Finance Department - 2005 Fiscal Report

This comprehensice annual financial report for the fiscal year ended June 30, 2005 is made available online in PDF format.

City of Milton-Freewater, Oregon Comprehensive Annual Financial Report For Fiscal Year Ended June 30, 2005

Prepared by:
Finance Department - Luke Billings, Accounting Supervisor and Dave Richmond, Finance Director

INTRODUCTORY SECTION:

• Introductory Section
  • Letter of transmittal, Pg. 1-5
  • City Council and Appointed Officials, Pg. 6
  • Organization chart, Pg. 7

FINANCIAL SECTION:

• Financial Section
  • Independent Auditors' Report, Pg. 13-14
  • Management's Discussion and Analysis, Pg. 17-25
  • Government-Wide Financial Statements:
    • Statement of net assets, Pg. 29
    • Statement of activities, Pg. 30-31
  • Fund Funancial Statements:
    • Governmental funds:
      • Balance sheet, Pg. 35
      • Statement of revenue, expenditures, and changes in fund balances, Pg. 36
      • Reconciliation of the statement of revenue, expenditures, and changes in fund balances to the statement of activities, Pg. 37
      • Statement of revenue, expenditures, and changes in fund balances - budget and actual - general fund, Pg. 38
      • Statement of revenue, expenditures, and changes in fund balances - budget and actual - street fund, Pg. 39
      • Statement of revenue, expenditures, and changes in fund balances - budget and actual - library fund, Pg. 40
      • Proprietary funds:
      • Statement of net assets, Pg. 42-43
      • Statement of revenue, expenses, and changes in net assets, Pg. 44
      • Statement of cash flows, Pg. 46-49
  • NOTES TO FINANCIAL STATEMENTS, Pg. 53-75

SUPPLEMENTARY INFORMATION:

• Supplementary Information

COMBINING STATEMENTS-NONMAJOR GOVERNMENTAL FUNDS:

• Combining balance sheet:
  • Governmental funds, Pg. 80
  • Special revenue funds, Pg. 81
  • Debt service funds, Pg. 82
  • Combining statements of revenue, expenditures, and changes in fund balances:
  • Governmental funds, Pg. 83
  • Special revenue funds, Pg. 84-85
  • Debt service funds, Pg. 86

COMBINING STATEMENTS-NONMAJOR PROPRIETARY FUNDS:

• Combining statement of net assets:
  • Nonmajor enterprise funds, Pg. 88-89
  • Internal service funds, Pg. 90-91
  • Combining statement of revenue, expenses, and changes in net assets:
  • Nonmajor enterprise funds, Pg. 93
  • Internal service funds, Pg. 94-95
  • Combining statement of cash flows:
  • Nonmajor enterprise funds, Pg. 96-97
  • Internal service funds, Pg. 98-101

BUDGETARY COMPARISONS:

Schedule of revenue, expenditures, and changes in fund balance/working capital – budget and actual

• Nonmajor special revenue funds:
  • Street improvement fund, Pg. 106
  • Senior/disabled transportation fund, Pg. 107
  • Drug enforcement fund, Pg. 108
  • 911 fund, Pg. 109
  • Urban renewal agency fund, Pg. 110
• Debt service funds:
  • Debt service fund, Pg. 112
  • Unbonded assessment fund, Pg. 113
• Proprietary funds:
  • Electric fund, Pg. 117
  • Electric capital replacement reserve fund, Pg. 118
  • Electric operating and maintenance fund, Pg. 119
  • Water fund, Pg. 120
  • Sewer fund, Pg. 121
  • Sewer improvement fund, Pg. 122
  • Solid waste fund, Pg. 123
  • Landfill closure fund, Pg. 124
  • Golf course fund, Pg. 125
  • Warehouse fund, Pg. 126
  • Vehicle maintenance fund, Pg. 127
  • Vehicle replacement fund, Pg. 128
  • Sick leave liability fund, Pg. 129
  • Risk management fund, Pg. 130

CAPITAL ASSETS USED IN OPERATION OF GOVERNMENTAL FUNDS:

• Schedule by source, Pg. 132
• Schedule by function and activity, Pg. 133
• Schedule of changes by function and activity, Pg. 134

OTHER FINANCIAL SCHEDULES:

• Schedule of property tax transactions, Pg. 136
• Schedule of bond and interest retirement requirements, Pg. 137-139
• Schedule of bond transactions, Pg. 140

STATISTICAL SECTION – UNAUDITED:

• Statistical Section
  • General governmental expenditures by function – last ten fiscal years, Pg. 143
  • General governmental revenue and other financing sources by source – last ten fiscal years, Pg. 144
  • Property tax levies and collections – last ten fiscal years, Pg. 145
  • Assessed value of taxable property – last ten fiscal years, Pg. 146
  • Property tax rates – direct and overlapping governments – last ten fiscal years, Pg. 147
  • Special assessment collections – last ten fiscal years, Pg. 148
  • Ratio of net general bonded debt to assessed value and net bonded debt per capita – last ten fiscal years, Pg. 149
  • Computation of legal debt limit , Pg. 150
  • Ratio of annual general obligation and bonded debt service expenditures to general governmental expenditures – last ten fiscal years, Pg. 151
  • Revenue bond coverage – last ten fiscal years, Pg. 152-153
  • Demographic statistics – 1960, 1970, 1980, 1985, 1990, and 2000, Pg. 154
  • Largest taxpayers – current fiscal year, Pg. 155
  • Schedule of insurance in force, Pg. 156
  • Comparative schedule of profit and loss – last ten fiscal years:
    • Electric fund, Pg. 157
    • Water fund, Pg. 158
    • Sewer fund, Pg. 159
    • Solid waste fund, Pg. 160
    • Golf course fund, Pg. 161
    • Miscellaneous statistics, Pg. 162-163

AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS:

• Audit Comments and Disclosures
  • Independent auditors’ comments and disclosures required by state regulations, Pg. 167-168
  • Independent auditors’ report on internal control over financial reporting and compliance based on an audit of financial statements performed in accordance with government auditing standards, Pg. 169-170