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4, Government-Wide Financial Statementsr- ASSETS Current assets: Cash and investments Taxes and assessments receivable, net Accounts receivable - net Notes and loans receivable Contracts receivable Due from other governments Prepaid expenses Inventories Total current assets Noncurrent assets Restricted cash and investments Deferred assessments recievable Long term portion of loans receivable Capital assets - land Capital assets - construction in progress Capital assets - depreciable, net Total noncurrent assets Total assets LIABILITIES Current liabilities Accounts payable Accrued payroll Retainage Current portion of long-term liabilities Current portion of long -tern capital liabilities Current portion of compensated absences payable Other current liabilities Total current liabilities Noncurrent liabilities Deferred revenue -loans recievable Noncurrent portion of long-term liabilities Noncurrent portion of long-term capital liabilities Noncurrent portion of compensated absences Total noncurrent liabilities Total liabilities NET ASSETS Invested in capital assets, net of related debt Restricted for capital projects Restricted for debt service Restricted for special projects Restricted for other purposes Unrestricted Total net assets Total liabilities and net assets See accompanying Notes to the Financial Statements City of Kalispell, Montana Statement of Net Assets June 30,2010 Governmental Business -type Downtown Parldng Activities Activities Total BID Commission $ 6,891,866 $ 5,628,639 $ 12,520,505 $ 99,993 $ 53,743 1,410,780 125,250 1,536,030 7,159 549,218 425,500 974,718 11,544 83,859 - 83,859 39,308 - 39,308 843,508 372,468 1,215,976 18,750 105,979 1,654 107,633 1,100 96,902 96,902 $ 9,924,518 $ 6,650,413 $ 16,574,931 $ 125,902 $ 66,387 $ 896,518 $ 5,731,993 $ 6,628,511 $ $ 3,846,174 - 3,846,174 2,061,483 - 2,061,483 2,552,209 1,699,194 4,251,403 309,514 123,210 432,724 87,571,191 78,077,976 165,649,167 26,744 $ 97,237,089 $ 85,632,373 $ 182,869,462 $ - $ 26,744 $ 107,161,607 $ 92,282,786 $ 199,444,393 $ 125,902 $ 93,131 353,606 114,264 467,870 2,784 605 365,470 76,537 442,007 1,807 7,500 16,384 23,884 25,651 - 25,651 1,013,063 1,131,000 2,144,063 11,679 50,069 ' 61,748 21,776 $ 1,776,969 $ 1,388,254 $ 3,165,223 $ 2,784 $ 24,188 1,060,743 1,060,743 717,923 - 717,923 11,737,166 18,410,000 30,147,166 1,046,006 270,180 1,316,186 3,501 $ 14,561,838 $ 18,680,180 $ 33,242,018 $ $ 3,501 $ 16,338,807 $ 20,068,434 $ 36,407,241 $ 2,784 $ 27,689 $ 77,682,685 $ 60,359,380 $ 138,042,065 $ $ 26,744 - 3,303,412 3,303,412 875,227 1,886,611 2,761, 838 6,311,640 328,970 6,640,610 - 213,000 213,000 5,953,248 6,122,979 12,076,227 123,118 38,698 $ 90,822,800 $ 72,214,352 $ 163,037,152 $ 123,118 $ 65,442 $ 107,161,607 $ 92,282,786 $ 199,444,393 $ 125,902 $ 93,131 UU F -a 7E CJ z4z z oq OR O V 4 A P! MI. �QESa Hfl 3 2 23 'Ilk 'INV 01 General Fund — this is the City's primary operating fund and accounts for the financial operations of the City not accounted for in any other fund. Principal sources of revenue are property taxes, state and local shared revenue, charges for services, and fines and forfeitures. Principal expenditures are for public safety. Community Development Loan Revolving Fund — this fund accounts for the lending and repayment of monies loaned to businesses and individuals for approved community development projects. SID 344 Debt Service Fund — this fund accounts for the resources accumulated and payments made for principal and interest on the bonds sold to finance the development of the Old School Station Industrial and Technology Park. City of Kalispell, Montana Balance Sheet Governmental Funds June 30, 2010 Community Other Total Development Governmental Governmental General Fund Loan Revolving SID 344 Funds Funds ASSETS Current assets: Cash and investments $ 802,551 $ 254,796 S 47,236 $ 5,635,217 $ 6,739,800 Taxes and assessments receivable, net 384,581 - 394,958 631,241 1,410,780 Accounts receivable - net 42,623 - - 506,595 549,218 Notes and loans receivable 1,726 37,345 - 44,788 83,859 Contracts receivable 39,308 - - - 39,308 Due from other funds - 16,000 - 4,995 20,995 Due from other governments 76,393 - - 767,115 843,508 Prepaid expenses 105,979 105,979 Total current assets $ 1,453,161 $ 308,141 $ 442,194 $ 7,589,951 $ 9,793,447 Noncurrent assets: Restricted cash and investments $ - $ - $ 226,000 $ 670,518 $ 896,518 Advances to other funds - 16,000 - - 16,000 Deferred assessments recievable - - 3,109,415 736,759 3,846,174 Long term portion of loans receivable 13,291 1,564,122 484,070 2,061,483 Total noncurrent assets $ 13,291 $ 1,580,122 $ 3,335,415 $ 1,891,347 $ 6,820,175 Total assets $ 1,466,452 $ 1,888,263 $ 3,777,609 $ 9,481,298 $ 16,613,622 LIABILITIES Current liabilities: Accounts payable 64,532 - - 282,420 346,952 Accrued payroll 250,327 - - 112,748 363,075 Retainage - - - 7,500 7,500 Due to other funds - - - 20,995 20,995 Deferred revenue -accounts recievable - - - 501,942 501,942 Deferred revenue -assessments recievable 384,581 - 394,958 631,241 1,410,780 Deferred revenue -loans recievable 37,345 44,788 82,133 Total current liabilities $ 699,440 $ 37,345 $ 394,958 S 1,601,634 $ 2,733,377 Noncurrent liabilities: Advances payable - - - 16,000 16,000 Deferred revenue -loans recievable - 1,564,122 - 484,070 2,048,192 Deferred revenue -assessments recievable 3,109,415 736,759 3,846,174 Total noncurrent liabilities $ $ 1,564,122 $ 3,109,415 S 1,236,829 $ 5,910,366 Total liabilities $ 699440 $ 1,601,467 $ 3,504,373 $ 2,839,463 $ 8,643,743 FUND BALANCES Reserved for advances - 16,000 - - 16,000 Reserved for debt service - - 273,236 601,991 875,227 Unreserved reported in general fund 767,012 - - - 767,012 Unreserved reported in special revenue funds 270,796 6,040,844 6,311,640 Total fund balance S 767,012 $ 286,796 $ 273,236 $ 6,642,835 $ 7,969,879 Total liabilities and fund balance $ 1,466,452 $ 1,888,263 $ 3,777,609 $ 9,481,298 S 16,613,622 See accompanying Notes to the Financial Statements m City of Kalispell, Fontana Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets June 30, 2010 Total fund balances - governmental funds $ 7,969,879 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 90,413,914 Assessments and accounts receivable will be collected this year, but are not available soon enough to pay for the current period's expenditures, and therefore are deferred in the funds. - current portion 1,410,780 - noncurrent portion 3,846,174 - ambulance 501,942 An internal service fund is used by management to charge the costs of providing services within the government. The assets and liabilities of the internal service funds are included in governmental activities in the government -wide statement of net assets 155,381 Long-term liabilities are not due and payable in the current period and therefore are not reported as liabilities in the funds. - bonds and notes payable (14,544,852) Loans recievable that will be collected at some future date that are recognized as revenues on the statement of activities. - current portion 82,133 - noncurrent portion 2,048,192 - portion that will be recognized as revenue on the statement of activities in future years (1,060,743) Total net assets - governmental activities $ 90,822,800 See accompanying Notes to the Financial Statements 25 City of Kalispell, Montana Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the Fiscal Year Ended June 30, 2010 Community Other Total Development Governmental Governmental General Fund Loan Revolving SID 344 Funds Funds REVENUES Taxes and assessments $ 4,449,015 $ - $ 563,301 $ 3,073,561 $ 8,085,877 Licenses and permits 113,865 - - 211,922 325,787 Intergovernmental 3,332,035 - - 4,034,541 7,366,576 Charges for services 937,710 73,642 - 3,806,495 4,817,847 Fines and forfeitures 497,126 - - - 497,126 Miscellaneous 80,869 - - 171,470 252,339 Investment earnings 54,639 6,379 45,782 106,800 Total revenues $ 9,465,259 $ 80,021 $ 563,301 $ 11,343,771 $ 21,452,352 EXPENDITURES General government $ 2,395,786 $ - $ - $ 169,736 $ 2,565,522 Public safety 6,582,596 - - 2,268,405 8,851,001 Public works 483,217 - - 2,278,716 2,761,933 Culture and recreation - - - 1,453,215 1,453,215 Housing and community development - 40,787 - 1,582,195 1,622,982 Debt service - principal 66,700 - 225,000 834,228 1,125,928 Debt service - interest 19,214 - 178,845 429,619 627,678 Capital outlay 949,400 949,400 Total expenditures $ 9,547,513 $ 40,787 $ 403,845 $ 9,965,514 $ 19,957,659 Excess (deficiency) of revenues over expenditures $ (82,254) $ 39,234 $ 159,456 $ 1,378,257 $ 1,494,693 OTHER FINANCING SOURCES (USES) Proceeds of general long term debt $ - $ - $ - $ 7,629 $ 7,629 Transfers in 516,615 - 57,432 1,166,465 1,740,512 Transfers out (39,730) (1,700,782) (1,740,512) Total other financing sources (uses) $ 476,885 $ $ 57,432 $ (526,688) $ 7,629 Net Change in Fund Balance $ 394,631 $ 39,234 $ 216,988 $ 851,569 $ 1,502,322 Fund balances - beginning $ 372,381 $ 247,562 $ 56,348 $ 5,791,266 $ 6,467,557 Fund balance - ending $ 767,012 $ 286,796 $ 273,236 $ 6,642,835 $ 7,969,879 See accompanying Notes to the Financial Statements W, City of Kalispell, Montana Reconciliation of the Statement of Revenues, Expenditures. and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Fiscal Year Ended June 30, 2010 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds $ 1,502,322 Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense to allocate those expenditures over the life of the assets: - Capital assets purchased 949,400 - Depreciation expense (3,655,169) In the Statement of Activities, the loss or gain on the sale or disposal of capital assets is recognized. The fund financial statements recognize only the proceeds from the sale of these assets: - Gain on the sale of capital assets (392) Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: - Donated capital assets 20,104 - Deferred assessments recievable (beginning of year) (6,199,216) - Deferred assessments recievable (end of year) 5,758,896 - Deferred loans recievable (beginning of year) (2,205,006) - Deferred loans recievable (end of year) 2,130,326 - Increase in deferred loans recievable not recognized as revenue in Statement of Activities (24,040) The change in compensated absences is shown as an expense in the Statement of Activities 27,868 Repayment of debt principal is an expenditures in the governmental funds, but the repayment reduces long- term debt in the Statement of Net Assets: - Long-term debt principal payments 1,125,928 Long term debt proceeds provide current financial resources to the governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Assets: - Proceeds from the sale of long-term debt (7,629) Internal service funds are used by management to chare the costs of certain activities, to individual funds. The net revenue of the internal service funds is reported with the governmental activities of the Government -Wide Statement of Activities net of the amounts allocated to business -type activities and depreciation expense. 24,638 Capital assets transferred to enterprise funds (194,558) Change in net assets - Statement of Activities $ (746,528) See accompanying Notes to the Financial Statements 27 I I I I 19 Oki ii I in WMI, 1 !111111111 OWN 1 Water Fund — Accounts for the City's water utility operations, including water impact fees. Sewer Fund — Accounts for the City's sewer and storm water utility operations, including sewer and storm impact fees. li� Ili ii 61 Data Processing Fund — used to account for the goods and services provided by the data processing department to other departments of the City on a cost -reimbursement basis. City of Kalispell, Montana Balance Sheet Proprietary Funds June 30, 2010 Governmental Business -Type Activities - Enterprise Funds Activities Non -major Internal Service Water Sewer Enterprise Totals Funds ASSETS Current assets: Cash and investments $ 3,072,975 $ 2,027,905 $ 527,759 $ 5,628,639 $ 152,066 Taxes and assessments receivable, net - 70,517 54,733 125,250 - Accounts receivable - net 166,781 258,299 420 425,500 - Due from other governments 22,306 227,032 123,130 372,468 - Prepaid expenses 827 827 - 1,654 - Inventories 96,902 96,902 Total current assets $ 3,359,791 $ 2,584,580 $ 706,042 $ 6,650,413 $ 152,066 Noncurrent assets: Restricted cash and investments $ 1,293,454 $ 4,438,539 $ - $ 5,731,993 $ - Capital assets - land 103,263 248,063 1,347,868 1,699,194 - Capital assets - construction in progress 31,402 - 91,808 123,210 - Capital assets - depreciable, net 25,475,379 50,608,899 1,993,698 78,077,976 19,000 Total noncurrent assets $ 26,903,498 $ 55,295,501 $ 3,433,374 $ 85,632,373 $ 19,000 Total assets $ 30,263,289 $ 57,880,081 $ 4,139,416 $ 92,282,786 $ 171,066 LIABILITIES Current liabilities: Accounts payable 31,740 75,609 6,915 114,264 6,654 Accrued payroll 26,678 36,619 13,240 76,537 2,395 Retainage - 16,384 - 16,384 - Current portion of long-term capital liabilities 362,000 769,000 - 1,131,000 - Current portion of compensated absences payable 11,631 30,214 8,224 50,069 Total current liabilities $ 432,049 $ 927,826 $ 28,379 $ 1,388,254 $ 9,049 Noncurrent liabilities: Noncurrent portion of long -tern capital liabilities 3,438,000 14,972,000 - 18,410,000 - Noncurrent portion ofcompensatedabsences 86,139 124,903 59,138 270,180 6,636 Total noncurrent liabilities $ 3,524,139 $ 15,096,903 $ 59,138 $ 18,680,180 $ 6,636 Total liabilities $ 3,956,188 $ 16,024,729 $ 87,517 $ 20,068,434 $ 15,685 NET ASSETS Invested in capital assets, net ofrelated debt $ 21,810,044 $ 35,115,962 $ 3,433,374 $ 60,359,380 $ 19,000 Restricted for capital projects 778,005 2,525,407 - 3,303,412 - Restricted for debt service 515,449 1,371,162 - 1,886,611 - Restricted for special projects - 328,970 - 328,970 - Restricted for other purposes - 213,000 - 213,000 - Unrestricted 3,203,603 2,300,851 618,525 6,122,979 136,381 Total net assets $ 26,307,101 $ 41,855,352 $ 4,051,899 $ 72,214,352 $ 155,381 Total liabilities and net assets $ 30,263,289 $ 57,88Q,081 $ 4,139,416 $ 92,282,786 $ 171,066 See accompanying Notes to the Financial Statements 28 City of Kalispell, Montana Statement of Revenues, Expenses, and Changes in Net Assets Proprietary Funds For the Fiscal Year Ended June 30, 2010 Governmental Business -Type Activities - Enterprise Funds Activities Non -major internal Service Water Sewer Enterprise Totals Funds OPERATING REVENUES Charges for services $ 2,480,642 $ 3,314,271 $ 70,694 $ 5,865,607 $ 157,459 Miscellaneous revenues 143,879 7,513 - 151,392 231 Special assessments 807,487 767,404 1,574,891 Total operating revenues $ 2,624,521 $ 4,129,271 $ 838,098 S 7,591,890 $ 157,690 OPERATING EXPENSES Personal services $ 987,746 $ 1,579,869 $ 488,778 $ 3,056,393 $ 86,529 Supplies 65,350 107,338 40,856 213,544 42,550 Purchased services 302,826 748,463 50,381 1,101,670 118,934 Building materials 78,757 14,161 - 92,918 - Fixed charges 214,137 412,275 106,712 733,124 32,409 Loss/bad debt expense 2,959 - - 2,959 - Depreciation 824,121 2,497,319 291,884 3,613,324 5,898 Total operating expenses $ 2,475,896 $ 5,359,425 $ 978,611 $ 8,813,932 $ 286,320 Operating income (loss) $ 148,625 $ (1,230,154) $ (140,513) $ (1,222,042) $ (128,630) NON -OPERATING REVENUES (EXPENSES) Licenses/permits revenue 256,305 549,133 - 805,438 - Intergovernmental revenue 134,815 170,058 - 304,873 150,000 Interest revenue 78,701 130,531 18,911 228,143 3,268 Debt service interest expense (162,115) (616,968) (779,083) Total non -operating revenues (expenses) $ 307,706 $ 232,754 $ 18,911 $ 559,371 $ 153,268 Income (loss) before contributions and transfers $ 456,331 $ (997,400) $ (121,602) $ (662,671) $ 24,638 Capital contributions 161,801 203,253 365,054 Change in net assets $ 618,132 $ (794,147) $ (121,602) $ (297,617) S 24,638 Net Assets- Beginning ofthe year $ 25,688,969 $ 42,649,499 $ 4,173,501 $ 72,511,969 $ 130,743 Net Assets - End ofthe year $ 26,307,101 $ 41,855,352 $ 4,051,899 $ 72,214,352 $ 155,381 See accompanying Notes to the Financial Statements 29 City of Kalispell, Montana Statement of Cash Flows Proprietary Funds Year Ended June 30, 2010 Governmental Business - Type Activities Activities Non -major Internal Service Water Sewer Enterprise Totals Fund Cash Bows from operating activities: Cash received from customers $ $2,495,933 $ $3,293,598 $ $765,135 S $6,554,666 S 157,690 Cash received from assessments $720,713 $0 $720,713 Cash received from miscellaneous sources 143,879 $7,513 $0 $151,392 Cash payments for claims (644,920) ($1,277,225) ($195,433) ($2,117,578) ($87,021) Cash payments to employees ($975,034) ($I,585,951) (5482,607) ($3,043 592) ($188,737) Net cash provided (used) by operating activities S 1,019,858 $ 1,159,648 $ 87,095 S 2,265,601 $ (118,068) Cash flows from capital and related financing activities: Principal paid on bonds, loans and advances ($349,000) ($738,000) - ($1,087,000) - Interest paid on bonds, loans and advances (162,115) ($616,968) - ($779,083) - Acquisition and construction of capital assets ($535,275) ($2,722,631) - ($3,257,906) - Proceeds from bonds, loans and advances $0 $0 $0 Net cash provided (used) by capital and related financing activities $ ($1,046,390) $ (4,077,599) $ - $ ($5,123,989) $ Cash Bows from non -capital financing activities: Intergovernmental revenue 112,509 85,491 - 198,000 150,000 Proceeds of licenses and permits for non operating 256,305 $549,133 $805,438 Net cash provided (used) from non -capital financing activities $ 368,814 S 634,624 S $ 1,003,438 $ 150,000 Cash flows from investing activities: Interest on investments 78,701 $130,531 $18 911 $228,143 3,268 Net cash provided (used) by investing activities $ 78,701 $ 130 531 $ 18 911 S 228,143 $ 3,268 Net increase (decrease) in cash and cash equivalents $ 420,983 S (2,153,796) $ 106,006 S (1,626,807) $ 35,200 Cash and cash equivalents at beginning $3,945,446 $8,620,240 5421,753 $12,987,439 116,865 Restatements Cash and cash equivalents at end S 4,366,429 $ 6,466,444 $ 527,759 $ 11,360,632 $ 152,065 Reconciliation of operating income (loss) to net cash provided (used) by operating activities: Operating income (loss) $ 148,625 $ ($1,230,154) S ($140,513) S (1,222,042) $ (128,630) Adjustments to reconcile operating income to net cash provided (used) by operating activities: Depreciation 824,121 $2,497,319 291,884 3,613,324 5,898 Bad Debt - $0 - - Changes in assets and liabilities: - Accountsreceivable - net $18,250 ($20,673) (72,963) ($75,386) - Taxes and assessments receivable, net - ($86,774) - (86,774) - Inventories $26,305 - 26,305 - Accounts payable ($10,155) $5,012 $3,856 ($1,287) 5,156 Accrued payroll $12,712 ($6,082) 54,831 11,461 (5492) Net cash provided (used) by operating activities $ 1,019,858 $ 1,158,648 $ 87,095 $ 2,265,601 $ (118,068) The City received non cash contributions of land and infrastructure as follows: $161,801 $203,253 $365,054 See accompanying notes to the financial statements 30 NAMMAW "Iblk: Agency Funds — used to account for assets held by the City as an agent for individuals, private organizations, other governments, and/or other funds. City of Kalispell, Montana Statement of Fiduciary Net Assets Fiduciary Funds June 30, 2010 ASSETS Cash and short-term investments Total assets LIABILITIES Due to others Total liabilities See accompanying Notes to the Financial Statements Agency Funds $ 174,208 $ 174,208 174,208 174,208 31