HomeMy WebLinkAbout2003 CAFRTABLE OF CONTENTS
DECEMBER 31, 2003
ITEM
PAGE
INTRODUCTORY SECTION
Letterof Transmittal.................................................................................................................... 1-1
2003 Comprehensive Annual Financial Report Award............................................................... 1-7
Corporate Organization Structure & Reporting Relations........................................................... 1-8
FINANCIAL SECTION
Independent Auditor's Report................................................................................................. 2-1
Management Discussion and Analysis.....................................................................................
3-1
Basic Financial Statements:
Government -wide Financial Statements
Statementof Net Assets.........................................................................................................
4-1
Statement of Activities..........................................................................................................
4-2
Fund Statements
Government Fund Financial Statements
BalanceSheet.....................................................................................................................
4-4
Reconciliation of the Balance Sheet to the Statement of Net Assets .................................
4-6
Statement of Revenues, Expenditures and Changes in Fund Balances .............................
4-7
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities ..........................
4-8
Proprietary Fund Financial Statements
Statementof Net Assets.....................................................................................................
4-9
Statement of Revenues, Expenses and Changes in Fund Balances..................................4-11
Statementof Cash Flows..................................................................................................
4-12
Fiduciary Fund Statements
Statementof Net Assets...................................................................................................
4-14
Statement of Changes in Fiduciary Net Assets................................................................
4-15
Notes to Financial Statements:
Note 1: Significant Accounting Policies.........................................................................
4-17
Note 2: Compliance and Accountability.........................................................................
4-25
Note 3: Deposits and Investments...................................................................................
4-28
Note4: Property Taxes....................................................................................................
4-28
Note 5: Capital Assets and Depreciation........................................................................
4-29
Note6: Pensions.............................................................................................................
4-32
Note 7: Other Post Employment Benefits.......................................................................
4-37
Note8: Contigencies.......................................................................................................
4-37
Note 9: Risk Management..............................................................................................
4-38
Note 10: Inter -fund Transactions......................................................................................
4-40
Note11: Net Assets..........................................................................................................
4-42
Note 12: Prior Year Restatements.....................................................................................
4-42
Note13: Short-term Debt..................................................................................................
4-43
Note14: Long-term Debt..................................................................................................
4-43
Note 15: Deferred Charges in Proprietary Funds.............................................................
4-47
Note 16: Segment Information..........................................................................................
4-47
Note17: Joint Ventures.....................................................................................................
4-47
Note 18: Subsequent Events.............................................................................................
4-48
rM
TABLE OF CONTENTS
DECEMBER 31, 2003
ITEM
Required Supplemental Information Other than MD&A
Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget to Actual
PAGE
GeneralFund.............................................................................................................................. 5-1
ParksFund..................................................................................................................................
5-2
Combining Statements
Non -Major Fund Descriptions...................................................................................................
6-1
CombiningBalance Sheet.......................................................................................................... 6-5
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................
6-12
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budgetto Actual......................................................................................................................
6-19
Combining Statement of Net Assets, Non -Major Enterprise Funds ........................................
6-40
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets,
Non -Major Enterprise Funds.........................................................................................
6-42
Statement of Cash Flows, Non -Major Enterprise Funds.........................................................
6-43
Combining Statement of Net Assets, Internal Service Funds ..................................................
6-45
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets,
Internal Service Funds...................................................................................................
6-47
Combining Statement of Cash Flows, Internal Service Funds ................................................
6-48
Statistical Section
Statistical Section Description...................................................................................................
7-1
Table 1: General Government Revenues & Expenditures - Last Ten Fiscal Years ................
7-2
Table 2: Assessed Value, Property Tax Rates, Levies and Collections -
LastTen Fiscal Years....................................................................................................... 7-4
Table 3: Ratio of Net General Obligation Debt to Assessed Value
& Net Bonded Debt per Capita - Last Ten Fiscal Years .................................................. 7-6
Table 4: Special Assessment Billings and Collections - Last Ten Fiscal Years .....................
7-7
Table 5: Computation of Legal Debt Margin - December 31, 2003 ....................................... 7-8
Table 6: Computation of Direct and Overlapping Debt - December 31, 2003 .......................
7-9
Table 7: General Obligation Bonds/Expenditure Ratio - Last Ten Fiscal Years ..................
7-10
Table 8: Revenue Bond Coverage - Last Ten Fiscal Years...................................................7-11
Table 9: Retail Sales by Source - Last Five Fiscal Years .....................................................
7-12
Table 10: Largest Taxpayers and Principal Employers..........................................................
7-13
Table 11: Construction Permits - Last Ten Fiscal Years.........................................................
7-14
Table 12: Demographic Statistics - Last Ten Fiscal Years .....................................................
7-16
Table 13: Miscellaneous Statistics..........................................................................................
7-17
1V
August 30, 2004
Honorable Kathy Keolker-Wheeler, Mayor
Members of the Renton City Council
City of Renton
1055 South Grady Way
Renton, Washington 98055
TRANSMITTAL OF THE 2003 COMPREHENSIVE ANNUAL FINANCIAL REPORT
Dear Mayor Keolker-Wheeler and City Councilmembers:
State law requires that cities with populations of 25,000 or more publish financial statements in
conformity with generally accepted accounting principles (GAAP) and audited in accordance with
generally accepted auditing standards by the Washington State Auditor's Office under the Revised
Code of Washington (RCW) 43.09.020.
Pursuant to that requirement, we hereby issue the Comprehensive Annual Financial Report
(CAFR) of the City of Renton for the fiscal year ended December 31, 2003. The report consists of
management's representations concerning the finances of the City of Renton (City).
Consequently, management assumes full responsibility for the completeness and reliability of all
of the information presented in this report. To provide a reasonable basis for making these
representations, the City management established a comprehensive internal control framework that
is designed both to protect the government's assets from loss, theft, or misuse and to compile
sufficient reliable information for the preparation of the City's financial statements in conformity
with GAAP. Because the cost of internal controls should not outweigh the benefits, the City's
comprehensive framework of internal controls is designed to provide reasonable, rather than
absolute, assurance that the financial statements will be free from material misstatement. As
management, we attest that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material aspects.
The City of Renton's financial statements have been audited by the Washington State Auditor's
Office. The goal of the independent audit was to provide reasonable assurance that the City's
financial statements for the fiscal year ended December 31, 2003, are free of material
misstatement. The independent audit involved examining, on a test basis, evidence supporting the
amounts and disclosures in the City of Renton's financial statements; assessing the accounting
principles used and significant estimates made by management; and evaluating the overall
2003 Comprehensive Annual Financial Report City of Renton, Washington
financial statement presentation. The independent auditor concluded, based upon the audit, that
there was a reasonable basis for issuing an unqualified opinion that the City of Renton's financial
statements for the fiscal year ended December 31, 2003, are fairly presented in conformity with
GAAP. The State Auditor's report is present as the first component of the financial section of this
report.
The independent audit of the City of Renton's financial statements is part of a boarder, federally
mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The
standards governing Single Audit engagements require the independent auditor to report not only
on the fair presentation of the financial statements, but also the audited government's internal
controls and compliance with legal requirements, with special emphasis on internal controls and
legal requirements involving the administration of federal awards.
The City's Single Audit Report is issued separately, and is now available upon request. Another
state mandate requires the Washington State Auditor's Office perform additional tests of
compliance with state laws and regulations as required by RCW 43.09.260. This statute requires
the State Auditor to inquire as to whether the City complied with the laws and the Constitution of
the State of Washington, its own ordinances and orders, and the requirements of the State
Auditor's Office. The City's State compliance report is also available separately upon request. In
2003, the City implemented the newly mandated governmental financial reporting model, which
is a dramatic change from prior years. GAAP requires that management provide a narrative
introduction, overview, and analysis to accompany the basic financial statements in the form of
the Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to
complement the MD&A and should be read in conjunction with it. The City's MD&A can be
found immediately following the independent auditor's report.
THE CITY OF RENTON AND ITS SERVICES
The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake
Washington, our City borders the City of Seattle to the north. We currently have a land area of
17.2 square miles. We have over 1,180 acres of parks that includes 26 active parks. Our 2003
population, as presented by the Washington State Office of Financial Management, is 54,900.
The City of Renton has a strong mayor form of government. The Mayor is independently elected
to a four-year term. The Mayor's job is to manage and implement the policies established by the
seven -member City Council. The Council establishes policies, appropriates monies through the
budget process and adopts local laws through ordinances. Each Councilmember serves a four-
year term and they are elected a on staggered two-year cycle. Both the Council and the Mayor are
elected on a non-partisan basis.
The City is a general purpose governmental entity and provides the full range of municipal
services allowed by statute or charter. These services include police, fire, emergency medical,
street maintenance, planning and zoning, libraries, parks and recreation, and general
administrative services.
1-2 Introduction
2003 Comprehensive Annual Financial Report City of Renton, Washington
The City operates four utilities: water, sewer, surface water, and solid waste. These are operated
very similar to a private business where the revenues from rates and other direct sources must pay
for the operational and long-term debt costs. The City has its own water rights, and does not
purchase water from the City of Seattle. The City's sewage is treated by King County, but the City
is responsible for transferring and maintaining the system to King County. All residents in Renton
must also pay a monthly fee to King County for sewer treatment costs.
The City also operates a golf course. All costs of the Maplewood Golf Course are paid from green
fees, driving range fees, revenue from the restaurant vendor, and other miscellaneous revenue. The
golf course has both short-term operational costs and an annual debt service payment for the
construction of the clubhouse and the driving range.
One unusual operation the City has is an airport. The Renton Municipal Airport is used by small
private plane operators, a float plane tourist company, and Boeing initiates its maiden 737 flights
from this airport. The operational costs of the airport are paid from rental fees. Most of the major
capital projects are paid with Federal Aviation Administration grants (FAA).
The City of Renton must comply with the Budgeting, Accounting, and Reporting System (BARS)
as delineated by the Office of the State Auditor, as authorized under RCW 43.09.200 and
43.09.230. State law also mandates timely submission of annual financial reports to the State
Auditor for annual independent audits. The City of Renton's financial system incorporates
financial and administrative controls to ensure the safeguarding of assets and the reliability of
financial reports. These controls are designed to provide reasonable assurance that transactions are
executed in accordance with management authorization and are recorded in conformity with
GAAP. They also provide accountability of and control over assets and obligations, and that
sufficient reporting and review exist to provide adequate information for analysis and
comparability of data.
The City of Renton maintains budgetary controls to ensure compliance with legal provisions
embodied in the annual appropriated budget. With the exception of construction funds, which
receive project -life budget authority through the Capital Improvement Plan and ordinances, all
activities are appropriated through the annual budget process and published in the City's Annual
Budget document. The City Council must adopt an ordinance to increase or decrease total
appropriations in a Fund. The Mayor has the authority to move appropriations within a Fund. A
thorough discussion of the City's accounting policies can be found under the Summary of
Significant Accounting Policies in the Notes to the Financial Statements.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is a perspective of past activities that
influence the City's financial condition. The following information is presented to place that
information in context with the general economy.
Introduction 1-3
2003 Comprehensive Annual Financial Report City of Renton, Washington
Economic Condition
The Boeing Company continues to be the single largest employer. In 1999 all other employment
outpaced Boeing's total employment within Renton's city limits. In 2003 Boeing delivered 187
of their 737 planes from the Renton facility. This is 65 fewer planes than were delivered during
2002. Boeing announced in 2003 that they would no longer offer the 757 plane, but they expect
delivery of 737's to reach 221 in 2004. The Boeing Commercial Aircraft Headquarters is located
within the City's geographical boundaries. Boeing also has its Customer Service Training Center
(CSTC) located in Renton. At the CSTC, The Boeing Company trains pilots from all other the
world in large flight simulators on how to fly a Boeing aircraft.
Being the home of the Boeing 737 aircraft is a significant attribute of Renton. However, in 1992,
the City began a very aggressive economic development program. The City's economic health
had relied too much on the air travel business and was affected by its fluctuations. The economic
development program chose to focus on three additional attributes Renton has: central location in
the Puget Sound; a significant amount of affordable and available land, and waterfront property.
During the past decade the City has been able to locate the following retail companies to Renton:
IKEA, Fry's Electronics, Wal Mart, and a Sam's Club. Also, the City began to see investment in
its downtown core with over 300 new multi -family units within blocks of the City's new
downtown central park — the Piazza. The City's investment in a downtown parking garage
augmented the County's investment in a new transit center. The private sector, the City, and the
Renton School District renovated the historical high school and added a new IKEA Performing
Arts Center that is a venue for local and national artists.
Since 1993 the City's total assessed property valuation has essentially doubled from $3.4 to $6.3
billion. The sales tax receipts went from $9.8 to $16 million in the same time period. This is at
the same time the State changed the tax structure of Washington exempting sales tax on research
and manufacturing activities. This one change eliminated one million dollars in the City's tax
base in 1996. The City had to generate opportunities for businesses to help the City offset this
significant loss.
In 1993, the City served 11,892 water accounts. In 2003, water accounts total 15,405. In the past
three years the City issued 1,062 single-family permits and 290 multi -family housing permits.
The King County Journal stated the City of Renton had the highest growth rate since 2000.
Median home values in 1997 were $149,950. As of December 31, 2003, the median home value
is $230,000.
Outlook
The Finance & Information Services Department prepares a long-range forecast each year and
provides it to the Mayor, City Council, Unions, and city employees. We estimate that the overall
growth rate will begin to slow. However, there is one major development still under
consideration. At the end of 2003 the City and Boeing entered into an agreement for the
redevelopment of over 50 acres of property on the northern edge of the City. Boeing has vacated
this space, along Interstate 405, for the purpose of finding a private developer that will bring new
and different retail, commercial, and other mixed uses to the City. The City will help with the
construction of utilities and transportation improvements. This will be a significant change for
1-4 Introduction
2003 Comprehensive Annual Financial Report City of Renton, Washington
the community and the first step to the redevelopment of property as Boeing becomes a more
efficient company and decreases its property holdings within the City of Renton.
The City's forecast also illustrates the effects of Initiative 747. This Initiative, passed in 2002,
limits our tax levy rate to one percent annually. When this Initiative passed, we realized that we
would not see its impacts until 2005 or 2006. Our sales tax growth was healthy enough to meet the
costs of providing the current level of service. By 2005, we expect that we will have to begin to
change the city's service levels. While revenue continues to grow, the costs of government in
terms of retirement rates and health care in particular, are growing at faster rate than the revenue.
The other challenge for many cities is the Streamlining Sales Tax effort. The State of
Washington's sales tax structure is origin based, which means that sales tax goes to the location
where a good was purchased. The State of Washington Department of Revenue (DOR) would like
to change this to a destination -based system. Under this structure, the sales tax would be credited
to the location where the good is delivered. The DOR estimates the City of Renton will lose over
$900,000 in sales tax receipts if this change occurs. This is another change to the tax code that
impacts local governments after they have worked hard to develop their own economic
development future. Renton is working hard with other agencies to find ways to mitigate the
impacts of this change.
The City has labor contracts with all of its labor unions through 2005. We will begin to negotiate
with all the unions in the first quarter of 2005. During the last contract period, 2003 through 2005,
the unions agreed to help pay for some of their health benefits. This has been a significant help in
managing health costs.
Cash Management
The City has adopted a Cash and Investments policy that states the primary objectives of cash and
investment management in priority order is safety, liquidity, and return on investment. These
investment policies reflect provisions in state statute and authorize investments in obligations of
the US Government or its agencies, banker's acceptances, certificates of deposit issued by public
depositories in the State of Washington, repurchase agreements, the Washington State Local
Government Investment Pool, and any other investment authorized by law for taxing districts in
the State of Washington.
The City has a Fire Pension Fund that is managed by an Oversight Board with members including
Firefighters, the Mayor and one Councilmember. Their investment policies reflect the long-term
obligations of investing these funds and are somewhat broader in terms of permitted investments.
Since 2001 independent actuarial studies have demonstrated the Fire Pension obligations are fully
funded in secure investments.
Risk Management
The City belongs to the Washington Cities Insurance Authority (WCIA). The WCIA is a
consortium of Washington State cities that purchases excess coverage in large blocks, thus
leveraging the market and risk across a large base. It has a professional staff, but has an Oversight
Board comprised of City representatives. This Board meets monthly. In most cases the City of
Renton has a deductible that ranges from $25,000 to a maximum of $250,000.
Introduction 1-5
2003 Comprehensive Annual Financial Report City of Renton, Washington
The City maintains a self-insurance program for health and dental coverage for city employees
and dependents. The City purchases excess medical coverage from Safeco for cases that exceed
$250,000. The City also purchases life and disability insurance from various providers dependent
upon the cost. In 2003 the provider was UNUM.
Awards and Acknowledgements
The City has a long history of acknowledgement for its Comprehensive Annual Financial Report
through the peer review program conducted by the Government Finance Officers Association.
The dedicated staff of the Finance Division work each day to ensure that the City's financial
records always display information in conformance with legal parameters. All members of the
division are to be commended for their consistent dedication to excellence in local government
finance. In particular, Linda Parks, CPA, the City's accounting manager, directed the production
of this year's CAFR. Nancy Violante's assistance was invaluable in this effort. Linda Dixon
contributed significantly, being responsible for the statistical section and other elements. Margie
Schwarz performed special CAFR support projects. The actual production could not be
accomplished without the technical expertise of Beth Haglund, DeAnna Fricke, and Deborah
Willard. It is a credit that the citizens of the City of Renton can rely on this report as the definitive
discussion of all City financial operations.
Sincerely,
D1�46,000 Q to
Victoria A. Runkle
Finance & Information Services Administrator
1-6 Introduction
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton,
Washington
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2002
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.
PNCE OFFi� %
udl[TE0 STATiS��y 11
AM N
S CANADA
\,CDR 0 TION President
Executive Director
City Council
Don Persson, President;
Terri Briere; Dan Clawson;
Randy Corman; Denis Law;
oni Nelson, and Marcie Palmer.
425-430-6501
Renton Citizens
Mayor
Kathy Keolker-Wheeler
425-430-6500
Chief Administrative Officer
Jay Covington
425-430-6500
Muncipal Court Judge
Terry Jurado
425-430-6550
Community Services Planning/Building/ Economic Development,
Dennis Culp Public Works Neighborhoods, and
Administrator Gregg Zimmerman, Strategic Planning
425-430-6600 Administrator Alex Pietsch, Administrator
425-430-7394 425-430-6580
Facilities
Peter Renner, Director Development Services Economic Development
Neil Watts, Director Ben Wolters, Director
Parks
Leslie Betlach, Director Maintenance ServicesNeighborhoods
Michael Stenhouse, Director
Recreation
Sylvia Allen, Director Transportation Systems Strategic Planning
Sandra Meyer, Director
Human Services
Karen Bergsvik, Manager utility Systems
Lys Hornsby, Director
Library
Vacant, Director
Police Fire Human Resources
Garry Anderson, Chief A. Lee Wheeler, Chief and Risk Management
425-430-7507 425-430-7501 Michael Webby, Administrator
425-430-7650
Kevin
Operations/Support
Milosevich, Deputy Chief
Patrol Operations
Operations
Art Larson, Deputy Fire Chief
Emergency Response
Human Resources
Civil Service Commission
Patrol Services
Administration/
Risk Management
Support Services
Investigations
Larry Rude
Deputy Fire Chief
Administrative
Services
Prevention Bureau
Staff Services
Training
Auxiliary Services
Disaster
Management
City of Renton Corporate Organization Structure
Administrative, Judicial,
and Legal Services
425-430-6500
Mayor's Office
Derek Todd
City Clerk/Cable Mgr.
Bonnie Walton
Court Services
Joe McGuire, Director
Hearing Examiner
Fred Kaufman
City Attorney
Warren Barber Fontes, P.S.
Finance and
Information Services
Victoria Runkle, Administrato
425-430-6858
Finance
Vacant, Director
Information Services
Print and Mail
Operations
Legislative Building
PO Box 40021
Olympia, Washington 98504-0021
INDEPENDENT AUDITOR'S REPORT
August 25, 2004
The Honorable Mayor and City Council
City of Renton
Renton, Washington
Washington State Auditor
Brian Sonntag
(360) 902-0370
FAX (360) 753-0646
TDD Relay 1-800-833-6388
http://,"vw.sao.wa,gov
We have audited the accompanying financial statements of the governmental activities, the business -type activities, each major fund,
and the aggregate remaining fund information of the City of Renton, I,(ing County, Washington, as of and for the year ended December
31, 2003, 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. I
We conducted our financial audit in accordance with auditing standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the
governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of
Renton, King County, Washington, as of December 31, 2003, and the respective changes in financial position and cash flows, where
applicable, thereof, for the year then ended in conformity with accounting principles generally accepted in the United States of America.
As described in Note 1 to the financial statements, during the year ended December 31, 2003, the City has implemented Governmental
Accounting Standard's Board Statement 34, Basic Financial Statements - and Management's Discussion and Analysis for State arid
Local Governments, Statement 37, Basic Financial Statements - and Management's Discussion and Analysis for State and Local
Governments, Omnibus, Staternent 38, Certain Financial Statement Note Disclosures, and Statement 40, Deposit and Investment Risk
Disclosures.
The Management's Discussion and Analysis on pages 3-1 through 3-16, and the budgetary comparison information on pages 5-1
through 5-2 are not a required part of the basic financial statements but are supplementary information required by the Governmental
Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquires of management
regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the
information and express no opinion on it.
Our audit was performed for the purpose of forming opinions on the financial statements that collectively comprise the City of Renton's
basic financial statements. The accompanying 'Financial information listed as combining financial statements and supplemental
information on pages 6-1 through 6-50 is presented for purposes of additional analysis and is not, a required part of the basic financial
statements. The combining financial statements and supplemental information have been subjected to auditing procedures applied in
the audit of the basic financial statements and, in our opinion, are fairly stated, in X11 material respects, in relation to the basic financial
statements taken as a whole.
The information identified in the table of contents as the Introductory and Statistical Sections is presented for purposes of additional
analysis and is not a required pail of the basic financial statements of the City. Such information has not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we -express no opinion on them.
Sincerely,
BRIAN SONNT AG, CGFPA
STATE AUDITOR
a @ is
2003 Comprehensive Annual Financial Report City of Renton, Washington
MANAGEMENT'S DISCUSSION AND ANALYSIS
The City of Renton's discussion and analysis provides a narrative overview of the City's financial
activities for the fiscal year ended December 31, 2003. The intent of the discussion and analysis is
to review the City's financial performance as a whole.
This Management's Discussion and Analysis (MD&A) combined with the Transmittal Letter, the
Financial Statements, and the Notes to the Financial Statements represents the complete 2003
financial activities for the City of Renton. These are all intended to help the reader understand the
City's significant financial issues. This MD&A also provides an overview of the City's financial
records. The data in this financial report also identify any material deviations from the financial
plan and the adopted budget. Finally, the intent of the MD&A and other financial information is to
isolate individual fund issues or concerns.
FINANCIAL INFORMATION
This is the first year the City prepared its financial records in accordance with what is known as
GASB 34 (Government Accounting Standards Board 34). This method of accounting requires a
full accounting of all infrastructure reporting. The full benefits of this new standard will not be
evident until we complete a second year's financial review in 2004 that will show comparisons.
The City's government -wide financial statements were prepared on the full accrual basis of
accounting in conformity with generally accepted accounting principles (GAAP). The City's fund
financial statements for its major and non -major governmental funds were prepared on the
modified accrual basis of accounting in conformity with GAAP. The City's major and non -major
enterprise funds, internal service funds and pension funds were accounted for on the accrual basis.
The City of Renton, along with all cities, counties, and other governmental entities in Washington,
must comply with the Budgeting, Accounting, and Reporting System (BARS) as defined by the
Washington State Office of the Auditor (SAO). The SAO audits the financial records of all cities
and other governmental units within the State. The City of Renton's financial system integrates
financial and administrative controls that ensure the safeguarding of assets and the reliability of
financial reports. These controls are designed to provide:
1. reasonable assurance that transactions are executed in accordance to management
understanding and approval;
2. reasonable assurance that transactions are executed in accordance to GAAP principles;
3. accountability for control of assets and obligations; and
4. assurance that sufficient reporting and review exists to provide adequate information for
analysis and comparability of data.
Internal control is a high priority for the City. The State Auditor's Office reviews the City's
internal controls, and the City receives and takes action on all the recommendations made.
Management's Discussion and Analysis 3-1
2003 Comprehensive Annual Financial Report City of Renton, Washington
The City maintains strong budgetary controls in order to ensure compliance with legal provisions
embodied in the annual appropriated budget as approved by the City Council. The City Council
must authorize any budget increase or decrease to any Fund.
Financial Highlights
• The City's total assets as of December 31, 2003, exceeded liabilities by over $315 million.
• As of December 31, 2003, the City's Governmental Activities reported net assets of
$137,876,104. Of this total, $41,669,232 is defined as unrestricted and can be used for
needs the Mayor and Council deem necessary. These monies are intended to provide a
cushion against significant economic downturns in revenues and to maintain sufficient
working capital and cash flow to meet daily financial needs.
• Investments in capital assets comprise $89,360,313 of the $137,876,104 in Governmental
Activities net assets.
• The business type activities have total net assets of $177,821,594. Over 89 percent of this
total, $158,886,497, represents the City's investments in capital assets. The balance of
$18 million is used to meet day-to-day cash flow requirements, and to ensure we can meet
all obligations of the utilities and other Funds if the revenues do not meet expectations.
• The City's total principal and interest on outstanding debt as of December 31, 2003, was
$73.4 million. Of this amount 34 percent, or $25.2 million, is dedicated to the water works
projects. Another $2.6 is for outstanding bonds for Senior Housing. These bonds have a
special taxing authority. The Maplewood Golf Course has $3.8 million outstanding in
debt service. The balance of $41.8 million of our debt — is dedicated for general govern-
mental purposes, including the purchase of City Hall, the construction of the downtown
parking garage and the replacement of a fire station, our share of a regional E-911
Communications Center and other small projects, including mini -bonds sold for fire
equipment.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis provides an introduction and overview to the City of Renton's basic
financial statements. The basic financial statements are comprised of three components:
1. Government -wide financial statements;
2. Fund financial statements; and
3. Notes to the financial statements.
The graphic representation below illustrates the required components of the City's annual
financial report and how the required parts are arranged and relate to one another. This
illustration helps explain the City's financial presentation in 2003. This is the first year the City of
Renton is mandated to prepare its financial statements in conformance to a new standard
commonly referred to as Governmental Accounting Standards Board 34 (GASB 34). This
graphic representation should be used in conjunction with the following explanations to help
guide the reader in understanding the financial condition of the City of Renton.
3-2 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report
Figure 1
REQUIRED COMPONENTS OF THE
ANNUAL FINANCIAL REPORT
City of Renton, Washington
Management Discussion
¢� and Analysis
(required supplementary information)
(new)
Government -wide Financial Statements (new)
w Fund Financial Statements (refocused)
Notes to the Financial Statements
(expanded/restructured)
Required Supplementary
Information
(other than MD&A)
In addition to the required components shown in Figure 1, the City's annual report also includes
other voluntary supplementary information. The most significant section is the Combining
Statements. These provide Balance Sheets, Statement of Revenues, Expenditures, and Changes in
Fund Balances with Budget -to -Actual comparisons, Statement of Net Assets, and Cash Flows for
all Non -Major Funds.
The next section of information, the Statistical Section, is in the same format as previous year's
information. This section provides a ten-year view of the City's revenue, expenditures, debt
obligations and capacity, the City's largest taxpayers and those with the largest employment within
the City of Renton. This section provides a long-term perspective on the City's economy.
Management's Discussion and Analysis 3-3
2003 Comprehensive Annual Financial Report City of Renton, Washington
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements provide readers with a broad overview of the City of
Renton's finances in a manner similar to a private sector business. They provide both short-term
and long-term information about the City's overall financial status. The government -wide
statements distinguish between functions of the City that are principally supported by taxes and
intergovernmental revenues (referred to as "governmental activities"), from functions that are
intended to recover all or a significant portion of their costs through user fees and charges
(referred to as "business -type activities"). The governmental activities of the City include a full
range of local government services provided to the public, such as police and fire protection; road
maintenance and construction; community planning and economic development; libraries, parks
and recreational opportunities; and other community services. The business -type activities of the
City include water, sewer, surface water, solid waste management and services, a golf course, and
an airport.
The Statement of Net Assets presents information on all of the City's assets and liabilities, with
the difference between the two reported as net assets. This statement, for the first time, combines
and consolidates governmental funds' current financial resources (short-term available resources)
with capital assets (note: infrastructure incurred before January 1, 2003, will appear in future
CAFRs) and long-term obligations, primarily bond debt. The Statement of Net Assets serves a
purpose similar to that of the Balance Sheet of a private -sector business. Over time, increases or
decreases in net assets may serve as one indicator of whether the financial position of the City is
improving or deteriorating. Other indicators to consider when evaluating the financial position of
the City include changes to the property tax base, general economic conditions as demonstrated
through business licenses fees or sales tax revenue, and the condition of the City's infrastructure
(roads, drainage systems, bridges, water infrastructure.)
The Statement of Activities focuses upon both the gross and net cost of various activities that are
provided by the government's general tax and other revenues. This is intended to summarize and
simplify the user's analysis of cost to various governmental services and/or subsidy to various
business -type activities. By separating program revenue from general revenue, users of the
financial statements can identify the extent to which each program relies on taxes for funding.
The Governmental Activities reflect the City's basic functions: General Government; Security of
Person and Property; Physical Environment; Mental and Physical Health; and Culture and
Recreation. Property, sales, and utility taxes finance the majority of these functions.
All changes in net assets are reported using the accrual basis of accounting, which is similar to the
accounting used in the private sector. The accrual basis of accounting requires that revenues are
reported when earned and expenses are reported when incurred, no matter when the revenue will
actually be received or the obligation will be paid. For example, property taxes are shown as a
receivable as revenue even though some amount of these taxes will not be available to the City for
several years. All unpaid vendor obligations are illustrated as an accounts payable obligation as
of December 31.
3-4 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report City of Renton, Washington
Fund Financial Statements
Traditional users of governmental financial statements will find the Fund financial statements
familiar. However, GASB 34 states the focus must now be on Major Funds. A fund is a group of
related accounts that is used to maintain control over resources that have been segregated for
specific activities and objectives. The City uses funds to ensure and demonstrate fiscal integrity
and compliance with finance related legal requirements. There are three types of funds:
governmental, proprietary, and fiduciary.
A Major Fund has three elements as defined by GASB 34:
• Total assets, liabilities, revenues, or expenditures/expenses of individual governmental or
enterprise funds are at least ten percent of the corresponding total (assets, liabilities, etc) for
all funds of that category or type - i.e., governmental, proprietary or fiduciary; and
• Total assets, liabilities, revenues or expenditures/expenses of the individual governmental
fund or enterprise fund are at least five percent of the corresponding total for all govern-
mental and enterprise funds combined; or
• Any other governmental or enterprise fund that the government's officials believe is partic-
ularly important.
Governmental Funds present most of a government's tax -supported activities. The Proprietary
Funds describe and financially manage the government's business -type activities, where all or part
of the activities' costs are supported by fees and charges that are paid directly by those who benefit
from the activities. Fiduciary Funds control resources held by the government as a trustee or agent
for parties outside of the government. The resources of Fiduciary Funds cannot be used to support
the government's own programs.
Governmental Funds
The Governmental Fund Balance Sheet and Governmental Fund Statement of Revenues,
Expenditures, and Changes in Fund Balances present separate columns of financial data for the
General Fund and the Park Fund. These comprise the City's major governmental funds. Data from
the remaining governmental funds are combined and presented in a single, aggregated column in
the fund statements. Individual fund data for each of the non -major governmental funds is
provided in the form of combining statements.
Governmental Funds are used to account for essentially the same functions reported as
governmental activities in the government -wide financial statements. The focus of governmental
fund financial statements is on near-term inflows and outflows of available resources and on
balances of resources available at the end of the fiscal year. Such information is useful in
evaluating whether there are more or less financial resources that can be spent in the near future to
finance City services.
Because the focus of governmental fund financial statements is a narrower view than that of the
government -wide financial statements, it is useful to compare information presented for
governmental funds with similar information presented for governmental activities in the
government -wide financial statements. This gives the reader a better understanding of the long-
term impact of the government's near-term financing decisions. The Governmental Fund Balance
Sheet and the Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund
Management's Discussion and Analysis 3-5
2003 Comprehensive Annual Financial Report City of Renton, Washington
Balances provide reconciliation to the governmental activities column in the government -wide
statements to facilitate this comparison.
The City maintains budgetary controls over its governmental funds. Budgetary controls ensure
compliance with legal provisions embodied in the annual appropriated budget. Governmental
fund budgets are established in accordance with state law, and are adopted on a fund level.
General Fund budget variances are reviewed later in this discussion and analysis.
Proprietary Funds
These types of funds consist of two types of funds: Enterprise and Internal Service. They have
always been operated as private business activity. Enterprise Funds are used to report the same
functions as business -type activities in the government -wide financial statements. Internal
Service Funds are used to report activities that provide supplies and services to various City
departments and to accumulate and allocate the associated costs of providing these services to the
various functions. The revenues and expenses of internal service funds that are duplicated in
other Funds are eliminated in the government -wide statements. Because the remaining balances
primarily benefit governmental, rather than business -type activities, they have been included
within governmental activities in the government -wide statements.
The City of Renton has two major proprietary funds: Waterworks Utility and Solid Waste. All
other activities are combined in Other Enterprise Funds. Governmental Activities Internal
Service Funds are reported separately in this section.
The Proprietary Fund Balance Sheet and the Proprietary Fund Statement of Revenues, Expenses,
and Changes in Fund Equity present separate columns of financial data for the Waterworks Utility
and Solid Waste. Data from the remaining Enterprise Funds are combined and presented in a
single, aggregated column in the fund statements. Governmental Activities Internal Service
Funds are reported separately in this section.
Proprietary Fund statements provide the same type of information as the government -wide
financial statements, only in more detail, since both apply the accrual basis of accounting. In
comparing the total assets and total liabilities between the two statements, you will notice only
slight differences. One notable difference is that the "due from other funds" (asset) and the "due
to other funds" (liability) in the Proprietary Fund Statements are combined in a single line called
"internal balances" in the asset section of the government -wide Statement of Net Assets.
Fiduciary Funds
Fiduciary Funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reported in the government -wide financial statements
because the resources of those funds are not available to support the City's own operations. All of
the City's fiduciary activities are reported in a separate Statement of Fiduciary Net Assets and a
Statement of Changes in Fiduciary Net Assets.
3-6 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report City of Renton, Washington
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data
provided, and are an integral part of the government -wide and fund financial statements.
Combining statements for non -major governmental and enterprise funds, as well as internal service
funds, are presented immediately following the required supplementary information on pensions.
GOVERNMENT -WIDE FINANCIAL ANALYSIS
The overall financial position has improved for the City of Renton over the prior year. Table 2 -
Changes in Net Assets reports an increase in total net assets of $23,109,912.
Statement of Net Assets
As noted earlier, changes in net assets may serve as a useful indicator of a government's financial
position. The City's net assets total $315,697,698 as of December 31, 2003. Table 1 is a
condensed version of the Government -Wide Statement of Net Assets. Because this is the City's
first year reporting on a government -wide basis, prior year comparable data is not available. In
accordance with the GASB 34, the City is not required to restate prior periods for purposes of
providing comparative data in the first period of implementing the statement. Comparable data
will be available in the 2004 Comprehensive Annual Finance Report.
Table 1
NET ASSETS
NET ASSETS
Governmental
Business -type
Total
Invested in capital assets, net of
Activities
Activities
Primary
related debt
2003
2003
Government
Restricted
6,846,559
3,048,210
9,894,769
Current and other assets
$ 55,651,193
$ 21,169,442
$ 76,820,635
Capital Assets (net of accumulated
123,873,908
194,185,361
318,059,269
depreciation)
TOTAL ASSETS
$179,525,101
$215,354,803
$394,879,904
Long-term liabilities
32,915,102
33,085,652
66,000,754
Other liabilities
8,733,895
4,447,557
13,181,452
TOTAL LIABILITIES
$41,648,997
$37,533,209
$79,182,206
NET ASSETS
Invested in capital assets, net of
$89,360,313
$158,886,497
$248,246,810
related debt
Restricted
6,846,559
3,048,210
9,894,769
Unrestricted
41,669,232
15,886,887
57,556,119
TOTAL NET ASSETS
$137,876,104
$177,821,594
$315,697,698
Management's Discussion and Analysis 3-7
2003 Comprehensive Annual Financial Report City of Renton, Washington
The majority of the City's net assets, 79 percent, are investments in capital assets — streets,
drainage, construction in progress, buildings, equipment, water and sewer pipes — less any related
outstanding debt used to acquire these assets. The City's capital assets are used to provide
services to citizens. It should be noted that although the investment in capital assets is reported
net of related debt, resources needed to repay this debt must be provided from other sources since
the capital assets themselves cannot be used to liquidate these liabilities.
$375,000,000
$300,000,000
$225,000,000
$150,000,000
$75,000,000
$0
Chart 1
CATEGORIES OF NET ASSETS
Governmental Business Type Total Primary
Activities Activities Government
Restricted assets, representing resources that are subject to external restrictions on how they may
be used, equate to 3.13 percent of total net assets. The remaining balance (unrestricted net assets)
of $57.6 million may be used to meet the City's ongoing obligations. Chart 1 provides a graphical
comparison of the three categories of net assets.
As of December 31, 2003, the City reports positive balances in all three categories of net assets,
for the government as a whole, as well as for separate governmental and business -type activities.
Statement of Change in Net Assets
The City's total net assets (before prior period adjustments and the change in accounting
principal) increased in 2003 by $23,109,913. Governmental activities generated 54 percent of
this total or $12.5 million, while business -type activities generated $10.6 million of this total.
3-8 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report City of Renton, Washington
The chart below (Chart 2) illustrates the various sources and amounts of revenue received by the
government as a whole. Table 2 follows the Chart. This is a condensed version of the Statement of
Activities for the City. As noted earlier, prior year comparable data is not available for
government -wide statements. Comparable data will be provided in the 2004 Comprehensive
Annual Financial Report.
Sa
Property
Taxes
16%
Gants/1
Chart 2
2003 TOTAL REVENUES BY SOURCE
Interest/Investment
earnings
1%
Operating Gants &
Contributions
3%
)r Services
oda
Management's Discussion and Analysis 3-9
2003 Comprehensive Annual Financial Report
Table 2
CHANGE OF NET ASSETS
City of Renton, Washington
Property Taxes
Governmental
Activities
2003
Business -Type
Activities
2003
Total
Primary
Government
Revenues
17,334,831
Business Taxes
10,895,130
Program Revenues:
Other Taxes
5,449,877
5,449,877
Charges for Services
$27,643,590
$37,077,258
$64,720,848
Operating Grants & Contributions
3,732,443
222,193
3,954,636
Capital Grants & Contributions
1,094,764
6,600,471
7,695,235
General Revenues:
4,221,713
4,221,713
Property Taxes
19,520,575
19,520,575
Sales Taxes
17,334,831
17,334,831
Business Taxes
10,895,130
10,895,130
Other Taxes
5,449,877
5,449,877
Penalties and Interest
5,415
5,415
Interest and Investment earnings
1,081,398
242,055 1,323,453
Miscellaneous
312,867
369,513 682,380
TOTAL REVENUES
$87,070,890
$44,511,490 $131,582,380
Program Expenses
Governmental Activities:
General Government Services
$24,365,244
$24,365,244
Judicial
1,258,956
1,258,956
Security of persons & property
26,238,548
26,238,548
Physical Environment
2,013,239
2,013,239
Transportation
4,221,713
4,221,713
Economic Environment
5,886,795
5,886,795
Mental and Physical Health
21,646
21,646
Culture and Recreation
8,689,666
8,689,666
Interest on Long -Term Debt
1,827,464
1,827,464
Business -type Activities
Water
$22,381,464
22,381,464
Airport
1,219,465
1,219,465
Solid Waste
8,516,598
8,516,598
Golf
1,831,670
1,831,670
TOTAL EXPENSES
$74,523,271
$33,949,197
$108,472,467
Increase in net assets before Transfers
Transfers $ (40,000) $ 40,000 $_0_
Increase
-0-
Increase in net assets
Net assets —beginning 125,368,485 167,219,301 292,587,786
Prior period adjustments
Change in accounting principles
NET ASSETS ENDING $137,876,104 $177,821,594 $315,697,698
3-10 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report City of Renton, Washington
Over 69 percent of the City of Renton's total activities are for general governmental activities such
as providing police, fire, parks, libraries, recreational, building safety and planning services.
The largest Business Type activities Chart 3
include water, sewer, surface water, 2003 COMPARISON OF TOTAL GOVERNMENTAL VS
solid waste and golf activities. BUSINESS TYPE EXPENSES
Governmental Activities Analysis
Business GovernmentalType
Governmental activities cost a total
Activities Activities
of $74.5 million in 2003. Of this
69%
31%
amount, $43 million was paid for
either by those who directly
benefited from the programs or by
other governments and
organizations that subsidized certain
programs with grants and contributions.
The net expense (total expenses less program revenues)
of $31 million was the cost of governmental services City taxpayers primarily paid through various
taxes.
Chart 4 portrays the cost of each of the City's major governmental programs along with each
program's generated revenues — fees and intergovernmental revenues specifically related to that
program).
$27,000,000
$22,500,000
$18,000,000
$13,500,000
$9,000,000
$4,500,000
$0
Chart 4
GOVERNMENTAL ACTIVITIES
PROGRAM REVENUES AND EXPENSES
N e � w wti0, `, cj;w ��� -s, obi
S�
4
Seo
Management's Discussion and Analysis 3-11
2003 Comprehensive Annual Financial Report City of Renton, Washington
The following chart, Chart 5, depicts the sources of revenues that fund governmental activities.
Approximately 61 percent are from various taxes. Charges for services generate 32 percent of the
total revenue for general governmental activities.
Retail
20°
Chart 5
GOVERNMENTAL ACTIVITIES
REVENUES BY SOURCE
Business Taxes
13% Property Tax
Capital Grants 1)1)0/
6%
Charges for Services
Capital Grants 32%
4%
Interest
1%
Business -Type Activities Analysis
Charts 6 and 7 present the same information on business -type activities as illustrated for general
governmental type activities. Chart 6 shows the expense of each of the City's business -type
programs along with each program's generated revenues — fees and intergovernmental revenues
specifically related to that program.
$35,000,000
$30,000,000
$25,000,000
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
Chart 6
BUSINESS TYPE ACTIVITIES
PROGRAM REVENUES AND EXPENSES
Waterworks Airport Solid Waste Golf Course
3-12 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report City of Renton, Washington
The Waterworks Utility had a positive net change of $7.4 million at the end of 2003. The City
generated nearly $29.8 million in various fees for services from waterworks activities above the
$22.4 million in expenses.
The Airport's total expenses were $1.2 million. It had a large capital program and received over
$2.5 million from various federal grants for work started in 2003 and scheduled for completion in
2004. By the end of the year, the Airport generated a total of $2 million above expenses.
The Solid Waste Utility's revenues and expenses were nearly identical with $8.4 million generated
from fees for services and $178,000 in grants. The total expenses were $8.5 million.
The Golf Course generated a total of $2.1 million in green fees, driving range charges, and a host
of other user fees. The total expenses for the Golf Course were $1.8 million. Thus, the Golf
Course generated a positive net asset change of $339,000 for the year.
Chart 7
BUSINESS TYPE ACTIVITIES
REVENUES BY SOURCES
Miscellaneous Interest
Grants 1%
15% 1%
'harges for Services
83%
Business -type activities are supported primarily from charges for services. In the City of Renton,
over $37 million was generated from charges for services in the business -type activities. These
comprise 83 percent of the total financial support for these activities. Grants are generally higher
in 2003 than normal levels as the Airport received a significant amount from the Federal Aviation
Administration for capital projects. The Airport accepted over $2.5 million for capital projects.
This is 38 percent of the City's total grant acceptances of $6.6 million.
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
Governmental Funds Analysis
At year-end, the governmental funds reported a combined fund balance of $36.25 million (refer to
the Governmental Funds Balance Sheet on Page 4-7). This is $7.5 million less than the beginning
of the year balance of $43.7 million. As noted in the Government -Wide Financial Analysis section
above, net assets for governmental activities increased by $12.5 million. The difference is due
primarily to the way capital assets are reported. In the fund financial statements, capital
Management's Discussion and Analysis 3-13
2003 Comprehensive Annual Financial Report City of Renton, Washington
expenditures are reported as current expenditures, thereby directly reducing available resources
(fund balances). At the government -wide level of reporting, the same capital expenditures are
capitalized and thereby included in the net asset balance.
The total General Fund Balance of $6.8 million is classified as unreserved. The General Fund
experienced an increase of $2.8 million in fund balance. This was due in large part to city
departments under expending their 2003 budget allocations. Some revenues exceeded our
estimates. In particular, sales and property taxes were higher than budgeted. Sales taxes were
over $400,000 more than expected. Admission taxes were higher than anticipated because Cirque
Du Soliel presented one of their traveling shows in Renton for over six weeks.
All spending was no less than one percent below the budgeted levels. All departments analyze
and ensure that they spend below their budgetary limits each year. The source of most savings is
the time lag associated with hiring vacant positions. The City did not have the policy to leave a
position vacant in 2003 to ensure budgetary savings.
One major change in the General Funds is the accounting for labor contractual obligations. At the
beginning of 2003, the City had not yet completed the negotiation of all labor contracts. Thus,
appropriation authority was held in the general government departments until the contracts were
completed. During the year, the City passed two ordinances moving the appropriation authority
from general governmental to the specific purposes. This change, in particular, is quite noticeable
in the public safety expenditures. They increase by over a million dollars between original budget
and final budget limits. However, the appropriation authority decreased general governmental
activities and increased all activities throughout the City's budget.
Business Type Funds Analysis
There were no extraordinary events in any of the business type funds. These funds also spent
below their budgetary limits. The large savings in the water utility was due to the fact the capital
expenditures are never spent as fast as planned due to weather, regulatory compliance or other
issues outside the utility's management influence.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton's investment in capital assets, including construction in progress, for its
governmental and business -type activities as of December 31, 2003, amounts to $318 million as
presented on the following table.
3-14 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report City of Renton, Washington
Table 3
CAPITAL ASSETS
(Net of Accumulated Depreciation)
General Activities Business Type Activities Total Activities
1 / 1 /2003 12/31/2003 1 / 1 /2003 12/1/2003 1/1/2003 12/1/2003
Land
$ 28,525,944
$ 31,990,429
$ 6,976,321
$ 6,976,321
$ 35,502,265
$ 38,966,750
Construction in Progress
11,474,723
17,897,412
6,167,202
9,619,858
17,641,925
27,517,270
Bldgs and Structures
14,150,253
22,727,062
11,214,532
14,405,095
25,364,785
37,132,157
Other Improvements
10,051,886
17,007,992
159,900,696
162,117,789
169,952,582
179,125,781
Machinery and Equipment
34,719,400
34,251,013
1,119,010
1,066,298
35,838,410
35,317,311
TOTAL
$ 98,922,206
$ 123,873,908
$ 185,377,761
$ 194,185,361
$ 284,299,967
$ 318,059,269
In compliance with GASB 34, the City added the estimated historical cost of general government
infrastructure assets and related estimated accumulated depreciation to its books in 2003. As
shown in Table 3, the beginning net balance of these assets was $98 million. General government
infrastructure includes streets, bridges, overlays, and traffic controls.
Other major governmental capital asset activity for the year included (in millions):
• Aquatics Center $3.7
• Downtown Parking Garage $2.3
• Pavilion Building $2.0
• Fire Station 12 $3.7
• Oakesdale Street Improvements $2.1
• Lake Washington Blvd Street Improvements $1.8
• Major business -type capital asset activity included (in millions):
• General Water Pipe Improvements $2.2
• Airport Improvements $3.0
More detailed information about the City's capital assets is presented in Note 5 titled "Capital
Assets and Depreciation" in the Notes to the Financial Statements.
Debt Administration
As shown in Table 4, the City's total outstanding debt at December 31, 2003, was $68.9 million.
This was a net decrease (new issues less principal payments and refunding) of $4.3 million. Totals
exclude operating leases and accrued employee benefits.
Table 4
OUTSTANDING DEBT
General Activities Business Type Activities Total Activities
1 / 1 /2003 12/31/2003 1 / 1 /2003 12/1/2003 1/1/2003 12/1/2003
General Activities
Debt $33,797,023 $32,245,982 $33,797,023 $32,245,982
Revenue Debt $31,230,000 $29,070,000 31,230,000 29,070,000
Other Long Term
Debt 8,229,373 7,637,552 8,229,373 7,637,552
TOTAL $33,797,023 $32,245,982 $39,459,373 $36,707,552 $73,256,396 $68,953,534
Management's Discussion and Analysis 3-15
2003 Comprehensive Annual Financial Report City of Renton, Washington
During 2003, the City took advantage of lower interest rates by refunding all outstanding 1993
and 1994 Water/Sewer Bonds. By refinancing this debt, the City will reduce its debt service
payments by $601,198 over the next ten years.
The City of Renton maintains an A+ rating from both Fitch and Standard and Poor's rating
agencies for its General Obligation Debt. The Water & Sewer Revenue Bond ratings are AA -
from both these rating agencies. More detailed information about the City's long-term debt can
be found in Note 14 to the financial statements.
BUDGETARY HIGHLIGHTS
The following is a brief review of the budgeting changes from the adopted budget to the amended
final budget and from the amended final budget to the actual financial statements for the general
fund. Please note the budget to actual comparisons for the general fund and major special revenue
funds are in the Required Supplemental Information section of the Financial Statement. All other
budget comparisons begin on page 6-19.
• Permit collections were higher than anticipated. Actual revenues were significantly higher
than the budget in licenses and permits.
• The budget and actual revenue increase of $1,000,000 in charges for services resulted
from monies collected for an environmental impact statement.
• Additional monies were budgeted and transferred out to pay for additional transportation
projects.
FUTURE YEAR'S BUDGETARY IMPACTS
The following are some of the factors the City of Renton is considering as it prepares future
budgets.
• Initiative 747, limiting the property tax levy to one percent will require the City to change
the service levels or the type of services provided. In 2004 over $500,000 was eliminated
from various line items. This will be an ongoing practice as labor costs are exceeding the
overall revenue growth rate.
• In 2004 the City is using approximately one million dollars from reserves for general gov-
ernmental activities capital expenditures.
• The City has labor contracts with all of its bargaining units through 2005. These contracts
will pay a three percent annual Cost of Living Adjustment in exchange for participating in
containing medical costs.
• Further property tax initiatives or the City's loss of sales tax revenue due to any change in
allocation of sales tax will require the City to significantly reduce general governmental
activities.
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested
in the City's finances with a general overview of the City's finances and to show the City's
accountability for financial resources it receives. If you have any questions about this report, or
need additional information, please contact the Finance & Information Services Department at
1055 South Grady Way, Renton WA 98055.
3-16 Management's Discussion and Analysis
2003 Comprehensive Annual Financial Report
STATEMENT OF NET ASSETS
December 31. 2003
City of Renton, Washington
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-1
Primary Government
Governmental
Business -type
Activities
Activities
Total
ASSETS
Cash and cash equivalents
$
23,379,344
$
10,109,427
$ 33,488,771
Investments
23,955,925
1,655,491
25,611,416
Receivables (net of allowance
for uncollectibles)
3,634,548
5,923,667
9,558,215
Internal balances
9,465
(9,465)
-
Inventories
-
380,787
380,787
Prepayments
88,260
-
88,260
Other non-current assets
4,583,651
61,325
4,644,976
Restricted assets:
Cash and cash equivalents
-
3,048,210
3,048,210
Capital assets (net of accumulated
depreciation)
123,873,908
194,185,361
318,059,269
Total assets
$
179,525,101
$
215,354,803
$ 394,879,904
LIABILITIES
Accounts payable and other
current liabilities
$
4,852,910
$
2,106,223
$ 6,959,133
Matured bonds and interest payable
167,334
2,213,212
2,380,546
Unearned revenue
89,492
128,122
217,614
Non-current liabilities:
Due within one year
3,624,159
-
3,624,159
Due in more than one year
32,915,102
33,085,652
66,000,754
Total liabilities
$
41,648,997
$
37,533,209
$ 79,182,206
NET ASSETS
Investment in capital assets,
net of related debt
$
89,360,313
$
158,886,497
$ 248,246,810
Restricted for:
Tourism
256,958
-
256,958
Grant programs
55,077
55,077
Construction projects
6,504,524
-
6,504,524
Debt service
-
3,048,210
3,048,210
Unrestricted
41,699,232
15,886,887
57,586,119
Total net assets
$
137,876,104
$
177,821,594
$ 315,697,698
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-1
2003 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF ACTIV ITIES
For the Year Ended December 31, 2003
Page 1 of 2
The notes to the financial statements are an integral part of this statement.
4-2 Basic Financial Statements
Program Revenues
Operating
Charges for
Grants and
Capital Grant
Functions/Programs
Expenses
Services
Contributions
& Contributions
Primary government:
Governmental activities:
General government
$
24,365,244 $
16,716,472
$
3,357,986
$ 10,325
Judicial
1,258,956
1,287,901
-
-
Security of persons and property
26,238,548
929,780
321,019
Physical environment
2,013,239
759,700
-
-
Transportation
4,221,713
1,519,383
-
958,222
Economic environment
5,886,795
4,969,475
15,000
-
Mental and physical health
21,646
-
8,758
76,217
Culture and recreation
8,689,666
1,460,879
29,680
50,000
Interest on long-term debt
1,827,464
-
-
-
Total governmental activities
$
74,523,271 $
27,643,590
$
3,732,443
$ 1,094,764
Business -type activities:
Waterworks utility
$
22,381,464 $
25,778,754
$
-
$ 4,076,702
Airport
1,219,465
733,115
44,232
2,523,769
Solid waste utility
8,516,598
8,394,478
177,961
-
Golf course
1,831,670
2,170,911
-
Total business -type activities
$
33,949,197 $
37,077,258
$
222,193
$ 6,600,471
Total primary government
$
108,472,468 $
64,720,848
$
3,954,636
$ 7,695,235
General
revenues:
Taxes:
Property taxes
Timber taxes
Retail sales taxes
Business taxes
Excise taxes
Penalties and interest
Interest and investment earnings
Miscellaneous
Transfers
Total general revenues and transfers
Change in net assets
Net assets - beginning (restated)
Net assets - ending
The notes to the financial statements are an integral part of this statement.
4-2 Basic Financial Statements
2003 Comprehensive Annual Financial Report
Page 2 of 2
Net(Expense)Revenue and
Changes in Net Assets
Primary Government
Governmental
Business -type
$
Activities
Activities
Total
$ (4,280,461)
17,334,831
$
(4,280,461)
28,945
10,895,130
28,945
(24,987,749)
(24,987,749)
(1,253,539)
(1,253,539)
(1,744,108)
1,081,398
(1,744,108)
(902,320)
1,323,453
312,867
(902,320)
63,329
682,380
63,329
(7,149,107)
40,000
(7,149,107)
(1,827,464)
$
651,568
(1,827,464)
$ (42,052,474)
55,211,661
$
(42,052,474)
$
7,473,992
$
7,473,992
23,109,913
2,081,651
$ 125,368,484
2,081,651
167,219,301
55,841
55,841
339,241
$
339,241
$
9,950,725
$
9,950,725
$ (42,052,474) $ 9,950,725 $ (32,101,749)
$ 19,520,575
$
$
19,520,575
17,334,831
17,334,831
10,895,130
10,895,130
5,449,877
5,449,877
5,415
5,415
1,081,398
242,055
1,323,453
312,867
369,513
682,380
(40,000)
40,000
-
$ 54,560,093
$
651,568
$
55,211,661
$ 12,507,620
$
10,602,293
$
23,109,913
$ 125,368,484
$
167,219,301
$
292,587,785
$ 137,876,104
$
177,821,594
$
315,697,698
City of Renton, Washington
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-3
2003 Comprehensive Annual Financial Report City of Renton, Washington
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2003
Page 1 of 2
The notes to the financial statements are an integral part of this statement.
4-4 Basic Financial Statements
OTHER
TOTAL
GOVERNMENTAL
GOVERNMENTAL
GENERAL
PARKS
FUNDS
FUNDS
ASSETS
Cash & cash equivalents
$ 2,376,457 $
803,714
$ 13,474,611 $
16,654,782
Cash with fiscal agent
-
-
22,000
22,000
Investments
4,000,000
1,000, 391
14,605, 534
19,605, 925
Receivables (net of allowances)
Taxes
824,062
278,781
571,399
1,674,242
Customer accounts
907,416
36,746
52,266
996,428
Accrued interest & penalty
59,210
15,976
248,301
323,487
Special assessments
-
-
5,495
5,495
Due from other funds
5,700
41,403
47,103
Due from other governmental units
165,636
210,081
375,717
Prepayments
8,000
-
8,000
Restricted assets:
Advances due from other funds
75,000
880,000
955,000
Special Assessments Deferred
-
-
87,568
87,568
TOTAL ASSETS
$ 8,421,481 $
2,135,608
$ 30,198,658 $
40,755,747
The notes to the financial statements are an integral part of this statement.
4-4 Basic Financial Statements
2003 Comprehensive Annual Financial Report
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $
Taxes payable
Retainage payable
Due to other funds
Due to other governmental units
Matured interest payable
Custodial accounts
Deposits
Deferred revenue
Accrued employee leave payable
Interfund advances - non-current
Total liabilities $
Fund balances
Reserved for:
Advances to other funds
Prepaid items
Unreserved reported in:
General fund
Special revenue funds
Debt service funds
Capital project funds
Total fund balances $
TOTAL LIABILITIES AND FUND BALANCES $
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2003
Page 2 of 2
City of Renton, Washington
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
OTHER
TOTAL
GOVERNMENTAL
GOVERNMENTAL
GENERAL
PARKS
FUNDS
FUNDS
188,537
$ 127,854
$
651,395
$ 967,786
5,592
10,536
30,737
46,865
-
-
909,982
909,982
568
614
37,699
38,881
46,273
-
-
46,273
-
-
22,000
22,000
59,884
21,200
-
81,084
24,739
-
-
24,739
1,002,727
-
95,696
1,098,423
251,797
31,930
28,951
312,678
-
-
955,000
955,000
1,580,117
$ 192,134
$
2,731,460
$ 4,503,711
75,000
-
880,000
955,000
8,000
-
8,000
6,758,364
-
-
6,758,364
-
1,943,474
2,042,443
3,985,917
-
1,916,243
1,916,243
-
-
22,628,512
22,628,512
6,841,364
$ 1,943,474
$
27,467,198
$ 36,252,036
8,421,481
$ 2,135,608
$
30,198,658
$ 40,755,747
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
2003 Comprehensive Annual Financial Report
RECONCILIATION OF THE BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
December 31, 2003
FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of net assets are
different because:
Capital assets used in governmental activities are not financial resources
and therefore are not reported in the governmental funds.
Capital assets (net)
The focus of governmental funds is on short-term financing, assets are
offset by deferred revenue and are not included in fund balances.
Deferred revenue
Long-term liabilities, including bonds payable are not due and payable in the
current period and therefore are not reported in the governmental funds.
Interest payable
Long-term liabilities
Internal service funds are used by management to charge the costs of
certain activities to individual funds.
Total assets and liabilities of the internal service funds that are
reported with governmental activities, less capital assets reported above
NET ASSETS OF GOVERNMENTAL ACTIVITIES
The notes to the financial statements are an integral part of this statement.
4-6
City of Renton, Washington
$ 36,252,036
$ 126,264,559
$ 1,008,071
$ (176,590)
$ 8,539,259 $
137,876,104
Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
December 31, 2003
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
:,d1
OTHER
TOTAL
GOVERNMENTAL
GOVERNMENTAL
GENERAL
PARKS
FUNDS
FUNDS
REVENUES
Taxes
$
35,320,008
$ 8,012,174
$ 10,390,140 $
53,722,322
Licenses and permits
2,562,807
-
1,664,076
4,226,883
Intergovernmental revenues
2,127,364
-
2,406,180
4,533,544
Charges for services
2,740,465
1,420,314
1,855,925
6,016,704
Fines and forfeits
1,014,382
-
41,182
1,055,564
Interfund revenues
2,536,155
945,955
3,482,110
Special assessments
-
-
295,673
295,673
Contributions
61,356
131,643
62,103
255,102
Interest
469,994
34,216
577,210
1,081,420
Miscellaneous revenues
38,663
1,454
197
40,314
TOTAL REVENUES
$
46,871,194
$ 9,599,801
$ 18,238,641 $
74,709,636
EXPENDITURES
Current:
General government
$
10,791,833
$ 2,419,969
$ 72,153 $
13,283,955
Security of persons and property
26,029,354
-
-
26,029,354
Physical environment
2,015,562
-
2,015,562
Transportation
-
-
4,461,387
4,461,387
Economic environment
3,600,630
478,982
533,975
4,613,587
Mental & physical health
10,368
-
-
10,368
Culture & recreation
-
6,090,337
1,495,599
7,585,936
Capital outlay
29,348
-
21,060,186
21,089,534
Debt service:
Principal payment
-
1,417,042
1,417,042
Interest payment
-
-
1,833,102
1,833,102
TOTAL EXPENDITURES
$
42,477,095
$ 8,989,288
$ 30,873,444 $
82,339,827
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
4,394,099
$ 610,513
$ (12,634,803) $
(7,630,191)
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ -
$ 3,511,700 $
3,511,700
Transfer (out)
(1,575,000)
(1,976,700)
(3,551,700)
Sale of capital assets
19,129
152,120
171,249
TOTAL OTHER FINANCE SOURCES (USES)
$
(1,555,871) $
-
$ 1,687,120 $
131,249
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
2,838,228
$ 610,513
$ (10,947,683) $
(7,498,942)
FUND BALANCE JANUARY 1
4,003,136
1,419,405
38,975,099
44,397,640
Prior Period Adjustment
-
(86,444)
(560,218)
(646,662)
FUND BALANCES JANUARY 1 RESTATED
$
4,003,136
$ 1,332,961
$ 38,414,881 $
43,750,978
FUND BALANCE DECEMBER 31
$
6,841,364
$ 1,943,474
$ 27,467,198 $
36,252,036
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
:,d1
2003 Comprehensive Annual Financial Report
City of Renton, Washington
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2003
NET CHANGES IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of
activities are different because:
Prior Period Adjustments
Governmental funds report capital outlays as expenditures,
however, in the statement of activities, the cost of those assets
are depreciated over their estimated useful lives.
Expenditures for capital assets
Less current year depreciation
Repayment of bond principal is an expenditure in governmental
funds, but the repayment reduces long-term liabilities
in the statement of net assets. Loan or bond proceeds
provide current financial resources to governmental
funds, but the repayment reduces long-term liabilities
in the statement of net assets.
Bond proceeds
Principal payments
Some revenues or expenditures reported in the statement of activities
are not yet available or expensed and therefore are not reported
as revenue or expenses in governmental funds.
Internal service funds or activities are used by management to
charge the costs of certain activities to individual funds.
The net (expense) of the internal service fund and internal
balances reported with governmental activities.
CHANGES IN NET ASSETS OF GOVERNMENTAL ACTIVITIES
$ (5,583,675)
$ 28,253,911
(2,973,468)
1,417,042
$ 140,869
$ (1,248,117)
The notes to the financial statements are an integral part of this statement.
$ (7,498,942)
$ 12,507,620
4-8 Basic Financial Statements
2003 Comprehensive Annual Financial Report
ASSETS
Current assets:
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Customer accounts
Special assessments - current
Interest - investments
Due from other funds
Due from other governmental units
Inventory of materials and supplies
Prepayments
Total current assets
Restricted assets:
Cash & residual investments at FMV
Total restricted assets
Notes receivable - non-current
Special assessments deferred
Capital assets (net)
Deferred charges and other assets
TOTAL ASSETS
City of Renton, Washington
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2003
Page 1 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
WATERWORKS
UTILITY
SOLID WASTE
OTHER
ENTERPRISE
FUNDS
TOTAL
ENTERPRISE
FUNDS
ACTIVITIES
INTERNAL SERVICE
FUNDS
$ 6,170,463
$ 752,390
$ 3,186,566
$ 10,109,419
$
6,702,581
755,491
150,000
750,000
1,655,491
4,350,000
4,428,270
723,614
60,052
5,211,936
5,958
18,430
-
-
18,430
-
4,397
1,326
5,004
10,727
165,653
48,137
-
-
48,137
2,048
245,455
123,740
313,379
682,574
-
331,434
-
49,353
380,787
-
-
-
-
-
80,260
$ 12,002,077
$ 1,751,070
$ 4,364,354
$ 18,117,501
$
11,306,500
$ 2,606,852
$ -
$ 441,358
$ 3,048,210
$
-
$ 2,606,852
$
$ 441,358
$ 3,048,210
$
61,325
-
61,325
-
176,376,760
13,131
17,795,470
194,185,361
4,682,530
769,107
-
53,697
822,804
-
$ 191,816,121
$ 1,764,201
$ 22,654,879
$ 216,235,201
$
15,989,030
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-9
2003 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2003
Page 2 of 2
The notes to the financial statements are an integral part of this statement.
4-10 Basic Financial Statements
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
GOVERNMENTAL
OTHER
TOTAL
ACTIVITIES
WATERWORKS
ENTERPRISE
ENTERPRISE
INTERNAL SERVICE
UTILITY
SOLID WASTE
FUNDS
FUNDS
FUNDS
LIABILITIES
Current liabilities:
Accounts payable
$
479,194
$ 285,891
$ 93,770
$ 858,855
$ 266,789
Retainage payable
118,482
-
124,873
243,355
-
Due to other funds
47,563
-
10,039
57,602
804
Due to other governmental units
674,336
44,815
-
719,151
-
Accrued interest payable
481,279
1,098
15,935
498,312
-
Accrued employee benefits payable
31,813
272
5,703
37,788
3,387
Accrued taxes payable
49,741
35,956
31,207
116,904
-
Custodial Accounts
24,829
-
70,975
95,804
Deferred revenue
83,308
-
44,814
128,122
Capital leases payable
-
-
24,271
24,271
-
Total current liabilities
$
1,990,545
$ 368,032
$ 421,587
$ 2,780,164
$ 270,980
Liabilities payable from restricted assets:
Revenue bonds payable - current
$
1,475,000
$ -
$ 250,000
$ 1,725,000
$ -
Total liabilities payable from restricted assets
$
1,475,000
$ -
$ 250,000
$ 1,725,000
$
Long-term liabilities:
Revenue bonds payable
$
23,725,000
$ -
$ 3,620,000
$ 27,345,000
$
Unamortized premium on revenue bonds
177,953
-
-
177,953
Unamortized discount on revenue bonds
(629,130)
-
(394,061)
(1,023,191)
Deferred amount on reveneue bond refunding
122,638
-
-
122,638
-
Accrued employee benefits payable
265,857
2,451
74,639
342,947
21,512
Deferred revenue
-
-
-
-
2,474,749
Capital leases payable
-
-
33,834
33,834
-
Public works trust fund loan payable
6,909,275
-
-
6,909,275
-
Total long-term liabilities
$
30,571,593
$ 2,451
$ 3,334,412
$ 33,908,456
$ 2,496,261
TOTAL LIABILITIES
$
34,037,138
$ 370,483
$ 4,005,999
$ 38,413,620
$ 2,767,241
NET ASSETS
Investment in capital assets,
net of related debt
$
144,267,485
$ 13,131
$ 13,901,199
$ 158,181,815
$ 4,682,530
Restricted
2,606,852
-
441,358
3,048,210
-
Unrestricted
10,904,646
1,380,587
4,306,323
16,591,556
8,539,259
TOTAL NET ASSETS
$
157,778,983
$ 1,393,718
$ 18,648,880
$ 177,821,581
$ 13,221,789
The notes to the financial statements are an integral part of this statement.
4-10 Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS GOVERNMENTAL
OPERATING REVENUES:
Charges for services
Interdepartmental services
Other services
TOTAL OPERATING REVENUES
OPERATING EXPENSES:
Operations and Maintenance
Benefit Payments
Professional Services
Administrative and General
Insurance
Taxes
Depreciation
TOTAL OPERATING EXPENSES
OTHER TOTAL ACTIVITIES
WATERWORKS ENTERPRISE ENTERPRISE INTERNAL SERVIC
UTILITY SOLID WASTE FUNDS FUNDS FUNDS
$ 24,551,329
$ 8,445,207
$ 2,904,215
$
35,900,751 $
871,587
6,345
-
877,932
355,841
190,858
44,232
590,931
$ 25,778,757
$ 8,642,410
$ 2,948,447
$
37,369,614 $
$ 3,962,259
$ 635,176
$ 1,632,642
$
6,230,077 $
759,240
33,090
278,216
1,070,546
107,543
6,884,712
34,310
7,026,565
9,550,910
47,448
375,873
9,974,231
83,700
-
24,100
107,800
2,526,867
912,233
9,087
3,448,187
4,013,656
3,939
459,504
4,477,099
$ 21,004,175
$ 8,516,598
$ 2,813,732
$
32,334,505 $
OPERATING INCOME (LOSS) $ 4,774,582 $
NON-OPERATING REVENUES(EXPENSES):
Intergovernmental Revenues $ - $
Interest revenues 155,363
Gain(loss) on sale of capital assets 134,605
Other non-operating revenues (expenses) 7,685
Interest expense (1,284,944)
Amortization of debt discount and expense (92,345)
NON-OPERATING REVENUE NET OF EXPENSE $ (1,079,636) $
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
Capital Contributions
Transfers in(out)
CHANGE IN NET ASSETS
FUND BALANCE JANUARY 1
NET ASSETS, DECEMBER 31
- $ 2,523,769 $ 2,523,769 $
9,177 77,515 242,055
- - 134,605
71,039 78,724
(232,495) (1,517,439)
10,911,836
10,911,836
759,467
6,775,606
408,710
1,005,442
2,593,873
1,821
(1,571,023)
170,729
10,555
141,622
d, O -A nAn @ 40A non Q` IPn GOC (` C - Cin @ /4 IA. 441
4,158,711 4,000 4,162,711
40,000 - - 40,000
$ 7,893,657 $ 134,989 $ 2,573,635 $ 10,602,281 $ (1,248,117)
$ 149,885,326 $ 1,258,729 $ 16,075,245 $ 167,219,300 $ 14,469,906
$ 157,778,983 $ 1,393,718 $ 18,648,880 $ 177,821,581 $ 13,221,789
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements
4-11
2003 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
PAGE 1 OF 2
City of Renton, Washington
The notes to the financial statements are an integral part of this statement.
4-I2 Basic Financial Statements
BUSINESS -TYPE ACTIVITIES
ENTERPRISE
FUNDS
GOVERNMENTAL
OTHER
TOTAL
ACTIVITIES
WATERWORKS
ENTERPRISE
ENTERPRISE
INTERNAL SERVICE
UTILITY
SOLID WASTE
FUNDS
FUNDS
FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
$
24,195,404 $
8,523,465 $
2,888,857 $
35,607,726 $
10,866,715
Cash received from other funds for services
914,915
-
-
914,915
-
Cash paid to suppliers for goods & services
(10,400,776)
(7,402,587)
(737,636)
(18,540,999)
(10,471,775)
Cash paid to other funds for goods & services
(50,390)
(299,443)
(217,128)
(566,961)
Cash paid to employees
(4,088,382)
(163,403)
(1,269,298)
(5,521,083)
(438,707)
Cash paid for city utility taxes
(2,526,867)
(504,036)
-
(3,030,903)
Other operating receipts
355,841
197,203
88,464
641,508
(2,048)
Other non-operating receipts
7,685
(92,799)
(242,340)
(327,454)
103,061
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$
8,407,430 $
258,400 $
510,919 $
9,176,749 $
57,246
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
$
40,000 $
- $
- $
40,000 $
-
Advances from other funds
-
-
-
-
Subsidy from federal grant
-
-
-
38,561
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES
$
40,000 $
- $
- $
40,000 $
38,561
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment
$
134,605 $
- $
$
134,605 $
40,048
Acquisition & construction of capital assets
(8,622,284)
-
(3,398,900)
(12,021,184)
(609,296)
Capital contributions
-
-
-
-
Capital grants
-
-
2,523,769
2,523,769
Proceeds from the sale of bonds
-
-
-
Principal payments on bonds
(2,799,328)
-
(184,133)
(2,983,461)
Interest payments on bonds
(1,041,643)
-
(203,541)
(1,245,184)
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES
$
(12,328,650) $
- $
(1,262,805) $
(13,591,455) $
(569,248)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments
$
7,563,839 $
- $
4,400,000 $
11,963,839 $
1,184,500
Payments for investments
(150,000)
(3,450,000)
(3,600,000)
(3,238,000)
Interest on investments
190,588
17,564
111,010
319,162
128,398
NET CASH PROVIDED(USED) BY
INVESTING ACTIVITIES
$
7,754,427 $
(132,436) $
1,061,010 $
8,683,001 $
(1,925,102)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
$
3,873,207 $
125,964 $
309,124 $
4,308,295 $
(2,398,543)
CASH & CASH EQUIVALENTS, JANUARY 1
2,297,256
626,426
3,318,801
6,242,483
9,101,124
CASH & CASH EQUIVALENTS, DECEMBER 31
$
6,170,463 $
752,390 $
3,627,925 $
10,550,778 $
6,702,581
The notes to the financial statements are an integral part of this statement.
4-I2 Basic Financial Statements
2003 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
PAGE 2 OF 2
WATERWORKS
UTILITY
City of Renton, Washington
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
GOVERNMENTAL
OTHER TOTAL
ACTIVITIES
ENTERPRISE ENTERPRISE
INTERNAL SERVICE
SOLID WASTE FUNDS FUNDS
FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss) $
4,774,582 $
125,812 $
134,715 $
5,035,109 $
(1,571,023)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
4,013,656
12,348
459,504
4,485,508
937,940
Other non-operating revenue
7,685
71,039
78,724
103,061
(Increase)decrease in
accounts receivable
(252,074)
72,643
(20,503)
(199,934)
5,426
(Increase)decrease in due from
other funds/governmental units
43,328
(92,799)
(269,147)
(318,618)
(2,048)
(Increase)decrease in inventory
& prepaid items
(15,371)
-
16,278
907
7,392
Increase(decrease)in vouchers
retainage payable
100,885
91,727
111,961
304,573
54,047
Increase(decrease)in due to
other governmental units
(50,390)
-
4,681
(45,709)
-
Increase(decrease) in payables
& other short-term liabilities
1,920
48,213
(2,634)
47,499
-
Increase(decrease)in
customer deposits
(3,690)
-
(709)
(4,399)
(50,547)
Increase(decrease)in
deferred revenues
(100,161)
-
8,488
(91,673)
594,244
Increase(decrease)in accrued
employee leave benefits
(112,940)
456
(2,754)
(115,238)
(21,246)
Total adjustments
3,632,848
132,588
376,204
4,141,640
1,628,269
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES $
8,407,430 $
258,400 $
510,919 $
9,176,749 $
57,246
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets $
4,158,711
-
-
4,158,711
-
Increase in fair value of investments
5,491
-
-
5,491
-
Borrowing under capital leases
-
-
58,105
58,105
-
The notes to the financial statements are an integral
part of this
statement.
Basic Financial Statements
4-13
2003 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF NET ASSETS
FIDUCIARY FUNDS
December 31, 2003
The notes to the financial statements are an integral part of this statement.
4-14 Basic Financial Statements
FIREFIGHTER'S
SPECIAL
PENSION
DEPOSIT
TOTAL
ASSETS
Cash & cash equivalents
$
1,385,601
$ 216,892
$ 1,602,493
Investments at fair value
4,525,499
-
4,525,499
Receivables (net of allowances)
Interest on investments
1,841,372
-
1,841,372
TOTAL ASSETS
$
7,752,472
$ 216,892
$ 7,969,364
LIABILITIES
Vouchers & contracts payable
$
98
$ -
$ 98
Deposits payable
216,892
216,892
TOTAL LIABILITIES
$
98
$ 216,892
$ 216,990
NET ASSETS
Held is trust for pension benefits
& other purposes
$
7,752,374
$ -
$ 7,752,374
TOTAL NET ASSETS
$
7,752,374
$ -
$ 7,752,374
The notes to the financial statements are an integral part of this statement.
4-14 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIREMEN'S PENSION FUND
December 31, 2003
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-15
PENSION TRUST
FIREMEN'S
PENSION
ADDITIONS:
Other contributions:
Fire insurance premiums
$
63,088
Investment income:
Interest revenue
202,035
TOTAL ADDITIONS
$
265,123
DEDUCTIONS:
Benefit payments
$
350,745
Administrative and general
11,466
TOTAL DEDUCTIONS
$
362,211
NET INCREASE(DECREASE)
$
(97,088)
NET ASSETS - JANUARY 1
$
9,188,904
Prior Period Adjustment
(1,339,442)
NET ASSETS - DECEMBER 31
$
7,752,374
The notes to the financial statements are an integral part of this statement.
Basic Financial Statements 4-15
2003 Comprehensive Annual Financial Report City of Renton, Washington
This Page Intentionally Left Blank
4-16 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
January 1, 2003 through December 31, 2003
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton was incorporated on September 6, 1901, and operates under the laws of the State of
Washington applicable to a Non -Charter code city with a Mayor/Council form of government. A full-time Mayor
and seven part-time Council members serve the City, all elected at large to four-year terms. The City provides the
full range of municipal services authorized by state statues, together with a Municipal Airport, a Waterworks
Utility, a Solid Waste Utility, and a Municipal Golf Course.
The accounting and reporting policies of the City related to the funds included in the accompanying financial
statements conform to generally accepted accounting principles (GAAP) applicable to state and local governments.
GAAP for local governments include those principles prescribed by the Governmental Accounting Standards
Board (GASB), the Financial Accounting Standards Board (FASB), when applicable, and the American Institute
of Certified Public Accountants (AICPA) pronouncements that have been made applicable by GASB Statements
or Interpretations.
In accordance with GASB Statement 20 the City has not applied to its proprietary activities FASB Statements and
Interpretations, Accounting Principles Board opinions, and Accounting Research Bulletins of the Committee of
Accounting Procedure issued after November 30, 1989.
In June 1999, GASB approved Statement 34 "Basic Financial Statements and Management Discussion and
Analysis for State and Local Governments." Significant changes in the statement include the following:
• A Management Discussion and Analysis (MD&A) section providing an analysis of the City's overall posi-
tion and results of operation.
• Government -wide financial statements prepared using full accrual accounting for all the City's activities
including infrastructure (roads, bridges, traffic signals and signs, etc.).
• A change in the fund financial statements focusing on the major funds.
The City implemented the general provisions of the GASB Statement 34 for the fiscal year 2003 and plans to
retroactively report infrastructure (assets acquired between January 1, 1980 to December 31, 2002) by the fiscal
year ending December 31, 2004.
In June 2001, GASB released two new authoritative statements. Statement 37, "Basic Financial Statements and
Management Discussion and Analysis for State and Local Governments: Omnibus", amends Statements 21 & 34
and Statement 38, "Certain Financial Statement Note Disclosures", modifies existing note disclosure requirements.
In March 2003, GASB released Statement 40, "Deposit and Investment Risk Disclosures", an amendment of
GASB Statement 3.
These and other changes are reflected in the accompanying financial statements, including notes to the financial
statements.
A. REPORTING ENTITY
As required by GAAP the City's financial statements present the City of Renton — the primary government. There
are no component units (either blended or discretely presented) included in these statements.
B. BASIC FINANCIAL STATEMENTS — GASB 34 PRESENTATION
The City's basic financial statements include both government -wide (reporting the City as a whole) and fund
financial statements (reporting the City's major funds). Both the government -wide and fund financial statements
categorize primary activities as either government or business -type.
Basic Financial Statements 4-17
2003 Comprehensive Annual Financial Report
GOVERNMENT -WIDE STATEMENTS
City of Renton, Washington
In the government -wide Statement of Net Assets, both the governmental and business -type activities columns (a)
are presented on a consolidated basis by column, and (b) are reported on a full accrual, economic resource basis,
which recognized all long-term assets and receivables as well as long-term debt and obligations. The City's net
assets are reported in three parts — investment in capital assets, net of related debt; restricted net assets; and
unrestricted net assets. The City first utilizes restricted resources to finance qualifying activities.
The government -wide Statement of Activities reports both the gross and net cost of each of the City's functions
and business -type activities (general government, judicial, security of persons & property, physical environment,
transportation, economic environment, mental & physical health, culture & recreation, waterworks utility, airport,
solid waste utility, and golf course). General government revenues (property taxes, timber taxes, retail sales & use
taxes, business taxes, excise taxes, and other taxes) also support the functions. The Statement of Activities reduces
gross expenses (including depreciation) by related program revenues, operating and capital grants and
contributions. Program revenues must be directly associated with the function or a business -type activity.
Operating grants include operating specific and discretionary (either operating or capital) grants while the capital
grants column reflects capital specific grants.
The net cost (by function or business -type activity) is normally covered by general revenues.
The government -wide focus is more on the sustainability of the City as an entity and the change in the City's net
assets resulting from the current year's activities.
FUND FINANCIAL STATEMENTS
The fund financial statements are, in substance, very similar to the financial statements presented prior to
implementation of GASB Statement 34. The financial transactions are recorded in individual funds, each
accounted for by a separate set of self -balancing accounts that comprise assets, liabilities, reserves, fund equity,
revenues, and expenditures or expenses. The GASB Statement 34 model's presentation is by major funds in either
the governmental or business -type categories. (GASB Statement 34 sets forth the minimum criteria for the
determination of a major fund. The non -major funds are combined in the fund financial statements and are detailed
in the combining section.
The governmental major fund statements in the fund financial statement are presented on current financial
resources and modified accrual basis of accounting. Since governmental fund statements are presented on a
different measurement focus and basis of accounting than the government -wide statements' governmental column,
a reconciliation is presented at the end of the statement, which briefly explains the adjustments necessary to
transform the fund statements into the government -wide presentation.
Internal service funds of a government are presented in summary form as part of the proprietary fund financial
statements. Since the principal users of the internal services are the City's governmental activities, financial
statements for internal service funds are consolidated into the governmental column when presented at the
governmental level. These services are reflected in the appropriate functional activity (general government,
judicial, security of persons & property, physical environment, transportation, economic environment, mental &
physical health, culture & recreation).
Interfund fund activity has been eliminated from the government -wide financial statements. Exceptions are
payments in lieu of taxes, external type transactions within the internal service funds (revenue and expenses for
interest or services provided to other governmental organization and other charges for waterworks utility or storm
water utility. Elimination of these charges would distort the direct cost and program revenues for these functions.
The City's fiduciary funds are presented in the fund financial statements. Since the assets are being held for the
benefit of a third party and cannot be used for obligations of the City, they are not included in the government -wide
statements.
4-18 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
The following describes each fund as presented in the fund financial statements.
MAJOR FUNDS
GENERAL FUND
The General Fund is the primary operating fund of the city. It is used to account for the resources and
disbursements of ordinary City operations that are not required to be accounted for in another fund. These include
the costs of public safety, building, planning, human services, and general administration. The major sources of
revenue are property taxes, utility taxes, and sales taxes. Licenses and permits, charges for services, and fines and
forfeits provide additional support.
PARKS
The Parks Fund accounts for the City's parks and recreation programs: operations, maintenance, and
improvements for municipal park buildings, and landscaping and street tree functions. Resources are primarily
from general tax revenues and charges for services.
ENTERPRISE FUNDS
WATERWORKS UTILITY
The Waterworks Utility Fund accounts for all the operation and capital improvement programs for the water,
wastewater, and storm water services within the City. The activities primarily supported by user fees include:
administration, billings and collections, debt service, engineering and operation, maintenance and repairs. The
primary resources for the capital improvement programs are revenue bond proceeds, grants (as available) and
utility collection charges.
SOLID WASTE
Solid waste, recycling and yard waste collection services for the City are accounted for in this fund, supported
entirely by service fees. The expenses include payment to the City's garbage contractor and other service charges.
ILIUMBl//:lllel].71UJ 1"1 _1
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one-half cent State Gasoline Tax
revenue to cities and towns for construction, improvements, and major repair of streets.
STREET FUND
The Street Fund was established pursuant to state law to account for maintenance and improvements of the City's
street and traffic control systems. Major sources of support are general revenues and state levied taxes on motor
vehicle fuels distributed to the City of Renton.
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
The Community Development Block Grant Fund was established to administer the federally funded Community
Development Block Grant activity.
LIBRARY FUND
The Library Fund accounts for operation of the City's library system, including central and branch facilities.
Resources to the fund are mainly general tax revenues and library fines.
Basic Financial Statements 4-19
2003 Comprehensive Annual Financial Report
HOTEL/MOTEL TAX FUND
City of Renton, Washington
Accounts for monies collected through an increase of I% in hotel/motel taxes for the purpose of increasing tourism
in the City of Renton.
PATHS AND TRAILS RESERVE FUND
The Paths and Trails Reserve Fund was created for the purpose of planning, accommodating, and establishing and
maintaining certain paths and trails within the City of Renton. One-half of one -percent (1/2 of 1%) of the State
levied motor vehicle fuel tax distributed to the City is allocated to this fund each year.
ONE PERCENT FOR ART FUND
The City of Renton established this fund by contributing 1% of general governmental capital project funding for art
projects.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and development of cable
communications as established by City ordinance.
1997 -LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a Council -approved bond issue, which provided funding for the purchase of Renton
City Hall.
1978 -LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
This fund accounts for debt service on a Council -approved bond issue, which provided partial funding for
construction of the Renton Senior Activity Center.
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
Accounts for debt service on installment contracts for equipment, City Shop land purchase, the 1984 and 1985
Limited General Obligation Bond issues for equipment and the 1986 Limited Bond issued to finance a community
center, library improvements, permanent financing for purchase of a golf course, acquisition of wetland property
and equipment.
1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a voter -approved bond issue, which provided financing to; acquire, construct,
rehabilitate, equip and develop low-income housing for the elderly.
SPECIAL ASSESSMENT DEBT FUND
The Special Assessment Debt Fund accounts for the special assessment collections.
DOWNTOWN PARKING GARAGE
Accounts for resources and expenditures related to the construction of a downtown parking facility.
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to City facilities.
4-20 Basic Financial Statements
2003 Comprehensive Annual Financial Report
FIRE IMPACT MITIGATION FUND
City of Renton, Washington
Accounts for monies collected from developers to offset impacts created by their developments to City facilities.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to City facilities.
LEASED CITY PROPERTIES
Accounts for revenue and expenditures related to City property leased to outside entities.
AQUATIC CENTER FUND
Accounts for resources and expenditures related to the construction of the Henry Moses Family Aquatic Center.
MUNICIPAL FACILITIES CONSTRUCTION FUND
The Municipal Facilities Construction Fund accounts for the acquisition and development of municipal facilities.
Resources included general and special revenue taxes and Council -approved general obligation bonds.
GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
The General Government Capital Improvement Fund accounts for revenues and expenditures for of numerous
capital improvements projects, to provide infrastructure necessary for controlled growth, and to address general
City needs. Primary resources include; general tax revenues, business licenses fees, federal and state grants,
general obligation bond proceeds and transfers from various cumulative reserve funds.
AIRPORT FUND
Provides accounting for revenues and expenses which provides administration, debt services, operation, capital
improvements, and maintenance of the Renton Municipal Airport and Will Rodger -Wily Post Memorial Seaplane
Base. Sources of support to the fund are leases, fuel charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. It accounts for the
operation, maintenance, debt service and capital improvements of the facility.
OTHER FUND TYPES
INTERNAL SERVICE FUNDS
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles and auxiliary
equipment except for fire apparatus and replacement of police patrol vehicle. All equipment costs, including
depreciation, are factors in calculating the rates which are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City departments, including provisions
for losses on property, liability, worker's compensation, unemployment compensation, and the health care
program. Expenses are paid by the Insurance Fund and rates are charged to departments based on use and/or
coverage requirements.
Basic Financial Statements 4-21
2003 Comprehensive Annual Financial Report City of Renton, Washington
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals,
private organizations, other governmental units and/or other funds. The City has one Pension Trust Fund and one
Agency Fund.
PENSION TRUST FUND
FIREMEN'S PENSION FUND
The Firemen's Pension Fund accounts for the payment of administrative costs and benefits for retired fire fighters
and their beneficiaries, who were employed prior to March 1, 1970. Primary revenues sources are general property
tax allocations in accordance with actuarial calculations, the fire premium tax, and investment income.
AGENCY FUND
SPECIAL DEPOSIT FUND
The Special Deposit Fund was established for the purpose of holding or retaining cash deposits or other securities
pending fulfillment of certain conditions and/or requirements by the depositor. Refunds are made when all
obligations have been met and only upon authorization form the transmitting department.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts
and reported in the financial statements. It relates to the timing of the measurement made regardless of the
measurement focus applied:
1. Accrual
Both governmental and business -type activities in the government -wide financial statements and the proprietary
and fiduciary fund financial statements are presented on the accrual basis of accounting. Revenues are recognized
when earned and expenses are recognized when incurred.
Substantially all government fund revenues are accrued. Property taxes are billed and collected within the same
period in which taxes are levied. Subsidies and grants to proprietary funds, which finance either capital or current
operations, are reported as non-operating revenue based on GASB Statement 33. In applying GASB Statement 33
to grant revenues, the provider recognizes liabilities and expenses and the recipient recognizes receivables and
revenue when the eligibility requirements, including time requirements, are met. Resources transmitted, before the
eligibility requirements are met are reported as advances by the provider and deferred revenue by the recipient.
2. Modified Accrual
The government funds financial statements are presented on the modified basis of accounting. Under the modified
accrual basis of accounting, revenues are recorded when susceptible to accrual: i.e., both measurable and available.
"Available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the
current period. The City considers all revenue reported in the governmental funds to be available if the revenues
are collected within sixty days after year-end. Expenditures are generally recognized under the modified accrual
basis of accounting when the related liability is incurred. The exception to this general rule is that principal and
interest on general obligation long-term debt, if any, is recognized when due.
D. ASSETS, LIABILITIES, AND FUND EQUITY
Cash and Cash Equivalents
The City has defined cash and cash equivalents as cash on hand, demand deposits, and all highly liquid investments
(including restricted assets) with maturity of three months or less when purchased. These amounts are classified on
the balance sheet or in the statement of net assets as cash and cash equivalents or investments in the various funds.
4-22 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
The interest on these investments is prorated to the applicable funds. Included in this category are all funds
invested in the Local Government Investment Pool and Municipal Investor Account. Excluded from this category
are cash balances held by Fiscal Agents since the City does not have discretionary use of these funds.
Investments — Refer to Note 3B.
Receivables and Payables — Amounts Owed/Payable to/by the City at year-end.
Taxes receivable consists of property taxes and related interest and penalties (Refer to Note 4). Accrued interest
receivable consists of amounts earned on investments, notes, and contracts. Accrued interest payable consists of
amounts owed on notes, loans, and contracts.
Customer accounts receivable/payable consists of amounts owed from/to private individuals or organizations for
goods and services. If the transactions are with another governmental unit, it is accounted for within "due from/to
other governments ".
Special assessments are recorded when levied and are liens against the property benefited. Special assessments
receivable consist of current and delinquent assessments and related interest and penalties. Deferred assessments
consist of special assessments not due within one year.
Receivables have been reported net of estimated uncollectible accounts. Because property taxes, special
assessments, and utility billings are considered liens on property, no estimated uncollectible amounts are
established.
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the
fiscal year are referred to either "due tofrom other funds " (i.e., the current portion of interfund loans) or "advances
to/from other funds" (i.e., the non-current portion of interf ind loans). All other outstanding balances between the
governmental activities and business -type activities are reported in the government -wide financial statements as
"internal balances" (Refer to Note 10).
Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account
in applicable governmental funds to indicate that they are not available for appropriation and are not expendable
available financial resources.
In the government -wide financial statements, and proprietary fund types in the fund financial statements, long-
term liabilities are reported in applicable governmental activities, business -type activities, or proprietary fund type
statement of net assets.
Unamortized Premium — the unamortized portion of the excess of bonds proceeds over their face value (excluding
accrued interest and issuance costs).
Deferred Amount -Refunding — The difference between the carrying amount of redeemed/defeased debt and its
reacquisition price. This amount is deferred and amortized over the remaining life of the debt or the life of the new
debt, whichever is shorter.
4. Inventories and prepaid items
All City inventories are maintained on a consumption basis of accounting where items are purchased for inventory
and charged to the budgetary accounts as the items are consumed. Any material inventories at year-end are
included in the balance sheet of the appropriate fund. Inventories are carried at cost on the first -in, first out — FIFO
basis.
Certain payments to vendors reflect costs applicable to future accounting periods and are reported as prepaid items
in both the government -wide and fund statements.
Capital Assets and Depreciation — (Refer to Note 5)
6. Deferred Revenues
Basic Financial Statements 4-23
2003 Comprehensive Annual Financial Report
City of Renton, Washington
This account includes amounts recognized as receivables but not revenues in the governmental funds because the
revenue recognition criterion has not been met.
7. Custodial Accounts
This account reflects the liability for net monetary assets being held by the City in its agency capacity.
8. Compensated Absences
The City accrues accumulated unpaid vacation and sick leave and associated employee -related costs when earned
(or estimated to be earned) by the employee. The non-current portion (the amount estimated to be used in
subsequent fiscal years) for governmental funds is maintained separately and represents a reconciling item between
the fund and government -wide presentations.
9. Fund Balance Designations and Reservations
In the fund financial statements, governmental funds report reservations of fund balance for amounts that are not
available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations
of fund balance represent tentative management plans that are subject to change. The City has the following
reserved or designated fund balances:
Fund Designated
General Fund
Purpose
Operating Cash Reserves @
8% of Expenditures
$3,398,168
Parks Fund
Operating Cash Reserves @
8% of Expenditures
$719,143
Street Fund
Operating Cash Reserves @
8% of Expenditures
$447,747
Library Fund
Operating Cash Reserves @
8% of Expenditures
$117,776
Aquatic Center
Totals
100% of Fund Balance for Payment of Pool Completion
$1,254,369
$5,937,203
10. Net Assets —(Refer to Note 12)
11. Encumbrances
An encumbrance system is maintained to account for commitments resulting from approved purchase orders,
contracts, and other commitments. Encumbrances remaining at year-end lapse and are canceled. Upon request by
the department and approval of the City Council, encumbrances may be re -appropriated in the following year.
E. REVENUES, EXPENDITURES AND EXPENSES
Program Revenues
Program revenues include charges for services to customers for goods and services provided, operating grants and
contributions, and non-operating grants and contributions within the government -wide Statement of Activities.
Charges for services include business licenses, construction permits, and weapon permits.
4-24 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
2. General Revenues
Property taxes, timber taxes, retail taxes, business taxes, excise taxes, and associated penalties and interest, and
interest and investment earnings are classified as general revenues within the government -wide Statement of
Activities.
Interfund Transfers
Permanent reallocation of resources between funds of the reporting entity are classified as interfund transfers. For
purposes of the government -wide Statement of Activities, all interfund transfers between individual governmental
funds have been eliminated.
4. Expenditures/Expenses
Expenses in the government -wide Statement of Activities are reported by function as a governmental activity
(general government, judicial, security of persons and property, physical environment, transportation, economic
environment, culture & recreation, or interest on long-term debt) or business -type activity (waterworks utility,
airport, solid waste utility, or golf course). In the fund financial statements, expenditures of governmental funds
are classified by; function, debt service principle and interest payments, or purchases of capital items. Proprietary
expenditures are classified as operation or non-operating.
Operating and Non-operating Revenues and Expenses
Operating revenues and expenses for proprietary funds are those that result from providing services and producing
and delivering goods and/or services in connection to the proprietary fund's principle ongoing operations. It
includes all revenue and expenses not related to capital and related financing, non -capital financing, or investing
activities. All revenues and expenses not meeting this definition are non-operating revenues and expenses.
NOTE 2. COMPLIANCE AND ACCOUNTABILITY
The City of Renton budgets its funds on the cash basis of accounting at the fund level. Annual appropriated
budgets are adopted for governmental funds. Budgets for proprietary funds are "management budgets" and are not
legally required to be reported. Included in the Required Supplemental and Combining sections of the CAFR are
Schedules of Revenues, Expenditures, and Changes in Fund Balances (Budget to Actual) reporting the Actual
Budgetary Basis (cash basis) verses Actual GAAP Basis of Accounting (modified basis) for all legally adopted
budgets. There have been no material violations of finance -related legal or contractual provisions, and there have
been no expenditures exceeding legal appropriations in any of the funds of the City.
The Leased City Properties capital projects fund had a fund deficit balance of $720,300 as of December 31, 2003.
This deficit decreased $426,221 over the prior year. The long-term expectation continues to be lease revenues will
offset the expenditures and reduce the deficit incrementally each year.
A. PROCEDURES FOR ADOPTING THE ORIGINAL BUDGET
The City of Renton's budget procedures are mandated by the Revised Code of Washington 35a.33. The steps in
the budget process are as follows:
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 it 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.
Basic Financial Statements 4-25
2003 Comprehensive Annual Financial Report
B. AMENDING THE BUDGET
City of Renton, Washington
The budget, as adopted, constitutes the legal authority for expenditures. Budgets are adopted on the cash basis of
accounting; therefore any comparisons between budget and actual revenues and expenditures are reported under
the budgetary basis. The annual budget is adopted with budgetary control at the fund level, so expenditures may
not legally exceed appropriations at that level of detail. Transfers or revisions within funds are allowed, but only
the City Council has the legal authority to increase or decrease a given fund's annual budget. This is accomplished
by City ordinance. The budget was amended three times during 2003.
Original budgeted inflows as compared to the final budgeted inflows are as follows:
Fund
Original
Budgeted
Inflows
Budgeted
Inflows
1
Budgeted Inflows
General Fund
$43,447,600
$44,472,600
$1,025,000
Park Fund
9,348,100
9,348,100
0
Arterial Street Fund
353,500
353,500
0
Street Fund
5,911,400
5,911,400
0
Community Development Block Grant
Fund
305,000
336,561
31,561
Library Fund
1,435,100
1,435,100
0
Hotel/Motel Tax Fund
200,000
200,000
0
Paths and Trails Reserve Fund
0
0
0
One Percent for Art Fund
75,000
75,000
0
Cable Communications Development
Fund
32,700
32,700
0
1997 LGO Bond Fund
654,300
654,300
0
1978 LGO Bond Fund
35,100
35,100
0
General Government Miscellaneous
Debt Service Fund
1,871,300
2,146,300
275,000
1989 UGO Bond Redemption Fund
512,700
512,700
0
Special Assessment Debt Fund
334,600
334,600
0
Downtown Parking Garage
100,000
100,000
0
Community Development Impact
Mitigation Fund
290,000
290,000
0
Fire Impact Mitigation Fund
225,000
225,000
0
Transportation Impact Mitigation Fund
585,000
585,000
0
Leased City Properties Fund
610,000
610,000
0
Aquatic Center Fund
0
0
0
Municipal Facilities Construction Fund
2,367,600
2,367,600
0
General Government Capital
Improvement Fund
5,946,500
6,946,500
1,000,000
Waterworks Utility Fund
26,764,700
26,764,700
0
Airport Fund
1,895,100
4,935,100
3,040,000
Solid Waste Utility Fund
9,074,500
9,074,500
0
Golf Course Fund
2,372,500
2,372,500
0
Equipment Rental Fund
2,991,200
2,991,200
0
Insurance Fund
Totals
8,187,400
$125,925,900
8,687,400
$131,797,461
500,000
$5,871,561
4-26 Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
Original budgeted outflows as compared to the final budgeted inflows are as follows:
General Fund
Original Budgeted
Outflows
$44,871,800
-� �Ifl al Budgeted
outflowsFund
$46,159,600
Increase(Decrease)
dg. .d Outflows
$1,287,800
Park Fund
9,250,100
9,510,200
260,100
Arterial Street Fund
353,500
353,500
0
Street Fund
5,911,400
6,212,700
301,300
Community Development
Block Grant Fund
295,700
336,561
40,861
Library Fund
1,435,100
1,512,300
77,200
Hotel/Motel Tax Fund
200,000
261,200
61,200
Paths and Trails Reserve Fund
0
0
0
One Percent for Art Fund
75,000
75,000
0
Cable Communications
Development Fund
31,600
31,600
0
1997 LGO Bond Fund
654,300
654,300
0
1978 LGO Bond Fund
35,100
35,100
0
General Government
Miscellaneous Debt Service Fund
1,871,300
2,146,300
275,000
1989 UGO Bond
Redemption Fund
511,500
511,500
0
Special Assessment Debt Fund
334,600
759,600
425,000
Downtown Parking Garage
0
3,923,575
3,923,575
Community Development Impact
Mitigation Fund
950,000
1,275,000
325,000
Fire Impact Mitigation Fund
298,000
4,519,800
4,221,800
Transportation Impact
Mitigation Fund
2,451,400
2,451,400
0
Leased City Properties Fund
516,900
554,400
37,500
Aquatic Center Fund
0
4,899,500
4,899,500
Municipal Facilities Construction
Fund
2,946,000
8,314,700
5,368,700
General Government Capital
Improvement Fund
6,661,200
7,661,200
1,000,000
Waterworks Utility Fund
37,542,400
42,196,852
4,654,452
Airport Fund
1,557,000
5,185,225
3,628,225
Solid Waste Utility Fund
9,074,500
9,093,900
19,400
Golf Course Fund
2,569,100
2,601,600
32,500
Equipment Rental Fund
2,991,200
3,374,094
382,894
Insurance Fund
Totals
9,047,000
II
9,553,500
$174,164,207
506,500
Basic Financial Statements 4-27
2003 Comprehensive Annual Financial Report
NOTE 3. DEPOSITS AND INVESTMENTS
A. Deposits
City of Renton, Washington
The City's deposits and certificates of deposit are entirely covered by the federal depository insurance (FDIC) or
by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit
Protection Commission (WPDPC).
B. Investments
As required by state law, all investments of the City's funds (except as noted below) are obligations of the U.S.
Government, U.S. agency issues, obligations of the State of Washington, general obligations of Washington State
municipalities (the State Treasurer's Local Government Investment Pool (LGIP), or certificates of deposit with
Washington State Banks and savings and loan institutions.
A 2a7 -like -pool is an external investment pool that is not registered with the SEC as an investment company, but
nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a7 of the
Investment Company Act of 1940. The LGIP, managed by the Washington State Office of the Treasurer, is
comparable to a Rule 2a7 -pools recognized by the Securities and Exchange Commission, Rule 2a7 allows SEC -
registered mutual funds to use amortized cost rather than market value to report net assets to compute share prices.
Investments are shown on the entity -wide Statement of Net Assets at fair market value or for 2a7 -like pools at
amortized cost. Investments are reported with Cash and Investments of Governmental Activities and within Cash
and Cash Equivalents or Investments of Business -type Activities.
C. Deposit and Investment Schedule
NOTE 4. PROPERTY TAXES
The County Finance Director acts as an agent to collect property taxes levied in the county for all taxing
authorities. Taxes are levied annually on January 1 on property value listed as of the prior August 31. Assessed
values are established by the county Assessor at 100 percent of fair market value. A revaluation of all property is
required every two years; however King County has the ability to revalue annually.
Property taxes levied by the County Assessor and collected by the County Finance Director become a lien on the
first day of the levy year and may be paid in two equal installments if the total amount exceeds $30.00. The first
half of real property taxes is due on April 30 and the balance is due October 31. Delinquent taxes bear interest at
the rate of 12 percent and are subject to additional penalties if not paid as scheduled. No allowance for
uncollectible taxes is established because delinquent taxes are considered fully collectible.
4-28 Basic Financial Statements
Governmental Funds
Cash & Cash Equivalents
$16,654,782
Cash with Fiscal Agent
$22,000
Investments
$19,605,925
Proprietary
Cash and Cash Equivalents
$16,812,000
Investments
$6,005,491
Restricted Investments
$3,048,210
Fiduciary Funds
Cash and Cash Equivalents
$1,602,493
Investments
Total
$4,525,499
$68,276,400
NOTE 4. PROPERTY TAXES
The County Finance Director acts as an agent to collect property taxes levied in the county for all taxing
authorities. Taxes are levied annually on January 1 on property value listed as of the prior August 31. Assessed
values are established by the county Assessor at 100 percent of fair market value. A revaluation of all property is
required every two years; however King County has the ability to revalue annually.
Property taxes levied by the County Assessor and collected by the County Finance Director become a lien on the
first day of the levy year and may be paid in two equal installments if the total amount exceeds $30.00. The first
half of real property taxes is due on April 30 and the balance is due October 31. Delinquent taxes bear interest at
the rate of 12 percent and are subject to additional penalties if not paid as scheduled. No allowance for
uncollectible taxes is established because delinquent taxes are considered fully collectible.
4-28 Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
At year-end, property taxes are recorded as a receivable with the portion not expected to be collected within 60
days offset by deferred revenue. During the year, property tax revenues are recognized when cash is received.
The tax rate for general City operations is limited to $3.35 per $1000 of assessed value. Of this amount, up to $.45
per thousand may be designated for contribution to the Firemen's Pension Fund if a report by a qualified actuary
indicated that additional funds are required.
The tax rate limit may be reduced for any of the following reasons:
The Levy Limit: the levy limit calculation applies to a taxing district's budget, and not to increases in the
assessed value or tax bill of individual properties. Initiative 747 restricts individual taxing districts from col-
lecting, in any year, more than a 1% increase in their regular, non -voted, levy over the highest levy amount
since 1985. New construction, annexations, and excess levies approved by the voters are not included in the
levy limit calculation. If the assessed valuation increases by more than one percent due to revaluation, the
levy rate will be decreased.
The One Percent Constitution Limit: The Washington State Constitution limits the regular (non -voted) com-
bined property tax rate applied to an individual's property to one percent ($10 per $1000) on the market val-
uation. Voters may approve special levies that are added to this figure. If the taxes of all districts exceed this
amount, each is proportionately reduced until the total is at or below the one -percent limit.
The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. The City's regular levy for
2003 $3.18871 and the excess levy for General Obligation Bond debt is $.08865 for a total of $3.2736, per
the King County Assessor's 2003 Annual Report.
NOTE 5. CAPITAL ASSETS AND DEPRECIATION
A. GENERAL POLICES
Major expenditures for capital assets, including capital leases and major repairs that increase the useful life, are
capitalized. The capitalization threshold applied to the City's assets is $5,000. Maintenance, repairs, and minor
renewals are accounted for as expenditures or expenses when incurred.
All capital assets are valued at historical cost (or estimated cost, where historical cost is not known /or estimated
market value for donated assets /or the lower of cost or fair market value when transferred between proprietary and
governmental funds.)
The City has acquired certain assets with funding provided by federal financial assistance programs. Depending
on the terms of the agreements involved, the federal government could retain an interest in these assets. However,
the City has sufficient legal interest to accomplish the purposes for which the assets were acquired, and has
included such assets within the applicable statements.
The City capitalizes art and historical treasures. Art and historical treasures are expected to be maintained or
enhanced over time and thus, are not depreciated.
B. GOVERNMENTAL CAPITAL ASSETS
Governmental long-lived assets of the City purchased, leased, or constructed are recorded as expenditures in the
governmental funds and are capitalized, net of depreciation, in the government -wide statements, with one
exception. The 2003 infrastructure assets (roads, bridges, streetlights, rights -of way, annexations, and capital
contributions) were capitalized in 2003 but prior year infrastructure (back to 1980) will be capitalized in 2004.
C. PROPRIETARY FUND CAPITAL ASSETS
Capital assets of proprietary funds are capitalized in their respective statement of net assets, net of depreciation.
Basic Financial Statements 4-29
2003 Comprehensive Annual Financial Report
D. DEPRECIATION
City of Renton, Washington
Depreciation on all depreciable assets is provided on the straight-line basis over the following useful lives:
Depreciation Expense was charged to governmental and business -type activities as follows:
Type of Asset
Buildings and Structures, except Utility Plant
Estimated Service Life
25-50 years
Other Improvements
25-50 years
Utility Plant
25-75 years
Machinery and Equipment
3-20 years
Infrastructure
25-50 years
Depreciation Expense was charged to governmental and business -type activities as follows:
4-30 Basic Financial Statements
Governmental Activities
General Government
Amount
$1,281,072
Judicial
$3,692
Security of Persons and Property
$471,869
Physical Environment
$8,166
Transportation
$134,405
Economic Development
$50,764
Culture & Recreation
$1,012,223
Health & Human Services
$11,278
Internal Service Funds
$954,391
Total Governmental Activities Depreciation Expense
$3,927,860
4-30 Basic Financial Statements
Business -type Activities
Waterworks
Amount
$4,004,524
Airport
$438,533
Solid Waste
$3,939
Golf Course
$228,358
Total Business -type Activities Depreciation Expense
$4,675,354
4-30 Basic Financial Statements
2003 Comprehensive Annual Financial Report
E. Summary of Changes
City of Renton, Washington
Description
BeginningDecreases
Ending
Balance
Governmental Activities
Capital Assets not being depreciated:
Balance
Land and Land Improvements
$28,525,944
$3,464,485
$0
$31,990,429
Construction in Progress
11,474,723
14,576,473
8,153,784
17,897,412
Total Capital not being depreciated
$40,000,667
$18,040,958
$8,153,784
$49,887,841
Other Capital Assets:
Buildings and Structures
$24,842,084
$9,223,596
$0
$34,065,680
Other Improvements
22,071,964
7,703,128
0
29,775,092
Machinery and Equipment
47,211,054
2,049,326
290,207
48,970,173
Total Other Capital Assets at
Capitalized Cost
$94,125,102
$18,976,050
$290,207
$112,810,945
Less Accumulated Depreciation for:
Buildings and Structures
$10,691,831
$646,788
$0
$11,338,619
Other Improvements
12,020,078
747,022
0
12,767,100
Machinery and Equipment
12,491,654
2,488,220
260,715
14,719,159
Total Accumulated Depreciation
$35,203,563
$3,882,030
$260,715
$38,824,878
Governmental Activities Capital
Assets, Net of Depreciation
$98,922,206
$33,134,978
$8,183,276
$123,873,908
Business -type Activities
Capital Assets not being
Depreciated:
Land and Land Improvements
$6,976,321
$0
$0
$6,976,321
Construction in Process
6,167,202
7,472,001
4,019,345
9,619,858
Total Capital Assets not being
Depreciated
$13,143,523
$7,472,001
$4,019,345
$16,596,179
Other Capital Assets
Buildings and Structures
$13,806,079
$3,498,836
$0
$17,304,915
Other Improvements
208,697,499
6,435,881
164,743
214,968,637
Machinery and Equipment
5,410,195
95,585
0
5,505,780
Total Other
Capital Assets at Capitalized Cost
$227,913,773
$10,030,302
$164,743
$237,779,332
Less Accumulated Depreciation for:
Buildings and Structures
$2,591,547
$308,273
$0
$2,899,820
Other Improvements
48,796,803
4,218,788
164,743
52,850,848
Machinery and Equipment
4,291,185
148,297
0
4,439,482
Total Accumulated Depreciation
$55,679,535
$4,675,358
$164,743
$60,190,150
Business -type Capital Assets,
Net of Depreciation
$185,377,761
$12,826,945
$4,019,345
$194,185,361
Basic Financial Statements 4-31
2003 Comprehensive Annual Financial Report City of Renton, Washington
At the end of 2003, one hundred seven (107) projects comprise the Construction in Progress. Upon completion,
the projects will be capitalized in the Government -wide Statements in their appropriate categories and in the fund
statements for proprietary funds, if applicable. Construction Commitments at December 31, 2003 are as follows:
NOTE 6. PENSIONS
With the exception of fire fighters employed prior to March 1, 1970, substantially all City full-time and qualifying
part-time employees participate in one of the following statewide retirement systems administered by the
Washington State Department of Retirement Systems, under cost-sharing multiple -employer public employee
defined benefit and defined contribution retirement plans. The Department of Retirement Systems (DRS), a
department within the primary government of the State of Washington, issues a publicly available comprehensive
annual financial report (CAFR) that includes financial statements and required supplementary information for each
plan. The DRS CAFR may be obtained by writing to: Department of Retirement Systems, Communications Unit,
P.O. Box 48380, Olympia, WA 98504-8380.
The City is the administrator of the Fire Fighter's Pension Plan for all fire fighters employed prior to March 1,
1970. The Fire Fighter's Pension Plan is considered part of the City's reporting entity and is included in the City's
financial statements as a pension trust fund. An actuarial report prepared by Milliman, USA may be obtained by
contacting the City of Renton, Office of Finance, 1055 South Grady Way, Renton, WA 98055.
The following disclosures are made pursuant to GASB Statement No. 27, Accounting for Pensions by State and
Local Government Employers.
Public Employees Retirement System (PERS) Plans 1, 2, and 3
Plan Description
PERS is a cost-sharing multiple -employer retirement system comprised of three separate plans for membership
purposes: Plans 1 and 2 are defined benefit plans and Plan 3 is a combination defined benefit/defined contribution
plan. Membership in the system includes: elected officials; state employees; employees of the Supreme, Appeals,
and Superior courts (other than judges currently in a judicial retirement system); employees of legislative
committees; community and technical colleges, college and university employees (not in national higher education
retirement programs); judges of district and municipal courts; and employees of local governments. PERS
participants who joined the system by September 30, 1977, are Plan 1 members. Those joined on or after October
1, 1977 and by either February 28, 2002 for state and higher education employees, or August 31, 2002 for local
government employees, are Plan 2 members unless they exercise an option to transfer their membership to Plan 3.
PERS participants joining the system on or after March 1, 2002 for state and higher education employees, or
September 1, 2002 for local government employees have the irrevocable option of choosing membership in either
PERS Plan 2 or PERS Plan 3. The option must be exercised within 90 days of employment. An employee is
reported in Plan 2 until a choice is made. Employees who fail to choose within 90 days default to PERS Plan 3.
PERS defined benefit retirement benefits are financed from a combination of investment earnings and employer
and employee contributions. PERS retirement benefit provisions are established in state statute and may be
amended only by the State Legislature.
4-32 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
Plan 1 retirement benefits are vested after an employee completes five years of eligible service. Plan 1 members
are eligible for retirement at any age after 30 years of service, or at age 60 with five years of service, or at age 55
with 25 years of service. The annual pension is 2 percent of the average final compensation per year of service,
capped at 60 percent. The average final compensation is based on the greatest compensation during any 24 eligible
consecutive compensation months. If qualified, after reaching age 66, a cost -of -living allowance is granted based
on years of service credit and is capped at 3 percent annually.
Plan 2 retirement benefits are vested after an employee completes five years of eligible service. Plan 2 members
may retire at age 65 with five years of service, or at 55 with 20 years of service, with an allowance of 2 percent of
the average final compensation per year of service. The average final compensation is based on the greatest
compensation during any eligible consecutive 60 -month period. Plan 2 retirements prior to age 65 receive reduced
benefits. If retirement is at age 55 or older with 30 years of service, a 3 percent per year reduction applies;
otherwise an actuarial reduction will apply. There is no cap on years of service credit; and a cost -of -living
allowance is granted (indexed to the Seattle Consumer Price Index), capped at 3 percent annually.
Plan 3 has a dual benefit structure. Employer contributions finance a defined benefit component, and member
contributions finance a defined contribution component. The defined benefit portion provides a benefit calculation
at 1 percent of the average final compensation per year of service. The average final compensation is based on the
greatest compensation during any eligible consecutive 60 -month period. Plan 3 members become eligible for
retirement if they have at least ten years of service; or five years including twelve months that were earned after
age 54; or five service credit years earned in PERS 2 prior to June 1, 2003. Plan 3 retirements prior to age 65
receive reduced benefits. If retirement is at age 55 or older with at least 30 years if service; a 3 percent per year
reduction applies; otherwise an actuarial reduction will apply. There is no cap on years of service credit; and Plan
3 provides the same cost -of -living allowance as Plan 2. The defined contribution portion can be distributed in
accordance with an option selected by the member, either as a lump sum or pursuant to other options authorized by
the Employee Retirement Benefits Board.
There are 1,167 participating employers in PERS. Membership in PERS consisted of the following as of the latest
actuarial valuation date for the plans of September 30, 2002:
Retirees and Beneficiaries Receiving Benefits
63,756
Terminated Plan Members Entitled To But Not Yet Receiving Benefits
19,152
Active Plan Members Vested
98,994
Active Plan Members Non -vested
55,191
Total
237,093
Funding Policy
Each biennium the state Pension Funding Council adopts Plan 1 employer contribution rates, Plan 2 employer and
employee contributions rates, and Plan 3 employer contribution rates. Employee contribution rates for Plan 1 are
established by statute at 6 percent for state and local government unit employees, and 7.5 percent for state
government elected officers. The employer and employee rates for Plan 2 and the employer contribution rates for
Plan 3 are developed by the Office of the State Actuary to fully fund Plan 2 and the defined benefit portion of
Plan 3. All employers are required to contribute at the level established by the Legislature. PERS 3 defined
contribution is a non-contributing plan for employers. Employees who participate in the defined contribution
portion of PERS 3 do not contribute to the benefit portion of PERS Plan 3. The Employee Retirement Benefits
Board sets Plan 3 employee contribution rates. Six rate options are available ranging form 5 to 15 percent; two of
the options are graduated rates dependent on the employee's age. The methods used to determine the contribution
requirements are established under state statute in accordance with Chapters 41.40 and 41.45 RCW.
Basic Financial Statements 4-33
2003 Comprehensive Annual Financial Report City of Renton, Washington
The required contribution rates expressed as a percentage of current -year covered payroll, as of December 31, 2003
were as follows:
*The employer rates include the employer administration expense fee currently at .22%
**Plan 3 defined benefit portion only
***Variable from 5.0% minimum to 15.0% maximum based on rate selected by the PERS 3 member.
Both the City and the employees made the required contributions. The City's required contributions for years
ended December 31, were as follows:
Year PERS Plan I PERS Plan 2 PERS Plan 3
2003 $26,914 $257,812 $24,838
2002 $31,176 $295,093 $431
2001 $79,263 $577,116 $0
Law Enforcement Officer's and Fire Fi2hter's Retirement System (LEOFF) Plans 1 & 2
Plan Description
LEOFF is a cost-sharing multiple -employer retirement system comprised of two separate defined benefit plans.
Membership in the system includes all full-time, fully compensated; local law enforcement officers and
firefighters. LEOFF is comprised primarily of non -state employees. LEOFF participants who joined the system by
September 30, 1977 are Plan 1 members. Those who joined on or after October 1, 1977 are Plan 2 members.
Effective January 1, 2003 firefighter emergency medical technicians (EMTs) may transfer PERS Plan 1 or Plan 2
service credit to LEOFF Plan 2 if while employed for the city, town, county or district, the EMT's job was
relocated to a fire department from another city, town, county or district, LEOFF defined benefits are financed
from a combination of investment earnings, employer and employee contributions, and a special funding situation
in which the state pays the remainder through state legislative appropriations. LEOFF retirement benefit
provisions are established in state statute and may be amended only by the State Legislature.
Plan 1 retirement benefits are vested after an employee completes five years of eligible service. Plan 1 members
are eligible for retirement with five years of service at the age of 50. The benefit per year of service calculated as a
percent of final average salary is as follows:
Term of i
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less than 10 years 1.0%
The final average salary is the basic monthly salary received at the time of retirement, provided a member has held
the same position or rank for 12 months preceding the date of retirement. Otherwise, it is the average of the highest
consecutive 24 months' salary within the last 10 years of service. If membership was established in LEOFF after
February 18, 1974, the service retirement benefit is capped at 60 percent of final average salary. A cost -of -living
allowance is granted (indexed to the Seattle Consumer Price Index.)
4-34 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
Plan 2 retirement benefits are vested after an employee completes five years of eligible service. Plan 2 members
may retire at the age of 50 with 20 years of service, or at age 53 with five years of service, with an allowance of 2
percent of the final average salary per year of service. The final average salary is based on the highest consecutive
60 months. Plan 2 retirements prior to age 53 are reduced 3 percent for each year that the benefit commences prior
to age 53. There is no cap on years of service credit; and a cost -of -living allowance is granted (indexed to the
Seattle Consumer Price Index), capped at 3 percent annually.
There are 359 participating employers in LEOFF. Membership in LEOFF consisted of the following as of the
latest actuarial valuation date for the plans of September 30, 2002:
Retirees and Beneficiaries Receiving Benefits
8,231
Terminated Plan Members Entitled To But Not Yet Receiving Benefits
398
Active Plan Members Vested
11,222
Active Plan Members Non -vested
3,936
Total
23,787
Funding Policy
Starting on July 1, 2000, Plan 1 employers and employees will contribute zero percent as long as the plan remains
fully funded. Employer and employee contribution rates are developed by the Office of the State Actuary to fully
fund the plan. Plan 2 employer and employees are required to pay at the level adopted by the Department of
Retirement Systems in accordance with Chapter 41.45 RCW All employers are required to contribute at the level
required by state law. The Legislature, by means of a special funding arrangement, appropriated money from the
state General Fund to supplement the current service liability and fund the prior service cost of Plan 2 in
accordance with the requirements of the Pension Funding Council. However, this special funding situation is not
mandated by the state constitution and this funding requirement could be returned to the employers by a change is
statute. The methods used to determine the contribution rates are established under state statute in accordance with
chapters 41.26 and 41.45 RCW.
The required contribution rates expressed as a percentage of current -year covered payroll, as of December 31,
2003, were as follows:
Contributor LEOFF Plan 1 LEOFF Plan 2
Employer* .022% 3.25%
Employee .00% 5.05%
State n/a 2.02%
*The employer rates include the employer administration expense fee currently at .22%,
Both the City and the employees made the required contributions. The City's required contributions for years
ended December 31, were as follows:
Year LEOFF Plan I LEOFF Plan 2
2003 $3,632 $403,392
2002 $3,609 $369,533
2001 $3,834 $433,021
Basic Financial Statements 4-35
2003 Comprehensive Annual Financial Report
Fire Fighter's Pension
Plan Description
City of Renton, Washington
The Fire Fighter's Pension Plan is a closed, single -employer, defined benefit pension plan established in
accordance with RCW 41.18 and Renton Municipal Code. This plan provides retirement and disability benefits,
annual cost -of -living adjustments, and death benefits to plan members and beneficiaries. This system was
established for fire fighters employed prior to March 1, 1970, when the LEOFF retirement system was established.
The retirement benefits vest after 20 years of service. Members may retire after 25 years of service regardless of
age; and after age 50 with 20 or more years of service. At December 31, 2003, there were 43 members in the
System:
Retirees and Beneficiaries Receiving Benefits
35
Retirees Currently Receiving Full Retirement Through LEOFF
8
Active Plan Members Vested
0
Active Plan Members Non -vested
0
Total
43
Funding Policy
Under State law, the Fire Fighter's Pension Plan is provided an allocation of all monies received by the State from
taxes on fire insurance premiums; interest earnings; member contributions made prior to the inception of LEOFF;
and City contributions required to meet projected future pension obligations. Costs of administering the Fire
Fighter's Pension Plan and paid by the Plan. For 2003, this cost was $11,466. An actuarial valuation is done every
two years and was completed as of January 1, 2003. The recap of the last three valuations are as follows:
Significant actuarial assumptions used in the valuation include: 1) 5 percent inflation rate, 2) 6 percent investment
return, compounded annually; 3) 5 percent salary increase annually; 4) 5 percent post-retirement benefit increase
annually; 5) level dollar amortization method; and 6) 30 -year open amortization period. All assets are carried on a
market value basis. There were no material changes to the benefit provisions, actuarial funding method (the
modified aggregate cost method) or other significant factors that affect contributions required.
The Annual Required Contribution (ARC) was computed using an alternate funding method, the Entry Age
Normal Cost Method. Under this method the projected benefits are allocated on a level basis as a percentage of
salary over the earnings of each individual between entry age and assumed exit age. The amount allocated to each
year is called the Normal Cost and the portion of the Actuarial Present Value of all benefits not provided for by
future Normal Cost payments is called the Actuarial Accrued Liability. Since all members have already retired, the
amount of the Normal Cost is zero. The Unfunded Actuarial Accrued Liability (UAAL) is the Actuarial Accrued
Liability minus the actuarial value of the Fund's assets. The actuarial accrued liability is equal to the actuarial
value of assets. The three-year trend of annual pension cost and net pension obligation is recapped as follows:
4-36 Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
Employees are not required to make contributions. The contributions to the System for 2003 include $63,088 from
fire insurance premiums and $202,035 of investment income.
NOTE 7. OTHER POST EMPLOYMENT BENEFITS
In addition to the pension benefits described in Note 6, the City provides post employment benefits in accordance
with State statute to all LEOFF I (law enforcement officers and fire fighters hired prior to 10/1/77) and Fire
Pension (fire fighters hired prior to 3/1/70) retirees. Currently there are 98 LEOFF I retirees who receive necessary
medical and hospitalization coverage and 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 $704,682.72 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 $58.70 per month for 48
LEOFF I retirees and 5 Fire Pension retirees.
NOTE 8. CONTINGENCIES
Liti ag tion
The City has recorded in it's financial statements all material liabilities, including an estimate for situations which
are not yet resolved but where, based on available information, management believes it is probable that the City
will have to make payment. In the opinion of management, the City's insurance policies and/or self-insurance
reserves are adequate to pay all known or pending claims.
Contingencies under Grant Provisions
The City participates in a number of federal and state assisted programs. These grants are subject to audit by the
grantors of their representatives. Such audits could result in requests for reimbursement to grantor agencies for
expenditures disallowed under the terms of the grants. The City's management believes that such disallowances, if
any will be immaterial.
Bond Indentures
The City is in compliance with all significant bond indenture and restrictions.
Basic Financial Statements 4-37
2003 Comprehensive Annual Financial Report
Construction Commitments
Refer to Note 5.
NOTE 9. RISK MANAGEMENT
City of Renton, Washington
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters. The City of Renton protects itself against
unforeseen losses by utilizing a three -pronged risk management approach. First, the City self -funds first level
losses through its Insurance Fund. Second, excess insurance is purchased to cover medium and large losses. And
third, the City reserves the right to utilize the provisions of RCW 35A.31.060 to fund catastrophic or uninsured
losses. This State statute allows cities to levy a non -voted property tax increase to pay for uninsured claims. An
analysis of the self-insurance retention levels, limits of insurance, and claims administrators for the major types of
coverage are as follows:
Type of i g.
Risk Retention
Claims
AggregateAmount
Occurrence
Administrator
Property
$25,000
Wa Cities Ins
$500,000,000
Wa Cities Ins
Authority
(per occurrence subject
Authority
to sub -limits)
Liability
$250,000
Wa Cities Ins
$14,000,000
Wa Cities Ins
Authority
(per occurrence)
Authority
Auto Liability
$250,000
Wa Cities Ins
$14,000,000
Wa Cities Ins
Authority
(per occurrence)
Authority
Boiler & Machinery
$5,000
Arthur J.
$50,000,000
Zurich
Gallagher
Public Officers
$250,000
Wa Cities Ins
$10,000,000
Wa Cities Ins
Authority
Authority
Crime
$10,000
Arthur J.
$1,000,000
Travelers Casualty
Gallagher
& Surety
Airport Liability
$0
Arthur J.
$50,000,000
Ace Property &
Gallagher
Casualty
Underground
$10,000
Arthur J.
$1,000,000
Commerce &
Storage Tank
Gallagher
Industry
Worker's Comp
$300,000
Johnston &
$1,000,000
Midwest Casualty
Culbertson
Employee Health
$190,000
HMA, Inc
n/a
Safeco
During 2003, there were no reductions in insurance coverage, and settlements for the last three years have not
exceeded insurance coverage.
The City of Renton is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW (self-insurance regulation) and Chapter 39.34 RCW (Interlocal Cooperation Act),
nine cities originally formed WCIA on January 1, 1981. WCIA was created for the purpose of providing a pooling
mechanism for jointly purchasing insurance, jointly self-insuring, and/or jointly contracting for risk management
services. WCIA has a total of over 100 members.
New members initially contract for a three-year term, and thereafter automatically renew on an annual basis. A
one-year withdrawal notice is required before membership can be terminated. Termination does not relieve a
former member from its unresolved loss history incurred during membership.
4-38 Basic Financial Statements
2003 Comprehensive Annual Financial Report City of Renton, Washington
Liability coverage is written on an occurrence basis, without deductibles. Coverage includes general, automobile,
police professional, public officials' errors or omissions, stop gap, and employee benefits liability. Limits are $1
million per occurrence in the primary layer, $2 million per occurrence, subject to a $12 million annual aggregate,
in the excess layer, and $11 million per occurrence in the second excess layer with no annual aggregate except $10
million per member for public officials errors and omissions. The second excess layer is insured by the purchase
of reinsurance and insurance. Total limits are $14 million per occurrence. The Board of Directors determines the
limits and terms of coverage annually.
Insurance coverage for property, automobile physical damage, fidelity, inland marine, and boiler and machinery
are purchased on a group basis. Various deductibles apply by type of coverage. Property insurance and auto
physical damage are self-funded from the members' deductible to $250,000, for all perils other than flood and
earthquake, and insured above that amount by the purchase of reinsurance.
In-house services include risk management consultation, loss control field services, claims and litigation
administration, and loss analyses. WCIA contracts for the claims investigation consultants for personnel issues
and land use problems, insurance brokerage, and lobbyist services.
WCIA is fully funded by its members, who make annual assessments on a prospectively rated basis, as determined
by an outside, independent actuary. The assessment covers loss, loss adjustment, and administrative expenses. As
outlined in the interlocal, WCIA retains the right to additionally assess the membership for any funding shortfall.
An investment committee, using investment brokers, produces additional revenue by investment of WCIA's assets
in financial instruments which comply with all State guidelines. These revenues directly offset portions of the
membership's annual assessment.
A Board of Directors governs WCIA, which is comprised of one designated representative from each member.
The Board elects an Executive Committee and appoints a Treasurer to provide general policy direction for the
organization. The WCIA Executive Director reports to the Executive Committee and is responsible for conducting
the day-to-day operations of WCIA.
The City's Risk Management Program is administered by the Human Resources and Risk Management
Administrator, with claims being processed by the independent claims administrators noted above. As of
December 31, 2003, the City had accrued the following amounts for outstanding claims:
Claims settlements and loss expenses are accrued in the Insurance Fund for the estimated settlement value of both
reported and unreported claims. The Insurance Fund is used for collecting interfund premiums from insured funds
and departments, and for paying claims settlements. Interfund premiums are assessed on the basis of claims
history, number of employees, and value of assets. The following presents changes in claims liabilities the current
and previous year:
Basic Financial Statements 4-39
2003 Comprehensive Annual Financial Report
City of Renton, Washington
2003
Property:
i
'Employee
Liability
Compensation
Health
IBNR Claims at
$359,920
$637,322
$883,263
$1,880,505
Beginning of the Year
Current Year and
$2,151,552
$699,655
$5,795,241
$8,646,448
Changes in Estimates
Claims Payments
($1,589,739)
($821,707)
($5,640,758)
(8,052,204)
IBNR Claims at End of
$921,733
$515,270
$1,037,746
$2,474,749
the Year
2002
Property:Worker's
Liability
Compensation
Health
IBNR Claims at
$302875
$461,520
745,149
$1,509,544
Beginning of the Year
Current Year and
530,482
854,084
5,439,671
6,824,237
Changes in Estimates
Claims Payments
(473,437)
(678,282)
(5,301,557)
(6,453,276)
IBNR Claims at End of
$359,920
$637,322
$883,263
$1,880,505
the Year
NOTE 10. INTERFUND TRANSACTIONS
Interfund transactions are classified as follows:
Services Provided — Transactions that would be treated as revenues, expenditures, or expenses if they involve
external organizations, such as buying goods and services or payments in lieu of taxes, are similarly treated
when they involve other funds of the City of Renton.
2. Transfers — Transactions to support the operations of other funds are recorded as "Transfers" and classified
with "Other Financing Sources or Uses" in the fund statements. Transfers between governmental or propri-
etary funds are netted as part of the reconciliation to the Government -wide financial statements.
Contributions — Contributions to the capital of enterprise or internal service funds, transfers of capital assets
between proprietary and governmental funds, transfers to establish or reduce working capital in other funds,
and transfers remaining balances when funds are closed are classified non-operating revenue.
4. Loans/Advances — Loans between funds are classified as interfund loans receivable and payable or as
advances to and from other funds in the fund statements. Interfund loans do not affect total fund equity, but
advances to other funds are offset by a reservation of fund equity. Loans and Advances are subject to elimi-
nation upon consolidation.
4-40 Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
As of December 31, 2003, outstanding interfund balances (resulting from various interfund transactions) were as
follows:
Fund
General Fund
Receivable Pa�able
$5,700
$568
Parks
$0
$614
Street
$41,403
$45
CDBG
$0
$37
Fire Impact
$0
$185
Municipal
$0
$1,141
General CIP
$0
$36,291
Waterworks Utility
$48,137
$47,563
Airport
$0
$5,582
Golf Course
$0
$4,457
Equipment Rental
$2,048
$0
Insurance
$0
$804
Totals*
$97,288
$97,287
*Difference is the result of rounding individual fund numbers
in the aggregate.
The following is a reconciliation of interfund advances (expected to be paid within two years):
Operating transfers for 2003 were as follows:
Fund
General
Transfer In Transfer
$0
Out
$1,575,000
Fund
General Fund
Receivable
$75,000
Payable
$0
CDBG
$0
$75,000
Leased Property
$0
$880,000
Municipal Facilities
$880,000
$0
Totals
$955,000
$955,000
Operating transfers for 2003 were as follows:
Fund
General
Transfer In Transfer
$0
Out
$1,575,000
Arterial Street
0
353,500
One Percent Art
59,300
0
General Debt
298,000
0
Special Assessment
0
732,600
Fire Impact
0
324,926
Aquatic
0
32,374
Transportation
0
533,300
Municipal
1,267,600
0
General CIP
1,886,800
0
Waterworks
40,000
0
Equipment Rental
0
359,494
Insurance Fund
359,494
0
Totals
$3,911,194
$3,911,194
Basic Financial Statements 4-41
2003 Comprehensive Annual Financial Report
NOTE 11. NET ASSETS
City of Renton, Washington
The government -wide and business type fund financial statements utilize a net asset presentation. Net assets are
the difference between assets and liabilities. Net assets are categorized as investments in capital assets (net of
related debt), restricted, and unrestricted.
A. Investment in Capital Assets (net of related debt) is intended to reflect the portion of net assets which are
associated with non -liquid, capital assets let outstanding capital asset related debt.
The net related debt is the debt less the outstanding liquid assets and any associated unamortized costs.
Additionally, until the infrastructure assets are reported, infrastructure related debt would reduce the
investment in other non -infrastructure fixed assets.
B. Restricted assets are liquid assets (generated from revenues and not bond proceeds) which have third party
(statutory, bond covenant, or granting agency) limitations on their use. The City would typically use restricted
assets first, as appropriated opportunities arise, but reserve the right to selectively defer the use thereof to a
future project or replacement equipment acquisition.
Restricted assets are as follows:
C. Unrestricted assets represent unrestricted liquid assets. The City's management may have plans or tentative
commitments to expend resources certain purposes in future periods. Further legal action will be required to
authorize the actual expenses or expenditures.
NOTE 12. PRIOR YEAR RESTATEMENTS
The following fund financial statements record a prior period adjustment in the amount of $1,986,104. This was
due to an error in accounting resulting in overstatement of interest earnings in the 2002 financial statements as
follows:
Fund
Parks Fund
Fund
Hotel/Motel Tax
Purpose
Tourism
$256,958
CDBG
Advance of Local Government Block Grants
$55,077
Community Development Impact
Mitigation for Park Development
$1,065,347
Fire Impact
Mitigation for Fire Improvements
$1,543,325
Transportation Impact
Mitigation for Transportation Projects
$3,895,852
Waterworks
Debt Service Reserves
$2,606,852
Golf Course
Debt Service Reserves
$441,358
Totals
$9,864,769
C. Unrestricted assets represent unrestricted liquid assets. The City's management may have plans or tentative
commitments to expend resources certain purposes in future periods. Further legal action will be required to
authorize the actual expenses or expenditures.
NOTE 12. PRIOR YEAR RESTATEMENTS
The following fund financial statements record a prior period adjustment in the amount of $1,986,104. This was
due to an error in accounting resulting in overstatement of interest earnings in the 2002 financial statements as
follows:
4-42 Basic Financial Statements
Fund
Parks Fund
Amount
$86,444
Cable Fund
$9,357
Special Assessment Fund
$22,822
Downtown Parkin Fund
$362,560
Fire Impact Fund
$78,503
General C.I.P. Fund
$86,976
Firemen's Pension
$1,339,442
Total Prior Period Adjustment
$1,986,104
4-42 Basic Financial Statements
2003 Comprehensive Annual Financial Report
NOTE 13. SHORT TERM DEBT
City of Renton, Washington
Short term debt is defined as debt with a maturity of one year or less from the date of issuance. The City had no
short term debt in 2003.
NOTE 14. LONG TERM DEBT
The City of Renton's long-term debt consists of General Obligation Debt, repaid mainly from general
governmental revenue sources and Proprietary Debt, repaid from proprietary revenues. These debts are accounted
for in the following areas: 1) The outstanding general obligation debt and special assessment debt are reported in
the government -wide financial statements 2) The repayment, or debt service of the same, is recorded in the Debt
Service Funds; and 3) The proprietary debt liability and repayment of the same are reported in individual
Proprietary Funds. Outstanding debt issues as of December 31, 2003 are as follows:
Type of Debt
General Obligation Bonds:
Limited
Interest
Rates
Issued Date
Maturity
Date
Original
Issued
Amount
1994 G O Bonds
4.60%-6.30%
12/01/94
12/01/04
$980,000
1996 G O Bonds
4.25%-5.40%
10/15/96
10/15/06
553,337
1997 G O Refunding Bonds
5.25%-5.55%
05/01/97
12/01/06
2,683,827
1997 G O Bonds
5.55%-5.75%
05/01/97
12/01/17
14,697,744
2000 G O Valley Comm Bonds
5.31%
09/15/00
12/01/15
2,551,600
2001 G O Refunding Bonds
2.10%-4.85%
10/18/01
12/01/17
13,505,000
2001 G O Bonds
4.90%-5.00%
10/18/01
12/01/21
6,000,000
2002 G O Bonds
2.50%-5.00%
7/15/02
12/01/22
3,895,000
SUBTOTAL LIMITED GO
$44,866,508
Unlimited
1993 G O Refunding Bonds -Senior Housing
2.70%-5.20%
09/01/93
02/01/09
$4,270,000
SUBTOTAL UNLIMITED GO
$4,270,000
TOTAL GENERAL OBLIGATION BONDS
$49,136,508
Installment Contracts:
Certificates of Participation
4.51%
09/01/98
06/01/08
$278,172
TOTAL INSTALLMENT CONTRACTS
$278,172
TOTAL GENERAL OBLIGATION DEBT
$49,414,680
Revenue Bonds:
1998 Water/Sewer Refunding
3.70%-5.10%
03/01/98
06/01/13
$6,120,000
1999 Golf System Refunding
3.25%-5.30%
04/01/99
12/01/15
5,040,000
2002 Water/Sewer
2.50%-5.25%
07/01/02
12/01/15
11,980,000
2003 Water/Sewer Refunding
2.00-3.70%
10/1/03
06/01/13
8,035,000
TOTAL REVENUE BONDS
$31,175,000
Basic Financial Statements 4-43
2003 Comprehensive Annual Financial Report
(Long Term Debt Continued)
City of Renton, Washington
Type of Debt
Public Works Trust Fund Loans:
Interest
Rates
Issued Date
Maturity
Date
Original
Issued
Amount
Sierra Heights Sewer Improvements
3.00%
10/20/92
07/01/12
$888,462
Central Renton Sewer Replacement
1.00%
06/14/93
07/01/15
1,631,800
East Renton Interceptor
2.00%
06/14/93
07/01/13
2,542,704
Dayton Avenue NE
2.00%
05/24/94
07/01/14
96,958
Sanitary Sewer Grouting
2.00%
05/19/94
07/01/04
349,011
NE 27t /Aberdeen Drainage Improvements
1.00%
06/27/95
07/01/15
731,000
East Kennydale Interceptor
2.00%
06/26/96
07/01/16
2,093,740
Honeycreek Interceptor
2.00%
06/26/96
07/01/16
1,840,568
Corrosion Control Treatment Facilities
1.00%
03/26/96
07/01/17
1,106,000
Maplewood Water Improvement
0.50%
1/22/02
7/1/06
425,873
Const. CT Pipeline for Wells
0.50%
11/5/02
7/1/22
522,180
TOTAL PUBLIC WORKS TRUST FUND LOANS
140,000
SUBTOTAL LIMITED GO
$12,228,296
Operating Leases:
$1,158,573
$29,441,010
$1,202,836
Unlimited
Golf Course Lease
3.81%
4/1/03
4/1/06
$73,780
TOTAL OPERATING LEASES
$3,030,000
$0
$365,000
$73,780
Employee Leave Benefits
SUBTOTAL UNLIMITED
GO
$3,030,000
$0
$4,474,429
TOTAL AMOUNT ISSUED ON OUTSTANDING DEBT AS OF
DECEMBER 31, 2003
$385,000
$97,366,185
Type of Debt
Balanced
Owed
01/01/2003
Additions
Deductions
Balanced
Owed
12/31/2II
Due Within
One Year
General Obligation Bonds:
Limited
1994 G O Bonds
$65,000
$0
$30,000
$35,000
$35,000
1996 G O Bonds
396,012
0
10,000
386,012
259,000
1997 G O Refunding Bonds
2,683,827
0
849,573
1,834,254
629,836
1997 G O Bonds
2,037,744
0
0
2,037,744
0
2000 G O Valley Comm
Bonds
2,327,000
0
134,000
2,193,000
139,000
2001 G O Refunding Bonds
13,195,000
0
0
13,195,000
0
2001 G O Bonds
6,000,000
0
0
6,000,000
0
2002 G O Bonds
3,895,000
0
135,000
3,760,000
140,000
SUBTOTAL LIMITED GO
$30,599,583
$0
$1,158,573
$29,441,010
$1,202,836
Unlimited
1993 G O Refunding Bonds-
Senior Housing
$3,030,000
$0
$365,000
$2,665,000
$385,000
SUBTOTAL UNLIMITED
GO
$3,030,000
$0
$365,000
$2,665,000
$385,000
TOTAL GENERAL
OBLIGATION BONDS
$33,629,583
$0
$1,523,573
$32,106,010
$1,587,836
4-44 Basic Financial Statements
2003 Comprehensive Annual Financial Report
For outstanding debt additions and retirements are summarized as follows:
City of Renton, Washington
Type of Debt
Balanced Additions Deductions Balanced Due Within
Owed Owed One Year
01/01/2003 12/31/2II
Installment Contracts:
Certificates of Participation
$167,440
$0
$27,468
$139,972
$28,722
TOTAL INSTALLMENT
CONTRACTS
$167,440
$0
$27,468
$139,972
$28,722
TOTAL GENERAL
OBLIGATION DEBT
$33,797,023
0
$1,551,041
$32,245,982
$1,616,558
Revenue Bonds:
1993 Water/Sewer
$3,530,000 $0 $3,530,000 $0 $0
1993 Water/Sewer Refunding
5,650,000 0 5,650,000 0 0
1994 Water/Sewer
4201000 0 420,000 0 0
1998 Water/Sewer Reftinding
5,545,000 0 245,000 5,300,000 255,000
1999 Golf System Refunding
4,105,000 0 235,000 3,870,000 250,000
2002 Water/Sewer
11,980,000 0 115,000 11,865,000 120,000
2003 Water/Sewer
0 8,035,000 0 8,035,000 1,100,000
TOTAL REVENUE BONDS
$31,230,000 $8,035,000 $10,195,000 $29,070,000 $1,725,000
Public Works Trust Fund Loans:
Sierra Heights Sewer
Improvements
$256,425
$0
$25,642
$230,783
$25,642
Central Renton Sewer
Replacement
1,066,354
0
87,484
978,870
87,483
East Renton Interceptor
1,480,270
0
134,570
1,345,700
134,570
Dayton Avenue NE
61,237
0
5,103
56,134
5,103
Sanitary Sewer Grouting
123,605
0
61,802
61,803
61,803
NE 27` /Aberdeen Drainage
Improvements
553,667
0
42,590
511,077
42,590
East Kenn dale Interceptor
1,635,962
0
116,855
1,519,107
116,855
Hone creek Interceptor
1,356,208
0
96,872
1,259,336
96,872
Corrosion Control Treatment
Facilities
740,354
0
49,356
690,998
491357
Maplewood Water
Improvement
425,873
0
22,414
403,459
22,414
Const. CT Pipeline for Wells
522,180
0
0
522,180
27,483
TOTAL PUBLIC WORKS
TRUST FUND LOANS
$8,222,135
s0
$642,688
$7,579,447
$6701172
Operating Leases:
Yamaha Golf Course Carts
$7,238
$0
$7238
$0
$0
Golf Course Cart Lease
0
73,780
15,675
58,105
24,271
TOTAL OPERATING
LEASES
$7,238
$73,780
$22,913
$58,105
$24,271
Employee Leave Benefits
$4,829,547
$0
$355,118
$4,474,429
$0
TOTAL OUTSTANDING
DEBT
$78,085,943
$8,108,780
$12,766,760
$73,427,963
$4,036,001
Basic Financial Statements 4-45
2003 Comprehensive Annual Financial Report
DEEP DISCOUNT DEBT
City of Renton, Washington
The 1996 Limited General Obligation Bond Issue included capital appreciation bonds that are issued at a deep
discount. The deep -discount debt will mature in the years 2005 and 2006 with an accreted value of $25,000 and
$194,000 respectively. The deep -discount debt is reported in the Government -wide financial statements in the
amount of $127,012, net of the remaining unamortized discount.
The 1997 Limited General Obligation Bond issue included capital appreciation bonds that 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
Government -wide financial statements in the amount of $2,037,744, net of the remaining unamortized discount.
SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT
As of December 31, 2003 the City of Renton has no special assessment debt outstanding.
DEBT LIMIT CAPACITIES
State law provides that debt cannot be incurred in excess of the following percentages of the value of the taxable
property of the City: 1.5 percent without a vote of the people provided the indebtedness with a vote is 1 percent or
less; 2.5 percent with a vote of the people; 5.0 percent with a vote of the people, provided the indebtedness in
excess of 2.5 percent is for utilities; and 7.5 percent with a vote of the people provided the indebtedness in excess
of 5.0 percent is for open space development and parks facilities. Table 5 in the Statistical Section shows the
computation of legal debt margin for general and special purpose capacities for the City of Renton.
REFUNDED DEBT
During 2003, the City issued Water/Sewer Refunding Bonds in the amount of $8,035,000. The proceeds of the
new bond issue have been place in an irrevocable trust to provide for all future debt service payments on the 1993
Water/Sewer, 1993 Water/Sewer Refunding, and 1994 Water/Sewer Bonds. The aggregate difference between the
refunded and refunding debt is $924,152.19. The total economic gain is $601,198. As a result, the refunded bonds
are considered to be defeased and the liability has been removed from the City's financial statements. The total
amount of defeased debt outstanding and removed from the financial statements for this and prior refundings as of
December 31, 2003 amounts to $29,635,000.
ANNUAL DEBT SERVICE REQUIREMENTS
The annual debt service requirements to maturity, including principal and interest, for long-term debt as of
December 31, 2003, are as follows:
Year Ending
December 31
Governmental Activities
Principle
Interest
Business -type
Principle
Interest
2004
$2,286,750
$1,772,476
$1,749,271
$1,203,283
2005
2,130,107
1,867,356
1,915,212
1,150,843
2006
2,111,720
1,882,916
1,958,621
1,091,562
2007
2,175,133
1,876,503
2,025,000
1,021,914
2008
2,167,921
1,872,556
2,105,000
938,700
2009-2013
11,950,206
5,969,370
10,410,000
3,392,561
2014-2018
11,151,414
2,961,453
4,820,000
1,761,365
2019-2023
5,852,176
610,329
4,145,000
553,088
Totals
39,825,427
18,812,959
$29,128,104
$11,113,316
4-46 Basic Financial Statements
2003 Comprehensive Annual Financial Report
AMOUNT AVAILABLE FOR DEBT SERVICE
City of Renton, Washington
Fund balances that have been reserved for debt repayment are $1,879,655 in the debt service funds.
DEBT LIMITATIONS
Refer to Table 5 in the Statistical section for the computation of Legal Debt Margin.
NOTE 15 - DEFERRED CHARGES IN PROPRIETARY FUNDS
As of December 31, 2003, the Waterworks Utility Fund had deferred charges and other assets in the amount of
$769,107 for debt issue costs on the 2002 Revenue and 2003 Refunding Bonds. This amount will be fully
amortized by 2022. The Golf Course Fund amount was $53,697 for the 1999 Refunded Bond debt issue costs and
discount. This amount will be fully amortized by 2016.
NOTE 16. SEGMENT INFORMATION
An identifiable activity (or grouping of activities) required to be accounted for separately, which (a) is reported as
or within an enterprise fund, (b) for which one or more revenue bonds are outstanding, and (c) where the revenue
stream is pledged for payment of, are required to disclose segment information. The City of Renton has no
required segment information to disclose for 2003.
NOTE 17. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and that is owned,
operated, or governed by two or more participants as a separate and specific activity subject to joint control in
which the participants retain (a) an on-going financial interest or (b) an on-going financial responsibility. The City
participates in one joint venture.
VALLEY COMMUNICATIONS CENTER
The "Valley Communications Center" was established August 20, 1976, when an Interlocal Agreement was
entered into by four original participating municipal corporations, including the cities of Renton, Kent, Auburn,
and Tukwila, and Federal Way which was formally admitted during 2000. The agreement is sanctioned by the
provisions and terms of the Interlocal Cooperation Act pursuant to RCW 39.34. The initial duration of the
agreement was five years, and thereafter is automatically extended for consecutive five-year periods.
The purpose of the joint operation, hereafter referred to as Valley Comm, is to provide improved consolidated
emergency communications (dispatch) services for police, fire, and medical aid, to the five participating cities and
to several subscribing agencies which include: King County Fire Districts 2,17 (Black Diamond), 20, 26, 40, 43,
44, 47; City of Pacific Police and Fire Departments; City of Black Diamond Police Department; City of Des
Moines Police Department; SeaTac Fire Department; North Highline Fire Department; King County EMS Units;
and Vashon Island Fire Department. Separate agreements between Valley Com and the subscribing agencies have
been executed, which set forth conditions of services and rates charged.
The City of Renton reports its share of equity interest in the Governmental Activities column within the
Government -wide financial statements under non-current assets. The following is condensed (unaudited) financial
information as of December 31, 2003, on Valley Comm:
Valley Conun Renton
Interest
Assets $27,528,147 22.25%
Liabilities ($492,611)
Total Equity $27,035,536 $4,583,651
*After removing $6,434,857 in assets not subject to the
equity interest calculations.
Basic Financial Statements
4-47
2003 Comprehensive Annual Financial Report
City of Renton, Washington
Completed Financial Statements for Valley Comm can be obtained from the Valley Communications Center,
23807 — 98th Ave South, Kent, WA 98031
NOTE 18. SUBSEQUENT EVENTS
The City intends to issue, later in 2004, Water/Sewer Revenue Bonds in the amount of $10,000,000 for the
construction projects.
4-48 Basic Financial Statements
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL FUND
December 31, 2003
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
General government
Security of persons and property
Physical environment
Economic environment
Mental & physical health
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
$ 11,965,500 $
11,258,500 $
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORGINIAL
FINAL
BASIS
OVER(UNDER)
BASIS
$ 33,992,500 $
33,992,500
$ 34,584,240
$ 735,768 $
35,320,008
1,821,800
1,821,800
2,571,941
(9,134)
2,562,807
1,760,600
1,760,600
2,135,334
(7,970)
2,127,364
1,531,000
2,531,000
2,738,444
2,021
2,740,465
929,100
929,100
950,571
63,811
1,014,382
2,525,900
2,525,900
2,531,992
4,163
2,536,155
-
25,000
61,356
-
61,356
560,000
560,000
648,937
(178,943)
469,994
326,700
326,700
38,505
158
38,663
$ 43,447,600 $
44,472,600
$ 46,261,320
$ 609,874 $
46,871,194
$ 11,965,500 $
11,258,500 $
10,753,487 $
38,346 $
10,791,833
25,849,700
26,868,100
25,928,530
100,824
26,029,354
2,105,500
2,172,800
2,014,208
1,354
2,015,562
3,855,000
4,189,100
3,594,758
5,872
3,600,630
10,600
10,600
10,368
-
10,368
85,500
85,500
29,332
16
29,348
$ 43,871,800 $
44,584,600 $
42,330,683 $
146,412 $
42,477,095
OVER EXPENDITURES $ (424,200) $ (112,000) $ 3,930,637 $ 463,462 $ 4,394,099
OTHER FINANCING SOURCES (USES)
Transfer (out) $ (1,000,000) $ (1,575,000) $ (1,575,000) $ - $ (1,575,000)
Sale of capital assets - 19,129 - 19,129
TOTAL OTHER FINANCE SOURCES (USES) $ (1,000,000) $ (1,575,000) $ (1,555,871) $ - $ (1,555,871)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ (1,424,200) $ (1,687,000) $ 2,374,766 $ 463,462 $ 2,838,228
FUND BALANCE JANUARY 1 $ 1,424,200 $ 1,687,000 $ 3,789,811 $ 213,325 $ 4,003,136
FUND BALANCE DECEMBER 31 $ - $ - $ 6,164,577 $ 676,787 $ 6,841,364
The notes to the financial statements are an integral part of this statement.
Required Supplemental Information 5-1
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - PARKS FUND
December 31, 2003
The notes to the financial statements are an integral part of this statement.
5-2 Required Supplemental Information
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORGINIAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
8,056,200
$ 8,056,200
$ 7,733,393
$ 278,781
$ 8,012,174
Intergovernmental revenues
-
-
3,000
(3,000)
-
Charges for services
1,258,900
1,258,900
1,411,898
8,416
1,420,314
Contributions
3,000
3,000
81,643
50,000
131,643
Interest
30,000
30,000
99,072
(64,856)
34,216
Miscellaneous revenues
-
-
1,447
7
1,454
TOTAL REVENUES
$
9,348,100
$ 9,348,100
$ 9,330,453
$ 269,348
$ 9,599,801
EXPENDITURES
Current:
General government
$
2,279,000
$ 2,511,100
$ 2,403,359
$ 16,610
$ 2,419,969
Economic environment
614,100
592,000
476,810
2,172
478,982
Culture & recreation
6,357,000
6,407,100
6,088,052
2,285
6,090,337
TOTAL EXPENDITURES
$
9,250,100
$ 9,510,200
$ 8,968,221
$ 21,067
$ 8,989,288
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
98,000
$ (162,100) $
362,232
$ 248,281
$ 610,513
FUND BALANCE JANUARY 1
-
162,100
1,276,531
142,874
1,419,405
Prior Priod Adjustment
-
-
(86,444)
(86,444)
FUND BALANCES JANUARY 1 RESTATED $
-
$ 162,100
$ 1,276,531
$ 56,430
$ 1,332,961
FUND BALANCE DECEMBER 31
$
98,000
$ -
$ 1,638,763
$ 304,711
$ 1,943,474
The notes to the financial statements are an integral part of this statement.
5-2 Required Supplemental Information
2003 Comprehensive Annual Financial Report City of Renton, Washington
NON -MAJOR FUNDS
Governmental Funds
Special Revenue Funds
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one-half cent State
Gasoline Tax revenue to cities and towns for construction, improvements, and major repair of streets.
STREET FUND
The Street Fund was established pursuant to state law to account for maintenance and improvements
of the City's street and traffic control systems. Major sources of support are general revenues and
state levied taxes on motor vehicle fuels distributed to the City of Renton.
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
The Community Development Block Grant Fund was established to administer the federally funded
Community Development Block Grant activity.
LIBRARY FUND
Accounts for operation of the City's library system, including central and branch facilities. Resources
to the fund are mainly general tax revenues and library fines.
HOTEL/MOTEL TAX FUND
Accounts for monies collected through an increase of 1 % in hotel/motel taxes for the purpose of
increasing tourism in the City of Renton.
PATHS AND TRAILS RESERVE FUND
The Paths and Trails Reserve Fund was created for the purpose of planning, accommodating, and
establishing and maintaining certain paths and trails within the City of Renton. One-half of one -
percent (1 /2 of I%) of the State levied motor vehicle fuel tax distributed to the City is allocated to this
fund each year.
ONE PERCENT FOR ART FUND
The City of Renton established this fund by contributing 1% of general governmental capital project
funding for art projects.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and development
of cable communications as established by City ordinance.
Combining Fund Statements & Schedules 6-1
2003 Comprehensive Annual Financial Report City of Renton, Washington
Debt Service Funds
1997 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a Council -approved bond issue, which provided funding for the purchase of
Renton City Hall. (2001 GO Refund Bonds)
1978 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a Council -approved bond issue, which provided partial funding for
construction of the Renton Senior Activity Center. (1997 GO Refunding Bonds)
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
Accounts for debt service on installment contracts for equipment, City Shop land purchase, the 1984 and
1985 Limited General Obligation Bond issues for equipment and the 1986 Limited Bond issued to
finance a community center, library improvements, permanent financing for purchase of a golf course,
acquisition of wetland property and equipment.
1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND
Accounts for debt service on a voter -approved bond issue, which provided financing to; acquire,
construct, rehabilitate, equip and develop low income housing for the elderly.
SPECIAL ASSESSMENT DEBT FUND
The Special Assessment Debt Fund accounts for the special assessment collections.
6-2 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report City of Renton, Washington
Capital Project Funds
DOWNTOWN PARKING GARAGE
Accounts for resources and expenditures related to the construction of a downtown parking facility.
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
FIRE IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments to
City facilities.
LEASED CITY PROPERTIES
Accounts for revenue and expenditures related to City property leased to outside entities.
AQUATIC CENTER FUND
Accounts for resources and expenditures related to the construction of the Henry Moses Family
Aquatic Center.
MUNICIPAL FACILITIES CONSTRUCTION FUND
The Municipal Facilities Construction Fund accounts for the acquisition and development of
municipal facilities. Resources included general and special revenue taxes and Council -approved
general obligation bonds.
GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
The General Government Capital Improvement Fund accounts for revenues and expenditures for of
numerous capital improvements projects, to provide infrastructure necessary for controlled growth,
and to address general City needs. Primary resources include; general tax revenues, business licenses
fees, federal and state grants, general obligation bond proceeds and transfers from various cumulative
reserve funds.
Combining Fund Statements & Schedules 6-3
2003 Comprehensive Annual Financial Report
Proprietary Funds
Enterprise Funds
City of Renton, Washington
Provides accounting for revenues and expenses which provides administration, debt services, operation,
capital improvements, and maintenance of the Renton Municipal Airport and Will Rodger -Wily Post
Memorial Seaplane Base. Sources of support to the fund are leases, fuel charges, investment interest, and
grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was crated after the City acquired the Maplewood Golf Course. It accounts for the
operation, maintenance, debt service and capital improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles and
auxiliary equipment except for fire apparatus and replacement of police patrol vehicle. All equipment
costs, including depreciation, are factors in calculating the rates which are charged to each user
department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City departments, including
provisions for losses on property, liability, worker's compensation, unemployment compensation, and the
health care program. Expenses are paid by the Insurance Fund and rates are charged to departments
based on use and/or coverage requirements.
6-4 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 1 of 7
SPECIAL REVENUE FUNDS
Combining Fund Statements & Schedules 6-5
ARTERIAL
ASSETS
STREET
STREET
CDBG
LIBRARY
Cash & cash equivalents
$
61,025
$
783,482
$
99,220
$ 250,464
Investments
100,156
250,391
-
-
Receivables (net of allowances):
Taxes
-
121,291
-
-
Customer accounts
-
7,777
-
-
Accrued interest & penalty
330
825
-
1,433
Due from other funds
-
41,403
-
-
Due from other governmental units
-
-
55,895
-
TOTAL ASSETS
$
161,511
$
1,205,169
$
155,115
$ 251,897
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
$
183,422
$
24,219
$ 4,044
Taxes payable
193
-
-
Retainage payable
3,379
-
-
Due to other funds
45
37
-
Interfund loans payable
-
75,000
-
Accrued employee leave payable
18,442
-
10,509
Total liabilities
$
$
205,481
$
99,256
$ 14,553
Fund balances
Unreserved reported in:
Special revenue funds
$
161,511
$
999,688
$
55,859
$ 237,344
Total fund balances
$
161,511
$
999,688
$
55,859
$ 237,344
TOTAL LIABILITIES AND FUND BALANCES
$
161,511
$
1,205,169
$
155,115
$ 251,897
Combining Fund Statements & Schedules 6-5
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 2 of 7
SPECIAL REVENUE FUNDS
6-6 Combining Fund Statements & Schedules
HOTEL/
PATHS &
ONE PERCENT
CABLE COMM.
TOTAL
ASSETS
MOTEL TAX
TRAILS
ART
& DEVELOPMENT
SRF
Cash &cash equivalents
$
244,112
$ 2,806
$
96,413
$
98,623
$
1,636,145
Investments
-
-
-
100,000
450,547
Receivables (net of allowances):
Taxes
-
-
121,291
Customer accounts
42,846
-
-
50,623
Accrued interest & penalty
-
5,270
2,020
9,878
Due from other funds
-
-
41,403
Due from other governmental units
-
-
-
-
55,895
TOTAL ASSETS
$
286,958
$ 2,806
$
101,683
$
200,643
$
2,365,782
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
1,564
$ -
$
-
$
2,485
$
215,734
Taxes payable
-
-
193
Retainage payable
3,379
Due to other funds
82
Advances payable to other funds
75,000
Accrued employee leave payable
-
-
28,951
Total liabilities
$
1,564
$ -
$
-
$
2,485
$
323,339
Fund balances
Unreserved reported in:
Special revenue funds
$
285,394
$ 2,806
$
101,683
$
198,158
$
2,042,443
Total fund balances
$
285,394
$ 2,806
$
101,683
$
198,158
$
2,042,443
TOTAL LIABILITIES AND FUND BALANCES $
286,958
$ 2,806
$
101,683
$
200,643
$
2,365,782
6-6 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 3 of 7
DEBT SERVICE FUNDS
City of Renton, Washington
Combining Fund Statements & Schedules 6-7
1997 LGO BOND
1978 LGO BOND
ASSETS
REDEMPTION
REDEMPTION
Cash & cash equivalents
$
13,536
$ 25,059
Cash with fiscal agent
-
-
Investments
-
Receivables (net of allowances):
Taxes
-
Accrued interest & penalty
-
Special assessments
-
Restricted assets:
Special assessments deferred
-
-
TOTAL ASSETS
$
13,536
$ 25,059
LIABILITIES AND FUND BALANCES
Liabilities
Matured interest payable
$
$ -
Deferred revenue
Total liabilities
$
$ -
Fund balances
Unreserved reported in:
Debt service funds
$
13,536
$ 25,059
Total fund balances
$
13,536
$ 25,059
TOTAL LIABILITIES AND FUND BALANCES
$
13,536
$ 25,059
City of Renton, Washington
Combining Fund Statements & Schedules 6-7
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 4 of 7
DEBT SERVICE FUND
6-8 Combining Fund Statements & Schedules
GENERAL
1989 UGO BOND
SPECIAL
TOTAL
ASSETS
DEBT
REDEMPTION
ASSESSMENT
DSF
Cash & cash equivalents
$
867,997
$
574,512
$ 10,690
$
1,491,794
Cash with fiscal agent
12,000
10,000
-
22,000
Investments
150,826
-
20,000
170,826
Receivables (net of allowances):
Taxes
214,281
21,546
-
235,827
Accrued interest & penalty
20,025
-
404
20,429
Special assessments
-
-
5,495
5,495
Restricted assets:
Special assessments deferred
-
-
87,568
87,568
TOTAL ASSETS
$
1,265,129
$
606,058
$ 124,157
$
2,033,939
LIABILITIES AND FUND BALANCES
Liabilities
Matured interest payable
$
12,000
$
10,000
$ -
$
22,000
Deferred revenue
-
8,128
87,568
95,696
Total liabilities
$
12,000
$
18,128
$ 87,568
$
117,696
Fund balances
Unreserved reported in:
Debt service funds
$
1,253,129
$
587,930
$ 36,589
$
1,916,243
Total fund balances
$
1,253,129
$
587,930
$ 36,589
$
1,916,243
TOTAL LIABILITIES AND FUND BALANCES $
1,265,129
$
606,058
$ 124,157
$
2,033,939
6-8 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
Combining Fund Statements & Schedules 6-9
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 5 of 7
CAPITAL PROJECT FUNDS
DOWNTOWN C.D. IMPACT
FIRE IMPACT
TRANS. IMPACT
ASSETS
PARKING MITIGATION
MITIGATION
MITIGATION
Cash & cash equivalents
$
1,371,368 $ 560,080
$ 2,968
$
1,634,186
Investments
1,000,000 500,781
1,653,555
2,229,414
Receivables (net of allowances):
Taxes
- -
-
-
Customer accounts
- -
-
-
Accrued interest & penalty
14,802 4,486
46,440
32,252
Due from other governmental units
- -
-
-
Restricted assets:
Advances due from other funds
- -
-
-
TOTAL ASSETS
$
2,386,170 $ 1,065,347
$ 1,702,963
$
3,895,852
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
8,487 $ -
$ 5,819
$
-
Taxes payable
- -
-
-
Retainage payable
330,235 -
153,634
-
Due to other funds
- -
185
-
Interfund loans payable
- -
-
-
Totalliabilities
$
338,722 $ -
$ 159,638
$
-
Fund balances
Reserved for:
Advances to other funds
- -
-
-
Unreserved reported in:
Capital projects funds
$
2,047,448 $ 1,065,347
$ 1,543,325
$
3,895,852
Total fund balances
$
2,047,448 $ 1,065,347
$ 1,543,325
$
3,895,852
TOTAL LIABILITIES AND FUND BALANCES $
2,386,170 $ 1,065,347
$ 1,702,963
$
3,895,852
Combining Fund Statements & Schedules 6-9
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 6 of 7
CAPITAL PROJECT FUNDS
6-10 Combining Fund Statements & Schedules
LEASED
AQUATIC
MUNICIPAL
GENERAL
TOTAL
ASSETS
PROPERTY
CENTER
FACILITIES
C.I.P.
CPF
Cash & cash equivalents
$
190,340
$ 49,756
$ 1,967,555
$ 4,570,419
$ 10,346,672
Investments
-
1,349,713
3,248,278
4,002,420
13,984,161
Receivables (net of allowances):
Taxes
-
-
214,281
-
214,281
Customer accounts
1,643
-
-
-
1,643
Accrued interest & penalty
-
23,244
76,424
20,346
217,994
Due from other governmental units
-
-
-
154,186
154,186
Restricted assets:
-
Advances due from other funds
-
-
880,000
-
880,000
TOTAL ASSETS
$
191,983
$ 1,422,713
$ 6,386,538
$ 8,747,371
$ 25,798,937
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
-
$ 14,157
$ 143,635
$ 263,563
$ 435,661
Taxes payable
30,544
-
-
-
30,544
Retainage payable
1,739
154,187
112,869
153,939
906,603
Due to other funds
-
-
1,141
36,291
37,617
Advances payable to other funds
880,000
-
-
-
880,000
Total liabilities
$
912,283
$ 168,344
$ 257,645
$ 453,793
$ 2,290,425
Fund balances
Reserved for:
Advances to other funds
-
-
880,000
-
880,000
Unreserved reported in:
Capital projects funds
$
(720,300) $
1,254,369
$ 5,248,893
$ 8,293,578
$ 22,628,512
Total fund balances
$
(720,300) $
1,254,369
$ 6,128,893
$ 8,293,578
$ 23,508,512
TOTAL LIABILITIES AND FUND BALANCES
$
191,983
$ 1,422,713
$ 6,386,538
$ 8,747,371
$ 25,798,937
6-10 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 7 of 7
Combining Fund Statements & Schedules 6-11
TOTAL OTHER
TOTAL
TOTAL
TOTAL
GOVERNMENTAL
ASSETS
SRF
DSF
CPF
FUNDS
Cash & cash equivalents
$
1,636,145
$ 1,491,794
$ 10,346,672
$
13,474,611
Cash with fiscal agent
-
22,000
-
22,000
Investments
450,547
170,826
13,984,161
14,605,534
Receivables (net of allowances):
Taxes
121,291
235,827
214,281
571,399
Customer accounts
50,623
-
1,643
52,266
Accrued interest & penalty
9,878
20,429
217,994
248,301
Special assessments
-
5,495
-
5,495
Due from other funds
41,403
-
-
41,403
Due from other governmental units
55,895
154,186
210,081
Restricted assets:
Advances due from other funds
-
-
880,000
880,000
Special assessments deferred
-
87,568
-
87,568
TOTAL ASSETS
$
2,365,782
$ 2,033,939
$ 25,798,937
$
30,198,658
LIABILITIES AND FUND BALANCES
-
Liabilities
-
Accounts payable
$
215,734
$ -
$ 435,661
$
651,395
Taxes payable
193
30,544
30,737
Retainage payable
3,379
906,603
909,982
Due to other funds
82
-
37,617
37,699
Matured interest payable
-
22,000
-
22,000
Interfund loans payable
75,000
-
880,000
955,000
Deferred revenue
-
95,696
-
95,696
Accrued employee leave payable
28,951
-
-
28,951
Total liabilities
$
323,339
$ 117,696
$ 2,290,425
$
2,731,460
Fund balances
Reserved for:
Advances to other funds
-
-
880,000
880,000
Unreserved reported in:
Special revenue funds
2,042,443
-
-
2,042,443
Debt service funds
-
1,916,243
-
1,916,243
Capital projects funds
-
-
22,628,512
22,628,512
Total fund balances
$
2,042,443
$ 1,916,243
$ 23,508,512
$
27,467,198
TOTAL LIABILITIES AND FUND BALANCES
$
2,365,782
$ 2,033,939
$ 25,798,937
$
30,198,658
Combining Fund Statements & Schedules 6-11
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 1 of 7
SPECIAL REVENUE FUNDS
ARTERIAL
STREET STREET CDBG LIBRARY
REVENUES
Taxes
$
$ 3,883,907
$
$
1,435,471
Licenses and permits
32,656
-
Intergovernmental revenues
358,239
766,176
311,859
-
Charges for services
-
-
-
9,320
Fines and forfeits
-
-
41,182
Interfund revenues
945,955
-
-
Contributions
-
-
-
4,178
Interest
1,899
6,836
-
-
Miscellaneous revenues
(1)
99
1
98
TOTAL REVENUES
$
360,137
$ 5,635,629
$
311,860
$
1,490,249
EXPENDITURES
Current:
Transportation
$
-
$ 4,461,387
$
-
$
-
Economic environment
-
311,897
-
Culture & recreation
-
-
1,472,206
Capital outlay
1,135,452
-
TOTAL EXPENDITURES
$
-
$ 5,596,839
$
311,897
$
1,472,206
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
360,137
$ 38,790
$
(37) $
18,043
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ -
$
-
$
-
Transfer (out)
(353,500)
TOTAL OTHER FINANCE SOURCES (USES) $ (353,500) $ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ 6,637 $ 38,790 $
FUND BALANCE JANUARY 1 $ 154,874 $ 960,898 $
Prior Period Adjustment - -
FUND BALANCE JANUARY 1 RESTATED $ 154,874 $ 960,898 $
(37) $ 18,043
55,896 $ 219,301
55,896 $ 219,301
FUND BALANCE DECEMBER 31 $ 161,511 $ 999,688 $ 55,859 $
237,344
6-12 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 2 of 7
SPECIAL REVENUE FUNDS
REVENUES
Taxes $
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES $
EXPENDITURES
Current:
Transportation $
Economic environment
Culture & recreation
Capital outlay
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
HOTEL/
PATHS & ONE PERCENT CABLE COMM.
TOTAL
MOTEL TAX
TRAILS ART & DEVELOPMENT
SRF
143,960 $
- $ - $ 30,000 $
5,493,338
-
- -
32,656
- $
-
1,436,274
201,349
-
9,320
-
41,182
-
- -
945,955
57,925
- -
62,103
15,209
- 6,239 4,051
34,234
217,094
$
- $
6,239 $
34,051
$ 8,055,259
-
$
- $
- $
-
$ 4,461,387
201,349
-
-
513,246
-
-
-
23,393
1,495,599
-
45,701
-
1,181,153
201,349
$
- $
45,701 $
23,393
$ 7,651,385
- $
10,658
$ 403,874
(39,462) $
15,745
$
$
- $
59,300 $
-
$ 59,300
-
-
(353,500)
$
- $
59,300 $
$ (294,200)
EXPENDITURES & OTHER FINANCING USES $ 15,745 $ - $ 19,838 $ 10,658 $ 109,674
FUND BALANCE JANUARY 1 $ 269,649 $ 2,806 $ 81,845 $ 196,857 $ 1,942,126
Prior Period Adjustment - - - (9,357) (9,357)
FUND BALANCE JANUARY 1 RESTATED $ 269,649 $ 2,806 $ 81,845 $ 187,500 $ 1,932,769
FUND BALANCE DECEMBER 31 $ 285,394 $ 2,806 $ 101,683 $ 198,158 $ 2,042,443
Combining Fund Statements & Schedules 6-13
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 3 of 7
DEBT SERVICE FUNDS
1997 LGO BOND 1978 LGO BOND
REDEMPTION REDEMPTION
REVENUES
Taxes
$
654,301
$ 35,101
Special assessments
-
-
Interest
-
242
TOTAL REVENUES
$
654,301
$ 35,343
EXPENDITURES
Debt service:
Principal payment
$
-
$ 24,553
Interest payment
652,064
9,992
TOTAL EXPENDITURES
$
652,064
$ 34,545
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
2,237
$ 798
OTHER FINANCING SOURCES (USES)
Transfer in
$
-
$ -
Transfer (out)
-
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
2,237
$ 798
FUND BALANCE JANUARY 1
$
11,299
$ 24,261
Prior period adjustment
-
-
FUND BALANCE JANUARY 1 RESTATED
$
11,299
$ 24,261
FUND BALANCE DECEMBER 31
$
13,536
$ 25,059
6-14 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 4 of 7
DEBT SERVICE FUND
GENERAL 1989 UGO BOND SPECIAL TOTAL
DEBT REDEMPTION ASSESSMENT DSF
REVENUES
Taxes
$
1,952,967
$ 525,750
$ -
$
3,168,119
Special assessments
-
-
295,673
295,673
Interest
35,632
9,002
9,206
54,082
TOTAL REVENUES
$
1,988,599
$ 534,752
$ 304,879
$
3,517,874
EXPENDITURES
Debt service:
Principal payment
$
1,027,489
$ 365,000
$ -
$
1,417,042
Interest payment
949,525
142,921
3,000
1,757,502
TOTAL EXPENDITURES
$
1,977,014
$ 507,921
$ 3,000
$
3,174,544
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
FUND BALANCE JANUARY 1 $
Prior period adjustment
FUND BALANCE JANUARY 1 RESTATED $
298,000 $ - $ - $ 298,000
- - (732,600) (732,600)
298,000 $
309,585 $ 26,831 $ (430,721) $ (91,270)
943,544 $ 561,099 $ 490,132 $ 2,030,335
- - (22,822) (22,822)
FUND BALANCE DECEMBER 31 $ 1253,129 $ 587,930 $
36,589 $ 1,916,243
Combining Fund Statements & Schedules 6-15
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 5 of 7
CAPITAL PROJECT FUNDS
DOWNTOWN C.D. IMPACT FIRE IMPACT TRANS. IMPACT
REVENUES
Taxes
$
$
Licenses and permits
Intergovernmental revenues
Charges for services
832
Interest
130,212
Miscellaneous revenues
-
TOTAL REVENUES
$
131,044 $
EXPENDITURES
Current:
General government
$
- $
Economic environment
-
Capital outlay
2,297,939
Debt service:
Interest payment
-
TOTAL EXPENDITURES
$
2,297,939 $
EXCESS (DEFICIENCY) OF REVENUES
476,603
13,989
490,592 $
992,272
992,272 $
371,680 388,768
75,084 13,181
446,764 $ 401,949
3,384,510 179,025
OVER EXPENDITURES $ (2,166,895) $ (501,680) $ (2,937,746) $
OTHER FINANCING SOURCES (USES)
Transfer in $ $
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES) $ $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $ (2,166,895) $
222,924
(324,926) (533,300)
$ (324,926) $ (533,300)
(501,680) $ (3,262,672) $ (310,376)
FUND BALANCE JANUARY 1 4,576,903 1,567,027 4,884,500 4,206,228
Prior period adjustment (362,560) - (78,503) -
FUND BALANCE JANUARY 1 RESTATED $ 4,214,343 $ 1,567,027 $ 4,805,997 $ 4,206,228
FUND BALANCE DECEMBER 31 $ 2,047,448 $ 1,065,347 $ 1,543,325 $ 3,895,852
6-16 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 6 of 7
CAPITAL PROJECT FUNDS
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
General government
Economic environment
Capital outlay
Debt service:
Interest payment
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
LEASED
AQUATIC
MUNICIPAL
GENERAL
TOTAL
PROPERTY
CENTER
FACILITIES
C.I.P.
CPF
$ $
34,474,599
$ 1,728,683 $
- $
1,728,683
23,508,512
-
1,631,420
1,631,420
-
969,906
969,906
573,774
980
33,968
1,846,605
-
41,653
192,013
22,762
488,894
$ 573,774 $
41,653
$ 1,921,676 $
2,658,056 $
6,665,508
$ 72,153 $ $ - $ - $ 72,153
- 20,729 - 20,729
- 3,743,601 4,867,961 4,413,725 19,879,033
75,600 - - - 75,600
d, 44� 0' Ao Cn4 Q` 4 000 Gnn N 4 440 Inc 0 nn nA7 C4c
$ 426,021 $ (3,701,948) $ (2,967,014) $ (1,755,669) $ (13,382,007)
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
$ $ 1,267,600 $ 1,886,800 $ 3,154,400
(32,374) - - (890,600)
EXPENDITURES & OTHER FINANCING USES $ 426,221 $ (3,734,322) $ (1,547,494) $ 131,131 $ (10,966,087)
FUND BALANCE JANUARY 1
(1,146,521)
4,988,691 7,676,387 8,249,423
35,002,638
Prior period adjustment
- - (86,976)
(528,039)
FUND BALANCE JANUARY 1 RESTATED
$ (1,146,521) $
4,988,691 $ 7,676,387 $ 8,162,447 $
34,474,599
FUND BALANCE DECEMBER 31
$ (720,300) $
1,254,369 $ 6,128,893 $ 8,293,578 $
23,508,512
Combining Fund Statements & Schedules 6-17
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
December 31, 2003
Page 7 of 7
REVENUES
Taxes $
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Special assessments
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES $
EXPENDITURES
Current:
General government $
Transportation
Economic environment
Culture & recreation
Capital outlay
Debt service:
Principal payment
Interest payment
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
OTHER FINANCING SOURCES (USES)
Transfer in $
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCE SOURCES (USES) $
-
$ -
$ 72,153
TOTAL OTHER
TOTAL
TOTAL
TOTAL
GOVERNMENTAL
SRF
DSF
CPF
FUNDS
5,493,338 $
3,168,119 $
1,728,683
$ 10,390,140
32,656
-
1,631,420
1,664,076
1,436,274
1,417,042
969,906
2,406,180
9,320
1,757,502
1,846,605
1,855,925
41,182
$ 3,174,544
-
41,182
945,955
-
$ (13,382,007)
945,955
-
295,673
$ 3,154,400
295,673
62,103
-
-
62,103
34,234
54,082
488,894
577,210
197
-
-
197
8,055,259 $
3,517,874 $
6,665,508
$ 18,238,641
-
$ -
$ 72,153
$ 72,153
4,461,387
-
-
4,461,387
513,246
-
20,729
533,975
1,495,599
-
-
1,495,599
1,181,153
-
19,879,033
21,060,186
-
1,417,042
-
1,417,042
-
1,757,502
75,600
1,833,102
7,651,385
$ 3,174,544
$ 20,047,515
$ 30,873,444
403,874
$ 343,330
$ (13,382,007)
$ (12,634,803)
59,300
$ 298,000
$ 3,154,400
$ 3,511,700
(353,500)
(732,600)
(890,600)
(1,976,700)
152,120
152,120
1294 200)
$ (434 600)
$ 2 415 920
1, 1 687 120
6-18 Combining Fund Statements & Schedules
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
109,674 $
(91,270) $
(10,966,087) $
(10,947,683)
FUND BALANCE JANUARY 1
1,942,126
2,030,335
35,002,638
38,975,099
Prior period adjustment
(9,357)
(22,822)
(528,039)
(560,218)
FUND BALANCE JANUARY 1 RESTATED $
1,932,769 $
2,007,513 $
34,474,599 $
38,414,881
FUND BALANCE DECEMBER 31 $
2,042,443 $
1,916,243 $
23,508,512 $
27,467,198
6-18 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - ARTERIAL STREET FUND
December 31. 2003
Combining Fund Statements & Schedules 6-19
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Intergovernmental revenues
$ 348,500 $
348,500
$ 358,239
$ -
$ 358,239
Interest
5,000
5,000
1,876
23
1,899
Miscellaneous revenues
-
-
-
(1)
(1)
TOTAL REVENUES
$ 353,500 $
353,500
$ 360,115
$ 22
$ 360,137
TOTAL EXPENDITURES
$ - $
-
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 353,500 $
353,500
$ 360,115
$ 22
$ 360,137
OTHER FINANCING SOURCES (USES)
Transfer (out)
$ (353,500) $
(353,500) $
(353,500)
$ -
$ (353,500)
TOTAL OTHER FINANCE SOURCES (USES)
$ (353,500) $
(353,500) $
(353,500)
$ -
$ (353,500)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ $
$ 6,615
$ 22
$ 6,637
FUND BALANCE JANUARY 1
$ $
$ 154,411
$ 463
$ 154,874
FUND BALANCE DECEMBER 31
$ $
$ 161,026
$ 485
$ 161,511
Combining Fund Statements & Schedules 6-19
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - STREET FUND
December 31, 2003
6-20 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 4,101,300
$ 4,101,300
$ 3,762,615
$ 121,292
$ 3,883,907
Licenses and permits
30,000
30,000
43,558
(10,902)
32,656
Intergovernmental revenues
778,700
778,700
766,176
-
766,176
Interfund revenues
956,400
956,400
933,875
12,080
945,955
Interest
20,000
20,000
6,779
57
6,836
Miscellaneous revenues
25,000
25,000
95
4
99
TOTAL REVENUES
$ 5,911,400
$ 5,911,400
$ 5,513,098
$ 122,531
$ 5,635,629
EXPENDITURES
Current:
Transportation
$ 4,652,400
$ 4,984,400
$ 4,422,996
$ 38,391
$ 4,461,387
Capital outlay
1,259,000
1,228,300
1,135,452
-
1,135,452
TOTAL EXPENDITURES
$ 5,911,400
$ 6,212,700
$ 5,558,448
$ 38,391
$ 5,596,839
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$ (301,300) $
(45,350) $
84,140
$ 38,790
TOTAL OTHER FINANCE SOURCES (USES)
$ -
$ -
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (301,300) $
(45,350) $
84,140
$ 38,790
FUND BALANCE JANUARY 1
$
$ 301,300
$ 936,498
$ 24,400
$ 960,898
FUND BALANCE DECEMBER 31
$ -
$ -
$ 891,148
$ 108,540
$ 999,688
6-20 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - COMMUNITY DEVELOPMENT BLOCK GRANT FUND
December 31. 2003
Combining Fund Statements & Schedules 6-21
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Intergovernmental revenues
$ 305,000
$ 336,561
$ 317,647
$ (5,788) $
311,859
Miscellaneous revenues
-
-
-
1
1
TOTAL REVENUES
$ 305,000
$ 336,561
$ 317,647
$ (5,787) $
311,860
EXPENDITURES
Current:
Economic environment
$ 295,700
$ 336,561
$ 292,538
$ 19,359 $
311,897
TOTAL EXPENDITURES
$ 295,700
$ 336,561
$ 292,538
$ 19,359 $
311,897
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 9,300
$ -
$ 25,109
$ (25,146) $
(37)
TOTAL OTHER FINANCE SOURCES (USES)
$ -
$
$ -
$ $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ 9,300
$
$ 25,109
$ (25,146) $
(37)
FUND BALANCE JANUARY 1
$ -
$
$ (5,786) $
61,682 $
55,896
FUND BALANCE DECEMBER 31
$ 9,300
$
$ 19,323
$ 36,536 $
55,859
Combining Fund Statements & Schedules 6-21
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - LIBRARY FUND
December 31, 2003
6-22 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 1,397,600
$ 1,397,600
$
1,435,471
$ - $
1,435,471
Charges for services
6,000
6,000
9,320
-
9,320
Fines and forfeits
28,000
28,000
41,182
-
41,182
Contributions
1,500
1,500
4,178
-
4,178
Interest
2,000
2,000
-
-
-
Miscellaneous revenues
-
-
96
2
98
TOTAL REVENUES
$ 1,435,100
$ 1,435,100
$
1,490,247
$ 2 $
1,490,249
EXPENDITURES
Current:
Culture & recreation
$ 1,434,100
$ 1,511,300
$
1,470,934
$ 1,272 $
1,472,206
Capital outlay
1,000
1,000
-
-
-
TOTAL EXPENDITURES
$ 1,435,100
$ 1,512,300
$
1,470,934
$ 1,272 $
1,472,206
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$ (77,200) $
19,313
$ (1,270) $
18,043
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$
-
$ - $
-
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ (77,200) $
19,313
$ (1,270) $
18,043
FUND BALANCE JANUARY 1
$
$ 77,200
$
227,103
$ (7,802) $
219,301
FUND BALANCE DECEMBER 31
$
$ -
$
246,416
$ (9,072) $
237,344
6-22 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - HOTEL/MOTEL TAX FUND
December 31. 2003
Combining Fund Statements & Schedules 6-23
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
130,000
$ 130,000
$ 143,960
$ -
$ 143,960
Contributions
66,000
66,000
35,525
22,400
57,925
Interest
4,000
4,000
2,363
12,846
15,209
TOTAL REVENUES
$
200,000
$ 200,000
$ 181,848
$ 35,246
$ 217,094
EXPENDITURES
Current:
Economic environment
$
200,000
$ 261,200
$ 199,784
$ 1,565
$ 201,349
TOTAL EXPENDITURES
$
200,000
$ 261,200
$ 199,784
$ 1,565
$ 201,349
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
-
$ (61,200) $
(17,936) $
33,681
$ 15,745
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
$ (61,200) $
(17,936) $
33,681
$ 15,745
FUND BALANCE JANUARY 1
$
$ 61,200
$ 262,048
$ 7,601
$ 269,649
FUND BALANCE DECEMBER 31
$
$ -
$ 244,112
$ 41,282
$ 285,394
Combining Fund Statements & Schedules 6-23
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - PATHS AND TRAILS FUND
December 31, 2003
6-24 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL FINAL
BASIS
OVER(UNDER)
BASIS
TOTAL REVENUES
$
$ -
$
$ $
TOTAL EXPENDITURES
$
$ -
$
$ $
-
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
$ -
$
$ $
TOTAL OTHER FINANCE SOURCES (USES)
$
$ -
$
$ $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$ -
$
$ $
FUND BALANCE JANUARY 1
$
$ -
$
2,807
$ (1) $
2,806
FUND BALANCE DECEMBER 31
$
$ -
$
2,807
$ (1) $
2,806
6-24 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - ONE PERCENT FOR ART FUND
December 31, 2003
Combining Fund Statements & Schedules 6-25
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Interest
$
$
$ 969
$ 5,270
$ 6,239
TOTAL REVENUES
$
-
$
$ 969
$ 5,270
$ 6,239
EXPENDITURES
Current:
Capital outlay
$
75,000
$ 75,000
$ 45,701
$ -
$ 45,701
TOTAL EXPENDITURES
$
75,000
$ 75,000
$ 45,701
$ -
$ 45,701
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(75,000) $
(75,000) $
(44,732) $
5,270
$ (39,462)
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt
$
75,000
$ 75,000
$ -
$ -
$ -
Transfer in
-
-
59,300
-
59,300
TOTAL OTHER FINANCE SOURCES (USES)
$
75,000
$ 75,000
$ 59,300
$ -
$ 59,300
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
-
$ -
$ 14,568
$ 5,270
$ 19,838
FUND BALANCE JANUARY 1
$
-
$
$ 81,845
$ -
$ 81,845
FUND BALANCE DECEMBER 31
$
$
$ 96,413
$ 5,270
$ 101,683
Combining Fund Statements & Schedules 6-25
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - CABLE COMMUNICATIONS DEVELOPMENT FUND
December 31, 2003
6-26 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAF
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
30,000
$
30,000
$ 30,000
$ - $
30,000
Interest
1,200
1,200
13,442
(9,391)
4,051
Miscellaneous revenues
1,500
1,500
-
-
TOTAL REVENUES
$
32,700
$
32,700
$ 43,442
$ (9,391) $
34,051
EXPENDITURES
Current:
Culture & recreation
$
31,600
$
31,600
$ 23,393
$ - $
23,393
TOTAL EXPENDITURES
$
31,600
$
31,600
$ 23,393
$ $
23,393
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
1,100
$
1,100
$ 20,049
$ (9,391) $
10,658
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$
-
$ -
$ - $
-
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
1,100
$
1,100
$ 20,049
$ (9,391) $
10,658
FUND BALANCE JANUARY 1
$
-
$
-
$ 176,090
$ 20,767 $
196,857
Prior Period Adjustment
-
(9,357)
(9,357)
FUND BALANCE JANUARY 1
$
-
$
-
$ 176,090
$ 11,410 $
187,500
FUND BALANCE DECEMBER 31
$
1,100
$
1,100
$ 196,139
$ 2,019 $
198,158
6-26 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1997 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND (2001 GO Refund Bonds)
December 31, 2003
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
FUND BALANCE JANUARY 1 $
$ - $ 2,236 $ 1 $ 2,237
$ - $ 2,236 $ 1 $
2,237
FUND BALANCE DECEMBER 31 $ $ - $ 13,536 $ $ 13,536
Combining Fund Statements & Schedules 6-27
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 654,300 $
654,300
$ 654,300
$ 1 $
654,301
TOTAL REVENUES
$ 654,300 $
654,300
$ 654,300
$ 1 $
654,301
EXPENDITURES
Debt service:
Interest payment
$ 654,300 $
654,300
$ 652,064
$ - $
652,064
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
FUND BALANCE JANUARY 1 $
$ - $ 2,236 $ 1 $ 2,237
$ - $ 2,236 $ 1 $
2,237
FUND BALANCE DECEMBER 31 $ $ - $ 13,536 $ $ 13,536
Combining Fund Statements & Schedules 6-27
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1978 LIMITED GENERAL OBLIGATION GOND REDEMPTION FUND (1997 GO Refunding Bonds)
December 31. 2003
6-28 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$ 35,100
$ 35,100
$ 35,100
$ 1
$ 35,101
Interest
-
-
242
-
242
TOTAL REVENUES
$ 35,100
$ 35,100
$ 35,342
$ 1
$ 35,343
EXPENDITURES
Debt service:
Principal payment
$ 24,600
$ 24,600
$ 24,553
$ -
$ 24,553
Interest payment
10,500
10,500
9,992
9,992
TOTAL EXPENDITURES
$ 35,100
$ 35,100
$ 34,545
$ -
$ 34,545
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ -
$ -
$ 797
$ 1
$ 798
TOTAL OTHER FINANCE SOURCES (USES)
$ -
$
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ -
$
$ 797
$ 1
$ 798
FUND BALANCE JANUARY 1
$ -
$
$ 24,261
$ -
$ 24,261
FUND BALANCE DECEMBER 31
$ -
$
$ 25,058
$ 1
$ 25,059
6-28 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
December 31, 2003
Combining Fund Statements & Schedules 6-29
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
1,551,300
$ 1,826,300
$ 1,872,686
$ 80,281
$ 1,952,967
Interest
20,000
20,000
16,884
18,748
35,632
TOTAL REVENUES
$
1,571,300
$ 1,846,300
$ 1,889,570
$ 99,029
$ 1,988,599
EXPENDITURES
Debt service:
Principal payment
$
1,028,500
$ 1,185,500
$ 1,161,489
$ (134,000)
$ 1,027,489
Interest payment
842,800
960,800
949,525
-
949,525
TOTAL EXPENDITURES
$
1,871,300
$ 2,146,300
$ 2,111,014
$ (134,000)
$ 1,977,014
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(300,000) $
(300,000) $
(221,444) $
233,029
$ 11,585
OTHER FINANCING SOURCES (USES)
Transfer in
$
300,000
$ 300,000
$ 298,000
$ -
$ 298,000
TOTAL OTHER FINANCE SOURCES (USES)
$
300,000
$ 300,000
$ 298,000
$ -
$ 298,000
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
$
$ 76,556
$ 233,029
$ 309,585
FUND BALANCE JANUARY 1
$
-
$
$ 942,266
$ 11278
$ 943,544
FUND BALANCE DECEMBER 31
$
$
$ 1,018,822
$ 234,307
$ 1,253,129
Combining Fund Statements & Schedules 6-29
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND (Coulon Park)
December 31. 2003
6-30 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED
AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
507,700
$ 507,700
$ 519,913
$ 5,837
$ 525,750
Interest
5,000
5,000
1,822
7,180
9,002
TOTAL REVENUES
$
512,700
$ 512,700
$ 521,735
$ 13,017
$ 534,752
EXPENDITURES
Debt service:
Principal payment
$
365,000
$ 365,000
$ 365,000
$ -
$ 365,000
Interest payment
146,500
146,500
142,921
142,921
TOTAL EXPENDITURES
$
511,500
$ 511,500
$ 507,921
$ -
$ 507,921
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
1,200
$ 1,200
$ 13,814
$ 13,017
$ 26,831
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$ -
$ -
$ -
$ -
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
1,200
$ 1,200
$ 13,814
$ 13,017
$ 26,831
FUND BALANCE JANUARY 1
$
-
$ -
$ 560,697
$ 402
$ 561,099
FUND BALANCE DECEMBER 31
$
1,200
$ 1,200
$ 574,511
$ 13,419
$ 587,930
6-30 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - SPECIAL ASSESSMENT DEBT FUND
December 31, 2003
Combining Fund Statements & Schedules 6-31
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Special assessments
$
293,000 $
293,000 $
295,673
$ - $
295,673
Interest
41,600
41,600
39,462
(30,256)
9,206
TOTAL REVENUES
$
334,600
334,600
335,135
(30,256)
304,879
EXPENDITURES
Debt service:
Interest payment
$
27,000
27,000
3,000
3,000
TOTAL EXPENDITURES
$
27,000
27,000
3,000
-
3,000
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
307,600
307,600
332,135
(30,256)
301,879
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
(307,600)
(732,600)
(732,600)
-
(732,600)
TOTAL OTHER FINANCE SOURCES (USES)
$
(307,600)
(732,600)
(732,600)
-
(732,600)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
(425,000)
(400,465)
(30,256)
(430,721)
FUND BALANCE JANUARY 1
$
425,000
431,155
58,977
490,132
Prior Period Adjustment
-
-
(22,822)
(22,822)
FUND BALANCE JANUARY 1 RESTATED
$
425,000
431,155
36,155
467,310
FUND BALANCE DECEMBER 31
$
$
- $
30,690
$ 5,899 $
36,589
Combining Fund Statements & Schedules 6-31
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - DOWNTOWN PARKING GARAGE
December 31, 2003
6-32 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$ -
$ -
$
832
$ - $
832
Interest
100,000
100,000
311,992
(181,780)
130,212
TOTAL REVENUES
$ 100,000
$ 100,000
$
312,824
$ (181,780) $
131,044
EXPENDITURES
Current:
Capital outlay
$ -
$ 3,923,575
$
2,289,469
$ 8,470 $
2,297,939
TOTAL EXPENDITURES
$ -
$ 3,923,575
$
2,289,469
$ 8,470 $
2,297,939
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 100,000
$ (3,823,575) $
(1,976,645)
$ (190,250) $
(2,166,895)
TOTAL OTHER FINANCE SOURCES (USES)
$ -
$ -
$
-
$ - $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ 100,000
$ (3,823,575) $
(1,976,645)
$ (190,250) $
(2,166,895)
FUND BALANCE JANUARY 1
$ -
$ 3,823,575
$
4,017,760
$ 559,143 $
4,576,903
Prior Period Adjustment
-
-
(362,560)
(362,560)
FUND BALANCE JANUARY 1 RESTATED
$ -
$ 3,823,575
$
4,017,760
$ 196,583 $
4,214,343
FUND BALANCE DECEMBER 31
$ 100,000
$ -
$
2,041,115
$ 6,333 $
2,047,448
6-32 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
December 31. 2003
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
(660,000) $ (985,000) $ (501,429) $ (251) $ (501,680)
FUND BALANCE JANUARY 1 $ 660,000 $ 985,000 $ 1,561,508 $ 5,519 $ 1,567,027
FUND BALANCE DECEMBER 31 $ - $ - $ 1,060,079 $ 5,268 $ 1,065,347
Combining Fund Statements & Schedules 6-33
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$
250,000
$ 250,000
$ 476,603
$ - $
476,603
Interest
40,000
40,000
14,240
(251)
13,989
TOTAL REVENUES
$
290,000
$ 290,000
$ 490,843
$ (251) $
490,592
EXPENDITURES
Capital outlay
$
950,000
$ 1,275,000
$ 992,272
$ - $
992,272
TOTAL EXPENDITURES
$
950,000
$ 1,275,000
$ 992,272
$ - $
992,272
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(660,000) $
(985,000) $
(501,429) $
(251) $
(501,680)
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
(660,000) $ (985,000) $ (501,429) $ (251) $ (501,680)
FUND BALANCE JANUARY 1 $ 660,000 $ 985,000 $ 1,561,508 $ 5,519 $ 1,567,027
FUND BALANCE DECEMBER 31 $ - $ - $ 1,060,079 $ 5,268 $ 1,065,347
Combining Fund Statements & Schedules 6-33
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - FIRE IMPACT MITIGATION FUND
December 31, 2003
6-34 Combining Fund Statements & Schedules
ACTUAL BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$
200,000 $
200,000 $
371,680 $
- $
371,680
Interest
25,000
25,000
108,027
(32,943)
75,084
TOTAL REVENUES
$
225,000 $
225,000 $
479,707 $
(32,943) $
446,764
EXPENDITURES
Capital outlay
$
- $
4,221,800 $
3,379,639 $
4,871 $
3,384,510
TOTAL EXPENDITURES
$
- $
4,221,800 $
3,379,639 $
4,871 $
3,384,510
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
225,000 $
(3,996,800) $
(2,899,932) $
(37,814) $
(2,937,746)
OTHER FINANCING SOURCES (USES)
Transfer (out)
$
(298,000) $
(298,000) $
(324,926) $
- $
(324,926)
TOTAL OTHER FINANCE SOURCES (USES)
$
(298,000) $
(298,000) $
(324,926) $
- $
(324,926)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(73,000) $
(4,294,800) $
(3,224,858) $
(37,814) $
(3,262,672)
FUND BALANCE JANUARY 1
$
73,000 $
4,294,800 $
4,796,546 $
87,954 $
4,884,500
Prior Period Adjustment
-
-
-
(78,503)
(78,503)
FUND BALANCE JANUARY 1 RESTATED
$
73,000 $
4,294,800 $
4,796,546 $
9,451 $
4,805,997
FUND BALANCE DECEMBER 31
$
- $
- $
1,571,688 $
(28,363) $
1,543,325
6-34 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL -TRANSPORTATION IMPACT MITIGATION FUND
December 31, 2003
Combining Fund Statements & Schedules 6-35
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$ 500,000 $
500,000 $
388,768
$ - $
388,768
Interest
85,000
85,000
161,347
(148,166)
13,181
TOTAL REVENUES
$ 585,000 $
585,000 $
550,115
$ (148,166) $
401,949
EXPENDITURES
Capital outlay
$ - $
- $
179,025
$ - $
179,025
TOTAL EXPENDITURES
$ - $
- $
179,025
$ $
179,025
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$ 585,000 $
585,000 $
371,090
$ (148,166) $
222,924
OTHER FINANCING SOURCES (USES)
Transfer (out)
$ (2,451,400) $
(2,451,400) $
(533,300) $
- $
(533,300)
TOTAL OTHER FINANCE SOURCES (USES)
$ (2,451,400) $
(2,451,400) $
(533,300) $
$
(533,300)
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$ (1,866,400) $
(1,866,400) $
(162,210) $
(148,166) $
(310,376)
FUND BALANCE JANUARY 1
$ 1,866,400 $
1,866,400 $
4,021,396
$ 184,832 $
4,206,228
FUND BALANCE DECEMBER 31
$ - $
- $
3,859,186
$ 36,666 $
3,895,852
Combining Fund Statements & Schedules 6-35
2003 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - LEASED CITY PROPERTIES
December 31, 2003
6-36 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Charges for services
$
606,000
$
606,000
$
574,973
$ (1,199) $
573,774
Interest
4,000
4,000
-
-
-
TOTAL REVENUES
$
610,000
$
610,000
$
574,973
$ (1,199) $
573,774
EXPENDITURES
Current:
General government
$
139,300
$
176,800
$
72,153
$ - $
72,153
Debt service:
Principal payment
320,000
320,000
380,000
(380,000)
-
Interest payment
57,600
57,600
75,600
-
75,600
TOTAL EXPENDITURES
$
516,900
$
554,400
$
527,753
$ (380,000) $
147,753
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
93,100
$
55,600
$
47,220
$ 378,801 $
426,021
OTHER FINANCING SOURCES (USES)
Sale of capital assets
$
-
$
-
$
200
$ - $
200
TOTAL OTHER FINANCE SOURCES (USES)
$
-
$
-
$
200
$ - $
200
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
93,100
$
55,600
$
47,420
$ 378,801 $
426,221
FUND BALANCE JANUARY 1
$
-
$
-
$
110,822
$ (1,257,343) $
(1,146,521)
FUND BALANCE DECEMBER 31
$
93,100
$
55,600
$
158,242
$ (878,542) $
(720,300)
6-36 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - AQUATIC CENTER FUND
December 31, 2003
REVENUES
Interest $
TOTAL REVENUES $
EXPENDITURES
Capital outlay $
TOTAL EXPENDITURES $
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES $
OTHER FINANCING SOURCES (USES)
Transfer (out) $
TOTAL OTHER FINANCE SOURCES (USES) $
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
FUND BALANCE JANUARY 1 $
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL
BUDGET TO GAAP
ACTUAL
_ BUDGETARY
DIFFERENCES
GAAP
BASIS
OVER(UNDER)
BASIS
- $ 76,246
$ (34,593) $
41,653
$ 4,899,500 $ 3,743,601 $ - $ 3,743,601
$
(4,899,500) $
(3,667,355) $
(34,593) $
(3,701,948)
$
- $
(32,374) $
- $
(32,374)
_
$
- $
(32,374) $
- $
(32,374)
- $ (4,899,500) $ (3,699,729) $ (34,593) $ (3,734,322)
FUND BALANCE DECEMBER 31 $ $ - $ 1,231,412 $ 22,957 $ 1,254,369
Combining Fund Statements & Schedules 6-37
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - MUNICIPAL FACILITIES CONSTRUCTION FUND
December 31, 2003
6-38 Combining Fund Statements & Schedules
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Taxes
$
1,000,000
$
1,000,000
$ 1,380,402
$ 348,281 $
1,728,683
Charges for services
-
-
980
-
980
Interest
100,000
100,000
296,191
(104,178)
192,013
Miscellaneous revenues
-
-
-
-
-
TOTAL REVENUES
$
1,100,000
$
1,100,000
$ 1,677,573
$ 244,103 $
1,921,676
EXPENDITURES
Current:
Economic environment
$
50,000
$
50,000
$ 20,729
$ - $
20,729
Capital outlay
2,896,000
8,264,700
4,715,739
152,222
4,867,961
TOTAL EXPENDITURES
$
2,946,000
$
8,314,700
$ 4,736,468
$ 152,222 $
4,888,690
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(1,846,000) $
(7,214,700) $
(3,058,895) $
91,881 $
(2,967,014)
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt
$
-
$
-
$ 380,000
$ (380,000) $
-
Transfer in
1,267,600
1,267,600
1,267,600
-
1,267,600
Sale of capital assets
-
-
151,920
-
151,920
TOTAL OTHER FINANCE SOURCES (USES)
$
1,267,600
$
1,267,600
$ 1,799,520
$ (380,000) $
1,419,520
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES $
(578,400) $
(5,947,100) $
(1,259,375) $
(288,119) $
(1,547,494)
FUND BALANCE JANUARY 1
$
578,400
$
5,947,100
$ 6,237,509
$ 1,438,878 $
7,676,387
FUND BALANCE DECEMBER 31
$
-
$
-
$ 4,978,134
$ 1,150,759 $
6,128,893
6-38 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
December 31, 2003
Combining Fund Statements & Schedules 6-39
ACTUAL
BUDGET TO GAAP
ACTUAL
BUDGETED AMOUNTS
BUDGETARY
DIFFERENCES
GAAP
ORIGINAL
FINAL
BASIS
OVER(UNDER)
BASIS
REVENUES
Licenses and permits
$
1,880,000
$ 1,880,000
$ 1,631,475
$
(55) $
1,631,420
Intergovernmental revenues
1,261,600
1,261,600
2,129,416
(1,159,510)
969,906
Charges for services
-
-
59,276
(25,308)
33,968
Interest
-
-
-
22,762
22,762
TOTAL REVENUES
$
3,141,600
$ 3,141,600
$ 3,820,167
$
(1,162,111) $
2,658,056
EXPENDITURES
Capital outlay
$
6,661,200
$ 7,661,200
$ 4,262,358
$
151,367 $
4,413,725
TOTAL EXPENDITURES
$
6,661,200
$ 7,661,200
$ 4,262,358
$
151,367 $
4,413,725
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
$
(3,519,600) $
(4,519,600) $
(442,191) $
(1,313,478) $
(1,755,669)
OTHER FINANCING SOURCES (USES)
Transfer in
$
2,804,900
$ 3,804,900
$ 1,886,800
$
$
1,886,800
TOTAL OTHER FINANCE SOURCES (USES)
$
2,804,900
$ 3,804,900
$ 1,886,800
$
$
1,886,800
EXCESS (DEFICIENCY) OF REVENUES
AND OTHER FINANCING SOURCES OVER
EXPENDITURES & OTHER FINANCING USES
$
(714,700) $
(714,700) $
1,444,609
$
(1,313,478) $
131,131
FUND BALANCE JANUARY 1
$
714,700
$ 714,700
$ 6,847,291
$
1,402,132 $
8,249,423
Prior Period Adjustment
-
-
-
(86,976)
(86,976)
FUND BALANCE JANUARY 1 RESTATED
$
714,700
$ 714,700
$ 6,847,291
$
1,315,156 $
8,162,447
FUND BALANCE DECEMBER 31
$
-
$ -
$ 8,291,900
$
1,678 $
8,293,578
Combining Fund Statements & Schedules 6-39
2003 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2003
Page 1 of 2
City of Renton, Washington
6-40 Combining Fund Statements & Schedules
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
ASSETS
Current assets:
Cash &cash equivalents
$
2,024,823
$
1,161,743
$
3,186,566
Investments at fair value
500,000
250,000
750,000
Receivables (net of allowances):
Customer accounts
37,621
22,431
60,052
Interest - investments
2,794
2,210
5,004
Due from other governmental units
313,379
-
313,379
Inventory of materials and supplies
-
49,353
49,353
Total current assets
$
2,878,617
$
1,485,737
$
4,364,354
Restricted assets:
Cash & residual investments @FMV
$
-
$
441,358
$
441,358
Total restricted assets
-
441,358
441,358
Capital assets (net)
8,824,688
8,970,782
17,795,470
Deferred charges and other assets
-
53,697
53,697
TOTAL ASSETS
$
11,703,305
$
10,951,574
$
22,654,879
6-40 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
NON -MAJOR ENTERPRISE FUNDS
December 31, 2003
Page 2 of 2
LIABILITIES
Current liabilities:
Accounts payable $
Retainage payable
Due to other funds
Accrued interest payable
Accrued employee benefits payable
Accrued taxes payable
Custodial Accounts
Deferred revenue
Operating leases payable
Total current liabilities $
Liabilities payable from restricted assets:
Revenue bonds payable - current $
Total liabilities payable from restricted assets $
Long-term liabilities:
Revenue bonds payable $
Unamortized discounts on revenue bonds
Accrued employee benefits payable
Operating leases payable
Total long-term liabilities $
TOTAL LIABILITIES $
NET ASSETS
Investment in capital assets,
net of related debt $
Restricted
Unrestricted
TnTAI NFT ARSFTS R
City of Renton, Washington
AIRPORT
GOLF COURSE
TOTAL
NON -MAJOR
ENTERPRISE FUNDS
84,102
$
9,668
$ 93,770
124,873
-
124,873
5,582
4,457
10,039
-
15,935
15,935
2,592
3,111
5,703
23,019
8,188
31,207
-
70,975
70,975
44,814
-
44,814
-
24,271
24,271
284,982
$
136,605
$ 421,587
$
250,000
$ 250,000
$
250,000
$ 250,000
$
3,620,000
$ 3,620,000
-
(394,061)
(394,061)
54,082
20,557
74,639
-
33,834
33,834
54,082
$
3,280,330
$ 3,334,412
339,064
$
3,666,935
$ 4,005,999
8,824,688
$
5,402,904
$ 14,227,592
-
441,358
441,358
2,539,553
1,440,377
3,979,930
Combining Fund Statements & Schedules 6-41
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
NON - MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
6-42 Combining Fund Statements & Schedules
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
OPERATING REVENUES:
Charges for services
$
733,306
$ 2,170,909
$ 2,904,215
Other services
44,232
-
44,232
TOTAL OPERATING REVENUES
$
777,538
$ 2,170,909
$ 2,948,447
OPERATING EXPENSES:
Operations and maintenance
$
514,735
$ 1,117,907
$ 1,632,642
Benefit payments
77,827
200,389
278,216
Professional services
34,310
-
34,310
Administrative and general
129,960
245,913
375,873
Insurance
24,100
-
24,100
Taxes
-
9,087
9,087
Depreciation
438,533
20,971
459,504
TOTAL OPERATING EXPENSES
$
1,219,465
$ 1,594,267
$ 2,813,732
OPERATING INCOME (LOSS)
$
(441,927) $
576,642
$ 134,715
NON-OPERATING REVENUES(EXPENSES):
Intergovernmental revenues
$
2,523,769
$ -
$ 2,523,769
Interest revenues
71,301
6,213
77,514
Other non-operating revenues (expenses)
52,730
18,309
71,039
Interest expense
-
(232,495)
(232,495)
Amortization of debt discount and expense
-
(4,908)
(4,908)
NON-OPERATING REVENUE NET OF EXPENSES
$
2,647,800
$ (212,881) $
2,434,919
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
$
2,205,873
$ 363,761
$ 2,569,634
Capital Contributions
-
4,000
4,000
CHANGE IN NET ASSETS
$
2,205,873
$ 367,761
$ 2,573,634
NET ASSETS, JANUARY 1
$
9,158,368
$ 6,916,878
$ 16,075,246
NET ASSETS, DECEMBER 31
$
11,364,241
$ 7,284,639
$ 18,648,880
6-42 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
PAGE 1 OF 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
Other operating receipts 88,464
Other non-operating receipts (260,649)
NET CASH PROMDED(USED) BY
OPERATING ACTIVITIES $ (114,346) $
NET CASH PROMDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES $ -
City of Renton, Washington
TOTAL
NON -MAJOR
GOLF COURSE ENTERPRISE FUNDS
2,169,131 $ 2,888,857
(461,942)
AIRPORT
CASH FLOWS FROM OPERATING ACTIVITIES:
(217,128)
Cash received for services $
719,726 $
Cash received from other funds for services
- $
Cash paid to suppliers for goods & services
(275,694)
Cash paid to other funds for goods & services
(48,013)
Cash paid to employees
(338,180)
Cash paid for city utility taxes
Capital grants 2,523,769
Other operating receipts 88,464
Other non-operating receipts (260,649)
NET CASH PROMDED(USED) BY
OPERATING ACTIVITIES $ (114,346) $
NET CASH PROMDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES $ -
City of Renton, Washington
TOTAL
NON -MAJOR
GOLF COURSE ENTERPRISE FUNDS
2,169,131 $ 2,888,857
(461,942)
(737,636)
(169,115)
(217,128)
(931,118)
(1,269,298)
- 88,464
18,309 (242,340)
625,265 $ 510,919
CASH FLOWS FROM CAPITAL
$
2,575,000
FINANCING ACTIVITIES:
Payments for investments
Proceeds from the sale of equipment $ - $
- $
-
Acquisition & construction of capital assets (3,303,725)
(95,175)
(3,398,900)
Capital contributions
-
Capital grants 2,523,769
-
2,523,769
Principal payments on bonds -
(184,133)
(184,133)
Interest payments on bonds -
(203,541)
(203,541)
NET CASH PROMDED(USED) BY
$
(303,666)
CAPITAL FINANCING ACTIVITIES $ (779,956) $
(482,849) $
(1,262,805)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments
$
2,575,000
$ 1,825,000 $
Payments for investments
(2,075,000)
(1,375,000)
Interest on investments
90,636
20,373
NET CASH PROMDED(USED) BY
INVESTING ACTIVITIES
$
590,636
$ 470,373 $
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
$
(303,666)
$ 612,789 $
CASH & CASH EQUIVALENTS, JANUARY 1
$
2,328,489
$ 990,312 $
CASH & CASH EQUIVALENTS, DECEMBER 31
$
2,024,823
$ 1,603,101 $
309,123
3,318,801
3,627,924
Comhining Fund Statements & Schedules 6-43
2003 Comprehensive Annual Financial Report
City of Renton, Washington
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
PAGE 2OF2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
Other non-operating revenue
(Increase)decrease in
accounts receivable
(Increase)decrease in due from
other funds/governmental units
(Increase)decrease in inventory
& prepaid items
Increase(decrease)in vouchers
retainage payable
Increase(decrease) in due to
other governmental units
Increase(decrease) in payables
& other short-term liabilities
Increase(decrease)in
customer deposits
Increase(decrease)in
deferred revenues
Increase(decrease)in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Borrowing under operating leases
AIRPORT
GOLF COURSE
TOTAL
NON -MAJOR
ENTERPRISE FUNDS
$ (441,927) $
576,642
$ 134,715
438,533
20,971
459,504
52,730
18,309
71,039
(21,382)
879
(20,503)
(269,147)
(269,147)
16,278
16,278
107,373
4,588
111,961
224
4,457
4,681
(686)
(1,948)
(2,634)
(709)
(709)
8,488
8,488
11,448
(14,202)
(2,754)
$ 327,581 $
48,623
$ 376,204
$ (114,346) $
625,265
$
510,919
$ - $
58,105
$
58,105
6-44 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2003
Page 1 of 2
ASSETS
Current assets:
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Customer accounts
Interest - investments
Due from other funds
Prepayments
Total current assets
Property, Plant, and Equipment:
Capital assets (net)
Total Property, Plant, and Equipment
Deferred charges and other assets
TOTAL ASSETS
City of Renton, Washington
EQUIPMENT
RENTAL
INSURANCE
FUND
TOTAL
INTERNAL
SERVICE FUNDS
$ 1,094,852
$ 5,607,729
$ 6,702,581
2,350,000
2,000,000
4,350,000
1,083
4,875
5,958
73,911
91,742
165,653
2,048
-
2,048
77,260
3,000
80,260
$ 3,599,154
$ 7,707,346
$ 11,306,500
$ 4,651,457
$ 31,073
$ 4,682,530
$ 4,651,457
$ 31,073
$ 4,682,530
$ 8,250,611
$ 7,738,419
$ 15,989,030
Combining Fund Statements & Schedules 6-45
2003 Comprehensive Annual Financial Report
LIABILITIES
Current liabilities:
Accounts payable
Due to other funds
Accrued employee benefits payable
Total current liabilities
Long-term liabilities:
Accrued employee benefits payable
Deferred revenue
Total long-term liabilities
TOTAL LIABILITIES
NET ASSETS
Investment in capital assets,
net of related debt
Unrestricted
TOTAL NET ASSETS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
December 31, 2003
Page 2 of 2
City of Renton, Washington
EQUIPMENT
RENTAL
INSURANCE
FUND
TOTAL
INTERNAL
SERVICE FUNDS
$ 26,455
$ 240,334
$
266,789
-
804
804
2,917
470
3,387
$ 29,372
$ 241,608
$
270,980
$ 19,270
$ 2,242
$
21,512
-
2,474,749
2,474,749
$ 19,270
$ 2,476,991
$
2,496,261
$ 48,642
$ 2,718,599
$
2,767,241
$ 4,651,457 $ 31,073 $
3,550,512 4,988,747
$ 8,201,969 $ 5,019,820 $
4,682,530
8,539,259
13,221,789
6-46 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
Combining Fund Statements & Schedules 6-47
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
OPERATING REVENUES:
Charges for services
$
2,467,715 $
8,444,121
$
10,911,836
TOTAL OPERATING REVENUES
$
2,467,715 $
8,444,121
$
10,911,836
OPERATING EXPENSES:
Operations and maintenance
$
663,958 $
95,509
$
759,467
Benefit payments
126,538
6,649,068
6,775,606
Professional services
-
408,710
408,710
Administrative and general
612,291
393,151
1,005,442
Insurance
234,800
2,359,073
2,593,873
Taxes
-
1,821
1,821
Depreciation
924,911
13,029
937,940
TOTAL OPERATING EXPENSES
$
2,562,498 $
9,920,361
$
12,482,859
OPERATING INCOME (LOSS)
$
(94,783) $
(1,476,240) $
(1,571,023)
NON-OPERATING REVENUES(EXPENSES):
Interest revenues
$
52,608 $
118,121
$
170,729
Gain(loss) on sale of capital assets
10,555
-
10,555
Other non-operating revenues (expenses)
191
141,431
141,622
NON-OPERATING REVENUE NET OF EXPENSE
$
63,354 $
259,552
$
322,906
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
$
(31,429) $
(1,216,688) $
(1,248,117)
Transfers in(out)
$
(359,494) $
359,494
$
CHANGE IN NET ASSETS
$
(390,923) $
(857,194) $
(1,248,117)
NET ASSETS, JANUARY 1
$
8,592,892 $
5,877,014
$
14,469,906
NET ASSETS, DECEMBER 31
$
8,201,969 $
5,019,820
$
13,221,789
Combining Fund Statements & Schedules 6-47
2003 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
PAGE 1 OF 2
EQUIPMENT INSURANCE
RENTAL FUND
City of Renton, Washington
TOTAL
INTERNAL
SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
$
2,476,700 $
8,390,015
$ 10,866,715
Cash paid to suppliers for goods & services
(1,247,502)
(9,224,273)
(10,471,775)
Cash paid to other funds for goods & services
-
Cash paid to employees
(547,778)
109,071
(438,707)
Cash paid for city utility taxes
-
Other operating receipts
(2,048)
-
(2,048)
Other non-operating receipts
191
102,870
103,061
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
$
679,563 $
(622,317) $
57,246
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
$
(359,494) $
359,494
$ -
Advances from other funds
Subsidy from federal grant
-
38,561
38,561
NET CASH PROVIDED(USED) BY
NONCAPITAL FINANCING ACTIVITIES
$
(359,494) $
398,055
$ 38,561
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment
$
40,048 $
-
$ 40,048
Acquisition & construction of capital assets
(609,296)
-
(609,296)
NET CASH PROVIDED(USED) BY
CAPITAL FINANCING ACTIVITIES
$
(569,248) $
-
$ (569,248)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments
$
1,188,000 $
(3,500)
$ 1,184,500
Payments for investments
(3,238,000)
-
(3,238,000)
Interest on investments
23,614
104,784
128,398
NET CASH PROMDED(USED) BY
INVESTING ACTIVITIES
$
(2,026,386) $
101,284
$ (1,925,102)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
$
(2,275,565) $
(122,978)
$ (2,398,543)
CASH & CASH EQUIVALENTS, JANUARY 1
$
3,370,417 $
5,730,707
$ 9,101,124
CASH & CASH EQUIVALENTS, DECEMBER 31
$
1,094,852 $
5,607,729
$ 6,702,581
6-48 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2003
PAGE 2OF2
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
Other non-operating revenue
(Increase)decrease in
accounts receivable
(Increase)decrease in due from
other funds/governmental units
(Increase)decrease in inventory
& prepaid items
Increase(decrease) in vouchers
retainage payable
Increase(decrease)in
customer deposits
Increase(decrease)in
deferred revenues
Increase(decrease)in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED(USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Capital asset trade-ins
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
924,911
13,029
937,940
191
102,870
103,061
8,985
(3,559)
5,426
(2,048)
-
(2,048)
7,392
-
7,392
(150,229)
204,276
54,047
(50,547)
(50,547)
594,244
594,244
(14,856)
(6,390)
(21,246)
$ 774,346 $
853,923 $
1,628,269
29,492 -
57,246
Combining Fund Statements & Schedules 6-49
2003 Comprehensive Annual Financial Report
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND - SPECIAL DEPOSIT
December 31, 2003
Page 1 of 1
City of Renton, Washington
BEGINNING ENDING
BALANCE DEBITS CREDITS BALANCE
ASSETS
Cash $ 270,195 $ 660,875 $ 714,178 $ 216,892
TOTAL ASSETS $ 270,195 $ 660,875 $ 714,178 $ 216,892
LIABILITIES
Vouchers Payable $ 1,428 $ 391,789 $ 390,361 $ -
Deposits Payable 268,767 712,751 660,876 216,892
TOTAL LIABILITIES $ 270,195 $ 1,104,540 $ 1,051,237 $ 216,892
6-50 Combining Fund Statements & Schedules
2003 Comprehensive Annual Financial Report City of Renton, Washington
STATISTICAL SECTION
December 31, 2003
Presentations included in the Statistical Section of the Comprehensive Annual Financial Report (CAFR) provide
detailed data on the physical, economic, social, and political characteristics of the reporting government. They are
intended to provide CAFR users with a broader and more complete understanding of the government and its
financial affairs than is possible from the financial statements and supporting schedules included in the Financial
Section. Statistical tables usually cover more than two fiscal years and often present data from outside the
accounting records. Therefore, in contrast to financial section information, statistical section data are not usually
susceptible to independent audit.
Statistical Section 7-1
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION,
INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS,
FOR GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS
(PAGE I of 2)
Ten Year Annual General Governmental Revenue Trends
M $80
1994
1995
1 $70
1997
I
I $60
Taxes
$
0
$ 33,970,167
$ 36,226,318
n $50
37,903,857
Licenses and Permits
s
1,310,570
1,236,046
$40
2,145,849
Intergovernmental Revenues
4,998,676
f $30
4,044,611
D $20
0
oil
o
ME
5,344,029
$10
I
5,546,295
Fines and Forfeits
a $0
ME E—ENEENE1
998,553
s 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
DESCRIPTION
1994
1995
1996
1997
REVENUES
Taxes
$
30,785,983
$ 33,970,167
$ 36,226,318
$
37,903,857
Licenses and Permits
1,310,570
1,236,046
1,569,007
2,145,849
Intergovernmental Revenues
4,998,676
4,343,249
4,044,611
4,164,921
Charges for Services
1,543,902
4,818,352
5,344,029
5,546,295
Fines and Forfeits
1,107,779
998,553
958,082
733,561
Miscellaneous
2,835,811
3,080,883
3,513,802
3,601,057
TOTAL REVENUES
$
42,582,721
$ 48,447,250
$ 51,655,849
$
54,095,540
EXPENDITURES
General Government
$
5,998,922
$ 7,807,624
$ 8,420,834
$
8,675,215
Security of Persons and Property
17,272,774
17,187,719
18,344,175
19,249,622
Physical Environment
999,985
1,520,374
1,759,571
1,708,461
Transportation
3,422,909
4,947,622
4,509,833
4,896,235
Economic Environment
3,524,258
3,606,022
3,022,503
3,414,034
Mental and Physical Health
10,755
7,843
5,746
7,570
Culture and Recreation
4,946,035
5,130,721
5,429,238
5,592,278
Capital Outlay
547,281
494,585
2,302,888
3,496,515
Debt Service
4,289,678
3,347,293
3,933,368
3,547,127
TOTAL EXPENDITURES
$
41,012,597
$ 44,049,803
$ 47,728,156
$
50,587,057
Other Increases (Decreases)
(335,802)
(2,336,448)
(1,129,720)
(5,110,847)
Transfer In/Out
0
(260,482)
(544,504)
0
FUND BALANCE, JANUARY 1
14,631,484
15,845,156
17,645,773
19,899,242
FUND BALANCE DECEMBER 31
15,865,806
17,645,673
19,899,242
18,296878
Source: city of Denton Finance uepartment.
7-2 Statistical
Section
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTION,
INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS,
FOR GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS
(PAGE 2 of 2)
M $25
$20
0
n
S $15
0
f $10
D
0 $5
a
r $0
S
Ten Year Annual General Governmental Endina Fund
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Statistical Section 7-3
1998
1999
2000
2001
2002
2003
$
40,061,373
$
42,807,838
$ 46,365,818
$
48,802,624
$
48,732,975
$
51,993,639
2,086,727
1,745,899
2,630,315
2,151,168
2,407,240
2,595,463
4,184,545
3,600,258
3,738,843
3,323,816
3,326,630
3,563,638
7,699,258
5,488,634
5,821,977
5,828,449
6,305,504
4,170,099
722,054
831,327
1,008,098
978,717
987,167
1,055,564
5,139,563
2,668,990
2,742,896
2,735,525
1,370,303
4,665,725
$
59,893,520
$
57,142,946
$ 62,307,947
$
63,820,299
$
63,129,819
$
68,044,128
$
9,915,676
$
9,972,040
$ 10,648,052
$
11,062,898
$
12,395,939
$
13,211,802
20,074,074
21,336,276
22,861,304
23,596,319
24,926,075
26,029,354
1,730,735
1,892,549
1,769,012
1,878,916
1,897,165
2,015,562
4,838,713
5,130,703
5,118,420
5,545,590
5,642,823
4,461,387
4,060,970
3,792,464
4,327,075
4,477,535
4,652,823
4,592,858
10,962
8,486
8,599
6,756
11,445
10,368
5,804,099
6,159,132
6,602,437
7,260,078
7,381,335
7,585,936
4,881,689
717,037
315,324
176,202
60,978
1,210,501
3,413,505
4,053,582
3,686,306
3,089,491
3,103,299
3,174,544
$
54,730,423
$
53,062,269
$ 55,336,529
$
57,093,785
$
60,071,882
$
62,292,312
(7,308,428)
(2,428,669)
(2,469,837)
(7,384,761)
(7,670,995)
(2,284,671)
63,110
(6,315,060)
(955,000)
0
0
0
18,296,878
16,005,236
11,342,184
14,888,765
14,230,518
9,276,379
16,214,657
11,342,184
14,888,765
14,230,518
9,617,460
12 743 524
Statistical Section 7-3
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 2: ASSESSED VALUE PROPERTY TAX RATES, LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(PAGE 1 of 2)
B
i
$7.0
0 $6.0
S $5.0
a $4.0
f $3.0
$2.0
0
1 $1.0
a $0.0
r
Ten Year Assessed Valuation Trends
�Fn111
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
DESCRIPTION
1994
1995
1996
1997
ASSESSED VALUE DECEMBER 31:
Real Property Value
$2,756,919,925
$2,904,421,288
$2,933,904,882 $2,978,575,856
Personal Property Value
673,405,117
675,278,785
612,192,280
647,025,908
TOTAL ASSESSED VALUE
3,430,325,042
3,579,700,073
3,546,097,162
3,625,601,764
CITY AND OVERLAPPING TAX RATES: (a)
City of Renton: General Levy
$3.48681
$3.55454
$3.60000
$3.60000
City of Renton: Special Levy
0.36282
0.36408
0.34413
0.38781
City of Renton Total
$3.84963
$3.91862
$3.94413
$3.98781
King County
2.21546
2.25288
2.20943
2.13173
Port of Seattle
0.30367
0.29482
0.29211
0.28261
Hospital District #1
0.14767
0.15084
0.15698
0.15959
Renton School District #403
3.60091
3.52218
3.71940
3.53615
State of Washington
3.39960
3.41873
3.49966
3.52499
Emergency Medical Services
0.24972
0.24990
0.24987
0.25000
TOTAL PROPERTY TAX RATES
$13.76666
$13.80797
$14.07158
$13.87288
PROPERTY TAX LEVIES AND COLLECTIONS:
LEVY: (b)
Original
$13,121,967
$13,971,424
$13,898,818
$14,364,723
Adjusted
12,898,033
13,799,832
13,583,469
14,167,346
COLLECTIONS:
Current Collections
$12,654,957
$13,327,749
$13,359,611
$13,970,125
Percent of Adjusted Levy
98.12%
96.58%
98.35%
98.61%
Delinquent Collections
$404,787
$323,487
$347,054
$315,345
TOTAL COLLECTION OF CURRENT & DELINQL
$13,059,744
$13,651,236
$13,706,665
$14,285,470
PERCENT OF ADJUSTED LEVY
101.25%
98.92%
100.91%
100.83%
OUTSTANDING DELINQUENTTAXES
$410,563
$559,159
$435,963
$317,841
PERCENT OF DELINQUENT TAXES TO ADJ LE`
3.18%
4.05%
3.21%
2.24%
Source: King County Department of Assessments.
(a) Property tax rates are in dollars per $1,000 of taxable property valued at 100%.
(b) Restated for error in reporting for 1993 CAFR.
7-4 Statistical Section
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 2: ASSESSED VALUE PROPERTY TAX RATES, LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(PAGE 2 of 2)
Property Tax Allocation
City of Renton
31%
StateKing County
27% - 12%
Port of Seattle
2%
Hospital
Schools 1%
27%
1998
1999
2000
2001
2002
2003
$3,099,917,868
$3,543,075,457
$3,830,517,200
$4,317,151,020
$4,819,029,996
$5,235,953,270
725,191,466
715,425,293
714,803,819
745,490,732
774,850,492
747,879,276
3,825,109,334
4,258,500,750
4,545,321,019
5,062,641,752
5,593,880,488
5,983,832,546
$3.55000
$3.42726
$3.39877
$3.27385
$3.26036
$3.18871
0.34608
0.31981
0.28488
0.10078
0.09397
0.08865
$3.89608
$3.74707
$3.68365
$3.37463
$3.35433
$3.27736
1.85109
1.77385
1.68951
1.55218
1.44949
1.34948
0.26466
0.23898
0.21585
0.19029
0.18956
0.25895
0.15934
0.15354
0.11830
0.09873
0.09643
0.09254
3.49222
3.78290
3.65397
3.36669
3.11288
2.98691
3.51138
3.35872
3.30278
3.14502
2.98946
2.89680
n/a
0.29000
0.27299
0.24624
0.25000
0.24143
$13.17477 $13.34506 $12.93705 $11.97378 $11.44215 $11.10347
$14,822,739
$15,843,325
$16,658,569
$17,007,993
$18,676,141
$19,530,405
14,719,382
15,850,628
16,633,388
16,967,683
18,581,814
19,486,858
$14,511,118
$15,595,427
$16,337,790
$16,677,882
$18,285,908
$19,149,258
98.59%
98.39%
98.22%
98.29%
98.41%
98.27%
$211,113
$215,939
$238,361
$264,579
$275,697
$281,300
$14,722,231
$15,811,366
$16,576,151
$16,942,461
$18,561,605
$19,430,558
100.02%
99.75%
99.66%
99.85%
99.89%
99.71%
$314,989
$354,250
$389,125
$414,348
$434,556
$490,828
2.14%
2.23%
2.34%
2.44%
2.34%
2.52%
Statistical Section 7-5
2003 Comprehensive Annual Financial Report
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)
$800 Ten Year Renton Per Capita Net Bonded Debt Trends
$ 700
DEBT SERVICE
NET
$ 630
NET BONDED
FISCAL
$ 583 $ 599
$ 600
$ 539
FUNDS
$ 514 $ 513
$500 $450
DEBT
7 - $461
POPULATION
�$398
VALUE
$ 400
$3543
AVAILABLE
DEBT
ASSESSED VALUE
PER CAPITA
1994
43,970
$
$ 300
$
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%
$ 200
1996
45,170
$
3,546,097,162
$
17,382,945
$
1,426,722
$
15,956,223
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Source: State of Washington Office of Program Planning and Fiscal Management,
King County Department of ASsessments, and City of Renton Finance Department.
7-6 Statistical Section
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
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
1999
47,620
$
4,258,500,750
$
26,466,763
$
2,004,373
$
24,462,390
0.57%
$ 514
2000
48,270
$
4,545,321,019
$
24,345,738
$
2,096,755
$
22,248,983
0.49%
$ 461
2001
51,140
$
5,062,641,752
$
29,289,290
$
1,702,901
$
27,586,389
0.54%
$ 539
2002
53,840
$
5,593,880,488
$
33,797,023
$
1,538,524
$
32,258,499
0.58%
$ 599
2003
54,900
$
5,983,832,546
$
30,052,982
$
1,879,655
$
28,173,327
0.47%
$ 513
Source: State of Washington Office of Program Planning and Fiscal Management,
King County Department of ASsessments, and City of Renton Finance Department.
7-6 Statistical Section
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 4: SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
LAST TEN FISCAL YEARS
(PAGE 1 of 1)
240.0%
210.0%
m
180.0%
0
150.0%
U
m 120.0%
cz
co 90.0%
c
0 60.0%
U
N
30.0%
0
U
0.0%
1994
Special Assessment Billings and Collections
1995 1996 1997 1998 1999 2000 2001 2002 2003
Source: City of Renton Finance Department
Statistical Section 7-7
ASSESSMENTS
COLLECTION ASSESSMENTS
FISCAL
RECEIVABLE
ADDITIONAL
ASSESSMENT
----- COLLECTION -----
ASA %
RECEIVABLE
YEAR
1/1
ASSESSMENT
BILLING
PRINCIPAL
INTEREST
TOTAL
OF BILLING
12/31
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% $
3,966,467
1996
$ 4,212,282
$ 0
$ 820,459
$ 1,002,924
$ 607,356
$ 1,610,280
196.27% $
3,209,358
1997
$ 3,209,358
$ 0
$ 471,759
$ 605,594
$ 215,457
$ 821,051
174.04% $
2,603,764
1998
$ 2,603,764
$ 441
$ 392,626
$ 568,553
$ 170,563
$ 739,116
188.25% $
2,035,652
1999
$ 2,035,652
$ 76,880
$ 471,303
$ 728,920
$ 142,528
$ 871,448
184.90% $
1,383,612
2000
$ 1,383,612
$ 0
$ 311,375
$ 352,649
$ 82,097
$ 434,746
139.62% $
1,030,963
2001
$ 1,030,963
$ 0
$ 293,261
$ 333,056
$ 71,088
$ 404,144
137.81% $
697,908
2002
$ 697,908
$ 0
$ 292,747
$ 312,908
$ 42,689
$ 355,597
121.47% $
385,000
2003
$ 697,908
$ 0
$ 292,747
$ 312,908
$ 42,689
$ 355,597
121.47% $
385,000
Source: City of Renton Finance Department
Statistical Section 7-7
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 5: COMPUTATION OF LEGAL DEBT MARGIN FOR
GENERAL AND SPECIAL PURPOSE CAPACITIES
AS OF DECEMBER 31, 2003, AND ALL DEBT CAPACITIES - LAST TEN FISCAL YEARS
(PAGE 1 of 1)
Ten Year Debt Capacity Trends
RE
M $63.6
i Councilmanic
$60 (Non -Voted)
' $54.1
o $48.7 :8 $57.7
n
#.73
$53.5
s $426 $42.8
$40 ■ ■ ■ ■�■ $47.8
0
f $31.5 $42.3
$38.7 $39.0
D
0 $31 $30.6 $31.6 $320
Excess Levy
a $20 (Voted)
r
s
$0 1 1
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
DESCRIPTION
GENERAL CAPACITY
SPECIAL PURPOSE CAPACITY
PARKS AND UTILITY TOTAL
OPEN SPACE PURPOSES CAPACITY
COUNCILMANIC EXCESS LEVY
ASSESSED VALUE (2003): $5,983,832,546
2.50% of Assessed Value
1.50% of Assessed Value
STATUTORY DEBT LIMIT
General Obligation Bonds
Installment Contracts (a)
TOTAL DEBT OUTSTANDING
Less Amount Available in Debt Service Funds
NET DEBT OUTSTANDING
REMAINING DEBT CAPACITY
$ N/A
89,757,488
$
149,595,814
(89,757,488)
$ 149,595,814
N/A
$ 149,595,814
N/A
$ 448,787,441
0
$ 89,757,488 $ 59,838,325
$ 149,595,814 $ 149,595,814
$ 448,787,441
$ 27,248,010 $ 2,665,000
139,972 0
$ 0 $ 0
0 0
$ 29,913,010
139,972
$ 27,387,982 $ 2,665,000
$ 0 $ 0
$ 30,052,982
$ 1,291,724 $ 587,931
$ 0 $ 0
$ 1,879,655
$ 26,096,258 $ 2,077,069
$ 0 $ 0
$ 28,173,327
$ 63,661,230 $ 57,761,256
$ 149,595,814 $ 149,595,814
$ 420,614,114
Source: King County Department of Assessments
City of Renton Finance Department
(a) Statutory limiit = .75% of 1 % of assessed value.
7-8 Statistical Section
2003 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 6: COMPUTATION OF DIRECT AND OVERLAPPING DEBT - DECEMBER 31, 2003
(PAGE 1 of 1)
M
$140
i $120
0
n
S $100
0
f $80
D
0 $60
I
I
a $40
r
s
$20
$0
City of Renton Direct and Overlapping Debt
Source: King County Department of Finance and King County Department of Assessments.
Statistical Section 7-9
PERCENTAGE
AMOUNT
NET DEBT
APPLICABLE
APPLICABLE
JURISDICTION
OUTSTANDING
TO RENTON
TO RENTON
NET DIRECT DEBT:
City of Renton
$28,173,327
100.00%
$28,173,327
OVERLAPPING DEBT:
King County
$725,169,554
2.70%
$19,579,578
Port of Seattle
$217,285,000
2.70%
$5,866,695
Renton School District #403
$240,460,260
55.04%
$132,349,327
Sub -Total
$1,182,914,814
13.34%
$157,795,600
TOTAL DIRECT AND OVERLAPPING DEBT
$1,211,088,141
15.36%
$185,968,927
Source: King County Department of Finance and King County Department of Assessments.
Statistical Section 7-9
2003 Comprehensive Annual Financial Report
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
9.00%
L6.170 /0 5.82%
3LJ 5.93%
5.36% 5.09%
6.00% 5.03% 5.03%- 5.05% 4.92%
3.00%
0.00% _ t- w
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
FISCAL
YEAR
(a)
PRINCIPAL
(a)
INTEREST
TOTAL
DEBT SERVICE
(b)
TOTAL GENERAL
GOVERNMENTAL
EXPENDITURES
RATIO OF DEBT
SERVICE TO
EXPENDITURE;
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
5.03%
1997
$
1,619,878
$
1,093,294
$
2,713,172
$
50,587,057
5.36%
1998
$
1,499,418
$
1,251,809
$
2,751,227
$
54,730,423
5.03%
1999
$
2,019,976
$
1,252,437
$
3,272,413
$
53,062,269
6.17%
2000
$
2,121,025
$
1,160,537
$
3,281,562
$
55,336,529
5.93%
2001
$
1,901,447
$
981,680
$
2,883,127
$
57,093,785
5.05%
2002
$
1,714,269
$
1,242,740
$
2,957,009
$
60,071,882
4.92%
2003
$
1,417,042
$
1,754,502
$
3,171,544
$
62,292,312
5.09%
(a) Principal and interest are based on total GO Bond debt payments
(b) General Government Expenditures include General, Special Revenue, and Debt Service Fund
Other Financing Uses and Residual Equity Transfers are not included.
Source: City of Renton Finance Department
7-10 Statistical Section
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 8: REVENUE BOND COVERAGE FOR WATER AND SEWER, AND GOLF SYSTEM BONDS
LAST TEN FISCAL YEARS
(PAGE 1 of 1)
FISCAL
YEAR
Water/Sewer Revenue Bond Debt Service Coverage
4.00
NET REVENUE
AVAILABLE FOR
DEBT SERVICE
3.50
2.55
2.25 2.43
� 2.63 2.61 2.80
2.83 2.80 2.9
°C
3.00
1994
2
18,266,154
$
11,500,657
$
6,765,497
$
2.50
2.25
1.3
1995
$
20,781,235
$
a�
>
2.00
$
7,594,187
Cj
3,131,174
2.43
1.3
1996
$
22,842,549
$
14,750,009
$
8,092,540
$
3,173,846
1.50
1.3
1997
$
22,854,798
$
14,580,175
$
8,274,623
$
3,151,984
2.63
1.3
1998
$
23,126,374
1.00
14,877,435
$
8,248,939
$
3,155,670
2.61
1.3
1999
$
23,861,159
$
16,407,442
$
7,453,717
$
2,658,909
2.80
1.3
2000
$
25,541,809
$
15,653,774
0.50
9,888,035
$
2,650,713
3.73
1.3
2001
$
23,508,826
$
16,051,720
$
7,457,106
$
2,638,201
2.83
1.3
2002
$
26,212,078
$
17,468,472
$
8,743,606
0.00
3,121,885
2.80
1.3
2003
$
29,025,066
$
21,173,859
$
7,851,207
$
2,685,530
2.92
1.3
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
FISCAL
YEAR
3.73
OPERATING
EXPENSES
W/O DEPREC.
NET REVENUE
AVAILABLE FOR
DEBT SERVICE
AVERAGE ANNUAL
DEBT SERVICE
REQUIREMENTS
2.55
2.25 2.43
� 2.63 2.61 2.80
2.83 2.80 2.9
1994
$
18,266,154
$
11,500,657
$
6,765,497
$
3,004,180
2.25
1.3
1995
$
20,781,235
$
13,187,048
$
7,594,187
$
3,131,174
2.43
1.3
1996
$
22,842,549
$
14,750,009
$
8,092,540
$
3,173,846
FISCAL
YEAR
(a)
GROSS
REVENUE
OPERATING
EXPENSES
W/O DEPREC.
NET REVENUE
AVAILABLE FOR
DEBT SERVICE
AVERAGE ANNUAL
DEBT SERVICE
REQUIREMENTS
(b)
COVERAGE
COVERAGE
IS TO BE
AT LEAST
WATER AND SEWER REVENUE BONDS:
1994
$
18,266,154
$
11,500,657
$
6,765,497
$
3,004,180
2.25
1.3
1995
$
20,781,235
$
13,187,048
$
7,594,187
$
3,131,174
2.43
1.3
1996
$
22,842,549
$
14,750,009
$
8,092,540
$
3,173,846
2.55
1.3
1997
$
22,854,798
$
14,580,175
$
8,274,623
$
3,151,984
2.63
1.3
1998
$
23,126,374
$
14,877,435
$
8,248,939
$
3,155,670
2.61
1.3
1999
$
23,861,159
$
16,407,442
$
7,453,717
$
2,658,909
2.80
1.3
2000
$
25,541,809
$
15,653,774
$
9,888,035
$
2,650,713
3.73
1.3
2001
$
23,508,826
$
16,051,720
$
7,457,106
$
2,638,201
2.83
1.3
2002
$
26,212,078
$
17,468,472
$
8,743,606
$
3,121,885
2.80
1.3
2003
$
29,025,066
$
21,173,859
$
7,851,207
$
2,685,530
2.92
1.3
GOLF COURSE REVENUE BONDS (c):
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
1999
$
2,252,217
$
1,278,489
$
973,728
$
439,979
2.21
1.25
2000
$
2,328,044
$
1,320,681
$
1,007,363
$
440,164
2.29
1.25
2001
$
2,377,197
$
1,480,024
$
897,173
$
440,223
2.04
1.25
2002
$
2,279,361
$
1,415,674
$
863,687
$
440,585
1.96
1.25
2003
$
2,195,431
$
1,937,057
$
258,374
$
440,951
0.59
1.25
(a) Gross revenue includes connection charges, system development charges, and latecomer fees.
(b) Bond financing requirements are that the average annual coverage is at least 1.3 times the average annual debt
service for Water and Sewer revenue bonds. The Golf System revenue bonds coverage requirement is at least 1.25
times that of respective calendar year's annual debt service.
(c) 1999 Golf System Refunding Revenue Bonds were issued to refund the 1994 Golf System Revenue Bonds.
Source: City of Renton Finance Department
Statistical Section 7-11
2003 Comprehensive Annual Financial Report
TABLE 9: CITY OF RENTON RETAIL SALES BY SOURCE
LAST FIVE FISCAL YEARS
(PAGE 1 of 1)
Other
Finance
Transportati on/Uti I iti es
Manufacturing
Wholesale
General Retailing
Construction
Services
Auto Dealers
-1
-1
Changing Sales Tax Composition
(1999 vs 2003)
0.
1
City of Renton, Washington
-3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00%
Source: City of Renton Finance Department
7-12 Statistical Section
1999
2000
2001
2002
2003
SOURCE
AMOUNT
%
AMOUNT
%
AMOUNT
%
AMOUNT
%
AMOUNT
%
Auto Dealers
$371,149,408
24.66%
$409,110,750
24.14%
$359,922,566
21.20%
$407,773,923
24.30%
$425,443,217
24.12%
Services
155,010,916
10.30%
184,010,624
10.860/.
184,448,578
10.87%
195,854,385
11.67%
205,379,198
11.65%
Construction
169,985,732
11.30%
203,430,733
12.00%
233,809,887
13.77%
216,620,057
12.91%
249,573,851
14.15%
General Retailing
492,673,912
32.740/.
568,751,443
33.550/.
598,500,227
35.26%
542,873,439
32.36%
543,020,313
30.79%
Wholesale
186,629,695
12.40%
183,977,330
10.850/.
170,882,622
10.07%
166,964,019
9.95%
192,359,603
10.91%
Manufacturing
25,115,537
1.67%
25,251,464
1.49%
45,099,847
2.66%
36,139,653
2.15%
40,305,117
2.29%
Transportation/Utiliti
71,933,082
4.780/.
82,501,187
4.870/.
56,809,524
3.35%
70,092,150
4.18%
58,084,593
3.29%
Finance
22,901,820
1.52%
27,440,587
1.62%
37,543,871
2.21%
30,167,799
1.80%
35,837,775
2.03%
Other
9,363,845
0.629/.
10,546,942
0.620/.
10,401,230
0.61%
11,339,423
0.68%
13,635,965
0.77%
TOTALS
1 504 763,947
100.00%1
$1,695,021,060
100.00%1
$1,697,418,352
100:00%1
$1,677,824,848
100.00%1
$1,763,639,632
100.00%
Source: City of Renton Finance Department
7-12 Statistical Section
2003 Comprehensive Annual Financial Report
City of Renton, Washington
TABLE 10: 10 LARGEST TAXPAYERS BASED ON ASSESSED VALUATION
AND PRINCIPAL EMPLOYERS
(PAGE 1 of 1)
Source: Assessed Valuation: King county Department of Assessments
Assessed Valuation for Largest Taxpayer: King County Department of Assessments
Both real and personal property assessment where applicable
Number of Employees: Estimated based upon City of Renton Business License Records and
individual inquiry where applicable.
Statistical Section 7-13
2003 REAL PROPERTY PERCENT OF
ASSESSED
ASSESSED
TAXPAYER
TYPE OF BUSINESS
VALUATION
VALUATION
The Boeing Company
Aerospace & Computer Services
696,168,701
12.19%
PACCAR
Heavy Manufacturing
80,571,510
1.40%
Puget Sound Energy
Electric/Gas Utility
75,681,009
1.33%
US West
Telephone Utility
49,161,865
0.86%
AMB Property Corp
Unavailable
44,157,800
0.77%
Renton Properties LLC
Real Estate Developer
34,619,000
0.61%
Avalon Bay Communities Inc
Apartment Building
32,169,000
0.56%
Pacific NW Group A
Unavailable
30,560,800
0.54%
Rosche One Interests
Office Building
23,554,000
0.41%
Fred Meyer
Retail - Miscellanious
22,927,117
0.39%
Total Assessed Valuation - Largest Taxpayers
$ 1,089,570,802
19.06%
Total Assessed Valuation - All Others
51.24%
4,621,261,744
80.94%
Total Assessed Valuation
48.76%
$ 5,710,832,546
100.00%
Source: Assessed Valuation: King county Department of Assessments
Assessed Valuation for Largest Taxpayer: King County Department of Assessments
Both real and personal property assessment where applicable
Number of Employees: Estimated based upon City of Renton Business License Records and
individual inquiry where applicable.
Statistical Section 7-13
2003
FULL TIME EQUIV.
PERCENT OF
PRINCIPAL EMPLOYERS
TYPE OF BUSINESS
EMPLOYEES
EMPLOYEES
The Boeing Company
Aerospace & Computer Services
12,568
32.55%
Valley Medical Center
Medical Services
1,627
4.21%
Renton School District
Public Education
1,315
3.41%
PACCAR
Heavy Manufacturing
1,210
3.13%
Federal Aviation Administration
Federal Government
850
2.20%
City of Renton
City Government
688
1.78%
Wal Mart
Retail - Miscellaneous
477
1.24%
IKEA
Retail - Miscellaneous
382
0.99%
Young's Columbia of WA LLC
Wholesale
340
0.88%
ER Solutions
Loan Brokers
330
0.85%
Total Number of Employees- -
Principal Employers
19,787
51.24%
Total Number of Employees -
All Other Employers
18,829
48.76%
Total Employees Working Within Renton
38,616
100.00%
Source: Assessed Valuation: King county Department of Assessments
Assessed Valuation for Largest Taxpayer: King County Department of Assessments
Both real and personal property assessment where applicable
Number of Employees: Estimated based upon City of Renton Business License Records and
individual inquiry where applicable.
Statistical Section 7-13
2003 Comprehensive Annual Financial Report
TABLE 11: CONSTRUCTION PERMITS
LAST TEN FISCAL YEARS
(PAGE I of 2)
City of Renton, Washington
New Construction Permit Valuation Trend
M $180
i
I ❑ OTHER PERMITS
1 $150
i
n$120 - — —
❑SINGLE FAMILY
s
$90
0
f
$60 ❑ MULTI FAMILY
D
0
I $30 p
I COMMERCIAL
—
a —
r $0
S 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Source: Construction permits and values - City of Renton Building Department.
Note: For 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 to new residential construction. This combo
permit combines permits for building, electrical, mechanical, and plumbing.
7-74 Statistical Section
NEW CONSTRUCTION
ALL NEW
CONSTRUCTION
BUILDING PERMITS
OTHER PERMITS
COMMERCIAL
MULTI FAMILY
SINGLE FAMILY
COM/MULTI/SINGLE
PERMITS
FISCAL
NO. OF
DOLLAR
NO. OF
DOLLAR
NO. OF
DOLLAR
NO. OF
DOLLAR
YEAR
ERMITS
VALUE
ERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUE
PERMITS VALUATION
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
1999
34
$ 32,900,792
32
$
21,972,362
175
$
25,902,812
601
$ 6,863,519
842
$ 87,639,485
2000
35
$ 28,312,674
36
$
32,045,355
351
$
53,657,095
699
$ 10,596,874
1,121
$124,611,998
2001
9
$ 3,717,968
15
$
16,635,694
376
$
57,526,127
474
$ 5,301,519
874
$ 83,181,308
2002
46
$ 31,113,577
26
$
10,004,782
475
$
78,906,931
339
$ 5,068,547
886
$125,093,837
2003
1 16
$ 14,065,511
1
$
8,741,532
1 564
$ 118,932,283
1 546
$ 7,084,420
1 1,127
$148,823,745
Source: Construction permits and values - City of Renton Building Department.
Note: For 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 to new residential construction. This combo
permit combines permits for building, electrical, mechanical, and plumbing.
7-74 Statistical Section
2003 Comprehensive Annual Financial Report
$27C
$24C
$21C
$18C
$15C
$12C
$9C
$6C
$3C
$0
1994
TABLE 11: CONSTRUCTION PERMITS
LAST TEN FISCAL YEARS
(PAGE 2 of 2)
Ten Year Total Construction Permit Valuation Trend
City of Renton, Washington
237.4
239.2_j t
194.3
179.5
142.5
133.5
121.3
131.9
128.1
ALL ALTERATION
TOTAL
CONSTRUCTION
ALL
BUILDING
PERMITS
OTHER
PERMITS
PERMITS
PERMITS
COMMERCIAL
MULTI FAMILY
SINGLE FAMILY COM/MULTI/SINGLE
FISCAL
NO. OF
DOLLAR
NO. OF
DOLLAR
NO. OF
DOLLAR
NO. OF
1995 1996 1997 1998 1999 2000 2001 2002 2003
Statistical Section 7-15
ADDITIONAL/ALTERATION
CONSTRUCTION
ALL ALTERATION
TOTAL
CONSTRUCTION
ALL
BUILDING
PERMITS
OTHER
PERMITS
PERMITS
PERMITS
COMMERCIAL
MULTI FAMILY
SINGLE FAMILY COM/MULTI/SINGLE
FISCAL
NO. OF
DOLLAR
NO. OF
DOLLAR
NO. OF
DOLLAR
NO. OF
DOLLAR
YEAR
DERMITS
VALUE
DERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUE
PERMITS
VALUATION
DERMITS VALUATION
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
1999
277
$25,879,237
100
$ 537,329
146
$1,889,443
1,761
$15,932,899
2,284
$ 44,238,909
3,126
$131,878,394
2000
310
$ 77,340,658
58
$ 1,027,001
137
$2,985,809
1,947
$31,477,806
2,452
$112,831,274
3,573
$237,443,272
2001
247
$ 27,005,353
47
$ 1,159,050
115
$1,752,068
1,812
$14,989,741
2,221
$ 44,906,212
3,095
$128,087,520
2002
323
$ 28,886,876
66
$ 2,153,510
152
$3,135,412
2,257
$20,232,427
2,798
$ 54,408,224
3,684
$179,502,062
2003
1 280
$ 44,417,357
1 37
$ 524,639
1 182
$3,766,242
1 2,083
$28,534,741
1 2,582
$ 77,242,977
3,709
$226,066,723
Statistical Section 7-15
2003 Comprehensive Annual Financial Report
TABLE 12: DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(PAGE 1 of 1)
City of Renton, Washington
54.9
51.1
-44.9 45.2 _
7-16 Statistical
FISCAL
YEAR
POPULATION
SCHOOL
ENROLLMENT
Ten Year Population Trends
P
NUMBER
UNEMPLOYED
UNEMPLOYMENT
RATE
1994
0
60.0
25,490
23,940
P
i
a
t
50.0 X4.0
1995
53.8
45.9 46.3 47.6 48.3
12,173
0
40.0
1,500
5.7%
1996
45,170
n
26,860
25,410
1,450
5.4%
1997
45,920
12,277
28,190
27,150
1,040
3.7%
1998
n
30.0
28,990
28,010
980
3.4%
1999
47,620
12,500
29,537
28,513
1,024
3.5%
2000
48,270
12,443
29,370
28,300
1,070
3.6%
2001
51,140
12,521
28,410
26,800
1,610
T
2002
53,840
12,726
28,620
26,630
1,990
7.0%
2003
54,900
12,908
29,000
26,834
h
7.5%
20.0
U
S
a
10.0
n
d
S
0.0
1994
1995 1996 1997 1998 1999 2000 2001 2002 2003
54.9
51.1
-44.9 45.2 _
7-16 Statistical
FISCAL
YEAR
POPULATION
SCHOOL
ENROLLMENT
LABOR
FORCE
NUMBER
EMPLOYED
NUMBER
UNEMPLOYED
UNEMPLOYMENT
RATE
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
FISCAL
YEAR
POPULATION
SCHOOL
ENROLLMENT
LABOR
FORCE
NUMBER
EMPLOYED
NUMBER
UNEMPLOYED
UNEMPLOYMENT
RATE
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%
1999
47,620
12,500
29,537
28,513
1,024
3.5%
2000
48,270
12,443
29,370
28,300
1,070
3.6%
2001
51,140
12,521
28,410
26,800
1,610
5.7%
2002
53,840
12,726
28,620
26,630
1,990
7.0%
2003
54,900
12,908
29,000
26,834
2,166
7.5%
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.
Section
2003 Comprehensive Annual Financial Report
TABLE 13: MISCELLANEOUS STATISTICS
DECEMBER 31, 2003
(PAGE 1 of 1)
WASHINGTON STATE
DATE OF INCORPORATION
FORM OF GOVERNMENT
TYPE OF GOVERNMENT
LOCATION
LAND AREA
RANK IN SIZE - STATE OF WASHINGTON
RANK IN SIZE - KING COUNTY
POPULATION (Official April, 2000)
2003 KC CERT OF ASSESSED VALUATION
for the 2003 Tax Roll Year
CITY EMPLOYEES (Actual Full Time Equivalents/FTE)
ELECTION & VOTER REGISTRATION
Number of Precincts
Number of Registered Voters (10/25/01)
September 6, 1901
Mayor - Council
Non -Charter, Code City
11 Miles South of Seattle
17.2 Square Miles
10
5
54,900
FIRE PROTECTION
Fire Rating (Washington Survey and Rating Bureau)
Number of Commissioned Fire Fighting Personnel
Number of Stations (includes Dist #25)
Total Fire Loss
Number of Life Support Responses
All Other Responses
Total Number of Responses
POLICE PROTECTION
Number of Commissioned Police Personnel
Number of Calls for Services
Total Crimes Reported (Class I, II, III)
Traffic Accidents Investigated
All Other Traffic Violations
PARKS & RECREATION
Total Acreage
Number of Parks and Playgrounds
$5,960,091,270
696.3
66
25,334
3
105
5
2,241,790
6,232
2,350
8,582
City of Renton, Washington
TRAFFIC SIGNALS
Number of Signalized Intersections
STREETS
Miles of Streets and alleys
UTILITY SERVICES
Water:
Total Customers
Total Gallons of Water Produced
Number of Fire Hydrants
Miles of Water Main
Sanitary Sewer:
Total Customers
Storm Drainage:
Number of Accounts
Miles of Storm Sewers
LICENSE & PERMITS
Business Licenses
Amusement Devices
Special Permits (Peddler)
Animal Licenses (Dog and Cat)
88
AIRPORT
53,369
Area in acres
8,952
Feet of Asphaltic Concrete Runway
1,796
Total Operations
12,666
LIBRARY
Libraries (Main and Highlands Branch)
1,180
Total Registered Borrowers
26
Total Circulation
i[IR
213.67
15,405
2,767,052,000
3,162
291.0
Statistical Section 7-17
13,578
13,754
199.4
4,383.0
141.0
9.0
1,093.0
167.21
5,379
113,260
2
39,902
499,792
2003 Comprehensive Annual Financial Report City of Renton, Washington
This page is intentionally left blank.
7-18 Statistical Section