HomeMy WebLinkAbout2006 ACFR COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF PASCO, WASHINGTON
FOR THE FISCAL YEAR ENDED
DECEMBER 31 , 2006
CITY OF
L I
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, 2006
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 .................................... 94
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances - Nonmajor Governmental Funds ............................................................ 103
Statement of Revenues, Expenses and Changes in Fund Balances - Budget and
Actual Comparison - Nonmajor Special Revenue Governmental Funds ......... 110
Combining Statement of Net Assets - Internal Service Funds .................................. 131
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CITY OF PASCO
TABLE OF CONTENTS
Year Ended December 31, 2006
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 30, 2007
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 ,
2006. 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
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.
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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 33.6 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 2006
Tri-Cities Metropolitan Area population was approximately 221 ,935
and Pasco's estimated population was 47,610. This represents a
48.48% 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
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
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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
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
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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
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
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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.
Pasco is also the home of the regions only International airport and
train and bus depots.
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.
Franklin County, in which Pasco is located, is currently the fastest
growing area in Washington State. In 2006, Pasco continued its
positive growth though the trend is showing signs of slowing.
Residential home, retail business and professional office
construction have continued to grow, with a high concentration of
new growth taking place in the Highway 1-182 and Road 68 area.
Wal-Mart has opened a super center store; Lowe's has opened a
home improvement store; and a new 15-screen theater complex has
recently opened. New restaurants and other service businesses have
opened to serve the residential growth in the surrounding area.
s
Bybee Fresh Foods relocated and expanded its Yakima Valley
operations to a new processing facility in Pasco, adding $10 million
to the tax base.
In conjunction with a grant from the state legislature, Pasco is
preparing to construct a shade structure at the Dust Devils baseball
stadium which would provide shade relief for spectators in the third
base side bleachers.
Phase II of the Sacajawea Heritage Trail is being completed. This is
the final segment of the trail on the Pasco side of the Columbia
River and when completed it will present a 23 mile regional trail
throughout the Tri-Cities.
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 2006, the City issued a total of 2,246 Building Permits
representing over $202 million in construction costs. Of the total
permits, 729 were for new single-family residences and equates to
$133 million in valuation. The average home price in Pasco was
$140,779 in 2006, with a median home price of $139,000.
MAJOR INITIATIVES
Economic development, infrastructure improvements and continued
improvement of the quality of life for its residents are the main
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
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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.
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.
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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.
Rea�,! 'G milt :
�rf ru chfietd, Stanley R rebel, Directs:
ity Manag r Administradve and Community
Services
9
DIRECTORY OF CITY OFFICIALS
As of December 31 , 2006
LENGTH OF TERM
ELECTED OFFICIALS SERVICE EXPIRES
MAYOR
Joyce Olson 1 12/31/09
COUNCILMEMBERS
Rebecca M. Francik 10 12/31/07
Michael Garrison 19 12/31/09
Robert Hoffman 2 12/31/09
Joe Jackson 17 12/31/07
Tom Larsen 6 12/31 /09
Matt Watkins, Mayor Pro-Tem 3 12/31/07
LENGTH IN YEARS OF
ADMINISTRATIVE OFFICIALS POSITION SERVICE
CITY MANAGER
Gary D. Crutchfield 22 28
PUBLIC WORKS DIRECTOR
Robert J. Alberts 12 12
ADMISTRATIVE Ft COMMUNITY SERVICES DIRECTOR
Stanley R. Strebel 8 8
COMMUNITY DEVELOPMENT DIRECTOR
Richard J. Smith 12 12
FIRE CHIEF
Gregory L. Garcia 12 12
POLICE CHIEF
Denis W. Austin 11 11
MUNICIPAL COURT JUDGE
Mary B. Ramirez 20 20
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MANAGEMENT TEAM
As of December 31 , 2006
City Manager
Gary Crutchfield, City Manager
Lynne Jackson, Personnel Manager
Administrative and Community Services
Stanley R. Strebel, Director
James W. Chase, Financial Services Manager
Sarita Cooper, Customer Service/Utility Billing Supervisor
Marjorie J. Worden, Information Services Manager
Paul Whitemarsh, Recreation Services Manager
Dan Dotta, 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
Mike McShane, Interim City Engineer
Reuel Klempel, Plant Division Manager
Jesse U. Greenough, Field Division Manager
Guy Sundvik, Assistant Field Division Manager
II
CITY OF PASCO
2006 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, 2006 through December 31. 2006
Mayor and City Council
City of Pasco
Pasco,Washington
We have audited the financial statements of the governmental activities,the business-type activities,each
major fund and the aggregate remaining fund information of the City of Pasco, Franklin County,
Washington, as of and for the year ended December 31, 2006, which collectively comprise the City's
basic financial statements, and have issued our report thereon dated November 9, 2007. The prior year
partial comparative information has been derived from the City's 2005 financial statements that we issued
our report thereon dated December 21,2006.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to the financial audits contained in Government Auditing
Standards,issued by the Comptroller General of the United States.
INTERNAL CONTROL OVER FINANCIAL REPORTING
In planning and performing our audit,we considered the City's internal control over financial reporting as
a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal
control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the
City's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency,or combination of control
deficiencies, that adversely affects the City's ability to initiate, authorize, record, process or report
financial data reliably in accordance with generally accepted accounting principles such that there is more
than a remote likelihood that a misstatement of the City's financial statements that is more than
inconsequential will not be prevented or detected by the City's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in
more than a remote likelihood that a material misstatement of the financial statements will not be
prevented or detected by the entity's internal control.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in internal control that
might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal
control over financial reporting that we consider to be material weaknesses,as defined above.
Washington State Auditors Office
3
13
COMPLIANCE AND OTHER MATTERS
As part of obtaining reasonable assurance about whether the City's financial statements are free of
material misstatement, we performed tests of the City's compliance with certain provisions of laws,
regulations, contracts and grant agreements, noncompliance with which could have a direct and material
effect on the determination of financial statement amounts. However,providing an opinion on compliance
with those provisions was not an objective of our audit, and accordingly, we do not express such an
opinion.
The results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards. However, we noted certain matters that we have
reported to the management of the City in a separate letter dated November 15,2007.
This report is intended for the information and use of management, the Mayor and City Council, federal
awarding agencies and pass-through entities. However, this report is a matter of public record and its
distribution is not limited. It also serves to disseminate information to the public as a reporting tool to help
citizens assess government operations.
BRIAN SONNTAG,CGFM
STATE AUDITOR
November 9,2007
Washington State Auditors Office
4
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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, 2006 through December 31. 2006
Mayor and City Council
City of Pasco
Pasco,Washington
COMPLIANCE
We have audited the compliance of the City of Pasco, Franklin County, Washington, with the types of
compliance requirements described in the U.S. Office of Management and Budget(OMB)Circular A-133
Compliance Supplement that are applicable to its major federal program for the year ended
December 31,2006. The City's major federal program is identified in the Federal Summary. Compliance
with the requirements of laws,regulations, contracts and grants applicable to its major federal program is
the responsibility of the City's management. Our responsibility is to express an opinion on the City's
compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to the financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133,
Audits of States. Local Governments, and Non-Profit Organizations. Those standards and OMB Circular
A-133 require that we plan and perform the audit to obtain reasonable assurance about whether
noncompliance with the types of compliance requirements referred to above that could have a direct and
material effect on a major federal program occurred. An audit includes examining, on a test basis,
evidence about the City's compliance with those requirements and performing such other procedures as
we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for
our opinion. Our audit does not provide a legal determination on the City's compliance with those
requirements.
In our opinion,the City complied, in all material respects,with the requirements referred to above that are
applicable to its major federal program for the year ended December 31,2006.
INTERNAL CONTROL OVER COMPLIANCE
The management of the City is responsible for establishing and maintaining effective internal control over
compliance with requirements of laws, regulations, contracts and grants applicable to federal programs.
In planning and performing our audit, we considered the City's internal control over compliance with the
requirements that could have a direct and material effect on a major federal program in order to
determine our auditing procedures for the purpose of expressing our opinion on compliance and to test
and report on internal control over compliance, but not for the purpose of expressing an opinion on the
Washington State Auditors Office
5
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effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the
effectiveness of the City's internal control over compliance.
A control deficiency in an entity's internal control over compliance exists when the design or operation of
a control does not allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect noncompliance with a type of compliance requirement of a federal program
on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies,
that adversely affects the entity's ability to administer a federal program such that there is a more than
remote likelihood that noncompliance with a type of compliance requirement of a federal program that is
more than inconsequential will not be prevented or detected by the entity's internal control.
A material weakness is a significant deficiency,or combination of significant deficiencies, that results in a
more than remote likelihood that material noncompliance with a type of compliance requirement of a
federal program will not be prevented or detected by the entity's internal control.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control that might
be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control
over compliance that we consider to be material weaknesses,as defined above.
This report is intended for the information of management, the Mayor and City Council, federal awarding
agencies and pass-through entities. However,this report is a matter of public record and its distribution is
not limited. It also serves to disseminate information to the public as a reporting tool to help citizens
assess government operations.
,�9. �
BRIAN SONNTAG,CGFM
STATE AUDITOR
November 9,2007
Washington State Auditors Office
6
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Independent Auditor's Report on Financial
Statements
City of Pasco
Franklin County
January 1, 2006 through December 31, 2006
Mayor and City Council
City of Pasco
Pasco,Washington
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund and the aggregate remaining fund information of the City of Pasco, Franklin
County, Washington, as of and for the year ended December 31, 2006, which collectively comprise the
City's basic financial statements as listed on page 9. These financial statements are the responsibility of
the City's management. Our responsibility is to express opinions on these financial statements based on
our audit. The prior year partial comparative information has been derived from the City's 2005 financial
statements that we issued our report thereon dated December 21, 2006, we expressed unqualified
opinions on the respective basic financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, each major fund
and the aggregate remaining fund information of the City of Pasco, as of December 31, 2006, and the
respective changes in financial position and, where applicable, cash flows thereof, and the respective
budgetary comparison for the General and Arterial Street funds, for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report on our consideration
of the City's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance
and the results of that testing, and not to provide an opinion on the internal control over financial reporting
or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards and should be considered in assessing the results of our audit.
The management's discussion and analysis on pages 10 through 20 is not a required part of the basic
financial statements but is supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the required supplementary
information. However,we did not audit the information and express no opinion on it.
Washington State Auditors Office
7
17
Our audit was performed for the purpose of forming an opinion on the financial statements that
collectively comprise the City's basic financial statements. The accompanying Schedule of Expenditures
of Federal Awards is presented for purposes of additional analysis as required by U.S. Office of
Management and Budget Circular A-133, Audits of States. Local Governments, and Non-Profit
Organizations. This schedule is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as
a whole.
'Id. C�;�
BRIAN SONNTAG, CGFM
STATE AUDITOR
November 9,2007
Washington State Auditor's Office
8
18
MANAGEMENT DISCUSSION AND ANALYSIS
This 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, 2006. 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 fourth 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, 2006 ended with an Unrestricted Net Asset Balance of $15,943,732 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 $6,251,986 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. $8,146,549 for General Government purposes - Administration,
Finance, City Council, and Facilities;
b. $741,933 for Judicial services - Municipal Courts;
c. $16,592,068 for Security of Persons and Property - Police, Fire,
Probation Services, Violations, and Protective Inspections;
d. $2,319,370 for Physical Environment - Engineering;
e. $1,647,209 for Economic Environment - Community Development;
f. $4,872,473 Cultural Et Recreation - Parks Et Recreation;
g. $1,299,239 for Transportation - Streets Maintenance Et
Improvements, Multi-Model Facility.
h. $44,242 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 2006 has improved its position since 2005. This is
shown by the total increase net assets of $19,537,534. Of this increase
$11,828,190 was in governmental activities and $7,709,344 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 .1418 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 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 2006 were $182,449,178. The
following table reflects the condensed Statement of Net Assets. Financial
information from 2005 financial statements is also presented for comparison
purposes.
23
Tdje1
N#Ps9ds(nMlius)
2706 20M
Gaamatd Rsnas— p Tdd Rinay G3 rrretd Rbnas&t Tdd Riney
PcMes PcMes GXaMert PcMes PcMes GDHMet
Qrrafta-ddhErAws $ 237 $ 159 $ 446 $ 322 $ 21.8 $ 54.0
QpdPads 71.2 1236 194.8 529 5a5 1034
U-ff NTKInutABAs 31 33 64 56 861 71.7
TddPssds $ 1030 $ 1478 $ 2158 $ 917 $ 1334 $ 7D1
LmgtteMDh $ 198 $ 3R2 $ y9O $ 211 $ 41.8 $ 61.9
co-ff udiliUes 25 1.9 4.4 22 26 48
Tdd Lathes $ 223 $ 41.1 $ 634 $ 223 $ 444 $ 837
%Aaet
lrmstedinC 30 d,NAdD2t $ 51.1 $ 936 $ 1527 $ 47.8 $ 837 $ 117.5
Patided 57 1.8 75 57 1.3 70
Lhes ided 159 63 222 154 230 334
Tdd%Pffists $ 817 $ 101.7 $ 1824 $ 639 $ 91:0 $ 1629
See the Statement of Net Assets on pages 34 Ft 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 2005 financial
statements is also presented for comparison purposes.
Table 2
Changes in Net Assets
(in Mllions)
2006 2005
CNeTrrorrtal Business-tylm Total Rimay GamTnental BLdness-type Total Rimary
Acti\ities Activities Gay wnsnt Activities Activities Gwemnent
Benues
R-og'am :
Charges for Servioes $ 11.4 $ 14.2 $ 25.6 $ 10.1 $ 13.1 $ 23.2
Operating Grants&Cantribdions 1.0 - 1.0 1.2 - 1.2
Capital G-arrts&Contributions 9.2 3.6 12.8 6.5 14.2 20.7
General Fbwnues:
RnpertyTaxes 4.7 4.7 4.3 - 4.3
RWertyTaxes levied for Debt Servioe 0.6 0.6 0.6 - 0.6
Sales&Use Taxes 8.2 8.2 7.9 - 7.9
Oaxpatiord Uility Taxes 7.6 7.6 7.1 - 7.1
Cher Taxes 3.3 3.3 3.2 - 3.2
Frand ise Fees - - - 0.2 - 0.2
Investment Earrings 0.8 0.6 1.4 0.7 0.5 1.2
Mscellaneo s Pamxaes 1.5 3.1 4.6 2.6 3.6 6.2
Total Peverxies $ 48.3 $ 21.5 $ 69.8 $ 44.4 $ 31.4 $ 75.8
RngarneVerees in duclings
irdred expenses:
General CIUM Tent $ 8.2 $ - $ 8.2 $ 7.5 $ - $ 7.5
Judicial 0.7 0.7 0.6 - 0.6
R.blic Safety 16.6 16.6 14.0 - 14.0
R)dcallavirorvrent 23 23 1.7 - 1.7
Transportation 1.3 1.3 5.9 - 5.9
Health and H.rran Servioes - - 0.1 - 0.1
Eocna c Environment 1.6 1.6 0.9 - 0.9
0-itue and Rcreation 4.9 4.9 4.9 - 4.9
Interest an Long Term Debt 0.7 - 0.7 0.7 - 0.7
Water - 5.0 5.0 - 3.9 3.9
Sewer- - 5.7 5.7 5.9 5.9
Water Recess Buse - 1.6 1.6 1.5 1.5
Stain Water - 0.5 0.5 0.4 0.4
Irrigation - 0.7 0.7 - 0.5 0.5
Total FVenses $ 36.3 $ 13.5 $ 49.8 $ 36.3 $ 122 $ 48.5
Changes in Net Assets $ 120 $ 8.0 $ 20.0 $ 8.1 $ 19.2 $ 27.3
Transfers 0.1 (0.2) (0.1) (0.6) - (0.6)
Total Changes in Net Assets 121 7.8 19.9 7.5 19.2 26.7
See the Statement of Activities on pages 36 &t 37 for detailed information.
25
Sources of Revenues 2006
Miscellaneous
Revenues _Transfers
7% 0%
Investment
Earnings -
2% Charges for
Services
37%
r•
Non-Property r;*.
Taxes
27% +'rri«yr»r«yr»r«yr»r«yr»i«yr»r44•r44
t Yfirir473rirY73rirY73rir473rirY74�iri* -
«21�f I ICI t Id i Id I ICI i 12�
rr1iy i y+yry�Yyyr�ry�r�rYyyry�
«yri•iyir�rtar�*tar»
tar�*tar�*tar».'. Operating
4��r4�P
&Grants
Contributions
'�- ribut'ons
1%
Property
Capital Grants
Taxes &
8% Contributions
18%
Sources of Revenues 2005
Miscellaneous Transfers
Revenues 1%
Investment 8% Charges for
Services
Earnings — �
29%
1%
r'f
Yyiri•Yy •f f
•»«•»«•
Y�•riyY�•Q•YOir'''
COLO 14 4•i'iri*_44*Py".
Non-Property »''•rrir°iiiii° ''
Q*4 i+*4 i4*�yyr�*Jyra*Y�s
Y�ia*
«•r«•»«»»««r«
i+* rJyra 4ysU•�yY
Taxes g2�iD1�iDS�IbIdbl�tbll�
23%0 4 4 4 iri*4 iri*4riri*4 iri*YyYy
•r»r4+•a*+•a*+•r�*+•a*+•r»r**
♦� 4ii 43i Yi Yii 4iyy ly
•Y14 iri*4 iri*4 it*4 3�*4 iri*4TYyIQ*Yyyr
•rVr»tYtr'�t 7•rV*Y•r»*«•rV*«,�•rVr»*«yr»
iii 4ii 43i 43Y 43y 4iyi Y
««•V««V«♦»«•»«•»««•
*Y�4 1.ri*43�*4 iri*4 iri*4y11--" -
»»««r««r««r««r«• Operating
rY�*4 iri*4 iri*4 iri*4 iri�'�
+.«•oaaaa- � � � &Grants
'-
*ir*�'r' Contributions
1%
Property
Taxes —
5% Capital Grants
&
Contributions
32%
26
Functional Expenses for 2006
.Culture &Rec Int.on L-T Debt
.Econ.Environ 9.83 1.41%
3.21% %
Business-type
Activities
Transportation 27.11%
2.61%
Physical
.Environ
................
...................
4.62%
........................
....................... . .
........................
...........
........................
........................ . . . . . . . . . .
........................
........................ . . . . . . . . . .
........................
........................ . . . . . . . .
........................
........................ . . . . . . . .
........................
........................ . . . . . . . .
........................
........................ . . . . . . . .
.......................
..................... . . . . . . .
General
.......................
...................... . . . . . .
Government
.....................
..................... . . . .
.....................
..................... . . .
................... 16.47%
..................
..................
...........
Public Safety .......
33.33% Judicial
1.41%
Functional Expenses for 2005
.Econ.Environ Culture &Rec Int.on L-T Debt
1.86% 10.11%
1.45%
Business-type
Activities
25.21%
Transportation
12.19%
.... ... . . . . . . .
............
............ . . . . . . . .
.. . . . . . . . . .
.......................... . .
.. .. .. .. ..............
.......................... . . . . . . . .
. . . . . . . . General
.............
. . . . . .
Physical Government
.Environ ...........M........... 15.50%
.....................
.........................
....... .................
.........................
3.51%
...................
...................
....................
....................
.................
..............
...........
Judicial
Public Safety 1.24%
28.93%
27
Comments on Pasco's economic growth are contained in the Transmittal Letter.
The City's assessed value grew 16.4% for fiscal year 2006. This was driven by
the $202 million in new construction values added during 2006. The City's levy
rate per $1,000 of assessed value was reduced by 5.9% in 2006.
The City Funds
Governmental Funds
The governmental funds, as presented on the Governmental Funds Balance
Sheet, reported a combined fund balance of $20,107,861 which is a 2.3%
increase from the beginning of the year.
Major Funds
The General Fund
a. Total assets decreased by $459,638. This decrease is due to repayment
of interfund loans from non-major funds to cover negative cash
balances.
b. Total liabilities decreased by $43,787.
c. Fund Balance decreased by $415,851 . This decrease is due to repayment
of interfund loans from 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 increased by $862,075. This is due to the receipt of grant
payments for major construction projects that are underway and
interlocal agreements for payment of improvements.
b. Total liabilities decreased by $411,839. This decrease is due to a
payment on an interfund loan from the General Fund to cover negative
cash balance and paying down of accounts payable.
c. Fund Balance increased by $1,273,914. This is due to the large cash
influx related to grant payments for major construction projects.
This is the second 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 $8 million in construction project costs were
incurred in this fund during 2006. The City of Pasco was funding the project in
28
whole until Federal and State grant reimbursements were 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.
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 14,400
customers, 13,600 of which reside within City limits and approximately 88% of
those are single-family residential customers. The latest water rate increase
became effective on January 1 , 2004. The sewer system currently serves
approximately 12,100 customers, 93% of which are single-family residential
customers. Sewer rates were decreased by 10% effective on January 1, 2007.
a. Total assets increased by $4,362,194. This was mainly due to the
addition of $3,625,332 in donated infrastructure.
b. Total liabilities decreased by $3,347,150 due to payments made on
outstanding Long-term debt.
c. Net assets increased by $7,709,344.
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 $2,040,000 was made to revenues in the
General Fund. These increases were mainly from higher than
anticipated revenue streams for Sales 8t Use Tax, Building Permits and
Occupational Utility Taxes.
• $4,040,000 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 spending of
unanticipated revenue streams and their corresponding expenses.
• $2,000,000 in unreserved ending fund balance in the General Fund was
used in budget amendments to cover additional expenses not covered by
additional revenues. These funds were mainly used to provide
29
$1,505,000 in interfund loans and $480,300 in interfund transfers to
other funds.
• Budget amendments of $3,260,000 for Intergovernmental revenues and
$800,000 in interfund loans were made in the Arterial Street Fund. This
increase reflected anticipated grant payments from the State and
Federal Governments for street projects.
• $4,060,000 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 $36,987,147. (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 2007 reporting cycle.
As of year end 2006, the City had $200,905,737 invested in a variety of capital
assets as illustrated in the following table. Capital assets net of depreciation
increased by approx. $20.6 million in 2006. Of this amount $10.4 million was
for governmental activity capital asset expenditures and infrastructure
donations and $10.2 million was for business-type activity capital expenditures
and infrastructure donations.
30
Table 3
Capital Assets at Year-End
(Net of Depreciation)
2006
Governmental Business-type
Activities Activities Total
Land $ 5,409,461 $ 92,238 $ 5,501,699
Buildings & Structures 23,485,058 - 23,485,058
Improvements 6,313,423 - 6,313,423
Machinery& Equipment 1,662,446 - 1,662,446
Work-in-Progress 3,134,376 3,269,894 6,404,270
Infrastructure 31,812,469 - 31,812,469
Equipment Rental 2,231,578 862,687 3,094,265
Source of Supply - 103,716 103,716
Pumping Plants - 5,491,605 5,491,605
Treatment Plants - 23,915,664 23,915,664
Transmission, Distribution & Collection Lines - 58,992,323 58,992,323
General Plant Assets - 1,617,064 1,617,064
West Pasco Water System - 394,269 394,269
Plant Acquisition - 350,481 350,481
Industrial Waste Water Plant - 12,334,229 12,334,229
Irrigation - 16,861,741 16,861,741
Storm Water Assets - 2,571,013 2,571,013
$ 74,048,811 $ 126,856,924 $ 200,905,735
Table 4
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
See Note 6, pages 68-70 for additional information on capital assets.
31
Debt Administration
At December 31, 2006, the City had a number of debt issues outstanding.
These issues include $12,765,000 of general obligation bonds, both voted and
non-voted, $18,045,000 of revenue and revenue refunding bonds, and $190,000
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 to 3%. The outstanding balance of these four
loans totals $3,094,128 at December 31, 2006. 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, 2006.
The outstanding balance of this loan is $17,856,043. 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; a loan with the Port of
Pasco for the City's share of the new airport fire station debt and a loan with
Franklin County for the City's share of the TRAC facility debt. The outstanding
balance on these loans as of December 31, 2006 is $1,163,975.
The City does not have any restrictions, commitments or other limitations that
would significantly affect availability of fund resources.
See Financial Note 10, pages 81-84 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,
utility, 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, 2006
Governmental Business-Type
Activities Activities Total
ASSETS
Current Cash & Cash Equivalents $ 8,919,208 $ 6,294,301 $ 15,213,510
Investments 10,527,211 6,905,708 17,432,918
Receivables (net of allowances)
Taxes 2,679,017 - 2,679,017
Customer Accounts 5,858,018 783,410 6,641,428
Due from Other Funds - 1,098,858 1,098,858
Notes Receivable - - -
Interest Receivable 106,142 68,022 174,164
Other Receivables 523,120 254,311 777,431
Inventories 7,706 319,924 327,630
Prepaid Insurance - 26,593 26,593
Land 5,409,461 92,238 5,501,699
Joint Ventures 334,507 - 334,507
Capital Assets, Net of Depreciation 33,692,505 47,640,728 81,333,233
Construction Work In Progress 3,134,376 3,269,894 6,404,270
Infrastructure, Net of Depreciation 31,812,469 75,854,064 107,666,533
Deferred Charges - 185,180 185,180
TOTAL ASSETS 103,003,740 142,793,231 245,796,971
LIABILITIES
Liabilities
Accounts Payable 896,654 451,263 1,347,917
Matured GO Bonds - - -
Interfund Loans Payable 1,057,700 71,158 1,128,858
Due to Other Governmental Units 10,119 30,800 40,919
Retainage Payable - 463,839 463,839
Deposits Payable 292,850 55,429 348,279
Interest Payable - 87,683 87,683
Other 223,294 - 223,294
Deferred Revenue - 751,810 751,810
Non-Current Liabilities
Deferred Revenue 4,117,140 - 4,117,140
Unclaimed Property 2,391 17,573 19,964
Unamortized Discount on Refunding Debt - (8,824) (8,824)
Claims Incurred Not Reported 125,000 - 125,000
Due within One Year 2,505,189 2,857,537 5,362,726
Due in More than One Year 13,041,679 36,297,508 49,339,187
Total Liabilities 22,272,016 41,075,776 63,347,792
NET ASSETS
Invested in Capital Assets, Net of Related Debt 59,050,242 93,667,005 152,717,247
Restricted for:
Advances to Other Funds - 1,057,700 1,057,700
Debt Service 2,487,644 740,764 3,228,408
Capital Improvements 15,165 - 15,165
Other Restricted 3,234,940 - 3,234,940
Unrestricted (deficit) 15,943,732 6,251,986 22,195,719
Total Net Assets $ 80,731,723 $ 101,717,455 $ 182,449,178
See accompanying notes to the basic financial statements.
34
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 2,662,865 752,958 3,415,823
Capital Improvements 15,165 - 15,165
Other Restricted 3,055,950 - 3,055,950
Unrestricted (deficit) 15,365,596 22,933,271 38,298,868
Total Net Assets $ 68,903,533 $ 94,008,111 $ 162,911,644
See accompanying notes to the basic financial statements.
35
atyof Pasco
State-ert of Acclivity
For the Year Bided D�31,2006
Net(F )R-erxaes and
Program Re� Charxjes in Nat Assets
Operating Ftirray Govermnent
Charges for Grants and Capital Gaits Go�rrrental &.sines,Type
Fu-clonal Rpgarrs Epeises Servioes Ccntnhutions &CcririMons Atvities Activities Total
Primary GWenwB t:
Ctal Activities:
General C-kaenrrert $ 8,146,549 $ 4,679,106 $ 181,902 $ - $ (3,285,541) $ - $ (3,285,541)
Judicial 741,933 850,761 - - 108,828 108,828
RblicSdety 16,592,063 1,862,297 194,195 - (14,535,576) (14,535,576)
Ftysical B-Mrornpnt 2,319,370 797,728 - - (1,521,642) (1,521,642)
Transportation 1,299,239 809,454 - 9,161,394 8,671,609 8,671,609
Heelth and Hxren Services 44,242 - 23,407 - (20,835) (20,835)
EocnomcEnvirament 1,647,209 1,780,393 645,114 83,000 861,298 861,298
Ciltue and Recreation 4,872,473 582,703 - - (4,289,770) (4,289,770)
Interest on Lang Term Debt 631,825 - - (681,825) (681,825)
Total Gu m atel Activities 36,344,908 11,362,442 1,044,618 9,244,394 (14,693,454) - (14,693,451•)
R,mess-Nm Activities:
Water 5,050,598 5,639,373 - 1,748,019 2,336,794 2,336,794
SeAff 5,724,267 6,132,616 - 930,354 1,338,703 1,338,703
VVater FYooess Pase 1,558,076 1,444,200 - - (113,876) (113,876)
StonmVVater 518,408 408,027 - 310,062 199,681 199,681
Irrigation 748,126 561,477 - 636,897 450,248 450,248
Total Business-NmActivities 13,599,475 14,185,E 3,625,332 4,211,549 4,211,549
Total Ri way Gk� $49,944,383 $25,548,134 $ 1,044,618 $12,869,726 (14,693,454) 4,211,549 (10,481,905)
General PeA es:
Taxes:
Rc:pertyTexes 4,748,822 - 4,748,822
FYopertyTaxes Wed for Debt Service 554,260 554,260
Sales&Use Taxes 8,225,795 8,225,795
Ompatiorel UlityTaxes 7,560,655 7,56Q655
OtherTaces 3,305,358 3,305,358
Investirent Earnings 849,559 622,290 1,471,849
MsoellaneousPevexes 1,562,070 3,136,171 4,698,241
Total General Fbvuxffi 26,806,519 3,758,461 30,564,980
Transfers 113,478 (183,227) (65,749)
Total Fbverxaes 26,919,997 3,575,234 30,495,231
Charge in Net Assets 12,226,543 7,786,783 20,013,326
Rior Year A4ustrrents (398,353) (106,358) (504,711)
Assets R.rcixsed in Other Fuxls - 28,919 28,919
Net Assets Beginning 68,903,533 94,008,111 162,911,644
Net Amets Ending $80,731,723 $101,717,455 $ 182,449,178
See accorrpa tying notes to the basic finenaal statements.
36
aty of Pasoo
Staternent of Activity
For the Year Ended December 31,2005
Net(Exloerses)Reverxaes and
Program Revenues Changes in Net Assets
Operating Prirrmy Government
Charges for Grants and Capital Grants Governmental Business-Type
Functional Programs ExPerses Services Contributions &Contributions Activities Activities Total
PrimaryGovenwa t:
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 Safely 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 Hurrnn Services 45,044 - 18,280 - (26,764) (26,764)
Eon me 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 tong 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
-%W 5,877,674 5,916,663 - 4,623,597 4,662,586 4,662,586
Water Process Reese 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 PnniaryGovemment $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 Earrings 708,699 534,273 1,242,972
Miscellaneous 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 inWAssets 7,518,431 19,162,459 26,680,890
Prior Year Adj ustments 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 accorrpanying notes to the basic financial statements.
37
THIS PAGE LEFT INTENTIONALLY BLANK
38
City of Pasco
Balance Sheet
Governmental Funds
December 31, 2006
2006 2006 2006
2006 120 Other Total
General Arterial Street Governmental Governmental
Fund Fund Funds Funds
ASSETS
Current Cash & Cash Equivalents $ 2,186,092 $ 189,410 $ 5,794,461 $ 8,169,963
Investments 2,671,890 231,502 6,708,074 9,611,466
Receivables (net of allowances) -
Taxes 2,567,580 - 111,437 2,679,017
Customer Accounts 1,191,980 455,321 4,210,717 5,858,018
Interfund Loans Receivable 1,875,403 6,050 - 1,881,453
Interest Receivable 34,501 577 63,496 98,574
Other Receivables 22,271 47,620 453,229 523,120
TOTAL ASSETS $ 10,549,717 $ 930,480 $ 17,341,414 $ 28,821,611
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 450,207 $ 100,386 $ 323,210 $ 873,803
Matured GO Bonds - - - -
Interfund Loans Payable - 800,000 2,204,153 3,004,153
Due to Other Governmental Units 1,329 - 8,790 10,119
Bonds, Notes, Loans Payable - 190,000 190,000
Deposits Payable 292,850 - 292,850
Interest Payable - - - -
Other 2,978 53,067 167,249 223,294
Deferred Revenue 1,048,193 - 3,068,947 4,117,140
Unclaimed Property 2,391 - - 2,391
Total Liabilities 1,797,948 953,453 5,962,349 8,713,750
Fund Balances
Reserved for:
Advances to Other Funds $ 1,875,403 $ 6,050 $ - $ 1,881,453
Debt Service - - 2,487,644 2,487,644
Capital Improvements 15,165 - 15,165
Other Reserves - 3,234,940 3,234,940
Unreserved, Reported in:
General Fund 6,861,201 - 6,861,201
Special Revenue Funds - (29,023) 6,144,182 6,115,159
Debt Service Funds 670,640 670,640
Capital Project Funds - (1,158,341) (1,158,341)
Total Fund Balances 8,751,769 (22,973) 11,379,065 20,107,861
TOTAL LIABILITIES AND FUND BALANCES $ 10,549,717 $ 930,480 $ 17,341,414
Amounts reported for governmental activities in the statements of net assets
are different because: balance in government funds 20,107,860
Capital Assets used in governmental activities are not financial resources and
therefore are not reported in the government funds. 72,151,740
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. 3,747,905
Interfund loans between governmental funds were netted against each other to
eliminate duplication of amounts. 65,000
Some liabilities, including bonds payable, are not due and payable in the current
period and therefore are not reported in the funds. (15,340,782)
Net assets of governmental activities $ 80,731,723
See accompanying notes to the basic financial statements.
39
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.
40
City of Pasco
Statement of Revenues, Expenditures,and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31,2006
Other Total
General Arterial Street Governmental Governmental
REVENUES Fund Fund Funds Funds
Taxes 20,449,947 $ - $ 2,911,557 $ 23,361,504
Licenses&Permits 1,912,608 - 203,626 2,116,234
Intergovernmental Revenue 1,408,019 7,899,711 1,494,435 10,802,165
Charges for Services 2,889,296 - 1,498,842 4,388,138
Fines&Forfeitures 796,721 - 32,037 828,758
Investment Income 324,402 (46,543) 503,547 781,406
Miscellaneous Revenue 689,057 4,150 1,328,736 2,021,943
Total Revenues 28,470,050 7,857,318 7,972,780 44,300,148
EXPENDITURES
Current:
General Government 4,284,489 - - 4,284,489
Judicial 741,933 - - 741,933
Public Safety 13,598,115 - 1,994,522 15,592,637
Physical Environment 1,420,422 - 188,159 1,608,581
Transportation - - 1,132,745 1,132,745
Health and Human Services 9,668 - 34,574 44,242
Economic Environment 368,318 - 312,545 680,863
Culture and Recreation 3,082,238 - 744,842 3,827,080
Capital Outlay 1,129,542 8,058,955 4,999,065 14,187,562
Debt Service
Principal 484,803 - 635,345 1,120,148
Interest 412,179 - 269,646 681,825
Total Expenditures 25,531,707 8,058,955 10,311,443 43,902,105
Excess of Revenues Over(Under)Expenditures 2,938,343 (201,637) (2,338,663) 398,043
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - - -
Proceeds of General L-T Debt - - - -
Insurance Recoveries 530 - 109 639
Operating Transfers-(In) 80,681 1,491,807 4,291,941 5,864,429
Operating Transfers-(Out) (3,574,000) - (2,092,627) (5,666,627)
Total Other Financing Sources(Uses) (3,492,789) 1,491,807 2,199,423 198,441
Net Change in Fund Balances (554,446) 1,290,170 (139,240) 596,484
Prior Year Adjustments 138,595 (16,256) (260,368) (138,029)
Fund Balance Beginning 9,167,620 (1,296,887) 11,778,673 19,649,406
Fund Balance, Ending $ 8,751,769 $ (22,973) $ 11,379,065 $ 20,107,861
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 31,2005
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 Capital 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 thi:
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 31,2006
Net change in fund balances-total governmental funds $ 552,997
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. 520,233
Governmental funds report capital outlays as expenditures. However, in the Statement of Net 9,698,056
Assets they are reported net of depreciation as a capital asset. This is the amount by which capital
outlays exceeded depreciation in the current period.
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. 1,120,148
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. 113,478
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 2006. 52,225
Revenues in the Statement of Activities that do not provide current financial resources are not
reported as revenues in funds. This amount consists of$530 for the disposition of assets and
$109 in insurance recoveries. 639
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. 83,767
Change in net assets of governmental activities $ 12,141,543
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 31,2005
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.
44
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
GENERALFUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ 18,705,000 $ 19,705,000 $ 20,449,947 $ 1,744,947 $ 744,947
Licenses&Permits 935,450 1,835,450 1,912,608 977,158 77,158
Intergovernmental Revenue 989,000 1,029,000 1,408,019 419,019 379,019
Charges for Services 2,459,010 2,559,010 2,889,296 430,286 330,286
Fines&Forfeitures 702,400 702,400 796,721 94,321 94,321
Investment Income 233,000 233,000 324,402 91,402 91,402
Miscellaneous Revenue 448,250 448,250 689,057 240,807 240,807
Total Revenues 24,472,110 26,512,110 28,470,050 3,997,940 1,957,940
EXPENDITURES
Current:
General Government 4,465,999 4,251,699 4,284,489 181,510 (32,790)
Judicial 667,515 748,515 741,933 (74,418) 6,582
Public Safety 12,570,173 14,212,473 13,598,115 (1,027,942) 614,358
Physical Environment 1,316,485 1,450,485 1,420,422 (103,937) 30,063
Transportation - - - -
Health and Human Services 6,200 6,200 9,668 (3,468) (3,468)
Economic Environment 355,790 371,390 368,318 (12,528) 3,072
Culture and Recreation 2,861,115 3,103,415 3,082,238 (221,123) 21,177
Capital Outlay 2,090,450 2,244,250 1,129,542 960,908 1,114,708
Debt Service - -
Principal 570,750 570,750 484,803 85,947 85,947
Interest 446,440 446,440 412,179 34,261 34,261
Total Expenditures 25,350,917 27,405,617 25,531,707 (180,790) 1,873,910
Excess of Revenues Over(Under)Expenditures (878,807) (893,507) 2,938,343 3,817,150 3,831,850
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets 10,000 10,000 - (10,000) (10,000)
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - 530 530 530
Transfers-In 135,500 135,500 80,681 (54,819) (54,819)
Transfers-(Out) (1,999,500) (2,479,800) (3,574,000) (1,574,500) (1,094,200)
Total Other Financing Sources(Uses) (1,854,000) (2,334,300) (3,492,789) (1,638,789) (1,158,489)
Net Change in Fund Balances (2,732,807) (3,227,807) (554,446) 2,178,361 2,673,361
Prior Year Adjustments - 138,595 138,595 138,595
Fund Balance Beginning 6,000,000 6,000,000 9,167,620 3,167,620 3,167,620
Fund Balance,Ending $ 3,267,193 $ 2,772,193 $ 8,751,769 $ 5,484,576 $ 5,979,576
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ $ - $ $ - $
Licenses&Permits - -
Intergovernmental Revenue 3,468,600 6,728,600 7,899,711 4,431,111 1,171,111
Charges for Services - - - - -
Fines&Forfeitures - -
Investment Income 10,000 10,000 (46,543) (56,543) (56,543)
Miscellaneous Revenue - 4,150 4,150 4,150
Total Revenues 3,478,600 6,738,600 7,857,318 4,378,718 1,118,718
EXPENDITURES
Current:
General Government - - - - -
Judicial - -
Public Safety - -
Physical Environment - -
Transportation - -
Health and Human Services - -
Economic Environment - -
Culture and Recreation - - - -
Capital Outlay 4,785,000 8,845,000 8,058,955 (3,273,955) 786,045
Debt Service -
Principal - - -
Interest - - -
Total Expenditures 4,785,000 8,845,000 8,058,955 (3,273,955) 786,045
Excess of Revenues Over(Under)Expenditures (1,306,400) (2,106,400) (201,637) 1,104,763 1,904,763
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - -
Proceeds of General L-T Debt -
Insurance Recoveries - - - - -
Transfers-In 355,000 355,000 1,491,807 1,136,807 1,136,807
Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 355,000 355,000 1,491,807 1,136,807 1,136,807
Net Change in Fund Balances (951,400) (1,751,400) 1,290,170 2,241,570 3,041,570
Prior Year Adjustments - - (16,256) (16,256) (16,256)
Fund Balance Beginning 1,500,000 1,500,000 (1,296,887) (2,796,887) (2,796,887)
Fund Balance,Ending $ 548,600 $ (251,400) $ (22,973) $ (571,573) $ 228,427
See accompanying notes to the basic financial statements.
46
Otyd F bsm
ateret d NA Pssds
Ri#etaYRj-&.
FcrtheYea-6zbd Q3oarber 31,2006
2006 m
B.aressTg a BSnessT)M
Acmes Cj,errretd fl.aressType Peres C1aernretd aiinessTAB
6tepise Rnt PdMes Pcd\hes Blaose Ftrd; Pdvbes Acmes
VVtee/Sane- Inbrd Samoa IrtEn d Se mae V\tWSwff Interd Samoe Irterel S3moe
Fud Fink Rnk Rxd Fink Fut
PS�fS
ax Asset
CL ae &a�Eq.mets $ 5042286 $ 749,246 $ 607,858 $ Q594,839 $ 841,301 $ 802179
Fbojvdles(net cf dlo ffum)
L.tilityFb v es 78:1;410 - - 6E2,631 - -
OuFboj\ddes 25,311 - - 133555 - -
NlesFbod\ede - - - - - -
Irtetrd Lames Fbodvele 1,051,700 180,000 41,159 675708 20Q000 -
Irteest Fbod\dJe 61,221 7,56B 6;801 23288 22990 21,464
CLefrcmG3kmTetd Uits - - - - - -
Nbd-EndselrrYetay 31Q924 7,706 - 23QC28 14,59B -
Rod Ins ra ce 4593 - - 25021 - -
Tdsl OffErtAsets $ 7,515425 $ 944,40 $ 655;817 $ 11,585070 $ 1,07$889 $ 82 643
NTtQ.nstPGqets
Irrsrets $ 6;16?770 $ 915745 $ 742,988 $ a016, 2 $ 0,M $ 514,159
FbsbidedPssetis
Cbbt S3,kai
Cash&CashEc}.Wets 614,177 - - 594,131 - -
Lad 92238 - - 92238 - -
ajldn:oautxesAn uaTets
F4jM,et&gdff s BQ19,342 4,506,096 1,65Q28B %055 703 4,655999 1,46Q379
Lesskaxnldedllpedeficn (72416;301) (2274,518) (79Q601) (1Q897,591) (2291,737) (532,58
Irfiatut e 9Q31$525 - - 7$787,138 - -
Less AaxnldedQTiedeficn (14,464,461) - - -
QxEbudicnV\dklnPaxjess 3s2 891 - - 5387,10B - -
D3feredOiW 185180 - - 2?4,358 - -
Tctd NMQrretAS& $ 132986;364 $ 3;147,323 $ 1,605825 $ 124,55Q3E8 $ 3025295 $ 1,471,94
TOTA-ASEM $ 140,531,789 $ 4,(191,842 $ 2,251,442 $ 134135438 $ 4,10,174 $ 2295599
47
uAau-nES
CUfert Liabilities:
Pomi-ts Ra We $ 449,011 $ 22,851 $ 2,252 $ 1,050,147 $ 83,280 $ 25249
U.etoChffGaiarnents 30,800 - - 51,915 - -
PletaW Paade 463,839 - - 316,269 -Mixed GO Bonds - - - - - -
Curet RTtion Bax�PaAe 1,270,000 - - 1,256,000 - -
Curet Rxticn Lows Payable 1,427,663 - - 1,389,995 - -
Deposits 56,429 - - 15506 - -
Irterest Payatle 87,683 - - 380,501 - -
DeFe'red Cteciis 751,810 - - 672,398 - -
TctaCurertLiablities $ 4,530235 $ 22,851 $ 2,252 $ 5131,764 $ 83Z)D $ 25249
Njn-( rrert Liabilities
GnpersatedAtsenoes $ 151,990 $ 16,066 $ 7,884 $ 147,753 $ 14,514 $ 7,884
Clams Inaared Nit Fated - 125000 - - 125000 -
thdamed Rrperty 17,573 - - 15202 - -
Baxts PaAe
1996%e ue Rakr ing Bads Series 1,615000 - - 1,700,OOD - -
199B uxin,0 Bails Series B 527QODD - - 5805,000 - -
1996Fb��rxingEb d Series 515000 - - 615000 - -
1999 Fie Bait 635,000 - - 680000 - -
2001 Pem- a Ba-&, 730000 - - 795000 - -
20Q2 Paum Baxls 5065000 - - 5,300000 - -
2005 Pe"w Boxis 4,210,000 - - 4,400,000 - -
Less:Offert Rxticn (1,270,000) - - (1,250000) - -
tharrrxtimd DismLa on FbFi ng Debt ($824) - - (9,710) - -
Loans P.�We
Pvff LaTs 35094,128 - - 3,417,217 - -
SFFLoan 17,856,013 - - 18,922,950 - -
Interfl-dLows - 85,000 71,158 - - 109,612
Less:Offert Rxtim (1,427,663) - - (1,380995) - -
Tctal Nit- trr Lief ilities $ 36,458,247 $ 22%086 $ 79,(A2 $ 39,14$417 $ 185,514 $ 117,496
Tctei Liablities $ 40,994,482 $ 248,937 $ 81,294 $ 44,280,181 $ 222-794 $ 142745
IETASSETS
In esirne t in Capita Assets,NA
d Fbeted Debt $ 92,804,318 $ 2,239,Z)4 $ 862-687 $ 68571$377 $ 2,378,860 $ e27,797
PaMdedforD&Sermce 1,757,306 180,000 41,158 615,093 200,000 -
llrestrided 4,975683 1,42;3,621 1,276,303 22,491,787 1,302,520 1,225057
Tda NkAssets $ 99,537,307 $ 3,842,905 $ 2,180,148 $ 91,850257 $ 3,881,380 $ 2,152,854
Seeaooarparryirg rrtes tote bascfinEmel stda-nerts.
48
Qty of Pasoo
Statement of Revenues,Expenses,and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended Decernber 31,2006
2006 2005
Governmental &isiness-type Governmental Business-type
Business-type Activities Activities Business-type Activities Activities
Activities Intemal Intern Activities Internal Intemal
Enterprise Funds Service Funds Service Funds Enterprise Funds Service Funds Service Funds
Water/Serer Water/Seaver
Fund Total Total Fund Total Total
OPERATING REVENUES
Charges for Services-Internal $ - $ 3,149,252 $ 451,560 $ - $ 2,645,800 $ 349,140
Charges for Services-Other 13,730,957 241,742 3,175 12,746,130 254,662 16,381
Mscdlaneous Revenue 2,486,668 - - 2,962,362 -
Total Operating Revenues 16,217,625 3,390,994 454,735 15,708,492 2,900,462 365,521
OPERATING EXPENSES
Personal Services 2,301,789 178,211 19,900 2,148,829 162,958 -
Supplies 282,581 - - 239,053 - -
Other Services&Charges 3,140,209 - 2,830,432 -
Taxes 1,905,927 - - 1,850,962 - -
NUnterrance Expenses - 595,600 161,942 - 547,210 120,894
Insurance Claims and Expenses - 2,360,390 - - 2,126,918 -
Deprecation 3,818,741 17,219 264,018 3,478,137 287,641 33,837
Capital Outlays - 183,123 165,537 - 190,913 -
Total Operating Expenses 11,449,247 3,334,543 611,397 10,547,413 3,315,640 154,731
OPERATTNGINCOIVE(LOSS) 4,768,378 56,451 (156,662) 5,161,079 (415,178) 210,790
NON-OPERAMNG REVENUES(DIES)
Interest and Investment Revenue 571,321 68,153 50,969 491,592 47,654 42,681
Proceeds from Debt Issuance - - - - - -
Famiand Rentals 626,292 - 582,630 -
InterestExpense (1,495,401) - (1,466,426) -
Arnortization Expense (43,430) - (46,289) -
Mscellaneo s Non-Operating Revenues 23,211 - - 41,443 - -
Total Non4erating Revenues(Expenses) (318,007) 68,153 50,969 (397,050) 47,654 42,681
Income(Loss)before Contributions and
Transfers 4,450,371 124,604 (105,693) 4,764,029 (367,524) 253,471
Capital Contributions 3,625,332 - 14,202,830 - -
Transfers Out (430,000) - (59,263) (300,000) - (157,637)
Transfers In 306,036 (40,837) 309,611 162,637 -
Changes in Net Assets 7,951,739 83,767 (164,956) 18,976,470 (204,887) 95,834
Prior Year Adjustments (269,689) (303,811) 163,331 316,050 130,332 (85,179)
Assets Purchased in Other Funds - 181,569 28,919 - 308,824 90,155
NET'ASSETS-BEGINNING 91,855,257 3,881,380 2,152,854 72,562,737 3,647,111 2,052,044
NET ASSETS-ENDING $ 99,537,307 $ 3,842,905 $ 2,180,148 $ 91,855,257 $ 3,881,380 $ 2,152,854
See accor paNng notes to the basic financial statements.
49
Qlyd F'asm
Sagrert cf Paeta�BpaBEE�axiQw:psin RrdMPss&DAJI
Rodayllr&3
RrfBYeTEritdDw rba-31,2105
RBrE%TjpaAWies OMMErtd Mma-ypa
ErtelaisaRnt PeiivitiES PCMES
V\i#a Same- RooessVAEr Sanvda Irriom Irterd Samoa Irte�SrvioE
qB,ekm q3Tacrr, Fie Chas darns Tcd Firms Fug
Q�MWNEMlt.6
Qugssfa-Savicr s-IrtmA $ - $ - $ - $ - $ - $ $14Q252 $ 451,531
Qugasfcr9aviees-ChEr 51&1,638 5132616 1,444,2)0 4CQC27 561,477 15736,957 241,742 6,175
MsodlaroaBPea1e 985110 1,521585 - - 248566E - -
Tctd CBArgRmrLes 6,156,748 7,6E�174 1,444,27D 40RC27 561,477 16,217,62 5396,934 454,735
QFEF4%1ME>FMS
Ram-d Savics 815756 944,T2 167,530 7 424 144,347 23D1,789 178,211 15900
S-Wies 14797 113051 35776 2380 4,557 282581 - -
OhTS3ices&Qar� 1,231,932 1,016,357 5)5983 191,442 193,512 $14Q29 -
Taes 785073 794,813 244,911 42242 35883 1,905927 - -
Nb teErUE)B pa-ees - - - - - - 59C60D 161,942
Irsraroa0arrsa-dBpasm - - - - - 2336,39D -
D13adebrn 1,1M833 2017,285 29Q908 m940 334,712 581$741 17,219 X018
alital arias - - - - - 18 123 165537
TctdCjrArgBpasm 4,075441 4,883,251 1,255(B1 51$408 716,046 11,445247 5334,543 611,397
CFEF;AIr\GIN3QE(LCP 20753)7 Z7185913 191,109 11Q381 154, 4,tM378 55451 155
N N G E RQ 1 W,FEV 3,LM p FRNB 3�
IrkrestazllrMs4YertFamB 217,13 255s1 51,419 17,140 17,140 571,31 EE�153 56,9e9
RoosgtfrrmL-TDeU IsRBm - - - - -
Faniat Fits - - 625Z2 - 62522 - -
IrteEq Epffm (335W (833;617) (29184 - (32CP (1,495401) -
PnutzabmE)pasa (26,238) (4,3q (1Q8A - - (4543 - -
N4sodlamsNnq3a-ebrgPbHLEs 15506 5706 - - - 4211 - -
Tctd W4a-ubrgFbmmF oa-Es) (13 153) (5378 32,7,B 17,140 (14,940) (31$007) 0153 519ED
IrwTe4Es)befare Cat bkma-dTra-des 1,945154 22} 133 56,835 (9a2fl) (16Q5p 4,459371 1X,601 (1056p
C ljtd QrbiLbcrs 1,745019 936,354 - 31QO62 635897 3625332 -
Tra ds Ot (215000) (2150)D) - - - (439000)
Trades In - 3TC86 - - - 3CrjO86 (4Q837) -
QaisinMPssds 547$173 6,225523 555835 215821 467,388 7,951,739 85767 (164;9
Ria-YeffPcJrslrreis (28Q6P (305811) 165331
PssrfsRKNssdinOhyRrcls - 181,a) 2$919
f LTAS M-®MV G 91,8Y257 6,851,383 2152854
WTPS3EiS-E3\DP\G $ 9R537,307 $ 5&12,915 $ 218.1148
Sa9ammporrgrdffib lebmcfinEndd stbwts
50
City,of Pasco
Statement of Cash Rms
Proprietary Funds
For the Year Ended December 31,2006
2006 2005
Governmental 5Biness-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/Somr Water/Sevver
Fund Total Total Fund Total Total
CASH FLOW FROM OPERATING ACTIVITIES:
Receipts from Customers $ 16,098,679 $ 3,413,308 $ 469,398 $ 15,901,921 $ 2,897,861 $ 365,521
Payments for Maintenance&Ops. - (987,531) (370,376) 0 (906,456) (100,999)
Payments for Merchandise (372,477) (73,743) 0 0
Payments for Wages (2,297,552) (2,123,556) 0 0
Payments for Operating Expenses (3,742,917) (2,811,139) 0 0
Internal Activities-payments to other funds 0 0 0
Payments for Taxes (1,927,072) (1,829,389) 0 0
Payments to Employees - (2,388,650) - 0 (2,098,796) 0
Net Cash provided(used)by operating activities 7,758,661 37,127 99,022 9,064,094 (107,391) 264,522
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES: -
Prior Year Adjustments (796,531) 13,223 (6,658) (9,874) (9,712)
Transfers In(Out) (123,964) 44,163 (138,875) (598,021) 162,637 (48,025)
Non-Operating Revenue 649,503 - 624,073 0 0
Net Cash provided from norrcapital financial activities (270,992) 57,386 (145,533) 26,052 152,763 (57,737)
CASH FLOW FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition of Capital Assets (3,161,542) - (2,902,028) - (224,987)
Principal Paid on Bonds&Loans (2,644,996) (2,346,078)
Interest Paid on Bands&Loans (1,791,743) (1,508,669)
Construction Work in Process (10,237,872) (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 (17,836,153) (6,487,332) (224,987)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interfund Loans (381,993) - - - - -
Investment Activities Income 759,160 68,153 50,969 415,856 47,654 42,681
Net Cash Provided from Investing Activities 377,167 68,153 50,969 415,856 47,654 42,681
NON CASH ACTIVITIES:
Capital Contributions 3,625,333
Net Increase(Decrease)in Cash and
Cash Equivalents (6,345,984) 162,666 4,458 3,018,670 93,026 24,479
Cash and Cash Equivalents January 1 18,195,197 1,502,324 1,346,338 15,176,527 1,409,300 1,321,859
Cash and Cash Equivalents December 31 $ 11,849,213 $ 1,664,990 $ 1,350,796 $ 18,195,197 $ 1,502,326 $ 1,346,338
There were no norrcash activities from investing or financing in 2006.
See accompanying notes to the basic financial statements.
51
Criycf Ftsm
3atarat of Carr Rom
Rq 4aryRrit
Fcr theYeEr Fr3d Lboart a31,3706
3706 20M
Cesar Ta-d B-dre&W GmnTBtal E3.eregtype
Rjsiru&ype Activities Pdivities B drffi&tmm Activities Adi\Aties
Activities Inbard Irtard Activities Irterel Irterel
Rta7se Furls S3moe R.r&� Savioe R nt Ertapise Furl Service Fort; Service R.r&�
Vita/Saiva V\Uer/Sena
Rxd Trial Total Rid Tctri Trial
FEOULAMCNCFa3EP MIWCnE(Lt pTOWr i� HDA®BYCFBZ4IWGPCIwES
NA OpTAirg InanB $ 4,768,378 $ 56,451 $ (154662) $ 5161,079 $ (41,5178) $ 210,790
ADIHrV13gSTOF LECFB:?AnNG
IN3JVETOIvE7C4--+JPOADED(l7BD)BY
CFEPAn ,AM116
Ll�oticn 3818,741 17,219 334,018 3,478,137 287,641 33,837
Gr g�s in a;sdsaxt liatalitiea
(InoB@gp DsoE --in Ojkm Pceei\edes (241,536) 22,314 14,663 (67,563) (2601) -
(InaeaseyQscr me inREpidEVatses (1,572) - 2 811 - -
(IrrmasayDamEseinIme aloes (89,896) - (73743) -
Ina-aBe'(Ixaeae)inO.daTe•D-Tcats 3Q922 - (4,432) - -
Inaease'(Damase)inAoaxxtsPalkie (601,136) (6Q429) (22,997) 234,535 16,116 19,895
lnmeEe'(IaoeEse)in UxdeiaEd Rrpaty 2,370 - - 2,635 - -
IroEme'(Qsome)inD-etoCthaFut (563) - - - - -
Inm sd(t )in Deferred Fbxw 886 - - - -
InaBasY(Daam se)inTaes Page (2Q592) - - 21,573 - -
Inau BY(Iaatese)inOjTpa-6dedAbsaroa; 4,237 1,572 - 25273 6630 -
InaEasa'(t7eaece)inAiamMrimmDqxsts 79,412 - - 262793 - -
NAC3srRoscbbtCpa-ingPdvities $ 7,75RO $ 37,127 $ 93022 $ 9,064,09 $ (107,3 $ 264,522
SeeaurTporgnxestottebesicfiratd stature-t&
52
City of Pasco
Statement of Fiduciary Net Assets
Fiduciary Funds
December 31, 2006
Fire Pension Agency
Fund Funds
ASSETS
Cash & Cash Equivalents $ 951,548 $ 176,517
Receivables (net of allowances)
Other Receivables - -
Loans Receivable - -
Interest Receivable 7,437 -
Investments, at FMV 3,272,760 -
Total Assets 4,231,745 176,517
LIABILITIES
Accounts Payable - -
Due to Others - 176,517
Total Liabilities - 176,517
NET ASSETS
Held in Trust for Pension Benefits & Other
Purposes $ 4,231,745 $ -
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, 2006
Fire Pension
Fund
ADDITIONS
Taxes $ 34,834
Investment Earnings
Interest 50,580
Dividends 160,071
Net Increase (Decrease) in Fair Value of Investments 266,951
Loan Interest 2,329
Total Additions 514,765
DEDUCTIONS
Pension Benefits 144,814
Medical Premiums 66,288
Administrative Expenses 16,060
Total Deductions 227,162
Change In Net Assets 287,603
Prior Year Adjustments (2,574)
NET ASSETS- BEGINNING 3,946,716
NET ASSETS - ENDING $ 4,231,745
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, a sewer system, a process water reuse system, a storm
water management system and an irrigation 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
55
not properly included among program revenues are reported instead as
general revenues.
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 funds 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.
Encumbrances accounting is employed in governmental funds.
Encumbrances (e.g., purchase orders, contracts) outstanding at year end
are reported as reservation of fund balances and do not constitute
expenditures or liabilities because the commitments will be
reappropriated and honored during the subsequent year.
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.
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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.
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 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
The Stadium/Convention Center Fund exceeded budgeted appropriations
by $73,164. This over expenditure was the result of an $83,000 payment
to the General Fund for debt service.
The Equipment Rental Operations Fund - W/S exceeded budgeted
appropriations by $46,705. This over expenditure was the result of a
$59,263 payment to the Equipment Rental Operations Fund -
Governmental for its share of 2006 supply and inventory item costs.
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The Equipment Rental Replacement Fund - W/S exceeded budgeted
appropriations by $429,555. Expenditures for this fund were budgeted
under the Equipment Rental Replacement Fund - Governmental budget.
The Central Stores Fund exceeded budgeted appropriations by $4,802.
This was due to purchases for inventory items.
5. Deficit Fund Equity
The following funds report a deficit fund equity position at December 31,
2006.
FUND DEFICIT EQUITY BALANCE
Arterial Street Fund $ (22,973)
Cemetery Fund (129,207)
Stadium/Convention Center Fund (22,490)
Medical/Dental Fund (82,758)
Equip. Rental Op. Fund - W/S (81,294)
LID Construction Fund (1,251,176)
The following steps have been taken to eliminate the above deficits:
The LID Construction Fund will receive a funds transfer in 2007 for ULID 141
and ULID 142 when bonds are funded in 2007 for these projects.
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 was able to reduce the
deficit by over $65,000 in 2006 as a result of operating transfers and sales
revenues.
Tax revenues received in 2007 will make up the deficit in the
Stadium/Convention Center Fund. Payment of debt service costs left this
fund in a deficit position.
Both City and Employee contributions are being increased effective June
2007 to counter the deficit in the Medical/Dental Fund. The deficit has
been the result of increased claims.
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Increased contributions for operating costs in 2007 will make up the deficit
in the Equipment Rental Operations Fund - W/S.
E. ASSETS, LIABILITIES AND EQUITIES
1. Cash and Equivalents
It is the City's policy to invest all temporary cash surpluses. At December
31, 2006, the treasurer was holding $12,194,025 in short-term residual
investments of surplus cash and $21,653,370 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 2006 were approximately $6.1 million.
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 65-66.
3. Receivables
Taxes receivable consists of property, sales, gambling, utility taxes and
related interest and penalties. (See Note 16, pages 86-87.) 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, 2006, $68,252 in special assessments receivable was
delinquent. Of this delinquent amount, $40,139 or 58.81% 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
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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
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 85-86.
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
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, 2006 are
composed of the following:
Cash and Investments - Debt Service $ 644,178
Cash Deposits 84,401
Total Restricted Assets 728 579
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7. Capital Assets and Depreciation - See Note 6, pages 67-70.
Capital assets, which include property, plant, and equipment and
infrastructure assets, are reported in the applicable governmental or
business-type columns in the government-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 2006.
Property, plant and equipment of the primary government are
depreciated using the straight-line method over the following estimated
useful lives:
ASSETS YEARS
Buildings 40
Improvements 20
Machinery Ft Equipment 10
8. Other Property and Investments - See Note 4, pages 65-66.
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.
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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.
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
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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.
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 Et Cash Equivalents or
Investments of Governmental Activities and within Cash Et Cash Equivalents
or Investments of Business-type Activities.
The fair market value of investments is based upon quoted market prices as
of December 31, 2006.
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As of December 31, 2006, the City had the following investments:
FAIR MARKET
MATURITIES VALUE
INVESTMENTS
Federal Agency Securities 19,089,677 18,871,860
Mutual Funds 1,579,554 2,781,509
Investment in State Treasurer's Investment Pool 2,064,785 2,064,785
Savings Accounts 12,194,025 12,194,025
Total Investments 34,928,041 $ 35,912,179
Custodial credit risk is the risk that in event of a failure of the counterpart
to an investment transaction the city would not be able to recover the value
of the investment or collateral securities. Of the city's total position of
$35,912,179 in 2006, $21,653,369 is exposed to custodial credit risk because
the investments are held by the city's brokerage firm, with is also the
counterparty in those particular securities.
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
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.
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The following Property Tax Calendar for Franklin County, Washington provides
the relevant property tax data for the 2006 tax year.
Franklin County, Washington
2006 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 2006 was $2.391221 per $1,000 on an assessed
valuation of $2,313,853,466 for a total regular levy of $4,754,526.
NOTE 6. CAPITAL ASSETS
A. Capital Assets
Capital assets activity for the year ended December 31 , 2006 was as
follows:
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Beginning Ending
Balance Balance
Governmental Activities 01/01/06 Increases Decreases 12/31/06
Capital assets, not being
depreciated
Land $ 5,233,357 $ 176,104 $ 0 $ 5,409,461
Construction in Progress 5,508,267 0 2,373,891 3,134,376
Total capital assets, not being
depreciated 10,741,624 176,104 2,373,891 8,543,837
Capital assets, being
depreciated
Buildings 29,561,499 1,331,133 0 30,892,632
Improvements other than
buildings 4,961,676 2,554,917 0 7,516,593
Machinery Et Equipment 2,092,149 668,524 0 2,760,673
Infrastructure 23,655,080 11,514,940 0 35,170,020
Equipment Rental 4,655,999 0 149,903 4,506,096
Total capital assets being
depreciated 64,926,403 149,903 80,846,014
16,069,514
Less accumulated depreciation
(3) for:
Buildings 6,639,001 768,572 0 7,407,573
Improvements other than
buildings 915,784 287,386 0 1,203,170
Machinery 8t Equipment 807,841 290,386 0 1,098,227
Infrastructure 1,376,910 1,980,641 0 3,357,551
Equipment Rental 2,291,737 0 17,218 2,274,519
Total accumulated
depreciation 12,031,273 3,326,985 17,218 15,341,040
Total capital assets, being
depreciated, net 52,895,130 12,742,529 132,685 65,504,974
Governmental activities capital
assets net $ 63,636,754 $12,918,633 $2,506,576 $74,048,811
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Beginning Ending
Balance Balance
Business-Type Activities 01/01/06 Increases Decreases 12/31/06
Capital assets, not being
depreciated
Land $ 92,238 $ 0 $ 0 $ 92,238
Construction in Progress 5,387,108 0 2,117,214 3,269,894
Total capital assets, not being
depreciated 5,479,346 0 2,117,214 3,362,132
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 32,803,036 4,516,027 0 37,319,063
Transmission, Distribution Ft
Collection Lines (1) 62,297,483 10,404,637 0 72,702,120
General Plant Assets 3,205,470 3,500 0 3,208,970
West Pasco Water System 1,328,485 0 0 1,328,485
Plant Acquisition 700,961 0 0 700,961
Industrial Waste Water Plant 14,719,110 301,569 0 15,020,679
Storm Water 2,378,994 316,543 0 2,695,537
Irrigation (1) 16,489,655 1,126,750 0 17,616,405
Equipment Rental 1,460,379 198,909 0 1,659,288
Total Capital Assets Being
Depreciated 144,304,220 16,867,935 0 161,172,155
Less accumulated
depreciation (3) for:
Source of Supply 216,720 6,540 0 223,260
Pumping Plants 2,742,846 359,220 0 3,102,066
Treatment Plants 11,871,590 1,531,809 0 13,403,399
Transmission, Distribution Et
Collection Lines 12,282,943 1,426,854 0 13,709,797
General Plant Assets 1,396,616 195,290 0 115917906
West Pasco Water System 901,673 32,543 0 934,216
Plant Acquisition (2) 327015 23,365 0 350,480
Industrial Waste Water Plant 2,380,510 305,940 0 2,686,450
Storm Water 60,491 64,033 0 124,524
Irrigation (1) 397,030 357,634 0 754,664
Equipment Rental 532,582 264,019 0 796,601
Total accumulated
depreciation (4) 337110016 41567,247 0 37,677,363
Total capital assets, being
depreciated, net 111,194,104 12,300,688 0 123,494,792
Business-type activities
capital assets, net $116,673,450 12,300,688 2,117,214 126,856,924
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(1) - These assets are classified as Infrastructure.
(2) - Plant Acquisition is accumulated amortization.
(3) - Depreciation calculations were changed in 2006 so that all assets
accumulate depreciation in the year purchased.
(4) - This schedule includes $484,488 in prior year adjustments to depreciation
amounts. Beginning balances were not adjusted in order to provide continuity
between reports.
Depreciation expense was charged to functions/programs of the primary
government as follows:
Governmental Activities:
General Government $ 367,784
Security of Persons Ft Property 174575
Physical Environment 25,605
Economic Environment 155,634
Transportation 179967382
Culture 8t Recreation 6017151
Judicial 5,854
Total Depreciation - Governmental Activities $ 3,326,985
Business-Type Activities
Water/Sewer Utilities $ 4,567,247
Total Depreciation - Business-Type Activities $ 4,567,247
B. Construction Commitments
The City has active construction projects as of December 31, 2006. 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
Stadium Shade Project $ 83,000 $ 917,000
Village/Casa Del Sol
Parks Projects $ 482,805 $ 891195
1-182/Road 100
Interchange $ 254,595 $ 2,745,405
Lewis St/A St Connector $ 476,535 $ 123,465
Court St Widening - Rd 68
to Rd 84 $ 18,121 $ 781,879
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2006 Overlays $ 777,205 $ 422,795
A Street Sewer Line
Replacement $ 305,599 $ 94,401
2006 Sewer Lining $ 359,143 $ 140,857
2007 W Pasco Sewer
Extension Phase 1 $ 3,719 $ 1,496,281
Burden/Rd 36 Pump
Station $ 658,936 $ 41,064
LID 143 $ 4,313 $ 1,525,687
Wernett/Rd 38 LID 142 $ 683,677 $ 86,023
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
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option to transfer their membership to Plan 3. PERS participants joining
the system on or after March 1, 2002 for state and higher education
employees, or September 1, 2002 for local government employees have
the 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
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service, a 3 percent per year reduction applies; otherwise an actuarial
reduction will apply. There is no cap on years of service credit; and Plan
3 provides the same cost-of-living allowance as Plan 2. The defined
contribution portion can be distributed in accordance with an option
selected by the member, either as a lump sum or pursuant to other
options authorized by the Employee Retirement Benefits Board.
There are 1,181 participating employers in PERS. Membership in PERS
consisted of the latest actuarial valuation data for the plans as of
September 30, 2005:
Retirees and Beneficiaries Receiving Benefits $ 68,609
Terminated Plan Members Entitled To But
Not Yet Receiving Benefits 22,567
Active Plan Members Vested 104,574
Active Plan Members Non-vested 51 ,004
Total $ 246,754
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.
The required contribution rates expressed as a percentage of current-year
covered payroll, as of December 31 , 2006, were as follows:
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PERS Plan 1 PERS Plan 2 PERS Plan 3
Employer* 3.69%** 3.69% 3.69%****
Employee 6.00%*** 3.50% *****
* The employer rates do not include the employer administrative expense fee
currently set at 0.18%.
** The employer rate for state elected officials is 5.44%.
*** The employee rate for state elected officials is 7.50%.
**** 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
2006 $19,131 $ 180,984 $ 35,058
2005 11 ,516 103,417 19,608
2004 8,044 67,605 9,447
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 376 participating employers in LEOFF. Membership in LEOFF
consisted of the following as of the latest actuarial valuation date for the
plans of September 30, 2005:
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Retirees and Beneficiaries Receiving Benefits 8,723
Terminated Plan Members Entitled To But
Not Yet Receiving Benefits 577
Active Plan Members Vested 12,348
Active Plan Members Non-vested 3,543
Total 25,191
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 has the
ability, by means of a special funding arrangement, to 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 required contribution rates expressed as a percentage of current-
year covered payroll, as of December 31, 2006 were as follows:
LEOFF Plan 1 LEOFF Plan 2
Employer` 0.18% 4.90%**
Employee 0.00% 7.85%
State N/A 3.13%
* The employer rates do not include the employer administrative expense fee
currently set at 0.18%.
**The employer rate for ports and universities is 8.03%.
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
2006 $ 815 $351,698
2005 827 234,821
2004 926 173,524
The City does not have any employees enrolled in the Public Safety Employee's
Retirement System (PSERS) Plan 2.
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, 2006, 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
2006 4,221,845 146.04% (1,330,872) 92,979 (1431.37%)
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%
* 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 2006. 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%
Following is the three-year historical data of Revenues and Expenditures.
Fire Pension Historical Data
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Revenues Expenditures
Interest Fire Ins. Total
Income Prem. Tax Revenues Pension Costs
2006 $200,080 341834 234,914 221,662
2005 153,567 32,104 185,671 124,948
2004 125,353 311445 156,798 125,255
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 121 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.
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 $3
million per occurrence in the self insured layer, and $12 million per occurrence
in the re-insured excess layer with no annual aggregate except $10 million per
member for public official's errors and omissions. The excess layer is insured
by the purchase of reinsurance and insurance. Total limits are $15 million per
occurrence subject to aggregate sublimits in the excess layers. The Board of
Directors determines the limits and terms of coverage annually.
79
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 from the member's deductible to $500,000,
for all perils other than flood and earthquake, and insured above that amount
by the purchase of reinsurance.
In-house services include risk management consultation, loss control field
services, claims and litigation administration, and loss analyses. WCIA
contracts for the claims investigation consultants for personnel issues and land
use problems, insurance brokerage and lobbyist services.
WCIA is fully funded by its members, who make annual assessments on a
prospectively rated basis, as determined by an outside, independent actuary.
The assessment covers loss, loss adjustment, and administrative expenses. As
outlined in the interlocal, WCIA retains the right to additionally assess the
membership for any funding shortfall.
An investment committee, using investment brokers, produces additional
revenue by investment of WCIA's assets in financial instruments which comply
with all State guidelines. These revenues directly offset portions of the
membership's 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.
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.
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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:
Interest Maturity Original Bond Remaining
Purpose Rate Date Amount Balance
1999 GOB Library Bond 4.50-5.50% 12/1 /2019 $ 1,700,000 $ 1,300,000
2001 CLID 135 Bond 5.75% 11/2012 536,975 190,000
2001 LTGO Bond 2.00-4.70% 12/1/2020 6,900,000 6,010,000
2002 LTGO Et 5.72%
Refunding Bond 4/1 /2022 3,635,000 3,165,000
2002 UTGO Refunding 2.50-4.00%
Bond 12/1/2013 3,155,000 2,290,000
Total $ 15,926,975 $ 12,955,000
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
2007 $ 900,000 $ 543,441 0 0
2008 990,000 536,175 0 0
2009 1,020,000 4967585 0 0
2010 1,055,000 455,200 0 0
2011 1,085,000 410,877 0 0
2012-2016 4,480,000 1,387,605 0 0
2017-2021 3,240,000 445,032 0 0
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2022-2026 185,000 4,348 0 0
Total $12,955,000 $ 4,279,263 0 0
The revenue bonds currently outstanding are as follows:
Original Remaining
Interest Maturity Bond Balance
Purpose Rate Date Amount
1998 Water/Sewer
Series A Bonds 5.50-6.45% 6/1/2018 $ 2,255,000 $ 1,615,000
1998 Water/Sewer
Series B Bonds 3.80-4.60% 6/1/2014 6,725,000 5,270,000
1998 Water/Sewer
Series C Bonds 3.70-4.80% 6/1/2014 1,515,000 515,000
1999 Water/Sewer
Bonds 4.10-5.80% 9/1/2016 985,000 635,000
2001 Water/Sewer
Bonds 3.50-4.85% 9/1/2016 995,000 7351000
2002 Water/Sewer
Bonds 2.00-4.70% 12/1/2022 5,945,000 5,065,000
2005 Water/Sewer
Bonds 3.50-4.25% 12/5/2025 41400,000 4,210,000
Total $ 22,815,000 $ 18,045,000
Revenue bond debt service requirements to maturity are as follows:
Year Ending
December 31 Principal Interest
2007 $ 1,2701000 $ 779,006
2008 1,325,000 725,746
2009 1,355,000 670,068
2010 1,410,000 611,125
2011 1,455,000 549,035
2012-2016 6,205,000 1,828,088
2017-2021 3,440,000 769,647
2022-2026 1,585,000 144,268
Total $ 18,045,000 $ 6,076,983
Loan and Note obligations currently outstanding are as follows:
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Original
Interest Maturity Bond Remaining
Purpose Rate Date Amount Balance
State LOCAL Loan -
Fire Truck 5.72% 6/1/2009 $ 225,000 $ 80,832
State LOCAL Loan -
Animal Control 6.24% 12/1/2016 275,500 211,565
State LOCAL Loan -
Patrol 3.18777% 12/1/2016 161,640 83,266
TRAC Loan 4.50-
5.50% 12/1/2014 1,197,931 672,414
Port of Pasco Airport
Fire Building 4.00% 7/12/2016 120,000 115,898
PWTF Loan #89036 -
Water Tank 3.00% 7/24/2009 1,245,000 184,682
State Revolving Loan 1.00% 10/31/2015 23,700,000 17,856,043
PWTF Loan #95025 -
Sewer Plant 1.00% 6/30/2015 812,700 387,102
PWTF Loan #95026 -
Water Reservoir 1.00% 6/30/2015 2,687,300 966,378
PWTF Loan #691043 1.00% 6/30/2020 1,890,000 1,555,966
LID 125 Note 6.00% 12/2007 80,960 20,000
LID 138 Note
5.00% 12/2015 57,662 25,700
LID 139 Note
5.00% 12/2017 405,375 4,400
LID 140 Note
4.50% 12/2018 71,943 7,600
LID 901 Note
4.00% 12/2012 45,700 6,050
Total $ 32,976,714 $ 22,177,896_
Loan and Note debt service requirements to maturity are as follows:
Year Ending Governmental Activities Business-Type Activities
December 31 Principal Interest Principal Interest
2007 $ 228,924 $ 54,522 $ 1,427,663 $ 6481168
2008 175,672 441242 1,466,662 605,324
2009 135,415 37,183 1,507,037 561,102
2010 111,412 31,407 1,487,276 515,454
2011 121,276 26,450 1,530,553 469,563
2012-2016 455,026 50,643 8,206,935 1,604,028
83
2017-2021 0 0 5,324,046 315,951
2022-2026 0 0 0 0
Total $ 1,227,725 $ 244,447 $ 20,950,172 $ 4,719,590
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.
At December 31, 2006, the City has $258,431 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 $644,178 in sinking funds and
reserves as required by bond indentures.
B. Refunded Debt
The City did not issue any refunded debt during 2006.
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, 2006, the following changes occurred
in long-term liabilities:
Beginning Ending
Balance Balance Due Within
01 /01/06 Additions Reductions 12/31/06 One Year
Governmental Activities:
Bonds Payable:
General obligation
bonds, special
assessment debt
with govt.
commitment $13,925,000 $ 0 $ 970,000 $12,955,000 $ 970,000
Loans and Notes 1,294,481 120,000 186,756 1,227,725 228,924
Compensated
Absences 1,374,095 53,797 0 1,427,892 1,427,892
Governmental
Activity Long-Term
Liabilities $16,593,576 $173,797 $1,156,756 $15,610,617 $2,626,816
84
Beginning Ending
Balance Balance Due Within
01/01/06 Additions Reductions 12/31/06 One Year
Business-Type Activities:
Bonds Payable:
General obligation
bonds, revenue
bonds $19,300,000 $ 0 $1,255,000 $18,045,000 $1,270,000
Loans and Notes 22,340,167 0 1,389,996 20,9501171 1,427,663
Compensated
Absences 155,637 4,237 0 159,874 159,874
Business-Type
Activity Long-Term
Liabilities $41,795,804 $ 4,237 $2,644,996 $39,155,045 $2,857,537
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 $7,536,213 of restricted
net assets, of which $6,478,513 is restricted by enabling legislation.
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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.
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, 2006 were as follows:
Due From
All Other
Purpose Funds Total
General Fund Start-up loans for new funds
&t neg. cash balance loans $1,875,403 $1,875,403
Water/Sewer Fund LID loans &t Equip Rental Op 1,057,700 1,057,700
All Other Funds LID and Capital Imp. loans 227,208 227,208
Total $3,160,311 $3,160,311
B. Interfund Transfers
Interfund transfers at December 31, 2006 were as follows:
86
Transfer From
C General Water/Sewer All Other
L
Fund Fund Funds Total
General Fund $ 0 $ 0 $ 80,680 $ 80,680
C Water/Sewer Fund 0 0 306,036 306,036
All Other Funds 3,574,000 430,000 1,749,398 5,753,398
Total 1 $3,574,000, $430,000, $2,136,114 $6,140,114
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.
NOTE 16. RECEIVABLE AND PAYABLES BALANCES
A. Receivables
Receivables at December 31, 2006 were as follows:
ACCOUNTS: AMOUNTS
Governmental Activities:
Taxes $2,679,017
Customer Accounts 5,858,018
Interest Receivable 106,142
Other Receivables 523,120
Total Governmental Activities $9,166,297
Business-type Activities:
Utility Receivables $ 783,410
Other Receivables 254,311
Interfund Loan Receivable 1,098,858
Interest Receivable 68,022
Total Business-type Activities: $21204,601
Special Assessment receivables represent $3,318,467 of the balance of
outstanding Customer Accounts receivable at year end December 31, 2006. Of
this amount $68,252 represents delinquent Special Assessments receivable.
B. PAYABLES
Payables at December 31, 2006, were as follows:
ACCOUNTS: AMOUNTS
Governmental Activities:
Accounts Payable $ 896,654
Interfund Loans Payable 1,057,700
87
Due to Other Govt. Units 10,119
Deposits Payable 292,850
Unclaimed Property 21391
Other Payables 223,294
Claims Incurred Not Reported 125,000
Deferred Revenue 4,117,140
Due within One Year 2,505,189
Due in More than One Year 13,041,679
Total Governmental Activities $22,272,016
Business-type Activities:
Accounts Payable $ 451,263
Due to Other Govt. Units 30,800
Retainage Payable 463,839
Interfund Loans Payable 711158
Interest Payable 87,683
Deposits Payable 55,429
Deferred Revenue 751,810
Unamortized Discount (8,824)
Unclaimed Property 17,573
Due within One Year 2,857,537
Due in More than One Year 36,297,508
Total Business-type Activities: $41,075,776
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.
88
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 2006 for these transactions was $488,152.
The City of Pasco's equity interest in BI-PIN was $298,324 on December 31,
2006, 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 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.
89
The City of Pasco's equity interest in EMS was $14,339 on December 31,
2006, 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
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 $21,844 on June 30, 2006,
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
90
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. 4t" Avenue, Pasco, Washington.
For calendar year 2006, the City paid Franklin County $208,550 in operating
expenses and $105,007 in debt service expenses.
The City's obligation for debt service is included in the debt service
schedule in Note 10.
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 $272,962 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
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
91
A. Prior Period Adiustments
Prior period adjustments consist of the following:
Adjustments to reconcile accounts receivable to the financial system and
interest receivable : General Fund - $14,613; City Street Fund - $810;
Arterial Street Fund - $3,563; Street Overlay Fund - $7,020; MLK Community
Center - $41 ; Ambulance Fund - $4,437; Contingency Fund - $685; Cemetery
Fund - $225; Athletic Fund - $317; Senior Center - $19; Multi-Modal Facility -
$25; Bi-Centennial Fund - $25; Rivershore Trail Fund - $104; Special Lodging
Fund - $65; Litter Abatement Fund - $26; Revolving Abatement Fund - $865;
TRAC Fund - $763; Park Fund - $9,501; Capital Improvement Fund - $15,148;
Industrial Development Et Infrastructure Fund - $4,287; Stadium Fund - $599;
Sun Willows Development Fund - $2,253; Library/Fire Station Bond Fund -
$660; 2002 UTGO Bond Fund - $1,557; LID Guaranty Fund - $5,611; LID
Construction Fund - $2,344; Cemetery Perpetual Care Fund - $1,464;
Cemetery Pre-Need Fund - $147; Landfill Remediation Fund - $502; Blvd.
Perpetual Maintenance Fund - $4,521; Water/Sewer Fund - $80,452;
Equipment Rental Operations Gov - $197; Equipment Rental Operations
Enterprise - $277; Equipment Rental Replacement Govt. - $5,632;
Equipment Rental Replacement Enterprise - $6,381; Central Stores - $6; Fire
Pension Fund - $2,575; Medical/Dental Fund - $1,338 and LID Funds-
$8,771.
Adjustments were made in Equipment Rental Replacement Fund Govt -
$297,032 and in Equipment Rental Replacement Fund Enterprise - $157,227
to account for changes in asset inventory prior to 2006.
An adjustment of $716,079 was made to the Water/Sewer Fund to account
for donated capital assets not previously recorded and to adjust
depreciation to reflect change to depreciating asset in the year purchased.
A transfer of $15,400 was made from the Park Fund to the Blvd. Perpetual
Maintenance Fund for work performed in 2005. A prior year adjustment of
interest in the amount of $24,550 was also made from the Blvd. Perpetual
Maintenance Fund to the General Fund.
An adjustment of $78,075 for rehab loans was made to the Community
Development Block Grant Fund.
An adjustment of $83,692 was made in LID Assessments to reflect the
adjustment of total assessments receivable for actual costs.
Additional adjustments were made in the General Fund for prior year
corrections, they consist of; ($19,439) for a payment to Franklin County
Treasurer; $143,921 adjustment for LTGO Bond payments from the Stadium
92
Fund; $43,728 transfer from Athletic Fund; and ($15,000) adjustment for
prior years for youth soccer revenues.
An adjustment was made to the City Street Fund for $10,756 to reverse 2005
water/sewer taxes receivable.
A payment of $19,817 was made to a contractor for prior period in the
Arterial Street Fund.
Refunds from prior year's revenues were made for QWEST occupational
utility taxes in the amounts of $927 from Library/Fire Station Bond Fund and
$2,551 from the 2002 UTGO Bond Fund.
B. Subsequent Events
None.
C. 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
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.
93
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2006
Special Revenue Funds
110 125 130 140
City Street 1-182 Impact Street Overlay Comm. Dev.
Fund Fund Fund Block Grant
ASSETS
Current Cash&Cash Equivalents $ 94,176 $ 439,000 $ 1,374,537 $ 44,304
Receivables(net of allowances)
Taxes 14,387 - 57,669 -
Customer Accounts 18,866 - - 224,086
InterFund Loans Receivable - - - -
Interest Receivable 153 1,128 6,610 -
Other Receivables 178,017 - - -
Restricted Assets - - - -
TOTAL ASSETS $ 305,599 $ 440,128 $ 1,438,816 $ 268,390
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 49,358 $ - $ 170 $ 5,430
Matured Bonds - - - -
Interfund Loans Payable - - - 120,000
Due to Other Governmental Units - - - -
Bonds, Notes, Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue - - - -
Other - - 2,940 5,000
Total Liabilities $ 49,358 $ - $ 3,110 $ 130,430
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - -
Unreserved, Reported in:
Special Revenue Funds $ 256,241 $ 440,128 $ 1,435,706 $ 137,960
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 256,241 $ 440,128 $ 1,435,706 $ 137,960
TOTAL LIABILITIES AND FUND BALANCES $ 305,599 $ 440,128 $ 1,438,816 $ 268,390
See accompanying notes to the basic financial statements.
94
Special Revenue Funds
145 150 155 160 165
MILK Comm. Ambulance Contingency Cemetery Athletic
Center Fund Fund Fund Fund
$ 15,348 $ 175,352 $ 150,729 $ 40,088 $ 55,693
596,451 - 18,488 -
740 328 247
- - 30
$ 15,348 $ 771,803 $ 151,469 $ 58,904 $ 55,970
$ 5,995 $ 3,802 $ - $ 5,420 $ 2,168
500,000 - 180,000 -
- - 2,691 -
$ 5,995 $ 503,802 $ - $ 188,111 $ 2,168
$ 9,353 $ 268,001 $ 151,469 $ (129,207) $ 53,802
$ 9,353 $ 268,001 $ 151,469 $ (129,207) $ 53,802
$ 15,348 $ 771,803 $ 151,469 $ 58,904 $ 55,970
Continued on next page
95
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2006
Special Revenue Funds
170 180 181 185
Senior Multi-Modal Bi-Centenial Rivershore Trail
Center Facility Fund Fund
ASSETS
Current Cash&Cash Equivalents $ 14,048 $ 9,015 $ 5,463 $ 15,120
Receivables(net of allowances)
Taxes - - - -
Customer Accounts 5,088 1,219 - 4,838
Interfund Loans Receivable - - - -
Interest Receivable - 42 27 72
Other Receivables - - -
Restricted Assets - - - -
TOTAL ASSETS $ 19,136 $ 10,276 $ 5,490 $ 20,030
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 12,898 $ 6,504 $ - $ 448
Matured Bonds - - - -
Interfund Loans Payable - - - -
Due to Other Governmental Units 125 530 - (260)
Bonds, Notes, Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue 1,453 (500) - -
Other 750 2,400 - -
Total Liabilities $ 15,226 $ 8,934 $ - $ 188
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - -
Unreserved, Reported in:
Special Revenue Funds $ 3,910 $ 1,342 $ 5,490 $ 19,842
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 3,910 $ 1,342 $ 5,490 $ 19,842
TOTAL LIABILITIES AND FUND BALANCES $ 19,136 $ 10,276 $ 5,490 $ 20,030
See accompanying notes to the basic financial statements.
96
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
731 $ 357 $ 258,037 $ 10,574 $ 1,435,361 $ 2,958,971
4,923 8,885 - - -
3 - 1,240 - 10,310 14,454
22,659 1,207 - 22,762 - 122,792
$ 23,393 $ 6,487 $ 268,162 $ 33,336 $ 1,445,671 $ 3,096,217
$ 22,659 $ 2,219 $ 816 $ - $ - $ -
$ 22,659 $ 2,219 $ 816
- - - - 1,732,618 -
$ 734 $ 4,268 $ 267,346 $ 33,336 $ (286,947) $ 3,096,217
$ 734 $ 4,268 $ 267,346 $ 33,336 $ 1,445,671 $ 3,096,217
$ 23,393 $ 6,487 $ 268,162 $ 33,336 $ 1,445,671 $ 3,096,217
Continued on next page
97
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2006
Special Revenue Funds
194 195 196
Indust. Devel. Stadiurr✓ Sun Willows
&Infrastructure Conv.Center Development Total
ASSETS
Current Cash&Cash Equivalents $ 550,991 $ - $ - $ 7,647,895
Receivables(net of allowances)
Taxes - - - 72,056
Customer Accounts - - - 882,844
Interfund Loans Receivable - - - -
Interest Receivable 3,075 - - 38,429
Other Receivables - 105,762 - 453,229
Restricted Assets - - - -
TOTAL ASSETS $ 554,066 $ 105,762 $ - $ 9,094,453
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 156,385 $ 393 $ - $ 274,665
Matured Bonds - - - -
Interfund Loans Payable - 121,235 - 921,235
Due to Other Governmental Units - 5,704 - 8,790
Bonds, Notes,Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue - - - 953
Other - 920 - 12,010
Total Liabilities $ 156,385 $ 128,252 $ - $ 1,217,653
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - 1,732,618
Unreserved, Reported in:
Special Revenue Funds $ 397,681 $ (22,490) $ - $ 6,144,182
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 397,681 $ (22,490) $ - $ 7,876,800
TOTAL LIABILITIES AND FUND BALANCES $ 554,066 $ 105,762 $ - $ 9,094,453
See accompanying notes to the basic financial statements.
98
Debt Service Funds
272 273 625 709-797
Library/Fire 2002 UTGO LID LID
Station Bonds Bonds Guaranty Funds Total
$ 79,595 $ 178,835 $ 1,579,561 $ 1,267,093 $ 3,105,084
11,613 27,768 - - 39,381
- - - 3,318,467 3,318,467
722 1,691 6,088 8,595 17,096
$ 91,930 $ 208,294 $ 1,585,649 $ 4,594,155 $ 6,480,028
- - - 63,750 63,750
- - 190,000 190,000
- - - 3,067,994 3,067,994
3,321,744 $ 3,321,744
69,018 - 1,146,215 1,272,411 2,487,644
22,912.00 208,294.00 439,434 - 670,640
$ 91,930 $ 208,294 $ 1,585,649 $ 1,272,411 $ 3,158,284
$ 91,930 $ 208,294 $ 1,585,649 $ 4,594,155 $ 6,480,028
Continued on next page
99
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31, 2006
Capital Project
Funds
Capital Project 700
Construction LID
Fund Construction Total
ASSETS
Current Cash &Cash Equivalents $ 164,611 $ - $ 164,611
Receivables (net of allowances)
Taxes - - -
Customer Accounts - - -
Interfund Loans Receivable - - -
Interest Receivable - - -
Other Receivables - - -
Restricted Assets - - -
TOTAL ASSETS $ 164,611 $ - $ 164,611
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 48,545 $ - $ 48,545
Matured Bonds - - -
Interfund Loans Payable - 1,219,168 1,219,168
Due to Other Governmental Units - - -
Bonds, Notes, Loans Payable - - -
Interest Payable - - -
Deferred Revenue - - -
Other 23,231 32,008 55,239
Total Liabilities $ 71,776 $ 1,251,176 $ 1,322,952
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 (1,251,176) (1,158,341)
Total Fund Balances $ 92,835 $ (1,251,176) $ (1,158,341)
TOTAL LIABILITIES AND FUND BALANCES $ 164,611 $ - $ 164,611
See accompanying notes to the basic financial statements.
100
Permanent Funds
605 606 610 621
Cemetery Cemetery Blvd. Perpetual Landfill
Perpetual Care Pre-Need Fund Maint. Fund Remediation Total
$ 317,194 $ 41,691 $ 1,113,955 $ 112,105 $ 1,584,945
1,230 8,176 - - 9,406
1,615 204 5,600 552 7,971
$ 320,039 $ 50,071 $ 1,119,555 $ 112,657 $ 1,602,322
- - - 100,000 100,000
$ - $ - $ - $ 100,000 $ 100,000
320,039 50,071 1,119,555 12,657 1,502,322
$ 320,039 $ 50,071 $ 1,119,555 $ 12,657 $ 1,502,322
$ 320,039 $ 50,071 $ 1,119,555 $ 112,657 $ 1,602,322
Continued on next page
101
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31, 2006
2006 2005
Total Other Total Other
Governmental Governmental
Funds Funds
ASSETS
Current Cash & Cash Equivalents $ 12,502,535 $ 12,368,123
Receivables (net of allowances)
Taxes 111,437 107,542
Customer Accounts 4,210,717 3,212,462
Interfund Loans Receivable - -
Interest Receivable 63,496 206,226
Other Receivables 453,229 262,736
Restricted Assets - -
TOTAL ASSETS $ 17,341,414 $ 16,157,089
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 323,210 $ 500,155
Matured Bonds - 10,000
Interfund Loans Payable 2,204,153 1,344,775
Due to Other Governmental Units 8,790 8,566
Bonds, Notes, Loans Payable 190,000 275,000
Interest Payable - -
Deferred Revenue 3,068,947 2,085,667
Other 167,249 154,253
Total Liabilities $ 5,962,349 $ 4,378,416
Fund Balances
Reserved for:
Advances to Other Funds $ - $ -
Debt Service 2,487,644 2,662,865
Capital Improvements - -
Other Reserves 3,234,940 3,055,950
Unreserved, Reported in:
Special Revenue Funds $ 6,144,182 $ 6,218,067
Debt Service Funds 670,640 281,474
Capital Project Funds (1 ,158,341 (439,683)
Total Fund Balances $ 11 ,379,065 $ 11,778,673
TOTAL LIABILITIES AND FUND BALANCES $ 17,341,414 $ 16,157,089
See accompanying notes to the basic financial statements.
102
Qty of Pasco
Combining Statement of Revenues,Expenditures,and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31,2006
Special Revenue Funds
110 125 130 140 145
City Street 1-182 Impact Street Overlay Comm.Dev. MLK Comm.
REVENUES Fund Fund Fund Block Gant Center
Taxes $ 177,675 $ - $ 712,214 $ - $ -
Licenses&Permits 203,626 - - - -
Intergovermental Revenue 741,450 - 645,115 -
Charges for Services - - - 2,853
Fines&Forfeitures - - - - -
Investment Income 1,476 - 65,423 - 29,533
Msoellaneous Revenue 18,826 440,128 - 101,438 (444)
Total Revenues $ 1,143,053 $ 440,128 $ 777,637 $ 746,553 $ 31,942
EXPENDITURES
Current:
General Government $ - $ - $ $ - $ -
Judidal - - -
Public Safety - 62,325 -
Physical Environment - - - -
Transportation 1,063,815 - - -
Health and Human Se\Aces - - -
Economic Environment - 106,936 -
Culture and Recreation - - - 138,668
Capital Outlay 166,494 - 882,498 366,176 -
Debt Se\Ace
Principal - - - - -
Interest - - - - -
Total Expenditures $ 1,230,309 $ - $ 882,498 $ 535,437 $ 138,668
Excess of Revenues Over(Under)Expenditures $ (87,256) $ 440,128 $ (104,861) $ 211,116 $ (106,726)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets $ $ - $ $ - $ -
Proceeds of General L-T Debt - - -
Insurance Recoveries 109 - - - -
Operating Transfers-(In) 280,000 - - - 113,500
Operating Transfers-(Out) - - - (104,000) -
Total Other Financing Sources(Uses) $ 280,109 $ - $ - $ (104,000) $ 113,500
Net Change in Fund Balances $ 192,853 $ 440,128 $ (104,861) $ 107,116 $ 6,774
Nor Year Adjustments $ (9,948) $ - $ (7,020) $ (78,075) $ (41)
Fund Balance Beginning $ 73,336 $ - $ 1,547,587 $ 108,919 $ 2,620
Fund Balance,Ending $ 256,241 $ 440,128 $ 1,435,706 $ 137,960 $ 9,353
See accompanying notes to the basic financial statements.
103
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
1,463 - - - 23,407 - -
859,240 - 195,059 83,086 - - -
(9,311) 5,811 4,373 2,702 (749) 303 211
450 - 7 440 56,757 51,951 -
$ 851,842 $ 5,811 $ 199,439 $ 86,228 $ 79,415 $ 52,254 $ 211
1,932,197 - - - - - -
- - 188,146 - - -
- - 55,469 -
- - - 34,574 - -
- - - 58,369 231,034 - -
60,199 - - - - - -
- 9,709 - - - -
$ 1,992,396 $ - $ 197,855 $ 58,369 $ 265,608 $ 55,469 $ -
$ (1,140,554) $ 5,811 $ 1,584 $ 27,859 $ (186,193) $ (3,215) $ 211
1,280,399 - 64,040 - 200,998 7,500 -
$ 1,280,399 $ - $ 64,040 $ - $ 200,998 $ 7,500 $ -
$ 139,845 $ 5,811 $ 65,624 $ 27,859 $ 14,805 $ 4,285 $ 211
$ 4,437 $ (685) $ 225 $ (44,069) $ 19 $ (25) $ (25)
$ 123,719 $ 146,343 $ (195,056) $ 70,012 $ (10,914) $ (2,918) $ 5,304
$ 268,001 $ 151,469 $ (129,207) $ 53,802 $ 3,910 $ 1,342 $ 5,490
Continued on next page.
104
Qty of Pasco
Combining Statement of Revenues,Expenditures,and Changes in Fund Balances
Other Governmental Funds
For the Year Ended Decernber 31,2006
Special Revenue Funds
185 188 189 190 191
Rvershore Trail Spec.Lodging Litter Revolving TRAC Dev.&
REVENUES Fund Fund Abaterent Abatement Operating Fund
Taxes $ - $ 170,474 $ - $ - $ 177,766
Licenses&Pen„its - - - - -
Intergovemmental Revenue - - - -
Charges for Services - - 5,000 11,484 -
Fines&Forfeitures - - - 32,037 -
Investment Income 226 376 6 13,721 250
Mscellaneous Revenue 8,055 - 5,000 50,819 -
Total Revenues $ 8,281 $ 170,850 $ 10,006 $ 108,061 $ 178,016
EXPENDITURES
Current:
General Government $ - $ - $ - $ - $ -
Judidal - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - 13,461 - -
Health and Human Services - - - - -
EcononicEnvironment - 170,474 - 35,135 -
Culture and Recreation 11,708 - - - 208,550
Capital Outlay - - -
Debt Service
Principal - - - 70,345
Interest - - - - 34,662
Total Expenditures $ 11,708 $ 170,474 $ 13,461 $ 35,135 $ 313,557
Excess of Revenues Over(Under)Expenditures $ (3,427) $ 376 $ (3,455) $ 72,926 $ (135,541)
OTHER FINANGNG SOURCES(USES)
Disposition of Fixed Assets $ - $ - $ $ - $ -
Proceeds of General L Debt - - - -
Insurance Recoveries - - - -
Operating Transfers-(In) - - 4,000 - 115,000
Operating Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) $ - $ - $ 4,000 $ - $ 115,000
Net Change in Fund Balances $ (3,427) $ 376 $ 545 $ 72,926 $ (20,541)
Prior Year Adjustments $ (104) $ (65) $ 26 $ (865) $ (763)
Fund Balance Beginning $ 23,373 $ 423 $ 3,697 $ 195,285 $ 54,640
Fund Balance,Ending $ 19,842 $ 734 $ 4,268 $ 267,346 $ 33,336
See accompanying rimes to the basic financial statements.
105
Special Revenue Funds
192 193 194 195 196
Park Capital Indust. Devel. Stadium/ Sun Willows
Fund Improvement & Infrastructure Conv. Center Development Total
$ $ 944,378 $ $ 174,790 $ - $ 2,357,297
- - - - 203,626
- - 83,000 - 1,494,435
313,189 - - - - 1,469,911
- - - - 32,037
78,304 114,786 30,257 (2,105) 6,262 341,855
- - - 21,850 - 755,277
$ 391,493 $ 1,059,164 $ 30,257 $ 277,535 $ 6,262 $ 6,654,438
- - 1,994,522
- - 188,146
- - - 1,132,745
- - - 34,574
- - - - - 312,545
- - 96,513 - 744,842
600,000 599,710 - 460 2,675,537
- - 90,000 - 160,345
- - 35,750 - 80,121
$ - $ 600,000 $ 599,710 $ 222,263 $ 460 $ 7,323,377
$ 391,493 $ 459,164 $ (569,453) $ 55,272 $ 5,802 $ (668,939)
- - - 109
246,430 - - 2,311,867
(653,539) (10,813) (291,000) (83,000) (246,483) (1,388,835)
$ (653,539) $ (10,813) $ (44,570) $ (83,000) $ (246,483) $ 923,141
$ (262,046) $ 448,351 $ (614,023) $ (27,728) $ (240,681) $ 254,202
$ (24,901) $ (15,148) $ (4,287) $ (144,520) $ (2,253) $ (328,087)
$ 1,732,618 $ 2,663,014 $ 1,015,991 $ 149,758 $ 242,934 $ 7,950,685
$ 1,445,671 $ 3,096,217 $ 397,681 $ (22,490) $ - $ 7,876,800
Continued on next page.
106
City of Pasco
Combining Statement of Revenues,Expenditures,and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31,2006
Debt Service Funds
272 273 625 709-797
Library/Fire 2002 UTGO LID LID
REVENUES Station Bonds Bonds Guaranty Assessments Total
Taxes $ 177,243 $ 377,017 $ - $ - $ 554,260
Licenses&Permits - - - -
Intergovemmental Revenue - - - - -
Charges for Services - - -
Fines&Forfeitures - - - -
Investment Income 5,550 13,153 47,784 70,604 137,091
Mscellaneous Revenue - - - 412,539 412,539
Total Revenues $ 182,793 $ 390,170 $ 47,784 $ 483,143 $ 1,103,890
EXPENDITURES
Current:
General Government $ - $ - $ - $ - $ -
Judicial - - -
Public Safety - - -
Physical Environment - - 13 13
Transportation - - - -
Health and Human Services - - -
Economic Environment - - - - -
Culture and Recreation - - - - -
Capital Outlay - - - - -
Debt Service
Principal 100,000 290,000 - 85,000 475,000
Interest 75,704 94,566 - 19,255 189,525
Total Expenditures $ 175,704 $ 384,566 $ 13 $ 104,255 $ 664,538
Excess of Revenues Over(Under)Expenditures $ 7,089 $ 5,604 $ 47,771 $ 378,888 $ 439,352
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets $ - $ - $ - $ - $ -
Proceeds of General L-T Debt - - - -
Insurance Recoveries - - - - -
Operating Transfers-(In) - - 340,007 - 340,007
Operating Transfers-(Out) - - (646,572) (646,572)
Total Other Financing Sources(Uses) $ - $ - $ 340,007 $ (646,572) $ (306,565)
Net Change in Fund Balances $ 7,089 $ 5,604 $ 387,778 $ (267,684) $ 132,787
Prior Year Adjustments $ (1,586) $ (4,108) $ (5,611) $ 92,463 $ 81,158
Fund Balance Beginning $ 86,427 $ 206,798 $ 1,203,482 $ 1,447,632 $ 2,944,339
Fund Balance,Ending $ 91,930 $ 208,294 $ 1,585,649 $ 1,272,411 $ 3,158,284
See accompanying notes to the basic financial statements.
107
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
- 16,625 12,306 - 28,931
(37,541) (37,541) 12,532 1,409 43,180 5,021 62,142
- - 160,700 220 160,920
$ $ (37,541) $ (37,541) $ 29,157 $ 13,715 $ 203,880 $ 5,241 $ 251,993
1,639,538 683,990 2,323,528 - -
$ 1,639,538 $ 683,990 $ 2,323,528 $ - $ - $ - $ - $ -
$ (1,639,538) $ (721,531) $ (2,361,069) $ 29,157 $ 13,715 $ 203,880 $ 5,241 $ 251,993
1,639,538 529 1,640,067 -
- - - (12,620) (1,420) (43,180) - (57,220)
$ 1,639,538 $ 529 $ 1,640,067 $ (12,620) $ (1,420) $ (43,180) $ - $ (57,220)
$ - $ (721,002) $ (721,002) $ 16,537 $ 12,295 $ 160,700 $ 5,241 $ 194,773
$ - $ 2,344 $ 2,344 $ (1,464) $ (147) $ (13,670) $ (502) $ (15,783)
$ 92,835 $ (532,518) $ (439,683) $ 304,966 $ 37,923 $ 972,525 $ 7,918 $ 1,323,332
$ 92,835 $ (1,251,176) _L_L158,3411 $ 320,039 $ 50,071 $ 1,119,555 $ 12,657 $ 1,502,322
Continued on next page.
108
City of Pasco
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31, 2006
2006 2005
Total Other Total Other
Governmental Governmental
REVENUES Funds Funds
Taxes $ 2,911,557 $ 2,752,581
Licenses & Permits 203,626 11,770
Intergovernmental Revenue 1,494,435 1,485,662
Charges for Services 1,498,842 1,736,439
Fines & Forfeitures 32,037 36,831
Investment Income 503,547 380,089
Miscellaneous Revenue 1,328,736 1,316,561
Total Revenues $ 7,972,780 $ 7,719,933
EXPENDITURES
Current:
General Government $ - $ -
Judicial - -
Public Safety 1,994,522 1,619,825
Physical Environment 188,159 186,811
Transportation 1,132,745 1,103,984
Health and Human Services 34,574 33,553
Economic Environment 312,545 305,604
Culture and Recreation 744,842 648,799
Capital Outlay 4,999,065 3,169,946
Debt Service
Principal 635,345 626,207
Interest 269,646 248,331
Total Expenditures $ 10,311,443 $ 7,943,060
Excess of Revenues Over(Under) Expenditures $ (2,338,663) $ (223,127)
OTHER FINANCING SOURCES (USES)
Disposition of Fixed Assets $ - $ 15,130
Proceeds of General L-T Debt - -
Insurance Recoveries 109 11,074
Operating Transfers - (In) 4,291,941 4,549,843
Operating Transfers - (Out) (2,092,627) (3,428,906)
Total Other Financing Sources (Uses) $ 2,199,423 $ 1,147,141
Net Change in Fund Balances $ (139,240) $ 924,014
Prior Year Adjustments $ (260,368) $ 63,463
Fund Balance Beginning $ 11,778,673 $ 10,791,196
Fund Balance, Ending $ 11,379,065 $ 11,778,673
See accompanying notes to the basic financial statements.
109
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CITY STREET FUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ 172,800 $ 172,800 $ 177,675 $ 4,875 $ 4,875
Licenses&Pernrts 177,000 177,000 203,626 26,626 26,626
Intergovemn-ental Revenue 580,000 580,000 741,450 161,450 161,450
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investment Income 3,000 3,000 1,476 (1,524) (1,524)
Miscellaneous Revenue 18,826 18,826 18,826
Total Revenues 932,800 932,800 1,143,053 210,253 210,253
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation 1,114,615 1,114,615 1,063,815 50,800 50,800
Health and Human Services - - - - -
Econornic Environment - - - -
Culture and Recreation - - - - -
Capital Outlay 240,000 240,000 166,494 73,506 73,506
Debt Service - -
Principal - - - -
Interest - - - - -
Total Expenditures 1,354,615 1,354,615 1,230,309 124,306 124,306
Excess of Revenues Over(Under)Expenditures (421,815) (421,815) (87,256) 334,559 334,559
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets 100 100 - (100) (100)
Proceeds of General L-T Debt - - - - -
Insurance Recoveries 100 100 109 9 9
Operating Transfers-In 430,000 430,000 280,000 (150,000) (150,000)
Operating Transfers-(Out) - - -
Total Other Financing Sources(Uses) 430,200 430,200 280,109 (150,091) (150,091)
Net Change in Fund Balances 8,385 8,385 192,853 184,468 184,468
Prior Year Adj ustments - - (9,948) (9,948) (9,948)
Fund Balance Beginning - - 73,336 73,336 73,336
Fund Balance,Ending $ 8,385 $ 8,385 $ 256,241 $ 247,856 $ 247,856
See accompanying notes to the basic financial statements.
110
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
I-182 CORRI DOR TRAFFIC IMPACT FUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Pernrts - - - - -
Intergovemmental Revenue - - - 0 0
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investment Income - - - 0 0
Miscellaneous Revenue 61,100 61,100 440,128 379,028 379,028
Total Revenues 61,100 61,100 440,128 379,028 379,028
EXPENDITURES
Current:
General Govemment - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
HeaIth and Human Services - - - - -
Economic Environment - - - - -
Culture and Recreation - - - - -
Capital Outlay - - - - -
Debt Service - - -
Principal - - - - -
Interest - - - - -
Total Expenditures - - - - -
Excess of Revenues Over(Under)Expenditures 61,100 61,100 440,128 379,028 379,028
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Operating Transfers-In - - - - -
Operating Transfers-(Out) (61,100) (61,100) - 61,100 61,100
Total Other Financing Sources(Uses) (61,100) (61,100) - 61,100 61,100
Net Change in Fund Balances - - 440,128 440,128 440,128
Prior Year Adjustments - - - - -
Fund Balance Beginning - - - - -
Fund Balance,Ending $ - $ - $ 440,128 $ 440,128 $ 440,128
See acccr panying notes to the basic finandal statements.
111
CITY OF PASCO
STATEIVENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
STREET OVERLAY FUND
FOR THE YEAR ENDED DECEIVBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Crigianal Budget Final Budget
REVENUES
Taxes $ 629,000 $ 629,000 $ 712,214 $ 83,214 $ 83,214
licenses&Per nits - - - - -
Intergovemmental Revenue - - - - -
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investment Income 25,000 25,000 65,423 40,423 40,423
Miscellaneous Revenue - - - - -
Total Revenues 654,000 654,000 777,637 123,637 123,637
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Economc Environment - - - - -
Culture and Recreation - - - - -
CapitalOutlay 900,000 900,000 882,498 17,502 17,502
Debt Service - -
Principal - - - - -
Interest - - - - -
Total Expenditures 900,000 900,000 882,498 17,502 17,502
Excess of Revenues 0,er(Under)Expenditures (246,000) (246,000) (104,861) 141,139 141,139
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeeds of General L Debt - - - -
Insurance Recoveries - - - -
Operating Transfers-In - - - -
Operating Transfers-(Out) - - - -
Total Other Finanang Sources(Uses) - - - - -
Net Change in Fund Balances (246,000) (246,000) (104,861) 141,139 141,139
Prior Year Adjustments - - (7,020) (7,020) (7,020)
Fund Balance Beginning 1,000,000 1,000,000 1,547,587 547,587 547,587
Fund Balance,Ending $ 754,000 $ 754,000 $ 1,435,706 $ 681,706 $ 681,706
See accor panying notes to the basic financial statements.
112
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
COMMUNITY DEVELOPMENT BLOCK GRANT
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ - $ - $ -
Licenses&Permits - - - -
Intergovemmental Revenue 825,000 825,000 645,115 (179,885) (179,885)
Charges for Services - - - - -
Fines&Forfeitures - - - -
Investment Income 10,000 10,000 - (10,000) (10,000)
Miscellaneous Revenue 51,000 51,000 101,438 50,438 50,438
Total Revenues 886,000 886,000 746,553 (139,447) (139,447)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety 59,275 59,275 62,325 (3,050) (3,050)
Physical Environment - - - - -
Transportation - - - -
Health and Human Services - - - - -
Economic Environment 101,350 101,350 106,936 (5,586) (5,586)
Culture and Recreation - - - - -
Capital Outlay 571,000 571,000 366,176 204,824 204,824
Debt Service - -
Principal - - - - -
Interest - - - - -
Total Expenditures 731,625 731,625 535,437 196,188 196,188
Excess of Revenues Over(Under)Expenditures 154,375 154,375 211,116 56,741 56,741
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - - -
Proceeds of General L-T Debt - -
Insurance Recoveries - -
Operating Transfers-In - - - -
Operating Transfers-(Out) (152,000) (152,000) (104,000) 48,000 48,000
Total Other Financing Sources(Uses) (152,000) (152,000) (104,000) 48,000 48,000
Net Change in Fund Balances 2,375 2,375 107,116 104,741 104,741
Prior Year Adjustments - - (78,075) (78,075) (78,075)
Fund Balance Beginning - - 139,397 139,397 139,397
Fund Balance,Ending $ 2,375 $ 2,375 $ 168,438 $ 166,063 $ 166,063
See accompanying notes to the basic financial statements.
113
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
MLK OO WIUNITY CENTER FUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Odgianal Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - - -
Intergovemmental Revenue - - - - -
Charges for Services 1,000 1,000 2,853 1,853 1,853
Fines&Forfeitures - - - - -
Investment Income 200 200 29,533 29,333 29,333
Miscellaneous Revenue 24,000 24,000 (444) (24,444) (24,444)
Total Revenues 25,200 25,200 31,942 6,742 6,742
EXPENDITURES
Current:
General Govemmrent - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Econorric Environment - - - - -
Culture and Recreation 121,925 137,925 138,668 (16,743) (743)
Capital Outlay - - - -
Debt Service -
Principal - - -
Interest - - - - -
Total Expenditures 121,925 137,925 138,668 (16,743) (743)
Excess of Revenues Over(Under)Expenditures (96,725) (112,725) (106,726) (10,001) 5,999
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt - -
Insurance Recoveries - - - - -
Operating Transfers-In 97,500 113,500 113,500 16,000 -
Operating Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 97,500 113,500 113,500 16,000 -
Net Change in Fund Balances 775 775 6,774 5,999 5,999
Prior Year Adjustments - - (41) (41) (41)
Fund Balance Beginning 1,000 1,000 2,620 1,620 1,620
Fund Balance,Ending $ 1,775 $ 1,775 $ 9,353 $ 7,578 $ 7,578
See accompanying notes to the basic financial statements.
114
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
AMBULANCE FUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ - $ - $ -
Licenses&Permits - - - -
Intergovemmental Revenue 1,200 1,200 1,463 263 263
Charges for Services 870,000 870,000 859,240 (10,760) (10,760)
Fines&Forfeitures - - - -Investment Income - - (9,311) (9,311) (9,311)
Miscellaneous Revenue 5,000 5,000 450 (4,550) (4,550)
Total Revenues 876,200 876,200 851,842 (24,358) (24,358)
EXPENDITURES
Current:
General Govemment - - - - -
Judicial - - - - -
Public Safety 1,634,012 1,979,812 1,932,197 (298,185) 47,615
Physical Environment - - - - -
Transportation - - - -
Health and Human Services - - -
Economic Environment - - - -
Culture and Recreation - - - - -
Capital Outlay 41,540 69,340 60,199 (18,659) 9,141
Debt Service - -
Principal - - - - -
Interest - - - -
Total Expenditures 1,675,552 2,049,152 1,992,396 (316,844) 56,756
Excess of Revenues Over(Under)Expenditures (799,352) (1,172,952) (1,140,554) (341,202) 32,398
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt - - - -
Insurance Recoveries - - - - -
Operating Transfers-In 800,000 1,173,600 1,280,399 480,399 106,799
Operating Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 800,000 1,173,600 1,280,399 480,399 106,799
Net Change in Fund Balances 648 648 139,845 139,197 139,197
Prior Year Adjustments - - 4,437 4,437 4,437
Fund Balance Beginning - - 123,719 123,719 123,719
Fund Balance,Ending $ 648 $ 648 $ 268,001 $ 267,353 $ 267,353
See accompanying notes to the basic financial statements.
115
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CONTINGENCY FUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ $ - $ -
Licenses&Permits - - -
Intergovernmental Revenue - - -
Charges for Services - - -
Fines&Forfeitures - - -
Investment Income 6,000 6,000 5,811 (189) (189)
Miscellaneous Revenue - - - 0 0
Total Revenues 6,000 6,000 5,811 (189) (189)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - -
Public Safety - - -
Physical Environment - - -
Transportation - - - -
Health and Human Services - - -
Economic Environment - - - - -
Culture and Recreation - - - - -
Capital Outlay - - - - -
Debt Service - -
Prinapal - - - - -
Interest - - - - -
Total Expenditures - - - - -
Excess of Revenues Over(Under)Expenditures 6,000 6,000 5,811 (189) (189)
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 6,000 6,000 5,811 (189) (189)
Prior Year Adjustments - - (685) (685) (685)
Fund Balance Beginning 168,644 168,644 146,343 (22,301) (22,301)
Fund Balance,Ending $ 174,644 $ 174,644 $ 151,469 $ (23,175) $ (23,175)
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - - - -
Charges for Services 193,000 193,000 195,059 2,059 2,059
Fines&Forfeitures - - - - -
Investrnent Inoorne 1,000 1,000 4,373 3,373 3,373
Miscellaneous Revenue 1,100 1,100 7 (1,093) (1,093)
Total Revenues 195,100 195,100 199,439 4,339 4,339
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment 207,426 207,426 188,146 19,280 19,280
Transportation - - - - -
Health and Human Services - - -
Economic Environment - - -
Culture and Recreation - - -
Capital Outlay - - -
Debt Service - -
Principal 30,000 30,000 - 30,000 30,000
Interest 7,000 7,000 9,709 (2,709) (2,709)
Total Expenditures 244,426 244,426 197,855 46,571 46,571
Excess of Revenues Over(Under)Expenditures (49,326) (49,326) 1,584 50,910 50,910
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt - - - -
Insurance Recoveries - - - - -
Operating Transfers-In 59,700 59,700 64,040 4,340 4,340
Operating Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 59,700 59,700 64,040 4,340 4,340
Net Change in Fund Balances 10,374 10,374 65,624 55,250 55,250
Prior Year Adjustments - - 225 225 225
Fund Balance Beginning - - (195,056) (195,056) (195,056)
Fund Balance,Ending $ 10,374 $ 10,374 $ (129,207) _L_L139,5811 $ (139,581)
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - - - -
Charges for Services 114,000 114,000 83,086 (30,914) (30,914)
Fines&Forfeitures - - - - -
Investment Income 500 500 2,702 2,202 2,202
Miscellaneous Revenue 4,000 4,000 440 (3,560) (3,560)
Total Revenues 118,500 118,500 86,228 (32,272) (32,272)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Economic Environment - - - - -
Culture and Recreation 108,345 108,345 58,369 49,976 49,976
Capital Outlay - - -
Debt Service
Principal -
Interest - - -
Total Expenditures 108,345 108,345 58,369 49,976 49,976
Excess of Revenues Over(Under)Expenditures 10,155 10,155 27,859 17,704 17,704
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 10,155 10,155 27,859 17,704 17,704
Prior Year Adjustments - - (44,069) (44,069) (44,069)
Fund Balance Beginning 25,000 25,000 70,012 45,012 45,012
Fund Balance,Ending $ 35,155 $ 35,155 $ 53,802 $ 18,647 $ 18,647
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ $ - $ -
Licenses&Permits - - -
Intergovemmental Revenue 24,000 24,000 23,407 (593) (593)
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investment Income 100 100 (749) (849) (849)
Miscellaneous Revenue 43,300 43,300 56,757 13,457 13,457
Total Revenues 67,400 67,400 79,415 12,015 12,015
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - - -
Health and Human Services 36,750 46,750 34,574 2,176 12,176
Economic Environment - - - - -
Culture and Recreation 191,167 221,167 231,034 (39,867) (9,867)
Capital Outlay - - - - -
Debt Service - -
Principal - - -
Interest - - - - -
Total Expenditures 227,917 267,917 265,608 (37,691) 2,309
Excess of Revenues Over(Under)Expenditures (160,517) (200,517) (186,193) (25,676) 14,324
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt - - - -
Insurance Recoveries - - - - -
Operating Transfers-In 161,000 201,000 200,998 39,998 (2)
Operating Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 161,000 201,000 200,998 39,998 (2)
Net Change in Fund Balances 483 483 14,805 14,322 14,322
Prior Year Adjustments - - 19 19 19
Fund Balance Beginning - - (10,914) (10,914) (10,914)
Fund Balance,Ending $ 483 $ 483 $ 3,910 $ 3,427 $ 3,427
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - -
Charges for Services - - -
Fines&Forfeitures - - -
Investmentlncome 1,000 1,000 303 (697) (697)
Miscellaneous Revenue 38,100 46,100 51,951 13,851 5,851
Total Revenues 39,100 47,100 52,254 13,154 5,154
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - -
Public Safety - - - -
Physical Environment - - - - -
Transportation 48,755 56,755 55,469 (6,714) 1,286
Health and Human Services - - - - -
Economic Environment - - - -
Culture and Recreation - - - -
Capital Outlay - - - -
Debt Service - -
Principal - - - -
Interest - - - - -
Total Expenditures 48,755 56,755 55,469 (6,714) 1,286
Excess of Revenues Over(Under)Expenditures (9,655) (9,655) (3,215) 6,440 6,440
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 (2,155) (2,155) 4,285 6,440 6,440
Prior Year Adjustments - - 3,865 3,865 3,865
Fund Balance Beginning 5,000 5,000 (2,918) (7,918) (7,918)
Fund Balance,Ending $ 2,845 $ 2,845 $ 5,232 $ 2,387 $ 2,387
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Oiigianal Budget Final Budget
REVENUES
Taxes $ - $ $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - -
Charges for Services - - -
Fines&Forfeitures - - -
InvestmentIncome 150 150 211 61 61
Miscellaneous Revenue - - - - -
Total Revenues 150 150 211 61 61
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 150 150 211 61 61
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 150 150 211 61 61
Prior Year Adjustments - - (25) (25) (25)
Fund Balance Beginning 5,200 5,200 5,304 104 104
Fund Balance,Ending $ 5,350 $ 5,350 $ 5,490 $ 140 $ 140
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - - -
Charges for Services - - -
Fines&Forfeitures - - - -
InvestmentIncome 800 800 226 (574) (574)
Miscellaneous Revenue 10,000 10,000 8,055 (1,945) (1,945)
Total Revenues 10,800 10,800 8,281 (2,519) (2,519)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - -
Public Safety - - -
Physical Environment - - -
Transportation - - - -
Health and Human Services - - -
Economic Environment - - - - -
Culture and Recreation 14,330 14,330 11,708 2,622 2,622
Capital Outlay - - - - -
Debt Service - -
Principal - - -
Interest - - - - -
Total Expenditures 14,330 14,330 11,708 2,622 2,622
Excess of Revenues Over(Under)Expenditures (3,530) (3,530) (3,427) 103 103
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 (3,530) (3,530) (3,427) 103 103
Prior Year Adjustments - - (104) (104) (104)
Fund Balance Beginning 20,000 20,000 23,373 3,373 3,373
Fund Balance,Ending $ 16,470 $ 16,470 $ 19,842 $ 3,372 $ 3,372
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Oiigianal Budget Final Budget
REVENUES
Taxes $ 190,000 $ 190,000 $ 170,474 $ (19,526) $ (19,526)
licenses&Permits - - - - -
Intergovernmental Revenue - - -
Charges for Services - - -
Fines&Forfeitures - - - -
Investment Income - 376 376 376
Miscellaneous Revenue - - - - -
Total Revenues 190,000 190,000 170,850 (19,150) (19,150)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Health and Human Services - - - - -
Economic Environment 190,000 190,000 170,474 19,526 19,526
Culture and Recreation - - - - -
Capital Outlay - - - -
Debt Service - -
Nndpal - - - - -
Interest - - - - -
Total Expenditures 190,000 190,000 170,474 19,526 19,526
Excess of Revenues Over(Under)Expenditures - - 376 376 376
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 - - 376 376 376
Prior Year Adjustments - - (65) (65) (65)
Fund Balance Beginning - - 423 423 423
Fund Balance,Ending $ $ - $ 734 $ 734 $ 734
See accompanying notes to the basic financial statements.
122
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
UTTERABATEMFNf FUND
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ - $ $ $ -
Licenses&Pen-nits - - -
Intergovemmental Revenue 7,000 7,000 - (7,000) (7,000)
Charges for Services - - 5,000 5,000 5,000
Fines&Forfeitures - - - - -
Investment Inoome 100 100 6 (94) (94)
Miscellaneous Revenue 4,000 4,000 5,000 1,000 1,000
Total Revenues 11,100 11,100 10,006 (1,094) (1,094)
EXPENDITURES
Current:
General Government - - - -
Judicial - -
Public Safety - -
Physical Environment - - - -
Transportation 6,980 10,980 13,461 (6,481) (2,481)
Health and Human Services - - - -
Economic Environment - - -
Culture and Recreation - - -
Capital Outlay - - -
Debt Service
Principal - - -
Interest - - - -
Total Expenditures 6,980 10,980 13,461 (6,481) (2,481)
Excess of Revenues Over(Under)Expenditures 4,120 120 (3,455) (7,575) (3,575)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - -
Proceeds of General L-T Debt - - -
Insurance Recoveries - - - - -
Operating Transfers-In - 4,000 4,000 4,000 -
Operating Transfers-(Out) - - - - -
Total Other Finandng Sources(Uses) - 4,000 4,000 4,000 -
Net Change in Fund Balances 4,120 4,120 545 (3,575) (3,575)
Prior Year Adjustments - - 26 26 26
Fund Balance Beginning 3,000 3,000 3,697 697 697
Fund Balance,Ending $ 7,120 $ 7,120 $ 4,268 $ (2,852) $ (2,852)
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ $ $ - $ -
Licenses&Permits - - -
Intergovernmental Revenue - - - -
Charges for Services 5,000 5,000 11,484 6,484 6,484
Fines&Forfeitures 30,000 30,000 32,037 2,037 2,037
Investment Income 4,000 4,000 13,721 9,721 9,721
Miscellaneous Revenue 10,000 10,000 50,819 40,819 40,819
Total Revenues 49,000 49,000 108,061 59,061 59,061
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Health and Human Services - - - - -
Economic Environment 26,600 26,600 35,135 (8,535) (8,535)
Culture and Recreation - - - - -
Capital Outlay - - - -
Debt Service - -
Principal - - - -
Interest - - - - -
Total Expenditures 26,600 26,600 35,135 (8,535) (8,535)
Excess of Revenues Over(Under)Expenditures 22,400 22,400 72,926 50,526 50,526
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 22,400 22,400 72,926 50,526 50,526
Prior Year Adjustments - - (865) (865) (865)
Fund Balance Beginning 150,000 150,000 195,285 45,285 45,285
Fund Balance,Ending $ 172,400 $ 172,400 $ 267,346 $ 94,946 $ 94,946
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ 140,000 $ 160,000 $ 177,766 $ 37,766 $ 17,766
Licenses&Perrrrts - - - - -
Intergovemmental Revenue - - -
Charges for Services - - -
Fines&Forfeitures - - - - -
Investment Income 500 500 250 (250) (250)
Miscellaneous Revenue - - - - -
Total Revenues 140,500 160,500 178,016 37,516 17,516
EXPENDITURES
Current:
General Government - - - - -
Judicial - - -
Public Safety - - -
Physical Environment - - -
Transportation - - - -
Health and Human Services - - -
Ecoriomic Environment - - - - -
Culture and Recreation 150,000 210,000 208,550 (58,550) 1,450
Capital Outlay - - - -
Debt Service -
Principal 70,350 70,350 70,345 5 5
Interest 34,675 34,675 34,662 13 13
Total Expenditures 255,025 315,025 313,557 (58,532) 1,468
Excess of Revenues Over(Under)Expenditures (114,525) (154,525) (135,541) (21,016) 18,984
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt - - -
Insurance Recoveries - - - - -
Operating Transfers-In 75,000 115,000 115,000 40,000 -
Operating Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 75,000 115,000 115,000 40,000 -
Net Change in Fund Balances (39,525) (39,525) (20,541) 18,984 18,984
Prior Year Adjustments - - (763) (763) (763)
Fund Balance Beginning 40,000 40,000 54,640 14,640 14,640
Fund Balance,Ending $ 475 $ 475 $ 33,336 $ 32,861 $ 32,861
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - - - -
Charges for Services 184,200 184,200 313,189 128,989 128,989
Fines&Forfeitures - - - - -
Investrnent Inoorne 20,000 20,000 78,304 58,304 58,304
Miscellaneous Revenue - - - 0 0
Total Revenues 204,200 204,200 391,493 187,293 187,293
EXPENDITURES
Current:
General Government - - - - -
Judicial - - -
Public Safety - - -
Physical Environment - - -
Transportation - - - -
HeaIth and Human Services - - - - -
Economic Environment - - - - -
Culture and Recreation - - - - -
Capital Outlay 422,000 422,000 - 422,000 422,000
Debt Service - -
Principal - - - - -
Interest - - - - -
Total Expenditures 422,000 422,000 - 422,000 422,000
Excess of Revenues Over(Under)Expenditures (217,800) (217,800) 391,493 609,293 609,293
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Operating Transfers-In - - - - -
Operating Transfers-(Out) - - (653,539) (653,539) (653,539)
Total Other Financing Sources(Uses) - - (653,539) (653,539) (653,539)
Net Change in Fund Balances (217,800) (217,800) (262,046) (44,246) (44,246)
Prior Year Adjustments - - (24,901) (24,901) (24,901)
Fund Balance Beginning 1,800,000 1,800,000 1,732,618 (67,382) (67,382)
Fund Balance,Ending $ 1,582,200 $ 1,582,200 $ 1,445,671 $ (136,529) $ (136,529)
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ 500,000 $ 500,000 $ 944,378 $ 444,378 $ 444,378
Licenses&Permits - - - - -
Intergovemmental Revenue - -
Charges for Services - -
Fines&Forfeitures - - - - -
Investment Inane 50,000 50,000 114,786 64,786 64,786
Miscellaneous Revenue - - - - -
Total Revenues 550,000 550,000 1,059,164 509,164 509,164
EXPENDITURES
Current:
General Government - - - - -
Judidal - -
Public Safety - -
Physical Environment - -
Transportation - -
Health and Human Services - - -
Economic Environment - -
Culture and Recreation - - - - -
Capital Outlay 1,200,000 1,200,000 600,000 600,000 600,000
Debt Service - -
Principal - - - -
Interest - - - - -
Total Expenditures 1,200,000 1,200,000 600,000 600,000 600,000
Excess of Revenues Over(Under)Expenditures (650,000) (650,000) 459,164 1,109,164 1,109,164
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - -
Proceeds of General L-T Debt -
Insurance Recoveries -
Operating Transfers-In -
Operating Transfers-(Out) (10,813) (10,813) (10,813)
Total Other Financing Sources(Uses) (10,813) (10,813) (10,813)
Net Change in Fund Balances (650,000) (650,000) 448,351 1,098,351 1,098,351
Prior Year Adjustments - - (15,148) (15,148) (15,148)
Fund Balance Beginning 2,600,000 2,600,000 2,663,014 63,014 63,014
Fund Balance,Ending $ 1,950,000 $ 1,950,000 $ 3,096,217 $ 1,146,217 $ 1,146,217
See accompanying notes to the basic financial statements.
127
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
INDUSTRIAL DEVELOPMENT AND INFRASTRUCTURE
FOR THE YEAR ENDED DECEMBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Oiigianal Budget Final Budget
REVENUES
Taxes $ - $ $ - $ - $ -
Licenses&Permits - - - -
Intergovernmental Revenue - - - -
Charges for Services - - -
Fines&Forfeitures - - - -
Investment Income 20,000 20,000 30,257 10,257 10,257
Miscellaneous Revenue - - - - -
Total Revenues 20,000 20,000 30,257 10,257 10,257
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Health and Human Services - - - -
Economic Environment - - - -
Culture and Recreation - - - -Capital Outlay 500,000 500,000 599,710 (99,710) (99,710)
Debt Service - -
Principal - - - - -
Interest - - - - -
Total Expenditures 500,000 500,000 599,710 (99,710) (99,710)
Excess of Revenues Over(Under)Expenditures (480,000) (480,000) (569,453) (89,453) (89,453)
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Operating Transfers-In - - 246,430 246,430 246,430
Operating Transfers-(Out) - - (291,000) (291,000) (291,000)
Total Other Financing Sources(Uses) - - (44,570) (44,570) (44,570)
Net Change in Fund Balances (480,000) (480,000) (614,023) (134,023) (134,023)
Prior Year Adjustments - - (4,287) (4,287) (4,287)
Fund Balance Beginning 1,060,000 1,060,000 1,015,991 (44,009) (44,009)
Fund Balance,Ending $ 580,000 $ 580,000 $ 397,681 $ (182,319) $ (182,319)
See accompanying notes to the basic financial statements.
128
BUDGET TO ACTUAL
STADIUNVCONVE T10N CENTER FUND
FOR THE YEAR ENDED DECEIVBER 31,2006
Original Final Variance to Variance to
Budget Budget Actual Ongianal Budget Final Budget
REVENUES
Taxes $ 140,000 $ 140,000 $ 174,790 $ 34,790 $ 34,790
Licenses&Pemits - - - - -
Intergovemmental Revenue - - 83,000 83,000.00 83,000.00
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investrrent Incorne 2,000 2,000 (2,105) (4,105) (4,105)
Miscellaneous Revenue 20,100 20,100 21,850 1,750 1,750
Total Revenues 162,100 162,100 277,535 115,435 115,435
EXPENDITURES
Current:
General Govemment - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Econornic Environment - - - - -
Culture and Recreation 102,930 102,930 96,513 6,417 6,417
Capital Outlay - - - - -
Debt Service - -
Principal 90,000 90,000 90,000 - -
Inte-est 36,050 36,050 35,750 300 300
Total Expenditures 228,980 228,980 222,263 6,717 6,717
Excess of Revenues Over(Under)Expenditures (66,880) (66,880) 55,272 122,152 122,152
OTHER FINANGNG SOURCES(USES)
Disposition of Fixed Assets - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Operating Transfers-In - - - - -
Operating Transfers-(Out) - - (83,000) (83,000) (83,000)
Total Other Financing Sources(Uses) - - (83,000) (83,000) (83,000)
Net Change in Fund Balances (66,880) (66,880) (27,728) 39,152 39,152
Prior Year Adjustments - - (144,520) (144,520) (144,520)
Fund Balance Beginning 70,000 70,000 149,758 79,758 79,758
Fund Balance,Ending $ 3,120 $ 3,120 $ (22,490) $ (25,610) $ (25,610)
See accompanying notes to the basic financial staternents.
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 31,2006
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ - $ - $ $ $ -
Licenses&Pen-nits - - -
Intergovemmental Revenue - - -
Charges for Services - - -
Fines&Forfeitures - - -
Investment Income - - 6,262 6,262.00 6,262.00
Miscellaneous Revenue - - - - -
Total Revenues - - 6,262 6,262 6,262
EXPENDITURES
Current:
General Government - - - - -
Judicial - - -
Public Safety - - -
Physical Environment - - -
Transportation - - - -
Health and Human Services - - - -
Economc Environment - - - - -
Culture and Recreation - - - - -
Capital Outlay - - 460 (460) (460)
Debt Service - -
Principal - - - -
Interest - - - - -
Total Expenditures - - 460 (460) (460)
Excess of Revenues Over(Under)Expenditures - - 5,802 5,802 5,802
OTHER FINANCING SOURCES(USES)
Disposition of Fixed Assets - - - - -
Proceeds of General L-T Debt - - -
Insurance Recoveries - - -
Operating Transfers-In - - -
Operating Transfers-(Out) - (248,000) (246,483) (246,483) 1,517
Total Other Financing Sources(Uses) - (248,000) (246,483) (246,483) 1,517
Net Change in Fund Balances - (248,000) (240,681) (240,681) 7,319
Prior Year Adj ustments - - (2,253) (2,253) (2,253)
Fund Balance Beginning - 248,000 242,934 242,934 (5,066)
Fund Balance,Ending $ - $ - $ $ - $
See acomWnying notes to the basic financial statements.
130
C]ty of Pasco
Carbirrrig SUarent of Nat Assets
Internal Services Fuld
For the Year Ended Daoerriaer 31,2006
Ga to Activities
Irtand Service Fuids
Equpment Patal EgrJpment Patal Cenral Nbcicai Iris. 2006 2005
Cpe oi-is Fboamml Stores Fund Total Total
ASSETS
Qxre nt Assets:
Qxrent Cash&Cash Rpvalents $ 115,522 $ 1,507,010 $ 173 $ 42,285 $ 1,664,990 $ 1,502,324
Pboeivables(rte of allmonces)
Interfuid Loans Pboeivable - 180,000 - - 180,000 200,000
I adiarxise Irivertory - - 7,706 - 7,706 14,598
Interest Raoeivable - 7,413 - 155 7,568 22,990
Die from Ga� Units - - - - - -
Total QrrentAssets $ 115,522 $ 1,694,423 $ 7,879 $ 42,440 $ 1,860,264 $ 1,739,912
N3+O n ert Assets:
Restricted Assets $ - $ - $ - $ - $ - $ -
Fxed Assets,Not of Dep wAcn
Equpnut - 2,231,578 - - 2,231,578 2364,262
TOTALASSETS $ 115,522 $ 3,926,001 $ 7,879 $ 42,440 $ 4,091,842 $ 4,104,174
UABUTIES
Offent Liabilities:
Acoaxts Payable $ 20,790 $ 1,731 $ 132 $ 198 $ 22,851 $ 83,280
TotalOrrertLiabilities $ 20,790 $ 1,731 $ 132 $ 198 $ 22,851 $ 83,280
NcrrOarert Liabilities
CorrpensatedAbsences $ 16,086 $ - $ - $ - $ 16,086 $ 14,514
Interfuid Loans Payable 85,000 - - - 85,000 -
gains Ina.rred Not Pbported - - - 125,000 125,000 125,000
Total Liabilities $ 121,876 $ 1,731 $ 132 $ 125,198 $ 248,937 $ 222,794
NEFASSETS
Investnre in Capital Assets,Not
of Fbated Debt $ - $ 2231,578 $ 7,706 $ - $ 2,239,284 $ 2378,860
Restricted for Debt Service - 180,000 - - 180,000 200,000
U7estiicted (6,354) 1,512,692 41 (82,758) 1,423,621 1,302,520
Total Net Assets $ (6,354) $ 3,924,270 $ 7,747 $ (82,758) $ 3,842,905 $ 3,881,380
See aocorrpar)ing notes to the basic finanaal statements.
131
City of Pasco
Combining Statement of Net Assets
Internal Services Fund
For the Year Ended December 31,2006
Business Type Activities
Internal Service Funds
Equipment Rental Equipment Rental 2006 2005
Operations Replacement Total Total
ASSETS
Current Assets:
Current Cash&Cash Equivalents $ - $ 1,350,796 $ 1,350,796 $ 1,346,338
Receivables(net of allowances)
I nterfund Loans Receivable - 41,158 41,158 -
Merchandise Inventory - - - -
Interest Receivable - 6,801 6,801 21,464
Due from Governmental Units - - - -
Total Current Assets $ - $ 1,398,755 $ 1,398,755 $ 1,367,802
Non-Current Assets:
Restricted Assets $ - $ - $ - $ -
Fixed Assets,Net of Depreciation
Equipment - 862,687 862,687 927,797
TOTAL ASSETS $ - $ 2,261,442 $ 2,261,442 $ 2,295,599
LIABILITIES
Current Liabilities:
Accounts Payable $ 2,252 $ - $ 2,252 $ 25,249
Total Current Liabilities $ 2,252 $ - $ 2,252 $ 25,249
Non-Current Liabilities
Compensated Absences $ 7,884 $ - $ 7,884 $ 7,884
Interfund Loans Payable 71,158 - 71,158 109,612
Claims Incurred Not Reported - - - -
Total Liabilities $ 81,294 $ - $ 81,294 $ 142,745
NET ASSETS
Investment in Capital Assets,Net
of Related Debt $ - $ 862,687 $ 862,687 $ 927,797
Restricted for Debt Service - 41,158 41,158 -
Unrestricted (81,294) 1,357,597 1,276,303 1,225,057
Total Net Assets $ (81,294) $ 2,261,442 $ 2,180,148 $ 2,152,854
See accompanying notes to the basic financial statements.
132
Cflyd Pam
ODnbnrr3 aAeTcnt of Fines,Epaxfhxes,axi Cta�in Rid fat Pss#s
Irterd does Rj-d
FbrttieYeerEr-cbdDamT Er 31,2006
Cauemertal A\hes
Irtarrn Safioe Rr&s
Esl.M t R3-d ElpIp "a t Wd Cat-d N/bdd lrs 2706 2006
CpaAc s f4laoare't Saes Find Total Trial
CFERUNGFEM34 ES
C1argesfaSa-vioss-Irtersl $ 64379 $ 473849 $ 30,029 $ 2,016;995 $ 3,149,24 $ 2,640800
C1agesfaSa,,ioes-Char 11,553 41,900 - 18$289 241,742 254,662
Tctal Operating Fbates $ 639,932 $ 510749 $ 3Q029 $ 2270284 $ 3,3 994 $ 2,90Q462
CIPEPAI1fGDTENSM
Cpeating BP3 ses $ 97,445 $ - $ 44,802 $ 30964 $ 17$211 $ 1629
NbrteErmIspa-ses 560600 - - - 595600 547,210
IrarameClarrsaidEN)ase_; - - - 2360,40 2,36Q390 2,126,918
a ediatim - 17,219 - - 17,219 237,,641
Qi ital O-days 9,772 173,351 - - 131,123 19Q913
TcdCoeretirx3Epeses $ 702,817 $ 19Q570 $ 44,802 $ 2,396,354 $ 3,334,543 $ 3,315640
UEPAIFINGlNalE(l-C6S) $ (EP885) $ 325179 $ (14,773) $ (191,070) $ 56;451 $ (410178)
NNGURAII f�G F�1�V..ES(
Irestrnatlrmm $ (159) $ 60857 $ 30 $ 2,425 $ 6$153 $ 47,654
Tcd NbiQperatirg Fbmes(Epeses) $ (156) $ 6087 $ 30 $ 2425 $ 6Q153 $ 47,654
ln=m %)befaeOirtnUasend
Trarsfes $ (63044) $ 391,0136 $ (14,743) $ (18$645) $ 124,604 $ (357,524)
Captal 03tibAcs $ - $ - $ - $ - $ -
Tra-desln(CLt) 5Q253 (105100) 5000 - (4Q837) 162,637
Ourjes in NEt Assets $ (3,781) $ 2809% $ 0743) $ (188,645) $ 83,767 $ (204,887)
RicrYea-,4utTErts $ 197 $ (302,664) $ (6) $ (1,338) $ (308811) $ 13Q332
Assets FLrdesed in Cher Rrr, - 181,589 - - 181,589 308 824
WTA=-EM IWW-3 $ (2,770) $ 3,759,429 $ 17,496 $ 107,22; $ 3;881,380 $ 3;647,111
NETASEEM-BUNG $ (6,354) $ 3,924,270 $ 7,747 $ (82,758) $ 3,842,905 $ 3,881,380
Seeaa mpongrdestoftbadcfirErnal statamt&
133
City of Pasco
Carbiring Statement of Revenues,Expenditures,and Changes in Fund Net Assets
Interned Services Fund
For the Year Ended Decernbff 31,2006
Business-type Activifies
Internal Service Funds
Equipment Rental Equipment Rental 2006 2005
Operations Replacernent Total Total
OPERAII NG RE\/FINUES
Charges for Services-Internal $ 280,020 $ 171,540 $ 451,560 $ 349,140
Charges for Services-Other 3,175 - 3,175 16,381
Toted Operating Revenues $ 283,195 $ 171,540 $ 454,735 $ 365,521
OPERAII NG EVEINSES
Operating Expenses $ 19,900 $ - $ 19,900 $ -
Nt3intenanoe Expenses 161,942 - 161,942 120,894
Insurance Claims and Expenses - - - -
Depredation - 264,018 264,018 33,837
Capital Outlays - 165,537 165,537 -
Total Operating Expenses $ 181,842 $ 429,555 $ 611,397 $ 154,731
OPERAl1NGINCONE(LOSS) $ 101,353 $ (258,015) $ (156,662) $ 210,790
NON-OPERA 11NG REVENUES(E)PENSES)
Investment Income $ (942) $ 51,911 $ 50,969 $ 42,681
Total Non-Operating Pbmvenues(Expenses) $ (942) $ 51,911 $ 50,969 $ 42,681
Income(Loss)before Contributions and
Transfers $ 100,411 $ (206,104) $ (105,693) $ 253,471
Capital Contributions $ - $ - $ - $ -
Transfers In(Out) (59,263) - (59,263) (157,637)
Changes in Net Assets $ 41,148 $ (206,104) $ (164,956) $ 95,834
Prior Year Adjustrrents $ (277) $ 163,608 $ 163,331 $ (85,179)
Assets Purchased in Other Funds - 28,919 28,919 90,155
NETASSEfS-BEGINNING $ (122,165) $ 2,275,019 $ 2,152,854 $ 2,052,044
NETASSETS-ENDING $ (81,294) $ 2,261,442 $ 2,180,148 $ 2,152,854
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 31,2006
Governmental Activities
Internal Service Funds
Equipment Rental Equipment Rental Central Medical Iris.
Operations Replacerrient Stores Fund Total
CASH FLOW FROM OPERATING ACTIVITIES:
Cash Received from Customers $ 637,688 $ 526,265 $ 36,934 $ 2,212,421 $ 3,413,308
Payments for Maintenance&Ops. (715,913) (188,092) (47,562) (35,964) (987,531)
Payments to Employees - (2,388,650) (2,388,650)
Net Cash provided by operating activities $ (78,225) $ 338,173 $ (10,628) $ (212,193) $ 37,127
CASH FLOWS FROM NON-CAPITAL
FINANGNGACTIMTIES
Prior Year Adjustments $ 197 $ 14,370 $ (6) $ (1,338) $ 13,223
Transfers In(Out) 144,263 (105,100) 5,000 - 44,163
$ 144,460 $ (90,730) $ 4,994 $ (1,338) $ 57,386
CASH FLOW FROM CAPITAL AND
RELATED FINANCINGACTIVITIES:
Acquisition of Capital Assets $ - $ - $ - $ - $ -
CASH FLOWS FROM INVESTINGACTIVIT1ES:
InvestmentActivities $ (159) $ 65,857 $ 30 $ 2,425 $ 68,153
Net Increase(Decrease)in Cash and
Cash Equivalents $ 66,076 $ 313,300 $ (5,604) $ (211,106) $ 162,666
Cash and Cash Equivalents January 1 $ 49,446 $ 1,193,710 $ 5,777 $ 253,391 $ 1,502,324
Cash and Cash Equivalents December 31 $ 115,522 $ 1,507,010 $ 173 $ 42,285 $ 1,664,990
CASH PROVIDED BY OPERATING
ACTIVITIES:
Net Operating Income $ (62,885) $ 325,179 $ (14,773) $ (191,070) $ 56,451
ADJUSTMENTS TO RECONCILE OPERATING
INCOME TO NET CASH PROVIDED BY
OPERATINGACTIVITIES
Depreciation $ - $ 17,219 $ - $ - $ 17,219
(Increase)/Decrease in Customer Recavables (2,244) 10,516 6,905 7,137 22,314
Increase/(Decrease)in Accounts Payable (14,668) (14,741) (2,760) (28,260) (60,429)
Increasel(Decrease)in Compensated Absences 1,572 - - 1,572
Net Cash Provide by Operating Activities $ (78,225) $ 338,173 $ (10,628) $ (212,193) $ 37,127
See accompanying notes to the basic finandal statements.
135
City of Pasco
Combining Statement of Cash Flows
Internal Services Fund
For the Year Ended December 31, 2006
Business-type Activities
Internal Service Funds
Equipment Rental Equipment Rental
Operations Replacement Total
CASH FLOW FROM OPERATING ACTIVITIES:
Cash Received from Customers $ 284,185 $ 185,213 $ 469,398
Payments for Maintenance &Ops. (185,249) (185,127) (370,376)
Payments to Employees - - -
Net Cash provided by operating activities $ 98,936 $ 86 $ 99,022
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Prior Year Adjustments $ (277) $ (6,381) $ (6,658)
Transfers In (Out)' (97,717) (41,158) (138,875)
$ (97,994) $ (47,539) $ (145,533)
CASH FLOW FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of Capital Assets $ - $ -
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Activities $ (942) $ 51,911 $ 50,969
Net Increase (Decrease) in Cash and
Cash Equivalents $ - $ 4,458 $ 4,458
Cash and Cash Equivalents January 1 $ $ 1,346,338 $ 1,346,338
Cash and Cash Equivalents December 31 $ $ 1,350,796 $ 1,350,796
'Reflects activities on interfund loans
CASH PROVIDED BY OPERATING
ACTIVITIES:
Net Operating Income $ 101,353 $ (258,015) $ (156,662)
ADJUSTMENTS TO RECONCILE OPERATING
INCOME TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
Depreciation $ - $ 264,018 $ 264,018
(Increase)/Decrease in Customer Receivables 990 13,673 14,663
Increase/(Decrease) in Accounts Payable (3,407) (19,590) (22,997)
Increase/(Decrease) in Compensated Absences - - -
Net Cash Provide by Operating Activities $ 98,936 $ 86 $ 99,022
See accompanying notes to the basic financial statements.
136
City of Pasco
SdmWeof Operatims-Budget toPdLds
Ecpprrent Poll Operations Go�l
Far the Year Ended DaBT per 31,2006
Qigral Final Varianceto Variarceto
Budgd Budget PdLial Oigrd Budget Final B�
CPERAIING S
Charges for Sermoes-Internal $ 713,280 $ 713,280 $ 628,379 $ (84,901) $ (84,901)
Charges for SeNoes-Cher 10,000 10,000 11,553 1,553 1,553
Total Operatingies $ 723,280 $ 723,280 $ 639,932 $ (83,348) $ (83,348)
CR9:?Al1 NG E>FB`1SES
Operating EVerses $ 90,575 $ 90,575 $ 97,445 $ (6,870) $ (6,870)
N/birteneince ENmnses 593,890 678,890 565,600 (1,710) 83,290
lr&ranoe aeirrs and E - - - - -
Depreciaticn - - - - -
CapitalOutlays 10,500 10,500 9,772 728 728
Total Operating EVenses $ 694,965 $ 779,965 $ 702,817 $ (7,852) $ 77,148
CPERAl1NGINOCIVE(LOSS) $ 28,315 $ (56,635) $ (62,885) $ (91,200) $ (6,200)
N01`40PEPAl1 NG F EVEN-ES(DTH`iSES)
Investrrat Inocrre $ 1,000 $ 1,000 $ (159) $ (1,159) $ (1,159)
Total Non-Cperding%exres(EVenses) $ 1,000 $ 1,000 $ (159) $ (1,159) $ (1,159)
Income(Loss)before CatriMons and
Transfers $ 29,315 $ (55,685) $ (63,044) $ (92,359) $ (7,350)
Capital Catributicns $ - $ - $ - $ - $ -
Tra-tiers In(Cut) - - 59,2663 59,263 59,263
Changes in Net Assets $ 29,315 $ (55,685) $ (3,781) $ (33,096) $ 51,904
RicrYeerAjustn� $ - $ - $ 85,197 $ 85,197 $ 85,197
N=rASSErs-BEG NVNG $ - $ - $ (2770) $ (2770) $ (Z770)
I`Ef ASSET'S-B\ WG $ 29,315 $ (55,685) $ 78,646 $ 49,331 $ 134,331
See acompanying notes to the basic fira ud statements.
137
city of Pasoo
Schedule of Operaticns-Budget to Actuals
Equipment Rantal ReplamTff t Fund Ca�al
For the Year Ended Deceirber 31,2006
Original Final Vaianceto Varianoeto
Budget Budget Actual Original Budget Final Budget
OPERATING REVENL ES
Charges for Services-Internal $ 532,792 $ 532,792 $ 473,849 $ (58,943) $ (58,943)
Charges for Services-other 42,000 42,000 41,900 (100) (100)
Total Operating Raverx.ies $ 574,792 $ 574,792 $ 515,749 $ (59,043) $ (59,043)
CPERAl1NG DXPENSES
Operating Expenses $ - $ - $ - $ - $ -
Kbr-tens m Expenses - - - - -
Ins canoe aairns and Expenses - - - - -
Depreciation - - 17,219 (17,219) (17,219)
Capital Outlays 400,000 400,000 173,351 226,649 226,649
Toth Operating EVenses $ 400,000 $ 400,000 $ 190,570 $ 209,430 $ 209,430
OPERATI%INCOIVE(LOSS) $ 174,792 $ 174,792 $ 325,179 $ 150,387 $ 150,387
NON-OPERATING RE\/3 ES(Da'ENSES)
Investment Income $ 60,000 $ 60,000 $ 65,857 $ 5,857 $ 5,857
Total Nor}Operating Reveniues(Expenses) $ 60,000 $ 60,000 $ 65,857 $ 5,857 $ 5,857
Non-Ravff ues
Interfund Loan Rapayrrients $ 20,000 $ 20,000 $ - $ (20,000) $ (20,000)
Income(Loss)before Contributions and
Transfers $ 234,792 $ 234,792 $ 391,036 156,244 156,244
Capital Contributions $ - $ - $ - $ - $ -
Transfers ln(Out) - - (105,100) (105,100) (105,100)
Sale of Assets 1,000 1,000 - $ (11000) $ (11000)
Total Capital Contributions $ 1,000 $ 1,000 $ (105,100) $ (106,100) $ (106,100)
Changes in Net Assets $ 235,792 $ 235,792 $ 285,936 $ 50,144 $ 50,144
Prior YearAdustments $ - $ - $ (302,664) $ (302,664) $ (302,664)
Assets Purchased in Other Funds - - 181,569 181,569 181,569
NET ASSETS-BEGINNNG $ 1,000,000 $ 1,000,000 $ 3,759,429 $ 2,759,429 $ 2759,429
NETASSETS-ENDING $ 1,235,792 $ 1,235,792 $ 3,924,270 $ 2,688,478 $ 2,688,478
See aoconpaiying notes to the basic financial statements.
138
city of Pasoo
SdieWle of Operations-Budge to Pduals
Central Stores Fuld
Far the Year B-&d Decen-ber 31,2006
Qigral Final Variarmto Vaiianceto
Bidgd arw Pdual Cligirral aidget Frral Budget
CPEPAn%FEVB4UES
ChargesforServioes-Irterrral $ 25,000 $ 35,000 $ 30,029 $ 5,029 $ (4,971)
Charges for Servioes-Cher - - - - -
Total Operating Pyres $ 25,000 $ 35,000 $ 30,029 $ 5,029 $ (4,971)
CPBFAl1NG DPBNSES
Operating Expenses $ 25,000 $ 40,000 $ 44,3102 $ (19,802) $ (4,302)
N/t intenanoe Expenses - - - - -
Imrame aaims and Expenses - - - - -
Depreaaticn - - - - -
Capital Olays - - - - -
Total Operating Experses $ 25,000 $ 40,000 $ 44,302 $ (19,802) $ (4,302)
OFDBRAl1NGINOCIVE(LOSS) $ - $ (5,000) $ (14,773) $ (14,773) $ (9,773)
Na4a:'EPAl1NG FERN JES(BFEC S)
Invest nt Income $ - $ - $ 30 $ 30 $ 30
Total Nm perating (Expenses) $ - $ - $ 30 $ 30 $ 30
Incom(Loss)before Contributions and
Transfers $ - $ (5,000) $ (14,743) $ (14,743) $ (9,743)
Capital Contributions $ - $ - $ - $ - $ -
Transfers In(W) - 5,000 5,000.00 5,000 -
Changes in Net Pssets $ - $ - $ (9,743) $ (9,743) $ (9,743)
Prio-Year-P4ustrnxts $ - $ - $ (6) $ (6) $ (6)
Assets Rxdiased in Ctlw Fuids - - -
NETPSSETS-BEGI\NNG $ - $ - $ 17,496 $ 17,496 $ 17,496
NETPSSETS-B\D% $ - $ - $ 7,747 $ 7,747 $ 7,747
See aocorrparyng notes to the basic fir Erual statements.
139
aty of Pasoo
SdmckleofOperations- toActuals
K/kical/Dcntal Ir rrarroe land
For the Year Forted Decen tier-31,2006
Crignal Final variarmto Vaianoeto
Budget Budget Actual Ctignal Budget Final Budget
CPER'\flW,FEVENLJES
OiargesforServioes-Intemal $ 1,966,000 $ 1,996,000 $ 2,016,995 $ 30,995 $ 30,995
CNygesforServioes-Other 205,000 205,000 188,289 (16,711) (16,711)
Total CperatrxjPv>✓-uffi $ 2,191,000 $ 2,191,000 $ 2,205,284 $ 14,284 $ 14,284
C>PBPA-11NG EXPBVSES
Operating EVenses $ 41,500 $ 41,500 $ 35,964 $ 5,536 $ 5,536
K/bintenarm EVenses - - - - -
InsuarroeaairmandEpenSes 2,115,500 2,115,500 2,360,390 (244,890) (244,890)
Depredation - - - - -
Capital Outlays - - - - -
TcU Operatirg E $ 2157,000 $ 2,157,000 $ 2,396,354 $ (239,354) $ (239,354)
CPEFAl1NGIN00IVE(LCSS) $ 34,000 $ 34,000 $ (191,070) $ (715,070) $ (225,070)
NOf�OPB�/al1NG REVBI-ES(IDPIMES)
Investment Income $ 10,000 $ 10,000 $ 2,425 $ (7,575) $ (7,575)
Total Nm-Cperaating (EVenses) $ 10,000 $ 10,000 $ 2,425 $ (7,575) $ (7,575)
Inoorre(loss)before Contributions grid
Transfers $ 44,000 $ 44,000 $ (188,645) $ (232,645) $ (232,645)
Capital Contribution $ - $ - $ - $ - $ -
Transfers In(Out) - - - - -
Chaxjes in Net Assets $ 44,000 $ 44,000 $ (188,645) $ (232,645) $ (232,645)
RiorYearP4 strrents $ - $ - $ (1,338) $ (1,338) $ (1,338)
Assets Purchased in C> ff Rr>ds - - -
NFTASSETS-BEGINVNG $ 530,000 $ 530,000 $ 107,225 $ (422,775) $ (422775)
NEF SSETS-ENDING $ 574,000 $ 574,000 $ (82,758) $ (656,758) $ (666,758)
See acoorrparyng notes to the basic financial statements.
140
Scted.le d Guns-R dget to P"s
EcpMert Rlard qDff-�as asiress-Nm
Far theYea-Ended Dmnt er 31,2006
Oignel Final Vaiarneto Vaianoeto
adget t?Iiy Pct<eI Qigrd Ridget Fire)l?liciget
C PEPATI G DES
Ch3DesfcrSa\Aoes-Irtarel $ - $ 144,000 $ 280,020 $ 280,020 $ 136,020
Chnjes for Savioes-Cdw - - 3,175 3,175 3,175
Total CperatirgPemi s $ - $ 144,000 $ 283,195 $ 283,195 $ 139,195
CPB:?Al1%B4TNSES
grating $ - $ 20,000 $ 19,900 $ (19,900) $ 100
lvlairtan ca-Ev uses - 154,000 161,942 (161,942) (7,942)
I rsuanoe Clairrs a-d E>pe uses - - - - -
Deprecialicn - - - - -
Cbpital Cttlar - - - - -
Total q)ertng Bpa- es $ - $ 174,000 $ 181,842 $ (181,842) $ (7,842)
CfDEPAllNGINMVE(l-CAS) $ - $ (30,000) $ 101,353 $ 101,353 $ 131,353
f A11NGM BAES(B4'BEES)
Inestrrert Income $ - $ - $ (942) $ (942) $ (942)
Tdai fbn-q�ing des(B penses) $ - $ - $ (942) $ (942) $ (942)
Income(Loss)before CcrtnbLbcns and
Tra-das $ - $ (30,000) $ 100,411 $ 100,411 $ 130,411
Capital 03tibu als $ - $ - $ - $ - $ -
Tralsfas In(OA) - - (59,263) (56,263) (59,263)
Charges infBtPssets $ - $ (30,000) $ 41,148 $ 41,148 $ 71,148
Ricr Yeer ML strrerts $ - $ - $ (277) $ (277) $ (277)
f EFASSETS-BEOMll3 $ - $ - $ (122,165) $ (122,165) $ 122,1
NET ASSETS-END W, $ - $ (30,000) _L_L81,294 $ (81,294) $ 51,294
See a000rrp"ng notes to the bmc firencial statarerts
141
Qty of Pasco
Schedule of Operations-Budget to Actuals
Equipment Rental Replacement Fund Business-type
For the Year Ended Decernber 31,2006
Original Final Variance to Varianoeto
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Services-Inte real $ $ $ 171,540 $ 171,540 $ 171,540
Charges for Services-Other - - - -
Total Operating Revenues $ $ $ 171,540 $ 171,540 $ 171,540
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ - $ -
Niaintenance Expenses - - - - -
Insurance Claims and Expenses - - - -
Depreciation 264,018 (264,018) (264,018)
Capital Outlays - 165,537 (165,537) (165,537)
Total Operating Expenses $ $ - $ 429,555 $ (429,555) $ (429,555)
OPERATING INCOIVE(LOSS) $ $ - $ (258,015) $ (258,015) $ (258,015)
NON-OPERATING REVENUES(EXPENSES)
Investmentlncome $ - $ - $ 51,911 $ 51,911 $ 51,911
Total Non-Operating Revenues(Expenses) $ - $ - $ 51,911 $ 51,911 $ 51,911
Non-Revenues
Interfund Loan Repayments $ - $ - $ - $ - $
Income(Loss)before Contributions and
Transfers $ - $ - $ (206,104) $ (206,104) $ (206,104)
Capital Contributions $ - $ - $ - $ - $
Transfers In(Out) - - - -
Sale of Assets - - - -
Total Capital Contributions $ - $ - $ - $ - $
Changes in Net Assets $ - $ - $ (206,104) $ (206,104) $ (206,104)
Prior YearAdjusG»ents $ - $ - $ 163,608 $ 163,608 $ 163,608
Assets Purchased in Other Funds - - 28,919 28,919 28,919
NEI-ASSETS-BEGINNING $ $ - $ 2,275,019 $ 2,275,019 $ 2,275,019
NETASSETS-ENDING $ $ - $ 2,261,442 $ 2,261,442 $ 2,261,442
See accorrpanying notes to the basic finanaal statements.
142
Qty of Pasco
Schedule of Operations-Budget to Actuals
Water/Sevf-Fund
For the Year Ended December 31,2006
Original Final Varianceto Varianceto
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Services-Other $ 12,706,000 $ 12,706,000 $ 13,730,957 $ 1,024,957 $ 1,024,957
Miscellaneous Revenue 1,515,250 1,515,250 2,486,668 971,418 971,418
Total Operating Revenues $ 14,221,250 $ 14,221,250 $ 16,217,625 $ 1,996,375 $ 1,996,375
OPERATING EXPENSES
Personal Service $ 2,538,880 $ 2,538,880 $ 2,301,789 $ 237,091 $ 237,091
Supplies 582,500 582,500 282,581 299,919 299,919
Other Services and Charges 3,170,740 3,170,740 3,140,209 30,531 30,531
Capital Outlays - - - - -
Taxes 2,063,500 2,063,500 1,905,927 157,573 157,573
Maintenance Expenses - - - - -
Depreciation - - 3,818,741 (3,818,741) (3,818,741)
Total Operating Expenses $ 8,355,620 $ 8,355,620 $ 11,449,247 $ (3,093,627) $ (3,093,627)
OPERATING INCOME(LOSS) $ 5,865,630 $ 5,865,630 $ 4,768,378 $ (1,097,252) $ (1,097,252)
NON-OPERATING REVENUES(EXPENSES)
Investment Irxo>1e $ 351,000 $ 351,000 $ 571,321 $ 220,321 $ 220,321
Proceeds from Debt Issuance - - - - -
Farmland Rentals 450,000 450,000 626,292 176,292 176,292
Interest Expense (1,381,250) (1,381,250) (1,495,401) (114,151) (114,151)
Amortization Expense - - (43,430) (43,430) (43,430)
Miscellaneous Non-Operating Revenues 26,000 26,000 23,211 (2,789) (2,789)
Total Non-Operating Revenues(Expenses) $ (554,250) $ (554,250) $ (318,007) $ 236,243 $ 236,243
Income(Loss)before Contributions and
Transfers $ 5,311,380 $ 5,311,380 $ 4,450,371 $ (861,009) $ (861,009)
Capital Contributions $ - $ - $ 3,625,332 $ 3,625,332 $ 3,625,332
Transfers In(Out) 85,000 85,000 (123,964) (208,964) (208,964)
Changes in Net Assets $ 5,396,380 $ 5,396,380 $ 7,951,739 $ 2,555,359 $ 2,555,359
Prior Year Adjustments $ - $ - $ (269,689) $ (269,689) $ (269,689)
NETASSETS-BEGINNING $ 14,319,955 $ 14,319,955 $ 91,855,257 $ 77,535,302 $ 77,535,302
NET ASSETS-ENDING $ 19,716,335 $ 19,716,335 $ 99,537,307 $ 79,820,972 $ 79,820,972
See accompanying notes to the basic financial statements.
143
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144
IVK.AG Na 0292
aTYOFPA8001 VMSHNGTON
SICHEX E 8-REAL AND PERSONAL PROPERTY TAJCS
(ALL TAXES JTU:U EO FUNDS)
For the Year Ended Dam ber 31,2006
TAXES TAX TAXES TAXES
FU1\D REMVABLE PATE LEVIED TAXES NET TAX REC.
NO. FU\DNMiE 1/1/2006 /$1,000 REPCRrYEAF OCLLEC'TID ADJLST. 12/31/20N
010 General Find $310,613 $2.3912 $4,754,526 $4,760,618 $97 $304,618
271 93 GAc Center Bands 5,303 0.0000 - 2,819 $(236) $2,248
272 Firelibra Bcrds 13,302 0.1002 175,469 176,888 $(271) $11,612
273 2002 UTGO Bonds 26,135 0.2500 384,424 384,637 $(402) $25,520
TOTAL TAXES $355,353 $27414 $5,314,419 $5,324,962 $(812) $343,998
*
Receivable array is reflect balance after Dacw per 2006 tax payrrents. This arar t agrees wth the Tax Account t Balance
RqDort printed on 01/04/07 from R-"in Ca.rtyTreasLrEes Office.
145
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 9- LONG-TERM DEBT-L.I.D.ASSESSMENTS
Year Ended December 31,2006
FINAL ORIGINAL
ISSUE MATURITY INTEREST ISSUE
ID. NO.AND DESCRIPTION PURPOSE DATE DATE RATE AMOUNT
BONDS:
253.12 2001 C.L.I.D. 135 Bonds 582.41.73 11/02 11/12 5.75 536,975
536,975
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 $1,198,615
146
BEGINNING AMOUNT ENDING
UNMATURED AMOUNT DUE THIS UNMATURED
DEBT ISSUED PERIOD DEBT
LID 135 Bonds 275,000 0 85,000 190,000
275,000 0 85,000 190,000
LID 125 Note 26,800 $ 0 $ 6,800 $ 20,000
LID 138 Note 30,662 0 4,962 25,700
LID 139 Note 15,100 0 10,700 4,400
LID 140 Note 15,200 0 7,600 7,600
LID 901 Note 8,950 0 2,900 6,050
96,712 0 32,962 63,750
$ 371,712 $ 0 $ 117,962 $ 253,750
147
MCAG NO 0292
CITY OF PASCO,WASHINGTON
SCHEDULE 9-LONG-TERM DEBT-G.O.AND REVENUE
Year Ended December 31,2006
FINAL ORIGINAL
ISSUE MATURITY INTEREST ISSUE
DESCRIPTION PURPOSE DATE DATE RATE AMOUNT
G.O.DEBT
Councilmanic G.O.Bonds
251.11 2001 L.T.G.O.Bond 594.74.63 3/1/2001 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 $10,535,000
Voted G.O.Bonds
251.12 1999 G.O.B.Library 594.73.62 10/1/1999 1211/2019 5.2-5.6% 1,700,000
251.12 2002 UTGO Refunding Bond 594.74.63 11/1/2002 1211/2013 2.5-4.0% 3,155,000
Total Voted G.O.Bonds $4,855,000
TOTAL G.O.DEBT $15,390,000
Other Debt
263.81 TRAC Loan 12/1/1997 1211/2014 4.5-5.5% $1,197,931
263.81 Port of Pasco Airport Fire Bldg 7/1212006 7/1212016 4.00% $120,000
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 State L.O.C.AL.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 $1,980,071
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 1.00/0 23,700,000
263.82 P.W.T.F.Loan#95025-Sewer Plant 594.35.63 6130/1995 6/30/2015 1.0% 812,700
263.82 P.W.T.F.Loan#95026-Road 100 Water Res. 594.34.63 6130/1995 6 130/2015 1.0% 2,687,300
252.11 1998 W/S Revenue Bonds 594.35.63 9/15/1998 6/1/2018 5.56.45% 2,255,000
252.15 1998 W/S Refunding Bonds 594.34.63 9/15/1998 611/2014 3.8-4.6% 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 6130/2020 1.0% 1,890,000
252.11 2001 W/S Revenue Bonds 594.35.63 9/1/2001 9/1/2016 3.54.85% 995,000
252.11 2002 W/S Revenue Bonds 594.35.63 10/1/2002 12/112022 2.0-4.7% 5,945,000
252.11 2005 W/S Revenue Bonds 594.35.63 1215/2005 1215/2025 3.5-4.25% 4,400,000
TOTAL UTILITY DEBT $53,155,000
TOTAL LONG-TERM DEBT $70,525,071
148
BEGINNING AMOUNT ENDING
UNMATURED AMOUNT DUE THIS UNMATURED
DESCRIPTION DEBT ISSUED PERIOD DEBT
G.O.DEBT
Councilmanic G.O.Bonds
2001 L.T.G.O.Bond 6,315,000 0 305,000 6,010,000
2002 LTGO&Refunding Bond 3,355,000 0 190,000 3,165,000
Total Councilmanic G.O.Bonds $9,670,000 $0 $495,000 $9,175,000
Voted G.O.Bonds
1999 G.O.B Library 1,400,000 0 100,000 1,300,000
2002 UTGO Refunding Bond 2,580,000 0 290,000 2,290,000
Total Voted G.O.Bonds $3,980,000 _$0 $390,000 $3,590,000
TOTAL G.O.DEBT $13,650,000 $0 $885,000 $12,765,000
Other Debt
TRAC $742,759 $0 $70,345 $672,414
Port of Pasco Airport Fire Bldg 0 120,000 4,102 115,898
State L.O.C.A.L.Loan 104,876 0 24,044 80,832
State L.O.C.A.L.Loan 223,523 0 11,958 211,565
State L.O.C.A.L.Loan 122,965 0 39,699 83,266
Total Other Debt $1,194,123 $120,000 $150,148 $1,163,975
UTILITY DEBT
PWTF Loan#89036 $246,244 $0 $61,562 $184,682
State Revolving Loan Fund 18,922,950 0 1,066,907 17,856,043
PWTF Loan#95025 430,113 0 43,011 387,102
PWTF Loan#95026 1,073,754 0 107,376 966,378
1998 W/S Revenue Bonds 1,700,000 0 85,000 1,615,000
1998 W/S Refunding Bonds 5,805,000 0 535,000 5,270,000
1998 W/S Revenue Bonds 615,000 0 100,000 515,000
1999 W/S Revenue Bonds 685,000 0 50,000 635,000
P.W.T.F.Loan#00691043 1,667,106 0 111,140 1,555,966
2001 W/S Revenue Bonds 795,000 0 60,000 735,000
2002 W/S Revenue Bonds 5,300,000 0 235,000 5,065,000
2005 W/S Revenue Bonds 4,400,000 0 190,000 4,210,000
TOTAL UTILITY DEBT $41,640,167 $0 $2,644,996 $38,995,171
TOTAL LONG-TERM DEBT $56,484,290 $120,000 $3,680,144 $52,924,146
149
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 10-LIMITATION OF INDEBTEDNESS
For the Year Ended December 31,2006
Property Valuation for 2006 Taxes' $2,313,853,466
GENERALPURPOSES
Limit of 2.5% of Assessed Value $57,846,337
Councilmanic:
Capacity(1.5% of Assessed value) 34,707,802
Less:
G.O. Bonds Outstanding $9,175,000
State LOCAL Loans $375,663
T.R.A.C.Obligation 672,414
Port of Pasco Airport Fire Bldg 115,898
Compensated Absences 1,411,806
11,750,781 (11,750,781)
Available Unvoted -Approved Capacity $22,957,021
Voter-Approved:
Capacity(1.0% of Assessed Value) $23,138,535
Less:
G.O. Bonds Outstanding $3,590,000
3,590,000 (3,590,000)
Available Voter-Approved Capacity $19,548,535
Remaining Capacity for General Purposes $42,505,556
UTILITY PURPOSES
Voter-Approved:
Capacity(2.5% of Assessed Value) $57,846,337
Available Utility Capacity $57,846,337
OPEN SPACE AND PARK FACILITIES
Voter-Approved:
Capacity(2.5% of Assessed Value) $57,846,337
Available Open Space and Park Facilities Capacity $57,846,337
TOTAL AVAILABLE DEBT CAPACITY $ 158,198,230
From Franklin County 2006 Assessments for 2007 Tax Collections Book
150
WAG NQ 0292
CITY OF PASCg VA%INGTON
SCFEDULE 12-OPERMON OF IMIESTNENTS-ALL FUNDS
For The Year Ended December 31,200E
I LAVES WENT INVESTMENTS I NVESTK/ENT
FUND FUND BALANCE (AT COSTS) BALANCE
NO. DESCRIPTION 1/1/2006 ACQUIRED UQUIDATED 12/31/2006
620 Fire Pension 3,361,854 410,905 500,000 3,272,759
650 SArplusCash 38,656,078 33,184,928 39,201,586 32,639,420
TOTAL $ 42,017,932 $ 33,595,833 $ 39,701,586 $ 35,912,179
151
MCAG NO 0292
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, 2006
ALL MONEY HELD UNEXPENDED
FOR REDEMPTION OF PROCEEDS OF ALL OTHER
LONG-TERM DEBT BOND ISSUES MONIES
CASH AND INVESTMENTS
Cash and Deposits $ 644,178 $ 0 $ 14,689,600
Federal Securities 0 0 0
Federal Agency Securities 0 0 18,871,860
Other Securities 0 0 2,781,509
$ 644,178 $ 0 $ 36,342,969
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 $ 945,316
To State Administered Employee
Retirement System 587,686
To Locally Administered Employee
Retirement System 0
For Commerical Annuity Plans 0
Direct Pension Payments 144,814
TOTAL ALL RETIREMENT PROGRAMS $ 1,677,816
Insurance Programs
For Health, Hospital, Dental
and Disability Insurance-Self-Insured $ 2,028,921
For Other Dental Insurance -
For Life Insurance 13,361
For Workmen's Compensation Insurance 304,882
For Unemployment Compensation - Self-Insured 53,392
TOTAL ALL INSURANCE PROGRAMS $ 2,400,556
152
NDGM a292
CITYCFPA3CQ VV*HNGTCN
90-ED-LE16-D*EN3R1ESCFFEERLAAA9 6
Fo"ftYea EiW DamTiDff 31,2706
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B,mFcmJaGurt ftrmbcsTaRFome) 16579 F97-374014 $ - $ 31,782 $ 31,782
GineUcbmOmpa-stm(STCPFamIaC3atM) 165763 FOE0103066 - 3533? 3Q332
Ei dB,fmNbradIdoE)P6JAmmGat(MID 16738 MDAX1713 - 6038 QC08
8114 Ruf\/-4 Patrashp 16607 2DO&R f XM33357 - 9451 5454
$ - $ 77,636 $ 77,606
US Caairret cf His m&UIEn D--Agmul
CemmntyD3Agnul Bock Gat 14.218 897-N G5c= $ - $ 645114 $ K114
OmiTu-ityD)Aq n3lBockGatRajanInnTe 14.218 - 101,438 101,438
Tctd US D3peM�ofH sng&UtenD--Agxret $ - $ 74Q54 $ 746,54
US C--TatTat cf F heM&HjTm Siaas IrdredAnad;
aoe cf Pgrg&La-gTemC--Te
Fact(Ire(rrirect) 93044 TAM391(PA) $ 12,634 $ - $ 12,654
939VHA1hSiBmrg(rdred) 93044 1Q743 - 1Q743
Tctd US Dqi cf F3dth&Krran93,ices IrniredA ca $ 25407 $ - $ 25407
US amtn3t cf Trarwatabrn
PassedhurhTrakSJ44mrr cn
CU ETlims 20601 NEME $ 5114 $ - $ 3,114
Ri\e I-frmind GA MleJ OT-a]6T#-eds 21 1 Rio Z725 Z725
Traffic 9#eLyCtxrrr mai-GOT(rdred) M602 J25W 3,830 Q&D
Tctd CFEAN ntEr $ QEW $ - $ Q659
Rb3ssdthu�M3 eDxahYetcfTra-93aA
HgwVREmr-g&(am.dcn-Rbai 3.&MAe 9g-d-05-5-24 212 6 STRL&351E3(C $ 95627 $ - $ 9567
HjiAW Rarirg&QashctimBdnB\,dVVdnr-g-Road 05-aM 2126 SrR&35AC)03) 15531 - 155321
Tctd CFEANite' 212:6 $ 245948 $ - $ 21$948
Tctd US Cat cfToWotEtcn $ 255607 $ - $ 255677
TOM-F831PLA69SWCE $ 282,014$ 824,158 $ 1,100172
liea=pTyrx,3rriestotBSd-EcUecf 6paiftuEscf Fbt d Aw&t ae
mirteo patcfthssliEUe
153
MGoGNa IM
Cr YCFW=V09lhGICN
90-EM1E16-SrMEAPDLOCYLRN*13AL,8fflSrAo LE
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R cffnTrtle Nxrba- N.rrba- Anab Ana& Tcd
Pa3ro9tnd Dsbict:
D�fF-Rdnb rsaTet Irteiard Pgr-qjPgeaTet $ 71,7 $ - $ 4778
V\tdirr#m 9de Ohre t cf Tram
Tr2 ficS ftO missm-Ra± EcpMiE t $ Q-U $ - $ 9-/E2
Trafic,'IWOmnmcn-DdAtamFb -EcpMet $x.16 - x276
$ 17,968 $ - $ 17,9M
V\tEhrc#mS eTra mInyoknetRind
HgvajRa-tirg&Oj-EhWm-Ar&AahFdROussr-g-S-I1 STRECEE)7(001) $ 1,C31,!E - $ 1,C81,532
9&174(003}1
Fia-W nCiaxiy
IrteiaidA2mTetfa-CjVEfimcfTrARite $ - $ 18800000 $ 18g00D
VEirrtm9AeDjl cfa mErna Trail;&EururicDMgaTet
(3\/ALpd3teG3at LO 172 $ 1Q000 $ - $ 1Q00D
Ga-tfcrBB±dI9adrxnLpjab 0664M61 8�00D - M00D
$ woo $ - $ MODD
BErtmAF inatAa-mPhmOjAcn
RfiDC3at 214, FX-0081 $ 1,594 $ - $ 1,,r94
V\tEhr dmPEsodabm cf 9-9iffsa-d RiioeCh&
TrdficS f Gat B:I}130 WDW $ 1,275 $ $ 1,275
TrdficakyGat MN-13063000 50D - 970
$ 1,775 $ $ 1,775
D-poatrret cf H)J h&Hxrw 9aices
MRd-cqJrd PatdpebmC3kat PyOG11M:2 $ 1,463 - $ 1,463
TOWSWE&LOCALA69SMM $ 1,171}16D $ 1M00D $ 1,a3Q160
11aa3nTpffyr-gn3Estc)ftSdT=d_lecf 9Aea-dLed P69AErmae
mir"pat cftisstEdJe
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 2006 for the rehab loan
program. The amount of principal and interest received in loan repayments for
the year was $95,504.92.
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, 2006
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:
$26,863.31
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 30th day of May, 2007
to the best of my knowledge and belief:
Signature
� P
r In u.314ae N m A.9 rjr-r
156
THIS PAGE INTENTIONALLY LEFT BLANK
157
CITY OF PASCO,WASHINGTON
GENERAL GOVERNMENTAL REVENUES BY SOURCE AND GENERAL GOVERNMENTAL
EXPENDITURES BY FUNCTION*
Last Ten Fiscal Years
Table 1
2006 2005 2004 2003 2002
REVENUES
Taxes $ 23,361,504 $ 22,195,616 $ 20,490,847 $ 18,140,244 $ 17,993,581
Licenses and Permits 2,116,234 2,338,294 2,337,476 1,878,727 1,520,272
Intergovernmental 10,802,165 3,494,011 2,627,953 3,158,428 3,493,729
Charges for Service 4,388,138 4,225,579 3,887,480 3,257,188 2,913,321
Fines and Forfeitures 828,758 746,043 740,100 757,451 677,533
Miscellaneous 2,803,988 3,146,055 2,453,269 2,397,595 3,214,413
Operating Transfers-In 5,864,429 5,321,850 4,318,044 2,066,750 3,419,055
TOTAL REVENUES $ 50,165,216 $ 41,467,448 $ 36,855,169 $ 31,656,383 $ 33,231,904
EXPENDITURES
General Government $ 4,284,489 $ 4,195,820 $ 3,712,845 $ 3,235,752 $ 3,388,433
Security of Persons and Property 16,334,570 14,208,370 13,357,392 12,377,102 10,353,456
Physical Environment 1,608,581 1,443,870 1,246,408 919,853 1,172,222
Transportation 1,132,745 1,103,984 1,075,691 874,087 764,055
Culture and Recreation 3,827,080 3,464,143 3,433,891 5,480,504 2,697,296
Economic Environment 680,863 647,534 461,338 463,720 449,340
Mental and Physical Health 44,242 45,044 46,392 42,573 5,916
Capital Outlay 14,187,562 9,806,753 7,599,129 5,480,504 5,768,286
Debt Service 1,801,973 1,820,083 1,787,740 2,035,176 2,037,386
Operating Transfers-Out 5,666,627 4,483,428 3,186,322 1,997,029 2,753,902
TOTAL EXPENDITURES $ 49,568,732 $ 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
$ 15,044,749 $ 14,022,599 $ 11,982,112 $ 11,576,262 $ 11,142,259
1,023,159 798,717 650,009 548,446 393,942
2,451,191 2,565,129 2,496,665 2,499,159 2,415,125
3,010,756 2,024,422 1,798,648 1,573,261 1,631,640
506,964 429,802 373,862 381,147 450,718
2,723,319 1,492,169 2,316,848 2,891,608 1,963,732
3,221,304 1,033,842 1,102,742 595,268 358,544
$ 27,981,442 $ 22,366,680 $ 20,720,886 $ 20,065,151 $ 18,355,960
$ 3,230,151 $ 2,845,629 $ 2,890,943 $ 2,651,961 $ 2,410,603
9,588,907 8,578,223 8,294,488 7,507,352 7,054,178
986,228 1,003,261 930,727 829,023 1,11 1,765
685,779 701,022 912,751 891,130 889,702
2,655,314 2,205,837 2,045,480 2,420,196 2,179,211
392,898 655,084 426,215 477,252 580,213
6,892 3,604 6,095 3,708 4,114
2,479,093 1,972,121 2,866,324 1,784,331 1,239,988
5,810,094 1,714,489 2,815,945 1,262,168 1,446,515
2,194,853 2,007,413 1,713,689 1,645,877 248,627
$ 28,030,209 $ 21,686,683 $ 22,902,657 $ 19,472,998 $ 17,164,916
159
CITY OF PASCO,WASHINGTON
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Table 2
2006 2005 2004 2003
PRIOR YEAR OUTSTANDING DELINQUENT TAXES $ 355,354 $ 281,787 $ 250,295 $ 253,176
CURRENT TAX LEVIED
General Levy $ 4,754,526 $ 4,301,624 $ 3,827,462 $ 3,500,021
Debt Service Levy 384,424 376,404 378,205 371,935
L.I.D.Guaranty Levy 0 0 0 0
Road Levy 0 0 0 0
Fire/Library Levy 175,469 180,589 185,920 154,051
County Treasurer's Adjustment (812) 67,540 12,518 11,197
TOTAL CURRENT TAX LEVIED $ 5,313,607 $ 4,926,157 $ 4,404,105 $ 4,037,204
TAX COLLECTED
Current Taxes Collected $ 5,113,807 $ 4,674,325 $ 4,210,471 $ 3,868,786
Delinquent Taxes Collected 211,155 178,265 162,142 171,299
TOTAL TAX COLLECTED $ 5,324,962 $ 4,852,590 $ 4,372,613 $ 4,040,085
OUTSTANDING DELINQUENT TAXES $ 343,998 $ 355,354 $ 281,787 $ 250,295
Percent of Current Levy
Collected 96.24% 94.89% 95.60% 95.83%
Percent of Total Collected
to Levy 100.21% 98.51% 99.28% 100.07%
Percent of Delinquent Taxes
to Levy 6.47% 7.21% 6.40% 6.20%
Source: Franklin County Treasurer's Office Tax Roll for 2006
160
2002 2001 2000 1999 1998 1997
$ 284,685 $ 243,387 $ 243,387 $ 195,438 $ 206,170 $ 195,526
$ 3,452,931 $ 3,142,355 $ 2,923,906 $ 2,198,741 $ 2,040,392 $ 1,950,025
411,418 410,991 413,955 315,381 392,746 391,408
0 0 0 0 0 0
0 0 0 0 0 0
125,570 91,002 106,203 0 0 0
( 1,291 ) 9,355 6,073 19,134 ( 618 ) 0
$ 3,988,628 $ 3,653,703 $ 3,450,137 $ 2,533,256 $ 2,432,520 $ 2,341,433
$ 3,839,342 $ 3,471,952 $ 3,278,572 $ 2,370,484 $ 2,348,527 $ 2,242,829
180,795 140,453 127,118 114,823 94,725 87,960
$ 4,020,137 $ 3,612,405 $ 3,405,690 $ 2,485,307 $ 2,443,252 $ 2,330,789
$ 253,176 $ 284,685 $ 287,834 $ 243,387 $ 195,438 $ 206,170
96.26% 95.03% 95.03% 93.57% 96.55% 95.79%
100.79% 98.87% 98.71% 98.11% 100.44% 99.55%
6.35% 7.79% 8.34% 9.61% 8.03% 8.81%
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
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%
2006 $ 1,685,326,737 $ 85,759,899 $ 54,276,830 $ 1,825,363,466 100%
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: 2006 2005 2004 2003
General Levy $2.3912 $2.4157 $2.6617 $2.6839
Debt Service Levy 0.2500 0.2748 0.3452 0.3812
Fire/Library Levy 0.1002 0.1142 0.1455 0.1331
SUBTOTAL CITY OF PASCO TAX RATES 2.7414 2.8047 3.1524 3.1982
OTHER GOVERNMENTAL TAX RATES:
State 2.6480 2.8387 3.1867 2.8664
County 1.7489 1.7917 1.9035 2.0590
County-TRAC Bond 0.1059 0.1140 0.1574 0.1214
County-Court House Remodel 0.2424 0.2689 0.3384 0.3515
Pasco School District Maint 6.5151 6.5689 6.6254 6.4838
Port of Pasco 0.3993 0.4099 0.4357 0.4447
SUBTOTAL OTHER TAX RATES 11.6596 11.9921 12.6471 12.3268
TOTAL DIRECT AND OVERLAPPING
TAX RATES $ 14.4010 $ 14.7968 $ 15.7995 $ 15.5250
Source: Franklin County
164
2002 2001 2000 1999 1998 1997
$3.0634 $3.0434 $3.0710 $2.4963 $2.5450 $2.5265
0.4788 0.5017 0.5479 0.4456 0.6103 0.6192
0.1203 0.0909 0.1143 0 0 0
3.6625 3.6360 3.7332 2.9419 3.1553 3.1457
3.0429 3.0351 3.2864 3.4922 3.5470 3.6538
2.0600 2.0338 2.0493 2.0601 2.2660 2.1489
0.1561 0.1888 0.1888 0.1888 0.0000 0.0000
0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
6.2382 6.4330 6.7376 5.8521 5.7739 5.7158
0.4480 0.4500 0.4500 0.4500 0.4500 0.4500
11 .9452 12.1407 12.7121 12.0432 12.0369 11.9685
$ 15.6077 $ 15.7767 $ 16.4453 $ 14.9851 $ 15.1922 $ 15.1142
165
CITY OF PASCO, WASHINGTON
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,
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
2006 2,329,443 1,291,526 3,620,969 333,447 9.21% 3,287,522
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
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
2006 47,610 2,313,853,466 12,955,000 258,431 12,696,569 0.55% 266.68
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 County Assesor's Office
167
CITY OF PASCO, WASHINGTON
COMPUTATION OF LEGAL DEBT MARGIN
For the Year Ended December 31, 2006
Table 7
Property Valuation for 2006 Taxes' $ 2,313,853,466
GENERALPURPOSES
Limit of 2.5% of Assessed Value $ 57,846,337
Councilmanic:
Capacity (1.5% of Assessed value) 34,707,802
Less:
G.O. Bonds Outstanding $ 9,175,000
State LOCAL Loans $ 375,663
T.R.A.C. Obligation 672,414
State L.O.C.A.L. Loan 115,898
Compensated Absences 1,411,806
11,750,781 (1 1,750,781)
Available Unvoted -Approved Capacity
$22,957,021
Voter-Approved:
Capacity(1.0% of Assessed Value)
Less: $23,138,535
G.O. Bonds Outstanding $3,590,000 3,590,000 (3,590,000)
Available Voter-Approved Capacity $19,548,535
Remaining Capacity for General Purposes $42,505,556
UTILITY PURPOSES
Voter-Approved:
Capacity(2.5% of Assessed Value) $57,846,337
Available Utility Capacity $57,846,337
OPEN SPACE AND PARK FACILITIES
Voter-Approved:
Capacity(2.5% of Assessed Value) $57,846,337
Available Open Space and Park Facilities Capacity $57,846,337
TOTAL AVAILABLE DEBT CAPACITY $ 158,198,230
From Franklin County 2006 Assessments for 2007 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
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%
2006 885,000 556,273 1,441,273 25,531,707 5.65%
169
CITY OFPASCO,WASHINGTON
REVENUE Bonn COVERAGE-WATERISEINER
Last Ten Fiscal Years
Table 9
Operating
Gross Less Non Cash Net Available Total
Operating Expenses and for Debt Annual Bond
Year Revenue Qty Taxes Service Principal Interest Debt Service Coverage
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
2006 16,217,625 5,724,579 10,493,046 749,276 527,954 1,277,230 8.22
170
CITY OF PASCO
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
TABLE 10
MEDIAN
PER CAPITA AVE EARNINGS HOUSEHOLD MEDIAN SCHOOL UNEMPLOYMEN
FISCAL POPULATION INCOME PER JOB INCOME AGE ENROLLMENT RATE
YEAR (1) (2) (2) (6) (3) (4) (5)
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%
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 9.5%
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 $ 14,108 Not Available $ 41,176 27.00 11,828 9.0%
2006 47,610 Not Available Not Available $ 39,831 27.00 12,516 7.0%
SOURCE:
(1)State of Washington Office of Financial Management
(2)Washington State University Northwest Income Indicators Project Report-Information is for Franklin County
(3) Tri-Cities Industrial Development Council(TRIDEC)
(4)Pasco School District(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
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
2006 2,246 137,857,562 - 64,422,671 202,280,233
BANK DEPOSITS (IN $1,000) (2) ASSESSED TAXABLE PROPERTY
FOR THE FISCAL YEAR ENDED JUNE 30 VALUATION (IN $1,000) (3)
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
2006 $ 290,520 2006 2,313,853
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