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HomeMy WebLinkAbout1996 CAFR i AN Y, � u �.... A v s �. ,�s.y' "....sir ��., �:.¢ r ,�s.� •� �as���s;, �� -s ��� 's 3 5 � y S uu L a +a, e �,�-� ,:+ # ,gtt � {" .. ., rr ;yx,?.,.,��,_, :,r.,;h<,..�.,., , .X,�r.��•as�'«a::.. � �r• ���"��szr�'s",``�.&'x a az.. -ias'. •,+ �� .. y:- r �;'� vim`:��.�" ��'�,�,,`� � �� za, r >`� u, s a"�A��: h€ 3'A � • ..at .�" z :`s � � �€�:. � .�F �»' � .:,r. �� sas�s3:�s��«� �� •��.� �F�_:.a ,�-��°.�,_ } The City of Renton, Washington — Comprehensive Annual Financial Report For the Year Ended December 31, 1996 ()FFICE OFTHE CITY CLERK Renton Municippal Bidg. 200 Mill Ave. So. Renton,WA 98055 Introductory Section - - - - - Victoria A. Runkle Finance and Information Systems Administrator — COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1996 ' TABLE OF CONTENTS ITEM PAGE INTRODUCTORY SECTION ' CityOrganization Structure&Reporting Relations............................................................................................................................................................... ... Letterof Transmittal..................................................................................................................................................................................................................iv DepartmentProfile..................................................................................................................................................................................................................xvii FINANCIAL SECTION ' AUDITOR'S REPORT.............................................................................................................................................................................................................2 COMBINED FINANCIAL STATEMENTS-OVERVIEW(General Purpose Financial Statements) ' Combined Balance Sheet-All Fund Types and Account Groups..........................................................................................................................................4 Combined Statement of Revenues,Expenditures,and Changes in Fund Balances All Governmental Fund Types...............................................................6 Combined Statement of Revenues,Expenditures,and Changes in Fund Balances Budget and Actual.................................................................................7 Combined Statement of Revenues,Expenses,and Changes in Fund Equity Proprietary and Similar Trust Funds..............................................................11 ' Combined Statement of Cash Flows Proprietary and Similar Trust Funds............................................................................................................................12 Notes to Financial Statements Note1: Significant Accounting Policies..........................................................................................................................................................................19 ReportingEntity...........................................................................................................................................................................................19 Basisof Presentation-Fund Accounting.....................................................................................................................................................19 Basisof Accounting.....................................................................................................................................................................................20 Budgetsand Budgetary Accounting.............................................................................................................................................................20 Assets,Liabilities and Fund Equity..............................................................................................................................................................21 Cashand Cash Equivalents...................................................................................................................................................................21 ' Investments............................................................................................................................................................................................21 Inventories.............................................................................................................................................................................................21 PropertyTaxes Receivable....................................................................................................................................................................21 AssessmentsReceivable........................................................................................................................................................................21 ' FixedAssets and Depreciation..............................................................................................................................................................21 AccumulatedUnpaid Vacation&Sick Pay..........................................................................................................................................22 FundEquity-Reserves&Designations...............................................................................................................................................22 Direct Charges/Credits to Enterprise Funds Retained Earnings............................................................................................................22 RiskManagement and Risk Retention..................................................................................................................................................22 Note2: Stewardship,Compliance and Accountability....................................................................................................................................................22 Note3: Cash&Investments............................................................................................................................................................................................22 Note4: Deferred Compensation......................................................................................................................................................................................23 Note5: Receivables and Payables...................................................................................................................................................................................24 Note6: Operating and Residual Equity Transfers...........................................................................................................................................................26 Note7: Fixed Assets........................................................................................................................................................................................................26 Note8: Prepaid Items......................................................................................................................................................................................................27 Note9: Joint Ventures.....................................................................................................................................................................................................27 ' Note 10: Pension Plan&Other Postemployment Benefits...............................................................................................................................................29 PERSand LEOFF.........................................................................................................................................................................................29 Firemen's Pension.........................................................................................................................................................................................30 Note11: Construction Commitments...............................................................................................................................................................................32 , Note12: Long-Term Debt................................................................................................................................................................................................32 Note13: Deferred Charges in Proprietary Funds..............................................................................................................................................................36 Note 14: Reservations and Designations of Fund Equity.................................................................................................................................................36 Note15: Segment Information for Enterprise Funds........................................................................................................................................................37 ' Note16: Litigation...........................................................................................................................................................................................................37 Note17: Risk Management..............................................................................................................................................................................................37 Note18: Subsequent Events.............................................................................................................................................................................................38 COMBINING FINANCIAL STATEMENTS AND SCHEDULES OF INDIVIDUAL FUNDS AND ACCOUNT GROUPS: General Fund: ' ComparativeBalance Sheet...............................................................................................................................................................................................40 Statement of Revenues,Expenditures,and Changes in Fund Balance..............................................................................................................................41 Statement of Revenues,Expenditures,and Changes in Fund Balance Budget and Actual...............................................................................................42 i COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1996 TABLE OF CONTENTS-CONTINUED ITEM PAGE Special Revenue Funds: CombiningBalance Sheet.................................................................................................................................................................................................44 Combining Statement of Revenues,Expenditures,and Changes in Fund Balances.........................................................................................................46 Combining Statement of Revenues,Expenditures,and Changes in Fund Balances Budget and Actual...........................................................................48 Debt Service Funds: CombiningBalance Sheet.................................................................................................................................................................................................56 Combining Statement of Revenues,Expenditures,and Changes in Fund Balances.........................................................................................................58 Combining Statement of Revenues,Expenditures,and Changes in Fund Balances Budget and Actual...........................................................................60 Capital Project Funds: CombiningBalance Sheet.................................................................................................................................................................................................68 Combining Statement of Revenues,Expenditures,and Changes in Fund Balance...........................................................................................................70 Combining Statement of Revenues,Expenditures,and Changes in Fund Balances Budget and Actual...........................................................................72 Enterprise Funds: CombiningBalance Sheet.................................................................................................................................................................................................78 Combining Statement of Revenues,Expenses,and Changes in Fund Equity...................................................................................................................80 CombiningStatement of Cash Flows................................................................................................................................................................................82 M. Internal Service Funds: CombiningBalance Sheet.................................................................................................................................................................................................88 Combining Statement of Revenues,Expenses,and Changes in Fund Equity.....................................................................................................................89 CombiningStatement of Cash Flows.................................................................................................................................................................................90 Fiduciary Funds: CombiningBalance Sheet.................................................................................................................................................................................................92 Firemen's Pension Trust Fund Comparative Statement of Revenues,Expenses,and Changes in Fund Equity.................................................................94 Combining Statement of Changes in Assets and Liabilities All Agency Funds................................................................................................................95 General Fixed Asset Account Group: ComparativeBalance Sheet...............................................................................................................................................................................................97 Scheduleof General Fixed Assets by Source....................................................................................................................................................................98 Schedule of General Fixed Assets by Function and Activity.............................................................................................................................................99 Schedule of Changes in General Fixed Assets by Function and Activity..........................................................................................................................99 General Long-Term Debt Account Group ComparativeBalance Sheet.............................................................................................................................................................................................101 STATISTICAL SECTION Table 1: General Government Revenues&Expenditures-Last Ten Fiscal Years...........................................................................................................103 Table 2: Assessed Value,Property Tax Rates,Levies and Collections-Last"En Fiscal Years........................................................................................105 Table 3: Ratio of Net General Obligation Debt to Assessed Value&Net Bonded Debt per Capita-Last Ten Fiscal Years.......................................... 107 Table 4: Special Assessment Billings and Collections-Last Ten Fiscal Years................................................................................................................108 Table 5: Computation of Legal Debt Margin-December 31,1996..................................................................................................................................109 Table 6: Computation of Direct and Overlapping Debt-December 31,1996.................................................................................................................110 Table 7: General Obligation Bonds/Expenditure Ratio-Last Ten Fiscal Years...............................................................................................................111 Table 8: Revenue Bond Coverage-Last Ten Fiscal'tars................................................................................................................................................112 .. Table 9: Retail Sales By Source........................................................................................................................................................................................ 113 Table 10: Largest Taxpayers and Principal Employers......................................................................................................................................................114 Table 11: Construction and Bank Deposits-Last Ten Fiscal Years..................................................................................................................................115 Table 12: Demographic Statistics-Last Ten Fiscal Years.................................................................................................................................................116 Table13: Miscellaneous Statistics.....................................................................................................................................................................................117 ii City of Renton 1996 CAFR ' CORPORATE ORGANIZATIONAL STRUCTURE RENTON'S MISSION STATEMENT The City of Renton,in partnership with residents, business, and government,is dedicated to: Providing a healthy atmosphere in which to live&raise families: Encourage responsible growth and economic vitality; Create a positive work environment; RENTON Resulting in a quality community where people choose to CITIZENS live, work and play. Councilmembers Jesse Tanner , Kathy Keolker-Wheeler, President Mayor Dan Clawson Randy Corman Bob Edwards,Pres Pro Tem HUMAN RESOURCES PLANNING/BLDG/ EXECUTIVE FINANCE&INFORMATION Toni Nelson &RISK MANAGEMENT PUBLIC WORKS L DEPARTMENT SERVICES King Parker Timothy J.Schlitzer Human Resources& Administrator Executive Assistant Administrator Risk Mngt Administrator Gregg Zimmerman Jay Covington Victoria Runkle Beverly Nelson-Glode Development Srvs City Attorney Finance Risk Director Larry Warren Management Jim Hanson ' Financial Hearing Examiner Planning Mngr Human Transportation Systems Fred Kaufman Paula Henderson Resources Director Sandra Mcyer Municipal Court Judge Fiscal Civil Service Corinna Ham Srvs Director Commission Planning/Tech Hugh Simpson Services Director Mike Katterman City Clerk Marilyn Petersen ' Information Utilities Services Systems Director Ron Olsen Maintenance Services Director Jack Crumley FIRE POLICE COMMUNITY DEPARTMENT DEPARTMENT SERVICES Chief Chief Administrator ' Lee Wheeler Alan Wallis Sam Chastain Deputy Chief/Fire Marshall Deputy Chief Facilities Director , Art Larson Garry Anderson Jim Shepherd Fire Prevention Operations Recreation Director Bureau Terry Higashi ma Deputy Chief Jim Matthew Deputy Chief Parks Director Don Persson Leslie Betlach fTZ—aimng,'Support Library Directorces Support Srvs Clark Petersen Bureau Suppression Human Services Mngr Karen Marshall Emergency Mngt/ Safety lll „ �; CITY OF RENTON ... Finance & Information Services Jesse Tanner, Mayor Victoria A. Runkle,Administrator Honorable Jesse Tanner,Mayor May 30, 1997 Members of the Renton City Council City of Renton 200 Mill Avenue South Renton, WA 98055 Dear Mayor and Council Members: Transmittal of 1996 Comprehensive Annual Financial Report With this letter the Finance Department transmits a copy of our City's Comprehensive Annual Financial Report for the year ending December 31, 1996. As you are aware, we ended 1996 in a very good financial condition. Further, as you would expect, our financial records continue to receive an unqualified audit report. These two facts continue to demonstrate good fiscal management and prudent policies by the Mayor and Council. They also demonstrate that the City is most concerned about the integrity of our financial records. This concern transcends the Finance Department employees to include all staff of our City. The Comprehensive Annual Financial Report (CAFR) has three significant uses. First, it provides taxpayers and citizens a broad overview of the City's finances.. Second, rating agencies and interested bond buyers use this report to evaluate our City's fiscal health and creditworthiness. Third, the CAFR is a series of the audited financial statements. These statements have all been reviewed in depth by the State Auditor's Office to ensure the City's funds are safeguarded, and the City is expending them as they were legally appropriated. This report must be and is prepared in accordance with the requirements of Washington State Law 43.09.230, and in conformance with Generally Accepted Accounting Principles. The latter requirement also ensures our fiscal health and spending patterns can be compared to other cities that produce a CAFR. This letter has five sections. It provides an introduction; reviews the economic condition and outlook of our region; outlines 1996 initiatives, challenges, and accomplishments; furnishes general financial information and provides some general information. INTRODUCTION The City of Renton Finance and Information Services Department is responsible for the Management Representation of the contents of this report. Our department is charged with the responsibility for the accuracy, completeness, and fairness of presentation of information contained in this report. The department warrants that, to the best of our knowledge and ability, the data and disclosures reported are both accurate in all material aspects, and they fairly represent Renton's financial position and results of operations of its various funds and account groups. The City of Renton develops its CAFR according to rules and regulations established by the national Government Accounting Standards Board (GASB). By following these guidelines, we ensure the report contains the CAFR Contents that are clearly understood by users of detailed financial information. The GASB has defined the organization and contents of a CAFR. Therfore, the CAFR is organized in three sections: .� 1) the Introductory Section,which includes the Table of Contents,the City's Organizational Chart and principal officers,the Letter of Transmittal,and department profile; 2) the Financial Section, which includes an independent auditor's report, and the Combined Financial Statements and ~' accompanying note disclosures, followed by the Combining Financial Statements by fund type and account group. The Combined Financial Statements, together with the Notes to the Financial Statements, comprise the General Purpose Financial Statements, which provide an overview of the financial position and results of operations for the City; and, 200 Mill Avenue South- Renton, Washington 98055 - (206)235-2607 ®This paper contains 50%recycled material,25%post consumer City of Renton 1996 CAFR 2) the Financial Section, which includes an independent auditor's report, and the Combined Financial Statements and accompanying note disclosures, followed by the Combining Financial Statements by fund type and account group. The , Combined Financial Statements, together with the Notes to the Financial Statements, comprise the General Purpose Financial Statements,which provide an overview of the financial position and results of operations for the City; and, 3) the Statistical Section, which presents financial,economic,social,and demographic data about the City. The Statistical Section is useful in revealing trends which have and may continue to affect the City of Renton. The GASB also requires the reporting organization to define the Reporting Entity. This report includes all City funds, account groups, agencies, boards, and commissions that are controlled by, or dependent on, the City. Control by or dependence upon the ' City was determined on the basis of authority to appoint or remove the majority of board members;financial support including debt secured by revenues or general obligations of the City; obligation of the City to finance any deficits that may occur; or receipt of significant subsidies from the City. This report does not include the financial position or results of operations for the Renton Housing Authority. The Housing Authority has been excluded because the City neither reviews their budget, nor is obligated to fund any of their deficits. ' Renton is a participant in the Valley Communications Center, which provides consolidated emergency dispatch services for the cities of Auburn, Kent, Renton, and Tukwila. Each city shares a portion of support to the center, based on dispatchable call services provided to each entity. The Valley Communications Center is reported in the City's financial statements as a joint venture. ECONOMIC CONDITION AND OUTLOOK The past year has been extraordinary in terms of changes to the City's economic landscape. The City created an automall zone which began to show results in increased sales tax revenues from car sales. With a major developer, we began an EIS to , significantly change the City's northern waterfront. There were 3,566 building permits issued in Renton during 1996; of these, the City reviewed plans for 253 multi-family units, 84 townhouses, and 376 single family homes. By the end of 1996, the City had three major general retailers, and they were creating a synergy--not hurting one another. The downtown area began to see changes with a new micro brewery; transfer of car dealerships to the auto mall, and the beginnings of other new businesses in the core. A record 3,927 business licenses were issued. All of this general growth was additive to Boeing's and PACCAR's significant changing outlook. By the end of 1996,Boeing had gone from plans to complete twelve 737s jets per month to a new projection requiring the company to build planes at a pace of up to forty-eight 737s per month. The termination of operations at PACCAR's Tukwila plant resulted in the consolidation of manufacturing in Renton. These two major businesses ensure good manufacturing jobs will be a part of Renton's economic , foundation for the rest of the century. Em llooyment within the City of Renton is tracked through the Business License program. Each Number o f Business Licenses business providing any kind of service within 4,000 Renton must have a business license. The license 3,500 fee is based on hours worked by employees. Over 3,000 85 percent of the revenue earned from licenses is 2,500 dedicated to transportation capital needs. This 2,000 rah indicates the business license growth over 1,500 graph 1,000 the past six years. 500 N M N to C Boeing employment increased by 10.4 percent over last year. We expect this number, based upon the hours worked, to increase over the next year. PACCAR employment reflects the transfer of employees from the closed plant to this one with an increase of 15 employees. These are our top two employers. V City of Renton 1996 CAFR r However, in 1996 we have new businesses as some of our top ten employers. Multiple Zones, a worldwide catalog sales provider -- of computer hardware and software, moved its headquarters to Renton. When Wizards of the Coast, a popular hi-tech game company, outgrew their original space in Renton, they elected to remain in the City at a different location which would accommodate their current and future growth. Their employment grew to 295 employees. This is a 43 percent increase over their 1995 employment. Eagle Hardware, a large regional retailer, has their regional headquarters in Renton. Our overall employment base grew by 5 percent in 1996. " Sales tax revenue is an indicator of both our economy and that of King County. Renton has the ability to draw revenue from the surrounding area. In 1996 we earned $11,498,792 from sales taxes. This was 10 T o t a l A n n u a I Sales Tax Collections percent above 1995. The corresponding graph depicts annual collections over the past five 1 2 ,000 0 0 0 years. 10,000 ,000 8,000 ,000 :C[ The overall increases the past year have 6,000 ,000 obviously been good. However, when placed in 4,000 ,000 2,000 ,000 the context with State law changes on what can .. be taxed, the growth becomes remarkable. In CN rn Cn rn to the 1995 legislature, the sales tax law was rn 0) M rn am changed to exempt from sales taxes all activities and goods used in the manufacturing process. In 1996, this translated into a$500,000 loss for the City. By the year 2001,this will increase to a loss of$800,000. The loss was not as extreme as expected in 1996 due to some other accounting changes negotiated with the Department of Revenue that will be phased in over the next five years. .. This law change was significant. We have been able to maintain our current level of service because the City has been working to expand the economic base. Since 1993,the City has been aggressively marketing Renton. Through that effort,we have increased our auto dealerships, worked with many large retailers such as Ikea, Walmart and Fred Meyer to locate in our city, and changed land use zones to encourage retail growth. These changes,combined with the general positive increases in the local and national economy,ensured that Renton could maintain our level of services. However, due to the changes at the state level, we have not been able to increase services in 1996 or 1997 as .. we had planned when we embarked on our economic development program. �. Prope , tax revenue is beginning to follow the general growth that sales taxes and business Annual New Construction licenses have. In 1996, the value of new Assessed valuation construction as defined by the King County 8160,000,000 �- assessor was $63,000,000. This valuation was $140,000,000 --- based upon construction progress as of January $120,000,000 through April of 1995. $100,000,000 $80,000,000 In 1995, we issued 614 new building permits. $60,000,000 -- — — — Most of these were in various stages of $40,000,000 -- completion by the beginning of 1996. In 1996, $20,000,000 — — building permits increased by 12.2 percent. 8_ - The value of these buildings will not be on our LO (0 r- co a) o N M v Ln CD g co co co co m 0) 0) M rn M rn rn assessment rolls until 1997 or 1998. Q2 °2 r' °2 °2 r. Vi City of Renton 1996 CAFR This graph depicts our overall assessed valuation. With the new construction Total Annual Assessed Value numbers, it is evident our base assessed $3,500,000,000 valuation has not grown as fast as previous years. We continue to work $s,soo,000,000 with the King County Assessor on these $3,000,000,000 - issues. In 1994, the office vacancy rate $2,500,000,000 in our area was over 30 percent. At the end of 1996, it was only at 22 percent of $2,000,000,000 ' the total space available. $1,5 0 0,0 0 0.0 00 $1,000,000,000 It is clear from evaluating the $500,000,000 assessments of major properties, the valuations were decreased duringthe $" LO (D co rn o — N ch v .n to rn time the office buildings were vacant. co co co o CD 0) 0) CD 0) Mo, � rn rn rn o, o, rn rn rn rn rn ' However, these assessments have not changed through the 1997 period. We are working with the Assessor, and expect these valuations to reflect the healthy economy in the 1998 levy. We are most excited about the economic future of Renton. While Boeing and PACCAR will continue to be dominant forces in our r area, their influence is now balanced with other large businesses. As noted, Wizards of the Coast and Multiple Zones have customer bases far outside our City, region and State. In addition,we are working on several different projects to ensure continued economic expansion. In addition to Boeing's plan to produce 48 737s per month,the company is also completing plans for the remainder of its 500-acre undeveloped site. . In late 1996, Boeing began to build a new 737/757 headquarters on that site. We are currently conducting an , environmental impact study to complete a major north/south arterial, Oakesdale Avenue, through the City. The completion of the road through the property will enhance its use for other businesses and uses. We are also working with a developer for a major development along the City's northern Lake Washington waterfront. In 1996 the City and the Paul Allen Group began an EIS for a combination of housing and high tech facilities along the water. The value of such a site is estimated to be near $100 million. If this development should occur, it will address many environmental issues ranging from cleaning up old salmon streams to turning a"brownfield" into valuable property with public access. This study will ' be completed by mid-1997. It will provide a direction for the City for many years to come. With the creation of the automall in 1996,we were able to relocate two of our auto dealerships from the downtown core to an area , of high visibility. We now are reviewing developer options for the downtown property. We expect high end multifamily housing to be built by 1999. One of the major areas has been purchased and a new restaurant,bakery and banking facility will replace a car sales room. These facilities should be opened in late 1997. A citizens' group is working on the development of a downtown park within that new City property to complete a regional trail and park system. As we had hoped and expected,with the creation of an Ikea store at our southernmost border,other businesses are moving there. A 13-theater complex will be constructed by spring 1997. Three large beverage distributors are completing large warehouse and ' delivery facilities in the same area. Finally,this is the area of our City with the largest land parcels available for development, and is one of the few areas of the County with large developable land available within the urban growth boundary. In 1993, the City embarked on a long term, committed program of economic diversification. We have achieved many of those ' objectives. We will continue to work on these issues. We understand Boeing is in a period of long-term growth. However, we also want to have an employment and economic base which reflects a wide range of options. We believe these efforts will translate, as they have, into increasing our economic base in all areas: sales taxes, property taxes, small business growth, and employment opportunities to meet the challenges of the next century. vii City of Renton 1996 CAFR INITIATIVES,CHALLENGES AND ACCOMPLISHMENTS •• The Comprehensive Annual Financial Report has many purposes. It represents clearly the financial health of our City. As it is audited by an independent reviewer, it also speaks to the City's financial management. As stated, the CAFR should also illustrate where the expenditures were made and how they accomplished the significant priorities as established annually by the City Council. During the development of the 1996 budget, and restated in February of 1996, the Council identified five major areas of focus. The Council's stated 1996 goals were: • Improve Renton's Image • Promote Economic Development • Increase Service Productivity and Innovation • Acquire Space to Meet Public Safety and Administrative Office Needs • Develop an Annexation Strategy We believe our intense focus on the top five priorities translated into significant success. The following highlights a very limited number of our accomplishments. The work in 1996 on image development was the planning phase of the 1997 work program. The results of our 1996 efforts will be the development of the Paul Allen project, the downtown housing vision with a public square area, and the completion of the automall. As of the date of this letter,many of these activities are now present in our City. Developing the automall, and its initial construction phase at the end of the year, served to advance two of our goals: image and economic development. As times changed,dealerships in the downtown core were having trouble competing. They did not have sufficient showroom space, vehicle selection, or access to make auto shopping easy. Further, having car dealerships in our downtown core was hindering creation of a central downtown identity. By finding land and facilitating the permitting process, we were able to accomplish these goals. The projects noted in the economic outlook section above go to the core of our efforts in economic development. The successes in those areas will continue to improve our economic health. In addition, we held a City-wide forum on the image and development of Renton. From this event came many ideas and commitment from our citizens. A citizens' group is developing the downtown plaza and downtown image ideas. Another subgroup of the forum has taken a lead in integrating school volunteer programs throughout the City with a small amount of investment money from the School District and the City. The Mayor, Council -f members, citizens and staff all agree economic development will be an ongoing goal for this City in every aspect of our work. It is not an objective that will be"finished." One of the areas we are most proud is in the area of service productivity and innovation. In 1996, we began a staff 2002 Committee. There are four major subcommittees working on different areas of service productivity. Many of the City staff use personal time to work on these issues. One staff group is identifying overall staff traits and talents required for the next century. From that information, they are developing a training program to help us acquire those skills. Other employees are working on developing meaningrul benchmarks. This effort will help us communicate to the public the services and value they receive for their investment in the City. This undertaking will, of course, help in having a considerable and exciting dialogue during the budget process about the services we should provide. A third group is conducting evening neighborhood meetings to identify neighborhood needs and how the City can best meet those needs. A fourth group is examining the internal workings of our government to determine where efficiencies might be gained through innovations on how we provide base services. These efforts, again, are being accomplished within current budgets and staff time. These assignments have energized staff,and we believe will lead to providing the level of services Renton citizens have articulated. It will certainly help to clarify services and value, where the costs are, and what we might be able to achieve more efficiently and effectively. It has helped in developing a cohesive attitude about service and how to attain and demonstrate that to our customers--the citizens of Renton. As stated earlier, throughout 1996, the City worked on identifying options to resolve the unacceptable space conditions of our court, police rdepartment, and some other administrative functions. By the end of the year, we were negotiating for a new 122,000 square foot building to provide more than enough space for all of City Hall for the next ten years. As of May 1997, the building had been purchased and paid for with Limited Tax General Obligation debt. The City is now in the planning phase of moving into the building by June 1998. Jail construction will be completed by the first quarter of 1999. viii City of Renton 1996 CAFR Currently, the City is negotiating with various tenants for our current City Hall. The City made the decision not to sell this land, due to its location and long-term future growth issues. In the short term,the City will not need two floors of the new building and , we are discussing potential shared space. Once the space is designed and all other space is rented,this issue will be resolved for at least ten years. Annexation will be an ongoing work program. In 1996, we attempted to annex a large portion of the eastern boundary into our , City limits. The process was litigated by an opposition group. The case was heard before the Washington Supreme Court in May 1997. The issue of annexations, incorporations, and the ability to be a viable city is one facing many areas of the County. The City of Renton decision makers have decided they no longer will be strategic policymakers on this issue. In 1997,they elected to make this an ongoing work item as opposed to a major goal. The City will continue to work with areas where it makes economic sense for City annexations. However,the City will not be a leader in the area of County and State growth management objectives. It is clearly a regional issue. , In summary,the City as an organization has focused on accomplishing base services and accomplishing these five major initiatives in 1996. This led to measurable successes in the areas of acquiring space; developing a program to enhance the image of the City; developing our role in the region on annexation issues; maintaining a focus on economic development, which translated into measurable tax receipts; and beginning to look internally at how to provide services at the lowest cost. The Mayor and Council,at the end of 1996, were very pleased with the accomplishments. Early in 1997 they evaluated the successes of 1996, and reconfirmed their commitment to providing clear direction and a limited number of objectives for staff. We learned from 1996 that we can be very successful if we stay focused on our highest priorities. FINANCIAL INFORMATION , The financial information section of the transmittal letter will discuss accountingibudgetary controls, and summarize the operating results for Renton's major fund groups. , Accounting and Administrative Controls The City utilizes various accounting and administrative controls to ensure stewardship responsibilities are fulfilled. Accounting control includes the plans, procedures, and systems used to safeguard assets and the , reliability of financial records. These controls provide reasonable assurance that transactions are executed in accordance with management authorization, recorded in conformity with Generally Accepted Accounting Principles, and sufficient reporting and review exist to provide adequate information for comparability and analysis of data. Administrative control refers to the decision- making process utilized to establish management authorization for financial transactions, and is the starting point for establishing accounting controls. Washington State cities and counties must comply with the Budgeting, Accounting and Reporting System prescribed by the Office , of the State Auditor. State laws also provide for annual independent audits by the Office of the State Auditor. Audits routinely include a thorough review of all administrative and accounting policies and procedures. Budgetary control is integrated with the accounting system. Budgeting is carried out in accordance with State RCW 35A.33. , Annual appropriated budgets are adopted for the General, Special Revenue, Debt Service and Capital Projects Funds, with appropriations lapsing at year-end. Enterprise and Internal Service Fund budgets are for management control only and are, therefore, not reported. A budget increase or decrease to a fund must be authorized by the City Council, while transfers within a ' fund may be authorized by the Mayor. All budgets are controlled at the fund level. An encumbrance system is maintained to account for all commitments resulting from approved purchase orders and contracts and serves as an additional measure of budgetary control. Open encumbrances lapse at year-end and are reappropriated or absorbed in the next year's operating budget. S ix ' City of Renton 1996 CAFR General Governmental Revenues: General Governmental operations consist of the General Fund, Special Revenue Funds,and Debt Service Funds. The following table and graph summarize the revenues by source for 1994, 1995,and 1996. General Government Revenues 1996 1995 1994 95/96 and Other Sources Amount % Amount % Amount % %Ch Property Taxes $ 13,805,965 18.9% $ 13,678,790 21.2% $ 13,210,307 21.6% 0.9% Sales Taxes 12,552,899 17.2% 11,522,308 17.9% 10,212,643 16.7% 8.9% w. Utility Taxes 6,652,148 9.1% 6,226,900 9.6% 5,741,604 9.4% 6.8% Other Taxes 3,215,307 4.4% 2,542,169 3.9% 1,621,428 2.7% 26.5% Licenses and Permits 1,569,007 2.1% 1,236,046 1.9% 1,310,570 2.1% 26.9% Intergovernmental Revenues 4,044,611 5.5% 4,343,249 6.7% 4,998,676 8.2% -6.9% Charges for Services 5,344,029 7.3% 4,818,352 7.5% 4,736,891 7.7% 10.9% Fines and Forfeits 958,082 1.3% 998,553 1.5% 1,107,780 1.8% 4.1% Interest 2,036,211 2.8% 1,522,781 2.4% 1,100,821 1.8% 33.7% Miscellaneous Revenue 1,477,591 2.0% 1,558,102 2.4% 1,734,992 2.8% -5.2% Sub-total Revenues 51,655,849 70.7% 48,447,250 75.1% 45,775,711 74.8% 6.6% Other Financing Sources 3,740,342 5.1% 254,640 0.4% 770,664 1.3% 1368.9% Beginning Fund Balance 17,645,773 24.2% 15,845,156 24.5% 14,631,484 23.9% 11.4% Total Resources and $ 73,041,964 100.0% $ 64,547,046 100.0% $ 61,177,859 100.0% 13.2% Fund Balance General Governmental Revenue Corrparsion By Source 14,000,000 ! 12,000,000 --- - - -- - t ' - - -- 10,000,000 o 8,000,000 -- ---- - ----- 6,000,000 4,000,000 - - -- 2,000,000 41 ■1995 _ a) � 0 p 1996 fn C LL_ cnC .0.. n N f0 Xcu X (0 V) .'N-' O > cn U Co .� N (D W cnC LL O` f0 L U O. C L 1.1 i CL WO � U Revenue Category The 1996 General Governmental revenues totaled$51.6 million,an increase of 6.6%. Major changes to revenue include an increase to other taxes due to increased gambling taxes, excise taxes and franchise fees,an increase in permits is due to building permits issued,and an increase in charges for services is due to increased recreation programs,electronic home detention, and plan �- review fees. x City of Renton 1996 CAFR General Governmental Expenditures: The City's General Governmental operating expenditures and other uses include the General, Special Revenue and Debt Service Funds. The following table and graph summarize expenditures by function. I General Government T 1996 1995 1994 94/95 r Expenditures and Other Uses Amount % Amount % Amount % I %Chi General Government $ 8,420,834 11.5% $ 7,807,624 12.1% $ 7,570,561 12.4% -7.85% , Security of Persons/Property 18,344,175 25.1% 17,187,719 26.6% 17,272,774 28.2% -6.73% Physical Environment 1,759,571 2.4% 1,520,374 2.4% 1,585,936 2.6% -15.73% Transportation 4,509,833 6.2% 4,947,622 7.7% 4,423,529 7.2% 8.85% , Economic Environment 3,022,503 4.1% 3,606,022 5.6% 3,552,526 5.8% 16.18% Mental and Physical Health 5,746 0.0% 7,843 0.0% 10,755 0.0% 26.74% Culture and Recreation 5,429,238 7.4% 5,130,721 7.9% 4,952,547 8.1% -5.82% Capital Outlay 2,302,888 3.2% 494,585 0.8% 547,281 0.9% -365.62% , Debt Service 3,933,362 5.4% 3,347,293 5.2% 4,289,678 7.0% -17.51% Sub-total Expenditures 47,728,150 65.3% 44,049,803 68.2% 44,205,587 72.3% -8.35% Other Financing Uses 5,414,572 7.4% 2,851,570 4.4% 1,127,116 1.8% -89.88% Ending Fund Balance 19,899.242 27.2% 17,645,673 27.3% 15,845,156 25.9% -12.77% Total Expenditures/ F_;T041,964 100.0% $ 64,547,046 100.0% $ 61,177,859 100.0% -13.16% Fund Balance General Governmental Ependiture Comparison By Function , 20,000,000 18,000,000 1"000, 000 14,000,000 - - -- ' N 12,000,000 - 10,000,000 - I 8,000,000 - 6,000,000 w 4,000,000 2,OOC,000 ' ®1994 51 ■1995 i i C a N co C U N N >. U m E o N .5 a Eo o r w m L) Q <° p 1996 o d m = m ami ro L o c c-o 0) 3 4' U O (A ' � 0 Ana o w ww o i Expenditure Category Expenditures for general governmental functions totaled $47.7 million in 1996, an increase of 8.35% over 1995. Increases in ' physical environment were due to increased wage and benefit costs, lower economic environment costs are associated with decreased costs in planning and development and increased expenditures relating to capital outlay were for public safety and ' mitigation projects. xi City of Renton 1996 CAFR General Governmental Fund Balance: The following table and graph provide a summary of General Governmental revenues, expenditures,and fund balance for 1994, 1995 and 1996, which includes General, Special Revenue,and Debt Service fund types. �- The 1996 revenue increased by 6.6%, while expenditures increased by 8.35%. Net increase to the General Governmental fund balance for 1996 was $2.3 million. It is important to note that the majority of this fund balance is designated for special purposes and is not available for appropriation. General Government Revenues,Expenditures 1996 1995 1994 1995/1996 and Fund Balance I I I I %Chan e Total Revenues $ 51,665,849 $ 48,447,250 $ 45,775,711 6.6% Total Expenditures 47,728,150 44,049,803 44,205,587 (8.4%) Excess of Revenues over Expenditures 3,937,699 4,397,447 1,570,124 (10.45%) Other Increases(Decreases) (1,684,130) (2,596,930) (356,452) 35.20% Fund Balance anuary 1 17,645,673 15,845,156 14,631,484 11.36% Fund Balance December 31 IS 19,899,242 1 $ 17,645,673 1 $ 15,845,156 1 12.77% General Governmental Fund BalanceAnalysis r 52,000,000 25,000,000 50,000,000 CL c LU j 48,000,000 20,000,000 m 46,000,000 'D I D 44,000,000 15,000,000 u- tO 42,000,000 i 40,000,000 10,000,000 1994 1995 1996 Year Revenues Q Expenditures— s 12/31 Fund Bunce Proprietary Operations The City's proprietary operations include four enterprise and two internal service funds. The four enterprises are: Waterworks Utility, Municipal Airport, Municipal Golf Course, and Solid Waste Utility. Each enterprise reimburses the General Fund for services received, including information services, central stores, and printing. The amount charged is expressed as a percentage of operating expenses, together with operation summaries of these enterprises listed below: Waterworks Airport Solid Waste Golf Course Item(000's) 1996 1995 1996 1995 1996 1995 1 1996 1995 Operating Revenues $ 20,278 $ 18,682 $ 718 $ 676 $ 6,523 $ 6,223 $ 1,689 $ 1,073 Operating Exp.w/o Depr 14,724 13,187 388 318 6,354 6,373 1,076 767 Operating Inc.w/o Depr 5,554 5,495 330 358 169 (150) 613 306 General Fund Reimb 2,169 2,178 39 43 235 236 43 0 Reimbursement as a%of Operating Expense 14.73% 16.52% 10.05% 13.52% 3.70% 3.70% 4.00% 0.00% Retained Earnings $ 16,140 $ 13,802 $ 4,532 $ 4,128 $ 750 $ 600 $ 2,945 $ 2,624 xii City of Renton 1996 CAFR ' The Capital Improvement Programs in the utilities operations are driven primarily through the following issues: growth of users, ' age of system, and external forces. In 1996,the construction schedules for major projects were lengthened. The delays in some of the projects originated from the same type of issues that private companies must confront--environmental impacts and obtaining permits from other public agencies. Fortunately, at this point the delays in projects have not caused significant issues in terms of housing and business construction. It has also had the unanticipated outcome of lower rate increases in 1997 and 1998 than ' previously projected. However, it has also raised concerns in some areas about major future flooding and how this will impact the business needs to produce planes, as an example. Further, with plans concerning development in different sections of our city, there will be impacts if we do not continue to work aggressively on getting the projects started and on well-defined project schedules. In 1996,the following utility rates were adopted: Utility Percent Dollar Monthly Average Increase Increase Monthly Cost Water 2% $0.44 $23.70 City Wastewater 2% $0.24 $12.29 ' Surface Water 0% $0.00 $5.23 Solid Waste 6.6% $0.65 $10.45 County Sewer 6.4% $1.15 $19.10 , The County sewer rate is a pass through. The County makes cities raise the rates, collect the fees, and make payments to them for , regional sewage transport and treatment. Solid Waste collection is provided by a private contractor, whose costs are defined by a contract with the City. These rate increases permitted us to successfully complete many projects in all the utilities. Some of the highlights include,but are , not limited to: Water Projects ' • drilled and tested a new well for future capacity; • completed construction of three new increased capacity pipes in three different areas of the City: Talbot Road, Park Avenue and Logan Avenue,and • completed construction of the Maplewood 16-inch transmission main Wastewater Projects • completed design of three new lift stations • secured low-interest state loans for the Sunset Interceptor and East Kennydale Interceptor projects and began construction. Surface Water Projects ' • performed the Panther Creek Mosquito Abatement Program • constructed four projects in the Small Drainage Problem Program -- directly minimizing flooding issues in several different neighborhoods • began the drainage enhancement program to deal with the long-term flooding issues on the Cedar River The area of intense development over the last years of this decade will be concerning the long-term drainage issues related to the Cedar River. There is a concerted effort between the County, the City and the City of Seattle to address long-term concerns about annual major flooding problems. Internal Services includes two operations: the Equipment Rental Fund and the Insurance Fund. The Equipment Rental Fund ' meets the maintenance and replacement needs of over 300 vehicles. It includes the maintenance issues for police and fire vehicles, but we are not collecting reserves for the replacement of these type of vehicles. A schedule is developed for annual replacement of police cars in the operating budgets. The City is developing a policy for long-term replacement of fire rolling stock needs. xiii , City of Renton 1996 CAFR In 1996, the City began to develop a comprehensive equipment rental program with the addition of a manager and support staff. The City spent$1,259,193 for new equipment. This included selling minibonds for two new fire pumpers for a total of$625,000. Risk Management In 1984, the City adopted a comprehensive self-insurance program for its liability, property, and workers' compensation exposures. The Insurance Fund was established to account for this activity. In the program the City retains $250,000 liability per property and general liability claim. The Insurance Fund charges City departments to finance their risk based on claims history and cost of excess insurance coverages. Claims payments and appropriate excess insurance coverages are financed by the fund. The City began self insuring for health care in 1985. Dental coverage was folded into the self insurance plan in 1988. Excess medical loss insurance is purchased to provide coverage in excess of$70,000 per person with a maximum life time coverage of $1,000,000 per person. All employees and their dependents are covered in our system. Insurance costs in 1996 continued to remain stable. The City has a Task Force on the benefits provided to employees. The Task Force is staffed with employees. Small changes made to the program included limiting vision care to once every two years and " creating a small deductible for all doctor visits. These changes were made to meet increasing costs while maintaining solid benefits under this program for its 548 employees with 1,004 dependents, 11 Cobra participants and 86 eligible retired firefighters and policemen. �. In addition to regular insurance activity, the City uses the Insurance Fund to build a "Rainy Day" reserve to protect against future negative short-term economic revenue cycles. This is funded through lower than expected Insurance costs and by dedicating any other fund surpluses legally allowed to be transferred to this fund. The goal is to have a total of 8 percent of the projected expenditures in all the general governmental operating funds. In addition to these reserves, we also have an additional 8 percent of the expenditures in each fund for operating cash flows. In 1996 we achieved the 8 percent goal, and in fact, went to a 10 percent fund balance. This was corrected in 1997. We used some of the funds above the 8 percent requirement to meet one time ,,. expenditure requirements the City had been delaying during the mid 1990's when the economic condition was not as positive. Debt Administration in 1996 was a very limited activity. The City knew it was going to incur a new debt liability with the facility needs for public safety,thus it made a decision to limit uses of debt to projects that were very necessary. In 1996 the Finance Department conducted the City's first mini-bond sale. This process sold$625,000 in $1,000 bonds to over 50 •• Renton citizens. We sold both zero coupon and serial bonds. The interest was overwhelming from both our general citizens and our active community banks. The monies were used to purchase two new fire trucks. �. We ended 1996 with $17 million outstanding in General Obligation Debt. Of that total, $9.58 was outstanding in Limited Tax Obligation Debt (Councilmanic Debt). The remainder of $7.795 million is outstanding for the City's two Unlimited (Voter Approved) Tax Obligation Debt. These are for Senior Housing and the purchase of Coulon Park. The latter debt will be completely retired in 2002. The housing bonds have outstanding obligations until 2009. We issued no new revenue debt for utilities in 1996. We have a total utility debt of$26.8 million outstanding. This was the second year we did not issue debt. It does not appear cash from debt issuance will be required in 1997 to meet the capital projects cash flow requirements. In addition to these obligations, the City has $5.6 in low-interest state loans for drainage and sewer projects. These loans have interest rates between 1 and 5 percent. There is only one project at a 5 percent interest rate. This is a very low cost way to accomplish public health projects. We have only $2.456 million in LID Bonds outstanding. In 1995 and 1996, the Finance Department's Fiscal Services division made a concerted effort to collect past due accounts. This was a major accomplishment, resulting in our ability to lower our guarantee fund and use those monies for normal operating expenditures in 1996 and 1997. The Golf Course has$4.8 million outstanding from its 1994 revenue bonds. In addition, it entered into two capital leases in 1996, amounting to $92,000, for the purchase of additional golf carts. However, rent fees from this service are more than covering the costs of the lease. xiv City of Renton 1996 CAFR Cash Management The City operates an aggressive cash management program, investing all surpluses as determined by anticipated cash flow needs. Investment decisions are based on established investment policies,analysis of liquidity requirements, ' safety assurances and yield. The City's portfolio consists of federal government obligations, investments in the State Investment Pool,prime banker's acceptances,and certificates of deposit with maturities ranging from I day to 16 years. Safeguarding assets is of primary concern to the City and its regulating agencies. In April of 1987, the Governmental Accounting Standards Board issued Statement#3,requiring detailed disclosure regarding the risk associated with deposits and investments held by the City. A categorization procedure was established, where Category 1 includes investments that are either insured,registered ' or held by the City or its agent in the City of Renton's name; Category 2 includes uninsured and unregistered investments held by the counterparty's trust department or agent in the City's name; and Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent but not in the City's name. This categorization for the City of Renton is included in Note 3 of the Notes to the Financial Statements. In order to assure the highest degree of safety on all , City investments, a safekeeping agreement was established for all securities purchased after December 1988. This will insure investments meet the Category I classification test. The Washington State Treasurer manages a State Investment Pool for use by any city, county, town, municipal corporation, or i special taxing district within the State. Municipalities determine the amount and length of investment based on individual cash flow needs. Interest is earned based on the pool's actual experience for the month, less an administrative fee. The interest rate earned by the pool has become a recognized benchmark for entities to measure their own portfolio performance. In 1996, the average interest rate earned by the State Investment Pool was 5.32%, compared to the 6.83% earned by the City. The following table compares 1996, 1995 and 1994 investment activity. Item 1996 1995 1994 96/95 , %Chan e Average Invested Balance $ 50,934,733 $ 48,525,308 $ 42,9875446 5.0% Average City Interest Rate 6.83% 6.01% 5.03% 13.6% Average State Pool Rate 5.32% 5.83% 4.24% (8.7%) Total Interest Earnings $ 3,483,017 $ 2,916,371 $ 2,177,879 19.4% OTHER INFORMATION The final section of the letter of transmittal will provide information regarding the City's annual audit, awards, and acknowledgments. Independent Audit Washington State Law requires an annual audit of the City's financial statements by the independently elected , State Auditor. The State Auditor conducts the audit in accordance with generally accepted auditing standards, as promulgated by the American Institute of Certified Public Accountants (AICPA), and provides an independent opinion on the City's financial position and results of operations and the cash flows of its proprietary fund types. In addition to the opinion on the City's financial statements included in this report,the State Auditor also issues separate reports on internal control and compliance with laws and regulations that meet the requirements of the Single Audit Act of 1984 and related OMB Circular A-128. The audit of 1996 has been completed and the City has been issued an unqualified opinion. The "Independent Auditor's Report" is included in the "Financial Section" of this document. I xv City of Renton 1996 CAFR Certificate of Achievement Certificate of The Government Finance Officers' Association of the United States and Canada Achievement (GFOA)awarded the Certificate of Achievement for Excellence in Financial Reporting for Excellence to the City of Renton for its Comprehensive Annual Financial Report for the year ended December 31, 1995. The Certificate of Achievement is a prestigious national in Financial award recognizing conformance with the highest standards for preparation of state and Reporting local government financial reports. Presented to In order to be awarded a Certificate of Achievement, a government unit must publish City of Renton, an easily readable and efficiently organized Comprehensive Annual Financial Report, Washington whose contents conform to program standards. Such Comprehensive Annual For its Comprehensive Annual Financial Reports must satisfy both Generally Accepted Accounting Principles and s Financial Report applicable legal requirements. for the Fiscal Year Ended December 31, 1995 A Certificate of Achievement for Excellence in Financial Acknowledgments Preparation of this report could not have been accomplished Reporting is presented by the Cwvernment Finance Officers Association of the United States and Canada to without the professional, efficient, and dedicated services of the entire staff of the governmentunits and public employee retirement systems whose comprehensive annual financial Finance and Information Services Department and the various department heads and reports standards ing yern eve the highest employees who assisted and contributed to its preparation. Further appreciation is standards in government accounting P P PP and financial reporting. extended to the Mayor and City Council for their encouragement, interest, and support in conducting the financial operations of the City in a sound and progressive manner. ZZ as The efficient assistance of examiners from the office of the State Auditor is also >; Preside t appreciated. Staff who had a direct role in preparing Renton's 1996 Comprehensive Annual Financial Report take great pride in their work, and the entire team who Execnliw Di—tor worked on this project are recognized on the last page of the report. I will be happy to respond to any questions or comments about the information contained in this report. Again, sincere thanks for the support shown to the Finance and Information Services Department. Sincerely, CITY OF RENTON Victoria A. Runkle Finance and Information Services Administrator cc: Washington State Auditor xvi 1 1 1 �Y � U� � � .: � � ♦ � ��N�O� � i City of Renun 1996 CAER ow Departinent Profile ■. Emergency Management Division to The Emergency Management Division operates under the direction of the Emergency Management Director, Fire Chief A. Lee Wheeler, and the Emergency Management Coordinator, Battalion Chief Ray Barilleaux. The mission of the Emergency 60 Manaaement.Division is to coordinate emergency preparedness for the City of Renton and to communicate,through the Emergency Operations Center located on Mitt Avenue,to the public and the media information concerning catastrophic situations. rr Catastrophic conditions include floods, earthquakes, and windstorms. Earthquakes in California and Kobe, Japan, and the inaugural day windstorm in 1993 are constant reminders of the need for emergency preparedness. During periods in 1995 and 1996, unusually heavy rains and melting snow raised all rivers in Western Washington to flood stage to and above. In particular, the Cedar River, which runs through the middle of Renton, flooded to 100-year flood stages. These floods caused significant damage to the Maplewood Golf Course and the Municipal Airport. to During the floods, the Emergency Management Division coordinated flood containment efforts, relocation of flood victims, and communications. aw ow 'V i- 3 ' S_. .eaew. '•aye.,..�.. . � � � �`o. c a •» mom, '�°'� .. '°'N . '��;. .,,, ',..."':. w.:,. 'may,: � ' n _ W _ IN. ........... ,........ .... Sand bags are stacked around the City of Renton Municipal Building to protect the City.jail and Police Administrative offices. ilrr The Emergency Management Division applied for and received federal assistance through the Federal Emergency Management Administration {FEMA}, The City received grants for both 1995 and 1996 flood-related damage. Irr xvii City u;Renton 1996 CAFR Work crews make efforts to protect bridges from floating debris by �.4 positioning a crane to lift debris out of the river before bridge supports are struck. G f ' fti' �41 r During the >7 oodinx in 1995 and 1996, " VI! w the libra brig a clearance was at times .. Vii• r as little as six feet. NOrnial riVE'r flow usually provides sixteen feet of F, : clearance. Ar '. The Emergency Management Division continually makes presentations to the public through the Renton. Senior Center, Renton River Days, and other civic organizations. The division places heavy emphasis on the fact that the key to dealing with an emergency is preparedness. Xviii City of Renton 1996 CAFR rr s a! aar 1996 Annual Financial RenoYt Financial Statements 1 ■ 1 City of Renton 1996 C4FR ur 1 Washington State Auditor Legislative Building (360)753-5277 PO Box 40021 Brian Sonntag FAX(360)753-0646 , Olympia,Washington 98504-0021 TDD Relay 1-800-833-6388 INDEPENDENT AUDITOR'S REPORT ' June 3, 1997 ' The Honorable Mayor and City Council ' City of Renton Renton, Washington We have audited the general-purpose financial statements of the City of Renton, King County, Washington, as of and for ' the fiscal year ended December 31, 1996, as listed in the table of contents. These financial statements are the responsibility of the city's management. Our responsibility is to express an opinion on these financial statements based on our audit. ' We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit was performed pursuant to the Revised Code of Washington 43.09.260, under which a full report on the results of this audit will be issued. This report may include findings and recommendations on compliance matters, internal control procedures, and questionable costs or contingencies that would not be material in relation to the general-purpose financial statements taken as a whole. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the City of Renton, King County, Washington, at December 31, 1996, and the results of its operations and cash flows of its proprietary fund types for the fiscal year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general-purpose financial statements taken as a whole. The combining, individual fund, and account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis, and are not a required part of the general-purpose financial statements of the City of Renton, King County, Washington. The infonnation has been subjected to the procedures applied in the audit of the general-purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general- purpose financial statements taken as a whole. The other data included in this report, designated as the statistical section in the table of contents, has not been audited by us and, accordingly, we express no opinion on such data. Sincerely, BRIAN SONNTAG, CGFM STATE AUDITOR 2 City of Renton 1996 CAFR r r r 1996 Annual Financial Report �. General Purpose Financial Statement 3 City of Renton 1996 CAFR ' COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS: DECEMBER 31, 1996 Page 1 of 2 With Comparative Totals for December 31, 1995 <::> ; G�tiERTJM.EN:.tt�..::f�t�.:IYp�S.::.:.:,.:::<:.::.::::.:;...:•.....:.:... SPECIAL DEBT CAPITAL ' GENERAL REVENUE SERVICE PROJECTS ASSETS: Cash and Cash Equivalents - Note 3 .................... $ 7,230,301 $ 1,821,465 $ 2,040,104 $ 1,957,665 ' Cash With Fiscal Agent ................................. 0 0 135,344 0 Deferred Compensation Plan Assets - Note 4 ............. 0 0 0 0 Investments - Note 3 ................................... 0 7,508,217 1,425,000 2,715,313 Receivables, net of Allowance for Uncollectibles-Note 5: 3,695,956 288,311 3,362,982 220,111 Due From Other Funds - Note 5 .......................... 13,000 42,165 0 169 Interfund Loans/Advances-Current - Note 5 .............. 0 0 0 0 Due From Other Governmental Units Note 5 ............. 97,210 41,430 0 4,135,146 Inventory of Material and Supplies - Note 1 ............ 0 0 0 0 ' Prepaid Items - Note 8 ................................. 8,000 0 0 0 Investment in Joint Venture - Note 9 ................... 0 0 0 0 Restricted Assets: Deposits ............................................. 0 0 0 0 , Revenue Bond Debt Service ............................ 0 0 0 0 Construction Account ................................. 0 0 0 0 Interfund Loans/Advances - Non-Current - Note 5 ........ 79,000 0 0 0 Note Receivable - Non-Current - Note 5 ................. 0 0 0 0 ' Fixed Assets (Net) - Note 1 & 7 ........................ 0 0 0 0 Construction In Progress - Note 7 ...................... 0 0 0 0 Deferred Charges and Other Assets - Note 13 ............ 0 0 0 0 Available in Debt Service & Capital Project Funds....... 0 0 0 0 Amount To Be Provided Long Term Debt Retirement ........ 0 0 0 0 . OAL. SSET ;..:.: «:�.::.,:*.;:,x:«..::•................................................................ LIABILITIES AND FUND EQUITY: LIABILITIES: t Vouchers/Contracts Payable .......................... $ 505,254 $ 263,232 $ 859 $ 249,902 Retainage Payable .................................... 0 5,610 0 155,573 Due To Other Funds - Note 5 .......................... 153,497 5,693 0 50,821 Interfund Loans/Advances-Current - Note 5 ............ 0 0 0 0 ' Due To Other Governmental Units - Note 5 ............. 1,291,366 0 0 0 Payables - Note 5 .................................... 2,303 2,582 135,344 0 Deferred Revenues .................................... 2,137,847 0 3,037,197 0 Liabilities Payable from Restricted Assets: ' Deposits Payable ................................... 0 0 0 0 General Obligation Bonds Payable-Current-Note 12 ... 0 0 0 0 Revenue Bonds Payable - Current Portion-Note 12 .... 0 0 0 0 Other Short Term Liabilities - Note 12 ............... 0 0 0 0 Deposits Payable ..................................... 34,634 22,016 0 0 General Obligation Bonds Payable-Current-Note 12 ..... 0 0 0 0 General Obligation Bonds Payable - Note 12 ........... 0 0 0 0 Unamortized Discounts on G.O. Bond ................... 0 0 0 0 Special Assessment Bonds Payable - Note 12 ........... 0 0 0 0 Revenue Bonds Payable - Note 12 ...................... 0 0 0 0 Unamortized Discounts on Revenue Bond ................ 0 0 0 0 Accrued Employee Leave Benefits - Note 1 & 12 ........ 144,003 72,806 0 0 Deferred Compensation Payable - Note 4 ............... 0 0 0 0 Interfund Loans/Advances - Non-Current - Note 5....... 0 75,000 0 0 Claims Incurred But Not Reported - Note 17 ........... 0 0 0 0 Capital Leases Payable - Note 12 ....................... 0 0 0 0 Installment Purchase Contracts - Note 12 ............. 0 0 0 0 Public Works Trust Fund Loan Payable ................. 0 0 0 0 Arbitrage Rebate Tax Payable - Note 12 ............... 0 0 0 0 '::446 99» >:$ 3 #73''' 29b.:> 1OTAL LT�ItfI11i;S :. ^: s<......: �..::;...: ..'�....:. ..104 . ,. _.,t;:. ., FUND EQUITY AND OTHER CREDITS: Fund Balance: Reserved - Note 1 & 14 ............................ $ 87,000 $ 0 $ 3,790,030 $ 0 Unreserved - Designated ........................... 324,437 0 0 0 Unreserved - Undesignated ......................... 6,443,126 9,254,649 0 8,572,108 Contributed Capital ................................. 0 0 0 0 Retained Earnings: Reserved - Note 1 & 14 ............................ 0 0 0 0 Unreserved ........................................ 0 0 0 0 Investments in Joint Venture and General Fixed Assets 0 0 0 0 5:.::.::b 854:563::>::>::>::>:1x::>::>F::25 ::64 :::>::;:>;::$>::<;3::.:75 ;:00.....:...... . :. . ..:..:::. r U :RN�:;kTHE.R;.; Rp1T.S,.:«.«:•,,: <:,...;�:�,.,«.«x: «:•:•:•::.:::...................>...................................................................�................. .. ...... 46T::;<i`$`';4:>701::588 :;'.<::5:.;6::::+?63 430:::::>::::f$ [ TAL LtA831.]tt1=S, E9USTif ��O1HER:::ERIQI..i.S:..::.:.:..r...........:.;.. . $ :13;T23>.. THE ACCOMPANYING NOTES ARE 4 .,,. City of Renton 1996 CAFR Page 2 of 2 PRaPRTE'1ARY..FUNII:TYPES_.:::: ::: f(AUGI:ARY:::; ::::>ACOOUI(F.CROUPS.:; ;COMPA.RRT1VE'....TOTAfS INTERNAL TRUST GENERAL GENERAL LONG (MEMORANDUM ONLY) ENTERPRISE SERVICE AND AGENCY FIXED ASSETS TERM DEBT 1996 1995 $ 4,001,413 $ 2,512,706 $ 504,441 $ 0 $ 0 $ 20,068,095 $ 15,535,741 105,000 0 0 0 0 240,344 125,244 0 0 8,713,576 0 0 8,713,576 6,883,333 1,814,392 2,414,002 3,244,696 0 0 19,121,620 22,951,955 3,224,787 80,054 103,039 0 0 10,975,240 11,913,603 229,519 104,230 0 0 0 389,083 399,686 0 7,294 49,953 0 0 57,247 59,130 611,855 112,308 0 0 0 4,997,949 2,750,544 381,825 40,999 0 0 0 422,824 378,707 0 8,641 0 0 0 16,641 16,000 0 0 0 1,241,633 0 1,241,633 1,081,875 20,964 0 0 0 0 20,964 17,102 7,843,495 0 0 0 0 7,843,495 5,978,759 4,788,851 0 0 0 0 4,788,851 6,013,667 0 0 52,680 0 0 131,680 188,927 104,677 0 0 0 0 104,677 121,740 118,719,771 2,707,276 0 64,566,720 0 185,993,767 173,184,164 r 6,301,324 0 0 6,572,720 0 12,874,044 14,093,064 112,000 0 0 0 0 112,000 128,000 0 0 0 0 3,767,056 3,767,056 3,817,539 0 0 0 0 15,359,839 15,359,839 17,876,962 ,� ;:$ 348;72��9,8?3..;:::�>:: :::i98�t5�.n �:'{�.b68385.. ::�:72,'�81;�73 ..;� 19;a�i5,8F5..:>$ 91Z4 ,6�5.> .•�;:6�,5#5,;ir4 ::: $ 770,452 $ 54,306 $ 36 $ 0 $ 0 $ 1,844,041 $ 1,794,853 98,192 0 0 0 0 259,375 219,436 179,072 0 0 0 0 389,083 399,686 57,247 0 0 0 0 57,247 59,130 331,311 0 0 0 0 1,622,677 1,225,487 595,527 13,131 0 0 0 748,887 641,675 8,707 104,230 0 0 0 5,287,981 6,041,600 70,308 0 0 0 0 70,308 17,102 422,400 0 0 0 0 422,400 498,100 1,810,000 0 0 0 0 1,810,000 1,710,000 28,666 8 0 0 0 28,674 15,169 0 0 171,216 0 0 227,866 225,313 0 215,870 0 0 0 215,870 106,155 2,203,100 1,107,090 0 0 13,344,877 16,655,067 18,275,745 (34,350) (20,740) 0 0 0 (55,090) (132,586) 0 0 0 0 2,456,000 2,456,000 3,691,000 29,940,000 0 0 0 0 29,940,000 31,750,000 (573,551) 0 0 0 0 (573,551) (574,531) 330,286 24,331 0 0 3,236,410 3,807,836 3,970,391 0 0 8,713,576 0 0 8,713,576 6,883,333 52,680 0 4,000 0 0 131,680 188,927 0 1,231,210 0 0 0 1,231,210 1,144,050 62,608 0 0 0 0 62,608 65,034 264,560 0 0 0 89,608 354,168 185,569 5,322,477 0 0 0 0 5,322,477 4,420,394 0 0 0 0 0 0 62,910 724 4.3.6 $..,13 588,828 $; 0 $ 14 126:895:::;::;:: BT (I30:390 ;:::>::F77>:::82,583,442::: t:..:.:.::.., a._..... :..r:......: _...............�..... $ 0 $ 0 $ 8,083,000 $ 0 $ 0 $ 11,960,030 $ 11,877,539 0 0 0 0 0 324,437 598,368 0 0 (4,303,443) 0 0 19,966,440 18,021,784 81,953,879 1,054,934 0 0 0 83,008,813 77,135,944 3,391,230 0 0 0 0 3,391,230 3,208,344 20,975,072 4,203,140 0 0 0 25,178,212 20,928,667 0 0 0 72,381,073 0 72,381,073 68,861,154 073 72,381.;073 $ 1n# 42fx,845...:S 297,:240,62 :7... $„283,5 5,74 AN INTEGRAL PART OF THIS STATEMENT 5 City of Renton 1996 CAFR ' COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES Page 1 of 1 FOR ALL GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 GOVERNM NT-AL.:FLiND.TYPES,.;<'> ::;:a::: C0MPARA1117 ..COtALS:: .;:;:;[ ' SPECIAL DEBT CAPITAL (MEMORANDUM ONLY) GENERAL REVENUE SERVICE PROJECTS 1996 1995 REVENUES ' Taxes ...................... $ 22,666,835 $ 10,991,244 $ 2,568,239 610,169 $ 36,836,487 $ 34,318,551 ' Licenses And Permits ............... 1,499,031 69,976 0 1,565,883 3,134,890 2,772,577 Intergovernmental Revenues ......... 2,639,392 1,405,219 0 6,400,554 10,445,165 11,213,627 Charges For Services ............... 3,505,349 1,838,680 0 1,235 5,345,264 4,822,740 Fines And Forfeits ................. 932,800 25,282 0 0 958,082 998,553 ' Special Assessments ................ 0 0 857,664 0 857,664 908,724 Interest ........................... 737,447 570,387 728,377 158,046 2,194,257 1,731,960 Miscellaneous Revenues ............. 170,831 449,096 0 0 619,927 685,354 TOTAL R 1tEN13 5 57r6$ $ 1S 31i9t884 $ 54,284 8i 735,$87 $ : 60 391.;736 57,45.2,086. EXPENDITURES Current: General Government .............. $ 6,756,099 $ 1,664,735 $ 0 0 $ 8,420,834 $ 7,807,624 ' Security Of Persons And Property . 18,344,175 0 0 2,620 18,346,795 17,193,219 Physical Environment ............. 1,759,571 0 0 0 1,759,571 1,520,374 Transportation ................... 0 4,509,833 0 9,060,565 13,570,398 9,460,498 Economic Environment ............. 2,278,149 744,354 0 0 3,022,503 3,606,022 ' Mental And Physical Health ....... 5,746 0 0 0 5,746 7,843 Culture and Recreation ........... 0 5,429,238 0 (2,537) 5,426,701 5,130,721 Capital Outlay ..................... 298,506 2,004,382 0 2,532,571 4,835,459 5,436,669 Debt Service: ' Principal Retirement ............. 33,018 0 2,866,406 0 2,899,424 2,214,199 Interest & Fiscal Charges ........ 11,391 0 1,022,547 0 1,033,938 1,384,636 _. ;:::;<>;;: ; 485 fi5.Ss. $...15`35:2 542:::;:.;»$.:3 888 953 11.'S91`9r<::::$:::: 5?,3.2.1. 369' f;$, .53,7fi1,8D5::>: 46TRL BXPENDitLIRES. .... ..:$:::24, . _ s -- EXCESS (DEFICIENCY) OF REVENUES ' OVER EXPENDITURES ................... $ 2,665,030 $ 997,342 $ 265,327 (2,857,332) $ 1,070,367 $ 3,690,281 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ........ $ 0 $ 0 $ 553,337 0 $ 553,337 $ 0 , Interfund Loan Proceeds ............ 0 0 0 148,000 148,000 0 Interfund Loan Repayments .......... 0 (148,000) 0 0 (148,000) 0 Operating Transfers In ........... 92,405 50,239 0 1,271,400 1,414,044 1,948,800 ' Operating Transfers (Out) .......... (734,648) (951,843) (257,687) (113,201) (2,057,379) (2,755,721) Other Financing (Uses) ............. 0 0 0 0 0 193,000 Sale Of General Fixed Assets 140,714 125,757 0 1,238 267,709 33,781 _. 07,k37 ::.$ �..3 :>:>: ::::::::;.177,T13 T(]TRL t)T}iER #fNRNCINf^S0l3Ri`.l:S":{l1SCS1...$ { r � ( )... ' EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES $ 2,163,501 $ 73,495 $ 560,977 (1,549,895) $ 1,248,078 $ 3,110,141 FUND BALANCE JANUARY 1 ............... 3,197,555 10,681,154 3,767,064 9,517,003 27,162,776 24,063,117 ' Residual Equity Transfers In ....... 1,500,000 0 1,277,890 620,239 3,398,129 250,000 Residual Equity Transfers Out ..... (6,493) (1,500,000) (1,815,901) (15,239) (3,337,633) (260,482) 6 x...,.x THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT ' 6 ' City of Renton 1996 CAFR COMBINED STATEMENT OF REVENUES, EXPENDITURES Page 1 of 4 AND CHANGES IN FUND BALANCES, BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 »:>':::><:<::: :: «<::<:><:..GE..ORAL..f�. .................................... VARIANCE FAVORABLE BUDGET ACTUAL <UNFAVORABLE REVENUES Taxes .............................................. $ 22,390,378 $ 22,666,835 $ 276,457 Licenses And Permits ............................... 1,105,725 1,499,031 393,306 Intergovernmental Revenues ......................... 2,731,117 2,639,392 (91,725) Charges For Services ............................... 3,069,888 3,505,349 435,461 Fines And Forfeits ................................. 713,000 932,800 219,800 Special Assessments ................................ 0 0 0 Interest ........................................... 355,000 737,447 382,447 Miscellaneous Revenues 165,500 170,831 5,331 TfltAE R8@ENU1 S _ a= ;'<':: 3 53 dU$ $ 32, 53;685 'I,621: 077, EXPENDITURES .. Current: General Government ............................... S 6,734,182 $ 6,756,099 $ (21,917) Security Of Persons And Property ................. 19,394,663 18,344,175 1,050,488 Physical Environment ............................. 1,737,734 1,759,571 (21,837) Transportation ................................... 0 0 0 Economic Environment ............................. 2,853,278 2,278,149 575,129 Mental And Physical Health ....................... 10,296 5,746 4,550 Culture and Recreation ........................... 0 0 0 Capital Outlay ..................................... 352,333 298,506 53,827 Debt Service: Principal Retirement ............................. 38,818 33,018 5,800 Interest & Fiscal Charges11,391 11,391 0 ........................ r. Tl1 f0.f.::1nMFE �a]URNS:.:� .. x..... 46 41,04 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (602,087) $ 2,665,030 $ 3,267,117 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 Interfund Loan Proceeds ............................ 0 0 0 Interfund Loan Repayments .......................... 0 0 0 Operating Transfers In ............................. 92,405 92,405 0 Operating Transfers (Out) .......................... (726,530) (734,648) (8,118) Other Financing Sources ............................ 0 0 0 r Sale Of General Fixed Assets 6,592 140,714 134,122 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (1,229,620) $ 2,163,501 $ 3,393,121 FUND BALANCE JANUARY 1 3,156,754 3,197,555 40,801 Residual Equity Transfers In ....................... 1,500,000 1,500,000 0 Residual Equity Transfers (Out) .................... 0 (6,493) (6,493) FUNR <9R)ANGE OECEMBR 3i.:•.. .. ...:., ....,. S $, Z7i:l4 $ 6.854;563 S 3;427, 29» THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT 7 aw City of Renton 1996 CAFR ' COMBINED STATEMENT OF REVENUES, EXPENDITURES Page 2 of 4 ' AND CHANGES IN FUND BALANCES, BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1996, With Comparative Actual ' Totals for Year Ended December 31, 1995 SP�GI AG`:REVENUE%PUNO::I�P�S VARIANCE ' FAVORABLE BUDGET ACTUAL <UNFAVORABLE REVENUES ' Taxes .............................................. $ 9,427,650 $ 10,991,244 $ 1,563,594 Licenses And Permits ............................... 20,000 69,976 49,976 ' Intergovernmental Revenues ......................... 1,731,142 1,405,219 (325,923) Charges For Services ............................... 1,747,013 1,838,680 91,667 Fines And Forfeits ................................. 19,800 25,282 5,482 SpecialAssessments ................................ 0 0 0 , Interest ........................................... 413,000 570,387 157,387 Miscellaneous Revenues ............................. 484,394 449,096 (35,298) l 506 '885 ;'fOtAL::;REIIENUES ................ EXPENDITURES ' Current: General Government ............................... $ 1,741,666 $ 1,664,735 $ 76,931 Security Of Persons And Property ................. 0 0 0 Physical Environment ............................. 0 0 0 Transportation ................................... 4,857,472 4,509,833 347,639 Economic Environment ............................. 853,670 744,354 109,316 Mental And Physical Health ....................... 0 0 0 , Culture and Recreation ........................... 5,496,615 5,429,238 67,377 Capital Outlay ..................................... 7,656,215 2,004,382 5,651,833 Debt Service: Principal Retirement 0 0 0 Interest & Fiscal Charges 0 0 0 T EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (6,762,639) $ 997,342 $ 7,759,981 OTHER FINANCING SOURCES (USES) ' Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 , Interfund Loan Proceeds ............................ 0 0 0 Interfund Loan Repayments .......................... (148,000) (148,000) 0 Operating Transfers In ............................. 50,239 50,239 0 Operating Transfers (Out) .......................... (479,286) (951,843) (472,557) ' Other Financing Sources ............................ 0 0 0 Sale Of General Fixed Assets ....................... 78,086 125,757 47,671 If1tAl QT:ltER?;fINANCFNG:SOURCES _:z>:_ :_ .>:: .:>-::;_.? <::: ::.. 1:448,961 .>$ (424;886):: EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES ................ $ (7,261,600) $ 73,495 $ 7,335,095 FUND BALANCE JANUARY 1 ............................... 10,347,092 10,681,154 334,062 Residual Equity Transfers In ....................... 0 0 0 ' Residual Equity Transfers (out) .................... (1,500,000) (1,500,000) 0 Fl1NR BALANCE:©EGFMBER;:3.1 :: ::::::>: 4 ....:.. .' .:.::rs> >'6:'. .1 i:5$:, .92 :;. ,... ....' 2 THE ACCOMPANYING NOTES ARE AN , 8 , City of Renton 1996 CAFR r Page 3 of 4 :: >:` .... EST SERV iOR'::`fUNti i1'A �... . ":>:>: E:: ARa:?�1f... At?31"CT$<::. F S >::><'• .. 7NB....Y.. VARIANCE VARIANCE FAVORABLE FAVORABLE BUDGET ACTUAL <UNFAVORABLE> BUDGET ACTUAL <UNFAVORABLE $ 2,343,500 $ 2,568,239 $ 224,739 $ 383,200 $ 610,169 $ 226,969 0 0 0 1,500,000 1,565,883 65,883 0 0 0 13,617,733 6,400,554 (7,217,179) 0 0 0 1,000 1,235 235 0 0 0 0 0 0 1,051,222 857,664 (193,558) 0 0 0 677,670 728,377 50,707 101,302 158,046 56,744 0 0 0 0 0 0 :; ....... .............. . ::<.�>::::>:: :::::>: ::: 3 :235;:;;>;:.:�::»::>:::&;;73.:..:. -.>::::>:;:.:•:. .; ......................................................................................................,....... $ 0 $ 0 $ 0 $ 0 $ 0 S 0 0 0 0 2,739 2,620 119 0 0 0 0 0 0 0 0 0 19,427,278 9,060,565 10,366,713 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2,537) 2,537 0 0 0 5,170,120 2,532,571 2,637,549 2,867,707 2,866,406 1,301 0 0 0 1,024,635 1,022,547 2,088 39,027 0 39,027 MCI S 180,050 S 265,327 $ 85,277 $ (9,035,929) $ (2,857,332) $ 6,178,597 $ 553,342 $ 553,337 $ (5) $ 0 $ 0 $ 0 0 0 0 148,000 148,000 0 0 0 0 0 0 0 0 0 0 1,271,400 1,271,400 0 (261,208) (257,687) 3,521 (113,201) (113,201) 0 0 0 0 0 0 0 60 0 0 0 9,541 1,238 (8,303) :>R.9 '13?� : :.>': :::...::..........................:.:::........:::::.........:..............:..............::.......5.:..:.:.:.. 34D.4 .+ $ 472,184 $ 560,977 S 88,793 $ (7,720,189) $ (1,549,895) $ 6,170,294 3,224,011 3,767,064 543,053 7,395,690 9,517,003 2,121,313 r 1,279,802 1,277,890 (1,912) 620,239 620,239 0 (1,819,927) (1,815,901) 4,026 (15,239) (15,239) 0 Q • .,::Q�,.��!,:,::::::�:,:::::..:1539�SII:::::::::::::::.:,:::,28(x,. INTEGRAL PART OF THIS STATEMENT rr 9 ■r City of Renton 1996 CAFR ' COMBINED STATEMENT OF REVENUES, EXPENDITURES Page 4 of 4 AND CHANGES IN FUND BALANCES, BUDGET AND ACTUAL GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECTS FUND TYPES YEAR ENDED DECEMBER 31, 1996, With Comparative Actual ' Totals for Year Ended December 31, 1995 COMPARATIVE. T. ..A.I S . (MEMORANDUM ONLY) VARIANCE , FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES , Taxes .......................................... $ 34,544,728 $ 36,836,487 $ 2,291,759 $ 34,318,551 Licenses And Permits .............................. 2,625,725 3,134,890 509,165 2,772,577 ' Intergovernmental Revenues ........................ 18,079,992 10,445,165 (7,634,827) 11,213,627 Charges For Services .............................. 4,817,901 5,345,264 527,363 4,822,740 Fines And Forfeits ................................ 732,800 958,082 225,282 998,553 Special Assessments ............................... 1,051,222 857,664 (193,558) 908,724 , Interest .......................................... 1,546,972 2,194,257 647,285 1,731,960 Miscellaneous Revenues ............................ 649,894 619,927 (29,967) 685,354 . .`>:a>:[$::`•>b4>:69>:23 :>?::>::'$.... l3. b5 .4$ <:» 57:452 086 EXPENDITURES ' Current: General Government ........................... $ 8,475,848 $ 8,420,834 $ 55,014 $ 7,807,624 Security Of Persons And Property ................ 19,397,402 18,346,795 1,050,607 17,193,219 ' Physical Environment ............................ 1,737,734 1,759,571 (21,837) 1,520,374 Transportation .................................. 24,284,750 13,570,398 10,714,352 9,483,998 Economic Environment ............................ 3,706,948 3,022,503 684,445 3,606,022 Mental And Physical Health ...................... 10,296 5,746 4,550 7,843 , Culture and Recreation .......................... 5,496,615 5,426,701 69,914 5,130,721 Capital Outlay .................................... 13,178,668 4,835,459 8,343,209 5,413,169 Debt Service: Principal Retirement ... 2,906,525 2,899,424 7,101 2,214,199 Interest & Fiscal Charges 1,075,053 1,033,938 41,115 1,384,636 , TCtTAL:EXPENDITElRlS .... ;...... ,........ ..... .5,..8.0,269;:839 $...59,32 .;:369 : EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES ................................ $ (16,220,605) $ 1,070,367 $ 17,290,972 $ 3,690,281 ' OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ..................... $ 553,342 $ 553,337 $ (5) $ 0 , Interfund Loan Proceeds ........................... 148,000 148,000 0 0 Interfund Loan Repayments ......................... (148,000) (148,000) 0 0 Operating Transfers In ............................ 1,414,044 1,414,044 0 1,948,800 Operating Transfers (Out) ......................... (1,580,225) (2,057,379) (477,154) (2,755,721) , Other Financing Sources ........................... 0 0 0 193,000 Sale Of General Fixed Assets ...................... 94,219 267,709 173,490 33,781 TOTAL :OTHER NANC::NG SOURCES ]SES :-....$ M. :Tff :>:$: : ::�:3U3. 669}:::: t:.::::X'X.(.5 .140) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER ' EXPENDITURES AND OTHER FINANCING USES ............ $ (15,739,225) $ 1,248,078 $ 16,987,303 $ 3,110,141 FUND BALANCE JANUARY 1 .............................. 24,123,547 27,162,776 3,039,229 24,063,117 Residual Equity Transfers In ...................... 3,400,041 3,398,129 (1,912) 250,000 Residual Equity Transfers (Out) ................... (3,335,166) (3,337,633) (2,467) (260,482) F(1ND.:BkkANCEi AECEMBER 31 ...: ..:;:: ... ... :..`: .$ >'8,444i 1:97. x..:28,477:;350 ,,.:_`6 :'ZQ 022i1S$ :$ 27,<162, 76: ' THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT ' 10 City of Renton 1996 CAFR COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES 1N FUND EQUITY Page 1 of 1 ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 t)R;itTAIIY:.:�UNI£';TYPES >: fi:DUtr1lt1�1�: COMF.A..RAT I1lE.>TD��tL:S;:' INTERNAL FUND TYPE (MEMORANDUM ONLY) ENTERPRISE SERVICE PENSION TRUST 1996 1995 OPERATING REVENUES: Charges for Services ........................... $ 27,405,971 $ 6,333,341 $ 0 $ 33,739,312 $ 31,398,711 Fire Insurance Premiums ........................ 0 0 81,721 81,721 69,471 Property Taxes ................................. 0 0 297,000 297,000 286,000 Interest Revenue ............................... 0 0 364,054 364,054 303,914 Other Operating Revenue ........................ 1,803,513 102,042 0 1,905,555 1,121,350 �P i#T Rf 6�tr ,fC�f a •� +�.L1 �p .:: :.:::: �.. :... ...3I�1Nr......�.NI.[��l�N�:•.�i:,r.�:7Fi�F::•:r.�:.�:v.:x�:.+.r..:�•:.-:va:R�:F:i:.: �v�:.:.:r�:.�v»;x•:a:•::�::�•::•::;•:f'..:.F..Y.�'.')Cl.,:...��:�•.:. -: �:`: <-::: p:�:::>:�::..�::.,:., :::. ......::.: �;. .. ::<;.;�;::�:>:�ri.. ;::;:���::�'��' OPERATING EXPENSES: Operations and Maintenance ..................... $ 18,161,066 $ 973,063 S 0 $ 19,134,129 $ 17,212,998 Benefit Payments ............................... 0 3,797,733 293,934 4,091,667 3,379,025 Professional Services ......... ........ ... 0 232,372 0 232,372 275,582 Administrative and General ..................... 1,857,695 335,811 4,199 2,197,705 2,101,772 Insurance ...................................... 11,174 375,689 0 386,863 432,826 Taxes .......................................... 2,512,941 0 0 2,512,941 2,381,028 r Depreciation ................................... 2,902,124 393,092 0 3,295,216 2,804,154 :TOTAL:>OPERAGi 1G �2(R1 OPI RA.T,i.flG_ ifIC_OM_.E........ ...(.3.h5.l.S5...l...S......:;...".:..;..x:....>- »2:6i:i=;'....... ......:...;..$......"::i%....:.i...4.....:._.. : : %.:>X'28 -44 4 NON-OPERATING REVENUE (EXPENSE): Interest Revenue ............................... $ 976,320 $ 312,440 $ 0 $ 1,288,760 $ 1,184,417 Gain (Loss) on Sale of Assets .................. 0 21,940 0 21,940 (3,692) Other Non-operating Revenue .................... 115,357 425,645 0 541,002 216,344 Interest Expense ............................... (2,053,892) (77,574) 0 (2,131,466) (2,183,152) Arbitrage Expense .............................. (8,585) (187) 0 (8,772) (750) Amortization of Debt Discount and Expense (76,031) (2,448) 0 (78,479) (88,829) 5;OFNaAT1( . ,836" fR1 :;:r69).<: aiwcY ::. IVCOME. Lt3SSr:::::8 71 fiRB. IftG..Cl1FIS£ER:S 5:%:>';2:>:Z i>7:>/s53:::><:>.5....:1 :00.7..?.34..::5«:::>::>:;444::fis :>::>' ...._.;t►.:: t.........i...............................................................-...., ...•-..._..... .._... ....... ...................... '.393... OPERATING TRANSFERS IN .......................... 364,717 278,618 0 643,335 830,921 OPERATING TRANSFERS OUT .......................... 0 0 0 0 (24,000) 1. T...............444::842::::>$:»»::::>> ::::...:::....:.....: ..:.:.:::.:.::::::::::::•..::::.:::::..:..:::.::.::..:...::.:::.•::.:..::::::::::::::::.::.::::.:s......:..::............:....... ....... ............................. ......................... Depreciation Reducing Grant Contributed Capital. 130,760 0 0 130,760 126,781 A.isliC tEASS <E)Ei .`2N1zE�::ES::s <'::_ >::;:g:<::::<:>3;<: :;:,<::>::. <:>::>:: :::'>>:' :::>: :>;: C S8.... AIN t 1.3 .130......$.... 286 057....5..;::i< 44# 4 :<'. :::::?: :::':4:: ' 3::> '. :>:> <:::::::.: ..................... ..................i................ .............................................:....................... .............................................................................::::...::.:.:4 ..: 29.::: ::.::::-:b..: 09'x... RETAINED EARNINGS, JANUARY 1 ..................... S 21,153,172 $ 2,983,839 $ 3,334,915 $ 27,471,926 $ 22,821,831 Residual Equity Transfers In (Out) 0 (66,756) 0 (66,756) 0 :. ;...;>:::::: I3JEbr<£ARi1INliS>:::::OEEIBER:31 ...:: 3 : :.>...: ,.:: :.. A. '>;. :.;: :':S:' »:.::.:>::5»:;<. ::::; . c:.. . ; iT�t................................:...........:.._...._....................................._..........:::: ::::: .:..3Gb,...............................332..::.:...:. ...?�I3 ,.ik0::...:::'., iT9.,��57.::>5.:::::�7.,348:.9°x. ;3:, < 2 "fir ..................::.......:.................................................•.:::::::.:.:::::::::: CONTRIBUTED CAPITAL, JANUARY 1 ................... $ 76,087,270 $ 1,048,674 $ 0 $ 77,135,944 $ 74,054,429 ' Capital Grants $ 1,129,063 $ 0 $ 0 $ 1,129,063 $ 416,911 Prior Period Corrections 0 0 0 0 0 Amortization on Capital Grants ............... (130,760) 0 0 (130,760) (126,781) Other Contributed Capital ....... 4,868,306 6,260 0 4,874,566 2,791,385 ........ ..... �Gf3tYTltLBtlTiF):CAP..:I;7AE":I7�E�EMEREii: ::: :::::::a;.s:...:....:;::;::$........'f .....N..D..:.>.. Q.l.3.I.F..Y..:.....D.__. ....... ................................_................................:..,..................:..:.. ........,............................ .....,........,...7ESNBR .: ° . x-..; 5 :It63t . .� :".�:.:;. :.. `r 20 8[:: ..4...>..................7.........i...6....5....? .................. .....:..<...:.:.5......:.'..>...:..::.1..::..,.......:i.::......:.>.r......2..<.:.::.:.5...».:.:>.:.:.1. ' THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT t II City of Renton 1996 CAFR , COMBINED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1996 Page 1 of 4 ' ALL PROPRIETARY FUND TYPES With Comparative Totals for Year Ended December 31, 1995 P::ROPRIETARY:NU TYPES INTERNAL ' ENTERPRISE SERVICE CASH FLOWS FROM OPERATING ACTIVITIES: Cash Received From Customers ................................. $ 27,350,163 $ 0 , Cash Received From Other Funds for Goods and Services ........ 255,218 6,313,926 Cash Payments to Suppliers for Goods and Services ............ (14,546,400) (4,844,896) Cash Paid to Other Funds for Goods and Services .............. (3,199,246) (488,794) Cash Paid to Employees ....................................... (3,270,136) (355,193) ' Cash Paid for Taxes .......................................... (1,518,244) 0 Cash Paid for Retirees ....................................... 0 0 Other Operating Receipts ..................................... 1,777,719 97,401 Other Non-Operating Receipts ................... 4,576 209,107 NET �ASEi PROYI.©£R (lI511):BY:pPERAIN6 ACTFyt3IS CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Proceeds From Interfund Loans ................................ $ 0 $ 0 ' Operating Grants Received .................................... 51,996 0 Operating Transfers From Other Funds ......................... 352,832 278,618 Cash Received From Taxes on Fire Insurance Premiums .......... 0 0 Cash Received From Property Taxes ............................ 0 0 ' Operating Transfers To Other Funds ........................... 0 0 Repayments on Interfund Loans ......................... (6 4) 1,7 9,40 6 IJS£Q :#iY>:NON A7?#7AL F.I NGbNS A7.V..LTI£S: ...., `E;<:Sf:;:EE>>:;::335 X2.4....... <«': <:`2911F3&1:'f NI<.T...:C�15H;PRDi(,IQ ©>:<< :. :::::............._:. i CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds .................................. $ 0 $ 0 Payments on Bond Issuance and Registration Fees .............. (2,889) 0 Proceeds From State Long-Term Loans .......................... 1,184,189 0 ' Proceeds From Sale of Equipment .............................. 0 21,940 Acquisition and Construction of Capital Assets ............... (6,897,488) (1,254,519) Payments Received from Intergovernmental Loan ................ 0 0 Capital Contributions ........................................ 1,699,079 0 ' Capital Grants ............................................... 1,132,273 115,211 Principal Payments on Bonds .................................. (2,076,391) (206,095) Interest Payments on Bonds ................................... (2,015,111) (79,257) Interest Payments on State Long-Term Loans ................... (52,016) Residual Equity Transfer Out ................................. 0 (66,756) N7"T:>::CASN::>3?RQVIDERlES1^03 8Y CAa1TAli`: :;NANC:TNG: £1;I } ;IE <<; y . ;, :<t ..QBE 3 ;;5 L!':464,4767 CASH FLOWS FROM INVESTING ACTIVITIES: ' Proceeds From Sale of Investments ............................ $ 12,056,444 $ 2,827,612 Payments for Investments ..................................... (12,323,732) (2,916,636) Interest on Investments ...................................... 1,191,807 391,210 ...'; >302 86 . .;::i.Ey�c��As�.�;;x�►.;: :;Ago.;; ;;tau.i:_ . ;;�;.;, .;._; �. . .:.. . . <..-_......... .. :.........:':.;.r;;::::: :.:::::::;: ;:.::.;;;:.;::.;::>:; :::><:;:>::>:::»::.. ::;::;::.::.: .:: ::064:: NDz'C }I»Eta EAI¢E'.A......:.....::,;�:;r...:,:,::::.::�:.;>.._.rt:,::,:..a:,;...:,:,;> .48 .::::......-'i.:�5$:..._. CASH ANt : A��1#:<� i4fliAINSEMBER 31 ... .:::.:;<...,;:.>.; ::::::;.}6.bfi .,723 CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents .................................... $ 4,001,413 $ 2,512,706 Cash Restricted for: Deposits ................................................... 20,964 0 Revenue Bond Debt Service .................................. 7,843,495 0 Construction Account 4,788,851 0 r 3aTAti:» 5H A3 :TNS< NF!>RF'T11 YEAR ,c :::::>$': : 1t�,6s4;723 12 ' City of Renton 1996 CAFR Page 2 of 4 • :::.:::::............................................. .............. (MEMORANDUM ONLY) 1996 1995 $ 27,350,163 $ 24,961,823 6,569,144 6,096,291 (19,406,518) (17,173,726) (3,688,040) (3,703,157) (3,625,329) (3,254,204) (1,518,244) (1,437,957) 0 (300,591) 1,875,120 1,112,203 213,683 108,517 ' $ 0 $ 0 67,218 92,679 631,450 821,621 0 69,471 0 286,000 0 (24,000) (57,641) (5,542) $ 0 $ (7,559) (2,889) (3,462) 1,184,189 1,788,396 21,940 33,334 (8,152,007) (11,412,087) 0 37,874 1,699,079 1,368,405 1,247,484 465,947 (2,282,486) (2,204,759) (2,094,368) (2,215,616) ' (52,016) (60,078) (66,756) 10,482 ' $ 14,884,056 $ 36,801,967 (15,240,368) (31,526,465) 1,583,017 1,522,339 15> [ 3039'.0--a.. (< ;<; ;>; 24 ;14 ..... >1Q 1ST kZQ ;> 1s 3811#1 3Q ;; $ 6,514,119 $ 6,151,777 20,964 17,102 7,843,495 5,978,759 4,788,851 6,013,667 13 City of Renton 1996 CAFR •r COMBINED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1996 Page 3 of 4 ALL PROPRIETARY FUND TYPES With Comparative Totals for Year Ended December 31, 1995 �r AROFRIE4TARYY.;F1 TYFES INTERNAL ENTERPRISE SERVICE RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH ' PROVIDED (USED) BY OPERATING ACTIVITIES: operating Income (Loss) ...................................... $ 3,764,484 $ 327,623 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) By Operating Activities: , Depreciation and Amortization of Deferred Charge ........... $ 2,924,549 $ 393,092 Other Non-Operating Revenue ................................ 58,864 414,654 (Increase) Decrease in Accounts Receivable ................. 261,702 (21,779) (Increase) Decrease in Interest on Investments ............. 0 0 (Increase) Decrease in Due From Other Funds/Governmental ... (27,026) (206,998) (Increase) Decrease in Inventory/Prepaid Items ............. (41,340) (2,777) Increase (Decrease) in Vouchers/Contracts/Retainage Payable. (57,665) (60,434) Increase (Decrease) in Due to Other Funds/Governmental ..... (30,019) 0 Increase (Decrease) in Payables/Other Short Term Liabilities (25,302) (2,324) Increase (Decrease) in Customer Deposits ................... 42,950 0 Increase (Decrease) in Deferred Revenues ................... (54,355) 0 Increase (Decrease) in Accrued Employee Leave Benefits ..... 36,808 3,334 ' Increase (Decrease) in Claims Incurred But Not Reported 0 87,160 Total Adjustments $ 3,089,166 $ 603,928 NET CASH PROV:I.:©EO {ifSED.j $Y.()PEIRATU(I RCT:31t17I s . $:.:::`: 6,853. 65(} SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: ' Fixed Assets Contributed By Developers ....................... $ 3,169,227 $ 0 Asset Trade-In0 29,755 ............................................... Tf3TAL,:NQNCASN::CRFITAL:AND..:R£LAT�Fl:�:3NANCI3�(G ACTI:1(ITIES $ THE ACCOMPANYING NOTES ARE AN 14 City of Renton 1996 CAFR r Page 4 of 4 IN ..... ::::::.::.............................................................. (MEMORANDUM ONLY) r 1996 1995 up $ 4,092,107 $ 5,055,280 $ 3,302,419 $ 2,820,153 473,518 (584,243) 239,923 (286,998) 0 0 (234,024) (68,993) (44,117) (72,042) (118,099) 100,813 (30,019) 121,061 (27,626) (52,277) 10 42,950 6,923 (54,355) (22,779) 40,142 11,030 87,160 (618,729) $ 3,677,872 $ 1,353,919 IIID $ 3,169,227 $ 1,412,498 29,755 29,755 ow to 4w IN ow vs 15 up 1 1 1 1 1 1 1 1 1 1 City of Renton 1996 CAFR NOTES TO THE FINANCIAL STATEMENTS Financial statements need to be supplemented with additional information to fairly present the government's financial position and results of operations in conformity with Generally Accepted Accounting Principles. Additional information is often too detailed or unsuitable for presentation on the face of the financial statements. Therefore,the notes provide this information and become an integral part of the financial statements. ■r r w r yr 17 NOTES TO THE FINANCIAL STATEMENTS ' INDEX NOTE1-SIGNIFICANT ACCOUNTING POLICIES...................................................................................................................................................................19 ' Table1: Property Tax Levy...........................................................................................................................................................................................21 Table2: Fixed Asset Service Life.................................................................................................................................................................................22 Table3: Employee Leave Payable................................................................................................................................................................................22 NOTE 2-STEWARDSHIP,COMPLIANCE,AND ACCOUNTABILITY....................................................................................................................................22 ' NOTE3- CASH&INVESTMENTS............................................................................................................................................................................................22 Table 4: Reconciliation of Cash and Investments by Fund Group................................................................................................................................23 Table 5: Classification of Investments As of December 31,1996................................................................................................................................23 NOTE4-DEFERRED COMPENSATION....................................................................................................................................................................................23 ' NOTE5-RECEIVABLES AND PAYABLES...............................................................................................................................................................................24 Table6: Net Receivables and Payables........................................................................................................................................................................24 Table7: Interfund Receivables and Payables...............................................................................................................................................................24 ' Table 8: Interfund Loans/Advances Receivable and Payable...............................................:......................................................................................25 Table9: Due From Other Governmental Units............................................................................................................................................................25 NOTE 6-OPERATING AND RESIDUAL EQUITY TRANSFERS.............................................................................................................................................26 Table10: Residual Equity Transfers.............:...............................................................................................................................................................26 Table11: Operating Transfers......................................................................................................................................................................................26 NOTE7-FIXED ASSETS.............................................................................................................................................................................................................26 Table12: Changes in General Fixed Assets..................................................................................................................................................................26 Table 13: Construction Work In Progress.....................................................................................................................................................................27 ' Table 14: Proprietary Property,Plant&Equipment.....................................................................................................................................................27 NOTE8-PREPAID ITEMS...........................................................................................................................................................................................................27 NOTE9-JOINT VENTURE..........................................................................................................................................................................................................27 Table 15: Joint Venture Cost Distribution....................................................................................................................................................................28 , Table16: Balance Sheet...............................................................................................................................................................................................28 Table 17: Statement of Revenues,Expenses and Changes in Retained Earnings.........................................................................................................28 Table18: Joint Venture Equity.....................................................................................................................................................................................29 , Table 19: Mobile Data Terminal/800-Megahertz Radio Purchase Agreement.............................................................................................................29 NOTE 10-PENSION PLAN&OTHER POST EMPLOYMENT BENEFITS..............................................................................................................................29 Table20: PERS and LEOFF Information By Plan.......................................................................................................................................................29 Table21: PERS and LEOFF Information By System...................................................................................................................................................30 Table 22: Unfunded Pension Benefit Obligation..........................................................................................................................................................31 ' Table 23: Fire Pension Ten-Year Funding Progress Data.............................................................................................................................................31 Table 24: Fire Pension Ten-Year Revenues and Expenses...........................................................................................................................................31 NOTEI1-CONSTRUCTION COMMITMENTS.........................................................................................................................................................................32 , Table25: Construction Commitments..........................................................................................................................................................................32 NOTE12-LONG-TERM DEBT AND CAPITAL LEASES.........................................................................................................................................................32 Table 26: Long-Term Debt Additions and Retirements Summary................................................................................................................................32 Table27 Outstanding Debt as of December 31, 1996..................................................................................................................................................33 ' Table28: Pro Rata Debt................................................................................................................................................................................................34 Table29: Debt Limit Capacities...................................................................................................................................................................................34 Table30: Refunded Bonds............................................................................................................................................................................................35 Table31: Changes to Refunded Bonds Payable.............................................................................................................................................:.............35 .� Table32: Debt Service Requirement to Maturity.........................................................................................................................................................35 Table33: Capital Lease Obligations.............................................................................................................................................................................36 r NOTE13-DEFERRED CHARGES IN PROPRIETARY FUNDS................................................................................................................................................36 NOTE 14-RESERVATIONS AND DESIGNATIONS OF FUND EQUITY.................................................................................................................................36 Table34: Reservations of Fund Equity.........................................................................................................................................................................36 Table 35: Unreserved Designated Fund Equity .................................................................................................................36 NOTE 15-SEGMENT INFORMATION FOR ENTERPRISE FUNDS........................................................................................................................................37 Table 36: Segment Information for Enterprise Funds...................................................................................................................................................37 NOTE16-LITIGATION................................................................................................................................................................................................................37 NOTE17-RISK MANAGEMENT................................................................................................................................................................................................37 Table37: Risk Management.........................................................................................................................................................................................37 Table38: Outstanding Claims......................................................................................................................................................................................38 Table39: Changes in Claims Liabilities.......................................................................................................................................................................38 t NOTE18-SUBSEQUENT EVENTS............................................................................................................................................................................................38 18 ' CITY OF RENTON NOTES TO THE FINANCIAL STATEMENTS For the Year Ended December 31, 1996 NOTE I -SIGNIFICANT ACCOUNTING POLICIES The City of Renton was incorporated on September 6, 1901,and operates under the laws of the State of Washington applicable to a Non-Charter code city with a Mayor/Council form of government. Renton is served by a full-time Mayor and seven part-time Council members,all elected at large to four-year terms. The City provides the full range of municipal services authorized by State law, together with a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and a �.. Municipal Golf Course. The accounting and reporting policies of the City of Renton,which conform to generally accepted accounting principles for governments, are regulated by the Washington State Auditor's Office,Division of Municipal Corporations. The City's significant accounting policies are described in the following notes. THE REPORTING ENTITY Based on the criteria of Statement No. 14 of the Governmental Accounting Standards Board(GASB),the City's Comprehensive Annual Financial Report(CAFR) includes all funds,account groups,agencies and boards for which the City is financially accountable. Financial accountability is defined as follows: A primary government has substantial authority to appoint a voting majority of a component unit's board; the primary government has the ability to impose its will on a component unit;the component unit can provide a financial benefit to,or impose a financial burden on the primary government;and the component unit is fiscally dependent on the primary government. The Renton Housing Authority has been excluded because the City neither reviews its budget nor is obligated to finance any of its deficits. The Mayor does appoint members to the Housing Authority Board,but the Board is fiscally independent of the City. + BASIS OF PRESENTATION-FUND ACCOUNTING The accounts of the City are organized on the basis of funds and account groups,each of which is considered a separate accounting entity. Each fund is accounted for with a separate set of self-balancing accounts that comprise its assets,liabilities,fund equity,revenues and expenditures or expenses,as appropriate. The City's resources are allocated to and accounted for in individual funds according to the purpose for which they are spent and how they are controlled. The three broad ,. fund categories,seven generic fund types,and two account groups presented in this report are described below. Governmental Fund Types All Governmental Funds are accounted for on a spending or "financial flow" measurement focus. This means that generally only current assets and current liabilities are included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of"available spendable resources." Governmental Fund operating statements focus on measuring changes in financial position, rather than net income; they present increases (revenues and other financing sources)and decreases(expenditures and other financing uses)in net current assets. The General Fund is the general operating fund of the City. It accounts for all financial resources and transactions except those required to be accounted for in another fund. Special Revenue Funds account for the proceeds of specific revenue sources(other than special assessments,and major capital projects)that are legally restricted to expenditures for specified purposes. a.. Debt Service Funds account for the accumulation of resources for,and the payment of,general long-tern debt principal,interest, and related costs. Capital Projects Funds account for financial resources to be used for the acquisition or construction of major capital facilities other than those financed by Proprietary Funds. Proprietary Fund Tvp-eA Proprietary Funds are accounted for on a cost of services or"capital maintenance" measurement focus. This means that all assets and all liabilities (whether current or non-current) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into �. contributed capital and retained earnings components. Proprietary Fund operating statements present increases(revenues and gains)and decreases(expenses and losses)in net total assets. The Proprietary Fund measurement focus is based upon determination of net income,financial position,and reporting of cash flows. Enterprise Funds account for operations that are self-supported through user charges. The enterprise is financed and operated like a private business enterprise, which requires periodic determination of revenues earned,expenses incurred, and net income for capital maintenance, public policy, management control, and accountability. Internal Service Funds account for the financing of goods or services provided by one department or agency to other departments or agencies of the City or to other governments. Pursuant to Statement Number 20 of the GASB,"Accounting and finance reports for proprietary funds and other governmental entities that use proprietary fund accounts,"the City has chosen to apply all FASB statements and interpretations except those inconsistent with GASB pronouncements. Fiduciary Fund Types Fiduciary Funds account for assets held by the City in a trustee capacity or as an agent for individuals,private organizations,other governments,and other funds. These include Expendable Trust,Nonexpendable Trust, Pension Trust, and Agency Funds. City of Renton Fiduciary Funds do not include any Expendable or Nonexpendable Trust Funds. Pension Trust Funds are accounted for in essentially the same manner as Proprietary Funds. Agency Funds are custodial in nature(assets equal liabilities)and do not involve measurement of results and operations. Lr 19 Account Groins City of Renton Notes to the Financial Statements ' Account Groups are used to establish accounting control over the City's general fixed assets and general long-term debt. The City uses two account groups. The General Fixed Assets Account Group accounts for all fixed assets of the City other than those accounted for in Proprietary Funds. The General Long-Term ' Debt Account Group accounts for all long-term debt of the City except that accounted for in the Proprietary Funds. Comparative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City's ' financial position and operations. However,comparative data has not been presented by fund type in each of the statements since their inclusion would make the statements unduly complex and difficult to read. Total Columns on Combined Statements Total columns on the combined statements are presented only to facilitate financial analysis. Data in these columns do not present financial position,results of operations, or the reporting of cash flows in conformity with generally accepted accounting principles. The data is also not comparable to a consolidation. Interfund eliminations have not been made in the aggregation of the data. BASIS OF ACCOUNTING ' Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Modified Accrual Basis ofAccounting The modified accrual basis of accounting is followed in all Governmental Funds and Agency Funds. Under the modified accrual basis of accounting,revenues are recorded when susceptible to accrual, i.e.,both measurable and available. Available means collectible within the current period or soon enough thereafter to pay current liabilities. Specific major revenue sources subject to accrual are discussed below. The portion of property taxes receivable at year-end that are received in January for the prior year's levy are recorded as revenue. The remaining balance is not normally expected to be collected within 30 days after the current period and is,therefore,reported as deferred revenue. Grant revenues from cost reimbursement grants are considered earned and therefore available when the expenditure is incurred,in accordance with NCGA Statement 2. Interest on investments is recorded as revenue when earned. Special assessments and charges for services are recorded as revenue when billed and due within 30 days. Revenue sources which are not considered to meet the measurable and available criteria for revenue recognition include licenses and permits,fines and forfeitures,and other miscellaneous revenues since they are generally not measurable until received. Under the modified accrual basis,expenditures are recorded when the fund liability is incurred,except for principal and interest on general long-term debt,which are recorded when due. Purchases of fixed assets out of Governmental Funds are treated as expenditures during the year incurred and the assets are capitalized in the General Fixed Assets Account Group. Long-term liabilities,including vacation pay not currently due and payable,are accounted for in the General Long-Term Debt Account Group,except for long-term liabilities accounted for in the Proprietary Funds. Accrual Basis ofAccountinQ The accrual basis of accounting is followed in all Proprietary Funds and the Pension Trust Fund. Revenues are recognized when earned and expenses are recognized when incurred. The revenues of the Waterworks and Solid Waste Utilities,which are based upon service rates authorized by the City Council,are determined by monthly billings to customers.Revenues of the Golf Course are based on user fees,and Airport revenue is based on lease agreements. Earned but unbilled revenues at year-end are , accrued and reported in the financial statements. Fixed asset purchases are capitalized,and long-term liabilities are accounted for in the appropriate funds. BUDGETS AND BUDGETARY ACCOUNTING The City of Renton budgets its funds in accordance with the Revised Code of Washington (RCW)35A.33. In compliance with the Code,annual appropriated budgets are adopted for the General, Special Revenue, Debt Service and Capital Projects Funds. Any unexpended appropriations lapse at the end of the fiscal year. For Governmental Funds,there are no substantial differences between the budgetary basis and generally accepted accounting principles. Budgetary accounts are integrated in fund ledgers for all budgeted funds,but the financial statements include budgetary comparisons for annually budgeted Governmental Funds only. Budgets established for Proprietary and Trust Funds are"management budgets,"and are not legally required to be reported. Annual appropriated budgets are adopted at the fund level. Subsidiary revenue and expenditure ledgers are used to compare the budgeted amounts with actual revenues and expenditures. As a management control device,the subsidiary ledgers monitor expenditures for individual functions and activities by object class. The City of Renton's budget procedures are mandated by RCW 35A.33. The steps in the budget process are as follows: 1)Prior to November 1,the Mayor submits a proposed budget to the City Council. This budget is based on priorities established by the Council and estimates provided by the City departments during the preceding months,and balanced with revenue estimates made by the Mayor. 2)The City Council conducts public hearings on the proposed budget in November and December. 3) The Council makes its adjustments to the proposed budget and adopts by ordinance a final balanced budget no later than December 31. 4)The final operating budget as adopted is published and distributed within the first four months of the following year. Copies of the budget are made available to the public. Transfers or revisions within funds are allowed, but only the City Council has the authority to increase or decrease a given fund's annual budget. This is accomplished by City ordinance. The budget was amended two times during 1996. Budget amounts presented in the basic financial statements include the original amounts,after all transfers and adjustments,as approved by the City Council. Encumbrances An encumbrance system is maintained to account for commitments resulting from approved purchase orders,contracts,and other commitments. Encumbrances remaining at year-end lapse and are canceled. Upon request by the department and approval of the City Council,encumbrances may be reappropriated in the following year. At year-end,the City had encumbrances of$1,990,117. 20 City of Renton Notes to the Financial Statements ASSETS LIABILITIES AND FUND EQUITY Cash&Cash Equivalents All highly liquid investments(including restricted assets)with a maturity of three months or less when purchased are considered cash equivalents. Included in this .. category are all funds invested in the Local Government Investment Pool and Municipal Investors Account. Excluded from this category are cash balances held by Fiscal Agents since the City does not have discretionary use of these funds. Cash held by Fiscal Agents is included in an investment type account. Investments The City of Renton invests all short-term cash surpluses. A Surplus Bank Balance Fund is maintained to account for these residual investments and earnings are allocated to the General Fund. Investments are also held separately by several of the funds with interest earned directly for the benefit of each fund. Investments are reported on the financial statements at cost or amortized cost which approximates market,except for the assets held in the deferred compensation program which are valued at market. Washington State statutes provide for the City to hold investments consisting of obligations of the Federal government,repurchase agreements,prime banker's acceptances, and time certificates of deposit issued by Washington State depositories that participate in the Washington State Public Depository Protection Commission (WPDPC). The WPDPC is a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission. Additional deposit and investment information is presented in Note 3. Inventories Inventories carried in Proprietary Funds are valued at average cost which approximates the market value. The inventory in the Waterworks Utility Fund is charged out at average cost plus a 20%handling fee when issued, and the inventory in the Equipment Rental Fund is issued at average cost. The inventory at the Golf Course is the merchandise that is sold to the public. This inventory is valued at actual cost. A physical count is taken at year-end at all inventory locations. Governmental Funds use the purchase method whereby inventory items are considered expenditures when purchased. The amount outstanding at year-end is immaterial and is,therefore,not included on the balance sheet, Properly Taxes Receivable The County Finance Director acts as an agent to collect property taxes levied in the county for all taxing authorities. Taxes are levied annually on January 1 on property value listed as of the prior August 31. Assessed values are established by the County Assessor at 100%of fair market value. A revaluation of all property is required every two years. Property taxes levied by the County Assessor and collected by the County Finance Director become a lien on the first day of the levy year and may be paid in two equal installments if the total amount exceeds$30. The first half of real property taxes is due on April 30 and the balance is due October 31. Delinquent taxes bear interest at the rate of 12%and are subject to additional penalties if not paid as scheduled. At year-end,property taxes are recorded as a receivable with the portion not expected to be collected within 30 days offset by deferred revenue. During the year, property tax revenues are recognized when cash is received. The tax rate for general City operations is limited to $3.60 per $1,000 of assessed value. Of this amount, up to $.45 per thousand may be designated for contribution to the Firemen's Pension Fund if a report by a qualified actuary indicates that additional funds are required. The payment of principal and interest on Limited Tax(non-voted)Bonds issued by the City is made from the general levy. Accordingly,the issuance of Limited Tax General Obligation Bonds has the effect of reducing property taxes available for the general operations of City government. In 1996,the City levied$3.51624 per$1,000 of assessed valuation for general purposes and$.08375405 for the Firemen's Pension Fund,for a total general tax levy of$3.6000. State law also provides that the City's operating levy may not exceed 106%of the largest single levy of the past three years. The State Constitution provides that the total of all taxes upon real and personal property by the State and all taxing entities, including the City, shall not in any year exceed 1%($10 per thousand dollars)of the true and fair monetary value of such property. This limitation may be exceeded upon the approval of 60%of the City voters at an election in which the total vote exceeds 40%of the votes cast at the last preceding general election. For 1996, the City's general tax levy was $3.6000 and the excess levy for Unlimited General Obligation Bonds issued for the construction of Gene Coulon Memorial Beach Park and Senior Housing was$.34413; a total of$3.94413 per$1,000 on a total assessed valuation of$3,546,097,162,per the King County Assessor's 1996 Annual Report. •r Estimated and actual property tax revenue is compared in the following table: Table 1: Property Tax Lev Item Estimated Property Actual Property Variance Taxes General Levy $ 12,793,100 $ 12,374,913 $ (418,187) Excess Lev 1,195,000 1,179,759 15,241 Totals $ 13,988,100 1 $ 13,554,672 $ (433,428) Assessments Receivable Unpaid special assessments receivable is reported in three accounts: current, delinquent, and deferred. Current assessments are those due within one month; delinquent assessments are past due; and deferred assessments are due beyond one month. Revenue from the assessments is recognized as it becomes current- that is,both measurable and available to finance expenditures of the current period. Fixed Assets and Depreciation The accounting and reporting treatment applied to the fixed assets associated with a fund are determined by its measurement focus. Fixed assets acquired in Governmental Funds are accounted for as expenditures in the fund when the assets are purchased and are capitalized in the General Fixed Asset Account Group at historical cost. Where historical cost is not known,assets are recorded at estimated historical cost. Donated assets are valued at estimated fair market value at the time received. Infrastructure such as roads,bridges and curbs are considered public property and are not capitalized in the General Fixed Assets Account Group. Governmental Fund assets are not depreciated. 21 City of Renton Notes to the Financial Statements Fixed assets of the Enterprise and Internal Service Funds are recorded at historical cost,and are accounted for in their respective funds. Capital contributions are recorded as contributed capital and the assets are capitalized at their estimated fair market value at the date of donation. Fixed assets used by Proprietary Funds are depreciated and the accumulated depreciation is reported in Proprietary Fund Balance Sheets. Annual depreciation is ' recorded as an expense of the fund. Depreciation is computed using the straight line method over estimated service life as follows: Table 2: Fixed Asset Service Life Asset Estimated Service Life Buildings 25-50 years Non-Building Improvements 25-50 years ' Utility Plant 25-75 years Equipment 3-20 years *See Note 7 for additional information Accumulated Unpaid Vacation and Sick Pay Labor contracts with City of Renton employees call for the accumulation of vacation and sick leave. At termination of employment,employees with the required length of service may receive cash payments for all accumulated vacation leave to a maximum of 432 hours. Sick leave termination benefits are based on a percentage of accumulated sick leave up to a maximum of 480 hours. The payment is based on current wages at termination and date of hire. Accumulated amounts of vacation leave and related benefits are accrued as expenses when incurred in Proprietary Funds. The current portion of the Enterprise Funds, $35,817,and the Internal Service Funds,$2,869,is included with the current liability accounts Accrued Wages Payable and Accrued Employee Benefits Payable. In Governmental Funds,only the current portion of the yearly accrual (based on last in-first out formula) left unpaid at the end of the fiscal year is recorded as fund liability and expenditure. The remainder of the liability is reported in the General Long-Term Debt Account Group. This reporting format is in compliance with GASB Statement 16. At year-end 1996,the Governmental Funds recorded current liabilities of$216,809 on the respective balance sheets and a long-term liability for the non-current portion of accumulated vacation and related benefits in the amount of$1,704,840 in the General Long-Term Debt Account Group. The unpaid liability in the Proprietary Funds at December 31 was$205,264. , Accumulated sick leave and related benefits are also based on GASB Statement 16 which calls for accrual of Proprietary Fund liabilities and inclusion of Governmental Fund liabilities in the General Long-Term Debt Account Group. These amounts at December 31, 1996, were $149,353 and $1,531,570, respectively.The following table details the total vacation and sick leave liability: Table 3: Employee Leave Payable Item Current Long-Term Total , General Governmental Funds $ 216,809 $ 0 $ 216,809 General Long-Term Debt 0 3,236,410 3,236,410 Proprietary Funds 38,686 354,617 393,303 Total Leave Benefits $ 255,495 $ 3,591,027 $ 3,846,522 Fund Equity-Reserves and Designations The City recognized in its reporting that assets are sometimes not"available spendable resources"or at times legally available for appropriations,because they are contractually or legally restricted for some specific future use. When this is the case,as for example with debt service,fund equity is"reserved." However,when management sets aside portions of fund equity based upon tentative future plans or for administrative convenience,these restrictions are reported as"designations" �. of unreserved fund equity. Designation is not used in Proprietary Funds. Direct Charges/Credits to Enterprise Funds Retained Earnings The Airport Fund has credited$130,760 directly to retained earnings,representing the retirement of Federal and State contributed capital for the current year. Risk Management and Risk Retention It is the City of Renton's policy to self-insure first level coverages for property,liability,worker's compensation,and employee medical coverages. For mid-level and catastrophic losses the City purchases both commercial insurance coverage, and reserves the right to invoke provisions of RCW 35A.31.060,which allows cities to levy a non-voted property tax increase to pay for uninsured claims. As of December 31, 1996,the Insurance Fund's unreserved retained earnings totaled $2,644,322. See Note 17 for additional information. NOTE 2-STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY There have been no material violations of finance related legal or contractual provisions. NOTE 3- CASH&INVESTMENTS The City maintains an investment pool available for use by all funds. Interest earned on pooled investments is recorded in the General Fund. Investments are also held separately by several of the funds with interest earned directly for the benefit of each fund. 22 City of Renton Notes to the Financial Statements DEPOSITS All deposits are covered entirely by Federal Depository Insurance (FDIC)or by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission (WPDPC). The FDIC insures the City's deposits up to$100,000, and the WPDPC insures amounts over $100,000. The WPDPC provides for additional assessments against members of the pool on a pro rata basis. Accordingly,the deposits covered by WPDPC are considered to be insured and classified as risk category 1. The City had$51,843,025 in cash and investments at year-end,which consisted of$22,825,093 in the State Investment Pool and Municipal Investors Account, $211,000 in certificates of deposit, $27,898,640 in other investments, and$18,885 in petty cash. All cash in excess of current requirements was invested at year-end with bank deposits reporting a cash balance of$908,292. Table 4 displays the breakdown of cash and deposits by type of deposits and by fund type. Table 4: Reconciliation of Cash and Investments by Fund Group A Fund Group Cash State Investment Subtotal Cash& Restricted CasTotal h&Cll ash Investments Restricted Total Cash & Pool/MIA Cash Equivalents Cash Investments Equivalents I Investments General $ (926,292) $ 8,156,593 7,230,301 $ 7,230,301 $ 0 $ 0 $ 7,230,301 Special Revenue 329,965 1,491,500 1,821,465 1,821,465 7,508,217 9,329,682 Debt Service 355,104 1,685,000 2,040,104 2,040,104 1,425,000 3,465,104 Capital Projects 318,665 1,639,000 1,957,665 1,957,665 2,715,313 4,672,978 Enterprise (3,173,587) 7,175,000 4,001,413 3,665,290 7,666,703 1,814,392 8,988,020 18,469,115 Internal Service 99,706 2,413,000 2,512,706 2,512,706 2,414,002 4,926,708 �+ Trust&Agency 239,441 265,000 504,441 504,441 3,244,696 3,749,137 Total $ (2,756,998) $ 22,825,093 $ 20,068,095 $ 3,665,290 $ 23,733,385 $ 19,121,620 $ 8,988,020 $ 51,843,025 * Municipal Investor Account INVESTMENTS Washington State statutes provide for the City to hold investments consisting of obligations of the Federal government,repurchase agreements,prime banker's ,. acceptances, and time certificates of deposit with authorized Washington State savings and loan institutions. Additionally, the Firemen's Pension Fund is authorized to invest in mutual funds and obligations of the Federal,State,and Local government-owned public utilities. All investments are valued at cost or amortized cost,which is substantially equivalent to market value. The City of Renton's investments are categorized to give an indication of the risk assumed at year-end. Category 1 includes investments that are either insured, registered or held by the City or its agent in the City of Renton's name. Category 2 includes uninsured and unregistered investments which are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments which are held by the counterparty's trust department or agent,but not in the City's name. At the end of the year,the City had no investments in category 3. Table 5: Classification of Investments As of December 31, 1996 Item Category 1 Category 2 Carrying Amount Market Value US Government 24,864,944 224,962 25,089,906 25,620,494 Bankers'Acceptance bw Convertible Bonds 273,267 273,267 342,533 Corporate Bonds Sub-Total 24,864,944 498,229 25,363,173 25,963,027 Mutual Funds 2,746,467 2,746,467 4,032,752 Total Investments 24,864,944 3,244,6961 28,109,640 1 29,995,779 NOTE 4-DEFERRED COMPENSATION The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. This plan is administered by the Hartford Life Insurance Company and the ICMA Retirement Corporation. The plans are available to all City employees which permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination,retirement,death,or unforeseeable emergency. Compensation deferred under the plans and all income attributable to the plans are solely the property of the City of Renton. The City's rights to this property are subject only to the claims of the City's general creditors until paid to the employee or other beneficiary and are not restricted to the benefit provisions under the plan. The deferred compensation plans investments are recorded at market value,along with the corresponding liabilities in the deferred compensation fund. At December 31, 1996,the market value of the plans assets were$8,713,576. It is the opinion of the City's legal counsel that the City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. 6 ' 23 NOTE 5-RECEIVABLES AND PAYABLES City of Renton Notes to the Financial Statements ' Table 6 details the specific receivables and payables at December 31, 1996. The City provides reserves for potentially uncollectible water, wastewater, storm, metro,solid waste utility,and airport charges. At December 31,1996,these reserve balances were$78,855. , Table 6: Net Receivables and Pa ables Item General Special Debt Capital Enterprise Internal Trust& Total Revenue I Service I Projects Service Agency ' Receivables: Taxes $ 397,538 $ 0 $ 38,426 $ 0 $ 0 $ 0 $ 0 $ 435,964 Accounts 3,298,418 104,496 0 0 2,942,584 31,668 0 6,377,166 Notes 0 0 0 0 18,424 0 0 18,424 ' Special Assess-Current 0 0 165,579 0 0 0 0 165,579 Special Assess-Delinq 0 0 45,008 0 0 0 0 45,008 Special Assess-Deferred 0 0 2,998,771 0 0 0 0 2,998,771 Interest-Special Assess 0 0 77,354 0 0 0 0 77,354 Interest on Investments 0 183,815 37,844 220,111 263,779 48,386 103,039 856,974 ' Total All Fund Types $ 3,695,956 $ 288,311 $ 3,362,982 $ 220,111 $ 3,224,787 $ 80,054 $ 103,039 $ 10,975,240 Payables: Matured Bonds Payable $ 0 $ 0 $ 115,000 $ 0 $ 0 $ 0 $ 0 $ 115,000 Matured Interest Payable 0 20,344 105,000 0 0 125,344 , Accrued Interest Payable 0 0 0 376,510 10,262 0 386,772 Accrued Wages Payable 0 0 0 0 31,072 2,489 0 33,561 Accrued Benefits Payable 0 0 0 0 4,745 380 0 5,125 Accrued Taxes Payable 2,303 2,582 1 0 78,200 0 0 83,085 Total All Fund Types $ 2,303 $ 2,582 1 $ 135,344 1 $ 0 $ 595,527 1 $ 13,131 $ 0 $ 748,887 Note Receivable: Table 6 details the current portion of the note receivable in the amount of $18,424 due from the Golf Course Concessionaire. The non-current portion of this receivable is$104,677. INTERFUND RECEIVABLES AND PAYABLES Table 7: Interfund Receivables and Payables , Item Due From Due To General Fund $ 13,000 $ 153,497 , Special Revenue Funds: Park Fund 0 4,714 Street Fund 42,165 869 Community Development 0 0 Impact Mitigation 0 110 Library 0 0 Cable Communications Development 0 0 Total Special Revenue Funds $ 42,165 $ 5,693 Capital Project Funds: Municipal Facilities Construction 169 9,804 Capital Improvement Fund 0 41,017 Total Capital Project Funds $ 169 $ 50,821 Enterprise Funds: Waterworks Utility Fund 72,255 97,140 Airport Fund 0 55,980 Solid Waste Utility Fund 0 0 Golf Course Fund 157,264 25,952 Total Enterprise Funds $ 229,519 $ 179,072 Internal Service Funds: Insurance 104,230 0 Total Internal Service Funds $ 104,230 $ 0 Total All Fund Types $ 389,083 $ 389,083 24 ' City of Renton Notes to the Financial Statements .. INTERFUND LOANS/ADVANCES RECEIVABLE&PAYABLE The following is a reconciliation of the$188,927 interfund loans and advances of which$57,247 is current and$131,680 is long term: Table 8: Interfund Loans/Advances Receivable and Payable Interfund Loans/Advances Fund Receivable Payable General Fund $ 79,000 $ 0 Special Revenue Funds: Community Dev Block Grant 0 75,000 Internal Service Fund Insurance Fund 7,294 0 EnteEprise Funds: Golf Course 0 109,927 Agency Trust Funds: Firemen's Pension 102,633 0 Advance Travel 0 4,000 Total All Fund Groups $ 188,927 $ 188,927 INTERGOVERNMENTAL RECEIVABLES At December 31, 1996, the receivables from other governmental units included federal, state and local grants receivable of$4,603,980, and a miscellaneous receivable amounting to$393,969,from Bryn Mawr-Lakeridge Water&Sewer District for their 25%share of a water joint facilities project. Table 9: Due From Other Governmental Units Source Amount Grants: US Department of Agriculture $ 11,455 "" US Department of Commerce 1,276,168 US Department of Justice 91,078 US Department of Ecology 8,000 Federal Emergency Management Agency 227,079 .W WA Department of Housing&Community Development 41,430 WA Department of Natural Resources 22,043 WA Department of Transportation 2,812,702 WA Department of Trade and Econ Development 70,615 King County 43,410 Subtotal-All Grants $ 4,603,980 Other Governmental Receivables: Bryn Mawr-Lakerid a Water&Sewer District 393,969 otal Due All Grants $ 4,997,949 INTERGOVERNMENTAL PAYABLES A total of$1,622,677 was recorded as due to other governmental units at December 31, 1996. This included: 1)$11,335 for Narcotics grant reimbursement to the agencies as follows: $3,314 to the City of Tukwila;$4,241 to the City of Auburn; and$3,780 to the City of Kent; 2)$1,280,031 is the portion of Municipal Court's outstanding receivables for bail due to the State;and 3)$331,311 to the Washington State Department of Community Development for current portion due on Public Works Trust Fund loans. 25 City of Renton Notes to the Financial Statements ' NOTE 6-OPERATING AND RESIDUAL EOUITY TRANSFERS Interfund transfers are classified as either operating transfers or residual equity transfers. Operating transfers are accounted for as"other financing sources or uses" and are included in the operating statements. Residual equity transfers are direct additions or subtractions to fund balance/fund equity. Contributions to ' Proprietary Funds are recorded as contributed capital in those funds. Because of the requirement that residual equity transfers to proprietary funds be treated as direct additions to contributed capital in the recipient fund,"residual equity transfers in"often do not balance with"residual equity transfers out." The difference between transfers in and transfers out is a residual equity transfer out of the general and an addition to other contributed capital in the Equipment Rental Fund in the amount of$6,260. Table 10: Residual Equity Transfers ' Transfer Transfer Fund In Out General $ 1,500,000 $ 6,493 ' Street 0 1,500,000 General Governmental Debt 0 538,011 Special Assessment Debt 0 1,277,890 Special Assessment Guaranty 1,277,890 0 ' Municipal Facilities Construction 620,239 0 Senior Housing Construction 0 15,239 Equipment Rental 538,244 0 Insurance 0 605,000 , Total Transfers $ 3,963,373 $ 3,942,633 Table 11: Operating Transfers , Transfers Transfers Fund Type In Out General Governmental , General $ 92,405 $ 734,648 Parks 6,535 60,943 Arterial Street 379,248 Community Development 8,704 , Impact Mitigation 507,557 Paths and Trails 4,095 1%for Art 35,000 General Governmental Debt 20,000 Special Assessment Debt 37,687 ' Special Assessment Guaranty 200,000 Open Space 86,500 Municipal Facilities 333,095 113,201 Capital Improvements 851,805 , Proprietary Funds: Waterworks Utility 37,687 Golf 327,030 Equipment Rental 278,618 ' Totals $ 2,057,379 $ 2,057,379 NOTE 7-FIXED ASSETS , General Fixed Assets are long lived assets of the City as a whole. When purchased, leased, or constructed, such assets are recorded as expenditures in the Governmental Funds and capitalized in the General Fixed Assets Account Group. All fixed assets are valued at historical cost,estimated historical cost,or fair market value at time of donation. No depreciation has been provided on general fixed assets,nor has interest been capitalized. Infrastructure assets are considered public property and are not accounted for in the General Fixed Assets Account Group. At the end of 1996, 19 projects comprised the Construction Work in , Progress. Upon completion,the projects will be capitalized in the General Fixed Asset Account Group in their appropriate categories. Tables 12 and 13 describe the changes in the City's general fixed assets during 1996 and the Construction Work In Progress at the end of the year. Table 12: Changes in General Fixed Assets ' Asset Beginning Balance Additions Deletions Ending Balance Land $ 19,395,945 $ 1,469,290 $ 0 $ 20,865,235 Building 20,783,845 14,037 0 20,797,882 ' Non-Building Improvements 14,718,353 172,975 0 14,891,328 Equipment 7,321,167 1,082,265 391,157 8,012,275 Construction in Progress 5,559,969 1,075,191 62,440 6,572,720 Joint Venture 1,081,875 159,758 0 1,241,633 ' Total $ 68,861,154 $ 3,973,516 $ 453,597 $ 72,381,073 26 ' City of Renton Notes to the Financial Statements Table 13: Construction Work In Progress Estimated Estimated Project Cost To Date Remaining Costs Total Cost Cedar River Trail $ 2,044,460 $ 1,070,751 $ 3,115,211 Cedar River Trail/NARCOAcquisition 3,190,162 313,845 3,504,007 Springbrook IAC 43,058 83,662 126,720 Boeing Trail 2,689 42,322 45,011 Library Improvements 8,852 69,574 78,426 Municipal Space Needs 60,214 1,840,027 1,900,241 Station#14 Site Acquisition 1,003,111 2,484,348 3,487,459 Library Automation Project 203,936 246,064 450,000 Lake Washington Bath House 1,621 145,732 147,353 Lake Washington Boat House 164 150,568 150,732 CARCO HVAC Improvements 1 14,453 10,547 25,000 Total $ 6,572,720 $ 6,457,440 $ 13,030,160 Fixed assets of Proprietary Funds are capitalized in their respective balance sheets. These assets are stated at cost, estimated cost when original cost is not available,or fair market value at the time received in the case of contributions. Depreciation expense is charged to operations of Proprietary Funds to allocate the cost of fixed assets over their estimated useful lives,using the straight-line method with useful lives of 3 to 75 years. The City's policy is to capitalize net interest on Proprietary Fund construction projects until completion of the project. The amount of capitalized interest equals the difference between the interest cost associated with the tax exempt borrowing used to finance the project and the interest earned from temporary investment of the debt proceeds. Capitalized interest is amortized on the straight-line basis over the estimated useful life of the asset. For 1996, interest costs incurred on construction projects in Proprietary Funds were not material. Table 14 provides a summary of Proprietary Fund property,plant,and equipment as of December 31, 1996. Table 14: Proprietary Property,Plant&Equipment Waterworks Airport Solid Waste Golf Course Total Equipment Total Internal Asset Utility Fund Utility Fund Enterprise Rental Insurance Service r Land 2,440,569 784,080 0 2,683,200 5,907,849 0 0 0 Buildings 6,178,926 353,516 0 3,934,220 10,466,662 0 0 0 Equipment 4,015,158 65,447 390,395 643,681 5,114,681 5,358,225 5,993 5,364,218 Other Improvements 121,697,967 8,043,707 0 2,710,788 132,452,462 0 0 0 Construction Work in Progress 6,153,517 147,807 0 0 6,301,324 0 0 0 Total Assets 140,486,137 9,394,557 390,395 9,971,889 160,242,978 5,358,225 5,993 5,364,218 Less Accumulated Depreciation 1 28,382,324 1 5,786,899 225,996 826,664 35,221,883 2,655,144 1,798 2,656,942 Net Property,Plant, &Equipment 112,103,813 3,607,658 164,399 9,145,225 125,021,095 2,703,081 4,195 2,707,276 CONTRIBUTED CAPITAL RETIREMENT The Airport Fund has $5,750,383 of contributed capital which includes$5,613,692 of Federal,$53,775 of State, and$82,916 of private sources which is being retired on an annual basis. The unamortized balance as of December 31, 1996,was$1,636,128. The Airport is the only fund which amortizes its contributed capital at this time. The Waterworks Utility Fund has $80,312,751 of contributed capital. The Equipment Rental Fund has$1,054,934 of contributed capital,and the Golf Course Fund has$5,000 of contributed capital. These funds'contributed capital are not being retired. ... NOTE 8-PREPAID ITEMS The General Fund has recorded$8,000 of prepaid items at December 31, 1996. This amount represents prepaid postage charges to be expensed in 1997. The Insurance Fund has recorded$8,641 of prepaid items at December 31, 1996. This amount represents a$3,000 revolving fund established to pay claims by our insurance broker and$5,641 for prepaid medical benefits. NOTE 9-JOINT VENTURE The "Valley Communications Center" was established August 20, 1976,when an Interlocal Agreement was entered into by the four participating municipal corporations, including the cities of Renton,Kent,Auburn,and Tukwila. The agreement is sanctioned by the provisions and terms of the"Interlocal Cooperation Act"pursuant to RCW 39.34. The initial duration of the agreement was five years, and thereafter is automatically extended for consecutive two-year periods, r unless terminated by one or more of the participating cities. Any such termination must be in writing and served upon the other cities on or before July I in any one year,and such termination shall then become effective on the last day of such year. The purpose of the joint operation,hereafter referred to as Valley-Com, is to provide improved consolidated emergency communications (dispatch)services for police,fire,and medical aid,to the four participating cities and to the several subscribing agencies,which include King County Fire Districts#17,#20,#40,#43, #44,#46,#47;City of Pacific Police and Fire Departments,City of Algona Police Department,City of Des Moines Police Department,City of Newcastle Police Department,City of Federal Way Police Department,and Valley Medic Units. Separate agreements between Valley-Com and the subscribing agencies have been executed,which set forth conditions of services and rates charged. 27 City of Renton Notes to the Financial Statements ' The allocation of prorated financial participation among the four participating cities is the percentage of dispatched calls attributed to each jurisdiction compared to the total estimated dispatched calls,for the current twelve month period ending December 31. The percentages are applied to the current approved budget,less revenue from all other sources. Distribution of current year net income is based on the same percentages. The 1996 cost distribution for the four participating cities was as follows: Table 15: Joint Venture Cost Distribution City Dispatchable Calls %of Total 1996 Assessments , Renton 55,500 26.04% 838,416 Kent 73,000 34.26% 1,103,077 Auburn 44,800 21.02% 76,786 Tukwila 39,800 18.68% 601,445 , Total 213,100 100.00% 2,619,724 Valley-Com is governed by an Administration Board,composed of the Mayors or designated representatives from the four participating cities of Renton, Kent, ' Auburn,and Tukwila. The Administration Board is responsible for the following functions: 1)Budget review and recommendations to the legislative bodies of the participating cities, and budget adoption after each legislative body has approved the required financial participation for the ensuing year; 2) Approves appointment and/or discharge of the Director;3)Approves personnel policy and makes final decisions on all major policy changes;and,4)Reviews and approves all contracts. ' In addition,an Operations Board provides direction,and consists of two members of each participating city's Public Safety Departments, including the heads of such departments or their designees. The Operations Board performs the following functions: 1)Oversees the operation of Valley-Com,and advises and makes recommendations to the Administration Board;2)Makes recommendations on Director selection;3)Presents proposed policies and budgets to the Admin Board; and,4)Approves disbursement of funds by the Director. The Director presents a proposed budget to the Operating Board on or before August 15 of each year. Said budget is then presented to the Admin. Board by September 1 of each year. The Admin.Board can make changes to the proposed Valley-Com budget as it finds necessary,but final approval falls to the legislative , body of each participating city,in accordance with the provisions of the Interlocal Agreement. Tables 16 and 17 show the condensed financial position as of December 31,1996,and the results of operation and changes in retained earnings for the year ended , 1996. Audited 1996 financial statements are available from Valley-Com. Table 16: Balance Sheet , Item Amount Assets: Current Assets $ 4,334,357 ' Property,Plant and Equipment 10,449,752 Total Assets $ 14,784,109 Liabilities and Fund Equity: Current Liabilities 455,024 ' Long-Term Liabilities 0 Total Liabilities 455,024 Retained Earnings 4,111,340 Contributed Capital 10,217,745 Total Fund Equity 14,329,085 Total Liabilities and Fund Equity $ 14,784,109 Table 17: Statement of Revenues,Expenses and Changes in Retained Earnings ' Item Amount Operating Revenues: Intergovernmental Charges $ 4,352,141 Miscellaneous 3,587 Transfers In 0 Total Operating Revenues $ 4,355,728 Operating Expenses 4,055,534) Net Operating Income 300,194 Non-Operating Revenues(Expenses): Interest and Misc.Revenues 138,544 Interest Expense 0 Total Non-Operating Revenues(Expenses) 138,544 Net Income(Loss) 438,738 Retained Earnings at Beginning of Year 3,672,602 Retained Earnings at End of Year 4,111,340 ' Contributed Capital 10,052,651 800-MHz Contributed Capital 165,094 Total Fund Equity at End of Year $ 14,329,085 28 ' City of Renton Notes to the Financial Statements The share of equity belonging to the four participating cities is shown in Table 18 below. Liabilities are the responsibility of the four participating cities in direct proportion to their equity position. Table 18: Joint Venture E ui Item Renton Kent Auburn Tukwila Total Adjusted Equity 1/1/96 1,081,875 1,124,829 881,281 677,349 3,765,334 1996 Increase 159,758 210,127 129,021 114,603 613,509 Equity 12/31/96 $ 1,241,633 $ 1,334,956 $ 1,010,302 $ 791,952 $ 4,378,843 %of Equity 28.35% 30.49% 23.07% 18.09% 100.00% %of 1996 Distribution 26.04% 34.26% 21.02% 18.68% 100.00% An agreement between the City of Kent and Valley-Com was established February 18, 1993,to provide for Valley-Com's purchase of an 800-megahertz radio system and mobile data terminal system developed by the City of Kent. The 800-Megahertz system is to be incorporated into the County 800-Mhz system which is currently under development. The agreement establishes an interest-exempt payment schedule over a four-year period, beginning in 1993. The following summary outlines the outstanding purchase agreement: Table 19: Mobile Data Terminal/800-Megahertz Radio Purchase Agreement " Item Interest Maturity Authorized 1/1/96 Issued Redeemed 12/31/96 Rate Promissory Note 8.750 04/01/95 $ 771,87> $ 0 $ 0 $ 0 $ 0 MDT Purchase 12/31/96 322,828 65,943 0 65,943 0 800-MHz Radio Purchase 12/31/96 850,000 0 0 0 Total $ 1,944,703 $ 65,943 $ 0 $ 65,943 $ 0 �.+ In August 1993,Valley-Com entered into an interlocal cooperation agreement,pursuant to RCW 39.34,with the subregions of King County, Seattle,the Eastside Public Safety Communications Agency and the Port of Seattle. This agreement govems the development, acquisition and installation of the 800-megahertz emergency radio communications system funded by a$57 million King County levy approved in November 1992. This agreement provides that,upon voluntary termination of any subregion's participation in the system, it surrenders its radio frequencies relinquishes its equipment and transfers any unexpended levy proceeds and associated equipment replacement reserves to another subregion or consortium of subregions. In accordance with this agreement,the participating cities of Valley-Com have no equity interest in Valley-Com's 800-megahertz contributed capital(King County levy distribution and interest earned)of$9,950,242 as of December 31,1996. NOTE 10-PENSION PLAN&OT14ER POST EMPLOYMENT BENEFITS All of the City's full-time and qualifying part-time employees participate in one of the following three defined benefit retirement systems: 1)Public Employees' Retirement System (PERS); 2) Law Enforcement Officers and Fire Fighters Retirement System (LEOFF) which are both established by State statute and administered by the State's Department of Retirement Systems;and 3)The Firemen's Pension System established and administered by the City according to State statute. The City's total payroll for all employees was$27,642,440 for the year ended December 31, 1996. The pension benefit obligation presented by each system are standard disclosure measures of the present value of pension benefits, adjusted for the effects of credited projected salary increases and step-rate benefits(LEOFF only)estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of projected benefits, is intended to help users assess the system's funding status on a going concern basis,assess progress made in accumulating sufficient assets to pay benefits when due,and make comparisons among systems and employers. The standardized disclosure method is independent of the actuarial funding method used to determine contributions to the retirement systems. ,W Table 20: PERS and LEOFF Information By Plan PERS PLAN I PERS PLAN 11 LEOFF PLAN I LEOFF PLAN I1 (Membership prior to (Membership on or (Membership prior to (Membership on or Item 10/l/77) after 10/1/77) 10/1/77) after 10/1/77) Vesting Requirement: Service year required for vesting of benefits 5/25/30 5/20* 5 5/20 Retiring age for vesting of benefits 60/55/an age 65/55* 50 58/50 Employee Contribution: Actual rate @ 12/31/94 6.00% 5.08% 6.00% 8.43% Actual Amount $ 173,642 $ 624,668 $ 155,879 $ 655,938 Required rate @ 12/31/94 6.00% 5.08% 6.00% 8.48% Required Amount $ 173,642 $ 624,668 $ 155,879 $ 660,872 Employer Contribution: Actual rate @ 12/31/94 7.42% 7.42% 6.00% 5.06% Actual Amount $ 220,525 $ 940,865 $ 161,075 $ 409,407 = Required rate @ 12/31/94 7.32% 7.32% 6.00% 5.09% Required Amount $ 211,843 $ 900,163 $ 155,879 $ 396,679 * Receive reduced benefits. 29 PUBLIC EMPLOYEE'S RETIREMENT SYSTEM City of Renton Notes to the Financial Statements ' PERS is a contributory multi-employer cost-sharing retirement system. All of the City's non-uniformed employees are covered by this system. Membership in the system includes elected officials; state and local governmental employees; and other public employees. Approximately 50% of PERS members are state ' employees. The system provides retirement benefits at 2.0% of the final average salary per year of service. The existing Cost of Living Allowance (COLA) benefits based on the loss of purchasing power in PERS I was repealed and replaced with a COLA based on years of service. The COLA will increase the employer contribution rate by.16 percent. LAW ENFORCEMENT OFFICERS&FIRE FIGHTERS RETIREMENT SYSTEM The LEOFF system is also a contributory multi-employer cost-sharing system for all uniformed law enforcement officers and fire fighters. The retirement benefits are calculated as a percentage of final average salary based on years of service. Contributions to both systems by employee and employer are based on actuarially determined requirements and established by State statute. The City's contribution in 1996 represents its full liability under both systems except certain medical and disability premiums under the LEOFF Plan 1,which are considered immaterial. During the 1996 legislative session,a benefit of$150,000 was provided for ' duty-related deaths for members of LEOFF I and 11. The death benefit will increase LEOFF II employer contribution rates by .01%, and LEOFF II employee contribution rates by.02%. Table 21: PERS and LEOFF Information By System Item (dollars in millions) PERS LEOFF City Payroll Covered $ 15.191 $ 10.390 ' City's Contribution as%of Covered Payroll 7.65% 5.49% Employee Contribution as%of Covered Payroll 5.26% 7.81% Total Payroll Covered By System $ 5,525 $ 635.8 , City's Actuarially Determined Contribution Requirement as a%of Total Contribution Requirement 0.27% 1.63% Total Pension Benefit Obligations $ 12,936 $ 4,723 ' Less Net Assets Available For Benefits $ (12,349) 1 $ (4,360) Unfunded Actuarial Present Value Of Accumulated Plan Benefits $ 587 $ 363 The system does not make separate measurements of assets and pension benefit obligation for individual employers.The pension benefit obligation and net assets available for benefits for the systems as a whole were determined by the Office of the State Actuary as of December 31, 1996. Historical trend information showing the systems'progress in accumulating sufficient assets to pay benefits when due are presented in the State of Washington i Department of Retirement Systems'June 30,1996 Comprehensive Annual Financial Report. FIREMEN'S PENSION Plan Description The City contributes to the Firemen's Pension Plan(the System), a closed,single-employer,defined benefit retirement plan established and administered by the City in accordance with the Renton Municipal Code and State statutes. This system was established for fire fighters employed prior to March 1, 1970,when the LEOFF retirement system was established. The System is considered part of the City's reporting entity and is included in the City's financial statements as a pension trust fund. At December 31, 1996, there were 44 members in the System, including 40 retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them;4 vested active members and no nonvested active members. The City's payroll for employees covered by the System for the year ended December 31, 1996 was$272,580. The retirement benefits vest after 20 years of service. Members may retire after 25 years of service regardless of age;and after age 50 with 20 or more years of service. The plan also provides death and disability benefits. The benefit provisions and all other requirements are established by State statute. .Sivnilrcant Accounting Policies and Plan Assets Please refer to Note I to the financial statements with regards to the significant accounting policies. Investments in the System are valued at cost,and completed transaction method is used in gain or loss recognition on exchanges of securities. There were no material changes in any accounting policies in 1996. Fundine Status and Progress ' The contribution requirement and pension obligation was computed as part of an actuarial valuation performed as of December 31, 1995. Significant actuarial assumptions used in the valuation of both include: l)8%investment return, compounded annually,:2)6.25%salary increase annually, 5%due to inflation and 1.25%for merit increase;3)0%growth in fire insurance premium;4)8%annual increase in property tax;and 5)5%increase in consumer price index.There were no material changes to the benefit provisions,actuarial funding method or other significant factors that affect contributions required. The actuarial study for 1996 had not been completed at the time 1996 Financial Statements and notes were published. ' 30 , City of Renton Notes to the Financial Statements Unfunded Pension Benefit Obligation The standardized measure of the unfunded pension benefit obligation as of December 31,1996,is as follows: Table 22: Unfunded Pension Benefit Obligation Item Amount Retirees and beneficiaries currently receiving benefits $ 7,574,000 Current Employees: Cumulative Employee Contribution 42,000 Employer Contribution-vested 467,000 Total Pension Benefit Obligation $ 8,083,000 Net assets available for benefits,at cost (Market Value$5,032,511) 3,779,557 Unfunded Pension Obligation $ 4,303,443 Actuarial Funding Method&Amortization of Unfunded Pension Obligation The System's funding policy requires the employer to make contributions for the actuarially determined amount using the Aggregate Cost funding method. This method does not explicitly calculate the cost of benefits accruing during the year for active employees,i.e.,normal cost. On an estimated basis, approximately $40,000 of the 1996 cost is for active employees with the remaining amount paid toward reducing the unfunded liability. The unfunded obligation is amortized over the period ending December 31,2008,assuming cost increases 8%annually. Employees are not required to make contributions. Pension benefit obligations were actuarially determined in 1982, 1986, 1988, 1990, 1992 and 1994. Amounts included for other periods were estimated based on the most recent actuarial result. For 1996,a 3%increase over 1995 was estimated in the total pension benefit obligation. The contributions to the System for 1996 of$297,000 were made in accordance with actuarially determined requirements and represent 108.95%of the covered payroll.Other incomes to the system include$81,721 from fire insurance premiums and$364,054 of investment income. Trend data presented below is designed to provide detailed information on the System's accumulation of sufficient assets to pay benefits when due. Table 23: Fire Pension Ten-Year Funding-Progress Data Net Assets Pension Unfunded Annual Unfunded Pension Employer Fiscal Percentage Employer Contribution as a% Year Available for Benefit Funded Pension Covered Obligation as a% Contribution �. Benefits Obligation Obligation Payroll of Covered Payroll of Covered Payroll 1996 $ 31779,557 $ 8,083,000 46.75% $ 4,303,443 $ 272,580 1578.78% $ 297,000 108.95% 1995 3,334,915 7,848,000 42.50% 4,513,085 270,734 1666.99% 286,000 105.63% 1994 2,983,886 7,686,000 38.82% 4,702,114 335,676 1400.79% 257,000 76.56% ,. 1993 2,478,168 7,076,000 35.02% 4,597,832 447,394 1027.69% 246,000 54.98% 1992 2,430,896 6,998,000 34.74% 4,567,104 428,350 1066.21% 228,000 53.23% 1991 2,325,477 6,656,197 34.94% 4,330,720 343,072 1262.34% 206,000 60.05% 1990 2,075,326 6,984,000 29.72% 4,908,674 367,652 1335.14% 191,000 51.95% u.. 1989 1,954,839 6,164,532 31.71% 4,209,693 456,618 921.93% 175,000 38.33% 1988 1,816,787 6,288,000 28.89% 4,471,213 467,220 956.98% 162,000 34.67% 1987 1 1,620,625 1 6,150,000 1 26.35% 1 4,529,375 1 468,665 1 966.44% 1 150,000 1 32.01% Table 24: Fire Pension Ten-Year Revenues and Expenses Revenue by Source Expenses by Type Fiscal Year Employer Fire Insurance Investment Total Revenue Benefits Administration Total Expenses Contributions Premium Income 1996 $ 297,000 $ 81,721 $ 364,054 $ 742,775 $ 293,934 $ 4,199 $ 298,133 1995 286,000 69,471 303,914 659,385 300,591 7,765 308,356 1994 257,000 78,893 281,189 617,082 295,605 3,157 298,762 1993 246,000 51,032 228,286 525,318 283,383 7,265 290,648 1992 228,000 44,536 149,719 422,255 314,066 2,770 316,836 1991 206,000 52,895 185,264 444,159 277,497 8,609 286,106 1990 191,000 48,865 227,438 467,303 252,197 2,521 254,718 1989 175,000 49,842 263,152 487,994 251,468 5,722 257,190 1988 162,000 50,378 165,071 377,449 249,904 5,052 254,956 1987 150,000 53,834 106,714 310,548 235,971 1 2,092 238,063 OTHER POST EMPLOYMENT BENEFITS In addition to the pension benefits described in Note 10, the City provides post employment benefits in accordance with State statute to all LEOFF I (law enforcement officers and fire fighters hired prior to 10/1/77)and Fire Pension(fire fighters hired prior to 3/1/70)retirees. Currently there are 79 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$171,537 were recognized for post employment health care. 31 City of Renton Notes to the Financial Statements 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$48 per month for 24 LEOFF 1 retirees and 5 Fire Pension retirees. ' NOTE 1 I -CONSTRUCTION COMMITMENTS At December 31, 1996,the City had significant contractual construction commitments.These are listed below: Table 25: Construction Commitments Project Title Commitment Funding Source Revenue Bonds/Public Works Trust Waterworks Improvements $ 3,250,978 Fund Loans/Grants Parks Improvements 22,611 General/Grants Street Improvements 320,070 General/Grants ' Fire Station 14 1,555,222 Impact Mitigation ,Municipal Facilities 79,318 Grants NOTE 12-LONG-TERM DEBT AND CAPITAL LEASES ' The City of Renton's long-term debt consists of General Obligation Debt,repaid mainly from general governmental revenue sources; Special Assessment Debt, repaid from special assessment payments from participants; and Proprietary Debt, repaid from proprietary revenues. These debts are accounted for in the following areas: 1)The outstanding general obligation debt,except for the portion applicable to proprietary operations,is reported in the General Long-Term Debt Account Group;2)The repayment,or debt service of the same,is recorded in the Debt Service Funds;AND 3)The proprietary debt includes the portion of general obligation debt applicable to proprietary operations. Both the liability and repayment of the same are reported in individual Proprietary Funds. The City has an A I bond rating from Moody's Investors Service for both its General Obligation Bonds and Revenue Bonds. Table 26 summarizes long-term debt transactions ofthe City for the year ended December 31, 1996. A detail of all outstanding debt of the City is listed in Table 27 on the following page. , Table 26: Long-Term Debt Additions and Retirements Summary ItemPayable Added Retired Payable 1/1/96 12/31/96 General: General Obligation Bonds $ 14,326,985 $ 553,337 $ 1,535,445 $ 13,344,877 Installment Contracts 185,569 0 95,961 89,608 Arbitrage 50,475 0 50,475 0 Special Assessment 3,691,000 0 1,235,000 2,456,000 Employee Leave Benefits 3,440,472 0 204,062 3,236,410 Total General $ 21,694,501 $ 553,337 $ 3,120,943 $ 19,126,895 Proprietary: ' Revenue Bonds $ 33,460,000 $ 0 $ 1,710,000 $ 31,750,000 General Obligation Bonds 4,553,015 0 604,555 3,948,460 Installment Contracts 0 314,952 0 314,952 Capital Leases 85,442 29,725 23,893 91,274 Arbitrage 12,435 0 12,435 0 Employee Leave Benefits 311,688 45,043 2,114 354,617 Public Works Trust Fund Loans 4,639,408 1,184,189 220,201 5,603,396 Total Proprietary $ 43,061,988 $ 1,571,795 $ 2,571,084 $ 42,062,699 , Total All Funds General Obligation Bonds $ 18,880,000 $ 553,337 $ 2,140,000 $ 17,293,337 Revenue Bonds 33,460,000 0 1,710,000 31,750,000 Installment Contracts 185,569 314,952 95,961 404,560 , Capital Leases 85,442 29,725 23,893 91,274 Arbitrage 62,910 0 62,910 0 Special Assessment 3,691,000 0 1,235,000 2,456,000 Employee Leave Benefits 3,752,160 45,043 206,176 3,591,027 Public Works Trust Fund Loan 4,639,408 1 1,184,189 1 220,201 1 5,603,396 1 ' Total All Funds $ 64,756,489 $ 2,127,246 $ 5,694,141 $ 61,189,594 DEEP DISCOUNT DEBT ' The 1996 Limited General Obligation Bond issue included capital appreciation bonds that are issued at a deep discount. The deep-discount debt will mature in the years 2001,2005, and 2006 with an accreted value of$21,000,$25,000, and$194,000, respectively. The deep-discount debt is reported in the General Long Term Debt Account Group in the amount of$143,337,net of the remaining unamortized discount. DEBT PRO RATED BETWEEN FUNDS The 1986 Limited General Obligation Bond issue and the 1993 Limited General Obligation Refunding Bond Issue included funds to provide permanent financing for the purchase of a Golf Course which was acquired in 1985. The remaining obligation for this purchase is$2,460,500 and is reported on the balance sheet of the Enterprise Funds. Likewise,a pro rata share of the 1989 and 1992 general obligation bonds and the entire 1994 general obligation bond issue were for the ' benefit of the Equipment Rental Fund and are therefore reported on the balance sheet of the Internal Service Fund. The 1993 general obligation bond(flexline) bond issue was for the acquisition of yard waste carts and is reported in the Solid Waste Utility Fund. The entire debt in each instance is secured by the full faith and credit of the general government. Table 28 provides a reconciliation of debt distribution between the Proprietary Funds and the General Long Term Debt Account Group. 32 , City of Renton Notes to the Financial Statements Table 27 Outstanding Debt as of December 31, 1996 Interest Issue Maturity Total Amount Outstanding Item Rates Date Date Issued 1/1/96 Issued Redeemed 12/31/96 GENERAL OBLIGATION BONDS: .r Limited 1978 Senior Citizens Center 5.38% 02/01/78 02/01/98 S 900,000 S 210,000 $ 0 S 65,000 S 145,000 1986 G O Bonds 6.50%9.00% 06/01/86 06/01/02 9,220,000 570,000 0 570,000 0 1989 G O Bonds 6.10%7.00% 03/01/89 02/01/02 1,600,000 1,035,000 0 120,000 915,000 1989 G O Refunding Bonds 6.75%7.00% 06/08/89 05/01/02 2,085,000 1,645,000 0 185,000 1,460,000 1992 G O Bonds 2.60%5.00% 10/28/92 12/01/02 1,365,000 1,025,000 0 125,000 900,000 1993 G O Bond(FlexLine) 2.80%4.95% 02/22/93 12/01/99 350,000 215,000 0 50,000 165,000 1993 G O Refunding Bonds 3.00%4.80°/ 08/10/93 06/01/02 4,910,000 4,710,000 0 85,000 4,625,000 r 1994 G O Bonds 4.60%6.30% 12/05/94 12/31/04 980,000 860,000 0 125,000 735,000 1996 G O Bonds 4.25%-5.68°/ 10/15/96 10/15/06 650,000 0 553,337 0 553,337 Subtotal Limited GO $ 22,060,000 $ 10,270,000 $ 553,337 $ 1,325,000 $ 9,498,337 Unhi need ..� 1989 G O Bonds-Sr Housing 6.40%-7.50% 02/01/89 02/01/09 $ 5,500,000 S 895,000 $ 0 S 200,000 S 695,000 1994 G O Refunding Bonds-Coulon Pk(Tx) 4.00%-6.10% 09/01/93 05/01/02 4,660,000 3,515,000 0 575,000 2,940,000 1994 G O Refunding Bands-Sr Housing 2.70%5.20% 09/15/93 02/01/09 4,270,000 4,200,000 0 40,000 4,160,000 Subtotal Unlimited GO 14,430,000 $ 8,610,000 0 $ 815,000 $ 7,795,000 Total General Obligation Bonds $ 36,490,000 $ 8,880,000 $ 553,337 S 2,140,000 $ 17,293,337 INSTALLMENT CONTRACTS: King County(Land) 10.00% 8/25/88 10/01/94 $ 90,300 $ 36,547 $ 0 $ 11,041 S 25,506 Sheridan Property 10.00% 05/05/95 10/02/97 193,000 149,022 0 84,920 64,102 Total Installment Contracts Is 283,300 is 185,569 1 $ 0 1 S 95,961 $ 89,608 TOTAL GENERAL OBLIGATION DEBT IS 36,773,300 IS 19,065,569 1 S 553,337 IS 2,235,961 $ 17,382,945 REVENUE BONDS: ++ 1977 Water/Sewer Refunding 6.01% 12/01/77 07/01/99 $ 3,045,000 $ 1,140,000 $ 0 $ 275,000 $ 865,000 1986 Water/Sewer 7.90% 02/24/86 08/01/06 1,800,000 75,000 0 75,000 0 1987 Water/Sewer 7.55% 06/01/87 06/01/06 3,375,000 320,000 0 155,000 165,000 1988 Water/Sewer 7.56% 06/01/88 06/01/08 3,460,000 420,000 0 130,000 290,000 1989 Water/Sewer 6.85%-7.50% 05/08/89 05/01/09 1,715,000 270,000 0 60,000 210,000 1989 Water/Sewer Refunding 6.00%7.10% 09/01/89 04/01/05 2,150,000 510,000 0 160,000 350,000 1990 Water/Sewer 5.90%7.37% 11/20/90 10/01/10 4,100,000 800,000 0 140,000 660,000 1992 Water/Sewer 3.50%-6.50% 06/25/92 12/01/12 4,000,000 3,655,000 0 130,000 3,525,000 1992 Water/Sewer Refunding 3.50%6.35% 06/25/92 12/01/06 4,635,000 4,255,000 0 165,000 4,090,000 1993 Water/Sewer 3.0%5.375% 08/10/93 04/01/13 5,285,000 4,950,000 0 180,000 4,770,000 1993 Water/Sewer Refunding 3.0%-5.375% 08/10/93 04/01/10 8,860,000 8,495,000 0 100,000 8,395,000 1994 Golf System 4.50%7.00% 07/12/94 06/01/15 5,000,000 5,000,000 0 140,000 4,860,000 1994 Water/Sewer 5.45°/6.55% 11/09/94 11/01/13 3,570,000 3,570,000 0 0 3,570,000 TOTAL REVENUE BONDS $ 50,995,000 $ 33,460,000 $ 0 S 1,710,000 $ 31,750,000 PUBLIC WORKS TRUST FUND LOANS: Northwest 7th Sewer Repair 5.00% 12/31/91 07/01/01 $ 84,779 $ 56,519 S 0 S 9,420 S 47,099 Sierra Heights Sewer Impry 2.00%3.00% 10/20/92 07/01/12 888,462 435,921 0 25,642 410,279 Central Renton Sewer Replacement 1.00% 06/14/93 07/01/13 1,687,450 1,682,370 0 35,466 1,646,904 East Renton Interceptor 1.00%-2.00% 06/14/93 07/01/13 2,542,704 2,167,990 254,270 134,570 2,287,690 Dayton Avenue NE 2.00% 05/24/94 07/01/14 96,958 96,958 0 5,103 91,855 Sanitary Sewer Grouting 2.00% 05/19/94 07/01/04 90,000 90,000 0 10,000 80,000 NE 27th/Aberdeen Drainage Impry 1.00% 06/27/95 07/01/15 109,650 109,650 0 0 109,650 East Kennydale Interceptor 2.00% 06/26/96 07/01/16 314,061 0 314,061 0 314,061 Honeycreek Interceptor 2.00% 06/26/96 07/01/16 370,008 0 370,008 0 370,008 Rolling Hills Reservoir 1.00% 03/26/96 07/01/01 115,800 0 115,800 0 115,800 Corrosion Control Treatment Facilities 1.00% 03/26/96 07/01/01 130,050 0 130,050 0 130,050 TOTAL PUBLIC WORKS TRUST FUND LOANS S 6,429,922 $ 4,639,408 S 1,184,189 S 220,201 $ 5,603,396 METRO INSTALLMENT CONTRACT: 5.00/5.25% 12/01/96 12/01/01 314,952 0 314,952 0 314,952 LID BONDS AND NOTES: 313 Street 6.25% 04/01/87 04/01/99 $ 12,239 $ 1,000 S 0 S 0 S 0 314 Street/Utilities 9.00/ 11.125% 09/01/89 09/01/01 6,789,084 575,000 0 240,000 335,000 330 Street/Utilities 5.50%7.30°/ 07/01/88 07/01/00 380,299 10,000 0 10,000 0 332 Street/Utilities 6.00%-7.75% 10/15/88 10/15/05 3,450,183 1,855,000 0 800,000 1,055,000 329 Street/Utilities 3.00%5.50% 04/01/93 04/01/03 1 1,654,063 1,250,000 0 185,000 1,065,000 TOTAL LID BONDS AND NOTES $ 12,285,868 $ 3,691,000 $ 0 $ 1,235,000 $ 2,456,000 CAPITAL LEASES 85,442 29,725 23,893 91,274 ARBITRAGE 62,910 0 62,910 0 EMPLOYEE LEAVE BENEFITS 3,752,160 45,043 206,176 3,591,027 TOTAL OUTSTANDING DEBT $ 106,779,042 $ 64,756,489 S 2,127,246 $ 5,694,141 S 61,189,594 33 City of Renton Notes to the Financial Statements ' Table 28: Pro Rata Debt ' Issue Waterworks Solid Waste Golf Equipment General Total Utility Utility Course Rental Long-Term Fund Debt 1989 General Obligation Bonds: ' Payable-Long Term $ 0 $ 0 $ 0 $ 156,215 $ 628,785 $ 785,000 Payable-Current 0 0 0 25,870 104,130 130,000 Total 1989 General Obligation Bonds 0 0 0 182,085 732,915 915,000 1992 General Obligation Bonds: Payable-Long Term 0 0 177,100 592,900 770,000 ' Payable-Current 0 0 0 29,900 100,100 130,000 Total 1992 General Obligation Bonds 0 0 0 207,000 693,000 900,000 1993 General Obligation Refunding Bonds: Payable-Long Term 345,400 0 1,742,700 168,775 1,668,125 3,925,000 Payable-Current 61,600 0 310,800 30,100 297,500 700,000 Total 1993 General Obligation Ref Bonds 407,000 0 2,053,500 198,875 1,965,625 4,625,000 1993 General Obligation Bonds(FlexLine): Payable-Long Term 0 115,000 0 0 0 115,000 , Payable-Current 0 50,000 0 0 0 50,000 Total 1993 General Obligation Bonds 0 165,000 0 0 0 165,000 1994 General Obligation Bonds: Payable-Long Term 0 0 0 605,000 0 605,000 ' Payable-Current 0 0 0 130,000 0 130,000 Total 1994 General Obligation Bonds 0 0 0 735,000 0 735,000 Other General Obligation Bonds 0 0 0 09,953337 9,953,337 Installment Contracts 0 0 0 0 89,,608 89,608 , Total General Obligation Debt $ 407,000 $ 165,000 $ 2,053,500 1 $ 1,322,960 $ 13,434,485 $ 17,382,945 SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT As of December 31, 1996,a total of$2,456,000 of long-term special assessment debt was outstanding. This debt was issued to fund capital improvements to enhance the utility, accessibility and aesthetic value of property within the City of Renton. The source of repayment of this debt is in the form of assessments against benefiting property owners. In the event of default by one of these property owners the City is obligated for repayment, and has ' established a guaranty fund for that purpose. As of December 31, 1996,special assessments receivables totaled$3,209,358 which includes $45,008 of delinquent assessments. In the guaranty fund,$1,846,994 represents 75.2%of special assessment debt outstanding. DEBT LIMIT CAPACITIES State law provides that debt cannot be incurred in excess of the following percentages of the value of the taxable property of the City: 1.5% without a vote of the people provided the indebtedness with a vote is 1%or less;2.5%with a vote of the people; 5.0%with a vote of the people,provided the indebtedness in excess of 2.5%is for utilities;and 7.5%with a vote of the people, provided the indebtedness in excess of 5.0%is for open space development and parks facilities. At December 31,1996,the debt limits for the City were as follows: Table 29: Debt Limit Capacities With a Vote of the People Item Without a Vote 2.5% 5.0% 7.5% Legal Limit $ 54,159,749 $ 90,266,249 $ 180,532,498 $ 270,798,746 Outstanding Net Indebtedness 9,017,557 13,480,374 13,480,374 15,956,223 Capacity Available $ 45,142,192 $ 76,785,875 $ 167,052,124 $ 254,842,523 34 City of Renton Notes to the Financial Statements REFUNDED DEBT As of December 31, 1996, the City's refunded debt includes eight outstanding general obligation and revenue bond issues. The proceeds of the new .. refunding bond issues have been placed in an irrevocable trust to provide for all future debt service payments on the old bonds. As a result,the refunded bonds are considered to be defeased and the liability has been removed from the City's financial statements. Schedules of assets,liabilities,and equity as of December 31, 1996,and changes to refunded bonds payable are provided in the following tables. Table 30: Refunded Bonds First Trust Item Washington Mellon Bank Total Assets: Cash with Trustee $ 137,882 $ 4,697 $ 142,579 Investments with Trustee 6,705,200 10,690,014 17,395,214 Estimated Interest Receivable 461,306 706,548 1,167,854 Total Assets $ 7,304,388 $ 11,401,259 $ 18,705,647 Liabilities: Refunded Bonds Payable 6,770,000 9,855,000 16,625,000 Equity: Earnings with Trustee 534,388 1,546,259 2,080,647 Total Liabilities and Equity $ 7,304,388 $ 11,401,259 $ 18,705,647 .. Table 31: Chan es to Refunded Bonds Payable Balance Balance Item 12/31/95 Increase Decrease 12/31/96 Refunded Bonds Payable GO $ 10,115,000 $ 0 $ 4,820,000 $ 5,895,000 Refunded Bonds Payable Revenue 12,245,000 0 1,515,000 10,730,000 Total $ 22,960,000 $ 0 $ 6,335,000. $ 16,625,000 DEBT SERVICE TO MATURITY Following is a schedule showing the debt service requirements to maturity for the City's long-term debt. Formulas have been implemented to compute the principal and interest obligations for the special assessment debt as it is redeemed in direct proportion with special assessment collections from district participants. A formula has also been used to compute the interest requirements on the general obligation debt that carries a variable interest rate tied directly to the prime rate. Deep-discount debt is reported at face value at maturity. Table 32: Debt Service Requirement to Maturity General Installment Revenue Intergovernmental Debt Special Total Obligation Bonds Contracts Bonds PWTF/METRO Assessment Debt Long-Tenn Debt Year Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest ,. 1997 $ 2,282,000 $ 853,987 $76,248: $5,074 S 1,810,0001 $ 1,780,769 $ 331,311: $ 83,989 $ 76,000 $164,813 $ 4,575,559: $2,888,632 1998 2,422,000 : 732,826 13,360; 1,336 1,920,000; 1,675,804 444,053: 76,908 360,000: 157,738 5,159,413; 2,644,612 1999 2,487,000 : 601,950 0 0 2,035,000: 1,565,580 444,683: 68,672 670,000: 135,358 5,636,683E 2,371,560 000 2,522,000E 464,205 0: 0 1,750,000: 1,461,710 444,682: 60,437 395,000: 87,913 5,111,682: 2,074,265 001 2,021,000 : 342,880 0: 0 1,860,000: 1,361,436 444,682: 52,202 395,000: 62,183 4,720,682: 1,818,701 002 2,073,000 232,697 0 0 1,945,000: 1,262,106 307,503: 47,274 395,000: 53,520 4,720,503: 1,595,597 003 405,000 : 161,294 0: 0 2,070,000: 1,155,556 307,503: 43,431 165,000: 9,075 2,947,503: 1,369,356 004 679,000 : 141,086 0 0 , , , , , 3 , 0 3,176,503: 1,221,123 005 435,000 : 105,610 0: 0 2,300,000: 916,370 297,503: 35,746 0: 0 3,032,503: 1,057,726 006 624,000 : 84,815 0E 0 2,190,000: 789,573 297,503: 32,104 0: 0 3,111,503: 906,492 007 455,000 : 62,463 0: 0 1,795,000: 676,021 297,502: 28,461 0 E 0 2,547,502E 766,945 008 480,000 : 38,560 0: 0 1,900,000 570,474 297,502: 24,819 0: 0 2,677,502E 633,853 009 505,000 : 13,130 0: 0 1,665,000: 467,166 297,502: 21,176 0: 0 2,467,502: 501,472 010 0: 0 0 E 0 1,605,000: 370,969 297,502: 17,534 0: 0 1,902,502: 388,503 011 0 : 0 0: 0 1,335,000: 282,700 297,502: 13,891 0: 0 1,632,502: 296,591 012 0 : 0 0: 0 1,415,000: 197,115 297,502: 10,249 0: 0 1,712,502: 207,364 013 0 0 0: 0 1,150,000: 118,011 271,860: 6,606 0: 0 1,421,860: 124,617 014 0 : 0 0: 0 395,000: 57,050 101,825E 3,477 0 i 0 496,825E 60,527 015 0: 0 0: 0 420,000: 29,400 96,721: 2,047 0: 0 516,721: 31,447 016 0 0 0: 0 0 0 36,004: 720 0: 0 36,004: 720 otals $17,390,000 1 $3,835,503 1 $89,608.: $6,4101 $31,750,000 $15,778,258 $5,918,348:1 $669,332 1$2,456,000 I $670,600 1 $57,603,956 1 $20,960,103 35 City of Renton Notes to the Financial Statements ' AMOUNT AVAILABLE FOR DEBT SERVICE Fund balances that have been reserved for debt repayment are$3,790,030 in the debt service funds. ' CAPITAL LEASES The City entered into a lease agreement in 1995 and 1996 as lessee for financing the acquisition of golf carts for its Municipal Golf Course. The lease , qualifies as a capital lease for accounting purposes. Therefore,at inception of the lease,the golf carts were recorded as assets with a corresponding long- term liability equal to the present value of the future lease payments which totaled$118,900. The fund records lease payments as reductions of the long- term liability and as interest expense over the life of the lease. As of December 31, 1996,the current and long-term portions of capital leases payable were $28,666 and$62,608,respectively. Table 33 provides the future minimum lease obligations and the net present value of these minimum lease payments as ' of December 31,1996. Table 33: Capital Lease Obligations Year Ending December 31, Golf Course Fund 1997 $ 33,325 1998 33,325 1999 29,150 2000 4,138 Total Minimum Lease Payments $ 99,938 Less: Interest (8,664) , Present Value of Minimum Lease Payments $ 91,274 NOTE 13-DEFERRED CHARGES IN PROPRIETARY FUNDS , In accordance with generally accepted accounting principles for regulated businesses,the Waterworks Utility Fund had a deferred cost of$320,000 in 1982 that was a Utility Fund payment for construction of a new City Shop facility,which was occupied in mid-1984. The facility was constructed from the proceeds of a$2,300,000 General Obligation Bond Issue. ' The$320,000 will be credited toward the Utility's portion of the rental charge for the new facility and will be expensed over the 20-year life of the bond issue. As of December 31, 1996,there was a balance remaining of$112,000. NOTE 14-RESERVATIONS AND DESIGNATIONS OF FUND EQUITY ' Following is an analysis of fund equity reservations and designations by type for each of the City's fund groups. Table 34: Reservations of Fund Equity ' Equity Reserved For: General Debt Enterprise Trust Total Fund Service &Agency Debt Service/Arbitrage $ 0 $ 3,790,030 $ 3,391,230 $ 0 $ 7,181,260 ' Advances/Other Funds/Prepaids 87,000 0 0 0 87,000 Pension Obligation 0 0 0 8,083,000 8,083,000 Total $ 87,000 $ 3,790,030 $ 3,391,230 $ 8,083,000 $ 15,351,260 Table 35: Unreserved Designated Fund E uit Equity Designated For: General Fund , Inmate Health&Welfare $ 16,876 Investigative Fund Confiscations 307,561 Total $ 324,437 36 City of Renton Notes to the Financial Statements NOTE 15-SEGMENT INFORMATION FOR ENTERPRISE FUNDS The City maintains four enterprises whose operations are accounted for in the Enterprise Funds and are financed and operated in a manner similar to private business. It is generally intended that the costs of providing goods or services to the general public on a continuing basis should be financed or recovered primarily through user charges. Segment information for the year ended December 31, 1996,follows: Table 36: Segment Information=tFds ItemWaterworks Airport Solid Waste Golf Course Total Enterprise Utili ty I I I Funds Total Operating Revenue $ 20,279,665 $ 718,364 $ 6,522,686 $ 1,688,769 $ 29,209,484 Operating Expenses: Operations&Maintenance 11,352,751 270,292 5,469,289 1,068,734 18,161,066 Administrative&General 1,750,803 106,892 0 0 1,857,695 Insurance 0 11,174 0 0 11,174 Taxes 1,620,503 0 885,142 7,296 2,512,941 Depreciation 2,436,707 170,975 53,994 240,448 2,902,124 Total Operating Expenses 17,160,764 559,333 6,408,425 1,316,478 25,445,000 Net Operating Income(Loss) 3,118,901 159,031 114,261 372,291 3,764,484 Non-Operating Revenue Net of Expenses (818,799) 114,490 35,276 (377,798) (1,046,831) Operating Transfers In(Out) 37,687 0 0 327,030 364,717 Net Income(Loss) 2,337,789 273,521 149,537 321,523 3,082,370 Net Income(Loss) 2,337,789 273,521 149,537 321,523 3,082,370 Net Working Capital 4,702,097 2,587,200 749,822 260,498 8,299,617 Additions to Property,Plant and Equipment,Net of Disposals 9,906,202 54,677 0 133,034 10,093,913 Total Assets 130,492,610 6,287,804 1,351,421 10,128,038 148,259,873 Long Term Debt,Net of Current Portion &Bond Premium/Discount 30,650,124 0 110,652 6,476,748 37,237,524 Current Capital Contributions 1 5,985,9321 11,4371 01 0 5,997,369 Total Fund Equity $ 96,452,3561$ 6,167,943 $ 749,6321$ 2,950,250 $ 106,320,181 NOTE 16-LITIGATION The City is involved in several pending lawsuits. The City Attorney estimates that the potential claims against the City not covered by insurance resulting from such litigation would not materially affect the financial statements of the City. NOTE 17-RISK MANAGEMENT The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City of Renton protects itself against unforeseen losses by utilizing a three-pronged risk management approach. First,the City self-funds first level losses through its Insurance Fund. Second,stop-gap insurance is purchased to cover medium and large losses. And third,the City reserves the right to utilize the provisions of RCW 35A.31.060 to fund catastrophic or uninsured losses. This State statute allows cities to levy a non-voted property tax increase to pay for uninsured claims. An analysis of the self-insurance retention levels, limits of insurance, and claims administrators for the major types of coverages are presented below. During 1996,there were no reductions in insurance coverage,and settlements for the last three years have not exceeded insurance coverage. Table 37: Risk Management Risk Risk Sharing Retention Type of Coverage Occurrence Claims Adm Aggregate Carrier Property $ 100,000 Giesy,Greer&Gunn $ 77,167,340 Reliance Liability 250,000 Giesy,Greer&Gunn 9,500,000 Genesis Auto Liability 250,000 Giesy,Greer&Gunn 4,750,000 Genesis Boiler&Machinery 5,000 Giesy,Greer&Gunn 30,000,000 American Manufacturing Mutual Public Officials 25,000 Giesy,Greer&Gunn 2,000,000 Mount Airy Crime 10,000 Giesy,Greer&Gunn 1,000,000 Aetna Casualty&Surety Airport Liability 5,000 Giesy,Greer&Gunn 5,000,000 American Eagle Undergrd Storage Tank 10,000 Giesy,Greer&Gunn 1,000,000 Commerce&Industry Worker's Comp 225,000 Johnston&Culberson 2,000,000 Frontier Employee Health 90,000 HMA,Inc N/A Safeco 37 City of Renton Notes to the Financia!Statements 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 on the previous page. As of December 31, 1996,the City had accrued the following amounts for outstanding claims. Table 38: Outstan ing Claims ' Coverage Incurred/ Incurred But Not Total Claims Reported Reported Payable Property&Liability $ 0 $ 1,022,254 $ 1,022,254 Worker's Compensation 0 58,999 58,999 Employee Health 0 149,957 149,957 Total $ 0 $ 1,231,210 $ 1,231,210 Claims settlements and loss expenses are accrued in the Insurance Fund for the estimated settlement value of both reported and unreported claims. The ' Insurance Fund is used for collecting interfund premiums from insured funds and departments,and for paying claims settlements. Interfund premiums are assessed on the basis of claims history,number of employees,and value of assets. Table 39 below presents changes in claims liabilities for 1995 and 1996. Table 39: Changes in Claims Liabilities Property and Liability Worker's Compensation Employee Health Totals Item 1996 1995 1996 1 1995 1 1996 1995 1996 1996 ' Claims Liabilities at Beginning of Year $ 959,288 $ 1,078,197 $ 94,277 $ 84,129 $ 90,485 $ 137,233 $ 1,144,050 $ 1,299,559 Claims Expenses: Current Year and Changes in Estimates 1,195,878 477,436 169,829 379,445 2,519,186 2,163,551 3,884,893 3,020,432 ' Claims Payments (1,132,912) (596,435) (205,107) (369,297) (2,459,714) (2,210,299 (3,797,733) (3,175,941) Claims Liabilities at End of Year $ 1,022,254 $ 959,288 $ 58,999 $ 94,277 $ 149,957 $ 90,485 $ 1,231,210 $ 1,144,050 NOTE 18-SUBSEQUENT EVENTS , On March 31, 1997,the City purchased a building for a new City Hall. The purchase price was$9,125,000. On April 21, 1997,the City issued limited general obligation bonds in the amount of$17,344,606. Of that amount,$14,697,738 was for the purchase and remodel of the building and$2,646,868 was a refunding for previous general obligation bond issues. 38 Clry of Renton 1996 CAFR a. GENERALFUND The City of Renton's General Fund includes all financial transactions which are not properly accounted for in other funds. It is the largest accounting entity in the City and provides for most of the general operation M except for park,street,and library functions,which are accounted for in special revenue funds. The major resource to the Fund is general tax revenue. Licenses and permits,charges for service,and fines and forfeits provide additional support. r 39 City of Renton 1996 CAFR GENERAL FUND Page 1 of 1 , COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 1996 1995 ' ASSETS: Cash and Cash Equivalents ........................ $ 7,230,301 $ 3,627,023 ' Receivables: Taxes .......................................... 397,538 506,340 Accounts ....................................... 3,298,418 2,401,777 Due From Other Funds ............................. 13,000 82,328 Due From Other Governmental Units ................ 97,210 45,439 ' Prepaid Items . .................................. 8,000 13,000 Interfund Loans/Advances - Non-Current ........... 79,000 79,000 .......h .. ... . ......... ...... ..._......_ ......... .. ..., x ' LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable ..................... $ 505,254 $ 283,904 Due To Other Funds ............................. 153,497 193,917 ' Due To Other Governmental Units ................ 1,291,366 1,006,473 Accrued Taxes Payable .......................... 2,303 781 Deposits Payable ............................... 34,634 83,067 Deferred Revenues .............................. 2,137,847 1,848,205 , Accrued Employee Leave Benefits ............. 144,003 141,005 904 «ii?i:`''F:a i';:isii:i: ::i:cii::i?is-is ii%i�'iiiiii:Y:iii�iii.... .�... FUND EQUITY: Fund Balance: Reserved For Advances/Prepaids/Contingency ... $ 87,000 $ 212,000 Unreserved - Designated: For Inmate Health & Welfare ................ 16,876 17,628 For Investigative Fund Confiscations ....... 307,561 580,740 Unreserved - Undesignated .................... 6,443,126 2,387,187 UNR.:.EL1ULfY 8s4'5G3 :':<3;:1:9T 555::::> tOT1�f..:: ................................................................................................................... ....................................................... ::>::>:: :»::>13;:>::23467«::>:'< >:::>6'<T54' TOTAL::::ar;1AHI:�;3;:I>1:ES::ANfl:::;F1l .£.;9U13`Y:»;>_;z_<«;«;:::_<;:;;::::-<«:«>::_<;::..................�..... .. �. 40 r City of Renton 1996 CAFR GENERAL FUND Page 1 of 1 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 1996 1995 REVENUES Taxes ............................................ $ 22,666,835 $ 21,425,193 Licenses And Permits ............................... 1,499,031 1,213,272 Intergovernmental Revenues ......................... 2,639,392 2,977,429 Charges For Services ............................... 3,505,349 3,026,874 Fines And Forfeits ................................. 932,800 981,981 Interest ........................................... 737,447 540,997 Miscellaneous Revenues ............................. 170,831 155,294 TO7Al ;R£V€NUES :•:.; ,.,:. .,................. . S :.:3 ?$.:ia' ;'.> < .; ...3....4Q EXPENDITURES Current: General Government ............................. $ 6,756,099 $ 6,283,336 Security Of Persons And Property ................. 18,344,175 17,187,719 Physical Environment ............................. 1,759,571 1,520,374 Economic Environment ............................. 2,278,149 2,938,751 Mental And Physical Health ....................... 5,746 7,843 Capital Outlay ..................................... 298,506 130,655 w Debt Service: Principal Retirement ............................. 33,018 43,802 Interest & Fiscal Charges11,391 15,480 ........................ :..:.................:..:.....:.............................. :::::•:::::::::::::::.:::::::::•:::::::::::: EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................. $ 2,665,030 $ 2,193,080 OTHER FINANCING SOURCES (USES) Operating Transfers In ........................... $ 92,405 $ 16,333 Operating Transfers (Out) .......................... (734,648) (1,645,860) Other Financing (Uses) ............................. 0 0 Sale Of General Fixed Assets140,714 29,497 ....................... f76 rOJtIX EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES .............. $ 2,163,501 $ 593,050 FUND BALANCE JANUARY 1 ............................... 3,197,555 2,614,987 Residual Equity Transfers In ....................... 1,500,000 0 ,- Residual Equity Transfers Out (6,493) (10,482) 11E E1:_ >: < < <_:_ _ _ : €ti1NQ::8ACAI�IC1 .:...G_MBEIZ:::3 .... ,. . 41 City of Renton 1996 CAFR GENERAL FUND Page 1 of 1 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 ERk ...:.....::...... VARIANCE FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 22,390,378 S 22,666,835 $ 276,457 $ 21,425,193 Licenses And Permits ............................... 1,105,725 1,499,031 393,306 1,213,272 Intergovernmental Revenues ......................... 2,731,117 2,639,392 (91,725) 2,977,429 Charges For Services ............................... 3,069,888 3,505,349 435,461 3,026,874 Fines And Forfeits ................................. 713,000 932,800 219,800 981,981 Interest ........................................... 355,000 737,447 382,447 540,997 Miscellaneous Revenues ............................. 165,500 170,831 5,331 155,294 <::;;.:;,:.;:.:::<•;>; $: 1)>5:. .; Q : >:$:js' 1:>> ft:-32.1 .0t:0;::r EXPENDITURES ' Current. General Government ............................... $ 6,734,182 $ 6,756,099 $ (21,917) $ 6,283,336 Security Of Persons And Property ................. 19,394,663 18,344,175 1,050,488 17,187,719 ' Physical Environment ............................. 1,737,734 1,759,571 (21,837) 1,520,374 Economic Environment ............................. 2,853,278 2,278,149 575,129 2,938,751 Mental And Physical Health ....................... 10,296 5,746 4,550 7,843 Capital Outlay ..................................... 352,333 298,506 53,827 130,655 Debt Service: Principal Retirement ............................. 38,818 33,018 5,800 43,802 Interest & Fiscal Charges11,391 11,391 0 15,480 ........................ TR]T P :� vi:r,ac�:r�.:��:r.�. r.�.�.i.r.�.�.�.r.�.et.r:�.�i.rr:..�r '' .'�,:31 `:.�2 b9� r�T.48 `'b ;: �. ;:.:`1 �i6'. .0:3:<'•>: i i3(...... �?.. ..Af;.:.1=X.EMRL..URF;�:;:. _.......................................... ._._..........i......,.._.....:.>;::>..;:......_�.......,._.. >;;<:. ............x.......�............... >:;::::::.: .c......c......:> EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (602,087) $ 2,665,030 $ 3,267,117 $ 2,193,080 OTHER FINANCING SOURCES (USES) Operating Transfers In ............................. $ 92,405 $ 92,405 $ 0 $ 16,333 Operating Transfers (Out) .......................... (726,530) (734,648) (8,118) (1,645,860) ' Other Financing Sources ............................ 0 0 0 0 Sale Of General Fixed Assets ....................... 6,592 140,714 134,122 29,497 E£lTAE:"t3T.HEEt fttdAtJOIkGSDl1R£ 5 (USES.a:>.: $ 5fl ,5�24 ::: ::: .;:. 1Z6Q(lk.:: :;;:$ 1;fiaQ;fl30'k:' EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (1,229,620) $ 2,163,501 $ 3,393,121 $ 593,050 FUND BALANCE JANUARY 1 ............................... 3,156,754 3,197,555 40,801 2,614,987 Residual Equity Transfers In ....................... 1,500,000 1,500,000 0 0 Residual Equity Transfers (Out) .................... 0 (6,493) (6,493) (10,482) 1=AD,BRLWC- i*;.QKEht6SR.3E.:..:.....,_..-,....._...._....,:-._.......$.. 42 City of Renton 1996 CAFR rr. ,.. SPECIAL REVENUE FUNDS Special Revenue Funds account for the proceeds of specific revenue sources other than special assessments, expendable trust, or major capital projects. These revenues finance particular activities or functions as required by law or administrative regulations. The City of Renton's Special Revenue Funds are summarized below. PARK FUND - Accounts for operation of the City's parks and recreation system, maintenance of municipal buildings,and landscaping services for public facilities. Resources are primarily from general tax revenues and charges for services. ARTERIAL STREET FUND-Established in accordance with RCW 82.36.020 for the administration of the State levied motor vehicle 1/2 cent gasoline tar distributed to Renton. Expenditures are limited by law 'r to capital improvements of City arterial streets. STREET FUND - Established in accordance with RCW 35A.37.010 to account for maintenance and improvement of the City's street and traffic control systems. Major sources of support are general tax r revenues and the State levied tax on motor vehicle fuels distributed to Renton,to be used for City street purposes. COMMUNITY DEVELOPMENT BLOCK GRANT FUND - Established in 1992 to administer the Federally funded Community Development Block Grant activity per City Ordinance#4335. The program was reported in the General Fund in prior years. IMPACT MITIGATION FUND - Created to account for monies collected from developers to offset impacts created by their developments to City's facilities. LIBRARY FUND - Accounts for operation of the City's library system, including central and branch facilities. Resources to the fund are mainly general tax revenues and library fines. PATHS AND TRAILS RESERVE FUND - Created for the purpose of planning, accommodating, establishing,and maintaining certain paths and trails. 1/2 of 1%of the State levied motor vehicle fuel tax distributed to Renton,is allocated to this fund each year. +� ONE PERCENT FOR ART FUND-The fund is established to account for required City's contribution equal to 1%of general governmental capital project funding for art projects. CABLE COMMUNICATIONS DEVELOPMENT FUND -Provision for promotion and development of cable communications according to City Ordinances#3155 and 43137. 43 City of Renton 1996 CAFR SPECIAL REVENUE FUNDS Page 1 of 2 ' COMBINING BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 PARK ARTERIAL STREET COMM DEVELOP ' STREET BLOCK GRANTS ASSETS: , Cash and Cash Equivalents ........................ $ 542,870 $ 22,333 $ 37,794 $ 47,009 Investments ...................................... 0 100,000 972,500 0 Receivables: Accounts ....................................... 14,167 0 90,329 0 ' Interest on Investments ........................ 0 1,384 19,855 0 Due From Other Funds ............................. 0 0 42,165 0 Due From Other Governmental Units ................ 0 0 0 41,430 88.k39.... ...::::::::.:..............r.......................r........r.........:.....::.:::::::::.......i........... , LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable ..................... $ 142,960 $ 0 $ 70,336 $ 4,763 Retainage Payable .............................. 0 0 0 0 ' Due To Other Funds ............................. 4,714 0 869 0 Accrued Taxes Payable .......................... 1,169 0 1,050 0 Deposits Payable ............................... 21,725 0 291 0 Accrued Employee Leave Benefits ................ 46,169 0 24,327 0 Interfund Loans/Advances - Non-Current .. 0 0 0 75,000 T *as�t �''i�iy'v4'K�r iliiitr'Fiii!Y(iiiiG`r�:r`c+rr r.w.K r.r. FUND EQUITY: Fund Balance: , Unreserved Undesignated .................... 340,300 123,717 1,065,770 8,676 <ss> �i#f:'>3Q0>::>::::>::>$»>:3 '>71 ':::>>: .... >;9:`:.....»:'i:>:8 M ''i'!i:YiiY :i:+i'i�tii:i?Y:??i:i'✓ .'i:'i' :'i:�i1i!i:i:ii::: .... . ..................................::..............................................r..........................L.....r..................................r........... 41T k1.TI,k8:f1:TT:[�5<<1�$E�•:..€.UNI1::;�01JI.:1'.;K.;..., .,...;.:.;....,:�..:..,,K.::;:�;::•......:.r............................�.....................:i..:.....i..:...::......::::::::::.::::.:.:.r.:...:.:::. ' 44 ' City of Renton 1996 CAFR Page 2 of 2 CABLE ':::?::? 1RE5:> >:><:> >:; s> IMPACT LIBRARY PATHS ONE PERCENT COMMUNICATIONS MITIGATION & TRAILS FOR ART DEVELOPMENT 1996 1995 $ 777,232 $ 234,652 $ 2,489 $ 79,702 $ 77,384 $ 1,821,465 $ 2,053,078 6,285,717 50,000 0 0 100,000 7,508,217 8,953,649 0 0 0 0 0 104,496 68,877 159,655 471 0 0 2,450 183,815 253,966 0 0 0 0 0 42,165 54,346 0 0 0 0 0 41,430 103,339 14C�4::;:>:'.::>:: ::.. ':::>::»::: 2 489 $>. 79::71) .:>::::::5:::<:>::: . 179 83k... :... ::>::>:::9';7Q:1:'588:::::>:<:::$':::»3.E:>:?.87:>"�55::::: .:::::::: ...:��BSS 123...::::$ i....... . _.....►.... .... ..... ..... r......i. i...... r $ 14,178 $ 15,948 $ 0 S 15,000 $ 47 $ 263,232 $ 582,151 5,610 0 0 0 0 5,610 21,514 110 0 0 0 0 5,693 33,478 0 363 0 0 0 2,582 2,554 0 0 0 0 0 22,016 16,715 0 2,310 0 0 0 72,806 74,689 I 0 0 0 0 0 75,000 75,000 7,202,706 266,502 2,489 64,702 179,787 9,254,649 10,681,154 7. :: >:<:>::::;9'X54 649>::::>:::::$>:;:;:1:Q: ;: [:54:'<: :.x,.22 IJ ........9:..:. x...23.......:....:..........2.:..89::::.:::..::::.:..:.: .:.,.. ...,:......:...:.....,..:7....:..........:...................3.......3...........................,.................. r Ilr 1r 1r r r Ilr 45 �1 City of Renton 1996 CAFR ' SPECIAL REVENUE FUNDS Page 1 of 2 , COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 PARK ARTERIAL STREET COMM DEVELOP ' STREET BLOCK GRANTS REVENUES Taxes .............................................. $ 5,469,140 $ 0 2,691,539 $ 0 ' Licenses And Permits ............................... 0 0 69,976 0 Intergovernmental Revenues ......................... 26,971 318,410 721,730 335,008 Charges For Services ............................... 637,561 0 1,187,167 0 , Fines And Forfeits ................................. 0 0 0 0 Interest ........................................... 24,414 13,586 131,913 0 Miscellaneous Revenues ............................. 443,904 0 1,104 0 N � i�i)1.:..�:Y%:4:!<....... EXPENDITURES Current: General Government ............................... $ 1,664,735 $ 0 0 $ 0 Transportation ................................... 108,096 0 4,401,737 0 Economic Environment ............................. 483,053 0 0 261,301 Culture and Recreation ........................... 4,327,163 0 0 0 Capital Outlay .. 37,628 0 44,777 73,735 d;>::. }<<>'> z: >_> >_:< _: :_< :_: :'>:_< <::>:> :.. .520: 675:::> >:: z: ::::>#1:: ?_335:::0 '6; N0:1T1JttS::>:z >:_< >c:. ....... . 3 . ..................................................................................:..:.................. •...........................:...1......../.........................................................n................:::.:...::..:............i........::. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (18,685) $ 331,996 356,915 $ (28) OTHER FINANCING SOURCES (USES) ' Interfund Loan Repayments .......................... $ 0 $ 0 (148,000) $ 0 , Operating Transfers In ............................. 6,535 0 0 8,704 Operating Transfers (Out) .......................... (60,943) (379,248) 0 0 Sale Of General Fixed Assets ....................... 48,296 0 77,461 0 ii��l#•::LfT1#�R.:F.i. fIJ±EGA.N�;,54?UR..:�.........��...... ............................................................�..................................................................r..................................a...:.:;.;:.;: EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (24,797) $ (47,252) 286,376 $ 8,676 FUND BALANCE JANUARY 1 ............................... 365,097 170,969 2,279,394 0 , Residual Equity Transfers Out ...................... 0 0 (1,500,000) 0 $. :. .:. 46 '. City of Renton 1996 CAFR Page 2 of 2 ONE CABLE TLfC{FE .:::::,:...::::.:.:'<::<::<:::: IMPACT LIBRARY PATHS PERCENT COMMUNICATIONS MITIGATION & TRAILS FOR ART DEVELOPMENT 1996 1995 $ 1,756,897 $ 1,073,668 $ 0 $ 0 $ 0 $ 10,991,244 $ 10,036,434 0 0 0 0 0 69,976 22,774 0 0 3,100 0 0 1,405,219 1,365,820 2,154 11,798 0 0 0 1,838,680 1,791,478 0 25,282 0 0 0 25,282 16,572 379,169 12,249 0 1,988 7,068 570,387 563,625 0 4,088 0 0 0 449,096 494,184 >::: '»?:::::::::: ::;...•:>:<::::>:: >::#' '.°48 :::>:<'.>::..::::::»[::::;:>:; 7::Q0.:..................1..988:>:::> ... ........'; 8:> :::::z:.. ::....r..:.:..:r.....:.::::.........:....:....... ....................."........... .............................r........................................ ........................ ........:..........::...::::.1:.:......: .:.:....:.: ........................................................................... $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,664,735 $ 1,524,288 0 0 0 0 0 4,509,833 4,947,622 0 0 0 0 0 744,354 667,271 0 1,094,592 0 0 7,483 5,429,238 5,130,721 1,803,808 12,513 0 15,000 16,921 2,004,382 363,930 ;.;:5;;;>:'•1::•ppt33 : :<::� �05'::......5404::::::..:$:;M;35�:��SQ $ 334,412 $ 19,980 $ 3,100 $ (13,012) $ (17,336) $ 997,342 $ 1,657,055 $ 0 $ 0 $ 0 $ 0 $ 0 $ (148,000) $ 200,000 0 0 0 35,000 0 50,239 4,000 (507,557) 0 (4,095) 0 0 (951,843) (737,369) 0 0 0 0 0 125,757 4,284 5 00 $ (173,145) $ 19,980 $ (995) $ 21,988 $ (17,336) $ 73,495 $ 1,127,970 7,375,851 246,522 3,484 42,714 197,123 10,681,154 9,553,184 0 0 0 0 0 (1,500,000) 0 ..:.:.la.:::.�.;:.$:.;>:.;:::: 47 City of Renton 1996 CAFR SPECIAL REVENUE FUNDS Page 1 of 7 r COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 ................................ i VARIANCE , FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES r Taxes .............................................. $ 5,535,600 $ 5,469,140 $ (66,460) $ 5,023,575 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 30,000 26,971 (3,029) 12,428 Charges For Services ............................... 568,205 637,561 69,356 592,548 Fines And Forfeits ................................. 0 0 0 0 Interest ........................................... 30,000 24,414 (5,586) 35,136 Miscellaneous Revenues ............ . 481,200 443,904 (37,296) 430,779 >_ 3:�5: .... ............................................................................................................................................... ....................................... .......L........:...:}:::.:�::.:::..6 094.-466", EXPENDITURES , Current: General Government ............................... $ 1,741,666 $ 1,664,735 $ 76,931 $ 1,524,288 Transportation ................................... 110,690 108,096 2,594 110,600 , Economic Environment ............................. 525,933 483,053 42,880 432,459 Culture and Recreation ........................... 4,362,545 4,327,163 35,382 4,067,157 Capital Outlay ..................................... 25,051 37,628 (12,577) 75,489 :;:;;:i`":is%v:::l:'i ��ii::Fri`i:�ii:i'i:+: :is i�M i�:- :: :::�:::is:':.:..i .:�::;`::: : :;: : TllkE5:'::z ': :x ... x. . .x a':; '.>::'................. 4 ...._................................................................................__..........._..........................__..._r......_ ......._..................k.......t......................._...._.....F............_...::::•::::...1..:.:.:l .::.� EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (120,880) $ (18,685) $ 102,195 $ (115,527) OTHER FINANCING SOURCES (USES) Interfund Loan Repayments .......................... $ 0 $ 0 $ 0 $ 0 r Operating Transfers In ............................. 6,535 6,535 0 4,000 Operating Transfers (Out) .......................... (60,943) (60,943) 0 (8,500) Sale Of General Fixed Assets ...................... 48,595 48,296 (299) 4,284 QTAi...OTHER .F.INAhE i. ( ...... ......... .. ...... . .. .................. �,&.... ......................( ..'#.1. ).....5............. ...(�...)........:.::...:....:..:::(x..14}: r SOII .... EXCESS (DEFICIENCY) OF REVENUES , AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (126,693) $ (24,797) $ 101,896 $ (115,743) FUND BALANCE JANUARY 1 ............................... 393,894 365,097 (28,797) 480,840 ' Residual Equity Transfers (Out) .................... 0 0 0 0 .. . >:;: . ......:... .::....:.............:...:......:...:.:..:..:.:.......:.:.:.:.:.....:.:.......:.:..:..:.:.:.:.:..:.:. .................6...7..''2..0...1..:.':<.:::::.>.:.::: ::.::.;. :::::34..t.i.:.>.:3..0..0..:.:.:.:':::>.::::.'..$.:.':>:<..:.::::<::<:>:::::7:3:>.,:::.QQ4:::.>:::'::':>•::: :z.:»::>.>.::::<:::>.:: 097h �A-LAN : ::E0.12 . r 1 r r 48 '. City of Renton 1996 CAFR Page 2 of 7 ow f Ti:>:>:::i<::::::>:::»::<:::::»:::::::::<:z:z:<:::::>::>:::: VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ 0 $ 0 $ 2,767,500 $ 2,691,539 $ (75,961) $ 2,716,652 0 0 0 0 20,000 69,976 49,976 22,774 �. 310,000 318,410 8,410 324,028 665,472 721,730 56,258 697,261 0 0 0 0 1,165,808 1,187,167 21,359 1,187,441 0 0 0 0 0 0 0 0 15,000 13,586 (1,414) 22,160 50,000 131,913 81,913 113,914 0 0 0 0 0 1,104 1,104 60,728 6:» `:: :> >..34 188 $ >4 bfi8:3$E3:::z::::::5;::s.'•< 03::429 b. ::.. $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 4,746,782 4,401,737 345,045 4,201,772 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34,458 44,777 (10,319) 71,950 %::: ::>::. : :> 66 $ 325,000 $ 331,996 $ 6,996 $ 346,188 $ (112,460) $ 356,915 $ 469,375 $ 525,048 $ 0 $ 0 $ 0 $ 0 $ (148,000) $ (148,000) $ 0 $ 200,000 0 0 0 0 0 0 0 0 (379,248) (379,248) 0 (526,252) 0 0 0 (200,000) 0 0 0 0 29,491 77,461 47,970 0 ow $ (54,248) $ (47,252) $ 6,996 $ (180,064) $ (230,969) $ 286,376 $ 517,345 $ 525,048 170,317 170,969 652 351,033 2,169,035 2,279,394 110,359 1,754,346 aw 0 0 0 0 (1,500,000) (1,500,000) 0 0 iS48:: >:: :::<i::::> ;.. :»..::...:.::....... ..........::......................................:.......:.....: ..........:.:.....:::.....:.... ......:.......:....::........... .f3....:::.:.:: ::::1..06 .? a::::::::..::,::::::b ,3... 704 $ �i.,��;'9.,394:.:. 49 W City of Renton 1996 CAFR SPECIAL REVENUE FUNDS Page 3 of 7 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 ' t>k14 f� V£ 1...... VARIANCE , FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 ' Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 722,270 335,008 (387,262) 328,352 Charges For Services ............................... 0 0 0 0 Fines And Forfeits ..................... ............ 0 0 0 0 Interest ............................... ............ 0 0 0 0 Miscellaneous Revenues0 0 0 0 ............................. EXPENDITURES ' Current: General Government . .............................. $ 0 $ 0 $ 0 $ 0 Transportation ..... .............................. 0 0 0 0 , Economic Environment ............................. 327,737 261,301 66,436 234,812 Culture and Recreation ........................... 0 0 0 0 Capital Outlay 299,834 73,735 226,099 93,540 TtA.`:>BXAE . TIJERS<<«« >x««fx:.: :x:« '•xs :x> :>: < 3z >`::«> ::>:: >>6 ::>=.: EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 94,699 $ (28) $ (94,727) $ 0 OTHER FINANCING SOURCES (USES) Interfund Loan Repayments .......................... $ 0 $ 0 $ 0 $ 0 Operating Transfers In ............................. 8,704 8,704 0 0 Operating Transfers (Out) .......................... 0 0 0 0 Sale Of General Fixed Assets0 0 0 0 ...................... EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER , EXPENDITURES AND OTHER FINANCING USES ................ $ 103,403 $ 8,676 $ (94,727) $ 0 FUND BALANCE JANUARY 1 . .............................. (103,403) 0 103,403 0 Residual Equity Transfers (Out) .................... 0 0 0 0 ' :Fb 81FE AIJCE::DEOE#d13Elt::: 7::::: ><:3: ........��. 50 ' City of Renton 1996 CAFR Page 4 of 7 VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 BUDGET ACTUAL VO <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 1,756,897 S 1,756,897 $ 1,272,557 $ 1,124,550 $ 1,073,668 $ (50,882) $ 1,023,650 0 0 0 0 0 0 0 0 +� 0 0 0 0 0 0 0 0 0 2,154 2,154 0 13,000 11,798 (1,202) 11,489 0 0 0 0 19,800 25,282 5,482 16,572 300,000 379,169 79,169 362,871 8,000 12,249 4,249 13,335 w 0 0 0 0 3,194 4,088 894 2,677 :.: <::'•>•>:>>::>: :::: :<:::9:>63S'4z8' S 1'::968.54 .:::<:5:::::7. . ....... 0 >OOE��c>:9�:>::::>:::2:••:7:38<'�2(t.......5.........1. 838:220. $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 635,250 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,127,070 1,094,592 32,478 1,055,410 7,181,659 1,803,808 5,377,851 122,951 18,000 12,513 5,487 0 ,.;.::�.:.:.;r.'1.$.:.F�r 5�:.;.::...::.:::.:.7:.r. 03,80$ $ ::::i�:r� .7:.$51 .:�:::.;::.;..:.:;:.:.• 8.�:.0�::.:,:$::.;9.,:14�,t1�.:::. ....'�s..�.c.. ..5..:.::.::......2.9�i::.:::.'�:.:.:;#iO�J..r..�:.::: �1 S (6,881,659) $ 334,412 $ 7,216,071 $ 877,227 $ 23,474 $ 19,980 $ (3,494) $ 12,313 .. S 0 $ 0 $ 0 $ 0 $ 0 S 0 $ 0 $ 0 0 0 0 0 0 0 0 0 (35,000) (507,557) (472,557) (526) 0 0 0 0 0 0 0 0 0 0 0 0 4.5 $ (6,916,659) $ (173,145) $ 6,743,514 $ 876,701 $ 23,474 $ 19,980 $ (3,494) $ 12,313 7,216,659 7,375,851 159,192 6,499,150 258,394 246,522 (11,872) 234,209 0 0 0 0 0 0 0 0 08 50 52 ... 51 City of Renton 1996 CAFR ' SPECIAL REVENUE FUNDS Page 5 of 7 ' COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 , VARIANCE , FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES ' Taxes ......................................... ..... 0 $ 0 $ 0 $ 0 Licenses And Permits 0 0 0 0 Intergovernmental Revenues ......................... 3,400 3,100 (300) 3,751 Charges For Services ............................... 0 0 0 0 Fines And Forfeits ................................. 0 0 0 0 ' Interest .............................. 0 0 0 0 Miscellaneous Revenues 0 0 0 0 > f t RE3fEwes ..:-.. 3 400> $ 3..3:0 EXPENDITURES Current: General Government ............................... 0 $ 0 $ 0 $ 0 Transportation ................................... 0 0 0 0 ' Economic Environment ............................. 0 0 0 0 Culture and Recreation ........................... 0 0 0 0 Capital Outlay0 0 0 0 ........... . . IOT AL A . EiTUR:S .,:. ' EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... 3,400 $ 3,100 $ (300) $ 3,751 OTHER FINANCING SOURCES (USES) Interfund Loan Repayments .......................... 0 $ 0 $ 0 $ 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... (4,095) (4,095) 0 (2,091) Sale Of General Fixed Assets0 0 0 0 ....................... tJTRi.:OiHERFINAIsEG;i..H(i SQtiE#CE .Ci3SES) ... x.....,:x,...:.x.....x.... ... (fie0.9.:5) :.; EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ (695) $ (995) $ (300) $ 1,660 FUND BALANCE JANUARY 1 ............................... 3,484 3,484 0 1,824 Residual Equity Transfers (Out) 0 0 0 0 Ri10.::BALANCE cEM E 11 >:....... 784..... $............... . ..._...:.....:..................._....._._...... ...........:...............::.a;.:;.,.,.....:�:!... ..................................z........:..................:........r... ).. ...S� � i:2?5i? `';3:ij�4grF:�' 11r 52 City of Renton 1996 CAFR Page 6 of 7 w" .................................... ' > > >:><:::>:<'.:>:>s:::<::::»:::<:: VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 to BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL wt $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,000 1,988 (12) 2,094 8,000 7,068 (932) 14,115 1w 0 0 0 0 0 0 0 0 :'s:�::<:?:'>:<:2 fl.4.... 8 00 ........$............. X68........$........... 3 44. to $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7,000 7,483 (483) 8,154 79,713 15,000 64,713 0 17,500 16,921 579 0 IX sw $ (77,713) $ (13,012) $ 64,701 $ 2,094 (16,500) $ (17,336) $ (836) $ 5,961 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 35,000 35,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 fw $ (42,713) $ 21,988 $ 64,701 $ 2,094 (16,500) $ (17,336) $ (836) $ 5,961 42,713 42,714 1 40,620 195,999 197,123 1,124 191,162 0 0 0 0 0 0 0 0 -7 9' $: i. 1.7 787.......$..................288........ .........37 323... sw wl 53 City of Renton 1996 CAFR SPECIAL REVENUE FUNDS Page 7 of 7 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 VARIANCE , FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES ' Taxes .............................................. $ 9,427,650 $ 10,991,244 $ 1,563,594 $ 10,036,434 Licenses And Permits ............................... 20,000 69,976 49,976 22,774 Intergovernmental Revenues ......................... 1,731,142 1,405,219 (325,923) 1,365,820 Charges For Services ............................... 1,747,013 1,838,680 91,667 1,791,478 Fines And Forfeits ................................. 19,800 25,282 5,482 16,572 ' Interest ........................................... 413,000 570,387 157,387 563,625 Miscellaneous Revenues 484,394 449,096 (35,298) 494,184 1t)TAL:REVENUES :'> :>:>a3''842:"°994:>::;'::::$:::::'.::>i:5r34 ;:.::;:.;: :.r.....::;::;:;:.;::.;::::..,:►:::::;::.c8 .;;.:.;;:.;$.;::•:: 2Q0:$BT.:: EXPENDITURES , Current: General Government ............................... $ 1,741,666 $ 1,664,735 $ 76,931 $ 1,524,288 Transportation ................................... 4,857,472 4,509,833 347,639 4,947,622 ' Economic Environment ............................. 853,670 744,354 109,316 667,271 Culture and Recreation ........................... 5,496,615 5,429,238 67,377 5,130,721 Capital Outlay ................................ 7,656,215 2,004,382 5,651,833 363,930 OTAi..£�(�EJ :I tIRS:::�x:....:..:.:. «.. .: <... :„ ..x::«a.::x::«: :<•::,>:;;:; •. R4,J52: 542 .;. .. _. ..RSt 3.: .3,83 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (6,762,639) $ 997,342 $ 7,759,981 $ 1,657,055 OTHER FINANCING SOURCES (USES) ' Interfund Loan Repayments .......................... $ (148,000) $ (148,000) $ 0 $ 200,000 Operating Transfers In ............................. 50,239 50,239 0 4,000 Operating Transfers (Out) .......................... (479,286) (951,843) (472,557) (737,369) Sale Of General Fixed Assets ....................... 78,086 125,757 47,671 4,284 >z... .i+11►...GfNG S0t1RCES.(}3SE;I):>`�x:::.::>.:::.>::;;�.✓�. :.; "_;:::>: >:<s;»>4,. .21 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (7,261,600) $ 73,495 $ 7,335,095 $ 1,127,970 FUND BALANCE JANUARY 1 ............................... 10,347,092 10,681,154 334,062 9,553,184 Residual Equity Transfers (Out) .................... (1,500,000) (1,500,000) 0 0 E3It <::BAL ......:......::::::.:::::::::::::::::::.:::.:::::::::::::::::::::::::::::.:::::::::: ....:.:..,.:.:...,. .........:.:.,....... . ........>.. ._. ....64 7,669, _..._......_.._ ._ 57.::::.5 10681;154:;: 54 City of Renton 1996 CAFR DEBT SERVICE FUNDS Debt Service Funds account for the accumulation of resources for, and the payment of principal and interest for the City's general obligation long term debt and special assessment debt. The City of Renton pledges its full faith and credit for payment of these obligations. Resources for redemption of council- approved ouncil- a roved limited issues are from the general roe tax levy. Revenue for voter-approved unlimited PP (limited)� b property rtY Y PP (unlimited) debt service obligations originates from a special property tax levy. Resources for the payment of the special assessment debt are from assessments levied against benefited properties. The outstanding amount is recorded in the General Long Term Debt Account Group. 4W 1978 LIMITED GENERAL OBLIGATION BOND REDEMPTION FUND-Accounts for debt service on a Council-approved bond issue, which provided partial funding for construction of the Renton Senior Citizens'Center, 1989 LIMITED GENERAL OBLIGATION REFUNDING BOND REDEMPTION FUND-Accounts for debt service on a Council-approved refunding bond issue,which refunded the 1983 limited refunding bond issue. 1983 UNLIMITED GENERAL OBLIGATION REFUNDING BOND REDEMPTION FUND-Accounts for debt service on an unlimited refunding bond issue,which refunded the 1980 and 1982 voter-approved bond issues. Bond proceeds financed the development of Gene Coulon Memorial Beach Park. s GENERAL GOVERNMENT MISCELLANEOUS DEBT SERVICE FUND-Accounts for debt service on installment contracts for equipment, City Shop land purchase, the 1984 and 1985 Limited General Obligation Bond issues for equipment,and the 1986 Limited Bond issued to finance a community center, library improvements,permanent financing for purchase of a golf course,acquisition of wetlands property, and equipment. 1989 UNLIMITED GENERAL OBLIGATION BOND REDEMPTION FUND-Accounts for debt service on a voter-approved bond issue, which provided financing to acquire, construct, rehabilitate, equip and develop low income housing for the elderly. SPECIAL ASSESSMENT DEBT FUND-This fund accounts for the special assessment collections and debt service payments for all local improvement districts located within the City. SPECIAL ASSESSMENT GUARANTY FUND-This fund was established in accordance with State law for the purpose of guaranteeing the payment of outstanding Special Assessment Bonds and coupons. ti r r r 55 City of Renton 1996 CAFR , DEBT SERVICE FUNDS Page 1 of 2 COMBINING BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 1989 LIMITED 1983 UNLIMITED ' 1978 LIMITED GO REFUNDING GO REFUNDING GO BONDS BONDS BONDS ASSETS: ' Cash and Cash Equivalents ........................ $ 66,797 S 63,006 S 464,202 Cash With Fiscal Agent ........................... 0 0 10,344 Investments ...................................... 0 0 0 Receivables: Taxes .......................................... 0 0 22,828 , Special Assessments Current .................. 0 0 0 Special Assessments Delinquent ............... 0 0 0 Special Assessments Deferred ................. 0 0 0 ' Interest - Special Assessments ................. 0 0 0 Interest on Investments ........................ 0 0 0 Due From Other Funds0 0 0 ............................. LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable ..................... S 0 S 9 $ 51 Matured Bonds Payable .......................... 0 0 0 Matured Interest Payable ....................... 0 0 10,344 Deferred Revenues0 0 22,828 .............................. . is:TKiiiii::::fii$}:(<?ii::::'7.::j:::;ii:.Pi:t!iii::ii}i:'j::i.'..i:; :. S(lT1t Lf11B:I. 1:T3E:S.'zx ::::....:.....:..........................:..�..:.: 3'u...2223:::. ........................ ..............:...:.....,......:..:.. FUND EQUITY: ' Fund Balance: Reserved For Debt Service .................... $ 66,797 $ 62,997 $ 464,151 . .................... ....... >< :: > >::: z:>:: ... >:::: ; ............................... :.:.:.:..:::.::.: >:;.;:.;:::.............. 66::751 ::: »:5:::>::::>: i::;�3'OQ7::>':>:: ;::»>:::>::>:':::>::::�..T>:. .: TQT{il :E iAi#1L-- )rS..�NO:. ,7 ••.......,x .. ... .... .$.:.: 9. X31'&:.:: r r r 56 ri City of Renton 1996 CAFR Page 2 of 2 GENERAL GOVERNMENT SPECIAL SPECIAL s> lQIAIS ?> ; z " MISCELLANEOUS 1989 UNLIMITED ASSESSMENT ASSESSMENT DEBT GO BONDS DEBT GUARANTY 1996 1995 $ 440,636 $ 392,183 $ 60,788 $ 552,492 $ 2,040,104 $ 1,558,536 10,000 0 115,000 0 135,344 95,244 0 0 150,000 1,275,000 1,425,000 1,673,477 0 15,598 0 0 38,426 52,819 0 0 165,579 0 165,579 456 0 0 45,008 0 45,008 284,747 0 0 2,998,771 0 2,998,771 3,927,079 0 0 77,354 0 77,354 184,707 0 0 18,342 19,502 37,844 64,526 0 0 0 0 0 8,615 450. .:. . .:::::::: :::::::.:�:::. :::7 :t«:::::::>:;�:><:<:»:::<:::3>•:63a:>:84�::<:<::�:#::«<:::>:::1::>:846::::.:5?:<: :::: >:.<:....... ..6..3�:::::::•�::.:::::.::.::_��#�'..:5.:::..:.......:........... ........,....................................... ............................. .......: ......::::...:...._::::........................ i $ 50 S 0 $ 749 $ 0 $ 859 $ 8,000 0 0 115,000 0 115,000 30,000 10,000 0 0 0 20,344 65,244 0 15,598 2,998,771 0 3,037,197 3,979,898 ...1...............................J.......1.......................................................................1........ ...........................1........1:..::..:::. $ 440,586 $ 392,183 S 516,322 S 1,846,994 S 3,790,030 S 3,767,064 :�.. 4:::<:�::�:':p>::::>::>:�:�:'�?Stt3<b34�::>:#:<=:5<`::>:>3'•:767< ti.�<>'. >:> :::::..::>::>::>>::>::3 i:::::::> >::::;<:::::::< > ; ......A::,84 :>:::<:> :>:.:::>::>7<'`S i'i?. :?:'•;5:><::>.'•.::'•>`. 96 »<::::::5:>:>:::::;". .. . ZOWX r 57 r City of Renton 1996 CAFR DEBT SERVICE FUNDS Page 1 of 2 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 1989 LIMITED 1983 UNLIMITED 1978 LIMITED GO REFUNDING GO REFUNDING GO BONDS BONDS BONDS REVENUES Taxes .............................................. $ 74,500 $ 295,000 $ 686,880 Special Assessments ................................ 0 0 0 Interest ........................................... 1,921 487 18,691 ....(1i Fa.. F" F. .Jr::iiii Y:Y�rH ti.+i:'isis r:�:<:is r;Y::�:i!:w:iv:Kii:iii:`iCti:Yii:isis:r:i i?:..................... :;:;: :::.................: EXPENDITURES Debt Service: Principal Retirement ............................. $ 65,000 $ 185,000 $ 575,000 Interest & Fiscal Charges .. 9,890 108,416 179,127 T' ...................... .............................. p 1'(�..�.�:�:���..�:ENQ:F>TURE'� iri'k��'�r:r'�i:�ir�i�i�i�i:�Ciiti • �r`.i�:i�iK3ii>�3iSiiiiY.....4:.¢9�i EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 1,531 $ 2,071 $ (48,556) OTHER FINANCING SOURCES (USES) ' Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 , Operating Transfers In ............................. 0 0 0 Operating Transfers (out) 0 0 0 T TN iI Ei#l. N1i SE)URGES': 115ES• ;:>:;.<_:.:.:::.:::>::: :>:>.>;> >><:>::.;<::: :::::[::; >:>>::•;.::;• ;:>;::;::;>:: ;>< EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ 1,531 $ 2,071 $ (48,556) FUND BALANCE JANUARY 1 ............................... 65,266 60,926 512,707 Residual Equity Transfers In ....................... 0 0 0 Residual Equity Transfers Out ...................... 0 0 0 1. 58 City of Renton 1996 CAFR 11n Page 2 of 2 GENERAL GOVERNMENT SPECIAL SPECIAL TATAES< r MISCELLANEOUS 1989 UNLIMITED ASSESSMENT ASSESSMENT DEBT GO BONDS DEBT GUARANTY 1996 1995 $ 1,026,187 $ 485,672 $ 0 $ 0 $ 2,568,239 S 2,508,540 10 0 0 857,664 0 857,664 908,724 10,462 12,863 637,152 46,801 728,377 418,159 S 566,406 $ 240,000 $ 1,235,000 $ 0 $ 2,866,406 $ 2,170,397 217,172 255,506 252,436 0 1,022,547 1,117,614 :;•:<:::;:.:�;:.;:.;:.;:.;:.;:.::•;:.: ..5. ............................:..9.:x.5#16:::,:::::.:::::::;x,.48..,... �........�..................................,........ S 253,071 $ 3,029 $ 7,380 $ 46,801 $ 265,327 S 547,412 $ 553,337 S 0 $ 0 $ 0 $ 553,337 $ 0 0 0 0 0 0 526 (20,000) 0 (37,687) (200,000) (257,687) (207,859) ;:.;:.;:;x:::.;;;:.;:.;;::::;:533.337:.:.:;.;::.>:.;'�.;:.;;;:.:::.:�::..�:::.::.:.0:::.::::�...�::.�::.{3...�........�...............{...............)....................................................�................3. rs $ 786,408 $ 3,029 S (30,307) $ (153,199) $ 560,977 $ 340,079 192,189 389,154 1,824,519 722,303 3,767,064 3,676,985 0 0 0 1,277,890 1,277,890 0 (538,011) 0 (1,277,890) 0 (1,815,901) (250,000) r 59 City of Renton 1996 CAFR DEBT SERVICE FUNDS Page 1 of 6 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 8..L.iif ITEA..OE)IEA :<()B VARIANCE FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL i REVENUES Taxes ........................................... $ 74,500 $ 74,500 $ 0 $ 73,900 Special Assessments ................................ 0 0 0 0 Interest .. ..... .... .... .... 00 1,921 1,421 13 VEHEf1 5.... ;; .. ::>::.:.. �. 421.:. 7 , TIT EXPENDITURES Debt Service: Principal Retirement ............................. $ 65,000 $ 65,000 $ 0 $ 60,000 Interest & Fiscal Charges ........................ 9,913 9,890 23 13,305 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 87 $ 1,531 $ 1,444 $ 1,808 OTHER FINANCING SOURCES (USES) Proceeds of Long-Term Debt ...................... $ 0 $ 0 $ 0 $ 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) 0 0 0 0 (1FAE3>tITNER:>EaIVANG3:N£s3>:5 RC ' 5.5.?::»:::<>: >rEz><::>::>: s.i.. ;z DU 8:: U E .. EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ 87 $ 1,531 $ 1,444 $ 1,808 FUND BALANCE JANUARY 1 ............................... 65,265 65,266 1 63,458 _ Residual Equity Transfers in ....................... 0 0 0 0 Residual Equity Transfers (Out) .................... 0 0 0 0 WNF}::BA1 _ ............. r a i !» 60 ow City of Renton 1996 CAFR Page 2 of 6 40 Et9Np�£NG::BOt1D<>:>><:<::: :: 83:UN:f fIIEf?:: E)tE&AL..(l .LIA3l p ...fff. NIkIN '.:BQNI#'.>:::::»::>:: •.;:.;:.;:.;:.;;:;1;��Sk;;L: fi4�;T�#): .:................................................ :»::>::::>:: VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL r $ 295,000 S 295,000 $ 0 $ 290,000 $ 700,000 S 686,880 $ (13,120) S 760,782 0 0 0 0 0 0 0 0 900 487 (413) 885 12,000 18,691 6,691 23,635 90::;: €>r >:4::>:>:'>.:::)::::?32:'...... .... •: ?4:: -:<: '::>:.>::... .885�[:> [:>... � � �...................:............... ........................:��a.....:1.....................1i.. .....�3................................. r S 185,000 $ 185,000 $ 0 $ 170,000 $ 575,000 $ 575,000 $ 0 $ 545,000 108,431 108,416 15 120,498 181,998 179,127 2,871 205,549 to 4ili::.;�.;::; $ 2,469 $ 2,071 $ (398) $ 387 $ (44,998) $ (48,556) $ (3,558) $ 33,868 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 No $ 2,469 $ 2,071 $ (398) $ 387 $ (44,998) $ (48,556) $ (3,558) $ 33,868 rr 60,918 60,926 8 60,539 508,321 512,707 4,386 478,839 0 0 0 0 0 0 0 0 vw 0 0 0 0 0 0 0 0 8............... $.::::::::::::;.63,382.:.:<.�.;:.<::::«:>•:>:::<fr2.,�47:::�:::::::::::::::.:�3FJ3.�::�:.::::::::::.lst�,:�?���x:::.�.::::.::_:::�b3..........:....::....::...:::.............1......................................................................... r SO s r r 61 r City of Renton 1996 CAFR ' DEBT SERVICE FUNDS Page 3 of 6 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 EhIERAf<:€Q1/ERN)9EN7>:tI: E:::<: VARIANCE FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 779,000 $ 1,026,187 $ 247,187 $ 894,319 Special Assessments ................................ 0 0 0 0 Interest 5,000 10,462 5,462 5,633 TO ................................................. ::: :>:;:>:.>:::>:•:7$4:€300:.:::: > :.::. :: ............................................................ 1.. :' .4::>:$::::>?:: : >.y4 : >:::::<:::>:.< EXPENDITURES Debt Service: Principal Retirement ............................. $ 566,707 $ 566,406 $ 301 $ 715,397 Interest & Fiscal Charges ............... 215,152 217,172 (2,020) 234,101 <. ....... TOTAL: XPE3QTlR£ : . . ., j. EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 2,141 $ 253,071 $ 250,930 $ (49,546) OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 553,342 $ 553,337 $ (5) $ 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... (20,000) (20,000) 0 (137,449) 7OTA .>t3TH FIN :; L ER NANGI:N0::50URG£5.:;:US 5 ...... :.$.;:.:;... ;;. ... ......::..:::.: .. 533:'34 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ 535,483 $ 786,408 $ 250,925 $ (186,995) FUND BALANCE JANUARY 1 ............................... 190,790 192,189 1,399 379,184 Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity Transfers (Out) ... _......_......._.._ _ ._. .__......_........:......................i......:.....i...i...i...<."x..3.... �...i.......i....3......i.%:.i.j..(540,125) 5.i.&.4..05:,..:125<):.. (538,011) 2.;,#13184....$..:.717 > > 0 ... .. 3? ;$iii . i: : ::::::E . : . 62 tw City of Renton 1996 CAFR Page 4 of 6 r EC.i..L WSEME >:: EBT..>:SERVAGE::F�i1�:<:>`::: 98��: NERAL.:SLI GA....�..::...............:.............. VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL S 495,000 $ 485,672 $ (9,328) $ 489,539 $ 0 $ 0 $ 0 $ 0 0 0 0 0 1,051,222 857,664 (193,558) 908,724 7,000 12,863 5,863 8,007 628,270 637,152 8,882 342,194 �. .................. an S 240,000 $ 240,000 $ 0 $ 230,000 $ 1,236,000 $ 1,235,000 $ 1,000 S 450,000 255,675 255,506 169 269,598 253,466 252,436 1,030 274,563 v ......:.::...495.b7..5:::.5:::::::::::.495..SOd.:.5.:::::•::::.�::::::::;E�9::.:5.:.:.::::495�59$:<::>.�!:<:::::>::>:::;3:::����,66:;><�!:>:::>::>:::�::�$7`�e36:......:.............� ............................................ $ 6,325 $ 3,029 $ (3,296) $ (2,052) $ 190,026 S 7,380 $ (182,646) $ 526,355 r $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 526 0 0 0 0 (41,208) (37,687) 3,521 (70,410) ..::.......... .. . $ 6,325 $ 3,029 $ (3,296) S (2,052) $ 148,818 $ (30,307) $ (179,125) $ 456,471 1r� 386,332 389,154 2,822 391,206 1,315,904 1,824,519 508,615 1,368,048 0 0 0 0 0 0 0 0 0 0 0 0 (1,279,802) (1,277,890) 1,912 0 5:>::>:::<:>::::>:>..::: ..7:;•;: :.;;:.;:.;:.:.::.>.92::.1Ai:::.S.::.::::::::::.:::..�iZ+► :$.::.::._:.384.:1.5k....S.............:1 + .9a:.:: .:::::.::::: ............................ ...........392.,:65.....:5...:.......3. ................................i............................................................. .... .. r r r r vw s 63 `II City of Renton 1996 CAFR DEBT SERVICE FUNDS Page 5 of 6 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 VARIANCE FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Special Assessments ................................ 0 0 0 0 Interest 24,000 46,801 22,801 36,592 FC�Y OVAEVENu S ..,..,r. „ :- <:; ,._' .. :$ 24 fl00;::. ::;>:' :. 46'801 :..::>;:::::;:: :: a.::>:.; :>:::::::::.>;:»:;• EXPENDITURES Debt Service: Principal Retirement ....... $ 0 $ 0 $ 0 $ 0 Interest & Fiscal Charges ....... 0 0 0 0 TIITAL: X¥ENf3l7 IRE3 - ....: EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES ..................................... $ 24,000 $ 46,801 $ 22,801 $ 36,592 OTHER FINANCING SOURCES (USES) Proceeds Of Long-Term Debt ......................... $ 0 $ 0 $ 0 $ 0 Operating Transfers In ........................ 0 0 0 0 Operating Transfers Out 20 0 p 9 (Out) •-••••••••••-••••••••••... < 0,00 ) (200,000) 0 0 F INATJC1 N z.50UREE8:: USS ...:.:: a :>: > 7QT.A..G;atTN.ER:....................G......_........._.4.....E...).................,......,.,........,.,................:::::. 20.. EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................. $ (176,000) $ (153,199) $ 22,801 $ 36,592 FUND BALANCE JANUARY 1 ............................... 696,481 722,303 25,822 935,711 Residual Equity Transfers In ....................... 1,279,802 1,277,890 (1,912) 0 Residual Equity Transfers (Out) .................... 0 0 0 (250,000) ......................... . ... .. ;:::>: :::<;:::>::::7: S�ifi'>494>::>: :<::i:::>::::>::>::::>::::>::G6>7f:1>::<::$::>::r,:>::>::>::>::> _. ._..............._....._...... ........ ................._......._. ................_..............................._............. ........._......................_...._..............................,.:.::::::::::::::7>?2.3a3:::. ar r r. 64 ,m City of Renton 1996 CAFR Page 6 of 6 to r 0 At VARIANCE FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 2,343,500 $ 2,568,239 S 224,739 $ 2,508,540 1,051,222 857,664 (193,558) 908,724 677,670 728,377 50,707 418,159 .........:S3. 423:::':::: $ 2,867,707 $ 2,866,406 $ 1,301 $ 2,170,397 1,024,635 1,022,547 2,088 1,117,614 r 8: >: $ 180,050 $ 265,327 S 85,277 $ 547,412 r $ 553,342 $ 553,337 $ (5) $ 0 0 0 0 526 (261,208) (257,687) 3,521 (207,859) 1rr 5 3 $ 472,184 $ 560,977 $ 88,793 $ 340,079 3,224,011 3,767,064 543,053 3,676,985 1,279,802 1,277,890 (1,912) 0 r (1,819,927) (1,815,901) 4,026 (250,000) d ':0 . :: 7: ;>. :: 3 ::>:>::<>::(y33'91i(3:»::S <::: 7 4. 15fs,.1::O ::: ... )...a.: .::: .:.::::...::........,................................................ r r rr r 65 City of Renton 1996 CAFR ..t am rr r.. .r. r 66 City of Renton 1996 CAFR VW CAPITAL PROJECT FUNDS Capital Project Funds account for the acquisition or development of major capital facilities,except those projects financed by proprietary funds. Sources of revenue to these funds include general obligation bond proceeds,federal and state grants,general property taxes,interest earnings,and transfers from other funds. OPEN SPACE CAPITAL IMPROVEMENT FUND-Accounts for open space bond funds received from King County and other grants for the purpose of preserving open space. The bond funds were approved by voters in the fall of 1989 and available for use in May, 1990. Some of the projects are: Honey Creek Trail, Springbrook Trail,Cedar River Trail and Lake Washington Waterfront projects. MUNICIPAL FACILITIES CONSTRUCTION FUND-Accounts for the acquisition and development of municipal facilities. Resources included general and special revenue taxes and Council approved general +� obligation bonds. GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND - Accounts for revenues and expenditures for numerous capital improvement projects,to provide infrastructure necessary for controlled growth and to address general City needs. Primary resources include general tax revenues,business license fees, Federal and State grants, general obligation bond proceeds, and transfers from various cumulative reserve funds. r SENIOR HOUSING CONSTRUCTION FUND-Accounts for the acquisition,construction,rehabilitation, development,and equipment purchases of low income housing and facilities for the elderly. Resources are from a 1989 voter-approved general obligation bond issue. SPECIAL ASSESSMENT CONSTRUCTION FUND-This fund accounts for the construction phase of all aw Special Assessment local improvement districts (LID) located within the City. The primary resource for this activity is short-term debt or interfund loans which are repaid with permanent financing once the construction of the LID is complete. r aw r r r UW r 67 City of Renton 1996 CAFR CAPITAL PROJECT FUNDS Page 1 of 2 COMBINING BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 OPEN SPACE MUNICIPAL SENIOR CAPITAL FACILITIES CAPITAL HOUSING IMPROVEMENT CONSTRUCTION IMPROVEMENT CONSTRUCTION ASSETS: Cash and Cash Equivalents ........................ $ 248,874 $ 1,068,727 $ 514,291 $ 0 Investments ...................................... 315,313 1,425,000 975,000 0 Receivables: Accounts ....................................... 0 0 0 0 Interest on Investments ........................ 2,824 40,205 177,082 0 Due From Other Funds ............................. 0 169 0 0 Due From Other Governmental Units ................ 22,043 0 4,113,103 0 1:>::>::>< ::::»;:5:>:?.. LIABILITIES AND FUND EQUITY: LIABILITIES: Vouchers/Contracts Payable ..................... $ 0 $ 14,747 $ 235,155 $ 0 Retainage Payable .............................. 0 1,536 153,099 0 Due To Other Funds ............................. 0 9,804 41,017 0 Accrued Taxes Payable ......................... 0 0 0 0 Deferred Revenues .............................. 0 0 0 0 Accrued Employee Leave Benefits .. 0 0 0 0 ......... ........'.........'.'....... FUND EQUITY Fund Balance: , Reserved For Arbitrage Rebate ................ $ 0 $ 0 $ 0 $ 0 Unreserved - Undesignated .................... 589,054 2,508,014 5,350,205 0 .� :..y'.�::v::::::::::::.`::::: �:::.:::::::::::j:::::::�: :::.:nom...v:::v.�::■r. 05 TOTAL.:L.3A iE t.T:S i�NV:* VV.NM1^4UTT :>$ ':.: <: r r r r f r 68 City of Renton 1996 CAFR wr Page 2 of 2 r SPECIAL <1f)11L5 <> ><> ASSESSMENT CONSTRUCTION 1996 1995 uo $ 125,773 $ 1,957,665 $ 2,015,702 0 2,715,313 5,525,517 0 0 44,003 0 220,111 250,958 0 169 1,399 0 4,1351146 2,034,354 :>:$:::::>;:>:««:#»:'>1'25'?F3><>< ::'::5.....................................x................: $ 0 $ 249,902 $ 78,628 938 155,573 66,902 0 50,821 54,470 0 0 1,958 0 0 150,435 0 0 2,537 <: .4:33fI:;: 1r $ 0 $ 0 $ 50,475 124,835 8,572,108 9,466,528 ow 113: �r 11r ow ern 11n Ids Irr 69 r City of Renton 1996 CAFR CAPITAL PROJECT FUNDS Page 1 of 2 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 OPEN SPACE MUNICIPAL CAPITAL FACILITIES CAPITAL IMPROVEMENT CONSTRUCTION IMPROVEMENT REVENUES Taxes .............................................. $ 0 $ 610,169 $ 0 Licenses And Permits ............................... 0 0 1,565,883 Intergovernmental Revenues ......................... 1,043,748 0 5,356,806 Charges For Services ............................... 0 0 1,235 Interest ........................................... 48,044 107,687 0 Miscellaneous Revenues 0 0 0 TOTAL:REVENUES 041`.792 $:::'.>€: :::73:T 85d: F ;f;St23 92T ; .. .. ................................f......: EXPENDITURES Current: Security Of Persons And Property ................. $ 0 $ 2,620 $ 0 Transportation ................................... 0 0 91060,565 Culture and Recreation (2,537) 0 0 Capital Outlay ..................................... 1,550,999 956,092 0 Debt Service: Interest & Fiscal Charges 0 0 0 ........................ Tt1-.. EX:E.N. .UR...:... . .., +.:x:;:a : ?:�::::;::;':;$:::>'j,s4ff;:�t6c: ,.:. .. :: 458, 7:2:::;::;::;$;;::9;060'ji565.:;: EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (456,670) $ (240,856) $ (2,136,641) OTHER FINANCING SOURCES (USES) Interfund Loan Proceeds ............................ $ 0 $ 0 $ 0 Interfund Loan Repayments .......................... 0 0 0 Operating Transfers In ............................. 86,500 333,095 851,805 Operating Transfers (Out) .......................... 0 (113,201) 0 Other Financing Sources ............................ 0 0 0 Sale Of General Fixed Assets ....................... 0 0 1,238 TOTAL'- $ ":';8l5.>:5©Q. , :©0 EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (370,170) $ (20,962) $ (1,283,598) , FUND BALANCE JANUARY 1 ............................... 959,224 1,908,737 6,633,803 Residual Equity Transfers In ....................... 0 620,239 0 Residual Equity Transfers out 0 0 0 .".ARC 0ECEMB R-: .................................................... ,.. r 70 ' City of Renton 1996 CAFR ow Page 2 of 2 r SENIOR SPECIAL HOUSING ASSESSMENT CONSTRUCTION CONSTRUCTION 1996 1995 �Io $ 0 $ 0 $ 610,169 $ 348,384 aw 0 0 1,565,883 1,536,531 0 0 6,400,554 6,870,378 0 0 1,235 4,388 0 2,315 158,046 209,179 r 0 0 0 35,876 r $ 0 0 $ 2,620 $ 5,500 0 $ 0 9,060,565 4,512,876 0 0 (2,537) 0 r 0 25,480 2,532,571 4,942,084 0 0 0 251,542 $ 0 $ (23,165) $ (2,857,332) $ (707,266) tir $ 0 148,000 $ 148,000 $ 0 0 0 0 (200,000) ow 0 0 1,271,400 1,927,941 0 0 (113,201) (164,633) 0 0 0 193,000 0 0 1,238 0 ^ t:>7.5-,308'<:: $ 0 $ 124,835 $ (1,549,895) S 1,049,042 ■r 15,239 0 9,517,003 8,217,961 0 0 620,239 250,000 1rr (15,239) 0 (15,239) 0 .. .. ........ ur r 71 vw City of Renton 1996 CAFR CAPITAL PROJECTS FUNDS Page 1 of 4 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 K§> CAP...:Ri..::MPR:OItfid�H..........................:....:.::... VARIANCE , FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Licenses And Permits ............................... 0 0 0 0 Intergovernmental Revenues ......................... 871,270 1,043,748 172,478 3,108,992 ChargesFor Services ............................... 0 0 0 583 Interest .............................. 48,802 48,044 (758) 41,212 Miscellaneous Revenues ....................... 0 0 0 800 .: 1t3...R .:::.:::: ...#i.........�...��........:,.........,....,..:-:...�...,...,.,.,..:�...,....,...,:<:,:..,:<:,.<............:..................4?'r-........2................1..........�:9�....:..�..........171..Z�D........fi:::•::.:3:::15:1: EXPENDITURES Current: Security Of Persons And Property ................. $ 0 $ 0 $ 0 $ 0 Transportation ................................... 0 0 0 0 Culture and Recreation ........................... 0 (2,537) 2,537 0 Capital Outlay ..................................... 2,105,090 1,550,999 554,091 2,916,279 Debt Service: Interest & Fiscal Charges 0 0 0 11,289 .. .,... .. .. .........................'.'.'..."........'...'.'.'.'.'.'.'.'.'.'.'.'.'......... 3A>::`:£lE?ENDa:FUs :_... ...............................................: `:: ' : 1......................... ............,............. .r......,.................,.........................<.................. ...... EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ (1,185,018) $ (456,670) $ 728,348 $ 224,019 OTHER FINANCING SOURCES (USES) Interfund Loan Proceeds ............................ $ 0 $ 0 $ 0 $ 0 Interfund Loan Repayments .......................... 0 0 0 (200,000) Operating Transfers In ............................. 86,500 86,500 0 148,300 Operating Transfers (Out) .......................... 0 0 0 0 Other Financing Sources ............................ 0 0 0 0 Sale Of General Fixed Assets 0 0 0 0 ....................... 1 3 C]T#fER::::f:I[1IAidC::N0:::SOI1RIrE :::>ilk S':: >......>':::_>> i:_><Sa::<::<:::>$:::>::»::>::$B:>:.(IO[>::::>::f: '::::>::r;::>:: ::>:: :>: <:::>::::>::::»::>::>::`>:»» >::::>::::> ::::>::::>::>::::> is A1..............................£.........................(.....�...3.......................r.,....................................... 5.....:::•..::5.:.::::::86.5©0. ::.::�.:.::::.::.:::::::::::t�.:::::::5:::.::::::.t 5.t..7©U�:: EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ (1,098,518) $ (370,170) $ 728,348 $ 172,319 FUND BALANCE JANUARY 1 ............................... 1,098,518 959,224 (139,294) 786,905 , Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity Transfers (Out) 0 0 0 0 §89.054::::::>:$';<. .:;.�8 . . ......................._.................................................................................... ...............................................,:::,.:::..._5, .........:.::959,: ar 72 City of Renton 1996 CAFR Page 2 of 4 VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 ` BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 383,200 $ 610,169 $ 226,969 $ 348,384 $ 0 $ 0 $ 0 $ 0 0 0 0 0 1,500,000 1,565,883 65,883 1,536,531 50,000 0 (50,000) 0 12,696,463 5,356,806 (7,339,657) 3,761,386 0 0 0 0 1,000 1,235 235 3,805 52,500 107,687 55,187 109,550 0 0 0 50,349 0 0 C.0 25,076 0 � 0 0 10,000 $ 2,739 S 2,620 $ 119 $ 5,500 $ 0 $ 0 $ 0 $ 0 0 0 0 0 19,427,278 9,060,565 10,366,713 0 0 0 0 0 0 0 0 0 2,917,030 956,092 1,960,938 1,987,240 0 0 0 4,512,876 26,919 0 26,919 0 12,108 0 12,108 0 :.;:.;Sr:.;:;•:;? :06E) 5 � 6 :.:;-;:.:::<5:.;:;1.f3.:.78: >::=::5<:'•'..'> 1 :'>87G::» s :•�:.:;.:;:;.2:�?4li..b8�.:;.;;�:.;:.;;;;:.�58.r�.��..:_:.>*.::::.1.,987.,.47 .:::.�:::.:::1..+�5��.7�II:..f�.::1.9�S3g.3$�....................... ..... ................... '�.... �2..................5..��........... $ (2,460,988) S (240,856) $ 2,220,132 $ (1,509,730) $ (5,241,923) $ (2,136,641) S 3,105,282 $ 849,195 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 333,095 333,095 0 1,253,389 851,805 851,805 0 526,252 (113,201) (113,201) 0 (148,300) 0 0 0 (16,333) 0 0 0 193,000 0 0 0 0 6,037 0 (6,037) 0 3,504 1,238 (2,266) 0 .. ::. .. .:::: ::>:�:>::><:»>::::> ...;: . .:::::. .::.:::::::. .:. .... .......... >•:fl ::<:::> :::<:>::::::::::855:•<:. 51::::>�:>:�'<::>8&3r':0.� >:::::<::<:: >:::i:::::>::::<:.: :>:' ... ::5•:::::::::::22 � 93.•:<:>�.;;:.;:.;:.;:.2.'E�1:B..Sk4:::»::>�:»::;:::>::>::>::f6:;03'73:::;:<�:>::::»:;'1;•:�5�#...89....:5�.................3t1........................... ....3........................(... .......�.......:::............�.... ... $ (2,235,057) $ (20,962) $ 2,214,095 $ (211,641) $ (4,386,614) $ (1,283,598) $ 3,103,016 $ 1,359,114 1,856,493 1,908,737 52,244 1,870,378 4,425,440 6,633,803 2,208,363 5,274,689 620,239 620,239 0 250,000 0 0 0 0 0 0 0 0 0 0 0 0 >:<>:<:: :>::.::>:. :.:>::>::> :>::>:2::508::0:�4:.;;:-;5�:.::.;Z::2G6.339......�......7.4Q8.,�'37::::x::..::.:38,.826:::::.:::::::5......................................................................,......,........ �...;........241.,6.75..:...1x.... � ... .... .................................................. r .r 73 City of Renton 1996 CAFR CAPITAL PROJECTS FUNDS Page 3 of 4 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1996, With Comparative Actual Totals for Year Ended December 31, 1995 , S�N:O N VARIANCE ' FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL REVENUES r Taxes .............................................. $ 0 $ 0 $ 0 $ 0 Licenses And Permits ............................... 0 0 0 0 IntergovernmentalRevenues ......................... 0 0 0 0 Charges For Services ............................... 0 0 0 0 Interest ............... 0 0 0 8,068 Miscellaneous Revenues 0 0 .. . •.. .. 0 0 fE3FA>»RE11E3StUES..............................................: .:... $ Q % ::. .....:::... ..:.............. .... ..... .....$: :.....:::::.:•::::::::.........:..... EXPENDITURES Current: Security Of Persons And Property ................. $ 0 $ 0 $ 0 $ 0 Transportation ................................... 0 0 0 0 Culture and Recreation ........................... 0 0 0 0 Capital Outlay ..................................... 0 0 0 38,565 Debt Service: Interest & Fiscal Charges0 0 0 240,253 ................. I0'fAL..EX}?E3�EFI:I.T.IJR >:::�:i: '::'> .::: >:;>;.:.: EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES .................................... $ 0 $ 0 $ 0 $ (270,750) OTHER FINANCING SOURCES (USES) , Interfund Loan Proceeds ............................ $ 0 $ 0 $ 0 $ 0 Interfund Loan Repayments .......................... 0 0 0 0 Operating Transfers In ............................. 0 0 0 0 Operating Transfers (Out) .......................... 0 0 0 0 Other Financing Sources ............................ 0 0 0 0 Sale Of General Fixed Assets 0 0 0 0 ....................... T 7A :.flT H 1i$ANGT:N&.: QURCES. :EfSH < A. ...1<........ ......._............G::.S_......._......C. ....a).... ....«.,......«.t.t...«...>,.«....... EXCESS (DEFICIENCY) OF REVENUES ' AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES ................ $ 0 $ 0 $ 0 $ (270,750) FUND BALANCE JANUARY 1 ............................... 15,239 15,239 0 285,989 Residual Equity Transfers In ....................... 0 0 0 0 Residual Equity Transfers (Out) .................... (15,239) (15,239) 0 0 11rt0:>::BA6AN E:::>p£CEM.8.-...;::::« >;>: ::; :s r r 74 r City of Renton 1996 CAFR 1w Page 4 of 4 rlr T. .. L ........................................................... R;�S�S�IdEN::::L`OnESTRRl.-• . VARIANCE VARIANCE FAVORABLE 1995 FAVORABLE 1995 BUDGET ACTUAL <UNFAVORABLE> ACTUAL BUDGET ACTUAL <UNFAVORABLE> ACTUAL $ 0 $ 0 $ O $ 0 $ 383,200 $ 610,169 $ 226,969 $ 348,384 0 0 0 0 1,500,000 1,565,883 65,883 1,536,531 0 0 0 0 13,617,733 6,400,554 (7,217,179) 6,870,378 0 0 0 0 1,000 1,235 235 4,388 0 2,315 2,315 0 101,302 158,046 56,744 209,179 0 0 0 0 0 0 0 35,876 :::.::..::.:.. . 736 :::>. ;•;;::«;;.::•:.;;;;;;:.;;:•:<;;•;:.: ��;;;;;:.;; ;: ; ;.: :::<:»:::::;::::>::>:<;:::<::::: ;>::;:. ::;::>:::... �:•: :; . :.:..$::::>:: �<::. �.887:: .$. .4% ... .:.:::.:.::..:.:..::::0.:::•:.�.::::::::::::.:..2.3.1.5...::..5.::.;;:.:,..2.315:..�:..: .::::.�::::.�:::::�•::::�:::::�S:SE33:235.............8.�.................... .(.. 86��.....)............... .::::.::,:.:::::.. $ 0 $ 0 $ 0 $ 0 $ 2,739 $ 2,620 $ 119 $ 5,500 0 0 0 0 19,427,278 9,060,565 10,366,713 0 0 0 0 0 0 (2,537) 2,537 0 148,000 25,480 122,520 0 5,170,120 2,532,571 2,637,549 9,454,960 0 0 0 0 39,027 0 39,027 251,542 �:>::>>:::<:.:t�48.�©0;.:::.;x.::.:.::..;:.;25:..�.....:..............�"�.�4'�................................. ..... ...�3......G4.....�...... .�*'�.. �........... ...... ..... ............................ ........... $ (148,000) $ (23,165) $ 124,835 S 0 S (9,035,929) $ (2,857,332) $ 6,178,597 S (707,266) $ 148,000 $ 148,000 $ 0 $ 0 $ 148,000 $ 148,000 $ 0 $ 0 0 0 0 0 0 0 0 (200,000) 0 0 0 0 1,271,400 1,271,400 0 1,927,941 0 0 0 0 (113,201) (113,201) 0 (164,633) 0 0 0 0 0 0 0 193,000 0 0 0 0 9,541 1,238 (8,303) 0 t i S 0 $ 124,835 S 124,835 $ 0 $ (7,720,189) $ (1,549,895) $ 6,170,294 $ 1,049,042 0 0 0 0 7,395,690 9,517,003 2,121,313 8,217,961 ow 0 0 0 0 620,239 620,239 0 250,000 0 0 0 0 (15,239) (15,239) 0 0 ..:>::>::::: :><::::::>.; ::> ... ...... ............ 0 8. 572 .1.0 .... x1. .003. :::.::.�:::::•D.::.:.�.::::::::.::�2!�:.:835:.;:;.>;�.;:.;:.;:;:1:��:::835:.;::::� �................................::........>.......t........................,.......,..:...:.:: 75 City of Renton 1996 CAFR �r 76 City of Renton 1996 CAFR UW .� ENTERPRISE FUNDS Enterprise funds are established for government activities that are financed and operate in a manner similar to private business. Costs of providing services to the general public are primarily financed by user fees. WATERWORKS UTILITY FUND-Accounts for the operation and capital improvement programs for the water,wastewater(sewer) and surface water(storm drainage services)within the City. Activities which are primarily supported by user fees include, administration; billings and collections; debt service; engineering;and operation,maintenance and repairs. The primary resources for the capital improvement programs are revenue bond proceeds,grants as available and utility collection charges. AIRPORT FUND - Provides accounting for revenues and expenses which provide administration, debt service, operation, capital improvements, and maintenance of the Renton Municipal Airport and Will Rogers-Wiley Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel charges, investment interest,and grant funding as available. SOLID WASTE UTILITY FUND-Solid waste,recycling,and yard waste collection services for the City +� are accounted for in this fund,supported entirely by service fees. Expenses include payment to the City's garbage contractor and other service charges. GOLF COURSE FUND - The City acquired the Maplewood Golf Course in 1985 and this fund was „R created to account for the operation, maintenance, debt service, and capital improvements of this municipal facility. User fees provide for operation and approximately 15% of debt services. Operating transfers from the General Fund provide approximately 85%of the debt service. r aw r r i 77 City of Renton 1996 CAFR , ENTERPRISE FUNDS Page 1 of 2 COMBINING BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 WATERWORKS AIRPORT SOLID WASTE UTILITY UTILITY ASSETS: Current Assets: Cash and Cash Equivalents ............................ $ 2,687,906 $ 992,735 $ 198,941 ' Cash With Fiscal Agent ............................. 105,000 0 0 Investments ........................................ 214,392 1,600,000 0 Receivables, net of Allowance for Uncollectibles: Accounts ......................................... 1,869,323 62,176 960,904 Interest on Investments .......................... 238,544 25,235 0 Notes Receivable - Current .................. 0 0 0 Due From Other Funds ............................... 72,255 0 0 Due From Other Governmental Units .................. 584,678 0 27,177 ' Inventory of Material and Supplies ................. 307,534 0 0 Prepaid Items ...................................... 0 0 0 Total Current Assets.............................. 6,079,632 2,680,146 1,187,022 Restricted Assets: Deposits ........................................... 20,964 0 0 Revenue Bond Debt Service .......................... 7,387,350 0 0 Construction Account ............................... 4,788,851 0 0 Total Restricted Assets........................... 12,197,165 0 0 Note Receivable - Non-Current ....................... 0 0 0 Property, Plant and Equipment: Fixed Assets (Net) ................................. 105,950,296 3,459,851 164,399 Construction In Progress ........................... 6,153,517 147,807 0 Total Property, Plant and Equipment............... 112,103,813 3,607,658 164,399 Deferred Charges and Other Assets .................. 112,000 0 0 TOTAL $FT >:> :3:::x::« :>t :x::«::::x::«: f'''.';':<z<r:>> x< x:: ;::x> :>:>(::::$. .30. . .2. LIABILITIES AND FUND EQUITY: , LIABILITIES: Current Liabilities: Vouchers/Contracts Payable ..................... $ 330,342 $ 24,218 $ 410,338 Retainage Payable .............................. 98,192 0 0 , Due To Other Funds ............................... 97,140 55,980 0 Interfund Loans/Advances - Current ............... 0 0 0 Due To Other Governmental Units .................. 331,311 0 0 Matured Interest Payable ......................... 105,000 0 0 ' Accrued Interest Payable ......................... 341,627 0 1,753 Accrued Wages Payable ............................ 23,227 1,589 0 Accrued Employee Benefits Payable ................ 3,548 242 0 Accrued Taxes Payable ............................ 43,228 6,130 25,109 , Deferred Revenues ................................ 3,920 4,787 0 Capital Lease - Current ............................ 0 0 0 Total Current Liabilities....................... 1,377,535 92,946 437,200 Liabilities Payable from Restricted Assets: , Deposits Payable ................................. 20,964 0 0 General Obligation Bonds Payable - Current ....... 61,600 0 50,000 Revenue Bonds Payable - Current Portion .......... 1,660,000 0 0 Total Liabilities Payable From Restricted Assets 1,742,564 0 50,000 Long Term Liabilities: General Obligation Bonds Payable ................. 345,400 0 115,000 Unamortized Discounts on G.O. Bond ............... (4,962) 0 (4,348) Revenue Bonds Payable ............................ 25,230,000 0 0 Unamortized Discounts on Revenue Bond ............ (507,351) 0 0 .r Capital Leases Payable .............................. 0 0 0 Accrued Employee Leave Benefits .................. 270,031 26,915 3,937 Interfund Loans/Advances - Non-Current ........... 0 0 0 Installment Purchase Contracts ................... 264,560 0 0 .r. Public Works Trust Fund Loan Payable ............. 5,322,477 0 0 Arbitrage Rebate Tax Payable ..................... 0 0 0 Total Long Term Liabilities..................... 30,920,155 26,915 114,589 Si 34' FUND EQUITY: Contributed Capital ................................ $ 80,312,751 $ 1,636,128 $ 0 Retained Earnings: Reserved For Debt Service ........................ 2,935,085 0 0 Unreserved13,204,520 4,531,815 749,632 ....................................... >:>:_>>:: >>> >cs-sr;::_z>: s >; ;$<?::<96. 5: >`.5 f:::::>::[:>::::::: s:.:>::167 74 (i3Z::>: >: : . .... G87...Or........ .TPT l ......... l.1..2:.._ 9 ... :1 ._...... 78 • City of Renton 1996 CAFR Page 2 of 2 GOLF COURSE 1996 1995 $ 121,831 $ 4,001,413 $ 3,559,955 0 105,000 0 0 1,814,392 1,547,104 50,181 2,942,584 3,088,287 0 263,779 504,826 18,424 18,424 18,260 157,264 229,519 243,457 0 611,855 567,412 74,291 381,825 340,484 0 0 0 421,991 10,368,791 9,869,785 0 20,964 17,102 456,145 7,843,495 5,978,759 0 4,788,851 6,013,667 456,145 12,653,310 12,009,528 104,677 104,677 121,740 9,145,225 118,719,771 109,122,988 0 6,301,324 8,533,095 9,145,225 125,021,095 117,656,083 r 0 112,000 128,000 r $ 5,554 $ 770,452 $ 717,080 0 98,192 100,991 25,952 179,072 117,821 57,247 57,247 59,130 0 331,311 219,014 0 105,000 0 33,130 376,510 382,094 6,256 31,072 33,711 955 4,745 5,148 3,733 78,200 103,368 0 8,707 63,062 28,666 28,666 20,408 161,493 2,069,174 1,821,827 49,344 70,308 27,358 310,800 422,400 398,460 150,000 1,810,000 1,710,000 510,144 2,302,708 2,135,818 1,742,700 2,203,100 2,625,500 (25,040) (34,350) (109,400) 4,710,000 29,940,000 31,750,000 (66,200) (573,551) (574,531) 62,608 62,608 65,034 29,403 330,286 290,981 52,680 52,680 109,927 0 264,560 0 V 0 5,322,477 4,420,394 0 0 9,144 6,506,151 37,567,810 38,587,049 fr?2...... .. �2t544,d94 $ 5,000 $ 81,953,879 $ 76,087,270 456,145 3,391,230 3,148,893 2,489,105 20,975,072 18,004,279 5'..... $ 7G8;259[$::::<z ; <$ 9r?8536 79 City of Renton 1996 CAFR ENTERPRISE FUNDS Page 1 of 2 COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 WATERWORKS AIRPORT SOLID WASTE , UTILITY UTILITY OPERATING REVENUES: Charges for Services ........................... $ 18,649,825 $ 712,166 $ 6,513,103 Other Operating Revenue .. 1,629,840 6,198 9,583 T:: tJE�S� xaiYi •`tiYiii�iioiYtiiii'+.i �ii� ` Ti3TAG::flE�fRJ#...Ii!iG>RI:iJ�t�l.. OPERATING EXPENSES: Operations and Maintenance ..................... $ 11,352,751 $ 270,292 $ 5,469,289 Administrative and General ..................... 1,750,803 106,892 0 Insurance ...................................... 0 11,174 0 Taxes .......................................... 1,620,503 0 885,142 Depreciation ................................... 2,436,707 170,975 53,994 -}<,:: 8:A:P ::..# R..�1 ....... . NON-OPERATING REVENUE (EXPENSE): Interest Revenue ............................... $ 822,219 $ 114,454 $ 3,838 Other Non-operating Revenue .................... 45,491 36 42,693 Interest Expense ............................... (1,614,799) 0 (9,805) Arbitrage Expense .............................. (8,585) 0 0 Amortization of Debt Discount and Expense .. (63,125) 0 (1,450) ENS£ :<:;•,•''-'-,'.:>>:>::::::•::>^•.>::::>::;: >::>::;::::»:>:: >i7PE :(#F::1rXP S... .........................$........... > > > i '.:' ' ' r... N..N.:.......ttt11.............................................................................................................�f.................1.....:.......:.:..::::....:.:.:. ?0 35.;276 .:. : >CAING: AES ... . :x>«: <::;<:•;>;; :: 4 OPERATING TRANSFERS IN .......................... 37,687 0 0 OPERATING TRANSFERS OUT 0 0 0 x<t• '? > x:sig`•:xa>: .x. .. ....,...........:. .......:,..............................::::•::..............::::::::.::::::::. 73 ................................ ::•. ::::::::::s.::.......: Depreciation Reducing Grant Contributed Ca ital. 0 130,760 0 11 .Fro: � . .. RETAINED EARNINGS, JANUARY 1 ..................... $ 13,801,816 $ 4,127,534 $ 600,095 ......... '_ ><:>::>:'•$<:<<:1[>139':. .5':<:>:>:'.>::$`s<::»: ':<:.3:T.j.. ::. >::#:::<:>:$>: .....::>::4 ;> . .>::::: EtETA1 NE t1JfthlaNGS<: t1E; ...... ti::..:.:::-•.:.•.,:..:.:...:.,:....r.......�.....<:..:.::::........... CONTRIBUTED CAPITAL, JANUARY 1 ................... $ 74,326,819 $ 1,755,451 $ 0 , Capital Grants ............................... 1,117,626 11,437 0 Prior Period Corrections ..................... 0 0 0 Amortization on Capital Grants ............... 0 (130,760) 0 Other Contributed Capital .................... 4,868,306 0 0 ON <:>::>::>>:'::. €: ::: :>:><>::> :>::>:::?6 452:35#'::::<::>:>:>$:::'>::&::t#7:'>943:::::>:[$:<z:»>[z:>:74?'' ..... FfJNt):>84U1€Y' t?ECEiMBi R::31:>:-« : z ::Y >::>�';>:.. . 1 80 ' City of Renton 1996 CAFR or Page 2 of 2 w r GOLF COURSE 1996 1995 w S 1,530,877 $ 27,405,971 $ 25,578,853 157,892 1,803,513 1,075,325 ow w $ 1,068,734 $ 18,161,066 $ 16,449,067 0 1,857,695 1,803,617 0 11,174 14,776 7,296 2,512,941 2,381,028 +• 240,448 2,902,124 2,428,460 X. .................................................. ; .: :: <::>.:> :>:: .... :7.2Q... $ 35,809 $ 976,320 $ 934,171 27,137 115,357 155,772 it (429,288) (2,053,892) (2,091,963) 0 (8,585) (560) (11,456) (76,031) (85,274) -04d`'831::::'.>::�:<:: }?:087::8 4::::: ......... .........?................�...r.......�.......3. w y L 327,030 364,717 396,012 0 0 (20,000) 0 130,760 126,781 Iln $ 2,623,727 $ 21,153,172 $ 18,161,003 ::.24?:366:<' 02::€:>'•::g: ;>:>21::3 3:'<172>:> 5a2'xE3 :.:c:::.::.�.::::::.::: w $ 5,000 $ 76,087,270 $ 73,016,237 0 1,129,063 416,911 0 0 0 w 0 (130,760) (126,781) 0 4,868,306 2,780,903 x....:.81..,.'953.,4....:.:.....::...:.:::.fi,.::...,.,....Q:.:. 3:::....9....2413 442... w w w No 81 w City of Renton 1996 CAFR ' ENTERPRISE FUNDS Page 1 of 4 COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 WATERWORKS AIRPORT SOLID WASTE ' UTILITY CASH FLOWS FROM OPERATING ACTIVITIES: , Cash Received From Customers ................................. $ 18,618,372 $ 666,618 $ 6,501,940 Cash Received From Other Funds for Services .................. 245,635 0 9,583 Cash Paid to Suppliers for Goods and Services ................ (8,384,214) (132,988) (5,622,858) Cash Paid to Other Funds for Goods and Services .............. (2,765,278) (19,061) (261,882) ' Cash Paid to Employees ....................................... (2,454,942) (164,392) (101,234) Cash Paid for City Utility Taxes ............................. (1,127,694) 0 (390,550) Cash Paid for Retirees ....................................... 0 0 0 Interest Revenue ............................................. 0 0 0 Other Operating Receipts ..................................... 1,613,629 6,198 0 Other Non-Operating Receipts ................................. 0 36 1,652 Prior Period Correction0 0 0 ...................................... N1n...CA H...R01fI0ER £1) E 3 $Y i?P ifip :l3slG:`1�(.I 7125 i.: "-W..;: �5br...........�........... ,b CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES. , Proceeds From Interfund Loans ................................ $ 0 $ 0 $ 0 Operating Grants Received .................................... 0 0 67,218 Operating Transfers From Other Funds ......................... 37,687 0 0 ' Operating Transfers To Other Funds ........................... 0 0 0 Repayments on Interfund Loans0 0 0 ................................ T:::' S :::;P. C.>: a3 .:;: 'f:«Nfl P:(:T ::::>:F:Ft:. ::N. : CF:: 1: ::<::':: N ..rA.. ....R1.� p rJ } .:.;NSA :,. .�.. . : ri� :.: � .: r..:.: .......:..... i F . .T..,.. . ..... 4r71. .i.W.::: CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: , Proceeds From Sale of Bonds .................................. $ 0 $ 0 $ 0 Payments on Bond Issuance and Registration Fees .............. (2,889) 0 0 Proceeds From State Long-Term Loans .......................... 1,184,189 0 0 Acquisition and Construction of Capital Assets ............... (6,743,865) (54,677) 0 Payments Received from Intergovernmental Loan ................ 0 0 0 Capital Contributions ........................................ 1,699,079 0 0 Capital Grants ............................................... 1,064,545 47,843 0 , Principal Payments on Bonds .................................. (1,627,640) 0 (50,000) Interest Payments on Bonds ................................... (1,587,746) 0 (9,982) Interest Payments on State Long-Term Loans ................... (52,016) 0 0 P . L F NANC: G:>:�1CT 3: T 1 S ..:::.::::,.:::.::: ::>.::: 6 1a 343; :: :: :>::>.: :::' :: N£T .GASH.:,. ROYF' EA. (USE ' TA f.. TN ::. Y . 2. ..... .. ..... .:.:.1....... ,...:.�.. .. ....:. .{fitX34.::: 'l5F: 98'�:) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments ............................ $ 10,597,742 $ 1,458,702 $ 0 Payments for Investments ..................................... (10,494,340) (1,829,392) 0 Interest on Investments 1,028,314 123,846 3,838 N1±T:::::GRSH::RR01fIUE1}:a13"a1 E? :<BY..I. YI"a*T . ..i107 .. .7) ....,. .............................. .........i.3....fb......... ..........£246.8.44>):> <:' '.> ;:>. X _........._............_.................................. .._.........................................................._..................._.....r........r........................_........_.....................................r........... El+Ci�EA E#t:<:CASH::::AfEi:>s <zz>_:::z>i:<;::>: :: :»»84$ 568>:>:<:::$ <:i:>::>:1a) :733:;::>>::::>S>E:>::::>::::>::94 :<72rs:<::> NIrT; t3Ef 1tE.A.SE::.t o..........:.�).......................................................................................................................z..............................................::.:...:..:.::.::.....:........:.:: 0 CA�.�`: i isANt)'i�%�x�Ns:�Q��i��i.EN`1'�'`iiii)A.t3� :"is�iiiiR'i2' "iiii:%isisisiKw:i�iiiiiiliiiiiiiriii�r�ii%iiiii�`iiiii:..... ...56.5 N E. . ;::UEMBR:::::31::s:_ <:-:_ >'':__ : sz s >: _> <:<r<:>5::>: :>$SS:fll:'.>::>::5::>::<:>: 992:'73�. 4 :... ..:::. CR.S.......NQ:..... ;; (Ef LUTZ':._............_._........................._..............................._........._........................................................._..... 51..$. i!r1.::: , CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents .................................... $ 2,687,906 $ 992,735 $ 198,941 , Cash Restricted for: Deposits ................................................... 20,964 0 0 Revenue Bond Debt Service .................................. 7,387,350 0 0 Construction Account 4,788,851 0 0 ....................................................... D:::::()F::: Hff:'l:EJ4R::>Z: ..:........ ::>::i :: ...................: : : :>::::>:::$:....E.... B.. 7i.......... ..........492.7.3 .::::>::$::>:>s:«::>:;:: . 82 City of Renton 1996 CAFR Page 2 of 4 GOLF COURSE 1996 1995 $ 1,563,233 $ 27,350,163 $ 24,961,823 0 255,218 280,141 (421,562) (14,561,622) (12,923,149) (153,025) (3,199,246) (3,254,225) (549,568) (3,270,136) (2,976,199) 0 (1,518,244) (1,437,957) 0 0 0 0 0 0 157,892 1,777,719 1,068,882 2,888 4,576 29,659 0 0 0 94;$58:.............. .�i�8:..r. i._. a ..•_,..._ $ 0 $ 0 $ 150,000 0 67,218 92,679 315,145 352,832 386,712 0 0 (20,000) .............. (69,404) (69,404) (16,384) $ 0 $ 0 $ 0 0 (2,889) (3,280) 0 1,184,189 1,788,396 (98,946) (6,897,488) (10,701,484) 0 0 37,874 0 1,699,079 1,368,405 19,885 1,132,273 465,947 (398,751) (2,076,391) (2,009,254) (417,383) (2,015,111) (2,123,369) 0 (52,016) (60,078) $ 0 $ 12,056,444 $ 29,788,033 0 (12,323,732) (24,655,358) 35,809 1,191,807 978,333 ....... : 5:(569)483:::) $ 121,831 $ 4,001,413 $ 3,559,955 ' 0 20,964 17,102 456,145 7,843,495 5,978,759 0 4,788,851 6,013,667 83 City of Renton 1996 CAFR ENTERPRISE FUNDS Page 3 of 4 COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 WATERWORKS AIRPORT SOLID WASTE ' UTILITY RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH ' PROVIDED (USED) BY OPERATING ACTIVITIES: Operating Income (Loss) ...................................... $ 3,118,901 $ 159,031 $ 114,261 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) By Operating Activities: ' Depreciation and Amortization of Deferred Charge ........... 2,443,910 170,975 53,994 Other Non-Operating Revenue ................................ 54,288 36 1,652 (Increase) Decrease in Accounts Receivable ................. 161,880 37,499 92,018 (Increase) Decrease in Due From Other Funds/Governmental ... (27,026) 0 0 (Increase) Decrease in Inventory/Prepaid Items ............. (19,898) 0 0 Increase (Decrease) in Vouchers/Retainage Payable .......... (27,780) 22,647 (15,725) Increase (Decrease) in Due to Other funds/Governmental ..... 0 47,211 (103,181) Increase (Decrease) in Payables/Other Short Term Liabilities 4,674 (25,473) (2,605) ' Increase (Decrease) in Customer Deposits ................... 3,862 0 0 Increase (Decrease) in Deferred Revenues ................... 6,285 (60,640) 0 Increase (Decrease) in Accrued Employee Leave Benefits ..... 26,412 5,125 (3,763) Total Adjustments ...................................... $ 2,626 607 $ 197,380 $ 22,390 , 119E :NET.': .. . ERfiNG.AOT2fil.'E SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Fixed Assets Contributed By Developers ....................... $ 3,169,227 $ 0 $ 0 ........... , 7i)3Al:.NflNGASIi;: V. CAirI.TAI AN4.Ri L..T0,..::1.,,A CT1#.G::.GT.I..IT. � ,.x .. r .::..:::...... .c.Lrt .t . .... ,.. .... ................... , o 84 City of Renton 1996 CAFR Page 4 of 4 GOLF COURSE 1996 1995 $ 372,291 $ 3,764,484 $ 3,577,229 240,448 2,909,327 2,444,459 2,888 58,864 14,570 (29,695) 261,702 (280,524) 0 (27,026) (77,800) (21,442) (41,340) (72,935) (36,807) (57,665) 34,405 25,951 (30,019) 124,553 (1,898) (25,302) (48,645) 39,088 42,950 6,923 0 (54,355) (22,779) 9,034 36,808 49,519 $ 227,567 $ 3,073,944 $ 2,171,746 38>'428:>::<:s$::>:>: ':74 $ 0 $ 3,169,227 $ 1,412,498 ...... .................:.::::::................. .. .. yr .r d.. 85 1 1 1 1 1 1 1 1 1 1 City of Renton 1996 CAFR Y.. INTERNAL SERVICE FUNDS Internal service funds are used to account for the financing of goods and services provided by one department or agency to other departments or agencies of the City. r EQUIPMENT RENTAL FUND-Accounts for the costs of maintaining and replacing all City vehicles and auxiliary equipment except for fire apparatus and replacement of police patrol vehicles. All equipment costs, including depreciation, are factors in calculating the rates which are charged to each user department. INSURANCE FUND-Provides accounting for self-insurance services to all City departments, including provision for losses on property, liability, worker's compensation, unemployment compensation, and a health care program. Expenses are paid by the Insurance Fund and rates are charged to departments based +� on use and/or coverage requirements. r r r.r rr r r r 87 City of Renton 1996 CAFR ' INTERNAL SERVICE FUNDS Page 1 of 1 COMBINING BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 EQUIPMENT INSURANCE ' RENTAL 1996 1995 ASSETS: Current Assets: Cash and Cash Equivalents .......................... $ 537,182 $ 1,975,524 $ 2,512,706 $ 2,458,064 Cash With Fiscal Agent ........................... 0 0 0 30,000 Investments ...................................... 658,047 1,755,955 2,414,002 2,324,978 Receivables: ' Accounts ....................................... 20,765 10,903 31,668 9,889 Interest on Investments ........................ 12,587 35,799 48,386 128,159 Due From Other Funds ............................. 0 104,230 104,230 9,541 Interfund Loans/Advances - Current ............... 0 7,294 7,294 11,763 ' Due From Other Governmental Units ................ 0 112,308 112,308 0 Inventory of Material and Supplies ............... 40,999 0 40,999 38,223 Prepaid Items .................................... 0 8,641 8,641 3,000 Total Current Assets............................ 1,269,580 4,010,654 5,280,234 5,013,617 Property, Plant and Equipment: ' Fixed Assets (Net) ............................... 2,703,081 4,195 2,707,276 1,841,866 Total Property, Plant and Equipment............. 2,703,081 4,195 2,707,276 1,841,866 Interfund Loans/Advances - Non-Current ........... 0 0 0 7,294 T[1TAG:.ASS£TS.::......:.:x..«.«....... .�........,:.>...«.,:.:.:«..;.:.....«:�:r..«..:.:...«.,:.:.:.:::�;,..... :.:. :1;:.;;;'. _..........x,.:. .x. LIABILITIES AND FUND EQUITY: LIABILITIES: ' Current Liabilities: Vouchers Payable ............................... $ 23,364 $ 30,942 $ 54,306 S 114,740 Retainage Payable .............................. 0 0 0 30,029 Due To Other Funds ............................. 0 0 0 0 Accrued Interest Payable ....................... 10,262 0 10,262 11,757 Accrued Wages Payable .......................... 1,899 590 2,489 4,390 Accrued Employee Benefits Payable .............. 290 90 380 670 , Other Short Term Liabilities ................... 8 0 8 (5,239) General Obligation Bonds Payable - Current ..... 215,870 0 215,870 205,795 Total Current Liabilities..................... 251,693 31,622 283,315 362,142 Long Term Liabilities: ' General Obligation Bonds Payable .............. 1,107,090 0 1,107,090 1,323,260 Unamortized Discounts on G.O. Bond ............. (20,740) 0 (20,740) (23,186) Deferred Revenues .............................. 0 104,230 104,230 0 Accrued Employee Leave Benefits ................ 20,866 3,465 24,331 20,707 ' Claims Incurred But Not Reported................ 0 1,231,210 1,231,210 1,144,050 Arbitrage Rebate Tax Payable ................... 0 0 0 3,291 Total Long Term Liabilities................... 1,107,216 1,338,905 2,446,121 2,468,122 di'%i so.?iS 1:i'Lia 1: iii:::siiY::::i''i!i:Y'iii'i'••'Y::i�:1 ':;:�:�::at'ii i'i �:': .�'iiii: iiiii ::i ': ':5":......: i?i�iiF `':' 7Q:1AE#:€:t:1A91.1T.t£ .. .. [ 35 90......$...... 37() 27.....$.......2..729 31is>: > ::[:>:::::.:: : :: 64 FUND EQUITY: Contributed Capital .............................. $ 1,054,934 $ 0 $ 1,054,934 $ 1,048,674 Reserved ......................................... 0 0 0 59,451 , Unreserved 1,558,818 2,644,322 4,203,140 2,924,388 HQ><EQUITY:> >Z:_s > >> 32 >:... ......:5.:::::25a:::{I7 >:: ;4j.032::<::.;.. ::::: TC77Al::fU.....:.......................................................:......:.:.<.t..:,.. .,:..:...;..:..........,..... . ..................... ...... ......................... ................::::::: ,5;[ Q :Er< ;::g:;>::>; g; 1'OTAI 't;.IA8I1a:ITI.>5 R1+tQ...f::4JN(J..£..UI.,1' ,.....,x«.. �«...,, 3, 2,1i6: >.<.;>�:< 4,� 8:49 � ;: 7, X�14.::<>:>: . ...862, 88 ' City of Renton 1996 CAFR to INTERNAL SERVICE FUNDS Page 1 of 1 COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY to FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 .::.::.::.::.::.::.::.:;;:;.>:.::................................................ in EQUIPMENT INSURANCE RENTAL 1996 1995 bw OPERATING REVENUES: Charges for Services ........................... $ 1,676,931 $ 4,656,410 $ 6,333,341 $ 5,819,858 Other Operating Revenue ........................ 0 102,042 102,042 46,025 +� 7 .. ii:v':Ji':'::M#4:.viii '4:4: •i <'>- OPERATING EXPENSES: Operations and Maintenance ..................... $ 883,337 $ 89,726 $ 973,063 $ 763,931 Benefit Payments ........ ... ........ 0 3,797,733 3,797,733 3,078,434 Professional Services .......................... 0 232,372 232,372 275,582 Administrative and General ..................... 220,834 114,977 335,811 290,390 Insurance ...................................... 0 375,689 375,689 418,050 Depreciation 391,294 1,798 393,092 375,694 495>'::fi5<:'.>:<::$::`<:>:::4' 5"l2€ 295:::;:;:»:$<:<`:;:s' '1i3?%:7lit > .::$:>':':''»: '` 81<:>. ... .1i a)TALs:::::OPERIt�:I14C i1XPI b�aE: _:... ..........:...:..............T.......r.............................i........�. 7........................................................................................................... .... . N ........... S ::>::>:> . (l )..xr.c�.r..r.�n.r.y...xM.n�.R.r.w�.r.x.wwx.. ....� i...... NON-OPERATING REVENUE (EXPENSE): Interest Revenue ............................... $ 76,744 $ 235,696 $ 312,440 $ 250,240 Gain (Loss) on Sate of Assets .................. 21,940 0 21,940 (3,692) Other Non-operating Revenue .................... 59,583 366,062 425,645 60,572 Interest Expense ............................... (77,574) 0 (77,574) (91,189) Arbitrage Expense .............................. (187) 0 (187) (190) Amortization of Debt Discount and Expense .. (2,448) 0 (2,448) (3,555) 1r� IdL1NG :::.. ............ .PRiiR+ HEl ... :'•::>:4:>:;4:5:<z<>:z:$z<:::`:: ":D(17'':frig<:':<:>:'•:$:'.::>::>:'::::><S:;`..88::< :If1([IMI; <Lt3S8 <:81€(3RE;>3P1RA7:1`!( ::1 RANSfER :.. OPERATING TRANSFERS IN .......................... 278,618 0 278,618 434,909 OPERATING TRANSFERS OUT .......................... 0 0 0 (4,000) :.:;:;:;::>.<:<::;:.;:•:;;;,:,;;..;..;:.;;:;:<:::..;:,;..;..;..;;.,;..;::,.;;,::,:;,ci•;�.; ::>::> :::>::>::>::>::>::>538: &2'> :>'•$>:>.'»:�>•>€7`4 :N£t:;>.P�ICObI�.. L.�J��...:h1..4.�.RA.�.�.RI.�.♦.RA.{.a.Ra:«.:R..:«.«:MA:«:ivY�:«.«.:::::::.................. ..... ........................................................................................ RETAINED EARNINGS, JANUARY 1 ..................... $ 482,432 $ 2,501,407 $ 2,983,839 $ 1,676,942 Residual Equity Transfers In (Out) 538,244 (605,000) (66,756) 0 iii'i:wa:'>.`R:::...>z.:..>..$..:.:.>.:.:.>:.:.>...''S...S..B..'8...7..:8...>...>.:..;.;$...>.:.€:.:.:.«..'...2..'rk. : : ? .Eiii .0 a....... ......::... CONTRIBUTED CAPITAL, JANUARY 1 ................... $ 1,048,674 $ 0 $ 1,048,674 $ 1,038,192 Other Contributed Capital ............... . 6,260 0 6,260 10,482 :.. . .. «..:.:::<::>::»::::>::<:::<::� :;� ::: �>�:>:>:$:»:><`?€±I:''054:''934 ................................... ....... ......... ......... ........ t:0NTR1.8UT£D..GAP1.T.AL...:.BI�EMBER:3'1:::«:K.:«.«..�....:........................................,.......�. ................................................................................................................................ < :> ;44 3 >:'.:»:'4:€: >::>y:<:251i':f374 F11NI?.;;£OU.I.TY '�? .�3?�....:...'�........'�r...........�4........................ .... �..%�.r�..•�... 89 r City of Renton 1996 CAFR INTERNAL SERVICE FUNDS Page 1 of 1 ' COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 EQUIPMENT INSURANCE RENTAL 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Cash Received From Other funds for Goods and Services ........ $ 1,656,145 4,657,781 6,313,926 $ 5,816,150 ' Cash Paid to Suppliers for Goods and Services ................ (463,573) (4,381,323) (4,844,896) (4,246,077) Cash Paid to Other Funds for Goods and Services .............. (366,252) (122,542) (488,794) (445,667) Cash Paid to Employees ....................................... (273,509) (81,684) (355,193) (278,005) Other Operating Receipts ..................................... 0 97,401 97,401 43,321 , Other Non-Operating Receipts ................................. 59,583 149,524 209,107 78,858 l r<: s ..lx 0M.-l .. us .... ... . IiA A .....+...................�...... > .:.:::::>:<::: :<:.....::> » CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: , Operating Transfers From Other Funds ......................... $ 278,618 0 278,618 $ 434,909 Operating Transfers To Other Funds ........................... 0 0 0 (4,000) Repayments on lnterfund Loans ................................ 0 11,763 11,763 10,842 111;'E:>CAS#E::P.:ROVIEtE1ti:»:<[t.5�::BY::N1)N��t>xl.A ... >i..AE�'1.iflt.t.BS....._.�...... t........)..........................................................................................:1;:.:::,::::278.638....................3't..763.................290.:3I}3'.:::>:>:�:>:>:»::?�43�'7x:�::::> CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES: Proceeds From Sale of Bonds .. ......... .................... $ 0 0 0 $ (7,559) Payments on Bond Issuance and Registration Fees .............. 0 0 0 (182) Proceeds From Sale of Equipment .............................. 21,940 0 21,940 33,334 ' Acquisition and Construction of Capital Assets ............... (1,254,519) 0 (1,254,519) (710,603) Principal Payments on Bonds .................................. (206,095) 0 (206,095) (195,505) Interest Payments on Bonds ................................... (79,257) 0 (79,257) (92,247) Residual Equity Transfer-Out 538,244 (605,000) (66,756) 10,482 ETz: SSf€:>fROatlD 4z:::ttSp1 '.:'.OY::G)YPiTAL::.tl AHCtR AC :IME1:lOS>=���zsr�><.>?:< ti € «...... ..;#:> 9744:'x4873:::«:<>:»»'.:189''789 <::; >::z. :' > ' . s.<:> :::<:::>::: .........:...........................................}..........................:..:.........................................:.:............................. ....... .......................i.......,....... ......:: ...,f9� T... . i9b..2:;:280:): CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds From Sale of Investments ............................ $ 877,682 1,949,930 2,827,612 $ 6,625,234 ' Payments for Investments ..................................... (1,020,926) (1,895,710) (2,916,636) (6,110,078) Interest on Investments 74,747 316,463 391,210 240,156 E:[2:{IA17f.'Sj:7.A�1!IiFT..V'.isi.'.Y'. riil:ii:R:lii::l�]FA9:•%1TW..1 .�I ..%.�...i.%.h..w Y.4... %4... f.........i................................................................................................................................................+...............................r.:114<:::<:<::: :s:<zi::::::{'rx : : U. s>1:u kb­... AS ::::. ..RE'.' ::• :;;:. $ :::> ND>:CAS#:>: i]lll:.. EN::S:>::>:<3z3 >:>:>:;>:::::::_:> � '1:5.:>::::::::::::><=:<:»»:>:: ::::::: »«:>.;::> i. :> :> :::::< :. .: >: ?.......................E...tAEO.....A4 3<::: 8.. ...H..A.................. .....#AE......T.............,.,.,:...,....................€.....? :{. ) 2[3.. f 54.. Q..:.:-XX :::.:j. ...... 3�r3::: :17" `fEiNlf'::.'�lSH::E�:Eu�l�:H�r3J'�'::::'i�'���R�:is�::::�:::ii::tai:::x:tai:�:ii:'t:`4:i::ii::t:is::zi't�l'�::yi�«y'.•;':�;::::<:::+:::fj �?: .:....................................................... ...................... 94.354:>::«:>:::>:'•::>: . ;:::.>;:: ;»::>:::>::::>:'.:' < .. .::::. 'i:.i:.i:.ii:.i:.;: ;.:. ' ::. ...:. MBER 31>:>: :_>>:>::_>% " z"_ 'r_ `_`>•.><::>$ s'»5'7::1:82:4:><:»:`z ': :: :. <::> <>:.N............H..O............G ..... .....E..E:.....................,....,.,......,......,.........................,.................... .................:..:..:#. 5 . 0 ::>.: CASH AT THE END OF THE YEAR CONSISTS OF: Cash and Cash Equivalents .................................... $ 537,182 1,975,524 2,512,706 $ 2,458,064 I :>:::C: #f':'.`:.:::::T88::::1rt i>: f:::>TH£::3 z>'°`:>`: ?? _.... s:_>_:: r:_;: :_ _::;>:; ?::>::;>«:<:: :>::::<?::. :;,>:;.: :.:>:::::«««::<:::>:::.:.: QTRI:...R.. ..Al:... AR -- •...... -........ ... 537,182:. 475.,S2fs RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES: ' Operating Income (Loss) ...................................... $ 181,466 146,157 327,623 $ 1,127,022 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) By Operating Activities: Depreciation ............................................... 391,294 1,798 393,092 375,694 ' Other Non-Operating Revenue ................................ 59,583 355,071 414,654 60,572 (Increase) Decrease in Accounts Receivable ................. (20,765) (1,014) (21,779) (6,474) (Increase) Decrease in Due From Other Funds/Governmental ... 0 (206,998) (206,998) 8,807 (Increase) Decrease in Inventory/Prepaid Items ............. (2,777) 0 (2,777) 893 ' Increase (Decrease) in Vouchers Payable .................... 2,657 (63,091) (60,434) 66,408 Increase (Decrease) in Due to Other Funds/Governmental ..... 0 0 0 (3,492) Increase (Decrease) in Payables/Other Short Term Liabilities (1,887) (437) (2,324) (3,632) Increase (Decrease) in Accrued Employee Leave Benefits ..... 2,823 511 3,334 (38,489) Increase (Decrease) in Claims Incurred But Not Reported .... 0 87,160 87,160 (618,729) Total Adjustments ...................................... S 430,928 173,000 603,928 $ (158,442) :.;;6: ::;:.. ERA7I:ilG:;:AGT:'11€E::T•.'. S:::::<::«:::><::: : ::: <:::::.::>....... E2.394.: ::::'::»::::>:<::z:3:3M':::57:>:<:>:::::'.'r<::::<:::>::931:;>55:1::»:s >::>:S?6i�i>580<:< Nf.::CS3E::.:................:.t.........i.............................. ................................................................................,................................,............... ....................................................,......... SCHEDULE OF NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: ' Asset Trade-In ................................................ $ 29,755 0 29,755 $ 29,755 .............................. I:Q:Ta4G<:aiONEAN::>: APE:: ><:Al >:::RE>ATEO>:::::: %.....:....:.. .. ::;::..;.:.:................. . ..........:.::.::::::::...:......:.:..:............::.::::::::::::•::.:....:::....::.......:..:....::::::•::..:. ..:....:::. 90 , City of Renton 1996 CAFR FIDUCIARY FUNDS Fiduciary Funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals,private organizations,other governmental units,and/or other funds. These funds are classified as Pension Trust,Expendable Trust,and Agency Funds. �r PENSION TRUST FUNDS FIREMEN'S PENSION FUND-Accounts for the payment of administrative costs,and benefits for retired �+ fire fighters(and beneficiaries)who were employed prior to March 1, 1970. Primary revenue sources are general property tax allocations in accordance with actuarial recommendations, fire insurance premium tax,and investment interest. AGENCY FUNDS SPECIAL DEPOSIT FUND- Established for the purpose of holding or retaining cash deposits or other securities pending fulfillment of certain conditions and/or requirements by the depositor. Rebates are made when all obligations have been met,and only upon authorization from the transmitting department. ADVANCE TRAVEL EXPENSE REVOLVING FUND - Established to provide advance payments of travel expense to elected or appointed officials or employees of the City of Renton. r FLEXIBLE BENEFITS-New fund established in 1992 to administer the Flexible Benefit Plan adopted in 1989. The plan allows employees to pay for certain health and dependent care expenses with tax free dollars on an elective basis through payroll deductions. In prior years,the activity was accounted for in the insurance fund. DEFERRED COMPENSATION FUND-New fund established during 1986,to account for the Deferred Compensation plan assets and liabilities. r i r r w r 91 w City of Renton 1996 CAFR FIDUCIARY FUNDS Page 1 of 2 COMBINING BALANCE SHEET rr S OF DECEMBER 31 1996 A P E1 :?H::<::> ve Totals for December 1 Comparative 3 1995 G£NC<.' With Comp ?.<.. ......:. 1f:,. 11H1S.::::. .... PENSION SPECIAL ADVANCE TRUST DEPOSIT TRAVEL .� ASSETS: Cash and Cash Equivalents ........................ S 329,225 $ 171,216 $ 4,000 ' Deferred Compensation Plan Assets ................ 0 0 0 Investments ...................................... 3,244,696 0 0 Receivables: Interest on Investments ........................ 103,039 0 0 ' Interfund Loans/Advances-Current - Note 5 ........ 49,953 0 0 Interfund Loans/Advances - Non-Current - Note 5 .. 52,680 0 0 S. iiii.'i''iiiiiii'iii''`% 'it;f:7': :i%iii:%%;i.pi;i= >ss>1�`:•3>i'. {)3`�fsi;A. K.r .x.t:::riR::«::ii:::i..::•>::'. LIABILITIES AND FUND EQUITY: ' LIABILITIES: Vouchers Payable ............................... $ 36 $ 0 $ 0 Deposits Payable ............................... 0 171,216 0 Deferred Compensation Payable .................. 0 0 0 Interfund Loans/Advances - Non-Current . 0 0 4,000 :::�iY#i�.,.+Y.�.�s..:.........................................................}[:............:i•...1:.1.:k:1:..:*:..:•::::::::.:::::::::::......::::.:::....:.::.�:.f..:�.J.�:. ::.iiiii?i:: FUND EQUITY: Reserved For Pension Obligation .............. $ 8,083,000 $ 0 $ 0 ' Unreserved Undesignated .................... y �}RF +:::j.E...M.{.V..:.i.i......i:.i..:.Y..:.Y......i.<.;.i•.Y..:.%:...k.'+..:..;.i.i.'..:.%.:..i>...;..:.i..i2.;AS.:.i.i ;:.fi:s::i2TXi .:A:%�l`''': ...ic, :�.a; s :'y '•ii::iiii:�D::;:i:�:.:;:;:iiiiji:vt :': i: iiiii'iii:iiiiiii:4' ' .. . 1•fi�:�€:::::T;IA6:�I«.�..€1+�.�>:#�Nt� 1! t�;..�1�t�.1T......«. x...;., x....:.. ,.... . .:�, ...,5� f 92 , City of Renton 1996 CAFR r Page 2 of 2 ..ALS. . .. DEFERRED COMPENSATION 1996 1995 $ 0 $ 504,441 S 263,383 8,713,576 8,713,576 6,883,333 0 3,244,696 2,927,230 r 0 103,039 123,927 0 49,953 47,367 0 52,680 102,633 $ 0 $ 36 S 10,350 0 171,216 115,275 8,713,576 8,713,576 6,883,333 0 4,000 4,000 S 0 $ 8,083,000 S 7,848,000 0 (4,303,443) (4,513,085) 34 1 93 City of Renton 1996 CAFR FIREMEN'S PENSION TRUST FUND Page 1 of 1 COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED DECEMBER 31, 1996 With Comparative Totals for Year Ended December 31, 1995 1996 1995 ' OPERATING REVENUES: r Fire Insurance Premiums ........................ $ 81,721 $ 69,471 ' Property Taxes ................................. 297,000 286,000 Interest Revenue 364,054 303,914 YQlRL a�PE1tA1It{ HIlE r . .. . 742, 775 $ :; ii59' :::> ' OPERATING EXPENSES: Benefit Payments ............................... $ 293,934 $ 300,591 ' Administrative and General 4,199 7,765 :..5.?: »::::;::308.3 6.. ._::;;.>;;:<.:>:;.;;:.::,.::;:.;:::::;;_;:.;::;::;:::.:;:.:;.:;:;::<:;:><::>::>::»$:>:>'->::<:>`:>2.9t�>:333:>.................... ::1`�YAL•...flP..�itA�i#EEx�:�5�ts�N��^.�..;.:....._..._.......:,.,...,..:...:--:.•..-:,:-.:::::..::....._... ........................... ............,..:a:.;_.:.::- a2...,.. 1 RETAINED EARNINGS, JANUARY 1 $ 3,334,915 $ 2,983,886 E.0: N:. NGSECEmRER:>> r r r r r r r 94 City of Renton 1996 CAFR COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Page 1 of 1 ALL AGENCY FUNDS YEAR ENDED DECEMBER 31, 1996 BALANCE BALANCE 1/01/96 ADDITIONS DEDUCTIONS 12/31/96 $PC -AL F}EPAsz<r ( 31�<< 3>>< > ASSETS Cash and Cash Equivalents $ 125,625 $ 295,650 $ 250,059 $ 171,216 " Due From Other Funds 0 0 0 0 TOTAL ASSETS $ 125,625 $ 295,650 $ 250,059 $ 171,216 LIABILITIES Vouchers Payable $ 10,350 $ 90,782 $ 101,132 $ 0 Deposits Payable 115,275 298,258 242,317 171,216 TOTAL LIABILITIES $ 125,625 $ 389,040 $ 343,449 $ 171,216 Ad;VANGE;;aRAVEL: fUND>z.....>:> ASSETS Cash and Cash Equivalents $ 4,000 $ 0 $ 0 $ 4,000 Accounts Receivable 0 0 0 0 TOTAL ASSETS $ 4,000 $ 0 $ 0 $ 4,000 LIABILITIES Vouchers Payable $ 0 $ 0 $ 0 $ 0 Advances From Other Funds 4,000 0 0 4,000 TOTAL LIABILITIES $ 4,000 $ 0 $ 0 $ 4,000 $it~F£�R�R::GflMFENsA3'1.oN :.FUND ASSETS Deferred Compensation Plan Assets $ 6,883,333 $ 1,830,243 $ 0 $ 8,713,576 TOTAL ASSETS $ 6,883,333 $ 1,830,243 $ 0 $ 8,713,576 LIABILITIES Deferred Compensation Payable $ 6,883,333 $ 1,830,243 $ 0 $ 8,713,576 ASSETS Cash and Cash Equivalents $ 129,625 $ 295,650 $ 250,059 $ 175,216 Deferred Compensation Plan Assets 6,883,333 1,830,243 0 8,713,576 Due From Other Funds 0 0 0 0 TOTAL ASSETS $ 7,012,958 $ 2,125,893 $ 250,059 $ 8,888,792 LIABILITIES Vouchers Payable $ 10,350 $ 90,782 $ 101,132 $ 0 Deposits Payable 115,275 298,258 242,317 171,216 Deferred Compensation Payable 6,883,333 1,830,243 0 8,713,576 Advances From Other Funds 4,000 0 0 4,000 TOTAL LIABILITIES $ 7,012,958 $ 2,219,283 $ 343,449 $ 8,888,792 1P Yr. 95 1 1 1 1 � Y � � �� � 1 •: � 1 ♦ � ��NT�� 1 i City of Renton 1996 CAFR r r GENERAL FIXED ASSETS ACCOUNT GROUP The General Fixed Assets Account Group is self-balancing,and accounts for all the fixed assets of the City other than those recorded in the enterprise and internal service funds; or infrastructure assets which are considered public property. Infrastructure includes items such as roads,bridges,curbs and gutters,streets r and sidewalks,drainage systems,and street lighting systems. r r r r r r r r r r r r r r r r 96 City of Renton 1996 CAFR GENERAL FIXED ASSETS ACCOUNT GROUP Page 1 of 1 COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 1996 1995 ASSETS: Investment in Joint Venture ............................ S 1,241,633 S 1,081,875 Fixed Assets (Net) ..................................... 64,566,720 62,219,310 Construction In Progress ............................... 6,572,720 5,559,969 :::.:::::: :::.. :::::...:::::::::::::....:..............:::::::::::::::::::.:: .... T :::::::.........................::...........:::...............................:::.:........................ ...........:::::.; .............::................ ...:::::::::::::::::::::::::. >s>: Other Credits: Investments in General Fixed Assets . $ 72,381,073 S 68,861,154 pe t .�J.i Ki(i�i+sii ii%iii ii:Fiii+i.iii......ii ii:'i'i<i�-�i<ii`':i%ii ii ii i`i iii i�iKi>`i.�.?i;.'; i'' .;i%i.......... 7 r r 97 t City of Renton 1996 CAFR SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE Page 1 of 1 DECEMBER 31, 1996 Land $ 20,865,234.97 Buildings 20,797,881.97 Improvements Other Than Buildings 14,891,328.79 Machinery and Equipment 8,012,274.36 Construction Work in Progress 6,572,720.18 Joint Venture 1,241,633.00 ow �r :....:........:......... ....:::..........:...::::.........:::....:........:;......:..:::::::.::::::::. ::::._:::.:::---- ------:::::::::..:::::::.::::::::::::::.:::: General Obligation Bonds $ 21,808,560.36 �r Federal Grants 6,585,391.63 State Grants 2,424,688.30 County Grants 11,189,707.74 General Revenues 27,847,253.82 �r Donations 2,525,471.42 NM W to it r 98 City of Renton 1996 CAFR 4w SCHEDULE OF GENERAL FIXED ASSETS Page 1 of 1 BY FUNCTION AND ACTIVITY rr AS OF DECEMBER 31, 1996 �r ............................. ......th . ..............................................................::.:._:::::::::._:::.::::.::::::::::..:: AN .... ::... ::::.::.:::::•;;:•;:•::.;::.:<»>::»::»::::;: : ii .i:16 ::::.::..iii3.i. Q 7:Iatt�f:;;:�;:::;;;>;;:.;;;;;>;::::;:>;;;:.:;.;Til;E�l;.;.> :..Q.................................................._._........._................................................................... General Government 7,545,843 $ 1,376,171 S 3,471,161 $ 258,075 $ 2,380,222 $ 0 $ 60,214 Security of Persons/Property 6,938,529 261,249 844,552 235,369 3,352,616 1,241,633 1,003,111 Physical Environment 3,943,739 0 2,751,874 743,383 448,482 0 0 Transportation 1,281,668 759,563 118,218 0 403,887 0 0 Economic Environment 2,096,470 472,016 1,294,221 9,702 318,911 0 1,621 Culture and Recreation 50,574,823 17,996,236 12,317,856 13,644,800 1,108,157 0 5,507,774 . :•.�:. -:.. •. .:: .. :. .:::.�. ::.... :..:: ::::: ... ...:: •..til.7'9:�8�.:.5:..�:'14 8+;r�:32Q.�.::8 EkE.2.2�'?�::�s::::3:.;*`�r1;.�533>S' <:>:.:,.:.:.,.:::::::�.:::::::::,::..: 1`a't1Et•.::.6�N1:'RRG;:.�:i��13;:.�t'�rSf'�' ;:.; :.;:.;:<7�c..,38�.iQ, :�;�.;:.;:;`�,Y�1:ri96S:r���:�:�::...:n..:::.r..,....::..:.........x.......� . ..r. .r... .............r........r................. SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS ' BY FUNCTION AND ACTIVITY YEAR ENDED DECEMBER 31, 1996 l:i:iti Ey:R ::::::....:..::::..:....:...::::::.:.........................:.:::::::::::.::::::::::::::::::::::.::::: 09 General Government $ 7,229,165 S 407,880 $ 89,598 S 7,547,446 Security of Persons/Property 5,625,567 1,519,129 208,892 6,935,804 ' Physical Environment 3,920,359 36,996 23,235 3,934,118 Transportation 1,248,690 63,535 21,205 1,291,020 Economic Environment 2,084,591 33,245 29,812 2,088,024 Culture and Recreation 48,752,783 1,912,731 80,855 50,584,659 T2.381... ..::: ..:::... �. .. ::.. ��b:::::::::::::::•:::::::::::::.:.5......::X5:3.�9�::::::.:::::::::::::::.:.:.:..............::..�.::::.:.r::::::,.:::.::::: .. . . �::: ::... � YS:::>::>[S>:::;:>:=:tS88::$ftp:.1�4::;;;>:::>::»:>:;::s>::::>::»::;::>s>:<::<�5.>::3.�73.r.::::::::,:::::::::::::::.:::::::::.::..:::::•:•.,.......a................................................... 99 , City of Renton 1996 CAFR r. GENERAL LONG-TERM DEBT ACCOUNT GROUP The General Long-Term Debt Account group is self-balancing and is used to account for unmatured principal on the General Obligation Long-Term Debt of the City of Renton, including General Obligation Bonds (refunded issues are excluded), installment contracts, applicable accrued employee leave benefits and special assessments. This indebtedness is backed by the full faith and credit of the City of Renton. rr r r r r r r 100 City of Renton 1996 CAFR ' GENERAL LONG TERM DEBT ACCOUNT GROUP Page 1 ' COMPARATIVE BALANCE SHEET DECEMBER 31, 1996 With Comparative Totals for December 31, 1995 1996 1995 ' ASSETS: Available in Debt Service & Capital Project Funds $ 3,767,056 $ 3,817,539 ' Amount To Be Provided Long Term Debt Retirement .. 15,359,839 17,876,962 Tt3AL?T T A S . .::: : . . .:�:x.• .;.x ... w ., ..::..�. ...x $ ...19.1�fs$4"� � �T't644,5�q :': LIABILITIES: ' General Obligation Bonds Payable .............. $ 13,344,877 $ 14,326,985 Special Assessment Bonds Payable ............... 2,456,000 3,691,000 Accrued Employee Leave Benefits ................ 3,236,410 3,440,472 Installment Purchase Contracts ................. 89,608 185,569 Arbitrage Rebate Tax Payable0 50,475 <s. ;. i:v:::<>:::;r. T R1 .. 1 .i :,.:........ .... .. 12&;895 t I .r r 101 City of Renton 1996 CAFR w - - - - rr 1996 Annual Financial Report Statistical Section - - - - - - 102 City of Renton 1996 CAFR w LE 1: GENERAL GOVERNMENT REVENUES AND EXPENDITURES BY FUNCTIO Page 1 of 2 INCLUDING CHANGES IN FUND BALANCES - LAST TEN FISCAL YEARS, FOR GENERAL, SPECIAL REVENUE, AND DEBT SERVICE FUNDS Ten Year Annual General Governmental Revenue Trends M i 1 $60 — 51.7 I 48.4 i $50 — a3.2 �42.6 ' 0 41.2 37.4 S $40 33.6 29.7 28.t o $30 25.8 ' f D $20 o $10 I a t $0 s 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 , DESCRIPTION 187 E988 1989—, 1:J90 , REVENUES Taxes $ 19,265,841 $ 19,911,366 $ 21,587,371 $ 24,788,886 Licenses and Permits 810,094 717,366 691,646 853,258 ' Intergovernmental Revenues 2,251,938 2,363,848 2,276,308 3,083,320 Charges for Services 446,948 530,318 1,277,780 1,290,486 Fines and Forfeits 626,088 653,326 650,059 742,446 , Interfund Revenues 0 0 0 0 Miscellaneous 2,417,406 3,968,222 3,211,659 2,808,531 TOTAL REVENUES $ 25,818,315 $ 28,144,446 $ 29,694,823 $ 33,566,927,' EXPENDITURES ' General Government $ 3,413,832 $ 3,896,716 $ 4,548,894 $ 5,658,870 Security of Persons and Property 8,630,732 9,448,293 10,414,800 11,313,885 Physical Environment 853,691 970,075 990,521 790,466 Transportation 3,068,765 3,352,152 3,294,786 3,387,188 Economic Environment 1,344,017 1,480,498 2,641,202 3,097,543 Mental and Physical Health 200,747 202,528 8,485 8,892 Culture and Recreation 2,644,631 2,764,356 3,254,427 3,573,006 ' Capital Outlay 562,915 427,639 607,810 1,342,056 Debt Service 4,108,275 3,952,989 4,678,024 4,303,048 TOTAL EXPENDITURES $ 24;827,605 _$.:_2%49.6,246:,:.$,: 30 43%"9% .....33,474j,954 Other Increases (Decreases) (524,062) (1,162,606) (154,777) 213,592 ' Transfer In/Out, Prior Period Correction 0 0 0 0 M4 FUND BALANCE, JANUARY 1 6,698,217 7,164,865 6,657,894 5,758,991 r FUND BALANCE, DECEMBER 31 $ " 7,164,865 $ 7,65.1>459 $ '' 5,758;991 $ 6,064,556 Source: City of Renton Finance Department. (a) Fund balances are restated. 103 City of Renton 1996 CAFR Page 2 of 2 Ten Year Annual General Governmental Ending M Fund Balance Trends 19.9 I ,17.6 I I 15.9 14.6 0 $15 }— - -- n 12.0 s 0 $10 f X7.2 X7.7 � 5.8 6.1 D o $5 _— I I a r $0 -. s 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1991 1992 1993' 1994- 1995 1996, $ 27,169,161 $ 32,869,130 $ 31,204,165 $ 30,785,983 $ 33,970,167 $ 36,226,318 1,156,779 1,258,803 1,145,967 1,310,570 1,236,046 1,569,007 2,948,562 2,892,682 4,297,932 4,998,676 4,343,249 4,044,611 r. 2,099,067 1,610,795 1,437,069 1,543,902 4,818,352 5,344,029 803,176 884,692 881,016 1,107,779 998,553 958,082 0 0 0 0 0 0 3,232,891 3,684,479 2,249,836 2,835,811 3,080,883 3,513,802 $ 37,409,636 $ 43,200,581 $ 41,215,985 -$ 42,582,721 $ 48,447,250 $ 51,655,849 $ 5,045,540 $ 5,607,839 $ 5,258,009 $ 5,998,922 $ 7,807,624 $ 8,420,834 12,324,533 13,551,649 15,654,019 17,272,774 17,187,719 18,344,175 976,822 1,157,112 1,163,369 999,985 1,520,374 1,759,571 2,819,625 3,074,076 2,937,977 3,422,909 4,947,622 4,509,833 3,176,411 2,893,077 3,155,164 3,524,258 3,606,022 3,022,503 10,601 229,013 8,983 10,755 7,843 5,746 ' 4,026,495 4,291,090 4,603,052 4,946,035 5,130,721 5,429,238 541,075 4,793,884 549,412 547,281 494,585 2,302,888 4,270,821 3,947,606 3,554,238 4,289,678 3,347,293 3,933,368 $ 33,191,923 $' 39 545,346''; $ 36,884,223 $ 41,012,597 $ '; 44,0.49,803 .40,728,156' (1,094,487) (357,401) (1,831,265) (335,802) (2,336,448) (1,129,720) ' 0 0 106,593 0 (260,482) (544,504) 6,064,556 8,726,560 12,024,394 14,631,484 15,845,156 17,645,773 $ 9,187,782 $ 12,024,394 $ 14,631,484 $ 15,865,806 $ 17,645,673' $ 19,899,242 Y. ' 104 City of Renton 1996 CAFR TABLE 2: ASSESSED VALUE, PROPERTY TAX RATES, LEVIES AND COLLECTIO Page 1 of 2 LAST TEN FISCAL YEARS Ten Year Assessed Valuation Trends 8 $4.0 - 3.4 3.4 33 1f I .01 $3.5 � --- i o $3.0 2.3 2.4 - �-- S $2.5 o $2.0 - i D 0 $1.0 - I $0.5 ' a r $0.0 S 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 DESCRIPTION 1987 1988 1989 1990 ASSESSED VALUE DECEMBER 31: ' Real Property Value $ 1,548,554,808 $ 1,579,510,236 $ 1,804,228,971 $ 1,864,385,958 Personal Property Value 419,320,421 477,638,324 482,499,763 556,894,507 TOTAL ASSESSED VALUE $ 1,967;875,229 $ 2,057,148,560 $ 2,286,728,734 $ 2,421,280,465 CITY AND OVERLAPPING TAX RATES: (a) City of Renton: General Levy $ 3.25902 $ 3.48761 $ 3.41746 $ 3.55659 City of Renton: Special Levy 0.71314 0.40764 0.34177 0.54768 City of Renton Total $ 3.97216 $ 3.89525 $ 3.75923 $ 4.10427 King County 1.83959 1.89387 1.96262 2.05464 Port of Seattle 0.40813 0.43275 0.42940 0.45367 Hospital District#1 0.23723 0.23166 0.21891 0.21743 Renton School District 51403 2.28851 2.02323 2.41016 2.43657 State of Washington 3.78389 3.84221 3.74197 4.04611 Emergency Medical Services 0.25000 0.25000 0.24829 0.25000 TOTAL PROPERTY TAX RATES $ 12.77951 $ 12.56897 .S 12.77058 $ 13.56269 PROPERTY TAX LEVIES AND COLLECTIONS: LEVY: (b) Original $ 7,755,547 $ 7,962,899 $ 8,621,313 $ 9,951,295 Adjusted $ 7,749,926 $ 7,965,967 $ 8,594,394 $ 9,968,237 COLLECTIONS: Current Collections $ 7,490,901 $ 7,705,961 $ 8,347,835 $ 9,748,293 Percent of Adjusted Levy 96.66% 96.74% 97.13% 97.79% Delinquent Collections $ 210,915 $ 195,246 $ 204,613 $ 222,135 - TOTAL COLLECTION OF CURRENT& DELINQUE $ 7,701,816 $ 7,901,207 $ 8,552,448 $ 9,970,428 PERCENT OF ADJUSTED LEVY 99.38% 99.19% 99.51% 100.02% OUTSTANDING DELINQUENT TAXES $ 332,608 $ 396,145 $ 343,787 $ 341,596 PERCENT OF DELINQUENT TAXES TO ADJ LEVY 4.29% 4.97% 4.00% 3.43% 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. 105 City of Renton 1996 CAFR Am Page 2 of 2 r i Property Tax Allocation City of Renton EMS 28% 2% � . h " King County State 16% 25% ; Port of Seattle I 2% Hospital 1% Schools 26% 1991 1992 1993 1994 1995 1996 r $ 2,425,865,552 $ 2,466,868,427 $ 2,730,285,285 $ 2,756,919,925 $ 2,904,421,288 $ 2,933,904,882 620,506,587 664,964,302 699,080,839 673,405,117 675,278,785 612,192,280 $ 3,046,372,139 $-3,131;832,729 $ 3,429,366,124 $ 3,430,325,042' $ 3,579,700,073 $ 3,546,097,162' .. $ 3.09203 $ 3.28917 $ 3.23416 $ 3.48681 $ 3.55454 $ 3.60000 0.50609 0.40324 0.41577 0.36282 0.36408 0.34413 $ 3.59812', $ 3.69241 $ 3.64993 $ 3.84963 $ 3.91862 $ 3.94413 1,73030 1.79973 2.14039 2.21546 2.25288 2.20943 0.32332 0.34421 0.30518 0.30367 0.29482 0.29211 0.17485 0.17781 0.16238 0.14767 0.15084 0.15698 2.07349 2.13257 3.89165 3.60091 3.52218 3.71940 3.38348 3.54132 3.30069 3.39960 3.41873 3.49966 ' 0.19911 0.25000 0.23942 0.24972 0.24990 0.24987 11.48267 $ 11.93805 $ 13.68964 $ ;13.76666 -'$ 13.80797 $ 14.07158' ' $ 10,959,734 $ 11,507,994 $ 12,436,132 $ 13,121,967 $ 13,971,424 $ 13,898,818 $ 10,763,298 $ 11,408,258 $ 12,333,996 $ 12,898,033 $ 13,799,832 $ 13,583,469 $ 10,455,653 $ 11,194,251 $ 11,941,091 $ 12,654,957 $ 13,327,749 $ 13,359,611 97.14% 98.12% 96.81% 98.12% 96.58% 98.35% $ 204,311 $ 284,769 $ 194,799 $ 404,787 $ 323,487 $ 347,054 $ 10,659,964 $' 11,479,020' $ 12,135,890 $ 13,059,744 $ 13,651,236- $ 13,706,665 99.04% 100.62% 98.39% 101.25% 98.92% 100.91% $ 444,930 $ 374,168 $ 572,274 $ 410,563 $ 559,159 $ 435,963 4.13% 3.28% 4.64% 3.18% 4.05% 3.21% 106 City of Renton 1996 CAFR TABLE 3: RATIO OF NET GENERAL OBLIGATION DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA - LAST TEN FISCAL YEARS Ten Year Renton Per Capita Net Bonded Debt Trends $700 — $600 i $500 �A " $400 .. g F t 3 m x a rst t. + $300 h $611 ` at�3 4x' E $588 �``` `'C''� $509 $499 , $494 $482 ,iE$468 a ':.� _ ��a�� �t� �r $450 , -'•. $200 $353 $100 �„.y� S:� .,,.� � w' E,a i"`�„� ��' .�3,': � ,ate�1 � a a•t '� ���.��.- �*,t �. $O 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 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 1987 35,360 $ 1,950,903,657 $ 18,703,555 $ 709,260 $ 17,994,295 0.92% $ 509 1988 36,940 $ 2,030,493,796 $ 17,999,781 $ 728,030 $ 17,271,751 0.85% $ 468 1989 38,480 $ 2,286,728,734 $ 24,295,231 $ 799,317 $ 23,495,914 1.03% $ 611 1990 39,340 $ 2,421,280,465 $ 23,925,377 $ 827,930 $ 23,097,447 0.95% $ 588 1991 43,000 $ 3,046,372,139 $ 22,472,719 $ 1,007,850 $ 21,464,869 0.70% $ 499 1992 43,090 $ 3,131,832,729 $ 22,318,712 $ 1,039,480 $ 21,279,232 0.68% $ 494 , 1993 43,470 $ 3,429,366,124 $ 22,258,603 $ 1,288,208 $ 20,970,395 0.61% $ 482 1994 43,970 $ 3,430,325,042 $ 21,160,297 $ 1,373,226 $ 19,787,071 0.58% $ 450 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 Source: State of Washington Office of Program Planning and Fiscal Management, King County Department of Assessments, and City of Renton Finance Department. 107 City of Renton 1996 CAFR TABLE 4: SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS LAST TEN FISCAL YEARS Special Assessment Billings and Collections 240.0% 210.0% --- — — ---- — rn 180.0% �v co .... 150.0% E... wo IL 120.0% 212.7% vl 196. 90.0% 3% O Ilf _ 60.0% - s 0 101 U 30.0% 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1 ASSESSMENTS COLLECTION ''ASS)SSMENTS FISCAL RECEIVABLE ADDITIONAL ASSESSMENT ------------------ COLLECTION ------------------ AS A % RECEIVABLE YEAR; 171 ASSESSMENT BILLING PRINCIPAL INTEREST TOTAL OF BILLING 12/31 . ........... 1987 $ 7,484,786 $ 0 $ 1,847,927 $ 963,900 $ 907,656 $ 1,871,556 101.28% $ 6,520,886 1988 $ 6,520,886 $ 3,830,502 $ 1,754,939 $ 997,706 $ 696,288 $ 1,693,994 96.53% $ 9,353,682 1989 $ 9,353,682 $ 0 $ 2,117,212 $ 1,074,848 $ 937,583 $ 2,012,431 95.05% $ 8,278,834 1990 $ 8,278,834 $ 0 $ 1,911,854 $ 1,056,721 $ 738,829 $ 1,795,550 93.92% $ 7,222,113 1991 $ 7,222,113 $ 0 $ 1,546,338 $ 1,465,953 $ 670,018 $ 2,135,971 138.13% $ 5,756,160 1992 $ 5,756,160 $ 0 $ 1,284,581 $ 1,739,087 $ 675,531 $ 2,414,618 187.97% $ 3,876,542 1993 $ 3,876,542 $ 1,654,063 $ 737,439 $ 592,131 $ 441,136 $ 1,033,267 140.12% $ 5,110,162 1994 $ 5,110,162 $ 326,364 $ 889,261 $ 685,629 $ 327,520 $ 1,013,149 113.93% $ 4,750,897 1995 $ 4,750,897 $ 124,294 $ 588,009 $ 908,724 $ 342,194 $ 1,250,918 212.74% $ 4,212,282 1996 $ 4,212,282 $ 0 $ 820,459 $ 1,002,924 $ 607,356 $ 1,610,280 196.27% $ 3,209,358 ' Source: City of Renton Finance Department. 108 City of Renton 1996 CAFR TABLE 5: COMPUTATION OF LEGAL DEBT MARGIN FOR GENERAL AND SPECIAL PURPOSE CAPACITIES AS OF DECEMBER 31, 1996, AND ALL DEBT CAPACITIES LAST TEN FISCAL YEARS Ten Year Debt Capacity Trends $60 -- — --- $sa.fi Excess Levy (Voted) $49.3 ' M $47.6 1 $45.1 I$42.6 $42.8 , . 0 $40 $35.5 $36.9 n $34.1 $31 $31.6 , s $30.6 0 f D ' o $20 Counciitnanic I (Non-Voted) I $13.6 $13.8 ' a $10 $11.5 r S $2.3 $3.3 $0 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 I GENERAL CAPACITY SPECIAL PURPOSE CAPACITY PARKSAND UTILITY TOTAL DESCRIPTION COUNCILMANIC- EXCESS LEVY OPEN SPACE PURPOSES CAPACITY ASSESSED VALUE (1997): $3,610,649,947 2.50% of Assessed Value $ N/A $ 90,266,249 $ 90,266,249 $ 90,266,249 $ 270,798,746 1.50% of Assessed Value 54,159,749 (54,159,749) N/A N/A 0 STATUTORY DEBT LIMIT $ 54,159,749 $ 36,106,500x; $ 90;266,249 S 9Q,266;149 S _70,708;746 General Obligation Bonds $ 9,498,337 $ 4,855,000 $ 2,940,000 $ 0 $ 17,293,337 Installment Contracts (a) 89,608 0 0 0 89,608 TOTAL DEBT OUTSTANDING $ 9,587,945' $ 4,855,000 $ 2,940,000 $ 0 $ '17,382;945': Less Amount Available in Debt Service Funds $ 570,388 $ 392,183 $ 464,151 $ 0 $ 1,426,722 NET DEBT OUTSTANDING $ 9,017,557 $ 4,462,817 $ 2475;849 $ 0 $' 15,956,223 REMAINING DEBT CAPACITY $ 45,142;192 $', 31`,643,683',jt775t790,400 $ '90,266,249 $ 254,847,523 Source: King County Department of Assessments. City of Renton Finance Department. (a) Statutory limit = .75% of 1% of assessed value. 109 City of Renton 1996 CAFR ur TABLE 6: COMPUTATION OF DIRECT AND OVERLAPPING DEBT - DECEMBER 31, 1996 City of Renton Direct and Overlapping Debt Mn $80 --- -- M (Hospital-$1.2 I I i $60 - - -- 0 Schools-$37.7 n S I 0 $40 '---- f Port-$4.5 I D I 0 County-$17.7 $20 I I a r Renton-$17.4 s $0 PERCENTAGE AMOUNT NET DEBT APPLICABLE APPLICABLE JURISDICTION OUTSTANDING TO RENTON TO RENTON NET DIRECT DEBT: City of Renton $17,382,945 100.00% $17,382,945 OVERLAPPING DEBT: King County $619,369,196 2.86% $17,713,959 Port of Seattle $158,251,523 2.86% $4,525,994 Renton School District #403 $69,429,567 54.29% $37,693,312 Hospital District #1 $5,163,287 23.38% $1,207,177 TOTAL DIRECT AND OVERLAPPING DEBT $869,596,518 9.03% $78,523,386 Source: King County Department of Finance. 110 City of Renton 1996 CAFR ' TABLE 7: RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL OBLIGATION BONDS ' TO TOTAL GENERAL GOVERNMENT EXPENDITURES - LAST TEN FISCAL YEARS Ten Year Debt Service to Expenditure Ratio Trend , 12.00% — -- 9.45% 9.22% I 8.36% 9.00% 7.7 ,979/6 , -»ate. _ 0% —� �v 5.82/ 4 5 ' 5.03% 6.00% 4- 3.00%3.00% 0.00% — - 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 , (b) RATIO OF ' TOTAL GENERAL DEBT SERVICE FISCAL (a) (a) TOTAL GOVERNMENTAL TO YEAR PRINCIPAL INTEREST DEBT SERVICE EXPENDITURES EXPENDITURES 1987 $ 648,922 $ 1,330,652 $ 1,979,574 $ 24,827,605 7.97% 1988 $ 666,061 $ 1,138,226 $ 2,504,767 $ 26,495,246 9.45% 1989 $ 752,670 $ 1,163,653 $ 2,545,997 $ 30,438,949 8.36% 1990 $ 843,440 $ 1,699,597 $ 3,085,244 $ 33,474,954 9.22% 1991 $ 1,101,827 $ 1,452,831 $ 2,554,658 $ 33,191,923 7.70% 1992 $ 1,123,341 $ 1,355,678 $ 2,479,019 $ 39,545,346 6.27% 1993 $ 1,276,160 $ 1,304,215 $ 2,580,375 $ 36,884,223 7.00% 1994 $ 1,614,288 $ 916,353 $ 2,530,641 $ 41,012,597 6.17% 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% (a) Principal and Interest are based on total GO Bond debt payments. The actual payments were made from several funds including: debt service, enterprise, and internal services. (b) General Government Expenditures include General, Special Revenue, and Debt Service Funds. Other Financing Uses and Residual Equity Transfers are not included. Source: City of Renton Finance Department 111 City of Renton 1996 CAFR TABLE 8: REVENUE BOND COVERAGE FOR WATER AND SEWER, AND GOLF SYSTEM BONDS w LAST TEN FISCAL YEARS Water/Sewer Revenue Bond Debt Service Coverage 1 3.00 ------ C 0 2.50 V J, R 4 a s rgrc a45v a g �' � �� 1.5 e 2.78 F 2 28 ��'� - "k�2.32 i��a: ��•„ a-���2 36 � 2.25 `�,.`.2.43 � 2.44 R 1.002 06 2 07 a to I 0.50 - 0 0.00 ,; ; k 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 (a) ' OPERATING NET REVENUEAVERAGE ANNUM. FISCAL GROSS EXPENSES AVAILABLE FOR ---- DEBT SERVICE REQUIREMENTS �hJ; YEAR REVENUE W/O DEPREC... DEBT'SERVICE PRINCIPAL INTEREST TOTAh. C(31/ERAGE WATER AND SEWER REVENUE BONDS: 1987 $ 8,692,585 $ 5,626,454 $ 3,066,131 $ 615,789 $ 488,726 $ 1,104,515 2.78 1988 $ 9,596,335 $ 6,423,697 $ 3,172,638 $ 779,474 $ 614,079 $ 1,393,553 2.28 1989 $ 10,307,395 $ 6,737,270 $ 3,570,125 $ 597,500 $ 1,134,654 $ 1,732,154 2.06 1990 $ 12,085,799 $ 7,928,415 $ 4,157,384 $ 705,000 $ 1,086,718 $ 1,791,718 2.32 1991 $ 13,533,090 $ 8,856,219 $ 4,676,871 $ 790,000 $ 1,473,918 $ 2,263,918 2.07 1992 $ 15,581,113 $ 9,767,486 $ 5,813,627 $ 850,000 $ 1,364,024 $ 2,214,024 2.63 1993 $ 16,809,047 $ 10,478,147 $ 6,330,900 $ 1,250,000 $ 1,429,581 $ 2,679,581 2.36 1994 $ 18,266,154 $ 11,500,657 $ 6,765,497 $ 1,390,000 $ 1,614,180 $ 3,004,180 2.25 1995 $ 20,781,235 $ 13,187,048 $ 7,594,187 $ 1,470,000 $ 1,661,174 $ 3,131,174 2.43 1996 $ 22,842,549 $ 14,750,009 $ 8,092,540 $ 1,710,000 $ 1,603,846 $ 3,313,846 2.44 GOLF COURSE REVENUE BONDS (c): 1994 $ 1,319,025 $ 561,028 $ 757,997 $ 227,573 $ 191,761 $ 419,334 1.81 1995 $ 1,483,959 $ 767,283 $ 716,676 $ 227,573 $ 193,554 $ 421,127 1.70 1996 $ 2,051,608 $ 1,076,030 $ 975,578 $ 244,233 $ 187,288 $ 431,521 2.26 (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 1.5 times the average annual debt service for Water and Sewer revenue bonds. The Golf System revenue bonds coverage requirement is at ' least 1.25 times that of respective calendar year's annual debt service, (c) Golf System Revenue Bonds were issued July 1, 1994. Source: City of Renton Finance Department. 112 City of Renton 1996 CAFR " TABLE 9: CITY OF RENTON 1994, 1995, AND 1996 RETAIL SALES BY SOURCE Changing Sales Tax Composition , (1994 vs 1996 Other Finance Transportation/Utilities 0.59% ' i Manufacturing -0.65% Food and Restaurants 0.60% Wholesale i 1.069/1. 1.22% General Retailing 1.25% Construction 1.82% Services Auto Dealers -2.25% -1.50% -0.75% 0.00% 0.75% 1.50% Bi-Annual Percent Change iW r 1994 1995 1996 SOURCE AMOUNT % AMOUNT % AMOUNT % Auto Dealers $236,961,792 20.94% $253,284,313 20.41% $291,362,550 21.39% Services 236,880,666 20.94% 241,635,889 19.47% 260,423,165 19.12% Construction 180,473,006 15.95% 198,736,301 16.01% 200,286,873 14.70% General Retailing 139,100,163 12.30% 164,315,072 13.24% 184,055,462 13.51% Wholesale 127,984,865 11.31% 140,998,453 11.36% 168,589,517 12.38% Food and Restaurants 89,167,591 7.88% 95,767,828 7.72% 115,517,644 8.48% Manufacturing 66,049,495 5.84% 77,867,860 6.27% 70,637,260 5.19% y Transportation/Utilities 39,442,142 3.49% 53,667,875 4.32% 55,563,899 4.08% Finance 9,325,745 0.82% 9,364,771 0.75% 9,872,825 0.72% Other 5,968,206 0.53% 5,469,554 0.44% 5,892,122 0.43% ■ TOTALS $1,131,353,671 100.00% $1,247,107,9.1.16 100.0096 $1,363201',3:17 1"0000%: Source: City of Renton Finance Department 113 City of Renton 3996 CAFR TABLE 10: LARGEST TAXPAYERS BASED ON ASSESSED VALUATION AND PRINCIPAL EMPLOYERS 1996 REAL PROPERTY PERCENT OF ASSESSED ASSESSED TAXPAYER TYPE OF BUSINESS VALUATION VALUATION The Boeing Company Aerospace & Computer Services $ 691,425,528 19.15% Puget Sound Power& Light Electric Utility 85,157,098 2.36% PACCAR Heavy Manufacturing 81,250,522 2.25% Pacific NW Group Office Warehouse 42,231,900 1.17% US West Telephone Utility 36,512,282 1.01% Renton Village Assoc. Shopping Center 23,075,400 0.64% Fred Meyer Retail- Miscellaneous 21,859,225 0.61% Rosche One Interests Property Development 20,530,200 0.57% Sunpointe Associates Ltd. Property Development 15,333,300 0.42% Blackner J V L L C Property Development 13,770,300 0.38% Total Assessed Valuation- Largest Taxpayers $ 1,031,145,755 28.56% Total Assessed Valuation-All Others 2,579,504,192 71.44% Total Assessed Valuation $ 3,610,649,947 100:00% ' 1996 NUMBER OF PERCENT OF PRINCIPAL EMPLOYERS TYPE OF,BUSINESS EMPLOYEES EMPLOYEES ............................... The Boeing Company Aerospace & Computer Services 16,731 45.48% Pacific Car & Foundry Heavy Manufacturing 1,477 4.01% Valley Medical Center Medical Services 1,346 3.66% Federal Aviation Administration Federal Government 1,114 3.03% Renton School District Public Education 645 1.75% Multiple Zones International Computer Hardware/Software Catalog Retail 642 1.75% City of Renton City Government 637 1.73% Aim Aviation Air Transportation Services 403 1.10% Sound Ford Automobile Dealership 313 0.85% Wizards of the Coast Retail- Miscellaneous 295 0.80% Total Number of Employees- Principal Employers 23,603 64.16% Total Number of Employees-All Other Employers 13,186 35.84% Total,Employees Woking Within Renton '; 36,789 100;00%" Source: Assessed Valuation: King County Department of Assessments. Assessed Valuation for Largest Taxpayer: King County Department of Assessments, both real and personal prop assessment where applicable. Number of Employees: City of Renton Business License Records, based on fourth quarter information. 114 City of Renton 1996 CAFR ' TABLE 1 1: CONSTRUCTION AND BANK DEPOSITS - LAST TEN FISCAL YEARS Ten Year Construction Permit Valuation Trend $240 ' M $210 ' i $180 . . n k $150 s *;�,� , "' � o $120 U - f AA - 210- D 10 D $90 o 150 8 r 144.5 `u $60 � - � 121.7 I 100.2 98 4 a 80.2 p - r $30 s s F $O 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 • COMMERCIAL RESIDENTIAL OTHER CONSTRUCTION CONSTRUCTION CONSTRUCTION TOTAL FISCAL NO. OF DOLLAR NO. OF DOLLAR NO. OF DOLLAR TOTAL CONSTRUCTION BANK YEAR PERMITS VALUE PERMITS VALUE PERMITS VALUE PERMITS VALUE DEPOSITS 1987 300 $ 22,780,183 485 $ 31,533,133 2,195 $ 25,858,586 2,980 $ 80,171,902 $ 623,806,785 1988 267 $ 82,071,089 367 $ 22,580,043 2,501 $ 46,138,173 3,135 $ 150,789,305 $ 653,566,247 1989 381 $ 50,116,503 404 $ 20,087,755 3,030 $ 29,945,417 3,815 $ 100,199,678 $ 660,210,406 1990 486 $ 58,447,140 376 $ 41,611,035 3,000 $ 44,510,780 3,862 $ 144,568,955 $ 693,220,920 1991 456 $ 92,051,058 228 $ 11,398,725 3,056 $ 70,416,364 3,740 $ 173,866,147 $ 762,933,117 1992 463 $ 123,880,681 203 $ 11,390,193 2,860 $ 75,229,812 3,526 $ 210,500,686 $ 801,079,773 1993 469 $ 28,616,096 141 $ 8,136,327 2,954 $ 61,633,205 3,564 $ 98,385,628 $ 833,122,963 1994 123 $ 28,910,641 128 $ 13,465,879 2,978 $ 99,752,007 3,229 $ 142,128,527 $ 842,563,479 1995 127 $ 20,533,293 161 $ 25,139,210 3,088 $ 76,041,009 3,376 $ 121,713,512 $ N/A 1996 323 $ 63,798,835 1 326 $ 31,075,951 2,897 $ 38,652,998 3,546 $ 133,527,784 $ N/A ., Source: Construction permits and values-City of Renton Building Department. Bank Deposits-Greater Renton Chamber of Commerce. Note: Starting in 1994, commercial and residential construction includes building and demolition permits only. Other construction also includes plumbing, electrical, mechanical, sign and other permits. 115 City of Renton 1996 CAFR TABLE 12: DEMOGRAPHIC STATISTICS - LAST TEN FISCAL YEARS Ten Year Population Trends P 0 50.0 P U .: a 40.0 t f 0 n 30.0 i r n 43.o 43.1 43.5 ".0 9 45.2 20.0 38.5 39.3 T 35.4 38.9 h o i u 10.0 s n n d 0.0 S 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 PER FISCAL CAPITA MEDIAN SCHOOL UNEMPLOYMENT YEAR POPULATION INCOME AGE ENROLLMENT RATE 1987 35,360 19,427 33.40 11,950 5.70% 1988 36,940 20,624 33.80 11,855 4.60% 1989 38,480 22,010 34.10 11,902 4.40% 1990 39,340 16,298 32.00 11,823 3.30% 1991 43,000 N/A N/A 11,679 4.60% 1992 43,090 N/A N/A 11,954 5.60% 1993 43,470 N/A N/A 11,988 6.30% 1994 43,970 N/A N/A 11,984 4.90% 1995 44,890 N/A N/A 12,173 5.70% 1996 45,170 N/A N/A 12,333 5.40% Source Population-State of Washington Office of Program Planning and Fiscal Management Per Capita Income -Puget Sound Council of Governments Median Age-Office of Financial Management School Enrollment- Renton School District 403 Unemployment Rate- Employment Security, Labor Market and Economic Analysis Department 116 City of Renton 1996 CAFR TABLE 13: MISCELLANEOUS STATISTICS ' WASHINGTON STATE ' British Columbia ' _-- r oEverett Seattle Spokane o 'Renton Idaho ®Olympia Oregon DATE OF INCORPORATION...........................................September 6,1901 TRAFFIC SIGNALS FORM OF GOVERNMENT....................................................Mayor-Council Number of Signalized Intersections........................................................95 TYPE OF GOVERNMENT.........................................Non-Charter,Code City LOCATION..............................................................11 Miles South of Seattle STREETS LAND AREA.....................................................................16.52 Square Miles Miles of Streets and alleys...............................................................191.81 RANK IN SIZE-STATE OF WASHINGTON...............................................14 RANK IN SIZE-KING COUNTY...................................................................6 UTILITY SERVICES POPULATION(Official April,1995)......................................................45,170 Water: ASSESSED VALUATION.........................................................3,610,647.947 Total Customers...............................................................................12,959 CITY EMPLOYEES(All Full Time Equivalents/FTE)..............................636.8 Total Gallons of Water Produced.........................................2,898,759,984 Number of Fire Hydrants....................................................................2,697 Miles of Water Main.........................................................................237.31 ELECTION&VOTER REGISTRATION Number of Precincts................................................................................69 Sanitary Sewer: Number of Registered Voters...........................................................25,572 Total Customers...............................................................................10,873 ... FIRE PROTECTION Fire Rating(Washington Survey and Rating Bureau)................................4 Storm Drainage: Number of Commissioned Fire Fighting Personnel.................................97 Number of Accounts.........................................................................11,368 Number of Stations(includes Dist#25).....................................................4 Miles of Storm Sewers.....................................................................168.92 Total Fire Loss...........................................................................$1,349,139 Number of Life Support Responses....................................................5,163 LICENSE&PERMITS AllOther Responses...........................................................................2,397 Business Licenses.............................................................................3,927 Total Number of Responses...............................................................7,560 Amusement and Special Permits..........................................................270 Animal Licenses(Dog and Cat).........................................................3,175 POLICE PROTECTION Number of Commissioned Police Personnel...........................................86 AIRPORT Number of Calls for Services............................................................49,645 Area in acres....................................................................................167.21 Total Crimes Reported(Class I,II,III)................................................9,504 Feet of Asphaltic Concrete Runway...................................................5,379 ..� Traffic Accidents Investigated.............................................................1,808 Total Operations.............................................................................105,737 All Other Traffic Violations................................................................10,924 LIBRARY PARKS&RECREATION Libraries(Main and Highlands Branch).....................................................2 Total Acreage.....................................................................................1,143 Total Registered Borrowers.............................................................10,846 Number of Parks and Playgrounds..........................................................25 Total Circulation.............................................................................277,441 117 i i i i i