyond one month. Revenue from the assessments is recognized as it becomes current- that is,both measurable and available to finance expenditures of the current period. Fixed Assets and Depreciation The accounting and reporting treatment applied to the fixed assets associated with a fund are determined by its measurement focus. Fixed assets acquired in Governmental Funds are accounted for as expenditures in the fund when the assets are purchased and are capitalized in the General Fixed Asset Account Group at historical cost. Where historical cost is not known,assets are recorded at estimated historical cost. Donated assets are valued at estimated fair market value at the time received. Infrastructure such as roads,bridges and curbs are considered public property and are not capitalized in the General Fixed Assets Account Group. Governmental Fund assets are not depreciated. Fixed assets of the Enterprise and Internal Service Funds are recorded at historical cost,and are accounted for in their respective funds. Capital contributions are recorded as contributed capital and the assets are capitalized at their estimated fair market value at the date of donation. 21 City of Renton Notes to The Financial Statements Fixed assets used by Proprietary Funds are depreciated and the accumulated depreciation is reported in Proprietary Fund Balance Sheets. Annual depreciation is recorded as an expense of the fund. Depreciation is computed using the straight line method over estimated service life as follows: Table 2: Fixed Asset Service Life Asset Estimated Service Life ' Buildings 25-50 years Non-Building Improvements 25-50 years Utility Plant 25-75 years E ui ment 3-20 Xears 'See Note 7 for additional information Accumulated Unpaid Vacation and Sick Pay Labor contracts with City of Renton employees call for the accumulation of vacation and sick leave. At termination of employment,employees with the required length of service may receive cash payments for all accumulated vacation leave to a maximum of 432 hours. Sick leave termination benefits are based on a percentage of accumulated sick leave up to a maximum of 480 hours. The payment is based on current wages at termination. Accumulated amounts of vacation leave and related benefits are accrued as expenses when incurred in Proprietary Funds. The current portion of the Enterprise Funds,$29,156,and the Internal Service Funds,$5,781,is included with the current liability accounts Accrued Wages Payable and Accrued Employee Benefits Payable. In Governmental Funds, only the current portion of the yearly accrual (based on last in-first out formula) left unpaid at the end of the fiscal year is recorded as fund liability and expenditure. The remainder of the liability is reported in the General Long-Term Debt Account Group. This reporting format is in compliance with NCGA Statement 4. At year-end 1994,the Governmental Funds recorded current liabilities of$224,923 on the respective balance sheets and a tong-term liability for the non-current portion of accumulated vacation and related benefits in the amount of$1,572,026 in the General Long-Term Debt Account Group. The unpaid liability in the Proprietary Funds at December 31 was$175,811. Accumulated sick leave and related benefits are also based on NCGA Statement 4 which calls for accrual of Proprietary Fund liabilities and inclusion of Governmental Fund liabilities in the General Long-Term Debt Account Group. These amounts at December 31, 1994, were $131,452 and $1,536,486, respectively.The following table details the total vacation and sick leave liability: Table 3: Employee Leave Payable Item Current I Long-Term Total General Governmental Funds $ 224,923 $ 0 $ 224,923 General Long-Term Debt 0 3,108,512 3,108,512 Proprietary Funds 34,937 307,263 342,200 Total Leave Benefits $ 259,860 $ 3,415,775 $ 3,675,635 Fund Equity-Reserves and Designations ' The City recognized in its reporting that assets are sometimes not"available spendable resources"or at times legally available for appropriations,because they are contractually or legally restricted for some specific future use. When this is the case,as for example with debt service,fund equity is"reserved." However,when management sets aside portions of fund equity based upon tentative future plans or for administrative convenience,these restrictions are reported as"designations" of unreserved fund equity. Designation is not used in Proprietary Funds. Direct Charges/Credits to Enterprise Funds Retained Earninrs The Airport Fund has credited$164,617 directly to retained earnings,representing the retirement of Federal and State contributed capital for the current year. Risk Management and Risk Retention ' It is the City of Renton's policy to self-insure first level coverages for property,liability,worker's compensation,and employee medical coverages. For mid-level and catastrophic losses the City purchases both commercial insurance coverage, and reserves the right to invoke provisions of RCW 35A.31.060,which allows cities to levy a non-voted property tax increase to pay for uninsured claims. As of December 31, 1994,the Insurance Fund's unreserved retained earnings totaled $1,402,755. See Note 17 for additional information. NOTE 2-STEWARDSHIP.COMPLIANCE.AND ACCOUNTABILITY There have been no material violations of finance related legal or contractual provisions. NOTE 3- CASH&INVESTMENTS ' The City maintains an investment pool available for use by all funds. Interest earned on pooled investments is recorded in the General Fund. Investments are also held separately by several of the funds with interest earned directly for the benefit of each fund. 22 City of Renton Notes to The Financia!Statements DEPOSITS All deposits are covered entirely by Federal Depository Insurance (FDIC)or by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission (WPDPC). The FDIC insures the City's deposits up to$100,000, and the WPDPC insures amounts over $100,000. The WPDPC provides for additional assessments against members of the pool on a pro rata basis. Accordingly,the deposits covered by WPDPC are considered to be insured and classified as risk category 1. The City had$49,684,820 in cash and investments at year-end which consisted of$10,088,222 in the State Investment Pool and Municipal Investors Account, $211,000 in certificates of deposit,$39,520,632 in other investments, and $15,432 in petty cash. All cash in excess of current requirements was invested at year-end with bank deposits reporting a negative cash balance of$150,466. Table 4 displays the breakdown of cash and deposits by type of deposits and by fund type. Table 4: Reconciliation of Cash and Investments by Fund Group State Investment Subtotal Cash Total All Total Cash Pool/MIA' &Cash Restricted Cash&Cash Restricted & Fund Group Cash I E uivalents Cash Equivalents Investments Investments Investments General $ (890,061) $ 4,030,556 $ 3,140,495 $ 0 $ 3,140,495 $ 0 $ 0 $ 3,140,495 d. Special Revenue 133,464 1,556,500 1,689,964 0 1,689,964 7,941,199 0 9,631,162 Debt Service 97,106 1,480,000 1,577,106 0 1,577,106 1,810,117 0 3,387,223 Capital Projects 71,103 614,000 685,103 0 685,103 4,699,193 0 5,384,296 Enterprise (42,108) 925,000 882,891 264,135 1,147,026 10,360,042 9,526,046 21,033,114 Internal Service 55,535 1,199,166 1,254,701 0 1,254,701 2,840,134 0 4,094,836 ' Trust&Agency 175,793 283,000 458,793 0 458,793 2,554,901 0 3,013,693 Total $ (399,168) $ 10.088.222 $ 9,689,053 $ 264,135 $ 9,953,188 $ 30,205,586 $ 9,526,046 $ 49,684.820 Municipal Investor Account INVESTMENTS Washington State statutes provide for the City to hold investments consisting of obligations of the Federal government, repurchase agreements, prime banker's a+ acceptances, and time certificates of deposit with authorized Washington State savings and loan institutions. Additionally, the Firemen's Pension Fund is authorized to invest in mutual funds and obligations of the Federal,State,and Local government-owned public utilities. All investments are valued at cost or amortized cost,which is substantially equivalent to market value. �. The City of Renton's investments are categorized to give an indication of the risk assumed at year-end. Category 1 includes investments that are either insured, registered or held by the City or its agent in the City of Renton's name. Category 2 includes uninsured and unregistered investments which are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments which are held by the counterparty's trust department or agent in the agent's name. At the end of the year,the City had no investments in category 3. Table 5: Classification of Investments As of December 31, 1994 Carrying Amount Market Item Category 1 Category 2 Value US Government $ 35,013,990 $ 63,969 $ 35,077,959 $ 35,402,542 Bankers'Acceptance 1,951,741 1,951,741 1,951,741 Convertible Bonds 245,635 245,635 243,611 Corporate Bonds 32,550 32,550 30,000 Sub-Total 36,965,731 342,154 37,307,885 37,627,894 Mutual Funds 2,114,475 2,507,333 Total Investments $ 36.965,731 $ 342,154 $ 39,422,360 $ 40,135,227 NOTE 4-DEFERRED COMPENSATION The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. This plan is administered by the Hartford Life Insurance Company and the ICMA Retirement Corporation. The plans are available to all City employees which permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination,retirement,death,or unforeseeable emergency. Compensation deferred under the plans and all income attributable to the plans are solely the property of the City of Renton. The City's rights to this property are .. subject only to the claims of the City's general creditors until paid to the employee or other beneficiary and are not restricted to the benefit provisions under the plan. The deferred compensation plans investments are recorded at market value,along with the corresponding liabilities in the deferred compensation fund. At December 31, 1994,the market value of the plans assets were$5,510,358. It is the opinion of the City's legal counsel that the City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. 23 City of Renton Notes to The Financial Statements NOTE 5-RECEIVABLES AND PAYABLES Table 6 details the specific receivables and payables at December 31, 1994. The City provides reserves for potentially uncollectible water, wastewater, storm, metro,solid waste utility,and airport charges. At December 31, 1994,these reserve balances were$78,857. Table 6: Receivables and Payables Special Debt Capital Internal Trust& Item General Revenue Service Pro ects Enterprise Service Agency Total Receivables ' Taxes S 369,113 $ 0 $ 41,450 $ 0 $ 0 $ 0 $ 0 $ 410,563 Accounts 2,239,781 14,248 0 0 2,712,907 3,415 0 4,970,351 Special Assess-Current 0 0 456 0 0 0 0 456 Special Assess-Delinq 0 0 168,269 0 0 0 0 168,269 Special Assess-Deferred 0 0 4,582,171 0 0 0 0 4,582,171 Interest-Special Assess 0 0 55,377 0 0 0 0 55,377 Interest on Investments 0 194,265 61,944 1 168,464 575,483 118,075 123,863 1,242,094 Total All Fund Types $2,608,894 $208.513 $4,909,667 $ 168.464 $ 3,288,390 $ 121,490 $ 123,863 $ 11,429,281 Payables: , Matured Bonds Payable $ 0 $ 0 $ 20,000 $ 0 $ 0 $ 0 $ 0 $ 20,000 Matured Interest Payable 0 0 78,644 0 0 0 0 78,644 Accrued Interest Payable 0 0 0 0 440,711 12,998 0 453,709 Accrued Wages Payable 0 0 0 0 25,302 5,017 0 30,319 Accrued Benefits Payable 0 0 0 0 3,854 764 0 4,618 Accrued Taxes Payable 1,294 5,168 0 0 93,902 0 0 100,364 Total All Fund T es $ 1,294 $ 5,168 $ 98,644 $ 0 $ 563,769 1 $ 18,779 $ 0 $ 687,654 INTERFUND RECEIVABLES AND PAYABLES Table 7: Interfund Receivables and Pa gables Item Due From Due To General Fund $ 75,211 $ 143,144 Special Revenue Funds. Park Fund 0 0 Street Fund 54,717 0 Community Development 63 75,000 Impact Mitigation 1,005 10,950 Total Special Revenue Funds 55,785 85,950 Debt Service Funds: , 1983 Unlimited GO 1,988 0 Miscellaneous Debt Service 956 0 1989 Unlimited GO 1,478 0 Total Debt Service Funds 4,422 0 Capital Project Funds: Open Space (292) 1,005 Municipal Facilities Construction 956 (292) Capital Improvement Fund 0 43,081 Total Capital Project Funds 664 43,794 Enterprise Funds. Waterworks Utility Fund 774 0 Airport Fund 0 0 Solid Waste Utility Fund 0 0 ' Golf Course Fund 136,079 0 Water&Sewer Construction 3,445 0 Total Enterprise Funds 140,298 0 Internal Service Funds: Equipment Rental 0 47 Insurance 0 3,445 Total Internal Service Funds 01 3,492 Total All Fund Types $ 276,3801 276,380 24 City of Renton Notes to The Financial Statements INTERFUND LOANS/ADVANCES RECEIVABLE&PAYABLE The following is a reconciliation of the$83,899 interfund loans and advances of which$10,842 is current and$73,057 is long-term: Table 8: Interfund Loans/Advances Receivable and Payable Interfund Loans/Advances Fund Receivable Payable General Fund $ 54,000 $ 0 Special Revenue Funds: Community Dev Block Grant 0 50,000 Internal Service Funds Insurance Fund 29,899 0 EnteMrise Funds: Golf Course 0 29,899 Agency&Trust Funds Firemen's Pension 0 Advance Travel 0 1 4,000 Total All Fund Groups $ 83,899 $ 83.899 INTERGOVERNMENTAL RECEIVABLES At December 31, 1994,the receivables from other governmental units included federal,state and local grants receivable of$3,468,782,and several miscellaneous receivables amounting to$511,191. Included in these miscellaneous receivables are:$379,789 from Bryn Mawr-Lakeridge Water&Sewer District for their 25% share of a water joint facilities project;$113,053 from King County;$18,348 from Valley Communications Center,representing$17,956 of principal and$392 of interest which is the balance of a loan advanced to Valley-Com in 1985. See Note 9 for the details of this loan transaction. Table 9: Due From Other Governmental Units Source Amount Grants: US Department of Justice $ 47,249 US Department of Agriculture 114,488 US Department of Ecology 12,833 Federal Aviation Administration 12,310 WA Department of Housing&Community Development 141,935 .� WA Department of Natural Resources 26,499 WA Commission for Outdoor Recreation 703,084 WA Department of Transportation 2,087,879 WA Department of Commerce 322,505 Subtotal-All Grants $ 3,468,782 Other Governmental Receivables: Bryn Mawr-Lakeridge Water&Sewer District 379,789 King County 113,053 Valley-Com 18,349 .. Total Due All Grants $ 3,979.973 INTERGOVERNMENTAL PAYABLES A total of$1,163,596 was recorded as due to other governmental units at December 31, 1994. This included: 1)$22,881 for Narcotics grant reimbursement to the agencies as follows: $7,496 to the City of Tukwila;$6,219 to the City of Auburn;and$9,166 to the City of Kent;2)$928,435 is the portion of Municipal Court's outstanding receivables for bail due to the State;3)$160,586 to the Washington State Department of Community Development for current portion due on Public Works Trust Fund loans;and,4)$51,695 due to King County Finance for May Creek Basin Accrual. NOTE 6-OPERATING AND RESIDUAL EQUITY TRANSFERS Interfund transfers are classified as either operating transfers or residual equity transfers. Operating transfers are accounted for as"other financing sources or uses" .. and are included in the operating statements. Residual equity transfers are direct additions or subtractions to fund balance/fund equity. Contributions to Proprietary Funds are recorded as contributed capital in those funds. The following interfund transactions occurred in 1994: Table 10: Residual Equity Transfers Transfer Transfer Fund In Out Paths&Trails $ 0 $ 20,650 Special Assessment Debt 0 256,599 Special Assessment Guaranty 256,599 0 Municipal Facilities Construction 20,650 0 Total Transfers $ 277,249 $ 277,249 25 City of Renton Notes to The Financial Statements Table 11: Operating Transfers Fund Type Transfers Transfers In Out General Governmental S 10,000 $ 960,063 Impact Mitigation 232,688 1,129 Arterial Street 0 53,274 Special Assessment Debt 1,129 Municipal Facilities 431,000 Capital Improvements 96,689 232,687 Parks 92,000 Golf 321,570 Proprietary Funds: Equipment Rental 4,000 Insurance 252,077 10,000 Totals $ 1,349,153 S 1,349.153 NOTE 7-FIXED ASSETS General Fixed Assets are long lived assets of the City as a whole. When purchased, leased, or constructed, such assets are recorded as expenditures in the Governmental Funds and capitalized in the General Fixed Assets Account Group. All fixed assets are valued at historical cost,estimated historical cost,or fair market value at time of donation. No depreciation has been provided on general fixed assets,nor has interest been capitalized. Infrastructure assets are considered public property and are not accounted for in the General Fixed Assets Account Group. At the end of 1994,nineteen projects comprised the Construction Work in Progress. Upon completion,the projects will be capitalized in the General Fixed Asset Account Group in their appropriate categories. Tables 12 and 13 describe the changes in the City's general fixed assets during 1994 and the Construction Work In Progress at the end of the year. Table 12: Changes in General Fixed Assets Beginning Ending Balance Balance Asset Additions I Deletions , Land $ 13,825,812 $ 215,172 S 0 $ 14,040,984 Building 19,419,255 1,266,608 10,169 20,675,694 Non-Building Improvements 13,740,738 65,653 1,500 13,804,891 Equipment 6,193,805 495,368 223,572 6,465,601 Construction in Progress 4,379,411 4,417,436 1,247,916 7,548,931 Joint Venture 846,596 1,062,201 846,596 1,062,201 Total $58.405,617 S 7,522,438 1 $2.329,753 $631598.302 Fixed assets of Proprietary Funds are capitalized in their respective balance sheets. These assets are stated at cost, estimated cost when original cost is not available,or fair market value at the time received in the case of contributions. Depreciation expense is charged to operations of Proprietary Funds to allocate the cost of fixed assets over their estimated useful lives,using the straight-line method with useful lives of 3 to 75 years. The City's policy is to capitalize net interest on Proprietary Fund construction projects until completion of the project. The amount of capitalized interest equals the difference between the interest cost associated with the tax exempt borrowing used to finance the project and the interest earned from temporary investment of the debt proceeds. Capitalized interest is amortized on the straight-line basis over the estimated useful life of the asset. For 1994, interest costs incurred on construction projects in Proprietary Funds were not material. Table 13: Construction Work In Progress Estimated Estimated Cost To Remaining Total Date Costs Cost Project Black River Forest $ 769,913 $ 417,770 $ 1,187,683 edar River Trail 1,289,499 1,019,260 2,308,759 oney Creek/May Creek 486,199 180,539 666,738 ake Washington Waterfront 24,790 87,588 112,378 pringbrook Trail 21,464 661,817 683,281 FBlack River Forest 1,627,770 2,162 1,629,932 F/Honey Creek Trail 1,958 1,119 3,077 Iiedar River Trail/Narco Acquisition 3,007,091 296,916 3,304,007 oeing Trail 2,636 42,375 45,011 brary Improvements 8,852 69,574 78,426 edar River Park Improvements 24,573 7,274 31,847 unicipal Space Needs 39,789 818,756 858,545 edar River Maintenance Shops 29,157 843 30,000 Liberty Park Improvements 117,738 117,479 235,217 Puget Western Prop Acquisition 81,397 524,998 606,395 Senior Center Multi-Van Side Lift 2,981 57,135 60,116 , Air Conditioning City Shops 721 20,279 21,000 Housing Assistance Prop Equipment 3,288 152,100 155,388 Cation#14 Site Acquisition 9,1151 '1 7 91 2,141,854 Total $ 7,548,9311 6.61 0.7231 S 14.159.654 26 City of Renton Notes to The Financia!Statements Table 14 provides a summary of Proprietary Fund property,plant,and equipment as of December 31, 1994. 'r CONTRIBUTED CAPITAL RETIREMENT The Airport Fund has$5,739,967 of contributed capital which includes$5,600,513 of Federal, $53,775 of State, and$85,679 of private sources which is being retired on an annual basis. The unamortized balance as of December 31, 1994 was$1,869,053. The Airport is the only fund which amortizes its contributed capital at this time. The Waterworks Utility Fund has $71,142,184 of contributed capital. The Equipment Rental Fund has$1,038,192 of contributed capital,and the Golf Course Fund has$5,000 of contributed capital. These funds'contributed capital are not being retired. Table 14: Proprietary Property,Plant&Equipment Waterworks Airport Solid Waste GolFCourse Total Enterprise Equipment Total Internal Asset Utility Fund Utility Fund I Rental Service Land $ 2,166,490 $ 784,080 $ 0 S 2,683,200 $ 5,633,770 $ 0 $ 0 Buildings 4,998,710 353,516 0 460,178 5,812,404 0 0 Equipment 3,872,118 38,995 388,233 119,252 4,418,598 4,078,169 4,078,169 Other Improvements 93,643,720 8,043,707 0 1,907,322 103,594,749 0 0 Construction Work in Progress 17,587,437 96,862 0 1,126,315 18,810,614 0 0 Total Assets $122,268,475 $ 9,317,160 $ 388,233 $ 6,296,267 $138,270,135 $ 4,078,169 $ 4,078,169 Less Accumulated Depreciation 24,217,880 5,440,947 116,154 486,623 30,261,604 2,534,186 2,534,186 Net Property,Plant,& Equipment $ 98,050,595 $ 3,876,213 $ 272,079 $ 5,809,644 $108,008,531 $ 1,543,9831 $ 1,543,983 NOTE 8-PREPAID ITEMS The General Fund has recorded$13,000 of prepaid items at December 31, 1994. This amount represents prepaid postage charges to be expensed in 1995. The Airport Fund has recorded $3,937 of prepaid items at December 31, 1994. This amount represents prepaid insurance charges to be expensed in 1995. The Insurance Fund has recorded$3,000 of prepaid items at December 31, 1994. This amount represents a revolving fund established to pay claims by our insurance broker. NOTE 9-JOINT VENTURE The "Valley Communications Center" was established August 20, 1976, when an Interlocal Agreement was entered into by the four participating municipal corporations,including the cities of Renton,Kent,Auburn,and Tukwila. 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 two-year periods, unless terminated by one or more of the participating cities. Any such termination must be in writing and served upon the other cities on or before July 1 in any one year,and such termination shall then become effective on the last day of such year. .� The purpose of the joint operation,hereafter referred to as Valley-Com, is to provide improved consolidated emergency communications(dispatch)services for police,fire,and medical aid,to the four participating cities and to the several subscribing agencies,which include King County Fire Districts#20,#40,#43,#46, #47;City of Pacific Police and Fire Departments;City of Algona Police Department;and Valley Medic Units. Separate agreements between Valley-Com and the subscribing agencies have been executed,which set forth conditions of services and rates charged. The allocation of prorated financial participation among the four participating cities is the percentage of dispatched calls attributed to each jurisdiction compared to the total estimated dispatched calls,for the current twelve month period ending December 31. The percentages are applied to the current approved budget,less revenue from all other sources. Distribution of current year net income is based on the same percentages. The 1994 cost distribution for the four participating cities was as follows: Table 15: Joint Venture Cost Distribution city Dis atchable Calls %ofTotal 11994 Assessments Renton 55,192 27.75 676,729 Kent 60,274 30.30 738,915 Auburn 43,657 21.95 535,286 Tukwila 39,800 20.00 487,732 Total 198,923 100% 2,438,662 Valley-Com is governed by an Administration Board, composed of the Mayors or designated representatives from the four participating cities of Renton, Kent, Auburn,and Tukwila. The Administration Board is responsible for the following functions: 1)Budget review and recommendations to the legislative bodies of ^" the participating cities, and budget adoption after each legislative body has approved the required financial participation for the ensuing year; 2) Approves appointment and/or discharge of the Director;3)Approves personnel policy and makes final decisions on all major policy changes;and,4)Reviews and approves all contracts. In addition,an Operations Board provides direction,and consists of two members of each participating city's Public Safety Departments, including the heads of such departments or their designees. The Operations Board performs the following functions: 1)Oversees the operation of Valley-Com,and advises and makes recommendations to the Administration Board;2)Makes recommendations on Director selection;3)Presents proposed policies and budgets to the Admin.Board; and,4)Approves disbursement of funds by the Director. .. 27 City of Renton Notes to The Financial Statements The Director presents a proposed budget to the Operating Board on or before August 15 of each year. Said budget is then presented to the Admin. Board by September I of each year. The Admin.Board can make changes to the proposed Valley-Com budget as it finds necessary,but final approval falls to the legislative body of each participating city,in accordance with the provisions of the Interlocal Agreement. The Interlocal Agreement was amended in February 1985,when the four participating cities agreed to contribute the financing for construction of a new Valley- Com facility. The total amount of financing needed was distributed among the four cities,based on dispatchable call statistics for the year 1984,as shown below. The cities will be repaid from Valley-Com's revenue. The obligation is secured by a ten-year promissory note, bearing 8.75% interest. The City of Renton's portion of the loan was advanced from the Equipment Rental Fund, and repayment will be received into this fund. Following is a schedule of financing contributions,and outstanding debt for the building loan at 8.75%maturing 4/1/95. Table 16: Financing Contributions&Outstanding Debt Building Loan Authorized Building LoanOutstanding Citv %ofTotal Amount 1/1/94 Redeemed 12/31/94 Renton 31.81% $245,533 $ 43,473 $ 25,517 $ 17,956 Kent 28.84% 222,609 39,414 23,135 16,279 Auburn 26.38% 203,621 36,052 21,161 14,891 Tukwila 12.97% 100,112 17,725 10,404 7,321 Total 100.00% $ 771,875 $ 136,664 $ 80,217 $ 56,447 Tables 17 and 18 show the condensed financial position as of December31,and the results of operation and changes in retained earnings for the year ended 1994. Table 17: Balance Sheet Item Amount Assets: Current Assets $ 8,386,445 Property,Plant and Equipment 2,786,086 Total Assets $ 11,172,531 Liabilities and Fund Equity: Current Liabilities $ 536,700 Long-Tenn Liabilities 915,943 Total Liabilities $ 1,452,643 Retained Earnings 3,601,885 Contributed Capital 6,118,003 Total Fund Equity 9,719,888 Total Liabilities and Fund Equity $ 11,172,531 Table 18: Statement of Revenues,Expenses and Changes in Retained Eamin s Item Amount Operating Revenues: Intergovernmental Charges $ 3,297,126 Miscellaneous 1,725 Transfers In 0 Total Operating Revenues $ 3,298,851 Operating Expenses 2,603,043 Net Operating Income $ 695,808 Non-Operating Revenues(Expenses): Interest and Misc.Revenues 89,621 Interest Expense 8,474 Total Non-Operating Revenues(Expenses) $ 81,147 Net Income(Loss) 776,955 Retained Earnings at Beginning of Year 2,824,930 Retained Earnings at End of Year $ 3,601,885 Contributed Capital 92,732 800-MHz Contributed Capital 6,025,271 Total Fund Equity at End of Year $ 9,719.888 28 City of Renton Notes to The Financial Statements The share of equity belonging to the four participating cities is shown in Table 19 below. Liabilities are the responsibility of the four participating cities in direct proportion to their equity position. Audited 1994 financial statements are available from Valley-Com. Table 19: Joint Venture Equi Item Renton Kent Auburn Tukwila Total Equity 12/31/93 $ 846,596 $ 869,799 $ 694,864 $ 506,403 $ 2,917,662 Prior Period Adjustments 0 0 0 0 0 Adjusted Equity I/l/94 846,596 869,799 694,864 506,403 2,917,662 1994 Increase 215,605 235,417 170,542 155,391 776,955 Equity 12/31/94 $ 1,062,201 $ 1,105,216 $ 865,406 $ 661,794 $ 3,694,617 %of Equity 28.75% 29.92% 23.42% 17.91% 100.00% %of 1994 Distribution 27.75% 30.30% 21.95% 20.00% 100.00% An agreement between the City of Kent and Valley-Com was established February 18, 1993,to provide for Valley-Com's purchase of an 800-megahertz radio system and mobile data terminal system developed by the City of Kent. The 800-Megahertz system is to be incorporated into the County 800-Mhz system which is currently under development. The agreement establishes an interest-exempt payment schedule over a four-year period, beginning in 1993. The following summary outlines the outstanding purchase agreement: Table 20: Mobile Data Terminal/800-Me ahertz Radio Purchase Agreement Interest Item Rate Maturity Authorized 1/1/94 Issued Redeemed 12/31/94 Promissory Note 8.75% 04/01/95 $ 771,875 $ 136,665 $ 0 $ 80,218 $ 56,447 MDT Purchase 12/31/96 322,828 197,828 0 65,943 131,885 800-MHz Radio Purchase 12/31/96 850,000 850,000 0 0 850.000 Total $ 1,944,703 $ 1,184,493 $ 0 $ 146,161 1,038,332 In August 1993,Valley-Com entered into an interlocal cooperation agreement,pursuant to RCW 39.34,with the subregions of King County,Seattle,the Eastside Public Safety Communications Agency and the Port of Seattle. This agreement governs the development, acquisition and installation of the 800-megahertz emergency radio communications system funded by a$57 million King County levy approved in November 1992. This agreement proves that, upon voluntary termination of any subregion's participation in the system, it surrenders its radio frequencies reglinquishes its equipment and transfers any unexpended levy proceeds and associated equipment replacement reserves to another subregion or consortium of subregions. In accordance with this agreement,the participating cities of Valley-Com have no equity interest in Valley-Com's 800-megahertz contributed capital(King County levy distribution and interest earned)of$6,025,271 as of December3l, 1994. NOTE 10-PENSION PLAN&OTHER POSTEMPLOYMENT BENEFITS All of the City's full-time and qualifying part-time employees participate in one of the following three defined benefit retirement systems: 1)Public Employees' Retirement System (PERS); 2) Law Enforcement Officers and Fire Fighters Retirement System (LEOFF) which are both established by State statute and administered by the State's Department of Retirement Systems;and 3)The Firemen's Pension System established and administered by the City according to State statute. The City's total payroll for all employees was$25,615,634 for the year ended December 31, 1994. The pension benefit obligation presented by each system are standard disclosure measures of the present value of pension benefits, adjusted for the effects of credited projected salary increases and step-rate benefits(LEOFF only)estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of projected benefits, is intended to help users assess the system's funding status on a going concern basis, assess progress made in accumulating sufficient assets to pay benefits when due,and make comparisons among systems and employers. The standardized disclosure method is ., independent of the actuarial funding method used to determine contributions to the retirement systems. Table 21: PERS and LEOFF Information By Plan PERS PLAN I PERS PLAN tI LEOFF PLAN I LEOFF PLAN ti (Membership prior to (Membership on or (Membership prior to (Membership on or Item 10/1/77 after 10/1/77) 10/1/77) after 10/1/77) Vesting Requirement: Service year required for vesting of benefits 5/25/30 5/20' 5 5/20 Retiring age for vesting of benefits 60/55/anage 65/55' 50 58/50 Employee Contribution: Actual rate @ 12/31/94 6.00% 5.00% 6.00% 8.41% Actual Amount $ 179,812 $ 523,779 $ 171.521 $ 603,791 Required rate @ 12/31/94 6.00% 5.08% 6.00% 8.41% Required Amount S 179,812 $ 531,937 $ 171,521 $ 603,791 Employer Contribution: Actual rate @ 12/31/94 7.41% 7.41% 6.00% 5.05% Actual Amount $ 228,537 $ 793,074 $ 176,134 $ 375,688 Required rate @ 12/31/94 7.21% 7.21% 6.00% 5.05% Required Amount $ 236,599 $ 754,974 $ 176,134 $ 375.688 " Receive reduced benefits. 29 City of Renton Notes to The Financial Statements t PUBLIC EMPLOYEE'S RETIREMENT SYSTEM PERS is a contributory multi-employer cost-sharing retirement system. All of the City's non-uniformed employees are covered by this system. Membership in the system includes elected officials; state and local governmental employees; and other public employees. Approximately 50% of PERS members are state employees. The system provides retirement benefits at 2.0%of the final average salary per year of service. LAW ENFORCEMENT OFFICERS&FIRE FIGHTERS RETIREMENT SYSTEM ' The LEOFF system is also a contributory multi-employer cost-sharing system for all uniformed law enforcement officers and fire fighters. The retirement benefits are calculated as a percentage of final average salary based on years of service. Contributions to both systems by employee and employer are based on actuarially determined requirements and established by State statute. The City's contribution in 1994 represents its full liability under both systems except certain medical and disability premiums under the LEOFF Plan 1,which are considered immaterial. There were no material changes in benefit provisions,actuarial assumptions, actuarial funding methods,or other significant facts and the aggregate effect on the employer's contribution rate. Table 22: PERS and LEOFF Information By System Item (dollars in millions) PERS LEOFF City Payroll Covered $ 13.486 $ 10.042 City's Contribution as%of Covered Payroll 7.55% 5.50% Employee Contibution as%of Covered Payroll 5.22% 7.72% Total Payroll Covered By System $ 5,048 $ 558.3 City's Actuarially Determined Contribution Requirement as a%of Total Contribution Requirement 0.27% 1.80% Total Pension Benefit Obligations $ 10,752 $ 4,612 Less Net Assets Available For Benefits $ 9,621) $ 3,515 Unfunded Actuarial Present Value Of Accumulated Plan Benefits $ 1.131 1 $ 1,097 The system does not make separate measurements of assets and pension benefit obligation for individual employers.The pension benefit obligation and net assets available for benefits for the systems as a whole were determined by the Office of the State Actuary as of December 31, 1993. Historical trend information showing the systems'progress in accumulating sufficient assets to pay benefits when due are presented in the State of Washington Department of Retirement Systems'June 30, 1994 Comprehensive Annual Financial Report. FIREMEN'S PENSION Plan Description The City contributes to the Firemen's Pension Plan (the System),a closed,single-employer,defined benefit retirement plan established and administered by the City in accordance with the Renton Municipal Code and State statutes. This system was established for fire fighters employed prior to March 1, 1970,when the LEOFF retirement system was established. The System is considered part of the City's reporting entity and is included in the City's financial statements as a pension trust fund. At December 31, 1994, there were 45 members in the System, including 40 retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them;5 vested active members and no nonvested active members. The City's payroll for employees covered by the System for the year ended December 31, 1994 was$335,676. 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. The plan also provides death and disability benefits. The benefit provisions and all other requirements are established by State statute. Significant Accounting Policies and Plan Assets Please refer to Note 1 to the financial statements with regards to the significant accounting policies. Investments in the System are valued at cost,and completed transaction method is used in gain or loss recognition on exchanges of securities. There were no material changes in any accounting policies in 1994. Funding Status and Progress The contribution requirement and pension obligation was computed as part of an actuarial valuation performed as of December 31, 1994. Significant actuarial assumptions used in the valuation of both include: 1)8%investment return,compounded annually,:2)6.25%salary increase annually, 5%due to inflation and 1.25%for merit increase;3)0%growth in fire insurance premium;4)8%annual increase in property tax;and 5)5%increase in consumer price index.There were no material changes to the benefit provisions,actuarial funding method or other significant factors that affect contributions required. Unfunded Pension Benefit Obligation The standardized measure of the unfunded pension benefit obligation as of December 31,1994,is as follows: Table 23: Unfunded Pension Benefit Obligation Item Amount Retirees and beneficiaries currently receiving benefits $ 7,079,000 Current Employees: Cumulative Employee Contribution 47,000 Employer Contribution-vested 560,000 Total Pension Benefit Obligation $7,686,000 Net assets available for benefits,at cost (Market Value$3,373,000) 2,983,886 Unfunded Pension Obligation $ 4,702,114 30 City of Renton Notes to The Financial Statements Actuarial Funding Method&Amortization of Unfunded Pension Obligation The System's funding policy requires the employer to make contributions for the actuarially determined amount using the Aggregate Cost funding method. This ®- method does not explicitly calculate the cost of benefits accruing during the year for active employees, i.e.,normal cost. On an estimated basis,approximately $40,000 of the 1994 cost is for active employees with the remaining amount paid toward reducing the unfunded liability.The unfunded obligation is amortized over the period ending December 31,2008,assuming cost increases 8%annually. Employees are not required to make contributions. Pension benefit obligations were actuarially determined in 1982, 1986, 1988, 1990 and 1992. Amounts included for other periods were estimated based on the most recent actuarial result. The contributions to the System for 1994 of$257,000 were made in accordance with actuarially determined requirements and represent 60%of the covered payroll.Other incomes to the system include$78,893 from fire insurance premiums and$281,189 of investment income. Trend data presented below is designed to provide detailed information on the System's accumulation of sufficient assets to pay benefits when due. Table 24: Fire Pension Ten-Year Funding Pro ress Data Net Assets PensionUnfunded Annual Unfunded Pension Employer Fiscal Available for Benefit Percentage Pension Covered Obligation as a% Employer Contribution as a% Year Benefits Obligation Funded Obliation Payroll of Covered Pa roll Contribution of Covered Payroll 1994 $ 2,983,886 $ 7,686,000 38.82% $ 4,702,114 $ 335,676 1400.79% $ 257,000 76.56% 1993 2,478,168 7,076,000 35.02% 4,597,832 447,394 1027.69% 246,000 54.98% 1992 2,430,896 6,998,000 34.74% 4,567,104 428,350 1066.21% 228,000 53.23% w 1991 2,325,477 6,656,197 34.94% 4,330,720 343,072 1262.34% 206,000 60.05% 1990 2,075,326 6,984,000 29.72% 4,908,674 367,652 1335.14% 191,000 51.95% 1989 1,954,839 6,164,532 31.71% 4,209,693 456,618 921.93% 175,000 38.33% 1988 1,816,787 6,288,000 28.89% 4,471,213 467,220 956.98% 162,000 34.67% 1987 1,620,625 6,150,000 26.35% 4,529,375 468,665 966.44% 150,000 32.01% 1986 1,548,140 6,150,000 25.17% 4,601,860 516,247 891.41% 259,000 50.17% 1985 1,285,181 1 7,595,000 16.92% 1 6,309.819 1 559,051 1 1128.67% 1 240,000 1 42.93% Table 25: Fire Pension Ten-Year Revenues and Expenses Revenue by Source Expenses bType Employer Fire Insurance Investment Fiscal Year Contributions Premium Income Total Revenue Benefits Administration Total Expenses 1994 $ 257,000 $ 78,893 $ 281,189 $ 617,082 $ 295,605 $ 3,157 $ 298,762 1993 246,000 51,032 228,286 525,318 283,383 7,265 290,648 1992 228,000 44,536 149,719 422,255 314,066 2,770 316,836 1991 206,000 52,895 185,264 444,159 277,497 8,609 286,106 1990 191,000 48,865 227,438 467,303 252,197 2,521 254,718 1989 175,000 49,842 263,152 487,994 251,468 5,722 257,190 1988 162,000 50,378 165,071 377,449 249,904 5,052 254,956 1987 150,000 53,834 106,714 310,548 235,971 2,092 238,063 1986 259,000 51,960 179,568 490,528 221,680 5,879 227,559 1985 240,000 34,244 88,427 362,671 213,036 2,110 1 215,146 OTHER POSTEMPLOYMENT BENEFITS In addition to the pension benefits described in Note 10, the City provides postemployment benefits in accordance with State statute to all LEOFF I (law enforcement officers and fire fighters hired prior to 10/1/77)and Fire Pension(fire fighters hired prior to 3/1/70)retirees. Currently there are 76 LEOFF I retirees who receive necessary medical and hospitalization coverage and 5 retirees who are covered solely by the Fire Pension Plan and receive medical coverage limited to treatment of service-related disabilities only. Expenditures for postemployment 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$195,005 were recognized for postemployment health care. State statute provides that the City's responsibility for medical payments of LEOFF 1 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$32 per month for 20 LEOFF I retirees and 5 Fire Pension retirees. NOTE 11 -CONSTRUCTION COMMITMENTS At December 31, 1994,the City had significant contractual construction commitments.These are listed below: Table 26: Construction Commitments Project Title Commitment Funding Source Revenue Bonds/Public Works Trust g Waterworks Improvements $ 2,193,662 Fund Loans/Grants Parks Improvements 12,321 Grants Street Improvements 679,968 General/Grants Golf Course Improvements 3,337,347 Revenue Bonds Municipal Facilities $ 93,040 General 31 City of Renton Notes to The Financial Statements NOTE 12-LONG-TERM DEBT The City of Renton's long-term debt consists of General Obligation Debt,repaid mainly from general govemmental revenue sources; Special Assessment Debt, repaid from special assessment payments from participants; and Proprietary Debt, repaid from proprietary revenues. These debts are accounted for in the following areas: 1)The outstanding general obligation debt,except for the portion applicable to proprietary operations,is reported in the General Long-Term Debt Account Group;2)The repayment,or debt service of the same,is recorded in the Debt Service Funds;AND 3)The proprietary debt includes the portion of general obligation debt applicable to proprietary operations. Both the liability and repayment of the same are reported in individual Proprietary Funds. The City has an A 1 bond rating from Moody's Investors Service for both its General Obligation Bonds and Revenue Bonds. Table 27 summarizes long-term debt transactions of the City for the year ended December 31, 1994. A detail of all outstanding debt of the City is listed in Table 28 on the following page. Table 27: Long-Term Debt Additions and Retirements Summ Payable Payable 1/1/94 12/31/94 Item Added Retired General: General Obligation Bonds $ 17,225,775 $ 0 $ 1,456,155 $ 15,769,620 Installment Contracts 448,603 0 173,306 275,297 Arbitrage 400,089 0 108,444 291,645 Special Assessment 5,467,063 0 1,326,063 4,141,000 Employee Leave Benefits 3,228,775 0 120,263 3,108,512 Total General $ 26,770,305 $ 0 $ 3,184,231 $ 23,586.074 Proprietary: Revenue Bonds $ 27,750,000 $ 8,570,000 $ 1,390,000 $ 34,930,000 General Obligation Bonds 4,584,225 980,000 448,845 5,115,380 , Arbitrage 10,935 750 66,179 11,685 Employee Leave Benefits 373,442 0 0 307,263 Public Works Trust Fund Loans 1,441,746 2,017,980 436,319 3,023,407 Total Proprietary $ 34,160,348 $ 11,568,730 $ 2,341,343 $ 43,387,735 ' Total All Funds General Obligation Bonds $ 21,810,000 $ 980,000 $ 1,905,000 $ 20,885,000 Revenue Bonds 27,750,000 8,570,000 1,390,000 34,930,000 Installment Contracts 448,603 0 173,306 275,297 Arbitrage 411,024 750 108,444 303,330 Special Assessment 5,467,063 0 1,326,063 4,141,000 Employee Leave Benefits 3,602,217 0 0 3,415,775 Public Works Trust Fund Loan 1 1,441,746 2,017,980 436,319 3,023,407 Total All Funds $ 60,930,653 $ 11,568,730 $ 5,525,574 $ 66,973,809 DEBT PRO RATED BETWEEN FUNDS , The 1986 Limited General Obligation Bond issue and the 1993 Limited General Obligation Refunding Bond Issue included funds to provide permanent financing for the purchase of a Golf Course which was acquired in 1985. The$3,460,660 is the remaining obligation for this purchase and is reported on the balance sheet of the Enterprise Funds. Likewise,a pro rata share of the 1985, 1986, 1989 and 1992 general obligation bonds were for the benefit of the Equipment Rental Fund and are therefore reported on the balance sheet of the Internal Service Fund. The entire debt in each instance is secured by the full faith and credit of the general government. Table 29 provides a reconciliation of debt distribution between the Proprietary Funds and the General Long Term Debt Account Group. 32 City of Renton Notes to The Financial Statements Table 28 Outstanding Debt as of December 31,1994 Interest Issue Maturity Outstanding Item Rates Date Date Authorized 1/1/94 Issued Redeemed 12/31/94 GENERAL OBLIGATION BONDS: Limited 1978 Senior Citizens Center 5.38% 02/01/78 02/01/98 S 900,000 S 330,000 S 0 S 60,000 S 270,000 1983 G O Refunding Bonds 8.70%9.30% 06/01/83 05/01/02 2,655,000 0 0 0 1986 G O Bonds 6.50%9.00% 06/01/86 06/01/02 9,220,000 1,595,000 0 500,000 1,095,000 1989 G O Bonds 6.10%7.00% 02/01/89 02/01/02 1,600,000 1,250,000 0 105,000 1,145,000 1989 G O Refunding Bonds 6.75°/,7.00% 06/01/89 05/01/02 2,085,000 1,970,000 0 155,000 1,815,000 1992 G O Bonds 2.60°/,5.00% 10/01/92 12/01/02 1,365,000 1,260,000 0 115,000 1,145,000 1993 G O Bond(FlexLine) 2.809/,4.95% 03/01/93 12/01/99 350,000 305,000 0 45,000 260,000 1993 G O Refunding Bonds 3.00%4.80% 08/01/93 06/01/02 4,910,000 4,910,000 0 120,000 4,790,000 1994 G O Bonds 4.60%6.30°/ 12/01/94 12/31/04 980,000 0 980,000 0 980,000 Subtotal Limited GO S 24,065,000 S 11,620,000 S 980,000 S 1,100,000 S 11,500,000 Unlimited 1983 G O Refunding Bonds-Coulon Pk 6.00°/,10.00% 05/01/83 05/01/02 S 7,140,000 $ 0 $ 0 S S 0 0 1989 G O Bonds-Sr Housing 6.40°/,7.509/* 02/01/89 02/01/09 5,500,000 1,260,000 0 175,000 1,085,000 1994 G O Refunding Bonds-Coulon Pk(Tx) 4.000/,6.10% 09/01/93 05/01/02 4,660,000 4,660,000 0 600,000 4,060,000 1994 G O Refunding Bonds-Sr Housing 2.70°/,5.20% 09/01/93 02/01/09 4,270,000 4,270,000 0 30,000 4,240,000 Subtotal Unlimited GO 21,570,000 10,190,000 0 805,000 9,385,000 Total General Obligation Bonds S 45,635,000 S 21,810,000 S 980,000 S 1,905,000 S 20,885,000 INSTALLMENT CONTRACTS: King County(land) 10.00% 8/25/88 10/01/94 S 90,300 $ 55,709 S 0 $ 9,125 S 46,584 Holm(Property) 10.00% 11/20/90 05/01/95 159,291 84,291 0 25,000 59,291 Holm Property Mortgage 10.50% 11/20/90 02/01/95 80,708 71,233 0 3,706 67,527 Telephone Lease 8.00% 04/17/89 08/01/95 549,574 217,524 0 120,597 96,927 Printshop Copier 9.01% 10/01/90 09/01/94 38,367 8,280 0 8,280 0 Copier Lease 9.01% 10/01/90 09/01/94 13,095 2,826 0 2,826 0 Printing Press Lease 11.25% 03/10/91 02/10/96 17,394 8,740 0 3,772 4,968 Total Installment Contracts S 948,729 IS 448,603 IS 0 $ 173,306 1 S 275,297 TOTAL GENERAL OBLIGATION DEBT S 46,583,729 1 S 22,258,603 IS 980.000 IS 2,078,306 1 $ 21,160,297 REVENUE BONDS: 1977 Water/Sewer Refunding 6.01% 12/01/77 07/01/99 S 3,045,000 S 1,635,000 S 0 S S 1,395,000 240,000 1985 Water/Sewer 9.73% 04/01/85 04/01/05 2,600,000 220,000 0 105,000 115,000 1986 Water/Sewer 7.90% 08/01/86 08/01/06 1,800,000 210,000 0 65,000 145,000 1987 Water/Sewer 7.55% 06/01/87 06/01/06 3,375,000 600,000 0 135,000 465,000 1988 Water/Sewer 7.56% 06/01/88 06/01/08 3,460,000 660,000 0 115,000 545,000 1989 Water/Sewer 6.85%7.50% 05/01/89 05/01/09 1,715,000 375,000 0 50,000 325,000 1989 Water/Sewer Refunding 6.00%,7.10% 09/01/89 04/01/05 2,150,000 560,000 0 25,000 535,000 1990 Water/Sewer 5.90°/,7.37% 11/01/90 10/01/10 4,100,000 1,055,000 0 125,000 930,000 1992 Water/Sewer 3.50°/,6.50% 06/01/92 12/01/12 4,000,000 3,890,000 0 115,000 3,775,000 1992 Water/Sewer Refunding 3.50%6.35% 06/01/92 12/01/06 4,635,000 4,580,000 0 160,000 4,420,000 1993 Water/Sewer 3.0°/,5.375% 08/01/93 04/01/13 5,285,000 5,285,000 0 165,000 5,120,000 1993 Water/Sewer Refunding 3.0°/,5.375% 01/08/93 04/01/10 8,860,000 8,680,000 0 90,000 8,590,000 1994 Golf System 4.50%7.00°/ 07/01/94 06/01/15 5,000,000 0 5,000,000 0 5,000,000 1994 Water/Sewer 5.45°/,6.55% 11/01/94 11/01/13 3,570,000 0 3,570,000 0 3,570,000 TOTAL REVENUE BONDS $ 53,595,000 S 27,750,000 S 8,570,000 S 1,390,000 S 34,930,000 PUBLIC WORKS TRUST FUND LOANS: Northwest 7th Sewer Repair 5.00% 12/31/91 07/01/01 $ 84,779 $ 75,359 S 0 S $ 75,359 9,420 Siena Hts Sewer Impry 3.00% 10/20/92 07/01/12 888,462 888,462 0 426,899 888,462 Central Renton Sewer Replacement 1.00% 06/14/93 07/01/13 96,519 96,519 0 0 96,519 East Renton Interceptor 2.00% 06/14/93 07/01/13 381,406 381,406 1,907,028 0 381,406 Dayton Avenue NE 2.00% 05/24/94 07/01/14 20,952 0 20,952 0 20,952 Sanitary Sewer Grouting 2.00% 05/19/94 07/01/04 90,000 0 90,000 0 90,000 TOTAL PUBLIC WORKS TRUST FUND LOANS $ 3,469,146 S 1,441,746 S 2,017,980 S 436,319 $ 3,023,407 LID BONDS AND NOTES: 313 Street 6.25% 04/01/87 04/01/99 S 12,239 S 3,000 $ 0 S $1,000 2,000 314 StreeWtilities 9.0°/,11.125% 09/01/89 09/01/01 6,789,084 1,665,000 0 920,000 745,000 ,. 326/331 Street 5.50°/,7.70°/ 10/01/86 10/01/98 372,160 55,000 0 50,000 5,000 330 Street/Utilities 5.50°/,7.30% 07/01/88 07/01/00 380,299 80,000 0 60,000 20,000 332 Street/Utilities 6.000/,7.75% 10/15/88 10/15/05 3,450,183 2,010,000 0 80,000 1,930,000 329 Street/Utilities 3.000/5.50% 04/01/93 04/01/03 600,000 1,654,063 0 214,063 1,440,000 TOTAL LID BONDS AND NOTES $ 11,603,965 S 5,467,063 S 0 S 1,326,063 S 4,141,000 ARBITRAGE 411,024 0 107,694 303,330 EMPLOYEE LEAVE BENEFITS 3,602,217 0 186,442 3,415,775 TOTAL OUTSTANDING DEBT S 115,251,840 $60,930,653 S 11,567,980 S 5,524,824 $ 66,973,809 33 City of Renton Notes to The Financial Statements Table 29: Pro Rata Debt ' Golf General Issue Waterwork Solid Waste Course Equipment Long-Term Utilitv Utili Fund Rental Debt Total 1986 General Obligation Bond Payable-Long Term $ 50,160 $ 0 $ 253,080 $ 24,510 $ 242,240 $ 570,000 Payable-Current 46,200 0 233,100 22,575 223,125 525,000 Total 1986 General Obligation Bond 96,360 0 486,180 47,085 465,365 1,095,000 1989 General Obligation Bond: Payable-Long Term 0 0 0 205,965 829,035 1,035,000 Payable-Current 0 0 0 21,890 88,110 110,000 Total 1989 General Obligation Bond 0 0 0 227,855 917,145 1,145,000 1992 General Obligation Bond: Payable-Long Term 0 0 235,750 789,250 1,025,000 Payable-Current 0 0 0 27,600 92,400 120,000 Total 1992 General Obligation Bond 0 0 0 263,350 881,650 1,145,000 1993 General Obligation Refunding Bond Payable-Long Term 414,480 0 2,091,240 202,530 2,001,750 4,710,000 Payable-Current 4,040 0 35,520 3,440 34,000 80,000 Total 1993 General Obligation Ref Bonds 418,520 0 2,126,760 205,970 2,035,750 4,790,000 1993 General Obligation Bond(Flexline): Payable-Long Term 0 215,000 0 0 0 215,000 Payable-Current 0 45,000 0 0 0 45,000 Total 1993 General Obligation Bond 0 260,000 0 0 0 260,000 1994 General Obligation Bonds: Payable-Long Term 0 0 0 860,000 0 860,000 Payable-Current 0 0 0 120,000 0 120,000 Other General Obligation Bond 0 0 0 0 11,470,00 11,470,000 Installment Contracts 0 0 0 0 275,297 275,297 , Total General Obligation Debt $ 517,880 $ 260,000 $2,612,940 $1,724,260 $6,045.217 $21,160.297 SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT As of December 31, 1994,a total of$4,141,000 of long-term special assessment debt was outstanding. This debt was issued to fund capital improvements to enhance the utility, accessibility and aesthetic value of property within the City of Renton. The source of repayment of this debt is in the form of assessments against benefiting property owners. In the event of default by one of these property owners the City is obligated for repayment, and has established a guaranty fund for that purpose. As of December 31, 1994,special assessments receivables totaled$4,750,896,which includes$168,269 of delinquent assessments. In the guaranty fund,$935,711 represents 22.6%of 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% without a vote , of the people provided the indebtedness with a vote is 1%or less;2.5%with a vote of the people;5.0%with a vote of the people,provided the indebtedness in excess of 2.5%is for utilities;and 7.5%with a vote of the people, provided the indebtedness in excess of 5.0%is for open space development and parks facilities. At December 31, 1994,the debt limits for the City were as follows: Table 30: Debt Limit Capacities With a Vote of the Peo le Item Without a Vote 2.5% 5.0% 7.5% Legal Limit $ 53,859,286 $ 89,765,477 $ 179,530,954 $ 269,296,432 OutstandingNet Indebtedness 11,272,116 16,205,910 16,205,910 19,787,071 Capacity Available $ 42,587,170 $ 73,559,567 $ 163,325,044 $ 249,509,361 i 34 City of Renton Notes to The Financial Statements REFUNDED DEBT -- As of December 31, 1994,the City's refunded debt includes 11 outstanding general obligation and revenue bond issues. The proceeds of the new refunding bond issues have been placed in an irrevocable trust to provide for all future debt service payments on the old bonds. As a result,the refunded bonds are considered to be defeased and the liability has been removed from the City's financial statements. Schedules of assets, liabilities, and equity as of December 31, 1994,and changes to refunded bonds payable are provided in the followhg tables. Table 31: Refunded Bonds First Trust Item Washington Seafirst Key Bank Total Assets: Cash with Trustee $ 5,933 $ 65 $ 3,019 $ 9,017 Investments with Trustee 4,119,000 4,082,800 17,285,488 25,487,288 Estimated Interest Receivable 389,132 177,513 1,245,341 1,811,986 Total Assets $ 4,514,065 $ 4,260,378 $ 18,533,848 $ 27,308,291 Liabilities: Refunded Bonds Payable $ 4,360,000 $ 3,775,000 $ 17,255,000 $ 25,390,000 Equity: Earnings with Trustee 154,065 485,378 1,278,848 1,918,291 Total Liabilities and Equity $ 4,514,065 1 $ 4,260,378 $ 18,533,848 $ 27308,291 Table 32: Changes to Refunded Bonds Payable Balance Balance Item 12/31/93 Increase Decrease 12/31/94 Refunded Bonds Payable GO $ 11,475,000 $ 0 $ 365,000 $ 11,110,000 Refunded Bonds Payable LID 1,380,000 0 1,380,000 0 Refunded Bonds Payable Revenue 14,525,000 0 245,000 14,280,000 Total $ 27,380,000 $ 0 $ 1,990,000 1 $ 25,390,000 DEBT SERVICE TO MATURITY Following is a schedule showing the debt service requirements to maturity for the City's long-term debt. Formulas have been implemented to compute the principal and interest obligations for the special assessment debt as it is redeemed in direct proportion with special assessment collections from district participants. A formula has also been used to compute the interest requirements on the general obligation debt that carries a variable interest rate tied directly to the prime rate. .. Table 33: Debt Service Requirement to Maturity General Installment Revenue Public Works Special Total Obligation Bonds Contracts Bonds Trust Fund Loans Assessment Debt Long-Term Debt Year Principal Interest Principal Interest Principal Interest Principal : Interest Principal : Interest Principal Interest 1995 $2,005,000 E $1,070,658 $238,001 E $10,632 $1,470,000 E $1,966,573 $160,586 E $63,198 5431,000E $273,268 $4,304,587: 53,384,329 1996 2,140,000E 952,971 11,791: 3,665 1,710,000: 1,879,664 166,4261 58,038 670,000; 245,260 4,698,217; 3,139,598 1997 2,275,000E 832,563 12,145 2,551 1,810,000: 1,780,769 166,42654,477 670,000: 200,330 4,933,571? 2,870,690 1998 2,395,000 : 711,699 13,360 1,336 1,920,000; 1,675,804 166,426: 50,917 395,000: 154,483 4,889,786.` 2,594,239 1999 2,455,000 582,065 0: 0 2,035,000: 1,565,580 166,426: 47,357 395,000: 130,103 5,051,426: 2,325,105 000 2,505,000 445,840 0: 0 1,750,000: 1,461,710 166,426; 43,796 395,000: 105,163 4,816,426: 2,056,509 +� 001 2,000,000 : 325,348 0: 0 1,860,000: 1,361,436 166,426: 40,236 395,000: 79,663 4,421,426: 1,806,683 002 2,015,000 215,165 0: 0 1,945,000: 1,262,106 157,006: 36,676 395,000; 53,520 4,512,006: 1,567,467 003 395,000 : 146,778 0: 0 2,070,000: 1,155,556 157,006: 33,586 395,000: 26,900 3,017,006: 1,362,820 004 420,000 : 127,100 0: 0 2,190,000` 1,040,448 157,006: 30,497 0: 0 2,767,006: 1,198,045 005 410,000 : 105,610 0 E 0 2,300,000: 916,370 157,006: 27,408 0: 0 2,867,006: 1,049,388 006 430,000 : 84,815 0 i 0 2,190,000: 789,573 157,006E 24,318 O E 0 2,777,006: 898,706 007 455,000E 62,463 0: 0 1,795,000E 676,021 157,006: 21,229 0: 0 2,407,006: 759,713 008 480,000 : 38,560 0: 0 1,900,000: 570,474 157,006: 18,140 0 E 0 2,537,006: 627,174 009 505,000 : 13,130 0: 0 1,665,000E 467,166 157,006: 15,051 0: 0 2,327,006E 495,347 010 0 : 0 0: 0 1,605,000: 370,969 157,006: 11,961 0: 0 1,762,006: 382,930 011 0 : 0 0: 0 1,335,000E 282,700 157,006: 8,872 0: 0 1,492,006E 291,572 012 0 E 0 0: 0 1,415,000: 197,115 157,005: 5,783 0: 0 1,572,005: 202,898 .. 013 0 E 0 0 E 0 1,150,000: 118,011 131,360E 2,693 0 0 1,281,360E 120,704 014 0 : 0 O E 0 395,000: 57,050 5,840: 117 0: 0 400,840' 57,167 015 0 E 0 0: 0 420,000: 29,400 0: 0 O E 0 420,000E 29,400 otals $20,885,000 $5,714,765 $275,297 E $18,184 $34,930,000 1 $19,624,495 $3,023,407 $594,350 $4,141,000 $1,268,690 $63,254,704 1 $27,220,484 35 City of Renton Notes to The Financial Statements , AMOUNT AVAILABLE FOR DEBT SERVICE Fund balances that have been reserved for debt repayment are: $291,645 in the capital projects fund and$3,676,985 in the debt service funds. ARBITRAGE PAYABLE The Federal Tax Reform Act of 1986 requires issuers of tax-exempt debt to make payments to the United States Treasury of investment income received at yields that exceed the issuer's tax-exempt borrowing rates. The liability is recorded at present value and payable every 5 years or 60 days after defeasance of the debt. The estimated amount due at year end is$303,330. NOTE 13-DEFERRED CHARGES IN PROPRIETARY FUNDS In accordance with generally accepted accounting principles for regulated businesses,the Waterworks Utility Fund had a deferred cost of$320,000 in 1982 that was a Utility Fund payment for construction of a new City Shop facility,which was occupied in mid-1984. The facility was constructed from the proceeds of a$2,300,000 General Obligation Bond Issue. The$320,000 will be credited toward the Utility's portion of the rental charge for the new facility and will be expensed over the 20-year life of the bond issue. As of December 31, 1994,there was a balance remaining of$144,000. NOTE 14-RESERVATIONS AND DESIGNATIONS OF FUND EQUITY Following is an analysis of fund equity reservations and designations by type for each of the City's fund groups. Table 34: Reservations of Fund Eq ity General Debt Capital Enterprise Internal Trust Equity Reserved For: Fund Service Projects Service &Agency Total Debt Service/Arbitrage $ 0 $3,676,985 $ 291,645 $3,073,274 $ 0 $ 0 $ 7,041,904 , Advances/Other Funds/Prepaids 67,000 0 0 0 0 0 67,000 Pension Obligation 0 7,686,000 7,686,000 Total $ 67,0001 $3,676,985 1 $ 291,645 $3.073,274 $ 0 $7,686.000 $14,794,904 Table 35: Unreserved Designated Fund Equity Equity Designated For: General Fund Inmate Health&Welfare $ 23,466 Investigative Fund Confiscations 476,586 Total $ 500,052 NOTE 15-SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City maintains four enterprises whose operations are accounted for in the Enterprise Funds and are financed and operated in a manner similar to private business. It is generally intended that the costs of providing goods or services to the general public on a continuing basis should be financed or recovered primarily through user charges. Segment information for the year ended December 31, 1994,follows: Table 36: Segment Information for Enterprise Funds Waterworks Utility Item Airport Solid Waste Golf Course Total Operating Expenses: Operations&Maintenance 8,498,655 220,354 5,381,297 556,921 14,657,227 Administrative&General 1,502,841 92,573 0 0 1,595,414 Insurance 0 12,816 0 0 12,816 Taxes 1,499,161 0 920,950 4,107 2,424,218 Depreciation 1,871,440 235,447 55,466 58,098 2,220,451 Total Operating Expenses 13,372,097 561,190 6,357,713 619,126 20,910,126 Net Operating Income Loss 3,261,067 123,066 222,042 247,731 3,409,822 Non-Operating Revenue Net of Expenses (887,318) 69279 100,941 (160,892) (877,990) Operating Transfers In Out 0 0 0 321,570 321,570 Net Income(Loss)Before Extraordinary Item 2,373,749 192,345 (121,101) 408,409 2,853,402 Extraordinary Loss on Advance Refunding 0 0 0 0 0 Net Income Loss 2,373,749 192,345 121,101 408,409 2,853,402 Net Working Capital 2,192,394 1,717,574 573,238 3,879,434 8,362,640 Additions to Property,Plant and Equipment,Net of Disposals 5,079,789 235,447 53,563 1,065,212 6,326,885 Total Assets 116,331,059 5,668,005 1,425,071 10,026,341 133,450,476 ' Long Term Debt,Net of Current Portion &Bond Premium/Discount 28,281,520 0 162,752 7,225,480 35,669,752 Current Capital Contributions 658,959 30,495 0 0 689,454 36 City of Renton Notes to The Financial Statements NOTE 16-LITIGATION w. The City is involved in several pending lawsuits. The City Attorney estimates that the potential claims against the City not covered by insurance resulting from such litigation would not materially affect the financial statements of the City. NOTE 17-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 ommissions; 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,stop-gap insurance is purchased to cover medium and large losses. And third,the City reserves the right to utilize the provisions of RCW 35A.31.060 to fund catastrophic or uninsured losses. This State statute allows cities to levy a non-voted property tax increase to pay for uninsured claims. An analysis of the self-insurance retention levels, limits of insurance, and claims administrators for the major types of coverages are presented below. �. Table 37: Risk Mana ement Risk Retention Risk Sharin Type of Coverage Occurrence Claims Adm Aggregate Carrier Property $ 100,000 Giesy,Greer&Gunn $ 77,167,340 Reliance Liability 250,000 Giesy,Greer&Gunn 9,500,000 Genesis Auto Liability 250,000 Giesy,Greer&Gunn 4,750,000 Genesis Boiler&Machinery 5,000 Giesy,Greer&Gunn 30,000,000 American Manufacturing Mutual Public Officials 25,000 Giesy,Greer&Gunn 2,000,000 Mount Airy Crime 10,000 Giesy,Greer&Gunn 1,000,000 Aetna Casualty&Surety Airport Liability 5,000 Giesy,Greer&Gunn 5,000,000 American Eagle Undergrd Storage Tank 10,000 Giesy,Greer&Gunn 1,000,000 Commerce&Industry .. Worker's Comp 200,000 Johnston&Culberson 2,000,000 Frontier Employee Health 90,000 HMA,Inc N/A I Safeco 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, 1994,the City had accrued the following amounts for outstanding claims. Table 38: Outstanding Claims Incurred/ Incurred But Not Total Claims Coverage Reported Reported Payable Property&Liability $ 0 $ 1,078,197 $ 1,078,197 Worker's Compensation 0 84,129 84,129 Employee Health 0 137,233 137,233 Total $ 0 $ 1,299,559 $ 1,299,559 Claims settlements and loss expenses are accrued in the Insurance Fund for the estimated settlement value of both reported and unreported claims. The Insurance Fund is used for collecting interfund premiums from insured funds and departments,and for paying claims settlements. Interfund premiums are assessed on the basis of claims history,number of employees,and value of assets. Table 39 below presents changes in claims liabilities for 1993 and 1994. Table 39: Changes in Claims Liabilities Property and Liability Worker's Com ensation Employee Health Totals Item 1994 1993 1994 1993 1994 1993 1994 1 1993 Claims Liabilities at Beginning $1,100,803 $ 575,763 $ 25,396 $ 41,439 $ 132,927 $ 125,057 $ 1,259,126 $ 742,239 of Year Claims Expenses: Current Year and Changes in 274,414 1,496,315 303,845 134,669 2,422,805 2,552,285 3,001,064 4,183,264 Estimates Claims Pa ments 297,020 971,255 245,112 150,707 2,418,499 2,544,415 2,960,631 3,666,377 laims Liabilities at End of Year $ 1,078,197 $ 1,100,823 $ 84,1291 $ 25,4011 $ 137,2331 $ 132,9271 $ 1,299,5591 $ 1,259,126 NOTE 18-PRIOR PERIOD ADJUSTMENTS Waterworks Utility: Relates to the capitalization of the Cedar River Dredging and Lake Washington Pollution Control projects in 1993. These projects did not add infrastructure value to the Utility,and it was determined that the project costs should be expensed. Capital grants associated with these projects «. totaled$1,437,533,offset by total expenses incurred of$1,869,926,resulting in a net prior period adjustment of$432,393. 37 1 1 1 1 � Y � City of Renton 1994 CAFR GENERALFUND The City of Renton's General Fund includes all financial transactions .. which are not properly accounted for in other funds. It is the largest accounting entity in the City and provides for most of the general operation except for park, street, and library functions, which are accounted for in special revenue funds. The major resource to the Fund is general tax revenue. Licenses and permits, charges for service, and fines and forfeits provide additional support. ..r ..r .r r r 39 City of Renton 1994 CAFR ' GENERAL FUND Page 1 of 1 ' COMPARATIVE BALANCE SHEET DECEMBER 31, 1994 With Comparative Totals for December 31, 1993 ' 1994 1993 ASSETS: Cash and Cash Equivalents ........................ $ 3,140,495 S 2,841,380 Receivables: , Taxes .......................................... 369,113 506,606 Accounts ....................................... 2,239,781 1,927,039 Due From Other Funds ............................. 75,211 2,196 , Due From Other Governmental Units ................ 47,249 20,448 Prepaid Items . .................................. 13,000 8,000 Interfund Loans/Advances - Non-Current ........... 54,000 54,000 TOTAL ASSETS $ 5,938,849 $ 5,359,669 ....................................... LIABILITIES AND FUND EQUITY: , LIABILITIES: Vouchers/Contracts Payable ..................... $ 379,578 $ 423,463 Due To Other Funds ............................. 143,144 162,909 ' Due To Other Governmental Units ................ 951,316 787,108 Accrued Taxes Payable .......................... 1,294 1,112 Deposits Payable ............................... 83,027 54,255 Deferred Revenues .............................. 1,628,493 1,541,784 ' Accrued Employee Leave Benefits 137,010 148,168 TOTAL LIABILITIES .................................. $ 3,323,862 $ 3,118,799 FUND EQUITY: Fund Balance: ' Reserved For Advances/Prepaids ............... $ 67,000 $ 54,000 Unreserved - Designated: For Inmate Health & Welfare ................ 23,466 20,075 For Investigative Fund Confiscations ....... 476,586 394,894 ' Unreserved - Undesignated .................... 2,047,935 1,771,901 TOTAL FUND EQUITY .................................. $ 2,614,987 $ 2,240,870 TOTAL LIABILITIES AND FUND EQUITY .................. $ 5,938,849 $ 5,359,669 40 City of Renton 1994 CAFR GENERAL FUND Page 1 of 1 .. STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 1994 1993 REVENUES Taxes .............................................. $ 19,495,338 $ 18,400,707 Licenses And Permits ............................... 1,270,844 1,099,509 Intergovernmental Revenues ......................... 3,640,553 3,064,613 Charges For Services ............................... 865,173 757,609 Fines And Forfeits ................................. 1,090,523 864,229 9. Interest ........................................... 479,252 307,172 Miscellaneous Revenues 188,533 139,714 TOTAL REVENUES ....................................... $ 27,030,216 $ 24,633,553 EXPENDITURES Current: General Government ............................... $ 4,560,795 $ 3,962,433 Security Of Persons And Property ................. 17,272,774 15,654,019 Physical Environment ............................. 999,985 1,163,369 Economic Environment ............................. 2,842,980 2,528,440 Mental And Physical Health ....................... 10,755 8,983 Capital Outlay ..................................... 281,572 360,148 Debt Service: Principal Retirement ............................. 43,802 43,802 Interest & Fiscal Charges ........................ 19,553 23,633 TOTAL EXPENDITURES ................................... $ 26,032,216 $ 23,744,827 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 998,000 $ 888,726 OTHER FINANCING SOURCES (USES) Operating Transfers In ............................. S 10,000 S 11,000 Operating Transfers (Out) .......................... (960,063) (375,575) Other Financing (Uses) ............................. 300,000 (300,000) Sale Of General Fixed Assets ....................... 26,180 12,000 TOTAL OTHER FINANCING SOURCES (USES) ................. $ (623,883) $ (652,575) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ 374,117 $ 236,151 .. FUND BALANCE JANUARY 1 ............................... 2,240,870 1,978,071 Prior Period Corrections ........................... 0 26,648 ow FUND BALANCE DECEMBER 31 .. "$ 2,614,987 $ 2,240,870 41 City of Renton 1994 CAFR ' GENERAL FUND Page 1 of 1 ' STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL ' YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 GENERAL VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL ' REVENUES Taxes .............................................. $ 19,644,087 $ 19,495,338 $ (148,749) $ 18,400,707 Licenses And Permits ............................... 1,001,711 1,270,844 269,133 1,099,509 Intergovernmental Revenues ......................... 3,456,554 3,640,553 183,999 3,064,613 Charges For Services ............................... 901,908 865,173 (36,735) 757,609 Fines And Forfeits ................................. 1,116,600 1,090,523 (26,077) 864,229 Interest ........................................... 320,000 479,252 159,252 307,172 Miscellaneous Revenues 130,553 188,533 57,980 139,714 TOTAL REVENUES ....................................... $ 26,571,413 $ 27,030,216 $ 458,803 $ 24,633,553 : EXPENDITURES Current: General Government ............................... $ 4,722,453 $ 4,560,795 $ 161,658 $ 3,962,433 Security Of Persons And Property ................. 18,343,248 17,272,774 1,070,474 15,654,019 Physical Environment ............................. 1,196,652 999,985 196,667 1,163,369 Economic Environment ............................. 3,222,655 2,842,980 379,675 2,528,440 Mental And Physical Health ....................... 9,752 10,755 (1,003) 8,983 Capital Outlay ..................................... 264,149 281,572 (17,423) 360,148 Debt Service: Principal Retirement ............................. 43,802 43,802 0 43,802 Interest & Fiscal Charges ........................ 19,553 19,553 0 23,633 TOTAL EXPENDITURES ................................... $ 27,822,264 $ 26,032,216 $ 1,790,048 $ 23,744,827` , EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (1,250,851) $ 998,000 $ 2,248,851 $ 888,726 OTHER FINANCING SOURCES (USES) , Operating Transfers In ............................. $ 10,000 $ 10,000 $ 0 $ 11,000 Operating Transfers (Out) .......................... (964,379) (960,063) 4,316 (375,575) Other Financing Sources ............................ 300,000 300,000 0 (300,000) Sale Of General Fixed Assets ..... 0 26,180 26,180 12,000 TOTAL OTHER FINANCING SOURCES (USES) .. $ (654,379) $ (623,883) $ 30,496 $ (652,575) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES ................ $ (1,905,230) $ 374,117 $ 2,279,347 $ 236,151 FUND BALANCE JANUARY 1 ............................... 2,335,384 2,240,870 (94,514) 1,978,071 Prior Period Corrections 0 0 0 26,648 FUND BALANCE DECEMBER 31 .............................. $ ::..A30,154 $ 2,614,987 $ 2,184,833 $ 2,240,870 42 City of Renton 1994 CAFR SPECIAL REVENUE FUNDS Special Revenue Funds account for the proceeds of specific revenue sources other than special assessments, expendable trust, or major capital projects. These revenues finance particular activities or functions as required by law or administrative regulations. The City of Renton's Special Revenue Funds are summarized below. PARK FUND - Accounts for operation of the City's parks and recreation system, maintenance of municipal buildings, and landscaping services for public facilities. Resources are primarily from general tax revenues and charges for services. ARTERIAL STREET FUND - Established in accordance with RCW 82.36.020 for the administration of the State levied motor vehicle 1/2 cent gasoline tax distributed to Renton. Expenditures are limited by .. law to capital improvements of City arterial streets. STREET FUND- Established in accordance with RCW 35A.37.010 to account for maintenance and improvement of the City's street and traffic control systems. Major sources of support are general tax revenues and the State levied tax on motor vehicle fuels distributed to Renton,to be used for City street purposes. COMMUNITY DEVELOPMENT BLOCK GRANT FUND - Established r in 1992 to administer the Federally funded Community Development Block Grant activity per City Ordinance #4335. The program was reported in the General Fund in prior years. IMPACT MITIGATION FUND - Created to account for monies collected from developers to offset impacts created by their developments to City's facilities. �+» 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. .., PATHS AND TRAILS RESERVE FUND - Created for the purpose of planning, accommodating, establishing, and maintaining certain paths and trails. 1/2 of 1% of the State levied motor vehicle fuel tax distributed to Renton, is allocated to this fund each year. ONE PERCENT FOR ART FUND-The fund is established to account for required City's contribution equal to 1% of general governmental capital project funding for art projects. `w CABLE COMMUNICATIONS DEVELOPMENT FUND - Provision for promotion and development of cable communications according to City Ordinances#3155 and#3137 .. .. 43 City of Renton 1994 CAFR SPECIAL REVENUE FUNDS Page 1 of 2 ' COMBINING BALANCE SHEET DECEMBER 31, 1994 With Comparative Totals for December 31, 1993 PARK ARTERIAL STREET COMM DEVELOP STREET BLOCK GRANTS ASSETS: Cash and Cash Equivalents ........................ $ 441,276 $ 351,033 $ 601,112 $ 2,269 Investments ...................................... 200,000 0 1,200,000 0 Receivables: Taxes .......................................... 0 0 0 0 Accounts ....................................... 7,992 0 6,256 0 Interest on Investments ........................ 1,468 0 16,731 0 Due From Other Funds ............................. 0 0 54,717 63 Due From Other Governmental Units ................ 0 0 0 132,104 TOTAL ASSETS ....................................... $ 650,734:'I $' 351 033 >:$ ,1,878,816 $ 134,436 LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable ..................... $ 98,011 $ 0 $ 92,926 S 9,436 Due To Other Funds ............................. 0 0 0 75,000 ' Accrued Taxes Payable .......................... 3,787 0 931 0 Deposits Payable ............................... 19,700 0 0 0 Accrued Employee Leave Benefits ................ 48,398 0 30,613 0 Interfund Loans/Advances - Non-Current ......... 0 0 0 50,000 ' TOTAL LIABILITIES .................................. $ 169,896 '' $ 0 $ 124,470 $ 134,436 FUND EQUITY: Fund Balance: ' Unreserved - Designated: Developmentally Disabled Program ........... $ 0 $ 0 $ 0 $ 0 Unreserved - Undesignated .................... 480,840 351,033 1,754,346 0 TOTAL FUND EQUITY .................................. $ 480,840 $ 351,033 $ 1,754,346 $ 0 TOTAL LIABILITIES AND FUND EQUITY .................. $ 650,736 $ 351,033_ ;$: 1,878,816 $ 134,436 44 City of Renton 1994 CAFR Page 2 of 2 CABLE TOTALS IMPACT LIBRARY PATHS ONE PERCENT COMMUNICATIONS MITIGATION & TRAILS FOR ART DEVELOPMENT 1994 1993 S 37,243 $ 108,118 $ 1,824 $ 40,620 S 106,469 $ 1,689,964 $ 1,269,158 6,316,199 150,000 0 0 75,000 7,941,199 6,959,539 .� 0 0 0 0 0 0 0 0 0 0 0 0 14,248 4,440 164,909 1,464 0 0 9,693 194,265 161,591 1,005 0 0 0 0 55,785 276,480 0 0 0 0 0 132,104 39,793 $6,519,356 S 259,582 $ 1,824 $ 40,620 $ 191,162 S 10,027,565 S 8,711,001 $ 9,256 $ 16,021 $ 0 $ 0 $ 0 S 225,650 S 254,006 10,950 0 0 0 0 85,950 2,446 0 450 0 0 0 5,168 2,995 0 0 0 0 0 19,700 20,200 0 8,902 0 0 0 87,913 71,683 0 0 0 0 0 50,000 50,000 $ 20,206 $ 25,373 $ 0 $ 0 $ 0 S 474,381 S 401,330 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 4,269 6,499,150 234,209 1,824 40,620 191,162 9,553,184 8,305,402 $6,499,150 $ 234,209 $ 1,824 $ 40,620 $ 191,162 $ 9,553,184 S 8,309,671 $6,519,356 S 259,582 S 1,824 $ 40,620 S 191,162 $ 10,027,565 S 8,711,001 45 City of Renton 1994 CAFR ' SPECIAL REVENUE FUNDS Page 1 of 2 ' COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 ' PARK ARTERIAL STREET COMM DEVELOP STREET BLOCK GRANTS REVENUES Taxes .............................................. $ 4,810,399 $ 0 $ 2,682,331 E 0 Licenses And Permits ............................... 0 0 39,726 0 Intergovernmental Revenues ......................... 31,711 316,201 686,803 320,026 Charges For Services ............................... 598,752 0 67,871 0 Fines And Forfeits ................................. 0 0 0 0 Interest ........................................... 31,285 8,446 61,867 0 Miscellaneous Revenues ............................. 490,771 0 7,100 0 TOTAL REVENUES ....................................... $ 5,962,918 $ 324,647 $ 3,545,698 $ 320,026 EXPENDITURES Current: General Government ............................... $ 1,438,127 $ 0 $ 0 $ 0 Transportation ................................... 121,604 0 2,876,160 0 Economic Environment ............................. 500,083 0 0 181,195 Culture and Recreation ........................... 3,902,694 0 0 0 Capital Outlay ..................................... 62,992 0 52,949 138,831 TOTAL EXPENDITURES ... ........ $ 6,025,500::1 S ' 0; $ 2,929,109 $ 320,026' ' EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (62,582) $ 324,647 $ 616,589 $ 0 OTHER FINANCING SOURCES (USES) ' Interfund Loan Repayments .......................... $ 0 $ 0 $ 200,000 $ 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... (92,000) (53,274) 0 0 Sale Of General Fixed Assets ....................... 0 0 667 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ (92,000) $ (53,274) $ 200,667 $ 0 ' EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (154,582) $ 271,373 $ 817,256 $ 0 FUND BALANCE JANUARY 1 ............................... 635,422 79,660 937,090 0 Residual Equity Transfers Out ...................... 0 0 0 0 Prior Period Corrections ........................... 0 0 0 0 FUND BALANCE DECEMBER 31 ............................. $ 480,840 $ 351,033 $ 1,754,346 $ 0 46 .. City of Renton 1994 CAFR Page 2 of 2 «. ONE CABLE TOTALS IMPACT LIBRARY PATHS PERCENT COMMUNICATIONS MITIGATION & TRAILS FOR ART DEVELOPMENT 1994 1993 $ 322,216 $ 897,714 $ 0 $ 0 $ 0 S 8,712,660 $ 10,211,818 0 0 0 0 0 39,726 46,458 .. 0 0 3,382 0 0 1,358,123 1,233,319 0 12,106 0 0 0 678,729 679,460 0 17,256 0 0 0 17,256 16,787 301,649 11,375 201 1,587 8,044 424,454 335,032 0 2,450 0 0 0 500,321 382,998 S 623,865 $ 940,901 $ 3,583 $ 1,587 $ 8,044 $11,731,269 S 12,905,872:!'. $ 0 S 0 $ 0 $ 0 $ 0 $ 1,438,127 $ 1,295,576 425,145 0 0 0 0 3,422,909 2,937,977 0 0 0 0 0 681,278 626,724 0 1,043,341 0 0 0 4,946,035 4,603,052 10,937 0 0 0 0 265,709 189,264 $ 436,082 S''1,043,341 $ 0 $ 0 $ 0 510,754,058 $ 9,652,593 $ 187,783 $ (102,440) S 3,583 $ 1,587 $ 8,044 S 977,211 $ 3,253,279 y $ 0 $ 0 $ 0 $ 0 $ 0 $ 200,000 S (400,000) 232,688 0 0 0 0 232,688 0 (1,129) 0 0 0 0 (146,403) (692,688) 0 0 0 0 0 667 0 $ 231,559 S '' 0 $ -0 $ 0 $ 0 S 286,952 $ (11092,688) $ 419,342 $ (102,440) $ 3,583 S 1,587 $ 8,044 S 1,264,163 $ 2,160,591 6,079,808 336,649 18,891 39,033 183,118 8,309,671 6,093,841 0 0 (20,650) 0 0 (20,650) (4,761) 0 0 0 0 0 0 60,000 $ 6,499,150 $ 234,209 $ 1,824 $ 40,620 $ 191,162 $ 9,553,184 $ 8,309,671 47 City of Renton 1994 CAFR SPECIAL REVENUE FUNDS Page 1 of 7 , COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL ' YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 PARK VARIANCE , FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. S 5,006,071 S 4,810,399 $ (195,672) $ 4,894,914 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 18,116 31,711 13,595 0 Charges For Services ............................... 514,315 598,752 84,437 600,536 Fines And Forfeits ................................. 0 0 0 0 Interest ........................................... 10,000 31,285 21,285 21,276 Miscellaneous Revenues 472,850 490,771 17,921 378,943 TOTAL REVENUES ........................I........ S 6,021,352 $ 5,962,918 $ (58,434) $ 5,895,669 EXPENDITURES Current: General Government ............................... S 1,595,808 $ 1,438,127 $ 157,681 $ 1,295,576 Transportation ................................... 119,623 121,604 (1,981) 135,513 ' Economic Environment ............................. 490,229 500,083 (9,854) 484,105 Culture and Recreation ........................... 3,970,748 3,902,694 68,054 3,625,996 Capital Outlay 82,513 62,992 19,521 33,090 TOTAL EXPENDITURES ................................... $ 61258,920 $ 6,025,500 S 233,420 S 5,574 280 ' EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (237,568) $ (62,582) S 174,986 $ 321,389 OTHER FINANCING SOURCES (USES) Interfund Loan Repayments .......................... $ 0 $ 0 $ 0 S 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... (92,000) (92,000) 0 (60,000) Sale Of General Fixed Assets ....................... 0 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ (92,000) $ (92,000) $ 0 S (60,000) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (329,568) S (154,582) S 174,986 $ 261,389 FUND BALANCE JANUARY 1 ............................... 685,665 635,422 (50,243) 314,033 Residual Equity Transfers (Out) .................... 0 0 0 0 Prior Period Corrections ........................... 0 0 0 60,000 FUND BALANCE DECEMBER 31 ............................. $ 356,097 $ 480,840 S 124,743 $ 635,422 i 48 City of Renton 1994 CAFR Page 2 of 7 ARTERIAL STREET STREET VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 $ 2,562,000 $ 2,682,331 $ 120,331 $ 2,851,129 0 0 0 0 14,000 39,726 25,726 46,458 329,937 316,201 (13,736) 310,514 718,233 686,803 (31,430) 680,620 0 0 0 0 67,200 67,871 671 65,410 0 0 0 0 0 0 0 0 2,000 8,446 6,446 2,475 11,603 61,867 50,264 27,518 0 0 0 0 0 7,100 7,100 1,747 $ 331,937 $ 324,647 $ (7,290) $ 312,989 $ 3,373,036 $ 3,545,698 $ .172,662 . $ 3,672,882 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 3,374,089 2,876,160 497,929 2,793,958 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45,922 52,949 (7,027) 57,370 $ 0 $ 0 $ 0 $ 0 $ 3,420,011 $ 2,929,109 $ 490,902 $ 2,851,328 $ 331,937 $ 324,647 $ (7,290) $ 312,989 $ (46,975) $ 616,589 $ 663,564 $ 821,554 $ 0 $ 0 $ 0 $ 0 $ 400,000 $ 200,000 $ (200,000) $ (400,000) 0 0 0 0 0 0 0 0 (370,500) (53,274) 317,226 (279,500) 0 0 0 0 0 0 0 0 0 667 667 0 $ (370,500).........,$, (53,274) $ 317,226 $ (279,500) $ 400,000 $ 200,667 $ (199,333) $ (400,000) $ (38,563) $ 271,373 $ 309,936 $ 33,489 $ 353,025 $ 817,256 $ 464,231 $ 421,554 .. 79,660 79,660 0 46,171 904,145 937,090 32,945 520,297 0 0 0 0 0 0 0 (4,761) 0 0 0 0 0 0 0 0 $ 41,097 $ 351,033 $ 309,936 $ 79,660 $ 1,257,170 $ 1,754,346 $ 497,176 $ 937,090 49 City of Renton 1994 CAFR SPECIAL REVENUE FUNDS Page 3 of 7 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 COMM DEVELOPMENT BLOCK GRANTS ' VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL ' REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 599,378 320,026 (279,352) 238,865 Charges For Services ............................... 0 0 0 0 Fines And Forfeits ................................. 0 0 0 0 Interest ........................................... 0 0 0 0 Miscellaneous Revenues ............................. 0 0 0 0 TOTAL REVENUES ....................................... $ 599,378 $ 320,026 $ (279,352) $ 238,865 EXPENDITURES , Current: General Government ............................... $ 0 $ 0 $ 0 $ 0 Transportation ................................... 0 0 0 0 ' Economic Environment ............................. 192,500 181,195 11,305 142,619 Culture and Recreation ........................... 0 0 0 0 Capital Outlay ..................................... 355,208 138,831 216,377 96,246 TOTAL EXPENDITURES ................................... $ 547,708 $ 320,026 S 227,682 $ 238,865 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 51,670 $ 0 $ (51,670) $ 0 OTHER FINANCING SOURCES (USES) ' Interfund Loan Repayments .......................... $ 0 S 0 $ 0 S 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... 0 0 0 0 Sale Of General Fixed Assets ....................... 0 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ 0 $'' 0 $ 0 '` $ 0<:. EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ 51,670 $ 0 $ (51,670) $ 0 FUND BALANCE JANUARY 1 ............................... (38,121) 0 38,121 0 Residual Equity Transfers (Out) .................... 0 0 0 0 ' Prior Period Corrections 0 0 0 0 FUND BALANCE DECEMBER 31 $ 13,549 $ 0 $ (13,549) $ 0 50 ' City of Renton 1994 CAFR a. Page 4 of 7 IMPACT MITIGATION LIBRARY VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 S 322,216 $ 322,216 $ 1,468,868 $1,102,500 S 897,714 $ (204,786) $ 996,907 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14,150 12,106 (2,044) 13,514 0 0 0 0 15,200 17,256 2,056 16,787 100,000 301,649 201,649 258,585 5,000 11,375 6,375 11,576 0 0 0 0 1,000 2,450 1,450 2,308 $ 100,000 S 623,865 5 IL 52.3,865 $ 1,727,453 $1,137,850 $ 940,901 $ (196,949) S 1,041,092 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 2,981,847 425,145 2,556,702 8,506 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,052,864 1,043,341 9,523 977,056 3,187,683 10,937 3,176,746 832 0 0 0 0 S -6,169,531 $ 436,082 $ 5,733,449 $ 9,338 $1,052,864 $1,043,341 $ 9,523 S 977,056 S (6,069,531) $ 187,783 $ 6,257,314 S 1,718,115 $ 84,986 S (102,440) $ (187,426) $ 64,036 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 232,688 232,688 0 0 $ 0 0 0 (1,129) (1,129) 0 (232,688) 0 0 0 0 0 0 0 0 0 0 0 0 $ 231,559 $ 231,559 $ 0 $ (232,688) $ 0 $ 0 $ 0 S 0 . $ (5,837,972) S 419,342 $ 6,257,314 $ 1,485,427 $ 84,986 $ (102,440) S (187,426) $ 64,036 5,937,972 6,079,808 141,836 4,594,381 342,298 336,649 (5,649) 272,613 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 100,000 $ 6,499,150 $ 6,399,150 $ 6,079,808 $ 427,284 $ 234,209 $ (193,075) $ 336;649 51 City of Renton 1994 CAFR SPECIAL REVENUE FUNDS Page 5 of 7 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 PATHS<AND'TRAItS ' VARIANCE FAVORABLE 1993 , BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 0 $ 0 $ 0 S 0 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 3,500 3,382 (118) 3,320 Charges For Services ............................... 0 0 0 0 ' Fines And Forfeits ................................. 0 0 0 0 Interest ........................................... 350 201 (149) 367 Miscellaneous Revenues ............................. 0 0 0 0 TOTAL REVENUES ....................................... S 3,850 $ 3,583 $ (267) $ 3,687 ' EXPENDITURES Current: General Government ............................... $ 0 $ 0 S 0 $ 0 Transportation ................................... 0 0 0 0 EconomicEnvironment ............................. 0 0 0 0 Culture and Recreation ........................... 0 0 0 0 Capital Outlay ..................................... 0 0 0 0 TOTAL EXPENDITURES ................................... $ 0 $ 0 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 3,850 S 3,583 $ (267) $ 3,687 OTHER FINANCING SOURCES (USES) ' Interfund Loan Repayments .......................... $ 0 $ 0 $ 0 $ 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... (22,741) 0 22,741 0 Sale Of General Fixed Assets ..... 0 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) $ (22,741) $ 0 $ 22,741 $ 0 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES ................ $ (18,891) $ 3,583 S 22,474 $ 3,687 FUND BALANCE JANUARY 1 ............................... 18,891 18,891 0 15,204 Residual Equity Transfers (Out) .................... 0 (20,650) (20,650) 0 Prior Period Corrections 0 0 0 0 FUND BALANCE DECEMBER 31 $ 0 $ 1,824 S 1,824 S 18,891 r 52 Ciry,of Renton 1991 CAFR Page 6 of 7 1 ONE PERCENT. FOR.ART "CABLE COMMUNICATIONS :DEVELOPMENT VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 S 0 $ 0 $ 0 $ 850 $ 0 $ (850) $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,500 1,587 87 1,216 5,000 8,044 3,044 12,019 0 0 0 0 0 0 0 0 $ 1,500 S 1,587 $ 87 $ 1,216 $ 5,850 $ 8,044 $ 2,194 $ 12,019 $ 0 S 0 $ 0 $ 0 $ 0 S 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40,533 0 40,533 0 0 0 0 1,726 $ 40,533 3 0 cS 40,533 $ 0 $ 0 $ 0 $ 0 S 1,726::: S (39,033) S 1,587 $ 40,620 $ 1,216 $ 5,850 $ 8,044 $ 2,194 S 10,293 $ 0 $ 0 $ 0 $ 0 S 0 S 0 $ 0 S 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (120,500) 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (120,500) $ (39,033) $ 1,587 $ 40,620 $ 1,216 S 5,850 S 8,044 $ 2,194 S (110,207) 39,033 39,033 0 37,817 174,417 183,118 8,701 293,325 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ (0) $ 401620 $ 40,620 $ 39,033 S 180,267 S 191,162 S 10,895 $ 183,118 53 City of Renton 1994 CAFR '[ SPECIAL REVENUE FUNDS Page 7 of 7 COMBINING STATEMENT OF REVENUES, EXPENDITURES, ' AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 fWAS , VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 8,671,421 $ 8,712,660 $ 41,239 $10,211,818 Licenses And Permits ............................... 14,000 39,726 25,726 46,458 Intergovernmental Revenues ......................... 1,669,164 1,358,123 (311,041) 1,233,319 Charges For Services ............................... 595,665 678,729 83,064 679,460 Fines And Forfeits ................................. 15,200 17,256 2,056 16,787 Interest ........................................... 135,453 424,454 289,001 335,032 Miscellaneous Revenues ............................. 473,850 500,321 26,471 382,998 TOTAL REVENUES ....................................... $ 11,574,753 $ 11,731,269 $ 156,516 $12,905,872 , EXPENDITURES Current: General Government ............................... $ 1,595,808 $ 1,438,127 $ 157,681 $ 1,295,576 Transportation ................................... 6,475,559 3,422,909 3,052,650 2,937,977 Economic Environment ............................. 682,729 681,278 1,451 626,724 Culture and Recreation ........................... 5,023,612 4,946,035 77,577 4,603,052 Capital Outlay ..................................... 3,711,859 265,709 3,446,150 189,264 TOTAL EXPENDITURES ................................... $ 17,489,566 $ 10,754,058 $ 6,735,508 $ 9,652,593 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (5,914,814) $ 977,211 $ 6,892,025 $ 3,253,279 OTHER FINANCING SOURCES (USES) , lnterfund Loan Repayments .......................... $ 400,000 $ 200,000 $ (200,000) $ (400,000) Operating Transfers In ............................. 232,688 232,688 0 0 Operating Transfers (Out) .......................... (486,370) (146,403) 339,967 (692,688) ' Sale Of General Fixed Assets ....................... 0 667 667 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ 146,318 $ 286,952 $ 140,634 $(1,092,688) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (5,768,496) $ 1,264,163 $ 7,032,659 $ 2,160,591 FUND BALANCE JANUARY 1 ............................... 81143,960 8,309,671 165,711 6,093,841 Residual Equity Transfers (Out) .................... 0 (20,650) (20,650) (4,761) Prior Period Corrections ........................... 0 0 0 60,000 FUND BALANCE DECEMBER 31 ............................. $ 2,375,464 $ 9,553,184 $ 7,177,720 3 8,309,671 54 ' City of Renton 1994 CAFR DEBT SERVICE FUNDS Debt Service Funds account for the accumulation of resources for, and the payment of principal and interest for the City's general obligation long term debt and special assessment debt. The City of Renton pledges its full faith and credit for payment of these obligations. Resources for redemption of council-approved (limited) issues are from the general property tax levy. Revenue for voter-approved (unlimited) debt service obligations originates from a special property tax levy. Resources for the payment of the special assessment debt are from assessments levied against benefited properties. The outstanding amount is recorded in the General Long Term Debt .. Account Group. 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 Citizens' Center. 1989 LIMITED GENERAL OBLIGATION REFUNDING BOND •r. REDEMPTION FUND - Accounts for debt service on a Council- approved refunding bond issue, which refunded the 1983 limited refunding bond issue. 1983 UNLIMITED GENERAL OBLIGATION REFUNDING BOND REDEMPTION FUND - Accounts for debt service on an unlimited refunding bond issue, which refunded the 1980 and 1982 voter- approved bond issues. Bond proceeds financed the development of Gene Coulon Memorial Beach Park. GENERAL GOVERNMENT 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 wetlands 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 - This fund accounts for the special assessment collections and debt service payments for all local improvement districts located within the City. SPECIAL ASSESSMENT GUARANTY FUND - This fund was established in accordance with State law for the purpose of guaranteeing the payment of outstanding Special Assessment Bonds and coupons. 55 City of Renton 1994 CAFR DEBT SERVICE FUNDS Page 1 of 2 ' COMBINING BALANCE SHEET DECEMBER 31, 1994 With Comparative Totals for December 31, 1993 1989 LIMITED 1983 UNLIMITED , 1978 LIMITED GO REFUNDING GO REFUNDING GO BONDS BONDS BONDS ASSETS: Cash and Cash Equivalents ........................ S 63,458 $ 60,539 $ 476,851 ' Cash With Fiscal Agent ........................... 0 0 78,644 Investments ...................................... 0 0 0 Receivables: Taxes .......................................... 0 0 24,342 , Special Assessments Current .................. 0 0 0 Special Assessments Delinquent ............... 0 0 0 Special Assessments Deferred ................. 0 0 0 Interest - Special Assessments ................. 0 0 0 ' Interest on Investments ........................ 0 0 0 Due From Other Funds0 0 1,988 ............................. TOTAL ASSETS $ 63,458 $ 60,539 $ 581,825 LIABILITIES AND FUND EQUITY: , LIABILITIES: Vouchers/Contracts Payable ..................... $ 0 S 0 $ 0 Matured Bonds Payable .......................... 0 0 0 Matured Interest Payable ....................... 0 0 78,644 ' Deferred Revenues .............................. 0 0 24,342 TOTAL LIABILITIES $ 0, $ 0 $ 102,986 FUND EQUITY: , Fund Balance: Reserved For Debt Service .................... $ 63,458 S 60,539 S 478,839 TOTAL FUND EQUITY ............. .................... $ 63,458 S 60,539 $ 478,839 TOTAL LIABILITIES AND FUND EQUITY .................. $ 63,458 $ 60,539 S 581,825 ' i 1 1 1 1 1 i 56 City of Renton 1994 CAFR Page 2 of 2 GENERAL GOVERNMENT SPECIAL SPECIAL TOTALS MISCELLANEOUS 1989 UNLIMITED ASSESSMENT ASSESSMENT DEBT GO BONDS DEBT GUARANTY 1994 1993 S 378,934 S 389,728 S 24,341 $ 183,255 $ 1,577,106 $ 1,786,619 0 0 20,000 0 98,644 247,922 0 0 1,085,117 725,000 1,810,117 2,060,379 0 17,108 0 0 41,450 65,668 0 0 456 0 456 1,055 0 0 168,269 0 168,269 91,695 0 0 4,582,171 0 4,582,171 5,017,412 0 0 55,377 0 55,377 67,102 0 0 34,488 27,456 61,944 59,947 956 1,478 0 0 4,422 15,766 $ 379,890 $ 408,314 S 5,970,219 $ 935,711 S 8,399,956 $ 9,413,565 $ 706 $ 0 $ 0 $ 0 $ 706 S 1,620 0 0 20,000 0 20,000 40,000 0 0 0 0 78,644 207,922 0 17,108 4,582,171 0 4,623,621 5,083,080 $ 706 $ 17,108 $ 4,602,171 $ 0 $ 4,722,971 $ 5,332,622 $ 379,184 $ 391,206 $ 1,368,048 $ 935,711 $ 3,676,985 S 4,080,943 $ 379,184 $ 391,206 $ 1,368,048 $ 935,711 $ 3,676,985 S 4,080,943 $ 379,890 $ 408,314 $ 5,970,219 $ 935,711 $ 8,399,956 $ 9,413,565 57 City ojRenton 1994 CAFR ' DEBT SERVICE FUNDS Page 1 of 2 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 1989 LIMITED 1983 UNLIMITED 1978 LIMITED GO REFUNDING GO REFUNDING GO BONDS BONDS BONDS ' REVENUES Taxes .............................................. $ 74,380 $ 280,798 $ 696,655 , Special Assessments ................................ 0 0 0 Interest 987 1,338 19,157 TOTAL REVENUES r .................................... $ 75,367 $ 282,136 $ 715,812 EXPENDITURES ! Debt Service: Principal Retirement ............................. $ 60,000 $ 155,000 $ 600,000 Interest 8 Fiscal Charges 16,520 131,071 231,176 TOTAL EXPENDITURES ................................... $ 76,520 $ 286,071 $ 831,176 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (1,153) $ (3,935) $ (115,364) OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 Operating Transfers In ............................. $ 0 $ 0 $ 0 Operating Transfers (Out) .......................... 0 0 0 Funds Remitted to Bond Trustee ..................... 0 0 0 FUND BALANCE JANUARY 1 ............................... 64,611 64,474 594,203 Residual Equity Transfers In ....................... 0 0 0 , Residual Equity Transfers Out ...................... 0 0 0 FUND BALANCE DECEMBER 31 $ 63,458 '''$ 60,539 $ 478,839 i 1 i 1 58 ' .. City of Renton 1994 CAFR Page 2 of 2 .. GENERAL GOVERNMENT SPECIAL SPECIAL TOTALS MISCELLANEOUS 1989 UNLIMITED ASSESSMENT ASSESSMENT DEBT GO BONDS DEBT GUARANTY 1994 1993 $ 1,008,191 $ 517,961 $ 0 $ 0 S 2,577,985 $ 2,591,640 *� 0 0 1,029,437 0 1,029,437 888,498 9,183 7,009 139,574 36,566 213,814 196,422 $ 1,017,374 $ 524,970 $ 1,169,011 $ 36,566 $ 3,821,236 $ 3,676,560 $ 594,288 $ 205,000 $ 1,326,063 $ 0 $ 2,940,351 $ 1,847,160 272,123 265,463 369,619 0 1,285,972 1,639,643 $ 866,411 $ 470,463 $ 1,695,682 S 0 S 4,226,323 $'''3,486,803'1' $ 150,963 $ 54,507 $ (526,671) $ 36,566 S (405,087) $ 189,757 $ 0 $ 0 $ 0 $ 0 $ 0 $ 11,016,750 $ 0 $ 0 $ 1,129 $ 0 $ 1,129 $ 0 0 0 0 0 0 (303,342) W 0 0 0 0 0 (10,799,410) 228,221 336,699 2,150,189 642,546 4,080,943 3,952,482 0 0 0 256,599 256,599 156,068 0 0 (256,599) 0 (256,599) (131,362) $ 379,184 $ 391,206 $ 1,368,048 S 935,711 $ 3,676,985 $ 4,080,943 59 Crry of Renton 1994 CAFR DEBT SERVICE FUNDS Page 1 of 6 1 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL 1 YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 1978 LIMITED GENERAL OBLIGATION BOND 1 VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL 1 REVENUES Taxes .............................................. $ 74,380 $ 74,380 $ 0 $ 76,636 1 Special Assessments ................................ 0 0 0 0 Interest 500 987 487 1,047 TOTAL REVENUES ....................................... $ 74,880 $ 75,367 $ 487 $ 77,683 EXPENDITURES Debt Service: Principal Retirement ............................. $ 60,000 $ 60,000 $ 0 $ 55,000 Interest & Fiscal Charges ........................ 16,480 16,520 (40) 19,502 TOTAL EXPENDITURES ................................... $ ;': .,, 76,480 $ 76,520 $ (40) $ 74,502 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... S (1,600) $ (1,153) $ 447 $ 3,181 Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 $ 0 Operating Transfers In ............................. $ 0 $ 0 $ 0 $ 0 Operating Transfers (Out) .......................... 0 0 0 0 Funds Remitted to Bond Trustee ..................... 0 0 0 0 FUND BALANCE JANUARY 1 ............................... 64,611 64,611 0 61,430 Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity Transfers (Out) .................... 0 0 0 0 fUND BALANCE DECEMBER 31 $ 63,011 $ 63,458 $ 447 $ 64,611 1 i 1 1 i 60 , City of Renton 1994 CAFR Page 2 of 6 1989 LIMITED GENERAL OBLIGATION REFUNDING BOND 1983 UNLIMITED GENERAL OBLIGATION REFUNDING BOND VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 280,798 $ 280,798 $ 0 $ 297,138 $ 700,000 $ 696,655 $ (3,345) $ 826,049 0 0 0 0 0 0 0 0 500 1,338 838 1,980 25,000 19,157 (5,843) 9,087 $ 281,298 $ 282,136 $ 838 $ 299,118 $ 725,000 $ 715,812 $ (9,188) $ 835,136 $ 155,000 $ 155,000 $ 0 $ 145,000 $ 600,000 $ 600,000 $ 0 $ 370,000 131,533 131,071 462 143,449 237,655 231,176 6,479 337,105 $ 286,533 $ 286,071 $ 462 $ 288,449 $ 837,655 $ 831,176 $ 6,479 $ 707,105 $ (5,235) $ (3,935) $ 1,300 $ 10,669 $ (112,655) $ (115,364) $ (2,709) $ 128,031 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 4,660,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (4,582,777) 64,474 64,474 0 53,805 586,592 594,203 7,611 388,949 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 59,239 $ 60,539 $ 1,300 $ 64,474 $ 473,937 $ 478,839 $ 4,902 $ 594,203 61 City of Renton 1994 CAFR DEBT SERVICE FUNDS Page 3 of 6 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL ' YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 GENERAL GOVERNMENT MISCELLANEOUS DEBT ' VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 872,973 $ 1,008,191 $ 135,218 $ 852,102 Special Assessments ................................ 0 0 0 0 Interest 1,500 9,183 7,683 4,720 TOTAL REVENUES ....................................... $ 874,473 $ 1,017,374 $ 142,901 $ 856,822 EXPENDITURES Debt Service: Principal Retirement ............................. $ 594,582 $ 594,288 $ 294 $ 541,160 Interest & Fiscal Charges ....................... 272,805 272,123 682 362,892 TOTAL EXPENDITURES ................................... S 867,387 $ 866,411 $ 976 $ 904,052 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 7,086 $ 150,963 $ 143,877 $ (47,230) Proceeds Of long-Term Debt ......................... $ 0 $ 0 $ 0 $ 2,086,750 Operating Transfers In ............................. $ 0 $ 0 $ 0 $ 0 Operating Transfers (Out) .......................... 0 0 0 0 Funds Remitted to Bond Trustee ..................... 0 0 0 (2,047,603) FUND BALANCE JANUARY 1 ............................... 225,034 228,221 3,187 236,304 Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity Transfers (Out) .................... 0 0 0 0 FUND BALANCE DECEMBER 31 ............................. $ 232,120 $ 379,184 $ 147,064 $ 228,221 62 .. City of Renton 1994 CAFR Page 4 of 6 1989 UNLIMITED GENERAL OBLIGATION BOND SPECIAL ASSESSMENT DEBT SERVICE FUND VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL S 520,448 $ 517,961 $ (2,487) $ 539,715 $ 0 $ 0 $ 0 $ 0 �+ 0 0 0 0 1,167,333 1,029,437 (137,896) 888,498 5,000 7,009 2,009 3,289 25,000 139,574 114,574 144,769 $ 525,448 $ 524,970 $ (478) $ 543,004 $ 1,192,333 $ 1,169,011 $ (23,322) $ 1,033,267 $ 205,000 $ 205,000 $ 0 $ 165,000 $ 1,680,063 $ 1,326,063 S 354,000 $ 571,000 273,608 265,463 8,145 441,267 377,236 369,619 7,617 335,428 S 478,608 $ 470,463 $ 8,145 $ 606,267 $ 2,057,299 $ 1,695,682 S 361,617 $ 906,428 $ 46,840 $ 54,507 S 7,667 $ (63,263) $ (864,966) $ (526,671) $ 338,295 $ 126,839 $ 0 $ 0 $ 0 $ 4,270,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,129 $ 1,129 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 (4,169,030) 0 0 0 0 331,731 336,699 4,968 298,992 1,949,927 2,150,189 200,262 2,130,006 0 0 0 0 0 0 0 24,706 0 0 0 0 (256,599) (256,599) 0 (131,362) $ 378,571 $ 391,206 $ 12,635 $ 336,699 S 829,491 $ 1,368,048 S 538,557 $ 2,150,189 63 City of Renton 1994 CAFR DEBT SERVICE FUNDS Page 5 of 6 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 SPECIAL ASSESSMENT GUARANTY FUND VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL ' REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Special Assessments ................................ 0 0 0 0 Interest ........................................... 40,000 36,566 (3,434) 31,530 TOTAL REVENUES ....................................... $ 40,000 $ 36,566 $ (3,434) $ 31,530 EXPENDITURES Debt Service: Principal Retirement ............................. $ 0 $ 0 $ 0 E 0 Interest 8 Fiscal Charges ........................ 0 0 0 0 TOTAL EXPENDITURES ................................... $ 0 $ O>, $ O;' $ 0' EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 40,000 $ 36,566 $ (3,434) $ 31,530 Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 $ 0 Operating Transfers In .......................... $ 0 $ 0 $ 0 $ 0 Operating Transfers (Out) .......................... 0 0 0 (303,342) Funds Remitted to Bond Trustee ..................... 0 0 0 0 FUND BALANCE JANUARY 1 ............................... 623,009 642,546 19,537 782,996 Residual Equity Transfers In ....................... 256,599 256,599 (0) 131,362 Residual Equity Transfers (Out) .................... 0 0 0 0 FUND BALANCE DECEMBER 31 ............................. $ 919,608 $ 935,711 $ 16,103 $ 642,546 64 City of Renton 1994 CAFR Page 6 of 6 TOTALS VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 2,448,599 $ 2,577,985 $ 129,386 $ 2,591,640 1,167,333 1,029,437 (137,896) 888,498 97,500 213,814 116,314 196,422 $ 3,713,432 $ 3,821,236 $ 107,804 $ 3,676,560 $ 3,294,645 $ 2,940,351 $ 354,294 $ 1,847,160 1,309,317 1,285,972 23,345 1,639,643 $ 4,603,962 $ 4,226,323 $ 377,639 $ 3,486,803 $ (890,530) $ (405,087) $ 485,443 $ 189,757 $ 0 $ 0 $ 0 $ 11,016,750 $ 1,129 $ 1,129 $ 0 $ 0 0 0 0 (303,342) 0 0 0 (10,799,410) 3,845,378 4,080,943 235,565 3,952,482 256,599 256,599 (0) 156,068 (256,599) (256,599) 0 (131,362) $ 2,955,977 $ 3,676,985 $ 721,008 $ 4,080,943 65 City of Renton 1994 CAFR IAI 66 ... City of Renton 1994 CAFR r. CAPITAL PROJECT FUNDS Capital Project Funds account for the acquisition or development of major capital facilities, except those projects financed by proprietary funds. Sources of revenue to these funds include general obligation bond proceeds, federal and state grants, general property taxes, interest earnings,and transfers from other funds. ... OPEN SPACE CAPITAL IMPROVEMENT FUND -Accounts for open space bond funds received from King County and other grants for the purpose of preserving open space. The bond funds were approved by voters in the fall of 1989 and available for use in May, 1990. Some of the projects are: Honey Creek Trail, Springbrook Trail, Cedar River Trail and Lake Washington Waterfront projects. 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. w GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND - Accounts for revenues and expenditures for numerous capital improvement projects, to provide infrastructure necessary for controlled growth and to address general City needs. Primary resources include general tax revenues, business license fees, Federal and State grants, general obligation bond proceeds, and transfers from various cumulative reserve funds. SENIOR HOUSING CONSTRUCTION FUND - Accounts for the acquisition, construction, rehabilitation, development, and equipment purchases of low income housing and facilities for the elderly. Resources are from a 1989 voter-approved general obligation bond issue. SPECIAL ASSESSMENT CONSTRUCTION FUND - This fund accounts for the construction phase of all Special Assessment local improvement districts (LID) located within the City. The primary resource for this activity is short-term debt or interfund loans which are repaid with permanent financing once the construction of the LID is complete. .. 67 City ojRenton 1994 CAFR CAPITAL PROJECT FUNDS Page 1 of 2 , COMBINING BALANCE SHEET DECEMBER 31, 1994 With Comparative Totals for December 31, 1993 OPEN SPACE MUNICIPAL SENIOR ' CAPITAL FACILITIES CAPITAL HOUSING IMPROVEMENT CONSTRUCTION IMPROVEMENT CONSTRUCTION ASSETS: Cash and Cash Equivalents ........................ $ 209,583 $ 380,244 E 11,952 $ 83,324 Investments ...................................... 0 1,459,083 3,040,110 200,000 Receivables: Interest on Investments ........................ 0 31,672 134,127 2,665 Due From Other Funds ............................. (292) 956 0 0 Due From Other Governmental Units 729,582 0 2,484,095 0 TOTAL ASSETS $ 938,873 $ 1,871,955 $ 5,670,284 $ 285,989 LIABILITIES AND FUND EQUITY: LIABILITIES: ' Vouchers/Contracts Payable ..................... $ 528 S 1,869 $ 336,548 $ 0 Retainage Payable .............................. 0 0 15,966 0 Due To Other Funds ............................. 1,005 (292) 43,081 0 Deferred Revenues ....... 150,435 0 0 0 Accrued Employee Leave Benefits 0 0 0 0 TOTAL LIABILITIES .. ..... ........... ...... S 151,968 $ 1,577 $ 395,595 S 0 FUND EQUITY Fund Balance: Reserved For Arbitrage Rebate ................ S 0 $ 0 $ 47,575 $ 244,070 Unreserved Undesignated .................... 786,905 1,870,378 5,227,114 41,919 TOTAL FUND EQUITY .................................. $''' 786,905 $ 1,870,378 $ 5,274,689 S 285,989 TOTAL LIABILITIES AND FUND EQUITY .................. $ 938,873 $ 1,871,955 S 5,670,284 S 285,989 r r r s 68 City of Renton 1994 CAFR Page 2 of 2 TOTALS .. 1994 1993 $ 685,103 $ 2,065,318 4,699,193 6,633,417 168,464 207,977 664 4,142 3,213,677 2,294,712 $ 8,767,101 $ 11,205,566 $ 338,945 $ 71,736 15,966 0 43,794 276,656 150,435 1,659,638 0 108 $ 549,140 $ 2,008,138 $ 291,645 $ 400,089 7,926,316 8,797,339 $ 8,217,961 $ 9,197,428 $ 8,767,101 $ 11,205,566 69 City of Renton 1994 CAFR CAPITAL PROJECT FUNDS Page 1 of 2 , COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 OPEN SPACE MUNICIPAL CAPITAL FACILITIES CAPITAL IMPROVEMENT CONSTRUCTION IMPROVEMENT REVENUES Taxes .............................................. $ 0 $ 485,218 $ 0 Licenses And Permits ............................... 0 0 1,540,689 Intergovernmental Revenues ......................... 3,545,840 0 3,377,973 Charges For Services ............................... 0 0 2,619 Interest ........................................... 24,221 85,005 (48,209) Miscellaneous Revenues ............................. 0 45,010 15,000 TOTAL REVENUES ....................................... $ 3,570,061 $ 615,233 $ 4,888,072 EXPENDITURES Current: Transportation ................................... $ 0 $ 0 $ 5,425,222 Culture and Recreation ........................... 0 0 0 Capital Outlay ..................................... 3,120,901 1,488,031 0 Debt Service: Interest & Fiscal Charges ........................ 0 0 0 TOTAL EXPENDITURES ................................... $ 3,120,901 $ 1,488,031 $ 5,425,222 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 449,160 $ (872,798) $ (537,150) OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 Interfund Loan Proceeds ............................ 0 0 0 Interfund Loan Repayments .......................... (504,007) 0 0 Operating Transfers In ............................. 0 431,000 96,689 Operating Transfers (Out) .......................... 0 0 (232,687) Other Financing Sources ............................ 0 193,250 0 Sale Of General Fixed Assets ....................... 0 0 0 Funds Remitted to Bond Trustee ... 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) $ (504,007) $ 624,250 $ (135,998) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (54,847) $ (248,548) $ (673,148) FUND BALANCE JANUARY 1 ............................... 841,752 2,098,276 5,947,837 Residual Equity Transfers In ....................... 0 20,650 0 Residual Equity Transfers Out 0 0 0 FUND BALANCE DECEMBER 31 ................. ........... $ 786,905 $ 1,870,378 $ 5,274,689 . 70 City of Renton 1994 CAFR Page 2 of 2 SENIOR SPECIAL TOTALS HOUSING ASSESSMENT CONSTRUCTION CONSTRUCTION 1994 1993 $ 0 $ 0 $ 485,218 $ 364,489 0 0 1,540,689 1,753,614 0 0 6,923,813 4,377,356 0 0 2,619 1,344 13,915 0 74,932 232,977 0 0 60,010 18,720 $ 13,915 $ 0 $ '9,087,281 $ 6,748,500 $ 0 $ 0 $ 5,425,222 $ 1,837,429 0 0 0 25,000 37,489 0 4,646,421 3,923,192 0 0 0 133,994 $ 37,489 $ 0 $10,071,643 $ 5,919,615 $ (23,574) $ 0 $ (984,362) $ 828,885 $ 0 $ 0 $ 0 $ 1,654,063 0 0 0 700,000 0 0 (504,007) 0 0 0 527,689 985,030 0 0 (232,687) 0 0 0 193,250 0 0 0 0 101,000 0 0 0 (3,200,000) $ 0 $ 0 $ (15,755) $ 240,093 $ (23,574) $ 0 $(1,000,117) $ 1,068,978 309,563 0 9,197,428 8,153,156 0 0 20,650 0 0 0 0 (24,706) $ 285,989 $ 0 $ 8,217,961 $ 9,197,428 71 City of Renton 1994 CAFR i CAPITAL PROJECTS FUNDS Page 1 of 4 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 OPEN SPACE CAPITAL IMPROVEMENT VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 6,773,297 3,545,840 (3,227,457) 3,432,995 Charges For Services ............................... 0 0 0 0 Interest ........................................... 0 24,221 24,221 71,994 Miscellaneous Revenues 0 0 0 0 TOTAL REVENUES ....................................... $ 6,773,297 $ 3,570,061 $ (3,203,236) $ 3,504,989 EXPENDITURES Current: Transportation ................................... $ 0 $ 0 $ 0 $ 0 Culture and Recreation ........................... 0 0 0 0 Capital Outlay ..................................... 6,565,932 3,120,901 3,445,031 3,368,784 Debt Service: Interest & Fiscal Charges ........................ 0 0 0 0 TOTAL EXPENDITURES ................................... $ 6,565,932 $ 3,120,901 $ 3,445;031 S 3,368,784 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 207,365 $ 449,160 $ 241,795 $ 136,205 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 $ 0 Interfund Loan Proceeds ............................ 0 0 0 700,000 Interfund Loan Repayments .......................... (704,007) (504,007) 200,000 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... 0 0 0 0 Sale Of General Fixed Assets ....................... 0 0 0 0 Funds Remitted to Bond Trustee ..................... 0 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) $ (704,007) $_ (504,007) $ 200,000 $ 700,000 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (496,642) $ (54,847) $ 441,795 $ 836,205 FUND BALANCE JANUARY 1 ............................... 496,642 841,752 345,110 5,547 Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity.Transfers (Out) 0 0 0 0 .................... FUND BALANCE DECEMBER 31` .........'................ $ 0 $ 786,905 $ 786,905 $ 841,752 72 City of Renton 1994 CAFR .� Page 2 of 4 MUNICIPAL FACILITIES CONSTRUCTION CAPITAL IMPROVEMENTS VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 350,000 $ 485,218 $ 135,218 S 364,489 S 0 $ 0 S 0 E 0 0 0 0 73,000 1,443,960 1,540,689 96,729 1,680,614 0 0 0 0 8,883,172 3,377,973 (5,505,199) 944,361 0 0 0 0 1,000 2,619 1,619 1,344 0 85,005 85,005 59,650 13,000 (48,209) (61,209) 94,684 .. 45,011 45,010 (1) 0 10,000 15,000 5,000 0 $ 395,011 $ 615,233 $ 220,222 $ 497,139 $10,351,132 $ 4,888,072 $ (5,463,060) $ 2,721,003 .nr $ 0 $ 0 $ 0 $ 0 $15,957,555 $ 5,425,222 $ 10,532,333 $ 1,831,611 0 0 0 25,000 0 0 0 0 3,041,204 1,488,031 1,553,173 139,316 0 0 0 0 26,919 0 26,919 5,364 12,108 0 12,108 0 $ 3,068,123 $1,488,031 $ 1,580,092 $ 169,680 $15,969,663 _ $ 5,425,222 $ 10,544,441 $ 1,831,611 $(2,673,112) $ (872,798) $ 1,800,314 $ 327,459 $(5,618,531) $ (537,150) $ 5,081,381 $ 889,392 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 .. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 431,000 431,000 0 472,842 413,915 96,689 (317,226) 512,188 0 0 0 0 (232,687) (232,687) 0 0 193,250 193,250 0 101,000 0 0 0 0 M 0 0 0 0 0 0 0 0 $ 624,250 $ 624,250 $ 0 $ 573,842 $ 181,228 $ (135,998), >S (317,226) $ 512,188 $(2,048,862) $ (248,548) $ 1,800,314 $ 901,301 $(5,437,303) S (673,148) S 4,764,155 $ 1,401,580 2,070,358 2,098,276 27,918 1,196,975 5,518,248 5,947,837 429,589 4,546,257 22,741 20,650 (2,091) 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 44,237 $1,870,378 $ 1,026,141 S 2,098,276 $ 80,945 S ;5,274,689 S 5,193,744 S 5,947,837 City of Renton 1994 CAFR CAPITAL PROJECTS FUNDS Page 3 of 4 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1994, With Comparative Actual Totals for Year Ended December 31, 1993 SENIOR HOUSING CONSTRUCTION FUND VARIANCE FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 0 0 0 0 Charges For Services ............................... 0 0 0 0 Interest ........................................... 0 13,915 13,915 11,065 Miscellaneous Revenues 0 0 0 18,720 TOTAL REVENUES ....................................... $ 0 $ 13,915 $ 13,915 $ 29,785 EXPENDITURES Current: Transportation ................................... $ 0 $ 0 $ 0 $ 0 Culture and Recreation ........................... 0 0 0 0 Capital Outlay ..................................... 15,291 37,489 (22,198) 415,092 Debt Service: Interest & Fiscal Charges ........................ 250,000 0 250,000 0 TOTAL EXPENDITURES ................................... $ 265,291 $ 37,489 $ 227,802 $ 415;092'''' EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (265,291) $ (23,574) $ 241,717 $ (385,307) OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 $ 0 Interfund Loan Proceeds ............................ 0 0 0 0 Interfund Loan Repayments .......................... 0 0 0 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... 0 0 0 0 Sale Of General Fixed Assets ....................... 0 0 0 0 Funds Remitted to Bond Trustee ..................... 0 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) ................. $ r 0 $ 0 $ 0 $ 0 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (265,291) $ (23,574) $ 241,717 $ (385,307) FUND BALANCE JANUARY 1 ............................... 309,244 309,563 319 694,870 Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity Transfers (Out) .................... 0 0 0 0 FUND BALANCE DECEMBER 31 $ 43,953 $ 285,989 $ 242,036 $ 309,563 74 City of Renton 1994 CAFR Page 4 of 4 SPECIAL ASSESSMENT CONSTRUCTION FUND TOTALS VARIANCE VARIANCE FAVORABLE 1993 FAVORABLE 1993 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 S 350,000 S 485,218 $ 135,218 S 364,489 0 0 0 0 1,443,960 1,540,689 96,729 1,753,614 0 0 0 0 15,656,469 6,923,813 (8,732,656) 4,377,356 0 0 0 0 1,000 2,619 1,619 1,344 0 0 0 (4,416) 13,000 74,932 61,932 232,977 0 0 0 0 55,011 60,010 4,999 18,720 $ 0 $ 0 $ 0 $ (4,416) $ 17,519,440 $ 9,087,281 $>:a8,432,159) $ 6,748,500 $ 0 $ 0 $ 0 $ 5,818 $ 15,957,555 $ 5,425,222 S 10,532,333 $ 1,837,429 0 0 0 0 0 0 0 25,000 0 0 0 0 9,622,427 4,646,421 4,976,006 3,923,192 0 0 0 128,630 289,027 0 289,027 133,994 $ 0 $ 0 $ 0 $ 134,448 $ 25,869,009 $10,071,643 $ 15,797,366 $ 5,919,615 $ 0 $ 0 $ 0 $ (138,864) $ (8,349,569) $ (984,362) $ 7,365,207 $ 828,885 $ 0 $ 0 $ 0 $ 1,654,063 $ 0 $ 0 $ 0 $ 1,654,063 0 0 0 0 0 0 0 700,000 0 0 0 0 (704,007) (504,007) 200,000 0 0 0 0 0 844,915 527,689 (317,226) 985,030 0 0 0 0 (232,687) (232,687) 0 0 0 0 0 0 193,250 193,250 0 101,000 0 0 0 (3,200,000) 0 0 0 (3,200,000) $ 0 $ 0 $ 0 $(1,545,937) $ 101,471 $ (15,755) $ (117,226) $ 240,093 $ 0 $ 0 $ 0 $(1,684,801) $ (8,248,098) S(1,000,117) $ 7,247,981 $ 1,068,978 0 0 0 1,709,507 8,394,492 9,197,428 802,936 8,153,156 0 0 0 0 22,741 20,650 (2,091) 0 0 0 0 (24,706) 0 0 0 (24,706) $ 0 $ 0 $ 0 S 0 S 169,135 S >8,217,961 $ .8;048,826 $ 9,197,428 75 City of Renton 1994 CAFR { 1 a t j 1 1 i 76 City of Renton 1994 CAFR ENTERPRISE FUNDS Enterprise funds are established for government activities that are financed and operate in a manner similar to private business. Costs of providing services to the general public are primarily financed by user fees. WATERWORKS UTILITY FUND - Accounts for the operation and capital improvement programs for the water, wastewater (sewer) and surface water (storm drainage services) within the City. Activities which are primarily supported by user fees include, administration; billings and collections; debt service; engineering; and operation, 'r maintenance and repairs. The primary resources for the capital improvement programs are revenue bond proceeds, grants as available and utility collection charges. AIRPORT FUND - Provides accounting for revenues and expenses which provide administration, debt service, operation, capital improvements, and maintenance of the Renton Municipal Airport and Will Rogers-Wiley Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel charges, investment interest, and grant funding as available. SOLID WASTE UTILITY FUND - Solid waste, recycling, and yard waste collection services for the City are accounted for in this fund, .. supported entirely by service fees. Expenses include payment to the City's garbage contractor and other service charges. GOLF COURSE FUND - The City acquired the Maplewood Golf Course in 1985 and this fund was created to account for the operation, maintenance, debt service, and capital improvements of this municipal facility. User fees provide for operation and approximately 15% of debt services. Operating transfers from the General Fund provide •• approximately 85%of the debt service. r.. WW 77 City of Renton 1994 CAFR ENTERPRISE FUNDS Page 1 of 2 ' COMBINING BALANCE SHEET YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for December 31, 1993 WATERWORKS AIRPORT SOLID WASTE UTILITY UTILITY ASSETS: Current Assets: Cash and Cash Equivalents ............................ $ 226,646 $ 455,995 $ 49,615 ' Cash With Fiscal Agent ............................. 0 0 0 Investments ........................................ 1,557,050 1,250,000 50,000 Receivables, net of Allowance for Uncollectibles: Accounts ......................................... 1,641,112 48,398 1,011,646 Interest on Investments .......................... 446,138 21,152 12,690 Due From Other Funds ............................... 4,219 0 0 Due From Other Governmental Units .................. 527,244 12,310 29,041 Inventory of Material and Supplies ................. 263,611 0 0 Prepaid Items ...................................... 0 3,937 0 , Total Current Assets.............................. 4,666,020 1,791,792 1,152,992 Restricted Assets: Deposits ........................................... 20,435 0 0 Revenue Bond Debt Service .......................... 3,923,963 0 0 Construction Account ............................... 9,526,046 0 0 Total Restricted Assets........................... 13,470,444 0 0 Property, Plant and Equipment: Fixed Assets (Net) ................................. 80,463,158 3,779,351 272,079 , Construction In Progress ........................... 17,587,437 96,862 0 Total Property, Plant and Equipment............... 98,050,595 3,876,213 272,079 Deferred Charges and Other Assets .................. 144,000 0 0 TOTAL ASSETS ........................................... $116,331,059 $5,668,005 $ 1,425,071 LIABILITIES AND FUND EQUITY: LIABILITIES: Current Liabilities: , Vouchers/Contracts Payable ..................... $ 173,498 $ 4,802 $ 456,395 Retainage Payable .............................. 38,216 0 0 Due To Other Funds ............................... 0 0 0 Interfund Loans/Advances - Current ............... 0 0 0 Due To Other Governmental Units .................. 212,281 0 0 , Matured Interest Payable ......................... 0 0 0 Accrued Interest Payable ......................... 401,820 0 2,072 Accrued Wages Payable ............................ 22,215 1,601 307 Accrued Employee Benefits Payable ................ 3,383 244 47 Accrued Taxes Payable ............................ 37,574 22,694 30,933 Deferred Revenues ................................ 40,964 44,877 0 Total Current Liabilities....................... 929,951 74,218 489,754 Liabilities Payable from Restricted Assets: , Deposits Payable ................................. 20,435 0 0 General Obligation Bonds Payable - Current ....... 53,240 0 90,000 Revenue Bonds Payable - Current Portion .......... 1,470,000 0 0 Total Liabilities Payable From Restricted Assets 1,543,675 0 90,000 Long Term Liabilities: General Obligation Bonds Payable ................. 464,640 0 170,000 Unamortized Discounts on G.O. Bond ............... (9,607) 0 0 Revenue Bonds Payable ............................ 28,460,000 0 0 , Unamortized Discounts on Revenue Bond ............ (633,513) 0 (7,248) Accrued Employee Leave Benefits .................. 210,443 20,179 4,086 Interfund Loans/Advances - Non-Current ........... 0 0 0 Public Works Trust Fund Loan Payable ............. 2,862,821 0 0 , Arbitrage Rebate Tax Payable ..................... 8,584 0 0 Total Long Term Liabilities..................... 31,363,368 20,179 166,838 TOTAL LIABILITIES $ 33,836,994 $ 94,397 $ 746,592 ...................................... FUND EQUITY: Contributed Capital ................................ $ 71,142,184 $1,869,053 $ 0 Retained Earnings: Reserved For Debt Service ........................ 2,461,088 0 0 Unreserved .... .... ...... 8,890,793 3,704,555 678,479 . . ....................... TOTAL FUND EQUITY ...................................... $ 82,494,065 $5,573,608 $ 678,479 TOTAL LIABILITIES AND FUND EQUITY ...................... $116,331,059 $5,668,005 $ 1,425,071 78 City of Renton 1994 CAFR Page 2 of 2 TOTALS GOLF COURSE 1994 1993 $ 150,635 $ 882,891 $ 1,018,954 0 0 1,969 3,822,729 6,679,779 1,281,844 11,751 2,712,907 2,792,895 95,503 575,483 378,713 136,079 140,298 140,534 0 568,595 758,343 0 263,611 268,426 0 3,937 3,938 4,216,697 11,827,501 6,645,616 0 20,435 29,170 0 3,923,963 4,046,703 .. 0 9,526,046 9,237,889 0 13,470,444 13,313,762 4,683,329 89,197,917 89,610,513 1,126,315 18,810,614 12,502,298 5,809,644 108,008,531 102,112,811 0 144,000 160,000 $10,026,341 $133,450,476 S 122,232,189 $ 2,416 $ 637,111 $ 784,556 14,506 52,722 65,955 0 0 657 10,842 10,842 104,991 0 212,281 56,181 0 0 1,969 36,819 440,711 348,097 1,179 25,302 24,460 180 3,854 3,692 2,701 93,902 63,887 0 85,841 118,033 68,643 1,562,566 1,572,478 0 20,435 29,170 268,620 411,860 374,840 0 1,470,000 1,390,000 268,620 1,902,295 1,794,010 2,344,320 2,978,960 3,390,820 (118,840) (128,447) (70,841) 5,000,000 33,460,000 26,360,000 0 (640,761) (626,674) 13,453 248,161 325,682 19,057 19,057 29,899 0 2,862,821 1,385,565 0 8,584 8,024 7,257,990 38,808,375 30,802,475 $ 7,595,253 $ 42,273,236 $ 34,168,963 $ 5,000 $ 73,016,237 $ 72,487,995 612,186 3,073,274 2,201,018 1,813,902 15,087,729 13,374,213 $ 2,431,088 $ 91,177,240 $ 88,063,226 $10,026,341 $133,450,476 $122,232,189 79 City of Renton 1994 CAFR ++� ENTERPRISE FUNDS Page 1 of 2 COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 WATERWORKS AIRPORT SOLID WASTE UTILITY UTILITY OPERATING REVENUES: Charges for Services ........................... $ 16,307,036 $ 676,612 $ 6,135,671 Other Operating Revenue 326,128 7,644 0 TOTAL OPERATING REVENUE $ 16,633,164 $ 6$k '256 S 6,135,671 OPERATING EXPENSES: Operations and Maintenance ..................... $ 8,498,655 $ 220,354 S 5,381,297 Administrative and General ..................... 1,502,841 92,573 0 Insurance ...................................... 0 12,816 0 Taxes .......................................... 1,499,161 0 920,950 Depreciation 1,871,440 235,447 55,466 TOTAL OPERATING EXPENSES .. $ 13,372,097 $ 561,190 $ 6,357,713 OPERATING INCOME (LOSS) .......................... $ 3,261,067 $ 123,066 $ (222,042) NON-OPERATING REVENUE (EXPENSE): Interest Revenue ............................... $ 665,121 $ 69,229 $ 15,724 Other Non-operating Revenue .................... (12,614) 50 100,330 Interest Expense ............................... (1,471,603) 0 (13,663) Arbitrage Expense .............................. (560) 0 0 Amortization of Debt Discount and Expense (67,662) 0 (1,450) NON-OPERATING REVENUE NET OF EXPENSES $ (887,318) $ 69,279 $ 100,941 INCOME (LOSS) BEFORE OPERATING TRANSFERS ......... $ 2,373,749 $ 192,345 $ (121,101) OPERATING TRANSFERS IN .......................... 0 0 0 NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .. S 2,373,749 S 1920345 $ (,121,101) EXTRAORDINARY LOSS ON ADVANCE REFUNDING .......... 0 0 0 NET INCOME (LOSS) ................................ $ 2,373,749 $ 192,345 $ (121,101) Depreciation Reducing Grant Contributed Capital. 0 164,763 0 INCREASE (DECREASE) IN RETAINED EARNINGS ......... $ 2,373,749 $ 357,108 $ (121,101) RETAINED EARNINGS, JANUARY 1 ..................... $ 9,410,525 $ 3,347,447 $ 799,580 Prior Period Corrections (432,393) 0 0 RETAINED EARNINGS, JANUARY 1, RESTATED ........... $ 8,978,132 S 3,347,447 $ 799,580 RETAINED EARNINGS, DECEMBER 31 $ 11,351,881 $ 3,704,555 $ 678,479 CONTRIBUTED CAPITAL, JANUARY 1 ................... $ 70,483,225 $ 1,999,770 $ 0 Capital Grants ............................... 67,883 34,046 0 Prior Period Corrections ..................... (1,437,533) 0 0 Amortization on Capital Grants ............... 0 (164,763) 0 Other Contributed Capital .................... 2,028,609 0 0 CONTRIBUTED CAPITAL, DECEMBER 31 $ 71,142,184 $ 1,869,053 $ 0 FUND EQUITY, DECEMBER 31 ......................... $ 82,494,065 $ 5,573,608 S 678,479 80 ^" City of Renton 1994 CAFR Page 2 of 2 TOTALS GOLF COURSE 1994 1993 $ 847,111 $ 23,966,430 $ 22,241,881 19,746 353,518 257,637 $ 866,857 $ 24,319,948 $ 22,499,518 $ 556,921 S 14,657,227 $ 14,395,639 0 1,595,414 1,344,875 0 12,816 11,378 4,107 2,424,218 2,021,168 58,098 2,220,451 2,198,331 $ 619,126 $ 20,910,126 " $ 19,971,391 ' $ 247,731 $ 3,409,822 S 2,528,127 $ 130,598 $ 880,672 S 646,908 0 87,766 245,659 (277,088) (1,762,354) (1,468,125) 0 (560) (559) (14,402) (83,514) (70,654) $ (160,892) $ (877,990) $ (646,771) $ 86,839 $ 2,531,832 $ 1,881,356 321,570 321,570 375,575 $ 408,409 $ 2,853,402 S 2,256,931 0 0 1,433,707 $ 408,409 $ 2,853,402 $ 823,224 0 164,763 159,580 $ 408,409 $ 3,01.8,165 $ 982,804 $ 2,017,679 $ 15,575,231 $ 14,592,427 0 (432,393) 0 $ 2,017,679 S 15,142,838 S 14,592,427 $ 2,426,088 $ 18,161,003 $ 15,575,231 $ 5,000 $ 72,487,995 $ 67,478,189 0 101,929 966,423 0 (1,437,533) 0 0 (164,763) (159,580) 0 2,028,609 4,202,963 S 5,000 S 73,016,237 $ 72,487,995 $ 2,431,088 $ 91,177,240 $ 88,063,226 81 Cin•of Renton 1994 CAFR ENTERPRISE FUNDS Page 1 of 4 .. COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 WATERWORKS AIRPORT SOLID WASTE UTILITY CASH FLOWS FROM OPERATING ACTIVITIES: Cash Received From Customers ................................. $ 16,021,119 $ 656,422 $ 6,154,109 Cash Received From Other Funds for Services .................. 319,162 0 5,069 Cash Paid to Suppliers for Goods and Services ................ (5,860,563) (77,257) (5,508,857) Cash Paid to Other Funds for Goods and Services .............. (2,634,962) (81,770) (317,583) Cash Paid to Employees ....................................... (2,129,367) (159,343) (108,148) .. Cash Paid for City Utility Taxes ............................. (986,675) 0 (367,760) Other Operating Receipts ..................................... 326,128 7,644 0 Other Non-Operating Receipts ................................. 20,716 0 0 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ............... $ 5,075,558 $ `3451696 $ (143,170) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Proceeds From Interfund Loans ................................ $ 0 $ 0 $ 0 Operating Grants Received .................................... 0 0 110,143 Operating Transfers From Other Funds ......................... 0 0 0 Other Non-Operating Receipts ................................. 0 449 47 Repayments on Interfund Loans ...... 0 0 0 'NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES .... $ 0 $ 449 $ 110,190 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds .................................. $ 3,570,000 $ 0 $ 0 Payments on Bond Issuance and Registration Fees .............. (80,173) 0 (679) ' Proceeds From State Long-Term Loans .......................... 1,637,842 0 0 Acquisition and Construction of Capital Assets ............... (7,604,446) (39,730) (1,903) Payments Received from Intergovernmental Loan ................ 37,989 0 0 Capital Contributions ........................................ 984,569 0 0 Capital Grants ............................................... 195,471 21,736 0 Principal Payments on Bonds .................................. (1,500,741) 0 (45,000) Interest Payments on Bonds ................................... (1,534,876) 0 (12,689) Interest Payments on State Long-Term Loans (39,373) 0 0 ' NET CASH PROVIDED (USED) BY CAPITAL FINANCING ACTIVITIES .. $ (4,333,738) $ (17,994) $ (60,271) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments ............................ $ 17,385,508 $ 1,734,688 $ 235,350 Payments for Investments ..................................... (18,685,402) (2,185,000) (135,350) Interest on Investments ...................................... 544,248 63,382 13,001 NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES ............... $ (755,646) $ (386,930) $ 113,001 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS .. $ (13,826) $ (58,780) $ 19,750_ CASH AND CASH EQUIVALENTS, JANUARY 1 13,710,916 514,775 29,865 CASH AND CASH EQUIVALENTS, DECEMBER 31 $ 13,697,090 $ 455,995 $ 49,615 CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents .................................... $ 226,646 $ 455,995 $ 49,615 Cash Restricted for: Deposits ................................................... 20,435 0 0 Revenue Bond Debt Service .................................. 3,923,963 0 0 , Construction Account ....................................... 9,526,046 0 0 TOTAL CASH AT THE END OF THE YEAR $ 13,697,090 $ 455,995 $ 49,615 82 e City of Renton 1994 CAFR Page 2 of 4 TOTALS GOLF COURSE 1994 1993 $ 844,394 $ 23,676,044 $ 21,634,783 0 324,231 410,421 (250,824) (11,697,501) (11,001,478) (96,581) (3,130,896) (2,935,253) (225,871) (2,622,729) (2,561,006) 0 (1,354,435) (1,244,710) 20,361 354,133 258,101 0 20,716 31,878 ® $ 291,479 $ 5,569,563 $ 4,592,736 $ 0 $ 0 $ 95,000 0 110,143 139,291 325,887 325,887 366,394 0 496 0 (110,531) (110,531) (13,382) $ 215,356 $ 325,995 $ 587,303 $ 5,000,000 $ 8,570,000 $ 7,689,789 (74,912) (155,764) (54,412) 0 1,637,842 477,925 (1,112,120) (8,758,199) (11,097,740) 0 37,989 37,875 0 984,569 1,668,594 0 217,207 1,337,881 (275,279) (1,821,020) (1,640,260) 258,813 (1,288,752) (1,481,676) 0 (39,373) (2,168,152) $ 3,796,502 $ (615,501) $ (5,230,176) $ 4,665,000 $ 24,020,546 $ 22,148,805 (8,412,729) (29,418,481) (20,760,215) 35,494 656,125 511,589 $ (3,712,235) $ (4,741,810) $ 1,900,179 $ 73,476 $ 20,620 $ 1,850,042 77,160 14,332,716 12,482,674 $ 150,636 $ 14,353,336 $ 14,332,716 $ (461,551) $ 270,705 $ 1,018,954 0 20,435 29,170 612,186 4,536,149 4,046,703 0 9,526,046 9,237,889 $ 150,635 $ 14,353,335 $ 14,332,716 83 City of Renton 1994 CAFR .r ENTERPRISE FUNDS Page 3 of 4 COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 WATERWORKS AIRPORT SOLID WASTE UTILITY RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) ...................................... $ 3,261,067 $ 123,066 $ (222,043) Adjustments to Reconcile Operating Income (Loss) , to Net Cash Provided (Used) By Operating Activities: Depreciation and Amortization of Deferred Charge ........... 1,887,440 235,447 55,466 Other Non-Operating Revenue ................................ (12,614) 50 47 (Increase) Decrease in Accounts Receivable ................. 9,467 824 28,969 ' (Increase) Decrease in Due From Other Funds/Governmental ... (475) 0 138 (Increase) Decrease in Inventory/Prepaid Items ............. (4,815) 0 0 Increase (Decrease) in Vouchers/Retainage Payable .......... (77,244) 1,515 (4,200) Increase (Decrease) in Due to Other Funds/Governmental ..... 0 0 0 Increase (Decrease) in Payables/Other Short Term Liabilities 103,482 (70) (2,386) Increase (Decrease) in Customer Deposits ................... (8,735) 0 0 Increase (Decrease) in Deferred Revenues ................... (13,754) (18,438) 0 Increase (Decrease) in Accrued Employee Leave Benefits ..... (68,261) 3,302 839 Capital Cost Reported as Operating Expense 0 0 0 Total Adjustments ...................................... NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ............... $ 5,075,558 $ 345,696 $ (143,170) SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Fixed Assets Contributed By Developers ....................... $ 1,053,532 $ 0 $ 0 Fixed Asset Contributed By Other Funds ....................... 0 0 0 Advance Refunding of Revenue Bonds 0 0 0 TOTAL NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES ......... $ 1,053,532 $ 0 $ 0 84 City of Renton 1994 CAFR Page 4 of 4 TOTALS GOLF COURSE 1994 1993 $ 247,731 S 3,409,821 $ 2,528,127 58,098 2,236,451 2,214,331 0 (12,517) 76,317 2,356 41,616 (315,395) 0 (337) 3,322 0 (4,815) (25,722) 1,119 (78,810) 50,288 0 0 (1,405) (4,424) 96,602 91378 0 (8,735) 8,690 0 (32,192) 1,282 (13,401) (77,521) 39,066 0 0 4,457 S 43,748 $ 2,159,742 $ 2,064,609 $ 291,479 $ 5,569,563 $ 4,592,736 $ 0 $ 1,053,532 $ 2,194,457 0 0 6,124 0 0 9,092,924 $ 0 $ 1,053,532 $ 11,293,505 85 City of Renton 1994 CAFR .. -Y i 1 86 ..r City of Renton 1994 CAFR INTERNAL SERVICE FUNDS Internal service funds are used to account for the financing of goods and services provided by one department or agency to other departments or agencies of the City. 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- Provides accounting for self-insurance services to all City departments, including provision for losses on property, liability, worker's compensation, unemployment compensation, and a health care program. Expenses are paid by the Insurance Fund and rates are charged to departments based on use and/or coverage requirements. 87 City of Renton 1994 CAFR +� INTERNAL SERVICE FUNDS Page 1 of 1 COMBINING BALANCE SHEET YEAR ENDED DECEMBER 31, 1994 ' With Comparative Totals for December 31, 1993 TOTALS EQUIPMENT INSURANCE RENTAL 1994 1993 ASSETS: Current Assets: Cash and Cash Equivalents .......................... $1,026,617 $ 228,084 $ 1,254,701 $ 738,322 Investments ...................................... 479,725 2,360,409 2,840,134 1,150,231 Receivables: Accounts ....................................... 0 3,415 3,415 28,394 Interest on Investments ........................ 5,357 112,718 118,075 20,977 Interfund Loans/Advances - Current ............... 0 10,842 10,842 9,991 Due From Other Governmental Units ................ 18,348 0 18,348 71,899 Inventory of Material and Supplies ............... 39,116 0 39,116 38,704 Prepaid Items .................................... 0 3,000 3,000 3,000 Total Current Assets............................ 1,569,163 2,718,468 4,287,631 2,061,518 Property, Plant and Equipment: Fixed Assets (Net) ............................... 1,543,983 0 1,543,983 1,620,313 Total Property, Plant and Equipment............. 1,543,983 0 1,543,983 1,620,313 Interfund Loans/Advances - Non-Current ........... 0 19,057 19,057 29,899 TOTAL ASSETS ......................................... $3,113,146 $ 2,737,525 $ 5,850,671 $ 3,711,730 ' LIABILITIES AND FUND EQUITY: LIABILITIES: Current Liabilities: Vouchers Payable ............................... $ 14,361 $ 33,971 $ 48,332 $ 85,796 is Due To Other Funds ............................. 47 3,445 3,492 0 Accrued Interest Payable ....................... 12,998 0 12,998 9,421 Accrued Wages Payable .......................... 5,017 0 5,017 3,508 Accrued Employee Benefits Payable .............. 764 0 764 534 Other Short Term Liabilities ................... 0 (2,205) (2,205) 61,597 General Obligation Bonds Payable - Current ..... 195,505 0 195,505 74,005 Total Current Liabilities..................... 228,692 35,211 263,903 234,861 Long Term Liabilities: General Obligation Bonds Payable ............... 1,529,055 0 1,529,055 744,560 Unamortized Discounts on G.O. Bond ............. (19,183) 0 (19,183) (10,393) Accrued Employee Leave Benefits ................ 59,102 0 59,102 47,760 Claims Incurred But Not Reported................ 0 1,299,559 1,299,559 1,259,126 Arbitrage Rebate Tax Payable ................... 3,101 0 3,101 2,911 Total Long Term Liabilities................... 1,572,075 1,299,559 2,871,634 2,043,964 TOTAL LIABILITIES .................................... $1,800,767 $ 1,334,770 $ 3,135,537 $ 2,278,825 FUND EQUITY: Contributed Capital .............................. $1,038,192 $ 0 $ 1,038,192 $ 1,038,192 Unreserved ..................................... 274,187 1,402,755 1,676,942 394,713 TOTAL FUND EQUITY .................................... $1,312,379 $ 1,402,755 $ 2,715,134 $ 1,432,905 TOTAL LIABILITIES AND FUND EQUITY .................... $3,113,146 $ 2,737,525 $ 5,850,671 $ 3,711,730 .rr 88 City of Renton/994 CAFR INTERNAL SERVICE FUNDS Page 1 of 1 COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 TOTALS EQUIPMENT INSURANCE RENTAL 1994 1993 OPERATING REVENUES: Charges for Services ........................... $ 1,215,363 $ 4,699,549 S 5,914,912 $ 5,201,587 Other Operating Revenue ........................ 0 97,214 97,214 258,597 TOTAL OPERATING REVENUE .......................... $ 1,215,363 $ 4,796,763 $ 6,012,126 $ 5,460,184 OPERATING EXPENSES: Operations and Maintenance ..................... $ 679,642 $ 4,254 $ 683,896 $ 686,313 Benefit Payments ............................... 0 3,081,780 3,081,780 4,217,601 Professional Services .......................... 0 249,804 249,804 220,702 Administrative and General ..................... 169,910 109,754 279,664 266,811 Insurance ...................................... 0 404,785 404,785 421,181 Depreciation ................................... 344,801 0 344,801 365,026 TOTAL OPERATING EXPENSES $ 1,194,353 $ 3,850,377 $ 5,044,730 $ 6,177,634 OPERATING INCOME (LOSS) .......................... $ 21,010 $ 946,386 $ 967,396 $ (717,450) NON-OPERATING REVENUE (EXPENSE): Interest Revenue ............................... $ 20,827 $ 83,928 S 104,755 $ 54,791 Gain (Loss) on Sale of Assets .................. 4,908 0 4,908 (23,949) Other Non-operating Revenue .................... 2,695 3,525 6,220 77,198 Interest Expense ............................... (45,112) 0 (45,112) (45,900) Arbitrage Expense .............................. (190) 0 (190) (188) Amortization of Debt Discount and Expense ...... (1,825) 0 (1,825) (1,476) NON-OPERATING REVENUE NET OF EXPENSES ............ $ (18,697) $ 87,453 $ 68,756 $ 60,476 INCOME (LOSS) BEFORE OPERATING TRANSFERS ......... $ 2,313 $ 1,033,839 $ 1,036,152 $ (656,974) OPERATING TRANSFERS IN .......................... 4,000 252,077 256,077 0 OPERATING TRANSFERS OUT .......................... 0 (10,000) (10,000) 0 NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM ...... $ 6,313 $ 1,275,916 $ 1,282,229 $ (656,974) EXTRAORDINARY LOSS ON ADVANCE REFUNDING .......... 0 0 0 22,782 NET INCOME (LOSS) ............................... $$ 6,313 $ 1,275,916 $ 1,282,229 $ (679,756) RETAINED EARNINGS, JANUARY 1 ..................... S 267,874 $ 126,839 S 394,713 $ 1,069,708 RETAINED EARNINGS, JANUARY 1, RESTATED $ 267,874 $ 126,839 $ 394,713 $ 1,069,708 Residual Equity Transfers In (Out) ............. 0 0 0 4,761 �. RETAINED EARNINGS, DECEMBER 31 $ 274,187 $ 1,402,755 $ 1,676,942 $ 394,713 CONTRIBUTED CAPITAL, JANUARY 1 ................... $ 1,038,192 $ 0 $ 1,038,192 $ 1,038,192 CONTRIBUTED CAPITAL, DECEMBER 31 $ 1,038,192 S 0 $ 1,038,192 $ 1,038,192 FUND EQUITY, DECEMBER 31 ......................... $ 1,312,379 S 1,402,755 $ 2,715,134 S 1,432,905 ' 89 City of Renton 1994 CAFR INTERNAL SERVICE FUNDS Page 1 of 1 .� COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 TOTALS EQUIPMENT INSURANCE RENTAL 1994 1993 CASH FLOWS FROM OPERATING ACTIVITIES: Cash Received From Other funds for Goods and Services ........ $ 1,217,371 $ 4,699,549 $ 5,916,920 $ 5,201,587 Cash Paid to Suppliers for Goods and Services ................ (359,753) (3,736,789) (4,096,542) (4,599,037) Cash Paid to Other Funds for Goods and Services .............. (296,418) (103,191) (399,609) (380,988) Cash Paid to Employees ....................................... (236,551) (4,254) (240,805) (216,625) Other Operating Receipts ..................................... 0 97,214 97,214 258,597 Other Non-Operating Receipts .. 71,570 134 71,704 95,297 ............................... NET.CASH>sPROVIDED (USED) BY OPERATING ACTIVITIES ............... $ 396,219 $ 952 663 $ 1,34B,882 $ 358,831_. CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Operating Transfers From Other Funds $ 4,000 $ 252,077 $ 256 077 $ 0 Operating Transfers To Other Funds ........................... 0 (10,000) (10,000) 0 Repayments on Interfund Loans ................................ 0 13,384 13,384 13,382 NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES .... $ 4,000 $ 255,461 $ I 259,461 $ 13,382 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds .................................. $ 969,385 $ 0 S 969,385 $ 0 Payments on Bond Issuance and Registration Fees .............. (100) 0 (100) (1,720) Proceeds From Sale of Equipment .............................. 17,446 0 17,446 15,909 Acquisition and Construction of Capital Assets ............... (281,009) 0 (281,009) (476,931) Principal Payments on Bonds .................................. (74,005) 0 (74,005) (67,020) Interest Payments on Bonds ................................... (41,435) 0 (41,435) (48,377) Residual Equity Transfer-Out ................................. 0 0 0 4,761 NET CASH PROVIDED (USED) BY CAPITAL FINANCING ACTIVITIES ....... $ 590,282 $ 0 $'' `''590,282 $ ,`(573,378) CASH FLOWS FROM INVESTING ACTIVITIES: ' Proceeds From Sale of Investments ............................ $ 950,000 $ 1,538,997 S 2,488,997 $ 2,010,934 Payments for Investments ..................................... (1,329,725) (2,849,175) (4,178,900) (1,730,793) Interest on Investments . 15,736 (8,079) 7,657 57,083 NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES ............... $ (363,989) $(1,318,257) $(1,682,246) $ 337,224 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ........... $ 626,512 $ (110,133) $ 516,379 $ 136,059, CASH AND CASH EQUIVALENTS, JANUARY 1 .. 400,105 338,217 738,322 602,263 CASH AND CASH EQUIVALENTS, DECEMBER 31 ......................... $ 1,026,617 $ 228,084 $ 1,254,701 $ 738,322''> CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents .................................... $ 1,026,617 $ 228,084 $ 1,254,701 $ 738,322 TOTAL CASH AT THE END OF THE YEAR .............................. $ 1,026,617 $ 228,084 S"a1"254`701 $ 738,322 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) ...................................... $ 21,010 $ 946,386 $ 967,396 $ (717,450) .. Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) By Operating Activities: Depreciation ............................................... 344,801 0 344,801 365,026 Other Non-Operating Revenue ................................ 2,695 134 2,829 73,025 , (Increase) Decrease in Accounts Receivable ................. 0 24,978 24,978 (12,602) (Increase) Decrease in Due From Other Funds/Governmental ... 53,551 0 53,551 22,272 (Increase) Decrease in Inventory/Prepaid Items ............. (412) 0 (412) 14,124 Increase (Decrease) in Vouchers Payable ................. (38,554) 1,090 (37,464) 34,163 Increase (Decrease) in Due to Other Funds/Governmental ..... 47 3,445 3,492 (3,224) Increase (Decrease) in Payables/Other Short Term Liabilities 1,739 (63,803) (62,064) 44,963 Increase (Decrease) in Accrued Employee Leave Benefits ..... 11,342 0 11,342 3,017 Increase (Decrease) in Claims Incurred But Not Reported 0 40,433 40,433 535,517 Total Adjustments ...................................... $ 375,209 $ 61277 $ 381,486 $ 1,076,281 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ,. $ 396,219 $ 952,663 $ 1,348,882 $ 358,831 SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Fixed Asset Contributed By Other Funds $ 0 $ 0 $ 0 E 4,556 Asset Trade-In ............................................... 6,038 0 6,038 25,500 Advance Refunding of Revenue Bonds ........................... 0 0 0 207,169 TOTAL NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES ......... $ 6,038 $ 0 $ 6,038 S 237,225; 90 City of Renton 1994 CAFR 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. These funds are classified as Pension Trust, Expendable Trust, and Agency Funds. PENSION TRUST FUNDS FIREMEN'S PENSION FUND - Accounts for the payment of administrative costs, and benefits for retired fire fighters (and beneficiaries) who were employed prior to March 1, 1970. Primary ■. revenue sources are general property tax allocations in accordance with actuarial recommendations, fire insurance premium tax, and investment interest. AGENCYFUNDS SPECIAL DEPOSIT FUND-Established for the purpose of holding or retaining cash deposits or other securities pending fulfillment of certain ... conditions and/or requirements by the depositor. Rebates are made when all obligations have been met, and only upon authorization from the transmitting department. ADVANCE TRAVEL EXPENSE REVOLVING FUND - Established to provide advance payments of travel expense to elected or appointed officials or employees of the City of Renton. FLEXIBLE BENEFITS - New fund established in 1992 to administer the Flexible Benefit Plan adopted in 1989. The plan allows employees to pay for certain health and dependent care expenses with tax free dollars on an elective basis through payroll deductions. In prior years, the activity was accounted for in the insurance fund. r DEFERRED COMPENSATION FUND - New fund established during 1986, to account for the Deferred Compensation plan assets and liabilities. 91 City of Renton 1994 CAFR .r. FIDUCIARY FUNDS Page 1 of 2 COMBINING BALANCE SHEET DECEMBER 31, 1994 PENSION With Comparative Totals for December 31, 1993 TRUST AGENCY FUNDS PENSION SPECIAL ADVANCE FLEXIBLE r TRUST DEPOSIT TRAVEL BENEFITS ASSETS: Cash and Cash Equivalents ........................ $ 305,122 S 149,671 S 4,000 S 0 Deferred Compensation Plan Assets ................ 0 0 0 0 Investments ...................................... 2,554,901 0 0 0 Receivables: Interest on Investments ........................ 123,863 0 0 0 Due From Other Funds ............................. 0 0 0 0 Interfund Loans/Advances-Current - Note 5 ........ 0 0 0 0 .r TOTAL ASSETS ....................................... S 2,983 886 $ 149,671 $ 4,000 $ 0 LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers Payable ............................... S 0 S 0 $ 0 $ 0 Deposits Payable ............................... 0 149,671 0 0 Deferred Compensation Payable .................. 0 0 0 0 Interfund Loans/Advances - Non-Current ......... 0 0 4,000 0 TOTAL LIABILITIES .................................. $ 0 $ 149,671 $ 4,000 $ 0 FUND EQUITY: ' Fund Balance: Reserved For Pension Obligation .............. $ 7,686,000 $ 0 $ 0 S 0 Unreserved Undesignated .................... (4,702,114) 0 0 0 TOTAL FUND EQUITY ... .... ...... . $ 2,983,886 $ 0 $ 0 $ 0'' ' TOTAL LIABILITIES AND FUND EQUITY . $ 2,983,886 $ 149,671 $ 4,000 $ 0 92 City of Renton 1994 CAFR Page 2 of 2 TOTALS DEFERRED COMPENSATION 1994 1993 8 0 S 458,793 S 798,732 5,510,358 5,510,358 4,459,948 0 2,554,901 1,990,168 0 123,863 88,307 0 0 3,550 0 0 95,000 $ 5,510,358 $'»"8,647,915 $ 7,435,705 $ 0 S 0 $ 6,536 0 149,671 299,655 5,510,358 5,510,358 4,459,948 0 4,000 4,000 $ 5,510,358 $ 5,664,029 $ 4,770,139 S 0 $ 7,686,000 $ 7,076,000 0 (4,702,114) (4,410,434) $ 0 $ 2,983,886 S 2,665 566 $ 5,510,358 $ 8,647,915 S 7,435,705 r 93 City of Renton 1994 CAFR w FIREMEN'S PENSION TRUST FUND Page 1 of 1 COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY ' FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 1994 1993 OPERATING REVENUES: Fire Insurance Premiums ........................ $ 78,893 $ 51,032 , Property Taxes ................................. 257,000 246,000 Interest Revenue 281,189 228,286 TOTAL OPERATING REVENUE .... $ 617,082 $ 525:F3,1.8::; ' OPERATING EXPENSES: Benefit Payments ............................... $ 295,605 $ 283,383 Administrative and General 3,157 7,265 TOTAL OPERATING EXPENSES .. $ 298,762 $ 290,648 NET INCOME (LOSS) ................................ $ 318,320 $ 234,670 , RETAINED EARNINGS, JANUARY 1 .. $ 2,665,566 $ 2,430,896 RETAINED EARNINGS, DECEMBER 31 ' $ 2,983,886 $ 2,665,566 ' 94 , City of Renton 1994 CAFR FIREMEN'S PENSION TRUST FUND Page 1 of 1 COMPARATIVE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1994 With Comparative Totals for Year Ended December 31, 1993 1994 1993 CASH FLOWS FROM OPERATING ACTIVITIES: Cash Received From Taxes on Fire Insurance Premiums .......... $ 78,893 $ 51,032 Cash Received From Property Taxes ............................ 257,000 $ 246,000 Cash Paid to Suppliers for Goods and Services ................ (221) (4,640) Cash Paid to Other Funds for Goods and Services .............. (2,936) (2,669) Cash Paid to Retirees ........................................ (295,605) (283,383) Interest Revenue 246,289 240,928 NET CASH PROVIDED '(USED) BY OPERATING ACTIVITIES $ 283,420 $ 247,268` CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Proceeds From Interfund Loans $ 95,000 $ (95,000) NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES .... ,0 (95,000) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments ............................ $ 256,355 $ 306,342 Payments for Investments (824,087) (262,994) ..................................... NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES ............... $ (567,732) $ 43,348 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS .......... $ (189,312) $ 195,616 CASH AND CASH EQUIVALENTS, JANUARY 1 494,434 295,818 CASH AND CASH EQUIVALENTS, DECEMBER 31 $ 305,122 $ 491,434 CASH AT THE END OF THE YEAR CONSISTS OF: t!� Cash and Cash Equivalents .................................... $ 305,122 $ 491,434 TOTAL CASH AT THE END OF THE YEAR .............................. $ 305,122 $ 491,434 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) ...................................... $ 318,320 $ 234,670 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) By Operating Activities: (Increase) Decrease in Interest on Investments ............. (35,557) 13,299 (Increase) Decrease in Due From Other Funds ................ 657 (657) .. Increase (Decrease) in Vouchers Payable .................... 0 (44) Total Adjustments ...................................... $ (34,900) $ 12,598 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ............... $ 283,420 $ 247,268- 95 City of Renton 1994 CA FR COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Page 1 of 1 ALL AGENCY FUNDS YEAR ENDED DECEMBER 31, 1994 BALANCE BALANCE 1/01/94 ADDITIONS DEDUCTIONS 12/31/94 SPECIAL DEPOSIT FUND ASSETS Cash and Cash Equivalents $ 301,463 $ 159,942 $ 311,734 $ 149,671 Due From Other Funds 0 0 0 0 TOTAL ASSETS $ 301,463 $ 159,942 $ 311,734 $ 149,671 LIABILITIES Vouchers Payable $ 2,200 $ 232,740 $ 234,940 $ 0 Deposits Payable 299,264 249,390 398,982 149,672 TOTAL LIABILITIES $ 301,464 $ 482,130 $ 633,922 E 149,672 ADVANCE TRAVEL FUND ASSETS Cash and Cash Equivalents $ 4,000 $ 0 $ 0 $ 4,000 Accounts Receivable 0 0 0 0 TOTAL ASSETS $ 4,000 $ 0 $ 0 $ 4,000 LIABILITIES Vouchers Payable $ 0 $ 0 $ 0 $ 0 Advances From Other Funds 4,000 0 0 4,000 TOTAL LIABILITIES $ 4,000 $ 0 $ 0 $ 4,000 FLEXIBLE BENEFITS ' ASSETS Cash and Cash Equivalents $ 1,835 $ 39,395 $ 41,230 $ 0 Due From Other Funds 2,893 0 2,893 0 TOTAL ASSETS $ 4,728 $ 39,395 $ 44,123 $ 0 LIABILITIES Vouchers Payable $ 4,336 $ 0 $ 4,336 $ 0 Deposits Payable 391 0 391 0 TOTAL LIABILITIES $ 4,727 $ 0 $ 4,727 $ 0 DEFERRED COMPENSATION FUND ASSETS Deferred Compensation Plan Assets $4,459,948 $ 1,050,410 $ 0 $5,510,358 TOTAL ASSETS $4,459,948 $ 1,050,410 $ 0 $5,510,358 LIABILITIES Deferred Compensation Payable $4,459,948 $ 1,050,410 $ 0 $5,510,358 TOTAL - ALL AGENCY FUNDS ASSETS Cash and Cash Equivalents $ 307,298 $ 199,337 $ 352,964 S 153,671 Deferred Compensation Plan Assets 4,459,948 1,050,410 0 5,510,358 Due From Other Funds 2,893 0 2,893 0 TOTAL ASSETS $4,770,139 $ 1,249,747 $ 355,857 $5,664,029 LIABILITIES Vouchers Payable $ 6,536 $ 232,740 $ 239,276 $ 0 Deposits Payable 299,655 249,390 399,373 149,672 Deferred Compensation Payable 4,459,948 1,050,410 0 5,510,358 Advances From Other Funds 4,000 0 0 4,000 TOTAL LIABILITIES $4,770,139 $ 1,532,540 $ 638,649 $5,664,030 96 City of Renton 1994 CAFR GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group is self-balancing, and +■+ accounts for all the fixed assets of the City other than those recorded in the enterprise and internal service funds; or infrastructure assets which are considered public property. Infrastructure includes items such as roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and street lighting systems. 97 City of Renton 1994 CAFR GENERAL FIXED ASSETS ACCOUNT GROUP Page 1 of 1 COMPARATIVE BALANCE SHEET DECEMBER 31, 1994 with Comparative Totals for December 31, 1993 1994 1993 ASSETS: Investment in Joint Venture ............................ $ 1,062,201 $ 846,596 Fixed Assets (Net) ..................................... 54,987,170 53,179,610 r Construction In Progress ............................... 7,548,931 4,379,411 ?OTAL ASSETS S 63,598,302 $ >58,405,617 Other Credits: Investments in General Fixed Assets .................. $ 63,598,302 $ 58,405,617 TOTAL OTHER CREDITS $ 63,598,302 $ 58,405,617 r 98 City of Renton 1994 CAFR SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE Page 1 of 1 DECEMBER 31, 1994 GENERAL FIXED ASSETS: Land $ 14,040,984 Buildings 20,675,694 Improvements Other Than Buildings 13,804,891 Machinery and Equipment 6,465,601 Joint Venture 1,062,201 Construction Work in Progress 7,548,931 TOTAL GENERAL FIXED ASSETS E 63,S iBO INVESTMENT IN GENERAL FIXED ASSETS FROM: �. General Obligation Bonds $ 21,790,722 Federal Grants 6,510,902 State Grants 1,650,073 County Grants 8,450,008 General Revenues 22,866,715 Donations 2,329,883 TOTAL INVESTMENT IN GENERAL FIXED ASSETS $ 63,598,302 99 City,of Renton 1994 CAFR SCHEDULE OF GENERAL FIXED ASSETS Page 1 of 1 .m BY FUNCTION AND ACTIVITY AS OF DECEMBER 31, 1994 IMPROVEMENTS MACHINERY CONSTRUCTION OTHER THAN AND JOINT WORK IN FUNCTION TOTAL LAND BUILDINGS BUILDINGS EQUIPMENT VENTURE PROGRESS General Government $ 6,957,759 $ 1,376,171 $ 3,460,852 S 186,777 $1,894,173 S 0 $ 391786 Security of Persons/Property 5,205,889 261,249 844,552 174,763 2,854,008 1,062,201 9,116 Physical Environment 3,899,995 0 2,751,874 743,383 404,738 0 0 Transportation 1,158,029 759,563 118,218 0 280,248 0 0 Economic Environment 2,062,086 472,016 1,294,221 9,702 279,877 0 6,269 Culture and Recreation 44,314,544 11,171,985 12,205,977 12,690,266 752,557 0 7,493,760 TOTAL GENERAL FIXED ASSETS $ 63,598,302 $ 14,040,984 $ 20,675,694 $ 13,804,891 $6,465,601 $ 1,062,201 $ 7,548,931 i SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY YEAR ENDED DECEMBER 31,1994 GENERALGENERAL FIXED ASSETS FIXED ASSETS>; FUNCTION 1/01/94 INCREASES DECREASES 12J31/94 General Government $ 5,797,755 $2,482,884 $1,322,880 $ 6,957,759 Security of Persons/Property 4,988,225 1,125,723 908,059 5,205,889 Physical Environment 3,819,309 101,836 21,150 3,899,995 Transportation 1,102,270 65,656 9,897 1,158,029 Economic Environment 2,049,210 37,674 24,798 2,062,086 Culture and Recreation 40,648,848 3,722,229 56,533 44,314,544 TOTAL GENERAL FIXED ASSETS $ 58,405,617 7,536,002 2,343,317 S 63,598,302 100 City of Renton 1994 CA FR GENERAL LONG-TERM DEBT ACCOUNT GROUP The General Long-Term Debt Account group is self-balancing and is ,.. used to account for unmatured principal on the General Obligation Long-Term Debt of the City of Renton, including General Obligation Bonds (refunded issues are excluded), installment contracts, applicable accrued employee leave benefits and special assessments. This indebtedness is backed by the full faith and credit of the City of Renton. i 1 1 1 1 1 1 1 1 r . 1 101 City of Renton 1994 CAFR �r GENERAL LONG TERM DEBT ACCOUNT GROUP Page 1 of 1 COMPARATIVE BALANCE SHEET DECEMBER 31, 1994 With Comparative Totals for December 31, 1993 1994 1993 ASSETS: Available in Debt Service 8 Capital Project Funds. $ 4,372,588 $ 4,481,031 Amount To Be Provided Long Term Debt Retirement 19,213,486 22,289,274 TOTAL ASSETS S 23,586,074 $26,770,305 LIABILITIES: General Obligation Bonds Payable ............... $15,769,620 $17,225,775 Special Assessment Bonds Payable ............... 4,141,000 5,467,063 Accrued Employee Leave Benefits ................ 3,108,512 3,228,775 Installment Purchase Contracts ................. 275,297 448,603 Arbitrage Rebate Tax Payable 291,645 400,089 TOTAL LIABILITIES 523,586,074 $26,770,305 i 1 1 1 1 1 i 1 102 City of Renton 1994 CAFR 1994 Annual Financial Report Statistical Section 103 City of Renton 1994 CAFR it ra TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION, Page 1 of 2 INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS, FOR GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS Ten Year General Governmental Revenue Trends M 643.2 $45 aat,z 42. ' I i $40 837. 0 $33.6 n $35 s $29.7 ' .s — $30 a2s $25.8 sz6., o $25- f $20 D � o $15 I I $10 a r $5 s $O fl 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 ' DESCRIPTION 1985 1986 1987 1988 REVENUES ' Taxes $ 16,015,551 $ 17,639,615 $ 19,265,841 $ 19,911,366 Licenses and Permits 842,979 828,563 810,094 717,366 Intergovernmental Revenues 3,231,409 3,317,946 2,251,938 2,363,848 ' Charges for Services 403,409 (a) 410,020 446,948 530,318 Fines and Forfeits 489,276 670,817 626,088 653,326 Interfund Revenues 0 0 0 0 Miscellaneous 629,918 4,043,930 2,417,406 3,968,222 TOTAL REVENUES $ 21,612,542 $ 26,910,891 $ 25,818,315 $ 28,144,446 EXPENDITURES General Government $ 3,313,316 $ 3,527,007 $ 3,413,832 $ 3,896,716 ' Security of Persons and Property 7,576,703 8,375,821 8,630,732 9,448,293 Physical Environment 747,963 (a) 820,107 853,691 970,075 Transportation 2,393,303 2,987,935 3,068,765 3,352,152 Economic Environment 1,118,401 1,376,506 1,344,017 1,480,498 , Mental and Physical Health 76,437 201,819 200,747 202,528 Culture and Recreation 2,409,529 2,549,418 2,644,631 2,764,356 Capital Outlay 327,257 495,403 562,915 427,639 Debt Service 1,572,453 4,908,326 4,108,275 3,952,989 TOTAL EXPENDITURES $ 19,535,362 $ 25,242,342 $ 24,827,605 $ 26,495,246 Other Increases (Decreases) (2,127,956) (741,968) (524,062) (1,162,606) ' Transfer In/Out, Prior Period Correction 0 0 0 0 FUND BALANCE, JANUARY 1 4,180,073 5,771,636 (b) 6,698,217 7,164,865 FUND BALANCE, DECEMBER 31 $ 4,129,297 $ 6,698,217 $ 7,164,865 $ 7,651,459 Source: City of Renton Finance Department. (a) The change of revenues and expenditures in 1985 represents the removal of the solid waste operation from the ..r general fund and formation of a solid waste utility reported under enterprise funds. (b) Fund balances are restated. 104 �` City of Renton 1994 CAFR Page 2 of 2 Ten Year General Governmental Fund Balance Trends $15.s M $1a. $16 i $15 $14 s1 $13 i $12 0 $11 n 6s. $10 s $7.7 -$9 � a6.7 S7. $5.8 66. 1 $ f 7 i sa. $6 D $5 0 $4 $3 $2 a $1 r $0 s 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1989 1990 1991 1992 1993 1994 $ 21,587,371 $ 24,788,886 $ 27,169,161 $ 32,869,130 $ 31,204,165 $ 30,785,983 691,646 853,258 1,156,779 1,258,803 1,145,967 1,310,570 2,276,308 3,083,320 2,948,562 2,892,682 4,297,932 4,998,676 1,277,780 1,290,486 2,099,067 1,610,795 1,437,069 1,543,902 650,059 742,446 803,176 884,692 881,016 1,107,779 0 0 0 0 0 0 3,211,659 2,808,531 3,232,891 3,684,479 2,249,836 2,835,811 $ 29,694,823 $ 33,566,927 $ 37,409,636 $ 43,200,581 $ 41,215,985 $ 42,582,721 $ 4,548,894 $ 5,658,870 $ 5,045,540 $ 5,607,839 $ 5,258,009 $ 5,998,922 10,414,800 11,313,885 12,324,533 13,551,649 15,654,019 17,272,774 990,521 790,466 976,822 1,157,112 1,163,369 999,985 3,294,786 3,387,188 2,819,625 3,074,076 2,937,977 3,422,909 2,641,202 3,097,543 3,176,411 2,893,077 3,155,164 3,524,258 8,485 8,892 10,601 229,013 8,983 10,755 3,254,427 3,573,006 4,026,495 4,291,090 4,603,052 4,946,035 607,810 1,342,056 541,075 4,793,884 549,412 547,281 4,678,024 4,303,048 4,270,821 3,947,606 3,554,238 4,289,678 $ 30,438,949 $ 33,474,954 $ 33,191,923 $ 39,545,346 $ 36,884,223 $ 41,012,597 (154,777) 213,592 (1,094,487) (357,401) (1,831,265) (335,802) 0 0 0 0 106,593 0 6,657,894 5,758,991 6,064,556 8,726,560 12,024,394 14,631,484 $ 5,758,991 $ 6,064,556 $ 9;187,782 $ 12,024,394 $ T4,631,4$4 S :15,866806'I 105 City oJRenton 1994 CAFR TABLE 2: ASSESSED VALUE, PROPERTY TAX RATES, LEVIES AND COLLECTIONS Page 1 of 2 LAST TEN FISCAL YEARS Ten Year Assessed Valuation Trends B a3.a a3.a i $3.5- $3.1 $3.1 i $3.0 ' 0 $2.4 n $2.5-/ $2.3 s s1s s1.s es $21 $2.0 0 f $1.5 D 0 $1.0 I a $0.5 r s $0.0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1988 ASSESSED VALUE DECEMBER 31: Real Property Value $ 1,428,344,874 $ 1,404,265,400 $ 1,548,554,808 $ 1,579,510,236 Personal Property Value 441,326,537 452,682,766 419,320,421 477,638,324 .......::::.:.::.. .... .................. 4.r.8(,"�5.�,��t.::�.14`:isi:::.:�.:::i.r.$.'r,..€`y,:14$..::f'a•?:::::�.:::�.t.�1''1.���.::,''?,<.��t,�:::::$.: t ...:......<....:�. CITY AND OVERLAPPING TAX RATES: (a) City of Renton: General Levy $ 2.66666 $ 3.03188 $ 3.25902 $ 3.48761 City of Renton: Special Levy 0.40819 : >> :> ..80..4. 9665801....s.............>......:.y0.X77131164 S> 0..40 756.. 4 >:<:>:<: x89:::::: : 3 : ; >» 2: ::: :::: f::: : > » .... .:: :::: .:::::::::: : ............... King County 1.56652 1.73270 1.83959 1.89387 r Port of Seattle 0.37786 0.40091 0.40813 0.43275 Hospital District #1 0.27673 0.26308 0.23723 0.23166 Renton School District #403 2.24799 1.45005 2.28851 2.02323 State of Washington 3.54076 3.69881 3.78389 3.84221 Emergency Medical Services 0.14372 0.25000 0.25000 0.25000 ........:::::............. .... ....... ................. E1.'a3+$3 $ 19`292 € 5 1 ? 951 $ t .a8897 _._. PROPERTY TAX LEVIES AND COLLECTIONS: LEVY: Original $ 5,740,358 $ 6,450,054 $ 7,755,547 $ 7,962,899 Adjusted $ 5,717,243 $ 6,447,924 $ 7,749,926 $ 7,965,967 COLLECTIONS: Current Collections $ 5,473,674 $ 6,236,094 $ 7,490,901 $ 7,705,961 Percent of Adjusted Levy 95.74% 96.71% 96.66% 96.74% Delinquent Collections $ 115,346 $ii 164,375 $ 210,915 $ 195,246 . .......,... ..... ....: :..::.;:.::::::::::::::. :.::::::. ...1 :. ...: ...:.:..: `: l 2tf7 �C3 CtkL:COLLECTIC3N;f?E;GI#EREidT::�'e:DEL#N. f :» i:;:?'::>:::> 1;89 f� tk:::>.:"r:::>::.....,.............................._......_............>.......................................>......... .:.:::::............ 4t.::::::::::�.::.::::::::::...:::::>.::::::::::.::::::::::::................................... .................................................................. PERCENT OF ADJUSTED LEVY 97.76% 99.26% 99.38% 99.19% s OUTSTANDING DELINQUENT TAXES $ 274,704 $ 322,811 $ 332,608 $ 396,145 PERCENT OF DELINQUENT TAXES TO ADJ LEVY 4.80% 5.01% 4.29% 4.97% Source: King County Department of Assessments. (a) Property tax rates are in dollars per $1,000 of taxable property valued at 100%. (b) Restated for error in reporting for 1993 CAFR. 106 City of Renton 1994 CAFR Page 2 of 2 Property Tax Allocation Schools 26.2% Hospital 1.1% Port 2.2% State 24.7% County 16.1% " t> r EMS 1.8% Renton 28 r $ 1,804,228,971 $ 1,864,385,958 $ 2,425,865,552 $ 2,466,868,427 $ 2,730,285,285 $ 2,756,919,925 482,499,763 556,894,507 620,506,587 664,964,302 699,080,839 673,405,117 X42 .f2$43� i�::.> `".1,00x.72,13.E;:::'S::::>"3,i3i�$;d�:�'�,�f� �:3+#23 3�iS.124 :5 �43Oi3��.O42: # :�..: .:. ::::::E.. . S 3.41746 $ 3.55659 $ 3.09203 $ 3.28917 $ 3.23416 $ 3.48681 0.34177 0.54768 0.50609 0.40324 0.41577 0.36282 1 ::::::> ::>::>::>:>:: 4. 0427 : ;x:::... .::.::.;:;3, 9812 $ 3:8 $;; 3:8933 $ 3,8963 1.96262 2.05464 1.73030 1.79973 2.14039 2.21546 0.42940 0.45367 0.32332 0.34421 0.30518 0.30367 I 0.21891 0.21743 0.17485 0.17781 0.16238 0.14767 2.41016 2.43657 2.07349 2.13257 3.89165 3.60091 3.74197 4.04611 3.38348 3.54132 3.30069 3.39960 0.24829 0.25000 0.19911 0.25000 0.23942 0.24972 ...: 1 ; 3 ...... ::::. 1; :,:939fl5 .:'>::::<:>:::>::::3:: $89#x4 >: ::>::>::>::>::::::>:>3.: ::76 6 .......... ;:::. ::::::....:, $ 8,621,313 $ 9,951,295 $ 10,959,734 $ 11,507,994 $ 12,436,132 $ 13,121,967 �. $ 8,594,394 $ 9,968,237 $ 10,763,298 $ 11,408,258 $ 12,333,996 $ 12,898,033 $ 8,347,835 $ 9,748,293 $ 10,455,653 $ 11,194,251 $ 11,941,091 $ 12,654,957 97.13% 97.79% 97.14% 98.12% 96.81% 98.12% S 204,613 $ 222,135 $ 204,311 $ 284,769 $ 194,799 $ 404,787 5 744:.............................................................................. �I 99.51% 100.02% 99.04% 100.62% 98.39% 101.25% $ 343,787 $ 341,596 $ 444,930 $ 374,168 $ 572,274 $ 410,563 4.00% 3.43% 4.13% 3.28% 4.64% 3.18% 107 City of Renton 1994 CAFR , TABLE 3: RATIO OF NET GENERAL OBLIGATION DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA - LAST TEN FISCAL YEARS ' Ten Year Per Capita Net Bonded Debt Trends $800 $570 $611 $588 , $600-/ $509 $499 $494 1$482 $46 $ $4 9 450 $400 $200 $0 ,1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1 DEBT SERVICE NET RATIO OF NET NET BONDED FISCAL ASSESSED GROSS FUNDS BONDED BONDED DEBT TO DEBT YEAR POPULATION VALUE BONDED DEBT AVAILABLE DEBT ASSESSED VALUE PER CAPITA 1985 34,030 1,852,397,097 14,949,260 15,348 14,933,912 0.81% 439 1986 34,460 1,831,398,601 19,645,786 5,423 19,640,633 1.07% 570 1987 35,360 1,950,903,657 18,703,555 709,260 17,994,295 0.92% 509 1988 36,940 2,030,493,796 17,999,781 728,030 17,271,751 0.85% 468 1989 38,480 2,286,728,734 24,295,231 799,317 23,495,914 1.03% 611 1990 39,340 2,421,280,465 23,925,377 827,930 23,097,447 0.95% 588 1991 43,000 3,046,372,139 22,472,719 1,007,850 21,464,869 0.70% 499 1992 43,090 3,131,832,729 22,318,712 1,039,480 21,279,232 0.68% 494 1993 43,470 3,429,366,124 22,258,603 1,288,208 20,970,395 0,61% 482 1994 43,970 3,430,325,042 21,160,297 1,373,226 19,787,071 0.58% 450 Source: State of Washington Office of Program Planning and Fiscal Management, King County Department of Assessments, and City of Renton Finance Department. 108 City of Renton 1994 CAFR TABLE 4: SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS LAST TEN FISCAL YEARS Special Assessment Billings and Collections 210% Aft t88% 180%-/ 164.8% I 150% 138.1% 1% 113.9% 120% 100.1% 1.3% 96.5% 95.1% 3.9 90%-/ 60% 30% 0% 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 ............ .. ASSESSMENTS COLLECTION ASSESSMENTS FISCAL RECEIVABLE ADDITIONAL ASSESSMENT ------------ COLLECTION -------------- AS A % RECEIVABLE YEAR 1/1 ASSESSMENT BILLING PRINCIPAL INTEREST TOTAL OF BILLING 12131 1985 12,249,213 54,691 4,211,375 2,757,963 1,457,678 4,215,641 100.10% 9,545,941 1986 9,545,941 372,160 2,168,708 2,433,315 1,140,930 3,574,245 164.81% 7,484,786 1987 7,484,786 0 1,847,927 963,900 907,656 1,871,556 101.28% 6,520,886 1988 6,520,886 3,830,502 1,754,939 997,706 696,288 1,693,994 96.53% 9,353,682 1989 9,353,682 0 2,117,212 1,074,848 937,583 2,012,431 95.05% 8,278,834 1990 8,278,834 0 1,911,854 1,056,721 738,829 1,795,550 93.92% 7,222,113 1991 7,222,113 0 1,546,338 1,465,953 670,018 2,135,971 138.13% 5,756,160 1992 5,756,160 0 1,284,581 1,739,087 675,531 2,414,618 187.97% 3,876,542 1993 3,876,542 1,654,063 737,439 592,131 441,136 1,033,267 140.12% 5,110,162 1994 5,110,162 326,364 889,261 685,629 327,520 1,013,149 113.93% 4,750,897 r. Source: City of Renton Finance Department. 109 City of Renton 1994 CAFR TABLE 5: COMPUTATION OF LEGAL DEBT MARGIN FOR GENERAL AND SPECIAL PURPOSE CAPACITIES AS OF DECEMBER 31, 1994, AND ALL DEBT CAPACITIES - LAST TEN FISCAL YEARS ' Ten r eCr Debf C=ociy Trends M ' � $60 ",J854. $54.4 1 $47.6 849.3 I 0 ),2.6 ' n ,$36. s $40 $341 $35.5 $32.4 $32 1 o Excess Levy , f (Voted) D 0 $20 1 $13.6 $13. I S9. $10 511.5 a S5.3 ouncilmanic r $2.3 S3'3 � (Non-Voted) s $0.6 SO 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 GENERAL CAPACITY SPECIAL PURPOSE CAPACITY PARKS AND UTILITY TOTAL DESCRIPTION COUNCILMANIC EXCESS:LEVY OPEN SPACE PURPOSES CAPACITY ASSESSED VALUE (1995): $3,590,619,089 2.50% of Assessed Value $ N/A $ 89,765,477 $ 89,765,477 $ 89,765,477 $ 269,296,431 1.50% of Assessed Value 53,859,286 (53,859,286) N/A N/A 0 STATUTORY DEBT LIMIT $ 53,859,286 $ 35,906,191 $ 89,765,477 $ 89,765,477 $ 269,296,431 General Obligation Bonds $ 11,500,000 $ 5,325,000 $ 4,060,000 $ 0 $ 20,885,000 Installment Contracts (a) 275,297 0 0 0 275,297 TOTAL DEBT OUTSTANDING $ 11,775,297 $ 5,325,000 $ 4,060,000 $ 0 $ 21,160,297 Less Amount Available in Debt Service Funds $ 503,181 $ 391,206 $ 478,839 $ 0 $ 1,373,226 NET DEBT OUTSTANDING $ 11,272,116 $ 4,933,794 $ 3,581,161 $ 0 $ 19,787,071 REMAINING DEBT CAPACITY $ 42,587,170 $ 30,972,397 $ 86,184,316 $ 89,765,477 $ 249,509,360 Source: King County Department of Assessments. City of Renton Finance Department. (a) Statutory limit = .75% of 1% of assessed value. 110 City of Renton 1994 CAFR TABLE 6: COMPUTATION OF DIRECT AND OVERLAPPING DEBT - DECEMBER 31, 1994 M City of Renton Direct and Oveilapping Debt I I $100 0 s $80 Renton $21.2 o $60 f Hospital $1.3 County $17.3 1 D S40 Port $4.5 0 I $20 Hospital $34.9 a r $0- s PERCENTAGE AMOUNT NET DEBT APPLICABLE APPLICABLE JURISDICTION OUTSTANDING TO RENTON TO RENTON NET DIRECT DEBT: City of Renton $21,160,297 100.00% $21,160,297 OVERLAPPING DEBT: King County $586,583,846 2.94% $17,245,565 Port of Seattle 153,372,551 2.94% $4,509,153 Renton School District #403 63,985,414 54.61% $34,942,435 r• Hospital District #1 5,307,541 23.96% $1,271,687 TOTAL DIRECT AND OVERLAPPING DEBT $830,409,649 9.53% $79,129,136 Source: King County Department of Finance. "" 111 City of Renton 1994 CAFR TABLE 7: RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLIGATION BONDS Pu TO TOTAL GENERAL GOVERNMENT EXPENDITURES - LAST TEN FISCAL YEARS Ten Year Debt Service to Expenditure Ratio Trend 12%- 9'.45% g 22% 996 .97 7.46% y 7% , 7% N1.27 .17% 6% A� 3% 0% r 85 86 87 88 89 90 91 92 93 94 (b) TOTAL GENERAL RATIO OF DEBT FISCAL (a) (a) TOTAL GOVERNMENTAL SERVICE TO YEAR PRINCIPAL INTEREST DEBT SERVICE EXPENDITURES EXPENDITURES 1985 489,228 968,165 1,457,393 19,535,362 7.46% 1986 497,590 937,319 1,434,909 25,242,342 5.68% 1987 648,922 1,330,652 1,979,574 24,827,605 7.97% 1988 666,061 1,138,226 2,504,767 26,495,246 9.45% 1989 752,670 1,163,653 2,545,997 30,438,949 8.36% 1990 843,440 1,699,597 3,085,244 33,474,954 9.22% 1991 1,101,827 1,452,831 2,554,658 33,191,923 7.70% 1992 1,123,341 1,355,678 2,479,019 39,545,346 6.27% 1993 1,276,160 1,304,215 2,580,375 36,884,223 7.00% 1994 1,614,288 916,353 2,530,641 41,012,597 6.17% (a) Principal and Interest are based on total GO Bond debt payments made in 1993. The actual payments were made from several funds including; debt service, enterprise, and internal services. (b) General Government Expenditures include General, Special Revenue, and Debt Service Funds. Other Financing Uses and Residual Equity Transfers are not included. Source: City of Renton Finance Department 112 "" City of Renton 1994 CAFR TABLE 8: REVENUE BOND COVERAGE FOR WATER AND SEWER, AND GOLF SYSTEM BONDS LAST TEN FISCAL YEARS WaterlSewer Revenue Bond Debt Service Coveraoe 4 .51 .9 34 1 1 .63 .28 32 .36 .25 2.0607 2-- 1 0 85 86 87 88 89 90 91 92 93 94 (a) OPERATING NET REVENUE AVERAGE ANNUAL FISCAL GROSS EXPENSES AVAILABLE FOR --DEBT SERVICE REQUIREMENTS-- (b) YEAR REVENUE W/O DEPREC. DEBT SERVICE PRINCIPAL INTEREST TOTAL COVERAGE WATER AND SEWER REVENUE BONDS: 1985 6,261,892 4,026,109 2,235,783 356,000 281,133 637,133 3.51 1986 7,033,630 4,758,172 2,275,458 432,500 341,826 774,326 2.94 1987 8,692,585 5,626,454 3,066,131 615,789 488,726 1,104,515 2.78 1988 9,596,335 6,423,697 3,172,638 779,474 614,079 1,393,553 2.28 1989 10,307,395 6,737,270 3,570,125 597,500 1,134,654 1,732,154 2.06 1990 12,085,799 7,928,415 4,157,384 705,000 1,086,718 1,791,718 2.32 1991 13,533,090 8,856,219 4,676,871 790,000 1,473,918 2,263,918 2.07 1992 15,581,113 9,767,486 5,813,627 850,000 1,364,024 2,214,024 2.63 1993 16,809,047 10,478,147 6,330,900 1,250,000 1,429,581 2,679,581 2.36 1994 18,266,154 11,500,657 6,765,497 1,390,000 1,614,180 3,004,180 2.25 GOLF COURSE REVENUE BONDS (c): 1994 1,319,025 561,028 757,997 227,573 191,761 419,334 1.81 (a) Gross revenue includes connection charges, system development charges, and latecomer fees. (b) Bond financing requirements are that the average annual coverage is at least 1.3 times the average annual debt service for Water and Sewer revenue bonds. The Golf System revenue bonds coverage requirement is at least 1.25 times that of respective calendar year's annual debt service. (c) Golf System Revenue Bonds were issued July 1, 1994. Source: City of Renton Finance Department. 113 City of Renton 1994 CAFR ' TABLE 9: CITY OF RENTON 1992 1993 AND 1994 RETAIL SALES BY SOURCE Chanaina Sales Tax Composition (1992 vs 1994 ' Auto 2.2% 0.7% Services 0.8% Construction General Retailing- .7 Wholesale 2% 0.3 ' Food and Restaurants Manufacturing -o.a Transportation/Utilities -o.t Finance 0.3% Other -4% -2% 0% 2% 4% 1992 1993 1994 SOURCE AMOUNT % AMOUNT % AMOUNT % Auto Dealers $203,162,657 18.7% $218,888,294 18.6% $236,961,792 20.9% Services 219,756,164 20.2% 231,883,527 19.7% 236,880,666 20.9% Construction 165,021,967 15.2% 212,427,829 18.0% 180,473,006 16.0% General Retailing 173,849,279 16.0% 154,632,754 13.1% 139,100,163 12.3% Wholesale 101,766,928 9.3% 133,766,573 11.3% 127,984,865 11.3% Food and Restaurants 89,099,772 8.2% 89,258,695 7.6% 89,167,591 7.9% Manufacturing 81,873,770 7.5% 85,929,946 7.3% 66,049,495 5.8% Transportation/Utilities 42,214,037 3.9% 38,098,432 3.2% 39,442,142 3.5% Finance 9,800,944 0.9% 9,656,059 0.8% 9,325,745 0.8% Other 2,138,220 0.2% 4,874,633 0.4% 5,968,206 0.5% TOTALS $1,088,683,738 100.0%1 $1,179,416,742 100.0%1 $1,131,353,671 100.0% Source: City of Renton Finance Department 114 City of Renton 1994 CAFR TABLE 10: LARGEST TAXPAYERS BASED ON ASSESSED VALUATION AND PRINCIPAL EMPLOYERS 1994 REAL PROPERTY PERCENT OF ASSESSED ASSESSED TAXPAYER TYPE OF BUSINESS VALUATION , VALUATION The Boeing Company Aerospace & Computer Services $ 482,884,400 14.08% Puget Sound Power & Light Electric Utility 92,101,548 2.68% PACCAR Heavy Manufacturing 49,174,000 1.43% Renton Talbot Delaware Inc. Property Development 27,648,100 0.81% Washington One Interests Property Development 20,192,800 0.59% Sunpointe Associates Ltd. Property Development 19,367,200 0.56% Renton Village Shopping Center 14,905,200 0.43% Renton Office Realty Property Development 12,934,200 0.38% Lincoln Properties Property Development 11,374,600 0.33% Safeway Grocery Store 6,616,500 0.19% Total Assessed Valuation - Largest Taxpayers $ 737,198,548 21.49% Total Assessed Valuation-All Others 2,693,126,494 78.51% Total Assessed Valuation $ 3,430,325,042 100.00% 1994 NUMBER OF PERCENT OF PRINCIPAL EMPLOYERS TYPE OF BUSINESS EMPLOYEES EMPLOYEES The Boeing Company Aerospace & Computer Services 17,451 45.96% Valley Medical Center Medical Services 1,250 3.29% Pacific Car& Foundry Heavy Manufacturing 1,124 2.96% Federal Aviation Administration Federal Government 999 2.63% Renton School District Public Education 875 2.30% City of Renton City Government 537 1.41% Group Health Cooperative Medical Services 497 1.31% Olympus Corporation Business Services 251 0.66% Sound Ford Automobile Dealership 218 0.57% Acme Poultry Non-Durable Goods 194 0.51% Total Number of Employees- Principal Employers 23,396 61.61% Total Number of Employees-All Other Employers 14,577 38.39% Total Employees Working Within Renton 37,973 100.00% Source: Assessed Valuation: King County Department of Assessments. Assessed Valuation for Largest Taxpayer: King County Department of Assessments as of 1/1/95. Number of Employees: City of Renton Business License Records, based on fourth quarter information. ' Note: Technology changes have permitted the City to review employment more consistently. The 1993 total employment was restated to 37,617. 115 City of Renton 1994 CAFR TABLE 1 1: CONSTRUCTION AND BANK DEPOSITS - LAST TEN FISCAL YEARS Ten Year Construction Permit Valuation Trend ' M i $240-- 8210.5 $210 817 .9 0 n 5180 8150.8 144. s $150-/ 8 8142.1 , $116. 6- 0 $120 s104.2 00,2 8. $90-'/ D c $60 I $30 a r SO S 85 86 87 88 89 90 91 92 93 94 COMMERCIAL RESIDENTIAL OTHER CONSTRUCTION CONSTRUCTION CONSTRUCTION TOTAL FISCAL NO. OF DOLLAR NO. OF DOLLAR NO, OF DOLLAR TOTAL CONSTRUCTION BANK YEAR PERMITS VALUE PERMITS VALUE PERMITS VALUE PERMITS VALUE DEPOSITS 1985 226 53,555,155 407 20,783,550 2,136 42,271,193 2,769 116,609,898 548,263,839 1986 299 57,148,373 504 15,777,533 2,164 31,283,569 2,967 104,209,475 572,339,374 1987 300 22,780,183 485 31,533,133 2,195 25,858,586 2,980 80,171,902 623,806,785 1988 267 82,071,089 367 22,580,043 2,501 46,138,173 3,135 150,789,305 653,566,247 1989 381 50,116,503 404 20,087,755 3,030 29,945,417 3,815 100,199,678 660,210,406 1990 486 58,447,140 376 41,611,035 3,000 44,510,780 3,862 144,568,955 693,220,920 1991 456 92,051,058 228 11,398,725 3,056 70,416,364 3,740 173,866,147 762,933,117 1992 463 123,880,681 203 11,390,193 2,860 75,229,812 3,526 210,500,686 801,079,773 1993 469 28,616,096 141 8,136,327 2,954 61,633,205 3,564 98,385,628 833,122,963 1994 123 28,910,641 1 128 13,465,879 1 2,978 99,752,007 1 3,229 142,128,527 842,563,479 Source: Construction permits and values- City of Renton Building Department. Bank Deposits-Greater Renton Chamber of Commerce. ' Note: In 1994, commercial and residential construction includes building and demolition permits only. Other construction includes of mechanial, electrical, plumbing and sign permits. 116 City of Renton 1994 CAFR TABLE 12: DEMOGRAPHIC STATISTICS - LAST TEN FISCAL YEARS P Ten Year Population Trends 0 P u I t 50- i 43 43.1 43.5 44 n 40-/ 341 1 35.4 36.9 34.5 I n 30 T h 20 0 u r/ s 10 a n d 0 s 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 PER FISCAL CAPITA MEDIAN SCHOOL UNEMPLOYMENT YEAR POPULATION INCOME AGE ENROLLMENT RATE 1985 34,030 17,386 32.70 11,953 6.30% 1986 34,460 18,348 33.20 11,981 6.10% 1987 35,360 19,427 33.40 11,950 5.70% 1988 36,940 20,624 33.80 11,855 4.60% 1989 38,480 22,010 34.10 11,902 4.40% 1990 39,340 16,298 32.00 11,823 3.30% 1991 43,000 N/A N/A 11,679 4.60% 1992 43,090 N/A N/A 11,954 5.60% 1993 43,470 N/A N/A 11,988 6.30% ' 1994 43,970 N/A N/A 11,984 4.90% Source Population-State of Washington Office of Program Planning and Fiscal Management. Per Capita Income- Puget Sound Council of Governments. Median Age-Office of Financial Management. School Enrollment-Renton School District 403 top Unemployment Rate - Employment Security, Labor Market and Economic Analysis Department. 117 City of Renton 1994 CAFR TABLE 13: MISCELLANEOUS STATISTICS WASHINGTON STATE British Columbia ' Everett ®Seattle Spokane O °Renton Idaho ' ®Olympia Oregon DATE OF INCORPORATION...........................................September 6,1901 TRAFFIC SIGNALS FORM OF GOVERNMENT....................................................Mayor-Council Number of Signalized Intersections.........................................................94 TYPE OF GOVERNMENT........................................Non-Charter,Code City LOCATION..............................................................11 Miles South of Seattle STREETS LAND AREA.......................................................................16.8 Square Miles Miles of Streets and alleys................................................................191.59 RANK IN SIZE-STATE OF WASHINGTON..............................................11 RANK IN SIZE-KING COUNTY...................................................................4 UTILITY SERVICES POPULATION(Official April,1994)......................................................43,970 Water: .w ASSESSED VALUATION.........................................................3,430,325,042 Total Customers...............................................................................12,549 CITY EMPLOYEES(Full Time Equivalents/FTE).....................................537 Total Gallons of Water Produced.........................................2,475,214,000 Number of Fire Hydrants....................................................................2,311 Miles of Water Main..........................................................................224.63 ELECTION&VOTER REGISTRATION Number of Precincts................................................................................65 Sanitary Sewer: Number of Registered Voters...........................................................23,210 Total Customers...............................................................................10,319 ' FIRE PROTECTION Fire Rating(Washington Survey and Rating Bureau)...............................4 Storm Drainage: Number of Commissioned Fire Fighting Personnel..............................109 Number of Accounts.........................................................................10,916 Number of Stations(includes Dist#25).....................................................5 Miles of Storm Sewers......................................................................165.44 ' Total Fire Loss..........................................................................31,804,003 Number of Life Support Responses...................................................5,150 LICENSE&PERMITS AllOther Responses..........................................................................2,125 Business Licenses..............................................................................2,860 Total Number of Responses..............................................................7,275 Amusement and Special Permits..........................................................325 Animal Licenses(Dog and Cat)..........................................................3,426 POLICE PROTECTION Number of Commissioned Police Personnel..........................................79 AIRPORT Number of Calls for Services...........................................................46,092 Area in acres....................................................................................167.21 Total Crimes Reported(Class I,II,III)..............................................11,836 Feet of Asphaltic Concrete Runway...................................................5,379 Traffic Accidents Investigated............................................................1,566 Total Operations.............................................................................116,687 All Other Traffic Violations................................................................10,140 LIBRARY PARKS&RECREATION Libraries(Main and Highlands Branch).....................................................2 Total Acreage...................................................................................993.37 Total Registered Borrowers................................................................9,982 , Number of Parks and Playgrounds.........................................................26 Total Circulation..............................................................................281,647 118 rStaff who contributed their time and talents on this project are James Block, Linda Dixon, Paula Henderson, Carol Hensley, Linda Honeycutt, Marji Mar, Hugh Simpson, Marian Spurting, Mark Turley, and Debbie Willard. The document was produced and printed in-house using an HP Laserjet iV printer and a Kodak Ektaprint 235 copier. Thank you to all who contributed to the CAFR. Victoria Runkle