HomeMy WebLinkAbout2005 ACFR COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF PASCO, WASHINGTON
FOR THE FISCAL YEAR ENDED
DECEMBER 31 , 2005
7 OF
crn
PASCO
Prepared by the
Administrative and Community Services Department
Stanley R. Strebel, Director
James W. Chase, Finance Manager
CITY OF PASCO
TABLE OF CONTENTS
Year Ended December 31, 2005
INTRODUCTORY SECTION
Letterof Transmittal ............................................................................................................. 1
Directoryof City Officials ............................................................................................................. 10
Directoryof Management Team ................................................................................................. 11
OrganizationalChart ............................................................................................................. 12
FINANCIAL SECTION
Independent Auditor's Report on Financial Statements .............................................. 13
Management's Discussion and Analysis .................................................................................... 19
Basic Financial Statements
Government Wide Financial Statements
Statement of Net Assets - Governmental and Business-Type Activities .......... 34
Statement of Activities - Governmental and Business-Type Activities .......... 36
Fund Financial Statements
Balance Sheet and Reconciliation of the Balance Sheet to the Statement
of Net Assets - Governmental Funds ........................................................... 39
Statement of Revenues, Expenses and Changes in Fund Balances -
Governmental Funds .................................................................................... 41
Reconciliation of the Statement of Revenues, Expenses and Changes in
Fund Balances to the Statement of Activities - Governmental Funds ....... 43
Statement of Revenues, Expenses and Changes in Fund Balances - Budget and
Actual Comparison - General Fund ............................................................ 45
Statement of Revenues, Expenses and Changes in Fund Balances - Budget and
Actual Comparison - Arterial Street Fund......................................................... 46
Statement of Net Assets - Proprietary Funds ............................................... 47
Statement of Revenues, Expenses and Changes in Net Assets - Proprietary
Funds .......................................................................................................................... 49
Statement of Revenues, Expenses and Changes in Net Assets in Detail -
ProprietaryFunds ................................................................................................. 50
Statement of Cash Flows - Proprietary Funds ................................................ 51
Statement of Net Assets - Fiduciary Funds ............................................................ 53
Statement of Changes in Fiduciary Net Assets ................................................ 54
Notes to Financial Statements ................................................................................................. 55
Required Supplemental Information
Combining and Individual Fund Statements and Schedules
Combining Balance Sheet - Nonmajor Governmental Funds .................................... 93
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances - Nonmajor Governmental Funds ............................................................ 102
Statement of Revenues, Expenses and Changes in Fund Balances - Budget and
Actual Comparison - Nonmajor Special Revenue Governmental Funds ......... 109
Combining Statement of Net Assets - Internal Service Funds .................................. 131
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CITY OF PASCO
TABLE OF CONTENTS
Year Ended December 31, 2005
Combining Statement of Revenues, Expenditures, and Changes in Fund Net
Assets - Internal Service Funds ..................................................................... 133
Combining Statement of Cash Flows - Internal Service Funds ...................... 135
Schedule of Operations - Budget to Actual - Internal Service Funds .......... 137
Schedule of Operations - Budget to Actual - Water/Sewer Fund ..................... 143
Additional Information
Schedule of Real and Personal Property Taxes ....................................................................... 145
Schedule of Long-Term Debt - L.I.D. Assessments ........................................................... 146
Schedule of Long-Term Debt - General Obligation and Revenue ................................. 148
Schedule of Computation of Legal Debt Margin ........................................................... 150
Schedule of Operation of Investments - All Funds ........................................................... 151
Schedule of Cash and Investments .................................................................................... 152
Schedule of Short Term Interest Bearing Debt ........................................................................ 152
Schedule of Contributions for Employee Benefits ............................................................. 152
Schedule of Expenditures of Federal Awards Et State and Local Financial
Assistance ......................................................................................................................... 153
Notes to Schedule of Expenditures of Federal Awards Et State and Local
Financial Assistance .................................................................................... 155
Schedule of Labor Relations Consultants ........................................................................ 156
STATISTICAL SECTION
Statistical Information
Table 1 General Government Revenues by Source and General
Governmental Expenditures by Functions ............................................... 158
Table 2 Property Tax Levies and Collections ................................................ 160
Table 3 Assessed Actual Values of Taxable Property ............................................... 162
Table 4 Property Tax Rates - Computation of Direct and Overlapping
Government ............................................................................................................. 164
Table 5 Special Assessment Collections ....................................................................... 166
Table 6 Ratio of Net General Bonded Debt to Assessed Value and
Bonded Debt Per Capita ..................................................................................... 167
Table 7 Computation of Legal Debt Margin ................................................................ 168
Table 8 Ratio of Annual Debt Service for General Bonded Debt to
Total General Expenditures ........................................................................ 169
Table 9 Revenue Bond Coverage - Water/Sewer .............................................. 170
Table 10 Demographic Statistics ..................................................................................... 171
Table 11 New Construction, Bank Deposits and Property Value ................................ 172
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May 26, 2006
Honorable Mayor and Members of the City Council
City of Pasco, Washington
We are pleased to submit the Comprehensive Annual Financial
Report (CAFR) of the City of Pasco for the year ended December 31 ,
2005. The report was prepared by the Administrative and
Community Services Department, which assumes full responsibility
for both the accuracy of the presented data and the completeness
and fairness of the presentation, including all disclosures. We
believe the data, as presented, is accurate in all material aspects;
that it is presented in a manner designed to fairly set forth the
financial position and results of operations of the City as measured
by the financial activity of its various funds; and all disclosures
necessary to enable the reader to gain the maximum understanding
of the City's financial affairs have been included.
This CAFR has been prepared to comply with the current standards
for governmental accounting set forth by the Governmental
Accounting Standards Board (GASB) and its predecessor, the
National Council on Governmental Accounting (NCGA), the
recognized authorities on generally accepted accounting principles
applicable to governmental accounting.
THE REPORT FORMAT
With the December 31 , 2005 financial statements, the City is
implementing the third year of GASB 34 reporting requirements,
which represent a dramatic change from past governmental
financial reporting. The format and purpose of these changes are
addressed in the Management Discussion and Analysis. Additionally,
the notes to the financial statements are designed to discuss the
change and explain the effects and results of these changes.
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The CAFR is presented in three sections: introduction, financial, and
statistical.
1 . Introductory Section - This section introduces the reader to
the report, and includes the transmittal letter, the City
Organization Chart and a list of City officials.
2. Financial Section - This section includes the Management
Discussion and Analysis, Government-wide Financial
Statements, Fund Financial Statements, Notes to the Financial
Statements and Other Required Supplemental Information.
3. Statistical Section - This section presents some non-accounting
data, with comparisons covering more than two fiscal years,
and is designed to reflect social and economic data, financial
trends and fiscal capacity of the City. Although this section
contains substantial financial information, these tables may
differ from the financial statements.
This report includes all funds and agencies that are controlled by, or
dependent on, the city's administrative and legislative authority.
THE REPORTING ENTITY AND ITS SERVICES
The City of Pasco is located in south central Washington (Franklin
County) in the Mid-Columbia region of the Pacific Northwest. The
City encompasses approximately 31 square miles. Pasco serves as
the Franklin County seat and is the largest city in the County.
Pasco and the neighboring cities of Richland and Kennewick, which
are located in Benton County, make up the Tri-Cities Metropolitan
Area, the fourth largest urban area in Washington State. The 2000
census population of Pasco was 32,066, while the Tri-Cities
Metropolitan Area population was approximately 186,600. The 2005
Tri-Cities Metropolitan Area population was approximately 221 ,935
and Pasco's estimated population was 44,190. This represents a
37.8% growth rate in Pasco's population since the 2000 census.
Initially established in 1884, the City was incorporated in 1891 , and
has operated under the State laws applicable to a code city with a
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Council/Manager form of government since May 5, 1964. The City
Manager is appointed by the City Council and is responsible to the
City Council for the proper administration of all City operations.
Council members are elected for four year overlapping terms
through citywide elections. The City Council is comprised of seven
members, one of which is selected by the members to serve as
Mayor for a two-year term. Council members are part-time elected
officials who exercise legislative authority and determine matters of
policy for the City.
The City is a general-purpose government and provides the full
range of municipal services authorized by State law. These services
include police and fire protection, ambulance service, parks and
recreation activities, street maintenance and construction, planning
and zoning and general administrative services. The City owns and
operates a water/sewer system and a cemetery. The City also owns
a championship golf course and a baseball stadium that are leased
to independent operators.
SUMMARY OF PAST ECONOMIC DEVELOPMENT
The City's economy is directly based on agriculture and related food
processing and transportation. Farmland comprises the majority of
the County's land area. The County has an estimated total farm
acreage of 492,000, comprised of 242,000 irrigated acres and
250,000 dry land acres. Portions of the County lie within one of the
world's largest irrigation districts, the U.S. Bureau of Reclamation's
Columbia Basin Irrigation Project. In the early 1940's Congress
authorized a plan to provide for irrigation of over 1 million acres in
the Columbia Basin region of Washington State. Construction of the
Irrigation Project began in 1946. The Grand Coulee Dam is the only
source of both water and hydroelectric power for the Project.
With the growth in farm production due to the Irrigation Project,
food processing has become a major factor in the area's economy.
The Pasco Processing Center (the "Center"), a 240-acre industrial
park designed for the food processing industry, was constructed in
1995. The Center provides food processors the unique advantage of
handling wastewater disposal via the City's industrial wastewater
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system, which has additional capacity for growth. The Center was
developed jointly by the City, Port of Pasco and Franklin County
Public Utility District. This system pumps the wastewater into huge
storage ponds, which is sprayed onto crops for disposal. These
storage ponds allow processors to operate year round. Since
completion, several large food processors have built plants that
utilize this facility. J.R. Simplot Food Group opened a $32 million
frozen vegetable processing plant at the Center in 1995 employing
250 full time employees with 500 more during peak seasons.
Americold constructed an $8 million freezing facility that employs
100 full time workers. Twin City Foods completed construction on
its $20 million frozen corn processing plant at the Center in 1998
and employs approximately 100 full time workers with 200 more
during peak seasons. Reser's Fine Foods completed construction of
a $15 million potato processing plant in 1998 that employs between
75 and 100 full time workers. The other major food processor in
the area, Lamb Weston, operates a french fry processing plant
employing about 700 workers. In 2000, Fluor Daniel Hanford
constructed a new "shell" building at the Center, which will be
customized for a future food processing tenant and is expected to
generate another 100 jobs.
The major reason for the rapid growth of the Tri-Cities in the 1970's
was the expansion of the Hanford Nuclear Reservation, which has
evolved into one of the largest nuclear industrial centers in the
United States. Located in Benton County, the Hanford Reservation
encompasses approximately 560 square miles and contains various
nuclear and nuclear-related projects, serving as a national energy
resource center. Today, the focus is on energy research,
environmental remediation/waste management and related
technology. A 40-year Tri-Party Agreement was signed by the U.S.
Department of Energy, the State and the U.S. Environmental
Protection Agency, which established a plan to "cleanup" the
environment of the Hanford Reservation. The overall plan is
intended to improve radioactive and chemical waste disposal and to
manage future waste generated at the site.
The commitment to tourism as a means of economic diversification
has been a combined effort of the public and private sectors. In
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1994, a professional minor league baseball stadium was built. The
stadium seats 4,000 and includes a parking lot for 1 ,000
automobiles. The stadium is currently leased to Northwest Baseball
Ventures I, LLC, owners of the Tri-City Dust Devils and an affiliate
of the Colorado Rockies of Major League Baseball. In 1995, a $9.5
million Trade Recreation Agriculture Center (TRAC) was built
through a joint venture between the City of Pasco and Franklin
County. TRAC includes a rodeo and livestock arena, exhibition hall,
meeting rooms, a concession area, and administrative offices.
Additionally, an adjoining 15-field soccer complex occupying 45
acres was developed in 1995 and shares the stadium parking lot.
The complex is the State's second largest and has become a popular
location for tournament play. In 2000, the City completed
construction of a $3.5 million six field softball complex in the TRAC
area. The City added lights to the softball fields in 2002. The push
for additional tourism continues. A Pavilion was constructed at the
TRAC facility that adds an ice rink and additional rental space; and
in 2001 , the City owned Sun Willows Golf Course Clubhouse was
completely renovated with the irrigation system completely
replaced in 2003.
SUMMARY OF CURRENT AND FUTURE ECONOMIC OUTLOOK
The economy both nationally and locally has been a major news
topic for the past several years. Incidents that have negatively
impacted the economy are: the slowdown in the economy
particularly in the manufacturing sector; inflation and interest rate
increases, corporate bankruptcies, layoffs and relocations; the War
on Terrorism; and soaring energy prices, particularly gasoline.
Bechtel National, Inc. and CH2M Hill Hanford Group, Inc. are in
charge of designing and building two plants to start vitrifying
Hanford's radioactive tank wastes into glass logs. The first glass
logs are scheduled to be produced in 2007. Bechtel's contract with
the Department of Energy (DOE) calls for the plants' shakedown
phase to be completed and operating at full capacity by 2011 . Ten
percent of this highly radioactive waste is targeted to be glassified
by 2018. The Hanford Glassification Contract with Bechtel is a long
term DOE Project that is anticipated to bring in up to 4,000
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construction jobs between 2002 and 2006. An additional 2,000
white-collar employees were expected to be hired during the design
phase starting in 2002. This should be reduced to approx. 1 ,100 by
2005. The number of white-collar jobs should remain steady until
2009 when it is expected to shrink to the number of engineers and
operators needed to run the plants on a regular basis.
The arrival of these new workers and others has created a strong
real estate market in the Tri-Cities. It is estimated that more than
2,000 apartments and 2,000 homes will be needed for newcomers.
According to a recent report commissioned by the Hanford
Communities to study the impact of the new plants, approximately
12% of newcomers are expected to make Pasco their new home.
Franklin County, in which Pasco is located, is currently the fastest
growing area in Washington State. Franklin County was the 4th
highest county in the state in agricultural sales in 2004. In 2005,
Pasco continued its positive growth trend. Residential home, retail
business and professional office construction have continued to be
strong, with a high concentration of new growth taking place in the
Highway 1-182 and Road 68 area. Wal-Mart has recently opened a
super center store; Lowe's has begun construction of a home
improvement store; and planning has begun for a 12-screen theater
complex. New restaurants and other service businesses have opened
to serve the residential growth in the surrounding area. Planning
and land purchases have been made for an additional high school
and an additional elementary to be built to accommodate
population growth. These new businesses will provide additional
jobs to Pasco job market.
In 2005, the City issued a total of 2,445 Building Permits
representing over $226 million in construction costs. Of the total
permits, 1 ,008 were for new single-family residences and equates to
$164 million in valuation. The average home price in Pasco was
$137,572 in 2005, with a median home price of $132,738.
MAJOR INITIATIVES
Economic development, infrastructure improvements and continued
improvement of the quality of life for its residents are the main
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emphasis of the City Council during the next two years. The City
Council's 2006/2007 objectives are outlined in the following fifteen
goals:
• State Infrastructure - Work with state legislative
representatives to obtain the financial assistance necessary to
improve traffic flow at Broadmoor Blvd. interchange and
construct a pedestrian overpass of SR395 at Court Street.
• Industrial Development - Work with the Port and other
entities to foster more industrial development, focusing
efforts in the following geographic areas: Sacajawea
Industrial Park; Broadmoor Interchange; and Foster
Wells/SR395.
• Chiawana Park - Determine an appropriate means of making
the federally-owned park available for public use without
harming the City's ability to sustain existing municipal
service levels.
• Sewer Extension Program - Extend the municipal sewer
system to un-served portions of the City and improve
affected streets, providing for recovery of the cost over
time as adjacent properties choose to connect to the sewer
system.
• Lewis Street Overpass - Work diligently to obtain federal
and state assistance to construct the overpass as soon as is
practicable.
• Aquatic Facilities Action Plan - Develop and adopt an
aquatic recreation action plan which will define what to do
with the existing pools and how best to fulfill the aquatic
facilities needs of Pasco's citizens.
• Communication Program - Expand the traditional
communication program to include full utilization of cable
television's government access channel, providing pertinent
local government information to Pasco citizens.
• Internet Access Center - Create, as a pilot project, an
"internet access center" to expand opportunity for internet
access in the East Pasco neighborhood and evaluate the
project's effectiveness for possible replication in other
neighborhoods of the City.
• Rivershore Trail - Complete the regional rivershore trail on
the Pasco side of the river, thereby linking Sacajawea State
Park and Chiawana Park via the trail.
• City Website - Redesign the website to reflect a
contemporary style and take advantage of "portal"
technologies.
• Downtown Revitalization - Continue to work collaboratively
with downtown business interests to generate the necessary
consensus and support for continued (and enhanced)
downtown revitalization.
• Municipal Center Space Needs - Develop a contemporary
analysis of the work space needed to efficiently and
effectively accommodate the projected growth of municipal
service functions and associated employees over the next 20
years.
• "Regional Centers" Plan - Work collaboratively with
neighboring cities to jointly plan for development of
"regional centers" through the existing PFDs.
• Neighborhood Improvement Action Program - Work with
individual neighborhoods to define appropriate
improvements, foster code compliance and improvement of
neighborhood infrastructure, while minimizing adverse
impact on low-income households.
• Bikeway Policy - Adopt a definitive policy to express where,
how and to the extent to which, the City will provide for
bicycle use on public ways.
RISK MANAGEMENT
The City has an active Risk Management Program that utilizes a
combination of in-house staff and third party administrators to
manage the City's Risk Programs. The City utilizes self-insurance in
several areas. The Medical-Dental Fund receives revenues from
other funds based on the medical/dental premiums contributed by
the City for each full time employee. Medical and dental claims are
paid from this fund along with administrative costs to The Epoch
Group, LLC, a third party administrator. The City also reimburses
the State of Washington Department of Employment Security for
unemployment claims paid.
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ACKNOWLEDGEMENTS
The preparation of this report on a timely basis was made possible
by the dedicated service of the professional accounting staff of the
Administrative and Community Services Department. We wish to
express our appreciation to these staff members for their
contributions to the development of this report.
In closing, we would like to thank the members of the City Council
for their leadership and support in planning and conducting the
financial affairs of the City in a responsible and progressive manner.
Resp ull rnitte ,
r ru chfie , Stanley R trebel, Directe
ity ManagLbr Administrative and Community
Services
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DIRECTORY OF CITY OFFICIALS
As of December 31 , 2005
LENGTH OF TERM
ELECTED OFFICIALS SERVICE EXPIRES
MAYOR
Michael Garrison 18 12/31/09
COUNCILMEMBERS
Eileen Crawford 5 12/31 /05
Rebecca M. Francik, Mayor Pro Tern 9 12/31/07
Robert Hoffman 1 12/31/09
Joe Jackson 16 12/31/07
Tom Larsen 5 12/31 /09
Matt Watkins 2 12/31/07
LENGTH IN YEARS OF
ADMINISTRATIVE OFFICIALS POSITION SERVICE
CITY MANAGER
Gary D. Crutchfield 21 27
PUBLIC WORKS DIRECTOR
Robert J. Alberts 11 11
ADMISTRATIVE Ft COMMUNITY SERVICES DIRECTOR
Stanley R. Strebel 7 7
COMMUNITY DEVELOPMENT DIRECTOR
Richard J. Smith 11 11
FIRE CHIEF
Gregory L. Garcia 11 11
POLICE CHIEF
Denis W. Austin 10 10
MUNICIPAL COURT JUDGE
Mary B. Ramirez 19 19
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MANAGEMENT TEAM
As of December 31 , 2005
City Manager
Gary Crutchfield, City Manager
Lynne Jackson, Personnel Manager
Administrative and Community Services
Stanley R. Strebel, Director
James W. Chase, Financial Services Manager
Webster Jackson, Administrative Services Manager
Sarita Cooper, Customer Service/Utility Billing Supervisor
Marjorie J. Worden, Information Services Manager
Paul Whitemarsh, Recreation Services Manager
Robert Brawley, Facilities Manager
Community Development
Richard J. Smith, Director
Michel Nickolds, Inspection Services Manager
Fire
Gregory L. Garcia, Fire Chief
John Fifer, Assistant Fire Chief
Municipal Court
Mary B. Ramirez, Judge
Dorothy R. French, Court Administrator
Police
Denis W. Austin, Chief
Michael D. Aldridge, Captain -Administration
James Raymond, Captain - ISD
Ken Roske, Captain - Patrol
Public Works
Robert J. Alberts, Director
Doug Bramlette, City Engineer
Reuel Klempel, Plant Division Manager
Jesse U. Greenough, Field Division Manager
Guy Sundvik, Assistant Field Division Manager
II
CITY OF PASCO
2005 ORGANIZATION CHART
PASCO
CITY
COUNCIL
CITY MANAGER
PERSONNEL EXECUTIVE
MANAGER SUPPORT
STAFF
MUNICIPAL COMMUNITY
COURT & ECONOMIC
JUDGE DEVELOPMENT
DIRCTOR
POLICE FIRE
CHIEF CHIEF
PUBLIC ADMINISTRATIVE
WORKS/ & COMMUNITY
ENGINEERING SERVICES
DIRECTOR DIRECTOR
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WATER/WW UTILITY/ ADMIN. SVCS. MUNICIPAL
TREATMENT STREET MANAGER/ PROSECUTING
PLANT DIV. MAINTENANCE CITY CLERK ATTORNEY
MANAGER FIELD DIV MGR
INFORMATION FINANCIAL
SERVICES SERVICES
MANAGER MANAGER
RECREATION FACILITIES
SERVICES DIVISION
MANAGER MANAGER
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Independent Auditor's Report on Internal
Control over Financial Reporting and on
Compliance and Other Matters In Accordance
with Government Auditing Standards
City of Pasco
Franklin County
January 1, 2005 through December 31.2005
htafor avid City Council
City of Pysco
Pu*(xi,Washington
We have audi*ec the financial Statements of the govemmantal aclivues.the business-type activities,m0i
major fund and the aggroyale rema nina fund inbrtration of the :rty of Pasco. Franklin County.
Waghingtnn, as of and for he your ended December 31, 2005. which o>lle-;tively comprise the City's
basic fnancsal sttterrrentc,i-nrl have jarred our report thereon datud December 21.2403. The prior year
p3r6sl comparative informaton has been derived from the City's 70U 4nanc.ial ctatement4 that wa issued
our report thereon datod November 11,2005.
We conducted our audit in atx danmz wibr auditing standards jene-alfr accepted in die United Sw-.c3 of
Arrencs and the standards applicable to the fmanual audits t;uiiW ivJ irr Guvemn*nt Auditing
Sfendartds,issued by the Comptroller Ceneral of the United States.
INTERNAL CONTROL OVER FINANCIAL REPORTING
In planning and performing;)un aWd,we utx rr iileied the City's internal control over financrel reporting in
orcer to determine cur auditing VoCedurtes for the purpose of oxprossirrg utr ul intunen on the financal
statements and not to provico a1 opinion on tre internal control ovor financial repo irig.
Our consideration of the int"oontrCl over financial reporting would rot necessarily dispose a I matters
in thp internal centrd that migh:be material weaknesses. P.maltxal weakne3s i3 a reportable contrition
In which the design or rr+eralinn M one or more of the internal control compotents does not reduce to a
reletivoly lour Icvcl Bic risk that rlestatements caused by err3r cr fraud In amounts that would be marar al
in retation to the financier sbstemenb being audited may occur and not be detected within a timely pariod
by emotupt V.%irr.hc r+urlrrat eo.rse of performing their aasi9ned functions. We nored w motler3 involving
internal oonuol over•Inanclar re-orang and its trduf;Ljliun Ura;wit:wnsidee tc be manorial 1kvcakncss-es.
COMPLIANCE AND OTHER MATTERS
As part cf obtaining rcaro-%rbte oeei ranee about whether the City's frranclal statements are free of
material misstatement, we performed teats of the City'3 compliance with certain pro,isiDne of lays,
regulations,oontracls and grant agreements.nomomph4ucu with vtrittrr ux,ld have a direct and material
effect on the determination of financial statemert amounts. Hvuever, me obrectve of our audit of Me
financial statamcrtt_ was not to provide an cpinon on ovsral comGhance wan these provisions.
AccoMingty,we do rot cxpiess such a'1 opinion.
iN�.tiirrCo r Stale AW tore Me
13
The reaults of our tosto ct*d[Y:od no inclancee of norcomplianca or other marers that are mquimd In hn
ie+µxted herein under Govemrnenr AudNing Srondords. However.we noted oartsin rrattera that wo have
reported to the rnarwycnn;ul of i<iE City in a soparate otter dairc Ocoetnbe,21.2008
This report is intended for the information and use o'management the Mayor and City C.Wmi, 1`110110+1
awarding agencios and pass-through entities. H-Noever. this report is a matter of public recora ano as
diwribulion is wt limited. It also serves to disseminate information tp the public as a repotting tool to help
citizens assess povr%mmrnt nprrations.
BRIAN SONKTAG.CGFM
STATE At inn I f R
Dcccmtxir 21 211115
Ah.-hrrglcn Slate A4r[ito'S-Mts
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Independent Auditor's Report on Compliance
with Requirements Applicable to its Major
Program and Internal Control over Compliance
in Accordance with OMB Circular A-133
City of Pasco
Franklin County
January 1. 2005 through December 31,2005
Mayor arc City C5urcil
City ur paekw
Pasco,Washington
COMPLIANCE
Wt: hoe itatfited the compliance of the City of Pa3:o,Franklin County,Nathington, with the types of
compll3nce requirements dcsuribed in the U.S.Office of Ma-vat er-,ant and Budget(C1.16)C;rcursrA 133
Compkence Sufpfemepf Vial are applicable to its nraur federal program for the ymv ended
December 31,2005. The City's major-ederal program is identffW In tre Federal Suronwry. Cu npdance
%viln tfle requirements of laws,fjgulations,contracts and grails 3pplica ile to its majtx federal program is
Lhe respoisibility of the City's mananement. Our responsbility Is to express an opinion on the City's
comrtnnre hosed on ou•audiL
We conducted our audit of compliance In 3ecordana?Kith a(Nliling standards generally accepted n the
Uriled Stales of Anerica: the standards applicable tc the finanaal audits contained in Govemment
AtaAN?g Standards,issued t,y the Comptroller C-cncral of the United Sux 3;and CMB Orcul3r A-133.
A(redfs of SYaras,Local Govemmervs,and Nov-Frurit OrparrkbGuuis. Tiose standards and OMB Circular
AA33 require that we plan end perform the audit to obtain reasonable assuiwis;v tiLuul whethor
noleompliance with the types cf complian:e requirements referred to above that could have a direct and
material effe t on a major federa program occurred. An audit includes examining, on a test 3asis.
nvidomce about the City's eomplisroe with those ruojirements and performing such other pmoeduies is
we consicered now%Anry in ihn circumstances. We believe that nr audit provides a-easonable basis fly.
our opinion. Our :u,dl: does not provid? a Ingril •,k-tPmimtinn on the City's compliance with those
rre4u4omonts
In our opi-tio:,the City com3lied,in all malvrial it pacts,wide to ncquirerranLs referred to above that cru
applicable to Its mal)r federal program for the year ended Decambe: 31,20,"5. Howevar,:ho results of
our aiditng procedures dsclosed an Instance of noAmnipl'ancu witn those requirements wlat;_r is
required to Do reported ii aceeldance with 41.411 Circular A-133 and which is described In tie
ac'impzn-inp SJ OdU'r of Feceral A.xli:findinp3 as Firiin3 1.
INTERNAL CONTROL OVER COMPLIANCE
The rranagemcr l el the City is resaorts 3lu Icf uattiGlsh nn and maintaining c7ecOve Intemai control tnt:i
compliance-with ruct,riremnts:if laws,regulations.conlrac:ms and grants app,icable'o tederal programs.
In planning and purformin0 our audit, we consdered the Ckos internal control over conpliance with
*equirements that crufd nave a direct and materal effea on a rrajo- fuderat pro:'am in order to
'Nstnlr(ton Veto Aatnrx'%Ctix
7
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determne our auditing pnoccclu-c-,for the purpoee of exprersing rwr oalnion on compliance nrut to tetst
wid ittp rl on Internal control over compliance in accordance with OMB Cireilar A-133.
Our consideration of the tntemai control over o7ntpliumx wuuld nut necessanly disclose all rmilters in the
internal centcl anal might be material weakn3sses. A malerat weakness is a cuiidiliutl nt which the
design or operatKin of One Or more of the internal:ontrol components does no:reduce to a relattvely lore
IPvel the risk t,at nor compliance with applicable rogt,irements of larms,regulations,contracts and grants
caused by error o•fr;#iA that wctitd he material in rolation to a majcr federal p•oprarn behp audited miry
oowr and not be delecled within a timely aerod by a&X)Inyee!s in tie normal course of peribrrring their
assigned functions. We noted no rratters invdving the mteerial control over compGanrn mid Its rpemtion
that we consider to ba material hveaknomoa.
I his report is intetdec for the Inforrnati(xi of ntuiiut)tmiut t,the Mayor and City Coundl,federal awarding
agencies and pass-tttrougn ensues. Hc%vovor,this report Is a matter of public rcwid tsKI its distribution s
not lirrited. II also serves to dissemirato inWmaticn to tree puolic as a roporting toof to help cifters
assess govornmoit operations.
—7
BRIAN SONNTAG,CGFM
STATE AUDITOR
Der,arnl:ctr 21,2006
awirigrri StaleAW Wee 01111O9
tl
16
Independent Auditor's Report on Financial
Statements
City of Pasco
Franklin County
January 1, 2005 through December 31, 2UU5
Mayor and City Council
City u,PVSUQ
Pasco,LVashtigton
We have audited the accormarnpng fln3ncmi statements of the govemmen al activities.the busiross-type
ac livitlet Para rrajo•fund and the aggregate remaininc fund infomiabon of the City cf Pasco,Franklin
Coanty,Washington,as of and(cur the year endr-d December 31,20115.which collectively comprisu the
City'c basic financial stalamcnts as I,sted cn p3ge 11. Thesp rinaneial Matemrhts are the responsibility of
the City's menagerrnt. Otr re:poneibility is to express opinicnts on these financial statements harsnd nn
uuc audit. The prior yea-parGa comparative nformaion has been denvec frcm the City's 2)04 financial
staterrenta and, in uui rein daad 4oNembcr 11, 2C05, we expressed uhqualificd opinions on the
respective finandal statements of the govemmohtal activites,the bu3iness-typo aclivilim,Muir major
fund a-d the aggregate remaining find information.
We rrMucted or.r audit in accordance with audit,g standards generally accepted in the UniWd Slates of
America and the standerrte applirable to financial a3dits Contained in Govemment Au itinyr SfarldWs.
Issued by the Comptroller General of the United States Thnsp standards require that we plan and
perfarrn the audit to obtain reasonable assurance abort whether the financial statements are fron of
rtitedal misstatement. An audit includes oxamining, on a Icat haae,evidence eupportng the amaurts
and declosums it tiro rn.dnuia!statements. An audit also includes assessing to acoo.rnting prinrplee
used and significant estin'ate3 made by managonent, as well as evaluating the uvemll frrranuial
ststernent presurtatiOn. We heieve that o.0 audit provides a reasonable basis for our opinions.
In onr opinioi. the financial sratementa referred to above present fairly, in a!I material respects, the
respective finandal firmcdtirn of the governmental activities.'he buFiness-type activities, sadh major fund
and the aggregate ramaining fund information ol Din City rf Pasrn,as&December 31,2305. and tie
respective changes In f nancis pceition and cash lbws, where avlicable, lhemnf,ar%l Ihr. mspertive
budgetary co-nparison far do Ccrcro and Arterial Street finds,hr the;rear than crcled,In confonrity
vAlh L;"uuntivcj liflnUples generally accepted in the United Etatea ofAmodra.
In accordance with Government Auddlag&anoaids,we have aso issuud our repon on our consideration
of the Cil)'s internal control over financial eporting and on our tests of its eompliave with certain
provisions of laws,mai!ations,cmtraels 3nd grant agreemarls arrd otter matters. The purpose of Thal
reporr is In desrihe the scope of our losting of intema co-trd over lnancial reporting and compliance
and to results of that testing.End not In rmvide,in npinirn on the internal control ov?r financial reponinp
or on oomplancce. "hat report is an integral part of an audt perfrrmerl ire arrorlan^e v6th Garemmsnf
ALV6'ag Siondaris and should be considarod In nrs&cetng the reauts of our a xlil.
Tlho management discussion and analysis on pages 12 through 22 is it-A t ie4uir-1 part of tho basic
frrzncol sta ements bA s supp,ementary intorrnaton required by the Governmental A:cointing
Slenderds Boarc. We have acplicd certain limited pmc>-du-es.%much consisted principally of inquiies of
menwoment regardiN the melhhuds of me2suretrent and presentation of the required supplementary
information Hntvever,the did not audit the cnform3tlon and express no opiiion on it.
,NOSMWO�Dn SGrr.:wiesrs Offx
F
17
Our audit was performed for the pu po:c cr formu►g cpinone on the financal statements that eolleccive y
ctxupiisc Mt.-CAys basic financal statements. The eceompanying Schedule of EvendAurea of Federal
A%yams is presen.ed ftx Iwlpu:5et;ur odelilunat analysis as required by U.S. Office of Mrncl®emcn.and
Budget Circular A-133. AWKS OT States, Local Gove.nrrnu&-, .md Man-Ph)Rt Organrza'1ons. This
schodule is net a required part cl the basic hnarxaal stalemunls. Such Intormatlon has buun uvUjec:lt:d Iv
Ufa auditing prooedures apolled in the audit of the basic fina•1e1al statements and,in our opinion.Is 1310y
clAln[t In all rrate'tal resoocts.in relation to the basic inanciJ statements t:+ken as a v&.o a.
BRIAN SONNTAG,CGFM
;IATF A(J:)ITOR
':joenlrabri Sudr.tud:m s Offix
1C
18
MANAGEMENT DISCUSSION AND ANALYSIS
Our discussion and analysis of the City of Pasco's financial performance
provides an overview of the City's financial activities for the fiscal year ended
December 31, 2005. It is designed to:
1. assist the reader in focusing on significant financial issues;
2. provide an overview of the City's financial activity;
3. identify changes in the City's financial position (its ability to address the
next and subsequent year challenges);
4. identify any material deviations from the financial plan, the adopted
budget; and
5. identify individual fund issues or concerns.
This year marks the second year that the City has presented its financial
statements under the new reporting model required by the Governmental
Accounting Standards Board's Statement No. 34 (GASB 34), Basic Financial
Statements - and Management's Discussion and Analysis (MDEtA) - for State and
Local Governments. This reporting model significantly changes both the
recording and presentation of financial data.
FINANCIAL INFORMATION
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements.
The City's government-wide financial statements have been prepared on the
full-accrual basis of accounting in conformity with generally accepted
accounting principles (GAAP). The City's fund financial statements for its
governmental group of funds (General, Special Revenue, Debt Service, and
Capital Projects) have been prepared on the modified accrual basis of
accounting in conformity with GAAP. The City's proprietary group of funds
(Enterprise and Internal Service) and its Fire Pension funds are accounted for
on the accrual basis.
Cities and Counties of the State of Washington must comply with the
Budgeting, Accounting and Reporting System (BARS) prescribed by the State
Auditors Office. State law also provides for annual independent audits by the
State Auditors Office and requires timely submission of annual financial reports
to their office for review.
Management of the City is responsible for establishing and maintaining an
internal control structure designed to ensure that the assets of the government
are protected from loss, theft or misuse and to ensure that adequate
accounting data is compiled to allow for the preparation of financial
statements in conformity with generally accepted accounting principles. The
19
internal control structure is designed to provide a reasonable assurance that
these objectives are met. The concept of reasonable assurance recognizes
that: (1) the cost of the control should not exceed the benefits likely to be
derived; and, (2) the valuation of costs and benefits requires estimates and
judgments by management.
The City maintains budgetary controls in order to ensure compliance with legal
provisions embodied in the annual appropriated budget approved by the City
Council. Activities of the General Fund, Special Revenue Funds, Debt Service
Funds, Capital Project Funds, Enterprise Funds, and Internal Service Funds are
included in the annual operating budget. A budget increase or decrease to a
fund must be authorized by the City Council while appropriation changes within
a fund may be authorized by the City Manager.
As demonstrated by the statements and schedules included in the financial
section of this report, the City continues to meet its responsibility for sound
financial management.
The notes to these financial statements contain a more detailed description of
significant governmental accounting policies.
FINANCIAL HIGHLIGHTS
• The Statement of Net Assets (See pages 34 Et 35), fiscal year December
31, 2005 ended with an Unrestricted Net Asset Balance of $15,365,596 in
Governmental Activities. These monies are intended to provide a
cushion against significant downturns in revenues and to maintain
sufficient working capital and cash flows to meet daily financial needs.
Other reserves have been designated by management to address annual
budget amendments, furniture and equipment replacement, major
building repairs, and future facilities.
• Also shown on the Statement of Net Assets is an Unrestricted Net Asset
Balance of $23,041,136 in the Business Activities category. These
monies are intended to provide a cushion against significant downturns
in revenues and to maintain sufficient working capital and cash flows to
meet daily financial needs. Other reserves have been designated by
management to address annual budget amendments, furniture and
equipment replacement, major facility repairs, system improvements
and future facilities. These reserves assist to minimize future debt.
• From the Statement of Activities (See pages 36 Et 37), General Revenues,
primarily from property, retail and other taxes were used to support the
following major activities:
20
a. $7,494,952 for General Government purposes - Administration,
Finance, City Council, and Facilities;
b. $620,544 for Judicial services - Municipal Courts;
c. $14,003,815 for Security of Persons and Property - Police, Fire,
Probation Services, Violations, and Protective Inspections;
d. $1,689,606 for Physical Environment - Engineering;
e. $933,784 for Economic Environment - Community Development;
f. $4,892,990 Cultural Et Recreation - Parks Et Recreation;
g. $5,944,289 for Transportation - Streets Maintenance Et
Improvements, Multi-Model Facility.
h. $45,044 for Health and Human Services.
USING THIS ANNUAL REPORT
This annual report consists of a series of financial statements. The Statement
of Net Assets and the Statement of Activities provide information about the
activities of the City as a whole and present a longer-term view of the City's
finances. For governmental activities, these statements tell how these services
were financed in the short term as well as what remains for future spending.
Fund financial statements also report the City's operations in more detail than
the government-wide statements by providing information about the City's
most significant funds. The remaining statements provide financial information
about activities for which the City acts solely as a trustee or agent for the
benefit of those outside the government.
REPORTING THE CITY AS A WHOLE
The Statement of Net Assets and the Statements of Activities
One of the most important questions asked about the City's finances is "Is the
City as a whole better off or worse off as a result of the year's activities?" The
Statement of Net Assets and the Statement of Activities report information
about the City as a whole and about its activities in a way that helps answer
this question. These statements include all assets and liabilities using the
accrual basis of accounting, which is similar to the accounting used by most
private-sector companies. All of the current year's revenues and expenses are
taken into account regardless of when cash is received or paid.
These two statements report the City's net assets and changes to them. You
can think of the City's net assets - the difference between assets and liabilities
- as one way to measure the City's financial health, or financial position. Over
time, increases or decreases in the City's net assets are one indicator of
whether its financial health is improving or deteriorating. You will need to
consider other non-financial factors, however, such as changes in the City's
property tax base and the condition of the City's roads, to assess the overall
health of the City of Pasco.
21
The Statement of Net Assets and the Statement of Activities can be found on
pages 34 to 37.
In the Statement of Net Assets and the Statement of Activities, we divide the
City into two kinds of activities:
• Governmental activities - Most of the City's basic services are reported
here, including the police, fire, courts, public works, community
development, and parks departments, and general administration.
Taxes, grants, and fees for services finance most of these activities.
• Business-type activities - The City charges a fee to customers to help it
cover all or most of certain services it provides. The City's Water/Sewer
operations including the water, sewer, storm water management,
process water reuse and irrigation systems are reported here.
The City of Pasco at year end 2005 has improved its position since 2004. This is
shown by the total increase net assets of $29,049,308. Of this increase
$9,655,978 was in governmental activities and $19,393,330 was in business-
type activities. Due to an increasing tax base and the expiration of a debt
service levy, the City was able to lower its property tax rate by .3477 cents per
thousand dollars of assessed property values.
Much of the City's improved position has been due to continued commercial
and residential construction and annexations of county property. Increased
property tax collections have allowed the City to increase its staff size to
service the increased population needs for public safety, transportation,
cultural and recreation, water and sewer services, and general government
activities.
REPORTING THE CITY'S MOST SIGNIFICANT FUNDS
Fund Financial Statements
Fund financial statements provide detailed information about the most
significant funds - not the City as a whole. The City's two kinds of funds -
governmental and proprietary - use different accounting approaches.
• Governmental Funds - Most of the City's basic services are reported in
governmental funds, which focus on how money flows into and out of
those funds and the balances left at year-end that are available for
spending. These funds are reported using an accounting method called
modified accrual accounting, which measures cash and all other
financial assets that can readily be converted to cash. The
governmental fund statements provide a detailed short-term view of the
City's general government operations and the basic services it provides.
22
Governmental fund information helps you determine whether there are
more or fewer financial resources that can be spent in the near future to
finance the City's programs. We describe the relationship (or
differences) between governmental activities (reported in the Statement
of Net Assets and the Statement of Activities) and governmental funds in
a reconciliation at the bottom of the fund financial statements.
• Proprietary Funds - When the City charges customers for the services it
provides - whether to outside customers or to other units of the City -
these services are generally reported in proprietary funds. Proprietary
funds are reported in the same way that all activities are reported in the
Statement of Net Assets and the Statement of Activities. In fact, the
City's enterprise fund (a component of proprietary funds) is the same as
the business-type activities we report in the government-wide
statements but provide more detail and additional information, such as
cash flows, for proprietary funds. We use internal service funds (the
other component of proprietary funds) to report activities that provide
supplies and services for the City's other programs and activities - such
as the City's Medical/Dental Fund.
THE CITY AS TRUSTEE
Reporting the City's Fiduciary Responsibilities
The City is the trustee, or fiduciary, for the Fire pension plan. It is also
responsible for other assets that - because of a trust arrangement - can be used
only for the trust beneficiaries. All of the City's fiduciary activities are
reported in separate the Statements of Fiduciary Net Assets and Changes in
Fiduciary Net Assets. We exclude these activities from the City's other
financial statements because the City cannot use these assets to finance its
operations. The City is responsible for ensuring that the assets reported in
these funds are used for their intended purposes.
THE CITY AS A WHOLE
Statement of Net Assets
The City's combined net assets for fiscal year 2005 were $162,911,644. The
following table reflects the condensed Statement of Net Assets. Financial
information from 2004 financial statements is also presented for comparison
purposes.
23
Tede 1
NA Assets(in Mllicns)
2705 2004
Ga Tmr d Q.s ness-type Tctd Rirray Gaarrnatal mess-W Tatal Rirray
Adi\ifies Ad\hes Gaornut ACINtes Ad\hes Ga enTrat
CUret axi dherAssets $ 322 $ 21.8 $ 54.0 $ 26.1 $ 17.9 $ 44.0
C2ptel Assets 529 505 10134 21.80 4690 63.70
Ctha fin Qxrert Psis 56 6.1 71.7 3380 51.40 815.20
Totd Assets $ 9a7 $ 138.4 $ 2291 $ 81.70 $ 11620 $ 197.90
LmgtemCaU $ 29.1 $ 41.8 $ 61.9 $ 29.30 $ 39.80 $ 60.10
CthaLiadlities 22 26 48 220 1.80 400
Told Liedlities $ 223 $ 44.4 $ 66.7 $ M50 $ 41.60 $ 64.10
Nat Assets
Invested in Q#d,IA of DaU $ 47.8 $ 697 $ 117.5 $ 38.50 $ 59.70 $ 98:2
Flasbided 57 1.3 7.0 46 07 53
UTesrided 154 23.0 384 161 142 M
Totd NA Assets $ 639 $ 94.0 $ 1629 $ 59.2 $ 74.6 $ 1338
See the Statement of Net Assets on pages 34 8t 35 for detailed information.
24
Statement of Activities
The following condensed table of changes in net assets compares the revenues
and expenses for the current year. Financial information from 2004 financial
statements is also presented for comparison purposes.
Table 2
Charges in Net Assets
(in Mllions)
2005 2004
Cwernniantal Rdness type Taal Rirrary Cbmm ntal Rdness�type Total Primary
Activities Activities Gmerrrrent Activities Activities CbMT rerrt
Fbmijes
Ruj-arn R- rx.as:
Charges for Servioes $ 10.1 $ 13.1 $ 23.2 $ 9.5 $ 122 $ 21.7
Cperating Grants&Ca bbdio>s 1.2 - 1.2 0.8 - 0.8
Capital Grants&Cortnbuticns 6.5 14.2 2D.7 6.9 9.9 16.8
General Fxres:
Property Taxes 4.3 - 4.3 4.1 - 4.1
Property Taxes lewd for Debt Service 0.6 0.6 0.6 - 0.6
Sales&Use Taxes 7.9 7.9 7.4 - 7.4
Om,pational UdlityTaxes 7.1 7.1 6.5 - 6.5
C tl1wTaxes 3.2 3.2 27 - 27
Ra-dise Fees 0.2 - 0.2 0.2 - 0.2
Investment Earrings 0.7 0.5 1.2 0.6 0.4 1.0
Msoellanear.sFhrxres 26 3.6 6.2 20 3.7 57
Total Pemi es $ 44.4 $ 31.4 $ 75.8 $ 41.3 $ 26.2 $ 67.5
ProgarnexpensesinclLdngs
irdrect apenses:
General GovenTrent $ 7.5 $ - $ 7.5 $ 6.7 $ - $ 6.7
imicial 0.6 0.6 0.6 0.6
Rhic Safety 14.0 14.0 13.1 13.1
Fhy§cal Ernirotirart 1.7 1.7 1.6 1.6
Trarspatatim 5.9 5.9 3.8 3.8
Faalth and FLrran Sermoes 0.1 0.1 0.1 - 0.1
Eoormc B-Mrorrrent 0.9 0.9 0.8 - 0.8
Qltue"IR19c ration 4.9 4.9 5.4 - 5.4
Irterest on Long Term Debt 0.7 0.7 0.8 - 0.8
VVater - 3.9 3.9 - 4.3 4.3
Stine - 5.9 5.9 5.8 5.8
Water Prooess Reuse - 1.5 1.5 1.4 1.4
StomVVarter - 0.4 0.4 0.3 0.3
Irrigation - 0.5 0.5 - 0.4 0.4
Total EVerses $ 36.3 $ 122 $ 48.5 $ 329 $ 122 $ 45.1
Charjes in Net Assets $ 8.1 $ 19.2 $ 27.3 $ 8.4 $ 14.0 $ 224
Transfers (0.6) - (0.6) (22) 1.4 (0.8)
Total Changes in Net Assets 7.5 19.2 26.7 6.2 15.4 21.6
See the Statement of Activities on pages 36 Ft 37 for detailed information.
25
Sources of Revenues 2005
Miscellaneous Transfers
Revenues �%
Investment g% -
Charges for
Earnings — Services
2% 30%
rr
Non-Property
ryiyt}yJtyt}yJtyt}yJtyt}yJtyt}yJty
Taxes
+�+iry}+iry}+iry}+iry}+iryt}y}y
25% .Z.ZSI;I:x.I;ix.I.i.Y:Z'I«Z:Z'I:I« r
r�}y JrytyJrytyaryt}+ir»y�}+iryt}y}y y r
ayiU tyir�*iyit
-
ayirr*tarr*tarr*ta4 -- -
ti*iar4��r4��r4« - Operating
rr4«�r4«fir«.._:•:_-
"""" &Grants
Yy«} -
•,,•, Contributions
2%
Property
Taxes Capital Grants
6% &
Contributions
26%
Sources of Revenues 2004
Transfers
Miscellaneous 1%
Revenues
Investment 9% Charges for
Earnings -----__ Services
1% 32%
Jf -
«yrr�yrrr�yrr t
}Jy}Jy JJy
F«r C«r CJr r•
J}VJYyJ}VJYyJ}rJ«y�}rJFy�}rJF
Non-Property l, -
i�*43�*4yiry*}YJryf}YJryf}Y} i.:
Q�idl�idd�Id4dR4dd4. '.';,
��»YJ»Y«r♦«r♦«r««.r
iry*�iry*4 iG*pi4�pi4*d}yJry*}
Taxes r»r«i�rrt+�rrt+�t�t+�t�t+�trrrt«y�rrt
y 4iy 43y}i }i 4iyy}Jy}
YJr♦«V Yt«»Yt«»Yt«V Y«tr«.♦
25% }�Jjyj jijyj}ViY�j}yiY�j}yiyYj}�jJjyj jJr
i iryry*}yJr-
♦Jr««VY«»Y«»YJ o.»Y«•
4�iry*}yiryt43�*4 3�*4 it
r««rYJV Y«»YJr yJr
i*4Tiry*43 i*4 3�*4 it t�+Jr---
JV YJV Y«V Y«V y«
-
*i*y*i*i*y*or Operating Grants
YJ»w»
Contributions&
1%
Property Taxes / &Capital Grants
6% Contributions
25
26
Functional Expenses for 2005
.Econ.Environ Culture&Rec Int.on L-T
2% 8% Debt
1%
&Health
Human Svcs Business-type
0% Activities
25%
Transportation a
12% ?
General
Physical Government
Environ 15%
4%
Judicial
Public Safety 1%
30%
Functional Expenses for 2004
.Culture&Rec
.Econ.Environ 8% Int.on L 2%Debt
%
2%
&Health Business-type
Human Svcs Activities
0% 27%
Transportation
8%
Physical
Environ General
3% Government
................... 15%
Public (Safety Judicial
30% °
27
Comments on Pasco's economic growth are contained in the Transmittal Letter.
The City's assessed value grew 11.7% for fiscal year 2005. This was driven by
the $226 million in new construction values added during 2005. The City's levy
rate per $1,000 of assessed value was reduced by 11 .0% in 2005.
The City Funds
Governmental Funds
The governmental funds, as presented on the Governmental Funds Balance
Sheet, reported a combined fund balance of $19,649,406 which is a .2%
increase from the beginning of the year.
Major Funds
The General Fund
a. Total assets increased by $1,615,207. This increase is due to interfund
loans to non-major funds to cover negative cash balances.
b. Total liabilities increased by $107,068.
c. Fund Balance increased by $1,508,139. This increase is due to interfund
loans to non-major funds to cover negative cash balances.
General Fund basic financial statements can be found on pages 39 - 46.
The Arterial Street Fund
a. Total assets decreased by $1,162,002. This is due to the large cash
outlays for major construction projects.
b. Total liabilities increased by $955,479. This increase is due to an
interfund loan from the General Fund to cover negative cash balance.
c. Fund Balance decreased by $2,117,481. This is due to the large cash
outlays for major construction projects.
This is the first year that the Arterial Street fund has qualified as a Major Fund.
This is due to the large multi-year overpass construction projects that currently
underway. Over $3 million in construction project costs were incurred in this
fund during 2005. The City of Pasco is funding the project in whole until
Federal and State grant reimbursements are received in 2006. In addition, the
City will also be receiving partial funding for these projects from the Port of
Pasco and Columbia Basin College. Arterial Street Fund basic financial
statements can be found on pages 39 - 46.
28
Business-type Funds
Water/Sewer Fund
Pasco's enterprise operations consist of the Water/Sewer Fund. This fund
includes water, sewer, process water reuse, storm water and irrigation
operations. The City's water system currently serves approximately 13,833
customers, 12,938 of which reside within City limits and approximately 90.54%
of those are single-family residential customers. The latest water rate increase
became effective on January 1, 2004. The sewer system currently serves
approximately 11,457 customers, 91.39% of which are single-family residential
customers. The latest increase in sewer rates became effective on January 1,
2004.
a. Total assets increased by $21,997,159. This was mainly due to the
addition of $14,680,428 in donated infrastructure and the $4,400,000 in
revenue bonds issued for the construction of a new water tower.
b. Total liabilities increased by $2,704,639 due to the addition of
outstanding Long-term debt.
c. Net assets increased by $19,292,460.
Proprietary Fund basic financial statements can be found on pages 47 - 52.
Governmental Fund Budget Highlights
The following is a brief review of the budgeting changes from the original
adopted budget to the amended final budget for the major governmental
funds.
• A budget amendment of $1,000,000 was made to revenues in the
General Fund. These increases were mainly from higher than
anticipated revenue streams for Sales &t Use Tax, Building Permits and
Occupational Utility Taxes.
• $1,000,000 in expense increases were added to the General Fund to
cover: increases in overtime costs for police, outsourced inspection
services for building department; legal services and to allow for
unanticipated revenue streams and their corresponding expenses.
• A budget amendment of $800,000 was made to Intergovernmental
revenues in the Arterial Street Fund. This increase reflected anticipated
grant payments from the State and Federal Governments for street
projects.
29
• $1,000,000 in expense increase was added to the Capital Outlays for the
Arterial Street Fund to cover construction project costs.
Cash Management
The City's investment policy is to minimize credit and market risk while
maintaining a competitive yield on its portfolio. City funds are invested by
fund or on the basis of pooled cash. All available funds not individually
invested are invested as one source leading to higher interest yield than if
invested on an individual fund basis. The cash flow needs of the City require
our investments to be relatively short term in nature. The majority of idle
cash is deposited with the State Treasurer in the Local Government Investment
Pool. A smaller portion of the portfolio is invested in long term (up to five
years) U.S. government securities. The entire investment portfolio is
approximately $43,155,745. (See Schedule 13)
Capital Assets and Debt Administration
Capital Assets
While the City of Pasco has implemented the major model portions of GASB
Statement #34, the City will defer implementing the infrastructure portion
prior to 2003 until the 2006 reporting cycle.
As of year end 2005, the City had $180,690,616 invested in a variety of capital
assets as illustrated in the following table.
30
Table 3
Capital Assets at Year-End
(Net of Depreciation)
2005
Governmental Business-type
Activities Activities Total
Land $ 5,233,357 $ 92,238 $ 5,325,595
Buildings & Structures 21,198,872 - 21,198,872
Improvements 4,961,676 - 4,961,676
Machinery& Equipment 2,092,150 - 2,092,150
Work-in-Progress 5,508,268 5,387,107 10,895,375
Infrastructure 22,278,170 - 22,278,170
Equipment Rental 2,364,262 927,797 3,292,059
Source of Supply - 110,256 110,256
Pumping Plants - 5,850,825 5,850,825
Treatment Plants - 20,931,446 20,931,446
Transmission, Distribution & Collection Lines - 50,014,540 50,014,540
General Plant Assets - 1,808,854 1,808,854
West Pasco Water System - 426,812 426,812
Plant Acquisition - 373,846 373,846
Industrial Waste Water Plant - 12,338,600 12,338,600
Irrigation - 16,092,625 16,092,625
Storm Water Assets - 2,318,503 2,318,503
$ 63,636,755 $ 116,673,449 $ 180,310,204
Table 4
Capital Assets at Year-End
(Net of Depreciation)
2004
Governmental Business-type
Activities Activities Total
Land $ 5,582,334 $ 92,238 $ 5,674,572
Buildings & Structures 22,509,179 - 22,509,179
Improvements 3,896,956 - 3,896,956
Machinery& Equipment 1,430,451 - 1,430,451
Work-in-Progress 3,055,183 1,263,713 4,318,896
Infrastructure 16,518,026 - 16,518,026
Equipment Rental 2,199,571 728,247 2,927,818
Source of Supply - 116,796 116,796
Pumping Plants - 6,210,045 6,210,045
Treatment Plants - 22,080,159 22,080,159
Transmission, Distribution & Collection Lines - 40,537,322 40,537,322
General Plant Assets - 1,653,257 1,653,257
West Pasco Water System - 459,355 459,355
Plant Acquisition - 397,212 397,212
Industrial Waste Water Plant - 12,492,844 12,492,844
Irrigation - 10,889,445 10,889,445
Storm Water Assets - 1,356,746 1,356,746
$ 55,586,624 $ 98,277,379 $ 153,864,003
See Note 6, pages 70-72 for additional information on capital assets.
31
Debt Administration
At December 31, 2005, the City had a number of debt issues outstanding.
These issues include $13,650,000 of general obligation bonds, both voted and
non-voted, $19,300,000 of revenue and revenue refunding bonds, and $275,000
of special assessment bonds. The City's general obligation bonds have
maintained an Aaa rating from Moody's Investor Service. Each is backed with a
municipal bond insurance policy by AMBAC Indemnity Corporation. Moody's
rated the City's most recent water and sewer revenue bonds Aaa.
Over the last several years the City has obtained Public Works Trust Fund loans
to help finance several major construction projects. These loans have been
financed at interest rates of 1 or 2%. The outstanding balance of these four
loans totals $3,417,217 at December 31, 2005. The City is also utilizing the
State Revolving Loan Fund to help finance the expansion of the sewer
treatment plant. The City had drawn $22,726,011 as of December 31, 2005.
The outstanding balance of this loan is $18,922,950. These loans each have a
term of 20 years.
In addition to the above listed debt, the City has three Local Option Capital
Asset Lending (LOCAL) Program Washington State Loans and a debt with
Franklin County for the City's share of the TRAC facility debt. The outstanding
balance on these loans as of December 31, 2005 is $1,194,123.
The City does not have any restrictions, commitments or other limitations that
would significantly affect availability of fund resources.
See Financial Note 10, pages 80-83 and Schedules 9, pages 146 to 149 for
additional detailed information on debt amounts.
Economic Factors
The State of Washington, by constitution, does not have a state personal
income tax and therefore the state operates primarily using property, sales,
business and occupation, and gasoline taxes. Local governments (cities,
counties, school districts) primarily rely on property and a limited array of
permitted other taxes (sales, utility, business and occupation) and fees
(permits, licenses, etc.) for their government activities. There are a limited
number of state-shared revenues and recurring and non-recurring grants from
both the state and federal government.
32
Financial Contact
The City's financial statements are designed to present users with a general
overview of the City's finances and to demonstrate the City's accountability.
If you have questions about this report or need additional information, contact
the City's Finance Department, 525 N. 3rd Avenue, Pasco, Washington 99301.
33
City of Pasco
Statement of Net Assets
December 31, 2005
Governmental Business-Type
Activities Activities Total
ASSETS
Current Cash & Cash Equivalents $ 11,250,894 $ 10,981,148 $ 22,232,042
Investments 8,448,686 8,560,386 17,009,073
Receivables (net of allowances)
Taxes 2,532,135 - 2,532,135
Customer Accounts 4,226,167 662,631 4,888,798
Due from Other Funds - 675,708 675,708
Notes Receivable - - -
Interest Receivable 328,966 284,752 613,718
Other Receivables 415,171 133,555 548,726
Inventories 14,598 230,028 244,626
Prepaid Insurance - 25,021 25,021
Land 5,233,357 92,238 5,325,595
Joint Ventures 356,309 - 356,309
Capital Assets, Net of Depreciation 30,616,960 45,086,909 75,703,869
Construction Work In Progress 5,508,268 5,387,108 10,895,376
Infrastructure, Net of Depreciation 22,278,170 66,107,194 88,385,364
Deferred Charges - 204,358 204,358
TOTAL ASSETS 91,209,681 138,431,037 229,640,718
LIABILITIES
Liabilities
Accounts Payable 1,490,546 1,075,396 2,565,942
Matured GO Bonds 20,000 - 20,000
Interfund Loans Payable 618,446 109,612 728,058
Due to Other Governmental Units (22,146) 51,945 29,799
Retainage Payable - 316,269 316,269
Deposits Payable 321,432 15,506 336,938
Interest Payable - 380,504 380,504
Other 235,145 - 235,145
Deferred Revenue - 672,398 672,398
Non-Current Liabilities
Deferred Revenue 3,022,520 - 3,022,520
Unclaimed Property 1,986 15,202 17,188
Unamortized Discount on Refunding Debt - (9,710) (9,710)
Claims Incurred Not Reported 125,000 - 125,000
Due within One Year 2,460,141 2,800,632 5,260,773
Due in More than One Year 14,033,078 38,995,172 53,028,250
Total Liabilities 22,306,148 44,422,926 66,729,074
NET ASSETS
Invested in Capital Assets, Net of Related Debt 47,803,957 69,646,174 117,450,131
Restricted for:
Advances to Other Funds - 675,708 675,708
Debt Service 2,662,865 645,093 3,307,958
Capital Improvements 15,165 - 15,165
Other Restricted 3,055,950 - 3,055,950
Unrestricted (deficit) 15,365,596 23,041,136 38,406,733
Total Net Assets $ 68,903,533 $ 94,008,111 $ 162,911,644
See accompanying notes to the basic financial statements.
34
City of Pasco
Statement of Net Assets
December 31, 2004
Governmental Business-Type
Activities Activities Total
ASSETS
Current Cash&Cash Equivalents $ 10,138,949 $ 8,340,262 $ 18,479,211
Investments 9,129,329 8,158,126 17,287,455
Receivables(net of allowances)
Taxes 2,429,926 - 2,429,926
Customer Accounts 3,894,742 636,362 4,531,104
Due from Other Funds - 100,461 100,461
Notes Receivable - - -
Interest Receivable 264,893 195,614 460,507
Other Receivables 281,578 121,228 402,806
Inventories 20,568 156,285 176,853
Prepaid Insurance - 48,832 48,832
Land 5,582,344 92,238 5,674,582
Joint Ventures 394,924 - 394,924
Capital Assets, Net of Depreciation 12,740,329 45,494,662 58,234,991
Construction Work In Progress 3,055,183 1,263,713 4,318,896
Infrastructure, Net of Depreciation 33,813,844 51,426,766 85,240,610
Deferred Charges - 169,012 169,012
TOTAL ASSETS 81,746,609 116,203,561 197,950,170
LIABILITIES
Liabilities
Accounts Payable 1,488,937 818,858 2,307,795
Matured GO Bonds 25,000 - 25,000
Interfund Loans Payable 100,461 - 100,461
Due to Other Governmental Units 69,562 30,372 99,934
Retainage Payable - 73,821 73,821
Deposits Payable 260,076 102,594 362,670
Interest Payable 10,127 387,402 397,529
Other 207,405 - 207,405
Deferred Revenue - 409,605 409,605
Non-Current Liabilities
Deferred Revenue 2,753,256 - 2,753,256
Unclaimed Property 3,465 12,566 16,031
Unamortized Discount on Refunding Debt - (10,580) (10,580)
Claims Incurred Not Reported 125,000 - 125,000
Due within One Year 2,318,173 2,523,975 4,842,148
Due in More than One Year 15,137,592 37,240,167 52,377,759
Total Liabilities 22,499,054 41,588,780 64,087,834
NET ASSETS
Invested in Capital Assets, Net of Related Debt 38,549,311 59,694,181 98,243,492
Restricted for:
Advances to Other Funds - 100,461 100,461
Debt Service 2,598,285 646,069 3,244,354
Capital Improvements 15,165 - 15,165
Other Restricted 2,003,738 - 2,003,738
Unrestricted(deficit) 16,081,056 14,174,070 30,255,126
Total Net Assets $ 59,247,555 $ 74,614,781 $ 133,862,336
See accompanying notes to the basic financial statements.
35
City of Pasco
Statement of Activity
For the Year Ended December 31,2005
Net(Expenses)Revenues and
Program Revenues Changes in Net Assets
Operating Primary Government
Charges for Grants and Capital Grants Governmental Business-Type
Functional Programs Expenses Services Contributions &Contributions Activities Activities Total
Primary Govemmerrt:
Governmental Activities:
General Government $ 7,494,952 $ 4,128,238 $ 153,930 $ $ (3,212,784) $ $ (3,212,784)
Judicial 620,544 756,615 - 136,071 136,071
Public Safety 14,003,815 1,784,055 172,808 (12,046,952) (12,046,952)
Physical Environment 1,689,606 674,536 (1,015,070) (1,015,070)
Transportation 5,944,289 45,075 - 6,547,280 648,066 648,066
Health and Human Services 45,044 - 18,280 - (26,764) (26,764)
Economic Environment 933,784 1,961,083 853,597 1,880,896 1,880,896
Culture and Recreation 4,892,990 744,158 - - (4,148,832) (4,148,832)
Interest on Long Term Debt 714,225 (714,225) (714,225)
Total Governmental Activities 36,339,249 10,093,760 1,198,615 6,547,280 (18,499,594) (18,499,594)
Business-type Activities:
Water 3,949,704 5,046,468 - 4,203,949 5,300,713 5,300,713
Sewer 5,877,674 5,916,663 4,623,597 4,662,586 4,662,586
Water Process Reuse 1,465,822 1,275,027 - (190,795) (190,795)
Storm Water 377,349 395,520 850,297 868,468 868,468
Irrigation 544,310 477,973 4,524,987 4,458,650 4,458,650
Total Business-type Activities 12,214,859 13,111,651 - 14,202,830 15,099,622 15,099,622
Total Primary Government $48,554,108 $23,205,411 $ 1,198,615 $20,750,110 (18,499,594) 15,099,622 (3,399,972)
General Revenues:
Taxes:
Property Taxes 4,323,410 4,323,410
Property Taxes levied for Debt Service 559,661 559,661
Sales&Use Taxes 7,857,149 7,857,149
Occupational Utility Taxes 7,100,471 7,100,471
Other Taxes 3,222,808 3,222,808
Franchise Fees 173,285 - 173,285
Investment Earnings 708,699 534,273 1,242,972
Mscellaneous Revenues 2,656,353 3,586,435 6,242,788
Total General Revenues 26,601,836 4,120,708 30,722,544
Transfers (583,811) (57,871) (641,682)
Total Revenues 26,018,025 4,062,837 30,080,862
Change in Net Assets 7,518,431 19,162,459 26,680,890
Prior Year Adjustments 2,137,547 230,871 2,368,418
Net Assets Beginning 59,247,555 74,614,781 133,862,336
Net Assets Ending $68,903,533 $ 94,008,111 $ 162,911,644
See accompanying notes to the basic financial statements.
36
City of Pasco
Statement of Activity
For the Year Ended December 31,2004
Net(Expenses)Revenues and
Program Revenues Changes in Net Assets
Operating Primary Government
Charges for Grants and Capital Grants Governmental Business-Type
Functional Programs Expenses Services Contributions &Contributions Activities Activities Total
Primary Government:
Governmental Activities:
General Government $ 6,750,019 $ 3,742,705 $ 85,704 $ $ (2,921,610) $ $ (2,921,610)
Judicial 623,553 750,370 - 126,817 126,817
Public Safety 13,056,141 1,454,483 192,670 (11,408,988) (11,408,988)
Physical Environment 1,547,916 366,148 - (1,181,768) (1,181,768)
Transportation 3,798,766 93,065 - 6,863,494 3,157,793 3,157,793
Health and Human Services 46,392 - 21,800 - (24,592) (24,592)
Economic Environment 819,382 2,006,805 495,369 1,682,792 1,682,792
Culture and Recreation 5,408,070 1,048,441 50,114 (4,309,515) (4,309,515)
Interest on Long Term Debt 774,198 (774,198) (774,198)
Total Governmental Activities 32,824,437 9,462,017 845,657 6,863,494 (15,653,269) (15,653,269)
Business-type Activities:
Water 4,288,647 4,809,029 - 3,537,619 4,058,001 4,058,001
Sewer 5,812,442 5,296,126 2,971,393 2,455,077 2,455,077
Water Process Reuse 1,417,129 1,257,716 - (159,413) (159,413)
Storm Water 315,675 363,636 682,163 730,124 730,124
Irrigation 356,100 426,728 2,719,535 2,790,163 2,790,163
Total Business-type Activities 12,189,993 12,153,235 9,910,710 9,873,952 9,873,952
Total Primary Government $ 45,014,430 $21,615,252 $ 845,657 $ 16,774,204 (15,653,269) 9,873,952 (5,779,317)
General Revenues:
Taxes:
Property Taxes 4,092,074 4,092,074
Property Taxes levied for Debt Service 606,713 606,713
Sales&Use Taxes 7,412,127 7,412,127
Occupational Utility Taxes 6,455,872 6,455,872
Other Taxes 2,677,255 2,677,255
Franchise Fees 160,433 - 160,433
Investment Earnings 581,080 384,335 965,415
Miscellaneous Revenues 2,049,249 3,721,174 5,770,423
Total General Revenues 24,034,803 4,105,509 28,140,312
Transfers (2,198,779) 1,377,943 (820,836)
Total Revenues 21,836,024 5,483,452 27,319,476
Change in Net Assets 6,182,755 15,357,404 21,540,159
Prior Year Adjustments 7,711,796 474,866 8,186,662
Net Assets Beginning $45,353,004 $ 58,782,511 $ 104,135,515
Net Assets Ending $ 59,247,555 $ 74,614,781 $ 133,862,336
See accompanying Notes to Financial Statements
37
THIS PAGE LEFT INTENTIONALLY BLANK
38
City of Pasco
Balance Sheet
Governmental Funds
December 31, 2005
2005 2005
2005 120 Other Total
General Arterial Street Governmental Governmental
Fund Fund' Funds Funds
ASSETS
Current Cash & Cash Equivalents $ 2,613,023 $ $ 7,796,569 $ 10,409,592
Investments 3,216,110 4,571,554 7,787,664
Receivables (net of allowances) -
Taxes 2,424,593 - 107,542 2,532,135
CustomerAccounts 1,006,872 6,833 3,212,462 4,226,167
Interfund Loans Receivable 1,549,194 8,950 - 1,558,144
Interest Receivable 99,750 - 206,226 305,976
Other Receivables 99,813 52,622 262,736 415,171
TOTAL ASSETS $ 11,009,355 $ 68,405 $ 16,157,089 $ 27,234,849
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 602,176 $ 304,935 $ 500,155 $ 1,407,266
Matured GO Bonds 10,000 - 10,000 20,000
Interfund Loans Payable - 979,465 1,344,775 2,324,240
Due to Other Governmental Units (30,712) - 8,566 (22,146)
Bonds, Notes, Loans Payable - 275,000 275,000
Deposits Payable 321,432 - 321,432
Interest Payable - - - -
Other - 80,892 154,253 235,145
Deferred Revenue 936,853 - 2,085,667 3,022,520
Unclaimed Property 1,986 - - 1,986
Total Liabilities 1,841,735 1,365,292 4,378,416 7,585,443
Fund Balances
Reserved for:
Advances to Other Funds $ 43,400 $ 8,950 $ - $ 52,350
Debt Service - - 2,662,865 2,662,865
Capital Improvements 15,165 - 15,165
Other Reserves - 3,055,950 3,055,950
Unreserved, Reported in:
General Fund 9,109,055 - 9,109,055
Special Revenue Funds - (1,305,837) 6,218,067 4,912,230
Debt Service Funds 281,474 281,474
Capital Project Funds - (439,683) (439,683)
Total Fund Balances 9,167,620 (1,296,887) 11,778,673 19,649,406
TOTAL LIABILITIES AND FUND BALANCES $ 11,009,355 $ 68,405 $ 16,157,089
Amounts reported for governmental activities in the statements of net assets
are different because: balance in government funds 19,649,406
Capital Assets used in governmental activities are not financial resources and
therefore are not reported in the government funds. 61,628,802
Internal Service funds are used by management to charge the costs of certain
activities to individual funds. The assets and liabilities of internal service funds are
included in the governmental activities in the Statement of Net Assets. 3,681,380
Interfund loans between governmental funds were netted against each other to
eliminate duplication of amounts. 147,650
Some liabilities, including bonds payable, are not due and payable in the current
period and therefore are not reported in the funds. (16,203,705)
Net assets of governmental activities $ 68,903,533
This is the first year that the Arterial Street Fund has qualified as a Major Fund. Prior year comparative data is not
presented for this fund.
See accompanying notes to the basic financial statements.
39
City of Pasco
Balance Sheet
Governmental Funds
December 31, 2004
2004 2004
2004 Other Total
General Governmental Governmental
Fund Funds Funds
ASSETS
Current Cash & Cash Equivalents $ 3,258,254 $ 6,223,028 $ 9,481,282
Investments 2,618,030 5,759,666 8,377,696
Receivables (net of allowances)
Taxes 2,299,127 130,799 2,429,926
Customer Accounts 1,010,872 2,883,870 3,894,742
Interfund Loans Receivable 54,900 13,700 68,600
Interest Receivable 95,253 152,158 247,411
Other Receivables 57,712 223,628 281,340
TOTAL ASSETS $ 9,394,148 $ 15,386,849 $ 24,780,997
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 518,310 $ 903,463 $ 1,421,773
Matured GO Bonds 20,000 5,000 25,000
Interfund Loans Payable - 369,062 369,062
Due to Other Governmental Units 60,981 8,581 69,562
Bonds, Notes, Loans Payable - 390,000 390,000
Deposits Payable 260,076 - 260,076
Interest Payable - 10,127 10,127
Other - 207,405 207,405
Deferred Revenue 871,835 1,881,421 2,753,256
Unclaimed Property 3,465 - 3,465
Total Liabilities 1,734,667 3,775,059 5,509,726
Fund Balances
Reserved for:
Advances to Other Funds $ 54,900 $ 13,700 $ 68,600
Debt Service - 2,598,285 2,598,285
Capital Improvements 15,165 - 15,165
Other Reserves - 2,003,738 2,003,738
Unreserved, Reported in:
General Fund 7,589,416 - 7,589,416
Special Revenue Funds - 7,142,351 7,142,351
Debt Service Funds 59,718 59,718
Capital Project Funds - (206,002) (206,002)
Total Fund Balances 7,659,481 11,611,790 19,271,271
TOTAL LIABILITIES AND FUND BALANCES $ 9,394,148 $ 15,386,849
Amounts reported for governmental activities in the statements of net assets
are different because: balance in government funds 19,271,271
Capital Assets used in governmental activities are not financial resources and
therefore are not reported in the government funds. 53,387,053
Internal Service funds are used by management to charge the costs of certain
activities to individual funds. The assets and liabilities of internal service funds are
included in the governmental activities in the Statement of Net Assets. 3,447,111
Interfund loans between governmental funds were netted against each other to
eliminate duplication of amounts. 200,000
Some liabilities, including bonds payable, are not due and payable in the current
period and therefore are not reported in the funds. (17,057,880)
Net assets of governmental activities $ 59,247,555
See accompanying notes to the basic financial statements.
40
City of Pasco
Statement of Revenues,Expenditures,and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31,2005
Other Total
General Arterial Street Governmental Governmental
REVENUES Fund Fund" Funds Funds
Taxes $ 19,443,035 $ $ 2,752,581 $ 22,195,616
Licenses&Permits 2,326,524 - 11,770 2,338,294
Intergovernmental Revenue 1,194,620 813,729 1,485,662 3,494,011
Charges for Services 2,461,477 27,663 1,736,439 4,225,579
Fines&Forfeitures 709,212 - 36,831 746,043
Investment Income 281,235 (279) 380,089 661,045
Miscellaneous Revenue 571,894 525,459 1,316,561 2,413,914
Total Revenues 26,987,997 1,366,572 7,719,933 36,074,502
EXPENDITURES
Current:
General Government 4,195,820 - - 4,195,820
Judicial 620,544 - 620,544
Public Safety 11,968,001 1,619,825 13,587,826
Physical Environment 1,257,059 186,811 1,443,870
Transportation - 1,103,984 1,103,984
Health and Human Services 11,491 33,553 45,044
Economic Environment 341,930 305,604 647,534
Culture and Recreation 2,815,344 - 648,799 3,464,143
Capital Outlay 1,102,360 3,949,577 3,169,946 8,221,883
Debt Service
Principal 479,651 - 626,207 1,105,858
Interest 465,894 - 248,331 714,225
Total Expenditures 23,258,094 3,949,577 7,943,060 35,150,731
Excess of Revenues Over(Under)Expenditures 3,729,903 (2,583,005) (223,127) 923,771
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets 25,695 15,130 40,825
Proceeds of General L-T Debt - - -
Insurance Recoveries 19,197 - 11,074 30,271
Operating Transfers-(In) 302,007 470,000 4,549,843 5,321,850
Operating Transfers-(Out) (2,639,392) - (3,428,906) (6,068,298)
Total Other Financing Sources(Uses) (2,292,493) 470,000 1,147,141 (675,352)
Net Change in Fund Balances 1,437,410 (2,113,005) 924,014 248,419
Prior Year Adjustments 70,729 (4,476) 63,463 129,716
Fund Balance Beginning 7,659,481 820,594 10,791,196 19,271,271
Fund Balance,Ending $ 9,167,620 $ (1,296,887) $ 11,778,673 $ 19,649,406
*This is the first year that the Arterial Street Fund has qualified as a Major Fund. Prior year comparative data is not presented for this fund.
See accompanying notes to the basic financial statements.
41
City of Pasco
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2004
Other Total
General Governmental Governmental
REVENUES Fund Funds Funds
Taxes $ 18,155,895 $ 2,334,952 $ 20,490,847
Licenses & Permits 2,267,294 70,182 2,337,476
Intergovernmental Revenue 1,272,736 1,355,217 2,627,953
Charges for Services 2,227,931 1,659,549 3,887,480
Fines & Forfeitures 704,353 35,747 740,100
Investment Income 214,068 318,237 532,305
Miscellaneous Revenue 452,177 1,468,787 1,920,964
Total Revenues 25,294,454 7,242,671 32,537,125
EXPENDITURES
Current:
General Government 3,712,845 - 3,712,845
Judicial 623,553 - 623,553
Public Safety 11,236,341 1,497,498 12,733,839
Physical Environment 1,029,571 216,837 1,246,408
Transportation - 1,075,691 1,075,691
Health and Human Services 6,245 40,147 46,392
Economic Environment 316,254 145,084 461,338
Culture and Recreation 2,619,800 814,091 3,433,891
Capital Outlay 643,225 5,235,090 5,878,315
Debt Service
Principal 427,833 687,981 1,115,814
Interest 480,741 293,457 774,198
Total Expenditures 21,096,408 10,005,876 31,102,284
Excess of Revenues Over(Under) Expenditures 4,198,046 (2,763,205) 1,434,841
OTHER FINANCING SOURCES (USES)
Disposition of Fixed Assets 104,228 262,789 367,017
Proceeds of General L-T Debt 161,640 57,662 219,302
Insurance Recoveries 17,941 - 17,941
Operating Transfers- (In) 37,500 4,222,882 4,260,382
Operating Transfers- (Out) (3,855,332) (772,722) (4,628,054)
Total Other Financing Sources (Uses) (3,534,023) 3,770,611 236,588
Net Change in Fund Balances 664,023 1,007,406 1,671,429
Prior Year Adjustments (3,737,890) 3,530,007 (207,883)
Fund Balance Beginning 10,733,348 7,074,377 17,807,725
Fund Balance, Ending $ 7,659,481 $ 11,611,790 $ 19,271,271
See accompanying notes to the basic financial statements.
42
City of Pasco
Reconciliation of the Statement of Revenues, Expenditures,and
Changes in Fund Balance of Governmental Funds to the
Statement of Activities
For the Year Ended December 31,2005
Net change in fund balances-total governmental funds $ 248,419
Amounts reported for governmental activities in the Statement of Activities are
different because of the following reconciling items:
In the Statement of Activities,Capital Grants and Contributions reported the donated valuation
of Arterial Streets Infrastructure from local developers. This amount is not reflected in the
governmental fund statements. 5,160,204
Repayment of bond principal is an expenditure in the governmental funds, but the payment
reduces long-term liabilities in the Statement of Net Assets. This is the amount of debt
service payments for bonds. This amount comes from the Statement of Revenues, Expenditures,
and Changes in Fund Balances for Government Funds. 1,105,858
Adjustment for interfund transfers recorded as expenditures in governemental funds
but are reconciled in Statement of Activities. This amount comes from the Statement of Activities. (583,811)
Accruals for compensated absences reported in the statement of activities are not
reported as expenditures in government funds. This amount is the additional accrual for 2005. 136,682
Capital Improvement Fund but paid for through interfund transfers from other governmental funds. 1,584,870
Revenues in the Statement of Activities that do not provide current financial resources are not
reported as revenues in funds. This amount consists of$40,825 for the disposition of assets and
$30,271 in insurance recoveries. 71,096
Internal service funds are used by management to charge the costs of certain activities to
individual funds. The net revenue of internal service funds is reported with governmental
activities. This amount comes from the Combining Statement of Revenues, Expenditures and
Changes in Net Fund Assets for Internal Service Funds. (204,887)
Change in net assets of governmental activities $ 7,518,431
See accompanying notes to the basic financial statements.
43
City of Pasco
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balance of Governmental Funds to the
Statement of Activities
For the Year Ended December 31, 2004
Net change in fund balances-total governmental funds $ 1,671,429
Amounts reported for governmental activities in the Statement of Activities are
different because of the following reconciling items:
In the Statement of Activities, Capital Grants and Contributions reported the donated valuation
of Arterial Streets Infrastructure from local developers. This amount is not reflected in the
governmental fund statements. 6,026,736
Repayment of bond principal is an expenditure in the governmental funds, but the payment
reduces long-term liabilities in the Statement of Net Assets. This is the amount of debt
service payments for bonds. 1,115,814
Adjustment for interfund transfers recorded as expenditures in governemental funds
but are reconciled in Statement of Activities. (178,776)
Revenues in the Statement of Activities that do not provide current financial resources are not
reported as revenues in funds. (604,260)
Internal service funds are used by management to charge the costs of certain activities to
individual funds. The net revenue of internal service funds is reported with governmental
activities. (1,848,188)
Change in net assets of governmental activities $ 6,182,755
See accompanying notes to the basic financial statements.
44
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
GENERALFUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 16,445,000 $ 17,095,000 $ 19,443,035 $ 2,348,035
Licenses&Permits 1,059,950 1,309,950 2,326,524 1,016,574
Intergovernmental Revenue 764,700 864,700 1,194,620 329,920
Charges for Services 2,183,800 2,183,800 2,461,477 277,677
Fines&Forfeitures 700,500 700,500 709,212 8,712
Investment Income 131,000 131,000 281,235 150,235
Miscellaneous Revenue 476,665 476,665 571,894 95,229
Total Revenues 21,761,615 22,761,615 26,987,997 4,226,382
EXPENDITURES
Current:
General Government 4,326,432 4,819,432 4,195,820 623,612
Judicial 618,590 618,590 620,544 (1,954)
Public Safety 11,815,235 12,342,235 11,968,001 374,234
Physical Environment 1,086,980 1,269,580 1,257,059 12,521
Transportation - - - 0
Health and Human Services 5,800 5,800 11,491 (5,691)
Economic Environment 358,670 358,670 341,930 16,740
Culture and Recreation 2,584,505 2,702,505 2,815,344 (112,839)
Capital Outlay 1,916,500 1,985,500 1,102,360 883,140
Debt Service
Principal 426,000 426,000 479,651 (53,651)
Interest 498,775 498,775 465,894 32,881
Total Expenditures 23,637,487 25,027,087 23,258,094 1,768,993
Excess of Revenues Over(Under)Expenditures (1,875,872) (2,265,472) 3,729,903 5,995,375
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets 11,000 11,000 25,695 14,695
Proceeds of General L-T Debt - - - -
Insurance Recoveries - - 19,197 19,197
Operating Transfers-In 85,500 85,500 302,007 216,507
Operating Transfers-(Out) (1,502,500) (2,370,000) (2,639,392) (269,392)
Total Other Financing Sources(Uses) (1,406,000) (2,273,500) (2,292,493) (18,993)
Net Change in Fund Balances (3,281,872) (4,538,972) 1,437,410 5,976,382
Prior Year Adjustments - - 70,729 70,729
Fund Balance Beginning 1,718,128 461,028 7,659,481 7,198,453
Fund Balance,Ending $ (1,563,744) $ (4,077,944) $ 9,167,620 $ 13,245,564
See accompanying notes to the basic financial statements.
45
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
ARTERIAL STREET FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $
Licenses&Permits
Intergovernmental Revenue 2,343,800 3,143,800 813,729 (2,330,071)
Charges for Services - - 27,663 27,663
Fines&Forfeitures - - - -
Investment Income 10,000 10,000 (279) (10,279)
Miscellaneous Revenue 26,000 26,000 525,459 499,459
Total Revenues 2,379,800 3,179,800 1,366,572 (1,813,228)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment
Culture and Recreation - - -
Capital Outlay 2,195,000 3,295,000 3,949,577 (654,577)
Debt Service
Principal - - -
Interest - - -
Total Expenditures 2,195,000 3,295,000 3,949,577 (654,577)
Excess of Revenues Over(Under)Expenditures 184,800 (115,200) (2,583,005) (2,467,805)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Operating Transfers-In 470,000 470,000 470,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 470,000 470,000 470,000
Net Change in Fund Balances 654,800 354,800 (2,113,005) (2,467,805)
Prior Year Adjustments - - (4,476) (4,476)
Fund Balance Beginning 365,000 665,000 820,594 155,594
Fund Balance,Ending $ 1,019,800 $ 1,019,800 $ (1,296,887) $ (2,316,687)
See accompanying notes to the basic financial statements.
46
Oty of Pasco
Statement of Net Assets
Proprietary Funds
For the Year Ended Deoerrber 31,2005
2005 2004
Business Type Business Type
Activities Gover m)nttal Business Type Activities C-wemraital Business Type
Enterprise Funds Activities Activities Enterprise Funds Activities Activities
V\hater/Seuw Internal Seivioe Intend Service Water/Sever Internal Service Internal Sevice
Fund Funds Funds Fun! Funds Funds
ASSETS
Current Assets:
Current Cash&Cash Equivalents $ 9,594,839 $ 841,301 $ 802,179 $ 7,477,105 $ 657,667 $ 319,682
Receivables(net of allmences)
LItilityReceivables 662,631 - - 636,362 -
Cther Recavables 133,555 - 121,228 -
Notes Receivable - - - - -
Interfuxf Mans Receivable 675,708 200,000 - 100,461 200,000 -
InterestReceivable 263,288 22,990 21,464 180,438 17,482 15,176
Due from Governmental Units - - - - 238 -
Merchandise Ime tory 230,028 14,598 156,285 20,568 -
Prepaidlnsuranoe 25,021 - - 48,832 - -
Total CurentAssets $ 11,585,070 $ 1,078,889 $ 823,643 $ 8,720,711 $ 895,955 $ 334,858
Non-Q.n-ent Assets:
inkesh-tints $ 8,016,227 $ 661,023 $ 544,159 $ 7,155,949 $ 751,633 $ 1,002,177.00
Restricted Assets
Debt Service:
Cash&Cash Equ\rcients 584,131 - - 543,475 - -
Capital Assets
Land 92,238 - - 92,238 -
Bci I di ngs/Stnjctures/I n p-aa vents/
Equipment&SyOens 64,056,703 4,655,999 1,460,379 62,393,173 4,203,667 1,226,992
LessAocurrulated Depredation (19,897,591) (2,291,737) (532,582) (17,626,758) (2,004,096) (498,745)
Infrastructure 78,787,138 - 62,876,041 -
Less Accumulated Depredation (12,679,944) - - (11,449,275) -
Construction Work In Ftogress 5,387,108 - - 1,263,713 -
Deferred Charges 204,358 - - 169,012 -
Total Non-Current Assets $ 124,550,368 $ 3,025,285 $ 1,471,956 $105,417,568 $ 2,951,204 $ 1,730,424
TOTAL ASSETS $ 136,135,438 $ 4,104,174 $ 2,295,599 $114,138,279 $ 3,847,159 $ 2,065,282
47
UABIUl1ES
Curent Liabilities:
Accu-nts Payable $ 1,050,147 $ 83,280 $ 25,249 $ 813,504 $ 67,164 $ 5,354
Due to Cther Care m-entS 51,915 - - 30,372 - -
Rata rxsge Payable 316,269 - - 73,821 -
Mired GO.Bonds - - - - -
O.irrenf Portion Bonds Payable 1,255,000 - - 1,040,000 -
Oxrent Portion Loans Payable 1,389,995 - - 1,353,611 -
Deposits 15,506 - - 102,594 -
Interest Payable 380,504 - - 387,402 -
Deferred Credits 672,398 - - 409,605 - -
Total O-rent Liabilities $ 5,131,764 $ 83,280 $ 25,249 $ 4,210,909 $ 67,164 $ 5,354
Nm-Oxrent Liabilities
CorrpensatedAbsences $ 147,753 $ 14,514 $ 7,884 $ 122,480 $ 7,884 $ 7,884
clans Inaxred Not Reported - 125,000 - - 125,000 -
Lindaimad Property 15,202 - - 12,566 - -
Bonds Payable:
1994 Faeverx.ie Bonds - - - - - -
1998 FbvemdPekrdng Bonds Series 1,700,000 - - 1,780,000 - -
1998 PeverlieRefi in ing Bonds Series B 5,805,000 - - 6,330,000 - -
1998 PeverxdP&rdng Bonds Series C 615,000 - - 715,000 - -
1999 Pevenue Bonds 635,000 - - 735,000 - -
2001 Pevenue Bonds 795,000 - - 850,000 - -
2002 Fbvenue Bonds 5,300,000 - - 5,530,000 - -
2005 Pevenue Bonds 4,400,000 - - - -
Less:CuTent Portion (1,255,000) - - (1,040,000) -
Linanbrtized Dscouit on Fluxing Debt (9,710) - - (10,580) -
Loans Payable:
PWTF Loans 3,417,217 - - 3,740,305 -
SFf Loan 18,922,950 - - 19,953,473 -
Interf yrd Loans - - 109,612 - -
Less:OirentPortion (1,389,995) - - (1,353,611) -
Total NorrQx Liabilities $ 39,148,417 $ 139,514 $ 117,496 $ 37,364,633 $ 132,884 $ 7,884
Total Liabilities $ 44,280,181 $ 222,794 $ 142,745 $ 41,575,542 $ 200,048 $ 13,238
NETASSEIFS
Irnestrrxant in Capital Assets,Net
of Fbated Debt $ 68,718,377 $ 2,378,860 $ 927,797 $ 58,965,934 $ 2,220,139 $ 728,247
Restricted for Debt Service 645,093 200,000 - 746,530 200,000 -
UTestricted 22,491,787 1,382,520 1,715,057 12,850,273 1,226,972 1,323,797
Total Net Assets $ 91,855,257 $ 3,881,380 $ 2,152,854 $ 72,562,737 $ 3,647,111 $ 2,082,044
See acoonpar)Ang notes to the basic financial stataTe ts.
48
City of Pasco
Statement of Revenues,Expenses,and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended December 31,2005
2005 2004
Governmental Business-type Governmental Business-type
Business-type Activities Activities Business-type Activities Activities
Activities Internal Internal Activities Internal Internal
Enterprise Funds Service Funds Service Funds Enterprise Funds Service Funds Service Funds
Water/Sewer Water/Sewer
Fund Total Total Fund Total Total
OPERATING REVENUES
Charges for Services-Internal $ - $ 2,645,800 $ 349,140 $ - $ 2,366,469 $ 392,460
Charges for Services-Other 12,746,130 254,662 16,381 11,757,336 226,866 3,439
Miscellaneous Revenue 2,962,362 3,120,362
Total Operating Revenues 15,708,492 2,900,462 365,521 14,877,698 2,593,335 395,899
OPERATING EXPENSES
Personal Services 2,148,829 162,958 - 2,008,153 157,749 21,056
Supplies 239,053 - 522,126 - -
Other Services&Charges 2,830,432 2,878,336
Taxes 1,850,962 - - 1,619,713 - -
Maintenance Expenses - 547,210 120,894 - 503,578 165,184
Insurance Claims and Expenses - 2,126,918 - - 1,569,776 -
Depreciation 3,478,137 287,641 33,837 3,304,085 169,452 30,697
Capital Outlays - 190,913 - - 258,636 -
Total Operating Expenses 10,547,413 3,315,640 154,731 10,332,413 2,659,191 216,937
OPERATING INCOME(LOSS) 5,161,079 (415,178) 210,790 4,545,285 (65,856) 178,962
NON-OPERATING REVENUES(EXPENSES)
Interest and Investment Revenue 491,592 47,654 42,681 350,468 48,775 33,867
Proceeds from Debt Issuance - - - - - -
Farmland Rentals 582,630 550,760
Interest Expense (1,466,426) (1,490,291)
Amortization Expense (46,289) (150,352)
Miscellaneous Non-Operating Revenues 41,443 - - 50,052 - -
Total Non-Operating Revenues(Expenses) (397,050) 47,654 42,681 (689,363) 48,775 33,867
Income(Loss)before Contributions and
Transfers 4,764,029 (367,524) 253,471 3,855,922 (17,081) 212,829
Capital Contributions 14,202,830 - 9,119,875 (790,835) 790,835
Transfers Out (300,000) - (157,637) - (1,040,272) -
Transfers In 309,611 162,637 297,671 1,080,272
Changes in Net Assets 18,976,470 (204,887) 95,834 13,273,468 (1,848,188) 2,083,936
Prior Year Adjustments 316,050 130,332 (85,179) 506,758 113,209 (31,892)
Assets Purchased in Other Funds - 308,824 90,155 - -
NETASSETS-BEGINNING 72,562,737 3,647,111 2,052,044 58,782,511 5,382,090 -
NET ASSETS-ENDING $ 91,855,257 $ 3,881,380 $ 2,152,854 $ 72,562,737 $ 3,647,111 $ 2,052,044
See accompanying notes to the basic financial statements.
49
atyd Pam
9ataret of Fear es�Bperses,art Cl in Find Nd PssdsI
RodaY Furl,
F cr ftYe r Rxlad�arira 31,2705
B-a essTypeAdvities ea aTm-al Q.erffi&type
BleoseRnt Pdiuties PcMes
Vita 3na RmessVU#a 3arrvda IrrigAim Irtarsl Seance Irtarel Sauce
Oper.ta-s Aou Ft.ee qpaAau qpff�ua Total Firm RM13
CPEPAllN3FE1v84JES
C1vAjEsfcrSa\ias-Irta d $ - $ - $ - $ - $ - $ 2,645800 $ 349,140
CtnjesfrSmAces-Cher 4,680,847 5916,663 1,275027 395520 477,973 1274E4130 54,6E2 16,381
MsadlaaasFeaze 1,021,560 1,94Q802 - - 2,95362 -
TdalCp ArgFbAn.es 570?507 7,867,465 1,275027 390530 477,973 15705492 2905462 3E6,521
CFEP4l1I\GD4U\EEB
Rya d SffNAoes 821,522 917,389 132,450 171,551 15 917 2,148,829 1595
awies 1(1,282 104,346 27,309 39 5,077 23QO53
ChsrSetiices&Clxges 1,0 758 1,016,084 452,908 176,849 95833 2,83543
Tames 755085 803,171 221,378 4Q945 21383 1,8M,962 - -
Nbirtenam Bpe ses - - - 547,210 125894
IraxaroeCJarrsadBpa-ses - - - - 2,14918 -
Iaxedaticn 7135 763 2,149,333 29Q9E0 36,965 Z2f l o 3,475137 2EZ641 33,837
Cptal Qdays - - - - 19Q913 -
TdalCpaalirgF ase; 3,535410 4,995323 1,1,2,995 377,349 511,336 1Q547,413 3,315610 154,731
GEPAINSINalVE(ICES) 2,167,097 2,857,142 1QO32 18,171 (3�363) 5161,079 415178 21Q790
N NL:FEPAn ;MBA ES(D4SqE�
IrtaestandlrrtratFbaie 172,057 29Q376 24,580 5832 14,748 491,532 47,654 42,681
RnaeeclsfrcmL-TD&Isa.Erne - - - -
RnAarl F3 ds - U-63D - - 582,630 -
Irtaest Bp (232,796) (883,510) (317,146) (3,974) (1,46,4X) -
P mtaficn Bpe se (4767) (3,841) (15681) - - (46,289) -
N1s7dlar9as Nm4ZIoemting FbHi Es 25722 4722 - - - 41,443 -
Tci N3,gDa-ArgFbm-oas,(Bparoes) ((rA784) 595254 274,383 9,832 (182 397,050 47,654 4Z6Bl
Imare(Lcss)befaeGit aT.adTraEfas 2,105313 z27Q888 416,415 40M (51,599) 4,764,029 (367,524) 253,471
C-;Od Oo*h ors 4,ZA949 4,623,537 - 895297 4,524,987 14,21,83D -
Transfers GA - (3)0,000) - - (300,000) - (157,637)
Tia-sfesIn - 309,611 - - 3M,611 15637 -
Ctaresin Net Assets CM23 6,9011096 416,415 878,300 4,473,308 15976,470 (204,887) 95834
RicrYeErAq trots 316,0 135332 (85179)
P6sets Rxdased in a,u Fvx1; - X8824 95155
MTAS=-833NVW� 71,55737 3,617,111 2,(7Ei'2,044
IUASfFS-BUI\G $91,855257 $ 3,881,38D $ 2,15854
SeeamnlDaVrgncbes tote badckaloal carets.
50
City of Pasco
Statement of Cash Flows
Proprietary Funds
For the Year Ended December 31, 2005
Governmental Business-type
Business-type Activities Activities
Activities Internal Internal
Enterprise Funds Service Funds Service Funds
Water/Sewer
Fund Total Total
CASH FLOW FROM OPERATING ACTIVITIES:
Receipts from Customers $ 15,901,921 $ 2,897,861 $ 365,521
Payments for Maintenance&Ops. - (906,456) (100,999)
Payments for Merchandise (73,743)
Payments for Wages (2,123,556) -
Payments for Operating Expenses (2,811,139)
Internal Activities-payments to other funds - -
Payments for Taxes (1,829,389)
Payments to Employees - (2,098,796) -
Net Cash provided (used)by operating activities 9,064,094 (107,391) 264,522
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES:
Prior Year Adjustments (9,874) (9,712)
Transfers In (Out) (598,021) 162,637 (48,025)
Non-Operating Revenue 624,073 -
Net Cash provided from non-capital financial activities 26,052 152,763 (57,737)
CASH FLOW FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition of Capital Assets (2,902,028) - (224,987)
Principal Paid on Bonds&Loans (2,346,078)
Interest Paid on Bonds& Loans (1,508,669)
Construction Work in Process (4,123,395)
Proceeds of Bonds 4,353,338
Payments received from Notes and Loans 39,500
Net Cash Used by Capital& Related Financing Activities (6,487,332) - (224,987)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Activities Income 415,856 47,654 42,681
Net Increase(Decrease)in Cash and
Cash Equivalents 3,018,670 93,026 24,479
Cash and Cash Equivalents January 1 15,176,527 1,409,300 1,321,859
Cash and Cash Equivalents December 31 $ 18,195,197 $ 1,502,326 $ 1,346,338
There were no non-cash activities from investing, capital or financing in 2005.
See accompanying notes to the basic financial statements.
51
City of Pasco
Statement of Cash Flows
Proprietary Funds
For the Year Ended December 31,2005
Governmental Business-type
Business-type Activities Activities
Activities Internal Internal
Enterprise Funds Service Funds Service Funds
Water/Sewer
Fund Total Total
RECONCILATION OF OPERATING INCOME(LOSS)TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net Operating Income $ 5,161,079 $ (415,178) $ 210,790
ADJUSTMENTS TO RECONCILE OPERATING
INCOME TO NET CASH PROVIDED(USED)BY
OPERATING ACTIVITIES
Depreciation 3,478,137 287,641 33,837
Changes in assets and liabilities:
(Increase)/Decrease in Customer Receivables (67,568) (2,601) -
(Increase)/Decrease in Prepaid Expenses 23,811 - -
(Increase)/Decrease in Inventories (73,743) - -
Increase/(Decrease)in Misc. Income Revenues - -
Increase/(Decrease)in Customer Deposits (4,432) - -
Increase/(Decrease)in Accounts Payable 234,535 16,116 19,895
Increase/(Decrease)in Unclaimed Property 2,636 - -
Increase/(Decrease)in Taxes Payable 21,573 - -
Increase/(Decrease)in Compensated Absences 25,273 6,630 -
Increase/(Decrease)in Advance Minimum Deposits 262,793 - -
Net Cash Provide by Operating Activities $ 9,064,094 $ (107,392) $ 264,522
See accompanying notes to the basic financial statements.
52
City of Pasco
Statement of Fiduciary Net Assets
Fiduciary Funds
December 31, 2005
Fire Pension Agency
Fund Funds
ASSETS
Cash&Cash Equivalents $ 551,338 $ 164,107
Receivables(net of allowances)
Other Receivables -
Loans Receivable 33,266 -
Interest Receivable 16,375 -
Investments, at FMV 3,345,738 -
Total Assets 3,946,716 164,107
LIABILITIES
Accounts Payable - -
Due to Others - 164,107
Total Liabilities - 164,107
NET ASSETS
Held in Trust for Pension Benefits&Other
Purposes $ 3,946,716 $ -
See accompanying notes to the basic financial statements.
53
City of Pasco
Statement of Changes in Fiduciary Net Assets
Fiduciary Funds
For the Year Ended December 31, 2005
Fire Pension
Fund
ADDITIONS
Taxes $ 32,104
Investment Earnings
Interest 57,477
Dividends 91,586
Net Increase (Decrease) in Fair Value of Investments (17,515)
Loan Interest 4,505
Total Additions 168,157
DEDUCTIONS
Pension Benefits 58,516
Medical Premiums 56,352
Administrative Expenses 10,080
Total Deductions 124,948
Change In Net Assets 43,209
Prior Year Adjustments (9,887)
NET ASSETS- BEGINNING 3,913,394
NET ASSETS- ENDING $ 3,946,716
See accompanying notes to the basic financial statements.
54
NOTES TO FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of Pasco have been prepared in conformity
with generally accepted accounting principals (GAAP) as applied to government
units. The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and financial
reporting principles. The significant accounting policies are described below.
A. REPORTING ENTITY
The City of Pasco was incorporated on May 4, 1891 and operates under the
laws of the State of Washington applicable to a Non-Charter Code City with
a council/manager form of government. As required by the generally
accepted accounting principles the financial statements present the City of
Pasco - the primary government.
The City is a general-purpose government and provides police and fire
protection, a municipal court, ambulance services, engineering, street
construction and maintenance, planning and zoning, parks and recreation
services, and a public library. The City also owns and operates a cemetery,
a water system, and a sewer system.
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The government-wide financial statements (i.e., the Statement of Net
Assets and the Statement of Changes in Net Assets) report information on all
of the non-fiduciary activities of the primary government. For the most
part, the effect of interfund activity has been removed from these
statements. Governmental activities, which normally are supported by
taxes and intergovernmental revenues, are reported separately from
business-type activities, which rely to a significant extent on fees and
charges for support.
The Statement of Activities, page 36, demonstrates the degree to which the
direct expenses of a given function or segment is offset by program
revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Our policy is to allocate indirect costs to a
specific function or segment. Program revenues include 1) charges to
customers or applicants who purchase, use, or directly benefit from goods,
services, or privileges provided by a given function or segment and 2) grants
and contributions that are restricted to meeting the operational or capital
requirements for a particular function or segment. Taxes and other items
not properly included among program revenues are reported instead as
general revenues.
55
Separate fund financial statements are provided for governmental funds,
proprietary funds, and fiduciary funds, even though the latter are excluded
from the government-wide financial statements. Major individual
governmental funds and major individual enterprise funds are reported as
separate columns in the fund financial statements.
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL
STATEMENT PRESENTATION
The government-wide financial statements are reported using the economic
resources measurement focus and the accrual basis of accounting, as are the
proprietary fund and fiduciary fund financial statements. Revenues are
recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are
recognized as revenues in the year for which they are levied. Grants and
similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current
financial resources measurement focus and the modified accrual basis of
accounting. Revenues are recognized as soon as they are both measurable
and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to liabilities
of the current period. For this purpose, the City considers revenues to be
available if they are collected within 60 days of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as
under accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences and claim and judgments,
are recorded only when payment is due.
Property taxes, licenses, and interest associated within the current period
are all considered to be susceptible to accrual and so have been recognized
as revenues of the current fiscal period. Only the portion of special
assessment receivable due within the current fiscal period is considered to
be susceptible to accrual as revenue of the current period. All other
revenue items are considered to be measurable and available only when
cash is received by the City.
The City of Pasco reports the following major governmental funds:
The General Fund is the City's operating fund. It accounts for all financial
resources of the general government, except those required to be
accounted for in another fund.
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The Arterial Street Fund is a special revenue fund. It is designated for the
construction of new streets, street improvements and street infrastructure
projects.
The City reports the following major proprietary fund:
Water/Sewer fund - includes water, sewer, process water reuse, storm
water and irrigation operations.
Additionally, the City reports the following fund types:
Internal service funds account for equipment replacement and operation,
central stores, and medical/dental insurance services provided to other
departments of the City on a cost reimbursement basis.
The pension trust fund is used to account for the sources and uses of funds
to meet the pension benefit rights of those firemen covered under the Plan
prior to the creation of Law Enforcement Officers and Fire Fighters (LEOFF)
pension system in 1970.
Private-sector standards of accounting and financial reporting issued prior
to December 1, 1989, generally are followed in both government-wide and
proprietary fund financial statements to the extent that those standards do
not conflict with or contradict guidance of the Governmental Accounting
Standards Board. Governments also have the option of following
subsequent private-sector guidance for their business-type activities and
enterprise funds, subject to this same limitation. The City has elected not
to follow subsequent private-sector guidance.
As a general rule the effect of the interfund activity has been eliminated for
the government-wide financial statements. Exceptions to this general rule
are interfund loan made from fiduciary funds to governmental funds.
Amounts reported as program revenues include 1) charges to customers, 2)
operating grants and contributions, and 3) capital grants and contributions,
including special assessments. Internally dedicated resources are reported
as general revenues rather than as program revenues. General revenues
include all taxes.
Proprietary fund distinguish operating revenues and expenses from non-
operating items. Operating revenues and expenses generally result from
providing services and producing and delivering goods in connection with a
proprietary fund's principal ongoing operations. The principal operating
revenues of the Water/Sewer Fund are charges to customers. The major
services provided by the proprietary fund are water, sewer, storm drain,
irrigation and industrial waste water processing. Operating expenses for
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enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All
revenues and expenses not meeting this definition are reported as non-
operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is
the City's policy to use restricted resources first, then unrestricted
resources as needed.
D. BUDGETARY INFORMATION
1. Scope of Budget
Annual appropriated budgets are adopted for the general and special
revenue funds and for all proprietary funds on the modified accrual basis
of accounting. Budgets for debt service and capital project funds are
adopted at the level of the individual debt issue or project and for fiscal
periods that correspond to the lives of debt issues or projects.
Annual appropriated budgets are adopted at the level of the fund,
except in the general fund, where expenditures may not exceed
appropriations at the department level and the budgets constitute the
legal authority for expenditures at that level.
Appropriations for general and special revenue funds lapse at year-end,
except for appropriations for capital outlays, which are carried forward
from year to year until fully expended or the purpose of the
appropriations has been accomplished or abandoned.
2. Procedures for Adopting the Original Budget
The City's budget procedures are mandated by RCW 35A.33. The steps in
the budget process are as follows:
1. Prior to the first Tuesday in November, the City Manager submits a
proposed budget to the Council. This budget is based on priorities
established by the Council and estimates provided by departments
during the preceding months, and balanced with revenue estimates
made by the Finance Manager.
2. The Council conducts public hearings on the proposed budget in
November and/or 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. Within 30 days of adoption, the final budget is available to the public.
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3. Amending the Budget
The budget, as adopted, constitutes the legal authority for expenditures.
The City's budget is adopted at the fund level, so that expenditures may
not legally exceed appropriations at that level of detail. The City
Manager is authorized to transfer budgeted amounts between
departments within any fund; however, any revisions that alter the total
expenditures of a fund, or that affect the number of authorized
employee positions, salary ranges, hours, or other conditions of
employment must be approved by the City Council.
When the City Council determines that it is in the best interest of the
City to increase or decrease the appropriation for a particular fund, it
may do so by ordinance approved by a one more than the majority after
holding one public hearing.
The budget amounts shown in the financial statements are the final
authorized amounts as revised during the year.
The financial statements contain the original and final budget
information. The original budget is the first complete appropriated
budget. The final budget is the original budget adjusted by all reserves,
transfers, allocations, supplemental appropriations, and other legally
authorized changes applicable for the fiscal year.
4. Excess of Expenditures Over Appropriations
There were no funds which had an excess of expenditures over
appropriations for the fiscal period.
5. Deficit Fund Equity
The following funds report a deficit fund equity position at December 31,
2005.
FUND DEFICIT EQUITY BALANCE
Arterial Street Fund $ (1,296,887)
Cemetery Fund (195,056)
Senior Center Fund (10,914)
Multi-Model Facility Fund (2,918)
LID Construction Fund (532,518)
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The following steps have been taken to eliminate the above deficits:
The LID Construction Fund will receive a funds transfer in 2006 for ULID 141
from the appropriate fund.
In February 2005, a change was made in the percentage split of occupational
utility taxes to include revenues going to the City Street Fund to offset
ongoing expenses.
The Arterial Street Fund has several major construction projects in process
that require the City to front monies for work and await reimbursement
from the State of Washington and Federal Government for roadway grant
monies. Once reimbursements are received the deficit in this fund should
be eliminated.
The Cemetery Fund continues to try and increase sales in excess of costs to
assist in the elimination of its deficit. The fund received an interfund
transfer from the General fund of $97,000 to further reduce the deficit.
E. ASSETS, LIABILITIES AND EQUITIES
1. Cash and Equivalents
It is the City's policy to invest all temporary cash surpluses. At December
31, 2005, the treasurer was holding $19,554,394 in short-term residual
investments of surplus cash and $20,443,281 in investments longer than
one year. Investment amounts maturing within one year are classified on
the balance sheet as Cash and Cash Equivalents in various funds.
Investments with maturity beyond one year are classified as Investments.
The interest earnings on these investments are prorated to the various
funds based on cash balances.
The amounts reported as cash and cash equivalents also include
compensating balances maintained with certain banks in lieu of payment
for services rendered. The average compensating balances maintained
during 2005 were approximately $1,000,000.
For purposes of the Statement of Cash Flows, the City considers all highly
liquid investments (including restricted assets) with maturity of three
months or less when purchased to be cash equivalents.
2. Investments - See Note 4, pages 64-65.
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3. Receivables
Taxes receivable consists of property, sales, gambling, utility taxes and
related interest and penalties. (See Note 16, pages 88-89.) Accrued
interest receivable consists of amounts earned on investments, notes,
and contracts at the end of the year.
Special assessments are recorded when levied. Special assessments
receivable consist of current and delinquent assessments. Deferred
assessments on the fund financial statements consist of unbilled special
assessments that are liens against the property benefited. As of
December 31, 2005, $71 ,405 in special assessments receivable was
delinquent. Of this delinquent amount, $36,644 or 50.32% is on
property that is owned by the City and will be recovered as part of the
sale price of the property.
Customer accounts receivable consists of amounts owed from private
individuals or organizations for goods and services including amounts
owed for which billings have not been prepared. Notes and contracts
receivable consists of amounts owed on open accounts from private
individuals or organizations for goods and services rendered.
4. Amounts Due to and from Other Funds and Governments, Interfund
Loans and Advances Receivable
Activity between funds that are representative of [ending/borrowing
arrangements outstanding at the end of the fiscal year are referred to a
either "interfund loans receivable/payable" or "advances to/from other
funds." All other outstanding balances between funds are reported as
"due to/from other funds." Any residual balances outstanding between
funds are reported in the government-wide financial statements as
"internal balances." A separate schedule of interfund loans receivable
and payable is furnished in Note 15, pages 84-85.
Advances between funds, as reported in the fund financial statements,
are offset by a fund balance reserve account in applicable governmental
funds to indicate that they are not available for appropriation and are
not expendable available financial resources.
5. Inventories
Inventories in governmental funds consist of expendable supplies held for
consumption. The cost is recorded as an expenditure when individual
inventory items are purchased. The reserve for inventory is equal to the
ending amount of inventory to indicate that a portion of the fund
61
balance is not available for future expenditures. A comparison to market
value is not considered necessary.
Inventories in proprietary funds are valued using a floating average of
costs for each item.
6. Restricted Assets and Liabilities
These accounts contain resources for construction and debt service in
enterprise funds. The current portion of related liabilities is shown as
Payables from Restricted Assets. Specific debt service requirements are
described in Note 10, pages 80-83.
The restricted assets of the enterprise fund as of December 31, 2005 are
composed of the following:
Cash and Investments - Debt Service $ 584,131
Cash Deposits 60,962
Total Restricted Assets 645 093
7. Capital Assets and Depreciation - See Note 6, pages 65-70.
Capital assets, which include property, plant, and equipment and
infrastructure assets, are reported in the applicable governmental or
business-type columns in the governmental-wide financial statements.
Capital assets are defined by the City as assets with an initial, individual
cost of more than $5,000 and an estimated useful life in excess of 3
years. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The cost of normal maintenance and repairs that do not add to the value
of the asset or materially expend assets lives are not capitalized.
Major outlays for capital assets and improvements are reported as
Construction Work in Progress as projects are constructed. Interest
incurred during the construction phase of the capital assets of business-
type activities is included as part of the capitalized value of the assets
constructed. Capital Assets and improvements are capitalized once the
project is completed. There were no capitalized interest costs incurred
by the City during fiscal year 2005.
Property, plant and equipment of the primary government are
depreciated using the straight-line method over the following estimated
useful lives:
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ASSETS YEARS
Buildings 40
Improvements 20
Machinery &t Equipment 10
8. Other Property and Investments - See Note 4, pages 64-65.
9. Compensated Absences
The City accrues accumulated unpaid vacation and sick leave and
associated employee related costs when earned (or estimated to be
earned) by the employee. All vacation and sick pay is accrued when
incurred in the government-wide, proprietary, and fiduciary fund
financial statements.
Sick leave may be accumulated up to a maximum of 960 hours for all
employees except firefighters. Firefighter sick leave may be
accumulated up to a maximum of 840 hours. Sick leave is payable at a
rate of 25% up to a maximum of 720 payout hours upon resignation,
retirement or death.
Vacation leave may be accumulated up to a maximum of one and a half
time the employee's annual vacation accrual rate and is payable upon
resignation, retirement or death.
10. Other Accrued Liabilities
These accounts consist of accrued wages and accrued employee benefits.
11. Long-Term Debt - See Note 10, pages 80-83.
12. Deferred Revenue
This account includes amounts recognized as receivables but not
revenues in governmental funds because the revenue recognition
criterion has not been met.
13. Fund Reserves and Designations
In the fund financial statements, governmental funds report reservations
of fund balance for amounts that are not available for appropriation or
are legally restricted by outside parties for use for a specific purpose.
Designations of fund balance represent tentative management plans that
are subject to change.
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NOTE 2. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL
STATEMENTS
A. Explanation of Certain Differences Between the Governmental Funds
Balance Sheet and the Government-Wide Statement of Assets
The governmental funds' balance sheet includes a reconciliation
between fund balance - total governmental funds and net assets -
governmental activities as reported in the government-wide statement
of net assets. This information can be found on the Balance Sheet for
Government Funds on pages 39-40.
B. Explanation of Certain Differences Between the Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances
and the Government-Wide Statement of Activities
The governmental funds' statement of revenues, expenditures, and
changes in fund balances includes a reconciliation between net changes
in fund balances - total governmental funds and changes in net assets of
governmental activities as reported in the government-wide statement
of activities. This information can be found on the Reconciliation of the
Statement of Revenues, Expenditures and Changes in Fund Balance of
Governmental Funds to the Statement of Activities on pages 43-44.
NOTE 3. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
There have been no material violations of finance-related legal or contractual
provisions.
NOTE 4. DEPOSITS AND INVESTMENTS
A. DEPOSITS
The City's deposits and certificates of deposit are covered by federal
depository insurance (FDIC) or by collateral held in a multiple financial
institution collateral pool administered by the Washington Public Deposit
Protection Program (PDPC). The PDPC is a statutory authority established
under Chapter 39.58 of the Revised Code of Washington.
B. INVESTMENTS
As required by state law, all investments of the City's funds (except as noted
below) are obligations of the U. S. Government, U. S. agency issues,
obligations of the State of Washington, general obligations of Washington
State municipalities, the State Treasurer's Investment Pool, or certificates
of deposits with Washington State banks and savings and loan institutions.
64
Investments of (pension/nonexpendable) trust funds are not subject to the
preceding limitations. All temporary investments are stated at purchase
price.
Investments are shown on entity-wide Statement of Net Assets at fair
market value. Investments are reported within Cash 8t Cash Equivalents or
Investments of Governmental Activities and within Cash 8t Cash Equivalents
or Investments of Business-type Activities.
The City's investments are categorized to give an indication of the risk
assumed at year-end. The following summary shows the City's investments
at year-end categorized by risk. Category 1 includes investments that are
either insured or registered and held by the City or its agent in the City's
name. Category 2 includes uninsured and unregistered investments that are
held by the counterparty's trust department or agent in the City's name.
Category 3 includes uninsured and unregistered investments for which the
securities are held by the counterparty, or its trust department or agent.
All investments are held in the City's name. The fair market value of
investments is based upon quoted market prices as of December 31, 2005.
The City's investments at December 31, 2005 are as follows:
CATEGORY FAIR MARKET
1 2 3 TOTAL VALUE
U. S. Gov. Securities $ 0 $ 0 $ 0 $ 0 $ 0
Fed. Agency Securities 18,309,722 0 0 18,309,722 18,008,896
Certificates of Dep. 14,000,000 0 0 14,000,000 14,000,000
Mutual Funds 0 0 1,419,483 1,419,483 2,375,289
Total $32.309.722 0 1.419.483 $ 33,729,205 $ 34,384,185
Investments not subject to Categorization:
Investment in State Treasurer's Investment Pool 2,957,987 2,957,987
Savings Accounts 4,675,758 4,675,758
Total Investments 41,362,950 $ 42,017,930
NOTE 5. PROPERTY TAXES
The County Treasurer acts as an agent to collect property taxes levied within
Franklin County for all taxing authorities. Taxes are levied annually on January
1, on property value listed as of the prior May 31. Assessed values are
established by the County Assessor at 100% of fair market value. At least once
65
every six years by law, the Assessor is required to physically inspect and value
all taxable real property in the County. Currently, the Assessor uses a four year
review cycle.
Taxes are due in two equal installments on April 30 and October 31. The
County Treasurer remits collections weekly to the appropriate district.
The following Property Tax Calendar for Franklin County, Washington provides
the relevant property tax data for the 2005 tax year.
Franklin County, Washington
2005 Property Tax Calendar
City of Pasco
January 1.............................. Taxes levied and become an enforceable lien
against properties.
February 15...........................Tax bills are mailed.
April 30................................. First of two equal installment payments is due.
May 31.................................... Assessed value of property established for next
year's levy at 100 percent of market value.
October 31........................... Second installment is due.
Property taxes are recorded as a receivable and revenue when levied. Property
taxes collected in advance of the fiscal year to which they apply are recorded
as deferred revenue and recognized as revenue of the period to which they
apply. No allowance for uncollected taxes is established because delinquent
taxes are considered fully collectible. Prior year tax levies were recorded
using the same principal, and delinquent taxes are evaluated annually.
The City may levy up to $3.60 per $1,000 of assessed valuation for general
governmental services, subject to two limitations:
Washington State Constitution and Washington State law, RCW 84.55.010
limit the rate.
The City's general levy for 2005 was $2.4157 per $1 ,000 on an assessed
valuation of $1 ,987,640,071 for a total regular levy of $4,801 ,542.
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NOTE 6. CAPITAL ASSETS
A. Capital Assets
Capital assets activity for the year ended December 31, 2005 was as
follows:
Beginning Ending
Balance Balance
Governmental Activities 01/01/05 Increases Decreases 12/31/05
Capital assets, not being
depreciated
Land $ 5,582,334 $ 348,764 $ 697,740 $ 5,233,358
Construction in Progress 3,055,183 21453,084 0 5,508,267
Total capital assets, not being
depreciated 8,637,517 2,801,848 697,740 10,741,625
Capital assets, being
depreciated
Buildings 28,426,191 1,135,308 0 29,561,499
Improvements other than
buildings 4,535,924 425,752 0 4,961,676
Machinery Et Equipment 1,973,132 119,017 0 2,092,149
Infrastructure 17,003,213 6,651,867 0 23,655,080
Equipment Rental 4,203,667 452,332 0 4,655,999
Total capital assets being
depreciated 56,142,127 8,784,276 0 64,926,403
Less accumulated depreciation
for:
Buildings 5,917,012 721,989 0 6,639,001
Improvements other than
buildings 638,968 276,816 0 915,784
Machinery 8t Equipment 542,681 265,160 0 807,841
Infrastructure 485,187 891,723 0 1,376,910
Equipment Rental 2,004,096 287,641 0 2,291,737
Total accumulated
depreciation 9,587,944 2,443,329 0 12,0317273
Total capital assets, being
depreciated, net 46,554,183 6,340,947 0 52,895,130
Governmental activities capital
assets net $ 55,191,700 $ 9,142,795 $ 697,740 $63,636,755
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Beginning Ending
Balance Balance
Business-Type Activities 01/01/05 Increases Decreases 12/31/05
Capital assets, not being
depreciated
Land $ 92,238 $ 0 $ 0 $ 92,238
Construction in Progress 1,263,713 4,123,394 0 5,387,107
Total capital assets, not being
depreciated 1,355,951 4,123,394 0 5,479,345
Capital assets, being depr.
Source of Supply 326,976 0 0 326,976
Pumping Plants 8,593,671 0 0 8,593,671
Treatment Plants 32,609,656 193,380 0 32,803,036
Transmission, Distribution Ft
Collection Lines (1) 51,815,692 10,481,791 0 62,297,483
General Plant Assets 2,878,747 3267723 0 3,205,470
West Pasco Water System 1,328,485 0 0 1,328,485
Plant Acquisition 700,961 0 0 700,961
Industrial Waste Water Plant 14,574,404 144,706 0 14,719,110
Storm Water 1,380,272 998,722 0 2,378,994
Irrigation (1) 11,060,350 5,429,305 0 16,489,655
Equipment Rental 1,226,992 233,387 0 1,460,379
Total Capital Assets Being
Depreciated 126,496,206 17,808,014 0 144,304,220
Less accumulated
depreciation for:
Source of Supply 210,180 6,540 0 216,720
Pumping Plants 2,383,626 359,220 0 2,742,846
Treatment Plants 10,529,497 1,342,093 0 11,871,590
Transmission, Distribution Et
Collection Lines 11,278,370 1,004,573 0 121282,943
General Plant Assets 11225,490 1711126 0 1,396,616
West Pasco Water System 869,130 32,543 0 901,673
Plant Acquisition (2) 303,749 23,366 0 327015
Industrial Waste Water Plant 2,081,560 298,950 0 2,380,510
Storm Water 23,526 36,961 0 60,487
Irrigation (1) 170,905 226,125 0 397,030
Equipment Rental 498,745 33,837 0 532,582
Total accumulated
depreciation 29,574,778 35351338 0 33010,116
Total capital assets, being
depreciated, net 96,921,428 14,272,676 0 111,194,104
Business-type activities
capital assets, net $98,277,379 18,396,070 0 116,673,449
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(1) - These assets are classified as Infrastructure.
(2) - Plant Acquisition is accumulated amortization.
Depreciation expense was charged to functions/programs of the primary
government as follows:
Governmental Activities:
General Government $ 620,609
Security of Persons Et Property 185,882
Physical Environment 25,072
Economic Environment 123,566
Transportation 923,978
Culture Et Recreation 564,222
Total Depreciation - Governmental Activities $ 2,443,329
Business-Type Activities
Water/Sewer Utilities $ 3,535,338
Total Depreciation - Business-Type Activities $ 3,535,338
B. Construction Commitments
The City has active construction projects as of December 31, 2005. The
projects include Capital Improvement Fund projects, Arterial Street Fund
projects, Street Overlay Fund projects, Water/Sewer Fund projects and LID
Fund projects.
At year-end the government's commitments with contractors are as follows:
Project Spent to Date Remaining Commitment
Cemetery Office/Parks
Shop Replacement $ 68,125 $ 920,875
Argent Rd/SR 395
Connection Et Study $ 2,081,023 $ 193,979
Rd 68 Et i-182 Traffic
Signal $ 262,509 $ 1,091
Lewis/Oregon/Cedar
Corridor $ 629,243 $ 70,757
Rd 68 Interchange
Widening $ 154,895 $ 445,105
Ainsworth Railroad
Crossing $ 2,811 $ 5,997,189
2005 Overlays $ 724,322 $ 678
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WWTP Expansion $ 223,144 $ 3,376,856
New Reservoir $ 2,294,287 $ 1,705,713
Backwash Improvements $ 216,624 $ 783,376
Burden/Rd 36 Pump
Station $ 620,819 $ 29,181
Water Distribution Line
Extensions $ 383,891 $ 66,109
Wernett/Rd 38 LID $ 3,857 $ 646,143
Only on-going projects with a total construction budget of $250,000 or more are
listed above.
NOTE 7. PENSION PLANS
Substantially all City of Pasco full-time employees and qualifying part-time
employees participate in one of the following statewide retirement systems
administered by the Washington State Department of Retirement Systems,
under cost sharing, multiple-employer public employee defined benefit and
defined contribution retirement plans. The Department of Retirement Systems
(DRS), a department within the primary government of the State of Washington,
issues a publicly available comprehensive annual financial report (CAFR) that
includes financial statements and required supplementary information for each
plan. The DRS CAFR may be obtained from the Department of Retirement
Systems, Communications Unit, P.O. Box 48380, Olympia, WA 98504-8380. The
following disclosures are made pursuant to GASB Statement 27, Accounting for
Pensions by State and Local Government Employers.
A. Public Employees' Retirement System (PERS) Plans 1, 2 and 3
1 . Plan Description
PERS is a cost sharing multiple-employer retirement system comprised of
three separate plans for membership purposes: Plans 1 and 2 are
defined benefit plans and Plan 3 is a combination defined
benefit/defined contribution plan. Membership in the system includes:
elected officials; state employees; employees of the Supreme, Appeals,
and Superior courts (other than judges in a judicial retirement system);
employees of legislative committees; community and technical colleges,
college and university employees (not in national higher education
retirement programs); judges of districts and municipal courts; and
employees of local governments. PERS participants who joined the
system by September 30, 1977, are Plan 1 members. Those who joined
on or after October 1, 1977 and by either, February 28, 2002 for state
and higher education employees, or August 31, 2002 for local
government employees, are Plan 2 members unless they exercise an
option to transfer their membership to Plan 3. PERS participants joining
the system on or after March 1, 2002 for state and higher education
70
employees, or September 1, 2002 for local government employees have
the option of choosing membership in either PERS Plan 2 or PERS Plan 3.
The option must be exercised within 90 days of employment. An
employee is reported in Plan 2 until a choice is made. Employees who
fail to choose within 90 days default to PERS Plan 3. PERS defined
benefit retirement benefits are financed from a combination of
investment earnings and employee and employer contributions. PERS
retirement benefit provisions are established in state statute and may be
amended only by the State Legislature.
Plan 1 retirement benefits are vested after an employee completes five
years of eligible service. Plan 1 members are eligible for retirement at
any age after 30 years of service, or at age 60 with 5 years of service, or
at age 55 with 25 years of service. The annual pension is two percent of
the average final compensation per year of service, capped at 60
percent. The average final compensation is based on the greatest
compensation during any 24 eligible consecutive compensation months.
If qualified, after reaching age 66 a cost-of-living allowance is granted
based on years of service credit and is capped at three percent annually.
Plan 2 retirement benefits are vested after an employee completes five
years of eligible service. Plan 2 members may retire at the age of 65
with five years of service, or at age 55 with 20 years of service, with an
allowance of two percent per year of service of the average final
compensation. The average final compensation is based on the greatest
compensation during any eligible consecutive 60-month period. Plan 2
retirements prior to the age of 65 receive reduced benefits. If
retirement is at age 55 or older with at least 30 years of service, a three
percent per year reduction applies; otherwise an actuarial reduction will
apply. There is no cap on years of service credit; and a cost-of-living
allowance is granted (indexed to the Seattle Consumer Price Index),
capped at three percent annually.
Plan 3 has a dual benefit structure. Employer contributions finance a
defined benefit component, and member contributions finance a defined
contributions component. The defined benefit portion provides a benefit
calculated at one percent of the average final compensation per year of
service. The average final compensation is based on the greatest
compensation during any eligible consecutive 60-month period. Plan 3
members become eligible for retirement if they have: at least ten years
of service; or five years including twelve months that were earned after
age 54; or five service credit years earned in PERS Plan 2 prior to June 1,
2003. Plan 3 retirements prior to the age of 65 receive reduced
benefits. If retirement is at age 55 or older with at least 30 years of
service, a 3 percent per year reduction applies; otherwise an actuarial
reduction will apply. There is no cap on years of service credit; and Plan
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3 provides the same cost-of-living allowance as Plan 2. The defined
contribution portion can be distributed in accordance with an option
selected by the member, either as a lump sum or pursuant to other
options authorized by the Employee Retirement Benefits Board.
There are 1,169 participating employers in PERS. Membership in PERS
consisted of the latest actuarial valuation data for the plans as of
September 30, 2004:
Retirees and Beneficiaries Receiving Benefits 66,846
Terminated Plan Members Entitled To But
Not Yet Receiving Benefits 21,031
Active Plan Members Vested 103,039
Active Plan Members Non-vested 53,217
Total 244,133
2. Funding Policy
Each biennium, the State Pension Funding Council adopts Plan 1
employer contribution rates, Plan 2 employer and employee contribution
rates, and Plan 3 employer contribution rates. Employee contribution
rates for Plan 1 are established by statute at six percent and do not vary
from year to year. The employer and employee contribution rates for
Plan 2 and the Employer contribution rate for Plan 3 are developed by
the Office of the State Actuary to continue to fully fund Plan 2 and the
defined benefit portion of Plan 3. All employers are required to
contribute at the level established by the Legislature. PERS Plan 3
defined contribution is a non-contributing plan for employers.
Employees who participate in the defined contribution portion of PERS
Plan 3 do not contribute to the defined benefit portion of PERS Plan 3.
The Employee Retirement Benefits Board sets PERS Plan 3 employee
contribution rates. Six rate options are available ranging from 5 to 15
percent; two of the options are graduated rates dependent on the
employee's age. The methods used to determine the contribution
requirements are established under state statute in accordance with
chapters 41 .40 and 41 .45 RCW.
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The required contribution rates expressed as a percentage of current-year
covered payroll, as of December 31, 2005, were as follows:
PERS Plan 1 PERS Plan 2 PERS Plan 3
Employer* 2.44% 2.44% 2.44%**
Employee 6.00% 1.18% ***
* The employer rates do not include the employer administrative expense fee
currently set at 0.19%.
** Plan 3 defined benefit portion only.
*** Variable from 5.0% minimum to 15.0% maximum based on rate selected by
the PERS 3 member.
Both the City and the employees made the required contribution. The City's
required contributions for the years ended December 31, were:
PERS Plan 1 PERS Plan 2 PERS Plan 3
2005 $ 11,516 $ 103,417 $ 19,608
2004 8,044 67,605 9,447
2003 13,873 65,550 7,623
B. Law Enforcement Officers and Fire Fighters (LEOFF) Plans 1 and 2
1 . Plan Description
LEOFF is a cost sharing multiple employer retirement system comprised
of two separate defined benefit plans. Membership in the system
includes all full time, fully compensated, local law enforcement officers
and firefighters. LEOFF is comprised solely of nonstate employees.
LEOFF participants who joined the system by September 30, 1977 are
Plan 1 members. Those who joined on or after October 1, 1977 are Plan
2 members. Effective July 1, 2003, the LEOFF Plan 2 Retirement Board
was established to provide governance of LEOFF Plan 2. The Board's
duties include adopting contribution rates and recommending policy
changes to the Legislature for the LEOFF Plan 2 retirement plan.
Effective January 1, 2003 firefighter emergency medical technicians
(EMTs) may transfer PERS Plan 1 or Plan 2 service credit to LEOFF Plan 2
if while employed for the City, the EMT's job was relocated to a fire
department from another city, town, county or district. LEOFF defined
benefits are financed from a combination of investment earnings,
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employee and employer contributions, and a special funding situation in
which the state pays the remainder through state legislative
appropriations. LEOFF retirement benefit provisions are established in
state statute and may be amended only by the State Legislature.
Plan 1 retirement benefits are vested after an employee completes five
years of eligible service. Plan 1 members are eligible for retirement
with five years of service at age 50. The benefit per year of service
calculated as a percent of final average salary is as follows:
Term Of Service Percent Of Final Average
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less that 10 years 1.0%
The final average salary is the basic monthly salary received at the time of
retirement, provided a member has held the same position or rank for 12
months preceding the date of retirement. Otherwise, it is the average of
the highest consecutive 24 month's salary within the last 10 years of
service. If membership was established in LEOFF after February 18, 1974,
the service requirement benefit is capped at 60 percent of final average
salary. A cost-of-living allowance is granted (indexed to the Seattle
Consumer Price Index).
Plan 2 Plan retirement benefits are vested after an employee completes five
years of eligible service. Plan 2 members may retire at the age of 50 with
20 years of service, or at the age of 53 with five years of service, with an
allowance of 2 percent of the final average salary per year of service. The
final average salary is based on the highest consecutive 60 months. Plan 2
retirements prior to the age of 53 are reduced 3 percent for each year that
the benefit commences prior to age 53. There is no cap on years of service
credit; and a cost-of-living allowance is granted which is capped at 3
percent annually (indexed to the Seattle Consumer Price Index).
There are 369 participating employers in LEOFF. Membership in LEOFF
consisted of the following as of the latest actuarial valuation date for the
plans of September 30, 2004:
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Retirees and Beneficiaries Receiving Benefits 8,542
Terminated Plan Members Entitled To But
Not Yet Receiving Benefits 528
Active Plan Members Vested 12,079
Active Plan Members Non-vested 3,523
Total 24,672
2. Funding Policy
Starting on July 1, 2000, Plan 1 employer and employee will contribute
zero percent as long as the plan remains fully funded. Employer and
employee contribution rates are developed by the Office of the State
Actuary to fully fund the plan. Plan 2 employers and employees are
required to pay at the level adopted by the Department of Retirement
Systems in accordance with 41.45 RCW. All employers are required to
contribute at the level required by state law. The Legislature, by means
of a special funding arrangement, appropriated money from the state
General Fund to supplement the current service liability and fund the
prior service costs of Plan 1 and Plan 2 in accordance with the
requirements of the Pension Funding Council. However, this special
funding situation is not mandated by the state constitution and this
funding requirement could be returned to the employers by a change of
statute. The methods used to determine the contribution rates are
established under state statute in accordance with chapters 41 .26 and
41.45 RCW.
The required contribution rates expressed as a percentage of current-
year covered payroll, as of December 31, 2005 were as follows:
LOEFF Plan 1 LEOFF Plan 2
Employer* 0.19% 4.39%
Employee 0.00% 6.99%
State N/A 2.79%
* The employer rates do not include the employer administrative expense fee
currently set at 0.19%.
Both the City and the employees made the required contributions. The
City required contributions for the year ended December 31 , were as
follows:
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LEOFF Plan 1 LEOFF Plan 2
2005 $ 827 $ 234,821
2004 926 173,524
2003 1 ,125 160,884
C. Firemen's Pension
The City administers a closed, small single-employer defined benefit plan
called the Firemen's Pension Fund. The system is shown as a trust fund in
the financial reports of the City.
As of December 31, 2005, there were a total of 12 individuals covered by
this system of which one is currently still employed and 11 were drawing
benefits.
The most recent actuarial study of the system was performed by EFI
Actuaries to determine the funding requirements as of 09/30/05. As of this
date, the market value (based on market quotes) of the plan assets was
$3,920,949 and the present value of future benefits was $2,820,461 . The
actuarial computation was performed using the entry age normal cost
method. Under this method the projected benefits are allocated on a level
basis as a percentage of salary over the earnings of each individual between
entry age and assumed exit age. The actuarial accrued liability is amortized
as a level dollar amount over a closed 30-year period beginning September
30, 2005. The actuarial assumptions used in this valuation are as follows:
Investment Return - 6.25% per year net of investment and administrative
expenses; Consumer Price Index Increases - 3 % per year; Salary Increases -
5% per year in each member's rank at retirement; Medical Cost Inflation -
5.75% per year; Pre-retirement decrements - No termination, death
disablement, or mortality rates are assumed for active employees;
Retirement - Active employees are assumed to retire at the later of age 50
or 25 years of service; Post retirement mortality - RP-2000 male and female
mortality rates; and Family Composition - all members are assumed to be
married with no children eligible for benefits. Wives are assumed to be
three years younger than their husbands. Surviving spouses are assumed not
to remarry.
The following 10-year table of historical trend information shows the
system's progress in accumulating sufficient assets to pay benefits when
due:
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Unfunded Unfunded Pension Benefit
Net Assets Pension Annual as a Percentage
Fiscal Available Percentage Benefit Covered of Covered
Year For Benefit* Funded Obligation Payroll Payroll
2005 3,946,652 139.93% (1,126,191) 70,376 (1600.25%)
2004 3,913,393 140.14% (1,120,979) 69,939 (1602.80%)
2003 3,774,259 138.54% (1 ,049,953) 72,770 (1442.84%)
2002 3,384,775 127.35% (726,915) 88,284 ( 823.38%)
2001 3,668,413 141 .47% (1,075,379) 69,173 (1554.62%)
2000 3,663,819 144.83% (1,134,030) 63,364 (1789.71%)
1999 3,467,025 140.47% (998,938) 61 ,989 (1611 .48%)
1998 3,335,667 146.87% (1,064,458) 86,668 (1228.20%)
1997 2,055,329 93.21% 149,729 87,036 172.03%
1996 1 ,880,764 87.85% 260,069 94,606 274.90%
* Began using market value in 1998. Previously used Book Value.
* Actuarial Study completed in 2005.
The Fire Pension Fund has no Schedule of Contributions for 2005. The liabilities
for future fund benefits are less than the market value of fund assets;
consequently, no City contributions are required.
Schedule of Funding Progress
Unfunded
Actuarial Actuarial Pension
Valuation Value of Value of Benefit Percentage
Date Assets Liabilities Obligation Funded
09/30/2005 $3,920,949 $2,820,461 ($1,100,488) 139.02%
12/31 /1999 $3,467,025 $2,468,087 ($ 998,938) 140.47%
12/31 /1984 $ 869,788 $1,501,537 $ 238,724 57.93%
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Following is the three-year historical data of Revenues and Expenditures.
Fire Pension Historical Data
Revenues Expenditures
Interest Fire Ins. Total
Income Prem. Tax Revenues Pension Costs
2005 $153,567 32,104 185,671 124,948
2004 125,353 31,445 156,798 125,255
2003 120,944 26,437 147,381 120,855
NOTE 8. RISK MANAGEMENT
The City maintains insurance against most normal hazards except for
unemployment insurance and automobile collision where it has elected to
become self-insured.
For unemployment claims, the City is on a 100% reimbursable program with the
State where the City pays all unemployment claims charged against it.
The City is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW (self-insurance regulations) and Chapter 39.34 RCW
(Interlocal Cooperation Act), nine cities originally formed WCIA on January 1 ,
1981 . WCIA was created for the purpose of providing a pooling mechanism for
jointly purchasing insurance, jointly self-insuring, and / or jointly contracting
for risk management services. WCIA has a total of 103 members.
New members initially contract for a three-year term, and thereafter
automatically renew on an annual basis. A one-year withdrawal notice is
required before membership can be terminated. Termination does not relieve
a former member from its unresolved loss history incurred during membership.
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Liability coverage is written on an occurrence basis, without deductibles.
Coverage includes general, automobile, police professional, public officials'
errors and omissions, stopgap, and employee benefits liability. Limits are $1
million per occurrence in the primary layer, $2 million per occurrence, subject
to a $12 million annual aggregate, in the excess layer, and $11 million per
occurrence in the second excess layer with no annual aggregate except $10
million per member for public official's errors and omissions. The second
excess layer is insured by the purchase of reinsurance. Total limits are $14
million per occurrence. The Board of Directors determines the limits and terms
of coverage annually.
Insurance coverage for property, automobile physical damage, fidelity bonds,
inland marine, and boiler and machinery are purchased on a group basis.
Various deductibles apply by type of coverage. Property insurance and auto
physical damage are self-funded up to $250,000 and insured above that amount
by the purchase of reinsurance.
In-house services include risk management consultation, loss control field
services, claims and litigation administration, and loss analyses. WCIA
contracts for the claims investigation consultants for personnel issues and land
use problems, insurance brokerage and lobbyist services.
WCIA is fully funded by its members, who make annual assessments on a
prospectively rated basis, as determined by an outside, independent actuary.
The assessment covers loss, loss adjustment, and administrative expenses. As
outlined in the interlocal, WCIA retains the right to additionally assess the
membership for any funding shortfall.
An investment committee, using investment brokers, produces additional
revenue by investment of WCIA's assets in financial instruments which comply
with all State guidelines. These revenues directly offset portions of the
membership's assessment.
A Board of Directors governs WCIA, which is comprised of one designated
representative from each member. The Board elects an Executive Committee
and appoints a Treasurer to provide general policy direction for the
organization. The WCIA Executive Director reports to the Executive Committee
and is responsible for conducting the day-to-day operations of WCIA.
Fire and employee fidelity insurance is purchased through commercial
insurance brokers.
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The City is self-insured for medical and dental coverage for its employees. A
third party administrator, NCAS-Northwest, Inc, processes all claims for
reimbursement. The third party administrator provides utilization management
services and requires pre-authorization for all non-emergency hospital
confinements. It is the City's policy to maintain at least four months of average
monthly claims in cash reserves. To limit the exposure for large claims, the
City purchases individual stop-loss coverage from a commercial insurance
carrier that limits the City's exposure for claim losses to $50,000 per individual
or $725,000 aggregate per year.
NOTE 9. SHORT-TERM DEBT
The City does not currently have any short-term debt issuances in either
governmental or proprietary activities.
NOTE 10. LONG-TERM DEBT
A. Long-Term Debt
The City issues general obligations and revenue bonds to finance capital
improvements such as bridges, streets, municipal buildings and enterprise
facilities such as water and sewer utilities. Bonded indebtedness has also been
entered into to advance refund general obligation and revenue bonds. General
obligation bonds have been issued for both general government and business-
type activities and are being repaid from the applicable resources. Proprietary
fund revenues are used to repay revenue and refunding bonds. The City is also
liable for notes that were entered into for the purchase of TRAC Facility, a fire
truck and Animal Control facilities. These notes are considered obligations of
the general government and are being repaid with general governmental
revenue sources.
The City also has outstanding notes for Special Assessments. These represent
Interfund loans from the Water/Sewer Fund to the Special Assessment Funds.
These assessments are for sewer lines and street improvements.
General obligation bonds currently outstanding are as follows:
Purpose Interest Rate Amount
1999 GOB Library Bond 4.5-5.5% 1,400,000
2001 CLID 135 Bond 5.75% 275,000
2001 LTGO Bond 2-4.7% 6,315,000
2002 LTGO Ft Refunding Bond 5.72% 3,355,000
2002 UTGO Refunding Bond 2.5-4.0% 2,580,000
Total $ 13,925,000
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The annual debt service requirements to maturity for general obligation bonds
are as follows:
Year Ending Governmental Activities Business Type Activities
December 31 Principal Interest Principal Interest
2006 970,000 606,141 0 0
2007 915,000 540,023 0 0
2008 975,000 535,425 0 0
2009 1,020,000 496,585 0 0
2010 1,055,000 455,200 0 0
2011-2015 4,855,000 1,599,072 0 0
2016-2020 3,775,000 631,722 0 0
2021-2025 360,000 17,068 0 0
Total $13,925,000 $ 4,881,236 0 0
The revenue bonds currently outstanding are as follows:
Purpose Interest Rate Amount
1998 Water/Sewer Series A Bonds 5.5-6.45% $ 1,700,000
1998 Water/Sewer Series B Bonds 3.8-4.6% 5,805,000
1998 Water/Sewer Series C Bonds 3.7-4.8% 615,000
1999 Water/Sewer Bonds 4.1-5.8% 685,000
2001 Water/Sewer Bonds 3.5-4.85% 795,000
2002 Water/Sewer Bonds 2.0-4.7% 5,300,000
2005 Water/Sewer Bonds 3.5-4.25% 4,400,000
Total $ 19,300,000
Revenue bond debt service requirements to maturity are as follows:
Year Ending
December 31 Principal Interest
2006 1,255,000 783,328
2007 1,270,000 779,006
2008 1,325,000 725,746
2009 1,355,000 670,068
2010 1,410,000 611025
2011-2015 6,745,000 2,117,211
2016-2020 3,685,000 932,196
2021-2025 212551000 241,631
Total $ 19,300,000 $ 6,860,311
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Loan and Note obligations currently outstanding are as follows:
Purpose Interest Rate Amount
State LOCAL Loan - Fire
Truck 5.72% $ 104,876
State LOCAL Loan -
Animal Control 6.24% 223,523
State LOCAL Loan -
Patrol 3.18777% 122,965
TRAC Loan 4.5-5.5% 742,759
PWTF Loan #89036 -
Water Tank 3.0% 246,244
State Revolving Loan 1.0% 18,922,950
PWTF Loan #95025 - 1.0%
Sewer Plant 430,113
PWTF Loan #95026 -
Water Reservoir 1.0% 1,073,754
PWTF Loan #691043 1.0% 1,667,106
LID 125 Note 6.0% 26,800
LID 138 Note 5.0% 30,662
LID 139 Note 5.0% 15,100
LID 140 Note 4.5% 15,200
LID 901 Note 4.0% 8,950
Total $ 23,631,002
Loan and Note debt service requirements to maturity are as follows:
Year Ending Governmental Activities Business-Type Activities
December 31 Principal Interest Principal Interest
2006 194,846 62,551 1,389,995 689,683
2007 174,297 53,457 1,427,663 648,168
2008 185,095 45,310 1,466,662 605,324
2009 125,200 37,334 1,507,037 561,102
2010 99,485 31,444 1,487,276 515,454
2011-2015 482,235 75,703 8,116,910 1 ,857,515
2016-2020 29,678 1,391 6,944,623 532,027
2021-2025 0 0 0 0
Total $ 1,290,836 $307,190 $ 22,340,166 $5,409,273
In proprietary funds, unamortized debt issue costs are recorded as deferred
charges and bonds are displayed net of premium or discount; annual interest
expense is decreased by amortization of debt premium and increased by the
amortization of debt issue costs and discount.
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At December 31, 2005, the City has $237,586 available in the debt service
funds to service the general bonded debt, which is not unusual because the
major portion of debt service is paid out towards the end of the year.
Restricted assets in proprietary funds contain $584,131 in sinking funds and
reserves as required by bond indentures.
B. Refunded Debt
The City did not issue any refunded debt during 2005.
NOTE 11. LEASES
The City does not currently have any capital or operating leases.
NOTE 12. CHANGES IN LONG-TERM LIABILITIES
During the year ended December 31, 2005, the following changes occurred
in long-term liabilities:
Beginning Ending
Balance Balance Due Within
01/01/05 Additions Reductions 12/31/05 One Year
Governmental Activities:
Bonds Payable:
General obligation
bonds, special
assessment debt
with govt.
commitment $14,890,000 $ 0 $ 965,000 $13,925,000 $ 940,000
Loans and Notes 1,487,444 0 196,608 1,290,836 146,046
Compensated
Absences 1,230,783 143,312 0 1,374,095 1 ,374,095
Governmental
Activity Long-Term
Liabilities $17,608,227 $143,312 $1,161,608 $16,589,931 $2,460,141
Beginning Ending
Balance Balance Due Within
01 /01/05 Additions Reductions 12/31/05 One Year
Business-Type Activities:
Bonds Payable:
General obligation
bonds, revenue
bonds $15,940,000 $4,400,000 $1,040,000 $19,300,000 $1 ,255,000
Loans and Notes 23,693,778 0 1 ,353,612 22,340,166 1,389,995
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Compensated
Absences 130,364 25,273 0 155,637 155,637
Business-Type
Activity Long-Term
Liabilities $39,764,142 $4,425,273 $ 2,393,612 $41,795,803 $2,800,632
Internal Service funds are separate for governmental and proprietary activities.
Long-term liabilities for them are included as part of the above totals under
their respective activity. Compensated absences are included in the above
amounts. Also, for the governmental activities, claims and judgments and
compensated absences are generally liquidated by the general fund.
NOTE 13. CONTINGENCIES AND LITIGATION
The City has recorded in its financial statements all material liabilities,
including applicable estimates for situations that are not yet resolved but
where, based on available information, management believes it is probable that
the City will have to make payment. In the opinion of management, the City's
insurance policies and self-insurance reserves are adequate to pay all known or
pending claims.
As discussed in Note 10, the City is contingently liable for repayment of
refunded debt.
The City participates in a number of federal and state assisted programs.
These grants are subject to audit by the grantor or representative. Such audits
could result in the grantor disallowing expenditures under the terms of the
grants. However, City management believes that such disallowances, if any,
would be immaterial.
NOTE 14. RESTRICTED NET ASSETS
The government-wide statement of net assets reports $6,486,938 of restricted
net assets, of which $6,410,811 is restricted by enabling legislation.
NOTE 15. INTERFUND BALANCES AND TRANSFERS
A. Classification of Interfund Transactions
Interfund transactions are classified as follows:
1. Transactions that would be treated as revenues, expenditures or
expenses if they involved external organizations, such as buying goods
and services or payments in lieu of taxes, are similarly treated when
they involve other funds of the City.
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2. Transfers to support the operations of other funds are recorded as
"Transfers" and classified with "Other Financing Sources or Uses."
3. Contributions to the capital of enterprise or internal service funds,
(transfers between those funds and the general fixed assets account
group) transfers to establish or reduce working capital in other funds,
and transfers of remaining balances when funds are closed, are
classified as "Transfers" and are reported as direct additions to or
deductions from net assets.
4. Loans between funds are classified as Interfund loans receivable and
payable or as advances to and from other funds on the fund balance
sheets depending on the time period for which the loan was made.
Interfund loans do not affect total fund equity, but advances to other
funds are offset by a reservation of fund equity.
A. Interfund Balances
Interfund balances at December 31, 2005 were as follows:
Due From
All Other
Purpose Funds Total
General Fund Start-up loans for new funds
Ft neg. cash balance loans $2,054,328 $2,054,328
Water/Sewer Fund LID loans Ft Equip Rental Op 170,574 170,574
All Other Funds I LID and Capital Imp. loans 208,950 208,950
Total $2,433,852 $2,433,852
B. Interfund Transfers
Interfund transfers at December 31, 2005 were as follows:
Transfer From
C General Water/Sewer All Other
~ Fund Fund Funds Total
L
4_' General Fund $ 0 $ 0 $ 315,805 $ 315,805
Water/Sewer Fund 0 0 356,213 356,213
All Other Funds 2,639,392 300,000 2015,409 5,054,801
Total 1 $2,639,392 $ 300,000 $ 2,787,427 $5,726,819
Interfund transfers are used to fund ongoing operations such as ambulance
services, senior center activities, recreation activities, street repair and
maintenance, and transfers between Local Improvement District funds and
the Water/Sewer Fund.
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NOTE 16. RECEIVABLE AND PAYABLES BALANCES
A. Receivables
Receivables at December 31, 2005 were as follows:
ACCOUNTS: AMOUNTS
Governmental Activities:
Taxes $ 2,532,135
Customer Accounts 4,226,167
Interest Receivable 328,966
Other Receivables 415,171
Total Governmental Activities $ 7,502,439
Business-type Activities:
Utility Receivables $ 662,631
Other Receivables 133,555
Interfund Loan Receivable 675,708
Interest Receivable 284,752
Total Business-type Activities: $ 1,756,646
Special Assessment receivables represent $2,328,844 of the balance of
outstanding Customer Accounts receivable at year end December 31, 2005. Of
this amount $71,405 represents delinquent Special Assessments receivable.
B. PAYABLES
Payables at December 31, 2005, were as follows:
ACCOUNTS: AMOUNTS
Governmental Activities:
Accounts Payable $ 1,490,546
Matured GO Bonds 20,000
Interfund Loans Payable 113,312
Due to Other Govt. Units (22,146)
Deposits Payable 321,432
Unclaimed Property 1,986
Other Payables 235,145
Claims Incurred Not Reported 125,000
Due within One Year 2,460,141
Due in More than One Year 14,033,078
Total Governmental Activities $ 18,778,494
Business-type Activities:
Accounts Payable $ 1,075,396
Due to Other Govt. Units 51,945
Retainage Payable 316,269
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Interest Payable 380,504
Interfund Loan Payable 109,612
Deposits Payable 15,506
Unclaimed Property 15,202
Due within One Year 2,800,632
Due in More than One Year 38,995,172
Total Business-type Activities: $ 43,760,238
NOTE 17. SEGMENT INFORMATION
The City's only Enterprise Fund is the Water/Sewer Fund. The services
provided by this fund are water, sewer, process water reuse, storm water
and irrigation operations. These services are not broken out into separate
segments but are reported as one fund in the fund statements.
NOTE 18. JOINT VENTURES
A. Bi-County Police Information Network
The Bi-County Police Information Network (BI-PIN) was established
November 24, 1982, when an Interlocal Agreement was entered into by five
participating municipal corporations, the cities of Kennewick, Pasco, and
Richland, and Benton and Franklin Counties. BI-PIN was established to assist
the participating police and sheriff's departments in the deterrence and
solution of criminal incidents. BI-PIN is served by an Executive Committee
composed of the City Manager of each of the cities and a member from each
of the Boards of County Commissioners of Benton and Franklin Counties. A
liaison from the Bi-County Chiefs and Sheriffs is an ex officio, non-voting
member.
The allocation of financial participation among the participating
jurisdictions is based upon the approved budget for that year and is billed
quarterly in advance to each agency. On dissolution of the Interlocal
Agreement, the net assets will be shared based upon participant
contribution.
Effective January 1, 1992, the City of Kennewick assumed responsibility for
the operation of the BI-PIN system. As the Operating Jurisdiction, the City
provides all necessary support services for the operation of BI-PIN such as
accounting, legal services, risk management and information systems. The
total amount paid by BI-PIN in 2005 for these transactions was $683,893.
The City of Pasco's equity interest in BI-PIN was $328,064 on December 31,
2005, which is reported as an asset in the government-wide statement of
net assets. The change in equity is reflected in the government-wide
statement of activities under Public Safety. The City does not anticipate
87
any income distribution from BI-PIN since charges are assessed only to
recover anticipated expenses.
Complete separate financial statements for BI-PIN may be obtained at the
City of Kennewick, 210 West Sixth Avenue, Kennewick, Washington.
B. Emergency Medical Services
The Emergency Medical Services (EMS) was established May 17, 1993, when
an Interlocal Agreement was entered into by three participating municipal
corporations, the cities of Kennewick, Pasco and Richland. EMS was
established to provide administrative services for a Medical Program
Director to assure training, certification, and physician medical control of
emergency medical service personnel of the three cities. An Administrative
Board, comprised of City Managers from the participating cities, serves EMS.
All members of the Administrative Board will vote and participate in the
overseeing of policies and contracts. The Medical Program Director and
President of EMS Council shall serve as representatives to the Administrative
Board in a non-voting capacity.
The financial participation among the participating jurisdictions is based
upon the number of certified EMS personnel employed by the jurisdiction or
agency. On dissolution of the Interlocal Agreement, the net assets will be
distributed as equally as possible, as determined by the Administrative
Board.
Effective August 2, 1993, the City of Kennewick assumed responsibility as
the Operating Jurisdiction for EMS via a Coordinating Agreement. The
Operating Jurisdiction provides all necessary support services for the
operation of EMS such as accounting, legal services and risk management.
The City of Pasco's equity interest in EMS was $2,893 on December 31, 2005,
which is reported as an asset in the government-wide statement of net
assets. The change in equity is reflected in the government-wide statement
of activities under Public Safety. The City does not anticipate any income
distribution from EMS since charges are assessed only to recover anticipated
expenses.
Complete separate financial statements for EMS may be obtained at the City
of Kennewick, 210 West Sixth Avenue, Kennewick, Washington.
C. Metro Drug Forfeiture Fund
The Metropolitan Controlled Substance Enforcement Group (Metro) was
established prior to 1987, when six participating municipal corporations
entered into an Interlocal Agreement. These entities include the cities of
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Kennewick, Pasco, Richland, and West Richland, and Benton and Franklin
Counties. Metro was established to account for the proceeds of forfeitures,
federal grants, and court ordered contributions, and to facilitate the
disbursement of those proceeds for the purpose of drug enforcement and
investigations. Metro is served by an Executive Committee composed of the
City Manager, or designee, of each of the cities and a member from each of
the Boards of County Commissioners of Benton and Franklin Counties. In
addition, a Governing Board, consisting of the Police Chiefs from each of the
cities and the Sheriffs and Prosecuting Attorneys from the two counties,
administers daily activity.
Effective January 1, 1990, the City of Pasco assumed responsibility for the
operation of Metro. As the Operating Jurisdiction, the City provides all
necessary support services for the operation of Metro such as accounting,
legal services and risk management.
The City of Pasco's equity interest in Metro was $25,352 on June 30, 2005,
which is reported as an asset in the government-wide statement of net
assets. The change in equity is reflected in the government-wide statement
of activities under Public Safety. The City does not anticipate any income
distribution from Metro since charges are assessed only to recover
anticipated expenses.
Complete separate financial statements for Metro may be obtained at the
City of Pasco, 525 North Third Street, Pasco, Washington.
D. Trade, Recreation, Agricultural Center
In 1994 the City entered into an agreement with Franklin County for the
Trade, Recreation, and Agricultural Center (TRAC). The City shares with
Franklin County the expenses to operate and cover debt service. Franklin
County handles all operating decisions and financial reporting for TRAC.
Complete financial statements for TRAC may be obtained at Franklin
County, 1016 N. 4th Avenue, Pasco, Washington.
For calendar year 2005, the City paid Franklin County $140,446 in operating
expenses and $103,716 in debt service expenses.
The City's obligation for debt service is included in the debt service
schedule in Note 10.
89
NOTE 19. POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
A. Postemployment Benefits
In addition to the pension benefits described in Note 7, the City provides
postemployment health care benefits, in accordance with RCW 41 .26.150 to
45 employees who meet LEOFF 1 eligibility requirements. Currently, 38
retirees meet those eligibility requirements.
The city reimburses 100% of the amount of validated claims for medical,
prescription, and hospitalization costs incurred by pre-Medicare retirees.
Employer contributions are financed on pay-as-you-go basis. Expenditures
for postemployment health care benefits are recognized as retirees report
claims and include a provision for estimated claims incurred but not yet
reported to the City.
During the year, expenditures of $241,171 were recognized for
postemployment health care.
B. Postemployment Benefit (OPEB) Plans
The City does not have any OPEB plans other than those listed above.
NOTE 20. CLOSURE AND POSTCLOSURE CARE COSTS
The City does not own a landfill but it does have a Landfill Remediation
Trust Fund. The purpose of this fund is to provide Pasco with the means
fund liability and or/pay expenses related to third party claims asserted
against Pasco with respect to the implementation and enforcement of the
Institutional Controls Program.
NOTE 21. OTHER DISCLOSURES
A. Prior Period Adjustments
Prior period adjustments consist of the following:
Adjustments to reconcile accounts receivable to the financial system and
interest receivable : General Fund - $70,729; City Street Fund - $14;
Arterial Street Fund - $4,476; Street Overlay Fund - $6,241; MLK Community
Center - $28; Ambulance Fund - $1,080; Contingency Fund - $598; Cemetery
Fund - $293; Athletic Fund - $330; Senior Center - $35; Multi-Modal Facility -
$5; Bi-Centennial Fund - $22; Rivershore Trail Fund - $76; Litter Abatement
Fund - $16; Revolving Abatement Fund - $427; TRAC Fund - $55; Park Fund -
$9,170; Capital Improvement Fund - $8,709; Stadium Fund - $1,603; Sun
90
Willows Development Fund - $5,882; Civic Et Senior Center Bonds Fund -
$623; Library/Fire Station Bond Fund - $590; 2002 UTGO Bond Fund - $886;
LID Guaranty Fund - $4,908); LID Construction Fund - $251 ; Cemetery
Perpetual Care Fund - $1,213; Cemetery Pre-Need Fund - $94; Landfill
Remediation Fund - $439; Water/Sewer Fund - $49,858; Equipment Rental
Operations Govt. - $344; Equipment Rental Operations Enterprise - $337;
Central Stores - $900; Medical/Dental Fund - $1,415 and LID Construction
Fund - $262.
Adjustments were made in Equipment Rental Replacement Fund Govt -
$137,303 and in Equipment Rental Replacement Fund Enterprise - $84,505 to
account for assets purchased in 2004 but not recorded in asset inventory
until 2005.
An adjustment of $251,964 was made to the Water/Sewer Fund to account
for donated capital assets not previously recorded.
A transfer of $740,625 was made from the Park Fund to the General Purpose
Construction Fund for work performed in 2004.
An adjustment of $98,368 for rehab loans was made to the Community
Development Block Grant Fund.
An adjustment of $201,302 was made in LID Assessments to reflect the setup
of interfund loans from previous year.
B. Subsequent Events
None.
B. Related Organization
Pursuant to RCW 35.57 (the "City PFD Act") the Pasco Public Facilities
District was formed and created by Ordinance No. 3558 on July 15, 2002,
coextensive with the boundaries of the City, with the powers and authority
set forth in the City PFD Act. The District is established for the purpose of
acquiring, constructing, owning, remodeling, maintaining, equipping, re-
equipping, repairing, financing, operating one or more Regional Centers, as
defined by the RCW 35.57.020 and/or participating with any other qualified
public facilities district in a cooperative and joint development of a
Regional Center in the Tri-Cities area by interlocal agreement.
The members of the board of directors of the District (the "PFD Board")
shall be selected and appointed by the Council, as required by the RCW.
The PFD Board consisted of five members. Three of the members will be
appointed based on recommendations from local organizations. The
91
members will serve four-year terms. Of the initial members, one will be
appointed for a one year term, one for a two year term, one for a three
year term, and the remainder for four year terms. The Council may, by
resolution, remove a member for any reason. Vacancies will be filled by
appointment by the Council.
All corporate powers of the District will be exercised by or under the
authority of the PFD Board; and the business, property and affairs of the
District shall be managed under the direction of the PFD Board, except as
may be otherwise provided for by law herein, or in the Charter.
92
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31, 2005
Special Revenue Funds
110 130 140
City Street Street Overlay Comm. Dev.
Fund Fund Block Grant
ASSETS
Current Cash & Cash Equivalents $ - $ 1,511,121 $ -
Receivables (net of allowances)
Taxes - 59,013 -
Customer Accounts 60 - 296,226
Interfund Loans Receivable - - -
Interest Receivable - 22,397 -
Other Receivables 127,265 - 1,000
Restricted Assets - - -
TOTAL ASSETS $ 127,325 $ 1,592,531 $ 297,226
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 42,447 $ 44,944 $ 58,061
Matured Bonds - - -
Interfund Loans Payable 11,542 - 122,946
Due to Other Governmental Units - - -
Bonds, Notes, Loans Payable - - -
Interest Payable - - -
Deferred Revenue - - -
Other - - 7,300
Total Liabilities $ 53,989 $ 44,944 $ 188,307
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ -
Debt Service - - -
Capital Improvements - - -
Other Reserves - - -
Unreserved, Reported in:
Special Revenue Funds $ 73,336 $ 1,547,587 $ 108,919
Debt Service Funds - - -
Capital Project Funds - - -
Total Fund Balances $ 73,336 $ 1,547,587 $ 108,919
TOTAL LIABILITIES AND FUND BALANCES $ 127,325 $ 1,592,531 $ 297,226
See accompanying notes to the basic financial statements.
93
Special Revenue Funds
145 150 155 160 165
MLK Comm. Ambulance Contingency Cemetery Athletic
Center Fund Fund Fund Fund
$ 9,312 $ - $ 144,148 $ 2,468 $ 71,618
- 531,845 - 27,357 715
119 - 2,195 (767) 979
$ 9,431 $ 531,845 $ 146,343 $ 29,058 $ 73,312
$ 6,811 $ 18,166 $ - $ 5,310 $ 3,300
389,960 - 216,600 -
- - - 2,204 -
$ 6,811 $ 408,126 $ - $ 224,114 $ 3,300
$ 2,620 $ 123,719 $ 146,343 $ (195,056) $ 70,012
$ 2,620 $ 123,719 $ 146,343 $ (195,056) $ 70,012
$ 9,431 $ 531,845 $ 146,343 $ 29,058 $ 73,312
Continued on next page
94
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2005
Special Revenue Funds
170 180 181 185
Senior Multi-Modal Bi-Centenial Rivershore Trail
Center Facility Fund Fund
ASSETS
Current Cash&Cash Equivalents $ - $ 5,094 $ 5,225 $ 21,479
Receivables(net of allowances)
Taxes - - - -
Customer Accounts 2,361 - - 2,708
Interfund Loans Receivable - - - -
Interest Receivable - 70 79 327
Other Receivables 42 - -
Restricted Assets - - - -
TOTAL ASSETS $ 2,403 $ 5,164 $ 5,304 $ 24,514
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 10,182 $ 5,115 $ - $ 1,067
Matured Bonds - - - -
Interfund Loans Payable 1,881 - - -
Due to Other Governmental Units 17 567 - 74
Bonds, Notes, Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue 1,012 - - -
Other 225 2,400 - -
Total Liabilities $ 13,317 $ 8,082 $ - $ 1,141
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - -
Unreserved, Reported in:
Special Revenue Funds $ (10,914) $ (2,918) $ 5,304 $ 23,373
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ (10,914) $ (2,918) $ 5,304 $ 23,373
TOTAL LIABILITIES AND FUND BALANCES $ 2,403 $ 5,164 $ 5,304 $ 24,514
See accompanying notes to the basic financial statements.
95
Special Revenue Funds
188 189 190 191 192 193
Spec Assess Litter Revolving TRAC Dev. & Park Capital
Lodging Fund Abatement Abatement Operating Fund Fund Improvement
14,470 $ 3,449 $ 182,408 $ 171,000 $ 1,701,429 $ 2,547,664
- 2,500 11,970 - - -
192 (78) 2,701 2,198 31,189 47,723
22,460 - - 21,888 - 67,627
$ 37,122 $ 5,871 $ 197,079 $ 195,086 $ 1,732,618 $ 2,663,014
$ 36,699 $ 2,174 $ 1,794 $ 140,446 $ - $ -
$ 36,699 $ 2,174 $ 1,794 $ 140,446 $
- - - - 1,732,618 -
$ 423 $ 3,697 $ 195,285 $ 54,640 $ - $ 2,663,014
$ 423 $ 3,697 $ 195,285 $ 54,640 $ 1,732,618 $ 2,663,014
$ 37,122 $ 5,871 $ 197,079 $ 195,086 $ 1,732,618 $ 2,663,014
Continued on next page
96
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2005
Special Revenue Funds
194 195 196
Indust. Devel. Stadium/ Sun Willows
&Infrastructure Conv.Center Development Total
ASSETS
Current Cash&Cash Equivalents $ 1,001,850 $ 142,680 $ 248,182 $ 7,783,597
Receivables(net of allowances)
Taxes - - - 59,013
Customer Accounts - - - 875,742
Interfund Loans Receivable - - - -
Interest Receivable 14,141 1,864 7,032 132,361
Other Receivables - 21,888 - 262,170
Restricted Assets - - - -
TOTAL ASSETS $ 1,015,991 $ 166,432 $ 255,214 $ 9,112,883
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ - $ 50 $ 137 $ 376,703
Matured Bonds - 10,000 - 10,000
Interfund Loans Payable - - - 742,929
Due to Other Governmental Units - 5,704 - 8,566
Bonds, Notes,Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue - - - 1,012
Other - 920 12,143 22,988
Total Liabilities $ - $ 16,674 $ 12,280 $ 1,162,198
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - 1,732,618
Unreserved, Reported in:
Special Revenue Funds $ 1,015,991 $ 149,758 $ 242,934 $ 6,218,067
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 1,015,991 $ 149,758 $ 242,934 $ 7,950,685
TOTAL LIABILITIES AND FUND BALANCES $ 1,015,991 $ 166,432 $ 255,214 $ 9,112,883
See accompanying notes to the basic financial statements.
97
Debt Service Funds
272 273 625 709-797
Library/Fire 2002 UTGO LID LID
Station Bonds Bonds Guaranty Funds Total
$ 69,859 $ 167,727 $ 1,185,470 $ 1,550,249 $ 2,973,305
14,449 34,080 - - 48,529
- - - 2,328,844 2,328,844
2,119 4,991 18,012 28,552 53,674
$ 86,427 $ 206,798 $ 1,203,482 $ 3,907,645 $ 5,404,352
100,358 100,358
275,000 275,000
2,084,655 2,084,655
2,460,013 $ 2,460,013
69,018 - 1,146,215 1,447,632 2,662,865
17,409.00 206,798.00 57,267 - 281,474
$ 86,427 $ 206,798 $ 1,203,482 $ 1,447,632 $ 2,944,339
$ 86,427 $ 206,798 $ 1,203,482 $ 3,907,645 $ 5,404,352
Continued on next page
98
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31, 2005
Capital Project
Funds
Capital Project 700
Construction LID
Fund Construction Total
ASSETS
Current Cash & Cash Equivalents $ 216,522 $ - $ 216,522
Receivables (net of allowances)
Taxes - - -
Customer Accounts - - -
Interfund Loans Receivable - - -
Interest Receivable - - -
Other Receivables - - -
Restricted Assets - - -
TOTAL ASSETS $ 216,522 $ - $ 216,522
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 116,445 $ 7,007 $ 123,452
Matured Bonds - - -
Interfund Loans Payable - 501,488 501,488
Due to Other Governmental Units - - -
Bonds, Notes, Loans Payable - - -
Interest Payable - - -
Deferred Revenue - - -
Other 7,242 24,023 31,265
Total Liabilities $ 123,687 $ 532,518 $ 656,205
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ -
Debt Service - - -
Capital Improvements - - -
Other Reserves - - -
Unreserved, Reported in:
Special Revenue Funds $ - $ - $ -
Debt Service Funds - - -
Capital Project Funds 92,835 (532,518) (439,683)
Total Fund Balances $ 92,835 $ (532,518) $ (439,683)
TOTAL LIABILITIES AND FUND BALANCES $ 216,522 $ - $ 216,522
See accompanying notes to the basic financial statements.
99
Permanent Funds
605 606 610 621
Cemetery Cemetery Blvd. Perpetual Landfill
Perpetual Care Pre-Need Fund Maint. Fund Remediation Total
$ 299,705 $ 30,158 $ 959,094 $ 105,742 $ 1,394,699
576 7,300 - - 7,876
4,685 465 13,431 1,610 20,191
- - - 566 566
$ 304,966 $ 37,923 $ 972,525 $ 107,918 $ 1,423,332
100,000 100,000
100,000 $ 100,000
304,966 37,923 972,525 7,918 1,323,332
$ 304,966 $ 37,923 $ 972,525 $ 7,918 $ 1,323,332
$ 304,966 $ 37,923 $ 972,525 $ 107,918 $ 1,423,332
Continued on next page
100
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31 , 2005
2005 2004
Total Other Total Other
Governmental Governmental
Funds Funds
ASSETS
Current Cash & Cash Equivalents $ 12,368,123 $ 11 ,982,694
Receivables (net of allowances)
Taxes 107,542 130,799
Customer Accounts 3,212,462 2,883,870
Interfund Loans Receivable - 13,700
Interest Receivable 206,226 152,158
Other Receivables 262,736 223,628
Restricted Assets - -
TOTAL ASSETS $ 16,157,089 $ 15,386,849
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 500,155 $ 903,463
Matured Bonds 10,000 5,000
Interfund Loans Payable 1 ,344,775 369,062
Due to Other Governmental Units 8,566 8,581
Bonds, Notes, Loans Payable 275,000 390,000
Interest Payable - 10,127
Deferred Revenue 2,085,667 1 ,881 ,421
Other 154,253 207,405
Total Liabilities $ 4,378,416 $ 3,775,059
Fund Balances
Reserved for:
Advances to Other Funds $ - $ 13,700
Debt Service 2,662,865 2,598,285
Capital Improvements - -
Other Reserves 3,055,950 2,003,738
Unreserved, Reported in:
Special Revenue Funds $ 6,218,067 $ 7,142,351
Debt Service Funds 281 ,474 59,718
Capital Project Funds (439,683) (206,002)
Total Fund Balances $ 11 ,778,673 $ 11 ,611 ,790
TOTAL LIABILITIES AND FUND BALANCES $ 16,157,089 $ 15,386,849
See accompanying notes to the basic financial statements.
101
City of Pasco
Combining Statement of Revenues,Expenditures,and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31,2005
Special Revenue Funds
110 130 140 145
City Street Street Overlay Comm.Dev. MLK Comm.
REVENUES Fund Fund Block Grant Center
Taxes $ 174,250 $ 671,107 $ $
Licenses&Permits 11,770 -
Intergovernmental Revenue 613,785 853,597 -
Charges for Services - - - 1,670
Fines&Forfeitures - - -
Investment Income (5,134) 46,387 12,848 210
Miscellaneous Revenue 2,719 - 67,766 23,796
Total Revenues $ 797,390 $ 717,494 $ 934,211 $ 25,676
EXPENDITURES
Current:
General Government $ - $ - $ - $ -
Judicial - -
Public Safety 58,413
Physical Environment - -
Transportation 1,035,006
Health and Human Services - -
Economic Environment 88,473 -
Culture and Recreation - - - 121,074
Capital Outlay 135,618 755,110 595,163 -
Debt Service
Principal - - -
Interest - - - -
Total Expenditures $ 1,170,624 $ 755,110 $ 742,049 $ 121,074
Excess of Revenues Over(Under)Expenditures $ (373,234) $ (37,616) $ 192,162 $ (95,398)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets $ $ $ - $
Proceeds of General L-T Debt
Insurance Recoveries 11,074 -
Operating Transfers-(In) 440,000 300,000 97,500
Operating Transfers-(Out) - - (112,500) -
Total Other Financing Sources(Uses) $ 451,074 $ 300,000 $ (112,500) $ 97,500
Net Change in Fund Balances $ 77,840 $ 262,384 $ 79,662 $ 2,102
Prior Year Adjustments $ (14) $ (6,241) $ (98,368) $ 28
Fund Balance Beginning $ (4,490) $ 1,291,444 $ 127,625 $ 490
Fund Balance,Ending $ 73,336 $ 1,547,587 $ 108,919 $ 2,620
See accompanying notes to the basic financial statements.
102
Special Revenue Funds
150 155 160 165 170 180 181
Ambulance Contingency Cemetery Athletic Senior Multi-Modal Bi-Centenial
Fund Fund Fund Fund Center Facility Fund
$ (14) $ - $ - $ $ $ $ -
- - - 18,280 -
952,903 - 201,946 83,819 - -
(23,584) 4,388 256 1,740 (633) 134 159
19,649 - 200 9,277 49,144 45,919 -
$ 948,954 $ 4,388 $ 202,402 $ 94,836 $ 66,791 $ 46,053 $ 159
1,561,412 - -
- 186,748 - -
- - 52,880
33,553 -
- - - 58,659 216,786
218,855 - - - -
- - 6,905 -
$ 1,780,267 $ - $ 193,653 $ 7T8,659 $ 250,339 $ 52,880 $ -
$ (831,313) $ 4,388 $ 8,749 $ 36,177 $ (183,548) $ (6,827) $ 159
978,000 - 107,179 202,000 7,500
$ 978,000 $ - $ 107,179 $ - $ 202,000 $ 7,500 $ -
$ 146,687 $ 4,388 $ 115,928 $ 36,177 $ 18,452 $ 673 $ 159
$ 1,080 $ (598) $ 293 $ 330 $ (35) $ (5) $ (22)
$ (24,048) $ 142,553 $ (311,277) $ 33,505 $ (29,331) $ (3,586) $ 5,167
$ 123,719 $ 146,343 $ (195,056) $ 70,012 $ (10,914) $ (2,918) $ 5,304
Continued on next page.
103
City of Pasco
Combining Statement of Revenues,Expenditures,and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31,2005
Special Revenue Funds
185 188 189 190 191
Rivershore Trail Spec.Lodging Litter Revolving TRAC Dev.&
REVENUES Fund Fund Abatement Abatement Operating Fund
Taxes $ - $ 164,761 $ $ - $ 172,189
Licenses&Permits - - - -
Intergovernmental Revenue - - - -
Charges for Services - 6,250 11,485 -
Fines&Forfeitures - - - 36,831 -
Investment Income 645 423 (73) 8,041 4,656
Miscellaneous Revenue 8,700 10,530 39,870 -
Total Revenues $ 9,345 $ 165,184 $ 16,707 $ 96,227 $ 176,845
EXPENDITURES
Current:
General Government $ - $ - $ - $ - $ -
Judicial - -
Public Safety - -
Physical Environment - -
Transportation - 15,428
Health and Human Services - - -
Economic Environment - 188,782 28,349 -
Culture and Recreation 5,808 - - 140,446
Capital Outlay - -
Debt Service
Principal - 66,207
Interest - - - - 37,509
Total Expenditures $ 5,808 $ 188,782 $ 15,428 $ 28,349 $ 244,162
Excess of Revenues Over(Under)Expenditures $ 3,537 $ (23,598) $ 1,279 $ 67,878 $ (67,317)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets $ - $ $ - $ - $
Proceeds of General L-T Debt
Insurance Recoveries - - -
Operating Transfers-(In) 8,000 80,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) $ - $ $ 8,000 $ - $ 80,000
Net Change in Fund Balances $ 3,537 $ (23,598) $ 9,279 $ 67,878 $ 12,683
Prior Year Adjustments $ (76) $ - $ 16 $ (427) $ 55
Fund Balance Beginning $ 19,912 $ 24,021 $ (5,598) $ 127,834 $ 41,902
Fund Balance,Ending $ 23,373 $ 423 $ 3,697 $ 195,285 $ 54,640
See accompanying notes to the basic financial statements.
104
Special Revenue Funds
192 193 194 195 196
Park Capital Indust. Devel. Stadium/ Sun Willows
Fund Improvement & Infrastructure Conv. Center Development Total
$ $ 848,440 $ $ 162,187 $ $ 2,192,920
- - - 11,770
- - - 1,485,662
453,002 - - - 1,711,075
- - - - - 36,831
63,701 92,326 15,991 3,184 23,734 249,399
15,400 - - 16,067 - 309,037
$ 532,103 $ 940,766 $ 15,991 $ 181,438 $ 23,734 $ 5,996,694
- 1,619,825
- - 186,748
670 1,103,984
- - 33,553
- - 305,604
106,026 648,799
- 1,704,746
70,000 136,207
- 1,890 - 46,304
$ - $ - $ - $ 177,916 $ 670 $ 5,785,770
$ 532,103 $ 940,766 $ 15,991 $ 3,522 $ 23,064 $ 210,924
$ - $ - $ - $ - $ 15,130 $ 15,130
- - 11,074
- 1,000,000 60,000 3,280,179
(578,721) (712,351) - - (1,308,913) (2,712,485)
$ (578,721) $ (712,351) $ 1,000,000 $ 60,000 $ (1,293,783) $ 593,898
$ (46,618) $ 228,415 $ 1,015,991 $ 63,522 $ (1,270,719) $ 804,822
$ (749,795) $ (8,709) $ - $ (1,603) $ (5,882) $ (869,973)
$ 2,529,031 $ 2,443,308 $ - $ 87,839 $ 1,519,535 $ 8,015,836
$ 1,732,618 $ 2,663,014 $ 1,015,991 $ 149,758 $ 242,934 $ 7,950,685
Continued on next page.
105
City of Pasco
Combining Statement of fbvenies,Expenditures,and Changes in Fund Balances
Other Gwemrrsntal Fu ids
For the Year Ended December 31,2005
Debt Service Funds
271 272 273 625 709-797
Civic&Senior Ubra)dFire 2002UTG0 LID LID
REIENLES Center Bonds Station Bonds Bands G"arty Assessn-ents Total
Taxes $ - $ 181,067 $ 378,594 $ $ $ 559,661
Licenses&Permits - - -
Intergwerrvriental Revenue -
Charges for Services - -
Fines&Forfatures - - - -
Investrrent Incorne 4,195 9,975 36,012 57,080 107,252
Niscalanec s Reverxie - 1,480 - 798,128 799,608
Total Rem $ $ 185,262 $ 390,049 $ 36,012 $ 855,208 $ 1,466,531
EXPENDITURES
0irrent:
Gieneral Government $ $ - $ - $ - $ - $ -
Judiaal -
Rblic Safety -
Physical Environment - 63 63
Transportation -
Health and Hxnnn Services - -
Econorric En virarrnert -
Oiltue and Recreation
Capital C Ulay - - - -
Debt Service
Principal 100,000 275,000 115,000 490,000
Interest - 80,704 101,441 19,882 202,027
Total Expenditues $ - $ 180,704 $ 376,441 $ 63 $ 134,882 $ 692,090
Excess of Revenues Over(Lhder)Eq)enditues $ $ 4,558 $ 13,608 $ 35,949 $ 720,326 $ 774,441
On-ER RN*,CWG SOl.1RCES(USES)
Dispcsibcn of Fixed Assets $ $ - $ - $ - $ - $ -
Proceeds of Giewd L Debt Insurance RecwEries - - -
Operating Transfers-(In) - 21,322 2,520 23,842
Operating Trarsfers-(out) (21,322) - - - (684,920) (706,242)
Total Other Financing Sorroes(Uses) $ (21,322) $ - $ 21,322 $ 2,520 $ (684,920) $ (682,400)
Net Charge in Fund Balances $ (21,322) $ 4,558 $ 34,930 $ 38,469 $ 35,406 $ 92,041
Prior YearPdjustrrerts $ (623) $ (590) $ (886) $ (4,908) $ 201,302 $ 194,295
Fund Balance Beginning $ 21,945 $ 82,459 $ 172754 $ 1,169,921 $ 1,210,924 $ 2,658,003
Fund Balance,Ending $ - $ 86,427 $ 206,798 $ 1,203,482 $ 1,447,632 $ 2,944,339
See accorrperr)ing notes to the basic financial statements.
106
Capital Project Capital Project
Funds Funds Permanent Funds
General Purpose 700 605 606 610 621
Construction LID Cemetery Cemetery Blvd.Perpetual Landfill
367 Fund Construction Total Perpetual Care Pre-Need Fund Maint.Fund Remediation Total
17,604 7,760 25,364
(14,565) (14,565) 9,288 936 24,550 3,219 37,993
207,350 566 207,916
$ $ (14,565) $ (14,565) $ 26,892 $ 8,696 $ 231,900 $ 3,785 $ 271,273
1,229,359 235,841 1,465,200
$ 1,229,359 $ 235,841 $ 1,465,200 $ - $ - $ - $ - $ -
$ (1,229,359) $ (250,406) $ (1,479,765) $ 26,892 $ 8,696 $ 231,900 $ 3,785 $ 271,273
1,245,822 1,245,822 -
(9,247) (932) (10,179)
$ 1,245,822 $ $ 1,245,822 $ (9,247) $ (932) $ - $ - $ (10,179)
$ 16,463 $ (250,406) $ (233,943) $ 17,645 $ 7,764 $ 231,900 $ 3,785 $ 261,094
$ - $ 262 $ 262 $ (1,213) $ (94) $ 740,625 $ (439) $ 738,879
$ 76,372 $ (282,374) $ (206,002) $ 288,534 $ 30,253 $ $ 4,572 $ 323,359
$ 92,835 $ (532,518) $ (439,683) $ 304,966 $ 37,923 $ 972,525 $ 7,918 $ 1,323,332
Continued on next page.
107
City of Pasco
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31, 2005
2005 2004
Total Other Total Other
Governmental Governmental
REVENUES Funds Funds
Taxes $ 2,752,581 $ 2,334,952
Licenses & Permits 11,770 70,182
Intergovernmental Revenue 1,485,662 1,355,217
Charges for Services 1,736,439 1,659,549
Fines & Forfeitures 36,831 35,747
Investment Income 380,089 318,237
Miscellaneous Revenue 1,316,561 1,468,787
Total Revenues $ 7,719,933 $ 7,242,671
EXPENDITURES
Current:
General Government $ - $ -
Judicial - -
Public Safety 1,619,825 1,497,498
Physical Environment 186,811 216,837
Transportation 1,103,984 1,075,691
Health and Human Services 33,553 40,147
Economic Environment 305,604 145,084
Culture and Recreation 648,799 814,091
Capital Outlay 3,169,946 5,235,090
Debt Service
Principal 626,207 687,981
Interest 248,331 293,457
Total Expenditures $ 7,943,060 $ 10,005,876
Excess of Revenues Over(Under) Expenditures $ (223,127) $ (2,763,205)
OTHER FINANCING SOURCES (USES)
Disposition of Fixed Assets $ 15,130 $ 262,789
Proceeds of General L-T Debt - 57,662
Insurance Recoveries 11,074 -
Operating Transfers - (In) 4,549,843 4,222,882
Operating Transfers - (Out) (3,428,906) (772,722)
Total Other Financing Sources (Uses) $ 1,147,141 $ 3,770,611
Net Change in Fund Balances $ 924,014 $ 1,007,406
Prior Year Adjustments $ 63,463 $ 3,530,007
Fund Balance Beginning $ 10,791,196 $ 7,074,377
Fund Balance, Ending $ 11,778,673 $ 11,611,790
See accompanying notes to the basic financial statements.
108
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CITY STREET FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 160,000 $ 160,000 $ 174,250 $ 14,250
Licenses&Permits 12,000 12,000 11,770 (230)
Intergovernmental Revenue 544,000 544,000 613,785 69,785
Charges for Services - - - -
Fines&Forfeitures - -
Investment Income 3,000 3,000 (5,134) (8,134)
Miscellaneous Revenue 2,719 2,719
Total Revenues 719,000 719,000 797,390 78,390
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety
Physical Environment - - -
Transportation 991,300 1,028,300 1,035,006 (6,706)
Health and Human Services - - -
Economic Environment
Culture and Recreation - - - -
Capital Outlay 311,100 311,100 135,618 175,482
Debt Service
Principal - - - -
Interest - - - -
Total Expenditures 1,302,400 1,339,400 1,170,624 168,776
Excess of Revenues Over(Under)Expenditures (583,400) (620,400) (373,234) 247,166
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt - -
Insurance Recoveries - - 11,074 11,074
Operating Transfers-In 275,000 440,000 440,000 -
Operating Transfers-(Out) - - - -
Total Other Financing Sources(Uses) 275,000 440,000 451,074 11,074
Net Change in Fund Balances (308,400) (180,400) 77,840 258,240
Prior Year Adjustments - - (14) (14)
Fund Balance Beginning 310,000 182,000 (4,490) (186,490)
Fund Balance,Ending $ 1,600 $ 1,600 $ 73,336 $ 71,736
See accompanying notes to the basic financial statements.
109
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
STREET OVERLAY FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 600,000 $ 600,000 $ 671,107 $ 71,107
Licenses&Permits - - - -
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - - - -
Investment Income 22,000 22,000 46,387 24,387
Miscellaneous Revenue - - - -
Total Revenues 622,000 622,000 717,494 95,494
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment
Culture and Recreation - - - -
CapitalOutlay 900,000 900,000 755,110 144,890
Debt Service
Principal - - - -
Interest - - -
Total Expenditures 900,000 900,000 755,110 144,890
Excess of Revenues Over(Under)Expenditures (278,000) (278,000) (37,616) 240,384
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Operating Transfers-In 300,000 300,000 300,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 300,000 300,000 300,000 -
Net Change in Fund Balances 22,000 22,000 262,384 240,384
Prior Year Adjustments - - (6,241) (6,241)
Fund Balance Beginning 966,000 966,000 1,291,444 325,444
Fund Balance,Ending $ 988,000 $ 988,000 $ 1,547,587 $ 559,587
See accompanying notes to the basic financial statements.
110
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
COMMUNITY DEVELOPMENT BLOCK GRANT
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $
Licenses&Permits - - -
Intergovernmental Revenue 832,060 832,060 853,597 21,537
Charges for Services 1,000 1,000 - (1,000)
Fines&Forfeitures - - - -
Investment Income 5,000 5,000 12,848 7,848
Miscellaneous Revenue 41,500 41,500 67,766 26,266
Total Revenues 879,560 879,560 934,211 54,651
EXPENDITURES
Current:
General Government - - - -
Judicial - - - -
Public Safety 57,775 57,775 58,413 (638)
Physical Environment - - - -
Transportation
Health and Human Services - - - -
Economic Environment 90,675 90,675 88,473 2,202
Culture and Recreation - - - -
CapitalOutlay 537,000 537,000 595,163 (58,163)
Debt Service
Principal - - -
Interest - -
Total Expenditures 685,450 685,450 742,049 (56,599)
Excess of Revenues Over(Under)Expenditures 194,110 194,110 192,162 (1,948)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Operating Transfers-In -
Operating Transfers-(Out) (160,500) (160,500) (112,500) 48,000
Total Other Financing Sources(Uses) (160,500) (160,500) (112,500) 48,000
Net Change in Fund Balances 33,610 33,610 79,662 46,052
Prior Year Adjustments - - (98,368) (98,368)
Fund Balance Beginning 390 390 139,397 139,007
Fund Balance,Ending $ 34,000 $ 34,000 $ 120,691 $ 86,691
See accompanying notes to the basic financial statements.
111
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
MLK COMMUNITY CENTER FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $
Licenses&Permits
Intergovernmental Revenue - - -
Charges for Services 1,000 1,000 1,670 670
Fines&Forfeitures - - - -
Investment Income 200 200 210 10
Miscellaneous Revenue 24,000 24,000 23,796 (204)
Total Revenues 25,200 25,200 25,676 476
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment - - - -
Culture and Recreation 121,740 121,740 121,074 666
Capital Outlay - - - -
Debt Service
Principal
Interest - - -
Total Expenditures 121,740 121,740 121,074 666
Excess of Revenues Over(Under)Expenditures (96,540) (96,540) (95,398) 1,142
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Operating Transfers-In 97,500 97,500 97,500
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 97,500 97,500 97,500 -
Net Change in Fund Balances 960 960 2,102 1,142
Prior Year Adjustments - - 28 28
Fund Balance Beginning 1,000 1,000 490 (510)
Fund Balance,Ending $ 1,960 $ 1,960 $ 2,620 $ 660
See accompanying notes to the basic financial statements.
112
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
AMBULANCE FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ (14) $ (14)
Licenses&Permits - - - -
Intergovernmental Revenue 1,200 1,200 - (1,200)
Charges for Services 1,272,000 857,000 952,903 95,903
Fines&Forfeitures - - - -
Investment Income - - (23,584) (23,584)
Miscellaneous Revenue 7,500 7,500 19,649 12,149
Total Revenues 1,280,700 865,700 948,954 83,254
EXPENDITURES
Current:
General Government - - - -
Judicial - - -
Public Safety 1,575,100 1,738,100 1,561,412 176,688
Physical Environment - - - -
Transportation -
Health and Human Services
Economic Environment
Culture and Recreation - - -
Capital Outlay 105,600 105,600 218,855 (113,255)
Debt Service
Principal - - -
Interest - - - -
Total Expenditures 1,680,700 1,843,700 1,780,267 63,433
Excess of Revenues Over(Under)Expenditures (400,000) (978,000) (831,313) 146,687
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Operating Transfers-In 400,000 978,000 978,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 400,000 978,000 978,000 -
Net Change in Fund Balances - - 146,687 146,687
Prior Year Adjustments 1,080 1,080
Fund Balance Beginning (24,048) (24,048)
Fund Balance, Ending $ $ $ 123,719 $ 123,719
See accompanying notes to the basic financial statements.
113
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CONTINGENCY FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ - $ $
Licenses&Permits
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures -
Investment Income 5,000 5,000 4,388 (612)
Miscellaneous Revenue - - - -
Total Revenues 5,000 5,000 4,388 (612)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment -
Transportation -
Health and Human Services -
Economic Environment -
Culture and Recreation -
Capital Outlay -
Debt Service
Principal -
Interest -
Total Expenditures - - - -
Excess of Revenues Over(Under)Expenditures 5,000 5,000 4,388 (612)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt
Insurance Recoveries -
Operating Transfers-In -
Operating Transfers-(Out) -
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances 5,000 5,000 4,388 (612)
Prior Year Adjustments - - (598) (598)
Fund Balance Beginning 146,644 146,644 142,553 (4,091)
Fund Balance,Ending $ 151,644 $ 151,644 $ 146,343 $ (5,301)
See accompanying notes to the basic financial statements.
115
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CEMETERY FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue - - - -
Charges for Services 193,000 193,000 201,946 8,946
Fines&Forfeitures - - - -
Investment Income 100 100 256 156
Miscellaneous Revenue 1,100 1,100 200 (900)
Total Revenues 194,200 194,200 202,402 8,202
EXPENDITURES
Current:
General Government - - - -
Judicial -
Public Safety - - - -
Physical Environment 200,445 247,445 186,748 60,697
Transportation - - - -
Health and Human Services -
Economic Environment
Culture and Recreation - - -
Capital Outlay 5,000 5,000 5,000
Debt Service
Principal 30,000 30,000 - 30,000
Interest 7,000 7,000 6,905 95
Total Expenditures 242,445 289,445 193,653 95,792
Excess of Revenues Over(Under)Expenditures (48,245) (95,245) 8,749 103,994
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt
Insurance Recoveries - - - -
Operating Transfers-In 55,000 102,000 107,179 5,179
Operating Transfers-(Out) - - - -
Total Other Financing Sources(Uses) 55,000 102,000 107,179 5,179
Net Change in Fund Balances 6,755 6,755 115,928 109,173
Prior Year Adjustments - - 293 293
Fund Balance Beginning - - (311,277) (311,277)
Fund Balance, Ending $ 6,755 $ 6,755 $ (195,056) $ (201,811)
See accompanying notes to the basic financial statements.
116
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
ATHLETIC FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue - - - -
Charges for Services 111,815 111,815 83,819 (27,996)
Fines&Forfeitures - - - -
Investment Income 200 200 1,740 1,540
Miscellaneous Revenue 4,000 4,000 9,277 5,277
Total Revenues 116,015 116,015 94,836 (21,179)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment -
Transportation
Health and Human Services
Economic Environment - - - -
Culture and Recreation 111,535 111,535 58,659 52,876
Capital Outlay - -
Debt Service
Principal -
Interest - -
Total Expenditures 111,535 111,535 58,659 52,876
Excess of Revenues Over(Under)Expenditures 4,480 4,480 36,177 31,697
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt
Insurance Recoveries
Operating Transfers-In
Operating Transfers-(Out)
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances 4,480 4,480 36,177 31,697
Prior Year Adjustments - - 330 330
Fund Balance Beginning 10,000 10,000 33,505 23,505
Fund Balance, Ending $ 14,480 $ 14,480 $ 70,012 $ 55,532
See accompanying notes to the basic financial statements.
117
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
SENIOR CENTER
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits - - - -
Intergovernmental Revenue 24,000 24,000 18,280 (5,720)
Charges for Services - - - -
Fines&Forfeitures - - - -
Investment Income 800 800 (633) (1,433)
Miscellaneous Revenue 43,300 43,300 49,144 5,844
Total Revenues 68,100 68,100 66,791 (1,309)
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety
Physical Environment
Transportation - - - -
Health and Human Services 35,825 48,125 33,553 14,572
Economic Environment - - - -
Culture and Recreation 184,375 218,075 216,786 1,289
Capital Outlay 1,000 1,000 - 1,000
Debt Service
Principal - - - -
Interest - - - -
Total Expenditures 221,200 267,200 250,339 16,861
Excess of Revenues Over(Under)Expenditures (153,100) (199,100) (183,548) 15,552
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt -
Insurance Recoveries - - -
Operating Transfers-In 156,000 202,000 202,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 156,000 202,000 202,000 -
Net Change in Fund Balances 2,900 2,900 18,452 15,552
Prior Year Adjustments - - (35) (35)
Fund Balance Beginning - - (29,331) (29,331)
Fund Balance, Ending $ 2,900 $ 2,900 $ (10,914) $ (13,814)
See accompanying notes to the basic financial statements.
118
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
MULTI-MODEL FACILITY
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $
Licenses&Permits
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - - - -
Investment Income 1,000 1,000 134 (866)
Miscellaneous Revenue 37,700 47,700 45,919 (1,781)
Total Revenues 38,700 48,700 46,053 (2,647)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment - - - -
Transportation 47,100 57,100 52,880 4,220
Health and Human Services - - - -
Economic Environment
Culture and Recreation
Capital Outlay
Debt Service
Principal
Interest - - - -
Total Expenditures 47,100 57,100 52,880 4,220
Excess of Revenues Over(Under)Expenditures (8,400) (8,400) (6,827) 1,573
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Operating Transfers-In 7,500 7,500 7,500
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 7,500 7,500 7,500 -
Net Change in Fund Balances (900) (900) 673 1,573
Prior Year Adjustments - - 3,865 3,865
Fund Balance Beginning 1,000 1,000 (3,586) (4,586)
Fund Balance, Ending $ 100 $ 100 $ 952 $ 852
See accompanying notes to the basic financial statements.
119
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
BI-CENTENIAL FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - - - -
Investment Income 100 100 159 59
Miscellaneous Revenue - - - -
Total Revenues 100 100 159 59
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment -
Culture and Recreation -
Capital Outlay -
Debt Service
Principal -
Interest
Total Expenditures - - -
Excess of Revenues Over(Under)Expenditures 100 100 159 59
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Operating Transfers-In
Operating Transfers-(Out)
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances 100 100 159 59
Prior Year Adjustments - - (22) (22)
Fund Balance Beginning 5,000 5,000 5,167 167
Fund Balance, Ending $ 5,100 $ 5,100 $ 5,304 $ 204
See accompanying notes to the basic financial statements.
120
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
RIVERSHORE TRAIL AND MARINA MAINTENANCE FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - - - -
Investment Income 800 800 645 (155)
Miscellaneous Revenue 9,000 9,000 8,700 (300)
Total Revenues 9,800 9,800 9,345 (455)
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety -
Physical Environment -
Transportation
Health and Human Services
Economic Environment - - - -
Culture and Recreation 14,465 14,465 5,808 8,657
Capital Outlay - - - -
Debt Service
Principal
Interest - - - -
Total Expenditures 14,465 14,465 5,808 8,657
Excess of Revenues Over(Under)Expenditures (4,665) (4,665) 3,537 8,202
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt -
Insurance Recoveries -
Operating Transfers-In -
Operating Transfers-(Out) -
Total Other Financing Sources(Uses) - -
Net Change in Fund Balances (4,665) (4,665) 3,537 8,202
Prior Year Adjustments - - (76) (76)
Fund Balance Beginning 17,000 17,000 19,912 2,912
Fund Balance, Ending $ 12,335 $ 12,335 $ 23,373 $ 11,038
See accompanying notes to the basic financial statements.
121
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
SPECIAL ASSESSMENT LODGING FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 178,500 $ 198,500 $ 164,761 $ (33,739)
Licenses&Permits - - - -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - -
Investment Income 423 423
Miscellaneous Revenue - - -
Total Revenues 178,500 198,500 165,184 (33,316)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services - - - -
Economic Environment 178,500 198,500 188,782 9,718
Culture and Recreation - - - -
Capital Outlay
Debt Service
Principal -
Interest - - - -
Total Expenditures 178,500 198,500 188,782 9,718
Excess of Revenues Over(Under)Expenditures - - (23,598) (23,598)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets -
Proceeds of General L-T Debt -
Insurance Recoveries -
Operating Transfers-In -
Operating Transfers-(Out) -
Total Other Financing Sources(Uses)
Net Change in Fund Balances (23,598) (23,598)
Prior Year Adjustments - -
Fund Balance Beginning 24,021 24,021
Fund Balance, Ending $ $ $ 423 $ 423
See accompanying notes to the basic financial statements.
122
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
LITTER ABATEMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits - - -
Intergovernmental Revenue 6,000 6,000 - (6,000)
Charges for Services - - 6,250 6,250
Fines&Forfeitures - - - -
Investment Income 500 500 (73) (573)
Miscellaneous Revenue - - 10,530 10,530
Total Revenues 6,500 6,500 16,707 10,207
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety
Physical Environment - - -
Transportation 6,990 6,990 15,428 (8,438)
Health and Human Services - - -
Economic Environment -
Culture and Recreation -
Capital Outlay -
Debt Service
Principal -
Interest - - -
Total Expenditures 6,990 6,990 15,428 (8,438)
Excess of Revenues Over(Under)Expenditures (490) (490) 1,279 1,769
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt -
Insurance Recoveries - -
Operating Transfers-In 8,000 8,000
Operating Transfers-(Out) - -
Total Other Financing Sources(Uses) - 8,000 8,000 -
Net Change in Fund Balances (490) 7,510 9,279 1,769
Prior Year Adjustments - - 16 16
Fund Balance Beginning 8,000 8,000 (5,598) (13,598)
Fund Balance, Ending $ 7,510 $ 15,510 $ 3,697 $ (11,813)
See accompanying notes to the basic financial statements.
123
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
REVOLVING ABATEMENT
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue - - - -
Charges for Services 5,000 5,000 11,485 6,485
Fines&Forfeitures 30,000 30,000 36,831 6,831
Investment Income 1,500 1,500 8,041 6,541
Miscellaneous Revenue 10,000 10,000 39,870 29,870
Total Revenues 46,500 46,500 96,227 49,727
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety
Physical Environment -
Transportation -
Health and Human Services - - - -
Economic Environment 40,950 40,950 28,349 12,601
Culture and Recreation - - - -
Capital Outlay
Debt Service
Principal
Interest - - - -
Total Expenditures 40,950 40,950 28,349 12,601
Excess of Revenues Over(Under)Expenditures 5,550 5,550 67,878 62,328
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt
Insurance Recoveries
Operating Transfers-In
Operating Transfers-(Out)
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances 5,550 5,550 67,878 62,328
Prior Year Adjustments - - (427) (427)
Fund Balance Beginning 90,000 90,000 127,834 37,834
Fund Balance, Ending $ 95,550 $ 95,550 $ 195,285 $ 99,735
See accompanying notes to the basic financial statements.
124
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
TRAC DEVELOPMENT&OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 134,000 $ 164,000 $ 172,189 $ 8,189
Licenses&Permits - - - -
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - - - -
Investment Income 500 500 4,656 4,156
Miscellaneous Revenue - - - -
Total Revenues 134,500 164,500 176,845 12,345
EXPENDITURES
Current:
General Government - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services -
Economic Environment - - - -
Culture and Recreation 110,000 140,000 140,446 (446)
Capital Outlay - - - -
Debt Service
Principal 66,210 66,210 66,207 3
Interest 37,510 37,510 37,509 1
Total Expenditures 213,720 243,720 244,162 (442)
Excess of Revenues Over(Under)Expenditures (79,220) (79,220) (67,317) 11,903
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt -
Insurance Recoveries - - -
Operating Transfers-In 80,000 80,000 80,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 80,000 80,000 80,000 -
Net Change in Fund Balances 780 780 12,683 11,903
Prior Year Adjustments - - 55 55
Fund Balance Beginning - 41,902 41,902
Fund Balance, Ending $ 780 $ 780 $ 54,640 $ 53,860
See accompanying notes to the basic financial statements.
125
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
PARK DEVELOPMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ - $ $ $
Licenses&Permits -
Intergovernmental Revenue - - - -
Charges for Services 184,200 184,200 453,002 268,802
Fines&Forfeitures - - - -
Investment Income 15,000 15,000 63,701 48,701
Miscellaneous Revenue 91,000 91,000 15,400 (75,600)
Total Revenues 290,200 290,200 532,103 241,903
EXPENDITURES
Current:
General Government - - - -
Judicial - -
Public Safety - -
Physical Environment -
Transportation - -
Health and Human Services - -
Economic Environment -
Culture and Recreation - - - -
Capital Outlay 770,000 770,000 314,214 455,786
Debt Service
Principal - - - -
Interest - - - -
Total Expenditures 770,000 770,000 314,214 455,786
Excess of Revenues Over(Under)Expenditures (479,800) (479,800) 217,889 697,689
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt
Insurance Recoveries -
Operating Transfers-In -
Operating Transfers-(Out) - (264,507) (264,507)
Total Other Financing Sources(Uses) - (264,507) (264,507)
Net Change in Fund Balances (479,800) (479,800) (46,618) 433,182
Prior Year Adjustments - - (749,795) (749,795)
Fund Balance Beginning 2,000,000 2,000,000 2,529,031 529,031
Fund Balance, Ending $ 1,520,200 $ 1,520,200 $ 1,732,618 $ 212,418
See accompanying notes to the basic financial statements.
126
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 500,000 $ 500,000 $ 848,440 $ 348,440
Licenses&Permits - - - -
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - - - -
Investment Income 20,000 20,000 92,326 72,326
Miscellaneous Revenue - - - -
Total Revenues 520,000 520,000 940,766 420,766
EXPENDITURES
Current:
General Government - -
Judicial
Public Safety
Physical Environment
Transportation -
Health and Human Services -
Economic Environment -
Culture and Recreation - - - -
Capital Outlay 1,000,000 1,000,000 712,351 287,649
Debt Service
Principal - - - -
Interest - - - -
Total Expenditures 1,000,000 1,000,000 712,351 287,649
Excess of Revenues Over(Under)Expenditures (480,000) (480,000) 228,415 708,415
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt
Insurance Recoveries
Operating Transfers-In
Operating Transfers-(Out)
Total Other Financing Sources(Uses) - - -
Net Change in Fund Balances (480,000) (480,000) 228,415 708,415
Prior Year Adjustments - - (8,709) (8,709)
Fund Balance Beginning 2,100,000 2,100,000 2,443,308 343,308
Fund Balance,Ending $ 1,620,000 $ 1,620,000 $ 2,663,014 $ 1,043,014
See accompanying notes to the basic financial statements.
127
BUDGET TO ACTUAL
STADIUM/CONVENTION CENTER FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ 134,000 $ 134,000 $ 162,187 $ 28,187
Licenses&Permits - - - -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - - - -
Investment Income 100 100 3,184 3,084
Miscellaneous Revenue 15,600 15,600 16,067 467
Total Revenues 149,700 149,700 181,438 31,738
EXPENDITURES
Current:
General Government - - - -
Judicial - -
Public Safety - -
Physical Environment -
Transportation -
Health and Human Services -
Economic Environment - - -
Culture and Recreation 87,240 87,240 106,026 (18,786)
Capital Outlay - - - -
Debt Service
Principal 85,000 85,000 70,000 15,000
Interest 39,380 39,380 1,890 37,490
Total Expenditures 211,620 211,620 177,916 33,704
Excess of Revenues Over(Under)Expenditures (61,920) (61,920) 3,522 65,442
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt -
Insurance Recoveries - - - -
Operating Transfers-In 60,000 60,000 60,000 -
Operating Transfers-(Out) - - - -
Total Other Financing Sources(Uses) 60,000 60,000 60,000 -
Net Change in Fund Balances (1,920) (1,920) 63,522 65,442
Prior Year Adjustments - - (1,603) (1,603)
Fund Balance Beginning 5,000 5,000 87,839 82,839
Fund Balance, Ending $ 3,080 $ 3,080 $ 149,758 $ 146,678
See accompanying notes to the basic financial statements.
128
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
INDUSTRIAL DEVELOPMENT AND INFRASTRUCTURE
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - - - -
Investment Income 20,000 20,000 15,991 (4,009)
Miscellaneous Revenue - - - -
Total Revenues 20,000 20,000 15,991 (4,009)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services -
Economic Environment
Culture and Recreation - - - -
Capital Outlay 400,000 400,000 400,000
Debt Service
Principal - - - -
Interest - - -
Total Expenditures 400,000 400,000 - 400,000
Excess of Revenues Over(Under)Expenditures (380,000) (380,000) 15,991 395,991
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - -
Proceeds of General L-T Debt -
Insurance Recoveries - - -
Operating Transfers-In 1,000,000 1,000,000 1,000,000
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 1,000,000 1,000,000 1,000,000 -
Net Change in Fund Balances 620,000 620,000 1,015,991 395,991
Prior Year Adjustments - - - -
Fund Balance Beginning - - -
Fund Balance, Ending $ 620,000 $ 620,000 $ 1,015,991 $ 395,991
See accompanying notes to the basic financial statements.
129
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
SUN WILLOWS DEVELOPMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
REVENUES
Taxes $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - - - -
Investment Income 15,000 15,000 23,734 8,734
Miscellaneous Revenue - - - -
Total Revenues 15,000 15,000 23,734 8,734
EXPENDITURES
Current:
General Government - -
Judicial
Public Safety
Physical Environment - -
Transportation 670 (670)
Health and Human Services - -
Economic Environment -
Culture and Recreation - - - -
Capital Outlay 330,000 330,000 308,913 21,087
Debt Service
Principal - - - -
Interest - - - -
Total Expenditures 330,000 330,000 309,583 20,417
Excess of Revenues Over(Under)Expenditures (315,000) (315,000) (285,849) 29,151
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets 1,000 1,000 15,130 14,130
Proceeds of General L-T Debt - - - -
Insurance Recoveries
Operating Transfers-In -
Operating Transfers-(Out) (1,000,000) (1,000,000) (1,000,000) -
Total Other Financing Sources(Uses) (999,000) (999,000) (984,870) 14,130
Net Change in Fund Balances (1,314,000) (1,314,000) (1,270,719) 43,281
Prior Year Adjustments - - (5,882) (5,882)
Fund Balance Beginning 1,475,000 1,475,000 1,519,535 44,535
Fund Balance, Ending $ 161,000 $ 161,000 $ 242,934 $ 81,934
See accompanying notes to the basic financial statements.
130
City of Pasco
Combining Statement of Net Assets
Internal Services Fund
For the Year Bided Deoernber 31,2005
Governmental Activities
Internal Service Funds
Equipment Rental Equipment Rental Central Mecical Iris. 2005 2004
operations Replacement Stares Fund Total Total
ASSETS
Current Assets:
CArrent Cash&Cash Equivalents $ 49,446 $ 1,193,710 $ 5,777 $ 253,391 $ 1,502,324 $ 1,409,300
Receivables(net of allaAances)
Interfund Loans Receivable - 200,000 - - 200,000 200,000
Merdiandise Inventory - - 14,598 - 14,598 20,568
Interest Receivable (2,244) 17,929 13 7,292 22,990 17,482
Due from Governmental Units - - - - - 238
Total Cirrent Assets $ 47,202 $ 1,411,639 $ 20,388 $ 260,683 $ 1,739,912 $ 1,647,588
Non-arrent Assets:
Restricted Assets $ - $ - $ - $ - $ - $ -
Fxed Assets,Net of Depreciation
Equipment - 2,364,262 - - 2,364,262 2,199,571
ToTALASSETS $ 47,202 $ 3,775,901 $ 20,388 $ 260,683 $ 4,104,174 $ 3,847,159
UAB U IES
Qrrent Liabilities:
Accounts Payable $ 35,458 $ 16,472 $ 2,892 $ 28,458 $ 83,280 $ 67,164
Total Owent Liabilities $ 35,458 $ 16,472 $ 2,892 $ 28,458 $ 83,280 $ 67,164
Non-Gurrent Liabilities
Compensated Absences $ 14,514 $ - $ - $ - $ 14,514 $ 7,884
Clalrrs Incurred Not Reported - - - 125,000 125,000 125,000
Total Liabilities $ 49,972 $ 16,472 $ 2,892 $ 153,458 $ 222,794 $ 192,164
NETASSEfS
Investment in Capital Assets,Net
of Related Debt $ - $ 2,364,262 $ 14,598 $ - $ 2378,860 $ 2,220,139
Restricted for Debt Service - 200,000 - - 200,000 200,000
Unrestricted (2,770) 1,195,167 2,898 107,225 1,302,520 1,226,972
Total Net Assets $ (2,770) $ 3,759,429 $ 17,496 $ 107,225 $ 3,881,380 $ 3,647,111
See accompanying notes to the basic financial statements.
131
City of Pasco
Combining Statement of Net Assets
Internal Services Fund
For the Year Ended December 31,2005
Business Type Activities
Internal Service Funds
Equipment Rental Equipment Rental 2005 2004
Operations Replacement Total Total
ASSETS
Current Assets:
Current Cash&Cash Equivalents $ - $ 1,346,338 $ 1,346,338 $ 1,321,859
Receivables(net of allowances)
Interfund Loans Receivable - - - -
Merchandise Inventory - - - -
Interest Receivable 990 20,474 21,464 15,176
Due from Governmental Units - - - -
Total Current Assets $ 990 $ 1,366,812 $ 1,367,802 $ 1,337,035
Non-Current Assets:
Restricted Assets $ - $ - $ - $ -
Fixed Assets, Net of Depreciation
Equipment - 927,797 927,797 728,247
TOTAL ASSETS $ 990 $ 2,294,609 $ 2,295,599 $ 2,065,282
LIABILITIES
Current Liabilities:
Accounts Payable $ 5,659 $ 19,590 $ 25,249 $ 5,354
Total Current Liabilities $ 5,659 $ 19,590 $ 25,249 $ 5,354
Non-Current Liabilities
Compensated Absences $ 7,884 $ - $ 7,884 $ 7,884
Interfund Loans Payable 109,612 - 109,612 -
Claims Incurred Not Reported - - - -
Total Liabilities $ 123,155 $ 19,590 $ 142,745 $ 13,238
NET ASSETS
Investment in Capital Assets, Net
of Related Debt $ - $ 927,797 $ 927,797 $ 728,247
Restricted for Debt Service - - - -
Unrestricted (122,165) 1,347,222 1,225,057 1,323,797
Total Net Assets $ (122,165) $ 2,275,019 $ 2,152,854 $ 2,052,044
See accompanying notes to the basic financial statements.
132
City of Pasco
Cornbining Statement of Reverx.res,EVerdh es and Charxjes in Fund Net Assets
Internal Services F"
For the Year B-dl DemTber-31,2005
Cavermrental Activities
Internal Service Funds
Equprrert Rental Equprrent Rental Central K/Iadcal Ins. 2005 2004
Operations Fbplaoement Stares Fund Total Total
OPERONG REVENL ES
Charges for Services-Internal $ 543,300 $ 313,660 $ 23,619 $ 1,765,221 $ 2,645,800 $ 2,366,468
Charges for SeMoes-Other 18,705 41,900 - 194,057 254,662 226,866
Total Operating Peverx.res $ 562,005 $ 355,560 $ 23,619 $ 1,959,278 $ 2,900,462 $ 2,593,335
CPERAMIG EXPENSES
OpewatingE $ 103,352 $ - $ 25,162 $ 34,444 $ 16,958 $ 157,749
IVbintenance Expenses 547,210 - - - 547,210 503,578
Iro anoeaeimsancl E - - - 2,126,918 2,126,918 1,569,776
Depredation - 287,641 - - 287,641 16,452
capital Outlays 12,890 178,023 - - 190,913 258,636
Total Operating Expenses $ 663,452 $ 465,664 $ 25,16 $ 2,161,36 $ 3,315,640 $ 2,659,191
CPEFZAl1NGINCONE(LOSS) $ (101,447) $ (110,104) $ (1,543) $ (202,084) $ (415,178) $ (65,856)
NON-CPERAl1NGREVEN� (DFBNSES)
lnvestrrent Income $ (3,680) $ 40,897 $ 22 $ 10,415 $ 47,654 $ 48,775
Total N berating F (E s) $ (3,680) $ 40,897 $ 22 $ 10,415 $ 47,654 $ 48,775
Income(Loss)before Contributions and
Transfers $ (105,127) $ (69,207) $ (1,521) $ (191,669) $ (367,524) $ (17,081)
Capital Cotributlans $ - $ - $ - $ - $ - $ (790,835)
Transfers In(Cut) 157,637 - 5,000 - 162,637 (1,040,272)
Changes in Net Assets $ 52,510 $ (69,207) $ 3,479 $ (191,669) $ (204,887) $ (1,848,188)
Ricr Year Pdjustmerts $ 344 $ 137,303 $ (5,900) $ (1,415) $ 130,332 $ 113,209
Assets PU-dnased in Oder-Finds - 308,824 - - 308,824 -
NETASSETS-BEGNIVNG $ (55,64) $ 3,382,509 $ 19,917 $ 300,309 $ 3,647,111 $ 5,36,090
NEIFASSEIFS-ENDING $ (2,770) $ 3,759,429 $ 17,496 $ 107,225 $ 3,881,380 $ 3,647,111
See aocorrparrying rotes to the basic fina ei staterrents.
133
City of Pasco
Combining Statement of Revenues, Expenditures,and Changes in Fund Net Assets
Internal Services Fund
For the Year Ended December 31,2005
Business-type Activities
Internal Service Funds
Equipment Rental Equipment Rental 2005 2004
Operations Replacement Total Total
OPERATING REVENUES
Charges for Services-Internal $ 144,180 $ 204,960 $ 349,140 $ 392,460
Charges for Services-Other 16,381 - 16,381 3,439
Total Operating Revenues $ 160,561 $ 204,960 $ 365,521 $ 395,899
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ 21,056
Maintenance Expenses 120,894 120,894 165,184
Insurance Claims and Expenses - - - -
Depreciation 33,837 33,837 30,697
Capital Outlays - - - -
Total Operating Expenses $ 120,894 $ 33,837 $ 154,731 $ 216,937
OPERATING INCOME(LOSS) $ 39,667 $ 171,123 $ 210,790 $ 178,962
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 1,614 $ 41,067 $ 42,681 $ 33,867
Total Non-Operating Revenues(Expenses) $ 1,614 $ 41,067 $ 42,681 $ 33,867
Income(Loss)before Contributions and
Transfers $ 41,281 $ 212,190 $ 253,471 $ 212,829
Capital Contributions $ - $ - $ - $ 790,835
Transfers In(Out) (157,637) - (157,637) 1,080,272
Changes in Net Assets $ (116,356) $ 212,190 $ 95,834 $ 2,083,936
Prior Year Adjustments $ (337) $ (84,842) $ (85,179) $ (31,892)
Assets Purchased in Other Funds - 90,155 90,155
NET ASSETS-BEGINNING $ (5,472) $ 2,057,516 $ 2,052,044 $ -
NET ASSETS-ENDING $ (122,165) $ 2,275,019 $ 2,152,854 $ 2,052,044
See accompanying notes to the basic financial statements.
134
City of Pasco
Combining Statement of Cash Flows
Internal Services Fund
For the Year Ended December 31,2005
Governmental Activities
Internal Service Funds
Equipment Rental Equipment Rental Central Medical Ins.
Operations Replacement Stores Fund Total
CASH FLOW FROM OPERATING ACTIVITIES:
Cash Received from Customers $ 562,243 $ 355,560 $ 23,619 $ 1,956,439 $ 2,897,861
Payments for Maintenance&Ops. (640,820) (207,814) (23,378) (34,444) (906,456)
Payments to Employees (0) - - (2,098,796) (2,098,796)
Net Cash provided by operating activities $ (78,578) $ 147,746 $ 241 $ (176,801) $ (107,391)
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Prior Year Adj ustments $ 842 $ (9,579) $ (20) $ (1,117) $ (9,874)
Transfers In(Out) 157,637 5,000 162,637
$ 158,479 $ (9,579) $ 4,980 $ (1,117) $ 152,763
CASH FLOW FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of Capital Assets $ - $ - $ - $ - $ -
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Activities $ (3,680) $ 40,897 $ 22 $ 10,415 $ 47,654
Net Increase(Decrease)in Cash and
Cash Equivalents $ 76,221 $ 179,064 $ 5,243 $ (167,503) $ 93,026
Cash and Cash Equivalents January 1 $ (26,774) $ 1,014,646 $ 534 $ 420,894 $ 1,409,300
Cash and Cash Equivalents December 31 $ 49,447 $ 1,193,710 $ 5,777 $ 253,391 $ 1,502,326
CASH PROVIDED BY OPERATING
ACTIVITIES:
Net Operating Income $ (101,447) $ (110,104) $ (1,543) $ (202,084) $ (415,178)
ADJUSTMENTS TO RECONCILE OPERATING
INCOME TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
Depreciation $ - $ 287,641 $ $ - $ 287,641
(Increase)/Decrease in Customer Receivables 238 - (2,839) (2,601)
Ina-ease/(Decrease)in Accounts Payable 16,001 (29,791) 1,784 28,122 16,116
Increase/(Decrease)in Compensated Absences 6,630 - - - 6,630
Net Cash Provide by Operating Activities _L_L78,578 $ 147,746 $ 241 $ (176,801) $ (107,392)
See accompanying notes to the basic financial statements.
135
City of Pasco
Combining Statement of Cash Flows
Internal Services Fund
For the Year Ended December 31, 2005
Business-type Activities
Internal Service Funds
Equipment Rental Equipment Rental
Operations Replacement Total
CASH FLOW FROM OPERATING ACTIVITIES:
Cash Received from Customers $ 160,561 $ 204,960 $ 365,521
Payments for Maintenance &Ops. (120,589) 19,590 (100,999)
Payments to Employees - - -
Net Cash provided by operating activities $ 39,972 $ 224,550 $ 264,522
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Prior Year Adjustments $ 167 $ (9,879) $ (9,712)
Transfers In (Out) (48,025) (48,025)
$ (47,858) $ (9,879) $ (57,737)
CASH FLOW FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of Capital Assets $ - $ (224,987) $ (224,987)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Activities $ 1,614 $ 41,067 $ 42,681
Net Increase (Decrease)in Cash and
Cash Equivalents $ (6,272) $ 30,751 $ 24,479
Cash and Cash Equivalents January 1 $ 6,272 $ 1,315,587 $ 1,321,859
Cash and Cash Equivalents December 31 $ 0 $ 1,346,338 $ 1,346,338
CASH PROVIDED BY OPERATING
ACTIVITIES:
Net Operating Income $ 39,667 $ 171,123 $ 210,790
ADJUSTMENTS TO RECONCILE OPERATING
INCOME TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
Depreciation $ $ 33,837 $ 33,837
(Increase)/Decrease in Customer Receivables - - -
Increase/(Decrease) in Accounts Payable 305 19,590 19,895
Increase/(Decrease) in Compensated Absences - - -
Net Cash Provide by Operating Activities $ 39,972 $ 224,550 $ 264,522
See accompanying notes to the basic financial statements.
136
City of Pasco
Schedule of Operations-Budget to Actuals
Equipment Rental Operations Govenmental
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Internal $ 682,980 $ 726,980 $ 543,300 $ (183,680)
Charges for Services-Other 10,000 16,000 18,705 2,705
Total Operating Revenues $ 692,980 $ 742,980 $ 562,005 $ (180,975)
OPERATING EXPENSES
Operating Expenses $ 117,940 $ 117,940 $ 103,352 $ 14,588
Maintenance Expenses 547,825 597,825 547,210 50,615
Insurance Claims and Expenses - - - -
Depreciation - - - -
Capital Outlays 14,300 14,300 12,890 1,410
Total Operating Expenses $ 680,065 $ 730,065 $ 663,452 $ 66,613
OPERATING INCOME(LOSS) $ 12,915 $ 12,915 $ (101,447) $ (114,362)
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 400 $ 400 $ (3,680) $ (4,080)
Total Non-Operating Revenues(Expenses) $ 400 $ 400 $ (3,680) $ (4,080)
Income(Loss)before Contributions and
Transfers $ - $ - $ (105,127) $ (105,127)
Capital Contributions $ - $ - $ - $ -
Transfers In(Out) - - 157,637 157,637
Changes in Net Assets $ - $ - $ 52,510 $ 52,510
Prior Year Adjustments $ - $ - $ 344 $ 344
NET ASSETS-BEGINNING $ 1,000 $ 1,000 $ (55,624) $ (56,624)
NET ASSETS-ENDING $ 1,000 $ 1,000 $ (2,770) $ (3,770)
See accompanying notes to the basic financial statements.
137
City of Pasco
Schedule of Operations-Budget to Actuals
Equipment Rental Replacement Fund Governmental
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Internal $ 570,204 $ 570,204 $ 313,660 $ (256,544)
Charges for Services-Other 42,000 42,000 41,900 (100)
Total Operating Revenues $ 612,204 $ 612,204 $ 355,560 $ (256,644)
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ -
Maintenance Expenses -
Insurance Claims and Expenses - - -
Depreciation - - 287,641 (287,641)
Capital Outlays 400,000 400,000 178,023 221,977
Total Operating Expenses $ 400,000 $ 400,000 $ 465,664 $ (65,664)
OPERATING INCOME(LOSS) $ 212,204 $ 212,204 $ (110,104) $ (322,308)
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 50,000 $ 50,000 $ 40,897 $ (9,103)
Total Non-Operating Revenues(Expenses) $ 50,000 $ 50,000 $ 40,897 $ (9,103)
Non-Revenues
Interfund Loan Repayments $ 20,000 $ 20,000 $ - $ (20,000)
Income(Loss)before Contributions and
Transfers $ 262,204 $ 262,204 $ (69,207) $ (331,411)
Capital Contributions $ - $ - $ $ -
Transfers In(Out) - - -
Sale of Assets 1,000 1,000 (1,000)
Total Capital Contributions $ 1,000 $ 1,000 $ $ (1,000)
Changes in Net Assets $ 263,204 $ 263,204 $ (69,207) $ (332,411)
Prior Year Adjustments $ - $ - $ 137,303 $ 137,303
Assets Purchased in Other Funds - - 308,824 308,824
NET ASSETS-BEGINNING $ 1,750,000 $ 1,750,000 $ 3,382,509 $ 1,632,509
NET ASSETS-ENDING $ 2,013,204 $ 2,013,204 $ 3,759,429 $ 1,746,225
See accompanying notes to the basic financial statements.
138
City of Pasco
Schedule of Operations-Budget to Actuals
Central Stores Fund
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Internal $ 20,000 $ 20,000 $ 23,619 $ 3,619
Charges for Services-Other - - - -
Total Operating Revenues $ 20,000 $ 20,000 $ 23,619 $ 3,619
OPERATING EXPENSES
Operating Expenses $ 20,000 $ 25,000 $ 25,162 $ (162)
Maintenance Expenses - - - -
Insurance Claims and Expenses - - - -
Depreciation - - - -
Capital Outlays - - - -
Total Operating Expenses $ 20,000 $ 25,000 $ 25,162 $ (162)
OPERATING INCOME(LOSS) $ - $ (5,000) $ (1,543) $ 3,457
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ - $ - $ 22 $ 22
Total Non-Operating Revenues(Expenses) $ - $ - $ 22 $ 22
Income(Loss)before Contributions and
Transfers $ - $ (5,000) $ (1,521) $ 3,479
Capital Contributions $ - $ - $ - $ -
Transfers In(Out) - 5,000 5,000.00 -
Changes in Net Assets $ - $ - $ 3,479 $ 3,479
Prior Year Adjustments $ - $ - $ (5,900) $ (5,900)
Assets Purchased in Other Funds - - - -
NET ASSETS-BEGINNING $ - $ - $ 19,917 $ 19,917
NET ASSETS-ENDING $ - $ - $ 17,496 $ 17,496
See accompanying notes to the basic financial statements.
139
City of Pasco
Schedule of Operations-Budget to Actuals
Medical/Dental Insurance Fund
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Internal $ 1,806,000 $ 1,806,000 $ 1,765,221 $ (40,779)
Charges for Services-Other 187,000 187,000 194,057 7,057
Total Operating Revenues $ 1,993,000 $ 1,993,000 $ 1,959,278 $ (33,722)
OPERATING EXPENSES
Operating Expenses $ 39,250 $ 39,250 $ 34,444 $ 4,806
Maintenance Expenses - - - -
Insurance Claims and Expenses 1,873,800 1,873,800 2,126,918 (253,118)
Depreciation - - - -
Capital Outlays - - - -
Total Operating Expenses $ 1,913,050 $ 1,913,050 $ 2,161,362 $ (248,312)
OPERATING INCOME(LOSS) $ 79,950 $ 79,950 $ (202,084) $ (282,034)
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 5,000 $ 5,000 $ 10,415 $ 5,415
Total Non-Operating Revenues(Expenses) $ 5,000 $ 5,000 $ 10,415 $ 5,415
Income(Loss)before Contributions and
Transfers $ 84,950 $ 84,950 $ (191,669) $ (276,619)
Capital Contributions $ - $ - $ - $ -
Transfers In(Out) - - - -
Changes in Net Assets $ 84,950 $ 84,950 $ (191,669) $ (276,619)
Prior Year Adjustments $ - $ - $ (1,415) $ (1,415)
Assets Purchased in Other Funds - - - -
NET ASSETS-BEGINNING $ 260,000 $ 260,000 $ 300,309 $ 40,309
NET ASSETS-ENDING $ 344,950 $ 344,950 $ 107,225 $ (237,725)
See accompanying notes to the basic financial statements.
140
Schedule of Operations-Budget to Actuals
Equipment Rental Operations Business-type
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Internal $ - $ 144,000 $ 144,180 $ 180
Charges for Services-Other - - 16,381 16,381
Total Operating Revenues $ - $ 144,000 $ 160,561 $ 16,561
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ -
Maintenance Expenses - - 120,894 (120,894)
Insurance Claims and Expenses - - - -
Depreciation - - - -
Capital Outlays - - - -
Total Operating Expenses $ - $ - $ 120,894 $ (120,894)
OPERATING INCOME(LOSS) $ - $ 144,000 $ 39,667 $ (104,333)
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ - $ - $ 1,614 $ 1,614
Total Non-Operating Revenues(Expenses) $ - $ - $ 1,614 $ 1,614
Income(Loss)before Contributions and
Transfers $ - $ 144,000 $ 41,281 $ (102,719)
Capital Contributions $ - $ - $ - $ -
Transfers In(Out) - (97,100) (157,637) (60,537)
Changes in Net Assets $ - $ 46,900 $ (116,356) $ (163,256)
Prior Year Adjustments $ - $ - $ (337) $ (337)
NET ASSETS-BEGINNING $ - $ - $ (5,472) $ (5,472)
NET ASSETS-ENDING $ - $ 46,900 $ (122,165) $ (169,065)
See accompanying notes to the basic financial statements.
141
City of Pasco
Schedule of Operations-Budget to Actuals
Equipment Rental Replacement Fund Business-type
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Internal $ - $ 200,000 $ 204,960 $ 4,960
Charges for Services-Other - - - -
Total Operating Revenues $ $ 200,000 $ 204,960 $ 4,960
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ -
Maintenance Expenses - - - -
Insurance Claims and Expenses - - - -
Depreciation - - 33,837 (33,837)
Capital Outlays - 200,000 - 200,000
Total Operating Expenses $ $ 200,000 $ 33,837 $ 166,163
OPERATING INCOME(LOSS) $ $ - $ 171,123 $ 171,123
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ - $ - $ 41,067 $ 41,067
Total Non-Operating Revenues(Expenses) $ $ - $ 41,067 $ 41,067
Non-Revenues
Interfund Loan Repayments $ $ - $ - $ -
Income(Loss)before Contributions and
Transfers $ - $ - $ 212,190 $ 212,190
Capital Contributions $ - $ - $ - $ -
Transfers In(Out) - - -
Sale of Assets - - - -
Total Capital Contributions $ - $ - $ - $ -
Changes in Net Assets $ - $ - $ 212,190 $ 212,190
Prior Year Adjustments $ - $ - $ (84,842) $ (84,842)
Assets Purchased in Other Funds - - 90,155 90,155
NET ASSETS-BEGINNING $ - $ - $ 2,057,516 $ 2,057,516
NET ASSETS-ENDING $ - $ - $ 2,275,019 $ 2,275,019
See accompanying notes to the basic financial statements.
142
City of Pasco
Schedule of Operations-Budget to Actuals
Water/Sewer Fund
For the Year Ended December 31,2005
Original Final Variance to
Budget Budget Actual Final Budget
OPERATING REVENUES
Charges for Services-Other $ 11,813,000 $ 11,813,000 $ 12,746,130 $ 933,130
Miscellaneous Revenue 1,285,000 1,285,000 2,962,362 1,677,362
Total Operating Revenues $ 13,098,000 $ 13,098,000 $ 15,708,492 $ 2,610,492
OPERATING EXPENSES
Personal Service $ 2,465,990 $ 2,465,990 $ 2,148,829 $ 317,161
Supplies 531,200 531,200 239,053 292,147
Other Services and Charges 2,613,150 2,613,150 2,830,432 (217,282)
Capital Outlays 8,048,000 8,048,000 - 8,048,000
Taxes 1,345,650 1,345,650 1,850,962 (505,312)
Maintenance Expenses - - - -
Depreciation - - 3,478,137 (3,478,137)
Total Operating Expenses $ 15,003,990 $ 15,003,990 $ 10,547,413 $ 4,456,577
OPERATING INCOME(LOSS) $ (1,905,990) $ (1,905,990) $ 5,161,079 $ 7,067,069
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 226,000 $ 226,000 $ 491,592 $ 265,592
Proceeds from Debt Issuance - - - -
Farmland Rentals 450,000 450,000 582,630 132,630
Interest Expense (1,426,875) (1,426,875) (1,466,426) 39,551
Amortization Expense - - (46,289) 46,289
Miscellaneous Non-Operating Revenues 11,100 11,100 41,443 30,343
Total Non-Operating Revenues(Expenses) $ (739,775) $ (739,775) $ (397,050) $ 342,725
Income(Loss)before Contributions and
Transfers $ (2,645,765) $ (2,645,765) $ 4,764,029 $ 7,409,794
Capital Contributions $ - $ - $ 14,202,830 $ 14,202,830
Transfers In(Out) - 300,000 9,611 (290,389)
Changes in Net Assets $ (2,645,765) $ (2,345,765) $ 18,976,470 $ 21,322,235
Prior Year Adjustments $ - $ - $ 316,050 $ 316,050
NET ASSETS-BEGINNING $ 4,393,775 $ 4,393,775 $ 72,562,737 $ 68,168,962
NET ASSETS-ENDING $ 1,748,010 $ 2,048,010 $ 91,855,257 $ 89,807,247
See accompanying notes to the basic financial statements.
143
THIS PAGE LEFT INTENTIONALLY BLANK
144
NICAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 8-REAL AND PERSONAL PROPERTY TAXES
(ALL TAX-SUPPORTED FUNDS)
For the Year Ended December 31,2005
TAXES TAX TAXES TAXES
FUND RECEIVABLE RATE LEVIED TAXES NET TAX REC.
NO. FUND NAIVE 1/1/2005 /$1,000 REPORT YEAR COLLECTED ADJUST. 12131/2005
010 General Fund $280,781 $2.4157 $4,301,624 $4,292,442 $20,650 $310,613
271 93 Civic Center Bonds 11,777 0.0000 - 7,259 $785 $5,303
272 R re/Li brary Bonds 12,816 0.1142 180,589 180,543 $440 $13,302
273 2002 UTGO Bonds 20,860 0.2748 376,404 372,346 $1,217 $26,135
TOTAL TAXES $326,234 $2.8047 $4,858,617 $4,852,590 $23,092 $355,353
Receivable amounts reflect balance after December 2005 tax payments. This amount agrees with the Tax Account Balance
Report printed on 1/12106 from Franklin County Treasurers Office.
145
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 9- LONG-TERM DEBT-L.I.D.ASSESSMENTS
Year Ended December 31,2005
FINAL ORIGINAL
ISSUE MATURITY INTEREST ISSUE
ID. NO.AND DESCRIPTION PURPOSE DATE DATE RATE AMOUNT
BONDS:
253.11 1996 C.L.I.D. 126 Bonds 582.41.73 12/96 12/08 4.25-5.65 $2,376,659
253.12 2001 C.L.I.D. 135 Bonds 582.41.73 11/02 11/12 5.75 536,975
2,913,634
NOTES:
263.63 LID 125 Note 582.41.73 12/00 12/07 6.00% 80,960
263.63 LID 138 Note 581.20.77 12/05 12/05 5.00% 57,662
263.63 LID 139 Note 581.20.77 12/02 12/17 5.00% 405,375
263.63 LID 140 Note 581.20.77 12/03 12/18 4.50% 71,943
263.63 LID 901 Note 582.41.73 12/02 12/12 4.00% 45,700
661,640
TOTAL L. I. D.ASSESSMENT DEBT $3,575,274
146
BEGINNING AMOUNT ENDING
UNMATURED AMOUNT DUE THIS UNMATURED
DEBT ISSUED PERIOD DEBT
LID 126 Bonds $ 5,000 $ 0 $ 5,000 $ 0
LID 135 Bonds 385,000 0 110,000 275,000
390,000 0 115,000 275,000
LID 125 Note 38,300 $ 0 $ 11,500 $ 26,800
LID 138 Note 57,662 0 $ 27,000 30,662
LID 139 Note 27,600 0 12,500 15,100
LID 140 Note 15,200 0 0 15,200
LID 901 Note 13,700 0 4,750 8,950
152,462 0 55,750 96,712
$ 542,462 $ 0 $ 170,750 $ 371,712
147
MCAG NO 0292
CITY OF PASCO,WASHINGTON
SCHEDULE 9-LONG-TERM DEBT-G.O.AND REVENUE
Year Ended December 31,2005
FINAL ORIGINAL
ISSUE MATURITY INTEREST ISSUE
DESCRIPTION PURPOSE DATE DATE RATE AMOUNT
G.O.DEBT
Councilmanic G.O.Bonds
251.11 1995 L.T.G.O.B.Stadium 594.74.63 4/1/1995 4/1/2015 4.36-6.1% 1,550,000
251.11 2001 L.T.G.O.Bond 594.74.63 311/2001 1211/2020 4.25-5.05% 6,900,000
251.16 2002 LTGO&Refunding Bond 594.74.63 10/1/2002 4/1/2022 2-4.7% 3,635,000
Total Councilmanic G.O.Bonds $12,085,000
Voted G.O.Bonds
251.12 1999 G.O.B.Library 594.73.62 10/1/1999 12/1/2019 5.2-5.6% 1,700,000
251.12 2002 UTGO Refunding Bond 594.74.63 11/1/2002 12/1/2013 2.5-4.0% 3,155,000
Total Voted G.O.Bonds $4,855,000
TOTAL G.O.DEBT $16,940,000
Other Debt
263.81 TRAC Loan 1211/1997 12/112014 4.5-5.5% $1,197,931
263.81 State L.O.C.AL.Bond-Fire Truck 594.74.63 2/1/2000 6/1/2009 5.72% 225,000
263.81 StateL.O.C.A.L.Bond-Animal Control 594.74.63 11/1/2001 1211/2016 6.24% 275,500
263.81 State L.O.C.AL.Bond-Patrol 594.74.63 12/112004 1211/2008 3.19% 161,640
Total Other Debt $1,860,071
UTILITY DEBT
263.82 P.W.T.F Loan#89036-Road 68 Water Tank 594.34.63 7/24/1989 7/24/1909 3.0% $1,245,000
263.82 State Revolving Loan Fund 594.35.63 5/31/1994 10/31/2015 1.0% 23,700,000
263.82 P.W.T.F.Loan#95025-Sewer Plant 594.35.63 6/30/1995 6/30/2015 1.0% 812,700
263.82 P.W.T.F.Loan#95026-Road 100 Water Res. 594.34.63 6/30/1995 6/30/2015 1.0% 2,687,300
252.11 1998 W/S Revenue Bonds 594.35.63 9/15/1998 6/1/2018 5.5-6.45% 2,255,000
252.15 1998 W/S Refunding Bonds 594.34.63 9/15/1998 6/1/2014 3.84.6% 6,725,000
252.11 1998 W/S Revenue Bonds 594.35.63 9/15/1998 6/1/2014 3.7-4.8% 1,515,000
252.11 1999 W/S Revenue Bonds 594.35.63 10/7/1999 9/1/2016 4.10-5.8% 985,000
263.82 P.W.T.F.Loan#00691043 594.35.63 7/5/2000 6/30/2020 1.0% 1,890,000
252.11 2001 W/S Revenue Bonds 594.35.63 911/2001 9/1/2016 3.5-4.85% 995,000
252.11 2002 W/S Revenue Bonds 594.35.63 1011/2002 1211/2022 2.0-4.7% 5,945,000
252.11 2005 W/S Revenue Bonds 594.35.63 12/512005 1215/2025 3.5-4.25% 4,400,000
TOTAL UTILITY DEBT $53,155,000
TOTAL LONG-TERM DEBT $71,955,071
148
BEGINNING AMOUNT ENDING
UNMATURED AMOUNT DUE THIS UNMATURED
DESCRIPTION DEBT ISSUED PERIOD DEBT
G.O.DEBT
Councilmanic G.O.Bonds
1995 L.T.G.O.B.Stadium 70,000 0 70,000 0
2001 L.T.G.O.Bond 6,605,000 0 290,000 6,315,000
2002 LTGO&Refunding Bond 3,470,000 0 115,000 3,355,000
Total Councilmanic G.O.Bonds $10,145,000 $0 $475,000 $9,670,000
Voted G.O.Bonds
1999 G.O.B Library 1,500,000 0 100,000 1,400,000
2002 UTGO Refunding Bond 2,855,000 0 275,000 2,580,000
Total Voted G.O.Bonds $4,355,000 $0 $375,000 $3,980,000
TOTAL G.O.DEBT $14,500,000 $0 $850,000 $13,650,000
Other Debt
TRAC $808,966 $0 $66,207 $742,759
State L.O.C.A.L.Loan 127,602 0 22,726 104,876
State L.O.C.A.L.Loan 236,774 0 13,251 223,523
State L.O.C.A.L.Loan 161,640 0 38,675 122,965
Total Other Debt $1,334,982 $0 $140,859 $1,194,123
UTILITY DEBT
PWTF Loan#89036 $307,806 $0 $61,562 $246,244
State Revolving Loan Fund 19,953,473 0 1,030,523 18,922,950
PWTF Loan#95025 473,124 0 43,011 430,113
PWTF Loan#95026 1,181,129 0 107,375 1,073,754
1998 W/S Revenue Bonds 1,780,000 0 80,000 1,700,000
1998 W/S Refunding Bonds 6,330,000 0 525,000 5,805,000
1998 W/S Revenue Bonds 715,000 0 100,000 615,000
1999 W/S Revenue Bonds 735,000 0 50,000 685,000
P.W.T.F.Loan#00691043 1,778,246 0 111,140 1,667,106
2001 W/S Revenue Bonds 850,000 0 55,000 795,000
2002 W/S Revenue Bonds 5,530,000 0 230,000 5,300,000
2005 W/S Revenue Bonds 0 4,400,000 0 4,400,000
TOTAL UTILITY DEBT $39,633,778 $4,400,000 $2,393,611 $41,640,167
TOTAL LONG-TERM DEBT $55,468,760 $4,400,000 $3,384,470 $56,484,290
149
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 10-LIMITATION OF INDEBTEDNESS
For the Year Ended December 31, 2005
Property Valuation for 2005 Taxes' $ 1,987,640,071
GENERALPURPOSES
Limit of 2.5% of Assessed Value $49,691,002
Councilmanic:
Capacity(1.5% of Assessed value) 29,814,601
Less:
G.O. Bonds Outstanding $ 9,670,000
State LOCAL Loans $451,364
T.R.A.C. Obligation 742,759
Compensated Absences 1,359,581
12,223,704 (12,223,704)
Available Unvoted-Approved Capacity $17,590,897
Voter-Approved:
Capacity(1.0% of Assessed Value) $19,876,401
Less:
G.O. Bonds Outstanding $3,980,000
3,980,000 (3,980,000)
Available Voter-Approved Capacity $15,896,401
Remaining Capacity for General Purposes $33,487,298
UTILITY PURPOSES
Voter-Approved:
Capacity(2.5% of Assessed Value) $49,691,002
Available Utility Capacity $49,691,002
OPEN SPACE AND PARK FACILITIES
Voter-Approved:
Capacity(2.5% of Assessed Value) $49,691,002
Available Open Space and Park Facilities Capacity $49,691,002
TOTAL AVAILABLE DEBT CAPACITY $ 132,869,302
From Franklin County 2005 Assessments for 2006 Tax Collections Book
150
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 12-OPERATION OF INVESTMENTS-ALL FUNDS
For The Year Ended December 31,2005
INVESTMENT INVESTMENTS INVESTMENT
FUND FUND BALANCE (AT COSTS) BALANCE
NO. DESCRIPTION 1/1/2005 ACQUIRED LIQUIDATED 12131/2005
620 Fire Pension 2,822,427 621,936 82,509 3,361,854
650 Surplus Cash 33,397,796 27,514,900 22,256,618 38,656,078
TOTAL $ 36,220,223 $ 28,136,836 $ 22,339,127 $ 42,017,932
151
CITY OF PASCO,WASHINGTON
SCHEDULE 13-CASH AND INVESTMENTS-
SCHEDULE 14-SHORT-TERM INTEREST-BEARING DEBT-
SCHEDULE 15-CONTRIBUTIONS FOR EMPLOYEE BENEFITS -
For The Year Ended December 31, 2005
ALL MONEY HELD UNEXPENDED
FOR REDEMPTION OF PROCEEDS OF ALL OTHER
LONG-TERM DEBT BOND ISSUES MONIES
CASH AND INVESTMENTS
Cash and Deposits $ 524,815 $ 4,352,468 $ 14,861,078
Federal Securities 0 0 0
Federal Agency Securities 0 0 18,008,896
Other Securities 0 0 5,408,488
$ 524,815 $ 4,352,468 $ 38,278,462
SHORT-TERM INTEREST-BEARING DEBT
Balance as of Beginning of Year $ 0
Balance as of End of Year $ 0
CONTRIBUTIONS FOR EMPLOYEE BENEFITS
Retirement Programs
To Federal Social Security System $ 870,767
To State Administered Employee
Retirement System 371,236
To Locally Administered Employee
Retirement System 0
For Commerical Annuity Plans 0
Direct Pension Payments 0
TOTAL ALL RETIREMENT PROGRAMS $ 1,242,003
Insurance Programs
For Health, Hospital, Dental
and Disability Insurance-Self-Insured $ 1,577,091
For Other Dental Insurance -
For Life Insurance 13,405
For Workmen's Compensation Insurance 344,776
For Unemployment Compensation -Self-Insured 37,411
TOTAL ALL INSURANCE PROGRAMS $ 1,972,683
152
NV,WiNu R292
a YCF PASOD,VOMWfCN
SCFED LE 16-E*EN3TLFEBCFFEDEiPLpLAAFID6
FartheYea-Ended D@mTber 31,2305
Ctartal Federal Ater Pro grarn PassTIvaighG for CFDA IchiPfiration PaTYTa# ExpeDn re
Title Wxrt�er Nrrber Awatb AneTls
Total
Qepa tTert of gi sties
®yrmFarnla0-at(Nl3-ocUcs Task Force) 16.519 F97-374014 $ $ 37,173 $ 37,173
LS DeO.of OMTrsoe
uric A4ustrTia t Pssstarce
ricDaAopTalAdnnsbAcnGrat 11.307 $ $ 225,000 $ 225,000
US D pate t of Hxerg&Ubai Dadccrrert:
anni ityDe�dom-erlBod<Gart 14.218 &97-iVi156M $ $ 628,597 $ 62597
Ccrrmrity l0adopTet Bock GrartPmganlno 14.218 80,615 80,615
Total US DBpatTert of Fbleirg&tin DaaAopTeit $ $ 709,212 $ 709,212
US Dirt mt of Health&Rnai Services Irdred Auxcls:
Cffiee of Pgrg&La-gTerm Care
Foot Care(rdred) 93.044 %OD9-191(PA) $ 10,650 $ $ 10,650
SCSA-I ealthSjeeing(indred) 93.044 7,630 7,630
Total USD.#.dHeIth&RrrmS3-\AoesIndredA rds, $ 1$280 $ $ 18,280
US D3rtrTat of Trariyotation
Passed ff agiTrdfficSS#ety03rrmssai
DU Errptms 20.601 4,421 4,421
Traffic&f*CaTnissm-C70T(irdred) 20.604 157-03-01 8,679 - 8,679
Total CFDANnber $ 13,100 $ $ 13,100
Passed tho giVVASaleDapa yet ofTraWorlation
HITnayRariing&CaistrLdcn-FD68&PrgatRd-0444 20.205 9R-&3515(004) $ 20,096 $ $ 20,096
Hg AayR"ng&OyEhdcn-Ra1St.&201hPae.9g-d-024-04 20.205 STF&3551(001) 119,370 119,370
HgTnayRari rig&Omsk cn-Pd68&Sadfi gg-d-C2-4-02 20.205 9R-&3666(001) 19,910 19,940
HgTnayRarii rig&CaTshdiai-23hA,e&Prj3tSg-d-ODD 20.2D5 STR&3551(002) 27,723 27,723
Hg AWRa-ring&CaTshdicri bad 63VUdering-Rcject OD-MB 20.205 STFt&3515(003) 2248 2248
Total CFDANxrber 20.275 $ 189,377 $ $ 189,377
Total US Cqt.of Tmngxttahcn $ 202,477 $ $ 202,477
TOTA-FEDEiPLPSSIS rMM $ 220,757$ 971,385 $ 1,192,142
TYiea=perpirxgnctestothe SJiBJAe ofBpaxfhxesof Federal Awdsare
an irteg2l pat of ttis sdiedle.
153
NIC AG Na 0292
CITY OF PASCQ WeSFiNGTON
SCI-®lJLE 16-STATE AND LOCAL F1NAMAL ASSISTANCE
For the Year 5xied DecaTber 31,2005
Grantor/ Federal Other Experdtaes
Pass,Thragh Grantor CFC A Identification Pass-Th ao Drect
ProgranTitle N un ber N uabe- Aanerds Anerds Total
Pasoo School Distrid:
DAREFdeirrbLrsffTat Interia2lAgexyAgeenent $ 15,944 $ $ 15,944
Washngton State fitment of Transportation
Trdfic SSldy Oxrmssion drool Zone Ec ip Tu t $ 23,118 $ $ 23,118
SacajaAea Heritage Trail 33,025 33,025
Pcoess Ramps from LIS 395M 8 GCA3471 433 433
$ 56,576 $ $ 56,576
Benton-FranMinSTbst�Ab se Coalition
RLWDGat 2001-A-WX-0031 $ 2,738 $ $ 2,738
TOTAL STATE&LOCAL ASS STANCE: $ 75,258 $ $ 75,258
The acmrrparying notes to the ScheWe of State and Lod Assistarre are
an irtegA pat of this sdieckie.
154
NOTES TO THE SCHEDULE OF FEDERAL AWARDS (SCHEDULE 16)
(AND STATE/LOCAL FINANCIAL ASSISTANCE)
NOTE 1 - Basis of Accounting
The Schedule of Financial Assistance is prepared on the same basis of
accounting as the City's financial statements. The City uses the modified
accrual basis.
NOTE 2 - Program Costs
The amounts shown as current year expenditures represent only the federal,
state or local funding source portion of the program costs. Actual program
costs, including the City's portion, may be more than shown.
NOTE 3 - Revolving Loan - Program Income
The City has a revolving loan program for low-income housing. Under this
federal pass-through grant, repayments to the City are considered program
revenues (income) and loans of such funds to eligible recipients are considered
expenditures. No loan funds were disbursed in 2005 for the rehab loan
program. The amount of principal and interest received in loan repayments for
the year was $86,477.
The City also participates in the HUD Home Program for low-income
individuals, which is administered through the City of Richland. Under this
federal pass-through grant, the sale of low-income homes by the City is
considered program revenues (income) and costs of building homes and
purchase of properties are considered expenditures. This program is audited
through the City of Richland.
155
MCAG NO. 0292
CITY OF PASCO, WASHINGTON
SCHEDULE 19 - LABOR RELATIONS CONSULTANTS
For the Year Ended December 31, 2005
Has your government engaged labor relations consultants? X Yes No
If yes, please provide the following information for each consultant(s):
Name of Firm:
The Wesley Group
Name of Consultant:
Roy Wesley
Business Address:
P.O. Box 7164
Kennewick, WA 99336-0616
Amount Paid To Consultant During Fiscal Year:
$38,764.00
Terms And Consitions, As Applicable, Including:
Rates (E.G., Hourly, Etc.): $65 per hour
Maximum Compensation Allowed:
Duration Of Services: Various throughout the year.
Services Provided: Union Bargaining Assistance
Certified Correct this 26th day of May, 2006
to the best of my knowledge and belief:
Signature
jarn s '.V . Chase
F in a:-nae- N a no g4m r
156
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157
CITY OF PASCO,WASHINGTON
GENERAL GOVERNMENTAL REVENUES BY SOURCE AND GENERAL GOVERNMENTAL
EXPENDITURES BY FUNCTION*
Last Ten Fiscal Years
Table 1
2005 2004 2003 2002
REVENUES
Taxes $ 22,195,616 $ 20,490,847 $ 18,140,244 $ 17,993,581
Licenses and Permits 2,338,294 2,337,476 1,878,727 1,520,272
Intergovernmental 3,494,011 2,627,953 3,158,428 3,493,729
Charges for Service 4,225,579 3,887,480 3,257,188 2,913,321
Fines and Forfeitures 746,043 740,100 757,451 677,533
Miscellaneous 3,146,055 2,453,269 2,397,595 3,214,413
Operating Transfers-In 5,321,850 4,318,044 2,066,750 3,419,055
TOTAL REVENUES $ 41,467,448 $ 36,855,169 $ 31,656,383 $ 33,231,904
EXPENDITURES
General Government $ 4,195,820 $ 3,712,845 $ 3,235,752 $ 3,388,433
Security of Persons and Property 14,208,370 13,357,392 12,377,102 10,353,456
Physical Environment 1,443,870 1,246,408 919,853 1,172,222
Transportation 1,103,984 1,075,691 874,087 764,055
Culture and Recreation 3,464,143 3,433,891 5,480,504 2,697,296
Economic Environment 647,534 461,338 463,720 449,340
Mental and Physical Health 45,044 46,392 42,573 5,916
Capital Outlay 9,806,753 7,599,129 5,480,504 5,768,286
Debt Service 1,820,083 1,787,740 2,035,176 2,037,386
Operating Transfers-Out 4,483,428 3,186,322 1,997,029 2,753,902
TOTAL EXPENDITURES $ 41,219,029 $ 35,907,148 $ 32,906,300 $ 29,390,292
* Includes General, Special Revenue,and Debt Service Funds. Prior years restated to reflect the elimination
of the Special Assessment Fund as per Statement No.6 of the Governmental Accounting Standards Board.
Source: City of Pasco,Washington Annual Reports for Prior Years.
158
2001 2000 1999 1998 1997 1996
$ 15,044,749 $ 14,022,599 $ 11,982,112 $ 11,576,262 $ 11,142,259 $ 10,665,205
1,023,159 798,717 650,009 548,446 393,942 360,233
2,451,191 2,565,129 2,496,665 2,499,159 2,415,125 2,683,892
3,010,756 2,024,422 1,798,648 1,573,261 1,631,640 1,478,945
506,964 429,802 373,862 381,147 450,718 383,464
2,723,319 1,492,169 2,316,848 2,891,608 1,963,732 2,778,854
3,221,304 1,033,842 1,102,742 595,268 358,544 992,717
$ 27,981,442 $ 22,366,680 $ 20,720,886 $ 20,065,151 $ 18,355,960 $ 19,343,310
$ 3,230,151 $ 2,845,629 $ 2,890,943 $ 2,651,961 $ 2,410,603 $ 2,349,573
9,588,907 8,578,223 8,294,488 7,507,352 7,054,178 6,688,832
986,228 1,003,261 930,727 829,023 1,111,765 932,346
685,779 701,022 912,751 891,130 889,702 837,444
2,655,314 2,205,837 2,045,480 2,420,196 2,179,211 1,700,997
392,898 655,084 426,215 477,252 580,213 1,091,149
6,892 3,604 6,095 3,708 4,114 2,910
2,479,093 1,972,121 2,866,324 1,784,331 1,239,988 830,015
5,810,094 1,714,489 2,815,945 1,262,168 1,446,515 1,360,618
2,194,853 2,007,413 1,713,689 1,645,877 248,627 4,244,999
$ 28,030,209 $ 21,686,683 $ 22,902,657 $ 19,472,998 $ 17,164,916 $ 20,038,883
159
CITY OF PASCO,WASHINGTON
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Table 2
2005 2004 2003 2002
PRIOR YEAR OUTSTANDING DELINQUENT TAXES $ 281,787 $ 250,295 $ 253,176 $ 284,685
CURRENT TAX LEVIED
General Levy $ 4,301,624 $ 3,827,462 $ 3,500,021 $ 3,452,931
Debt Service Levy 376,404 378,205 371,935 411,418
L.I.D.Guaranty Levy 0 0 0 0
Road Levy 0 0 0 0
Fire/Library Levy 180,589 185,920 154,051 125,570
County Treasurer's Adjustment 67,540 12,518 11,197 (1,291 )
TOTAL CURRENT TAX LEVIED $ 4,926,157 $ 4,404,105 $ 4,037,204 $ 3,988,628
TAX COLLECTED
Current Taxes Collected $ 4,674,325 $ 4,210,471 $ 3,868,786 $ 3,839,342
Delinquent Taxes Collected 178,265 162,142 171,299 180,795
TOTAL TAX COLLECTED $ 4,852,590 $ 4,372,613 $ 4,040,085 $ 4,020,137
OUTSTANDING DELINQUENT TAXES $ 355,354 $ 281,787 $ 250,295 $ 253,176
Percent of Current Levy
Collected 94.89% 95.60% 95.83% 96.26%
Percent of Total Collected
to Levy 98.51% 99.28% 100.07% 100.79%
Percent of Delinquent Taxes
to Levy 7.21% 6.40% 6.20% 6.35%
Source: Franklin County Treasurer's Office Tax Roll for 2005
160
2001 2000 1999 1998 1997 1996
$ 243,387 $ 243,387 $ 195,438 $ 206,170 $ 195,526 $ 153,175
$ 3,142,355 $ 2,923,906 $ 2,198,741 $ 2,040,392 $ 1,950,025 $ 1,769,995
410,991 413,955 315,381 392,746 391,408 389,975
0 0 0 0 0 0
0 0 0 0 0 124,489
91,002 106,203 0 0 0 0
9,355 6,073 19,134 ( 618 ) 0 15,207
$ 3,653,703 $ 3,450,137 $ 2,533,256 $ 2,432,520 $ 2,341,433 $ 2,299,666
$ 3,471,952 $ 3,278,572 $ 2,370,484 $ 2,348,527 $ 2,242,829 $ 2,180,555
140,453 127,118 114,823 94,725 87,960 76,760
$ 3,612,405 $ 3,405,690 $ 2,485,307 $ 2,443,252 $ 2,330,789 $ 2,257,315
$ 284,685 $ 287,834 $ 243,387 $ 195,438 $ 206,170 $ 195,526
95.03% 95.03% 93.57% 96.55% 95.79% 94.82%
98.87% 98.71% 98.11% 100.44% 99.55% 98.16%
7.79% 8.34% 9.61% 8.03% 8.81% 8.50%
161
CITY OF PASCO
ASSESSED ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
TABLE 3
RATIO OF TOTAL
TOTAL ASSESSED
ASSESSED TO TOTAL
YEAR REAL PERSONAL UTILITIES VALUATION ESTIMATED
1996 $ 515,356,657 $ 49,907,360 $ 34,124,847 $ 599,388,864 100%
1997 $ 659,439,804 $ 67,671,736 $ 44,804,165 $ 771,915,705 100%
1998 $ 691,388,908 $ 71,662,167 $ 37,311,745 $ 800,362,820 100%
1999 $ 771,740,101 $ 71,270,222 $ 37,683,914 $ 880,694,237 100%
2000 $ 816,593,971 $ 96,120,203 $ 38,900,998 $ 951,615,172 100%
2001 $ 876,656,716 $ 105,259,330 $ 49,983,958 $ 1,031,900,004 100%
2002 $ 968,149,205 $ 109,023,302 $ 49,983,958 $ 1,127,156,465 100%
2003 $ 1,185,853,800 $ 64,831,531 $ 53,394,900 $ 1,304,080,231 100%
2004 $ 1,608,203,667 $ 116,704,391 $ 54,917,281 $ 1,779,825,339 100%
2005 $ 1,838,147,975 $ 81,762,754 $ 52,699,742 $ 1,972,610,471 100%
SOURCE: FRANKLIN COUNTY ASSESSORS OFFICE
162
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163
CITY OF PASCO,WASHINGTON
PROPERTY TAX RATES-COMPUTATION OF DIRECT AND OVERLAPPING
GOVERNMENTS(PER$1,000 OF ASSESSED VALUE)
Last Ten Fiscal Years
Table 4
CITY OF PASCO TAX RATES: 2005 2004 2003 2002
General Levy $2.4157 $2.6617 $2.6839 $3.0634
Debt Service Levy 0.2748 0.3452 0.3812 0.4788
Fire/Library Levy 0.1142 0.1455 0.1331 0.1203
SUBTOTAL CITY OF PASCO TAX RATES 2.8047 3.1524 3.1982 3.6625
OTHER GOVERNMENTAL TAX RATES:
State 2.8387 3.1867 2.8664 3.0429
County 1.7917 1.9035 2.0590 2.0600
County-TRAC Bond 0.1140 0.1574 0.1214 0.1561
County-Court House Remodel 0.2689 0.3384 0.3515 0.0000
Pasco School District Maint 6.5689 6.6254 6.4838 6.2382
Port of Pasco 0.4099 0.4357 0.4447 0.4480
SUBTOTAL OTHER TAX RATES 11.9921 12.6471 12.3268 11.9452
TOTAL DIRECT AND OVERLAPPING
TAX RATES $ 14.7968 $ 15.7995 $ 15.5250 $ 15.6077
Source: Franklin County
164
2001 2000 1999 1998 1997 1996
$3.0434 $3.0710 $2.4963 $2.5450 $2.5265 $2.9530
0.5017 0.5479 0.4456 0.6103 0.6192 0.6716
0.0909 0.1143 0 0 0 0
3.6360 3.7332 2.9419 3.1553 3.1457 3.6246
3.0351 3.2864 3.4922 3.5470 3.6538 3.6715
2.0338 2.0493 2.0601 2.2660 2.1489 2.2227
0.1888 0.1888 0.1888 0.0000 0.0000 0.0000
0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
6.4330 6.7376 5.8521 5.7739 5.7158 5.5472
0.4500 0.4500 0.4500 0.4500 0.4500 0.4500
12.1407 12.7121 12.0432 12.0369 11.9685 11.8914
$ 15.7767 $ 16.4453 $ 14.9851 $ 15.1922 $ 15.1142 $ 15.5160
165
SPECIAL ASSESSMENTS COLLECTIONS
Last 10 Fiscal Years
Table 5
Assessments Ratio of
Outstanding Additions Collected Collections Outstanding
Assessments and Total During to Total Assessments
Year January 1, Adjustments Assessments Year Assessments December 31,
1995 768,082 (54,602) 713,480 16,571 2.32% 696,909
1996 696,909 3,411,315 4,108,224 1,195,977 29.11% 2,912,247
1997 2,912,247 1,974,113 4,886,360 566,875 11.60% 4,319,485
1998 4,319,485 1,776,133 6,095,618 984,730 16.15% 5,110,888
1999 5,110,888 1,981,337 7,092,225 960,424 13.54% 6,131,801
2000 6,131,801 1,041,652 7,173,453 1,063,665 14.83% 6,109,788
2001 6,109,788 (507,141) 5,602,647 1,030,404 18.39% 4,572,243
2002 4,572,243 (81,609) 4,490,634 1,637,272 36.46% 2,853,362
2003 2,853,362 962 2,854,324 774,096 27.12% 2,080,228
2004 2,080,228 92,423 2,172,651 671,723 30.92% 1,500,928
2005 1,500,928 1,523,589 3,024,517 695,074 22.98% 2,329,443
166
CITY OF PASCO,WASHINGTON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE
AND BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Table 6
Ratio of
General Net Bonded
Gross Debt Service Net Debt to Net Bonded
Assessed Bonded Monies Bonded Assessed Debt Per
Year Population(1) Value(2) Debt Available Debt Value Capita
1996 22,500 599,388,864 10,110,019 10,360 10,099,659 1.68% 448.87
1997 24,388 771,828,652 9,485,000 11,517 9,473,483 1.23% 388.45
1998 25,300 800,362,820 9,110,000 0 9,110,000 1.14% 360.08
1999 27,000 880,694,237 14,725,000 0 14,725,000 1.67% 545.37
2000 32,066 951,680,952 14,516,707 77,672 14,439,035 1.52% 450.29
2001 33,010 1,031,900,004 16,894,071 110,153 16,783,918 1.63% 508.45
2002 36,700 1,127,156,465 19,147,134 219,151 18,927,983 1.68% 515.75
2003 37,580 1,304,080,231 15,727,209 216,120 15,511,089 1.19% 412.75
2004 40,840 1,779,825,339 14,500,000 220,540 14,279,460 0.80% 349.64
2005 44,190 1,987,640,071 13,650,000 237,586 13,412,414 0.67% 303.52
Prior years restated to reflect the elimination of the Special Assessment Fund
as per Statement No.6 of the Governmental Accounting Standards Board.
Sources:(1)State of Washington Office of Financial Management
(2)Franklin CountyAssesor's Office
167
CITY OF PASCO, WASHINGTON
COMPUTATION OF LEGAL DEBT MARGIN
For the Year Ended December 31, 2005
Table 7
Property Valuation for 2004 Taxes* $ 1,987,640,071
GENERALPURPOSES
Limit of 2.5% of Assessed Value $ 49,691,002
Councilmanic:
Capacity (1.5% of Assessed value) 29,814,601
Less:
G.O. Bonds Outstanding $ 13,650,000
State LOCAL Loans $ 451,364
T.R.A.C. Obligation 742,759
Compensated Absences 1,359,581
16,203,704 (16,203,704)
Available Unvoted -Approved Capacity $13,610,897
Voter-Approved:
Capacity (1.0% of Assessed Value) $19,876,401
Less:
G.O. Bonds Outstanding $0
0 0
Available Voter-Approved Capacity $19,876,401
Remaining Capacity for General Purposes $33,487,298
UTILITY PURPOSES
Voter-Approved:
Capacity (2.5% of Assessed Value) $49,691,002
Available Utility Capacity $49,691,002
OPEN SPACE AND PARK FACILITIES
Voter-Approved:
Capacity (2.5% of Assessed Value) $49,691,002
Available Open Space and Park Facilities Capacity $49,691,002
TOTAL AVAILABLE DEBT CAPACITY $ 132,869,301
* From Franklin County 2005 Assessments for 2006 Tax Collections Book
168
CITY OF PASCO, WASHINGTON
RATIO OF ANNUAL DEBT SERVICE FOR GENERAL BONDED DEBT
TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Table 8
Ratio of Debt
Total Service to
Total Debt General General
Year Principal Interest Service Expenditures Expenditures
1996 599,160 581,753 1,180,913 12,039,500 9.81%
1997 625,019 550,518 1,175,537 12,715,935 9.24%
1998 375,000 519,628 894,628 13,696,994 6.53%
1999 2,085,000 252,543 2,337,543 17,776,489 13.15%
2000 433,293 440,274 873,567 16,232,065 5.38%
2001 4,798,136 475,368 5,273,504 20,805,457 25.35%
2002 4,536,937 417,406 4,954,343 19,875,264 24.93%
2003 734,925 674,588 1,409,513 22,006,727 6.40%
2004 825,000 456,985 1,281,985 22,827,760 5.62%
2005 850,000 438,936 1,288,936 23,507,486 5.48%
169
CITY OF PASCO,WASHINGTON
REVENUE BOND COVERAGE-WATER/SEWER
Last Ten Fiscal Years
Table 9
Operating
Expenses
Gross Less Non-Cash Net Available Total
Operating Expenses and for Debt Annual Bond
Year Revenue City Taxes Service Principal Interest Debt Service Coverage
1996 6,282,135 2,237,673 4,044,462 681,561 626,352 1,307,913 3.09
1997 6,801,422 2,752,582 4,048,840 897,351 589,596 1,486,947 2.72
1998 7,413,618 3,113,259 4,300,359 961,866 513,353 1,475,219 2.92
1999 7,919,100 3,132,032 4,787,068 1,181,866 757,660 1,939,526 2.47
2000 8,467,714 4,768,198 3,699,516 585,000 724,343 1,309,343 2.83
2001 9,030,812 5,403,775 3,627,037 615,000 709,227 1,324,227 2.74
2002 9,920,076 4,701,840 5,218,236 690,000 673,279 1,363,279 3.83
2003 10,938,120 6,325,068 4,613,052 925,000 816,657 1,741,657 2.65
2004 14,877,698 6,877,976 7,999,722 990,000 838,329 1,828,329 4.38
2005 15,708,492 13,378,069 2,330,423 1,040,000 702,833 1,742,833 1.34
170
CITY OF PASCO
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
TABLE 10
MEDIAN
PER CAPITA AVE EARNINGS HOUSEHOLD MEDIAN SCHOOL UNEMPLOYMENT
FISCAL POPULATION INCOME PERJOB INCOME AGE ENROLLMENT RATE
YEAR (1) (2) (2) (6) (3) (4) (5)
1996 22,500 $ 18,149 $ 27,620 $ 34,858 Not Available 7,965 11.90/0
1997 24,388 $ 18,195 $ 27,883 $ 35,789 Not Available 8,048 9.3%
1998 25,300 $ 18,361 $ 29,555 $ 37,217 28.40 8,392 10.0°/a
1999 27,000 $ 18,485 $ 29,124 $ 38,991 28.20 8,538 9.6%
2000 32,066 $ 19,259 $ 30,473 $ 40,375 28.10 8,850 9.50/0
2001 33,010 $ 20,625 $ 30,598 $ 41,154 28.00 9,227 9.5%
2002 34,630 $ 20,760 $ 31,949 $ 40,900 28.19 9,785 5.5%
2003 37,580 $ 21,028 $ 33,865 $ 40,417 28.47 10,353 8.5%
2004 40,840 $ 20,971 $ 35,350 $ 40,511 27.40 11,038 8.6%
2005 44,190 Not Available Not Available $ 41,176 27.00 11,828 9.00/0
SOURCE:
(1)State of Washington Office of Financial Management
(2)Washington State University Noiftest Income Indicators Project Repot-Information is for Franklin County
(3) Tri-Cities Industrial Development Council(TRIDEC)
(4)Pasco School Distdct(October Enrollment)
(5)State of Washington Employment Security Department (Franklin County Annual Average)
(6)Office of Financial Management Washington State Meadian Household Income Estimates by County
171
CITY OF PASCO
NEW CONSTRUCTION, BANK DEPOSITS AND PROPERTY VALUE
LAST TEN FISCAL YEARS
TABLE 11
NEW CONSTRUCTION (1)
BUILDING
FISCAL PERMITS SINGLE MULTIPLE
YEAR ISSUED DWELLING DWELLING OTHER TOTAL
1996 739 24,788,073 303,614 12,966,590 38,058,277
1997 991 18,575,215 - 40,657,755 59,232,970
1998 1,186 22,005,761 124,800 27,117,923 49,248,484
1999 1,410 24,229,695 - 18,960,856 43,190,551
2000 1,586 28,072,891 - 20,493,167 48,566,058
2001 1,559 49,459,099 - 26,066,003 75,525,102
2002 2,116 97,082,539 181,355 16,092,621 113,356,515
2003 2,072 116,251,761 353,675 55,250,442 171,855,878
2004 2,331 149,827,797 47,338 98,727,552 248,602,687
2005 2,445 169,290,211 - 57,002,306 226,292,517
BANK DEPOSITS(IN$1,000)(2) ASSESSED TAXABLE PROPERTY
FOR THE FISCAL YEAR ENDED JUNE 30 VALUATION (IN$1,000) (3)
1996 $ 208,404 1996 599,389
1997 $ 204,396 1997 771,916
1998 $ 196,078 1998 800,363
1999 $ 214,892 1999 880,694
2000 $ 253,363 2000 951,615
2001 $ 262,943 2001 1,031,900
2002 $ 264,776 2002 1,127,156
2003 $ 280,632 2003 1,304,080
2004 $ 294,457 2004 1,437,070
2005 $ 298,411 2005 1,779,825
SOURCE:
(1)City of Pasco Building Department
(2) Federal Deposit Insurance Corporation Market Share Deposit Report
(Tri-Cities commercial banks, excludes savings and loans and credit unions as of 6/2002)
(3) Franklin County Assessors Office
172