HomeMy WebLinkAbout2007 ACFR COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF PASCO, WASHINGTON
FOR THE FISCAL YEAR ENDED
DECEMBER 31 , 2007
CITY OF
L PASCO
qqqpp
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, 2007
INTRODUCTORY SECTION
Letterof Transmittal ............................................................................................................. 1
Directoryof City Officials ............................................................................................................. 8
Directory of Management Team ................................................................................................. 9
OrganizationalChart ............................................................................................................. 10
FINANCIAL SECTION
Independent Auditor's Report on Financial Statements .............................................. 11
Management's Discussion and Analysis .................................................................................... 21
Basic Financial Statements
Government Wide Financial Statements
Statement of Net Assets - Governmental and Business-Type Activities .......... 36
Statement of Activities - Governmental and Business-Type Activities .......... 38
Fund Financial Statements
Balance Sheet and Reconciliation of the Balance Sheet to the Statement
of Net Assets - Governmental Funds ........................................................... 40
Statement of Revenues, Expenses and Changes in Fund Balances -
Governmental Funds .................................................................................... 42
Reconciliation of the Statement of Revenues, Expenses and Changes in
Fund Balances to the Statement of Activities - Governmental Funds ....... 44
Statement of Revenues, Expenses and Changes in Fund Balances - Budget and
Actual Comparison - Major Funds ............................................................ 46
Statement of Net Assets - Proprietary Funds ............................................... 50
Statement of Revenues, Expenses and Changes in Net Assets - Proprietary
Funds .......................................................................................................................... 52
Statement of Revenues, Expenses and Changes in Net Assets in Detail -
ProprietaryFunds ................................................................................................. 53
Statement of Cash Flows - Proprietary Funds ................................................ 54
Statement of Net Assets - Fiduciary Funds ............................................................ 56
Statement of Changes in Fiduciary Net Assets ................................................ 57
Notes to Financial Statements ................................................................................................. 59
Required Supplemental Information
Combining and Individual Fund Statements and Schedules
Combining Balance Sheet - Non-major Governmental Funds .................................... 102
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances - Non-major Governmental Funds ............................................................ 112
Statement of Revenues, Expenses and Changes in Fund Balances - Budget and
Actual Comparison - Non-major Special Revenue Governmental Funds ......... 119
Combining Statement of Net Assets - Internal Service Funds .................................. 141
i
CITY OF PASCO
TABLE OF CONTENTS
Year Ended December 31, 2007
Combining Statement of Revenues, Expenditures, and Changes in Fund Net
Assets - Internal Service Funds ..................................................................... 142
Combining Statement of Cash Flows - Internal Service Funds ...................... 145
Schedule of Operations - Budget to Actual - Internal Service Funds ..................... 147
Schedule of Operations - Budget to Actual - Water/Sewer Fund ..................... 154
Additional Information
Schedule of Real and Personal Property Taxes ....................................................................... 155
Schedule of Long-Term Debt - L.I.D. Assessments ........................................................... 156
Schedule of Long-Term Debt - General Obligation and Revenue ................................. 158
Schedule of Computation of Legal Debt Margin ........................................................... 160
Schedule of Operation of Investments - All Funds ........................................................... 161
Schedule of Cash and Investments .................................................................................... 162
Schedule of Short Term Interest Bearing Debt ........................................................................ 162
Schedule of Contributions for Employee Benefits ............................................................. 162
Schedule of Expenditures of Federal Awards Et State and Local Financial
Assistance ......................................................................................................................... 164
Notes to Schedule of Expenditures of Federal Awards Et State and Local
Financial Assistance .................................................................................... 166
Schedule of Labor Relations Consultants ........................................................................ 167
STATISTICAL SECTION
Statistical Information
Table 1 Net Assets by Component ............................................................................. 169
Table 2 Changes in Net Assets ................................................................................... 170
Table 3 Fund Balances, Governmental Funds ......................................................... 172
Table 4 Changes in Fund Balances, Governmental Funds ........................................ 173
Table 5 Assessed and Actual Value of Taxable Property ......................................... 174
Table 6 Direct and Overlapping Property Tax Rates ............................................... 176
Table 7 Top 20 Principal Sales Tax Payers ................................................................. 178
Table 8 Top 10 Industries that Generate Sales Tax ...................................................... 179
Table 9 Property Tax Levies and Collections .................................................................. 180
Table 10 Ratios of Outstanding Debt by Type ................................................................. 182
Table 11 Ratio of General Bonded Debt Outstanding ..................................................... 183
Table 12 Computation of Legal Debt Margin .................................................................... 184
Table 13 Pledged Revenue Coverage ....................................................................... 185
Table 14 Special Assessments Collections ....................................................................... 186
Table 15 Demographic Statistics ..................................................................................... 187
Table 16 New Construction, Bank Deposits and Property Value ................................ 188
ii
September 11, 2008
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, 2007. 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.
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.
1
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 2007 Tri-Cities Metropolitan
Area population was approximately 230,300 and Pasco's estimated population
was 50,510. This represents a 57.52% 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 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
2
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 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.
3
In 1995, the $9.5 million Trade Recreation Agriculture Center (TRAC) was built
through a joint venture between the City of Pasco and Franklin County. TRAC
includes a rodeo and livestock arena, exhibition hall, meeting rooms, a
concession area, and administrative offices. Additionally, an adjoining 15-field
soccer complex occupying 45 acres was developed in 1995 and shares the
stadium parking lot. The complex is the State's second largest and has become
a popular location for tournament play. In 2000, the City completed
construction of a $3.5 million six field softball complex in the TRAC area. The
City added lights to the softball fields in 2002. The push for additional tourism
continues. A Pavilion was constructed at the TRAC facility that adds an ice rink
and additional rental space; and in 2001, the City owned Sun Willows Golf
Course Clubhouse was completely renovated with the irrigation system
completely replaced in 2003.
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 one of the fastest
growing areas in Washington State. In 2007, Pasco continued its positive growth
though the trend has shown signs of slowing, allowing City resources and
planning to catch up with the growth.
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.
Residential home construction has also been renewed in the area along A Street
and Highway 12.
In 2007, the City completed construction on a $1.3 million shade structure to
provide shaded seating behind third base at the newly renamed GESA Baseball
Stadium. The Tri-City Dust Devils and the City recently announced that 600
new box seats will also be installed in the upper seating section of the stadium
in time for the 2008 season opener. With the addition of the shade structure
4
and additional box seating options, it is anticipated that attendance will
increase.
Bybee Fresh Foods relocated and expanded its Yakima Valley operations to a
new processing facility in Pasco in 2006, adding $10 million to the tax base.
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. In
2007, Pasco School District broke ground on the 341,000 square foot building,
grounds and practice field that will be named Chiawana High School. The total
contract amount is $72 million with completion estimated to be in time for the
fall of 2009. Renovations and improvements are also being performed at the
Edgar Brown Stadium to accommodate two high schools.
These new projects and businesses will provide additional jobs to the Pasco job
market.
In 2007, the City issued a total of 1,886 Building Permits representing over $187
million in construction costs. Of the total permits, 518 were for new single-
family residences and equates to $100 million in assessed valuation. The
average value of a new home in Pasco was $194,475 in 2007.
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 2008/2009
objectives are outlined in the following fourteen goals:
• Work with the Port of Pasco, TRIDEC and other entities to foster more
industrial development, particularly at Heritage Industrial Center on East
A Street, in the Foster Wells area east of Highway 395 and along
Highway 12 corridor between Highway 395 and the Snake River Bridge.
• Complete a plan to upgrade police and fire emergency
communications system, hampered by 30 years of aging equipment,
constrained VHF radio frequencies and geographic expansion of the
city.
• Design a police and courts public safety building to be built on the city
hall campus and approve a funding plan to start construction by 2011.
• Develop a long-range plan to relieve the growing congestion along the
Road 68 corridor north of Interstate 182.
5
• Complete preliminary design of a Lewis Street overpass above railroad
tracks east of downtown and pursue federal and state dollars to build
it.
• Work to reach an agreement with Franklin County for the county to
apply Pasco development standards within portions of the city's urban
growth boundary outside the city limits.
• Adopt and implement an action plan for aquatic facilities in the city.
• Adopt updated water and sewer system plans to reflect the
anticipated growth patterns of the northwest.
• Continue to work collaboratively with Kennewick and Richland to plan
for development of regional centers such as convention centers,
stadiums, and performing arts centers through existing public facilities
districts and other mechanisms.
• Complete a plan for regional-scale development of the Broadmoor
Boulevard and Interstate 192 interchange areas and its surrounding
urban lands.
• Work with Pasco's older neighborhoods to define needed
improvements, foster code compliance and upgrade deteriorating
infrastructure such as substandard streets and gaps in the sidewalks
while minimizing impact on low-income households.
• Adopt a definitive plan for city involvement in revitalizing downtown
Pasco and improving the downtown business area.
• Approve an updated plan for enhancing older corridors and gateway
entrances to the city, including the possibility of replacing overhead
utilities with underground hardware, and begin implementing the
plan.
• Foster more use of the city's Columbia River shoreline.
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
Benefits Management, Inc., a third party administrator. The City reimburses
the State of Washington Department of Employment Security for
unemployment claims paid. The City is one of 79 cities participating in the
Association of Washington Cities (AWC) Workers' Compensation Retrospective
Rating Program which provides cities and towns with expertise and services to
lower their Labor 8t Industries (L>tl) claims experience resulting in potential
refund of a portion of their L&I premiums.
6
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis was made possible by the
dedicated service of the professional accounting staff of the Administrative and
Community Services Department. We wish to express our appreciation to these
staff members for their contributions to the development of this report.
In closing, we would like to thank the members of the City Council for their
leadership and support in planning and conducting the financial affairs of the
City in a responsible and progressive manner.
Resp +c u ll mi tte
ru cR ietd, Stanley R rebel, Directo
CRY Manag r Administrative and Community
Services
7
DIRECTORY OF CITY OFFICIALS
As of December 31 , 2007
LENGTH OF TERM
ELECTED OFFICIALS SERVICE EXPIRES
MAYOR
Joyce Olson 2 12/31 /09
COUNCILMEMBERS
Rebecca M. Franci k 11 12/31 /11
Michael Garrison 20 12/31 /09
Robert Hoffman 3 12/31 /09
AlYenney 1 12/31 /11
Tom Larsen 7 12/31 /09
Matt Watkins, Mayor Pro-Tem 4 12/31 /11
LENGTH IN YEARS OF
ADMINISTRATIVE OFFICIALS POSITION SERVICE
CITY MANAGER
Gary D. Crutchfield 23 29
PUBLIC WORKS DIRECTOR
Robert J. Alberts 13 13
ADMISTRATIVE E. COMMUNITY SERVICES DIRECTOR
Stanley R. Strebel 9 9
COMMUNITY DEVELOPMENT DIRECTOR
Rick White >1 >1
FIRE CHIEF
Gregory L. Garcia 13 13
POLICE CHIEF
Denis W. Austin 12 12
MUNICIPAL COURT JUDGE
Mary B. Ramirez 21 21
8
MANAGEMENT TEAM
As of December 31 , 2007
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
Rick White, 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, City Engineer
Reuel Klempel, Plant Division Manager
Jesse U. Greenough, Field Division Manager
Paul Rhoads, Assistant Field Division Manager
9
CITY OF PASCO
2007 ORGANIZATION CHART
PASCO
CITY
COUNCIL
CITY MANAGER
PERSONNEL EXECUTIVE
MANAGER SUPPORT
STAFF
MUNICIPAL COMMUNITY
COURT & ECONOMIC
JUDGE DEVELOPMENT
A DIRCTOR
POLICE FIRE
CHIEF CHIEF
PUBLIC ADMINISTRATIVE
WORKS/ & COMMUNITY
ENGINEERING SERVICES
DIRECTOR DIRECTOR
I
ATER/WW ppw- 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
10
i
i
Federal Summary
City of Pasco
Franklin County
January 1, 2007 through December 31, 2007
The results of our audit of the City of Pasco are summarized below in accordance with U.S'. Office of
Management and Budget Circular A-133.
FINANCIAL STATEMENTS
An unqualified opinion,was issued on the financial statements of the governmental activities, the
business-type activities,each major fund,and the aggregate remaining fund information.
Internal Control Over Financial Reporting:
• Significant Deficiencies: We identified deficiencies in the design or operation of internal control
over financial reporting that we consider to be significant deficiencies.
• Material Weaknesses: We identified no significant deficiencies that we consider to be material
weaknesses.
We noted no instances of noncompliance that were material to the financial statements of the City.
FEDERAL AWARDS
Internal Control Over Major Programs:
• Significant Deficiencies: We reported no deficiencies in the design or operation of internal.
control over major federal programs that we consider to be significant deficiencies.
• Material Weaknesses: We identified no significant deficiencies that we consider to be material
weaknesses.
We issued an unqualified opinion.on the City's compliance with requirements applicable to its major
federal program.
We reported no findings that are required to be disclosed under OMB Circular A-133..
Identification of Major Programs:
The following was a major program during the period under audit:
CFDA No. Program Title
14.218 Community Development Block Grants/Entitlement Grants
The dollar threshold used to distinguish between Type A and Type B programs, as prescribed by OMB
Circular A-133,was$300,000.
The City qualified as a low-risk auditee under OMB Circular A-1 33.
Washington State Auditor's Office
1
11
Schedule of Audit Findings and Responses
City of Pasco
Franklin County
January 1, 2007 through December 31, 2007
1. The City's internal controls over financial statement preparation and
journal entries were not sufficient to detect significant errors.
Background
City management,the state Legislature,state and federal agencies and bondholders rely on the
information included in financial statements and reports to make decisions. It is the responsibility
of City management to design and follow internal controls that provide reasonable assurance
regarding the reliability of financial reporting. Our audit identified deficiencies in internal controls
over financial reporting that adversely affect the City's ability to produce reliable financial
statements.
Government Auditing Standards, prescribed by the Comptroller General of the United States,
require the auditor to communicate a significant deficiency as a finding, as defined below in the
Applicable Laws and Regulations section.
Description of Condition
Our review of the internal controls over financial reporting and journal entries found the following
deficiencies which,in aggregate,are considered to be a significant deficiency:
• The City has knowledgeable and experienced staff responsible for preparing and
reviewing the financial statements; however, in expediting the financial statements they.
did not ensure debt proceeds were properly reported in accordance with accounting
principles.
• Personnel responsible for preparing and approving journal entries did not review the
supporting documentation and accounting records in sufficient detail to ensure
transactions were properly recorded and amounts were accurate. Transfers were
recorded as expenditures and incorrect amounts were drawn from the supporting
documentation.
Cause of Condition
The City's internal controls were not working as designed and did not detect errors or ensure
financial statements and journal entries were properly prepared.
Effect of Condition
During the audit of the City's financial statements,the following material errors were found in the
original financial statements received for audit:
• The City incorrectly reported $835,650 of proceeds from long-term debt on the
government-wide statement of activities and the Water/Sewer Fund statement of
revenues, expenditures, and changes in fund balances. These statements use the
i
I
Washington State Auditor's Office
2
I
12
I
economic resources measurement focus, which does not record the proceeds of long-
term debt sales. .
• $1,257,937 in baseball stadium expenditures were recorded in two funds, thus
overstating expenditures by the same amount. The journal entry should have been
recorded as a transfer.
Infrastructure assets reported in governmental activities on the government-wide
statement of net assets were overstated by$6,494,276. Amounts were incorrectly drawn.
from the City's supporting documentation when staff recorded prior period infrastructure
asset additions (e.g., storm drains and curbs and gutters). Accumulated depreciation
amounts were used for each asset category instead of original asset cost amounts for the
original value of the assets.
The first error was not corrected by the City,but the rest were subsequently corrected by the City.
Recommendation
We recommend the City ensure internal controls, such as monitoring and review of the journal
entries and financial statement preparation process are working effectively to ensure identified
errors are detected and corrected in a timely manner.
City's Response
The City's internal controls over financial statement preparation and journal entries were not
sufficient to detect material errors.
Proceeds of Long Term Debt
City staff recognizes that reporting the proceeds of Long Term Debt (Bond Proceeds) on the
Statement of Revenues and Expenditures and on the Statement of Activities for Business Type
Activities(Proprietary Funds) should not be included on those statements. The total amounts of
increases in debt should merely be, and were, shown in the Liability section of the Statement of
Net Assets.
New debt proceeds will be shown correctly in the future.
Overstatement of Capital Expenditures
The original statements prepared and given to the auditors reported expenditures for
improvements at the Baseball Stadium in the Stadium/Convention Center Fund and also in the
General Capital Projects Construction Fund. The journal entry that was made to transfer the
money to the General Capital Projects Construction Fund should have been coded as a transfer
type account and not as an expenditure type account in the Stadium/Convention Center Fund.
This change was made and the financial statements corrected.
In the future,these types of journal entries will be more closely reviewed and scrutinized to make
sure of proper account number coding.
Retroactive infrastructure Addition Reporting
An error was found on the computer spreadsheet that resulted in an overstatement of retroactive
infrastructure additions. This error also resulted in an error in calculating and reporting the
depreciation of those assets.
Washington State Auditor's Office
3
13
i
These changes were made and the financial statements corrected.
Auditor's Remarks
We appreciate the cooperation and steps the City is taking to resolve this issue. We will review
the condition during our next audit.
Applicable Laws and Regulations
RCW 43.09.200 states:
The state auditor shall formulate, prescribe, and install a system of accounting
and reporting for all local governments, which shall be uniform for every public
institution,and every public office,and every public account of the same class.
The system shall exhibit true accounts and detailed statements of funds
collected, received, and expended for account of the public for any purpose
whatever,and by all public officers,employees,or other persons.
The accounts shall show the receipt, use, and disposition of all public property,
and the income,if any, derived there from;all sources of public income,and the
amounts due and received from each source; all receipts, vouchers, and other
documents kept, or required to be kept, necessary to isolate and prove the
validity of every transaction; all statements and reports made or required to be
made, for the internal administration of the office to which they pertain; and all
reports published or required to be published, for the information of the people
regarding any and all details of the financial administration of public affairs.
Budget Accounting and Reporting System (BARS) Manual, Part 3, Accounting, Chapter 1,
Accounting Principles and General Procedures,Section B, Internal Control,states in part:
Internal control is a management process for keeping an entity on course in
achieving its business objectives, as adopted by the governing body. This
management control system should ensure that resources are guarded against
waste, loss and misuse; that reliable data is obtained, maintained, and fairly
disclosed in financial statement and other reports;and resource use is consistent
with laws,regulations and policies.
Each entity is responsible for establishing and maintaining an effective system of
internal control throughout their government.
Government Auditing Standards,January 2007 Revision,Section 5.11,states in part:
For all financial audits,auditors should report the following deficiencies in internal
control:
a. Significant deficiency: a deficiency in internal control, or combination
of deficiencies, that adversely affects the entity's ability to initiate,
authorize, record, process or report financial data reliably in accordance
with generally accepted accounting principles such that there is a more
than remote likelihood that a misstatement of the entity's financial
statements that is more than inconsequential will not be prevented or
detected.. .
b. Material weakness: 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.
Washington State Auditor's Office
4
14
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, 2007 through December 31, 2007
Mayor and City Council
City of Pasco
Pasco,Washington
We have audited the financial statements of the governmental activities,the business-type activities,each j
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, 2007, which collectively comprise the City's
basic financial statements,and have issued our report thereon dated September 11,2008. The prior year
partial comparative information has been derived from the City's 2006 basic financial statements that we
issued our report thereon dated November 9,2007.
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.
Our consideration of internal control over financial reporting was for the limited purpose described in the
preceding paragraph and would not necessarily identify all deficiencies in internal control over financial
reporting that might be significant deficiencies or material weaknesses. However, as discussed below,
we identified certain deficiencies involving the internal control over financial reporting that we consider to
be significant deficiencies.
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 over financial reporting.
We consider the deficiencies described in the accompanying Schedule of Audit Findings and Responses
to be a significant deficiency in internal control over financial reporting,and are reported as Finding 1.
Washington State Auditor's Office
5
15
i
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 City's internal control. Our consideration of the 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 the internal control that might be significant deficiencies and,
accordingly, would not necessarily disclose all significant deficiencies that are also considered to be
material weaknesses. However, we believe that none of the significant deficiencies described above to
be material weaknesses.
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.
The City's response to the finding identified in our audit is described in the accompanying Schedule of
Audit Findings and Responses. We did not audit the City's response and, accordingly, we express no
opinion on it,
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
September 11,2008
i
Washington State Auditor's Office
6
16
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, 2007 through December 31, 2007
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 31,2007. 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 31,2007.
INTERNAL CONTROL OVER COMPLIANCE
I
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 Auditor's Office
7
i
17
i
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.
BRIAN SONNTAG,CGFM
STATE AUDITOR
September 11,2008
Washington State Auditor's Office
8
18
Independent Auditor's Report on Financial
Statements
i
City of Pasco
Franklin County
January 1, 2007 through December 31, 2007
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 31,2007, which collectively comprise the
City's basic financial statements as listed on page 11. 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 2006 financial
statements and, in our report dated November 9, 2007, we expressed unqualified opinions on the
respective financial statements of the governmental activities, the business-type activities, each major
fund and the aggregate remaining fund information.
i
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, 2007, and the
respective changes in financial position and, where applicable, cash flows thereof, and the budgetary
comparison for the General Fund, for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
The.financial statements include partial prior year comparative information. Such information does not
include all of the information required for a presentation in conformity with accounting principles generally
accepted in the United States of America. Accordingly, such information should be read in conjunction
with the City's financial statements for the year ended December 31, 2006, from which such partial
information was derived.
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.
Washington State Auditor's Office
9
19
The management's discussion and analysis on pages 12 through 23 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.
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.
BRIAN SONNTAG,CGFM
STATE AUDITOR
September 11,2008
I
i
I
i
Washington State Auditor's Office
10
20
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, 2007. 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 fifth 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 (MDFtA) - 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
21
statements in conformity with generally accepted accounting principles. The
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 36 E. 37), fiscal year December
31, 2007 ended with an Unrestricted Net Asset Balance of $22,709,790 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 $12,610,713 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 38 Et 39), General Revenues,
primarily from property, retail and other taxes were used to support the
following major activities:
22
a. $8,899,366 for General Government purposes - Administration,
Finance, City Council, and Facilities;
b. $750,294 for Judicial services - Municipal Courts;
c. $17,213,554 for Security of Persons and Property - Police, Fire,
Probation Services, Violations, and Protective Inspections;
d. $2,136,977 for Physical Environment - Engineering;
e. $1,116,613 for Economic Environment - Community Development;
f. $5,713,083 Cultural Et Recreation - Parks Et Recreation;
g. $4,242,310 for Transportation - Streets Maintenance Et
Improvements, Multi-Model Facility.
h. $39,740 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.
23
The Statement of Net Assets and the Statement of Activities can be found on
pages 36-39.
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 2007 has improved its position since 2006. This is
shown by the total increased net assets of $29,348,068. Of this increase
$19,977,752 was in governmental activities with $6,131,710 attributed to 2007
activity and $9,370,316 was in business-type activities. Due to an increasing
tax base, the City was able to lower its property tax rate by .1988 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.
24
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 2007 were $211,797,246. The
following table reflects the condensed Statement of Net Assets. Financial
information from 2006 financial statements is also presented for comparison
purposes.
25
Table 1
Net Assets (in Millions)
2007
Governmental Business-type Total Primary
Activities Activities Government
Current and other Assets $ 33.2 $ 15.5 $ 48.7
Capital Assets 852 132.6 217.8
Other Non-Current Assets 3.3 2.8 6.1
Total Assets $ 121.7 $ 150.9 $ 272.6
Long-term Debt $ 18.6 $ 37.3 $ 55.9
Other Liabilities 2.3 2.5 4.8
Total Liabilities $ 20.9 $ 39.8 $ 60.7
Net Assets:
Invested in Capital, Net of Debt $ 74.0 $ 97.7 $ 171.7
Restricted 4.0 0.8 4.8
Unrestricted 22.7 12.6 35.3
Total Net Assets $ 100.7 $ 111.1 $ 211.8
2006
Governmental Business-type Total Primary
Activities Activities Government
Current and other Assets $ 28.7 $ 15.9 $ 44.6
Capital Assets 71.2 123.6 194.8
Other Non-Current Assets 3.1 3.3 6.4
Total Assets $ 103.0 $ 142.8 $ 245.8
Long-term Debt $ 19.8 $ 39.2 $ 59.0
Other Liabilities 2.5 1.9 4.4
Total Liabilities $ 22.3 $ 41.1 $ 63.4
Net Assets:
Invested in Capital, Net of Debt $ 59.1 $ 93.6 $ 152.7
Restricted 5.7 1.8 7.5
Unrestricted 15.9 6.3 22.2
Total Net Assets $ 80.7 $ 101.7 $ 182.4
See the Statement of Net Assets on pages 36-37 for detailed information.
26
Statement of Activities
The following condensed table of changes in net assets compares the revenues
and expenses for the current year. Financial information from 2006 financial
statements is also presented for comparison purposes.
Table 2
Changes in Net Assets
(in Mllicns)
2007 2006
Govemnental Business-type Total Primary Governmental Business-type Total Primary
Adivities Activities Government Activities Activities Govemment
Revenues
Program Revenues:
Charges for Services $ 12.6 $ 14.3 $ 26.9 $ 11.4 $ 14.2 $ 25.6
Operating Grants&Contributions 1.1 - 1.1 1.0 - 1.0
Capital Grants&Contributions 3.4 6.4 9.8 9.2 3.6 12.8
C*neral Revenues:
Property Taxes 5.2 - 5.2 4.7 - 4.7
Property Taxes levied for Debt Service 0.6 0.6 0.6 - 0.6
Sales&Use Taxes 8.6 8.6 8.2 - 8.2
Oocupabonal Lblity Taxes 7.8 7.8 7.6 - 7.6
Other Taxes 3.7 - 3.7 3.3 - 3.3
Investment Earrings 1.1 0.6 1.7 0.8 0.6 1.4
Msoellaleous Revenues 1.8 2.7 4.5 1.5 3.1 4.6
Total Revenues $ 45.9 $ 24.0 $ 69.9 $ 48.3 $ 21.5 $ 69.8
Program expenses includings
irdrect expenses:
General Government $ 8.9 $ - $ 8.9 $ 8.2 $ - $ 8.2
Judicial 0.8 0.8 0.7 - 0.7
Public Safety 17.2 17.2 16.6 - 16.6
Physical Erwonrr>errt 2.1 2.1 2.3 - 2.3
Transportation 4.3 4.3 1.3 - 1.3
Health and Human Services - - - - -
Ecmxric Eniironment 1.1 1.1 1.6 - 1.6
O.dture and Recreation 5.7 5.7 4.9 - 4.9
Interest an Lang Term Debt 0.6 - 0.6 0.7 - 0.7
Water - 5.2 5.2 - 5.0 5.0
sew 6.3 6.3 - 5.7 5.7
Water Prooess Reuse 1.5 1.5 - 1.6 1.6
Storm Water 0.6 0.6 - 0.5 0.5
Irrigation - 0.9 0.9 - 0.7 0.7
Total Expenses $ 40.7 $ 14.5 $ 55.2 $ 36.3 $ 13.5 $ 49.8
Changes in Net Assets $ 5.3 $ 9.5 $ 14.7 $ 12.0 $ 8.0 $ 20.0
Proceeds from Issuanoe of L-T Debt $ - $ 0.8 $ 0.8 $ - $ - $ -
Transfers 0.8 (0.8) - 0.1 (0.2) (0.1)
Total Changes in Net Assets 6.1 9.5 15.5 12.1 7.8 19.9
See the Statement of Activities on pages 38-39 for detailed information.
27
Sources of Revenues 2007
Miscellaneous
Revenues Transfers
6% 0%
Investment
Earnings
2%
Charges for
® Services
39%
Non-Property
Taxes
29%
Operating
&Grants
Contributions
2%
Property Capital Grants
Taxes — &
8% Contributions
14%
Sources of Revenues 2006
Miscellaneous
Revenues _Transfers
7% 0%
Investment
Earnings r
2% Charges for
Services
37%
Non-Property
Taxes —
27%
Operating
&Grants
Contributions
1%
Property
— Capital Grants
Taxes
8% &
Contributions
18%
28
Functional Expenses for 2007
.Culture&Rec Int.on L-T Debt
.Eton.Environ 9.83 1.09%
1.99%
Business-type
Activities
�s,\ 26.27%
Transportation \ .,
7.79%
Physical
.Environ
3.80%
General
Government
16.12%
Public Safety Judicial
31.16% 1.45%
Functional Expenses for 2006
.Culture&Rec Int.on L-T Debt
.Eton.Environ 9.83 1.41%
3.21% %
Business-type
yid Activities
Transportation E, � lr� � 27.11%
2.61% `�� ,.,
Physical
.Environ
4.62%
General
Government
16.47%
Public Safety
33.33% Judicial
1.41%
29
Comments on Pasco's economic growth are contained in the Transmittal Letter.
The City's assessed value grew 7.32% for fiscal year 2007. This was driven by
the $187 million in new construction values added during 2007. The City's levy
rate per $1,000 of assessed value was reduced by 7.25% in 2007.
The City Funds
Governmental Funds
The governmental funds, as presented on the Governmental Funds Balance
Sheet, reported a combined fund balance of $23,324,595 which is a 16.00%
increase from the beginning of the year.
Major Funds
The General Fund
a. Total assets increased by $2,287,387. This increase is due to repayment
of interfund loans from non-major funds to cover negative cash balances
and receipt of state grant monies.
b. Total liabilities increased by $434,453. This increase is due mainly to
increases in accounts payable and deposits payable balances.
c. Fund Balance increased by $1,852,934. This increase is due to
repayment of interfund loans from non-major funds to cover negative
cash balances and receipt of state grant monies.
General Fund basic financial statements can be found on pages 40-48.
The Arterial Street Fund was previously classified as a major fund in fiscal year
2005 and 2006 due to large multi-year construction projects; however it did not
meet the measurement criteria for a major fund in fiscal year 2007.
Prior year financial statements will show the Arterial Street Fund as a major
fund but it is classified as a non-major fund in 2007, therefore comparative
financial data will not be presented on the Governmental Funds Balance Sheet
but is available in the Combining Balance Sheets for Non-Major Governmental
Funds.
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 15,458
30
customers, 14,563 of which reside within City limits and approximately 91% of
those are single-family residential customers. The latest water rate increase
became effective on January 1, 2004. The sewer system currently serves
approximately 13,255 customers, 97% of which are single-family residential
customers. Sewer rates were decreased by 10% effective on January 1, 2007.
a. Total assets increased by $8,247,769. This was mainly due to the
addition of $6,754,934 in donated infrastructure.
b. Total liabilities decreased by $1,201,907 due to payments made on
outstanding Long-term debt.
c. Net assets increased by $9,449,676.
Proprietary Fund basic financial statements can be found on pages 50-55.
Governmental Fund Budget Highlights
The following is a brief review of the budgeting changes from the original
adopted budget to the amended final budget for the major governmental
funds.
• A budget amendment of $1,500,000 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, Plan
Check Fees and Occupational Utility Taxes.
• $3,079,500 in expense increases were added to the General Fund to
cover: increases in overtime costs for police Ft fire, outsourced
inspection services for building department; the addition of a
Communications division, legal services, interfund loans to funds that
have a negative fund balance and to allow spending of unanticipated
revenue streams and their corresponding expenses.
• $1,579,500 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
$1,485,000 in interfund loans and $349,500 in interfund transfers to
other funds.
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
31
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 $42,797,072. (See Schedule 13)
Capital Assets and Debt Administration
Capital Assets
The City of Pasco implemented the major model portions of GASB Statement
#34 for infrastructure beginning in 2003. This is the first year that the City
financial statements will reflect the infrastructure portion prior to 2003.
As of year end 2007, the City had $223,836,872 invested in a variety of capital
assets as illustrated in the following table. Capital assets net of depreciation
increased by approx. $22.9 million in 2007. Of this amount $14.4 million was
for governmental activity capital asset expenditures and infrastructure
donations and $8.5 million was for business-type activity capital expenditures
and infrastructure donations.
32
Table 3
Capital Assets at Year-End
(Net of Depreciation)
2007
Governmental Business-type
Activities Activities Total
Land $ 5,710,447 $ 317,786 $ 6,028,233
Buildings&Structures 24,082,313 - 24,082,313
Improvements 6,417,406 - 6,417,406
Machinery&Equipment 1,825,746 - 1,825,746
Work-in-Progress 3,347,635 2,754,080 6,101,715
Infrastructure 44,863,823 - 44,863,823
Equipment Rental 2,201,345 987,092 3,188,437
Equipment Animal Control 45,331 45,331
Source of Supply - 97,177 97,177
Pumping Plants - 5,132,386 5,132,386
Treatment Plants - 23,035,756 23,035,756
Transmission, Distribution &Collection Lines - 68,091,157 68,091,157
General Plant Assets - 1,821,746 1,821,746
West Pasco Water System - 361,726 361,726
Plant Acquisition - 327,116 327,116
Industrial Waste Water Plant - 12,209,158 12,209,158
Irrigation - 17,198,199 17,198,199
Storm Water Assets - 3,009,447 3,009,447
$ 88,494,046 $ 135,342,826 $ 223,836,872
Table 4
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
See Note 6, pages 72-75 for additional information on capital assets.
33
Debt Administration
At December 31, 2007, the City had a number of debt issues outstanding.
These issues include $11,850,000 of general obligation bonds, both voted and
non-voted, $17,620,000 of revenue and revenue refunding bonds, and $120,000
of special assessment bonds. The City's general obligation bonds have
maintained an Aaa rating from Moody's Investor Service. Moody's rated the
City's most recent water and sewer revenue bonds A3.
The City's bonds are backed with municipal bond insurance policies as follows:
1998 Water/Sewer Bonds, 2001 LTGO Bonds, and 2002 Water/Sewer Bonds are
backed by AMBAC Indemnity Corporation; the 2002 UTGO Bonds are backed by
FGIC; and the 1999 UTGO Bonds, 2001 Water/Sewer Bonds and 2002 LTGO
Bonds are backed by MBIA.
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 $2,771,040 at December 31, 2007. 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, 2007.
The outstanding balance of this loan is $16,751,468. 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, 2007 is $1,001,552.
The City does not have any restrictions, commitments or other limitations that
would significantly affect availability of fund resources.
See Financial Note 10, pages 87-90 and Schedules 9, pages 156-159 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.
34
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.
35
City of Pasco
Statement of Net Assets
December 31,2007
Governmental Business-Type
Activities Activities Total
ASSETS
Current Cash&Cash Equivalents $ 10,739,508 $ 6,602,828 $ 17,342,336
Investments 13,126,066 7,182,349 20,308,415
Receivables(net of allowances)
Taxes 2,719,114 - 2,719,114
Customer Accounts 5,161,509 911,823 6,073,332
Due from Other Funds 20,000 28,100 48,100
Notes Receivable - - -
Interest Receivable 132,164 71,833 203,997
Other Receivables 957,646 253,271 1,210,917
Inventories 9,355 303,026 312,381
Prepaid Insurance - 19,226 19,226
Joint Ventures 299,984 - 299,984
Land 5,710,447 317,786 6,028,233
Capital Assets, Net of Depreciation 34,572,140 46,981,601 81,553,741
Construction Work In Progress 3,347,635 2,754,080 6,101,715
Infrastructure, Net of Depreciation 44,863,823 85,289,359 130,153,182
Deferred Charges - 175,353 175,353
TOTAL ASSETS 121,659,391 150,890,635 272,550,026
LIABILITIES
Liabilities
Accounts Payable 1,665,054 633,790 2,298,844
Matured GO Bonds - - -
Interfund Loans Payable 28,100 - 28,100
Due to Other Governmental Units 76,320 71,025 147,345
Retainage Payable - 180,777 180,777
Deposits Payable 383,822 87,233 471,055
Interest Payable - 392,113 392,113
Other 115,145 - 115,145
Deferred Revenue - 1,114,327 1,114,327
Non-Current Liabilities
Deferred Revenue 4,100,410 - 4,100,410
Unclaimed Property 3,422 20,988 24,410
Unamortized Discount on Refunding Debt - (7,937) (7,937)
Claims Incurred Not Reported 125,000 - 125,000
Due within One Year 2,540,015 3,009,702 5,549,717
Due in More than One Year 11,912,628 34,300,846 46,213,474
Total Liabilities 20,949,916 39,802,864 60,752,780
NET ASSETS
Invested in Capital Assets, Net of Related Debt 74,058,193 97,635,365 171,693,558
Restricted for:
Advances to Other Funds 20,000 28,100 48,100
Debt Service 2,257,622 813,593 3,071,215
Capital Improvements 15,165 - 15,165
Other Restricted 1,648,705 - 1,648,705
Unrestricted(deficit) 22,709,790 12,610,713 35,320,504
Total Net Assets $ 100,709,475 $ 111,087,771 $ 211,797,246
See accompanying notes to the basic financial statements.
36
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.
37
Cltycf Pasco
Staten rt of Activities
Llsoertber 31,2707
Nat(Epelses)FYI and
Rngran Fames Chaxles in Nat Assets
Cpaeiting RirrayC33emet
Charges for Go-tsaxi Coital Oats Goenmatal Rsiness-Type
Rrdord Rngars Bpenses Sevices Cletribrtions &CbIn utiors Adivities Activities Total
Rin yGmeTi art:
c-a�Activities:
G-erveral Cjemat $ 8,899,366 $ 5,975817 $ 177,472 $ $ (2746,077) $ - $ (2,746,077)
Judicial 750,294 1,122,310 - - 372,016 372,016
RhicSaFety 17,213,554 2, 2846 22,107 (14,730,601) (14,73,601)
R)dcal ErrirrnTat 2136,977 743,705 (1,393272) (1,39aM)
Trarspataticn 4,242,310 490,873 - 2,178,870 (1,572,567) (1,572,567)
F-t3ElihendFirrenSermoes 39,740 - 19,508 - (20,231) (4231)
Ebcncmc5-irorrrert 1,116,613 1,579,411 610,284 1,25,387 2,332,469 2,332,469
aitmarxiPeo-eetion 5713,083 466,347 46,271 (-5201,4 (5,201,465)
Interest on Long Term D3U 639,570 - - (63,570) (63,570)
Total G errrertal Activities 40,751,507 12,640,309 1,073,643 3,43$267 (23,583,298) - (23,599,29B)
B.siress-type Activities
Water 5179,548 5,763,475 - 1,347,403 1,931,330 1,931,330
Saner 6,274,624 5,914,141 3,985613 3,625,130 3,625130
Water Rnoess FbLse 1,508,346 1,657,011 - 153,655 153,666
3amWete- 5%276 421,040 31,5390 171,154 171,154
Irrigation 936,053 551,078 698,945 313,970 313,970
Total aj§nes--WActivities 14,48$847 14,306,745 6,377,351 - 6,195,249 6,195249
Total RirrsryCboenmet $ 5r�24O,354 $ 4947,054 $ 1,073,643 $ 9,815,608 (23,568,298) 6,195249 (17,404,049)
Ga ed FbA n A--.
Taxes
RrpetyTaes 5,21,5110 - 5,215,110
Rrp*Tam Ie,iedfcr D&Safiee 559,304 - 559,304
Sales&LbeTa(es 8,645,989 - 8,645,939
Om4)tiart Lblk(Taxes 7,842,446 - 7,842,446
CtherTaes 3,729,218 - 3,729,218
InvestrretEarirgss 1,070,349 639,123 1,709,469
Ms ellaneas Peeies 1,871,224 2,708,796 4,531,020
Total Ge Ed Pemi Es 4884,590 3,347,916 32,232,506
Roceeds from lssLumof Long-Term Dau - 835650 835,650
Trareters 846,418 (865914) (19,526)
Total Flues 29,731,008 3,317,671 33,04$630
Change in Nat Assets 6,131,710 9,512,871 15,644,581
RicrYeerA4uIrrff& 13,463,044 (151,101) 13,311,943
Assets Rxd-esed in Char Furl; 382,998 8,546 391,544
Nat Assets Beginning 80,731,723 101,717,455 182,449,178
NA Assets Erring $ 100,709,475 $111,067,771 $ 211,797,246
* irrdudes a4ustrret for GkI:B 34 retroactive irf a t uct re assets net of depaciaticn
Seewarp yingnatestothebescfirendalstatw ts.
38
City d Pasco
Statement of Adivities
Decernber 31,2006
Net(Expenses)Revenues and
Program Revenues Changes in Net Assets
Operating PnmaryGovernment
Charges for Grants and Capital G-a is Goverrrnaital Business-Type
Functional Programs Expenses Services Contributions &Contributions Activities Activities Total
Primary Garemmerrt:
Governmental Adivities:
General Gwemrrerrt $ 8,146,549 $ 4,679,106 $ 181,902 $ $ (3,285,541) $ $ (3,285,541)
Judicial 741,933 850,761 - 108,828 108,828
Public Safety 16,592,068 1,862,297 194,195 (14,535,576) (14,535,576)
Physical Environment 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
Health and Hunan Services 44,242 - 23,407 - (20,835) (20,835)
Eooncmic Environment 1,647,209 1,780,393 645,114 83,000 861,298 861,298
Culture and Recreation 4,872,473 582,703 - - (4,289,770) (4,289,770)
Interest on Long Term Debt 681,825 - - (681,825) (681,825)
Total Governmental Activities 36,344,908 11,362,442 1,044,618 9,244,394 (14,693,454) (14,693,454)
Business-type Activities:
Water 5,050,598 5,639,373 - 1,748,019 2,336,794 2,336,794
Seiner 5,724,267 6,132,616 930,354 1,338,703 1,338,703
Water Process Reuse 1,558,076 1,444,200 - (113,876) (113,876)
Stain Water 518,408 408,027 310,062 199,681 199,681
Irrigation 748,126 561,477 636,897 450,248 450,248
Total Business-type Activities 13,599,475 14,185,692 - 3,625,332 4,211,549 4,211,549
Total Primary Government $49,944,383 $25,548,134 $ 1,044,618 $12,869,726 (14,693,454) 4,211,549 (10,481,905)
General Revenues:
Taxes:
PropertyTaxes 4,748,822 - 4,748,822
Property Taxes levied for Debt Service 554,260 554,260
Sales&Use Taxes 8,225,795 8,225,795
Oocupational Utility Taxes 7,560,655 7,560,655
Other Taxes 3,305,358 3,305,358
Investment Earnings 849,559 622,290 1,471,849
Nisodlaneous Revenues 1,562,070 3,136,171 4,698,241
Total General Revenues 26,806,519 3,758,461 30,564,980
Transfers 113,478 (183,227) (69,749)
Total Revenues 26,919,997 3,575,234 30,495,231
Change in Net Assets 12,226,543 7,786,783 20,013,326
Prior Year Adjustments (398,353) (106,358) (504,711)
Assets Purchased in Other-Funds - 28,919 28,919
Net Assets Beginning 68,903,533 94,008,111 162,911,644
Net Assets Ending $80,731,723 $101,717,455 $ 182,449,178
See accompanying notes to the basic financial statements.
39
City of Pasco
Balance Sheet
Governmental Funds
December 31,2007
2007 2007
2007 Other Total
General Governmental Governmental
Fund Funds Funds
ASSETS
Current Cash&Cash Equivalents $ 3,272,498 $ 6,170,311 $ 9,442,809
Investments 3,999,720 7,541,491 11,541,211
Receivables (net of allowances)
Taxes 2,603,461 115,653 2,719,114
Customer Accounts 1,104,983 4,024,459 5,129,442
Interfund Loans Receivable 1,501,800 4,100 1,505,900
Interest Receivable 43,302 74,430 117,732
Other Receivables 311,340 646,306 957,646
TOTAL ASSETS $ 12,837,104 $ 18,576,750 $ 31,413,854
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 744,020 $ 842,120 $ 1,586,140
Matured GO Bonds - - -
Interfund Loans Payable - 1,704,000 1,704,000
Due to Other Governmental Units 72,620 3,700 76,320
Bonds, Notes, Loans Payable - 120,000 120,000
Deposits Payable 383,822 - 383,822
Interest Payable - - -
Other 2,175 112,970 115,145
Deferred Revenue 1,026,342 3,074,068 4,100,410
Unclaimed Property 3,422 3,422
Total Liabilities 2,232,401 5,856,858 8,089,259
Fund Balances
Reserved for:
Advances to Other Funds $ 1,501,800 $ 4,100 $ 1,505,900
Debt Service - 2,257,622 2,257,622
Capital Improvements 15,165 - 15,165
Other Reserves - 1,648,705 1,648,705
Unreserved, Reported in:
General Fund 9,087,738 - 9,087,738
Special Revenue Funds - 8,259,914 8,259,914
Debt Service Funds 773,275 773,275
Capital Project Funds - (223,724) (223,724)
Total Fund Balances 10,604,703 12,719,892 23,324,595
TOTAL LIABILITIES AND FUND BALANCES $ 12,837,104 $ 18,576,750
Amounts reported for governmental activities in the statements of net assets
are different because: balance in government funds 23,324,595
Capital Assets used in governmental activities are not financial resources and
therefore are not reported in the government funds. 86,547,353
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. 4,963,379
Interfund loans between governmental funds were netted against each other to
eliminate duplication of amounts. 190,000
Some liabilities, including bonds payable,are not due and payable in the current
period and therefore are not reported in the funds. (14,315,852)
Net assets of governmental activities $100,709,475
See accompanying notes to the basic financial statements.
40
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.
41
City of Pasco
Statement of Revenues, Expenditures,and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31,2007
Other Total
General Governmental Governmental
REVENUES Fund Funds Funds
Taxes 21,722,420 $ 2,794,013 $ 24,516,433
Licenses&Permits 1,708,999 214,554 1,923,553
Intergovernmental Revenue 1,551,757 3,167,495 4,719,252
Charges for Services 2,911,444 1,826,540 4,737,984
Fines&Forfeitures 1,016,139 38,195 1,054,334
Investment Income 351,086 609,747 960,833
Miscellaneous Revenue 705,577 1,067,394 1,772,971
Total Revenues 29,967,422 9,717,938 39,685,360
EXPENDITURES
Current:
General Government 4,251,117 - 4,251,117
Judicial 750,294 - 750,294
Public Safety 14,954,570 1,865,106 16,819,676
Physical Environment 1,574,134 251,003 1,825,137
Transportation - 1,537,483 1,537,483
Health and Human Services 8,653 31,087 39,740
Economic Environment 382,863 362,525 745,388
Culture and Recreation 3,289,504 827,675 4,117,179
Capital Outlay 813,095 4,924,244 5,737,339
Debt Service
Principal 517,079 645,095 1,162,174
Interest 395,225 244,345 639,570
Total Expenditures 26,936,534 10,688,563 37,625,097
Excess of Revenues Over(Under)Expenditures 3,030,888 (970,625) 2,060,263
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets 157,018 - 157,018
Proceeds of General L-T Debt - - -
Insurance Recoveries (2,813) 2,710 (103)
Operating Transfers-(In) 91,125 4,893,176 4,984,301
Operating Transfers-(Out) (1,377,078) (2,869,674) (4,246,752)
Total Other Financing Sources(Uses) (1,131,748) 2,026,212 894,464
Net Change in Fund Balances 1,899,140 1,055,587 2,954,727
Prior Year Adjustments (46,206) 308,213 262,007
Fund Balance Beginning 8,751,769 11,356,092 20,107,861
Fund Balance,Ending $ 10,604,703 $ 12,719,892 $ 23,324,595
See accompanying notes to the basic financial statements.
42
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) - (2,136,114) (5,710,114)
Total Other Financing Sources(Uses) (3,492,789) 1,491,807 2,155,936 154,954
Net Change in Fund Balances (554,446) 1,290,170 (182,727) 552,997
Prior Year Adjustments 138,595 (16,256) (216,881) (94,542)
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.
43
Qty 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 31,2007
Net change in fund balances-total govemn-a tal funds $ 2,954,727
Arnounts 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. 2,053,736
Governmental funds report capital outlays as expenditures. Ha,never,in the Statement of Net
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. (79,246)
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 canes from the Statement of Revenues, Expenditures,
and Changes in Fund Balances for Govemment Funds. 1,162,174
Adjustment for interfund transfers recorded as expenditures in govememental funds
but are reconciled in Statement of Activities. This amount comes from the Statement of Activities. (846,418)
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 2007. 4,200
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 an-curet comes from the Combining Statement of Revenues, Expenditures and
Changes in Net Fund Assets for Internal Service Funds. 882,537
Change in net assets of governmental activities $ 6,131,710
See accompanying notes to the basic financial statements.
44
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. 198,478
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 $ 12,226,543
See accompanying notes to the basic financial statements.
45
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Origianal Budget Final Budget
REVENUES
Taxes $ 19,571,300 $ 20,471,300 $ 21,722,420 $ 2,151,120 $ 1,251,120
Licenses&Permits 957,100 1,457,100 1,708,999 751,899 251,899
Intergovernmental Revenue 1,544,500 1,544,500 1,551,757 7,257 7,257
Charges for Services 2,549,340 2,649,340 2,911,444 362,104 262,104
Fines&Forfeitures 721,000 721,000 1,016,139 295,139 295,139
Investment Income 240,000 240,000 351,086 111,086 111,086
Miscellaneous Revenue 488,000 488,000 705,577 217,577 217,577
Total Revenues 26,071,240 27,571,240 29,967,422 3,896,182 2,396,182
EXPENDITURES
Current:
General Government 4,592,475 4,214,175 4,251,117 341,358 (36,942)
Judicial 718,065 718,065 750,294 (32,229) (32,229)
Public Safety 13,331,268 14,966,068 14,954,570 (1,623,302) 11,498
Physical Environment 1,928,480 1,928,480 1,574,134 354,346 354,346
Transportation - - - - -
Health and Human Services 7,000 7,000 8,653 (1,653) (1,653)
Economic Environment 374,265 413,265 382,863 (8,598) 30,402
Culture and Recreation 3,300,435 3,377,435 3,289,504 10,931 87,931
Capital Outlay 882,700 882,700 813,095 69,605 69,605
Debt Service - -
Principal 601,200 601,200 517,079 84,121 84,121
Interest 424,180 424,180 395,225 28,955 28,955
Total Expenditures 26,160,068 27,532,568 26,936,534 (776,466) 596,034
Excess of Revenues Over(Under)Expenditures (88,828) 38,672 3,030,888 3,119,716 2,992,216
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets 1,000 1,000 157,018 156,018 156,018
Proceeds of General L-T Debt - - - - -
Insurance Recoveries 1,000 1,000 (2,813) (3,813) (3,813)
Transfers-In 133,000 133,000 91,125 (41,875) (41,875)
Transfers-(Out) (1,453,000) (1,675,000) (1,377,078) 75,922 297,922
Total Other Financing Sources(Uses) (1,318,000) (1,540,000) (1,131,748) 186,252 408,252
Net Change in Fund Balances (1,406,828) (1,501,328) 1,899,140 3,305,968 3,400,468
Prior Year Adjustments - - (46,206) (46,206) (46,206)
Fund Balance Beginning 6,000,000 6,000,000 8,751,769 2,751,769 2,751,769
Fund Balance,Ending $ 4,593,172 $ 4,498,672 $ 10,604,703 $ 6,011,531 $ 6,106,031
See accompanying notes to the basic financial statements.
46
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 Capital 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.
47
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 Capital 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.
48
THIS PAGE LEFT BLANK INTENTIONALLY
49
atyof Nsm
StataTEnt of tit Assets
P((#Etay FuxIS
FbrtheYbE 5xled DsmT per 31,2007
2007 2006
B-dnessType E3_bnessType
Ptmbes C3mmn3'tal RsinessType Pd\ibes G3*nwe-d aj*EssType
Erterpise Fuxis Activities Pc Mes Erte Anse Rrdss Activities Activities
Vta-/Smff Intend-%moe IrtmA Service V\bter/Sena- IrterTid Sermoe IrtaTd Savioe
Fuxl Finds Fuxin Rrd Reds Funk
ors
Offal Assets;
anertash&CashEWvalats $ 5373,636 $ 1,296,699 $ 502,831 $ 5,042,266 $ 749,246 $ 697,858
Ftroavaldes(rd d ellonaves)
L.tilityFboawbies 911,823 - - 7835410 - -
Cther FbOavakles 253,271 - - 254,311 - -
Nles Fboavatie - - - - - -
InterVdLcensPoca de 4100 170,000 - 1,057,700 186000 41,158
Interest Fbodvsble 65,250 14,432 6,583 61,221 7,568 6,801
Die frcmG3OTrrEr-d l tits - 32,057 - - - -
M3d,erdse Invertay 303,026 9,355 - 319924 7,706 -
Rod Irsuaioe 19,228 - - 4598 - -
Rd Offe t Assets $ 6,954,332 $ 1,522,553 $ 500,414 $ 7,545425 $ 944,520 $ 656,817
NM4arrertAssets:
InvestraTts $ 6,567,778 $ 1,534,855 $ 614,572 $ 6,16,770 $ 915,745 $ 742,938
Fbsbided Assets
Lit SmAoe
Cash&C3shapole°ts 726,360 - - 644,177 - -
Q pital,meets
La-d 317,786 - - SV238 - -
BjIdncjs hxe iInpD"rffts/
Eq.jM'E t&S, EnT 70,947967 4,856,150 1,866,638 69,194,342 4,506,096 1,659,288
Less Aoam.idedQspreda6cn (24,953,457) (2,612,474) (879,547) (22,4165301) (Z274,518) (796,601)
Iriostrutle 101,775,946 - - 90,31$525 - -
Less Aoa rdatedDBpmabcn (16486,53n - - (14,464,461) - -
CcrEhdcnVVirk In Rogess 2,754,060 - - 3,289,894 - -
C3tared C Nyges 175,353 - - 185180 - -
Tatal NM4arrErtA69ds $ 141,825,228 $ 3,831,531 $ 1,601,663 $ 132988364 $ 3,147,328 $ 1,605,65
TOTA-A= $ 148,779,558 $ 5354,084 $ 2111,077 $ 140,531,789 $ 4,091,842 $ 2261,442
50
LIABILIMS
Orrent liabilities
Awaits Payable $ 631,385 $ 78,914 $ 2405 $ 449,011 $ 2Z851 $ 2,252
DuetoCtherGo,erm nts 71,025 - - 30,800 - -
FatainagePayable 180,777 - - 463,839 - -
M hied GO Baxls - - - - - -
Curert F loton Boris Payable 1,375,000 - - 1,270,000 - -
Orrert Fbrticn Loans Payable 1,466,661 - - 1,427,663 - -
DqDosits 87,233 - - 55,429 - -
Interest Payable 392,113 - - 87,683 - -
DefensdQedits 1,114,327 - - 751,810 - -
Total CuTert Liabilities $ 5,318,521 $ 78,914 $ 2,405 $ 4,536,235 $ 22,851 $ 2,252
N>rrQrrert Liabilities
QxTpensatedAbsenoes $ 160,156 $ 16,791 $ 7,884 $ 151,990 $ 16,066 $ 7,884
Clams Inarred Not R ported - 125000 - - 125000 -
t-daim3d Roperty 20,988 - - 17,573 - -
Bonds Payable:
1998 Feve i e Bonds SaiesA 1,520,000 - - 1,615,000 - -
1998 Pekrxing Bands Series B 4,710,000 - - 5,270,000 - -
1998 Fb e"Bonds Series C 415,000 - - 515,000 - -
1999FbRnLeBonds 585,000 - - 635,000 - -
2001 Fb/emie Borts 675,000 - - 735,000 - -
2002 Fier e Bonds 4,810,000 - - 5,065000 - -
2005 FbA nE Bonds 4,060,000 - - 4,210,000 - -
2007 Fb„enae Bonds 845,000 - - - - -
Less:O rertFbrdcn (1,375,000) - - (1,270,000) - -
Lken-rrbzed Dsoaxt on Pdirdng Debt (7,937) - - (8,824) - -
Lcers Payabe:
PArrF Loans 2,771,040 - - 3,094,128 - -
CW Loan 16,751,468 - - 17,856,043 - -
Irterf"Lwns - - - - 85,010 71,158
Less:O.rrert F brbcn (1,466,661) - - (1,427,663) - -
Total NmOffert Liabilities $ 34,474,054 $ 141,791 $ 7,884 $ 36,458,247 $ 226,086 $ 79,042
Total Liabilities $ 39,792,575 $ 220,705 $ 10,289 $ 40,994,482 $ 248,937 $ 81,294
NEf ASSETS
Investment in Capita Assets:
Net of Fbded Debt $ 96,648,274 $ 2246,676 $ 987,091 $ 92,804,318 $ 2238,284 $ 862,697
Pe&ded for Debt Service 841,603 170,000 - 1,757,306 180,000 41,158
Lhieshided 11,497,016 2716,703 1,113,697 4,975,683 1,423,621 1,276,303
Total Net Assets $ 108,986,983 $ 5133,379 $ 2100,788 $ 99,537,307 $ 3,842,905 $ 2,180,148
See accor Wy rig notes to the basicfinancia stetanxits.
51
Qty of Pasco
Statement of Revenues,Expenses,and Changes in Fund Net Assets
Proprietary Funds
For the Year Ended December 31,2007
2007 2006
Governmental Business-type Governmental Business-type
Business-type Activities Activities Business-type Activities Activities
Activities Internal Internal Activities Internal Internal
Enterprise Funds Service Funds Service Funds Enterprise Funds Service Funds Service Funds
Water/Sever- Water/Seiner
Fund Total Total Fund Total Total
OPERATING REVENUES
Charges for Services-Internal $ - $ 4,012,717 $ 474,960 $ - $ 3,149,252 $ 451,560
Charges for Services-Other 13,816,835 586,872 14,950 13,730,957 241,742 3,175
Nisoellaneous Revenue 1,952,100 2,486,668
Total Operating Revenues 15,768,935 4,599,589 489,910 16,217,625 3,390,994 454,735
OPERATING EXPENSES
Personal Services 2,697,082 593,979 18,600 2,301,789 178,211 19,900
Supplies 385,282 - - 282,581 - -
Other Services&Charges 3,247,786 3,140,209
Taxes 1,815,355 - - 1,905,927 - -
K/bintenance Expenses - 639,582 159,803 - 595,600 161,942
Insurance Claims and Expenses - 2,486,648 - - 2,360,390 -
Depredation 4,535,918 338,132 69,375 3,818,741 17,219 264,018
Capital Outlays - 230,243 79,431 - 183,123 165,537
Total Operating Expenses 12,681,423 4,288,584 327,209 11,449,247 3,334,543 611,397
OPERATING INCOME(LOSS) 3,087,512 311,005 162,701 4,768,378 56,451 (156,662)
NON-OPERATING REVENUES(DCPENSES)
Interest and Investment Revenue 579,419 109,516 59,701 571,321 68,153 50,969
Proceeds from Debt Issuance 835,650 - - - - -
Famiand Rentals 686,140 626,292 -
Interest Expense (1,436,785) (1,495,401) -
Amotization Expense (43,430) (43,430) -!Miscellaneous Non-Operating Revenues 70,556 - - 23,211 - -
Total Non-Operating Revenues(Expenses) 691,550 109,516 59,701 (318,007) 68,153 50,969
Incare(Lass)before Contributions and
Transfers 3,779,062 420,521 222,402 4,450,371 124,604 (105,693)
Capital Contributions 6,081,445 353,147 295,906 3,625,332 -
Transfers Out (1,724,261) - (88,869) (430,000) (59,263)
Transfers In 947,186 108,869 - 306,036 (40,837) -
Changes in Net Assets 9,083,432 882,537 429,439 7,951,739 83,767 (164,956)
Prior Year Adjustments 551,478 24,939 (702,579) (269,689) (303,811) 163,331
Assets Purchased in Other Funds - 382,998 193,780 181,569 28,919
Assets Purchased&Transferred to Eq Rental (185,234) - - - - -
NETASSETS-BEGINNING 99,537,307 3,842,905 2,180,148 91,855,257 3,881,380 2,152,854
NETASSEfS-ENDING $ 108,986,983 $ 5,133,379 $ 2,100,788 $ 99,537,307 $ 3,842,905 $ 2,180,148
See acocrrpanying notes to the basic financial statements.
52
QtydR im
':UeYetdFbuaia,Bpa a-dQa-WsinRrdMA&D-Aal
FcrftYeff5rbdDam�31,2W7
flara3sTABP&Aes Gm"-ata 4jneSS4�
6tepiseRrrls PdrAEs ACMES
VAff Sans Rao s\A t SmTrAs Irdgbm Irterd&Nm Irterd Rio=.
ems qjaAar, R3ee cm gigabcrs Tcta Rrit; Rrr3
CF8�4l1f�F�tJ�
Qfa Sati+ae; Irterd $ - $ - $ - $ - $ - $ 4,012,717 $ 474,9
QagsfcrScNaes-C Iha 5,27,535 5914,141 1,657,011 421,040 551,078 1581&835 5EQ872 14,9D
IVtsokerf spae a 83E 12 1,CMW4 - - 6&904 1,9E?V - -
Tcta qjTArg Paoim Q111,727 &96$175 1,657,011 421,010 614,932 1575&935 4,57 RTI) 489910
CFEF;Aflf3D4ENM
Fbwid Macs 942,431 1,119614 173 T9 199722 251,546 2697,0E2 59W9 1$6J0
S,Wics 198567 11QW1 31,238 1&2x3 37,273 385282 - -
Co-ff%moe;&Qargas 1,18178 1,149637 461,619 222 185070 5247,786 - -
TaEs 77$318 6DR119 247,742 43589 4&557 1,815355 - -
Ibrteaa:E� - - - - - - 63R5a2 1-�Q833
Ir&raa;Qarrsal6geiees - - - - - - 2485648 -
m 1,385644 Z3E ITB U,724 73 510 371,537 4,535918 3E&132 89375
Chita C)A-w - - 235243 79431
TctjgiaArgEparss 4,483;168 547$904 1,222002 59&276 949m 12631,423 4,28$521 327,29
CJ•13d4lII GIN33EXES) 1,631,EE9 1,485271 434,919 174 23b) (29QW1) 5087,512 311,005 1&771
Illt3FB1T5(EH,fM
Irtff�a-dIrMEhlEtPaEle 239118 315530 2c5753 (12OEE)) 1QO73 579419 lM516 X711
F3 f;frcmL-TR#.tlssane - 835E ED - 81166 - -
FarrtariFbtJs - 6EQ'WO - 685140 - -
Irtee#Bpn3a (345963) (731,331) (27&451) - (31,07P (1,435785) - -
P mtm im Epa3e (24238) (4,38 (1Q8f - (45430) - -
MscdlamBNTK� ArgFaeues 51,072 19484 - - 7&556 - -
Tcta rgibm-m(Fpar3es) 81,981 372944 435639 (12c6p 499 W1,aD 1CR516 X701
lame(I.. )blmOj nb-hc sa-dTraisfes 1,548578 1,855215 e5B (18,R) (31QP 5779062 QE21 222,402
C-lita oitlz6ou 1,051,497 5985613 345390 695915 QOB1,445 365147 295906
TrarfesO.t - (1,724,981) - - (1,724,0) - (858E9)
TrarfesIn - 237,186 SOW 947,185 105863 -
OaWinl AEets 2,0,O75 4,41&753 8t95Em 8$OD9 387,947 9081432 88Z537 429439
RiarYaErPqL&rats 551,478 21,971 M59)
PmEt-.R.rctTssdinQhErRnt - 38?998 197,78)
PBsts,RATs9d&TO-Ef dtoEgR3-W (185234) - -
NF-TA9f15-t$3M1W, 99537,307 3,843905 218M148
NETA9E S-ROW, $ 105985983 $ 513537 $ 21O578B
S39 Nrgrrtestolhebescfirsna AlaTuts
53
aty of Pasco
Statement of cash Flans
Propietary Funds
For the Year Ended December 31,2007
2007 2006
Governmental Business-type Governmental Business-type
Business-type Activities Activities Business-type Activities Activities
Activities Internal Internal Activities Internal Internal
Enterpise Funds Service Funds Service Funds Enterprise Funds Service Funds Service Funds
Water/Serer Water/Sever
Fund Total Total Fund Total Total
CASH FLOW FROM OPERATING ACTIVTIIES:
Receipts from Customers $ 16,038,078 $ 4,560,656 $ 490,129 $ 16,098,679 $ 3,413,308 $ 469,398
Payrrents for lvlaintenance&Cps. - (1,406,887) (257,631) 0 (987,531) (370,376)
Payments forlvbrchandise (368,384) (372,477) 0 0
Payments for Wages (2,688,916) (2,297,552) 0 0
Payrrentsfor Operating Expenses (3,055,937) (3,742,917) 0 0
Internal Activities-payn>rnts to other funds 0 0 0
Payrrients for Taxes (1,775,130) (1,927,072) 0 0
Payments to Employees - (2,486,796) 0 (2388,650) 0
Net Cash provided(used)hi operating activities 8,149,711 666,973 232,448 7,758,661 37,127 99,022
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES - 0
Nor Year Adjustments 551,470 23,291 (702,579) (796,531) 13,223 (6,658)
Transfers In(Out) (777,075) 109,086 (88,869) (123,964) 44,163 (138,875)
N-Operating Revenue 756,696 - - 649,503 0 0
Net Cash provided from noncapital financial activities 531,091 132,377 (791,448) (270,992) 57,386 (145,533)
CASH FLOW FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Acquisition of Capitet Assets (8,332,556) 382,698 295,906 (3,161,542) -
Principal Paid on Bonds&Loans (2,697,663) - (2,644,996)
Interest Paid on Bonds&Loans (1,133,242) (1,791,743)
Oenstnuction Work in Process (4,908,721) (10,237,872)
Proceeds of Bonds 835,650 -
Payments received from Notes and Loans 1,029,600 -
Net Cash Used by Capital&Related Financing Activities (15,206,932) 382,698 295,906 (17,836,153)
CASH FLOWS FROM INVESTING ACTIVITIES
Interfund Loans - (75,000) (30,000) (381,993) - -
Investment AcWtieslnome 575,390 109,516 59,701 759,160 68,153 50,969
Net Cash Provided from Investing Activities 575,390 34,516 29,701 377,167 68,153 50,969
NON CASH ACTIVITIES:
Capital Contributions 6,769,301 - - 3,625,333 - -
Net Increase(Decrease)in Cash and
Cash Equivalents 818,561 1,216,564 (233,393) (6,345,984) 162,666 4,458
Cash and Cash Equivalents January 1 11,849,213 1,664,990 1,350,796 18,195,197 1,502,324 1,346,338
Cash and Cash Equivalents December 31 $ 12,667,774 $ 2,881,554 $ 1,117,403 $ 11,849,213 $ 1,664,990 $ 1,350,796
There mere no noncash activities from investing or fir a ncing in 2007.
See accompanying notes to the basic financial statements.
54
city Paso
StEtaTat d Cash Rons
Rgpietay Rj-&.
Fcrt BYea EnJ9d Daoarira-31,2707
2707 2706
Gxsrrrertal Rdrm&W Gxffm rtal mess-type
Mnes-s e Pities AcWties a.enesstype Acmes Adl\Aties
Pities Interred Irterd Pdi\ities Irtenrol Intend
Erterpise Fcr Sermoe Rr&s Same Furl; Ertsprise Rnt Sermoa Rrds Seruoe Rr&i,
Vvkter/Sens' Vlkte'/-%Aer
R.nd Tdal Total Find Trial Tctd
HJC ULA7ICNCFa3EP4 WIMCIVE(WPTOWrCAMW�ACEDBYa A711VGPCIWES
W Cpe-alir g InxrrE $ 3,087,512 $ 311,005 $ 162,701 $ 4,769,378 $ 56,451 $ (156,662)
AaLsTNuzsTO LECPEPAlll\G
INM ETONEFCA5H R3aADED(I EP 13Y
aDff?A1NGAm-nE5
DEpmaticn 4,535918 33$132 69,375 3,81$741 17,219 264,018
Chards in assetsaid Iial ilities
(Ir eYDaaemeinQstaTffF Awbes (97,229) (3$933) 219 (241,536) 22,314 14,663
(Inaee&eYDaowe in Repaid Epsses 7,367 - (1,572) -
(In eaEby amseinImertaies 16,898 (89896)
(I r ae a3--YDao wse in Cram Peajwbe (1,172)
In mY(Dame)inOstare D-=pcEits 2,832 - - 3Q922
lnmEEd(DaTeme)inAoau sFWe 184,482 56,064 153 (601,136) (60,429) (71,997)
Inaea sd(DaEse)in Wdalrred Rn)erty 3,416 - - 2370
Ira sd(Deoease)inDetoOherRr&r (1,331) (553)
Inmasd(Deaease)in Ddsred Fame 887 886
Inmasd(Darease)inTa-es Rayede 41,562 - (4592) -
lnmase'(Damma)inOmpesatedA)sernes $166 705 4,237 1,572
Inma;e'(Dam e)in Latecarer Rile (2,108) - - -
InmEEe( e)inAUTmMrimmCtipcats 36?517 - 79,412 -
NA03shRondebygraa6ngPities $ 8,149,711 $ 666,973 $ 232,448 $ 7,75$661 $ 37,127 $ 93,122
SeeammporgndestotheLebicfirendd AAaTe-t&
55
City of Pasco
Statement of Fiduciary Net Assets
Fiduciary Funds
December 31, 2007
2007 2006
Fire Pension Agency Fire Pension Agency
Fund Funds Fund Funds
ASSETS
Cash&Cash Equivalents $ 486,208 $ 164,503 $ 951,548 $ 176,517
Receivables(net of allowances)
Other Receivables - - - -
Loans Receivable - - - -
Interest Receivable 9,204 - 7,437 -
Investments, at FMV 3,818,323 - 3,272,760 -
Total Assets 4,313,735 164,503 4,231,745 176,517
LIABILITIES
Accounts Payable - - - -
Due to Others - 164,503 - 176,517
Total Liabilities - 164,503 - 176,517
NET ASSETS
Held in Trust for Pension Benefits&Other
Purposes $ 4,313,735 $ - $ 4,231,745 $ -
See accompanying notes to the basic financial statements.
56
City of Pasco
Statement of Changes in Fiduciary Net Assets
Fiduciary Funds
For the Year Ended December 31, 2007
2007 2006
Fire Pension Fire Pension
Fund Fund
ADDITIONS
Taxes $ 40,123 $ 34,834
Investment Earnings
Interest 77,005 50,580
Dividends 212,990 160,071
Net Increase(Decrease)in Fair Value of Investments (66,493) 266,951
Loan Interest - 2,329
Total Additions 263,625 514,765
DEDUCTIONS
Pension Benefits 88,581 144,814
Medical Premiums 81,954 66,288
Administrative Expenses 11,100 16,060
Total Deductions 181,635 227,162
Change In Net Assets 81,990 287,603
Prior Year Adjustments - (2,574)
NET ASSETS-BEGINNING 4,231,745 3,946,716
NET ASSETS- ENDING $ 4,313,735 $ 4,231,745
See accompanying notes to the basic financial statements.
57
THIS PAGE LEFT BLANK INTENTIONALLY
58
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 as a primary government unit.
The City's primary government major operations include police and fire
protection including emergency medical response, a municipal court,
engineering, street construction and maintenance, planning and zoning,
parks and recreation services, a public library and general administrative
functions. 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 38, 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
59
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.
60
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
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.
61
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.
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.
62
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 City Street Fund exceeded budgeted appropriations by $73,942. This
was a result of increased expenditures for traffic control device
maintenance.
63
5. Deficit Fund Equity
The following funds report a deficit fund equity position at December 31,
2007.
FUND DEFICIT EQUITY BALANCE
Arterial Street Fund $ (814,751)
Cemetery Fund (75,228)
Equip. Rental Op. Fund - W/S (10,856)
LID Construction Fund (316,559)
The following steps have been taken to eliminate the above deficits:
The LID Construction Fund will receive a funds transfer in 2008 for ULID 143
when bonds are funded in 2008 for this project.
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 $53,979 in 2007 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.
Increased contributions for operating costs in 2008 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, 2007, the treasurer was holding $14,495,237 in short-term residual
investments of surplus cash and $28,301,835 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.
64
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 2007 were approximately $1.7 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 69-70.
3. Receivables
Taxes receivable consists of property, sales, gambling, utility taxes and
related interest and penalties. (See Note 16, pages 93-94.) 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, 2007, $111,593 in special assessments receivable was
delinquent. Of this delinquent amount, $40,139 or 35.97% is on
property that is owned by the City and will be recovered as part of the
sale price of the property.
Customer accounts receivable consists of amounts owed from private
individuals or organizations for goods and services including amounts
owed for which billings have not been prepared. Notes and contracts
receivable consists of amounts owed on open accounts from private
individuals or organizations for goods and services rendered.
4. Amounts Due to and from Other Funds and Governments, Interfund
Loans and Advances Receivable
Activity between funds that are representative of lending/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
65
"internal balances." A separate schedule of interfund loans receivable
and payable is furnished in Note 15, pages 92-93.
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 87-90.
The restricted assets of the enterprise fund as of December 31, 2007 are
composed of the following:
Cash and Investments - Debt Service $ 726,361
Cash Deposits 87,233
Total Restricted Assets 813 594
7. Capital Assets and Depreciation - See Note 6, pages 72-75.
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.
66
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 2007.
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 Et Equipment 10
8. Other Property and Investments - See Note 4, pages 69-70.
9. Compensated Absences
The City accrues accumulated unpaid vacation and sick leave and
associated employee related costs when earned (or estimated to be
earned) by the employee. All vacation and sick pay is accrued when
incurred in the government-wide, proprietary, and fiduciary fund
financial statements.
Sick leave may be accumulated up to a maximum of 960 hours for all
employees except firefighters. Firefighter sick leave may be
accumulated up to a maximum of 840 hours. Sick leave is payable at a
rate of 25% up to a maximum of 720 payout hours upon resignation,
retirement or death.
Vacation leave may be accumulated up to a maximum of one and a half
time the employee's annual vacation accrual rate and is payable upon
resignation, retirement or death.
10. Other Accrued Liabilities
These accounts consist of accrued wages and accrued employee benefits.
11. Long-Term Debt - See Note 10, pages 87-90.
67
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 40-41 .
B. Explanation of Certain Differences Between the Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances
and the Government-Wide Statement of Activities
The governmental funds' statement of revenues, expenditures, and
changes in fund balances includes a reconciliation between net changes
in fund balances - total governmental funds and changes in net assets of
governmental activities as reported in the government-wide statement
of activities. This information can be found on the Reconciliation of the
Statement of Revenues, Expenditures and Changes in Fund Balance of
Governmental Funds to the Statement of Activities on pages 42-43.
NOTE 3. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
There have been no material violations of finance-related legal or contractual
provisions.
68
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 &t Cash Equivalents or
Investments of Governmental Activities and within Cash &t Cash Equivalents
or Investments of Business-type Activities.
The fair market value of investments is based upon quoted market prices as
of December 31, 2007.
As of December 31, 2007, the City had the following investments:
FAIR MARKET
MATURITIES VALUE
INVESTMENTS
Federal Agency Securities 25,323,770 25,385,576
Mutual Funds 1,792,554 2,916,258
Investment in State Treasurer's Investment Pool 2,174,411 2,174,411
Savings Accounts 10,341,695 10,341,695
Total Investments 39,632,420 40,817,940
69
Custodial credit risk is the risk that in event of a failure of the counterparty
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
$40,817,940 in 2007, $9,503,616 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.
The following Property Tax Calendar for Franklin County, Washington provides
the relevant property tax data for the 2007 tax year.
Franklin County, Washington
2007 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.
70
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 2007 was $2.2494 per $1,000 on an assessed
valuation of $2,313,863,466 for a total regular levy of $5,204,745.
71
NOTE 6. CAPITAL ASSETS
A. Capital Assets
Capital assets activity for the year ended December 31, 2007 was as
follows:
Beginning Ending
Balance Balance
Governmental Activities 01 /01/07 Increases Decreases 12/31/07
Capital assets, not being
depreciated
Land $ 5,409,461 $ 317,986 $ 17,000 $ 5,710,447
Construction in Progress 3,134,376 780,920 567,661 3,347,635
Total capital assets, not being
depreciated 8,543,837 1,098,906 584,661 9,058,082
Capital assets, being
depreciated
Buildings 30,892,632 1,473,885 101,549 32,264,968
Improvements other than
buildings 7,516,593 716,854 40,217 81193,230
Machinery 8t Equipment 2,760,673 181,811 6501827 2,291,657
Infrastructure (1) 35,170,020 341074,499 0 69,244,519
Equipment Rental 4,506,096 296,206 13,570 4,788,732
Equipment Animal Control 0 70,418 0 70,418
Total capital assets being
depreciated 80,846,014 36,813,673 806,163 116,853,524
Less accumulated depreciation
(3) for:
Buildings 7,407,573 775,082 0 8,182,655
Improvements other than
buildings 1,203,170 572,654 0 1,775,824
Machinery Ft Equipment 1,098,227 0 632,316 465,911
Infrastructure (1) 3,357,551 21,023,145 0 24,380,696
Equipment Rental 2,274519 326,438 13,570 2,587,387
Equipment Animal Control 0 25,087 0 25,087
Total accumulated
depreciation 15,341,040 22,722,406 645,886 37,417,560
Total capital assets, being
depreciated, net 65,504,974 14,091,267 160,277 79,435,964
Governmental activities capital
assets net $ 74,048,811 $15,190,173 $ 744,938 $88,494,046
72
(1) - Infrastructure additions reflect retroactive valuation of assets and
depreciation as required by GASB 34 reporting implementation
requirements.
Beginning Ending
Balance Balance
Business-Type Activities 01/01 /07 Increases Decreases 12/31/07
Capital assets, not being
depreciated
Land $ 921238 $ 225,548 $ 0 $ 3171786
Construction in Progress 3,269,894 201,519 717,333 2,754,080
Total capital assets, not being
depreciated 3,362,132 427,067 717,333 3,071,866
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 37,319,063 664,424 0 37,983,487
Transmission, Distribution 8t
Collection Lines (1) 72,7021120 10,749,423 0 83,451,543
General Plant Assets 31208,970 394,605 0 3,603,575
West Pasco Water System 1,328,485 0 0 1,328,485
Plant Acquisition 700,961 0 0 700,961
Industrial Waste Water Plant 15,020,679 182,653 0 15,203,332
Storm Water 2,695,537 511,944 0 3,207,481
Irrigation (1) 17,616,405 707,996 0 18,324,401
Equipment Rental 1,6591288 207,350 0 1,866,638
Total Capital Assets Being
Depreciated 1611172055 13,418,395 0 174,590,550
Less accumulated
depreciation (3) for:
Source of Supply 223,260 6,539 0 229,799
Pumping Plants 3,102,066 359,219 0 3,461,285
Treatment Plants 13,403,399 11544,332 0 14,947,731
Transmission, Distribution Et
Collection Lines 13,709,797 1,650,589 0 15,360,386
General Plant Assets 115911906 189,923 0 11781,829
West Pasco Water System 934,216 32,543 0 966,759
Plant Acquisition (2) 350,480 23,365 0 373,845
Industrial Waste Water Plant 2,686,450 307,724 0 2,994,174
Storm Water 124,524 73,510 0 198,034
Irrigation (1) 754,664 371,538 0 1,126,202
Equipment Rental 796,601 82,945 0 879,546
Total accumulated
depreciation (4) 37,677,363 4,642,227 0 42,319,590
73
Total capital assets, being
depreciated, net 123,4941792 8,776,168 0 132,270,960
Business-type activities
capital assets, net $126,856,924 9,203,235 717,333 135,342,826
(1) - These assets are classified as Infrastructure.
(2) - Plant Acquisition is accumulated amortization.
(3) - Depreciation calculations were changed in 2007 so that all assets
accumulate depreciation in the year purchased.
(4) - This schedule includes $25,806 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 $ 732,197
Security of Persons E. Property 141,066
Physical Environment 49,919
Economic Environment 358,270
Transportation 21,023,145
Culture Ft Recreation 698,498
Judicial 5,850
Total Depreciation - Governmental Activities $ 23,008,945
Business-Type Activities
Water/Sewer Utilities $ 4,603,293
Total Depreciation - Business-Type Activities $ 4,603,293
B. Construction Commitments
The City has active construction projects as of December 31, 2007. 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
SR395 Pedestrian
Crossing $ 91,992 $ 808,008
RD 28/RD 26
74
Improvements $ 377,015 $ 20,083
Court St Widening - Rd 68
to Rd 84 $1,412,053 $ 300,000
2007 Overlays $ 466,555 $ 133,445
WWTP Expansions $ 133,445 $ 1,350,865
RD 84 Sewer Extension $ 49,176 $ 800,824
2007 W Pasco Sewer
Extension Phase 1 $ 1,452,884 $ 47,116
East RD 40/Commercial
St. Sewer Extension $ 2,500 $ 397,500
LID 143 $ 311,526 $ 11788,474
Airport A/C Water Line
Replacement $ 17,248 $ 862,752
2007 Water Distribution
Line Extensions $ 154,519 $ 445, 481
2007 Water Filtration
Plant Improvement $ 291,816 $ 123,184
2007 Irrigation System
Improvements $ 45,227 $ 604,773
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 CAM 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 defined benefit plan with a defined
contribution component.
75
Membership in the system includes: elected officials; state employees;
employees of the Supreme, Appeals, and Superior courts (other than
judges in a judicial retirement system); employees of legislative
committees; community and technical colleges, college and university
employees (not in national higher education retirement programs);
judges of districts and municipal courts; and employees of local
governments.
PERS participants who joined the system by September 30, 1977, are
Plan 1 members. Those who joined on or after October 1, 1977 and by
either, February 28, 2002 for state and higher education employees, or
August 31, 2002 for local government employees, are Plan 2 members
unless they exercise an option to transfer their membership to Plan 3.
PERS participants joining the system on or after March 1, 2002 for state
and higher education 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 the age of 60 with 5 years of
service, or at the age of 55 with 25 years of service. The annual benefit
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. Plan 1 retirements from inactive status prior to the age of 65
may receive actuarially reduced benefits. The benefit is actuarially
reduced to reflect the choice of a survivor option. A cost-of-living
allowance (COLA) is granted at age 66 based upon years of service times
the COLA amount, increased by three percent annually. Plan 1 members
may also elect to receive an additional COLA amount (indexed to the
Seattle Consumer Price Index), capped at three percent annually. To
offset the cost of this annual adjustment, the benefit is reduced.
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 the age of 55 with 20 years of service,
76
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. The benefit is also actuarially reduced to reflect the choice of a
survivor option. 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. Effective
July 7, 2006, Plan 3 members are vested in the defined benefit portion
of their plan after ten years of service; or after five years of service, if
twelve months of that service are earned after age 44; or after five
service credit years earned in PERS Plan 2 prior to June 1, 2003. Plan 3
members are immediately vested in the defined contribution portion of
their plan. Vested Plan 3 members are eligible to retire with full
benefits at age of 65, or at age 55 with 10 years of service. Retirements
prior to the age of 65 receive reduced benefits. If retirement is at age
55 or older with at least 30 years of service, a 3 percent per year
reduction applies; otherwise an actuarial reduction will apply. The
benefit is also actuarially reduced to reflect the choice of a survivor
option. 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.
Beginning January 1, 2007 through December 31, 2007, judicial members
of PERS may choose to participate in the Judicial Benefit Multiplier
Program (JBM). Current justices or judges in PERS Plan 1 and 2 may
make a one-time irrevocable election to pay increased contributions that
would fund a retirement benefit with a 3.5 percent multiplier. The
benefit would be capped at 75 percent of average financial
compensation. Judges in PERS Plan 3 can elect a 1.6 percent of pay per
year of service benefit, capped at 37.5 percent of average
compensation.
77
Members who choose to participate in JBM will accrue service credit at
the higher multiplier beginning with the date of their election, pay
higher contributions, stop contributing to the Judicial Retirement
Account (JRA), and be given the option to increase the multiplier on past
judicial service. Members who do not choose to participate will:
continue to accrue service credit at the regular multiplier; continue to
participate in the JRA, if applicable; never be a participant in the JBM
Program; and continue to pay contributions at the regular PERS rate.
Justices and judges who are newly elected or appointed to judicial
service and choose to become PERS members on or after January 1,
2007, or who have not previously opted into PERS membership, are
required to participate in the JBM Program.
Justices and judges who are newly elected or appointed to judicial
service will: return to prior PERS Plan if membership had previously been
established; be mandated into Plan 2 and not have a Plan 3 transfer
choice, if a new PERS member; accrue the higher multiplier for all
judicial service; not contribute to JRA; and not have the option to
increase the multiplier for past judicial service.
There are 1,188 participating employers in PERS. Membership in PERS
consisted of the latest actuarial valuation data for the plans as of
September 30, 2006:
Retirees and Beneficiaries Receiving Benefits 70,201
Terminated Plan Members Entitled To But
Not Yet Receiving Benefits 25,610
Active Plan Members Vested 105,215
Active Plan Members Non-vested 49,812
Total 250,838
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 for state
agencies and local government unit employees, and at 7.5 percent for
state government elected officials. 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. Under
78
PERS Plan 3, employer contributions finance the defined benefit portion
of the plan, and member contributions finance the defined contribution
portion. 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. As a result of the implementation of the Judicial
Benefit Multiplier Program in January 2007, a second tier of employer
and employee rates was developed to fund, along with investment
earnings, the increased retirement benefits of those justices and judges
that participate in the program. 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, 2007, were as follows:
Members not participating in JBM:
PERS Plan 1 PERS Plan 2 PERS Plan 3
Employer* 6.13%** 6.13% 6.13%***
Employee 6.00%**** 4.15%**** *****
* The employer rates do not include the employer administrative expense fee
currently set at 0.16%.
** The employer rate for state elected officials is 9.12% for Plan 1 and 6.13% for
Plan 2 and 3.
*** Plan 3 defined benefit portion only.
*** The employee rate for state elected officials is 7.50% for Plan 1 and 4.15%
for Plan 2.
***** Variable from 5.0% minimum to 15.0% maximum based on rate selected by
the PERS 3 member.
Members participating in JBM:
PERS Plan 1 PERS Plan 2 PERS Plan 3
Employer-State Agency* 8.63% 8.63% 8.63%**
Employer-Local Govt.* 6.13% 6.13% 6.13%**
Employee-State Agency 9.76% 7.88% 7.50%***
Employee-Local Govt. 12.26% 10.38% 7.50%***
79
* The employer rates do not include the employer administrative expense fee
currently set at 0.16%.
* Plan 3 defined benefit portion only.
* Minimum rate.
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
2007 $ 33,638 $ 356,299 $ 62,010
2006 19,131 180,984 35,058
2005 11,516 103,417 19,608
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. 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. Membership in
the system includes all full-time, fully compensated, local law
enforcement officers and firefighters. LEOFF membership is comprised
primarily of non-state employees, with Department of Fish and Wildlife
enforcement officers, who were first included prospectively effective
July 27, 2003, being an exception. In addition, effective July 24, 2005,
current members of PERS who are emergency medical technicians can
elect to become members of LEOFF Plan 2.
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.
LEOFF defined benefits are financed from a combination of investment
earnings, 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:
80
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 actuarially reduced for each year that
the benefit commences prior to age 53 and to reflect the choice of a
survivor option. If the member has at least 20 years of service and is age
50, the reduction is 3 percent for each year 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 383 participating employers in LEOFF. Membership in LEOFF
consisted of the following as of the latest actuarial valuation date for the
plans of September 30, 2006:
Retirees and Beneficiaries Receiving Benefits 8,951
Terminated Plan Members Entitled To But
Not Yet Receiving Benefits 602
Active Plan Members Vested 12,711
Active Plan Members Non-vested 3,603
Total 25,867
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
81
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 LEOFF Plan 2 Retirement
Board. All employers are required to contribute at the level required by
state law. The Legislature by means of a special funding arrangement
appropriated money from the state General Fund to supplement the
current service liability and fund the prior service costs of Plan 2 in
accordance with the requirements of the Pension Funding Council and
the LEOFF Plan 2 Retirement Board. 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, 2007 were as follows:
LEOFF Plan 1 LEOFF Plan 2
Employer* 0.16% 5.35%**
Employee 0.00% 8.64%
State N/A 3.45%
* The employer rates do not include the employer administrative expense fee
currently set at 0.16%.
**The employer rate for ports and universities is 8.80%.
Both the City and the employees made the required contributions. The
City required contributions for the year ended December 31 , were as
follows:
LEOFF Plan 1 LEOFF Plan 2
2007 $ 765 $404,634
2006 815 351,698
2005 827 234,821
The City does not have any employees enrolled in the Public Safety Employee's
Retirement System (PSERS) Plan 2.
82
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, 2007, 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
301 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.
83
The following 10-year table of historical trend information shows the
system's progress in accumulating sufficient assets to pay benefits when
due:
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
2007 4,316,568 135.74% (1,136,498) 80,074 (1419.31%)
2006 4,231,745 146.38% (1,340,772) 92,979 (1442.02%)
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%)
* 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 2007. 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%
84
The following is the three-year historical data of Revenues and Expenditures.
Fire Pension Historical Data
Revenues Expenditures
Interest Fire Ins. Total
Income Prem. Tax Revenues Pension Costs
2007 292,828 40,123 332,951 181,635
2006 200,080 34,834 2341914 2271162
2005 153,567 32,104 185,671 124,948
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 of Pasco 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 126 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, stop gap, 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. The excess layer is insured by the purchase of
reinsurance and insurance and is subject to aggregate limits. Total limits are
$15 million per occurrence subject to aggregate sub-limits in the excess layers.
The Board of Directors determines the limits and terms of coverage annually.
85
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, , 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.
86
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 $ 1,200,000
2001 CLID 135 Bond 5.75% 11/2012 536,975 120,000
2001 LTGO Bond 2.00-4.70% 12/1/2020 6,900,000 5,690,000
2002 LTGO &t 5.72%
Refunding Bond 4/1/2022 3,635,000 21965,000
2002 UTGO Refunding 2.50-4.00%
Bond 12/11/2013 3,155,000 1,995,000
Total $ 15,926,975 $ 11,970,000
87
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
2008 $ 935,000 $ 531,865 0 0
2009 990,000 495,025 0 0
2010 1,055,000 455,200 0 0
2011 1,085,000 410,878 0 0
2012 1,075,000 364,633 0 0
2013-2017 4,150,000 1,187,831 0 0
2018-2022 2,680,000 284,520 0 0
Total $11,970,000 $ 3,729,952 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% 6/11/2018 $ 2,255,000 $ 1,520,000
1998 Water/Sewer
Series B Bonds 3.80-4.60% 6/11/2014 6,725,000 4,710,000
1998 Water/Sewer
Series C Bonds 3.70-4.80% 6/1/2014 1,515,000 415,000
1999 Water/Sewer
Bonds 4.10-5.80% 9/1/2016 985,000 585,000
2001 Water/Sewer
Bonds 3.50-4.85% 9/1/2016 995,000 675,000
2002 Water/Sewer
Bonds 2.00-4.70% 12/1/2022 5,945,000 4,810,000
2005 Water/Sewer
Bonds 3.50-4.25% 12/5/2025 4,400,000 4,060,000
2007 Water/Sewer
Bonds 4.25-4.75% 9/01/2022 845,000 845,000
Total $ 23,665,000 $ 17,620,000
88
Revenue bond debt service requirements to maturity are as follows:
Year Ending
December 31 Principal Interest
2008 $ 1,375,000 $ 770,415
2009 1,405,000 706,105
2010 1,460,000 644,913
2011 1,505,000 580,698
2012 1,455,000 516,419
2013-2017 5,870,000 1,668,390
2018-2022 3,660,000 660,484
2023-2027 890,000 76,136
Total $ 17,620,000 $ 5,623,558
Loan and Note obligations currently outstanding are as follows:
Original
Interest Maturity Bond Remaining
Purpose Rate Date Amount Balance
State LOCAL Loan -
Fire Truck 5.72% 6/1/2009 $ 225,000 $ 55,392
State LOCAL Loan -
Animal Control 6.24% 12/1/2016 275,500 196,028
State LOCAL Loan -
Patrol 3.18777% 12/1/2008 161,640 42,291
4.50-
TRAC Loan 5.50% 12/1/2014 1,197,931 602,070
Port of Pasco Airport
Fire Building 4.00% 7/12/2016 120,000 105,771
PWTF Loan #89036 -
Water Tank 3.00% 7/24/2009 1,245,000 123,123
State Revolving Loan 1.00% 10/31/2015 23,700,000 16,751,468
PWTF Loan #95025 -
Sewer Plant 1.00% 6/30/2015 812,700 344,090
PWTF Loan #95026 -
Water Reservoir 1.00% 6/30/2015 2,687,300 859,002
PWTF Loan #691043 1.00% 6/30/2020 1,890,000 1,444,825
Total $ 32,315,074 $ 20,524,060
89
Loan and Note debt service requirements to maturity are as follows:
Year Ending Governmental Activities Business-Type Activities
December 31 Principal Interest Principal Interest
2008 $ 173,336 $ 48,282 $ 1,466,662 $ 605,324
2009 133,508 40,794 1,507,037 561,102
2010 109,950 34,570 1,487,276 515,454
2011 120,281 29,148 1,530,553 469,563
2012 121,894 23,167 1,575,358 422,143
2013-2017 342,582 33,338 8,305,445 1,343,558
2018-2022 0 0 3,650,177 154,278
2023-2027 0 0 0 0
Total $ 1,001,552 $ 209,299 $ 19,522,508 $ 4,071,422
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, 2007, the City has $294,868 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 $726,361 in sinking funds and
reserves as required by bond indentures.
B. Refunded Debt
The City did not issue any refunded debt during 2007.
NOTE 11. LEASES
The City does not currently have any capital or operating leases.
90
NOTE 12. CHANGES IN LONG-TERM LIABILITIES
During the year ended December 31, 2007, the following changes occurred
in long-term liabilities:
Beginning Ending
Balance Balance Due Within
01 /01/07 Additions Reductions 12/31/07 One Year
Governmental Activities:
Bonds Payable:
General obligation
bonds, special
assessment debt
with govt.
commitment $121955,000 $ 0 $ 985,000 $11,970,000 $ 935,000
Loans and Notes 1,227,725 0 177074 1,050,551 172,923
Compensated
Absences 1,427,892 4,200 0 1,432,092 1,432,092
Governmental
Activity Long-Term
Liabilities $15,610,617 $ 4,200 $1,162,174 $14,452,643 $2,540,015
Beginning Ending
Balance Balance Due Within
01/01/07 Additions Reductions 12/31 /07 One Year
Business-Type Activities:
Bonds Payable:
General obligation
bonds, revenue
bonds $18,045,000 $ 845,000 $1,270,000 $17,620,000 $1,375,000
Loans and Notes 20,9501171 0 1,427,663 19,522,508 1,466,662
Compensated
Absences 159,874 8,166 0 168,040 168,040
Business-Type
Activity Long-Term
Liabilities $39,155,045 $ 853,166 $2,697,663 $37,310,548 $3,009,702
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.
91
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 requests for reimbursement to grantor agencies for expenditures
disallowed under the terms of the grants. However, City management believes
that such disallowances, if any, will be immaterial.
NOTE 14. RESTRICTED NET ASSETS
The government-wide statement of net assets reports $4,783,185 of restricted
net assets, of which $4,783,185 is restricted by enabling legislation.
NOTE 15. INTERFUND BALANCES AND TRANSFERS
A. Classification of Interfund Transactions
Interfund transactions are classified as follows:
1. Transactions that would be treated as revenues, expenditures or
expenses if they involved external organizations, such as buying goods
and services or payments in lieu of taxes, are similarly treated when
they involve other funds of the City.
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
92
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 Loan Balances
Interfund balances at December 31, 2007 were as follows:
Due From
All Other
Purpose Funds Total
General Fund Start-up loans for new funds
&t neg. cash balance loans $1,501,800 $1,501,800
Water/Sewer Fund LID loans 8t Equip Rental Op 28,100 28,100
All Other Funds LID and Capital Imp. loans 174,100 174,100
Total $1,704,000 $1,704,000
B. Interfund Transfers
Interfund transfers at December 31, 2007 were as follows:
Transfer From
C General Water/Sewer All Other
L
Fund Fund Funds Total
General Fund $ 0 $ 0 $ 91,125 $ 91,125
Water/Sewer Fund 0 650,000 297,186 947,186
fu
All Other Funds 1,377,078 1,074,261 2,570,231 5,021,570
Total 1 $1,377,078 $ 1,724,261 $2,958,542 $6,059,881
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, 2007 were as follows:
ACCOUNTS: AMOUNTS
Governmental Activities:
Taxes $2,719,114
Customer Accounts 5,161509
Due from Other Funds 201000
93
Interest Receivable 1321164
Other Receivables 977,646
Total Governmental Activities $9,010,433
Business-type Activities:
Utility Receivables $ 911,823
Other Receivables 253,271
Interfund Loan Receivable 28,100
Interest Receivable 71,833
Total Business-type Activities: $11265,027
Special Assessment receivables represent $2,853,398 of the balance of
outstanding Customer Accounts receivable at year end December 31, 2007. Of
this amount $111,593 represents delinquent Special Assessments receivable.
B. PAYABLES
Payables at December 31, 2007, were as follows:
ACCOUNTS: AMOUNTS
Governmental Activities:
Accounts Payable $ 1,665,054
Interfund Loans Payable 281100
Due to Other Govt. Units 76,320
Deposits Payable 383,822
Unclaimed Property 3,422
Other Payables 115,145
Claims Incurred Not Reported 125,000
Deferred Revenue 4,100,410
Due within One Year 2,540,015
Due in More than One Year 11,912,628
Total Governmental Activities $20,949,916
Business-type Activities:
Accounts Payable $ 633,790
Due to Other Govt. Units 711025
Retainage Payable 180,777
Interest Payable 3921113
Deposits Payable 871233
Deferred Revenue 1,114y327
Unamortized Discount (7,937)
Unclaimed Property 201988
Due within One Year 3,009,701
Due in More than One Year 34,300,847
Total Business-type Activities: $39,802,864
94
NOTE 17. SEGMENT INFORMATION
The City's only Enterprise Fund is the Water/Sewer Fund. The services
provided by this fund are water, sewer, process water reuse, storm water
and irrigation operations. These services are not broken out into separate
segments but are reported as one fund in the fund statements.
NOTE 18. JOINT VENTURES
A. Bi-County Police Information Network
The Bi-County Police Information Network (BI-PIN) was established
November 24, 1982, when an Interlocal Agreement was entered into by five
participating municipal corporations, the cities of Kennewick, Pasco, and
Richland, and Benton and Franklin Counties. BI-PIN was established to assist
the participating police and sheriff's departments in the deterrence and
solution of criminal incidents. BI-PIN is served by an Executive Committee
composed of the City Manager of each of the cities and a member from each
of the Boards of County Commissioners of Benton and Franklin Counties. A
liaison from the Bi-County Chiefs and Sheriffs is an ex officio, non-voting
member.
The allocation of financial participation among the participating
jurisdictions is based upon the approved budget for that year and is billed
quarterly in advance to each agency. On dissolution of the Interlocal
Agreement, the net assets will be shared based upon participant
contribution.
Effective January 1, 1992, the City of Kennewick assumed responsibility for
the operation of the BI-PIN system. As the Operating Jurisdiction, the City
provides all necessary support services for the operation of BI-PIN such as
accounting, legal services, risk management and information systems. The
total amount paid by BI-PIN in 2007 for these transactions was $114,084.
The City of Pasco's equity interest in BI-PIN was $272,758 on December 31,
2007, which is reported as investment in joint ventures 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.
95
B. Emergency Medical Services
The Emergency Medical Services (EMS) was established May 17, 1993, when
an Interlocal Agreement was entered into by three participating municipal
corporations, the cities of Kennewick, Pasco and Richland. EMS was
established to provide administrative services for a Medical Program
Director to assure training, certification, and physician medical control of
emergency medical service personnel of the three cities. An Administrative
Board, comprised of City Managers from the participating cities, serves EMS.
All members of the Administrative Board will vote and participate in the
overseeing of policies and contracts. The Medical Program Director and
President of EMS Council shall serve as representatives to the Administrative
Board in a non-voting capacity.
The financial participation among the participating jurisdictions is based
upon the number of certified EMS personnel employed by the jurisdiction or
agency. On dissolution of the Interlocal Agreement, the net assets will be
distributed as equally as possible, as determined by the Administrative
Board.
Effective August 2, 1993, the City of Kennewick assumed responsibility as
the Operating Jurisdiction for EMS via a Coordinating Agreement. The
Operating Jurisdiction provides all necessary support services for the
operation of EMS such as accounting, legal services and risk management.
The total amount paid by EMS in 2007 for these services was $2,400.
The City of Pasco's equity interest in EMS was $3,824 on December 31, 2007,
which is reported as an investment in joint ventures 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
96
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 $23,402 on June 30, 2007,
which is reported as an investment in joint ventures in the government-wide
statement of net assets. The change in equity is reflected in the
government-wide statement of activities under Public Safety. The City does
not anticipate any income distribution from Metro since charges are
assessed only to recover anticipated expenses.
Complete separate financial statements for Metro may be obtained at the
City of Pasco, 525 North Third Street, Pasco, Washington.
D. Trade, Recreation, Agricultural Center
In 1994 the City entered into an agreement with Franklin County for the
Trade, Recreation, and Agricultural Center (TRAC). The City shares with
Franklin County the expenses to operate and cover debt service. Franklin
County handles all operating decisions and financial reporting for TRAC.
Complete financial statements for TRAC may be obtained at Franklin
County, 1016 N. 4t" Avenue, Pasco, Washington.
For calendar year 2007, the City paid Franklin County $286,466 in operating
expenses and $101,947 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.
97
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 $311,607 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. TERMINATION BENEFITS
The City currently does not have an inducement program to hasten the
termination of an employee's services or ask for voluntary terminations.
Upon termination, an employee is paid 100% of their accrued vacation and
accrued compensation time. Sick time is paid out at the rate of 25% of the
accrued time. These amounts are paid to the employee in their last check
which is processed in the next available payroll period. Payroll is processed
every other week.
Sick time and vacation time accrued liabilities are reflected in the
Statement of Net Assets.
NOTE 22. POLLUTION REMEDIATION OBLIGATIONS
The City does not have any pollution remediation obligations.
NOTE 23. OTHER DISCLOSURES
A. Prior Period Adjustments
Prior period adjustments consist of the following:
98
Adjustments were made in the General Fund for prior year corrections, they
consist of: $11,379 corrections to the deposits payable account; ($56,930)
adjustment for LTGO Bond payments to the Stadium Fund.
An adjustment was made to the City Street Fund for $8,627 to reverse a
receivable that was for the General Fund.
An adjustment of $30,113 was made to the Arterial Street fund for prior
year motor vehicle fuel taxes.
An adjustment of $1,301 was made to the Ambulance Fund for prior year
payable posted in error to the Water/Sewer Fund.
An adjustment of $2,691 was made to the Cemetery Fund to correct errors
in prior years' sales tax payable to the State.
An adjustment of $30 was made to the Athletic Fund to correct the accounts
receivable balance.
An adjustment of $625 was made to the Senior Center Fund to correct
deposits payable from prior years.
An adjustment of $60,220 was made to the Capital Improvements Fund to
move revenues received in 2007 that should have been recorded as 2006
revenue.
An adjustment of $151,386 was made to the Industrial Development Fund to
record expenditures for 2006 that were paid in 2007 as prior year.
An adjustment of $5,704 was made to the Stadium/Convention Center Fund
for prior year leasehold excise tax adjustments and $56,930 was received
from the General Fund for prior year bond payment adjustments.
Adjustments were made in Equipment Rental Replacement Fund Govt. -
$23,675 and in Equipment Rental Replacement Fund Enterprise - $702,579 to
account for changes in asset inventory prior to 2007.
A correction of $547,497 was made to the Water/Sewer Fund to reflect the
December 2006 SRF Loan payment made in January 2007. An adjustment of
$408,069 was made to adjust depreciation to reflect corrections for prior
year.
An adjustment of $1,648 was made to the Central Stores Fund for inventory.
99
An adjustment of $384 was made to the Medical/Dental fund for a refund
check for a prior year period.
An adjustment of $128,340 was made in LID Assessments to reflect the
adjustment of total assessments receivable for actual costs.
An adjustment of $13,176,098 was made to record infrastructure and its
associated depreciation from 1980 to 2002.
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.
100
THIS PAGE INTENTIONALLY BLANK
101
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2007
Special Revenue Funds
110 120 125 130
City Street Arterial Street 1-182 Impact Street Overlay
Fund Fund Fund Fund
ASSETS
Current Cash&Cash Equivalents $ 256,214 $ 140,930 $ 588,298 $ 1,186,261
Receivables(net of allowances)
Taxes 16,518 - - 66,238
Customer Accounts 18,856 - - -
Interfund Loans Receivable - 4,100 - -
Interest Receivable 1,900 (1,612) 3,139 7,643
Other Receivables 179,640 195,886 - 2,217
Restricted Assets - - - -
TOTAL ASSETS $ 473,128 $ 339,304 $ 591,437 $ 1,262,359
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 207,283 $ 154,055 $ - $ -
Matured Bonds - - - -
Interfund Loans Payable - 1,000,000 - -
Due to Other Governmental Units - - - -
Bonds, Notes, Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue - - - -
Other - - - -
Total Liabilities $ 207,283 $ 1,154,055 $ - $ -
Fund Balances
Reserved for:
Advances to Other Funds $ - $ 4,100 $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - -
Unreserved, Reported in:
Special Revenue Funds $ 265,845 $ (818,851) $ 591,437 $ 1,262,359
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 265,845 $ (814,751) $ 591,437 $ 1,262,359
TOTAL LIABILITIES AND FUND BALANCES $ 473,128 $ 339,304 $ 591,437 $ 1,262,359
See accompanying notes to the basic financial statements.
102
Special Revenue Funds
140 145 150 155 160
Comm. Dev. MLK Comm. Ambulance Contingency Cemetery
Block Grant Center Fund Fund Fund
$ 79,922 $ 20,860 $ 51,075 $ 157,745 $ 73,895
222,686 - 338,009 - 26,576
(113) 108 (234) 866 367
157,724 - - - -
$ 460,219 $ 20,968 $ 388,850 $ 158,611 $ 100,838
$ 55,086 $ 4,662 $ 17,736 $ - $ 6,016
275,000 - 210,000 - 170,000
- - - - 50
500 - - - -
$ 330,586 $ 4,662 $ 227,736 $ - $ 176,066
$ 129,633 $ 16,306 $ 161,114 $ 158,611 $ (75,228)
$ 129,633 $ 16,306 $ 161,114 $ 158,611 $ (75,228)
$ 460,219 $ 20,968 $ 388,850 $ 158,611 $ 100,838
Continued on next page
103
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2007
Special Revenue Funds
165 170 180 181
Athletic Senior Multi-Modal Bi-Centenial
Fund Center Facility Fund
ASSETS
Current Cash&Cash Equivalents $ 67,670 $ 33,230 $ 9,711 $ 5,718
Receivables(net of allowances)
Taxes - - - -
Customer Accounts - 1,190 - -
Interfund Loans Receivable - - - -
Interest Receivable 315 76 56 31
Other Receivables - - -
Restricted Assets - - - -
TOTAL ASSETS $ 67,985 $ 34,496 $ 9,767 $ 5,749
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 6,005 $ 9,651 $ 4,344 $ -
Matured Bonds - - - -
Interfund Loans Payable - - - -
Due to Other Governmental Units - 657 1,603 -
Bonds, Notes, Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue - 1,612 - -
Other - 50 1,500 -
Total Liabilities $ 6,005 $ 11,970 $ 7,447 $ -
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ -
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - -
Unreserved, Reported in:
Special Revenue Funds $ 61,980 $ 22,526 $ 2,320 $ 5,749
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 61,980 $ 22,526 $ 2,320 $ 5,749
TOTAL LIABILITIES AND FUND BALANCES $ 67,985 $ 34,496 $ 9,767 $ 5,749
See accompanying notes to the basic financial statements.
104
Special Revenue Funds
185 188 189 190 191 192
Rivershore Trail Spec Assess Litter Revolving TRAC Dev. & Park
Fund Lodging Fund Abatement Abatement Operating Fund Fund
$ 7,279 16,632 $ 13,195 $ 248,423 $ 29,502 $ 1,670,630
4,893 - 2,050 10,607 - -
41 91 13 1,388 (172) 9,158
23,371 - - 27,457 -
$ 12,213 $ 40,094 $ 15,258 $ 260,418 $ 56,787 $ 1,679,788
$ 124 $ 15,407 $ 4,470 $ 30,392 $ - $ -
87 - - - - -
$ 211 $ 15,407 $ 4,470 $ 30,392
- - - - - 1,732,618
$ 12,002 $ 24,687 $ 10,788 $ 230,026 $ 56,787 $ (52,830)
$ 12,002 $ 24,687 $ 10,788 $ 230,026 $ 56,787 $ 1,679,788
$ 12,213 $ 40,094 $ 15,258 $ 260,418 $ 56,787 $ 1,679,788
Continued on next page
105
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31,2007
Special Revenue Funds
193 194 195
Capital Indust. Devel. Stadium/
Improvement &Infrastructure Conv.Center Total
ASSETS
Current Cash&Cash Equivalents $ 3,783,038 $ 571,848 $ 36,440 $ 9,048,516
Receivables(net of allowances)
Taxes - - - 82,756
Customer Accounts - - - 624,867
Interfund Loans Receivable - - - 4,100
Interest Receivable 20,595 3,140 151 46,947
Other Receivables 32,554 - 27,457 646,306
Restricted Assets - - - -
TOTAL ASSETS $ 3,836,187 $ 574,988 $ 64,048 $ 10,453,492
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ - $ - $ 10,965 $ 526,196
Matured Bonds - - - -
Interfund Loans Payable - - - 1,655,000
Due to Other Governmental Units - - 1,303 3,700
Bonds, Notes, Loans Payable - - - -
Interest Payable - - - -
Deferred Revenue - - - 1,612
Other - - 920 2,970
Total Liabilities $ - $ - $ 13,188 $ 2,189,478
Fund Balances
Reserved for:
Advances to Other Funds $ - $ - $ - $ 4,100
Debt Service - - - -
Capital Improvements - - - -
Other Reserves - - - 1,732,618
Unreserved, Reported in:
Special Revenue Funds $ 3,836,187 $ 574,988 $ 50,860 $ 6,527,296
Debt Service Funds - - - -
Capital Project Funds - - - -
Total Fund Balances $ 3,836,187 $ 574,988 $ 50,860 $ 8,264,014
TOTAL LIABILITIES AND FUND BALANCES $ 3,836,187 $ 574,988 $ 64,048 $ 10,453,492
See accompanying notes to the basic financial statements.
106
Debt Service Funds
272 273 625 709-797
Library/Fire 2002 UTGO LID LID
Station Bonds Bonds Guaranty Funds Total
$ 90,310 $ 204,558 $ 1,648,801 $ 880,644 $ 2,824,313
9,478 23,419 - - 32,897
- - - 3,397,596 3,397,596
858 2,030 9,054 5,605 17,547
$ 100,646 $ 230,007 $ 1,657,855 $ 4,283,845 $ 6,272,353
49,000 49,000
120,000 120,000
3,072,456 3,072,456
$ - $ - $ - $ 3,241,456 $ 3,241,456
69,018 - 1,146,215 1,042,389 2,257,622
31,628.00 230,007.00 511,640 - 773,275
$ 100,646 $ 230,007 $ 1,657,855 $ 1,042,389 $ 3,030,897
$ 100,646 $ 230,007 $ 1,657,855 $ 4,283,845 $ 6,272,353
Continued on next page
107
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31, 2007
Capital Project
Funds
Capital Project 700
Construction LID
Fund Construction Total
ASSETS
Current Cash &Cash Equivalents $ 101,794 $ 404 $ 102,198
Receivables (net of allowances)
Taxes - - -
Customer Accounts - - -
Interfund Loans Receivable - - -
Interest Receivable - 2 2
Other Receivables - - -
Restricted Assets - - -
TOTAL ASSETS $ 101,794 $ 406 $ 102,200
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 8,959 $ 306,965 $ 315,924
Matured Bonds - - -
Interfund Loans Payable - - -
Due to Other Governmental Units - - -
Bonds, Notes, Loans Payable - - -
Interest Payable - - -
Deferred Revenue - - -
Other - 10,000 10,000
Total Liabilities $ 8,959 $ 316,965 $ 325,924
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 (316,559) (223,724)
Total Fund Balances $ 92,835 $ (316,559) $ (223,724)
TOTAL LIABILITIES AND FUND BALANCES $ 101,794 $ 406 $ 102,200
See accompanying notes to the basic financial statements.
108
Permanent Funds
605 606 610 621
Cemetery Cemetery Blvd. Perpetual Landfill
Perpetual Care Pre-Need Fund Maint. Fund Remediation Total
$ 338,540 $ 61,310 $ 1,219,601 $ 117,324 $ 1,736,775
1,996 - - 1,996
1,946 349 6,994 645 9,934
$ 340,486 $ 63,655 $ 1,226,595 $ 117,969 $ 1,748,705
100,000 100,000
$ - $ - $ - $ 100,000 $ 100,000
340,486 63,655 1,226,595 17,969 1,648,705
$ 340,486 $ 63,655 $ 1,226,595 $ 17,969 $ 1,648,705
$ 340,486 $ 63,655 $ 1,226,595 $ 117,969 $ 1,748,705
Continued on next page
109
City of Pasco
Combining Balance Sheet
Other Governmental Funds
December 31, 2007
2007 2006
Total Other Total Other
Governmental Governmental
Funds Funds
ASSETS
Current Cash & Cash Equivalents $ 13,711,802 $ 12,502,535
Receivables (net of allowances)
Taxes 115,653 111,437
Customer Accounts 4,024,459 4,210,717
Interfund Loans Receivable 4,100 -
Interest Receivable 74,430 63,496
Other Receivables 646,306 453,229
Restricted Assets - -
TOTAL ASSETS $ 18,576,750 $ 17,341,414
LIABILITIES AND FUND BALANCES
Liabilities
Accounts Payable $ 842,120 $ 323,210
Matured Bonds - -
Interfund Loans Payable 1 ,704,000 2,204,153
Due to Other Governmental Units 3,700 8,790
Bonds, Notes, Loans Payable 120,000 190,000
Interest Payable - -
Deferred Revenue 3,074,068 3,068,947
Other 112,970 167,249
Total Liabilities $ 5,856,858 $ 5,962,349
Fund Balances
Reserved for:
Advances to Other Funds $ 4,100 $ -
Debt Service 2,257,622 2,487,644
Capital Improvements - -
Other Reserves 3,381,323 3,234,940
Unreserved, Reported in:
Special Revenue Funds $ 6,527,296 $ 6,144,182
Debt Service Funds 773,275 670,640
Capital Project Funds (223,724) (1 ,158,341
Total Fund Balances $ 12,719,892 $ 11 ,379,065
TOTAL LIABILITIES AND FUND BALANCES $ 18,576,750 $ 17,341,414
See accompanying notes to the basic financial statements.
110
THIS PAGE INTENTIONALLY LEFT BLANK
III
City of Pasco
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31, 2007
Special Revenue Funds
110 120 125 130 140
City Street Arterial Street 1-182 Impact Street Overlay Comm. Dev.
REVENUES Fund Fund Fund Fund Block Grant
Taxes $ 184,291 $ - $ - $ 738,507 $ -
Licenses& Permits 214,554 - - - -
Intergovernmental Revenue 785,415 496,461 - - 605,284
Charges for Services - - - - 4,718
Fines& Forfeitures - - - - -
Investment Income 11,610 8,316 22,810 63,381 933
Miscellaneous Revenue 793 15,894 165,529 - 3,468
Total Revenues $ 1,196,663 $ 520,671 $ 188,339 $ 801,888 $ 614,403
EXPENDITURES
Current:
General Government $ - $ - $ - $ - $ -
Judicial - - - - -
Public Safety - - - - 65,088
Physical Environment - - - - -
Transportation 1,481,142 - - - -
Health and Human Services - - - - -
Economic Environment - - - - 85,167
Culture and Recreation - - - - -
CapitalOutlay - 2,179,592 - 525,235 371,225
Debt Service
Principal - - - - -
Interest - - - - -
Total Expenditures $ 1,481,142 $ 2,179,592 $ - $ 525,235 $ 521,480
Excess of Revenues Over(Under) Expenditures (284,479) $ (1,658,921) $ 188,339 $ 276,653 $ 92,923
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets $ - $ - $ - $ - $ -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries 2,710 - - - -
Transfers-(In) 300,000 837,030 - - -
Transfers-(Out) - - (37,030) (450,000) (101,250)
Total Other Financing Sources(Uses) $ 302,710 $ 837,030 $ (37,030) $ (450,000) $ (101,250)
Net Change in Fund Balances $ 18,231 $ (821,891) $ 151,309 $ (173,347) $ (8,327)
Prior Year Adjustments $ (8,627) $ 30,113 $ - $ - $ -
Fund Balance Beginning $ 256,241 $ (22,973) $ 440,128 $ 1,435,706 $ 137,960
Fund Balance, Ending $ 265,845 $ (814,751) $ 591,437 $ 1,262,359 $ 129,633
See accompanying notes to the basic financial statements.
112
Special Revenue Funds
145 150 155 160 165 170 180
MILK Comm. Ambulance Contingency Cemetery Athletic Senior Multi-Modal
Center Fund Fund Fund Fund Center Facility
- 1,439 - - - 19,509 -
4,180 1,287,100 - 222,876 79,824 - -
707 (5,817) 7,142 4,726 2,303 (87) 534
30,397 17,764 - 2,406 548 60,841 56,785
$ 35,284 $ 1,300,486 $ 7,142 $ 230,008 $ 82,675 $ 80,263 $ 57,319
1,800,018 - - - - -
- - - 232,915 - - -
- - - 56,341
- - - - - 31,087 -
123,331 - - - 74,467 219,435 -
- 29,131 - - - - -
- - - 9,168 - - -
$ 123,331 $ 1,829,149 $ - $ 242,083 $ 74,467 $ 250,522 $ 56,341
$ (88,047) $ (528,663) $ 7,142 $ (12,075) $ 8,208 $ (170,259) $ 978
95,000 420,475 - 63,363 - 188,250 -
$ 95,000 $ 420,475 $ - $ 63,363 $ - $ 188,250 $ -
$ 6,953 $ (108,188) $ 7,142 $ 51,288 $ 8,208 $ 17,991 $ 978
$ - $ 1,301 $ - $ 2,691 $ (30) $ 625 $ -
$ 9,353 $ 268,001 $ 151,469 $ (129,207) $ 53,802 $ 3,910 $ 1,342
$ 16,306 $ 161,114 $ 158,611 $ (75,228) $ 61,980 $ 22,526 $ 2,320
Continued on next page.
113
City of Pasco
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31, 2007
Special Revenue Funds
181 185 188 189 190
Bi-Centenial Rivershore Trail Spec. Lodging Litter Revolving
REVENUES Fund Fund Fund Abatement Abatement
Taxes $ - $ - $ 192,933 $ - $ -
Licenses& Permits - - - - -
Intergovernmental Revenue - - - - -
Charges for Services - - - 3,750 (20,305)
Fines& Forfeitures - - - - 38,195
Investment Income 259 528 582 (93) 13,153
Miscellaneous Revenue - 10,650 - 5,938 39,433
Total Revenues $ 259 $ 11,178 $ 193,515 $ 9,595 $ 70,476
EXPENDITURES
Current:
General Government $ - $ - $ - $ - $ -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - 18,075 -
Transportation - - - - -
Health and Human Services - - - - -
Economic Environment - - 169,562 - 107,796
Culture and Recreation - 19,018 - - -
Capital Outlay - - - - -
Debt Service
Principal - - - -Interest - - - - -
Total Expenditures $ - $ 19,018 $ 169,562 $ 18,075 $ 107,796
Excess of Revenues Over(Under) Expenditures 259 $ (7,840) $ 23,953 $ (8,480) $ (37,320)
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets $ - $ - $ - $ - $ -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Transfers-(In) - - - 15,000 -
Transfers-(Out) - - - -
Total Other Financing Sources(Uses) $ - $ - $ - $ 15,000 $ -
Net Change in Fund Balances $ 259 $ (7,840) $ 23,953 $ 6,520 $ (37,320)
Prior Year Adjustments $ - $ - $ - $ - $ -
Fund Balance Beginning $ 5,490 $ 19,842 $ 734 $ 4,268 $ 267,346
Fund Balance, Ending $ 5,749 $ 12,002 $ 24,687 $ 10,788 $ 230,026
See accompanying notes to the basic financial statements.
114
Special Revenue Funds
191 192 193 194 195
TRAC Dev. & Park Capital Indust. Devel. Stadium/
Operating Fund Fund Improvement & Infrastructure Conv. Center Total
$ 208,296 $ - $ 702,371 $ - $ 208,311 $ 2,234,709
- - - - - 214,554
- - - 1,259,387 3,167,495
210,366 - - - 1,792,509
- - - - - 38,195
(1,432) 78,739 158,613 25,921 7,303 400,131
- - - - 26,585 437,031
$ 206,864 $ 289,105 $ 860,984 $ 25,921 $ 1,501,586 $ 8,284,624
- 1,865,106
- - 250,990
- - - - - 1,537,483
- - - - - 31,087
- - - - - 362,525
286,466 - - - 104,958 827,675
- 14,000 - - 3,119,183
70,345 - - - 95,000 165,345
31,602 - - - 32,975 73,745
$ 388,413 $ - $ 14,000 $ - $ 232,933 $ 8,233,139
$ (181,549) $ 289,105 $ 846,984 $ 25,921 $ 1,268,653 $ 51,485
- - - - - 2,710
205,000 - - - - 2,124,118
- (54,988) (46,794) - (1,257,937) (1,947,999)
$ 205,000 $ (54,988) $ (46,794) $ - $ (1,257,937) $ 178,829
$ 23,451 $ 234,117 $ 800,190 $ 25,921 $ 10,716 $ 230,314
$ - $ - $ (60,220) $ 151,386 $ 62,634 $ 179,873
$ 33,336 $ 1,445,671 $ 3,096,217 $ 397,681 $ (22,490) $ 7,853,827
$ 56,787 $ 1,679,788 $ 3,836,187 $ 574,988 $ 50,860 $ 8,264,014
Continued on next page.
115
City of Pasco
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31, 2007
Debt Service Funds
272 273 625 709-797
Library/Fire 2002 UTGO LID LID
REVENUES Station Bonds Bonds Guaranty Assessments Total
Taxes $ 172,356 $ 386,948 $ - $ - $ 559,304
Licenses& Permits - - - - -
Intergovernmental Revenue - - - - -
Charges for Services - - - - -
Fines& Forfeitures - - - - -
Investment Income 6,863 16,356 72,219 63,757 159,195
Miscellaneous Revenue - - - 523,323 523,323
Total Revenues $ 179,219 $ 403,304 $ 72,219 $ 587,080 $ 1,241,822
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 100,000 295,000 - 84,750 479,750
Interest 70,503 86,591 - 13,506 170,600
Total Expenditures $ 170,503 $ 381,591 $ 13 $ 98,256 $ 650,363
Excess of Revenues Over(Under) Expenditures$ 8,716 $ 21,713 $ 72,206 $ 488,824 $ 591,459
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets $ - $ - $ - $ - $ -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Transfers-(In) - - - - -
Transfers-(Out) - - - (847,186) (847,186)
Total Other Financing Sources(Uses) $ - $ - $ - $ (847,186) $ (847,186)
Net Change in Fund Balances $ 8,716 $ 21,713 $ 72,206 $ (358,362) $ (255,727)
Prior Year Adjustments $ - $ - $ - $ 128,340 $ 128,340
Fund Balance Beginning $ 91,930 $ 208,294 $ 1,585,649 $ 1,272,411 $ 3,158,284
Fund Balance, Ending $ 100,646 $ 230,007 $ 1,657,855 $ 1,042,389 $ 3,030,897
See accompanying notes to the basic financial statements.
116
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
- 20,447 13,584 - 34,031
(29,380) (29,380) 15,842 2,522 56,125 5,312 79,801
- - 107,040 - 107,040
$ $ (29,380) $ (29,380) $ 36,289 $ 16,106 $ 163,165 $ 5,312 $ 220,872
1,494,797 310,264 1,805,061 - - - -
$ 1,494,797 $ 310,264 $ 1,805,061 $ - $ - $ - $ - $ -
$ (1,494,797) $ (339,644) $ (1,834,441) $ 36,289 $ 16,106 $ 163,165 $ 5,312 $ 220,872
1,494,797 1,274,261 2,769,058 - - -
- - - (15,842) (2,522) (56,125) - (74,489)
$ 1,494,797 $ 1,274,261 $ 2,769,058 $ (15,842) $ (2,522) $ (56,125) $ - $ (74,489)
$ - $ 934,617 $ 934,617 $ 20,447 $ 13,584 $ 107,040 $ 5,312 $ 146,383
$ 92,835 $ (1,251,176) $ (1,158,341) $ 320,039 $ 50,071 $ 1,119,555 $ 12,657 $ 1,502,322
$ 92,835 $ (316,559) $ (223,724) $ 340,486 $ 63,655 $ 1,226,595 $ 17,969 $ 1,648,705
Continued on next page.
117
City of Pasco
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Other Governmental Funds
For the Year Ended December 31, 2007
2007 2006
Total Other Total Other
Governmental Governmental
REVENUES Funds Funds
Taxes $ 2,794,013 $ 2,911,557
Licenses&Permits 214,554 203,626
Intergovernmental Revenue 3,167,495 1,494,435
Charges for Services 1,826,540 1,498,842
Fines& Forfeitures 38,195 32,037
Investment Income 609,747 503,547
Miscellaneous Revenue 1,067,394 1,328,736
Total Revenues $ 9,717,938 $ 7,972,780
EXPENDITURES
Current:
General Government $ - $ -
Judicial - -
Public Safety 1,865,106 1,994,522
Physical Environment 251,003 188,159
Transportation 1,537,483 1,132,745
Health and Human Services 31,087 34,574
Economic Environment 362,525 312,545
Culture and Recreation 827,675 744,842
Capital Outlay 4,924,244 4,999,065
Debt Service
Principal 645,095 635,345
Interest 244,345 269,646
Total Expenditures $ 10,688,563 $ 10,311,443
Excess of Revenues Over(Under) Expenditures $ (970,625) $ (2,338,663)
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets $ - $ -
Proceeds of General L-T Debt - -
Insurance Recoveries 2,710 109
Transfers-(In) 4,893,176 4,291,941
Transfers-(Out) (2,869,674) (2,136,114)
Total Other Financing Sources(Uses) $ 2,026,212 $ 2,155,936
Net Change in Fund Balances $ 1,055,587 $ (182,727)
Prior Year Adjustments $ 308,213 $ (216,881)
Fund Balance Beginning $ 11,356,092 $ 11,778,673
Fund Balance, Ending $ 12,719,892 $ 11,379,065
See accompanying notes to the basic financial statements.
118
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CITY STREET FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ 178,000 $ 178,000 $ 184,291 $ 6,291 $ 6,291
Licenses&Permits 182,000 182,000 214,554 32,554 32,554
Intergovernmental Revenue 670,000 670,000 785,415 115,415 115,415
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investment Income 2,000 2,000 11,610 9,610 9,610
Miscellaneous Revenue 100 100 793 693 693
Total Revenues 1,032,100 1,032,100 1,196,663 164,563 164,563
EXPENDITURES
Current:
General Government - - - - -
Judicial -
Public Safety
Physical Environment - - -
Transportation 1,204,470 1,204,470 1,481,142 (276,672) (276,672)
Health and Human Services - - -
Economic Environment
Culture and Recreation - - - - -
CapitalOutlay 200,000 200,000 200,000 200,000
Debt Service - -
Principal - -
Interest - - -
Total Expenditures 1,404,470 1,404,470 1,481,142 (76,672) (76,672)
Excess of Revenues Over(Under)Expenditures (372,370) (372,370) (284,479) 87,891 87,891
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries 100 100 2,710 2,610 2,610
Transfers-In 300,000 300,000 300,000 - -
Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 300,100 300,100 302,710 2,610 2,610
Net Change in Fund Balances (72,270) (72,270) 18,231 90,501 90,501
Prior Year Adjustments - - (8,627) (8,627) (8,627)
Fund Balance Beginning 2,730 2,730 256,241 253,511 253,511
Fund Balance, Ending $ (69,540) $ (69,540) $ 265,845 $ 335,385 $ 335,385
See accompanying notes to the basic financial statements.
119
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
ARTERIAL STREET FUND
FOR THE YEAR ENDED DECEMBER 31, 2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - - -
Intergovernmental Revenue 3,893,800 3,893,800 496,461 (3,397,339) (3,397,339)
Charges for Services - - - - -
Fines&Forfeitures - - - - -
Investment Income 1,000 1,000 8,316 7,316 7,316
Miscellaneous Revenue - - 15,894 15,894 15,894
Total Revenues 3,894,800 3,894,800 520,671 (3,374,129) (3,374,129)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Economic Environment - - - - -
Culture and Recreation - - - - -
CapitalOutlay 5,950,000 5,950,000 2,179,592 3,770,408 3,770,408
Debt Service - -
Principal - - - -Interest - - - - -
Total Expenditures 5,950,000 5,950,000 2,179,592 3,770,408 3,770,408
Excess of Revenues Over(Under) Expenditure(2,055,200) (2,055,200) (1,658,921) 396,279 396,279
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Transfers- In 1,513,000 1,513,000 837,030 (675,970) (675,970)
Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 1,513,000 1,513,000 837,030 (675,970) (675,970)
Net Change in Fund Balances (542,200) (542,200) (821,891) (279,691) (279,691)
Prior Year Adjustments - - 30,113 30,113 30,113
Fund Balance Beginning 7,800 7,800 (22,973) (30,773) (30,773)
Fund Balance, Ending $ (534,400) _L_L534,400) $ (814,751) $ (280,351) $ (280,351)
See accompanying notes to the basic financial statements.
120
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
1-182 CORRIDOR TRAFFIC IMPACT FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $ -
Licenses&Permits -
Intergovernmental Revenue - -
Charges for Services -
Fines&Forfeitures -
Investment Income 6,000 6,000 22,810 16,810 16,810
Miscellaneous Revenue 176,000 176,000 165,529 (10,471) (10,471)
Total Revenues 182,000 182,000 188,339 6,339 6,339
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 182,000 182,000 188,339 6,339 6,339
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt
Insurance Recoveries -
Transfers-In - - -
Transfers-(Out) (250,000) (250,000) (37,030) 212,970 212,970
Total Other Financing Sources(Uses) (250,000) (250,000) (37,030) 212,970 212,970
Net Change in Fund Balances (68,000) (68,000) 151,309 219,309 219,309
Prior Year Adjustments - - - - -
Fund Balance Beginning 132,000 132,000 440,128 308,128 308,128
Fund Balance,Ending $ 64,000 $ 64,000 $ 591,437 $ 527,437 $ 527,437
See accompanying notes to the basic financial statements.
121
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
STREET OVERLAY FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ 699,000 $ 699,000 $ 738,507 $ 39,507 $ 39,507
Licenses&Permits - - - - -
Intergovernmental Revenue 450,000 450,000 (450,000.0) (450,000.0)
Charges for Services - -
Fines&Forfeitures - - - - -
Investment Income 48,000 48,000 63,381 15,381 15,381
Miscellaneous Revenue - - - - -
Total Revenues 1,197,000 1,197,000 801,888 (395,112) (395,112)
EXPENDITURES
Current:
General Government - - -
Judicial -
Public Safety -
Physical Environment -
Transportation -
Health and Human Services -
Economic Environment -
Culture and Recreation - - - - -
CapitalOutlay 600,000 600,000 525,235 74,765 74,765
Debt Service - -
Principal - - -
Interest - - - - -
TotalExpenditures 600,000 600,000 525,235 74,765 74,765
Excess of Revenues Over(Under)Expenditures 597,000 597,000 276,653 (320,347) (320,347)
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out) (450,000) (450,000) (450,000)
Total Other Financing Sources(Uses) (450,000) (450,000) (450,000)
Net Change in Fund Balances 147,000 147,000 (173,347) (320,347) (320,347)
Prior Year Adjustments - - - - -
Fund Balance Beginning 897,000 897,000 1,435,706 538,706 538,706
Fund Balance, Ending $ 1,044,000 $ 1,044,000 $ 1,262,359 $ 218,359 $ 218,359
See accompanying notes to the basic financial statements.
122
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, 2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - - -
Intergovernmental Revenue 800,000 800,000 605,284 (194,716) (194,716)
Charges for Services - - 4,718 4,718 4,718
Fines& Forfeitures - - - - -
Investment Income - - 933 933 933
Miscellaneous Revenue 59,500 59,500 3,468 (56,032) (56,032)
Total Revenues 859,500 859,500 614,403 (245,097) (245,097)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety 62,250 62,250 65,088 (2,838) (2,838)
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Economic Environment 127,900 127,900 85,167 42,733 42,733
Culture and Recreation - - - - -
CapitalOutlay 368,750 368,750 371,225 (2,475) (2,475)
Debt Service - -
Principal - - - -Interest - - - - -
Total Expenditures 558,900 558,900 521,480 37,420 37,420
Excess of Revenues Over(Under)Expenditures 300,600 300,600 92,923 (207,677) (207,677)
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Transfers- In - - - - -
Transfers-(Out) (149,250) (149,250) (101,250) 48,000 48,000
Total Other Financing Sources(Uses) (149,250) (149,250) (101,250) 48,000 48,000
Net Change in Fund Balances 151,350 151,350 (8,327) (159,677) (159,677)
Prior Year Adjustments - - - - -
Fund Balance Beginning - - 139,397 139,397 139,397
Fund Balance, Ending $ 151,350 $ 151,350 $ 131,070 $ (20,280) $ (20,280)
See accompanying notes to the basic financial statements.
123
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
MILK COMMUNITY CENTER FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue -
ChargesforServices 2,000 2,000 4,180 2,180 2,180
Fines&Forfeitures - - - - -
Investment Income 200 200 707 507 507
Miscellaneous Revenue 28,500 28,500 30,397 1,897 1,897
Total Revenues 30,700 30,700 35,284 4,584 4,584
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment - - - - -
Culture and Recreation 126,700 131,200 123,331 3,369 7,869
Capital Outlay - - - - -
Debt Service
Principal
Interest - - - - -
Total Expenditures 126,700 131,200 123,331 3,369 7,869
Excess of Revenues Over(Under)Expenditures (96,000) (100,500) (88,047) 7,953 12,453
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Transfers-In 95,000 95,000 95,000
Transfers-(Out) - - -
Total Other Financing Sources(Uses) 95,000 95,000 95,000 -
Net Change in Fund Balances (1,000) (5,500) 6,953 7,953 12,453
Prior Year Adjustments - - - - -
Fund Balance Beginning 1,235 1,235 9,353 8,118 8,118
Fund Balance,Ending $ 235 $ (4,265) $ 16,306 $ 16,071 $ 20,571
See accompanying notes to the basic financial statements.
124
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
AMBULANCE FUND
FOR THE YEAR ENDED DECEMBER 31, 2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses&Permits - - - - -
Intergovernmental Revenue 1,200 1,200 1,439 239 239
Charges for Services 1,427,000 1,317,000 1,287,100 (139,900) (29,900)
Fines&Forfeitures - - - - -
Investment Income - - (5,817) (5,817) (5,817)
Miscellaneous Revenue 10,000 10,000 17,764 7,764 7,764
Total Revenues 1,438,200 1,328,200 1,300,486 (137,714) (27,714)
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety 1,823,085 1,823,085 1,800,018 23,067 23,067
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Economic Environment - - - - -
Culture and Recreation - - - - -
CapitalOutlay 29,175 29,175 29,131 44 44
Debt Service - -
Principal - - - -Interest - - - -
Total Expenditures 1,852,260 1,852,260 11829,149 23,111 23,111
Excess of Revenues Over(Under) Expenditure�414,060) (524,060) (528,663) (114,603) (4,603)
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Transfers- In 420,000 420,000 420,475 475 475
Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 420,000 420,000 420,475 475 475
Net Change in Fund Balances 5,940 (104,060) (108,188) (114,128) (4,128)
Prior Year Adjustments - - 1,301 1,301 1,301
Fund Balance Beginning 5,940 5,940 268,001 262,061 262,061
Fund Balance, Ending $ 11,880 $ (98,120) $ 161,114 $ 149,234 $ 259,234
See accompanying notes to the basic financial statements.
125
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CONTINGENCY FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits -
Intergovernmental Revenue
Charges for Services -
Fines&Forfeitures -
Investment Income 6,000 6,000 7,142 1,142 1,142
Miscellaneous Revenue - - - - -
Total Revenues 6,000 6,000 7,142 1,142 1,142
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 6,000 6,000 7,142 1,142 1,142
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out) -
Total Other Financing Sources(Uses) - - - - -
Net Change in Fund Balances 6,000 6,000 7,142 1,142 1,142
Prior Year Adjustments - - - - -
Fund Balance Beginning 128,000 128,000 151,469 23,469 23,469
Fund Balance, Ending $ 134,000 $ 134,000 $ 158,611 $ 24,611 $ 24,611
See accompanying notes to the basic financial statements.
126
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CEMETERY FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue -
Charges for Services 185,000 185,000 222,876 37,876 37,876
Fines&Forfeitures - - - - -
Investment Income 1,400 1,400 4,726 3,326 3,326
Miscellaneous Revenue 1,300 1,300 2,406 1,106 1,106
Total Revenues 187,700 187,700 230,008 42,308 42,308
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety - - -
Physical Environment 218,371 218,371 232,915 (14,544) (14,544)
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 9,168 (2,168) (2,168)
Total Expenditures 255,371 255,371 242,083 13,288 13,288
Excess of Revenues Over(Under)Expenditures (67,671) (67,671) (12,075) 55,596 55,596
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - -
Proceeds of General L-T Debt
Insurance Recoveries - - - - -
Transfers-In 56,000 56,000 63,363 7,363 7,363
Transfers-(Out) - - - - -
Total Other Financing Sources(Uses) 56,000 56,000 63,363 7,363 7,363
Net Change in Fund Balances (11,671) (11,671) 51,288 62,959 62,959
Prior Year Adjustments - - 2,691 2,691 2,691
Fund Balance Beginning 3,329 3,329 (129,207) (132,536) (132,536)
Fund Balance,Ending $ (8,342) $ (8,342) $ (75,228) $ (66,886) $ (66,886)
See accompanying notes to the basic financial statements.
127
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
ATHLETIC FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue
Charges for Services 86,100 86,100 79,824 (6,276) (6,276)
Fines&Forfeitures - - - - -
Investment Income 1,000 1,000 2,303 1,303 1,303
Miscellaneous Revenue - - 548 548 548
Total Revenues 87,100 87,100 82,675 (4,425) (4,425)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment - - - - -
Culture and Recreation 95,500 95,500 74,467 21,033 21,033
Capital Outlay - - -
Debt Service
Principal
Interest - -
TotalExpenditures 95,500 95,500 74,467 21,033 21,033
Excess of Revenues Over(Under)Expenditures (8,400) (8,400) 8,208 16,608 16,608
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out)
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances (8,400) (8,400) 8,208 16,608 16,608
Prior Year Adjustments - - (30) (30) (30)
Fund Balance Beginning 51,600 51,600 53,802 2,202 2,202
Fund Balance,Ending $ 43,200 $ 43,200 $ 61,980 $ 18,780 $ 18,780
See accompanying notes to the basic financial statements.
128
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
SENIOR CENTER
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue 25,000 25,000 19,509 (5,491) (5,491)
Charges for Services - - -
Fines&Forfeitures - - - - -
Investment Income 100 100 (87) (187) (187)
Miscellaneous Revenue 52,400 52,400 60,841 8,441 8,441
Total Revenues 77,500 77,500 80,263 2,763 2,763
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment
Transportation - - - - -
Health and Human Services 30,975 36,975 31,087 (112) 5,888
Economic Environment - - - - -
Culture and Recreation 194,032 225,032 219,435 (25,403) 5,597
Capital Outlay - - - -
Debt Service
Principal
Interest - - - -
Total Expenditures 225,007 262,007 250,522 (25,515) 11,485
Excess of Revenues Over(Under)Expenditures (147,507) (184,507) (170,259) (22,752) 14,248
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - - -
Transfers-In 151,250 188,250 188,250 37,000
Transfers-(Out) - - - -
Total Other Financing Sources(Uses) 151,250 188,250 188,250 37,000 -
Net Change in Fund Balances 3,743 3,743 17,991 14,248 14,248
Prior Year Adjustments - - 625 625 625
Fund Balance Beginning 3,743 3,743 3,910 167 167
Fund Balance,Ending $ 7,486 $ 7,486 $ 22,526 $ 15,040 $ 15,040
See accompanying notes to the basic financial statements.
129
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
MULTI-MODEL FACILITY
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures -
Investment Income 100 100 534 434 434
Miscellaneous Revenue 44,000 52,000 56,785 12,785 4,785
Total Revenues 44,100 52,100 57,319 13,219 5,219
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment - - - -
Transportation 48,515 56,515 56,341 (7,826) 174
Health and Human Services - - - -
Economic Environment
Culture and Recreation
Capital Outlay
Debt Service
Principal
Interest - - - -
Total Expenditures 48,515 56,515 56,341 (7,826) 174
Excess of Revenues Over(Under)Expenditures (4,415) (4,415) 978 5,393 5,393
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out)
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances (4,415) (4,415) 978 5,393 5,393
Prior Year Adjustments - - 3,865 3,865 3,865
Fund Balance Beginning 585 585 1,342 757 757
Fund Balance,Ending $ (3,830) $ (3,830) $ 6,185 $ 10,015 $ 10,015
See accompanying notes to the basic financial statements.
130
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
BI-CENTENIAL FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures
Investment Income 200 200 259 59 59
Miscellaneous Revenue - - -
Total Revenues 200 200 259 59 59
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment
Culture and Recreation
Capital Outlay
Debt Service
Principal
Interest
Total Expenditures - - -
Excess of Revenues Over(Under)Expenditures 200 200 259 59 59
OTHER FINANCING SOURCES(USES)
Disposition of Captial Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out)
Total Other Financing Sources(Uses) - - -
Net Change in Fund Balances 200 200 259 59 59
Prior Year Adjustments - - - - -
Fund Balance Beginning 5,500 5,500 5,490 (10) (10)
Fund Balance,Ending $ 5,700 $ 5,700 $ 5,749 $ 49 $ 49
See accompanying notes to the basic financial statements.
131
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 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue -
Charges for Services
Fines&Forfeitures -
Investment Income 800 800 528 (272) (272)
Miscellaneous Revenue 10,000 10,000 10,650 650 650
Total Revenues 10,800 10,800 11,178 378 378
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment -
Transportation -
Health and Human Services -
Economic Environment - - - - -
Culture and Recreation 31,800 31,800 19,018 12,782 12,782
Capital Outlay - - - - -
Debt Service
Principal
Interest - - - - -
TotalExpenditures 31,800 31,800 19,018 12,782 12,782
Excess of Revenues Over(Under)Expenditures (21,000) (21,000) (7,840) 13,160 13,160
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out)
Total Other Financing Sources(Uses) - -
Net Change in Fund Balances (21,000) (21,000) (7,840) 13,160 13,160
Prior Year Adjustments - - - - -
Fund Balance Beginning 17,050 17,050 19,842 2,792 2,792
Fund Balance, Ending $ (3,950) $ (3,950) $ 12,002 $ 15,952 $ 15,952
See accompanying notes to the basic financial statements.
132
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
SPECIAL ASSESSMENT LODGING FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ 180,000 $ 195,000 $ 192,933 $ 12,933 $ (2,067)
Licenses&Permits - - - - -
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - - -
Investment Income 582 582 582
Miscellaneous Revenue - - - - -
Total Revenues 180,000 195,000 193,515 13,515 (1,485)
EXPENDITURES
Current:
General Government - - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services - - - - -
Economic Environment 180,000 195,000 169,562 10,438 25,438
Culture and Recreation - - - - -
Capital Outlay -
Debt Service
Principal -
Interest - - - - -
Total Expenditures 180,000 195,000 169,562 10,438 25,438
Excess of Revenues Over(Under)Expenditures - - 23,953 23,953 23,953
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - - -
Proceeds of General L-T Debt -
Insurance Recoveries -
Transfers-In -
Transfers-(Out) -
Total Other Financing Sources(Uses) - - - -
Net Change in Fund Balances - 23,953 23,953 23,953
Prior Year Adjustments - - - - -
Fund Balance Beginning 100 100 734 634 634
Fund Balance,Ending $ 100 $ 100 $ 24,687 $ 24,587 $ 24,587
See accompanying notes to the basic financial statements.
133
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
LITTER ABATEMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue -
Charges for Services 7,000 7,000 3,750 (3,250) (3,250)
Fines&Forfeitures - - - - -
Investment Income 100 100 (93) (193) (193)
Miscellaneous Revenue 10,000 10,000 5,938 (4,062) (4,062)
Total Revenues 17,100 17,100 9,595 (7,505) (7,505)
EXPENDITURES
Current:
General Government - - -
Judicial
Public Safety -
Physical Environment - - 18,075 (18,075) (18,075)
Transportation 14,100 29,100 - 14,100 29,100
Health and Human Services - - - -
Economic Environment
Culture and Recreation -
Capital Outlay -
Debt Service
Principal -
Interest - - - -
Total Expenditures 14,100 29,100 18,075 (3,975) 11,025
Excess of Revenues Over(Under)Expenditures 3,000 (12,000) (8,480) (11,480) 3,520
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - -
Proceeds of General L-T Debt
Insurance Recoveries - - -
Transfers-In 15,000 15,000 15,000
Transfers-(Out) - - -
Total Other Financing Sources(Uses) - 15,000 15,000 15,000
Net Change in Fund Balances 3,000 3,000 6,520 3,520 3,520
Prior Year Adjustments - - - - -
Fund Balance Beginning 7,000 7,000 4,268 (2,732) (2,732)
Fund Balance, Ending $ 10,000 $ 10,000 $ 10,788 $ 788 $ 788
See accompanying notes to the basic financial statements.
134
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
REVOLVING ABATEMENT
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue
Charges for Services 5,000 5,000 (20,305) (25,305) (25,305)
Fines&Forfeitures 40,000 40,000 38,195 (1,805) (1,805)
Investment Income 6,000 6,000 13,153 7,153 7,153
Miscellaneous Revenue 12,000 12,000 39,433 27,433 27,433
Total Revenues 63,000 63,000 70,476 7,476 7,476
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services - - -
Economic Environment 75,200 75,200 107,796 (32,596) (32,596)
Culture and Recreation - - -
Capital Outlay
Debt Service
Principal
Interest - - -
TotalExpenditures 75,200 75,200 107,796 (32,596) (32,596)
Excess of Revenues Over(Under)Expenditures (12,200) (12,200) (37,320) (25,120) (25,120)
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out)
Total Other Financing Sources(Uses) -
Net Change in Fund Balances (12,200) (12,200) (37,320) (25,120) (25,120)
Prior Year Adjustments - - - - -
Fund Balance Beginning 187,800 187,800 267,346 79,546 79,546
Fund Balance,Ending $ 175,600 $ 175,600 $ 230,026 $ 54,426 $ 54,426
See accompanying notes to the basic financial statements.
135
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
TRAC DEVELOPMENT&OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ 180,000 $ 180,000 $ 208,296 $ 28,296 $ 28,296
Licenses&Permits - - - - -
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - -
Investment Income 1,000 1,000 (1,432) (2,432) (2,432)
Miscellaneous Revenue - - - - -
Total Revenues 181,000 181,000 206,864 25,864 25,864
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment - - -
Culture and Recreation 135,000 285,000 286,466 (151,466) (1,466)
Capital Outlay - - -
Debt Service
Principal 70,350 70,350 70,345 5 5
Interest 31,625 31,625 31,602 23 23
Total Expenditures 236,975 386,975 388,413 (151,438) (1,438)
Excess of Revenues Over(Under)Expenditures (55,975) (205,975) (181,549) (125,574) 24,426
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets -
Proceeds of General L-T Debt
Insurance Recoveries - - - -
Transfers-In 55,000 205,000 205,000 150,000
Transfers-(Out) - - - -
Total Other Financing Sources(Uses) 55,000 205,000 205,000 150,000 -
Net Change in Fund Balances (975) (975) 23,451 24,426 24,426
Prior Year Adjustments - - - - -
Fund Balance Beginning 4,025 4,025 33,336 29,311 29,311
Fund Balance,Ending $ 3,050 $ 3,050 $ 56,787 $ 53,737 $ 53,737
See accompanying notes to the basic financial statements.
136
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
PARK DEVELOPMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits
Intergovernmental Revenue -
ChargesforServices 245,100 245,100 210,366 (34,734) (34,734)
Fines&Forfeitures - - - - -
Investment Income 70,000 70,000 78,739 8,739 8,739
Miscellaneous Revenue - - - - -
Total Revenues 315,100 315,100 289,105 (25,995) (25,995)
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 315,100 315,100 289,105 (25,995) (25,995)
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out) (54,988) (54,988) (54,988)
Total Other Financing Sources(Uses) - - (54,988) (54,988) (54,988)
Net Change in Fund Balances 315,100 315,100 234,117 (80,983) (80,983)
Prior Year Adjustments - - -
Fund Balance Beginning 2,215,100 2,215,100 1,445,671 (769,429) (769,429)
Fund Balance, Ending $ 2,530,200 $ 2,530,200 $ 1,679,788 $ (850,412) $ (850,412)
See accompanying notes to the basic financial statements.
137
CITY OF PASCO
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ 550,000 $ 550,000 $ 702,371 $ 152,371 $ 152,371
Licenses&Permits - - - - -
Intergovernmental Revenue
Charges for Services
Fines&Forfeitures - - - - -
Investment Income 75,000 75,000 158,613 83,613 83,613
Miscellaneous Revenue - - - - -
Total Revenues 625,000 625,000 860,984 235,984 235,984
EXPENDITURES
Current:
General Government - - - - -
Judicial
Public Safety
Physical Environment
Transportation
Health and Human Services
Economic Environment
Culture and Recreation - - - - -
Capital Outlay 525,000 525,000 14,000 511,000 511,000
Debt Service - -
Principal - - -
Interest - - - - -
TotalExpenditures 525,000 525,000 14,000 511,000 511,000
Excess of Revenues Over(Under)Expenditures 100,000 100,000 846,984 746,984 746,984
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt
Insurance Recoveries
Transfers-In
Transfers-(Out) (46,794) (46,794) (46,794)
Total Other Financing Sources(Uses) - - (46,794) (46,794) (46,794)
Net Change in Fund Balances 100,000 100,000 800,190 700,190 700,190
Prior Year Adjustments - - (60,220) (60,220) (60,220)
Fund Balance Beginning 2,100,000 2,100,000 3,096,217 996,217 996,217
Fund Balance,Ending $ 2,200,000 $ 2,200,000 $ 3,836,187 $ 1,636,187 $ 1,636,187
See accompanying notes to the basic financial statements.
138
CITY OF PASCO
STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET TO ACTUAL
INDUSTRIAL DEVELOPMENT AND INFRASTRUCTURE
FOR THE YEAR ENDED DECEMBER 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ $ $ $ $
Licenses&Permits -
Intergovernmental Revenue -
Charges for Services -
Fines&Forfeitures - -
Investment Income 20,000 20,000 25,921 5,921 5,921
Miscellaneous Revenue - - - - -
Total Revenues 20,000 20,000 25,921 5,921 5,921
EXPENDITURES
Current:
General Government - - - - -
Judicial -
Public Safety -
Physical Environment -
Transportation -
Health and Human Services -
Economic Environment -
Culture and Recreation - - - - -
CapitalOutlay 500,000 500,000 500,000 500,000
Debt Service - -
Principal - -
Interest - - - -
TotalExpenditures 500,000 500,000 - 500,000 500,000
Excess of Revenues Over(Under)Expenditures (480,000) (480,000) 25,921 505,921 505,921
OTHER FINANCING SOURCES(USES)
Disposition of Capital Assets - - -
Proceeds of General L-T Debt
Insurance Recoveries - -
Transfers-In
Transfers-(Out) - -
Total Other Financing Sources(Uses) - - -
Net Change in Fund Balances (480,000) (480,000) 25,921 505,921 505,921
Prior Year Adjustments - - 151,386 151,386 151,386
Fund Balance Beginning 245,000 245,000 397,681 152,681 152,681
Fund Balance, Ending $ (235,000) $ (235,000) $ 574,988 $ 809,988 $ 809,988
See accompanying notes to the basic financial statements.
139
BUDGET TO ACTUAL
STADIUM/CONVENTION CENTER FUND
FOR THE YEAR ENDED DECEMBER 31, 2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
REVENUES
Taxes $ 180,000 $ 180,000 $ 208,311 $ 28,311 $ 28,311
Licenses&Permits - - - - -
Intergovernmental Revenue - - 1,259,387 1,259,387.00 1,259,387.00
Charges for Services - - - - -
Fines& Forfeitures - - - - -
Investment Income 200 200 7,303 7,103 7,103
Miscellaneous Revenue 18,200 18,200 26,585 8,385 8,385
Total Revenues 198,400 198,400 1,501,586 1,303,186 1,303,186
EXPENDITURES
Current:
General Government - - - - -
Judicial - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Health and Human Services - - - - -
Economic Environment - - - - -
Culture and Recreation 104,550 104,550 104,958 (408) (408)
Capital Outlay 1,000,000 1,341,000 - 1,000,000 1,341,000
Debt Service - -
Principal 95,000 95,000 95,000 - -
Interest 33,275 33,275 32,975 300 300
Total Expenditures 1,232,825 1,573,825 232,933 999,892 1,340,892
Excess of Revenues Over(Under) ExpenditurW,034,425) (1,375,425) 1,268,653 2,303,078 2,644,078
OTHER FINANCING SOURCES (USES)
Disposition of Capital Assets - - - - -
Proceeds of General L-T Debt - - - - -
Insurance Recoveries - - - - -
Transfers- In 40,000 40,000 - (40,000) (40,000)
Transfers-(Out) - - (1,257,937) (1,257,937) (1,257,937)
Total Other Financing Sources(Uses) 40,000 40,000 (1,257,937) (1,297,937) (1,297,937)
Net Change in Fund Balances (994,425) (1,335,425) 10,716 1,005,141 1,346,141
Prior Year Adjustments - - 62,634 62,634 62,634
Fund Balance Beginning 10,575 10,575 (22,490) (33,065) (33,065)
Fund Balance, Ending $ (983,850) $ (1,324,850) $ 50,860 $ 1,034,710 $ 1,375,710
See accompanying notes to the basic financial statements.
140
Otyd P�sco
Ombring Staterert d Net Assets
Irternal Services Axid
F brtheYear Ended DBosnber 31,2707
Goematal Activities
Intend Sermce Rncls
Ecppret Pe'd EcF.iprert Festal Arinsl Cefial Nbdd Ira 2007 2006
CpaAcns Fflaoarrat Cat-d Stoles Find Total Total
ASS7=T5
CLret A�ets:
ClrretC sh&( shE�iv�lerts $ 17G4M $ 2362553 $ 5,277 $ 15929 $ 321,300 $ 2881,554 $ 1,664,990
Fdeoeiwbes(net of ellom mes)
Irterbt Mans ReoeivaYde - 17Q000 - - 170,000 18Q00D
N3-derdseIraertory - - - 9,355 - 9,355 7,706
Interest Fboeivde 360 12,742 (44) 33 1,341 14,432 7,568
Dig from Gmmsld Uits 492 31,575 32,067 -
Tot alCLTetAssets $ 177,347 $ 2,545,295 $ 36,808 $ 25317 $ 322,641 $ 3,107,406 $ 1,860,264
N C rtat Assets
Pesbided Assets $ - $ - $ - $ - $ $ - $ -
Fixed Assets,Net of DTredaticn
RILiPTEnt - 2201,345 45,331 - 2,246,676 2231,578
TOTAL-ASSETS $ 177,347 $ 4,746,640 $ 82139 $ 25317 $ 371,641 $ 5,354,084 $ 4,091,842
UABUTIES
Orrret tial ilites
Aecarts Ra We $ 3Q392 $ 1,731 $ 44,703 $ 2038 $ 50 $ 78,914 $ 22851
Total Oxret Liabilities $ 3Q392 $ 1,731 $ 44,703 $ 2038 $ 50 $ 78,914 $ 22851
NxKbTent Liablities
Canpa-saedAbse ces $ 16,791 $ - $ - $ $ $ 16,791 $ 16,096
Irtefuid Loam Payade - - - 85000
Clams Inarred NA Pepated - - - 125000 125000 125000
Total Lia"dlities $ 47,183 $ 1,731 $ 44,703 $ 2038 $ 125050 $ 22,705 $ 248,937
NEf AS=
Invesirrat in Capital Assets,Net
d Fbated Lit $ - $ 2201,345 $ 45,331 $ - $ - $ 2246,676 $ 2239,234
R3strided for D3USeriee - 170,000 - - - 170,000 180,000
Uresirided 130,164 2373,564 (7,895) 23,279 197,591 2716,703 1,423,621
Tdal Net Assets $ 13Q164 $ 4,744,909 $ 37,436 $ 23,279 $ 197,591 $ 5133,379 $ 3,842905
See aom arryingrutestothetacfinandal stAwe ts.
141
City of Pasco
Combining Statement of Net Assets
Internal Services Fund
For the Year Ended December 31,2007
Business Type Activities
Internal Service Funds
Equipment Rental Equipment Rental 2007 2006
Operations Replacement Total Total
ASSETS
Current Assets:
Current Cash&Cash Equivalents $ (1,026) $ 1,118,429 $ 1,117,403 $ 1,350,796
Receivables(net of allowances)
Interfund Loans Receivable - - - 41,158
Merchandise Inventory - - - -
Interest Receivable 459 6,124 6,583 6,801
Due from Governmental Units - - - -
Total Current Assets $ (567) $ 1,124,553 $ 1,123,986 $ 1,398,755
Non-Current Assets:
Restricted Assets $ - $ - $ - $ -
Fixed Assets, Net of Depreciation
Equipment - 987,091 987,091 862,687
TOTAL ASSETS $ (567) $ 2,111,644 $ 2,111,077 $ 2,261,442
LIABILITIES
Current Liabilities:
Accounts Payable $ 2,405 $ - $ 2,405 $ 2,252
Total Current Liabilities $ 2,405 $ - $ 2,405 $ 2,252
Non-Current Liabilities
Compensated Absences $ 7,884 $ - $ 7,884 $ 7,884
Interfund Loans Payable - - - 71,158
Claims Incurred Not Reported - - - -
Total Liabilities $ 10,289 $ - $ 10,289 $ 81,294
NET ASSETS
Investment in Capital Assets, Net
of Related Debt $ - $ 987,091 $ 987,091 $ 862,687
Restricted for Debt Service - - - 41,158
Unrestricted (10,856) 1,124,553 1,113,697 1,276,303
Total Net Assets $ (10,856) $ 2,111,644 $ 2,100,788 $ 2,180,148
See accompanying notes to the basic financial statements.
142
Otycf Pasco
O,Pbnrg4Aeretcf Bpffif rEr�azdOu-g3sinRrdNAABAs
Irterd SErmaEsRrd
FafitYc-e-52WIlmiia 31,2D7
G3Hn etd AcMEs
Irteral SmeRr&�
EcpMul Fb-d Ec iMet Fb-d Prim CTfid Nkdcd Irs 2707 2706
(was FtIzlwaml Oltd 3aE,s R-rd Tdd Tdd
CFERM1INGFEMM
CtWfcr-cbNoss-Irbrd $ 7M72 $ 5754543 $ 13g6OO $ 25757 $ 255$170 $ 4,012717 $ �14RZ2
(ItrgEsfaSmiae;-Cllr 11,012 41,901) 340 - 227,25) 5��872 241,742
Tctd C9TArgRmn.a; $ 797,774 $ 547,,35B $ 44QO $ 4757 $ 2 433 $ 4,509 $ Q'OQ9O4
CFB:;A MGE>FB�ES
gmAnj uses $ 108213 $ - $ 43�5 6 $ 34;830 $ 27,337 $ 59Q979 $ 17'a211
NbrtffaMBPaBEs 630 - - - - eff2 55600
Imra-ne0@in7sa-dBpen - - - - 2485648 248)648 2368390
4pualicn - 3 430 11,033 - - 34132 17,219
(pd Ways Q982 271,179 1QO82 - - 23Q243 188123
Tctd Q3aargBpaKs $ 75,777 $ T7,618 $ 49Q351 $ 34;830 $ 2514,058 $ 4,288584 $ X331,513
G FAMGIN32E(LC $ 44,997 $ 1Q74O $ (1QOP $ (Q073) $ 271,431 $ 311,005 $ 98451
N MYB:;A1NG-MkN-EB(DFENSB�
Irvedrret Irarre $ 2EE2 $ 9Q33O $ (715) $ (43) $ 93O2 $ 10516 $ 6$153
Tdd f\dK4)Er irgRan-ES(EVsBs) $ 265 $ 9Q32) $ (715) $ (43) $ QU $ 10516 $ X153
Irrcrm4r,$)bdae(br6iblasaxl
Tiaras $ 47,649 $ 11$060 $ (1Q $ Q1167 $ 2EQ733 $ 42Q5?1 $ 121;604
C C TMb-bas $ - $ 295906 $ 57,241 $ - $ - $ 351147 $ -
Tra-dasIn(Clt) 8$8M - - 2 000 - 10g83O (4QW
(la-gEsin%Asds $ 1 518 $ 41Q993 $ 37,436 $ 1 884 $ 2EQ733 $ 8EP5SV $ 8g7b7
RiaYEffM tm-b $ - $ 28675 $ - $ 1,648 $ (384) $ 299 $ (308811)
Ads Rxdroeed in Cllr R nt - 38?998 - - - 3EP,99B 181,598
I UASEM-B33MN:; $ (Q354) $ ��24,00 $ - $ 7,747 $ (T2,75� $ Q8429O5 $ Q881,38O
NEFASMTS-H\CII\G $ 130164 $ 4,744,900 $ 37,436 $ 2gM $ 197,-'R $ $138379 $ 3,842906
SeamTpayrgnJEstotlebmcfir nddAAereis
143
City of Pasco
Combining Statement of Revenues,Expenditures,and Changes in Fund Net Assets
Internal Services Fund
For the Year Ended December 31,2007
Business-type Activities
Internal Service Funds
Equipment Rental Equipment Rental 2007 2006
Operations Replacement Total Total
OPERATING REVENUES
Charges for Services-Internal $ 320,880 $ 154,080 $ 474,960 $ 451,560
Charges for Servios-Other 14,950 - 14,950 3,175
Total Operating Revenues $ 335,830 $ 154,080 $ 439,910 $ 454,735
OPERATING EXPENSES
Operating Expenses $ 18,600 $ - $ 18,600 $ 19,900
Maintenance Expenses 159,803 - 159,803 161,942
Insurance Claims and Expenses - - - -
Depreciation - 69,375 69,375 264,018
Capital Outlays - 79,431 79,431 165,537
Total Operating Expenses $ 178,403 $ 148,806 $ 327,209 $ 611,397
OPERATING INCOME(LOSS) $ 157,427 $ 5,274 $ 162,701 $ (156,662)
NON-OPERA TNG REVENUES(EXPENSES)
Investment Income $ 1,880 $ 57,821 $ 59,701 $ 50,969
Total Nor�-Operating Revenues(Expenses) $ 1,880 $ 57,821 $ 59,701 $ 50,969
Income(Loss)before Contributions and
Transfers $ 159,307 $ 63,095 $ 222,402 $ (105,693)
Capital Contributions $ - $ 295,906 $ 295,906 $ -
Transfers In(Out) (88,869) - (88,869) (59,263)
Changes in Net Assets $ 70,438 $ 359,001 $ 429,439 $ (164,956)
Prior Year Adjustments $ (702,579) $ (702,579) $ 163,331
Assets Purchased in Other Funds - 193,780 193,780 28,919
NET ASSETS-BEGI NNI NG $ (81,294) $ 2,261,442 $ 2,180,148 $ 2,152,854
NET ASSETS-ENDING $ (10,856) $ 2,111,644 $ 2,100,788 $ 2,180,148
See accompanying notes to the basic financial statements.
144
CIty of Pasco
Combining Statement of Cash Rows
Internal Services Fund
For the Year Ended December 31,2007
Govemmental Activities
Intemal Service Funds
Equipment Rental Equipment Rental Animal Central Medical Ins.
Operations Replacement CD*0I Stores Fund Total
CASH FLOW FROM OPERATING ACTMTIES:
Cash Received from Customers $ 796,921 $ 542,029 $ 408,730 $ 28,723 $ 2,784,253 $ 4,560,656
Payments for Maintenance&Ops. (742,469) (201,179) (402,955) (32,924) (27,360) (1,406,887)
Payments to Er ployees - - - (2,486,796) (2,486,796)
Net Cash provided by operating activities $ 54,452 $ 340,850 $ 5,775 $ (4,201) $ 270,097 $ 666,973
CASH FLOVVS FROM NCWCAPITAL $ -
FINANCINGACTIVITIES
Prior Year Adjustments $ - $ 23,675 $ - $ - $ (384) $ 23,291
Transfers In(Out) 88,869 - 217 20,000 - 109,086
$ 88,869 $ 9675 $ 217 $ 20,000 $ (384) $ 132,377
CASH FLOW FROM CAPITAL AND
RELATED FINANCINGACT RATIES:
Acquisition of Capital Assets $ - $ 382,698 $ - $ - $ - $ 382,698
CASH FLOVVS FROM INVESTING ACTIVITIES:
Investment Activities Income $ 2,652 $ 98,320 $ (715) $ (43) $ 9,302 $ 109,516
Interfund Loans (85,000) 10,000
Net Cash Prodded from Investing Activities $ (82,348) $ 108,320 $ (715) $ (43) $ 9,302 $ 109,516
Net Increase(Decease)in Cash and
Cash Equivalents $ 60,973 $ 855,543 $ 5,277 $ 15,756 $ 279,015 $ 1,291,564
Cash and Cash Equivalents January 1 $ 115,522 $ 1,507,010 $ - $ 173 $ 42,285 $ 1,664,990
Cash and Cash Equivalents December 31 $ 176,495 $ 2,362,553 $ 5,277 $ 15,929 $ 321,300 $ 2,881,554
CASH PROVIDED BY OPERATING
ACTIVATES:
Net Operating Inoome $ 44,997 $ 19,740 $ (19,090) $ (6,073) $ 271,431 $ 311,005
ADJUSTMENTS TO RECONCILE OPERATING
I NOOIVE TO NET CASH PROM DIED BY
OPERATING ACTIVITIES
Depreciation $ - $ 326,439 $ 11,693 $ - $ - $ 338,132
(InceaseyDec-easein Customer Receivables (853) (5,329) (31,531) (34) (1,186) (38,933)
Increasel(Decrease)in Accounts Payable 9,603 44,703 1,906 (148) 56,064
Increaset(Decrease)in Compensated Absences 705 - - - - 705
Net Cash Provide by Operating Activities $ 54,452 $ 340,850 $ 5,775 $ (4,201) $ 270,097 $ 666,973
See accuTWnying notes to the basic financial statements.
145
City of Pasco
Combining Statement of Cash Flows
Internal Services Fund
For the Year Ended December 31,2007
Business-type Activities
Internal Service Funds
Equipment Rental Equipment Rental
Operations Replacement Total
CASH FLOW FROM OPERATING ACTIVITIES:
Cash Received from Customers $ 335,371 $ 154,758 $ 490,129
Payments for Maintenance&Ops. (178,250) (79,431) (257,681)
Payments to Employees - - -
Net Cash provided by operating activities $ 157,121 $ 75,327 $ 232,448
CASH FLOWS FROM NON-CAPITAL
FINANCING ACTIVITIES
Prior Year Adjustments $ - $ (702,579) $ (702,579)
Transfers In(Out)* (88,869) - (88,869)
$ (88,869) $ (702,579) $ (791,448)
CASH FLOW FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of Capital Assets $ - $ 295,906 $ 295,906
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment Activities Income $ 1,880 $ 57,821 $ 59,701
Interfund Loans (71,158) 41,158
Net Cash Provided from Investing Activities $ (69,278) $ 98,979 $ 59,701
Net Increase(Decrease)in Cash and
Cash Equivalents $ (1,026) $ (232,367) $ (203,393)
Cash and Cash Equivalents January 1 $ $ 1,350,796 $ 1,350,796
Cash and Cash Equivalents December 31 $ (1,026) $ 1,118,429 $ 1,117,403
*Reflects activities on interfund loans
CASH PROVIDED BY OPERATING
ACTIVITIES:
Net Operating Income $ 157,427 $ 5,274 $ 162,701
ADJUSTMENTS TO RECONCILE OPERATING
INCOME TO NET CASH PROVIDED BY
OPERATING ACTIVITIES
Depreciation $ - $ 69,375 $ 69,375
(Increase)/Decrease in Customer Receivables (459) 678 219
Increase/(Decrease)in Accounts Payable 153 - 153
Increase/(Decrease)in Compensated Absences - - -
Net Cash Provide by Operating Activities $ 157,121 $ 75,327 $ 232,448
See accompanying notes to the basic financial statements.
146
City of Pasco
Sched.le of Operations-Budget to Ah.els
Ecpprml Fertal Ope~atior s C kal
For the Yea-Ended -tier 31,2007
Qigrei Final Varianceto Variarceto
Budget Budget P" Clignal Budget Final Budget
OFERAII NG RE\ENLES
Charges for SmAoes-Irternal $ 779,640 $ 779,640 $ 786,732 $ 7,092 $ 7,092
Charges for Savioes-0:1-a 12,000 12,000 11,042 (958) (958)
Tod Operating%eues $ 791,640 $ 791,640 $ 797,774 $ 6,134 $ 6,134
OFERAII NG DFENSES
Operating ExIm-tises $ 90,350 $ 90,350 $ 103,213 $ (12,863) $ (12,863)
IVlairtena m Ems; 633,215 633,215 639,582 (6,367) (6,367)
Irs-anoe Claims and E - - - - -
Depredatim - - - - -
Capital CUtiays 10,500 10,500 9,982 518 518
Total Operating Expa-ses $ 734,065 $ 734,065 $ 752,777 $ (18,712) $ (18,712)
a-B Iw ,INM E(LOSS) $ 57,575 $ 57,575 $ 44,997 $ (12,578) $ (12,578)
NCN C 2A11 NG DIES(DPBVS )
In estrrent Ire ne $ 1,000 $ 1,000 $ 2,652 $ 1,652 $ 1,652
Total Nm-Cperating Fees(Bpa-rses) $ 1,000 $ 1,000 $ 2,652 $ 1,652 $ 1,652
Inane(Loss)before Cortributicns and
Transfers $ 58,575 $ 58,575 $ 47,649 $ (10,926) $ (10,926)
Capital Ca-tributions $ - $ - $ - $ - $Tra-ders In(at) - - 88,869 88,869 8$869
Changes in Net Assets $ 58,575 $ 58,575 $ 136,518 $ 77,943 $ 77,943
Fria-Year q ush-e is $ - $ - $ - $ - $ -
NETASSEfS-BEGII41% $ 58,757 $ 58,757 $ (6,354) $ (65,111) $ (65,111)
I\ETASSETS-B\D% $ 117,332 $ 117,332 $ 130,164 $ 12,832 $ 12832
Seeacconpar rgnotestothebasicfinamalstatements.
147
City of Pasco
Schedule of Operations-Budget to Actuals
Equipment Rental Replacement Fund Governmental
For the Year Ended December 31,2007
Original Final Varianceto Varianceto
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Services-Intemal $ 567,960 $ 567,960 $ 505,458 $ (62,502) $ (62,502)
Charges for Services-Other 44,000 44,000 41,900 (2,100) (2,100)
Total Operating Revenues $ 611,960 $ 611,960 $ 547,358 $ (64,602) $ (64,602)
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ - $ -
Maintenance Expenses - - - - -
Insurance Gaims and Expenses - - - - -
Depredation - - 326,439 (326,439) (326,439)
Capital Outlays 400,000 400,000 201,179 198,821 198,821
Total Operating Expenses $ 400,000 $ 400,000 $ 527,618 $ (127,618) $ (127,618)
OPERATING INCOME(LOSS) $ 211,960 $ 211,960 $ 19,740 $ (192,220) $ (192,220)
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 40,000 $ 40,000 $ 98,320 $ 58,320 $ 58,320
Total Non-Operating Revenues(Expenses) $ 40,000 $ 40,000 $ 98,320 $ 58,320 $ 58,320
Non-Revenues
Interfund Loan Repayments $ - $ - $ - $ - $ -
Income(Loss)before Contributions and
Transfers $ 251,960 $ 251,960 $ 118,060 (133,900) (133,900)
Capital Contributions $ - $ - $ 295,906 $ 295,906 $ 295,906
Transfers In(Out) - - - - -
Sale ofAssets 1,000 1,000 - $ (1,000) $ (1,000)
Total Capital Contributions $ 1,000 $ 1,000 $ 295,906 $ 294,906 $ 294,906
Changes in Net Assets $ 252,960 $ 252,960 $ 413,966 $ 161,006 $ 161,006
Prior Year Adjustments $ - $ - $ 23,675 $ 23,675 $ 23,675
Assets Purchased in Other Funds - - 382,998 382,998 382,998
NET ASSETS-BEGINNING $ 1,652,960 $ 1,652,960 $ 3,924,270 $ 2,271,310 $ 2,271,310
NET ASSETS-ENDING $ 1,905,920 $ 1,905,920 $ 4,744,909 $ 2,838,989 $ 2,838,989
See accompanying notes to the basic financial statements.
148
City of Rasoo
Schedule of Orations-Budget to Actuals
Central Stores Fund
For the Year Ended December 31,2007
Criginal Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Servioes-Internal $ 26,000 $ 26,000 $ 28,757 $ 2,757 $ 2757
Charges for Servioes-Other - - - - -
Total Operating Revenues $ 26,000 $ 26,000 $ 28,757 $ 2,757 $ 2,757
OPERATING EXPENSES
Operating Expenses $ 25,000 $ 45,000 $ 34,830 $ (9,830) $ 10,170
Kbntenanoe Expenses - - - - -
Im.o-ance aains and Expenses - - - - -
Depreciation - - - - -
Capital Outlays - - - - -
Total Operating Expenses $ 25,000 $ 45,000 $ 34,830 $ (9,830) $ 10,170
OPERATINGINCOIVE(LOSS) $ 1,000 $ (19,000) $ (6,073) $ (7,073) $ 12,927
NON-CPERATING REVENUES(E)T EIVSES)
Investment Incorre $ - $ - $ (43) $ (43) $ (43)
Total Non-Operati ng Revenues(Experises) $ - $ - $ (43) $ (43) $ (43)
Income(Loss)before Contributions and
Transfers $ 1,000 $ (19,000) $ (6,116) $ (7,116) $ 12,884
Capital Contributions $ - $ - $ - $ - $ -
Transfers In(Out) - 20,000 20,000.00 20,000 -
Changes in Net Assets $ 1,000 $ 1,000 $ 13,884 $ 12,884 $ 12,884
Prior Year Adjustments $ - $ - $ 1,648 $ 1,648 $ 1,648
Assets Purchased in Other Funds - - -
NET ASSETS-BEGINNING $ 2,000 $ 2,000 $ 7,747 $ 5,747 $ 5,747
NET ASSETS-ENDING $ 3,000 $ 3,000 $ 23,279 $ 20,279 $ 20,279
See aom rpanying notes to the basic fi naridal statements.
149
City of Pasco
Sd-iedule of Orations-Budget to Actuals
Medical/Dental Insurance Fund
For the Year Ended December 31,2007
Qiginal Final Varianoeto Variance to
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Servioes-Internal $ 2,400,000 $ 2,400,000 $ 2,558,170 $ 158,170 $ 158,170
Charges forServioes-Other 240,000 240,000 227,269 (12,731) (12,731)
Total Operating Revenues $ 2,640,000 $ 2,640,000 $ 2,785,439 $ 145,439 $ 145,439
OPERAl1NG EVENSES
Operating ENxnses $ 42,100 $ 42,100 $ 27,360 $ 14,740 $ 14,740
Maintenance ExIxnses - - - - -
Im.o-anoe aains and E>penses 2,480,000 2,480,000 2,486,648 (6,648) (6,648)
Depreciation - - - - -
Capital Outlays - - - - -
Total Operating Expenses $ 2,522,100 $ 2,522,100 $ 2,514,008 $ 8,092 $ 8,092
OPERATINGINCOME(LOSS) $ 117,900 $ 117,900 $ 271,431 $ 153,531 $ 153,531
NON-OPERATING REVENUES(DTE SES)
Investment Incorre $ 8,000 $ 8,000 $ 9,302 $ 1,302 $ 1,302
Total Non-Operating Revenues(Expenses) $ 8,000 $ 8,000 $ 9,302 $ 1,302 $ 1,302
Income(Loss)before Contributions and
Transfers $ 125,900 $ 125,900 $ 280,733 $ 154,833 $ 154,833
Capital Contributions $ - $ - $ - $ - $ -
Transfers In(Out) - - - - -
Changes in Net Assets $ 125,900 $ 125,900 $ 280,733 $ 154,833 $ 154,833
Prior Year Adjustments $ - $ - $ (384) $ (384) $ (384)
Assets Purchased in Other Funds - - -
NET ASSETS-BEGINNING $ 340,900 $ 340,900 $ (82,758) $ (423,658) $ (423,658)
NErASSETS-ENDING $ 466,800 $ 466,800 $ 197,591 $ (269,209) $ (269,209)
See acoa rpanying notes to the basic fi Handal statements.
150
City of Rasoo
SchedileofCpeAicns-ariget toPdLds
Anirrd Cunt of
Far the Year Bided Decerrber 31,2007
Qigim Final Varianceto Vaianceto
Budget Budget Adual Oiginal Budget Final Bidget
OPERAFINGFUvENLES
Charges for Servioes-Internal $ - $ - $ 133,600 $ 133,600 $ 133,600
Charges for Servioes-Cther - - $ 306,661 306,661 306,661
Trial Crating Patenjes $ - $ - $ 440,261 $ 440,261 $ 440,261
CPERAII NG DFBMSES
Crating Experses $ - $ - $ 428,576 $ (428,576) $ (44576)
IVlsintenarm Expenses - - - - -
Depreaaticn - - 11,693 (11,693) (11,693)
Capital apys - - 19,082 (19,082) (191082)
Trial Operating Expenses $ - $ - $ 459,351 $ (459,351) $ (459,351)
CIDBFAIINGINOCIVE(LOSS) $ - $ - $ (19,090) $ (19,090) $ (19,090)
IMCP -fl NG F EANJES(DIES)
Irnvestrre Inoone $ - $ - $ (715) $ (715) $ (715)
Total NmC r~t:ng FL=%�(Expenses) $ - $ - $ (715) $ (715) $ (715)
moon!✓(Lass)before Contributions and
Transfers $ - $ - $ (19,805) $ (19,805) $ (19,805)
Capital Ca-tributions $ - $ - $ 57,241 $ 57,241 $ 57,241
Transfers In(Cut) - - - - -
Changes in Net Assets $ - $ - $ 37,436 $ 37,436 $ 37,436
Rior Year M utmits $ - $ - $ - $ - $ -
I\ETASSETS-BEGNVNG $ - $ - $ - $ - $ -
NEf A9=-ENDING $ - $ - $ 37,436 $ 37,436 $ 37,436
See a000rrpanying notes tothe basicfiraual statwuls.
151
Sdiecl le of Operations-Budd to PdL ds
RpM-ert Festal gxraticns BBress-type
For the Year B-ded DeoeMber 31,2007
Gignal Final Varianoeto Variameto
Budget Bidget Pdual Qignal Bridget Final Budge
CPEPAllNG FEV34JES
Charges for Savioes-Internal $ 306,420 $ 306,420 $ 320,880 $ 14,460 $ 14,460
ChaDes for Sermoes-Cther 2,000 2,000 14,950 12,950 12,950
Total Operating Fevxres $ 308,420 $ 308,420 $ 335,830 $ 27,410 $ 27,410
CPEPAII NG DFBNSES
Operating Eames $ 16,700 $ 16,700 $ 18,600 $ (1,900) $ (11900)
N/UrtenanoeEpa-rses 137,600 137,600 159,803 (72,203) (22,203)
Ir&rarbe Claims and Epenses - - - - -
Depredafion - - - - -
Cg3tal Ways 5,010 5,001 - 5,010 5,010
Total Operating EVenses $ 159,300 $ 159,301 $ 178,403 $ (19,103) $ (19,103)
CPUAIINGINC CN/E(LCSS) $ 149,120 $ 149,120 $ 157,427 $ 8,307 $ 8,307
NCr4CPE?All NIG FEME4,ES(DFE\ISES)
In estrre Income $ 2010 $ 2,000 $ 1,880 $ (120) $ (120)
Total Nor 4er"abrgF yes(5perses) $ 2,000 $ 2,000 $ 1,880 $ (120) $ (120)
Inoona(Loss)before Contributions and
Transfers $ 151,120 $ 151,120 $ 159,307 $ 8,187 $ 8,187
03pital0:)*bubcns $ - $ - $ - $ - $ -
Transfers In(Cut) - - (88,869) (88,869) (88,860)
CtinNetA---,--ts $ 151,120 $ 151,120 $ 70,438 $ (80,682) $ (80,682)
Prior Year A4 ustrrerts $ - $ - $ - $ - $ -
NETASSEFS-BEGINVNG $ 151,120 $ 151,120 $ (81,294) $ (232414) $ (232414)
NET ASSET'S-ENDWo $ 302240 $ 302,240 $ (10,856) $ (313,096) $ (313,096)
See ao mp"ng notes to the basic fi sandal state TB-ts.
152
City of Pasco
Schedule of Operations-Budget to Actuals
Equipment Rental Replacement Fund Business-type
For the Year Ended December 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Services-Internal $ 241,332 $ 241,332 $ 154,080 $ (87,252) $ (87,252)
Charges for Services-Other - - - - -
Total Operating Revenues $ 241,332 $ 241,332 $ 154,080 $ (87,252) $ (87,252)
OPERATING EXPENSES
Operating Expenses $ - $ - $ - $ - $ -
Maintenance Expenses - - - - -
insurance Claims and Expenses - - - - -
Depredation - - 69,375 (69,375) (69,375)
Capital Outlays 250,000 250,000 79,431 170,569 170,569
Total Operating Expenses $ 250,000 $ 250,000 $ 148,806 $ 101,194 $ 101,194
OPERATING INCOME(LOSS) $ (8,668) $ (8,668) $ 5,274 $ 13,942 $ 13,942
NON OPERATING REVENUES(E(PENSES)
Investment Income $ 20,000 $ 20,000 $ 57,821 $ 37,821 $ 37,821
Total Non-Operating Revenues(Expenses) $ 20,000 $ 20,000 $ 57,821 $ 37,821 $ 37,821
NorrRevenues
Interfund Loan Repaymats $ - $ - $ - $ - $ -
Income(Loss)before Contributions and
Transfers $ 11,332 $ 11,332 $ 63,095 $ 51,763 $ 51,763
Capital Contributions $ - $ - $ 295,906 $ 295,906 $ 295,906
Transfers In(Out) - - - - -
Sale of Assets - - - - -
Total Capital Contributions $ - $ - $ 295,906 $ 295,906 $ 295,906
Changes in Net Assets $ 11,332 $ 11,332 $ 359,001 $ 347,669 $ 347,669
Prior Year Adjustments $ - $ - $ (702,579) $ (702,579) $ (702,579)
Assets Purchased in Other Funds - - 193,780 193,780 193,780
NET ASSETS-BEGINNING $ 1,311,332 $ 1,311,332 $ 2,261,442 $ 950,110 $ 950,110
NET ASSETS-ENDING $ 1,322,664 $ 1,322,664 $ 2,111,644 $ 788,980 $ 788,980
See accornpanying notes to the basic financial statements.
153
City of Pasco
Schedule of Operations-Budget to Actuals
Water/Sewer Fund
For the Year Ended December 31,2007
Original Final Variance to Variance to
Budget Budget Actual Original Budget Final Budget
OPERATING REVENUES
Charges for Services-Other $ 12,965,000 $ 12,965,000 $ 13,816,835 $ 851,835 $ 851,835
Miscellaneous Revenue 1,860,000 1,860,000 1,952,100 92,100 92,100
Total Operating Revenues $ 14,825,000 $ 14,825,000 $ 15,768,935 $ 943,935 $ 943,935
OPERATING EXPENSES
Personal Service $ 3,100,407 $ 3,100,407 $ 2,697,082 $ 403,325 $ 403,325
Supplies 622,300 622,300 385,282 237,018 237,018
Other Services and Charges 3,072,040 3,072,040 3,247,786 (175,746) (175,746)
Capital Outlays 256,800 256,800 - 256,800 256,800
Taxes 1,852,500 1,852,500 1,815,355 37,145 37,145
Maintenance Expenses - - - - -
Depreciation - - 4,535,918 (4,535,918) (4,535,918)
Total Operating Expenses $ 8,904,047 $ 8,904,047 $ 12,681,423 $ (3,777,376) $ (3,777,376)
OPERATING INCOME(LOSS) $ 5,920,953 $ 5,920,953 $ 3,087,512 $ (2,833,441) $ (2,833,441)
NON-OPERATING REVENUES(EXPENSES)
Investment Income $ 436,000 $ 436,000 $ 579,419 $ 143,419 $ 143,419
Proceeds from Debt Issuance - - 835,650 835,650 835,650
Farmland Rentals 500,000 500,000 686,140 186,140 186,140
Interest Expense (1,429,725) (1,429,725) (1,436,785) (7,060) (7,060)
Amortization Expense - - (43,430) (43,430) (43,430)
Miscellaneous Non-Operating Revenues 26,000 26,000 70,556 44,556 44,556
Total Non-Operating Revenues(Expenses) $ (467,725) $ (467,725) $ 691,550 $ 1,159,275 $ 1,159,275
Income(Loss)before Contributions and
Transfers $ 5,453,228 $ 5,453,228 $ 3,779,062 $ (1,674,166) $ (1,674,166)
Capital Contributions $ - $ - $ 6,081,445 $ 6,081,445 $ 6,081,445
Transfers In(Out) 85,000 85,000 (777,075) (862,075) (862,075)
Changes in Net Assets $ 5,538,228 $ 5,538,228 $ 9,083,432 $ 3,545,204 $ 3,545,204
Prior Year Adjustments $ - $ - $ 551,478 $ 551,478 $ 551,478
Assets Purchased&transferred to other Funds $ - $ - $ (185,234) $ (185,234) $ (185,234)
NET ASSETS-BEGINNING $ 14,319,955 $ 14,319,955 $ 99,537,307 $ 85,217,352 $ 85,217,352
NETASSETS-ENDING $ 19,858,183 $ 19,858,183 $ 108,986,983 $ 89,128,800 $ 89,128,800
See accompanying notes to the basic financial statements.
154
NICAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 8-REAL AND PERSONAL PROPERTY TAXES
(ALL TAX-SUPPORTED FUNDS)
For the Year Ended Deoernber 31,2007
TAXES TAX TAXES TAXES
FUND RECEIVABLE RATE LEVIED TAXES NET TAX REC.
NO. FUND NAIVE 1/1/2007 /$1,000 REPORT YEAR COLLECTED ADJUST. 12/31/2007
010 General Fund $304,618 $2.2494 $5,207,704 $5,244,075 $1,684 $269,931
271 93 Civic Center Bonds 2,248 0.0000 - 492 (284) 1,472
272 Fire/Library Bonds 11,612 0.0836 171,238 174,049 (253) 8,548
273 2002UTGOBonds 25,520 0.2096 384,112 389,576 (221) 19,835
TOTAL TAXES $332,643 $2.5426 $5,763,054 $5,808,192 $926 $299,786
Receivable amounts reflect balance after December 2007 tax payments. This amount agrees Wth the Tax Account Balance
Report printed on 01/10/08 from Franklin County Treasurer's Offioe.
155
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 9- LONG-TERM DEBT-L.I.D.ASSESSMENTS
Year Ended December 31,2007
FINAL ORIGINAL
ISSUE MATURITY INTEREST ISSUE
ID.NO.AND DESCRIPTION PURPOSE DATE DATE RATE AMOUNT
BONDS:
253.12 2001 U.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 12105 5.00% 57,662
263.63 LID 139 Note 581.20.77 12102 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
156
BEGINNING AMOUNT ENDING
UNMATURED AMOUNT DUE THIS UNMATURED
DEBT ISSUED PERIOD DEBT
LID 135 Bonds $ 190,000 $ 0 $ 70,000 $ 120,000
$ 190,000 $ 0 $ 70,000 $ 120,000
LID 125 Note $ 20,000 $ 0 $ 3,200 $ 16,800
LID 138 Note 25,700 0 3,800 21,900
LID 139 Note 4,400 0 400 4,000
LID 140 Note 7,600 0 5,400 2,200
LID 901 Note 6,050 0 1,950 4,100
$ 63,750 $ 0 $ 14,750 $49,000
$253,750 $ 0 $ 84,750 $ 169,000
157
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 9-LONG-TERM DEBT-G.O.AND REVENUE
Year Ended December 31,2007
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 12/1/2020 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 12/1/2019 5.2-5.6% 1,700,000
251.12 2002 UTGO Refunding Bond 594.74.63 11/1/2002 12/1/2013 2.5-4.0% 3,155,000
Total Voted G.O.Bonds $4,855,000
TOTAL G.O.DEBT $15,390,000
Other Debt
263.81 TRAC Loan 12/1/1997 12/1/2014 4.5-5.5% $1,197,931
263.81 Port of Pasco Airport Fire Bldg 7/12/2006 7/12/2016 4.00% 120,000
263.81 State L.O.C.A.L.Bond-Fire Truck 594.74.63 2/1/2000 6/1/2009 5.72% 225,000
263.81 State L.O.C.A.L.Bond-Animal Control 594.74.63 11/1/2001 12/1/2016 6.24% 275,500
263.81 State L.O.C.A.L.Bond-Patrol 594.74.63 12/1/2004 12/1/2008 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 1.0% 23,700,000
263.82 P.W.T.F.Loan#95025-Sewer Plant 594.35.63 6/30/1995 6/30/2015 1.0% 812,700
263.82 P.W.T.F.Loan#95026-Road 100 Water Res. 594.34.63 6/30/1995 6/30/2015 1.0% 2,687,300
252.11 1998 W/S Revenue Bonds 594.35.63 9/15/1998 6/1/2018 5.5-6.45% 2,255,000
252.15 1998 W/S Refunding Bonds 594.34.63 9/15/1998 6/1/2014 3.8-4.6% 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 6/30/2020 1.0% 1,890,000
252.11 2001 W/S Revenue Bonds 594.35.63 9/1/2001 9/1/2016 3.5-4.85% 995,000
252.11 2002 W/S Revenue Bonds 594.35.63 10/1/2002 12/1/2022 2.0-4.7% 5,945,000
252.11 2005 W/S Revenue Bonds 594.35.63 12/5/2005 12/5/2025 3.5-4.25% 4,400,000
252.11 2007 W/S Revenue Bonds 594.35.63 7/2/2007 9/1/2022 4.25-4.75% 845,000
TOTAL UTILITY DEBT $54,000,000
TOTAL LONG-TERM DEBT $71,370,071
158
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 6,010,000 0 320,000 5,690,000
2002 LTGO & Refunding Bond 3,165,000 0 200,000 2,965,000
Total Councilmanic G.O. Bonds $ 9,175,000 $ 0 $520,000 $8,655,000
Voted G.O. Bonds
1999 G.O.B Library 1,300,000 0 100,000 1,200,000
2002 UTGO Refunding Bond 2,290,000 0 295,000 1,995,000
Total Voted G.O. Bonds $ 3,590,000 $ 0 $ 395,000 $ 3,195,000
TOTAL G.O. DEBT $ 12,765,000 $ 0 $ 915,000 $ 11,850,000
Other Debt
TRAC $ 672,414 $0 $70,344 $ 602,070
Port of Pasco Airport Fire Bldg 115,898 0 10,127 105,771
State L.O.C.A.L. Loan 80,832 0 25,440 55,392
State L.O.C.A.L. Loan 211,565 0 15,537 196,028
State L.O.C.A.L. Loan 83,266 0 40,975 42,291
Total Other Debt $ 1,163,975 $ 0 $ 162,423 $ 1,001,552
UTILITY DEBT
PWTF Loan#89036 $ 184,682 $0 $61,561 $ 123,121
State Revolving Loan Fund 17,856,043 0 1,104,575 16,751,468
PWTF Loan#95025 387,102 0 43,011 344,091
PWTF Loan#95026 966,378 0 107,375 859,003
1998 W/S Revenue Bonds 1,615,000 0 95,000 1,520,000
1998 W/S Refunding Bonds 5,270,000 0 560,000 4,710,000
1998 W/S Revenue Bonds 515,000 0 100,000 415,000
1999 W/S Revenue Bonds 635,000 0 50,000 585,000
P.W.T.F. Loan#00691043 1,555,966 0 111,141 1,444,825
2001 W/S Revenue Bonds 735,000 0 60,000 675,000
2002 W/S Revenue Bonds 5,065,000 0 255,000 4,810,000
2005 W/S Revenue Bonds 4,210,000 0 150,000 4,060,000
2007 W/S Revenue Bonds 0 845,000 0 845,000
TOTAL UTILITY DEBT $ 38,995,171 $ 845,000 $2,697,663 $ 37,142,508
TOTAL LONG-TERM DEBT $ 52,924,146 $ 845,000 $ 3,775,086 $49,994,060
159
MCAG NO. 0292
CITY OF PASCO,WASHINGTON
SCHEDULE 10 - LIMITATION OF INDEBTEDNESS
For the Year Ended December 31, 2007
Property Valuation for 2007 Taxes* $ 2,483,166,932
GENERALPURPOSES
Limit of 2.5% of Assessed Value $ 62,079,173
Councilmanic:
Capacity (1.5% of Assessed value) 37,247,504
Less:
G.O. Bonds Outstanding $ 8,655,000
State LOCAL Loans 293,711
T.R.A.C. Obligation 602,070
Port of Pasco Airport Fire Bldg 105,771
Compensated Absences 1,415,301
11,071,853 (11,071,853)
Available Unvoted -Approved Capacity $26,175,651
Voter-Approved:
Capacity (1.0% of Assessed Value) $24,831,669
Less:
G.O. Bonds Outstanding $3,195,000
3,195,000 (3,195,000)
Available Voter-Approved Capacity $21,636,669
Remaining Capacity for General Purposes $47,812,320
UTILITY PURPOSES
Voter-Approved:
Capacity (2.5% of Assessed Value) $62,079,173
Available Utility Capacity $62,079,173
OPEN SPACE AND PARK FACILITIES
Voter-Approved:
Capacity (2.5% of Assessed Value) $62,079,173
Available Open Space and Park Facilities Capacity $62,079,173
TOTAL AVAILABLE DEBT CAPACITY $ 171,970,666
From Franklin County 2007 Assessments for 2008 Tax Collections Book
160
MCAG NO.0292
CITY OF PASCO,WASHINGTON
SCHEDULE 12-OPERATION OF INVESTMENTS-ALL FUNDS
For The Year Ended December 31,2007
INVESTMENT INVESTMENTS INVESTMENT
FUND FUND BALANCE (AT COSTS) BALANCE
NO. DESCRIPTION 1/1/2007 ACQUIRED LIQUIDATED 12/31/2007
620 Fire Pension $3,272,759 $1,014,396 $468,833 $3,818,322
650 Surplus Cash 32,639,420 43,816,738 39,964,415 36,491,743
TOTAL $ 35,912,179 $ 44,831,134 $ 40,433,248 $ 40,310,065
161
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, 2007
ALL MONEY HELD UNEXPENDED
FOR REDEMPTION OF PROCEEDS OF ALL OTHER
LONG-TERM DEBT BOND ISSUES MONIES
CASH AND INVESTMENTS
Cash and Deposits $ 692,678 $ 0 $ 13,802,559
Federal Securities 0 0 0
Federal Agency Securities 0 0 25,385,577
Other Securities 0 0 2,916,258
$ 692,678 $ 0 $ 42,104,394
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 $ 1,022,115
To State Administered Employee
Retirement System 858,338
To Locally Administered Employee
Retirement System 0
For Commerical Annuity Plans 0
Direct Pension Payments 88,581
TOTAL ALL RETIREMENT PROGRAMS $ 1,969,034
Insurance Programs
For Health, Hospital, Dental
and Disability Insurance - Self-Insured $ 2,577,960
For Other Dental Insurance -
For Life Insurance 13,929
For Workmen's Compensation Insurance 213,860
For Unemployment Compensation -Self-Insured 47,322
TOTAL ALL INSURANCE PROGRAMS $ 2,853,071
162
THIS PAGE LEFT BLANK INTENTIONALLY
163
aTYOF PAScQ VW9 iwirm
SCFEME 16-B(PEM M OF FEDERALAAAIRDS
For the Year Baled DecerrbEr 31,2707
Grata-/ Federal Other Bhres
Ns&M a*Gartor CFDA Identification Pass-TYra#i Drell
RoganWe N Tber N.rtrber AAars AAGrS Trial
Cepartnet d Justice:
EJAerd Bym K r anal FamAa Oat P oga n(Nxcotics Task FOrce) 16.579 F97-374014 $ $ 38,640 $ 38,640
OirreMdimCcrrpa ticn(STCPFuTn.la0at2007) 16.576 FO&311034066 30,774 30,774
BJnard Bane Wrmal JusboeAssstanoe Oat(2005) 16.738 2005-DJ-RX 1713 2,992 2,992
EUIet Proof Vest Patresfip 16.607 2006-BU RX-06133357 4,323 4,328
76,734 76,734
U.S Dapatrrert of Hxsng&UtEn D?Acprat:
CamTLnty D3AWrert Block Gant 14.218 B-97-f/r--rb 009 605,284 605,284
Cam uity D?Aoprret Block Oat Rogan Inane 14.218 4,402 4,402
Total US Departrrent of Hasng&Utan t?lcprTert 609,686 609,686
U.S Q4)Mnt of FlEdth&Firrmn Services Inched AAerck
pedal Progarrs for ftPong Title III Part B
Oats for S ATut e Samoes&Senor Casters-Foot Care 93.044 % 01391(PN 10,566 - 10,596
Oats for S,ppertiveSamoes&Senor Caters-R)dth Screen rig 93.044 $913 - 8,913
Total US Dept.of F filth&Hffm Servioes haired Awds 19,509 - 19,509
US Depatrrert of Trazsportab
Posed ttra.ch Traffic Safely Carrrrission
Aloohc Traffic Safety&Dusk Diving R atai 20.601 6,122 - 6,122
Coapant Rntedion Rugraii 20.602 1,362 1,362
Safety Belt Rerfun-erm 20.609 71,480 22,480
TotalCFEANyrber 29,964 - 29,964
Pbssed Ranch WASde Dxatrrert of Toispataticn
HgmWRarnrig&Ccrshdcn-Flarl St.&20thAve.Sgiel-065-24 20205 SFR-&3515(005) 23,258 - 23,25B
HgAayRarnirig&CarshTdonB urdenBudWdenrig-Rged05-3-06 20236 SR&356B(003) 16,814 - 16,814
Total CFD4Nxrber 20.205 40,072 - 40,072
Tdal US Dot.of Tra-q)atabcn 70,036 - 70,036
TUM-FEDERALASSSIFANCE $ 89,545 $ 687,592 $ 777,137
The aomTparVrig notes to the SJiedle d EVffdtu es d Federal Anarcls are
an irtegal part dais atedfe
164
WAGNa 0292
aIYCFRO=VJUiN3fCN
SO-EEU-E 16-STA1EA OLCJCALRN4]ALAMSfAN E
Fcrt eYeEr IYd Dew 31,2307
Gatal Fecbd Ciller- Bgmxihxes
Fbs,-Mm gi G to CFD4 Icb0ca icn Rb—,Ttro# ❑red
PbganTiUe N.rrber NjTber Amrt Aw-cls Tctd
RsmStod Dstrid:
DNTzFbrtu-s� Irteiod AgncyAgeafret $ 11,389 $ - $ 11,389
V\khrrtcn 6Ae Dix trrat cf TrawatEtcn
Trak SftCcmris icn-KstcrreRoLffiffIII&I-dster 7,725 - 7,715
Trafic&edlCc n dm-K/FBEaeIII KaFatrEcopTat 4,3199 - 4,399
Tr afic&eLyOaTnis9cn-a TEc FaceC9-FT-19 27455 $237
To-Epa cnInt7u r ilmad-Amuth0krpess 9E174(006}1 - 82,48D 8 ,48D
20,361 82,480 94,6x
Vtsirrjrn 6Ae as cf Ojrrmme�Trad?&EDrric DAgxre t
CALOCIAeGat L M=172 33,20 - 33,2 9
Gat fcrl3 m t alIStedLmL 06664104-U 1,2 ,387 - 1,25,387
1,29?616 - 1,29?616
D-9patrTat of Fi3db&H nay-'-emcea
MR#rsptd PatdpeficnGat F10&11NC2 1,439 - 1,439
V\tEtirrtcn aAe DTairrat cf Esrio�y
Sarnnde-Gat-R-Ese2 GD700014 - 1,172 1,172
TOM-SME&LOCALASBSfANCE $ 1,325805 $ 8 652 $ 1,401,220
Tfeaazr 1 3aVrrdru testotBSJ-eJJeofSateandLeiA 9Ataneae
ai irtEo pat cf hs s le
165
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 2007 for the rehab loan
program. The amount of principal and interest received in loan repayments for
the year was $3,468.88.
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.
166
MCAG NO. 0292
CITY OF PASCO, WASHINGTON
SCHEDULE 19 - LABOR RELATIONS CONSULTANTS
For the Year Ended December 31, 2007
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:
$34,915.67
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 28th day of May, 2008
to the best of my knowledge and belief:
Signature
J.3 m s Vhf . Chase
F in a.Ti1=t H a n ge r
167
THIS PAGE LEFT BLANK INTENTIONALLY
168
CITY OF PASCO
NET ASSETS BY COIVPOIVENT
LAST FIVE FISCAL YEARS
TABLE 1
(accrual basis of accounting)
Fiscal Year
2007 2006 2005 2004 2003
Governmental activities
Invested in capital assets,net of related debt $ 73,026,791 $ 59,050,242 $ 47,803,957 $ 38,549,311 $ 25,227,372
Restricted 3,941,492 5,737,749 5,733,980 4,617,188 4,434,452
Unrestricted 22,709,790 15,943,732 15,365,596 16,081,056 15,691,180
Total Governmental activities net assets $ 99,678,073 $ 80,731,723 $ 68,903,533 $ 59,247,555 $ 45,353,004
Business-type activities
Invested in capital assets,net of related debt $ 97,635,365 $ 93,657,005 $ 69,646,174 $ 59,694,181 $ 46,026,297
Restricted 841,693 1,798,464 1,320,801 746,530 809,339
Unrestricted 12,610,713 6,251,986 23,041,136 14,174,070 11,946,875
Toted business-type activities net assets $ 111,087,771 $ 101,717,455 $ 94,008,111 $ 74,614,781 $ 58,782,511
Primary government
Invested in capital assets,net of related debt $ 170,662,156 $ 152,717,247 $ 117,450,131 $ 98,243,492 $ 71,253,669
Restricted 4,783,185 7,536,213 7,054,781 5,363,718 5,243,791
Unrestricted 35,320,503 22,195,718 38,406,732 30,255,126 27,638,055
Total orimarygovernment net assets $ 210,765,844 $ 182,449,178 $ 162,911,644 $ 133,862,336 $ 104,135,515
"In 2007 the retroactive value for infrastructure was added to governmental activities.
Comparative data is presented from FY 2003 foRwd. FY 2003 vw the year that GASB 34 reporting requirements were i r plamnted
at the City of Pasco.
169
aTYOFPASoo
CFW\ ES IN NETASSETS
LAST ME RSCALYEPRS
TAELE2
(acmd bass of amoLArg)
Fiscal Year
2007 2006 2005 2004 2003
Bprem
Gbrrrrental activities:
General C33iam at $ $899,365 $ $146,549 $ 7,494,952 $ 6,750,019 $ 8,73600
Addal 750,294 741,933 620,544 623,553 552,712
Rhic Sft 17,213,554 16,562,068 14,003,815 13,056,141 12,442,251
R)dcal B-MMTErt 2,136,977 2,319,370 1,689,606 1,547,916 1,015522
Trarispatebcn 4,242,310 1,299,239 5944,289 3,798,766 2,169,415
Fgalth aid F ffm Samoss 39,740 44,242 45,044 46,392 42,573
t5axorricErMrrm-ert 1,116,613 1,647,209 933,784 819,382 1,174,284
OArea-dRgo-eaficn 5,713,063 4,872,473 4,892,990 5408,070 3,087,582
Irtaest on La-g Term DeU 639,570 681,825 714,225 774,196 82,i',276
Total g wwErtal acWties epases $ 40,751,507 $ 36,344,908 $ 36,339,249 $ 32,824,437 $ 3gM685
t3.Eines-,N eaWties
VVAer $ 5,179,548 $ 5050,598 $ 3,949,704 $ 4,28$647 $ 3,617,315
Smff 6,274,04 5724,267 5877,674 5812,442 5160,509
Water Irooess Rause 1,500,346 1,558,076 1,465822 1,417,129 1,485074
StamWater 595,276 518408 377,349 315675 262,146
Irrigation 936,053 748,126 544,310 356,100 161,957
Total bLdness-typeatkAtesepases $ 14,48$847 $ 13,599,475 $ 12,214,859 $ 12,182,993 $ 1Q697,001
Total prirrarypemerteperses $ 55,240,354 $ 49,944,383 $ 4$554,108 $ 45014,430 $ 40,730,686
RnganReue lm
Gb a Activities:
Charges for Sakes $ 12,640,309 $ 11,362442 $ 1Q093,760 $ 9,462,017 $ $170,544
Operctinggartsa-docrtnbctiors 1,073,643 1,044,618 1,196,615 84,5657 1,155,796
Caotalgartsardoortributicrs 3,43$257 9,244,384 6,547,280 6,863,494 9,251,359
Total gaemmrtalativitiespragamrvxres $ 17,152,209 $ 21,651,454 $ 17,839,655 $ 17,171,168 $ 1$577,699
B-drss&type a Wties
Chages for Saviaes $ 14,306,745 $ 14,185692 $ 13,111,651 $ 12153,235 $ 1Q938120
gDerati rig gatsa-docrtribLtiors - - - -
Captal gats"oortribLhons 6,377,351 3,625382 14,aP,,830 9,91Q710 13,336,436
TotalbLdness-typeativitesprogamreue1m $ 20,684,096 $ 17,811,024 $ 27,314,481 $ 22,063,945 $ 24,274,556
Total pin-ay gaumertproganOMIJEs $ 37,836,305 $ 82,40,478 $ 4,5154,136 $ 39,235113 $ 42852,255
170
Fiscal Year
2007 2006 2005 2004 2003
Net( y
C rrrsntal activities $ (23,569,298) $ (14,693,454) $ (18,499,594) $ (15,653,269) $ (11,465,966)
Fisiness-WactkAties 6095,249 4,211,549 15,099,622 9,873,952 13,587,555
$ (17,404,049) $ (10,481,905) $ (3,399,972) $ (5,779,317) $ 2,121,569
Total prirrarygomment net(e.Vense)/rte
General Revenues and Other Charges in Net Assets
CxDjurrrental Activities:
Taxes
PYopertyTaxes $ 5,215,110 $ 4,748,82 $ 4,323,410 $ 4,092,074 $ 3,510,847
PmperiyTaxes lewd for Debt Servioe 559,304 554,260 559,661 606,713 527,870
Sales&Use Taxes 8,645,939 8,225795 7,857,149 7,412,127 6,347,538
Coapationed UilityTaxes 7,842,446 7,560,655 7,100,471 6,455872 5,844,358
Cther Taxes 3,729,218 3,305358 3,396,093 2,837,698 2,916,565
IrnAsstrrent Earrings 1,070,349 849,559 708,699 581,080 326,561
Mscellwea.s Povaijes 1,822,224 1,562,070 2,656,353 2,049,249 2,019,251
Transfers 846,418 113,478 (583,811) (2,198,779) 239,077
Toted go✓ennrnantal activities $ 29,731,008 $ 26,919,997 $ 26,018,025 $ 21,836,024 $ 21,732,097
Fi.rsiress-type activities
IrnAestrrpnt Earnings $ 639,120 $ 622,290 $ 534,273 $ 384,335 $ 192,525
Mscellanea.s Pevoijes 2,708,796 3,136,171 3,586,435 3,721,174 2,560,208
Proceeds from Issuance of long-Term Debt 835,650 - - -
Tra-tiers (865,944) (183,717) (57,871) 1,377,943 360,831
Total busress-type activities $ 3,317,62 $ 3,575,234 $ 4,062,837 $ 5,483,452 $ 3,113,564
Toted pnrrarywoment $ 33,048,630 $ 30,495,231 $ 30,080,862 $ 27,319,476 $ 24,845,661
Charges in Net Assets
Cc✓emrrental activities $ 6,131,710 $ 12,226,543 $ 7,518,431 $ 6,182755 $ 10,256,111
B siress-typeactivities 9,512871 7,786,783 19,162,459 15,357,404 16,701,119
Total prirraryga✓ meant $ 15644,581 $ 20,013,326 $ 26,680,890 $ 21,540,159 $ 26,967,230
In 2007 the retroactive value for irfrastructr.re vas added to ga✓emn-ental activities.
Corrpa,Ave data is presented from FY2003 forv\ard FY2003 ves the year that G4SB 34 reporting recprerrsrts vere i0errented
at the C ty of Pasco.
171
CITY CF PASM
FUND BALANCES,COVERVVENTAL FUNDS
LAST FIVE FISCAL YEARS
TABLE 3
(mcdfied accrual basis of accounting)
FISCAL YEAR
2007 2006 2005 2004 2003
General Fund
Preserved $ 1,516,965 $ 1,890,568 $ 58,565 $ 70,065 $ 2,030,965
Unreserved 9,087,738 6,861,201 9,109,055 7,589,416 8,702,383
Total general fund $ 10,604,703 $ 8,751,769 $ 9,167,620 $ 7,659,481 $ 10,733,348
Al Cther Governmental Funds
Peserved $ 3,910,427 $ 5,728,634 $ 5,727,765 $ 4,615,723 $ 4,443,952
Unreserved,reported in:
Special re✓enuefunds 8,259,914 6,115,159 4,912,230 7,142,351 4,223,127
Capital projects funds 773,275 670,640 281,474 59,718
Debt servicefunds (223,724) (1,158,341) (439,683) (206,002) (1,592,702)
Total all other gme nn-a tarl funds $ 12,719,892 $ 11,356,092 $ 10,481,786 $ 11,611,790 $ 7,074,377
Total all governmental funds $ 23,324,595 $ 20,107,861 $ 19,649,406 $ 19,271,271 $ 17,807,725
Comparative data is presented from FY 2003 forward. FY 2003 was the year that G4SB 34 reporting requirements were i n oerrented
at the City of Pasco.
172
CITY OF PASCO
CHANGES IN FUND BALANCES,GOVERNMENTAL FUNDS
LAST FIVE FISCAL YEARS
TABLE 4
(modified accrual basis of accounting)
2007 2006 2005 2004 2003
Revenue
Taxes $ 24,516,433 $ 23,361,504 $ 22,195,616 $ 20,490,847 $ 18,140,244
Licenses&Permits 1,923,553 2,116,234 2,338,294 2,337,476 1,878,727
Intergovernmental Revenue 4,719,252 10,802,165 3,494,011 2,627,953 3,158,428
Charges for Services 4,737,984 4,388,138 4,225,579 3,887,480 3,257,188
Fines&Forfeitures 1,054,334 828,758 746,043 740,100 757,451
Investment Income 960,833 781,406 661,045 532,305 295,730
Miscellaneous Revenue 1,772,971 2,021,943 2,413,914 1,920,964 2,019,251
Total Revenues $ 39,685,360 $ 44,300,148 $ 36,074,502 $ 32,537,125 $ 29,507,019
Expenditures
General Government $ 4,251,117 $ 4,284,489 $ 4,195,820 $ 3,712,845 $ 3,235,752
Judicial 750,294 741,933 620,544 623,553 539,152
Public Safety 16,819,676 15,592,637 13,587,826 12,733,839 11,837,950
Physical Environment 1,825,137 1,608,581 1,443,870 1,246,408 919,853
Transportation 1,537,483 1,132,745 1,103,984 1,075,691 874,087
Health and Human Services 39,740 44,242 45,044 46,392 42,573
Economic Environment 745,388 680,863 647,534 461,338 463,720
Culture and Recreation 4,117,179 3,827,080 3,464,143 3,433,891 2,983,600
Capital Outlay 5,737,339 14,187,562 8,221,883 5,878,315 5,480,504
Debt Service
Principal 1,162,174 1,120,148 1,105,858 1,115,814 1,211,900
Interest 639,570 681,825 714,225 774,198 823,276
Total Expenditures 37,625,097 43,902,105 35,150,731 31,102,284 28,412,367
Excess of revenues over
(under)expenditures $ 2,060,263 $ 398,043 $ 923,771 $ 1,434,841 $ 1,094,652
Other Financing Sources
Disposition of Capital Assets $ 157,018 $ - $ 40,825 $ 367,017 $ 81,786
Proceeds of General L-T Debt - - - 219,302 -
Insurance Recoveries (103) 639 30,271 17,941 828
Operating Transfers-(In) 4,984,301 5,864,429 5,321,850 4,260,382 2,017,250
Operating Transfers-(Out) (4,246,752) (5,710,114) (6,068,298) (4,628,054) (1,947,529)
Total other financing sources $ 894,464 $ 154,954 $ (675,352) $ 236,588 $ 152,335
Net change in fund balance $ 2,954,727 $ 552,997 $ 248,419 $ 1,671,429 $ 1,246,987
Debt services as a
percentage of noncapital
expenditures 5.65% 6.06% 6.76% 7.49% 8.87%
Comparative data is presented from FY 2003 forward. FY 2003 was the year that GASB 34 reporting requirements were
implemented at the City of Pasco.
173
CITY OF PASCO
ASSESSED AND ACTUAL VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
TABLE 5
Total
TOTAL Direct
Residential Commercial Industrial ASSESSED Tax
YEAR Property Property Property VALUATION Rate
1998 $ 691,388,908 $ 71,662,167 $ 37,311,745 $ 800,362,820 $3.1553
1999 $ 771,740,101 $ 71,270,222 $ 37,683,914 $ 880,694,237 $2.9419
2000 $ 816,593,971 $ 96,120,203 $ 38,900,998 $ 951,615,172 $3.7332
2001 $ 876,656,716 $ 105,259,330 $ 49,983,958 $ 1,031,900,004 $3.6360
2002 $ 968,149,205 $ 109,023,302 $ 49,983,958 $ 1,127,156,465 $3.6625
2003 $ 1,185,853,800 $ 64,831,531 $ 53,394,900 $ 1,304,080,231 $3.1982
2004 $ 1,608,203,667 $ 116,704,391 $ 54,917,281 $ 1,779,825,339 $3.1524
2005 $ 1,838,147,975 $ 81,762,754 $ 52,699,742 $ 1,972,610,471 $2.8047
2006 $ 1,685,326,737 $ 85,759,899 $ 54,276,830 $ 1,825,363,466 $2.7414
2007 $ 2,309,543,400 $ 113,973,204 $ 59,650,331 $ 2,483,166,935 $2.5427
SOURCE: FRANKLIN COUNTY ASSESSORS OFFICE
174
THIS PAGE LEFT BLANK INTENTIONALLY
175
CITY OF PASCO,WASHINGTON
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Last Ten Fiscal Years
Table 6
(rate per$1,000 of assessed value)
CITY OF PASCO DIRECT TAX RATES: 2007 2006 2005 2004
General Levy $2.2494 $2.3912 $2.4157 $2.6617
Debt Service Levy 0.2097 0.2500 0.2748 0.3452
Fire/Library Levy 0.0836 0.1002 0.1142 0.1455
SUBTOTAL CITY OF PASCO DIRECT TAX RATES 2.5427 2.7414 2.8047 3.1524
OVERLAPPING GOVERNMENTAL TAX RATES:
State 2.3992 2.6480 2.8387 3.1867
County 1.8004 1.7489 1.7917 1.9035
County-TRAC Bond 0.0989 0.1059 0.1140 0.1574
County-Court House Remodel 0.2214 0.2424 0.2689 0.3384
Pasco School District 6.9202 6.5151 6.5689 6.6254
Port of Pasco 0.3879 0.3993 0.4099 0.4357
SUBTOTAL OVERLAPPING TAX RATES 11.8280 11.6596 11.9921 12.6471
TOTAL DIRECT AND OVERLAPPING
TAX RATES $ 14.3707 $ 14.4010 $ 14.7968 $ 15.7995
Source: Franklin County
176
2003 2002 2001 2000 1999 1998
$2.6839 $3.0634 $3.0434 $3.0710 $2.4963 $2.5450
0.3812 0.4788 0.5017 0.5479 0.4456 0.6103
0.1331 0.1203 0.0909 0.1143 0 0
3.1982 3.6625 3.6360 3.7332 2.9419 3.1553
2.8664 3.0429 3.0351 3.2864 3.4922 3.5470
2.0590 2.0600 2.0338 2.0493 2.0601 2.2660
0.1214 0.1561 0.1888 0.1888 0.1888 0.0000
0.3515 0.0000 0.0000 0.0000 0.0000 0.0000
6.4838 6.2382 6.4330 6.7376 5.8521 5.7739
0.4447 0.4480 0.4500 0.4500 0.4500 0.4500
12.3268 11.9452 12.1407 12.7121 12.0432 12.0369
$ 15.5250 $ 15.6077 $ 15.7767 $ 16.4453 $ 14.9851 $ 15.1922
177
Table 7
Top 20 Principal Sales Tax Payers
Due to the confidential nature of the information, this table has been removed.
178
CITY OF PASCO
TOP 10 INDUSTRIES THAT GENERATE SALES TAX
LAST THREE FISCAL YEARS
TABLE 8
2007 2006 2005
Sales %of Sales %of Sales %of
Tax Total Tax Total Tax Total
Industries Paid Rank Sales Tax Paid Rank Sales Tax Paid Rank Sales Tax
CONSTRUCTION OF BUILDINGS $ 394,555 6 5.00% $ 421,800 4 5.59% $ 588,145 4 8.12%
SPECIALTY TRADE CONTRACTORS 506,250 3 6.42% 628,960 3 8.33% 600,061 3
WHOLESALE TRADE,DURABLE GOODS 919,467 2 11.66% 776,944 2 10.29% 693,075 2 9.57%
MOTOR VEHICLE AND PARTS DEALERS 1,499,029 1 19.01% 1,553,185 1 20.57% 1,655,908 1 22.87%
BUILDING MATERIAL AND GARDEN 358,462 9 4.55% 249,406 9 3.30% 216,046 8
GENERAL MERCHANDISE STORES 455,016 4 5.77% 408,218 5 5.41% 0.00%
MISCELLANEOUS STORE RETAILERS 466,361 5 5.92% 381,601 6 5.05% 333,887 5 4.61%
TELECOMMUNICATIONS 218,985 10 2.78% 200,425 10 2.65% 0.00%
RENTAL&LEASING SERVICES 374,108 8 4.75% 357,386 7 4.73% 330,256 6 4.56%
FOOD SERVICES,DRINKING PLACES 379,450 7 4.81% 338,591 8 4.48% 290,182 7 4.01%
RAIL TRANSPORTATION 197,601 9 2.73%
GASOLINE STATIONS 195,279 10 2.70%
TOTAL TAXES&PERCENTAGES $5,571,683 70.67% $5,316,516 70.40% $5,100,440 59.17%
Source:Washington Department of Revenue
179
CITY OF PASCO,WASHINGTON
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Table 9
PRIOR YEAR OUTSTANDING 2007 2006 2005 2004
DELINQUENT TAXES $ 343,998 $ 355,354 $ 281,787 $ 250,295
CURRENT TAX LEVIED
General Levy $5,207,704 $ 4,754,526 $ 4,301,624 $ 3,827,462
Debt Service Levy 384,112 384,424 376,404 378,205
L.I.D. Guaranty Levy 0 0 0 0
Road Levy 0 0 0 0
Fire/Library Levy 171,238 175,469 180,589 185,920
County Treasurer's Adjustment 926 (812) 67,540 12,518
TOTAL CURRENT TAX LEVIED $ 5,763,980 $ 5,313,607 $ 4,926,157 $ 4,404,105
TAX COLLECTED
Current Taxes Collected $ 5,600,010 $ 5,113,807 $ 4,674,325 $ 4,210,471
Delinquent Taxes Collected 208,182 211,155 178,265 162,142
TOTAL TAX COLLECTED $ 5,808,192 $ 5,324,962 $ 4,852,590 $ 4,372,613
OUTSTANDING DELINQUENT TAXES $ 299,785 $ 343,998 $ 355,354 $ 281,787
Percent of Current Levy
Collected 97.16% 96.24% 94.89% 95.60%
Percent of Total Collected
to Levy 100.77% 100.21% 98.51% 99.28%
Percent of Delinquent Taxes
to Levy 5.20% 6.47% 7.21% 6.40%
Source: Franklin County Treasurer's Office Tax Rolls
180
2003 2002 2001 2000 1999 1998
$ 253,176 $ 284,685 $ 243,387 $ 243,387 $ 195,438 $ 206,170
$ 3,500,021 $ 3,452,931 $ 3,142,355 $ 2,923,906 $ 2,198,741 $ 2,040,392
371,935 411,418 410,991 413,955 315,381 392,746
0 0 0 0 0 0
0 0 0 0 0 0
154,051 125,570 91,002 106,203 0 0
11,197 ( 1,291 ) 9,355 6,073 19,134 ( 618 )
$ 4,037,204 $ 3,988,628 $ 3,653,703 $ 3,450,137 $ 2,533,256 $ 2,432,520
$ 3,868,786 $ 3,839,342 $ 3,471,952 $ 3,278,572 $ 2,370,484 $ 2,348,527
171,299 180,795 140,453 127,118 114,823 94,725
$ 4,040,085 $ 4,020,137 $ 3,612,405 $ 3,405,690 $ 2,485,307 $ 2,443,252
$ 250,295 $ 253,176 $ 284,685 $ 287,834 $ 243,387 $ 195,438
95.83% 96.26% 95.03% 95.03% 93.57% 96.55%
100.07% 100.79% 98.87% 98.71% 98.11% 100.44%
6.20% 6.35% 7.79% 8.34% 9.61% 8.03%
181
CITY OF PASCO
RATIOS OF OUTSTANDWG DEBT BY TYPE
LAST RVE RSCAL YEARS
TABLE 10
(dollars in thousands,except per capita)
Govemmental Activities Business-type Activities
General Water/ Other Total
Obligation Special Sewer Loans Primary Per
Year Bonds Assessments Bonds Payable Government Capita(a)
2003 15,727 2,080 17,614 24,328 59,749 1,590
2004 14,500 1,501 15,940 23,694 55,635 1,362
2005 13,650 2,329 19,300 22,340 57,619 1,304
2006 12,955 3,288 18,045 20,950 55,238 1,160
2007 11,850 2,853 17,620 19,523 51,846 1,026
Note:Details regarding the Citys outstanding debt can be found in the notes and schedules to the financial statements.
(a)See Table for population data. This ratio was calculated using population for the applicable fiscal year.
Comparative data is presented from FY 2003 forward. FY 2003 was the year that GASB 34 reporting requirements were
implemented at the City of Pasco.
182
CITY OF PASCO,WASHINGTON
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
AND BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Table 11
Ratio of
Bonded
General Total Debt to Bonded
Assessed Obligation Bonded Assessed Debt Per
Year Population(1) Value(2) Bonds Debt Value Capita
1998 25,300 800,362,820 9,110,000 9,110,000 1.14% 360.08
1999 27,000 880,694,237 14,725,000 14,725,000 1.67% 545.37
2000 32,066 951,680,952 14,516,707 14,516,707 1.53% 452.71
2001 33,010 1,031,900,004 16,894,071 16,894,071 1.64% 511.79
2002 36,700 1,127,156,465 19,147,134 19,147,134 1.70% 521.72
2003 37,580 1,304,080,231 15,727,209 15,727,209 1.21% 418.50
2004 40,840 1,779,825,339 14,500,000 14,500,000 0.81% 355.04
2005 44,190 1,987,640,071 13,650,000 13,650,000 0.69% 308.89
2006 47,610 2,313,853,466 12,955,000 12,955,000 0.56% 272.11
2007 50,510 2,483,166,932 11,850,000 11,850,000 0.48% 234.61
Note: Details regarding the City's outstanding debt can be found in the notes and schedules to the financial statements.
Sources: (1)State of Washington Office of Financial Management
(2)Franklin County Assesor's Office
183
CITY OF PASCO,WASHINGTON
COMPUTATION OF LEGAL DEBT MARGIN
For the Year Ended December 31,2007
Table 12
Property Valuation for 2007 Taxes* $ 2,483,166,932
GENERALPURPOSES
Limit of 2.5% of Assessed Value $62,079,173
Councilmanic:
Capacity(1.5% of Assessed value) 37,247,504
Less:
G.O. Bonds Outstanding $ 8,655,000
State LOCAL Loans $238,319
T.R.A.C. Obligation 105,771
State L.O.C.A.L. Loan 55,392
Compensated Absences 1,415,301
10,469,783 (10,469,783)
Available Unvoted -Approved Capacity $26,777,721
Voter-Approved:
Capacity(1.0% of Assessed Value) $24,831,669
Less:
G.O. Bonds Outstanding $0
0 0
Available Voter-Approved Capacity $24,831,669
Remaining Capacity for General Purposes $51,609,390
UTILITY PURPOSES
Voter-Approved:
Capacity(2.5% of Assessed Value) $62,079,173
Available Utility Capacity $62,079,173
OPEN SPACE AND PARK FACILITIES
Voter-Approved:
Capacity(2.5% of Assessed Value) $62,079,173
Available Open Space and Park Facilities Capacity $62,079,173
TOTAL AVAILABLE DEBT CAPACITY $ 175,767,736
From Franklin County 2007 Assessments for 2008 Tax Collections Book
184
CITY OF PASCO,WASHINGTON
PLEDGED-REVENUE COVERAGE
Last Ten Fiscal Years
Table 13
WATERISEWER BONDS
Operating
Expenses
Gross Less Non-Cash Net Available Total
Operating Expenses and for Debt Annual Bond
Year Revenue City Taxes Service Principal Interest Debt Service Coverage
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
2007 15,768,935 6,330,150 9,438,785 1,270,000 806,613 2,076,613 4.55
185
CITY OF PASCO,WASHINGTON
SPECIAL ASSESSMENTS COLLECTIONS
Last 10 Fiscal Years
Table 14
Assessments Ratio of
Outstanding Additions Collected Collections Outstanding
Assessments and Total During to Total Assessments
Year January 1, Adjustments Assessments Year Assessments December 31,
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
2007 3,287,522 (9,310) 3,278,212 424,814 12.96% 2,853,398
186
CITY OF PASCO
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
TABLE 15
MEDIAN
PER CAPITA AVE EARNINGS HOUSEHOLD MEDIAN SCHOOL UNEMPLOYMENT
FISCAL POPULATION INCOME PERJOB INCOME AGE ENROLLMENT RATE
YEAR (1) (2) (2) (6) (3) (4) (5)
1998 25,300 $ 18,361 $ 29,555 $ 37,217 28.40 8,392 8.7%
1999 27,000 $ 18,485 $ 29,124 $ 38,991 28.20 8,538 8.9%
2000 32,066 $ 19,259 $ 30,473 $ 40,375 28.10 8,850 7.2%
2001 33,010 $ 20,625 $ 30,598 $ 41,154 28.00 9,227 8.0%
2002 34,630 $ 20,760 $ 31,949 $ 40,900 28.19 9,785 8.5%
2003 37,580 $ 21,028 $ 33,865 $ 40,417 28.47 10,353 8.8%
2004 40,840 $ 20,971 $ 35,350 $ 40,511 27.40 11,038 7.5%
2005 44,190 $ 21,048 $ 36,134 $ 41,176 27.00 11,828 7.0%
2006 47,610 $ 21,317 $ 36,895 $ 39,831 27.00 12,516 7.0%
2007 50,510 $ 20,573 Not Available Not Available 28.66 12,610 6.4%
SOURCE
(1)State of Washington Office of Financial lVbnagement
(2)Washington State University Northwest Income Indicators Project Repot-Inforrnatioi 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
187
CITY OF PASCO
NEW CONSTRUCTION, BANK DEPOSITS AND PROPERTY VALUE
LAST TEN FISCAL YEARS
TABLE 16
NEW CONSTRUCTION (1)
BUILDING
FISCAL PERMITS SINGLE MULTIPLE
YEAR ISSUED DWELLING DWELLING OTHER TOTAL
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 2,246 137,860,619 - 64,422,671 202,283,290
2007 1,886 104,370,010 19,517 83,391,801 187,781,328
BANK DEPOSITS(IN $1,000)(2) ASSESSED TAXABLE PROPERTY
FOR THE FISCAL YEAR ENDED JUNE 30 VALUATION (IN $1,000)(3)
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
2007 $ 329,274 2007 2,483,167
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
188