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Home My WebLink About1998 CAFR • • In Re n i\v11l.Vt�. Ahead of the curve Af r` ton . City of Renton, Washington Comprehensive Annual Financial Report For the year ended December 31, 1998 �� City of Renton 1998 COMPREHENSIVE ANNUAL w FINANCIAL REPORT For Year Ended December 31 , 1998 Victoria A. Runkle Finance & Information Services Administrator 1055 South Grady Way Renton, Washington 98055 (425) 430-6858 , Website; www.ci.renton.wa.us r Acknowledgements Prepared by the City of Renton Finance Division Finance & Information Services Administrator ' Victoria A. Runkle Fiscal Services Director Paul Kusakabe Financial Accountant , Gina L. Jarvis Accounting Staff ' Lisa Zurhorst - Fixed Assets Aaron BeMiller - Statistical Section Administrative Secretary II ' DeAnna Fricke Print & Mail Coordinator Debbie Willard Cover/Divider Design Debi Pitts, Graphic Designer Maple Valley, Washington ' (425) 432-3019 CITY OF RENTON,WASHINGTON TABLE OF CONTENTS DECEMBER 31, 1998 ITEM PAGE INTRODUCTORY SECTION Letterof Transmittal ........................................................................................................................... 1 1997 Comprehensive Annual Financial Report Award.............................................................. 15 City Organization Structure & Reporting Relations ..................................................................... 16 ~ FINANCIAL SECTION IndependentAuditor's Report........................................................................................................ 17 Combined Financial Statements - Overview(General Purpose Financial Statements) Combined Balance Sheet -All Fund Types and Account Groups........................................20 Combined Statement of Revenues, Expenditures and Changes in Fund Balances for All Governmental Fund Types .........................................................................22 Combined Statement of Revenues, Expenditures and Changes in Fund Balances Budgetand Actual..................................................................................................................23 Combined Statement of Revenues, Expenses and Changes in Fund err Equity-All Proprietary Fund Types..................................................................... ..27 .................. Combined Statement of Cash Flows- All Proprietary Fund Types........................................28 Firemen's Pension Trust Fund Statement of Changes in Plan Net Assets..............................30 Notes to Financial Statements Note 1: Significant Accounting Policies ............................................................................31 ReportingEntity....................................................................................................31 Basis of Presentation - Fund Accounting..........................................................31 Basisof Accounting.............................................................................................33 Budgets and Budgetary Accounting................................................................34 .. Assets, Liabilities and Fund Equity......................................................................35 Cash and Cash Equivalents............................................................................35 Investments........................................................................................................35 .r Inventories .........................................................................................................35 Property Taxes Receivable..............................................................................35 AssessmentsReceivable..................................................................................36 ., Fixed Assets and Depreciation .......................................................................36 Accumulated Unpaid Vacation and Sick Pay.............................................37 Fund Equity- Reserves & Designations ..........................................................38 Direct Charges/Credits to Enterprise Funds Retained Earnings.................38 Risk Management and Risk Retention...........................................................38 Note 2: Stewardship, Compliance and Accountability..................................................38 r. Note 3: Cash & Investments................................................................................................38 Note 4: Deferred Compensation........................................................................................40 Note 5: Receivables and Payables....................................................................................40 Note 6: Residual Equity and Operating Transfers.............................................................43 Note 7: Fixed Assets Note8: Prepaid Items...........................................................................................................45 Note9: Joint Venture ...........................................................................................................45 rr Note 10: Pension Plan & Other Postemployment Benefits................................................48 PERSand LEOFF....................................................................................................49 Firemen's Pension................................................................................................50 Note 11: Construction Commitments ..........................52 ........................................................ Note 12: Long-Term Debt and Capital Leases...................................................................53 iii CITY OF RENTON,WASHINGTON TABLE OF CONTENTS DECEMBER 31, 1998 ITEM PAGE Note 13: Deferred Charges in Proprietary Funds................................................................59 Note 14: Reservations and Designations of Fund Equity...................................................59 W Note 15: Segment Information for Enterprise Funds...........................................................60 Note16: Litigation...................................................................................................................60 Note 17: Risk Management...................................................................................................60 Note18: Subsequent Events..................................................................................................61 Required Supplementary Information Year2000 Disclosures ................................................................................................................62 Combining Financial Statements and Schedules of Individual Funds and Account Groups: General Fund: W GeneralFund Description.......................................................................................................65 Comparative Balance Sheet.................................................................................................66 Statement of Revenues, Expenditures and Changes in Fund Balance...........................67 Statement of Revenues, Expenditures and Changes in Fund Balance Budgetand Actual .............................................................................................................68 ' Special Revenue Funds: Special Revenue Fund Descriptions......................................................................................69 CombiningBalance Sheet.....................................................................................................70 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.....72 ' Combining Statement of Revenues, Expenditures and Changes in Fund Balances Budgetand Actual .............................................................................................................74 Debt Service Funds: ' Debt Service Fund Descriptions.............................................................................................83 CombiningBalance Sheet.....................................................................................................84 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.....86 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Budgetand Actual .............................................................................................................88 Capital Project Funds: , Capital Project Fund Descriptions .........................................................................................95 CombiningBalance Sheet.....................................................................................................96 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.....98 , Combining Statement of Revenues, Expenditures and Changes in Fund Balances Budgetand Actual ........................................................................................................... 100 Enterprise Funds: , EnterpriseFund Descriptions................................................................................................. 105 CombiningBalance Sheet................................................................................................... 106 Combining Statement of Revenues, Expenses and Changes in Fund Equity............... 108 , Combining Statement of Cash Flows ................................................................................. 1 10 Internal Service Funds: Internal Service Fund Descriptions....................................................................................... 115 CombiningBalance Sheet................................................................................................... 116 Combining Statement of Revenues, Expenses and Changes in Fund Equity............... 117 Combining Statement of Cash Flows ................................................................................. 1 18 W iv CITY OF RENTON,WASHINGTON TABLE OF CONTENTS DECEMBER 31, 1998 ITEM PAGE Fiduciary Funds: FiduciaryFund Descriptions.................................................................................................. 119 CombiningBalance Sheet................................................................................................... 120 Combining Statement of Changes in Assets and Liabilities All Agency Funds............. 122 Firemen's Pension Trust Fund -Statement of Plan Net Assets.......................................... 123 Firemen's Pension Trust Fund -Statement of Changes in Plan Net Assets .................... 124 General Fixed Assets Account Group: General Fixed Assets Account Group Description............................................................ 125 Comparative Balance Sheet................................. 126 .............................................................. Schedule of General Fixed Assets by Source..................................................................... 127 Schedule of General Fixed Assets by Function and Activity........................................... 128 Schedule of Changes in General Fixed Assets b Function and Activit g y y...................... 128 General Long-Term Debt Account Groff: General Long-Term Debt Account Group Description .................................................... 129 Comparative Balance Sheet ..................................... 130 .......................................................... STATISTICAL SECTION Table 1: General Government Revenues & Expenditures - Last Ten Fiscal Years........ 132 Table 2: Assessed Value, Property Tax Rates, Levies and Collections - LastTen Fiscal Years............................................................................................... 134 �■+ Table 3: Ratio of Net General Obligation Debt to Assessed Value & Net Bonded Debt per Capita - Last Ten Fiscal Years.................................... 136 Table 4: Special Assessment Billings and Collections - Last Ten Fiscal Years................ 137 r Table 5: Computation of Legal Debt Margin - December 31, 1998 ............................. 138 Table 6: Computation of Direct and Overlapping Debt- December 31,1998 ........... 139 Table 7: General Obligation Bonds/Expenditure Ratio - Last Ten Fiscal Years............. 140 Table 8: Revenue Bond Coverage - Last Ten Fiscal Years.............................................. 141 Table 9: Retail Sales by Source - Last Five Fiscal Years.................................................... 142 Table 10: Largest Taxpayers and Principal Employers........................................................ 143 Table 11: Construction Permits- Last Ten Fiscal Years....................................................... 144 Table 12: Demographic Statistics- Last Ten Fiscal Years................................................... 146 Table 13: Miscellaneous Statistics.......................................................................................... 147 r +r nr v CITY OF RENTON,WASHINGTON 1 i 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK , 1 1 r r r r r r r r vi r Introductory Section Ahead of the curve PIS .. :: CITY OF RENTON Finance & Information Services Department Jesse Tanner,Mayor Victoria A. Runkle,Administrator i� June 30, 1999 �rrr Honorable Jesse Tanner, Mayor Members of the Renton City Council City of Renton 1055 South Grady Way • Renton, Washington 98055 TRANSMITTAL OF THE 1998 COMPREHENSIVE ANNUAL FINANCIAL REPORT Dear Mayor and Council Members: With this letter the Finance & Information Services Department transmits a copy of Renton's Comprehensive Annual Financial Report for the year ending December 31, 1998. We received an unqualified audit report from the State Auditor's office for 1998. As always, an unqualified audit report demonstrates that city employees, with the oversight and guidance from the Finance Department, continue to regard the management and accounting of Renton's financial and fiscal assets as one of their highest priorities. In general, this report describes the financial results of the City's operations and the general financial condition as of December 31, 1998. The Comprehensive Annual Financial Report (CAFR) has three significant uses. First, it provides taxpayers and citizens a broad overview of the City's finances. Second, rating agencies and interested bond buyers use this report to evaluate the City's fiscal and financial health and creditworthiness. Finally, the CAFR is a series of audited financial statements. These statements have all been analyzed by the State Auditor's Office to ensure the City's funds are safeguarded and the City is expending them as they were legally appropriated. Introduction The Finance and Information Services Department (FIS) is responsible for the Management Representation of the contents of this report. AS is charged with responsibility for the accuracy, completeness, and fairness of presentation of 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 must be and is prepared in accordance with the requirements of Washington State Law RCW 43.09.230 and in conformance with Generally Accepted i CITY OF RENTON,WASHINGTON Accounting Principles (GAAP). The Government Accounting Standards Board (GASB) has established GAAP rules to compare the fiscal health and spending patterns of various public entities to one another. By following these guidelines, we ensure the ' report contains required elements that are clearly understood by users of detailed financial information. One of the first requirements is to ensure the report contains the CAFR Contents. Thus, ' the report is organized in three sections: • The Introductory Section, which includes the Letter of Transmittal, the , 1997 Comprehensive Annual Financial Report Award, and the City's Organizational Chart and Reporting Relations. • The Financial Section, which includes an Independent Auditor's Report and the Combined Financial Statements and accompanying note disclosures, followed by the 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 results of operations for the City. • The Statistical Section, which presents financial, economic, social and demographic data about the City. The Statistical Section is useful in ' revealing trends that have and may continue to affect the City of Renton. The GASB also requires the reporting organization to define the Reporting Entity. This report includes all City funds, account groups, agencies, boards and commissions that are controlled by, or dependent on, the City. Control by or dependence upon the City was determined on the basis of authority to appoint or remove the majority of board members; financial support including debt secured by revenue or general obligations of the City; obligations of the City to finance any deficits that may occur; or receipt of ' significant subsidies from the City. The City of Renton is a participant in a consortium known as the Valley Communications , Center. This provides consolidated emergency dispatch services for the cities of Auburn, Kent, Tukwila, and Renton as owners. Many other fire, police, and emergency operations also contract with the Center for the same services. The owner cities share , a portion of support to the Center, based on the numbers of service calls provided to each entity. The Valley Communications Center is reported in the City's financial statements as a joint venture. ' This report does not include the financial position or operational results for the Renton Housing Authority. The City neither reviews their budget, nor is obligated to fund any of ' the deficits of the Authority. The City of Renton is responsible for providing basic life and safety services through our ' police, fire, and building departments. The City provides a wide range of recreational opportunities. It operates its own library system, manages two lake swimming areas, 2 , CITY OF RENTON,WASHINGTON r offers classes in its community and senior centers, and provides a range of leisure r activities in its 1,175 acres of active and passive parks. The City provides water to all citizens through its own system of aquifers, wells, and from Cedar River water rights. As an adjunct to the water system, the City collects all sewer and surface water waste +. within the City, and then transports that to the region wide treatment system. Renton manages general maintenance and development of the city streets. It owns and operates a golf course and airport. In general, the City of Renton is a full service city, • offering all of the services a large city has, but on a livable scale. Economic Condition and Outlook In 1998 the City of Renton's economy was a reflection of the continued national economic health. However, one of the issues Renton can be proud of is that we continued to diversify our economic base. This will be particularly helpful in any period of economic downturn. The City's largest and most significant asset is The Boeing Company. At the Renton " plant, Boeing builds the 737 and 757 aircrafts. In 1998 the company manufactured 324 planes in these categories. The company produced a total of 559 in 1998. PACCAR is next door to Boeing. PACCAR consolidated the production of their Puget Sound Kenworth activities to the Renton plant in late 1997. In combination with Boeing, manufacturing employment grew by 10 percent in 1998. While we are proud of our heritage of building the finest aircraft and trucks in the world, we also know the future economy is one that must be broad based. Since the inception of Renton's economic development program, we have changed the composition of our economic base. " Multiple Zones, Wizards of the Coast, IKEA, Wal-Mart, and other major retailers have joined Boeing and PACCAR in making Renton their home. We have added major employers, like Multiple Zones, which have different global economic forces to our base. We have added to our retail sales tax base by over 35 percent since 1995 through the addition of over one-half million square feet of retail space. We are proud that new industries such as Wizards of the Coast and a private educational enterprise, City University, have decided to continue their growth within our City limits. Wizards of the Coast makes games for the next generation of leaders. City University offers a wide range of continuing educational opportunities for adults so that they can compete in today's and tomorrow's economy. The job growth within Renton and the entire Puget Sound area put a remarkable strain on the need to provide housing and business facilities. In 1998 the City issued over 3,364 building permits, with a valuation of over$233 million. This was 9 percent above 1997. r In 1998 there were over 760 homes sold in the City limits. This is a 14 percent increase from 1997. The primary revenue the City receives from home sales is Real Estate Excise Tax (BEET). These monies can legally be used only for capital purposes. In 1998 the City collected over $2 million in REET. Of this amount, $1.2 million was undesignated and available for appropriation in 1999. ■r 3 • CITY OF RENTON, WASHINGTON Upon reflection of the Boeing production rates, building permits in the planning process, and diversification of our economy, we predict the economic health enjoyed in 1998 will continue through 1999. Our forecasts reflect those of national and regional economists. Nonetheless, our Mayor and Council have adopted a 1999 budget that ' continues a moderate expansion. The City of Renton policy makers are fiscally conservative. We identify the revenue associated with growth, and use it for one-time expenditures. The City of Renton has experienced many economic cycles. While we i are diversifying our economic base to mitigate the impact of any one sector in the future, we know our future economic health will have global, as well as local and national pressures. Major Initiatives , Each year the Mayor and the City Council spend two to five days working on the priorities for the current year with an emphasis on ensuring the goals have a six year focus. Also, the Mayor and Council understand that in order to make long term , changes to our Community, we must limit the number of goals. We believe that because our goals have been consistent and focused over the past three years, we have made considerable progress to making real changes to our City. , The goals for 1997, 1998, and reaffirmed in 1999 include: • Encouraging and supporting economic development; • Encouraging downtown redevelopment; • Improving our Image in the Region; ' • Increasing service productivity and innovation; and • Developing interlace cooperation in areas that benefit taxpayers. Our accomplishments are numerous in each of these areas. Below are a few examples ' and highlights of the successes we have had in 1998. Economic Development. In 1998 we reaped the financial rewards of developing a central point for all car sales in the City. In 1997 the City helped two car dealerships move from the central downtown core to a location with easy transportation access and where several other car dealerships are located. That synergy helped create secondary impacts. The area now has additional car dealerships and many car repair businesses. In 1998 we began to see the increased tax revenue from that area of the , City. We continued to work with major developers in Port Quendal, South Port, and development of other commercial zones. These three areas comprise some of our largest areas of available land. The Port Quendall area, 76 acres of property on the east shore of Lake Washington continues to pose environmental clean up challenges , for the potential developer and Renton. We spent 1998 continuing to work with various Federal and State environmental agencies. By the end of the year we had secured the commitment for a grant of $300,000 to begin the next phase of clean up assessment. ' Further, development on this property also brings transportation impacts to one of our major highways. We have been working with the State on this issue, and also received 4 , CITY OF RENTON,WASHINGTON a Department of Transportation grant of $500,000 to begin to work on the issues related �■r to the Port Quendall development. We still expect to begin clean up of Port Quendall by 2000. Within ten years, there will .r be over 5,000 jobs and 1,000 housing units on this site. The City will also receive over 10 acres of parkland with trails along the lake. The South Port area is along the south end of Lake Washington. It represents over 25 acres of property that has on it an outdated electrical transfer station. Plans were provided to the City in late 1998 for a mixed-use development on the property. Besides • the $100 million in assessed value growth, the City would be able to complete a major biking/walking trail between our Coulon Park and the Cedar River trail. We finished the year by continuing an Environmental Impact Study on this area. In 1998 we saw the completion of two large extended stay hotels in our major commercial zone. These hotels added over 100 rooms. Primarily, Boeing will use the facilities as they bring customers in for training at their Customer Service Training Center (CSTC). This is where the company has its simulators of Boeing planes. Airlines use this facility for training on all aspects of Boeing aircraft. Also, in 1998, Boeing completed their 737 Headquarters Building on the same site. Over the course of the next two years, we have confirmed plans for two more hotels and continued commercial development in this area. r Downtown Development. The smallest change was one of the most visible. In 1998 the City demolished one of the oldest buildings in the downtown core that Renton actually owned. The abandoned building was replaced with a small park where we will honor our residents who served in the military. This small improvement anchored one end of our downtown core with light and openness. We duplicated that change at the other end of the downtown core with the removal of buildings and parking lots at a previous car dealership location. The City purchased '~ three acres of this car dealership property to help develop a transit center. The space Renton purchased will be used primarily for the transit center, but it also affords the opportunity to develop another park. In 1998 the hard surfaces were replaced with grass, and a park was designed. In 1999 we expect to build a trail, put in trees and other amenities to the park to make it a true urban area. This nucleus of an urban center helped us demonstrate to investors that we are interested in developing our downtown core. We were able to work with a builder that began construction on high scale multi-family housing in the downtown core. This housing will add over 75 homes. Renton will continue to encourage the development of restaurants and other amenities to create a vital community. Planning began for South Renton, in the downtown area. This area is beginning to change as property values increase, and homes resell. We began, in late 1998, developing a long-term plan that includes rezones, permitting high scale multi-family housing, while also protecting the character of the neighborhood. Over time, we will 5 r CITY OF RENTON,WASHINGTON see many changes to this area that will meld together the new parks, multi-family and single-family housing, and the transit center. Improving our Image. Renton is the home of building one of the finest aircraft in the world. We are proud of that. We do not want to change that image. We want to build on that part of our heritage. In 1998 we began, with the Chamber of Commerce, the School District, the local Community College, and Hospital District, a marketing campaign. While Boeing is a significant part of what we are, there is so much more to Renton, and we wanted the region, the nation, and the world to know how much we have to offer. Our marketing campaign, developed a theme, "Ahead of the Curve," produced a cohesive strategy for all the involved agencies for its marketing materials, and began an overall marketing campaign with press coverage. , Increasing Productivity. In an era when our taxpayers are expecting the most for their scarce resources, City employees must continually think of ways to produce services for , the least cost. The Renton employees are doing that every day of the year. One of the major efforts in this area began in the Maintenance Shops. They have taken on the task of being the test case for the use of performance measures. They have designed , a data base that develops the costs for almost all of their activities. Over the course of the next year, we will be working on determining how these elements can be integrated into our overall accounting system and budget. Interlocal Cooperation. This is an area, which we have a long commitment to. In 1998 we continued to work on interlocal issues related to the suburban cities and King County. The regional planning issues began to decrease as the Endangered Species issues related to salmon increased. By the end of the year it became clear the issues related to salmon would consume many staff, and possibly monetary, resources. The staff of our utilities, transportation, and planning departments will focus their attention i on this matter throughout 1999. Financial Information, Management and Control t A detailed understanding of the financial position and operating results of the City is provided in the CAFR. Presented below is a brief description of financial information, management of financial resources and obligations, and control techniques applicable to financial resources, obligations and information. Basis of Accounting. The basis of accounting used determines when revenue and expenditures or expenses are recognized in the accounts and reported in the financial statements. All governmental funds and Expendable Trust Funds are accounted for ' using the modified accrual basis of accounting. Their revenue are recognized when they become measurable and available. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. All ' proprietary funds and Nonexpendable Trust Funds and Pension Trust Funds are accounted for using the accrual basis of accounting. Under this basis of accounting, the revenue are recognized when they are earned and their expenses are recognized ' when they are incurred. 6 , CITY Of RENTON,WASHINGTON rrr Accounting Systems and Budgetary Control. One of the City's primary functions is +� ensuring the highest level possible of internal accounting controls. The Finance & Information Services Department, working with all other departments, develops accounting procedures, policies, and organization to focus on the safeguarding of all the City's assets and the reliability of financial records. The procedures, policies, and organization provide reasonable assurance that: • Transactions are executed in accordance with management's general or specific authorization. • Transactions are recorded as necessary (1) to permit preparation of financial statements in conformity with generally accepted accounting principles or any other criteria, such as finance-related legal and contractual compliance requirements applicable to such statements, and (2) to maintain accountability for assets. • Access to assets is permitted only in accordance with management's authorization. • The recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with rr respect to any differences. The definition of accounting control incorporates reasonable, but not absolute, assurance that the objectives expressed in it will be accomplished by the system. The r concept of reasonable assurance recognizes that the cost of internal control should not exceed the benefits to be derived. The benefits consist of reductions in the risk of err failing to achieve the objectives implicit in the definition of accounting control. Within the City of Renton we believe all our internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. The State of Washington State Auditor's Office (SAO) and the laws of Washington State establish budgeting and accounting rules known as the Budgeting, Accounting and Reporting System (BARS). The City is annually audited by the SAO to ensure we are in compliance with the system. Budgetary control is maintained at the department level by the encumbrance of estimated purchase amounts before the release of purchase orders to vendors. The City has not had an experience where a department encumbers more than it has appropriated. If an unanticipated need arises, the Mayor, Finance Department, and department return to the City Council for additional appropriation authority. Open encumbrances are reviewed at the end of the year. They are either closed as the purchase is no longer valid, or they are reported as reservations of fund balances as of December 31, 1998. The City receives resources from other State and Federal agencies under a variety of programs. Resources received from the State and Federal government are subject to various specified controls and compliance standards. The SAO annually reviews these ,,. expenditures for compliance. Monies received from the Federal government are also subject to audit according to standards established by the Single Audit Act and 1996 CITY OF RENTON,WASHINGTON Amendments and related OMB Circular A-133. Both State and Federal grants require the City design, implement and monitor an internal control structure that satisfies each grant. Further, the City is also audited by the Washington State Department of Revenue to ensure compliance with various tax laws. Any audit reports prepared separately than the annual SAO audit is not included in the Comprehensive Annual Financial Report, but can be provided upon request. The City has had no material findings in any other audit. Fund Descriptions The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operation of each fund is accounted for by a separate set of self-balancing accounts that comprise its assets, liabilities, and fund equity revenue as applicable, expenditures and expenses. The individual funds account for the governmental resources allocated to them for the purpose of continuing specific activities in accordance with special regulations, restrictions or limitations. The funds used by the City are grouped into the following fund types. Governmental Funds. Governmental funds are used to account for the programs and as activities of the governmental functions of the City. General Fund: The General Fund serves as the general fund. In this fund we , account for all the costs of public safety, building, planning, human services, general administration, and all other activities and financial resources except those required to ' be accounted for in another fund. Special Revenue Funds: Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. We have special revenue funds for our parks, library and street activities, as well as several other activities. The City also allocates general ' governmental revenue, such as property tax, to these funds to help offset the costs of these activities. Debt Service Funds: Debt Service Funds are used to account for the resources , devoted to the payment of interest and principal on long-term capital obligation debt other than those payable from specific governmental funds and Enterprise Funds. Capital Projects Funds: Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other , than those financed by Enterprise Funds). Proprietary Funds. Proprietary funds are used to account for ongoing organizations and , activities that are similar to those found in the private sector. Enterprise Funds: Enterprise Funds are used to account for operations that are ' financed and operated in a manner similar to private business enterprises. The intent is that costs (expenses, including amortization's and depreciation) of providing goods or 8 , CITY OF RENTON, WASHINGTON r services to the general public on a continuing basis be financed or recovered primarily through user charges. Internal Service Funds: Internal Service Funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the governmental units, or to other governmental units, on a cost reimbursement basis. Fiduciary Funds. Fiduciary funds are used to account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, and other governmental units and funds. Trust and Agency Funds: Trust and Agency funds are used to account for assets held by Expendable Trust Funds, Pension Trust Funds, and Agency Funds. Account Groups. In addition to the several generic funds described above, the City uses account groups to establish accounting control and accountability for the City's general fixed assets and general long-term capital debt. The two account groups are described below: General Fixed Assets Account Group: The General Fixed Assets Account Group is used to account for all fixed assets of the City other than those accounted for in proprietary funds and certain fiduciary funds. General Long Term Debt Account Group: The General Long Term Debt Account Group is used to account for all long-term debt of the City except debt accounted for in specific governmental funds, proprietary funds, and certain fiduciary funds. General Government Functions. These are general municipal activities and services. The activities include, but are not limited to, public safety, parks, library, building, planning, courts, legal, debt costs and general administration. Within these funds are the capital funds. General Fund: The City of Renton collected over$3.7 million above expenditures as of December 31, 1998. This increase came completely from sales and gambling taxes. In late 1998 we had a new card room open which resulted in over$300,000 from one reporting period. The remainder of the funds was all from increased sales taxes as the result of a higher tax base. r r 9 • CITY OF RENTON,WASHINGTON REVENUE 1998 1997 Taxes $ 26,438,377 $23,464,646 Licenses And Permits 2,063,509 2,106,201 Intergovernmental Revenue 2,605,650 2,573,215 Charges For Services 3,979,440 3,830,908 t Fines And Forfeits 687,492 699,918 Interest 1,158,010 1,054,477 Miscellaneous Revenue 98,437 96,189 TOTAL REVENUE $ 37,030,915 33,825,554 Expenditures from the General Governmental Funds amounted to $33,330,395 as of December 31, 1998. This was eight percent above 1997 levels. The higher expenses , were due to two primary areas: costs of communication and retirement costs. In 1998 the City experienced a higher than average number of retirements with over 30 , employees retiring. These were all employees under old labor contracts that stated we had to pay off ninety hours of sick leave, and other associated retirement costs. These costs amounted to over $300,000 above 1997 levels. The communications costs were , also $300,000 higher than budget due to the fact the move to the new City Hall was not ready for occupancy as soon as we had expected. In 1998 we had to pay for two phone systems for six months longer than we had expected. The expenditures were as ' follows: EXPENDITURES 1998 1997 Current: General Government $ 7,884,293 $ 6,883,085 Security Of Persons And Property 20,074,074 19,249,622 , Physical Environment 1,730,735 1,708,461 Economic Environment 3,240,794 2,658,068 Mental And Physical Health 10,962 7,570 Capital Outlay 350,193 41,172 Debt Service: Principal Retirement 33,018 33,018 Interest & Fiscal Charges 5,696 8,543 TOTAL EXPENDITURES $ 33,330,395 $ 30,589,539 Special Revenue Funds: Besides the Park, Library, and Street Funds which provide ' rY the next level of general services after the General Fund, this fund group includes a fund known as the Impact Mitigation Fund. This fund is used to collect special assessment fees imposed upon new housing and commercial buildings for parks, fire, 10 CITY OF RENTON,WASHINGTON r and transportation purposes. In 1998 the City collected over one million in additional +• funds from this revenue source. This revenue increase was offset by corresponding higher expenditures for capital outlay in the areas where the City can spend the mitigation funds. Debt Service Funds: With the exception of revenue bonds, and other debt issued by Enterprise Funds, long - term debt is serviced through these types of funds. During 1998 the City collected three million dollars in property taxes for the payment of $3.3 million in debt service annual requirements. Capital Project Funds: The City has five funds for capital improvements. In 1997 the City purchased a building and began to renovate it as a new City Hall. In 1998, 80 percent of the facility was completed. This comprises the largest expenditure in one category. The remaining part of the building - the jail - will be completed in 1999. In the Capital Improvement Fund the City tracks all transportation capital improvements. In 1998 the City completed over a one mile of asphalt to add a new east-west corridor in our City. This project was a joint effort between Boeing and the City. By 2001 the City and other private developers will complete the remaining part of the street, thereby adding one of the only new east-west capacities in our region. Proprietary Operations. Within these funds the activities the City provides are operated similar to a private function. The fees must cover the program costs and other revenue earned. The City owns and operates its own water utility. We do not purchase water from the City of Seattle like many of our neighbors. This one fund is the largest of all the proprietary funds. Further, this fund must cover the costs of all its capital requirements. The building of the water infrastructure is the one area that changes the most dramatically from year to year, depending on environmental requirements. Enterprise Funds: The Water Utility Fund had a net income of $2.6 million at the end of the year. Because of this cash surplus, and the fact that environmental requirements have added complexity to general project construction, the City did not have to borrow any funds in 1998 to meet the fund's capital requirements. The City charges all customers a monthly fee for water, sewer and surface water based on actual use or impervious surface. Renton residents are also charged a monthly fee from King County for their costs in providing regional water treatment. The City is responsible for billing and collecting this fee for King County. The Airport Fund had a net income of $541,000 by December 31, 1998. These funds are maintained by the Airport and will be used for future capital needs. The City owns and r operates the Airport. Our largest customer is Boeing. However, due to constraints at the other urban airports, the City's airport is growing in the areas of water landings and small private plane ownership. r The City uses a third party contractor for solid waste management. The City does all the billing and pays the vendor monthly. In 1998 the City earned $336,000 in this fund. ■r 11 CITY OF RENTON,WASHINGTON The Golf Course Fund is the newest enterprise fund for the City. In 1995 the City Id assumed management of the golf course from a third party vendor. The operations have been growing since that year. In 1998, the Golf Course Fund ended the year with $408,000 in net income. These funds will be used for future capital improvements at the ' course. Internal Service Funds: These funds are used to track the City's costs of certain ' activities. The Equipment Rental Fund tracks the costs of maintaining the City's rolling stock. The City self-insures its employees basic health, dental, and industrial insurance costs. In addition to these costs, the Insurance Fund also pays for all liability claims up to a maximum of $250,000. If a claim is above this limit, various insurance types the City purchases from independent brokers cover the claim. ' In 1998, the City had a combined net income of $300,000. This Is below the 1997 amount due to higher than expected litigation and health claims. ' Fiduciary Fund Types. In the City of Renton these funds include the Firemen's Pension Fund, Special Deposit Fund, Advance Travel Fund, and a Deferred Compensation , Fund. Firemen's Pension Fund: Of all the funds in this category, this is the one of ' significant consequence. This fund must be maintained by the City to pay the retirement benefits for all fire officers who were employed prior to 1977. The City ended the year with over $6.2 million in assets to cover future costs. An actuarial study is , conducted to determine the future needs of this fund. The $6.2 million is nearly $1 million more than the most recent study stated we needed. Further, in 1998 the Fire Pension Board made a decision to secure its assets in more consistent investments. The assets of the Fund are now all invested in Federal treasury instruments. Special Deposit Fund: This is a holding fund for deposits and other special revenue. When the obligations of the receipts have been made, we release the monies. It is a small impact on our overall operations. Advance Travel Expense Fund: Established to provide advance travel, if ' necessary, for staff and elected officials. Since 1996 the City has used credit cards for this purpose, and uses this fund only occasionally. ' Deferred Compensation Fund: Established in 1986 to account for the Deferred Compensation plan assets and liabilities. At the end of 1998, there were $15 million in ' assets in this fund. Debt Administration. The ratio of net tax-supported bonded debt to assessed valuation ' and net tax-supported bonded debt per capita are useful indicators of the City's debt position. A comparison of these ratios follows. 12 I CITY OF RENTON,WASHINGTON • 1998 1997 Net tax supported bonded debt $26,958,807 $28,936,990 Net tax supported bonded debt per capita $583 $630 Net tax supported bonded debt as a 0.70% 0.80% percentage of assessed valuation. err The City's latest bond issues, excluding debt issued by component units, were rated as follows: STANDARD AND MOODY'S FITCH POOR'S General Obligation Al A+ A+ Water/Sewer Revenue Bonds Al A+ A+ During the current year, the City's debt retirements amount to $10,528,296. There were no new issuances. The City did refund Water and Sewer Revenue bonds for a total of $6,120,000. We lowered our average interest on the refunded bonds from six percent to 4.45 percent. Cash Management and Investments. The City has an adopted Cash and Investments policy that states the primary objectives of cash and investment management in priority order are safety, liquidity, and return on investment. As of December 31, 1998 Renton had $30,266,165 in Category I investments. We had only $98,272 in Category II investments and no investments were in Category III. ,., Risk Management. In 1998 the City significantly changed its insurance strategy by joining the Washington Cities Insurance Authority (WCIA). Prior to late 1998, the City had purchased excess coverage from a variety of sources through a private broker, w� and had claims management conducted by another company. By joining the WCIA, the City was able to spend less for management costs, purchase more coverage for our rolling fleet, join a structured ongoing training program on risk management for all .s departments, and have all insurance management handled by one company. The WCIA is a consortium of Washington State cities that purchases excess coverage in large blocks, thus leveraging the market. It has a professional staff, but is provided wr monthly oversight by a board made up of City representatives. As stated earlier, the City purchases different types of insurance for any claim above $250,000. This includes medical as well as liability costs. �r► Independent Audit The financial records, books of accounts, and transactions of the City and its +� components for the fiscal year ended December 31, 1998, have been audited by the State of Washington Auditor's Office (SAO) as mandated by State law. Their opinion is included in the Financial Section of this report. .s 13 CITY OF RENTON, WASHINGTON The financial statements are the responsibility of the City. The responsibility of the SAO is to express an opinion on the City's financial statements based on their audit. An audit is conducted in accordance with generally accepted auditing standards. Those standards require that the audit be planned and performed in a manner to obtain a , reasonable assurance as to whether the financial statements are free of material misstatement. Awards ' The Governmental Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to t the City for its Comprehensive Annual Financial Report for the fiscal year ended December 31, 1997. ' In order to be awarded a Certificate of Excellence, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, ' the contents of which conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Excellence is valid for a period of one year only. We believe our current ' report continues to conform to the Certificate of Excellence Program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. , Responsibility and Acknowledgement The Finance and Information Services Department prepared the Comprehensive ' Annual Financial Report for the fiscal year ended December 31, 1998. We believe that the information presented is accurate in all material respects and that this report fairly presents the financial position and results of operations of the various funds and ' account groups of the City. The preparation of the Comprehensive Annual Financial Report results in the document ' here before you. However, without the dedication of staff both in the Finance Division and throughout all departments of the City, this Report would not be possible. The Report is completed in a timely manner by the Finance Division staff, led by Gina Jarvis, ' the City's Accountant. I would like to express my appreciation to my staff and all personnel throughout City Hall that ensure our financial records are maintained appropriately, timely, and accurately every day of the year. Also, I would like to thank ' the Mayor and City Council for their continued interest and support in the financial operations of the City. Respectfully submitted, ' � t Victoria A. Runkle Finance & Information Services Administrator ' 1 14 , CITY OF RENTON, WASHINGTON — Certificate of Achievement for Excellence in Financial Reporting Presented to City of Kenton, Washington For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 1997 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to ` government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. . _M OFF n w= SAND AhS ti. CAN DA x CaAmN s President Cgl[A5e 00, &%-4 Executive Director 15 CITY OF RENTON,WASHINGTON CITY OF RENTON CORPORATE ORGANIZATION STRUCTURE , RENTON CITIZENS t CITY COUNCIL King Parker,President , Randy Carman,Daniel Clawson,Bob Edwards, Kathy Keolker-Wheeler,Toni Nelson and Timothy J.Schlitzer MAYOR ' [:::::Jesse canner CHIEF ADMINISTRATIVE OFFICER ' Jay Covington HUMAN RESOURCESPLANNING/BUILDING/ EXECUTIVE DEPARTMENT FINANCE L ' 6 RISK MANAGEMENT PUBLIC WORKS Joy Covington, INFORMATION SERVICES Michael Webby,Administroior Gregg Zimmerman,Administrator Chef Administrative Officer Victoria Runkle,Administrator 1 Risk Management Development Services City Attorney Fiscal Services lona Hansen,Director Larry Warren Paul Kusakabe,Director Human Resources Traraportation Systems Hearing Examiner Budgeting ' Sandra Meyer.Director Fred Kaufman Civil Service Commission Utility Systems Municipal Court Judge Information Services ' FLysHornsby,Director Terry Lee luodo Maintenance Services City Clerk Printing Services ' Jack Crumley,Director Marilyn Petersen FIRE DEPARTMENT POLICE DEPARTMENT COMMUNITY SERVICES ECONOMIC DEVELOPMENT, ' A.Lee Wheeler,Chief Garry Anderson,Chief Jim Shepherd,Administrator NEIGHBORHOODS b STRATEGIC PLANNING Sue Carlson,Administrator Operations Operations Bureau Facilities Economic Development ' Art Larson,Deputy Fire Chief Joseph Peach,Deputy Chief Denis Culp,Director Betty Nokes.Director Recreation Strategic Planning ' Suppression Operations Bureau Sylvia Allen,Director Mike Kotterman,Director Administrotion/Support Services/ Support Services Parks t Emergency Monogement/Safety Donald Persson,Deputy Police Chief Leslie Befloch D ecto Gary Gotti,Deputy Fire Chief Library Training/Support Support Services Bureau Clark Petersen,Director I Services Fire Prevention Human Services Karen Marshall,Manager Emergency Management ' Safety Capital Improvement Projects Glenn Kost,Manager 16 ' A,. e k Financial Section JLNS,/iIUviJL. Ahead of the curve r r 0 Legislative Building Washington State Auditor (360)902-0370 r PO Box 40021 FAX(360)753-0646 Olympia,Washington 98504-0021 Brian Sonntag TDD Relay 1-800-833-6388 http://www.wa.gov/sao/ r INDEPENDENT AUDITOR'S REPORT June 25, 1999 City Council City of Renton Renton,Washington We have audited the general purpose financial statements of City of Renton, King County, Washington, as of and for the year ended December 31, 1998, as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as w evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 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 City of Renton, King County, Washington, at December 31, 1998, and the results of its operations and cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. The Year 2000 supplementary information listed as supporting information in the table of contents is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board, and we did not audit and do not express an opinion on such information. Further, we were unable to apply to the information certain procedures prescribed by professional standards because disclosure criteria specified by GASB Technical Bulletin 98-1, as amended, are not sufficiently specific to permit meaningful results from the prescribed procedures.. In addition, we do not provide assurance that the City is or will become year 2000 compliant, that the City's year 2000 remediation efforts will be successful in whole or in part, or that parties with which the City does business are or will become year 2000 compliant. 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. Sincerely, r BRIAN SONNTAG, CGFM STATE AUDITOR %47 CITY OF RENTON,WASHINGTON ' t THIS PAGE INTENTIONALLY LEFT BLANK 18 General Purpose Financial Statements RON REGIS PARK Estimated Construction Start Date-May 1998 Estimated Completion Date-July 1999 i4 �rr11E MIF, IF, PARK CITY OF RENTON,WASHINGTON .r GENERAL PURPOSE FINANCIAL STATEMENTS DECEMBER 31, 1998 The General Purpose Financial Statements are the combined financial statements that, together with the accompanying notes, constitute the minimum financial reporting •• needed for fair presentation in conformity with Generally Accepted Accounting Principals. • r .r r. r +rr r r 19 CITY OF RENTON,WASHINGTON ' COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS ' DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 2) GOVERNMENTAL FUND TYPES ' SPECIAL DEBT CAPITAL GENERAL REVENUE SERVICE PROJECTS ASSETS: Cash and Cash Equivalents-Note 3 $ 5,047,537 $ 4,157,769 $ 1,784,301 $ 7,983,673 Cash With Fiscal Agent 0 0 115,075 0 Deferred Compensation Plan Assets-Note 4 0 0 0 0 Investments at Fair Value-Note 3 0 5,350,133 450,164 9,919,726 ' Receivables,Net of Allowance for Uncollectibles-Note 5: 4,452,156 52,694 2,075,148 89,095 Due From Other Funds-Note 5 18,351 46,577 62,493 71,503 Interfund Loans/Advances-Current-Note 5 0 0 0 0 Due From Other Governmental Units-Note 5 33,346 43,373 0 1,272,286 ' Inventory of Material and Supplies-Note 1 0 0 0 0 Prepaid Items-Note 8 8,000 0 0 0 Investment in Joint Venture-Note 9 0 0 0 0 Restricted Assets: Deposits 200,098 0 0 0 Revenue Bond Debt Service 0 0 0 0 Construction Account 0 0 0 0 Interfund Loans/Advances-Non-Current-Note 5 79,000 0 0 0 Note Receivable-Non-Current-Note 5 0 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 $ 9.838.488 $ 9,650.546 $ 4.487.181 $ 19.i'6.28 LIABILITIES,EQUITY AND OTHER CREDITS: LIABILITIES: Vouchers/Contracts Payable $ 416,918 $ 249,730 $ 414 $ 338,984 Retainage Payable 0 166,617 0 286,977 Due To Other Funds-Note 5 385,527 9,827 0 46,196 Interfund Loans/Advances-Current-Note 5 0 0 0 0 Due To Other Governmental Units-Note 5 1,675,291 0 0 0 Payables-Note 5 3,632 5,991 115,075 451 Deferred Revenues 2,504,779 0 2,046,352 0 Liabilities Payable from Restricted Assets: Deposits Payable 0 0 0 0 General Obligation Bonds Payable-Current-Note 12 0 0 0 0 Capital Leases Payable-Current-Note 12 0 0 0 0 f Revenue Bonds Payable-Current Portion-Note 12 0 0 0 0 Deposits Payable 0 17.975 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 &12 209,628 88,223 0 0 Deferred Compensation Payable-Note 4 0 0 0 0 Interfund Loans/Advances-Non-Current-Note 5 0 75,000 0 0 Claims Incurred But Not Reported-Note 17 0 0 0 0 Capital Leases Payable-Note 12 0 0 0 0 ` Installment Purchase Contracts-Note 12 0 0 0 0 Public Works Trust Fund Loan Payable 0 0 0 0 TOTAL LIABILITIES 5,195,775 613,363 2,161,841 672,608 FUND EQUITY AND OTHER CREDITS: Fund Balance: Reserved-Note 1 & 14 87,000 0 2,325,340 0 Unreserved-Designated 117,699 0 0 0 Unreserved-Undesignated 4,438,014 9,037,183 0 18,663,675 Contributed Capital 0 0 0 0 Retained Earnings: Reserved-Note 1 & 14 0 0 0 0 Unreserved 0 0 0 0 At Investments in Joint Venture/General Fixed Assets 0 0 0 0 TOTAL FUND EQUITY AND OTHER CREDITS 4,642,713 9,037,183 2,325,340 18,663,675 TOTAL LIABILITIES,EQUITY AND OTHER CREDITS $ 91838.488 $ 9.650.546 $ 4.487.181 $ 19.336.283 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 20 CITY OF RENTON, WASHINGTON Irr COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1998 to WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (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 1998 1997 $ 4,673,337 $ 2,456,130 $ 916,582 $ 0 $ 0 $ 27,019,329 $ 30,601,141 0 14,925 0 0 0 130,000 510,619 0 0 15,216,256 0 0 15,216,256 11,599,243 3,743,926 4,961,131 6,291,015 0 0 30,716,095 21,155,131 2,806,452 102,860 63,817 0 0 9,642,222 9,907,311 264,151 0 0 0 0 463,075 678,305 0 0 0 0 0 0 52,680 636,939 117,217 0 0 0 2,103,161 5,151,876 534,729 79,074 0 0 0 613,803 531,691 0 10,162 0 0 0 18,162 18,018 to 0 0 0 1,719,302 0 1,719,302 1,498,995 16,623 0 0 0 0 216,721 154,354 6,143,306 0 0 0 0 6,143,306 5,012,567 to 653,287 0 0 0 0 653,287 3,593,622 0 0 0 0 0 79,000 79,000 66,187 0 0 0 0 66,187 86,199 136,769,553 3,032,806 0 86,781,560 0 226,583,919 210,947,878 10,569,626 0 0 15,886,283 0 26,455,909 22,351,766 80,000 0 0 0 0 80,000 96,000 0 0 0 0 2,325,340 2,325,340 3,790,030 0 0 0 0 27,973,144 27,973,144 28,295,110 $ 166.958.116 $ 10.774.305 $ 22.487.670 $ 104.387.145 $ 30.298.484 $ 378.218.218 $ 356.111.536 $ 834,254 $ 81,097 $ 0 $ 0 $ 0 $ 1,921,397 $ 1,216,018 106,225 0 0 0 0 559,819 197,471 20,715 810 0 0 0 463,075 542,643 0 0 0 0 0 0 52,680 568,219 0 0 0 0 2,243,510 1,883,161 443,546 16,679 0 0 0 585,374 983,162 79,063 0 0 0 0 4,630,194 5,008,242 105,748 0 0 0 0 105,748 96,138 399,000 0 0 0 0 399,000 383,040 40,384 0 0 0 0 40,384 41,492 2,090,000 0 0 0 0 2,090,000 1,920,000 0 0 273,235 0 0 291,210 123,654 0 32,250 0 0 0 32,250 30,960 1,477,825 1,238,728 0 0 25,073,105 27,789,658 29,693,908 (24,525) (43,536) 0 0 0 (68,061) (79,420) IIS 0 0 0 0 1,335,000 1,335,000 1,835,000 26,490,000 0 0 0 0 26,490,000 28,020,000 (1,088,170) 0 0 0 0 (1,088,170) (511,307) 328,898 39,279 0 0 3,624,548 4,290,576 4,372,053 0 0 15,216,256 0 0 15,216,256 11,599,243 0 0 4,000 0 0 79,000 79,000 0 2,741,045 0 0 0 2,741,045 1,171,475 41,712 0 0 0 0 41,712 199,334 136,537 0 0 0 265,831 402,368 95,816 111 8,739,937 0 0 0 0 8,739,937 5,067,889 40,789,368 4,106,352 15,493,491 0 30,298,484 99,331,282 94,021,652 0 0 6,994,179 0 0 9,406,519 9,649,609 0 0 0 0 0 117,699 107,048 0 0 0 0 0 32,138,872 32,470,076 93,636,376 1,054,934 0 0 0 94,691,310 88,794,110 +r 8,353,765 0 0 0 0 8,353,765 3,551,070 24,178,607 5,613,019 0 0 0 29,791,626 30,239,583 0 0 0 104,387,145 0 104,387,145 97,278,388 126,168,748 6,667,953 6,994,179 104,387,1450 278,886,936 262,089,884 s $ 166.958.116 $ 10.774.305 $ 22.487.670 $ 104.387.145 $ 30.298.484 $ 378.218,218 $ 356.111.536 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 21 i CITY OF RENTON, WASHINGTON COMBINED STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES ' FOR ALL GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 1) , GOVERNMENTAL FUND TYPES COMPARATIVE TOTALS SPECIAL DEBT CAPITAL (MEMORANDUM ONLY) GENERAL REVENUE SERVICE PROJECTS 1998 1997 REVENUES Taxes $ 26,438,377 $ 10,553,116 $ 3,069,880 $ 1,660,678 $ 41,722,051 $ 40,050,814 Licenses And Permits 2,063,509 23,218 0 2,059,440 4,146,167 3,935,350 Intergovernmental Revenues 2,605,650 1,369,474 0 5,103,566 9,078,690 7,391,617 ' Charges For Services 3,979,440 3,719,818 0 86,502 7,785,760 5,548,215 Fines And Forfeits 687,492 34,562 0 0 722,054 733,561 Special Assessments 0 0 516,929 0 516,929 393,961 Contributions 0 1,974,897 0 0 1,974,897 800,000 Interest 1,158,010 490,925 449,642 527,942 2,626,519 2,250,016 Miscellaneous Revenues 98,437 450,723 0 6,541 555,701 608,217 TOTAL REVENUES 37,030,915 18,616,733 4,036,451 9,444,669 69,128,768 61,711,751 EXPENDITURES ' Current: General Government 7,884,923 2,030,753 0 0 9,915,676 8,675,215 Security Of Persons And Property 20,074,074 0 0 0 20,074,074 19,249,622 Physical Environment 1,730,735 0 0 0 1,730,735 1,708,461 Transportation 0 4,838,713 0 6,146,771 10,985,484 9,899,119 , Economic Environment 3,240,794 820,176 0 0 4,060,970 3,414,034 Mental And Physical Health 10,962 0 0 0 10,962 7,570 Culture and Recreation 0 5,804,099 0 0 5,804,099 5,592,278 Capital Outlay 350,193 4,531,496 0 8,830,470 13,712,159 15,359,691 ' Debt Service: Principal Retirement 33,018 0 1,999,418 0 2.032,436 2,273,896 Interest 3,Fiscal Charges 5,696 0 1,375,373 0 1,381,069 1,525,725 TOTAL EXPENDITURES 33,330,395 18,025,237 3,374,791 14,977,241 69,707,664 67,705,611 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 3,700,520 591,496 661,660 (5,532,572) (578,896) (5,993,860) OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 0 0 16,141,643 Operating Transfers In 0 75,000 0 6,169,003 6,244,003 6,683,875 Operating Transfers(Out) (5,500,530) (651,160) (1,255,950) (5,735) (7,413,375) (7,856,758) Other Financing(Uses) 0 0 0 0 0 (238,549) Sale Of General Fixed Assets 1,500 22,712 0 338,678 362,890 197,757 Funds Remitted to Bond Trustee 0 0 0 0 0 (1,410,279) TOTAL OTHER FINANCING SOURCES(USES) (5,499,030) (553,448) (1,255,950) 6,501,946 (806,482) 13,517,689 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (1,798,510) 38,048 (594,290) 969,374 (1,385,378) 7,523,829 FUND BALANCE JANUARY 1 6,378,113 8,999,135 2,919,630 17,694,301 35,991,179 28,471,350 Residual Equity Transfers In 63,110 0 0 0 63,110 336,569 Residual Equity Transfers Out 0 0 0 0 0 (336,569) Prior Period Corrections 0 0 0 0 0 (4,000) FUND BALANCE DECEMBER 31 $ 4.642.713 $ 9.037.183 $ 2.325.340 $ 18.663.675 $ 34.668.911 $ 35.991.179 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 1 22 CITY OF RENTON,WASHINGTON to COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES,BUDGET AND ACTUAL IN GENERAL,SPECIAL REVENUE,DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE ACTUAL TOTALS FOR YEAR ENDED DECEMBER 31, 1997 (PAGE 1 OF 4) GENERAL FUND VARIANCE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> REVENUES Taxes $ 25,410,662 $ 26,438,377 $ 1,027,715 Licenses And Permits 1,313,961 2,063,509 749,548 Intergovernmental Revenues 2,575,972 2,605,650 29,678 Charges For Services 3,360,390 3,979,440 619,050 Fines And Forfeits 721,000 687,492 (33,508) Special Assessments 0 0 0 Contributions 0 0 0 Interest 745,000 1,158,010 413,010 Miscellaneous Revenues 145,645 98,437 (47,208) TOTAL REVENUES 34,272,630 37,030,915 2,758,285 EXPENDITURES Current: General Government 7,908,734 7,884,923 23,811 Security Of Persons And Property 20,429,585 20,074,074 355,511 Physical Environment 1,831,243 1,730,735 100,508 Transportation 0 0 0 Economic Environment 3,463,988 3,240,794 223,194 Mental And Physical Health 10,296 10,962 (666) Culture and Recreation 0 0 0 Capital Outlay 119,203 350,193 (230,990) Debt Service: Principal Retirement 33,018 33,018 0 Interest&Fiscal Charges 5,696 5,696 0 TOTAL EXPENDITURES 33,801,763 33,330,395 471,368 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 470,867 3,700,520 3,229,653 OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 Operating Transfers In 0 0 0 Operating Transfers(Out) (5.495,810) (5,500,530) (4,720) Other Financing Sources(Uses) 0 0 0 Sale Of General Fixed Assets 47,000 1,500 (45,500) Funds Remitted to Bond Trustee 0 0 0 TOTAL OTHER FINANCING SOURCES(USES) (5,448,810) (5,499,030) (50,220) EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (4,977,943) (1,798,510) 3,179,433 FUND BALANCE JANUARY 1 6,685,646 6,378,113 (307,533) Residual Equity Transfers In 0 63,110 63,110 Residual Equity Transfers(Out) 0 0 0 Prior Period Corrections 0 0 0 'w FUND BALANCE DECEMBER 31 $ 1.707.703 $ 4.642.713 $ 2.935.010 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 23 No CITY OF RENTON, WASHINGTON COMBINED STATEMENT OF REVENUES.EXPENDITURES , AND CHANGES IN FUND BALANCES,BUDGET AND ACTUAL GENERAL,SPECIAL REVENUE,DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE ACTUAL TOTALS FOR YEAR ENDED DECEMBER 31,1997 (PAGE 2 OF 4) SPECIAL REVENUE FUND TYPES VARIANCE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> REVENUES , Taxes $ 10,642,100 $ 10.553,116 $ (88,984) Licenses And Permits 20,000 23,218 3,218 Intergovernmental Revenues 1,663,023 1,369,474 (293,549) Charges For Services 1,555,371 3,719,818 2.164,447 Fines And Forfeits 19,800 34,562 14,762 Special Assessments 0 0 0 Contributions 0 1,974,897 1,974,897 Interest 420,250 490,925 70,675 Miscellaneous Revenues 2,182,700 450,723 (1,731,977) TOTAL REVENUES 16,503,244 18,616,733 2.113,489 EXPENDITURES Current: ' General Government 2,010,300 2,030,753 (20,453) Security Of Persons And Property 0 0 0 Physical Environment 0 0 0 Transportation 3,998,958 4,838.713 (839,755) , Economic Environment 851,787 820,176 31,611 Mental And Physical Health 0 0 0 Culture and Recreation 5,973,003 5,804,099 168,904 Capital Outlay 8,547,011 4,531,496 4,015,515 Debt Service: Principal Retirement 0 0 0 Interest&Fiscal Charges 0 0 0 TOTAL EXPENDITURES 21,381,059 18,025,237 3,355,822 EXCESS(DEFICIENCY)OF REVENUES ' OVER EXPENDITURES (4,877,815) 591,496 5,469,311 OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 ' Operating Transfers In 75,000 75,000 0 Operating Transfers(Out) (829.535) (651,160) 178,375 Other Financing Sources(Uses) (1,102,198) 0 1,102,198 Sale Of General Fixed Assets 0 22,712 22,712 Funds Remitted to Bond Trustee 0 0 0 TOTAL OTHER FINANCING SOURCES(USES) (1,856,733) (553,448) 1,303,285 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER , EXPENDITURES AND OTHER FINANCING USES (6,734,548) 38,048 6,772,596 FUND BALANCE JANUARY 1 8,635,858 8,999,135 363,277 Residual Equity Transfers In 0 0 0 Residual Equity Transfers(Out) 0 0 0 Prior Period Corrections 0 0 0 FUND BALANCE DECEMBER 31 $ 1.901.310 $ 9,037.183 $ 7.135.873 THE ACCOMPANYING NOTES ARE AN INTEGRAL PARTOF THIS STATEMENT 24 CITY OF RENTON,WASHINGTON rr COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES,BUDGET AND ACTUAL GENERAL,SPECIAL REVENUE,DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE ACTUAL TOTALS FOR YEAR ENDED DECEMBER 31,1997 m (PAGE 3 OF 4) DEBT SERVICE FUND TYPES CAPITAL PROJECTS FUND TYPES VARIANCE VARIANCE FAVORABLE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> BUDGET ACTUAL <UNFAVORABLE> $ 2,990,000 $ 3,069,880 $ 79,880 $ 589,862 $ 1,660,678 $ 1,070,816 0 0 0 1,765,000 2,059,440 294,440 0 0 0 13,695,645 5,103,566 (8,592,079) 0 0 0 60,873 86,502 25,629 0 0 0 0 0 0 Ir 531,894 516,929 (14,965) 0 0 0 0 0 0 0 0 0 266,496 449,642 183,146 162,538 527,942 365,404 0 0 0 0 6,541 6,541 3,788,390 4,036,451 248,061 16,273,918 9,444,669 (6,829,249) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 18,759,513 6,146,771 12,612,742 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16,641,402 8,830,470 7,810,932 2,268,360 1,999,418 268,942 0 0 0 r 1,382,621 1,375,373 7,248 12,108 0 12,108 3,650,981 3,374,791 276,190 35,413,023 14,977,241 20,435,782 137,409 661,660 524,251 (19,139,105) (5,532,572) 13,606,533 0 0 0 0 0 0 0 0 0 6,457,378 6,169,003 (288,375) (1,237,444) (1,255,950) (18,506) (5,735) (5,735) 0 0 0 0 (109,542) 0 109,542 0 0 0 917,757 338,678 (579,079) 0 0 0 0 0 0 (1,237,444) (1,255,950) (18,506) 7,259,858 6,501,946 (757,912) • (1,100,035) (594,290) 505,745 (11,879,247) 969,374 12,848,621 �I 2,672,515 2,919,630 247,115 13,100,141 17,694,301 4,594,160 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.572.480 $ 2,325.340 $ 752.860 $ 1.220.894 $ 18.663.675 $ 17.442.781 THE ACCOMPANYING NOTES ARE AN INTEGRAL PARTOF THIS STATEMENT • i 25 i CITY OF RENTON,WASHINGTON COMBINED STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES,BUDGET AND ACTUAL GENERAL,SPECIAL REVENUE,DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1998 , WITH COMPARATIVE ACTUAL TOTALS FOR YEAR ENDED DECEMBER 31, 1997 (PAGE 4 OF 4) COMPARATIVE TOTALS (MEMORANDUM ONLY) ' VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES ' Taxes $ 39,632,624 $ 41,722,051 $ 2,089,427 $ 40,050,814 Licenses And Permits 3.098,961 4,146,167 1,047,206 3,935,350 Intergovernmental Revenues 17,934,640 9,078,690 (8,855,950) 7,391,617 Charges For Services 4,976,634 7,785.760 2,809,126 5,548,215 Fines And Forfeits 740,800 722,054 (18,746) 733,561 Special Assessments 531,894 516,929 (14,965) 393,961 Contributions 0 1,974,897 1,974,897 800,000 Interest 1,594,284 2,626,519 1,032,235 2,250,016 ' Miscellaneous Revenues 2,328,345 555,701 (1,772,644) 608,217 TOTAL REVENUES 70,838,182 69,128,768 (1,709,414) 61,711,751 EXPENDITURES Current: ' General Government 9,919,034 9,915,676 3,358 8,675,215 Security Of Persons And Property 20,429,585 20,074,074 355,511 19,249,622 Physical Environment 1,831,243 1,730,735 100,508 1,708,461 Transportation 22,758.471 10,985,484 11,772,987 9,899,119 Economic Environment 4,315,775 4,060,970 254,805 3,414,034 Mental And Physical Health 10.296 10,962 (666) 7,570 Culture and Recreation 5,973,003 5,804,099 168,904 5,592,278 Capital Outlay 25,307,616 13,712,159 11,595,457 15,359,691 Debt Service: Principal Retirement 2,301,378 2,032,436 268,942 2,273,896 Interest&Fiscal Charges 1,400,425 1,381,069 19,356 1,525,725 TOTAL EXPENDITURES 94,246,826 69,707,664 24,539,162 67,705,611 EXCESS(DEFICIENCY)OF REVENUES ' OVER EXPENDITURES (23,408,644) (578,896) 22,829,748 (5,993,860) OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 16,141,643 , Operating Transfers In 6,532,378 6,244,003 (288,375) 6,683,875 Operating Transfers(Out) (7,568,524) (7,413,375) 155,149 (7,856,758) Other Financing Sources(Uses) (1,211,740) 0 1,211,740 (238,549) Sale Of General Fixed Assets 964,757 362,890 (601,867) 197,757 Funds Remitted to Bond Trustee 0 0 0 (1,410,279) ' TOTAL OTHER FINANCING SOURCES(USES) (1,283,129) (806,482) 476,647 13,517,689 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (24,691,773) (1,385,378) 23,306,395 7,523,829 FUND BALANCE JANUARY 1 31,094,160 35,991,179 4,897,019 28,471,350 Residual Equity Transfers In 0 63,110 63,110 336,569 Residual Equity Transfers(Out) 0 0 0 (336,569) Prior Period Corrections 0 0 0 (4,000) FUND BALANCE DECEMBER 31 $ 6.402.387 $ 34.668.91 1 $ 28.266.524 $ 35.991.179 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 26 CITY OF RENTON,WASHINGTON COMBINED STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND EQUITY ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 1) PROPRIETARY FUND TYPES COMPARATIVE TOTALS INTERNAL (MEMORANDUM ONLY) ENTERPRISE SERVICE 1998 1997 OPERATING REVENUES: Charges for Services $ 30,870,058 $ 7,385,502 $ 38,255,560 $ 36,037,896 Other Operating Revenue 1,359,179 9,489 1,368,668 1,630,760 TOTAL OPERATING REVENUE 32,229,237 7,394,991 39,624,228 37,668,656 OPERATING EXPENSES: Operations and Maintenance 19,953,718 1,298,746 21,252,464 20,449,510 Benefit Payments 0 5,470,846 5,470,846 4,027,342 Professional Services 0 277,779 277,779 272,910 Administrative and General 1,740,711 465,077 2,205,788 2,242,452 ft Insurance 10,460 407,389 417,849 395,536 Taxes 2,782,367 0 2,782,367 2,614,407 Depreciation 3,238,003 501,433 3,739,436 3,554,012 TOTAL OPERATING EXPENSES 27,725,259 8,421,270 36,146,529 33,556,169 w OPERATING INCOME(LOSS) 4,503,978 (1,026,279) 3,477,699 4,112,487 NON-OPERATING REVENUE(EXPENSE): Interest Revenue 752,812 342,967 1,095,779 1,194,224 r Gain(Loss)on Sale of Assets 0 46,606 46,606 27,486 Other Non-operating Revenue(Expense) 105,687 169,823 275,510 588,728 Interest Expense (1,667,370) (16,115) (1,683,485) (1,946,264) Arbitrage Expense 0 0 0 (30,337) Amortization of Debt Discount and Expense (91,667) (300) (91,967) (94,010) NON-OPERATING REVENUE NET OF EXPENSES (900,538) 542,981 (357,557) (260,173) INCOME(LOSS) BEFORE OPERATING TRANSFERS 3,603,440 (483,298) 3,120,142 3,852,314 Operating Transfers In 374,372 795,000 1,169,372 1,172,883 Operating Transfers Out 0 0 0 0 NET INCOME(LOSS) 3,977,812 311,702 4,289,514 5,025,197 Depreciation Reducing Grant Contributed Capital 128,334 0 128,334 130,639 INCREASE(DECREASE)IN RETAINED EARNINGS 4,106,146 311,702 4,417,848 5,155,836 RETAINED EARNINGS,JANUARY 1 28,457,781 5,332,872 33,790,653 28,569,442 Prior Period Corrections-Note 18 0 0 0 65,375 RETAINED EARNINGS,JANUARY 1,RESTATED 28,457,781 5,332,872 33,790,653 28,634,817 Residual Equity Transfers In(Out) (31,555) (31,555) (63,110) 0 RETAINED EARNINGS,DECEMBER 31 32,532,372 5,613,019 38,145,391 33,790,653 CONTRIBUTED CAPITAL,JANUARY 1 87,739,176 1,054,934 88,794,110 83,008,813 Capital Grants 1,137,956 0 1,137,956 281,101 Amortization on Capital Grants (128,334) 0 (128,334) (130,639) Other Contributed Capital 4,887,578 0 4,887,578 5,634,835 CONTRIBUTED CAPITAL,DECEMBER 31 93,636,376 1,054,934 94,691,310 88,794,110 FUND EQUITY,DECEMBER 31 $ 126,168.748 $ 6.667.953 $ 132.836.701 $ 122.584.763 it THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT r 27 rr CITY OF RENTON,WASHINGTON • COMBINED STATEMENT OF CASH FLOWS-ALL PROPRIETARY FUND TYPES ' FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 2) PROPRIETARY FUND TYPES COMPARATIVE TOTALS INTERNAL (MEMORANDUM ONLY) ENTERPRISE SERVICE 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: , Cash Received From Customers $ 30,493,775 $ 0 $ 30,493,775 $ 29,077,713 Cash Received From Other Funds for Goods and Services 401,669 7,380,924 7,782,593 7,185,427 Cash Payments to Suppliers for Goods and Services (15,791,706) (5,366,309) (21,158,015) (20,422,687) Cash Paid to Other Funds for Goods and Services (3,531,084) (467,601) (3,998,685) (3,765,838) Cash Paid to Employees (3,561,470) (508,941) (4,070,411) (4,032,075) Cash Paid for Taxes (1,685,411) 0 (1,685,411) (1,580,386) Other Operating Receipts 1,371,364 62,095 1,433,459 1,627,602 Other Non-Operating Receipts 0 0 0 391,990 NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES 7,697,137 1,100,168 8,797,305 8,481,746 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Operating Grants Received 0 0 0 81,943 Operating Transfers From Other Funds 374,372 795,000 1,169,372 1,073,338 Operating Transfers To Other Funds 0 0 0 (27,856) Repayments on Interfund Loans (52,680) 0 (52,680) (56,343) NET CASH PROVIDED(USED)BY NONCAPITAL FINANCING ACTIVITIES 321,692 795,000 1,116,692 1,071,082 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: ' Proceeds From Sale of Bonds 0 0 0 28,870 Payments on Bond Issuance and Registration Fees (670,001) 0 (670,001) (2,632) Proceeds From State Long-Term Loans 4,288,567 0 4,288,567 84,240 Proceeds From Sale of Equipment 16,881 46,606 63,487 27,486 , Acquisition and Construction of Capital Assets (15,947,727) (643,442) (16,591,169) (9,647,344) Payments Received from Intergovernmental Loan 0 0 0 75,748 Capital Contributions 4,887,578 0 4,887,578 1,672,814 Capital Grants 1,137,956 0 1,137,956 368,847 Principal Payments on Bonds (1,799,811) (30,960) (1,830,771) (2,267,036) ' Interest Payments on Bonds (1,682,812) (11,399) (1,694,211) (1,988,055) Payments on State Long-Term Loans (512,265) 0 (512,265) (71,233) Residual Equity Transfer In(Out) (31,555) (31,555) (63,110) 27,856 NET CASH PROVIDED(USED)BY CAPITAL FINANCING ACTIVITIES (10,313,189) (670,750) (10,983,939) (11,690,439) CASH FLOWS FROM INVESTING ACTIVITIES: , Proceeds From Sale of Investments 7,802,094 3,601,631 11,403,725 11,354,679 Payments for Investments (9,886,518) (6,055,113) (15,941,631) (11,288,436) Interest on Investments 884,842 288,575 1,173,417 1,281,053 NET CASH PROVIDED(USED)BY INVESTING ACTIVITIES (1,199,582) (2,164,907) (3,364,489) 1,347,296 NET INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS (3,493,942) (940,489) (4,434,431) (790,315) CASH AND CASH EQUIVALENTS,JANUARY 1 14,980,495 3,396,619 18,377,114 19,167,429 CASH AND CASH EQUIVALENTS,DECEMBER 31 $ 11.486.553 $ 2.456.130 $ 13.942.683 $ 18.377.114 CASH AT THE END OF THE YEAR CONSISTS OF: ' Cash and Cash Equivalents $ 4,673,337 $ 2,456,130 $ 7,129,467 $ 9,749,546 Cash Restricted for: Deposits 16,623 0 16,623 21,379 Revenue Bond Debt Service 6,143,306 0 6,143,306 5,012,567 Construction Account 653,287 0 653,287 3,593,622 TOTAL CASH AT THE END OF THE YEAR $ 11.486.553 $ 2.456.130 $ 13.942.683 $ 18.377.114 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 28 CITY OF RENTON,WASHINGTON rrr COMBINED STATEMENT OF CASH FLOWS-ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 2) PROPRIETARY FUND TYPES COMPARATIVE TOTALS INTERNAL (MEMORANDUM ONLY) w ENTERPRISE SERVICE 1998 1997 RECONCILIATION OF OPERATING INCOME(LOSS)TO NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES: ft Operating Income(Loss) $ 4,503,978 $ (1,026,279) $ 3,477,699 $ 4,112,487 Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided(Used)By Operating Activities: Depreciation and Amortization of Deferred Charge 3,254,003 501,432 3,755,435 3,570,012 Other Non-Operating Revenue 105,687 169,823 275,510 552,967 w (Increase)Decrease in Accounts Receivable 47,926 (12,976) 34,950 132,182 (Increase)Decrease in Due From Other Funds/Governmental (212,496) (67,761) (280,257) 62,958 (Increase)Decrease in Inventory/Prepaid Items (55,629) (26,627) (82,256) (110,244) Increase(Decrease)in Vouchers/Contracts/Retainage Payable 206,757 47,758 254,515 108,389 Increase(Decrease)in Due to Other Funds/Governmental (95,378) (14,490) (109,868) (47,679) Increase(Decrease)in Payables/Other Short Term Liabilities 8,146 (5,286) 2,860 (28,812) Increase(Decrease)in Customer Deposits 9,610 0 9,610 25,830 Increase(Decrease)in Deferred Revenues (33,071) (41,185) (74,256) 103,427 Increase(Decrease)in Accrued Employee Leave Benefits (42,396) 6,189 (36,207) 59,964 Increase(Decrease)in Claims Incurred But Not Reported 0 1,569,570 1,569,570 (59,735) Total Adjustments 3,193,159 2,126,447 5,319,606 4,369,259 NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES $ 7.697.137 $ 1.100.168 $ 8.797.305 $ 8.481.746 SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Fixed Assets Contributed By Developers $ 3,494,554 $ 0 $ 3,494,554 $ 4,155,516 Asset Trade-In 0 0 0 0 TOTAL NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES $ 3.494.554 $ 0 $ 1.494.554 $ 4.155.516 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 29 rrr CITY OF RENTON,WASHINGTON FIREMEN'S PENSION TRUST FUND STATEMENT OF CHANGES IN PLAN NET ASSETS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (PAGE 1 OF 1) 1998 1997 ADDITIONS: Employer Contributions $ 0 $ 0 Others Contributions: Fire Insurance Premiums 61,775 69,305 Property Taxes 0 161,000 Investment Income: Interest Revenue 1,004,349 2,530,975 TOTAL ADDITIONS 1,066,124 2,761,280 DEDUCTIONS: Benefit Payments 301,557 294,403 Administrative and General 5,942 10,880 TOTAL DEDUCTIONS 307,499 305,283 NET INCREASE(DECREASE) 758,625 2,455,997 FUND BALANCE RESERVED FOR EMPLOYEES'PENSION BENEFITS: FUND BALANCE JANUARY 1,1998 6,235,554 3,779,557 FUND BALANCE DECEMBER 31,1998 $ 6.994.179 THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 1 30 CITY OF RENTON, WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 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 r 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 r accountability is defined as follows: A primary government has substantial 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. 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. r 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. 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. 31 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 , 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 Types 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 earnings 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 based 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 controls, 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. Pursuant to GASB Statement Number 20, "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting," the City has chosen to apply all applicable GASB Pronouncements and only FASB Statements and Interpretations, Accounting Principles Board Opinions and Accounting Research Bulletins issued , on or before November 30, 1989, unless they conflict with or contradict GASB Pronouncements. 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. 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. 32 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 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 .,r comparable to a consolidation. Interfund 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 r 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 of Accounting r 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. r 33 i CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 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 eight times during 1998. 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 canceled. 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$1,921,397. 34 CITY OF RENTON, WASHINGTON r NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 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 10' 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 fair value as required by the Governmental Accounting Standards Board (GASB) Statement No. 31. 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. The inventory at the Golf Course is the merchandise that is sold to the public. This inventory is valued at actual cost. A physical count is taken at year-end at all inventory locations. 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. .re 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, however King County has the ability to revalue annually. Property taxes levied by the County Assessor and collected by the County Finance Director become a lien on the first day of the levy year and may be paid in two equal installments if the total amount exceeds $30. The first half of real property taxes is due on April 30 and the balance is due October 31, Delinquent taxes bear interest at the rate of 12% and are subject to additional penalties if not paid as scheduled. 35 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ' 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. 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 1998, the City levied $3.5500 per $1,000 of assessed valuation for general ' purposes. 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 1998, the City's general tax levy was $3.5500 and the excess levy for Unlimited General , Obligation Bonds issued for the construction of Gene Coulon Memorial Beach Park and Senior Housing was $0.34608. A total of $3.89608 per $1,000 on a total assessed valuation of $3,825,109,334 per the King County Assessor's 1998 Annual Report. ' Estimated and actual property tax revenue is compared in the following table: TABLE 1: PROPERTY TAX LEVY ' ESTIMATED ACTUAL , ITEM PROPERTY TAXES PROPERTY TAXES VARIANCE General Levy $ 13,518,488 $ 13,238,398 $ (280,090) Excess Levy 1,299,990 1,272,720 (27,270) TOTAL $ 14,818,478 $ 14,511,118 $ (307,360) 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 36 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 err 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 w" donation. 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: rr TABLE 2: FIXED ASSET SERVICE LIFE ESTIMATED ASSET SERVICE LIFE Building 25-50 years Non Building Improvement 25-50 years r Utility Plant 25-75 years Equipment 3-20 years *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 and date of hire. Accumulated amounts of vacation leave and related benefits are accrued as expenses when incurred in Proprietary Funds. The current portion of the Enterprise Funds, $25,719, and the Internal Service Funds, $750 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 GASB r Statement 16. At year-end 1998, the Governmental Funds recorded current liabilities of $297,851 on the respective balance sheets and a long-term liability for the non-current portion of accumulated vacation and related benefits in the amount of $2,010,327 in the General Long- Term Debt Account Group. The unpaid liability in the Proprietary Funds at December 31 was $207,872. Accumulated sick leave and related benefits are also based on GASB Statement 16 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, 1998, were $160,305 and $1,614,221, respectively. The following table details the total vacation and sick leave liability: 37 CITY OF RENTON, WASHINGTON ' NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ' TABLE 3: EMPLOYEE LEAVE PAYABLE ITEM CURRENT LONG-TERM TOTAL , General Governmental Fund $ 297,851 $ 0 $ 297,851 General Long-Term Debt 0 3,624,548 3,624,548 Proprietary Fund 26,469 368,177 394,646 TOTAL LEAVE BENEFITS $ 324,320 $ 3,992,725 $ 4,317,045 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 Earnings The Airport Fund has credited $128,334 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, 1998, the Insurance Fund's unreserved retained earnings totaled $2,203,592. 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. DEPOSITS All deposits are covered entirely by Federal Depository Insurance (FDIC) or by collateral held in ■ili 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 38 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ar 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 $64,748,738 in cash and investments at year-end, which consisted of $33,128,844 in the State Investment Pool and Municipal Investors Account, $30,364,437 in other investments, and $13,675 in petty cash. All cash in excess of current requirements was invested at year-end with bank deposits reporting a cash balance of $1,255,457. Table 4 displays the breakdown of cash and deposits by type of deposits and by fund type. M TABLE 4: RECONCILIATION OF CASH AND INVESTMENTS BY FUND GROUP STATE TOTAL ALL CHANGE IN INVESTMENT RESTRICTED CASH&CASH RESTRICTED FAIR VALUE OF TOTAL CASH 8 r FUND GROUP CASH POOL/MIA* CASH EQUIVALENTS INVESTMENTS INVESTMENTS INVESTMENTS INVESTMENTS General $(11,163,540) $ 16,211,077 $ 200,098 $ 5,247,635 $ 0 $ 0 $ 0 $ 5,247,635 Special Revenue 1,412,769 2,745,000 0 4,157,769 5,300,000 0 50,133 9,507,902 Debt Service 884,301 900,000 0 1,784,301 450,000 0 164 2,234,465 Capital Projects 1,668,673 6,315,000 0 7,983,673 9,907,805 0 11,921 17,903,399 Enterprise (576,663) 5,250,000 6,144,746 10,818,083 3,743,926 659,980 8,490 15,230,479 Internal Service 1,193,130 1,263,000 0 2,456,130 4,954,025 0 7,106 7,417,261 Trust&Agency 471,815 444,767 0 916,582 5,348,701 0 942,314 7,207,597 TOTAL $ (6,109,515) $ 33,128,844 $ 6,344,844 $ 33,364,173 $ 29,704,457 $ 659,980 $ 1,020,128 $ 64,748,738 * Municipal Investor Account INVESTMENTS Washington State statutes provide for the City to hold investments consisting of obligations of the rI Federal government, repurchase agreements, prime banker's 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, but not in the City'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, 1998 ' CARRYING MARKET ITEM CATEGORY 1 CATEGORY 2 AMOUNT VALUE US Government $ 26,266,165 $ 98,272 $ 26,364,437 $ 27,384,565 ' Certificates of Deposit 4,000,000 0 4,000,000 4,000,000 TOTAL INVESTMENTS $ 30,266,165 $ 98,272 $ 30,364,437 $ 31,384,565 ' 39 CITY OF RENTON,WASHINGTON ' NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 NOTE 4 - DEFERRED COMPENSATION The City offers its employees a deferred compensation plan created in accordance with Internal t 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, 1998, the market value of the plans assets were $15,216,256. 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. NOTE 5 - RECEIVABLES AND PAYABLES t Table 6 details the specific receivables and payables at December 31, 1998. The City provides reserves for potentially uncollectible water, wastewater, storm, metro, solid waste utility, and airport charges. At December 31, 1998, these reserve balances were $82,941. TABLE 6: NET RECEIVABLES AND PAYABLES SPECIAL DEBT CAPITAL INTERNAL TRUST& ITEM GENERAL REVENUE SERVICE PROJECTS ENTERPRISE SERVICE AGENCY TOTAL RECEIVABLES: Taxes $ 286,853 $ 0 $ 28,136 $ 0 $ 0 $ 0 $ 0 $ 314,989 Accounts 4,106,268 10,798 0 0 2,746,647 18,044 0 6,881,757 , Notes 0 0 0 0 21,609 0 0 21,609 Special Assess-Current 0 0 0 0 0 0 0 0 Special Assess-Delinquent 0 0 17,355 0 0 0 0 17,355 ' Special Assess-Deferred 0 0 2,018,216 0 0 0 0 2,018,216 Interest-Special Assess 0 0 7,641 0 0 0 0 7,641 Interest on Investments 59,035 41,896 3,800 89,095 38,196 84,816 63,817 380,655 TOTAL ALL FUND TYPES $4,452,156 $ 52,694 $2,075,148 $ 89,095 $2,806,452 $ 102,860 $ 63,817 $9,642,222 PAYABLES: Matured Bonds Payable $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Matured Interest Payable 0 0 115,075 0 0 14,925 0 130,000 Accrued Interest Payable 0 0 0 0 316,568 871 0 317,439 Accrued Wages Payable 0 0 0 0 22,335 651 0 22,986 Accrued Benefits Payable 0 0 0 0 3,384 99 0 3,483 y Accrued Taxes Payable 3,632 5,991 0 451 101,259 133 0 111,466 TOTAL ALL FUND TYPES $ 3,632 $ 5,991 $ 115,075 $ 451 $ 443,546 $ 16,679 $ 0 $ $85,374 40 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 Note Receivable: Table 6 details the current portion of the note receivable in the amount of $21,609 due from the Golf Course Concessionaire. The non-current portion of this receivable is $66,187. INTERFUND RECEIVABLES AND PAYABLES TABLE 7: INTERFUND RECEIVABLES AND PAYABLES ITEM DUE FROM DUE TO it GENERAL FUND $ 18,351 $ 385,527 SPECIAL REVENUE FUNDS: Park Fund 0 1,558 Street Fund 46,577 5 Impact Mitigation 0 8,264 Total Special Revenue Funds 46,577 9,827 DEBT SERVICE FUNDS: 1983 Unlimited GO Refund 555 0 General Government Misc. Debt 61,502 0 1989 Unlimited GO 436 0 Total Debt Service Funds 62,493 0 CAPITAL PROJECT FUNDS: Municipal Facilities Construction 71,503 0 Capital Improvement Fund 0 46,196 Total Capital Project Funds 71,503 46,196 ENTERPRISE FUNDS: Waterworks Utility Fund 2,620 20,715 Airport Fund 0 0 Solid Waste Utility Fund 0 0 Golf Course Fund 261,531 0 Total Enterprise Funds 264,151 20,715 INTERNAL SERVICE FUNDS: Equipment Rental 0 810 Insurance 0 0 Total Internal Service Funds 0 810 TOTAL ALL FUND TYPES $ 463,075 $ 463,075 r INTERFUND LOANS/ADVANCES RECEIVABLE & PAYABLE ir► The following is a reconciliation of the $79,000 interfund loans and advances of which $0 is current and $79,000 is long term: .r. s I L 41 CITY OF RENTON,WASHINGTON 1rr NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ' TABLE 8: INTERFUND LOANS/ADVANCES - RECEIVABLE AND PAYABLE INTERFUND LOANS/ADVANCES , FUND RECEIVABLE PAYABLE GENERAL FUND $ 79,000 $ 0 SPECIAL REVENUE FUNDS: Community Development Block Grant 0 75,000 AGENCY&TRUST FUNDS: Advance Travel 0 4,000 TOTAL ALL FUND GROUPS $ 79,000 $ 79,000 INTERGOVERNMENTAL RECEIVABLES , At December 31, 1998, the receivables from other governmental units included federal, state , and local grants receivable of $1,736,075, and a miscellaneous receivable amounting to $367,086, from Bryn Mawr-Lakeridge Water & Sewer District for their 25% share of a water joint facilities project. , TABLE 9: DUE FROM OTHER GOVERNMENTAL UNITS SOURCE AMOUNT , GRANTS: US Department of Agriculture $ 19,215 US Department of Commerce (EDA) 0 US Department of Justice 33,346 US Department of Ecology 6,761 Federal Emergency Management Agency 117,217 WA Department of Housing &Community Services 51,008 WA Department of Natural Resources 0 ' WA Department of Transportation 1,313,919 WA Department of trade and Economic Development 0 King County 194,609 Subtotal-All Grants 1,736,075 OTHER GOVERNMENTAL RECEIVABLES: Bryn Mawr-Lakeridge Water&Sewer 367,086 TOTAL DUE ALL GRANTS $ 2,103,161 ' INTERGOVERNMENTAL PAYABLES ' A total of $2,243,510 was recorded as due to other governmental units at December 31, 1998. This included: 1) $1,675,291 for the portion of Municipal Court's outstanding receivables for bail due to the State; 2) $505,422 to the Washington State Department of Community Development for current portion due on Public Works Trust Fund loans; and 3) $62,797 to King County for the Cedar River Trunk Relocation. 42 CITY OF RENTON, WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 NOTE 6 - RESIDUAL EQUITY AND OPERATING TRANSFERS Interfund transfers are classified as either residual equity transfers or operating transfers. 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. Operating transfers are accounted for as"other financing sources or uses"and are included in the operating statements. TABLE 10: RESIDUAL EQUITY TRANSFERS FUND TRANSFER IN TRANSFER OUT General $ 63,110 $ 0 Waterworks Utility 0 31,555 Insurance 0 31,555 TOTAL TRANSFERS $ 63,110 $ 63,110 TABLE 11: OPERATING TRANSFERS FUND TYPE TRANSFERS IN TRANSFERS OUT GENERAL GOVERNMENTAL: General $ 0 $ 5,500,530 Parks 0 195,778 Arterial Street 0 320,000 Street 75,000 41,866 • Impact Mitigation 0 93,516 General Governmental Debt 0 600,000 Special Assessment Debt 0 50,950 r Special Assessment Guaranty 0 605,000 Municipal Facilities 4,124,752 5,735 Capital Improvements 2,044,251 0 r PROPRIETARY FUNDS: Waterworks Utility 50,949 0 Golf 323,423 0 i Equipment Rental 795,000 0 TOTALS $ 7,413,375 $ 7,413,375 r NOTE 7 - FIXED ASSETS General Fixed Assets are long lived assets of the City as a whole. When purchased, leased, or 'r 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. Depreciation has not rr 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 1998, 15 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 1998 and the Construction Work In Progress at the end of the year. 43 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ' TABLE 12: CHANGES IN GENERAL FIXED ASSETS BEGINNING ENDING ASSET BALANCE ADDITIONS DELETIONS BALANCE Land $ 21,912,232 $ 6,140,161 $ 201,250 $ 27,851,143 ' Buildings 34,124,048 490,825 0 34,614,873 Non-Building Improvements 15,698,128 124,167 14,900 15,807,395 Equipment 8,748,454 2,255,695 2,496,000 8,508,149 Construction in Progress 15,296,531 6,541,290 5,951,538 15,886,283 Joint Venture 1,498,995 220,307 0 1,719,302 TOTAL $ 97,278,388 $ 15,772,445 $ 8,663,688 $ 104,387,145 ' TABLE 13: CONSTRUCTION WORK IN PROGRESS ESTIMATED REMAINING ESTIMATED PROJECT COST TO DATE COSTS TOTAL COST , Boeing Trail $ 10,581 $ 34,430 $ 45,011 Copier Program/New City Hall 43,581 36,136 79,717 New City Hall (Main&Grady Bldg) #96066 14,462,926 2,415,247 16,878,173 , Lake Washington Boat House (104) 11,286 136,067 147,353 Lake Washington Boat House (316) 179,217 62,783 242,000 Park Play Equipment (316) 19,496 250,504 270,000 ' Cedar River Park Improvements (105) 193,466 106,534 300,000 City Lot Repaving 73,154 226,846 300,000 Cedar Rvr Erosion Protection (Block Grant) 7,636 157,010 164,646 City Hall Flood Wall 2,264 59,736 62,000 ' Main &Grady Ramp Project 559,676 1,960,324 2,520,000 Piazza/Gateway(I%for Art) 23,750 26,250 50,000 Big 5 Acquisition 8,327 41,673 50,000 Pavilion Improvements 40,089 159,911 200,000 Piazza/Gateway Improvements 250,834 799,166 1,050,000 TOTAL $ 15,886,283 $ 6,472,617 $ 22,358,900 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 1998, interest costs incurred on construction projects in Proprietary Funds were not material. +vll>f 44 CITY OF RENTON,WASHINGTON r� NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 r Table 14 provides a summary of Proprietary Fund property, plant, and equipment as of December 31, 1998. to TABLE 14: PROPRIETARY PROPERTY, PLANT, & EQUIPMENT SOLID GOLF TOTAL WATERWORKS AIRPORT WASTE COURSE TOTAL EQUIPMENT INTERNAL ASSET UTILITY FUND UTILITY FUND ENTERPRISE RENTAL INSURANCE SERVICE Land $ 3,493,869 $ 784,080 $ 0 $2,683,200 $ 6,961,149 $ 0 $ 0 $ 0 Buildings 7,954,427 489,995 0 3,995,241 12,439,663 0 0 0 Equipment 4,082,224 70,215 390,394 890,756 5,433,589 6,126,070 5,993 6,132,063 Other Improvements 142,047,374 8,510,356 0 2,761,806 153,319,536 0 0 0 Construction Work in Progress 9,877,249 692,377 0 0 10,569,626 0 0 0 TOTAL ASSETS $167,455,143 $10,547,023 $ 390,394 $10,331,003 $188,723,563 $6,126,070 $ 5,993 $ 6,132,063 Less Accumulated Depreciation 33,560,036 6,142 951 332,732 1,348,665 41 384 384 3,093,864 5 393 3,099,257 NET PROPERTY,PLANT,&EQUIPMENT $133,895,107 $ 4,404,072 $ 57,662 $8,982,338 $147,339,179 $3,032,206 $ 600 $ 3,032,806 CONTRIBUTED CAPITAL RETIREMENT • The Airport Fund has $5,771,290 of contributed capital that includes $5,631,690 of Federal, $53,775 of State, and $85,825 of private sources which is being retired on an annual basis. The unamortized balance as of December 31, 1998, was $1,383,715. The Airport is the only fund that amortizes its contributed capital at this time. The Waterworks Utility Fund has $92,247,661 of contributed capital. The Equipment Rental Fund has $1,054,934 of contributed capital, and the Golf Course Fund has $5,000 of contributed capital. These funds' contributed capital are not being retired. NOTE 8 - PREPAID ITEMS The General Fund has recorded $8,000 of prepaid items at December 31, 1998. This amount r represents prepaid postage charges to be expensed in 1999. The Insurance Fund has recorded $10,162 of prepaid items at December 31, 1998. This amount represents a $3,000 revolving fund established to pay claims by our insurance broker and $7,162 for prepaid medical benefits. NOTE 9 - JOINT VENTURE r 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 rrr 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 45 r CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 County Fire Districts #17, #20, #40, #43, #44, #46, #47; City of Pacific Police and Fire Departments, City of Algona Police Department, City of Des Moines Police Department, City of Newcastle Police Department, City of Federal Way 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 1998 cost distributions for the four participating cities were as follows: TABLE 15: JOINT VENTURE COST DISTRIBUTION DISPATCHABLE PERCENT 1998 ' CITY CALLS OF TOTAL ASSESSMENTS Renton 60,984 25.63% $ 910,995 Kent 82,900 34.84% 1,238,380 Auburn 52,640 22.12% 786,349 Tukwila 41,400 17.41% 618,443 TOTAL 237,924 100.00% $ 3,554,167 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) , Approve appointment and/or discharge of the Director; 3) Approve personnel policy and make final decisions on all major policy changes; and, 4) Review 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) Oversee the operation of ' Valley-Com, and advise and make recommendations to the Administration Board; 2) Make recommendations on Director selection; 3) Present proposed policies and budgets to the Administration Board; and, 4) Approve disbursement of funds by the Director. 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 Administrative Board by September 1 of each year. The Administrative 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. Tables 16 and 17 show the condensed financial position as of December 31, 1998, and the results of operation and changes in retained earnings for the year ended 1998. Audited 1998 financial statements are available from Valley-Com. 46 CITY OF RENTON,WASHINGTON r NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 16: BALANCE SHEET r ITEM AMOUNT ASSETS: Current Assets $ 6,015,627 M Property, Plant,and Equipment 7,551,739 TOTAL ASSETS $ 13,567,366 LIABILITIES AND FUND EQUITY: Current Liabilities $ 159,299 Long-Term Liabilities 163,247 TOTAL LIABILITIES 322,546 +� Retained Earnings 6,100,878 Contributed Capital 7,143,942 TOTAL FUND EQUITY 13,244,820 TOTAL LIABILITIES AND FUND EQUITY $ 13,567,366 up TABLE 17: STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS ITEM AMOUNT r OPERATING REVENUE: Intergovernmental Charges $ 6,186,687 Miscellaneous 3,361 ,r Transfers In 0 Total Operating Revenue 6,190,048 OPERATING EXPENSES: 5,555,175 Net Operating Income 634,873 NON-OPERATING REVENUE(EXPENSES) Interest and Miscellaneous Revenue 278,166 Interest Expense 0 Total Non-Operating Revenue(Expenses) 278,166 Net Income (Loss) 913,039 Retained Earnings at Beginning of Year 5,187,839 Retained Earnings at End of Year 6,100,878 Contributed Capital 170,693 err 800-Mhz Contributed Capital 6,973,249 TOTAL FUND EQUITY AT END OF YEAR $ 13,244,820 +rr The share of equity belonging to the four participating cities is shown in Table 18 below. Liabilities are the responsibility of the four participating cities in direct proportion to their equity position. 47 aw CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 18: JOINT VENTURE EQUITY ITEM RENTON KENT AUBURN TUKWILA TOTAL Equity January 1, 1998 $ 1,498,995 $ 1,676,617 $ 1,249,820 $ 986,574 $ 5,412,006 Current Year Increase 220,307 299,472 190,222 149,564 859,565 , Equity December 31, 1998 $ 1,719,302 $ 1,976,089 $ 1,440,042 $ 1,136,138 $ 6,271,571 Percent of Equity 27.41% 31.51% 22.96% 18.12% 100.000/. Percent of 1998 Distribution 25.63% 34.84% 22.13% 17.40% 100.000/0 ' 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 agreement was paid off in 1996. The 800-Megahertz system is to be incorporated into the County 800-Mhz system that is currently under development. 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 provides that, upon voluntary termination of any subregion's participation in the system, it surrenders its radio , frequencies, relinquishes 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 $6,973,249 as of December 31, 1998. NOTE 10 - PENSION PLAN & OTHER POST EMPLOYMENT 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$31,056,172 for the year ended December 31, 1998. 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 isp independent of the actuarial funding method used to determine contributions to the retirement systems. W 48 a CITY OF RENTON,WASHINGTON r NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 19: PERS AND LEOFF INFORMATION BY PLAN r PERS PLAN I PERS PLAN II LEOFF PLAN I LEOFF PLAN II (MEMBERSHIP (MEMBERSHIP (MEMBERSHIP (MEMBERSHIP PRIOR TO ON OR AFTER PRIOR TO ON OR AFTER ITEM 10/1/77) 10/1/77) 10/1/77) 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/any age 65/55* 50 58/50 EMPLOYEE CONTRIBUTION: Actual Rate @ 12/31/94 6.00% 4.65% 6.00% 8.48% Actual Amount $ 167,988 $664,768 $ 129,337 $809,159 Required Rate @ 12/31/94 6.00% 4.65% 6.00% 8.48% Required Amount $167,988 $ 664,768 $ 129,337 $809,159 EMPLOYER CONTRIBUTION: _ Actual Rate @ 12/31/94 7.50% 7.50% 6.18% 5.27% Actual Amount $209,981 $ 1,072,734 $ 133,186 $502,861 Required Rate @ 12/31/94 7.32% 7.32% 6.00% 5.09% Required Amount $204,941 $ 1,046,988 $ 129,307 $485,685 rr * Receive Reduced Benefits. 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 ,r the final average salary per year of service. The existing Cost of Living Allowance (COLA) benefits based on the loss of purchasing power in PERS I was repealed and replaced with a COLA based on years of service. The COLA will increase the employer contribution rate by .16 percent. 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 r. and employer are based on actuarially determined requirements and established by State statute. The City's contribution in 1998 represents its full liability under both systems except certain medical and disability premiums under the LEOFF Plan I, which are considered immaterial. During the 1996 legislative session, a benefit of $150,000 was provided for duty-related deaths for members of LEOFF I and II. The death benefit increased LEOFF II employer contribution rates by .01%, and LEOFF II employee contribution rates by .02%. r 49 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 20: PERS AND LEOFF INFORMATION BY SYSTEM ITEM(DOLLARS IN MILLIONS) PERS LEOFF City Participating Payroll $ 17.100 $ 11.699 Plan I City Contribution Rate 7.50% 6.18% Plan II City Contribution Rate 7.50% 5.27% City Plan Contribution: 1998 $ 1.283 $ .636 1997 $ 1.230 $ .608 1996 $ 1.140 $ .569 , 1995 $ 1.012 $ .550 Plan I Employee Contribution Rate 6.00% 6.00% Plan II Employee Contribution Rate 4.65% 8.48% ' *All required contributions to both systems were made by the city and the employees. The State 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, 1998. 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, 1998 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, 1998, there were 36 members in the System, including 34 retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them; 2 vested active members and no nonvested active members. The City's payroll for employees covered by the System for the year ended December 31, 1998 was $206,327. 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 with regard to the significant accounting policies. Investments in the System are valued at fair value, 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 1998. 50 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 Funding Status and Progress The contribution requirement and pension obligation was computed as part of an actuarial valuation performed as of January 1, 1998. Significant actuarial assumptions used in the valuation of both include: 1) 7% investment return, compounded annually,: 2) 5% salary increase annually; 3) 0% growth in fire insurance premium; 4) 6% annual increase in property tax; and 5) 4% 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, 1998, is as follows: TABLE 21: UNFUNDED PENSION BENEFIT OBLIGATION ITEM AMOUNT Retirees and beneficiaries currently receiving benefits $ 6,994,179 TOTAL PENSION BENEFIT OBLIGATION $ 6,994,179 ■r Net Assets Available for Benefits, at Cost 6,994,179 (Market Value$6,994,179 as of 12/31/98) Unfunded Pension Obligation $ 0 i Actuarial Funding Method &Amortization of Unfunded Pension Obligation rr 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. Employees are not required to make contributions. Pension benefit obligations were actuarially determined in 1982, 1986, 1988, 1990, 1992, 1994 and 1997. Amounts included for other periods were estimated based on the most recent actuarial result. The contributions to the System for 1998 include $61,775 from fire insurance premiums and $1,004,349 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 22: FIRE PENSION TEN-YEAR FUNDING PROGRESS DATA UNFUNDED PENSION OBLIGA- EMPLOYER NET ASSETS TION AS A CONTRI- AVAILABLE PENSION PERCENT- UNFUNDED ANNUAL %OF BUTION FISCAL FOR BENEFIT AGE PENSION COVERED COVERED EMPLOYER AS A%OF YEAR BENEFITS OBLIGATION FUNDED OBLIGATION PAYROLL PAYROLL CONTRIBUTION PAYROLL 1998 $ 6,994,179 $ 6,994,179 100.0% $ 0 $ 206,327 0.00% $ 0 0.00% 1997 6,235,554 6,642,979 93.87% 407,425 294,403 138.39% 161,000 54.69% 1996 3,779,557 8,083,000 46.75% 4,303,443 272,580 1578.78% 297,000 108.95% 1995 3,334,915 7,848,000 42.507o 4,513,085 270,734 1666.99% 286,000 105.63% 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% 1991 2,325,477 6,656,197 34.94% 4,330,720 343,072 1262.34% 206,000 60.05% Ali 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 3833% 51 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 23: FIRE PENSION TEN-YEAR REVENUE AND EXPENSES ' REVENUE BY SOURCE EXPENSES BY TYPE EMPLOYER FIRE INSURANCE INVESTMENT ' FISCAL YEAR CONTRIBUTIONS PREMIUM INCOME TOTAL REVENUE F BENEFITS ADMINISTRATION TOTAL EXPENSES 1998 $ 0 $ 61,775 $ 1,004,349 $ 1,066,124 $ 301,557 $ 5,942 $ 307,499 1997 161,000 69,305 2,530,975 2,761,280 294,403 10,880 305,283 1996 297,000 81,721 364,054 742,775 293,934 4,199 298,133 ' 1995 286,000 69,471 303,914 659,385 300,591 7,765 308,356 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 ' OTHER POST EMPLOYMENT BENEFITS In addition to the pension benefits described in Note 10, the City provides post employment benefits in accordance with State statute to all LEOFF I (law enforcement officers and fire fighters hired prior to 10/1/77) and Fire Pension (fire fighters hired prior to 3/1/70) retirees. Currently there ' are 94 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 post employment health care , benefits are recognized as retirees report claims. The City does not have a funding policy at this time and no assets are designated for this purpose. During the year, expenditures of $220,556 were recognized for post employment health care. State statute provides that the City's responsibility for medical payments of LEOFF I retirees is ' secondary to any other coverage retirees receive or are eligible to receive. The City recognizes a potential savings exists when retirees utilize Medicare as primary coverage and the City for ' secondary coverage and ineligible expenses. Therefore, upon reaching age 65, the City requires the retirees to apply for and utilize Medicare Part B coverage. The City reimburses these Medicare premiums at an average cost of approximately $45 per month for 26 LEOFF I retirees , and 5 Fire Pension retirees. NOTE 11 - CONSTRUCTION COMMITMENTS , At December 31, 1998, the City had significant contractual construction commitments. These are listed below: , TABLE 24: CONSTRUCTION COMMITMENTS PROJECT TITLE COMMITMENT FUNDINGSOURCE Waterworks Improvements $ 677,221 Public Works Trust Fund Loans/Grants Parks Improvements $ 2,408,903 General/Grants Street Improvements $ 54,500 General/Grants 52 CITY OF RENTON,WASHINGTON r NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 NOTE 12 - LONG-TERM DEBT AND CAPITAL LEASES The City of Renton's long-term debt consists of General Obligation Debt, repaid mainly from general governmental 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 "r debt, except for the p 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 25 summarizes long- term debt transactions of the City for the year ended December 31, 1998. A detail of all outstanding debt of the City is listed in Table 26 on the following page. TABLE 25: LONG TERM DEBT ADDITIONS AND RETIREMENTS SUMMARY PAYABLE PAYABLE ITEM 1/1/98 ADDED RETIRED 12/31/98 GENERAL: General Obligation Bonds $ 26,546,105 $ 0 $ 1,473,000 $25,073,105 Installment Contracts 13.361 278,172 25,702 265,831 r Arbitrage 0 0 0 0 Special Assessment 1,835,000 0 500,000 1,335,000 Employee Leave Benefits 3,957,472 0 35,073 3,922,399 ® TOTAL GENERAL $ 32,351,938 $ 278,172 $ 2,033,775 $30,596,335 PROPRIETARY: Revenue Bonds $ 29,940,000 $ 6,120,000 $ 7,480,000 $28,580,000 General Obligation Bonds 3,561,803 0 414,000 3,147,803 Installment Contracts 258,745 0 59,411 199,334 Capital Leases 123,947 0 41,852 82,095 Arbitrage 0 0 0 0 Employee Leave Benefits 414,581 0 46,404 368,177 Public Works Trust Fund Loans 7,691,547 2,006,665 452,854 9,245,358 TOTAL PROPRIETARY $ 41,990,623 $ 8,126,665 $ 8,494,521 $41,622,767 TOTAL ALL FUNDS: General Obligation Bonds $ 30,107,908 $ 0 $ 1,887,000 $28,220,908 Revenue Bonds 29,940,000 6,120,000 7,480,000 28,580,000 Installment Contracts 272,106 278,172 85,113 465,165 Capital Leases 123,947 0 41,852 82,095 w Arbitrage 0 0 0 0 Special Assessment 1,835,000 0 500,000 1,335,000 Employee Leave Benefits 4,372,053 0 81,477 4,290,576 Public Works Trust Fund Loan 7,691,547 2,006,665 452,854 9,245,358 rr TOTAL ALL FUNDS $ 74,342,561 $ 8,404,837 $ 10,528,296 $72,219,102 r 53 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ' TABLE 26: OUTSTANDING DEBT AS OF DECEMBER 31, 1998 INTEREST ISSUED MATURITY AMOUNT OUTSTANDING , ITEM RATES DATE DATE ISSUED 1/1/98 ISSUED REDEEMED 12/31/98 General Obligation Bonds: Limited , 1989 G O Refunding Bonds 6.75%-7.007. 06/01/89 05/01/02 $ 2,085,000 $ 1,260,000 $ 0 $ 210,000 $ 1,050,000 1993 G O Refunding Bonds 3.00%-4.80% 08/01/93 06/01/02 4,910,000 3,925,000 0 720,000 3,205,000 1994 G O Bonds 4.60%-6.307o 12/01/94 12/31/04 980,000 65,000 0 0 65,000 1996 G O Bonds 4.25%-5.407o 10/15/96 10/15/06 553,337 546,337 0 27,000 519,337 1997 G O Refunding Bonds 5.25%-5.55% 05/01/97 12/01/06 2,683,827 2,683,827 0 0 2,683,827 ' 1997 G O Bonds 5.55%-5.75% 05/01/97 12/01/17 14,697,744 14,697,744 0 0 14,697,744 SUBTOTAL LIMITED GO 25,909,907 23,177,908 0 957,000 22,220,908 Unlimited 1989 G O Bonds-Senior Housing 6.40%-7.50% 02/01/89 02/01/09 5,500,000 480,000 0 230,000 250,000 1993 G O Refunding Bonds-Coulon Park 4.00%-6.10% 09/01/93 05/01/02 4,660,000 2,335,000 0 655,000 1,680,000 1993G O Refunding Bonds-Senior Housing 2.70%-5.20% 09/01/93 02/01/09 4,270,000 4,115,000 0 45,000 4,070,000 SUBTOTAL UNLIMITED GO 14,430,000 6,930,000 0 930,000 6,000,000 TOTAL GENERAL OBLIGATION BONDS 40,339,907 30,107,908 0 1,887,000 28,220,908 ' Installment Contracts: King County(Land) 10.00% 08/25/88 10/01/98 90,300 13,361 0 13,361 0 Certificates of Participation 4.51% 09/01/98 06/01/08 278,172 0 278,172 12,341 265,831 TOTAL INSTALLMENT CONTRACTS 368,472 13,361 278,172 25,702 265,831 ' TOTAL GENERAL OBLIGATION DEBT $ 40,708,379 $ 30,121,269 $ 278,172 $ 1,912,702 $ 28,486,739 Revenue Bonds: 1977 Water/Sewer Refunding 6.01% 12/01/77 07/01/99 3,045,000 575,000 0 575,000 0 1988 Water/Sewer 7.56% 06/01/88 06/01/08 3,460.000 150,000 0 150,000 0 ' 1989 Water/Sewer 6.85%-7.50% 05/01/89 05/01/09 1,715,000 145,000 0 70,000 75,000 1989 Water/Sewer Refunding 6.00%-7.10% 09/01/89 04/01/05 2,150,000 180,000 0 180,000 0 1990 Water/Sewer 5.90%-7.37% 11/01/90 10/01/10 4,100,000 510,000 0 160,000 350,000 1992 Water/Sewer 3.50%-6.50% 06/01/92 12/01/12 4,000,000 3,390,000 0 2,730,000 660,000 1992 Water/Sewer Refunding 3.50%-6.35% 06/01/92 12/01/06 4,635,000 3,830,000 0 445,000 3,385,000 , 1993 Water/Sewer 3.00%-5.375% 08/01/93 04/01/13 5,285,000 4,585,000 0 195,000 4,390,000 1993 Water/Sewer Refunding 3.007.-5.375% 01/08/93 04/01/10 8,860,000 8,295,000 0 105,000 8,190,000 1994 Golf System 4.50%-7.007. 07/01/94 12/01/15 5,000,000 4,710,000 0 155,000 4,555,000 1994 Water/Sewer 5.45%-6.55% 11/01/94 11/01/13 3,570,000 3,570,000 0 2,605,000 965,000 ' 1998 Water/Sewer Refunding 3.70%-5.107o 03/01/98 06/01/13 6,120,000 0 6,120,000 110,000 6,010,000 TOTAL REVENUE BONDS $ 51,940,000 $ 29,940,000 $ 6,120,000 $ 7,480,000 $ 28,580,000 Public Works Trust Fund Loans: Northwest 7th Sewer Repair 5.00% 12131/91 07/01/01 84,779 37,679 0 9,420 28,259 Sierra Heights Sewer Improvements 3.00% 10/20/92 07/01/12 888,462 384,637 0 25,642 358,995 ' Central Renton Sewer Replacement 1.00% 06/14/93 07/01/15 1,631,800 1,503,771 0 87,483 1,416.288 East Renton Interceptor 2.00% 06/14/93 07/01/13 2,542,704 2,153,120 0 134,570 2,018,550 Dayton Avenue NE 2.00% 05/24/94 07/01/14 96,958 86,752 0 5,103 81,649 Sanitary Sewer Grouting 2.00% 05/19/94 07/01/04 90,000 70,000 0 10,000 60,000 ' NE 27th/Aberdeen Drainage Improvements 1.00% 06/27/95 07/01/15 657,900 103,879 548,250 5,771 646,358 East Kennydole Interceptor 2.00% 06/26/96 07/01/16 1,884,366 314,061 1,570,305 16,530 1,867,836 Honeycreek Interceptor 2.00% 06/26/96 07/01/16 1,840,568 1,913,858 -73,290 96,872 1,743,696 Rolling Hills Reservoir 1.00% 03/26/96 07/01/01 115,800 154,400 -38,600 28,950 86,850 ' Corrosion Control Treatment Facilities 1.0017o 03/26/96 07/01/17 969,390 969,390 0 32,513 936,877 TOTAL PUBLIC WORKS TRUST FUND LOANS $ 10,802,727 $ 7,691,547 $ 2,006,665 $ 452,854 $ 9,245,358 Installment Contracts(Proprietary Funds): Metro(Cedar River Trunk Project) 5.00-5.25% 12/01/96 12/01/01 314,952 258,745 0 59,411 199,334 TOTAL INSTALLMENT CONTRACTS $ 314,952 $ 258,745 $ 0 $ 59,411 $ 199,334 ' Capital Leases: Golf Course Carts 6.09% 11/13/95 10/13/99 89,175 43,347 0 23,045 20,302 Golf Course Carts 5.62% 07/19/96 06/19/00 29,725 19,825 0 7,382 12,443 John Deere Equipment 9.50% 10/01/97 09/01/02 21,298 20,295 0 3,860 16,435 John Deere Equipment 10.39% 10/01/97 09/01/02 43,473 40,480 0 7,565 32,915 TOTAL CAPITAL LEASES $ 182,671 $ 123,947 $ 0 $ 41,852 $ 82,095 LID Bonds and Notes: 314 Street/Utilities 9.001/.-11.125% 09/01/89 09/01/01 6,789,084 100,000 0 100,000 0 332 Street/Utilities 6.00%-7.75% 10/15/88 10/15/05 3,450,183 850,000 0 215,000 635,000 329 Street/Utilities 3.00%-5.50% 04/01/93 04/01/03 1,654,063 885,000 0 185,000 700,000 TOTAL LID BONDS AND NOTES $ 11,893,330 $ 1,835,000 $ 0 $ 500,000 $ 1,335,000 Arbitrage 0 0 0 0 0 Employee Leave Benefits 0 4,372,053 0 81,477 4,290,576 TOTAL OUTSTANDING DEBT $ 115,842,060 $ 74,342,561 $ 8,404,837 $ 10,528,296 $ 72,219,102 54 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 DEEP DISCOUNT DEBT The 1996 Limited General Obligation Bond Issue included capital appreciation bonds that are issued at a deep discount. The deep-discount debt will mature in the years 2001, 2005, and 2006 with an accreted value of $21,000, $25,000 and $194,000 respectively. The deep-discount debt is reported in the General Long Term Debt Account Group in the amount of $143,337, net of the remaining unamortized discount. The 1997 Limited General Obligation Bond issue included capital appreciation bonds that are +• issued at a deep discount. The deep-discount debt will mature in the years 2006, 2007, and 2008 and 2009 with an accreted value of $335,000, $1,245,000, $1,250,000 and 1,000,000, respectively. The deep-discount debt is reported in the General Long Term Debt Account Group in the ,. amount of$2,037,743, net of the remaining unamortized discount. DEBT PRO RATED BETWEEN FUNDS �r 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 remaining obligation for this purchase is $1,423,020 and is reported on the balance sheet of the Enterprise Funds. Likewise, a pro rata share of the 1993 and 1997 Limited General Obligation Refunding Bonds and the entire 1994 Limited General Obligation Bond issue were for the benefit of the Equipment Rental Fund and are therefore reported on the balance sheet of the Internal Service .n Fund ($1,270,978). In addition, a pro rata share of the 1997 Limited General Obligation Refunding Bonds was for the acquisition of yard waste carts and is reported in the Solid Waste Utility Fund ($171,765). The 1993 Limited General Obligation Refunding Bonds also include $282,040 that is accounted for in the Water Utility in the Enterprise Funds. The entire debt in each instance is secured by the full faith and credit of the general government. Table 27 provides a reconciliation of debt distribution between the Proprietary Funds and the General Long Term Debt Account Group. TABLE 27: PRO RATA DEBT WATER- SOLID GOLF EQUIP- GENERAL WORKS WASTE COURSE MENT LONG-TERM ISSUE UTILITY UTILITY FUND RENTAL DEBT TOTAL 1993 General Obligation Refunding Bonds: Payable-Long Term $ 216,040 $ 0 $1,090,020 $ 105,565 $1,043,375 $2,455,000 Payable-Current 66,000 0 333,000 32,250 318,750 750,000 TOTAL 1993 GENERAL OBLIGATION REF BONDS $ 282,040 $ 0 $1,423,020 $ 137,815 $1,362,125 $3,205,000 1994 General Obligation Bonds: Payable-Long Term 0 0 0 65,000 0 65,000 Payable-Current 0 0 0 0 0 0 TOTAL 1994 GENERAL OBLIGATION BONDS $ 0 $ 0 $ 0 $ 65,000 $ 0 $ 65,000 1997 General Obligation Refunding Bonds: Payable-Long Term 0 171,765 0 1,068,163 1,443,899 2,683,827 Payable-Current 0 0 0 0 0 0 TOTAL 1997 GENERAL OBLIGATION BONDS $ 0 $ 171,765 $ 0 $1,068,163 $1,443,899 $2,683,827 Other General Obligation Bonds 0 0 0 0 22,267,081 22,267,081 Installment Contracts 0 0 0 0 265,831 265,831 TOTAL GENERAL OBLIGATION DEBT $ 282,040 $ 171,765 $1,423,020 $1,270,978 $25,338,936 $28,486,739 55 CITY OF RENTON,WASHINGTON ' NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 ' SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT As of December 31, 1998, a total of $1,335,000 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, 1998, special assessment receivables ' totaled $2,035,571 that includes $17,355 of delinquent assessments. In the guaranty fund, $423,217 represents 31.7%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, 1998, the debt limits for the City were as follows: TABLE 28: DEBT LIMIT CAPACITIES WITHOUT WITH A VOTE OF THE PEOPLE ITEM A VOTE 2.5% 5.0% 7.5% Legal Limit $ 57,376,640 $ 95,627,733 $ 191,255,466 $ 286,883,199 ' Outstanding Net Indebtedness 21,902,260 25,759,806 1,136,508 26,896,314 Capacity Available $ 35,474,380 $ 69,867,927 $190,118,958 $ 259,986,885 REFUNDED DEBT As of December 31, 1998, the City's refunded debt includes ten 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, 1998, and changes to refunded bonds payable are provided in the following tables. TABLE 29: REFUNDED BONDS ' FIRST CHASE ' TRUST MANHATTAN ITEM WASHINGTON BANK TOTAL ASSETS: ' Cash with Trustee $ 542 $ 19,610 $ 20,152 Investments with Trustee 11,545,669 3,182,090 14,727,759 Estimated Interest Receivable 626,494 792,710 1,419,204 TOTAL ASSETS $ 12,172,705 $ 3,994,410 $ 16,167,115 , LIABILITIES: Refunded Bonds Payable 11,470,000 3,880,000 15,350,000 EQUITY: Earnings with Trustee 702,705 114,410 817,115 TOTAL LIABILITIES AND EQUITY $ 12,172,705 $ 3,994,410 $ 16,167,115 56 CITY OF RENTON, WASHINGTON Irr NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 30: CHANGES TO REFUNDED BONDS PAYABLE BALANCE BALANCE ITEM 12/31/97 INCREASE DECREASE 12/31/98 Refunded Bonds Payable GO $ 7,715,000 $ 0 $ 1,695,000 $ 6,020,000 Refunded Bonds Payable Revenue 7,640,000 5,450,000 3 760 000 9,330,000 TOTAL $15,355,000 $ 5,450,000 $ 5,455,000 $15,350,000 REFUNDING BOND ISSUES- 1998 1998 Wafer and Sewer Revenue Refunding Bonds r On March 1, 1998, the City issued $6,120,000 in Water and Sewer Revenue Refunding Bonds with an average interest rate of 4.753% to advance refund $5,450,000 of outstanding Water and Sewer Revenue Bonds. (1977 Water and Sewer Revenue Refunding Bonds, 1992 Water and Sewer Revenue Bonds, and 1994 Water and Sewer Revenue Bonds.) The net proceeds were used to purchase U.S. government securities which were deposited with an escrow agent to provide for all future debt service payments on the refunded bonds. As a result, these bonds are considered defeased and the liability for these bonds has been removed from the Proprietary Type Long-Term Debt. +r The advance refunding resulted in a reduction in the aggregate debt service payments of $300,508. In addition, the economic gain (difference between the present values of the old and new debt service payments) was $186,626. 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. Deep-discount debt is reported at face value at maturity. rr r • 57 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 , TABLE 31: DEBT SERVICE REQUIREMENT TO MATURITY (DOLLARS IN THOUSANDS) ' CAPITAL LEASES/ TOTAL LONG TERM REVENUE PW TRUST INSTALLMENT SPECIAL TOTAL LONG ' GO DEBT BONDS FUND LOANS CONTRACTS ASSESSMENT TERM DEBT YEAR 1PRINCIPAL INTEREST IPRINCIPAL INTEREST 1PRINCIPAL INTEREST IPRINCIPAL INTEREST 1PRINCIPAL INTEREST 1PRINCIPAL INTEREST 1999 $ 2,020 $ 1,252 $ 2,090 $ 1,491 $ 616 $ 127 $ 103 $ 16 $ 215 $ 86 $ 5,044 $ 2,972 2000 2,121 1,141 1,800 1,395 616 126 83 11 395 70 5,015 2,743 ' 2001 1,591 1,048 1,910 1,293 616 117 84 6 395 44 4,596 2,508 2002 1,714 959 1,995 1,192 545 108 11 1 165 18 4,430 2,278 2003 1,282 1,249 2,125 1,084 545 101 0 0 165 9 4,117 2,443 ' 2004 1,338 1,192 2,240 970 545 93 0 0 0 0 4,123 2,255 2005 1,231 1,304 2,355 843 536 84 0 0 0 0 4,122 2,231 2006 1,200 1,338 2,240 721 536 76 0 0 0 0 3,976 2,135 , 2007 1,182 1,349 1,840 613 536 68 0 0 0 0 3,558 2,030 2008 1,153 1,368 1,940 514 536 61 0 0 0 0 3,629 1,943 2009 1,245 1,258 1,695 418 536 53 0 0 0 0 3,476 1,729 2010 1,265 721 1,625 331 536 45 0 0 0 0 3,426 1,097 , 2011 1,340 639 1,345 252 536 38 0 0 0 0 3,221 929 2012 1,415 563 1,420 175 536 30 0 0 0 0 3,371 768 2013 1,495 482 1,145 103 510 23 0 0 0 0 3,150 608 ' 2014 1,580 396 395 57 340 16 0 0 0 0 2,315 469 2015 1,675 306 420 29 335 10 0 0 0 0 2,430 345 2016 1,770 209 0 0 245 5 0 0 0 0 2,015 214 2017 1,870 108 0 0 44 1 0 0 0 0 1,914 109 TOTALS $28,487 $ 16,882 $28,580 $11,481 $ 9,245 $ 1,182 $ 281 $ 34 $ 1,335 $ 227 $67,928 $29,806 AMOUNT AVAILABLE FOR DEBT SERVICE ' Fund balances that have been reserved for debt repayment are $2,325,340 in the debt service funds. CAPITAL LEASES The City entered into a lease agreement in 1995, 1996 and 1997 as lessee for financing the ' acquisition of golf carts and lawn equipment for its Municipal Golf Course. The leases qualify as capital leases for accounting purposes. Therefore, at inception of the leases, the equipment ' was recorded as assets with a corresponding long-term liability equal to the present value of the future lease payments that totaled $182,671. The fund records lease payments as reductions of the long-term liability and as interest expense over the life of the lease. As of December 31, 1998, the current and long-term portions of capital leases payable were $40,384 and $41,712, ' respectively. Table 32 provides the future minimum lease obligations and the net present value of these minimum lease payments as of December 31, 1998. 58 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 TABLE 32: CAPITAL LEASE OBLIGATIONS r GOLF COURSE YEAR ENDING DECEMBER 31, 1998 FUND 1999 $ 45,310 2000 20,298 2001 16,160 2002 12,120 Total Minimum Lease Payments 93,888 Less: Interest (11,792) PRESENT VALUE OF MINIMUM LEASE PAYMENTS $ 82,096 r 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, 1998, there was a balance remaining of$80,000. 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 33: RESERVATIONS OF FUND EQUITY GENERAL DEBT TRUST& EQUITY RESERVED FOR: FUND SERVICE ENTERPRISE AGENCY TOTAL Debt Service/Arbitrage $ 0 $ 2,325,340 $ 8,353,765 $ 0 $ 10,679,105 Advances/Other Funds/Prepaids 87,000 0 0 0 87,000 r Pension Obligation 0 0 0 6,994,179 6 994 179 TOTAL $ 87,000 $ 2,325,340 $ 8,353,765 $ 6,994,179 $17,760,284 aw TABLE 34: UNRESERVED DESIGNATED FUND EQUITY EQUITY DESIGNATED FOR: GENERAL FUND Inmate Health&Welfare $ 28,129 Investigative Fund Confiscations 89,570 TOTAL $ 117,699 59 CITY OF RENTON,WASHINGTON NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 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, 1998 follows: TABLE 35: SEGMENT INFORMATION FOR ENTERPRISE FUNDS , WATERWORKS SOLID GOLF TOTAL ENTERPRISE ITEM UTILITY AIRPORT WASTE COURSE FUNDS ' TOTAL OPERATING REVENUE $ 21,036,974 $ 964,700 $ 8,160,355 $ 2,067,208 $ 32,229,237 OPERATING EXPENSES: Operations&Maintenance 11,513,665 269,591 6,823,490 1,346,972 19,953,718 Administrative&General 1,637,679 103,032 0 0 1,740,711 ' Insurance 0 10,460 0 0 10,460 Taxes 1,726,091 0 1,047,579 8,697 2,782,367 Depreciation 2,725,007 180,535 53,396 279,065 3,238,003 ' Total Operating Expenses 17,602,442 563,618 7,924,465 1,634,734 27,725,259 Net Operating Income(Loss) 3,434,532 401,082 235,890 432,474 4,503,978 Non-Operating Revenue Net of Expenses (794,871) 140,442 100,880 (346,989) (900,538) ' Operating Transfers In(Out) 50,949 0 0 323,423 374,372 Net Income(Loss) $ 2,690,610 $ 541,524_ $ 336,770 $ 408,908 $ 3,977,812 Net Working Capital 5,815,381 2,747,217 1,257,134 747,396 10,567,128 Additions to Property,Plant and ' Equipment,Net of Disposals 9,143,178 315,473 (53,396) (209,922) 9,195,333 Total Assets 147,482,053 7,234,681 1,894,795 10,346,587 166,958,116 Long Term Debt,Net of Current Portion , &Bond Premium/Discount 30,160,444 0 166,166 5,446,706 35,773,316 Current Capital Contributions 6,025,534 (128,334) 0 0 5,897,200 TOTAL FUND EQUITY $ 113,715,182 $ 7,119,236 $ 1,147,609 $ 4,186,721 $ 126,168,748 ' NOTE 16 - LITIGATION 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 omissions; injuries to employees; and natural disasters. The City of Renton protects itself against unforeseen losses by utilizing a three-pronged risk management approach. First, the City self-funds first level losses through its Insurance Fund. Second, 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 trrl analysis of the self-insurance retention levels, limits of insurance, and claims administrators for the major types of coverages are presented below. During 1998, there were no reductions in insurance coverage, and settlements for the last three years have not exceeded insurance coverage. 60 CITY OF RENTON, WASHINGTON r NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1998 r TABLE 36: RISK MANAGEMENT r RISK RETENTION RISK SHARING TYPE OF COVERAGE OCCURRENCE CLAIMS ADMIN 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 Underground Storage 10,000 Giesy,Greer&Gunn 1,000,000 Commerce &Industry Tank Worker's Comp 225,000 Johnston&Culberson 2,000,000 Frontier Employee Health 90,000 HMA,Inc N/A Safeco ..l 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 in Table 36. As of December 31, 1998, the City had accrued the following amounts for outstanding claims. TABLE 37: OUTSTANDING CLAIMS INCURRED/ INCURRED BUT NOT TOTAL CLAIMS COVERAGE REPORTED REPORTED PAYABLE Property &Liability $ 0 $ 1,995,202 $ 1,995,202 Worker's Compensation 0 516,127 516,127 Employee Health 0 229,716 229,716 TOTAL $ 0 $2,741,045 $2,741,045 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 38 below presents changes in claims liabilities for 1997 and 1998. TABLE 38: CHANGES IN CLAIMS LIABILITIES as PROPERTY& WORKER'S EMPLOYEE LIABILITY COMPENSATION HEALTH TOTALS ITEM 1 1998 1997 1 1998 1997 1 1998 1997 1 1998 1997 Claims Liabilities at Beginning of Year $ 913,175 $ 1,022,254 $ 106,992 $ 58,999 $ 151,308 $ 149,957 $1,171,475 $1,231,210 Claims Expenses: Current Year and Changes in 3,010,003 650,013 1,143,908 411,896 2,886,505 2,905,698 7,040,416 3,697,607 Estimates Claims Payments (1,927,976) (759,092) (734,773) (363,903) (2,808,097) (2,904,347) (5,470,846) (4,027,342) 1111 Claims Liabilities at End of Year $1,995,202 $ 913,175 $ 516,127 $ 106,992 $ 229,716 $ 151,308 $2,741,045 $1 171,475 NOTE 18 - SUBSEQUENT EVENTS There are no material subsequent events pending that have any material affect to the financial r statements between January 1, 1999 and June 30, 1999. 61 r CITY OF RENTON,WASHINGTON REQUIRED SUPPLEMENTARY INFORMATION DECEMBER 31, 1998 , YEAR 2000 DISCLOSURES The City of Renton defines the term "Year 2000 Compliant" to mean the continued, ' uninterrupted operation of a system and its components before, during and after January 1, 2000, as well as the proper calculation of the Year 2000 as a leap year. The ' term "Year 2000 Compatible" shall mean that the system must be manually reset at the end of 1999, but once reset will correctly function, operate, and recognize the correct century date as well as calculate the Year 2000 as a leap year. ' Renton has completed an inventory that began in May 1997, of computer systems and other electronics that may be affected by the Year 2000 issue that are necessary to , conducting City operations. The following systems have been identified by the City to require Year 2000 remediation. Since 1997, a total of $2,000,000 has been committed toward the Year 2000 issue. ' Payroll Processing. The City has purchased and is currently installing compliant time entry, payroll processing, and job costing applications. Utility Billing and Meter Reading. 2000 compliant software has been received and is ' currently being installed. Business License System. The software is being reprogrammed by City staff to meet ' compliance requirements. Police Records Management. New software has been acquired and is being ' implemented by a team of police and information services staff. Recreation Reservation System. This new application has been ordered and awaiting ' implementation. Fire Department Work Scheduler. The program schedules the fire personnel for a 12 month work envelope. The functionality will be replaced by the time entry system being implemented as part of the new payroll system. Fire Incident Reporting. This system has been replaced in 1998. ' Municipal Court Jury Selection. The program has been rewritten to utilize commercially ' available voter registration data for future updates. Emergency 911 System. This system is being addressed by the King County 911 ' program and the work is still in progress. Several testing procedures have been completed. Computerized Maintenance Management Software. This facility management software nn is currently in the test and training phase of installation. 62 CITY OF RENTON, WASHINGTON REQUIRED SUPPLEMENTARY INFORMATION DECEMBER 31, 1998 Water Delivery System. In anticipation of general power outages on a local and regional basis the water utility has leased generators in order to maintain adequate wrr water supply and service. Waste Water Utility. The same mitigation steps have been taken regarding lift station •• power for this utility. Master Traffic Signal System. The transportation division has replaced the master system and 25 local intersection controllers that all meet Year 2000 compliance. Because of the unprecedented nature of the Year 2000 issue, its effects and the r success of related remediation efforts will not be fully determinable until the Year 2000 and thereafter. Management cannot assure that the City of Renton is or will be Year 2000 ready, that the City's remediation efforts will be successful in whole or in part, or that parties with whom the City does business will be Year 2000 ready. r • 63 CITY OF RENTON,WASHINGTON r 1 1 i r r 1 THIS PAGE INTENTIONALLY LEFT BLANK r r r r r r r r r � r 64 r General Fund RENTON DOWNTOWN PIAZZA AND GATEWAY Estimated Construction Start Date-August 1999.x•'r } Estimated Completion Date-Dec.1999 (2 CITY OF RENTON,WASHINGTON GENERAL FUND DECEMBER 31, 1998 r The City of Renton's General Fund includes all financial transactions that 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. ' 65 CITY OF RENTON, WASHINGTON ' GENERALFUND COMPARATIVE BALANCE SHEET DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 1) ' 1998 1997 ASSETS: Cash and Cash Equivalents $ 5,047,537 $ 6,844,459 Receivables: ' Taxes 286,853 296,422 Accounts 4,106,268 3,587,388 Interest on Investments 59,035 3,511 Due From Other Funds 18,351 9,134 ' Due From Other Governmental Units 33,346 33,345 Prepaid Items 8,000 8,000 Restricted Assets: Deposits 200,098 132,975 Interfund Loans/Advances-Non-Current 79,000 79,000 ' TOTAL ASSETS $ 9.838.488 $ 10.994.234 LIABILITIES AND FUND EQUITY: LIABILITIES: ' Vouchers/Contracts Payable $ 416,918 $ 355,334 Due To Other Funds 385,527 353,867 Due To Other Governmental Units 1,675,291 1,478,544 Accrued Taxes Payable 3,632 309 Deferred Revenues 2,504,779 2,237,242 ' Accrued Employee Leave Benefits 209,628 190,825 TOTAL LIABILITIES 5,195,775 4,616,121 FUND EQUITY: ' Fund Balance: Reserved for Advances/Prepoids/Contingency 87,000 87,000 Unreserved-Designated: For Inmate Health&Welfare 28,129 21,026 For Investigative Fund Confiscations 89,570 86,022 ' Unreserved-Undesignated 4,438,014 6,184,065 TOTAL FUND EQUITY 4,642,713 6,378,113 TOTAL LIABILITIES AND FUND EQUITY $ 9.838.488 $_1912A23-4- 66 CITY OF RENTON,WASHINGTON GENERAL FUND STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 1) 1998 1997 REVENUES Taxes $ 26,438,377 $ 23,464,646 Licenses And Permits 2,063,509 2,106,201 Intergovernmental Revenues 2,605,650 2,573,215 Charges For Services 3,979,440 3,830,908 Fines And Forfeits 687,492 699,918 Interest 1,158,010 1,054,477 Miscellaneous Revenues 98,437 96,189 TOTAL REVENUES 37,030,915 33,825,554 EXPENDITURES Current: General Government 7,884,923 6,883,085 Security Of Persons And Property 20,074,074 19,249,622 Physical Environment 1,730,735 1,708,461 Economic Environment 3,240,794 2,658,068 Mental And Physical Health 10,962 7,570 ft Capital Outlay 350,193 41,172 Debt Service: Principal Retirement 33,018 33,018 Interest&Fiscal Charges 5,696 8,543 TOTAL EXPENDITURES 33,330,395 30,589,539 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 3,700,520 3,236,015 OTHER FINANCING SOURCES(USES) Operating Transfers In 0 0 Operating Transfers(Out) (5,500,530) (3,415,226) Sale Of General Fixed Assets 1,500 38,261 w TOTAL OTHER FINANCING SOURCES(USES) (5,499,030) (3,376,965) EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (1,798,510) (140,950) FUND BALANCE JANUARY 1 6,378,113 6,854,563 Residual Equity Transfers In 63,110 0 Residual Equity Transfers Out 0 (335,500) FUND BALANCE DECEMBER 31 $ 4.642.713 $ 6.378,113 67 CITY OF RENTON,WASHINGTON GENERAL FUND ' STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 ' (PAGE 1 OF 1) GENERAL VARIANCE ' FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES , Taxes $ 25,410,662 $ 26,438,377 $ 1,027,715 $ 23,464,646 Licenses And Permits 1,313,961 2,063.509 749,548 2,106,201 Intergovernmental Revenues 2,575,972 2,605,650 29,678 2,573,215 Charges For Services 3,360,390 3,979,440 619,050 3,830,908 Fines And Forfeits 721,000 687,492 (33,508) 699,918 ' Interest 745,000 1,158,010 413,010 1,054,477 Miscellaneous Revenues 145,645 98,437 (47,208) 96,189 TOTAL REVENUES 34,272,630 37,030,915 2,758,285 33,825,554 EXPENDITURES Current: General Government 7,908,734 7.884,923 23,811 6,883,085 Security Of Persons And Property 20.429,585 20,074,074 355,511 19,249,622 Physical Environment 1,831,243 1,730,735 100.508 1,708,461 ' Economic Environment 3,463,988 3,240,794 223,194 2,658,068 Mental And Physical Health 10,296 10,962 (666) 7,570 Capital Outlay 119,203 350,193 (230,990) 41,172 Debt Service: Principal Retirement 33,018 33,018 0 33,018 Interest&Fiscal Charges 5,696 5,696 0 8,543 TOTAL EXPENDITURES 33,801,763 33,330,395 471,368 30,589,539 EXCESS(DEFICIENCY)OF REVENUES , OVER EXPENDITURES 470,867 3,700,520 3,229,653 3,236,015 OTHER FINANCING SOURCES(USES) Operating Transfers In 0 0 0 0 ' Operating Transfers(Out) (5,495,810) (5.500,530) (4,720) (3,415,226) Sale Of General Fixed Assets 47,000 1,500 (45,500) 38,261 TOTAL OTHER FINANCING SOURCES(USES) (5,448,810) (5,499,030) (50,220) (3,376,965) EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (4,977,943) (1,798,510) 3,179,433 (140,950) FUND BALANCE JANUARY 1 6,685,646 6,378,113 (307,533) 6,854,563 ' Residual Equity Transfers In 0 63,110 63,110 0 Residual Equity Transfers(Out) 0 0 0 (335,500) FUND BALANCE DECEMBER 31 $ 1.707.703 $ 4,642.713 $ 2.935.010 $ 6.378.1 13 68 �. Special Revenue Funds r ire HIGHLANDS NEIGHBORHOOD CENTER RECONSTRUCTION Estimated Construction Start Date-August 1999 r/I® Estimated Completion Date-Feb.2DOD IfI11 CITY OF RENTON,WASHINGTON SPECIAL REVENUE FUNDS DECEMBER 31, 1996 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. m 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 %2 cent gasoline tax distributed to Renton. Expenditures are limited by law to capital improvements of City arterial streets. OR 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 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. ' Hotel/Motel Tax Fund: Established in 1998 to account for monies collected as a result of SSB 5867, which allows Washington State cities to impose an increase in the hotel/motel tax of up to 1 percent for the purpose of increasing tourism. The Renton City Council adopted the tax on December 15, 1997. Paths and Trails Reserve Fund: Created for the purpose of planning, accommodating, establishing and maintaining certain paths and trails. One-half of one-percent (1/2 of 1%) of the State levied motor vehicle fuel fax 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. Cable Communications Development Fund: Provision for promotion and development of cable communications according to City Ordinances #3155 and #3137. L lb 69 CITY OF RENTON,WASHINGTON ' SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 2) COMMUNITY PARK ARTERIAL STREET DEVELOPMENT STREET BLOCK GRANTS ASSETS: Cash and Cash Equivalents $ 1,165,569 $ 154,081 $ 651,149 $ 33,147 Investments at Fair Value 0 0 449,414 0 Receivables: Accounts 3,295 0 7,503 0 Interest on Investments 0 0 3,457 0 Due From Other Funds 0 0 46,577 0 Due From Other Governmental Units 0 0 0 43,373 TOTAL ASSETS $ 1.168.864 $ 154.081 $ 1.158.100 $ 76.520 LIABILITIES AND FUND EQUITY: , LIABILITIES: Vouchers/Contracts Payable $ 187,833 $ 0 $ 47,622 $ 1,498 Retainage Payable 0 0 0 0 Due To Other Funds 1,558 0 5 0 Due To Other Governmental Units 0 0 0 0 Accrued Taxes Payable 5,019 0 700 17 Deposits Payable 17,975 0 0 0 Accrued Employee Leave Benefits 41,841 0 30,792 0 Interfund Loans/Advances-Non-Current 0 0 0 75,000 TOTAL LIABILITIES 254,226 0 79,119 76,515 FUND EQUITY: Fund Balance: Unreserved-Undesignated 914,638 154,081 1,078,981 5 TOTAL FUND EQUITY 914,638 154,081 1,078,981 5 TOTAL LIABILITIES AND FUND EQUITY $ 1.168.864 $ 154.081 $ 1.158.100 $ 76.520 r 70 CITY OF RENTON,WASHINGTON go SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET to DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 2) m CABLE COMPARATIVE TOTALS IMPACT LIBRARY HOTEL/ PATHS ONE PERCENT COMMUNICATIONS MITIGATION MOTEL TAX &TRAILS FOR ART DEVELOPMENT 1998 1997 $ 1,783,215 $ 101,958 $ 69,577 $ 2,807 $ 26,551 $ 169,715 $ 4,157,769 $ 4,151,923 IN 4,750,836 149,883 0 0 0 0 5,350,133 4,713,697 0 0 0 0 0 0 10,798 41,838 37,006 1,433 0 0 0 0 41,896 63,468 0 0 0 0 0 0 46,577 67,901 0 0 0 0 0 0 43,373 280,883 $ 6.571.057 $ 253.274 $ 69.577 $ 2.807 $ 26.551 $ 169.715 $ 9.650.546 $ 9.319.710 r $ 0 $ 12,364 $ 0 $ 0 $ 0 $ 413 $ 249,730 $ 131,437 166,617 0 0 0 0 0 166,617 0 8,264 0 0 0 0 0 9,827 9,885 0 0 0 0 0 0 0 3,449 0 255 0 0 0 0 5,991 6,006 0 0 0 0 0 0 17,975 18,825 0 15,590 0 0 0 0 88,223 75,973 0 0 0 0 0 0 75,000 75,000 174,881 28,209 0 0 0 413 613,363 320,575 6,396,176 225,065 69,577 2,807 26,551 169,302 9,037,183 8,999,135 6,396,176 225,065 69,577 2,807 26,551 169,302 9,037,183 8,999,135 $ 6.571.057 $ 253,274 $ 69.577 $ 2,807 $ 26.551 $ 169.715 $ 9.650.546 $ 9,319,710 i 71 CITY OF RENTON,WASHINGTON ' SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 2) COMMUNITY PARK ARTERIAL STREET DEVELOPMENT STREET BLOCK GRANTS ' REVENUES Taxes $ 6,322,222 $ 0 $ 3,108,526 $ 0 Licenses And Permits 0 0 23,218 0 Intergovernmental Revenues 5,950 332,294 710,808 307,093 , Charges For Services 709,235 0 1,098,036 0 Fines And Forfeits 0 0 0 0 Contributions 0 0 0 0 Interest 45,663 6,129 30,761 0 ' Miscellaneous Revenues 447,450 0 (207) 0 TOTAL REVENUES 7,530,520 338,423 4,971,142 307,093 EXPENDITURES Current: General Government 2,030,753 0 0 0 Transportation 152,661 0 4,686,052 0 Economic Environment 555,893 0 0 264,283 Culture and Recreation 4,607,431 0 0 0 Capital Outlay 18,699 0 34,777 59,088 TOTAL EXPENDITURES 7,365,437 0 4,720,829 323,371 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 165,083 338,423 250,313 (16,278) OTHER FINANCING SOURCES(USES) Operating Transfers In 0 0 75,000 0 Operating Transfers(Out) (195,778) (320,000) (41,866) 0 Other Financing Sources(Uses) 0 0 0 0 Sale Of General Fixed Assets 0 0 22,712 0 TOTAL OTHER FINANCING SOURCES(USES) (195,778) (320,000) 55,846 0 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (30,695) 18,423 306,159 (16,278) FUND BALANCE JANUARY 1 945,333 135,658 772,822 16,283 Residual Equity Transfers In 0 0 0 0 ' Residual Equity Transfers Out 0 0 0 0 FUND BALANCE DECEMBER 31 $ 914,638 $ 154.081 $ 1.078.981 $ 5 72 CITY OF RENTON,WASHINGTON SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES 1111 YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 2) ONE CABLE TOTALS IMPACT LIBRARY HOTEL/ PATHS PERCENT COMMUNICATIONS MITIGATION MOTEL TAX &TRAILS FOR ART DEVELOPMENT 1998 1997 $ 0 $ 1,028,595 $ 69,273 $ 0 $ 0 $ 24,500 $ 10,553,116 $ 11,374,221 0 0 0 0 0 0 23,218 39,648 0 13,329 0 0 0 0 1,369,474 1,591,706 1,902,886 9,661 0 0 0 0 3,719,818 1,715,387 0 34,562 0 0 0 0 34,562 33,643 1,974,897 0 0 0 0 0 1,974,897 800,000 392,928 8,870 304 0 1,375 4,895 490,925 432,033 0 1,980 0 0 0 1,500 450,723 477,145 4,270,711 1,096,997 69,577 0 1,375 30,895 18,616,733 16,463,783 r 0 0 0 0 0 0 2,030,753 1,792,130 0 0 0 0 0 0 4,838,713 4,896,235 0 0 0 0 0 0 820,176 755,966 0 1,180,464 0 0 0 16,204 5,804,099 5,592,278 4,393,153 13,672 0 0 3,751 8,356 4,531,496 3,455,343 4,393,153 1,194,136 0 0 3,751 24,560 18,025,237 16,491,952 (122,442) (97,139) 69,577 0 (2,376) 6,335 591,496 (28,169) 0 0 0 0 0 0 75,000 78,171 (93,516) 0 0 0 0 0 (651,160) (731,875) 0 0 0 0 0 0 0 (60,334) 0 0 0 0 0 0 22,712 151,193 r (93,516) 0 0 0 0 0 (553,448) (562,845) (215,958) (97,139) 69,577 0 (2,376) 6,335 38,048 (591,014) 111 6,612,134 322,204 0 2,807 28,927 162,967 8,999,135 9,254,649 0 0 0 0 0 0 0 335,500 0 0 0 0 0 0 0 0 $ 6.396.176 $ 225.065 $ 69.577 $ 2.807 $ 26.551 $ 169.302 $ 9.037.183 $ 8.999.135 r r r r r r i 73 w CITY OF RENTON,WASHINGTON SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 8) PARK VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES , Taxes $ 6,454,600 $ 6,322,222 $ (132,378) $ 5,833,906 Licenses And Permits 0 0 0 0 Intergovernmental Revenues 0 5,950 5,950 4,939 Charges For Services 509,600 709,235 199,635 686,578 Fines And Forfeits 0 0 0 0 , Contributions 0 0 0 0 Interest 23,500 45,663 22,163 39,586 Miscellaneous Revenues 466,200 447,450 (18,750) 459,270 TOTAL REVENUES 7,453,900 7,530,520 76,620 7,024,279 EXPENDITURES Current: General Government 2,010,300 2,030,753 (20,453) 1,792,130 Transportation 152,632 152,661 (29) 135,606 Economic Environment 553,374 555,893 (2,519) 484,744 Culture and Recreation 4,777,481 4,607,431 170,050 4,441,506 Capital Outlay 22,498 18,699 3,799 11,513 TOTAL EXPENDITURES 7,516,285 7,365,437 150,848 6,865,499 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES (62,385) 165,083 227,468 158,780 OTHER FINANCING SOURCES (USES) Operating Transfers In 0 0 0 75,000 Operating Transfers(Out) (195,778) (195,778) 0 0 Other Financing Sources(Uses) 0 0 0 0 Sale Of General Fixed Assets 0 0 0 35,753 TOTAL OTHER FINANCING SOURCES(USES) (195,778) (195,778) 0 110,753 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (258,163) (30,695) 227,468 269,533 FUND BALANCE JANUARY 1 957,043 945,333 (11,710) 340.300 Residual Equity Transfers In 0 0 0 335,500 Residual Equity Transfers(Out) 0 0 0 0 FUND BALANCE DECEMBER 31 $ 698.880 $ 914.638 $ 215.758 $ 945.333 > 74 CITY OF RENTON, WASHINGTON irr SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, 40 AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 8) ARTERIAL STREET STREET VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 $ 3,000,000 $ 3,108,526 $ 108,526 $ 2,818,768 0 0 0 0 20,000 23,218 3,218 39,648 ft 335,675 332,294 (3,381) 328,595 717,730 710,808 (6,922) 914,862 0 0 0 0 1,035,771 1,098,036 62,265 1,017,801 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7,250 6,129 (1,121) 3,346 82,750 30,761 (51,989) 38,668 0 0 0 0 0 (207) (207) 12,898 342,925 338,423 (4,502) 331,941 4,856,251 4,971,142 114,891 4,842,645 0 0 0 0 0 0 0 0 0 0 0 0 3,846,326 4,686,052 (839,726) 4,760,629 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24,150 34,777 (10,627) 30,070 0 0 0 0 3,870,476 4,720,829 (850,353) 4,790,699 342,925 338,423 (4,502) 331,941 985,775 250,313 (735,462) 51,946 0 0 0 0 75,000 75,000 0 0 (320,000) (320,000) 0 (320.000) (41,866) (41,866) 0 (400,000) 0 0 0 0 (1,089,298) 0 1,089,298 (60,334) 0 0 0 0 0 22,712 22,712 115,440 (320,000) (320,000) 0 (320,000) (1,056,164) 55,846 1,112,010 (344,894) 22,925 18,423 (4,502) 11,941 (70,389) 306,159 376,548 (292,948) 134,731 135,658 927 123,717 508,297 772,822 264,525 1,065,770 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ' $ 157.656 $ 154.081 $ I3.5751 $ 135.658 $ 437.908 $ 1.078.981 $ 641.073 $ 772.822 1 75 CITY OF RENTON, WASHINGTON SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 , (PAGE 3 OF 8) COMMUNITY DEVELOPMENT BLOCK GRANTS VARIANCE , FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes $ 0 $ 0 $ 0 $ 0 Licenses And Permits 0 0 0 0 Intergovernmental Revenues 592,443 307,093 (285,350) 334,852 Charges For Services 0 0 0 0 Fines And Forfeits 0 0 0 0 Contributions 0 0 0 0 Interest 0 0 0 0 Miscellaneous Revenues 0 0 0 0 TOTAL REVENUES 592,443 307,093 (285,350) 334,852 EXPENDITURES Current: General Government 0 0 0 0 Transportation 0 0 0 0 Economic Environment 268,413 264,283 4,130 271,222 Culture and Recreation 0 0 0 0 Capital Outlay 267,302 59,088 208,214 47,319 TOTAL EXPENDITURES 535,715 323,371 212,344 318,541 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 56,728 (16,278) (73.006) 16,311 OTHER FINANCING SOURCES(USES) , Operating Transfers In 0 0 0 0 Operating Transfers(Out) 0 0 0 (8,704) Other Financing Sources (Uses) (5,000) 0 5,000 0 Sale Of General Fixed Assets 0 0 0 0 TOTAL OTHER FINANCING SOURCES(USES) (5,000) 0 5,000 (8,704) EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 51,728 (16,278) (68,006) 7,607 FUND BALANCE JANUARY 1 (51,728) 16,283 68,011 8,676 Residual Equity Transfers In 0 0 0 0 Residual Equity Transfers(Out) 0 0 0 0 FUND BALANCE DECEMBER 31 $ 0 $ 5 $ 5 $ 16.283 76 CITY OF RENTON,WASHINGTON r SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, 11r AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 4 OF 8) IMPACT MITIGATION LIBRARY VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 1,591,132 $ 1,133,000 $ 1,028,595 $ (104,405) $ 1,130.415 0 0 0 0 0 0 0 0 0 0 0 0 13,775 13,329 (446) 8,140 0 1,902,886 1,902,886 0 10.000 9,661 (339) 11,008 0 0 0 0 19,800 34,562 14,762 33,643 0 1,974,897 1,974,897 800,000 0 0 0 0 SII 292,500 392,928 100,428 328,782 7,250 8,870 1,620 12,671 1,712,000 0 (1,712,000) 0 500 1,980 1,480 2,477 2,004,500 4,270,711 2,266,211 2,719,914 1,184,325 1,096,997 (87,328) 1,198,354 i1 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 1,174,322 1,180,464 (6,142) 1,136,533 8,184,885 4,393,153 3,791,732 3,313,657 18,000 13,672 4,328 6,119 8,184,885 4,393,153 3,791,732 3,313,657 1,192,322 1,194,136 (1,814) 1,142,652 ® (6,180,385) (122,442) 6,057,943 (593,743) (7,997) (97,139) (89,142) 55,702 0 0 0 3,171 0 0 0 0 rr (93,516) (93,516) 0 0 (178,375) 0 178,375 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (93.516) (93,516) 0 3.171 (178,375) 0 178,375 0 r (6,273,901) (215,958) 6,057,943 (590,572) (186,372) (97,139) 89,233 55,702 6,564,278 6,612,134 47,856 7,202,706 328,537 322,204 (6,333) 266,502 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 290.377 $ 6.396.176 $ 6.105.799 $ 6,612.134 $ 142.165 $ 225.065 $ 82.900 $ 322.204 s s 77 r CITY OF RENTON,WASHINGTON , SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 ' (PAGE 5 OF 8) HOTEL/MOTEL TAX VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes $ 30,000 $ 69,273 $ 39,273 $ 0 Licenses And Permits 0 0 0 0 Intergovernmental Revenues 0 0 0 0 Charges For Services 0 0 0 0 Fines And Forfeits 0 0 0 0 ' Contributions 0 0 0 0 Interest 0 304 304 0 Miscellaneous Revenues 0 0 0 0 TOTAL REVENUES 30,000 69,577 39,577 0 EXPENDITURES Current: General Government 0 0 0 0 Transportation 0 0 0 0 Economic Environment 30,000 0 30,000 0 Culture and Recreation 0 0 0 0 Capital Outlay 0 0 0 0 TOTAL EXPENDITURES 30,000 0 30,000 0 EXCESS(DEFICIENCY)OF REVENUES ' OVER EXPENDITURES 0 69,577 69,577 0 OTHER FINANCING SOURCES(USES) Operating Transfers In 0 0 0 0 Operating Transfers(Out) 0 0 0 0 Other Financing Sources(Uses) 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 0 69,577 69,577 0 , FUND BALANCE JANUARY 1 0 0 0 0 Residual Equity Transfers In 0 0 0 0 Residual Equity Transfers(Out) 0 0 0 0 FUND BALANCE DECEMBER 31 $ 0 $ 69.577 $ 69.577 $ 0 , 78 rr. CITY OF RENTON,WASHINGTON ow SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, m AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 6 OF 8) PATHS AND TRAILS ONE PERCENT FOR ART VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 3,400 0 (3,400) 318 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 1,250 1,375 125 2,396 0 0 0 0 0 0 0 0 3,400 0 (3.400) 318 1,250 1,375 125 2,396 •III 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 0 0 0 30,176 3,751 26,425 35,000 0 0 0 0 30,176 3,751 26,425 35,000 3,400 0 (3,400) 318 (28,926) (2,376) 26,550 (32,604) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (3.171) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (3,171) 3,400 0 (3,400) 318 (28,926) (2,376) 26,550 (35,775) 2,807 2,807 0 2,489 28.926 28,927 1 64,702 Ir 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 6.207 $ 2.807 $ 13.4001 $ 2.807 $ 0 $-----ZLaL $ 26.551 $ 28.927 r• IOI ow m m 79 w CITY OF RENTON,WASHINGTON ' SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 , (PAGE 7 OF 8) CABLE COMMUNICATIONS DEVELOPMENT VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes $ 24,500 $ 24,500 $ 0 $ 0 , Licenses And Permits 0 0 0 0 Intergovernmental Revenues 0 0 0 0 Charges For Services 0 0 0 0 Fines And Forfeits 0 0 0 0 ' Contributions 0 0 0 0 Interest 5,750 4,895 (855) 6,584 Miscellaneous Revenues 4,000 1,500 (2,500) 2,500 TOTAL REVENUES 34,250 30,895 (3,355) 9,084 EXPENDITURES Current: General Government 0 0 0 0 Transportation 0 0 0 0 Economic Environment 0 0 0 0 Culture and Recreation 21,200 16,204 4,996 14,239 Capital Outlay 0 8,356 (8,356) 11,665 TOTAL EXPENDITURES 21,200 24,560 (3,360) 25,904 EXCESS(DEFICIENCY)OF REVENUES ' OVER EXPENDITURES 13,050 6,335 (6,715) (16,820) OTHER FINANCING SOURCES(USES) Operating Transfers In 0 0 0 0 Operating Transfers(Out) 0 0 0 0 Other Financing Sources(Uses) (7,900) 0 7,900 0 Sale Of General Fixed Assets 0 0 0 0 TOTAL OTHER FINANCING SOURCES (USES) (7,900) 0 7,900 0 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES 5,150 6,335 1,185 (16,820) ' FUND BALANCE JANUARY 1 162,967 162,967 0 179,787 Residual Equity Transfers In 0 0 0 0 Residual Equity Transfers(Out) 0 0 0 0 FUND BALANCE DECEMBER 31 $ 168.117 $ 169.302 $ 1.185 $ 162.967 , 80 CITY OF RENTON, WASHINGTON to SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, 1a AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 8 OF 8) r TOTALS VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 10,642,100 $ 10,553,116 $ (88,984) $ 11,374,221 20,000 23,218 3,218 39,648 1,663,023 1,369,474 (293,549) 1,591,706 1,555,371 3,719,818 2,164,447 1,715,387 19,800 34,562 14,762 33,643 0 1,974,897 1,974,897 800,000 420,250 490,925 70,675 432,033 2,182,700 450,723 (1,731,977) 477,145 16,503,244 18,616,733 2,113,489 16,463,783 Wlr 2,010,300 2,030,753 (20,453) 1,792,130 3,998,958 4,838,713 (839,755) 4,896,235 851,787 820,176 31,611 755,966 r 5,973,003 5,804,099 168,904 5,592,278 8,547,011 4,531,496 4,015,515 3,455,343 21,381,059 18,025,237 3,355,822 16,491,952 (4,877,815) 591,496 5,469,311 (28,169) 75,000 75,000 0 78,171 r (829,535) (651,160) 178,375 (731,875) (1,102,198) 0 1,102,198 (60,334) 0 22,712 22,712 151,193 (1,856,733) (553,448) 1,303,285 (562,845) r (6,734,548) 38,048 6,772,596 (591,014) 8,635,858 8,999,135 363,277 9,254,649 'r 0 0 0 335,500 0 0 0 0 $ 1.901.310 $ 9.037.183 $ 7.135.873 $ 8.999.135 r r r r r 81 CITY OF RENTON,WASHINGTON 1 THIS PAGE INTENTIONALLY LEFT BLANK i 1 1 1 1 1 1 82 rw Debt Service Funds wr r 1. s i RENTON CITY HALL WITH RAMP IMPROVEMENT Estimated Construction Start Date-August 1999 Estimated Completion Date-March 2000 a r Rw CITY OF RENTON, WASHINGTON DEBT SERVICE FUNDS DECEMBER 31, 1998 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. 1997 Limited General Obligation Bond Redemption Fund: Accounts for debt service on a Council-approved bond issue, which provided funding for the purchase of the new Renton City Hall in May 1997. .. 1978 Limited General Obligation Bond Redemption Fund: Accounts for debt service on a Council-approved bond issue, which provided partial funding for construction of the Renton Senior Activity Center. r 1989 Limited General Obligation Refunding Bond Redemption Fund: Accounts for debt service on a Council-approved refunding bond issue, which refunded the 1983 limited r 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 r 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. i i 83 CITY OF RENTON,WASHINGTON DEBT SERVICE FUNDS ' COMBINING BALANCE SHEET DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 2) ' 1989 LIMITED 1983 UNLIMITED 1997 LIMITED 1978 LIMITED GO REFUNDING GO REFUNDING GO BONDS GO BONDS BONDS BONDS ASSETS: Cash and Cash Equivalents $ 10,780 $ 198,751 $ 63,075 $ 542,937 Cash With Fiscal Agent 0 0 0 0 Investments at Fair Value 0 0 0 0 Receivables: Taxes 0 0 0 16,381 Special Assessments-Current 0 0 0 0 Special Assessments-Delinquent 0 0 0 0 Special Assessments-Deferred 0 0 0 0 Interest-Special Assessments 0 0 0 0 Interest on Investments 0 0 0 0 Due From Other Funds 0 0 0 555 TOTAL ASSETS $ 10,780 $ 198.751 $ 63.075 $ 559.873 LIABILITIES AND FUND EQUITY: , LIABILITIES: Vouchers/Contracts Payable $ 0 $ 0 $ 0 $ 0 Matured Interest Payable 0 0 0 0 Deferred Revenues 0 0 0 16,381 TOTAL LIABILITIES 0 0 0 16,381 FUND EQUITY: Fund Balance: Reserved for Debt Service 10,780 198,751 63,075 543,492 TOTAL FUND EQUITY 10,780 198,751 63,075 543,492 TOTAL LIABILITIES AND FUND EQUITY $ 10.780 $ 198,751 $ 63.075 $ 559.873 84 CITY OF RENTON, WASHINGTON to DEBT SERVICE FUNDS COMBINING BALANCE SHEET DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 2) GENERAL SPECIAL SPECIAL COMPARATIVE TOTALS GOVERNMENT 1989 UNLIMITED ASSESSMENT ASSESSMENT MISC DEBT GO BONDS DEBT GUARANTY 1998 1997 $ 250,785 $ 462,018 $ 236,263 $ 19,692 $ 1,784,301 $ 1,772,516 60,075 0 55,000 0 115,075 323,999 0 0 49,961 400,203 450,164 900,000 0 11,755 28,136 29,561 0 0 0 0 0 6,878 0 0 17,355 0 17,355 8,638 0 0 2,018,216 0 2,018,216 2,588,120 0 0 7,641 0 7,641 60,792 0 0 478 3,322 3,800 7,156 r 61,502 436 0 0 62,493 163,650 $ 372.362 $ 474.209 $ 2.384.914 $ 423.217 $ 4.487.181 $ 5.861.310 $ 414 $ 0 $ 0 $ 0 $ 414 $ 0 60,075 0 55,000 0 115,075 323,999 0 11,755 2,018,216 0 2,046,352 2,617,681 60,489 11,755 2,073,216 0 2,161,841 2,941,680- 311,873 462,454 311,698 423,217 2,325,340 2,919,630 311,873 462,454 311,698 423,217 2,325.340 2,919,630 alr $ 372.362 $ 474.209 $ 2.384.914 $ 423.217 $ 4.487.181 $ 5.861.310 • r r 85 CITY OF RENTON,WASHINGTON ' DEBT SERVICE FUNDS ' COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 2) ' 1989 LIMITED 1983 UNLIMITED 1997 LIMITED 1978 LIMITED GO REFUNDING GO REFUNDING GO BONDS GO BONDS BONDS BONDS REVENUES ' Taxes $ 740,000 $ 0 $ 290,000 $ 726,394 Special Assessments 0 0 0 0 Interest 0 196.282 1,000 2,630 , TOTAL REVENUES 740,000 196,282 291,000 729,024 EXPENDITURES Debt Service: Principal Retirement 0 0 210,000 655,000 ' Interest&Fiscal Charges 735,372 9 80,912 115,424 TOTAL EXPENDITURES 735,372 9 290,912 770,424 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 4,628 196,273 88 (41,400) OTHER FINANCING SOURCES(USES) 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 TOTAL OTHER FINANCING SOURCES(USES) 0 0 0 0 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES 4,628 196,273 88 (41,400) FUND BALANCE JANUARY 1 6,152 2,478 62,987 584,892 Residual Equity Transfers In 0 0 0 0 Residual Equity Transfers Out 0 0 0 0 , FUND BALANCE DECEMBER 31 $ 10.780 $ 198.751 $ 63.075 $ 543.492 i 1 1 86 CITY OF RENTON, WASHINGTON tl�r DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 2 OF 2) GENERAL GOVERNMENT SPECIAL SPECIAL TOTALS w MISCELLANEOUS 1989 UNLIMITED ASSESSMENT ASSESSMENT DEBT GO BONDS DEBT GUARANTY 1998 1997 $ 742,678 $ 570,808 $ 0 $ 0 $ 3,069,880 $ 3,064,990 0 0 516,929 0 516,929 393,961 27,310 3,460 187,512 31,448 449,642 347,252 769,988 574,268 704,441 31,448 4,036,451 3,806,203 w 359,418 275,000 500,000 0 1,999,418 2,240,878 96,428 223,664 123,564 0 1,375,373 1,264,688 455,846 498,664 623,564 0 3,374,791 3,505,566 314,142 75,604 80,877 31,448 661,660 300,637 r 0 0 0 0 0 1,443,899 0 0 0 0 0 0 (600,000) 0 (50,950) (605,000) (1,255,950) (1,204,657) 0 0 0 0 0 (1,410,279) (600,000) 0 (50,950) (605,000) (1,255,950) (1,171,037) (285,858) 75,604 29,927 (573,552) (594,290) (870,400) to 597,731 386,850 281,771 996,769 2,919,630 3,790,030 0 0 0 0 0 1,069 0 0 0 0 0 (1,069) r $ 311.873 $ 462.454 $ 311,698 $ 423.217 $ 2.325.340 $ 2.919.630 i 87 s CITY Of RENTON,WASHINGTON DEBT SERVICE FUNDS , COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 6) 1997 LIMITED GENERAL OBLIGATION BOND VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes $ 740,000 $ 740,000 $ 0 $ 435,000 Special Assessments 0 0 0 0 Interest 550 0 (550) 0 TOTAL REVENUES 740,550 740,000 (550) 435,000 EXPENDITURES Debt Service: Principal Retirement 0 0 0 0 Interest&Fiscal Charges 735,765 735,372 393 428,848 ' TOTAL EXPENDITURES 735,765 735,372 393 428,848 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 4,785 4,628 (157) 6,152 OTHER FINANCING SOURCES(USES) , 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 ' TOTAL OTHER FINANCING SOURCES(USES) 0 0 0 0 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES 4,785 4,628 (157) 6,152 FUND BALANCE JANUARY 1 6,152 6,152 0 0 Residual Equity Transfers In 0 0 0 0 Residual Equity Transfers(Out) 0 0 0 0 FUND BALANCE DECEMBER 31 $ 10,937 $ 10780 $ (1571 $ 6.152 88 CITY OF RENTON,WASHINGTON rr DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 6) 1978 LIMITED GENERAL OBLIGATION BOND 1989 LIMITED GENERAL OBLIGATION REFUNDING BOND VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 w BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 9,200 $ 290,000 $ 290,000 $ 0 $ 294,200 0 0 0 0 0 0 0 0 144 196,282 196,138 608 1,000 1,000 0 901 144 196,282 196,138 9,808 291,000 291,000 0 295,101 0 0 0 70,000 210,000 210,000 0 200,000 150 9 141 5,939 80,998 80,912 86 95,111 150 9 141 75,939 290,998 290,912 86 295,111 (6) 196,273 196,279 (66,131) 2 88 86 (1 o) 0 0 0 77,831 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (76,019) 0 0 0 0 0 0 0 1,812 0 0 0 0 (6) 196,273 196,279 (64,319) 2 88 86 (10) No 2,477 2,478 1 66,797 62,987 62,987 0 62,997 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 2.471 $ 198.751 $ 196.280 $ 2.478 $ 62.989 $ 63.075 $ 86 $ 62.987 r r r 89 CITY OF RENTON, WASHINGTON DEBT SERVICE FUNDS ' COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 3 OF 6) ' 1983 UNLIMITED GENERAL OBLIGATION REFUNDING BOND VARIANCE ' FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes $ 649,000 $ 726,394 $ 77,394 $ 867,752 Special Assessments 0 0 0 0 Interest 12,000 2,630 (9,370) 6,990 TOTAL REVENUES 661,000 729,024 68,024 874,742 EXPENDITURES ' Debt Service: Principal Retirement 655,000 655,000 0 605,000 Interest&Fiscal Charges 115,814 115.424 390 149,001 TOTAL EXPENDITURES 770,814 770,424 390 754,001 , EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES (109,814) (41,400) 68,414 120,741 OTHER FINANCING SOURCES(USES) ' 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 ' TOTAL OTHER FINANCING SOURCES(USES) 0 0 0 0 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER , EXPENDITURES AND OTHER FINANCING USES (109,814) (41,400) 68,414 120,741 FUND BALANCE JANUARY 1 524,625 584,892 60,267 464,151 Residual Equity Transfers In 0 0 0 0 Residual Equity Transfers(Out) 0 0 0 0 ' FUND BALANCE DECEMBER 31 $ 414.811 $ 543.492 $ 128.681 $ 584.892 1 90 , CITY OF RENTON,WASHINGTON DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 4 OF 6) GENERAL GOVERNMENT MISCELLANEOUS DEBT 1989 UNLIMITED GENERAL OBLIGATION BOND VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 801,000 $ 742,678 $ (58,322) $ 964,037 $ 510,000 $ 570,808 $ 60,808 $ 494,801 0 0 0 0 0 0 0 0 5,000 27,310 22,310 17,710 8,000 3,460 (4,540) 2,729 806,000 769,988 (36,012) 981,747 518,000 574,268 56,268 497,530 597,360 359,418 237,942 484,878 275,000 275,000 0 260,000 92,910 96,428 (3,518) 171,532 223,933 223,664 269 242,863 690,270 455,846 234,424 656,410 498,933 498,664 269 502,863 115,730 314,142 198,412 325,337 19,067 75,604 56,537 (5.333) 0 0 0 1,366,068 0 0 0 0 0 0 0 0 0 0 0 0 (600,000) (600,000) 0 (200,000) 0 0 0 0 0 0 0 (1,334,260) 0 0 0 0 (600,000) (600,000) 0 (168.192) 0 0 0 0 r (484,270) (285,858) 198,412 157,145 19,067 75,604 56,537 (5,333) 528,662 597,731 69,069 440,586 352,537 386,850 34,313 392,183 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $ 44.392 $ 311.873 $ 267.481 $ 597.731 $ 371.604 $ 462.454 $ 90.850 $ 386.850 r r • rr r 91 CITY OF RENTON,WASHINGTON ' DEBT SERVICE FUNDS ' COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 ' (PAGE 5 OF 6) SPECIAL ASSESSMENT DEBT SERVICE FUND VARIANCE ' FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES ' Taxes $ 0 $ 0 $ 0 $ 0 Special Assessments 531,894 516,929 (14,965) 393.961 Interest 206,573 187,512 (19,061) 244,470 TOTAL REVENUES 738,467 704,441 (34,026) 638,431 EXPENDITURES ' Debt Service: Principal Retirement 531,000 500,000 31,000 621,000 Interest&Fiscal Charges 133,051 123,564 9,487 171,394 ' TOTAL EXPENDITURES 664,051 623,564 40,487 792,394 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES 74,416 80,877 6,461 (153,963) OTHER FINANCING SOURCES (USES) ' Proceeds Of Long-Term Debt 0 0 0 0 Operating Transfers In 0 0 0 0 Operating Transfers(Out) (32,444) (50.950) (18,506) (81,657) Funds Remitted to Bond Trustee 0 0 0 0 ' TOTAL OTHER FINANCING SOURCES(USES) (32,444) (50,950) (18,506) (81,657) EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES 41,972 29,927 (12,045) (235,620) FUND BALANCE JANUARY 1 204,343 281,771 77,428 516,322 Residual Equity Transfers In 0 0 0 1,069 Residual Equity Transfers(Out) 0 0 0 0 ' FUND BALANCE DECEMBER 31 $ 246.315 $ 311.698 $ 65.383 $ 281.771 92 t ' CITY OF RENTON,WASHINGTON ' DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 ' (PAGE 6 OF 6) SPECIAL ASSESSMENT GUARANTY FUND TOTALS ' VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL ' $ 0 $ 0 $ 0 $ 0 $ 2,990,000 $ 3,069,880 $ 79,880 $ 3,064,990 0 0 0 0 531,894 516,929 (14,965) 393,961 33.229 31,448 (1,781) 73,844 266,496 449,642 183,146 347,252 33,229 31,448 (1,781) 73,844 3,788,390 4,036,451 248,061 3,806,203 0 0 0 0 2,268,360 1,999,418 268,942 2.240,878 0 0 0 0 1,382,621 1,375,373 7,248 1,264,688 ' 0 0 0 0 3,650,981 3,374,791 276,190 3,505,566 33,229 31,448 (1,781) 73,844 137,409 661,660 524,251 300,637 ' 0 0 0 0 0 0 0 1,443,899 0 0 0 0 0 0 0 0 (605,000) (605,000) 0 (923,000) (1,237,444) (1,255,950) (18,506) (1,204,657) 0 0 0 0 0 0 0 (1,410,279) (605.000) (605,000) 0 (923,000) (1,237,444) (1,255,950) (18,506) (1,171,037) ri (571,771) (573,552) (1,781) (849,156) (1,100,035) (594,290) 505,745 (870,400) 990,732 996,769 6.037 1,846.994 2,672,515 2,919,630 247,115 3,790,030 0 0 0 0 0 0 0 1,069 0 0 0 (1,069) 0 0 0 (1,069) $ 418.961 $ 423.217 $ 4.256 $ 996.769 $ 1,572.480 $ 2325.340 $ 752.860 $ 2.919.630 r 93 r CITY OF RENTON,WASHINGTON • THIS PAGE INTENTIONALLY LEFT BLANK ' 1 94 , Capital Project Funds RENTON TRANSIT CENTER r Estimated Construction Start Date-March 2000 Estimated Completion Date-March 2001 rt: 1 CITY OF RENTON, WASHINGTON CAPITAL PROJECT FUNDS DECEMBER 31, 1998 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. City Hall Capital Improvement: Accounts for resources and expenditures related to the purchase and remodeling of the building at the corner of Main Avenue South and South Grady Way for the new Renton City Hall. Limited General Obligation Bonds were ,�. issued in 1997 and the building was purchased in May 1997. 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 .r and Lake Washington Waterfront projects. Municipal Facilities Construction Fund: Accounts for the acquisition and development wr 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. 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 that are repaid with permanent financing once the construction of the LID is complete. r 95 r CITY OF RENTON,WASHINGTON CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 2) CITY HALL OPEN SPACE MUNICIPAL CAPITAL CAPITAL FACILITIES IMPROVEMENT IMPROVEMENT CONSTRUCTION ASSETS: Cash and Cash Equivalents $ 1,442,521 $ 0 $ 2,725.299 Investments at Fair Value 1,501,337 0 4,364,543 Receivables: Interest on Investments 28,794 0 60,301 Due From Other Funds 0 0 71,503 a Due From Other Governmental Units 0 0 7,635 TOTAL ASSETS $ 2.972.652 $ 0 $ 7.229.281 LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable $ 99,505 $ 0 $ 76,836 w Retainage Payable 19,862 0 60,082 Due To Other Funds 0 0 0 Accrued Taxes Payable 0 0 451 TOTAL LIABILITIES 119,367 0 137,369 FUND EQUITY: Fund Balance: Unreserved-Undesignated 2,853,285 0 7,091,912 TOTAL FUND EQUITY 2,853,285 0 7,091,912 w TOTAL LIABILITIES AND FUND EQUITY $ 2.972.652 $ 0 $ 7.229.281 96 CITY OF RENTON,WASHINGTON err CAPITAL PROJECT FUNDS COMBINING BALANCE SHEET 1 DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 2) SPECIAL COMPARATIVE TOTALS CAPITAL ASSESSMENT IMPROVEMENT CONSTRUCTION 1998 1997 $ 3,699,408 $ 116,445 $ 7,983,673 $ 7,384,220 m 4,053,846 0 9,919,726 5,875,579 0 0 89,095 100,247 0 0 71,503 69.069 1,264,651 0 1,272,286 4,472,871 $--L017.905- $ 116.445 $ 19.336.283 $ 17.901.986 $ 162,643 $ 0 $ 338,984 $ 36,171 207,033 0 286,977 123.486 46,196 0 46,196 47,498 0 0 451 530 415,872 0 672,608 207,685 r• 8,602,033 1 16,445 18,663,675 17,694,301 8,602,033 116,445 18,663,675 17,694,301 $ 9.017.905 $ 116.445 $ 19 $ 17,901.986 u� u� +r 97 CITY OF RENTON,WASHINGTON 1� CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 2) CITY HALL OPEN SPACE MUNICIPAL CAPITAL CAPITAL FACILITIES CAPITAL IMPROVEMENT IMPROVEMENT CONSTRUCTION IMPROVEMENT REVENUES Taxes $ 0 $ 0 $ 1,610,678 $ 50,000 Licenses And Permits 0 0 0 2,059,440 Intergovernmental Revenues 0 0 7,635 5,095,931 Charges For Services 7,743 0 775 77,984 Interest 264,804 12,210 246,270 (841) Miscellaneous Revenues 0 0 0 6,541 TOTAL REVENUES 272,547 12,210 1,865,358 7,289,055 EXPENDITURES Current: Transportation 0 0 0 6,146,771 Capital Outlay 4,687,433 616,687 3,506,924 0 Debt Service: Interest&Fiscal Charges 0 0 0 0 TOTAL EXPENDITURES 4,687,433 616,687 3,506,924 6,146,771 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES (4,414,886) (604,477) (1,641,566) 1,142,284 OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 0 Operating Transfers In 0 0 4,124,752 2,044,251 r Operating Transfers(Out) 0 0 (5,735) 0 Other Financing Sources(Uses) 0 0 0 0 Sale Of General Fixed Assets 0 0 338,678 0 TOTAL OTHER FINANCING SOURCES(USES) 0 0 4,457,695 2,044,251 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (4,414,886) (604,477) 2,816,129 3,186,535 FUND BALANCE JANUARY 1 7,268,171 604,477 4,275,783 5,415,498 ' Prior Period Corrections 0 0 0 0 FUND BALANCE DECEMBER 31 $ 2.853.285 $ 0 $ 7.091.912 $ 8.602.033 1 r r r r r 98 r� CITY OF RENTON,WASHINGTON CAPITAL PROJECT FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES �1 YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 2 OF 2) SPECIAL TOTALS r ASSESSMENT CONSTRUCTION 1998 1997 $ 0 $ 1,660,678 $ 2,146,957 0 2,059,440 1,789,501 0 5,103,566 3,226,696 0 86,502 1,920 5,499 527,942 416,254 i 0 6,541 34,883 5,499 9,444,669 7,616,211 i 0 6,146,771 5,002,884 19,426 8,830,470 11,863,176 0 0 252,494 i 19,426 14,977,241 17,118,554 (13,927) (5,532,572) (9,502,343) 0 0 14,697,744 0 6,169,003 6,605,704 0 (5,735) (2,505,000) ow 0 0 (178,215) 0 338,678 8,303 0 6,501,946 18,628,536 i (13,927) 969,374 9,126,193 130,372 17,694,301 8,572,108 i 0 0 (4,000) $ 116.445 $ 18.663.675 $ 17.694.301 i i i i i i 99 CITY OF RENTON, WASHINGTON CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 4) CITY HALL CAPITAL IMPROVEMENT VARIANCE FAVORABLE 1997 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 7,743 7,743 0 Interest 0 264,804 264,804 239,385 Miscellaneous Revenues 0 0 0 0 TOTAL REVENUES 0 272,547 272,547 239,385 EXPENDITURES Current: Transportation 0 0 0 0 Capital Outlay 7,028,786 4,687,433 2,341,353 9,846,464 Debt Service: Interest&Fiscal Charges 0 0 0 252,494 TOTAL EXPENDITURES 7,028,786 4,687,433 2,341,353 10,098,958 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES (7,028,786) (4,414,886) 2,613,900 (9,859,573) OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 14,697,744 Operating Transfers In 0 0 0 2,430,000 Operating Transfers(Out) 0 0 0 0 Other Financing Sources(Uses) 0 0 0 0 Sale Of General Fixed Assets 0 0 0 0 TOTAL OTHER FINANCING SOURCES(USES) 0 0 0 17,127,744 EXCESS(DEFICIENCY)OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (7,028,786) (4,414,886) 2,613,900 7,268,171 FUND BALANCE JANUARY 1 7,196,470 7,268,171 71,701 0 Prior Period Corrections 0 0 0 0 ra FUND BALANCE DECEMBER 31 $ 167.684 $ 2.853.285 $ 2,685.601 $ 7.268.171 r� 100 CITY OF RENTON, WASHINGTON r CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 2 OF 4) I� OPEN SPACE CAPITAL IMPROVEMENT MUNICIPAL FACILITIES CONSTRUCTION VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 $ 550,000 $ 1,610,678 $ 1,060,678 $ 2,146,957 0 0 0 0 0 0 0 0 r 0 0 0 62,725 164,646 7,635 (157,011) 50,000 0 0 0 0 0 775 775 0 12,538 12,210 (328) 9,869 150.000 246.270 96,270 161,462 0 0 0 0 0 0 0 12,149 r 12,538 12,210 (328) 72,594 864,646 1,865,358 1,000,712 2,370,568 0 0 0 0 0 0 0 0 617,015 616,687 328 57,171 8,904,601 3,506,924 5,397,677 1,959,540 0 0 0 0 0 0 0 0- 617,015 616,687 328 57,171 8,904,601 3,506,924 5,397,677 1,959,540 r (604,477) (604,477) 0 15,423 (8,039,955) (1,641,566) 6,398,389 411,028 0 0 0 0 0 0 0 0 0 0 0 0 4,363,127 4,124,752 (238,375) 3,855,704 0 0 0 0 (5,735) (5,735) 0 (2,505,000) 0 0 0 0 (59,000) 0 59,000 0 0 0 0 0 563,354 338,678 (224,676) 6,037 r 0 0 0 0 4,861,746 4,457,695 (404,051) 1,356,741 (604,477) (604,477) 0 15,423 (3,178,209) 2,816,129 5,994,338 1,767,769 604,477 604,477 0 589,054 4,178,209 4,275,783 97,574 2,508,014 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 604.477 $ 1.000,000 $ 7.091.912 $ 6.091,912 $ 4.275.783 r r r r r r 101 CITY OF RENTON,WASHINGTON CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 3 OF 4) CAPITAL IMPROVEMENTS VARIANCE FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes $ 39,862 $ 50,000 $ 10,138 $ 0 Licenses And Permits 1,765,000 2,059,440 294,440 1,789,501 Intergovernmental Revenues 13,530,999 5,095,931 (8,435.068) 3,113,971 Charges For Services 60,873 77,984 17,111 1,920 Interest 0 (841) (841) 0 Miscellaneous Revenues 0 6,541 6,541 22,734 TOTAL REVENUES 15,396,734 7.289,055 (8,107,679) 4,928,126 EXPENDITURES Current: Transportation 18,759,513 6,146,771 12,612,742 5,002,884 Capital Outlay 0 0 0 0 Debt Service: Interest&Fiscal Charges 12,108 0 12,108 0 *fie TOTAL EXPENDITURES 18,771,621 6,146,771 12,624,850 5,002,884 EXCESS(DEFICIENCY)OF REVENUES OVER EXPENDITURES (3,374,887) 1,142,284 4,517,171 (74,758) OTHER FINANCING SOURCES(USES) Proceeds Of Long-Term Debt 0 0 0 0 Operating Transfers In 2,094,251 2,044,251 (50,000) 320,000 Operating Transfers(Out) 0 0 0 0 ' Other Financing Sources(Uses) (50,542) 0 50,542 (178,215) Sale Of General Fixed Assets 354,403 0 (354,403) 2,266 TOTAL OTHER FINANCING SOURCES(USES) 2,398,112 2,044,251 (353,861) 144,051 EXCESS(DEFICIENCY)OF REVENUES ' AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES (976,775) 3,186,535 4,163,310 69,293 FUND BALANCE JANUARY 1 990,613 5,415,498 4,424,885 5,350,205 Prior Period Corrections 0 0 0 (4,000) FUND BALANCE DECEMBER 31 $ 13.838 $ 8.602.033 $ 8.588.195 $ 5.415.498 102 CITY OF RENTON, WASHINGTON i CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES,EXPENDITURES, r AND CHANGES IN FUND BALANCE,BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 4 OF 4) IO SPECIAL ASSESSMENT CONSTRUCTION FUND TOTALS VARIANCE VARIANCE FAVORABLE 1997 FAVORABLE 1997 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 $ 589,862 $ 1,660,678 $ 1,070,816 $ 2,146,957 0 0 0 0 1,765,000 2,059,440 294,440 1,789,501 1� 0 0 0 0 13,695,645 5,103,566 (8,592,079) 3,226,696 0 0 0 0 60,873 86,502 25,629 1,920 0 5,499 5,499 5,538 162,538 527,942 365,404 416,254 0 0 0 0 0 6,541 6,541 34,883 0 5,499 5,499 5,538 16,273,918 9,444,669 (6,829,249) 7,616,211 0 0 0 0 18,759,513 6,146,771 12,612,742 5,002,884 91,000 19,426 71,574 1 16,641,402 8,830,470 7,810,932 11,863,176 0 0 0 0 12,108 0 12,108 252,494 91,000 19,426 71,574 1 35,413,023 14,977,241 20,435,782 17,118,554 r (91,000) (13,927) 77,073 5,537 (19,139,105) (5,532,572) 13,60673 (9,502,343) 0 0 0 0 0 0 0 14,697,744 0 0 0 0 6,457,378 6,169,003 (288,375) 6,605,704 0 0 0 0 (5,735) (5,735) 0 (2,505,000) 0 0 0 0 (109,542) 0 109,542 (178,215) 0 0 0 0 917,757 338,678 (579,079) 8,303 0 0 0 0 7,259,858 6,501,946 (757,912) 18,628,536 (91,000) (13,927) 77,073 5,537 (11,879,247) 969,374 12,848,621 9,126,193- 130,372 130,372 0 124,835 13,100,141 17,694,301 4,594,160 8,572,108 0 0 0 0 0 0 0 (4,000) $ 39.372 $ 116.445 $ 77.073 $ 130.372 $ 1.220.894 $ 18.663.675 $ 17.442.781 $ 17.694.301 r r i 103 CITY OF RENTON,WASHINGTON ■r ■r THIS PAGE INTENTIONALLY LEFT BLANK 104 ' Enterprise Funds flril RON REGIS PARK ` Estimated Construction Start Date-May 1998 4 Estimated Completion Date-July 1999 im JZ vf'. CW I E kl R j I SPI,RI,ti i 1'lRA CITY OF RENTON,WASHINGTON ENTERPRISE FUNDS DECEMBER 31, 1998 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 users 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, 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-Wily 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 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 .r provide approximately 85% of the debt service. 105 CITY OF RENTON,WASHINGTON ' ENTERPRISE FUNDS , COMBINING BALANCE SHEET DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 2) ' WATERWORKS AIRPORT SOLID WASTE UTILITY UTILITY ASSETS: ' Current Assets: Cash and Cash Equivalents $ 3,095,548 $ 1,168,271 $ 544,889 Cash With Fiscal Agent 0 0 0 Investments at Fair Value 1,589,841 1,602,718 0 ' Receivables: Accounts 1,451,301 0 1,245,510 Interest on Investments 23,454 10,352 0 Notes Receivable-Current 0 0 0 Due From Other Funds 2,620 0 0 ' Due From Other Governmental Units 540,937 49,268 46,734 Inventory of Material and Supplies 446,174 0 0 Total Current Assets 7,149,875 7830,609 1,837,133 Restricted Assets: Deposits 16,623 0 0 ' Revenue Bond Debt Service 5,687,161 0 0 Construction Account 653,287 0 0 Total Restricted Assets 6,357,071 0 0 Note Receivable-Non-Current 0 0 0 , Property,Plant and Equipment: Fixed Assets(Net) 124,017,858 3,711,695 57,662 Construction In Progress 9,877,249 692,377 0 Total Property,Plant and Equipment 133,895,107 4,404,072 57,662 Deferred Charges and Other Assets 80,000 0 0 , TOTAL ASSETS $ 147.482.053 $ 7.234.681 $ 1.894.795 LIABILITIES AND FUND EQUITY: LIABILITIES: Current Liabilities: Vouchers/Contracts Payable $ 252,579 $ 17,548 $ 547,811 Retainage Payable 106,225 0 0 Due To Other Funds 20,715 0 0 lnterfund Loans/Advances-Current 0 0 0 Due To Other Governmental Units 568,219 0 0 Matured Interest Payable 0 0 0 Accrued Interest Payable 285,748 0 1,098 Accrued Wages Payable 19,203 20 724 Accrued Employee Benefits Payable 2,909 3 110 Accrued Taxes Payable 42,575 23,079 30,256 Deferred Revenues 36,321 42,742 0 Capital Leases Payable-Current 0 0 0 Total Current Liabilities 1,334,494 83,392 579,999 Liabilities Payable from Restricted Assets: Deposits Payable 16,623 0 0 General Obligation Bonds Payable-Current 66,000 0 0 Revenue Bonds Payable-Current Portion 1,925,000 0 0 Total Liabilities Payable from Restricted Assets 2,007,623 0 0 Long Term Liabilities: General Obligation Bonds Payable 216,040 0 171,765 Unamortized Discounts on G.O.Bond (3,131) 0 (5,599) Revenue Bonds Payable 22,100,000 0 0w Unamortized Discounts on Revenue Bond (1,028,939) 0 0 Accrued Employee Leave Benefits 264,310 32,053 1,021 Capital Leases Payable 0 0 0 Installment Purchase Contracts 136,537 0 0 Public Works Trust Fund Loan Payable 8,739,937 0 0 Total Long Term Liabilities 30,424,754 32,053 167,187 TOTAL LIABILITIES 33,766,871 115,445 747,186 FUND EQUITY: Contributed Capital 92,247,661 1,383,715 0 Retained Earnings: Reserved 7,845,149 0 52,471 Unreserved 13,622,372 5,735,521 1,095,138 TOTAL FUND EQUITY 113,715,182 7,119,236 1,147,609 TOTAL LIABILITIES AND FUND EQUITY $ 147.482.053 $ 7.234.681 $ 1,894.795 r 106 r CITY OF RENTON,WASHINGTON ENTERPRISE FUNDS COMBINING BALANCE SHEET m DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 2 OF 2) COMPARATIVE TOTALS m GOLF COURSE 1998 1997 $ (135,371) $ 4,673,337 $ 6,352,927 0 0 160,320 551,367 3,743,926 1,659,502 49,836 2,746,647 2,794,574 4,390 38,196 170,226 21,609 21,609 18,478 261,531 264,151 319,095 0 636,939 364,777 88,555 534,729 479,100 841,917 12,659,534 12,318,999 0 16,623 21,379 456,145 6,143,306 5,012,567 0 653,287 3,593,622 456,145 6,813,216 8,627,568 66,187 66,187 86,199 ' 8,982,338 136,769,553 127,574,220 0 10,569,626 7,055,235 8,982,338 147,339,179 134,629,455 ' 0 80,000 96,000 $ 10.346,587 $ 166,958.116 $ 155.758.221 ' $ 16,316 $ 834,254 $ 659,737 0 106,225 73,985 0 20,715 116,093 ' 0 0 52,680 0 568,219 401,168 0 0 160,320 29,722 316,568 339,718 2,388 22,335 23,100 ' 362 3,384 3,500 5,349 101,259 92,232 0 79,063 112,134 40,384 40,384 41,492 94,521 2,092,406 2,076,159 ' 89,125 105,748 96,138 333.000 399,000 383,040 165,000 2,090,000 1,920,000 587,125 2,594,748 2,399,178 1,090,020 1,477,825 1,876,825 (15,795) (24,525) (30,761) 4,390,000 26,490,000 28,020,000 ' (59,231) (1,088,170) (511,307) 31,514 328,898 381,492 41,712 41,712 82,455 0 136,537 199,334 ' 0 8,739,937 5,067,889 5,478,220 36,102,214 35,085,927 6,159,866 40,789,368 39,561,264 1 5,000 93,636,376 87,739,176 456,145 8,353,765 3,551,070 3,725,576 24,178,607 24,906,711 ' 4,186,721 126,168,748 116,196,957 $ 10.346,587 $ 166.958.116 $ 155.758.221 ' 107 CITY OF RENTON,WASHINGTON ' ENTERPRISE FUNDS , COMBINING STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,997 (PAGE 1 OF 2) WATERWORKS SOLID WASTE , UTILITY AIRPORT UTILITY OPERATING REVENUES: ' Charges for Services $ 19,889,136 $ 958,137 $ 8,157,363 Other Operating Revenue 1,147,838 6,563 2,992 TOTAL OPERATING REVENUE 21,036,974 964,700 8,160,355 OPERATING EXPENSES: ' Operations and Maintenance 11,513,665 269,591 6,823,490 Administrative and General 1,637,679 103,032 0 Insurance 0 10,460 0 ' Taxes 1,726,091 0 1,047,579 Depreciation 2,725,007 180,535 53,396 TOTAL OPERATING EXPENSES 17,602,442 563,618 7,924,465 OPERATING INCOME(LOSS) 3,434,532 401,082 235,890 ' NON-OPERATING REVENUE(EXPENSE): Interest Revenue 560,126 140,406 9,982 Other Non-operating Revenue 14,053 36 91,598 , Interest Expense (1,278,481) 0 0 Arbitrage Expense 0 0 0 Amortization of Debt Discount and Expense (90,569) 0 (700) NON-OPERATING REVENUE NET OF EXPENSES (794,871) 140,442 100,880 INCOME(LOSS)BEFORE OPERATING TRANSFERS 2,639,661 541,524 336,770 ' Operating Transfers In 50,949 0 0 Operating Transfers Out 0 0 0 NET INCOME(LOSS) 2,690,610 541,524 336,770 Depreciation Reducing Grant Contributed Capital 0 128,334 0 INCREASE(DECREASE)IN RETAINED EARNINGS 2,690,610 669,858 336,770 RETAINED EARNINGS,JANUARY 1 18,808,466 5,065,663 810,839 Prior Period Corrections 0 0 0 RETAINED EARNINGS,JANUARY 1,RESTATED 18,808,466 5,065,663 810,839 Residual Equity Transfers In(Out) (31,555) 0 0 RETAINED EARNINGS,DECEMBER 31 21,467,521 5,735,521 1,147,609 CONTRIBUTED CAPITAL,JANUARY 1 86,222,127 1,512,049 0 Capital Grants 1,137,956 0 0 Amortization on Capital Grants 0 (128,334) 0 Other Contributed Capital 4,887,578 0 0 CONTRIBUTED CAPITAL,DECEMBER 31 92,247,661 1,383,715 0 FUND EQUITY,DECEMBER 31 $ 1 13.715.182 $ 7.119.236 $ 1.147.609 108 +rte CITY OF RENTON, WASHINGTON ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,997 (PAGE 2 OF 2) TOTALS GOLF COURSE 1998 1997 $ 1,865,422 $ 30,870,058 $ 29,112,936 201,786 1,359,179 1,603,673 2,067,208 32,229,237 30,716,609 1,346,972 19,953,718 19,180,586 0 1,740,711 1,790,202 0 10,460 10,446 8,697 2,782,367 2,614,407 279,065 3,238,003 3,110,143 1,634,734 27,725,259 26,705,784 432,474 4,503,978 4,010,825 42,298 752,812 955,975 0 105,687 298,921 (388,889) (1,667,370) (1,929,915) 0 0 (28,511) (398) (91,667) (68,857) (346,989) (900,538) (772,387) 85,485 3,603,440 3,238,438 r 323,423 374,372 684,883 0 0 0 ' 408,908 3,977,812 3,923,321 0 128,334 130,639 ' 408,908 4,106,146 4,053,960 3,772,813 28,457,781 24,366,302 0 0 65,375 ' 3,772,813 28.457,781 24,431,677 0 (31,555) (27,856) 4,181,721 32,532,372 28,457,781 ' 5,000 87,739,176 81,953,879 0 1,137,956 281,101 0 (128,334) (130,639) ' 0 4,887,578 5,634,835 5,000 93,636,376 87,739,176 $ 4.186.721 $ 126.168.748 $ 116.196.957 109 CITY OF RENTON,WASHINGTON ENTERPRISE FUNDS , COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 4) SOLID WASTE ' WATERWORKS AIRPORT UTILITY CASH FLOWS FROM OPERATING ACTIVITIES: ' Cash Received From Customers $ 19,651,242 $ 974,227 $ 8,014,054 Cash Received From Other Funds for Services 401,669 0 0 Cash Paid to Suppliers for Goods and Services (8,330,255) (121,763) (6,965,702) Cash Paid to Other Funds for Goods and Services (2,843,617) (91,578) (278,535) ' Cash Paid to Employees (2,659,540) (190,772) (106,827) Cash Paid for City Utility Taxes (1,198,954) 0 (486,457) Other Operating Receipts 1,161,891 (42,669) 50,356 Other Non-Operating Receipts 0 0 0 NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES 6,182,436 527,445 226,889 ' CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Operating Grants Received 0 0 0 Operating Transfers From Other Funds 50,949 0 0 ' Operating Transfers To Other Funds 0 0 0 Repayments on Interfund Loans 0 0 0 NET CASH PROVIDED(USED)BY NONCAPITAL FINANCING ACTIVITIES 50,949 0 0 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds 0 0 0 Payments on Bond Issuance and Registration Fees (670,001) 0 0 Proceeds From State Long-Term Loans 4,288,567 0 0 Proceeds From Sale of Equipment 0 0 0 Acquisition and Construction of Capital Assets (15,111,101) (767,483) 0 ' Payments Received from Intergovernmental Loan 0 0 0 Capital Contributions 4,887,578 0 0 Capital Grants 1,137,956 0 0 Principal Payments on Bonds (1,268,360) 0 0 Interest Payments on Bonds (1,299,853) 0 0 Payments on State Long-Term Loans (512,265) 0 0 Residual Equity Transfer In(Out) (31,555) 0 0 NET CASH PROVIDED(USED)BY CAPITAL FINANCING ACTIVITIES (8,579,034) (767,483) 0 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments 6,317,523 1,384,063 0 Payments for Investments (7,730,971) (1,503,672) 0 Interest on Investments 676,913 160,039 9,982 NET CASH PROVIDED(USED)BY INVESTING ACTIVITIES (736,535) 40,430 9,982 NET INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS (3,082,184) (199,608) 236,871 CASH AND CASH EQUIVALENTS,JANUARY 1 12,534,803 1,367,879 308,018 CASH AND CASH EQUIVALENTS,DECEMBER 31 $ 9.452.619 $ 1.168.271 $ 544.889 CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents $ 3,095,548 $ 1,168,271 $ 544,889 Cash Restricted for: Deposits 16,623 0 0 Revenue Bond Debt Service 5,687,161 0 0 Construction Account 653,287 0 0 TOTAL CASH AT THE END OF THE YEAR $ 9.452.619 $ 1.168.271 $ 544.889 rl� 110 CITY OF RENTON,WASHINGTON i ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 2 OF 4) TOTALS GOLF COURSE 1998 1997 $ 1,854,252 $ 30,493,775 $ 29,077,713 0 401,669 237,903 (373,986) (15,791,706) (14,887,308) (317,354) (3,531,084) (3,316,118) (604,331) (3,561,470) (3,539,204) 0 (1,685,411) (1,580,386) 201,786 1,371,364 1,603,673 0 0 (1,003) 760,367 7,697,137 7,595,270 0 0 81,943 323,423 374,372 585,338 0 0 (27,856) (52,680) (52,680) (63,637) 270,743 321,692 575,788 0 0 3,999 0 (670,001) (2,632) 0 4,288,567 84,240 16,881 16,881 0 ' (69,143) (15,947,727) (8,968,041) 0 0 75,748 0 4,887,578 1,672,814 0 1,137,956 355,825 (531,451) (1,799,811) (2,211,066) (382,959) (1,682,812) (1,969,516) 0 (512,265) (71,233) 0 (31,555) 0 (966,672) (10,313,189) (11,029,862) ' 100,508 7,802,094 8,748,629 (651,875) (9,886,518) (8,588,739) 37,908 884,842 1,024,686 (513,459) (1,199,582) 1,184,576 (449,021) (3,493,942) (1,674,228) 769,795 14,980,495 16,654,723 $ 320.774 $ 11.486.553 $ 14.980.495 $ (135,371) $ 4,673,337 $ 6,352,927 0 16,623 21,379 456,145 6,143,306 5,012,567 0 653,287 3,593,622 $ 320.774 $ 11.486.553 $ 14.980.495 111 CITY OF RENTON,WASHINGTON ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 3 OF 4) SOLID WASTE WATERWORKS AIRPORT UTILITY RECONCILIATION OF OPERATING INCOME(LOSS)TO NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES: Operating Income(Loss) $ 3,434,532 $ 401,082 $ 235,890 ' Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided(Used)By Operating Activities: Depreciation and Amortization of Deferred Charge 2,741,007 180,535 53,396 Other Non-Operating Revenue 14,053 36 91,598 (Increase)Decrease in Accounts Receivable 210,388 1,180 (139,144) ' (Increase)Decrease in Due From Other Funds/Governmental (118,994) (49,268) (44,234) (Increase)Decrease in Inventory/Prepaid Items (122,431) 0 0 Increase(Decrease)in Vouchers/Retainage Payable 158,457 15,867 29,817 Increase(Decrease)in Due to Other Funds/Govemmental (49,354) (33,049) 0 Increase(Decrease)in Payables/Other Short Term Liabilities 83 5,851 2,443 Increase(Decrease)in Customer Deposits (4,756) 0 0 Increase(Decrease)in Deferred Revenues (39,688) 6,617 0 Increase(Decrease)in Accrued Employee Leave Benefits (40,861) (1,406) (2,877) Total Adjustments 2,747,904 126,363 (9,001) ' NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES $ 6.182.436 $ 527.445 $ 226.889 SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Fixed Assets Contributed By Developers $ 31494,554 $ 0 $ 0 TOTAL NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES $ 3.494.554 $ 0 $ 0 , 112 CITY OF RENTON,WASHINGTON ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 4 OF 4) TOTALS GOLF COURSE 1998 1997 $ 432,474 $ 4,503,978 $ 4,010,825 • 279,065 3,254,003 3,126,143 0 105,687 346,678 (24,498) 47,926 105,582 0 (212,496) (111,419) 66,802 (55,629) (97,275) 2,616 206,757 129,356 (12,975) (95,378) (62,979) (231) 8,146 (32,104) 14,366 9,610 25,830 r 0 (33,071) 103,427 2,748 (42,396) 51,206 327,893 3,193,159 3,584,445 $ 760.367 $_ 7.697.137 $ 7_ 527p $ 0 $ 3,494,554 $ 4,155,516 $ 0 $ 3.494.554 $ 4.155.516 r r • r r r vrr arr wo 113 CITY OF RENTON,WASHINGTON THIS PAGE INTENTIONALLY LEFT BLANK ' rr rrr �Ir 114 a internal Service Funds RENTON DOWNTOWN PIAllA AND GATEWAY A 9" Estimated Construction Start Date-August 1999 Estimated Completion Dote-Dec 1999 1 . CITY OF RENTON, WASHINGTON INTERNAL SERVICE FUNDS DECEMBER 31, 998 r 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 .r Insurance Fund and rates are charged to departments based on use and/or coverage requirements. r 115 CITY OF RENTON,WASHINGTON , INTERNAL SERVICE FUNDS ' COMBINING BALANCE SHEET DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 1) 'EQUIPMENT INSURANCE COMPARATIVE TOTALS RENTAL 1998 1997 ASSETS: ' Current Assets: Cash and Cash Equivalents $ 1,387,134 $ 1,068,996 $ 2,456,130 $ 3,396.619 Cash With Fiscal Agent 14,925 0 14,925 26,300 Investments at Fair Value 1,249,837 3,711,294 4,961,131 2,507,649 Receivables ' Accounts 14,522 3,522 18,044 5,068 Interest on Investments 20,455 64,361 84,816 30,424 Due From Other Funds 0 0 0 49,456 Due From Other Governmental Units 0 117,217 117,217 0 ' Inventory of Material and Supplies 79,074 0 79,074 52,591 Prepaid Items 0 10,162 10,162 10,018 Total Current Assets 2,765,947 4,975,552 7,741,499 6,078,125 Property,Plant and Equipment: Fixed Assets(Net) 3,032,206 600 3,032,806 2,890,796 ' Total Property,Plant and Equipment 3,032,206 600 3,032,806 2,890,796 TOTAL ASSETS $ 5.798.153 $ 4.976.152 $ 10.774.305 $ 8.968.921 LIABILITIES AND FUND EQUITY: LIABILITIES: ' Current Liabilities: Vouchers/Contracts Payable $ 55,173 $ 25,924 $ 81,097 $ 33,339 Due To Other Funds 810 0 810 15,300 Matured Interest Payable 14,925 0 14,925 26,300 ' Accrued Interest Payable 871 0 871 979 Accrued Wages Payable 268 383 651 5,353 Accrued Employee Benefits Payable 41 58 99 810 Accrued Taxes Payable 133 0 133 6 ' General Obligation Bonds Payable-Current 32,250 0 32,250 30,960 Total Current Liabilities 104,471 26,365 130,836 113,047 Long Term Liabilities: Deferred Revenues 0 0 0 41,185 General Obligation Bonds Payable 1,238,728 0 1,238,728 1,270,978 , Unamortized Discounts on G.O.Bond (43,536) 0 (43,536) (48,659) Accrued Employee Leave Benefits 34,129 5,150 39,279 33,089 Claims Incurred But Not Reported 0 2,741,045 2,741,045 1,171,475 Total Long Term Liabilities 1,229,321 2,746,195 3,975,516 2,468,068 ' TOTAL LIABILITIES 1,333,792 2,772,560 4,106,352 2,581,115 FUND EQUITY: Contributed Capital 1,054,934 0 1,054,934 1,054,934 Retained Earnings: ' Reserved 0 0 0 0 Unreserved 3,409,427 2,203,592 5,613,019 5,332,872 TOTAL FUND EQUITY 4,464,361 2,203,592 6,667,953 6,387,806 TOTAL LIABILITIES AND FUND EQUITY $ 5.798.153 $ 4.976.152 $ 10.774.305 $ 8.968.921 116 CITY OF RENTON, WASHINGTON INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 1) TOTALS EQUIPMENT RENTAL INSURANCE 1998 1997 OPERATING REVENUES: Charges for Services $ 2,251,970 $ 5,133,532 $ 7,385,502 $ 6,924,960 Other Operating Revenue 0 9,489 9,489 27,087 TOTAL OPERATING REVENUE 2,251,970 5,143,021 7,394,991 6,952,047 OPERATING EXPENSES: Operations and Maintenance 1,210,446 88,300 1,298,746 1,268,924 Benefit Payments 0 5,470,846 5,470,846 4,027,342 Professional Services 0 277,779 277,779 272,910 Administrative and General 302,612 162,465 465,077 452,250 Insurance 0 407,389 407,389 385,090 Depreciation 499,635 1,798 501,433 443,869 TOTAL OPERATING EXPENSES 2,012,693 6,408,577 8,421,270 6,850,385 OPERATING INCOME(LOSS) 239,277 (1,265,556) (1,026,279) 101,662 NON-OPERATING REVENUE(EXPENSE): Interest Revenue 95,909 247,058 342,967 238,249 Gain(Loss)on Sale of Assets 46,606 0 46,606 27,486 Other Non-operating Revenue(Expense) 1,000 168,823 169,823 289,807 Interest Expense (16,115) 0 (16,115) (16,349) Arbitrage Expense 0 0 0 (1,826) Amortization of Debt Discount and Expense (300) 0 (300) (25,153) NON-OPERATING REVENUE NET OF EXPENSES 127,100 415,881 542,981 512,214 INCOME(LOSS)BEFORE OPERATING TRANSFERS 366,377 (849,675) (483,298) 613,876 Operating Transfers In 795,000 0 795,000 488,000 Operating Transfers Out 0 0 0 0 NET INCOME(LOSS) 1,161,377 (849,675) 311.702 1,101,876 RETAINED EARNINGS,JANUARY 1 2,248,050 3,084,822 5,332,872 4,203,140 Residual Equity Transfers In(Out) 0 (31,555) (31,555) 27,856 RETAINED EARNINGS,DECEMBER 31 3,409,427 2,203,592 5,613,019 5,332,872 CONTRIBUTED CAPITAL,JANUARY 1 1,054,934 0 1,054,934 1,054,934 Other Contributed Capital 0 0 0 0 CONTRIBUTED CAPITAL,DECEMBER 31 1,054,934 0 1,054,934 1,054,934 FUND EQUITY,DECEMBER 31 $ 4.464.361 $ 2,203.592 $ 6,667.953 $ 6,387.806 117 r CITY OF RENTON,WASHINGTON ' INTERNAL SERVICE FUNDS ' COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 1) t TOTALS EQUIPMENT RENTAL INSURANCE 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: ' Cash Received From Other funds for Goods and Services $ 2,239,122 $ 5,141,802 $ 7,380,924 $ 6,947,524 Cash Paid to Suppliers for Goods and Services (784,626) (4,581,683) (5,366,309) (5,535,379) Cash Paid to Other Funds for Goods and Services (286,003) (181,598) (467,601) (449,720) ' Cash Paid to Employees (427,512) (81,429) (508,941) (492,871) Other Operating Receipts 1,000 61,095 62,095 23,929 Other Non-Operating Receipts 0 0 0 392,993 NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES 741,981 358,187 1,100,168 886,476 t CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Operating Transfers From Other Funds 795,000 0 795,000 488,000 Repayments on Interfund Loans 0 0 0 7,294 NET CASH PROVIDED(USED)BY NONCAPITAL FINANCING ACTIVITIES 795,000 0 795,000 495,294 ' CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds 0 0 0 24,871 Proceeds From Sale of Equipment 46,606 0 46,606 27,486 Acquisition and Construction of Capital Assets (643,442) 0 (643,442) (679,303) , Capital Grants 0 0 0 13,022 Principal Payments on Bonds (30,960) 0 (30,960) (55,970) Interest Payments on Bonds (11,399) 0 (11,399) (18,539) Residual Equity Transfer In(Out) 0 (31,555) (31,555) 27,856 , NET CASH PROVIDED(USED)BY CAPITAL FINANCING ACTIVITIES (639,195) (31,5551 (670,750) (660,577) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments 702,311 2,899,320 3,601,631 2,606,050 Payments for Investments (1,150,000) (4,905,113) (6,055,113) (2,699,697) ' Interest on Investments 84,409 204,166 288,575 256,367 NET CASH PROVIDED(USED)BY INVESTING ACTIVITIES (363,280) (1,801,627) (2,164,907) 162,720 NET INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS 534,506 (1,474,995) (940,489) 883,913 CASH AND CASH EQUIVALENTS,JANUARY 1 852,628 2,543,991 3,396,619 2,512,706 CASH AND CASH EQUIVALENTS,DECEMBER 31 $ 1.387.134 $ 1.068.996 $ 2.456.130 $ 3.396.619 ' CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents $ 1,387,134 $ 1,068,996 $ 2,456,130 $ 3,396,619 TOTAL CASH AT THE END OF THE YEAR $ 1.387.134 $ 1.068.996 $ 2.456.130 $ 3.396.619 RECONCILIATION OF OPERATING INCOME(LOSS)TO NET CASH , PROVIDED(USED)BY OPERATING ACTIVITIES: Operating Income(Loss) $ 239,277 $ (1,265,556) $ (1,026,279) $ 101,662 Adjustments to Reconcile Operating Income(Loss) ' to Net Cash Provided(Used)By Operating Activities: Depreciation 499,634 1,798 501,432 443,869 Other Non-Operating Revenue 1,000 168,823 169,823 206,289 (Increase)Decrease in Accounts Receivable (12,975) (1) (12,976) 26,600 (Increase)Decrease in Due From Other Funds/Governmental 0 (67,761) (67,761) 174,377 (Increase)Decrease in Inventory/Prepaid Items (26,483) (144) (26,627) (12,969) Increase(Decrease)in Vouchers Payable 40,602 7,156 47,758 (20,967) Increase(Decrease)in Due to Other Funds/Governmental 810 (15,300) (14,490) 15,300 Increase(Decrease)in Payables/Other Short Term Liabilities (4,675) (611) (5,286) 3,292 Increase(Decrease)in Deferred Revenues 0 (41,185) (41,185) 0 Increase(Decrease)in Accrued Employee Leave Benefits 4,791 1,398 6,189 8,758 Increase(Decrease)in Claims Incurred But Not Reported 0 1,569,570 1,569,570 (59,735) Total Adjustments 502,704 1,623,743 2,126,447 784,814 NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES $ 741.981 $ 358.187 $ 1.100.168 $ 886.476 SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Asset Trade-In $ 0 $ 0 $ 0 $ 0 TOTAL NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES $ 0 $ 0 $ 0 $ 0 11� 118 trr Fiduciary Funds r ■r r HIGHLANDS NEIGHBORHOOD CENTER RECONSTRUCTION Estimated Construction Start Date-August 1999 m . Estimated Completion Date-Feb.2000 r CITY OF RENTON,WASHINGTON FIDUCIARY FUNDS DECEMBER 31, 1998 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. AGENCY FUNDS •• 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. ' Deferred Compensation Fund: Established in 1986 to account for the Deferred Compensation plan assets and liabilities. ' 119 CITY OF RENTON,WASHINGTON FIDUCIARY FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 2) PENSION TRUST AGENCY FUNDS FIREMEN'S SPECIAL ADVANCE PENSION DEPOSIT TRAVEL ASSETS: Cash and Cash Equivalents $ 639,347 $ 273,235 $ 4.000 Deferred Compensation Plan Assets 0 0 0 Investments at Fair Value 6,291,015 0 0 Receivables: , Interest on Investments 63,817 0 0 Interfund Loans/Advances-Current 0 0 0 TOTAL ASSETS $ 6.994.179 $ 273.235 $ 4.000 LIABILITIES AND FUND EQUITY: LIABILITIES: Deposits Payable $ 0 $ 273,235 $ 0 Deferred Compensation Payable 0 0 0 Interfund Loans/Advances-Non-Current 0 0 4,000 TOTAL LIABILITIES 0 273,235 4,000 FUND EQUITY: Fund Balance: Reserved for Pension Obligation 6,994,179 0 0 Unreserved-Undesignated 0 0 0 TOTAL FUND EQUITY 6,994,179 0 0 TOTAL LIABILITIES AND FUND EQUITY $ 6.994.179 $ 273.235 $ 4.000 alb 120 CITY OF RENTON,WASHINGTON it FIDUCIARY FUNDS COMBINING BALANCE SHEET IID DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 2 OF 2) AGENCY FUNDS COMPARATIVE TOTALS r• DEFERRED COMPENSATION 1998 1997 $ 0 $ 916,582 $ 698,477 15,216,256 15,216,256 11,599,243 0 6,291,015 5,498,704 0 63,817 94,522 0 0 52,680 $ 15.216.256 $ 22.487.670 $ 17.943.626 $ 0 $ 273,235 $ 104,829 15,216,256 15,216,256 11,599,243 0 4,000 4,000 15,216,256 15,493,491 11,708,072 r 0 6,994,179 6,642,979 0 0 (407,425) 0 6,994,179 6,235,554 $ 15.216.256 $ 22.487.670 $ 17.943.626 ' 121 CITY OF RENTON,WASHINGTON ' COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ' ALL AGENCY FUNDS YEAR ENDED DECEMBER 31,1998 (PAGE 1 OF 1) BALANCE BALANCE ' 1/01/98 ADDITIONS DEDUCTIONS 12/31/98 SPECIAL DEPOSIT FUND ASS ETS Cash and Cash Equivalents $ 104,829 $ 295,461 $ 127,055 $ 273,235 , Due From Other Funds 0 0 0 0 TOTAL ASSETS $ 104.829 $ 295.461 $ 127.055 $ 273.235 LIABILITIES , Vouchers Payable $ 0 $ 115,274 $ 115,274 $ 0 Deposits Payable 104,829 295,461 127,055 273,235 TOTAL LIABILITIES $ 104.829 $ 410.735 $ 242.329 $ 273.235 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 $ DEFERRED COMPENSATION FUND ASSETS Deferred Compensation Plan Assets 11,599,243 3,617,013 0 15,216,256 TOTAL ASSETS $ 11.599.243 $ 3.617.013 $ 0 $ 15.216.256 ' LIABILITIES Deferred Compensation Payable 11,599,243 3.617,013 0 15,216,256 TOTAL LIABILITIES $ 11.599.243 $ 3.617.013 $ 0 $ 15.216.256 TOTAL•ALL AGENCY FUNDS ASSETS Cash and Cash Equivalents $ 108,829 $ 295,461 $ 127,055 $ 277,235 Deferred Compensation Plan Assets 11,599,243 3,617,013 0 15,216,256 , Due From Other Funds 0 0 0 0 TOTAL ASSETS $ 11,708,072 $ 3.912.474 $ 127.055 $ 15.493.491 LIABILITIES , Vouchers Payable $ 0 $ 115,274 $ 115,274 $ 0 Deposits Payable 104,829 295,461 127,055 273,235 Deferred Compensation Payable 11,599,243 3,617,013 0 15,216,256 Advances From Other Funds 4,000 0 0 4,000 TOTAL LIABILITIES $ 11.708.072 $ 4.027.748 $ 242.329 $ 15.493.491 ' 122 CITY OF RENTON,WASHINGTON FIREMEN'S PENSION TRUST FUND STATEMENT OF PLAN NET ASSETS ■II AS OF DECEMBER 31,1998 AND 1997 (PAGE 1 OF 1) 1998 1997 ASSETS: Cash and Cash Equivalents $ 639,347 $ 589,648 Investments 6,291,015 5,498,704 Receivables: r Interest on Investments 63,817 94,522 Interfund Loans/Advances-Current-Note 5 0 52,680 TOTAL ASSETS $ 6.994,179 $ 6, 4 FUND BALANCE: Reserved for Pension Obligation 9 $ 6,994,179 $ 6,642,979 Unreserved-Undesignated 0 (401,425) TOTAL FUND BALANCE $---122_41 79 $ 6.235.554 r ilk 123 w CITY OF RENTON,WASHINGTON FIREMEN'S PENSION TRUST FUND , STATEMENT OF CHANGES IN PLAN NET ASSETS FOR THE YEARS ENDED DECEMBER 31,1998 AND 1997 (PAGE 1 OF 1) 1998 1997 ' ADDITIONS: Employer Contributions $ 0 $ 0 Others Contributions: , Fire Insurance Premiums 61,775 69,305 Property Taxes 0 161,000 Investment Income: Interest Revenue 1,004,349 2,530,975 ' TOTAL ADDITIONS 1,066,124 2,761,280 DEDUCTIONS: Benefit Payments 301,557 294,403 ' Administrative and General 5,942 10,880 TOTAL DEDUCTIONS 307,499 305,283 NET INCREASE(DECREASE) 758,625 2,455,997 FUND BALANCE RESERVED FOR EMPLOYEES'PENSION BENEFITS: FUND BALANCE JANUARY 1,1998 6,235,554 3,779,557 FUND BALANCE DECEMBER 31, 1998 $ 6.994.179 $ 6.235.554 124 7"S ,�. General Fixed Assets Account Group r r r r 'r RENTON CITY HALL WITH RAMP IMPROVEMENT Estimated Construction Start Date-August 1999 Estimated Completion Date-March 2000 =: , �3 CITY OF RENTON,WASHINGTON ■r GENERAL FIXED ASSETS ACCOUNT GROUP DECEMBER 31, 1998 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. r i r ' 125 CITY OF RENTON, WASHINGTON GENERAL FIXED ASSETS ACCOUNT GROUP COMPARATIVE BALANCE SHEET DECEMBER 31, 1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31,1997 (PAGE 1 OF 1) ' 1998 1997 ASSETS: Investment in Joint Venture $ 1,719,302 $ 1,498,995 Fixed Assets(Net) 86,781,560 80,482,862 Construction In Progress 15,886,283 15,296,531 TOTAL ASSETS $ 104.387.145 $ 97.278.388 OTHER CREDITS: ' Investments in General Fixed Assets $ 104,387,145 $ 97,278,388 TOTAL OTHER CREDITS $ 104.387.145 $ 97.278.388 r 126 ' CITY OF RENTON, WASHINGTON SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE DECEMBER 31,1998 (PAGE 1 OF 1) GENERAL FIXED ASSETS: Land $ 27,851,143 Buildings 34,614,873 Improvements Other Than Buildings 15,807,395 Machinery and Equipment 8,508,149 Construction Work in Progress 15,886,283 Joint Venture 1,719,302 w TOTAL GENERAL FIXED ASSETS $ 104,387,145 ft INVESTMENT IN GENERAL FIXED ASSETS FROM: General Obligation Bonds $ 31,650,878 Federal Grants 6,645,246 State Grants 2,433 172 County Grants 5,903,543 General Revenues 55,430,085 Donations 2,324,221 TOTAL INVESTMENT IN GENERAL FIXED ASSETS $ 104,387,145 1w ■1 1M 127 CITY OF RENTON,WASHINGTON SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY AS OF DECEMBER 31, 1998 (PAGE 1 OF 1) , IMPROVEMENTS MACHINERY CONSTRUCTION OTHER THAN AND JOINT WORK IN , FUNCTION TOTAL LAND BUILDINGS BUILDINGS EQUIPMENT VENTURE PROGRESS General Government $ 33,605,228 $ 1,456,463 $ 13,441,359 $ 288,563 $ 3,888,586 $ 0 $ 14,530,257 Security of Persons/Property 9,334,152 261,249 4,573,016 257,469 2,523,116 1,719,302 0 Physical Environment 3,933,736 0 2,751,874 743,383 438,479 0 0 Transportation 1,371,710 759,563 118,218 0 493,929 0 0 Economic Environment 2,024,554 472,016 1,294,221 24,970 222,061 0 11,286 Culture and Recreation 54,117,765 24,901,852 12,436,185 14,493,010 941,978 0 1,344,740 ' TOTAL GENERAL FIXED ASSETS $ 104,387,145 $ 27,851,143 $ 34,614,873 $ 15,807,395 $ 8,508,149 $ 1,719,302 $ 15,886,283 SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY YEAR ENDED DECEMBER 31,1998 (PAGE 1 OF 1) GENERAL GENERAL , FIXED ASSETS FIXED ASSETS FUNCTION 1/01/98 INCREASES DECREASES 12/31/98 General Government $ 27,446,651 $ 6,279,741 $ 121,164 $ 33,605,228 Security of Persons/Property 10,044,562 1,327,159 2,037,569 9,334,152 Physical Environment 3,937,266 3,555 7,085 3,933,736 Transportation 1,362,551 34,447 25,288 1,371,710 Economic Environment 2,095,152 40,400 110,998 2,024,554 Culture and Recreation 52,392,206 8,089,299 6,363,740 54,117,765 TOTAL GENERAL FIXED ASSETS $ 97,278,388 $ 15,774,601 $ 8,665,844 $ 104,387,145 128 ii General Long Term Debt Account Group i 1 1 r RENTON TRANSIT CENTER a Estimated Construction Start Date-March 2000 Esflmated Completion Date-March 2001 j " k CITY OF RENTON,WASHINGTON GENERAL LONG-TERM DEBT ACCOUNT GROUP DECEMBER 31, 1998 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. 129 CITY OF RENTON, WASHINGTON GENERAL LONG TERM DEBT ACCOUNT GROUP COMPARATIVE BALANCE SHEET DECEMBER 31,1998 WITH COMPARATIVE TOTALS FOR DECEMBER 31, 1997 (PAGE 1 OF 1) 1998 1997 ASSETS: Available in Debt Service&Capital Project Funds $ 2,325,340 $ 3,790,030 Amount To Be Provided Long Term Debt Retirement 27,973,144 28,295,110 TOTAL ASSETS $ 30.298.484 $ 32.085.140 LIABILITIES AND FUND EQUITY: LIABILITIES: General Obligation Bonds Payable $ 25,073,105 $ 26,546,105 Special Assessment Bonds Payable 1,335,000 1,835,000 Accrued Employee Leave Benefits 3,624,548 3,690,674 Installment Purchase Contracts 265,831 13,361 TOTAL LIABILITIES $ 30.298.484 $ 32.085.140 r� I 130 t ' Statistical Section r im1 1 1 1NS.All Uji x. Ahead of the curve iw im CITY OF RENTON,WASHINGTON STATISTICAL SECTION DECEMBER 31, 1998 Presentations included in the Statistical Section of the Comprehensive Annual Financial Report (CAFR) provide detailed data on the physical, economic, social, and political ,. characteristics of the reporting government. They are intended to provide CAFR users with a broader and more complete understanding of the government and its financial affairs than is possible from the financial statements and supporting schedules included in the Financial Section. Statistical tables usually cover more than two fiscal years and often present data from outside the accounting records. Therefore, in contrast to financial section information, statistical section data are not usually susceptible to independent audit. ' 131 CITY OF RENTON,WASHINGTON ' TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION, INCLUDING CHANGES IN FUND BALANCES-LAST TEN FISCAL YEARS, FOR GENERAL,SPECIAL REVENUE, AND DEBT SERVICE FUNDS — —(PAGE 1 OF 2) Ten Year Annual General Governmental Revenue Trends $70 - — 111111 M 59.9 I ' i I $60 151.7 54.1 1 148.4 i 43.2 ,41.2 37.4 n $40 33.6 S 29.7 o $30 f $20 D 0 1 $10 I a $p 'r 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 5 DESCRIPTION 1989 1990 1991 1992 ' REVENUES Taxes $ 21,587,371 $ 24,788,886 $ 27,169,161 $ 32,869,130 Licenses and Permits 691,646 853,258 1,156,779 1,258,803 Intergovernmental Revenues 2,276,308 3,083,320 2,948,562 2,892,682 Charges for Services 1,277,780 1,290,486 2,099,067 1,610,795 Fines and Forfeits 650,059 742,446 803,176 884,692 Interfund Revenues 0 0 0 0 Miscellaneous 3,21 1,659 2,808,531 3,232,891 3,684,479 TOTAL REVENUES $ 29,694,823 $ 33,566,927 $ 37,409,636 $ 43,200,581 EXPENDITURES r General Government $ 4,548,894 $ 5,658,870 $ 5,045,540 $ 5,607,839 Security of Persons and Property 10,414,800 11,313,885 12,324,533 13,551,649 Physical Environment 990,521 790,466 976,822 1,157,112 Transportation 3,294,786 3,387,188 2,819,625 3,074,076 Economic Environment 2,641,202 3,097,543 3,176,411 2,893,077 Mental and Physical Health 8,485 8,892 10,601 229,013 Culture and Recreation 3,254,427 3,573,006 4,026,495 4,291,090 Capital Outlay 607,810 1,342,056 541,075 4,793,884 Debt Service 4,678,024 4,303,048 4,270,821 3,947,606 TOTAL EXPENDITURES $ 30,438,949 $ 33,474,954 $ 33,191,923 $ 39,545,346 Other Increases (Decreases) (154,777) 213,592 (1,094,487) (357,401) Transfer In/Out, Prior Period Correction 0 0 0 0 FUND BALANCE, JANUARY 1 6,657,894 5,758,991 6,064,556 8,726,560 FUND BALANCE, DECEMBER 31 $ 5,758,991 $ 6,064,556 $ 9,187,782 $ 12,024,394 u111 Source: City of Renton Finance Department. 132 !r CITY OF RENTON,WASHINGTON TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION, INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS, FOR GENERAL,SPECIAL REVENUE,AND DEBT SERVICE FUNDS ' (PAGE 2 OF 2) -- - - - Ten Year Annual General Governmental Endina Fund Balance ' $25 -- M 1 19.9 i7.3 -- $20 --17.6 ' I 15.9 16.2 0 1 6 n $15 s 112.0 0 9.2 f $10 i 5.8 6.1 ' D 0 $5 I I I r l i r 5 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 I i 1993 1994 1995 1996 1997 1998 $ 31,204,165 $ 30,785,983 $33,970,167 $36,226,318 $ 37,903,857 $ 40,061,373 1,145,967 1,310,570 1,236,046 1,569,007 2,145,849 2,086,727 4,297,932 4,998,676 4,343,249 4,044,611 4,164,921 4,184,545 r 1,437,069 1,543,902 4,818,352 5,344,029 5,546,295 7,699,258 881,016 1,107,779 998,553 958,082 733,561 722,054 0 0 0 0 0 0 2,249,836 2,835,811 3,080,883 3,513,802 3,601,057 5,139.563 $ 41,215,985 $ 42,582,721 $ 48,447,250 $51,655,849 $ 54,095,540 $ 59,893,520 $ 5,258,009 $ 5,998,922 $ 7,807,624 $ 8,420,834 $ 8,675,215 $ 9,915,676 15,654,019 17,272,774 17,187,719 18,344,175 19,249,622 20,074,074 r 1,163,369 999,985 1,520,374 1,759,571 1,708,461 1,730,735 2,937,977 3,422,909 4,947,622 4,509,833 4,896,235 4,838,713 3,155,164 3,524,258 3,606,022 3,022,503 3,414,034 4,060,970 8,983 10,755 7,843 5,746 7,570 10,962 4,603,052 4,946,035 5,130,721 5,429,238 5,592,278 5,804,099 549,412 547,281 494,585 2,302,888 3,496,515 4,881,689 3,554,238 4,289,678 3,347,293 3,933,368 3,547,127 3,413,505 $ 36,884,223 $ 41,012,597 $ 44,049,803 $ 47,728,156 $ 50,587,057 $ 54,730,423 (1,831,265) (335,802) (2,336,448) (1,129,720) (5,110,847) (7,308,428) 106,593 0 (260,482) (544,504) 0 63,110 12,024,394 14,631,484 15,845,156 17,645,773 19,899,242 18,296,878 $ 14,631,484 $ 15,865,806 $ 17,645,673 $ 19,899,242 $ 18,296,878 $ 16,214,657 i 133 CITY QF0ENTON WASHINGTON TABLE 2: ASSESSED VALUE, PROPERTY TAX RATES, LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS m� (PAGE lOF2) Ten Year Assessed Valuation Trends 12.4 0 $1.5 $1.0 X. 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 DESCRIPTION 1989 1990 1991 1992 ASSESSED VALUE DECEMBER 31: Real Property Value $1,804,228,971 $1,864,385,958 $2,425,865,552 $2,466,868,427 Personal Property Value 482,499,763 556,894,507 620,506,587 664,964,302 TOTAL ASSESSED VALUE 2,286,728,734 2,421,280,465 3,046,372,139 3,131,832,729 - CITY AND OVERLAPPING TAX RATES: (a) City of Renton:General Levy $3.41746 $3.55659 $3.09203 $3.28917 City of Renton:Special Levy 0.34177 0.54768 0.50609 0.40324 City of Renton Total $3.75923 $4.10427 $3.59812 $3.69241 King County 1.96262 2.05464 1.73030 1.79973 Port of Seattle 0.42940 0.45367 0.32332 0.34421 Hospital District#1 0.21891 0.21743 0.17485 0.17781 Renton School District#403 2.41016 2.43657 2.07349 2.13257 State of Washington 3.74197 4.04611 3.38348 3.54132 Emergency Medical Services 0.24829 0.25000 0.19911 0.25000 TOTAL PROPERTY TAX RATES $12.77058 $13.56269 $11.48267 $11.93805 PROPERTY TAX LEVIES AND COLLECTIONS: Original $8,621,313 $9,951,295 $10,959,734 $11,507,994 Adjusted 8,594,394 9,968,237 10,763,298 11,408,258 Current Collections $8,347,835 $9,748,293 $10,455,653 $11,194,251 Percent of Adjusted Levy 97.13% 97.79% 97.14% 98.12% Delinquent Collections $204,613 $222,135 $204,311 $284,769 TOTAL COLLECTION OF CURRENT&DELINQUENT $8,552,448 $9,970,428 $10,659,964 $11,479,020 PERCENT OF ADJUSTED LEVY 99.51% 100.02% 99.04% 100.62% OUTSTANDING DELINQUENT TAXES $343,787 $341,596 $444,930 $374,168 ,PERCENT OF DELINQUENT TAXES TO ADJ LEVY 4.00% 3.43% 4.13% 3.28% ° - Source:King County Department cf Assessments. (a) Property tax rates are in dollars per$1,000 of taxable property valued at 100%. m� (U) Restated for error inreporting for l9Y3CApR. CITY OF RENTON,WASHINGTON TABLE 2: ASSESSED VALUE, PROPERTY TAX RATES, LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (PAGE 2 OF 2) 1 Property Tax Allocation i ' City of Renton EMS 29% 0% ' King County State 14% 27% Port of Seattle 27. Hospital 1% Schools 27% 1993 1994 1995 1996 1997 1998 $2,730,285,285 $2,756,919,925 $2,904,421,288 $2,933,904,882 $2,978,575,856 $3,099,917,868 m 699,080,839 673,405,1 17 675,278,785 612,192,280 647,025,908 725,191,466 3,429,366,124 3,430,325,042 3,579,700,073 3,546,097,162 3,625,601,764 3,825,109,334 $3.23416 $3.48681 $3.55454 $3.60000 $3.60000 $3.55000 0.41577 0.36282 0.36408 0.34413 0.38781 0.34608 $3.64993 $3.84963 $3.91862 $3.94413 $3.98781 $3.89608 2.14039 2.21546 2.25288 2.20943 2.13173 1.85109 0.30518 0.30367 0.29482 0.29211 0.28261 0.26466 0.16238 0.14767 0.15084 0.15698 0.15959 0.15934 3.89165 3.60091 3.52218 3.71940 3.53615 3.49222 3.30069 3.39960 3.41873 3.49966 3.52499 3.51138 0.23942 0.24972 0.24990 0.24987 0.25000 n/a - $13.68964 $13.76666 $13.80797 $14.07158 $13.87288 $13.17477 $12,436,132 $13,121,967 $13,971,424 $13,898,818 $14,364,723 $14,822,739 r 12,333,996 12,898,033 13,799,832 13,583,469 14,167,346 14,719,382 $11,941,091 $12,654,957 $13,327,749 $13,359,611 $13,970,125 $14,511,118 96.81% 98.12% 96.58% 98.35% 98.61% 98.59% $194,799 $404,787 $323,487 $347,054 $315,345 $211,113 $12,135,890 $13,059,744 $13,651,236 $13,706,665 $14,285,470 $14,722,231 rl 98.39% 101.25% 98.92% 100.91% 100.83% 100.02% $572,274 $410,563 $559,159 $435,963 $317,841 $314,989 4.647o 3.18% 4.05% 3.21% 2.24% 2.14% r 135 r. CITY OF RENTON, WASHINGTON ' TABLE 3: RATIO OF NET GENERAL OBLIGATION DEBT TO ASSESSED VALUE ' AND NET BONDED DEBT PER CAPITA-LAST TEN FISCAL YEARS (PAGE 1 OF 1) ;70Ten Year Renton Per Capita Net Bonded Debt Trends , 0 ;611 1$630 $588 $583 ' $600 — $499 $494 $482 $500 k I $450 ' $398 $400 $353 $300 ' $100 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 ' 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 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 1995 44,890 $3,579,700,073 $ 19,065,569 $ 1,220,234 $ 17,845,335 0.50% $ 398 1996 45,170 $3,546,097,162 $ 17,382,945 $ 1,426,722 $ 15,956,223 0.45% $ 353 1997 45,920 $3,625,601,764 $ 30,121,269 $ 1,184,279 $28,936,990 0.80% $ 630 1998 46,270 $3,825,109,334 $ 28,486,738 $ 1,527,931 $26,958,807 0.70% $ 583 Source: State of Washington Office of Program Planning and Fiscal Management, King County Department of Assessments, and City of Renton Finance Department. 136 CITY OF RENTON,WASHINGTON TABLE 4: SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS LAST TEN FISCAL YEARS (PAGE 1 OF 1) ' Special Assessment Biilinas and Collections I 240.0% i -- --- -- I ;212.7% N 210.0% --- 196.3% m 188.07o 188.256 f 174.0% 180.0% m 0 140.1% c 150.0% 138.1% o � 120.0% �93. � o 90.0% ci 0 - I i ' 60.0% — 0 U ' 30.0% 0.0% - 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 AS SSMENTSASSESSMENTS FISCAL RECEIVABLE ADDITIONAL ASSESSMENT------------------ COLLECTION --------------- AS A% RECEIVABLE YEAR 1/1 ASSESSMENT BILLING PRINCIPAL INTEREST TOTAL OF BILLING 12/31 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 $ 1,91 1,854 $ 1,056,721 $ 738,829 $ 1,795,550 93.92% $ 7,222,1 13 1991 $ 7,222,1 13 $ 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 1995 $ 4,750,897 $ 124,294 $ 588,009 $ 908,724 $ 342,194 $ 1,250,918 212.74% $ 4,212,282 1996 $ 4,212,282 $ 0 $ 820,459 $ 1,002,924 $ 607,356 $ 1,610,280 196.27% $ 3,209,358 1997 $ 3,209,358 $ 0 $ 471,759 $ 605,594 $ 215,457 $ 821,051 174.04% $ 2,603,764 1998 $ 2,603,764 $ 441 $ 392,626 $ 568,553 $ 170,563 $ 739,116 188.25% $ 2,035,652 Source: City of Renton Finance Department. 137 CITY OF RENTON,WASHINGTON TABLE 5: COMPUTATION OF LEGAL DEBT MARGIN FOR GENERAL AND SPECIAL PURPOSE CAPACITIES ' AS OF DECEMBER 31, 1998,AND ALL DEBT CAPACITIES -LAST TEN FISCAL YEARS (PAGE 1 OF 1) Ten Year Debt Capacity Trends $60 T_ -- 'I$54.g 1$54.4 Excess Levy ' (Voted) $49.3 ' $47.6 M �5.1 i $42.6 $42.8 $41.9 I I � i $40 11$36.9 _ 0 Ilf n $31.6 $32.0 $38.7 s $31 $30.6 , 0 f D ' 0 Councilmanic $20 (Non-Voted) a $13.6 $13.8 r s $5.3 ' 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 GENERAL CAPACITY SPECIAL PURPOSE CAPACITY PARKS AND UTILITY TOTAL DESCRIPTION COUNCILMANIC EXCESS LEVY OPEN SPACE PURPOSES CAPACITY so ASSESSED VALUE(1999): $4,258,500,750 2.5017 of Assessed Value $ N/A $ 106,462,519 $ 106,462,519 $ 106,462,519 $ 319,387,557 1.5070 of Assessed Value 63,877,511 (63,877,511) N/A N/A 0 STATUTORY DEBT LIMIT $ 63,877,511 $ 42,585,008 $ 106,462,519 $ 106,462,519 $ 319,387,557 ✓lam General Obligation Bonds $ 22,220,906 $ 4,320,000 $ 1,680,000 $ 0 $ 28,220,906 Installment Contracts(a) 265,832 0 0 0 265,832 TOTAL DEBT OUTSTANDING $ 22,486,738 $ 4,320,000 $ 1,680,000 $ 0 $ 28,486,738 10 Less Amount Available in Debt Service Funds $ 522,976 $ 462,018 $ 542,937 $ 0 $ 1,527,931 NET DEBT OUTSTANDING $ 21,963,762 $ 3,857,982 $ 1,137,063 $ 0 $ 26,958,807 REMAINING DEBT CAPACITY $ 41,913,749 $ 38,727,026 $ 105,325,456 $ 106,462,519 $ 292,428,750 Source:King County Department of Assessments. City of Renton Finance Department. (a)Statutory limit=.75%of 1%of assessed value. 138 CITY OF RENTON,WASHINGTON TABLE 6: COMPUTATION OF DIRECT AND OVERLAPPING DEBT-DECEMBER 31, 1998 (PAGE 1 OF 1) City of Renton Direct and Overlaonina Debt ' $160 — --- M ::,Hospital-$.8:• j $140 I I i $120 0 n S $loo ;.;Schools-$97'3`:$; O f $80 I D O $60 — :Port-$4.0 I a $40 — County-$15.6 ' r S $20 Renton-$28.5j. $0 — PERCENTAGE AMOUNT NET DEBT APPLICABLE APPLICABLE JURISDICTION OUTSTANDING TO RENTON TO RENTON NET DIRECT DEBT: City of Renton $28,486,739 100.00% $28,486,739 r. OVERLAPPING DEBT: King County $550,625,814 2.83% $15,582,711 Port of Seattle $142,232,771 2.83% $4,025,187 Renton School District #403 $177,466,370 54.82% $97,287,064 Hospital District #1 $3,173,925 23.90% $758,568 TOTAL DIRECT AND OVERLAPPING DEBT $901,985,619 16.20% $146,140,269 .. Source: King County Department of Finance and King County Department of Assessments. r 139 r CITY OF RENTON,WASHINGTON TABLE 7: RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLIGATION BONDS TO TOTAL GENERAL GOVERNMENT EXPENDITURES- LAST TEN FISCAL YEARS (PAGE 1 OF 1) - Ten Year Debt Service to Expenditure Ratio Trend 12.00% 9.22% 9.00%- 7.70%1 7.00% ... F6277.1 6.17%j ... ... 5.82% 17A. 03% 5.36 5. 6.00% F5--03%A ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.00% X. X X X. ... ... .. .. X 0.00% L 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 (b) TOTAL GENERAL RATIO OF DEBT FISCAL (a) (a) TOTAL GOVERNMENTAL SERVICE TO YEAR PRINCIPAL INTEREST DEBT SERVICE EXPENDITURES EXPENDITURES 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% 1995 $ 1,720,397 $ 843,051 $ 2,563,448 $ 44,049,803 5.82% 1996 $ 1,631,406 $ 770,117 $ 2,401,523 $ 47,728,156 5003% 1997 $ 1,619,878 $ 1,093,294 $ 2,713,172 $ 50,587,057 5.36% 1998 $ 1,499,418 $ 1,251,809 $ 2,751,227 $ 54,730,423 5.03% (a) Principal and Interest are based on total GO Bond debt payments. 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 140 CITY OF RENTON,WASHINGTON r TABLE 8: REVENUE BOND COVERAGE FOR WATER AND SEWER, AND GOLF SYSTEM BONDS LAST TEN FISCAL YEARS (PAGE 1 OF 1) Water/Sewer Revenue Bond Debt Service Coverage 3.00 - - - -- -- - C 12.63 2.55 X2.63 2.61 0 2.50 .32 2.36 2.43 2 -2.25 V 2.06 2.07 e i ' r a 2.00 - 9 1.50 e R 1.00 a t i 0.50 0 0.00 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 (a) OPERATING NET REVENUE AVERAGE ANNUAL COVERAGE ..r FISCAL GROSS EXPENSES AVAILABLE FOR DEBT SERVICE (b) IS TO BE YEAR REVENUE W/O DEPREC. DEBT SERVICE REQUIREMENTS COVERAGE AT LEAST WATER AND SEWER REVENUE BONDS: 1989 $ 10,307,395 $ 6,737,270 $ 3,570,125 $ 1,732,154 2.06 1990 $ 12,085,799 $ 7,928,415 $ 4,157,384 $ 1,791,718 2.32 1991 $ 13,533,090 $ 8,856,219 $ 4,676,871 $ 2,263,918 2.07 1992 $ 15,581,113 $ 9,767,486 $ 5,813,627 $ 2,214,024 2.63 1993 $ 16,809,047 $ 10,478,147 $ 6,330,900 $ 2,679,581 2.36 1994 $ 18,266,154 $ 11,500,657 $ 6,765,497 $ 3,004,180 2.25 r 1995 $ 20,781,235 $ 13,187,048 $ 7,594,187 $ 3,131,174 2.43 1996 $ 22,842,549 $ 14,750,009 $ 8,092,540 $ 3,173,846 2.55 1997 $ 22,854,798 $ 14,580,175 $ 8,274,623 $ 3,151,984 2.63 1998 $ 23,126,374 $ 14,877,435 $ 8,248,939 $ 3,155,670 2.61 1.3 GOLF COURSE REVENUE BONDS (c): rtr 1994 $ 1,319,025 $ 561,028 $ 757,997 $ 419,334 1.81 1.25 1995 $ 1,490,505 $ 767,283 $ 723,222 $ 421,127 1.72 1.25 1996 $ 2,078,745 $ 1,076,030 $ 1,002,715 $ 431,521 2.32 1.25 1997 $ 2,724,692 $ 1,270,849 $ 1,453,843 $ 455,626 3.19 1.25 1998 $ 2,432,929 $ 1,355,669 $ 1,077,260 $ 455,742 2.36 1.25 (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. 141 an CITY OF RENTON,WASHINGTON TABLE 9: CITY OF RENTON RETAIL SALES BY SOURCE LAST FIVE FISCAL YEARS (PAGE 1 OF 1) Changing Sales Tax Composition 111994 vs 1998) Other Finance ::. 0.51% Transportation/Utilities 0.26% t Manufacturing Wholesale 10.61 LO6 1�% ................... .................... .........I........... General Retailing ...................... Construction B,jL4J. .................. ................................ Services 9.88%1 ............ ............ ......................... ..................................... ............. Auto Dealers : 2'10% , -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 1994 1995 1996 1997 1998 SOURCE AMOUNT % AMOUNT % AMOUNT % AMOUNT % AMOUNT % Auto Dealers $236,961,792 20.94% $253,284,313 20.41% $291,362,550 21.39% $326,383,100 22.16% $377,585,700 23.04% Services 236,880,666 20.941% 241,635,889 19.47% 260,423,165 19.12% 209,241,100 14.21% 181,179,400 11.06% Construction 180,473,006 15.95% 198,736,301 16.01% 200,286,873 14.70% 220,544,200 14.98% 271,811,200 16.59% General Retailing 228,267,754 20.18% 260,082,900 20.96% 299,573,106 21.99% 370,568,200 25.16% 406,948,500 24.83% Wholesale 127,984,865 11.31% 140,998,453 11.361/. 168,589,517 12.38% 184,397,100 12.52% 195,404,5500 1 Manufacturing 66,049,495 5.84%. 77,867,860 6.271/o 70,637,260 5.191% 76,016,500 5.16%. 91,426,300 5.5857. Transportation/Utilities 39,442,142 3.49% 53,667,875 4.32% 55,563,899 4.08% 63,179,600 4.29% 65,408,900 3.99% Finance 9,325,745 0.82% 9,364,771 0.75% 9,872,825 0.727. 15,307,300 1.04% 21,844,900 1.33% 1Other 1 5,968,206 0.53% 5,469,554 0.441/o 5,892,122 0.43% 7,009,500 0.48% 27,034,200 1.65% ITOTALS 1 $1,131,353,671 100.00%1 $1,241,107,916 100.0017.1 $1,362,201,317 100.00%1 $1,472,646,600 100.00% $1,638,643,600 100.007. Source:City of Renton Finance Department w w 142 CITY OF RENTON,WASHINGTON TABLE 10: 10 LARGEST TAXPAYERS BASED ON ASSESSED VALUATION AND PRINCIPAL EMPLOYERS (PAGE 1 OF 1) 1998 REAL PROPERTY PERCENT OF _ ASSESSED ASSESSED TAXPAYER TYPE OF BUSINESS VALUATION VALUATION The Boeing Company Aerospace&Computer Services 761,498,607 17.88% PACCAR Heavy Manufacturing 99,854,551 2.34% Puget Sound Power&Light Electric Utility 87,316,949 2.05% University Street Properties Office Building 45,485,400 1.07% Renton Building 1-7 Variety 43,782,400 1.03% US West Telephone Utility 30,407,479 0.71% Renton Village Assoc. Shopping Center 17,781,100 0.42% Bay Apartment Communities Apartment Building 17,500,000 0.41% 1r Roundup (Fred Meyer) Retail-Miscellaneous 15,858,400 0.37% Rosche One Int Office Building 14,152,000 0.33% Total Assessed Valuation-Largest Taxpayers $ 1,133,636,886 26.61% Total Assessed Valuation-All Others 3,124,863,864 73.39% Total Assessed Valuation $ 4,258,500,750 100.00% 1998 FULL TIME EQUIV. PERCENT OF PRINCIPAL EMPLOYERS TYPE OF BUSINESS EMPLOYEES EMPLOYEES W0 The Boeing Company Aerospace&Computer Services 21,276 45.88% PACCAR Heavy Manufacturing 1,537 3.31% Valley Medical Center Medical Services 1,397 3.01% or Federal Aviation Administration Federal Government 1,127 2.43% Renton School District Public Education 658 1.42% Multiple Zones International Computer Hard/Software Catalog Retail 655 1.41% City of Renton City Government 644 1.39% Wizards of the Coast Retail-Miscellaneous 326 0.70% K&L Distributors Retail-Miscellaneous 312 0.67% LKay Smith Business Publishing &Printing 292 0.63% Total Number of Employees-Principal Employers 28,224 60.86% Total Number of Employees-All Other Employers 18,148 39.14% Total Employees Working Within Renton 46,372 100.00% Source: Assessed Valuation:King County Department of Assessments. Or Assessed Valuation for Largest Taxpayer: King County Department of Assessments, wr both real and personal property assessment where applicable. Number of Employees:City of Renton Business License Records,based on fourth quarter information. L 143 CITY OF RENTON,WASHINGTON ' TABLE 11: CONSTRUCTION PERMITS , LAST TEN FISCAL YEARS (PAGE 1 OF 2) i New Construction Permit Valuation Trend i M i $180 -- i I I $150 POTHER PERMITS i n $120 s USINGLE FAMILY 1 o $90 j f i [SMULTI FAMILY D $60 — 0 I $30 - ®COMMERCIAL r s $0 -- -- ---- —--- -— - 1994 1995 1996 1997 1998 NEW CONSTRUCTION ALL NEW , BUILDING PERMITS OTHER PERMITS CONSTRUCTION COMMERCIAL MULTI FAMILY SINGLE FAMILY COM/MULTI/SINGLE PERMITS FISCAL NO.OF DOLLAR NO.OF DOLLAR NO.OF DOLLAR NO.OF DOLLAR YEAR PERMITS VALUE PERMITS VALUE PERMITS VALUE PERMITS VALUE PERMITS VALUATION ' 1989 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1990 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1991 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1992 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1993 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1994 26 $ 41,646,451 21 $ 10,755,923 97 $ 13,384,973 531 $ 14,455,415 675 $ 80,242,763 1995 29 $ 43,913,909 16 $ 7,051,996 133 $ 17,464,456 1,100 $ 11,031,008 1,278 $ 79,461,369 1996 26 $ 38,474,779 27 $ 11,207,074 192 $ 27,344,159 1,159 $ 6,684,931 1,404 $ 83,710,943 1997 28 $ 56,368,747 73 $ 40,593,074 249 $ 37,453,977 1,639 $ 14,350,058 1,989 $ 148,765,857 1998 34 $ 25,191,943 78 $ 36,411,387 280 $ 37,017,381 892 $ 10,260,968 1,284 $ 108,881,679 Source: Construction permits and values-City of Renton Building Department. ' Note: For 1988 through 1993,the breakout as seen above is unavailable,but total permits and valuations are shown. Other permits include plumbing,electrical,mechanical,and sign permits. Starting September 1997,Combo Building Permits are being issued for new residential construction. This combo permit combines permits for building,electrical,mechanical,and plumbing. 144 CITY OF RENTON,WASHINGTON ' TABLE 11: CONSTRUCTION PERMITS LAST TEN FISCAL YEARS (PAGE 2 OF 2) I Ten Year Total Construction Permit Valuation Trend ' M $270 ----- --- ---------—---------- -- — 239.2 —, 1 $240 1210.5 ff( i $210 _ 194.3 0 173.9 n $180 s 144.6 142 5 133.5 ' $150 0 100.2 f $120 98.4 j I D $90 0 I a $30 r s $0 -1-- 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1 i ADDITIONAL/ALTERATION CONSTRUCTION ALL ALTERATION TOTAL BUILDING PERMITS OTHER PERMITS CONSTRUCTION ALL COMMERCIAL MULTI FAMILY SINGLE FAMILY COM/MULTI/SINGLE PERMITS PERMITS FISCAL NO.OF DOLLAR NO.OF DOLLAR NO.OF DOLLAR NO.OF DOLLAR YEAR PERMITS VALUE PERMITS VALUE PERMITS VALUE PERMITS VALUE PERMITS VALUATION PERMITS VALUATION 1989 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3,815 $ 100,199,678 1990 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3,862 $ 144,568,955 1991 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3,740 $ 173,866,147 1992 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3,526 $ 210,500,686 1993 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3,564 $ 98,385,628 1994 380 $42,431,505 14 $ 449,075 96 $ 1,697,251 1,990 $17,729,294 2,480 $62,307,125 3,155 $ 142,549,887 1995 336 $23,760,983 12 $ 203,450 99 $ 1,856,162 1,618 $16,014,437 2,065 $41,835,033 3,343 $ 121,296,402 1996 314 $33,112,674 31 $ 666,046 97 $ 1,679,484 1,652 $14,336,769 2,094 $49,794,973 3,498 $ 133,505,916 1997 356 $64,142,868 11 $ 303,112 96 $ 1,418,804 1,891 $24,615,480 2,354 $90,480,264 4,343 $ 239,246,120 1998 317 $56,323,245 14 $ 3,819,252 101 $ 1,549,018 1,960 $23,704,320 2,392 $85,395,835 3,676 194,277,514 rlrl 145 r CITY OF RENTON,WASHINGTON TABLE 12: DEMOGRAPHIC STATISTICS , LAST TEN FISCAL YEARS (PAGE 1 OF 1) Ten Year Population Trends , P 50.07 45.2 !45.9 46.3 ' P 43.0 43.1 43.5 144.0 44.9 1 38.5 39.3 a 40.0 , t i 0 f n 30.0 i n T h 20.0 0 U S i a n 10.0 d S 0.0 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 FISCAL SCHOOL LABOR NUMBER NUMBER UNEMPLOYMENT YEAR POPULATION ENROLLMENT FORCE EMPLOYED UNEMPLOYED RATE 1989 38,480 11,902 N/A N/A N/A 4.4% 1990 39,340 11,823 24,670 23,720 950 3.9% ' 1991 43,000 11,679 24,470 23,130 1,340 5.5% 1992 43,090 11,954 25,480 23,680 1,800 7.1% 1993 43,470 11,988 25,590 23,780 1,810 7.1% ' 1994 43,970 11,984 25,490 23,940 1,550 6.1% 1995 44,890 12,173 26,220 24,720 1,500 5.7% 1996 45,170 12,333 26,860 25,410 1,450 5.4% ' 1997 45,920 12,277 28,190 27,150 1,040 3.7% 1998 46,270 12,532 28,990 28,010 980 3.4% Source: Population-State of Washington Office of Program Planning and Fiscal Management. School Enrollment-Renton School District 403 Unemployment Rate-Employment Security Department,Labor Market and Economic Analysis Branch, ' Labor Market Information Center. 146 CITY OF RENTON,WASHINGTON rIr TABLE 13: MISCELLANEOUS STATISTICS DECEMBER 31, 1998 (PAGE 1 OF 1) WASHINGTON STATE Spokane' Seattle *RENTON 'Tacoma Olympia t� •Vancouver DATE OF INCORPORATION September 6, 1901 TRAFFIC SIGNALS FORM OF GOVERNMENT Mayor-Council Number of Signalized Intersections 101 TYPE OF GOVERNMENT Non-Charter,Code City W LOCATION 11 Miles South of Seattle STREETS LAND AREA 16.52 Square Miles Miles of Streets and alleys 190.12 RANK IN SIZE-STATE OF WASHINGTON 14 RANK IN SIZE-KING COUNTY 6 UTILITY SERVICES POPULATION(Official April, 1998) 46,270 Water: 1998 KC CERT OF ASSESSED VALUATION Total Customers 13,624 for the 1999 Tax Roll Year $4,258,500,750 Total Gallons of Water Produced 2,759,379,000 CITY EMPLOYEES(All Full Time Equivalents/FTE) 643.9 Number of Fire Hydrants 2,839 Miles of Water Main 248,6 ELECTION&VOTER REGISTRATION Number of Precincts 69 Sanitary Sewer: Number of Registered Voters 24,792 Total Customers 11,565 FIRE PROTECTION Storm Drainage: Fire Rating(Washington Survey and Rating Bure 3 Number of Accounts 11,929 Number of Commissioned Fire Fighting Personn 100 Miles of Storm Sewers 177,9 Number of Stations(includes Dist#25) 5 Total Fire Loss $1,722,250 LICENSE&PERMITS Number of Life Support Responses 5,475 Business Licenses 3,511 All Other Responses 2,337 Amusement and Special Permits 239 Total Number of Responses 7,812 Animal Licenses(Dog and Cat) 2,836 POLICE PROTECTION AIRPORT Number of Commissioned Police Personnel 84 Area in acres 167.21 Number of Calls for Services 48,960 Feet of Asphaltic Concrete Runway 5,379 Total Crimes Reported(Class I,Il,III) 9,301 Total Operations 101,675 Traffic Accidents Investigated 1,834 All Other Traffic Violations 10,318 LIBRARY Libraries(Main and Highlands Branch) 2 PARKS&RECREATION Total Registered Borrowers 25,695 Total Acreage 1,175 Total Circulation 310,996 Number of Parks and Playgrounds 27 147 CITY OF RENTON,WASHINGTON ' THIS PAGE INTENTIONALLY LEFT BLANK ' 148