10-24-2011 Presentation: Audit ReportR
M1�
WOODBURN
I n co rpo r ted 9889
Al
October 24, 2011
TO: Mayor and City Council through City Administrator
FROM: Ignacio Palacios, Finance Director
SUBJECT: Audit Report
RECOMMENDATION
Accept report
BACKGROUND
Per state statute annual audits of municipal governments are required. Audited
financial statements provide the City Council and the public assurance that the
City is complying with accounting standards and meeting state and applicable
federal regulations. The attached 2009/10 Financial Statements meet those
requirements and are presented for your review.
DISCUSSION:
The good news is that the City has received a "clean audit" with an unqualified
auditor's opinion for FY 2009/10 (which is the best opinion we could have hoped
for). Councilors will note that the Independent Auditor's Report states:
"We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurances about whether the basic financial statements are free of
material misstatements. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statement ... In our opinion the financial statements referred to above
present fairly, in all material respects, the respective financial position of
the government activities, the business -type activities, each major fund,
and the aggregate remaining fund information of the City of Woodburn,
Oregon as of June 30, 2010 and the respective changes in position and
cash flows, where applicable, thereof for the year ended, in conformity
Agenda Item Review: City Administrator City Attorney Finance
Mayor and City Council
October 24, 2011
Page 2
with accounting principles generally accepted in the United States of
America."
The presentation of the FY 2009/10 audit represents the resolution of several
outstanding challenges overcome by the City including turnover in critical staff,
locating original source documents to reconcile balances, fixed asset
corrections, preparation of audit schedules, etc.
Hundreds of hours were expended in ensuring that the fund balances were
reconciled and adjusted to the general ledger. The Finance department has
spent significant time reviewing, improving and enhancing policies and
procedures to ensure that the financial reporting is reliable and useful to the
City's Departments, Public and City Council. As a result of this investment in
time, future audits will be easier and should allow completion in a timelier
manner.
The Council can expect the 2010/11 audit in January.
FINANCIAL IMPACT
Audit fees were budgeted as part of the adopted budget. The contracted
amount ($37,500) did not exceed amounts budgeted.
CITY OF WOODBURN, OREGON
Annual Financial Report
Year Ended June 30, 2010
Prepared by
City of Woodburn - Department of Finance
(page intentionally left blank)
CITY OF WOODBURN, OREGON
TABLE OF CONTENTS
Page
INTRODUCTORYSECTION
Principal Officials vi
FINANCIAL SECTION
INDEPENDENT A UDITOR'S REPORT 7 -8
MANAGEMENT'S DISC USSIONAND ANALYSIS 9 -14
BASIC FINANCIAL STATEMENTS
Government -wide Financial Statements
Statement of Net Assets
17
Statement of Activities
18
Fund Financial Statements
Balance Sheet - Governmental Funds
20
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds
22
Statement of Net Assets - Proprietary Funds
24
Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds
26
Statement of Cash Flows - Proprietary Funds
29 -31
Notes to Basic Financial Statements
34 -58
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund 60
Housing Rehabilitation Fund 61
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Construction Fund 64
Street /Storm Capital Improvement Fund 65
Street SDC Fund 66
Nonmaj or Governmental Funds
Combining Balance Sheet 68
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 73
Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Reserve Fund 78
Transit Fund 79
Building Fund 80
Search and Seizure Fund 81
Weed and Seed Fund 82
Revenue Sharing Fund 83
RSVP Fund 84
Cable Franchise Fund 95
CITY OF WOODBURN, OREGON
TABLE OF CONTENTS
FINANCIAL SECTION (Continued)
OTHER SUPPLEMENTARY INFORMATION (Continued)
Nonmajor Governmental Funds (Continued)
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Continued)
Streets Fund
Local Gas Tax Fund
Storm Fund
Library Endowment Fund
Museum Endowment Fund
Economic Development Fund
Police Construction Fund
Special Assessment Fund
Parks SDC Fund
Storm SDC Fund
PW Facility Construction Fund
Equipment Replacement Fund
GO Debt Fund
Bancroft Bond Fund
Urban Renewal Debt Fund
Nonmajor Proprietary Funds
Combining Statement of Net Assets - Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets -
Enterprise Funds
Combining Statement of Cash Flows - Enterprise Funds
Schedules of Revenues, Expenditures and Changes in Net Assets - Budget (Non -GAAP Basis)
and Actual — Enterprise Funds
Water Fund
Sewer Fund
WWTP Construction Fund
WWDC Fund
Sewer Capital Improvement Fund
Water SDC Fund
Sewer SDC Fund
Internal Services Funds
Combining Statement of Net Assets - Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets -
Internal Service Funds
Combining Statement of Cash Flows - Internal Service Funds
Schedules of Revenues, Expenses and Changes in Net Assets (Budgetary Basis) -
Budget and Actual
Information Services Fund
Control Stores Fund
Insurance Fund
Technical and Environmental Services Fund
Building Maintenance Fund
Other Financial Schedules
Schedule of Property Tax Transactions and Outstanding Balances
Schedule of Debt Principal and Bond Interest Transactions
Schedule of Future Debt Service Requirements
Page
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
102
104
106
108
109
110
111
112
III
114
116
118
120
122
123
124
125
126
128
130
134 -141
CITY OF WOODBURN, OREGON
TABLE OF CONTENTS
Page
REGULATORYSECTION
INDEPENDENT A UDITOR'S REPORT REQUIRED BY OREGON STATE REGULATIONS 143-144
CITY OF WOODBURN, OREGON
JUNE 30, 2010
MAYOR AND COUNCIL MEMBERS
Name Term Expires
Mayor
Kathryn Figley December 31, 2012
601 S. Settlemeier
Woodburn, OR 97071
Council Members
Richard Pugh December 31, 2012
1880 Woodland Avenue
Woodburn, OR 97071
J. Mel Schmidt December 31, 2012
840 Hermanson Street
Woodburn, OR 97071
Eric Morris December 31, 2012
1505 Hardcastle Avenue
Woodburn, OR 97071
Pete McCallum December 31, 2014
370 Ironwood Terrace
Woodburn, OR 97071
Jim Cox December 31, 2014
1530 Ranier Way
Woodburn, OR 97071
Frank Lonergan December 31, 2014
245 N 2nd Street
Woodburn, OR 97071
Staff
Scott Derickson, City Administrator
N. Robert Shields, City Attorney
Ignacio Palacios, Finance Director
Vi
GROVE, MUELLER & SWANK, P.C.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
475 Cottage Street NE, Suite 200, Salenz, Oregon 97301
(503) 581 -7788
INDEPENDENT A UDITOR'S REPORT
Honorable Mayor and Commission Members
City of Woodburn
270 Montgomery Street
Woodburn, Oregon 97071
We have audited the accompanying financial statements of the governmental activities, the business -type activities,
each major fund, and aggregate remaining fund information of the City of Woodburn, Oregon as of and for the year
ended June 30, 2010, which collectively comprise the City's basic financial statements as listed in the table of
contents. 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.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the basic financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall basic
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 Woodburn, Oregon as of June 30, 2010 and the respective changes in
financial position and cash flows, where applicable, thereof for the year then ended, in conformity with accounting
principles generally accepted in the United States of America.
Management's Discussion and Analysis (MD &A) on pages 9 through 14 and the budgetary comparison schedules
on pages 60 through 126 are not a required part of the basic financial statements but are supplementary information
required by accounting principles generally accepted in the United States of America. We have applied certain
limited procedures to the MD &A, 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. The budgetary comparison 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.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the City of Woodburn's basic financial statements. The combining and individual fund financial statements and
other financial schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements. The combining and individual fund financial statements have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole. The other financial schedules have not been
subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do
not express an opinion on them.
GROVE, MUELLER & SWANK, P. C.
CERTIFIED PUBLIC ACCO UNTANTS
By:
Charles A. Swank, A Shareholder
* *, 2011
-8-
CITY OF WOODBURN
Year Ended June 30, 2010
MANAGEMENT'S DISCUSSION AND ANALYSIS
The Management's Discussion and Analysis of the City of Woodburn's Annual Financial Report (AFR) presents a
discussion and analysis of the City's financial performance during the fiscal year ended June 30, 2010. The
information presented here should be considered in conjunction with the financial statements included in this
report.
FINANCIAL HIGHLIGHTS
June 30,
2010 2009
Net assets $ 101,931,654 $ 97,457,839
Change in net assets 4,473,815 (13,596)
Net assets of governmental activities 65,932,008 62,797,885
Net assets of business -type activities $ 35,999,646 $ 34,659,954
OVERVIEW OF THE FINANCIAL STATEMENTS
Change
$ 4,473,815
4,487,411
3,134,123
$ 1,339,692
This discussion and analysis is intended to serve as an introduction to the City of Woodburn's basic financial
statements. The basic financial statements include three components: the government -wide financial statements,
the fund financial statements and notes to the financial statements. This report also contains other required
supplementary information.
Government -wide financial statements. The government -wide financial statements present the net assets
(statement of net assets) and results of operations (statement of activities) of the total reporting government.
Included are all governmental and business -type assets, liabilities and activities of the City. The measurement
focus and basis of accounting are the same for the entire entity. The measurement focus is on all economic
resources of the fund, including current financial resources (assets) and non - current financial resources (capital
assets) and the related current and non - current liabilities and equity accounts. Both government -wide statements
are prepared using the accrual basis of accounting, which is similar to the methods used by most businesses and
takes into account all revenues and expenses connected with the fiscal year, even if cash involved has not been
received or paid.
The statement of net assets presents information on all the City of Woodburn's assets and liabilities, with the
difference between the two reported as net assets. Increases or decreases in net assets may indicate whether the
City's financial position is improving or deteriorating.
The statement of activities presents the expenses incurred in providing services to the public and the revenues
associated with those activities for both governmental and business -type activities. The statement of activities
begins with expenses by function. To these functions are applied charges for services, operating grants and
contributions and capital grants and contributions. The resulting sums, with some adjustments, represent charges to
general taxpayers and may equate to the nearest that governments can determine the "bottom line."
The government -wide financial statements are divided into two categories. Governmental activities are services
funded through property taxes and intergovernmental revenues. The governmental activities for the City of
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Woodburn include general government, library services, community services, public safety, planning, public transit
and streets. Business -type activities are operations funded primarily through charges to external users of goods and
services. Business -type activities include water, wastewater and stormwater.
Fund Financial Statements. A fund is a fiscal and accounting entity with a self - balancing set of accounts that is
used to segregate resources that are restricted to a particular activity. The use of funds deters commingling of
resources designated for a specific purpose, prevents unauthorized transfer of surpluses, and ensures compliance
with legal and contractual requirements. The City of Woodburn has three types of fund categories: governmental
funds and proprietary funds. The City has two fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government -wide financial statements. However, unlike the government -wide
financial statements, governmental fund financial statements focus on current sources and uses of spendable
resources and use the modified accrual basis of accounting. Operating statements include all sources and uses of
financial resources, and display the excess of revenues and other financial sources over (under) expenditures and
other uses. Included in the balance sheet are liquid assets and receivables that will be converted into cash currently
and short-term liabilities, including payables to vendors and employees. Unmatured bond principal or liabilities for
compensated absences not to be paid in the fiscal year are not included. Because the governmental fund statements
do not encompass the long -term focus of the government -wide statements, reconciliations are provided on the
subsequent page of the governmental fund statements. The emphasis is on major funds that account for the
predominant assets and activities of all funds.
The City of Woodburn maintains twenty -six individual governmental funds. Information is presented separately
for the General Fund, Housing Rehabilitation Fund, General Construction Fun, Street /Storm Capital Improvement
Fund and Street SDC Fund in the Governmental Fund Balance Sheet and Statement of Revenue, Expenditures and
Changes in Fund Balances. The other governmental funds are combined into a single, aggregated presentation.
Information for these non -major governmental funds is provided in the form of combining statements.
The City of Woodburn adopts an annual appropriated budget for all of its funds. Budgetary comparison statements,
demonstrating compliance with this budget, have been provided.
Proprietary Funds. The City of Woodburn maintains two different types of proprietary funds: enterprise and
internal service funds. These funds are used to show activities that operate more like those of commercial
enterprises. Fees are charged for services provided, both to outside customers and to other units of the City of
Woodburn. Enterprise funds are presented as business -type activities in the government -wide financial statements.
The City of Woodburn uses enterprise funds to account for its water, wastewater and stormwater activities. Internal
service funds account for activities furnishing goods or services to other units of the government. Charges for these
services are on a cost - reimbursement basis. The internal services funds include public works fleet, facility,
information services, public works administration and engineering services. The internal service funds are reported
with governmental activities in the government -wide financial statements.
Proprietary fund statements provide the same type of information as the government -wide financial statements,
only in more detail. The proprietary fund financial statements provide separate information for the Water,
Wastewater and Stormwater Funds. The internal service funds are combined into a single column in the proprietary
fund financial statements.
Notes to the Financial Statements. The notes to the financial statements are an integral part of the basic financial
statements and should be read along with them. The notes provide additional information necessary to
communicate the financial position of the City of Woodburn.
Other Information. In addition to the basic financial statements and accompanying notes, this report also presents
certain required and supplementary information concerning the City of Woodburn.
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GOVERNMENT -WIDE FINANCIAL ANALYSIS
The City of Woodburn had $146,691,529 in total assets and $44,759,875 in total liabilities, resulting in combined
net assets of $101,931,654 for governmental and business -type activities. The largest component of the City's net
assets, $79,262,840 or 78 %, reflects its investment in capital assets (i.e., land, buildings, equipment and
infrastructure, less any related debt outstanding that was needed to acquire or construct the assets). The City of
Woodburn uses these capital assets to provide services to citizens; consequently, these assets are not available for
future spending. Although the City's investment in its capital assets is reported net of related debt, it should be
noted that the resources needed to repay this debt must be provided from other sources since the capital assets
themselves cannot be used to liquidate these liabilities. State gas tax and grants are restricted by external sources
and systems development charges are restricted by ordinance.
Governmental Capital Assets, net of depreciation, increased $4,148,976 over the prior year due to completion of the
Front Street project, and continuation of the Centennial Park, Greenway and Fifth Street projects. Increases to the
Governmental Capital Assets should continue to decrease year over year as the various projects are completed.
Business -Type Capital Assets, net of depreciation increased $369,502 over the prior year due to the continuation of
the wastewater treatment plant upgrade. It should be noted that Business -Type Capital Assets will continue to
increase as the next phases of the wastewater treatment plant upgrade begin.
Total liabilities for both Governmental and Business -type activities decreased by $782,930 over the prior year this
due to the repayment of long -term debt.
Overall, the City's financial position changed by $4,487,411(or 4.6 %). This is due mainly to the addition and
completion of several capital projects, as noted above.
Statement of Net Assets
The following table reflects the condensed Statement of Net Assets compared to the prior year.
(amounts in thousands)
June 30, 2010
June 30, 2009
Changes
Govern-
Business
Govern-
Business
Govern-
Business
mental
Type
Total
mental
Type
Total
mental
Type
Total
Cash and investments
S 16,155
S 7,924
S 24,079
S 17,662
S 8,516
S 26,178
S (1,507)
S (592)
S (2,099)
Other assets
2,401
1,427
3,828
2,256
551
2,807
145
876
1,021
Capital assets
56,381
62,404
118,785
52,232
62,034
114,266
4,149
370
4,519
Total Assets
74,937
71,755
146,692
72,150
71,101
143,251
2,787
654
3,441
Other liabilities
1,052
1,214
2,266
661
1,004
1,665
391
210
601
Long -term liabilities
7,953
34,541
42,494
8,122
35,756
43,878
(169)
(1,215)
(1,384)
Total Liabilities
9,005
35,755
44,760
8,783
36,760
45,543
222
(1,005)
(783)
Net assets
Invested in capital
assets, net of debt
49,007
30,256
79,263
44,544
26,312
70,856
4,463
3,944
8,407
Restricted
10,078
778
10,856
8,939
7,750
16,689
1,139
(6,972)
(5,833)
Unrestricted
6,847
4,966
11,813
9,315
598
9,913
(2,468)
4,368
1,900
Total NetAssets
S 65,932
S 36,000
S 101,932
S 62,798
S 34,660
S 97,458
S 3,134
S 1,340
S 4,474
Governmental Activities
The City's net assets from governmental activities increased $3,134,123 (4.9 %) from 2008 -09 to 2009 -10.
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Business -type Activities
The City's net assets from business -type activities increased $1,339,692 (3.9 %) from 2008 -09 to 2009 -10.
Statement of Activities
The following table reflects the condensed Statement of Activities compared to the prior year.
(amounts in thousands) June 30, 2010 June 30, 2009 Changes
Govern- Business Govern- Business Govern- Business
mental Type Total mental Type Total mental Type Total
REVENUES
Program Revenues
Charges for services
$ 2,426
$ 8,216
$ 10,642
$ 1,118 $
7,956
$ 9,074
$ 1,308 $
260 $
1,568
Operating grants and contributions
3,104
-
3,104
202
-
202
2,902
-
2,902
Capital grants and contributions
235
205
440
832
658
1,490
(597)
(453)
(1,050)
Total Program Revenues
5,765
8,421
14,186
2,152
8,614
10,766
3,613
(193)
3,420
General Revenues
Taxes
8,567
-
8,567
8,410
-
8,410
157
-
157
Franchise fees
1,679
-
1,679
1,434
-
1,434
245
-
245
Other revenues
797
983
1,780
2,720
175
2,895
(1,923)
808
(1,115)
Total General Revenues
11,043
983
12,026
12,564
175
12,739
(1,521)
808
(713)
Total Revenues
16,808
9,404
26,212
14,716
8,789
23,505
2,092
615
2,707
Transfers
717
(717)
-
(22)
22
-
739
(739)
-
Expenses
General government
2,2%
-
2,2%
3,756
3,756
(1,460)
-
(1,460)
Public safety
5,738
5,738
5,307
5,307
431
431
Highways and streets
2,635
2,635
2,551
2,551
84
84
Culture and recreation
3,409
3,409
2,303
2,303
1,106
1,106
Interest
313
-
313
373
-
373
(60)
(60)
Water
-
3,185
3,185
-
3,153
3,153
-
32
32
Wastewater
-
4,162
4,162
-
5,882
5,882
-
(1,720)
(1,720)
Total Expneses
14,391
7,347
21,738
14,290
9,035
23,325
101
(1,688)
(1,587)
Changes in Net Assets
3,134
1,340
4,474
404
(224)
180
2,730
1,564
4,294
Beginning Net Assets
62,798
34,660
97,458
62,394
34,884
97,278
404
(224)
180
Ending Net Assets
$ 65,932
$ 36,000
$ 101,932
$ 62,798 $
34,660
$ 97,458
$ 3,134 $
1,340 $
4,474
Governmental Activities. Total revenues for the City of Woodburn's governmental activities were $16,807,341
for the fiscal year ended June 30, 2010. Approximately 51% of the total revenue for the governmental activities was
derived from property taxes and approximately 20% of the total revenue is from grants. Total expenses for
governmental activities were $14,390,618 and net transfers in were $717,400, resulting in a $3,134,123 increase in
net assets. The majority of the governmental activities revenue was used to fund general governmental activities,
which accounts for approximately 16% of the total governmental activities expense. Public Safety, Culture and
Recreation and Highways and Streets expenses account for 82% of the total, and interest on long -term debt
expenses is approximately 2% of total governmental activities expenses.
Business -Type Activities. Revenues of business -type activities totaled $9,404,703 for the current fiscal year.
These activities generated program revenues of $8,421,208, $40,630 in general revenues and $942,865 in loan
proceeds. Approximately 88% of the total business -type activities revenue was derived from charges for services.
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The total expenses for business -type activities were $7,347,611 and net transfers out were $717,400 , resulting in an
increase of net assets by $1,339,692. Business -type activities for the City of Woodburn consist of operations for
water and wastewater services.
FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS
As noted previously, the City of Woodburn uses fund accounting to segregate resources that are restricted to a
particular activity. An unreserved fund balance represents the excess of the assets of the fund over its liabilities.
Because the fund financial statements focus on current sources and uses of spendable resources, unreserved fund
balances relating to each fund may be useful in assessing the government's net resources available.
Governmental Funds. At the end of the fiscal year, there were $6,847,100 of unrestricted net assets of the
governmental funds, a decrease of $2,467,551 from the prior year. The reduction is directly related to a drop in
general construction projects. The City's governmental funds include the General Fund, the Housing
Rehabilitation, General Construction, the Street /Storm Capital Improvement and Street SDC funds and other non-
major funds.
The General Fund is the chief operating fund of the City. At the end of the fiscal year, a budgetary fund balance of
$2,618,413 was reported by the General Fund. The fund balance increased by $43,206 from the previous year.
The City of Woodburn reports four other major governmental funds. These funds had a combined unreserved fund
balance of $7,792,361 a decrease of $987,983.
Proprietary Funds. Unrestricted net assets of the proprietary funds equaled $4,965,627 at the end of the current
fiscal year. The total increase in net assets from the previous year equaled $1,339,692 (or 3.9 %) this due to
completion of capital projects.
Unrestricted net assets for the Water and Wastewater Funds was $(385,175) and $(1,338,395), respectively, due to
the offsetting debt on capital assets. Water fees charged to customers remained constant to cover operational costs
and debt service. Additionally, the combined unrestricted net assets in the Wastewater Treatment Construction
Plant Fund and Water Well Construction Fund was $6,599,815.
GENERAL FUND BUDGETARY HIGHLIGHTS
The original budget was amended due to unanticipated costs that occurred during the year. These unanticipated
costs included grants for police equipment and other minor increases for personnel. Actual revenues (budgetary
basis), including beginning fund balance exceeded budgeted amounts. General Fund expenditures ended 18%
below budgeted amounts primarily due to management efforts to maintain low costs throughout the fiscal year.
There were no capital projects carried forward.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets. The City of Woodburn's investment in capital assets for its governmental and business -type
activities equaled $57,483,170 and $62,403,840, respectively, at the end of the current fiscal year, net of
accumulated depreciation. This investment includes land, buildings, improvements, equipment, and infrastructure.
Additional information about the City's capital assets is presented in the notes to the financial statements.
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Long -term Debt. At the end of the current fiscal year, long -term debt outstanding for the governmental activities
totaled $7,225,861 (excluding compensated absences payable), compared to the prior year of $6,417,310 . For the
business -type activities, total long -term debt equaled $2,229,318 (excluding compensated absences payable)
compared to the prior year of $125,000 . The increase in business debt was the result of a newly acquired loan.
Additional information about the City's long -term debt outstanding is presented in the notes to the financial
statements.
(amounts in thousands)
G.O. Bonds
Loans Payable
Capital Leases
Total
Total Total Change
$ 16,246 $ 16,909 $ (663)
25,282 26,472 (1,190)
148 52 96
$ 41,676 $ 43,433 $ (1,757)
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
Due to reductions in the real property valuations, it is expected that future property taxes increases will be less than
the three percent allowed annually on existing real property value as compression on certain properties will be
realized. Currently, the housing market in Marion is depressed due to the national housing slump and economic
conditions. We continue to expect revenues to be impacted by the current national and local conditions.
REQUESTS FOR INFORMATION
This financial report is designed to provide the City of Woodburn's citizens, taxpayers, customers, investors and
creditors with a general overview of the City's finances and to demonstrate the City's accountability for the money
it receives. Questions about this report or requests for additional financial information should be addressed to the
City of Woodburn, 270 Montgomery Street, Woodburn, Oregon 97071.
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Governmental
Change
2010
2009
Dollar
Percent
Land
$
22,567,381
$
21,636,467
$ 930,914
4.3%
Construction in progress
7,423,575
10,937,334
(3,513,759)
-32.1%
Buidlings and improvements
5,324,671
4,965,639
359,032
7.2%
Equipment and vehicles
1,833,420
1,824,817
8,603
0.5%
Infrastructure
19,231,937
12,867,751
6,364,186
49.5%
$
56,380,984
$
52,232,008
$ 4,148,976
7.9%
Business-Type
Change
2010
2009
Dollar
Percent
Land
$
1,783,816
$
1,783,816
$ -
0.0%
Construction in progress
2,765,340
317,103
2,448,237
772.1%
Buidlings and improvements
41,329,488
42,859,336
(1,529,848)
-3.6%
Equipment and vehicles
667,653
708,413
(40,760)
-5.8%
Infrastructure
15,857,543
16,365,670
(508,127)
-3.1%
$
62,403,840
$
62,034,338
$ 369,502
0.6%
Long -term Debt. At the end of the current fiscal year, long -term debt outstanding for the governmental activities
totaled $7,225,861 (excluding compensated absences payable), compared to the prior year of $6,417,310 . For the
business -type activities, total long -term debt equaled $2,229,318 (excluding compensated absences payable)
compared to the prior year of $125,000 . The increase in business debt was the result of a newly acquired loan.
Additional information about the City's long -term debt outstanding is presented in the notes to the financial
statements.
(amounts in thousands)
G.O. Bonds
Loans Payable
Capital Leases
Total
Total Total Change
$ 16,246 $ 16,909 $ (663)
25,282 26,472 (1,190)
148 52 96
$ 41,676 $ 43,433 $ (1,757)
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
Due to reductions in the real property valuations, it is expected that future property taxes increases will be less than
the three percent allowed annually on existing real property value as compression on certain properties will be
realized. Currently, the housing market in Marion is depressed due to the national housing slump and economic
conditions. We continue to expect revenues to be impacted by the current national and local conditions.
REQUESTS FOR INFORMATION
This financial report is designed to provide the City of Woodburn's citizens, taxpayers, customers, investors and
creditors with a general overview of the City's finances and to demonstrate the City's accountability for the money
it receives. Questions about this report or requests for additional financial information should be addressed to the
City of Woodburn, 270 Montgomery Street, Woodburn, Oregon 97071.
-14-
BASIC FINANCIAL STATEMENTS
-15-
(page intentionally left blank)
-16-
CITY OF WOODBURN, OREGON
STATEMENT OF NET ASSETS
JUNE 30, 2010
Total Net Assets $ 65,932,008 $ 35,999,646 $ 101,931,654
-17-
Governmental
Business -type
Activities
Activities
Totals
ASSETS
Cash and investments
$ 16,155,730
$ 7,923,686 $
24,079,416
Accounts receivable
761,808
1,428,279
2,190,087
Property taxes receivable
755,707
-
755,707
Assessment liens receivable
866,701
-
866,701
Internal balances
1,313
(1 313)
-
Prepaid expenses
5,823
-
5,823
Inventories
8,971
-
8,971
Nondepreciable capital assets
29,990,956
4,549,156
34,540,112
Capital assets, net of depreciation
26,390,028
57,854,684
84,244,712
Total Assets
74,937,037
71,754,492
146,691,529
LIABILITIES
Accounts payable
938,417
601,438
1,539,855
Deposits payable
87,952
81,663
169,615
Interest payable
25,671
530,995
556,666
Noncurrent liabilities:
Due within one year
632,788
2,154,818
2,787,606
Due in more than one year
6,741,234
32,147,962
38,889,196
Accrued compensated absences
369,558
201,189
570,747
Other post employment benefits
209,409
36,781
246,190
Total Liabilities
9,005,029
35,754,846
44,759,875
NET ASSETS
Investment in capital assets (net of related debt)
49,006,962
30,255,878
79,262,840
Restricted for:
Debt service
1,217,031
-
1,217,031
Construction
8,487,801
778,141
9,265,942
Grants and donations
373,114
-
373,114
Unrestricted
6,847,100
4,965,627
11,812,727
Total Net Assets $ 65,932,008 $ 35,999,646 $ 101,931,654
-17-
CITY OF WOODBURN, OREGON
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2010
FUNCTIONSIPROGR"S
Governmental Activities:
General government
Public safety
Highways and streets
Culture and recreation
Interest on long -term debt
Total Governmental Activities
Business -type Activities:
Water
Sewer
Total Business -type Activities
Total Activities
General Revenues:
Property taxes
Franchise fees
Intergovernmental
Fines and forfeitures
Miscellaneous
Debt service principal
Unrestricted investment earnings
Capital contributions
Gain on disposition of assets
Proceeds from issuance of debt
Total General Revenues
Transfers
Change in Net Assets
Net Assets, July 1, 2009
Net Assets, June 30, 2010
Program Revenues
Fees, Fines Operating Capital
and Charges Grants and Grants and
Expenses for Services Contributions Contributions
$ 2,295,657 $
5,737,694
2,634,760
3,408,766
313,741
14,390,618
97,157 $
790,859
722,131
815,397
2,425,544
534,007 $ -
24,207 -
2,404,141 216,559
141,897 18,825
3,104,252 235,384
3,185,481 3,327,344 -
4,162,130 4,888,941 -
7,347,611 8,216,285 -
$ 21,738,229 $ 10,641,829 $ 3,104,252 $
85,223
119,700
204,923
440,307
-18-
Net (Expenses) Revenues and
Changes in Net Assets
Governmental Business -type
Activities Activities Totals
$ (1,664,493) $
- $
(1,664,493)
(4,922,628)
-
(4,922,628)
708,071
-
708,071
(2,432,647)
-
(2,432,647)
(313,741)
-
(313,741)
$ 65,932,008
$ 35,999,646
(8,625,438)
-
(8,625,438)
-
227,086
227,086
-
846,511
846,511
-
1,073,597
1,073,597
(8,625,438)
1,073,597
(7,551,841)
8,566,745
-
8,566,745
1,679,254
-
1,679,254
496,428
-
496,428
299,734
40,630
340,364
-
942,865
942,865
11,042,161
983,495
12,025,656
717,400
(717,400)
-
3,134,123
1,339,692
4,473,815
62,797,885
34,659,954
97,457,839
$ 65,932,008
$ 35,999,646
$ 101,931,654
The accompanying notes are an integral part of the financial statements.
-19-
CITY OF WOODBURN, OREGON
BALANCE SHEET- GOVERNMENTAL FUNDS
JUNE 30, 2010
ASSETS
Cash and investments
Accounts receivable
Property taxes receivable
Assessment liens receivable
Prepaid expenses
Due from other funds
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities
Accounts and deposits payable
Due to other funds
Deferred revenue
Total Liabilities
Fund Balances
Unreserved, reported in:
General fund
Special revenue funds
Capital projects fund
Debt services fund
Total Fund Balances
Total Liabilities and Fund Balances
-20-
Housing
General
General
Rehab
Construction
$ 2,682,649
$
380,403
$
-
128,181
-
416,532
646,156
-
-
-
657,130
-
5,378
-
-
182,073
-
-
$ 3,644,437
$
1,037,533
$
416,532
$ 441,383
$
6,951
$
243,960
4,592
-
88,863
580,049
657,130
-
1,026,024
664,081
332,823
-
373,452
-
-
-
83,709
2,618,413
-
-
2,618,413
373,452
83,709
$ 3,644,437
$
1,037,533
$
416,532
-20-
Street /Storm
Other
Capital
Governmental
Improvement
Street SDC
Funds
Totals
$ 552,376
$
6,949,181
$ 5,073,726
$
15,638,335
-
-
213,095
757,808
-
-
109,551
755,707
-
-
209,571
866,701
-
-
-
5,378
-
-
-
182,073
$ 552,376
$
6,949,181
$ 5,605,943
$
18,206,002
$ 145,780
$
20,577
$ 110,642
$
969,293
-
-
87,668
181,123
-
-
308,073
1,545,252
145,780
20,577
506,383
2,695,668
-
-
-
373,452
-
-
808,526
808,526
406,596
6,928,604
3,087,180
10,506,089
-
-
1,203,854
3,822,267
406,596
6,928,604
5,099,560
15,510,334
$ 552,376
$
6,949,181
$ 5,605,943
$
18,206,002
-21-
CITY OF WOODBURN, OREGON
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
REVENUES
Taxes and assessments
Licenses and permits
Charges for services
Intergovernmental
Fines and forfeitures
Miscellaneous
Total Revenues
EXPENDITURES
Current operating:
General government
Public safety
Highways and streets
Culture and recreation
Capital outlay
Debt service
Principal
Interest
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
NET CHANGE IN FUND BALANCES
FUND BALANCES, Beginning of year
FUND BALANCES, End of year
-22-
Housing
General
General
Rehab
Construction
$ 7,342,620 $
-
$ -
1,176,653
-
-
571,024
-
-
434,027
-
466,520
665,977
-
-
173,215
29,768
75,051
10,363,516
29,768
541,571
1,056,841
-
-
5,488,103
-
-
3,236,599
333,017
-
-
-
562,240
9,781,543
333,017
562,240
581,973
(303,249)
(20,669)
(123,259)
-
-
(123,259)
-
-
458,714
(303,249)
(20,669)
2,159,699
676,701
104,378
$ 2,618,413 $
373,452
$ 83,709
-22-
Street /Storm
Nonmajor
Capital
Governmental
Improvement
Street SDC
Funds
Totals
1,492,459
$ 8,835,079
364,253
206,610
179,658
1,927,174
393,923
-
25,060
990,007
797,103
-
1,843,213
3,540,863
-
-
-
665,977
43,013
34,982
194,755
550,784
1,598,292
241,592
3,735,145
16,509,884
250,866
-
251,225
1,558,932
-
-
35,825
5,523,928
-
-
557,546
557,546
-
-
1,252,681
4,822,297
1,605,260
862,644
1,588,711
4,618,855
-
-
945,360
945,360
-
-
292,918
292,918
1,856,126
862,644
4,924,266
18,319,836
(257,834) (621,052) (1,189,121) (1,809,952)
588,259 588,259
(309,000) (432,259)
279,259 156,000
(257,834) (621,052) (909,862) (1,653,952)
664,430 7,549,656 6,009,422 17,164,286
$ 406,596 $ 6,928,604 $ 5,099,560 $ 15,510,334
-23-
CITY OF WOODBURN, OREGON
STATEMENT OF NET ASSETS -PROPRIETARY FUNDS
JUNE 30, 2010
ASSETS
Current Assets
Cash and investments
Accounts receivable
Prepaid expenses
Inventories
Due from other funds
Total Current Assets
Noncurrent Assets
Due from other funds
Nondepreciable capital assets
Capital assets, net of depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities
Accounts payable
Due to other funds
Deposits
Accrued interest payable
Current portion of long -term liabilities
Total Current Liabilities
Noncurrent liabilities
Compensated absences and OPEB payable
Notes and bonds payable
Total Noncurrent Liabilities
Total Liabilities
NET ASSETS
Investment in capital assets (net of related debt)
Restricted for construction
Unrestricted
Total Net Assets
-24-
Enterprise
WWTP
Water
Sewer
Construction
$ 714,517
$ 423,223
$ 484,909
81,957
149,908
139,384
796,474
573,131
624,293
1,805,124
2,744,032
-
8,499,442
49,355,242
-
10,304,566
52,099,274
-
11,101,040
52,672,405
624,293
21,602
64,814
52,911
708
605
482,000
81,663
-
-
359,316
171,679
-
601,851
1,552,967
-
1,065,140
1,790,065
534,911
116,509
121,461
-
13,377,648
18,770,314
-
13,494,157
18,891,775
-
14,559,297
20,681,840
534,911
(3,073,082)
33,328,960
-
(385,175)
(1,338,395)
89,382
$ (3,458,257)
$ 31,990,565
$ 89,382
-24-
Funds
Water
Total
Total
Well
Nonnurjor
Internal
Proprietary
Construction
Funds
Totals
Service Funds
Funds
$ 5,522,896
$ 778,141
$ 7,923,686
$ 517,395
$ 8,441,081
1,057,030
-
1,428,279
4,000
1,432,279
-
-
445
445
-
-
-
8,971
8,971
482,000
-
482,000
-
482,000
7,061,926
778,141
9,833,965
530,811
10,364,776
-
-
2,131
2,131
-
-
4,549,156
-
4,549,156
-
-
57,854,684
507,368
58,362,052
-
-
62,403,840
509,499
62,913,339
7,061,926
778,141
72,237,805
1,040,310
73,278,115
462,111
-
601,438
57,076
658,514
-
-
483,313
1,768
485,081
-
-
81,663
-
81,663
-
-
530,995
-
530,995
-
-
2,154,818
-
2,154,818
462,111
-
3,852,227
58,844
3,911,071
-
-
237,970
82,715
320,685
-
-
32,147,962
-
32,147,962
-
-
32,385,932
82,715
32,468,647
462,111
-
36,238,159
141,559
36,379,718
-
-
30,255,878
507,368
30,763,246
778,141
778,141
-
778,141
6,599,815
-
4,965,627
391,383
5,357,010
$ 6,599,815
$ 778,141
$ 35,999,646
$ 898,751
$ 36,898,397
-25-
CITY OF WOODBURN, OREGON
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS - PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2010
OPERATING REVENUES
Charges for services
Intergovernmental
Miscellaneous
Total Operating Revenues
OPERATING EXPENSES
Personal services
Materials and services
Depreciation
Total Operating Expenses
OPERATING INCOME (LOSS)
NONOPERA TING REVENUES (EXPENSES)
Investment revenue
Interest expense
Transfers in
Transfers out
Total Nonoperating Revenue (Expenses)
CHANGE IN NET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
$ (3,458,257) $ 31,990,565 $ 89,382
-26-
Enterprise
WWTP
Water
Sewer
Construction
$ 1,734,473
$ 2,533,557
$ 2,337,362
11,230
17,771
251
1,745,703
2,551,328
2,337,613
967,556
1,114,682
-
679,192
897,633
23,948
237,532
1,889,599
-
1,884,280
3,901,914
23,948
(138,577)
(1,350,586)
2,313,665
3,486
2,270
2,578
-
(5,567)
(687,938)
1,645,274
16,663,339
-
(14,475,395)
(12,826,635)
(12,965,212)
9,506,955
17,626,692
145,804
$ (3,458,257) $ 31,990,565 $ 89,382
-26-
Funds
Water
Total
Total
Well
Nonmajor
Internal
Proprietary
Construction
Funds
Totals
Service Funds
Funds
$ 1,580,368
$ -
$ 8,185,760
$ 2,009,973
$ 10,195,733
942,865
-
942,865
-
942,865
1,273
-
30,525
19,487
50,012
2,524,506
-
9,159,150
2,054,004
11,213,154
-
-
2,082,238
1,537,644
3,619,882
82
-
1,600,855
1,275,929
2,876,784
-
-
2,127,131
35,458
2,162,589
82
-
5,810,224
2,849,031
8,659,255
2,524,424
-
3,348,926
(795,027)
2,553,899
26,595
5,701
40,630
1,986
42,616
(402,588)
(436,407)
(1,532,500)
-
(1,532,500)
-
-
18,308,613
704,625
19,013,238
(1,341,180)
(579,128)
(19,026,013)
(1,717,173)
(1,009,834)
(2,209,270)
629,656
(1,579,614)
807,251
(804,911)
1,344,579
(165,371)
1,179,208
5,792,564
1,587,939
34,659,954
1,064,122
35,724,076
$ 6,599,815
$ 783,028
$ 36,004,533
$ 898,751
$ 36,903,284
The accompanying notes are an integral part of the financial statements.
-27-
CITY OF WOODBURN, OREGON
STATEMENT OF CASH FLOWS -PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Collected from customers
Paid to suppliers
Paid to employees
Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROM NON- CAPITAL FINANCING
ACTIVITIES
Received from (paid to) other funds
Transfers in
Transfers out
Net Cash Provided by (Used in) Non - Capital
Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition of capital assets
Proceeds from disposal of capital assets
Principal paid on contracts/bonds payable
Proceeds from debt
System development revenue
Interest paid
Net Cash Provided by (Used in) Capital and Related
Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments
Increase (Decrease) in Cash and Investments
CASHAND INVESTMENTS, Beginning of year
CASHAND INVESTMENTS, End of year
708 605 -
1,621,060 1,424,342 -
(1,649,598) (945,583) (1,684,727)
(27,830) 479,364 (1,684,727)
(5,713) (118,575) -
(556,801) (3,000,812) -
324,339 355,583 -
- - 1697 9391
(238,175) (2,763,804) (687,938)
3.486 2.270 2.578
kij,rrub k1,JS4,GGj) k10j,u/_j)
728,287 410,046 787,316
$ 714,517 $ (1,124,177) $ 624,293
-28-
WWTP
Water
Sewer
Construction
$ 1,734,641
$ 2,537,765
$ 2,454,406
(600,565)
(760,857)
(247,342)
(885,327)
(1,028,961)
-
248,749
747,947
2,207,064
708 605 -
1,621,060 1,424,342 -
(1,649,598) (945,583) (1,684,727)
(27,830) 479,364 (1,684,727)
(5,713) (118,575) -
(556,801) (3,000,812) -
324,339 355,583 -
- - 1697 9391
(238,175) (2,763,804) (687,938)
3.486 2.270 2.578
kij,rrub k1,JS4,GGj) k10j,u/_j)
728,287 410,046 787,316
$ 714,517 $ (1,124,177) $ 624,293
-28-
Water Well Nonmajor
Construction Funds
$ 1,593,553 $
462,029
2,055,582
Total Internal
Totals Service Funds
- $ 8,320,365
$ 2,048,962
- (1,146,735)
(1,283,030)
- (1,914,288)
(1,537,644)
- 5,259,342
(771,712)
The accompanying notes are an integral part of the financial statements.
-29-
2,848
-
-
3,045,402
700,000
(1,341,180)
(579,128)
(6,200,216)
(92,148)
(1,341,180)
(579,128)
(3,153,501)
610,700
-
-
(124,288)
-
-
-
(3,557,613)
-
-
-
679,922
-
-
204,923
204,923
-
(402,588)
(436,407)
(1,526,933)
-
(402,588)
(231,484)
(4,323,989)
-
26,595
5,701
40,630
1,986
338,409
(804,911)
(2,177,518)
(159,026)
5,184,487
1,587,939
8,698,075
676,421
$ 5,522,896
$ 783,028
$ 6,520,557
$ 517,395
The accompanying notes are an integral part of the financial statements.
-29-
CITY OF WOODBURN, OREGON
STATEMENT OF CASH FLOWS (Continued)
YEAR ENDED JUNE 30, 2010
WWTP
RECONCILIATION OF OPERATING INCOME TO
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss)
Depreciation
Change in assets and liabilities:
Accounts receivable
Deferred charges
Inventory
Prepaid expenses
Accounts payable and accrued liabilities
Customer deposits
Compensated absences payable
$ (138,577)
$ (1,350,586) $ 2,313,665
237,532
1,889,599 -
7,593
(13,563) 116,793
130,561
87,966 -
(51,934)
48,810 (223,394)
(18,655)
- -
97 779
95 771 -
Net Cash Provided by (Used in) Operating Activities
$ 248,749 $ 747,947 $ 2,207,064
-30-
Water Well Nonmajor
Construction Funds
Total Internal
Totals Service Funds
$ 2,524,424 $ - $ 3,348,926 $ (795,027)
- - 2,127,131 35,458
(930,953) - (820,130) (3,042)
- - 218,527 -
- - - (1,291)
461111 - 235,593 (5,810)
- - (18,655) (2,000)
- - 167,950 -
$ 2,055,582 $ - $ 5,259,342 $ (771,712)
The accompanying notes are an integral part of the financial statements.
-31-
(page intentionally left blank)
The accompanying notes are an integral part of the financial statements.
-32-
NOTES TO BASIC FINANCIAL STATEMENTS
-33-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2010
S UMMARY OF SIGNIFICANT ACCO UNTING POLICIES
The financial statements of the City of Woodburn, Oregon (the City) have been prepared in conformity with
accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units.
The Governmental Accounting Standards Board (GASB) is the accepted standard- setting body for establishing
governmental accounting and financial reporting standards.
The Financial Reporting Entity
The City of Woodburn, Oregon is governed by an elected mayor and six council members who comprise the City
Council. The City Council exercises supervisory responsibilities over the City operations, but day -to -day
management control is the responsibility of a city administrator. All significant activities and organizations for
which the City is financially accountable are included in the financial statements for the year ended June 30,
2010.
There are certain governmental agencies and various service districts which provide services within the City.
These agencies have independently elected governing boards and the City is not financially accountable for these
organizations. Therefore, financial information for these agencies is not included in the accompanying basic
financial statements.
As defined by accounting principles generally accepted in the United States of America, the financial reporting
entity consists of the primary government, as well as its component units, which are legally separate
organizations for which the elected officials of the primary government are financially accountable. Financial
accountability is defined as appointment of a voting majority of the component unit's board, and either a) the
ability to impose will by the primary government, or b) the possibility that the component unit will provide a
financial benefit to or impose a financial burden on the primary government. The City of Woodburn's financial
statements include the Woodburn Urban Renewal Agency as a blended component unit. The City Council and
Board of Directors of Woodburn Urban Renewal Agency are composed of the same individuals.
The separately issued financial statements of the Woodburn Urban Renewal Agency may be obtained from the
City, 270 Montgomery Street, Woodburn, Oregon 97071.
Basic Financial Statements
Basic financial statements are presented at both the government -wide and fund financial level. Both levels of
statements categorize primary activities as either governmental or business -type. Governmental activities, which
are normally 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.
Government -wide financial statements display information about the reporting government as a whole. For the
most part, the effect of interfund activity has been removed from these statements. These statements focus on the
sustainability of the City as an entity and the change in aggregate financial position resulting from the activities of
the fiscal period. These aggregated statements consist of the Statement of Net Assets and the Statement of
Activities.
-34-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Presentation (Continued)
The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment
are offset by program revenues. Direct expenses are those that are clearly identifiable with 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 of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as general revenues.
Fund financial statements display information at the individual fund level. Each fund is considered to be a
separate accounting entity. Funds are classified and summarized as governmental, enterprise or fiduciary.
Currently, the City has general, special revenue, internal service, capital projects, debt service and enterprise type
funds. Major individual governmental funds and major individual enterprise funds are reported as separate
columns in the fund financial statements. Nonmajor funds are consolidated into a single column within each fund
type in the financial section of the basic financial statements and are detailed in the other supplementary
information.
The government -wide and proprietary fund financial statements are accounted for using an economic resources
measurement focus, whereby all assets and liabilities are included in the statement of net assets and the statement
of fund net assets. The increases and decreases in those net assets are presented in the government -wide
statement of activities and in the proprietary fund statement of revenues, expenses and changes in fund net assets.
These funds use the accrual basis of accounting whereby revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows.
The City's government -wide and proprietary fund accounting and financial reporting practices are based on all
applicable GASB pronouncements as well as the following pronouncements issued on or before November 30,
1989, unless those pronouncements conflict with or contradict GASB pronouncements: Financial Accounting
Standards Board (FASB) Statements and Interpretations, Accounting Principles Board (APB) Opinions, and
Accounting Research Bulletins (ARBs) of the Committee on Accounting Procedures. The City has elected not to
apply FASB guidance issued subsequent to November 30, 1989 to business -type activities and to enterprise
funds, unless specifically adopted by the GASB.
Interfund activity consists of transfers, services provided and/or used, reimbursements, advances and loans. As a
general rule, the effect of interfund activity has been eliminated from the governmental -wide financial statements.
Exceptions to this general rule include interfund services provided and/or used. Interfund services provided
and/or used are accounted for as revenues and expenses since the elimination of such revenues and expenses
would distort the direct costs and program revenues reported for the various functions.
Amounts reported as program revenues in the statement of activities include (1) fines, fees and charges to
customers or applicants for goods, services or privileges provided, (2) operating grants and contributions, and (3)
capital grants and contributions, including special assessments. Grants and contributions not restricted are
reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.
Operating revenues and operating expenses are intermediate components within the proprietary fund statement of
revenues, expenses and changes in fund net assets, and include only those transactions that constitute their
principal, ongoing activities exclusive of investing or financing transactions. Significant operating revenues
include charges for services and miscellaneous income. Significant operating expenses include personnel,
materials and supplies, outside services, and depreciation. All revenues and expenses not meeting this definition
are reported as nonoperating revenues and expenses.
-35-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Definitions of Governmental Fund Types
The General Fund is used to account for all financial resources not accounted for in another fund.
Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are
restricted or committed to expenditure for specified purposes other than debt service or capital projects. The term
"proceeds of specific revenues sources" means that the revenue sources for the fund must be from restricted or
committed sources, specifically that a substantial portion of the revenue must be from these sources and be
expended in accordance with those requirements.
Capital Projects Funds are utilized to account for financial resources to be used for the acquisition or construction
of capital equipment and facilities.
Debt Service Funds are utilized to account for the accumulation of resources for, and the payment of, long -term
debt principal and interest.
Governmental Fund Financial Statements
The governmental fund financial statements are accounted for using a current financial resources measurement
focus, whereby only current assets and current liabilities generally are included in the balance sheet, and the
statement of revenues, expenditures and changes in fund balances present increases and decreases in those net
current assets. These funds use the modified accrual basis of accounting whereby revenues are recorded only
when susceptible to accrual (both measurable and available). "Measurable" means that the amount of the
transaction can be determined. "Available" is defined as being collectible within the current period or soon
enough thereafter (60 days) to be used to liquidate liabilities of the current period. Expenditures other than
interest on noncurrent obligations, are recorded when the fund liability is incurred.
Real and personal property taxes are levied as of July 1 for each fiscal year on values assessed as of January 1.
Property taxes are an enforceable lien on both real and personal property as of July 1 and are due and payable in
three installments on November 15, February 15 and May 15. All property taxes are billed and collected by
Clackamas County and remitted to the City. In the governmental fund financial statements, property taxes are
reflected as revenues in the fiscal period for which they were levied, provided they are due, or past due and
receivable within the current period, and collected within the current period or expected to be collected soon
enough thereafter to be used to pay liabilities of the current period (60 days). Otherwise, they are reported as
deferred revenues.
Intergovernmental revenues are recognized as revenues when all eligibility requirements are met. There are,
however, essentially two types of intergovernmental revenues. In one, monies must be expended on the specific
purpose or project before any amounts will be paid to the City; therefore, all eligibility requirements are
determined to be met when the underlying expenditures are recorded. In the other, monies are virtually
unrestricted as to the purpose of the expenditure and are usually revocable only for failure to comply with
prescribed requirements; therefore, all eligibility requirements are determined to be met at the time of receipt, or
earlier, if the susceptible accrual criteria are met.
Licenses and permits, charges for services, fines and forfeits and miscellaneous revenues (except investment
earnings) are recorded as revenues when received in cash because they are generally not measurable until actually
received. Investment earnings are recorded as earned since they are measurable and available.
-36-
Special assessments receivable and repayment of revolving loans are offset by deferred revenues.
When both restricted and unrestricted resources are available for use, it is the City's practice to use restricted
resources first, then unrestricted resources as they are needed.
The reporting model sets forth minimum criteria (percentage of the assets, liabilities, receipts or disbursements of
either fund category or the government and enterprise combined) for the determination of major funds. The City
electively added funds as major funds, which either had debt outstanding or specific community focus.
Nonmajor funds are combined in a column in the fund financial statements and detailed in the combining section.
-37-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Governmental Fund Financial Statements (Continued)
The City reports the following major governmental funds:
General Fund
Street Development Fund
Downtown Urban Renewal Agency
The City reports the following major proprietary funds:
Water Fund
Sewer Fund
Storm Drain Fund
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect reporting amounts of
certain assets, liabilities, revenues and expenses as of and for the year ended June 30, 2010. Actual results may
differ from such estimates.
Cash and Investments
Investments, included in cash and investments, are carried at cost which approximates fair value. For purposes of
the statement of cash flows, the proprietary funds consider cash and cash equivalents to include the cash and
investment common pool. These amounts have the general characteristics of demand deposit accounts in that the
proprietary funds may deposit additional cash at any time and also may withdraw cash at any time without prior
notice or penalty.
Receivables and Deferred Revenues
Receivables for state, county and local shared revenues, included in accounts receivable, are recorded as revenue
in the governmental funds as earned.
Receivables of the enterprise funds are recorded as revenue as earned.
Property taxes receivable for the governmental fund types, which have been collected within sixty days
subsequent to year end, are considered measurable and available and are recognized as revenues. All other
property taxes are offset by deferred property tax revenues and, accordingly, have not been recorded as revenue.
Property taxes receivable by the City represent the City's allocated share of delinquent property taxes and other
amounts to be collected from property owners within Marion County, Oregon.
Assessment liens in the governmental fund types are recognized as receivables at the time property owners are
assessed for property improvements. All assessments receivable are offset by a deferred revenue account and,
accordingly, have not been recorded as revenue.
-38-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Inventory
Inventory in the proprietary funds is stated at cost (first -in, first -out basis) and is charged to expense as used.
Capital Assets
Capital assets are stated at cost or estimated historical cost. Donated assets are recorded at fair market value at
date of donation. Estimated fair market value of donated assets is determined based on engineering estimates of
current cost or price indexed cost.
Capital assets include land, right -of -way (included with land), buildings, improvements, equipment, infrastructure
and other tangible and intangible assets costing over $5,000 used in operations that have initial useful lives
extending beyond a single reporting period. Infrastructure are those capital assets that are stationary in nature and
can be preserved for a significantly greater number of years than most other capital assets. Infrastructure reported
in governmental activities consists of roads, bridges, sidewalks and traffic and lighting systems. Infrastructure
reported in business -type activities consist of water, stormwater and wastewater collection systems.
All capital assets, except for infrastructure in governmental activities prior to July 1, 1980, have been capitalized
in the government -wide and proprietary fund financial statements. In accordance with the current financial
resources measurement focus, capital assets are not capitalized in the governmental fund financial statements.
All purchased capital assets are valued at cost where historical records are available and at estimated historical
cost where no historical records exist. Historical cost is measured by the cash or cash equivalent price of
obtaining an asset, including ancillary charges necessary to place the asset into its intended location and condition
for use. Donated capital assets are reported at their estimated fair value at the time of acquisition plus ancillary
charges, if any. Additions, improvements, and other capital outlays that significantly extend the useful life of an
asset are capitalized. Amounts expended for maintenance and repairs are charged to expenditures /expenses in the
appropriate funds as incurred and are not capitalized.
Capital assets are depreciated unless they are inexhaustible in nature (e.g., land and right -of- ways). Depreciation
is an accounting process to allocate the cost of capital assets to expense in a systematic and rational manner to
those periods expected to benefit from the use of capital assets. Depreciation is not intended to represent an
estimate in the decline of fair market value, nor are capital assets, net of accumulated depreciation, intended to
represent an estimate of the current condition of the assets, or the maintenance requirements needed to maintain
the assets at their current level of condition.
Depreciation is computed over the estimated useful lives of the capital assets. All estimates of useful lives are
based on actual experience by City departments with identical or similar capital assets. Depreciation is calculated
on the straight -line basis, except for infrastructure and improvements other than buildings reported in the
governmental activities column of the government -wide financial statements, which are calculated using a
composite depreciation method. The estimated useful lives of the various categories of assets are as follows:
Buildings and improvements 40 years
Water and Sewer Systems 20 - 50 years
Infrastructure 20 - 50 years
Equipment 10 - 20 years
-39-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Capital Assets (Continued)
Upon disposal of capital assets, cost and accumulated depreciation are removed from the accounts and, if
appropriate, a gain or loss on the disposal is recognized.
Long -Term Debt
Long -term debt directly related and expected to be paid from the enterprise funds is recorded in these funds. All
other unmatured long -term debt is recorded on the statement of net assets. Repayment of general bonded debt
will be made from debt service funds. Payment of vacation liabilities will be made primarily from the General
Fund, Street Development Fund, Water Fund and Sewer Fund.
Accrued Vacation Pay
Accumulated vested vacation pay is accrued in the enterprise funds as it is earned by employees. In
governmental fund types, the amounts, if any, expected to be liquidated with expendable available resources are
accrued as liabilities of the funds and the amount payable from future resources is recorded on the statement of
net assets. The accrued payables in the Statement of Net Assets is recorded as long -term in that the amount will
not materially change. Sick pay, which does not vest, is recorded in all funds when leave is taken.
Budget and Budgetary Accounting
A budget is prepared for each fund in accordance with the modified accrual basis of accounting for all funds.
Appropriations are made at the department level for the General Fund and the object level for all other funds.
Expenditures may not legally exceed appropriations. Appropriations lapse at the end of each fiscal year. Budget
amounts include original approved amounts and all subsequent appropriation transfers approved by the City
Commission. After budget approval, the City Commission may approve supplemental appropriations if an
occurrence, condition, or need exists which had not been ascertained at the time the budget was adopted.
Management may not amend the budget. A supplemental budget requires hearings before the public, publications
in newspapers and approval by the City Commission.
ORGANIZATIONAND OPERATION
The City's financial operations are accounted for in the following funds and account groups:
Governmental Fund Types
General Fund
The General Fund accounts for activities of the City which are not accounted for in any other fund. Principal
sources of revenue are property taxes, franchise fees and state and county shared revenues. Primary
expenditures are for police and fire protection, recreation and general government.
-40-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
ORGANIZATIONAND OPERATION (Continued)
Governmental Fund Types (Continued)
Special Revenue Funds
The special revenue funds account for revenue derived from specific tax or other earmarked revenue sources,
including state gas tax, grants and funds set aside to finance particular functions or activities. Funds included in
this category are:
Building Fund - This fund accounts for building permit revenue and associated operations.
Search and Seizure Fund - This fund accounts for the City's allotment of Federal Equitable Sharing grant
used for drug and gang enforcement activities.
Weed and Seed Fund - This fund is used to account for the City's Weed and Seed grant, used for gang and
mentoring programs.
Revenue Sharing Fund — This fund accounts for State Revenue Sharing funds. The funds are used for the
City's street lighting program and to provide minor street maintenance.
Housing Rehabilitation Fund - This fund accounts for the City's CDBG grant program and provides low
income housing and small business loans.
RSVP Fund - This fund accounts for
Cable Franchise Fund - This fund is used to account for the City's passthrough of local cable franchise fees
to the local cable access program (WCAT).
Streets Fund - This fund is used to account for the City's street operations. The fund's major source of
revenue is highway gas tax received from the State of Oregon.
Local Gas Tax Fund - This fund accounts for the City's one cent per gallon local gas tax. The money is used
for capital improvement projects on local streets.
Economic Development Fund — The primary purpose of this fund is to collect and distribute lease payments
for leased property from the railroad.
Police Construction Fund — Proceeds from the 2005 GO bonds were used to construct the City's police
facility. The project is scheduled to be completed in fiscal year 2011 -12.
-41-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
ORGANIZATIONAND OPERATION (Continued)
Governmental Fund Types (Continued)
Special Revenue Funds (Continued)
General Fund Construction Fund - This fund is used to account for transfers from general services funds
used for general services construction projects.
Special Assessment Fund - This fund accounts for the repayment of local improvement district (LID)
assessments. The money is used for construction of LID projects.
Street /Storm Capital Improvement Fund - This fund accounts for transfers from the Storm and Street funds.
The money is used for street and storm related capital projects.
Parks SDC Fund - This fund is used to account for the collection and spending of park SDC's.
Street SDC Fund - This fund accounts for the collection and spending of Street SDC's.
Storm SDC Fund - This fund accounts for the collection and spending of Storm SDC's.
PW Facility Construction Fund - This fund is used to account for lease payments on public works leased
properties.
Equipment Replacement Fund - This fund accounts for transfers from other funds set aside for future
equipment purchases.
Library Endowment Fund - This fund accounts for funds held to be used for library improvement projects.
Museum Endowment Fund - This fund accounts for amounts held for museum activities.
Storm Fund - This fund was used to account for the City's storm water program. Transfers from the Sewer
fund are the primary source of revenue.
Debt Service Funds
GO Debt Fund - This find accounts for debt service on the City's 2005 GO bond. Property taxes are the
major source of revenue.
Bancroft Bond Fund — The remaining Bancroft Bond certificates are held in this fund.
URA Debt Service Fund — This fund accounts for debt service on the URA loan. Property taxes are the
primary source of revenue.
Proprietary Fund Types
Enterprise Funds
The City has 7 enterprise funds. Three funds are related to water, and four are related to sewer. The specific
funds and their purposes are as follows.
-42-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
ORGANIZATIONAND OPERATION (Continued)
Proprietary Fund Types (Continued)
Enterprise Funds (Continued)
Sewer Capital Improvement Fund - This fund accounts for capital improvements to the City's sewer system
WWTP Construction Fund - This fund was used to account for the City's sewer treatment plant upgrade. The
major source of revenue is debt proceeds.
Well Water Construction Fund - This fund accounts for water system capital improvement projects and the
retirement of associated debt.
Water Fund - This fund accounts for the City's water system operation. Customer charges are the primary
source of revenue.
Sewer Fund - This fund accounts for the operation of the City's sewer system. Customer charges are the
primary revenue source.
Water SDC Fund - This fund accounts for the collection and spending of water SDC's.
Sewer SDC Fund - This fund accounts for the collection and spending of water SDC's.
Internal Service Funds
The City has five internal service funds which provide services to other City departments. Internal charges are
the primary revenue source for all funds. Expenditures are for the purposes as described below.
Information Services Fund - This fund accounts for the maintenance and replacement of the City's network
and technology services.
-43-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
ORGANIZATIONAND OPERATION (Continued)
Proprietary Fund Types (continued)
Internal Service Funds (continued)
Central Stores Fund - This fund accounts for interdepartmental copier leases and office supplies
expenditures.
Insurance Fund — This fund accounts for the City's insurance coverage.
Technical & Environmental Services Fund - This fund accounts for administrative, engineering and fleet
services provided to the City's enterprise operations.
Building Maintenance Fund — This fund accounts for building maintenance and custodial services provided
to City departments.
Agency Fund
The City has one agency fund. Agency funds are used to account for assets held by the City as an agent for other
governmental units, other organizations, or individuals.
The City maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of
this pool is displayed on the Statement of Net Assets as part of "cash and investments."
Cash
Deposits with financial institutions
Cash on hand
Investments
Local Government Investment Pool
Deposits
Carrying Fair
Value Value
$ 706,100 $ 706,100
2,150 2,150
23,289,390 23,289,390
$ 23,997,640 $ 23,997,640
The City's deposits with various financial institutions had a bank value of $24,180,607 at June 30, 2010. All
deposits not covered by FDIC insurance are covered by the Public Funds Collateralization Program (PFCP) of the
State of Oregon.
-44-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
CASHAND INVESTMENTS (Continued)
Investments
The State Treasurer of the State of Oregon maintains the Oregon Short-term Fund, of which the Local
Government Investment Pool is part. Participation by local governments is voluntary. The State of Oregon
investment policies are governed by statute and the Oregon Investment Council. In accordance with Oregon
Statutes, the investment funds are invested as a prudent investor would do, exercising reasonable care, skill and
caution. The Oregon Short-term Fund is the LGIP for local governments and was established by the State
Treasurer. It was created to meet the financial and administrative responsibilities of federal arbitrage regulations.
The investments are regulated by the Oregon Short Term Fund Board and approved by the Oregon Investment
Council (ORS 294.805 to 294.895). At June 30, 2010, the fair value of the position in the Oregon State Treasurer's
Short-term Investment Pool was approximately equal to the value of the pool shares. The investment in the Oregon
Short-term Fund is not subject to classification. Separate financial statements for the Oregon Short-term Fund are
available from the Oregon State Treasurer.
Interest Rate Risk
In accordance with its investment policy, the District manages its exposure to declines in fair value of its
investments by limiting the weighted average maturity of its investments.
Custodial Credit Risk - Deposits
This is the risk that in the event of a bank failure, the City's deposits may not be returned. The Federal
Depository Insurance Corporation (FDIC) provides insurance for the City's deposits with financial institutions up
to $250,000 each for the aggregate of all non - interest bearing accounts and the aggregate of all interest bearing
accounts at each institution. Deposits in excess of FDIC coverage with institutions participating in the Oregon
Public Funds Collateralization Program are collateralized with securities held by the Federal Home Loan Bank of
Seattle in the name of the institution. The PFCP is a shared liability structure for participating bank depositories,
better protecting public funds though still not guaranteeing that all funds are 100% protected. Barring any
exceptions, a bank depository is required to pledge collateral valued at least 10% of their quarter -end public fund
deposits if they are well capitalized, 25% of their quarter -end public fund deposits if they are adequately
capitalized, or 110% of their quarter -end public fund deposits if they are undercapitalized or assigned to pledge
110% by the Office of the State Treasurer. In the event of a bank failure, the entire pool of collateral pledged by
all qualified Oregon public funds bank depositories is available to repay deposits of public funds of government
entities. As of June 30, 2010, $421,895 of the City's bank balances were exposed to custodial credit risk as they
were collateralized with securities held by the pledging financial institution's agent but not in the City's name.
Custodial Risk - Investments
For an investment, this is the risk that, in the event of a failure of the counterparty, the City will not be able to
recover the value of its investments or collateralized securities that are in the possession of an outside party. The
City's investment policy limits the types of investments that may be held and does not allow securities to be held
by the counterparty.
-45-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
CASHAND INVESTMENTS (Continued)
Custodial Risk —Investments (continued)
The LGIP is administered by the Oregon State Treasury with the advice of other state agencies and is not
registered with the U.S. Securities and Exchange Commission. The LGIP is an open -ended no -loan diversified
portfolio offered to any agency, political subdivision, or public corporation of the state that by law is made the
custodian of, or has control of any fund. The LGIP is commingled with the State's short-term funds. In seeking
to best serve local governments of Oregon, the Oregon Legislature established the Oregon Short Term Fund
Board, which has established diversification percentages and specifies the types and maturities of the
investments. The purpose of the Board is to advise the Oregon State Treasury in the management and investment
of the LGIP. These investments within the LGIP must be invested and managed as a prudent investor would,
exercising reasonable care, skill and caution. Professional standards indicate that the investments in external
investment pools are not subject to custodial risk because they are not evidenced by securities that exist in
physical or book entry form. Nevertheless, management does not believe that there is any substantial custodial
risk related to investments in the LGIP.
RECEIVABLES
Receivables at June 30, 2010 consisted of the following:
See Schedule of Property Tax Transactions and Outstanding Balances.
-46-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
CAPITAL ASSETS
The summary of capital assets for the business -type activities for the year ended June 30, 2010 is as follows:
Balances Balances
July 1, June 30,
2009 Additions Retirements 2010
Nondepreciable assets
Land (nondepreciable) $ 1,783,816 $ - $ - $ 1,783,816
Construction in progress 317,103 2,448,237 - 2,765,340
Subtotal, nondepreciable assets
Depreciable assets
Buildings
Water and sewer systems
Equipment
Subtotal, depreciable assets
Accumulated depreciation
Buildings and improvements
Water and sewer systems
Equipment
Total accumulated depreciation
Total depreciable assets, net
Net capital assets
2,100,919
2,448,237
62,273,893
-
23,107,823
-
1,769,907
48,396
87,151,623
48,396
(19,414,557)
(1,529,848)
(6,742,153)
(508,127)
(1,061,494)
(89,156)
(27,218,204)
(2,127,131)
59,933,419
(2,078,735)
4,549,156
- 62,273,893
- 23,107,823
- 1,818,303
- 87,200,019
- (20,944,405)
- (7,250,280)
- (1,150,650)
(29,345,335)
57,854,684
$ 62,034,338 $ 369,502 $
- $ 62,403,840
-47-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
CAPITAL ASSETS (Continued)
The changes in the capital assets for governmental activities for the year ended June 30, 2010 are as follows:
Balances Balances
July 1, June 30,
2009 Additions Retirements 2010
Nondepreciable assets
Land (nondepreciable)
Construction in progress
Subtotal, nondepreciable assets
Depreciable assets
Buildings
Equipment
Infrastructure
Subtotal, depreciable assets
Accumulated depreciation
Buildings
Equipment
Infrastructure
Total accumulated depreciation
Total depreciable assets, net
Net capital assets
$ 21,636,467 $
930,914 $
- $ 22,567,381
10,937,334
4,712,706
(8,226,465) 7,423,575
Culture and recereation
123,418
32,573,801
5,643,620
(8,226,465) 29,990,956
8,071,907
530,132
- 8,602,039
5,414,457
262,533
- 5,676,990
27,838,526
7,041,342
- 34,879,868
41,324,890
7,834,007
- 49,158,897
(3,106,268)
(171,100)
- (3,277,368)
(3,589,640)
(253,930)
- (3,843,570)
(14,970,775)
(677,156)
- (15,647,931)
(21,666,683)
(1,102,186)
- (22,768,869)
19,658,207
6,731,821
- 26,390,028
$ 52,232,008 $
12,375,441 $
(8,226,465) $ 56,380,984
Depreciation expense of $1,102,186 was allocated as follows
General government
$ 48,642
Public safety
47,013
Highways and streets
847,655
Culture and recereation
123,418
Internal service funds
35.458
.p 1,1 v6 100
-48-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
LONG -TERM DEBT
Long -term debt transactions for the year were as follows:
Outstanding
July 1,
2009 Issued
Governmental Activities:
Series 2005 $ 6,190,000 $
1999 Oregon EDD Loan 252,302
2005 URA Loan 1.245.363
7,687,665 - (461,804) 7,225,861 484,627
Capital Leases 52,175 222,241 (126,255) 148,161 148,161
Accrued compensated absences 434,414 147,571 - 581,985 -
$ 8,174,254 $ 369,812 $ (588,059) $ 7,956,007 $ 632,788
-49-
Outstanding
Due
Redeemed
.Tune 30,
Within
During Year
2010
One Year
- $ (260,000)
$ 5,930,000
$ 275,000
- (23,834)
n nn nnm
228,468
i non In,
24,027
i oc i
7,687,665 - (461,804) 7,225,861 484,627
Capital Leases 52,175 222,241 (126,255) 148,161 148,161
Accrued compensated absences 434,414 147,571 - 581,985 -
$ 8,174,254 $ 369,812 $ (588,059) $ 7,956,007 $ 632,788
-49-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
LONG- TERMDEBT (Continued)
$ 35,763,214 $ 811,092 $ (2,070,336) $ 34,503,970 $ 2,154,818
Future maturities of long -term debt are as follows:
-50-
Outstanding
Matured/
Outstanding
Due
July 1,
Redeemed
June 30,
Within
2007
Issued
During Year
2008
One Year
Business -type Activities:
Series 2003
$ 7,278,522
$ -
$ (246,810)
$ 7,031,712 $
253,064
1992 Oregon EDD
77,331
-
(24,214)
53,117
25,745
2005 Oregon EDD
3,440,156
-
(154,995)
3,285,161
161,521
2005 SDWR
3,440,166
-
(154,996)
3,285,170
161,521
2009 ARRA
324,339
-
324,339
-
1991 Oregon EDD
85,648
-
(41,476)
44,172
44,172
1999 Oregon EDD
296,173
-
(24,687)
271,486
29,901
1999 Oregon EDD
2,324,654
-
(206,232)
2,118,422
214,417
2001 Oregon EDD
18,188,499
-
(1,216,926)
16,971,573
1,264,477
2007 Oregon DEQ
370,804
243,483
-
614,287
-
2007 Oregon DEQ
191,241
112,100
-
303,341
-
35,693,194
679,922
(2,070,336)
34,302,780
2,154,818
Accrued compensated absences
70,020
131,170
-
201,190
-
$ 35,763,214 $ 811,092 $ (2,070,336) $ 34,503,970 $ 2,154,818
Future maturities of long -term debt are as follows:
-50-
Governmental Activities
Fiscal Year
Ending
June 30, Principal Interest Total
2011
$ 484,587 $
287,682
$ 772,269
2012
507,785
268,897
776,682
2013
526,295
249,237
775,532
2014
560,172
228,861
789,033
2015
584,429
206,832
791,261
2016 -20
2,087,593
766,504
2,854,097
2021 -25
2,475,000
322,675
2,797,675
$ 7,225,861 $ 2,330,688
Business -type Activities
Fiscal Year
Ending
June 30,
2011
2012
2013
2014
2015
2016 -20
2021 -25
2026 -29
Principal Interest
$ 3,396,785
2,190,440
2,249,248
2,338,492
2,430,966
13,151,698
6,550,671
1,994,480
$ 1,326,610
1,240,844
1,154,115
1,065,501
972,874
3,338,504
1,150,232
235,776
$ 34,302,780 $ 10,484,456 $ 44,787,236
$ 9,556,549
Total
$ 4,723,395
3,431,284
3,403,363
3,403,993
3,403,840
16,490,202
7,700,903
2,230,256
DEFINED BENEFIT PENSIONPLAN — THE RETIRMENT PLAN FOR EMPLOYEES OF CITY OF
WOODBURN, OREGON
Plan Description
The City sponsors a single - employer defined benefit pension plan that covers nonexecutive employees who have
completed six months of employment with the City and executive employees, except the city administrator, who
elect coverage under this plan. It provides retirement and disability benefits, cost of living adjustments and death
benefits to members and beneficiaries. The City Council has the authority to amend the benefit provisions of the
plan.
On November 5, 1998, the City decided to integrate its retirement plan into the Oregon Public Employees
Retirement System (PERS) pursuant to ORS 238.680. The City ceased contributions to its retirement plan in
December 1998, except for one employee who continued under the plan until August 2000. In December 1998, the
City transferred $6,738,120 to PERS under the integration agreement with PERS. The remaining assets of the
retirement plan are to provide retirement benefits to employees who have already retired or elected to remain in the
plan.
-51-
Membership of the plan consisted of eight inactive members at July 1, 2007, the date of the latest actuarial
valuation available as of the date of this report.
Funding Status and Progress
The pension benefit obligation (PBO), which is the actuarial present value of credited projected benefits, is a
standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary
increases and any step -rate benefits estimated to be payable in the future as a result of employee service to date.
The measure is intended to help assess the funding status of the plan, to assess progress made in accumulating
sufficient assets to pay benefits when due, and to make comparisons among employers. The latest actuarial
valuation was performed as of July 1, 2007.
Significant actuarial assumptions used to compute the PBO were as follows:
Investment earnings 5.5% (net of all plan expenses)
Salary increases as per contract
Cost -of- living increases 3.0%
Schedule of Employer Contributions
Error! Not a valid link.
EMPLOYEE RETIREMENT SYSTEM
City employees participate in the Oregon Public Employee's Retirement System (PERS). Contributions are made
for employees after six months of employment unless they are members of PERS and eligible for contributions
when they begin employment. PERS is a cost - sharing multiple - employer public employee retirement system that
acts as a common investment and administrative agent for government units in the State of Oregon. Benefits
generally vest after five years of continuous service in a PERS covered position. Retirement is allowed at age 58
with unreduced benefits, but retirement is generally available after age 55 with reduced benefits. Compulsory
retirement age is 70. Contributions made by, or on behalf of, the employee are payable in a lump sum or monthly
amounts using several payment options. Contributions made on behalf of the employee to the employer account
can only be taken in monthly payments. PERS also provides death and disability benefits. These benefit
provisions and other requirements are established by state statutes, Chapter 238, Oregon Revised Statutes. PERS
issues a publicly available comprehensive annual financial report that includes financial statements and required
supplemental information. The stand -alone report may be obtained by writing to Oregon Public Employees
Retirement System, P.O. Box 23700, Tigard, Oregon 97281 -3700.
The City's contribution rate, based on the most current actuarial valuation using the entry age actuarial cost method,
was 2239% of covered payroll for General Service Tier 1 and 2 employees. For newer employees covered under
the OPSRP (Oregon Public Service Retirement Plan) the rate was 22.59% and 25.86% of covered payroll for
General Service and Police employees, respectively. This rate includes the required employee contribution of 6%
of covered compensation. As a result of the City having a side account from the sale of PERS bonds, PERS
allowed the City a 7.64% reduction of the rates resulting in net rates paid to PERS of 14.75 %, 14.95% and 18.22%
respectively for the three groups. The contribution requirements of the City are established or may be amended by
the PERS Retirement Board while the employees' rate is set by the state statute ORS 238.200. The City's payroll
for employees covered by PERS for the year ended June 30, 2010 was $9,068,326, the City's total payroll was
$9,793,304.
-52-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
EMPLOYEE RETIREMENT SYSTEM (Continued)
For fiscal 2009 -10, the City's annual pension cost of $955,092 for PERS was equal to the City's required and actual
contributions. In addition,Error! Not a valid link was transferred to the PERS Rate Differential Fund to pay for debt
service on Local Government Pension Bonds explained below. The required contributions and liabilities were
determined as part of the December 31, 2005 actuarial valuation using the entry age actuarial cost method. Because
all PERS employers are required by law to submit the contributions adopted by the Retirement Board, and the
employer contributions are calculated in conformance with the standards of Statement No. 27, there is no net
pension obligation. The contributions actually made are the equivalent to the annual pension cost. Significant
actuarial assumptions used in the valuation include (1) a rate of return on the investment of present and future assets
of 8.5% per year; (b) projected annual salary increases for inflation and merit of 4.25% per year; (c) projected
automatic post- retirement benefit increases of 2.0% per year; and (d) demographic assumptions that have been
chosen to reflect the best estimate of emerging experience of the members of PERS. The unfunded actuarial
liability is amortized as a level percentage of covered payroll over a thirty year period on an open basis.
Because the underlying calculations in the actuarial valuation are long -term in nature, and one of the goals of the
actuarial valuation process is to ensure funding stability, it can be advantageous to smooth out short-term
fluctuations in the market value of the system's assets. The PERS Board approved implementation of an asset
smoothing method effective for the investment commencing in 2000. Annual investment gains and losses will be
recognized over a period of four years, and the Actuarial Value of Assets will be limited to the corridor between
90% and 100% of Fair Market Value.
DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code
Section (IRC) 457. The Plan, available to all City employees, permits them to defer a portion of their salary until
future years. The deferred compensation is not available to employees until termination, retirement, death or
unforeseeable emergency.
In accordance with IRC 457, the City has transferred all of the Plan assets into trust accounts. The assets and
income of the transferred plans are held for the exclusive benefit of the participants and their beneficiaries, and
accordingly are not included in the City's financial statements.
OTHER POST EMPLOYMENT BENEFITS
Plan Description
The City implemented GASB 45, Accounting and Financial Reporting by Employers for Postemployment Benefits
Other Than Pension prospectively beginning in fiscal year June 30, 2010. GASB 45 is applicable to the City due
only to the implicit rate subsidy.
As required by ORS 243.303, the City must offer retirees the same group health and dental insurance as provided to
current employees from the date of retirement to the age when retirees and spouses typically become eligible for
Medicare. The difference between retiree claims costs, which because of the effect of age, is generally higher in
comparison to all plan members, and the amount of retiree healthcare premiums represents the City's implicit
employer contribution.
-53-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
OTHER POST EMPLOYMENT BENEFITS (Continued)
Plan Description (Continued)
The City has not established an irrevocable trust (or equivalent arrangement) to account for the plan. The plan does
not issue a separate report.
Funding Policy
The City funds the plan only to the extent of current year insurance premium requirements on a pay -as- you -go
basis. At June 30, 2010, the City had 165 active employees and 53 retirees participating in the program with all
insurance premium costs paid in full by the individual for management personally hired after November 17, 2005
and AFSCME personnel hired after July 1, 2005.
Annual OPEB Cost and Net OPEB Obligation
The City's annual other post - employment benefit cost (expense) is calculated based on the annual required
contribution (ARC) of the employer, an amount actuarially determined in accordance within the parameters of
GASB 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal
cost each _year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty
years. The City amortizes unfunded actuarial liabilities over fifteen years.
The following table shows the components of the City's annual OPEB cost for the fiscal year ending June 30, 2010,
the amount actually contributed to the plans, and changes in the City's net OPEB obligation:
-54-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
OTHER POST EMPLOYMENT BENEFITS (Continued)
The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plans, and the net OPEB
obligation for 2010 were as follows:
Funded Status and Funding Progress
As of August 1, 2008, the most recent actuarial valuation date, the actuarial accrued liability for benefits was
$6,603,716, and the actuarial value of assets was $0, resulting in an unfunded actuarial accrued liability (UAAL) of
$6,603,716. The covered payroll (annual payroll of active employees covered by the plan) was $8,997,944 and the
ratio of the UAAL to the covered payroll was 73.4 %.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about
the probability of occurrence of events far into the future. Examples include assumptions about future employment,
mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the
annual required contributions of the employer are subject to continual revision as actual results are compared with
past expectations and new estimates are made about the future. The schedule of funding progress, presented as
required supplementary information immediately following the notes to the financial statements, presents multiyear
trend information about whether the actuarial value of plan assets is increasing or decreasing over time, relative to
the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by
the employer and the plan members) and include the types of benefits provided at the time of each valuation and the
historical pattern of sharing benefit costs between the employer and plan members to the evaluation date. The
actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term
volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long -term perspective
of the calculations.
The August 1, 2008 actuarial valuations for the OPEB plan is based on the projected unit credit actuarial cost
method. The actuarial assumptions include an investment return of 4.5 %, a healthcare cost inflation trend rate of
8.0% for the 1st year, August 1, 2008 to August 1, 2009, 7.0% in the 2nd year, 6.5% in the third year, 6.0% for the
4th through 14 year, 5.5% for the 15 through 29 year, and 5.0% thereafter. Annual payroll increases are
compounded at 3.75% annually. The unfunded actuarially accrued liability and the gain or loss is amortized as a
level percentage of projected payroll over 15 years.
Accrued
Liability
Value of (AAL) - Unfunded
Valuation Assets Entry Age AAL (UAAL)
Date (a) (b) (b -a)
08/01/2008 $ - $ 6,603,716 $ 6,603,716
Funded Covered
Ratio Payroll
(alb) (c)
0% $ 8,997,944
UAAL
as a
Percentage of
Covered
Payroll
((b -a) /c)
73.4%
-55-
Percentage of
Fiscal
Annual
Annual OPEB
Net OPEB
Year End
OPEB Cost
Cost Contribution
Obligation
06/30/09
$ 770,607
42.8% $
427,873
06/30/10
923,839
41.0%
976,071
Funded Status and Funding Progress
As of August 1, 2008, the most recent actuarial valuation date, the actuarial accrued liability for benefits was
$6,603,716, and the actuarial value of assets was $0, resulting in an unfunded actuarial accrued liability (UAAL) of
$6,603,716. The covered payroll (annual payroll of active employees covered by the plan) was $8,997,944 and the
ratio of the UAAL to the covered payroll was 73.4 %.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about
the probability of occurrence of events far into the future. Examples include assumptions about future employment,
mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the
annual required contributions of the employer are subject to continual revision as actual results are compared with
past expectations and new estimates are made about the future. The schedule of funding progress, presented as
required supplementary information immediately following the notes to the financial statements, presents multiyear
trend information about whether the actuarial value of plan assets is increasing or decreasing over time, relative to
the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by
the employer and the plan members) and include the types of benefits provided at the time of each valuation and the
historical pattern of sharing benefit costs between the employer and plan members to the evaluation date. The
actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term
volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long -term perspective
of the calculations.
The August 1, 2008 actuarial valuations for the OPEB plan is based on the projected unit credit actuarial cost
method. The actuarial assumptions include an investment return of 4.5 %, a healthcare cost inflation trend rate of
8.0% for the 1st year, August 1, 2008 to August 1, 2009, 7.0% in the 2nd year, 6.5% in the third year, 6.0% for the
4th through 14 year, 5.5% for the 15 through 29 year, and 5.0% thereafter. Annual payroll increases are
compounded at 3.75% annually. The unfunded actuarially accrued liability and the gain or loss is amortized as a
level percentage of projected payroll over 15 years.
Accrued
Liability
Value of (AAL) - Unfunded
Valuation Assets Entry Age AAL (UAAL)
Date (a) (b) (b -a)
08/01/2008 $ - $ 6,603,716 $ 6,603,716
Funded Covered
Ratio Payroll
(alb) (c)
0% $ 8,997,944
UAAL
as a
Percentage of
Covered
Payroll
((b -a) /c)
73.4%
-55-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
TRANSFERS
General
Revenue Sharing
RSVP
Streets
Equipment Replacement
Water
Sewer
Storm
Tech & Environmental Services
Transfers In Transfers Out
28,259
165,000
160,000
85,000
235,000
700,000
$ 1,373,259
123,259
20,000
289,000
346,000
590,000
5,000
$ 1,373,259
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that
statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the
receipts to the debt service fund as debt service payments become due, and (3) use unrestricted revenues collected
in the general fund to finance various programs accounted for in other funds in accordance with budgetary
authorizations.
-56-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
EXPENDITURES IN EXCESS OFAPPROPRIATIONS
The following funds had expenditures in excess of appropriations:
CONTINGENCIES
The City purchases commercial insurance to cover all commonly insurable risks, which includes property damage,
liability and employee bonds. Most policies carry a small deductible amount. No insurance claims settled in each
of the prior three years have exceeded policy coverage.
The City is a defendant in various litigation proceedings. Management believes any losses arising from these
actions will not materially affect the City's financial position.
-57-
CITY OF WOODBURN, OREGON
NOTES TO BASIC FINANCIAL STATEMENTS (Continued)
YEAR ENDED JUNE 30, 2010
GASB PRONOUNCEMENTS ISSUED, NOT YET INEFFECT
The Governmental Accounting Standards Board (GASB) has issued several pronouncements that have future
effective dates that may impact future financial presentations.
Management has not currently determined what, if any, impact implementation of the following statements may
have on future financial statements.
GASB Statement No. 54 "Fund Balance Reporting and Governmental Fund Type Definitions ", issued February
2009 will be effective for the City Beginning with its fiscal year ending June 30, 2010. The Statement establishes
new classifications for fund equity and new definitions for governmental fund types.
SUBSEQUENT EVENTS
The City adopted the provisions of Statement of Financial Accounting Standards ( "SFAS ") No. 165, "Subsequent
Events" (ASC 855). ASC 855 establishes new accounting and disclosure requirements for subsequent events.
Management has evaluated subsequent events through ** 2011, the date on which the financial statements were
available to be issued. Management is not aware of any subsequent events that require recognition or disclosure in
the financial statements.
-58-
REQUIRED SUPPLEMENTARY INFORMATION
-59-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACT UAL - GENERAL FUND
YEAR ENDED JUNE 30, 2010
Budgeted Amounts
Original Final
Actual Variance
REVENUES
Taxes and assessments $
7,356,000
$ 7,356,000 $
7,342,620
$ (13,380)
Licenses and permits
1,155,000
1,155,000
1,176,653
21,653
Charges for services
550,215
555,215
571,024
15,809
Intergovernmental
455,500
455,500
434,027
(21,473)
Fines and forfeitures
472,000
472,000
665,977
193,977
Miscellaneous
94,500
100,450
173,215
72,765
Total Revenues
10,083,215
10,094,165
10,363,516
269,351
EXPENDITURES
Council and mayor
44,068
44,068
40,892
3,176
City administrator
344,981
344,981
273,560
71,421
City recorder
96,317
136,076
107,675
28,401
City attorney
174,691
174,691
160,801
13,890
Finance
290,540
302,900
330,107
(27,207)
Municipal court
221,706
221,706
192,646
29,060
Nondepartmental
119,425
119,425
143,806
(24,381)
Police
5,537,395
5,520,395
5,295,457
224,938
Library
1,083,514
1,083,514
1,001,758
81,756
Leisure services
434,161
467,111
347,515
119,596
Swimming pool
646,930
646,930
628,451
18,479
Community service administration
362,607
362,607
324,515
38,092
Parks maintenance
470,959
470,959
387,640
83,319
Planning
567,975
567,975
546,720
21,255
Contingency
1,057,053
999,934
-
999,934
Total Expenditures
11,452,322
11,463,272
9,781,543
1,681,729
REVENUES OVER (UNDER)
EXPENDITURES
(1,369,107)
(1,369,107)
581,973
1,951,080
OTHER FINANCING SOURCES (USES)
Transfers out
(123,259)
(123,259)
(123,259)
-
NET CHANGE IN FUND BALANCE
(1,492,366)
(1,492,366)
458,714
1,951,080
FUND BALANCE, Beginning of year
1,954,245
1,954,245
2,159,699
205,454
FUND BALANCE, End of year $
461,879
$ 461,879 $
2,618,413
$ 2,156,534
-60-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —HOUSING REHABILITATION FUND
YEAR ENDED JUNE 30, 2010
-61-
Budgeted Amounts
Original
Final
Actual
Variance
REVENUES
Miscellaneous
$ 32,398
$ 32,398
$ 29,768
$ (2,630)
EXPENDITURES
Materials and services
702,232
702,232
333,017
369,215
Contingency
28,768
28,768
-
28,768
Total Expenditures
731,000
731,000
333,017
397,983
REVENUES OVER (UNDER)
EXPENDITURES
(698,602)
(698,602)
(303,249)
395,353
FUND BALANCE, Beginning of year
698,602
698,602
676,701
(21,901)
FUND BALANCE, End of year
$ -
$ -
$ 373,452
$ 373,452
-61-
(page intentionally left blank)
-62-
OTHER SUPPLEMENTARY INFORMATION
-63-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL - GENERAL CONSTRUCTION FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE IN FUND BALANCE
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original
Final
Actual
Variance
$ 165,290
$ 690,290
$ 466,520
$ (223,770)
1,000
1,000
75,051
74,051
166,290
691,290
541,571
(149,719)
303,290
828,290
562,240
266,050
31,771
31,771
-
31,771
335,061
860,061
562,240
297,821
(168,771)
(168,771)
(20,669)
148,102
-
(20,000)
-
20,000
(168,771)
(188,771)
(20,669)
168,102
244,771
264,771
104,378
(160,393)
$ 76,000
$ 76,000
$ 83,709
$ 7,709
-64-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL — STREET /STORM CAPITAL IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Charges for services
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final
Actual Variance
$ 315,000
$ 315,000
$ 364,253
$ 49,253
750,000
750,000
393,923
(356,077)
1,887,000
1,887,000
797,103
(1,089,897)
10,000
10,000
43,013
33,013
2,962,000
2,962,000
1,598,292
(1,363,708)
421,900
421,900
250,866
171,034
2,988,600
2,988,600
1,605,260
1,383,340
65,816
65,816
-
65,816
(514,316)
(514,316) (257,834) 256,482
514,316 664,430 150,114
-65-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —STREET SDC FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original
Final
Actual
Variance
$ 300,000
$ 300,000
$ 206,610
$ (93,390)
100,000
100,000
34,982
(65,018)
400,000
400,000
241,592
(158,408)
795,372
795,372
255,972
539,400
1,755,628
1,755,628
606,672
1,148,956
(4,305,365) (4,305,365)
(621,052) 3,684,313
$ 3,300,000 $ 3,300,000 $ 6,928,604 $ 3,628,604
-66-
(page intentionally left blank)
-67-
CITY OF WOODBURN, OREGON
COMBINING BALANCE SHEET- NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2010
Special Revenue
General Search and
Reserve Transit Building Seizure
ASSETS
Cash and investments
$
73,744
$
83,952
$
104,121
$
-
Accounts receivable
-
-
-
-
Property taxes receivable
-
14,025
-
-
Assessment liens receivable
-
-
-
-
Total Assets
$
73,744
$
97,977
$
104,121
$
-
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
-
$
19,046
$
17,411
$
-
Due to other funds
-
192
46
18,623
Deferred revenue
-
12,590
-
-
Total Liabilities
-
31,828
17,457
18,623
Fund Balances
Unreserved, reported in:
Special revenue funds
-
-
86,664
(18,623)
Capital projects funds
73,744
-
-
-
Debt services fund
-
66,149
-
-
Total Fund Balances
73,744
66,149
86,664
(18,623)
Total Liabilities and Fund Balances
$
73,744
$
97,977
$
104,121
$
-
-68-
$ 20 $ 14,576 $ 172 $
68.589 - 27
Ob,0U7 1'+,.)/0 177
$ 44,980 $ 540 $ 291
154 - 37
45,134 540 328
(68,541)
Special Revenue
10,914
5,934
206,718
137,814
83,083
Local
Weed and Revenue
Cable
Gas
Seed Sharing
RSVP Franchise
Streets
Tax Storm
$ 68 $ 192,963
$ 11,113 $ 5,934 $
98,578
$ 129,151 $ 83,411
- 50,618
- -
153,274
9,203 -
$ 68 $ 243,581
$ 11,113 $ 5,934 $
251,852
$ 138,354 $ 83,411
$ 20 $ 14,576 $ 172 $
68.589 - 27
Ob,0U7 1'+,.)/0 177
$ 44,980 $ 540 $ 291
154 - 37
45,134 540 328
(68,541)
229,005
10,914
5,934
206,718
137,814
83,083
229,005
137,814
(68,541)
10,914
5,934
206,718
83,083
$ 68 $
243,581 $
11,113 $
5,934
$ 251,852 $
138,354 $
83,411
-69-
CITY OF WOODBURN, OREGON
COMBINING BALANCE SHEET - NONMAJOR GOVERNMENTAL FUNDS (Continued)
JUNE 30, 2010
ASSETS
Cash and investments
Accounts receivable
Property taxes receivable
Assessment liens receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
Due to other funds
Deferred revenue
Total Liabilities
Fund Balances
Unreserved, reported in:
Special revenue funds
Capital projects funds
Debt services fund
Total Fund Balances
Total Liabilities and Fund Balances
Special Revenue
Librarr Museum Economic Police
Endowment Endowment Development Construction
$ 25,828 $ 2,754 $ 106,976 $ 442,655
$ 25,828 $ 2,754 $ 106,976 $ 442,655
$ - $
- $
- $
172
-
-
-
172
25,828 2,754 106,976 -
- - - 442,483
25,828 2,754
$ 25,828 $ 2,754 $
106,976 442,483
106,976 $ 442,655
-70-
209,571 - -
209,571 - -
983,854 646,870 505,731
983,854 646,870 505,731
$ 12,501
12,501
16,324 418,174
16,324 418,174
$ 1,193,425 $ 646,870 $ 505,731 $ 16,324 $ 430,675
-71-
Capital Projects
PW
Special
Parks
Storm
Facility
Equipment
Assessment
SDC
SDC
Construction
Replacement
$ 983,854
$ 646,870 $
505,731
$ 16,324
$ 430,675
209,571
-
-
-
-
$ 1,193,425
$ 646,870 $
505,731
$ 16,324
$ 430,675
209,571 - -
209,571 - -
983,854 646,870 505,731
983,854 646,870 505,731
$ 12,501
12,501
16,324 418,174
16,324 418,174
$ 1,193,425 $ 646,870 $ 505,731 $ 16,324 $ 430,675
-71-
CITY OF WOODBURN, OREGON
COMBINING BALANCE SHEET - NONMAJOR GOVERNMENTAL FUNDS (Continued)
JUNE 30, 2010
-72-
Debt Service
GO
Bancroft
Urban
Debt
Bond
Renewal Debt
Totals
ASSETS
Cash and investments
$
88,083
$
7,519
$
1,033,422
$
5,073,726
Accounts receivable
-
-
-
213,095
Property taxes receivable
44,614
-
50,912
109,551
Assessment liens receivable
-
-
-
209,571
Total Assets
$
132,697
$
7,519
$
1,084,334
$
5,605,943
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
-
$
933
$
-
$
110,642
Due to other funds
-
-
-
87,668
Deferred revenue
40,050
-
45,862
308,073
Total Liabilities
40,050
933
45,862
506,383
Fund Balances
Unreserved, reported in:
Special revenue funds
-
-
-
808,526
Capital projects funds
-
-
3,087,180
Debt services fund
92,647
6,586
1,038,472
1,203,854
Total Fund Balances
92,647
6,586
1,038,472
5,099,560
Total Liabilities and Fund Balances
$
132,697
$
7,519
$
1,084,334
$
5,605,943
-72-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2010
-73-
General
Search and
Reserve
Transit
Building
Seizure
REVENUES
Taxes and assessments
$ -
$ 155,209
$ -
$ -
Licenses and permits
-
-
135,332
-
Charges for services
-
23,893
-
-
Intergovernmental
-
432,079
-
12,382
Miscellaneous
358
15,894
22,916
1,515
Total Revenues
358
627,075
158,248
13,897
EXPENDITURES
Current operating:
General government
-
-
215,065
-
Public safety
-
-
-
35,825
Highways and streets
-
405,474
-
-
Culture and recreation
-
-
-
-
Capital outlay
-
216,412
-
-
Debt service
Principal
-
-
-
-
Interest
-
-
-
-
Total Expenditures
-
621,886
215,065
35,825
REVENUES OVER (UNDER)
EXPENDITURES
358
5,189
(56,817)
(21,928)
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total Other Financing Sources (Uses)
-
-
-
-
NET CHANGE IN FUND BALANCES
358
5,189
(56,817)
(21,928)
FUND BALANCES, Beginning ofyear
73,386
60,960
143,481
3,305
FUND BALANCES, End of year
$ 73,744
$ 66,149
$ 86,664
$ (18,623)
-73-
Special Revenue
Local
Weed and Revenue Cable Gas
Seed Sharing RSVP Franchise Streets Tax Storm
$ - $ - $ - $ - $ - $ 117,884 $ -
22,149 - - -
- 1,167 - -
1 52 QA7 ')')A drQd 50 711 _ Qira AQA
8,867 - 21,192 -
116,327 - 82,754 - 1,041,682
- 379,214 - 2,500 -
47,043 - - -
37,047 (212,874) (23,008)
IQ 1 )SQ
(20,000) 28,259
- 152,072
9,255 -
(1,513) (62,818) 108,984 (151,917)
1 r5 Ann X25 Ann
(124,000) - 235,000
(1,513) (186,818) 108,984 83,083
-74-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NONMAJOR GOVERNMENTAL FUNDS (Continued)
YEAR ENDED JUNE 30, 2010
Special Revenue
Library
Museum
Economic
Police
Endowment
Endowment
Development
Construction
REVENUES
Taxes and assessments $
-
$ -
$ -
$ -
Licenses and permits
-
-
-
-
Charges for services
-
-
-
-
Intergovernmental
-
-
-
-
Miscellaneous
126
14
610
2,374
Total Revenues
126
14
610
2,374
EXPENDITURES
Current operating:
General government
-
-
-
-
Public safety
-
-
-
-
Highways and streets
-
-
-
-
Culture and recreation
-
-
-
-
Capital outlay
-
-
-
71,793
Debt service
Principal
-
-
36,519
-
Interest
-
-
-
-
Total Expenditures
-
-
36,519
71,793
REVENUES OVER (UNDER)
EXPENDITURES
126
14
(35,909)
(69,419)
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
-
Transfers out
-
-
-
-
Total Other Financing Sources (Uses)
-
-
-
-
NET CHANGE IN FUND BALANCES
126
14
(35,909)
(69,419)
FUND BALANCES, Beginning ofyear
25,702
2,740
142,885
511,902
FUND BALANCES, End of year $
25,828
$ 2,754
$ 106,976
$ 442,483
-75-
Capital Projects
PW
Special Parks Storm Facility Equipment
Assessment SDC SDC Construction Replacement
$ 158,664 $ - $ - $ - $ -
- 18,825 3,352 - -
G / /,JYV GY, /J/ V,JVG OJ 1,7YV
2,663 - - - -
62,818 549,897 206,151 3,914 96,012
211,865 (525,140) (199,849) (3,829) (94,066)
- - - - 160.000
- - - - 160,000
211,865 (525,140) (199,849) (3,829) 65,934
.p 70J,OJY .p VYV,O /V .p JVJ, /J1 .p 1V,JGY Y10,1 /Y
-76-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
NONMAJOR GOVERNMENTAL FUNDS (Continued)
YEAR ENDED JUNE 30, 2010
-77-
Debt Service
GO
Bancroft
Urban
Debt
Bond
Renewal Debt
Totals
REVENUES
Taxes and assessments
$ 491,110
$ -
$ 569,592
$ 1,492,459
Licenses and permits
-
-
-
179,658
Charges for services
-
-
-
25,060
Intergovernmental
-
-
-
1,843,213
Miscellaneous
1,100
36
5,362
194,755
Total Revenues
492,210
36
574,954
3,735,145
EXPENDITURES
Current operating:
General government
6,101
-
-
251,225
Public safety
-
-
-
35,825
Highways and streets
-
-
-
557,546
Culture and recreation
-
-
-
1,252,681
Capital outlay
-
-
-
1,588,711
Debt service
Principal
260,000
-
601,798
945,360
Interest
243,156
-
49,762
292,918
Total Expenditures
509,257
-
651,560
4,924,266
REVENUES OVER (UNDER)
EXPENDITURES
(17,047)
36
(76,606)
(1,189,121)
OTHER FINANCING SOURCES (USES)
Transfers in
-
-
-
588,259
Transfers out
-
-
-
(309,000)
Total Other Financing Sources (Uses)
-
-
-
279,259
NET CHANGE IN FUND BALANCES
(17,047)
36
(76,606)
(909,862)
FUND BALANCES, Beginning ofyear
109,694
6,550
1,115,078
6,009,422
FUND BALANCES, End ofyear
$ 92,647
$ 6,586
$ 1,038,472
$ 5,099,560
-77-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —GENERAL RESERVE FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Miscellaneous
EXPENDITURES
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final
$ 1,300 $ 1,300 $
Actual Variance
358 $ (942)
1,300 1,300 358
73,911 73,911 73,386
(942)
$ 75,211 $ 75,211 73,744 $ (1,467)
-78-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACT UAL - TRANSIT FUND
YEAR ENDED JUNE 30, 2010
-79-
Baal; eted Amounts
Original
Final
Actual
Variance
REVENUES
Taxes and assessments
$ 154,000
$ 154,000
$ 155,209
$ 1,209
Charges for services
34,000
34,000
23,893
(10,107)
Intergovernmental
144,000
414,341
432,079
17,738
Miscellaneous
14,200
14,200
15,894
1,694
Total Revenues
346,200
616,541
627,075
10,534
EXPENDITURES
Personal services
324,268
331,268
280,404
50,864
Materials and services
91,760
151,060
125,070
25,990
Capital outlay
-
220,341
216,412
3,929
Contingency
37,161
20,861
-
20,861
Total Expenditures
453,189
723,530
621,886
101,644
REVENUES OVER (UNDER)
EXPENDITURES
(106,989)
(106,989)
5,189
112,178
FUND BALANCE, Beginning of year
121,589
121,589
60,960
(60,629)
FUND BALANCE, End of year
$ 14,600
$ 14,600
$ 66,149
$ 51,549
-79-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL - BUILDING FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Miscellaneous
Total Revenues
EXPENDITURES
Personal services
Materials and services
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Proceeds from issuance of debt
NET CHANGE IN FUND BALANCE
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 103,242 $ 103,242 $ 135,332 $ 32,090
110,674
110,674
158,248
47,574
194,578
194,578
179,140
15,438
43,486
43,486
35,925
7,561
145,053
145,053
-
145,053
383,117
383,117
215,065
168,052
(272,443)
(272,443)
(56,817)
215,626
160,000
160,000
-
(160,000)
(112,443)
(112,443)
(56,817)
55,626
159,073
159,073
143,481
(15,592)
$ 46,630
$ 46,630
$ 86,664
$ 40,034
-80-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACT UAL — SEARCH AND SEIZURE FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning (?f year
FUND BALANCE, End of year
Bull; eted Amounts
Original Final Actual Variance
$ - $ 70,000 $ 12,382 $ (57,618)
200 200 1,515 1,315
200 70,200 13,897 (56,303)
3,600 73,600 35,825 37,775
(3,400) (3,400) (21,928) (18,528)
3,400 3,400 3,305 (95)
$ - $ - $ (18,623) $ (18,623)
-81-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL — WEED AND SEED FUND
YEAR ENDED JUNE 30, 2010
-82-
Budgeted Amounts
Original
Final
Actual
Variance
REVENUES
Intergovernmental
$ 174,529
$ 174,529
$ 153,847
$ (20,682)
Miscellaneous
-
-
(473)
(473)
Total Revenues
174,529
174,529
153,374
(21,155)
EXPENDITURES
Personal services
132,761
132,761
95,582
37,179
Materials and services
41,768
41,768
20,745
21,023
Total Expenditures
174,529
174,529
116,327
58,202
REVENUES OVER (UNDER)
EXPENDITURES
-
-
37,047
37,047
FUND BALANCE, Beginning of year
-
-
(105,588)
(105,588)
FUND BALANCE, End of year
$ -
$ -
$ (68,541)
$ (68.541)
-82-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL -REVENUE SHARING FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay
Debt service
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE IN FUND BALANCE
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 225,000
$ 225,000
$ 220,694
$ (4,306)
5,000
5,000
1,556
(3,444)
230,000
230,000
222,250
(7,750)
16,950
16,950
8,867
8,083
411,050
411,050
379,214
31,836
47,044
47,044
47,043
1
38,072
38,072
-
38,072
513,116
513,116
435,124
77,992
(283,116) (283,116) (212,874) 70,242
(20,000) (20,000) (20,000) -
(303,116) (303,116) (232,874) 70,242
303,116 303,116 461,879 158,763
$ - $ - $ 229,005 $ 229,005
-83-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL - RSVP FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Personal services
Materials and services
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
NET CHANGE IN FUND BALANCE
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 56,054 $
56,054
$ 59,721
$ 3,667
260
260
25
(235)
56,314
56,314
59,746
3,432
77,108
77,108
73,215
3 893
10,686
10,686
9,539
1,147
2,026
2,026
-
2,026
89,820
89,820
82,754
7,066
(33,506) (33,506) (23,008) 10,498
28,259 28,259 28,259 -
(5,247) (5,247) 5,251 10,498
9,527 9,527 5,663 (3,864)
$ 4,280 $ 4,280 $ 10,914 $ 6,634
-84-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —CABLE FRANCHISE FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of .year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 20,000 $
20,000
$ 22,149 $
2,149
200
200
30
(170)
20,200
20,200
22,179
1,979
21,000
21,000
21,192
(192)
2,500
2,500
2,500
-
8,200
8,200
-
8,200
(11,500) (11,500) (1,513) 9,987
11,500 11,500 7,447 (4,053)
$ - $ - $ 5,934 $ 5,934
-85-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
B UDGET AND ACT UAL - STREETS FUND
YEAR ENDED JUNE 30, 2010
Budgeted Amounts
Original Final Actual Variance
REVENUES
Charges for services
$ 500
$ 500
$ 1,167 $
667
Intergovernmental
980,000
980,000
964,490
(15,510)
Miscellaneous
20,000
20,000
13,207
(6,793)
Total Revenues
1,000,500
1,000,500
978,864
(21,636)
EXPENDITURES
Personal services
457,824
464,824
439,922
24,902
Materials and services
710,490
720,490
601,760
118,730
Contingency
76,714
59,714
-
59,714
Total Expenditures
1,245,028
1,245,028
1,041,682
203,346
REVENUES OVER (UNDER)
EXPENDITURES
(244,528)
(244,528)
(62,818)
181,710
OTHER FINANCING SOURCES (USES)
Transfers in
165,000
165,000
165,000
-
Transfers out
(289,000)
(289,000)
(289,000)
-
Total Other Financing Sources (Uses)
(124,000)
(124,000)
(124,000)
-
NET CHANGE IN FUND BALANCE
(368,528)
(368,528)
(186,818)
181,710
FUND BALANCE, Beginning of year
406,704
406,704
393,536
(13,168)
FUND BALANCE, End of year
$ 38,176
$ 38,176
$ 206,718 $
168,542
-86-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —LOCAL GAS TAX FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Taxes and assessments
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original
Final
Actual
Variance
$ 120,000
$ 120,000
$ 117,884
$ (2,116)
-
500,000
-
(500,000)
6,000
6,000
355
(5,645)
126,000
626,000
118,239
(507,761)
149,000
649,000
9,255 639,745
(28,014)
(28,014)
108,984 136,998
$ - $ - $ 137,814 $ 137,814
-87-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS -
B UDGET (NON -GAAP BASIS) AND ACTUAL - STORM FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Miscellaneous
EXPENDITURES
Personal services
Materials and services
Contingency
Total Expenses
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of :pear
Budgeted Amounts
Budget
Original
Final
Basis
Variance
155
$ 155
162,508
166,438
134,929
31,509
27,590
27,590
17,143
10,447
44,902
40,972
-
40,972
235,000
235,000
152,072
82,928
(235,000)
(235,000)
(151,917)
(82,773)
235,000 235,000 235,000 -
- - 83,083 (82,773)
$ - $ - $ 83,083 $ (82,773)
-88-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACTUAL —LIBRARY ENDOWMENT FUND
YEAR ENDED JUNE 30, 2010
Budgeted Amounts
Original Final Actual
REVENUES
Miscellaneous $ 700 $ 700 $
EXPENDITURES
Contingency
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
26,500
(25,800)
25,800
26,500
(25,800)
25,800
Variance
126 $ ( 574)
- 26,500
126 25,926
- $ 25,828 $ 25,828
-89-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL — MUSEUMENDOWMENT FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Miscellaneous
EXPENDITURES
Contingency
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 50 $ 50 $
2,750 2,750
14 $ (36)
- 2,750
(2,700) (2,700) 14 2,714
2,700 2,700 2,740 40
$ - $ - $ 2,754 $ 2,754
-90-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —ECONOMIC DEVELOPMENT FUND
YEAR ENDED JUNE 30, 2010
-91-
Budgeted Amounts
Original
Final
Actual
Variance
REVENUES
Miscellaneous
$ 2,000
$ 2,000
$ 610
$ (1,390)
EXPENDITURES
Debt service
36,519
36,519
36,519
-
Contingency
103,212
103,212
-
103,212
Total Expenditures
139,731
139,731
36,519
103,212
REVENUES OVER (UNDER)
EXPENDITURES
(137,731)
(137,731)
(35,909)
101,822
FUND BALANCE, Beginning (?f year
137,731
137,731
142,885
5,154
FUND BALANCE, End of year
$ -
$ -
$ 106,976
$ 106,976
-91-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
B UDGET AND ACTUAL —POLICE CONSTRUCTION FUND
YEAR ENDED JUNE 30, 2010
-92-
Budgeted Amounts
Original
Final
Actual
Variance
REVENUES
Miscellaneous
$ 2,000
$ 2,000
$ 2,374
$ 374
EXPENDITURES
Materials and services
581,988
581,988
71,793
510,195
Capital outlay
5,000
5,000
-
5,000
Total Expenditures
586,988
586,988
71,793
515,195
REVENUES OVER (UNDER)
EXPENDITURES
(584,988)
(584,988)
(69,419)
515,569
FUND BALANCE, Beginning (?f year
584,988
584,988
511,902
(73,086)
FUND BALANCE, End of year
$ -
$ -
$ 442,483
$ 442,483
-92-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL —SPECIAL ASSESSMENT FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Taxes and assessments
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of .year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 395,800
$ 395,800
$ 158,664
$ (237,136)
43,000
43,000
118,682
75,682
438,800
438,800
277,346
(161,454)
11,000
11,000
2,663
8,337
70,000
70,000
62,818
7,182
(264,083) (264,083) 211,865 475,948
264,083 264,083 771,989 507,906
$ - $ - $ 983,854 $ 983,854
-93-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXTENDIT URES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL —PARKS SDC FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
NET CHANGE IN FUND BALANCE
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual Variance
$ 90,000 $ 90,000 $ 18,825 $ (71,175)
102,000 102,000 24,757 (77,243)
- 20,000 - 20,000
700,710 700,710 549,897 150,813
1,072,106 1,092,106 549,897 542,209
(970,106) (990,106) (525,140) 464,966
- 20,000
- (20,000)
(970,106) (970,106) (525,140) 444,966
$ - $ - $ 646,870 $ 646,870
-94-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACTUAL -STORM SDC FUND
YEAR ENDED JUNE 30, 2010
-95-
Budgeted Amounts
Original
Final
Actual
Variance
REVENUES
Licenses and permits
$ 20,000
$ 20,000
$ 3,352
$ (16,648)
Miscellaneous
10,000
10,000
2,950
(7,050)
Total Revenues
30,000
30,000
6,302
(23,698)
EXPENDITURES
Materials and services
12,000
12,000
9,512
2,488
Capital outlay
250,000
275,000
196,639
78,361
Contingency
225,547
200,547
-
200,547
Total Expenditures
487,547
487,547
206,151
281,396
REVENUES OVER (UNDER)
EXPENDITURES
(457,547)
(457,547)
(199,849)
257,698
FUND BALANCE, Beginning of .vear
683,095
683,095
705,580
22,485
FUND BALANCE, End of year
$ 225,548
$ 225,548
$ 505,731
$ 280,183
-95-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACTUAL — PW FACILITY CONSTRUCTION FUND
YEAR ENDED JUNE 30, 2010
Budgeted Amounts
Original Final Actual
REVENUES
Miscellaneous $ 300 $ 300 $
EXPENDITURES
Capital outlay
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Variance
85 $ (215)
15,000 15,000 3,914 11,086
5,500 5,500 - 5,500
20,500 20,500 3,914 16,586
(20,200)
20,200
-96-
(20,200) (3,829) 16;371
20,200 20,153 (47)
- $ 16,324 $ 16,324
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
BUDGET AND ACTUAL — EQUIPMENT REPLACEMENT FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Capital outlay
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
NET CHANGE IN FUND BALANCE
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Bull; eted Amounts
Original Final Actual Variance
$ 49,500 $ 49,500 $ - $ (49,500)
5,000 5,000 1,946 (3,054)
54,500 54,500 1,946 (52,554)
(483,068)
(483,068)
(94,066)
389,002
160,000
160,000
160,000
-
(323,068)
(323,068)
65,934
389,002
323,068
323,068
352,240
29,172
$ -
$ -
$ 418,174
$ 418,174
-97-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL - GENERAL OBLIGATIONDEBT FUND
YEAR ENDED JUNE 30, 2010
-98-
Budgeted Amounts
Original
Final
Actual
Variance
REVENUES
Taxes and assessments
$ 490,000
$ 490,000
$ 491,110
$ 1,110
Miscellaneous
4,320
4,320
1,100
(3,220)
Total Revenues
494,320
494,320
492,210
(2,110)
EXPENDITURES
Materials and services
1,798
1,798
6,101
(4,303)
Debt service
-
Principal
260,000
260,000
260,000
Interest
245,000
245,000
243,156
Contingency
88,202
88,202
-
88,202
Total Expenditures
595,000
595,000
509,257
83,899
REVENUES OVER (UNDER)
EXPENDITURES
(100,680)
(100,680)
(17,047)
83,633
FUND BALANCE, Beginning of year
100,680
100,680
109,694
9,014
FUND BALANCE, End of :pear
$ -
$ -
$ 92,647
$ 92,647
-98-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE -
B UDGET AND ACTUAL — BANCROFT BOND FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Miscellaneous
EXPENDITURES
Contingency
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Budgeted Amounts
Original Final Actual
$ 100 $ 100 $
• •11
(6,500)
6,500
6,600
(6,500)
6,500
Variance
36 $ (64)
- 6,600
36 6,536
$ - $ - $ 6,586 $ 6,586
-99-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXTENDIT URES AND CHANGES IN FUND BALANCE -
B UDGET AND ACT UAL — URBAN RENEWAL DEBT FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Taxes and assessments
Miscellaneous
Total Revenues
EXPENDITURES
Debt service
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCE, Beginning of year
FUND BALANCE, End of year
Butl;eted Amounts
Original Final Actual Variance
$ 530,000
$ 530,000 $
569,592 $
39,592
15,000
15,000
5,362
(9,638)
545,000
545,000
574,954
29,954
1,006,407
1,006,407
651,560
354,847
682,593
682,593
-
682,593
1,689,000
1,689,000
651,560
1,037,440
(1,144,000)
(1,144,000)
(76,606)
1,067,394
$ 342,000 $ 342,000 $ 1,038,472 $ 696,472
-100-
(page intentionally left blank)
-loi-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF NET ASSETS - NONMAJOR PROPRIETARY (ENTERPRISE) FUNDS
JUNE 30, 2010
Sewer
Capital Water Sewer
Improvement SDC SDC
ASSETS
Current Assets
Cash and investments
LIABILITIES
NET ASSETS
Restricted for construction
$ 66,730 $ 617,748 $ 93,663
$ 66,730 $ 617,748 $ 93,663
-102-
Totals
778,141
778,141
-103-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET A SSETS -
NONMAJOR PROPRIETARY (ENTERPRISE) FUNDS
YEAR ENDED JUNE 30, 2010
OPERATING REVENUES
OPERATING EXPENSES
OPERATING INCOME (LOSS)
NONOPERA TING REVENUES (EXPENSES)
Investment revenue
Interest expense
Transfers out
Total Nonoperating Revenue (Expenses)
NET INCOME BEFORE CONTRIBUTIONS
Capital contributions
CHANGE IN NET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
Sewer
Capital Water Sewer
Improvement SDC SDC
396 3,783 1,522
- (210,593) (225,814)
(24,214) (194,880) (360,034)
(23, 818)
(23, 818)
(23, 818)
95,435
(401,690)
(401,690)
85,223
(316,467)
934,215
(584,326)
(584,326)
119,700
(464,626)
558,289
$ 71,617 $ 617,748 $ 93,663
-104-
Totals
5,701
(436,407)
(579,128)
(1,009,834)
(1,009,834)
204,923
(804,911)
1,587,939
$ 783.028
-105-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF CASHFLOWS - NONMAJOR PROPRIETARY (ENTERPRISE) FUNDS
YEAR ENDED JUNE 30, 2010
CASHAND INVESTMENTS, End of year $ 71,617 $ 617,748 $
Sewer Capital Water
Improvement SDC
RECONCILIATION OF OPERATING INCOME TO
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities $
Water Sewer
SDC SDC
(194,880) (360,034)
85,223 119,700
(210,593) (225,814)
(125,370) (106,114)
3,783 1,522
(316,467)
934,215
(464,626)
558,289
93,663
Sewer
SDC
-106-
Sewer Capital
Improvement _
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROM NON- CAPITAL FINANCING
ACTIVITIES
Transfers out
(24,214)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
System development revenue
-
Interest paid
-
Net Cash Provided by (Used in) Capital and Related
Financing Activities
-
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments
396
Increase (Decrease) in Cash and Investments
(23,818)
CASHAND INVESTMENTS, Beginning of year
95,435
CASHAND INVESTMENTS, End of year $ 71,617 $ 617,748 $
Sewer Capital Water
Improvement SDC
RECONCILIATION OF OPERATING INCOME TO
CASH FLOWS FROM OPERATING ACTIVITIES
Net Cash Provided by (Used in) Operating Activities $
Water Sewer
SDC SDC
(194,880) (360,034)
85,223 119,700
(210,593) (225,814)
(125,370) (106,114)
3,783 1,522
(316,467)
934,215
(464,626)
558,289
93,663
Sewer
SDC
-106-
Totals
(579,128)
204,923
(436,407)
(231,484)
5,701
(804,911)
1,587,939
$ 783,028
Totals
-107-
CITY OF WOODBURN, OREGON
SCHED ULE OF REVENUES, EXPENDITURES AND CHANGES IN NET ASSETS -
BUDGET (NON -GAAP BASIS) AND ACTUAL - WATER FUND
YEAR ENDED JUNE 30, 2010
-108-
Budgeted Amounts
Budget
G'AAP
Original
Final
Basis
Basis
REVENUES
Charges for services
$ 1,853,086
$ 1,853,086
$ 1,734,473
$ 1,734,473
Miscellaneous
21,000
21,000
14,716
14,716
Total Revenues
1,874,086
1,874,086
1,749,189
1,749,189
EXPENDITURES
Personal services
1,126,718
1,126,718
885,327
967,556
Materials and services
570,471
628,171
545,132
679,192
Capital outlay /depreciation
40,000
40,000
9,212
237,532
Contingency
421,863
364,163
-
-
Total Expenses
2,159,052
2,159,052
1,439,671
1,884,280
REVENUES OVER (UNDER)
EXPENDITURES
(284,966)
(284,966)
309,518
(135,091)
OTHER FINANCING SOURCES (USES)
Transfers in
85,000
85,000
85,000
1,645,274
Transfers out
(346,000)
(346,000)
(346,000)
(14,475,395)
Total Other Financing Sources (Uses)
(261,000)
(261,000)
(261,000)
(12,830,121)
NET CHANGE INNETASSETS
(545,966)
(545,966)
48,518
(12,965,212)
NETASSETS, Beginning of year
596,884
596,884
643,983
9,506,955
NETASSETS, End of year
$ 50,918
$ 50,918
$ 692,501
$ (3,458,257)
-108-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS -
BUDGET (NON -GAAP BASIS) AND ACTUAL - SEWER FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Charges for services
Miscellaneous
Total Revenues
EXPENDITURES
Personal services
Materials and services
Capital outlay /depreciation
Debt service
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
Budgeted Amounts
Budget
GAAP
Original
Final
Basis
Basis
$ 2,655,314
$ 2,655,314
$ 2,533,557
$ 2,533,557
19,200
19,200
20,041
20,041
2,674,514
2,674,514
2,553,598
2,553,598
1,101,607
1,113,751
1,028,961
1,114,682
926,760
956,260
838,737
897,633
123,000
123,000
118,575
1,889,599
-
-
-
5,567
380,462
338,818
-
-
2,531,829
2,531,829
1,986,273
3,907,481
142,685
142,685
567,325
(1,353,883)
-
-
-
16,663,339
(590,000)
(590,000)
(590,000)
(945,583)
(447,315)
(447,315)
(22,675)
14,363,873
526,664
526,664
530,387
17,626,692
$ 79,349
$ 79,349
$ 507,712
$ 31,990,565
- 109-
CITY OF WOODBURN, OREGON
SCHED ULE OF REVENUES, EXPENDITURES AND CHANGES IN NET ASSETS -
B UDGET (NON -GAAP BASIS) AND ACT UAL — WWTP CONSTR UCTION FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Charges for services
Intergovernmental
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay /depreciation
Debt service
Principal
Interest
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE IN NET ASSETS
NETASSETS, Beginning of year
NET ASSETS, End of year
Budgeted Amounts
Original Final
Budget G'AAP
Basis Basis
$ 2,377,714
$ 2,377,714 $
2,337,362
$ 2,337,362
2,120,000
2,120,000
355,583
-
10,000
10,000
2,829
2,829
4,507,714
4,507,714
2,695,774
2,340,191
1,212,320
1,212,320
890,226
23,948
1,767,560
1,767,560
104,426
-
1,164,459
1,164,459
1,087,811
-
596,152
596,152
669,733
687,938
61,969
61,969
-
-
4,802,460
4,802,460
2,752,196
711,886
(294,746)
(294,746)
(56,422)
1,628,305
-
-
-
(1,684,727)
(294,746)
(294,746)
(56,422)
(56,422)
1,157,746
1,157,746
145,804
145,804
$ 863,000
$ 863,000 $
89,382
$ 89,382
-110-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS -
BUDGET (NON -GAAP BASIS) AND ACTUAL - WWDC FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Charges for services
Miscellaneous
Total Revenues
EXPENDITURES
Materials and services
Capital outlay /depreciation
Debt service
Principal
Interest
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Capital contributions
Transfers in
Transfers out
Proceeds from issuance of debt
Total Other Financing Sources (Uses)
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
Budgeted Amounts
Original Final
Budget GAAP
Basis Basis
$ 1,700,436
$ 1,700,436
$ 1,580,368
$ 1,580,368
80,500
80,500
27,868
27,868
1,780,936
1,780,936
1,608,236
1,608,236
141,700
732,556
250,628
82
734,500
4,334,500
1,064,538
-
361,921
361,921
361,921
-
391,102
391,102
391,102
402,588
4,439,206
3,048,350
-
-
6,068,429
8,868,429
2,068,189
402,670
(4,287,493)
(7,087,493)
(459,953)
1,205,566
(160,000)
(160,000)
-
(1,341,180)
-
2,800,000
1,267,204
942,865
(160,000)
2,640,000
1,267,204
(398,315)
(4,447,493)
(4,447,493)
807,251
807,251
5,201,493
5,201,493
5,792,564
5,792,564
$ 754,000 $ 754,000 $ 6,599,815 $ 6,599,815
-111-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS -
BUDGET (NON -GAAP BASIS) AND ACTUAL —SEWER CAPITAL IMPROVEMENT FUND
YEAR ENDED JUNE 30, 2010
Budgeted Amounts Budget
Original Final Basis
REVENUES
GAAP
Basis
Miscellaneous $ 1,500 $ 1,500 $ 396 $
EXPENDITURES
Debt service
Principal
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of :pear $
396
29,102
29,102
29,101
-
67,967
67,967
-
-
97,069
97,069
29,101
-
(95,569)
(95,569)
(28,705)
396
-
-
-
(24,214)
(95,569)
(95,569)
(28,705)
(23,818)
95,569
95,569
95,435
95,435
- $
- $
66,730 $
71,617
-112-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS -
BUDGET (NON -GAAP BASIS) AND ACTUAL - WATER SDC FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Miscellaneous
Total Revenues
EXPENDITURES
Capital outlay /depreciation
Debt service
Principal
Interest
Contingency
Total Expenses
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NET ASSETS, End of year
BudgetedAmounts Budget GAAP
Original Final Basis Basis
$ 150,000 $ 150,000 $ 85,223 $ 85,223
162,000
162,000
89,006
89,006
436,500
436,500
-
-
194,880
194,880
194,879
(1)
210,594
210,594
210,594
210,594
103,034
103,034
-
-
945,008
945,008
405,473
210,593
(783,008)
(783,008)
(316,467)
(121,587)
-
-
-
(194,880)
(783,008)
(783,008)
(316,467)
(316,467)
886,043
886,043
934,215
934,215
$ 103,035
$ 103,035
$ 617,748
$ 617,748
- 113-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS -
BUDGET (NON -GAAP BASIS) AND ACTUAL -SEWER SDC FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Miscellaneous
Total Revenues
EXPENDITURES
Debt service
Principal
Interest
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
Budgeted Amounts
Budget
GAAP
Original
Final
Basis
Basis
664,254 585.848 225,814
$ 300,000
$ 300,000
$ 119,700
$ 119,700
15,000
15,000
1,522
1,522
315,000
315,000
121,222
121,222
388,153
388,153 360,034 -
198,717
198,717 225,814 225,814
77,384
77,384 - -
664,254
664,254 585.848 225,814
(349,254) (349,254) (464,626) (104,592)
- - - (360,034)
(349,254) (349,254) (464,626) (464,626)
599,254 599,254 558,289 558,289
$ 250,000 $ 250,000 $ 93,663 $ 93,663
-114-
(page intentionally left blank)
- 115-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF NET ASSETS -INTERNAL SERVICE FUNDS
JUNE 30, 2010
Info Central
Services Stores Insurance
ASSETS
Current assets
Cash and investments
Accounts receivable
Inventories
Total Current Assets
Noncurrent Assets
Due from other funds
Prepaid expenses
Other capital assets, net of depreciation
Total Assets
LIABILITIES
Current Liabilities
Accounts payable
Total Current Liabilities
Noncurrent Liabilities
Due to other funds
Compensated absences payable
Total Liabilities
NET ASSETS
Investment in capital assets
Unrestricted
Total Net Assets
$ 30,829 $ - $ 39,177
4,000 - -
- 8,971 -
34,829 8,971 39,177
2,131
-
445
-
73,024
-
-
107,853
11,547
39,177
1,491
-
21,768
1,491
-
21,768
84
798
-
13,803
-
-
15,378
798
21,768
73,024 - -
$ 92,475 $ 10,749 $ 17,409
-116-
AS &
Environ Building
$ 344,544 $ 102,845 $ 517,395
- - 4,000
344,544 102,845 530,366
- - 2,131
- - 445
305,481 128,863 507,368
650,025 231,708 1,040,310
12,451 21,366 57,076
12,451 21,366 57,076
787 99 1,768
57,638
305,481
45,977 141,559
128,863 507,368
$ 592,387 $ 185,731 $ 898,751
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS -
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2010
OPERATING REVENUES
Licenses and permits
Charges for services
Miscellaneous
Total Operating Revenues
OPERATING EXPENSES
Personal services
Materials and services
Depreciation
Total Operating Expenses
OPERATING INCOME (LOSS)
NONOPERA TING REVENUES (EXPENSES)
Investment revenue
Transfers in
Transfers out
Total Nonoperating Revenues (Expenses)
CHANGE IN NET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
Info
Central
Services
Stores
Insurance
580,432
6,691
328,414
128
-
13,506
580,560
6,691
341,920
280,110
-
-
221,106
5,599
511,205
15,008
-
-
516,224
5,599
511,205
64,336
1,092
(169,285)
(291)
(8)
220
(46,666)
-
-
(46,957)
(8)
220
17,379
1,084
(169,065)
92,4/- $ lU, /49 $ l /,4U9
-118-
Tech &
Environ
Building
Services
Maintenance
Totals
$ 24,544
$ - $
24,544
302,353
792,083
2,009,973
867
4,986
19,487
327,764
797,069
2,054,004
906,444
351,090
1,537,644
158,542
379,477
1,275,929
15,880
4,570
35,458
1,080,866
735,137
2,849,031
(753,102)
61,932
(795,027)
1,775
290
1,986
704,625
-
704,625
(28,100)
(2,189)
(76,955)
678,300
(1,899)
629,656
(74,802)
60,033
(165,371)
667,189
125,698
1,064,122
$ 592,387
$ 185,731 $
898,751
- 119-
CITY OF WOODBURN, OREGON
COMBINING STATEMENT OF CASH FLOWS - INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Collected from customers
Paid to suppliers
Paid to employees
Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROMNON - CAPITAL FINANCING
ACTIVITIES
Received from (paid to) other funds
Transfers in
Transfers out
Net Cash Provided by (Used in) Non - Capital
Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Net Cash Used in Capital and Related
Financing Activities
CASH FLOWS FR OM INVES TING ACTIVITIES
Interest on investments
Increase (Decrease) in Cash and Investments
CASHAND INVESTMENTS, Beginning of year
CASHAND INVESTMENTS, End of year
RECONCILIATION OF OPERATING INCOME TO
CASH FLOWS FROM OPERATING ACTIVITIES
Operating income (loss)
Depreciation
Change in assets and liabilities
Accounts receivable
Inventory
Prepaid expenses
Customer deposits
Accrued vacation payable
Accounts payable and accrued liabilities
Net Cash Provided by (Used in) Operating Activities
Information
Central
220
Services
Stores
Insurance
18,460
$ 576,560
$ 6,691
$ 341,920
(219,826)
(6,890)
(526,685)
(280,110)
-
-
76,624
(199)
(184,765)
84
(1,333)
-
(64,048)
-
-
-
(63,964)
(1,333)
-
(291)
(8)
220
12,369
(1,540)
(184,545)
18,460
1,540
223,722
$ 30,829
$ -
$ 39,177
Information
Central
Services
Stores
Insurance
$ 64,336
$ 1,092
$ (169,285)
15,008
-
-
(4,000)
-
-
-
(1,291)
-
1,280
-
(15,480)
$ 76,624
$ (199)
$ (184,765)
-120-
Technical and
290
1,986
Environmental
Building
(159,026)
Services
Maintenance
Totals
$ 326,722
$ 797,069
$ 2,048,962
(147,474)
(382,155)
(1,283,030)
(906,444)
(351,090)
(1,537,644)
(727,196)
63,824
(771,712)
3,998
99
2,848
700,000
-
700,000
(28,100)
-
(92,148)
675,898
99
610,700
1,775
290
1,986
(49,523)
64,213
(159,026)
394,067
38,632
676,421
$ 344,544
$ 102,845
$ 517,395
Technical and
Environmental
Building
Services
Maintenance
Totals
$ (753,102)
$ 61,932
$ (795,027)
15,880
4,570
35,458
958
-
(3,042)
-
-
(1,291)
(2,000)
-
(2,000)
11,068
(2,678)
(5,810)
$ (727,196)
$ 63,824
$ (771,712)
-121-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS (B UDGETARYBASIS) -
B UDGET AND ACTUAL -INFORMATION SERVICES FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Charges for services
Miscellaneous
Total Revenues
EXPENDITURES
Personal services
Materials and services
Capital outlay /depreciation
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year (Budget)
BudgetedAmounts
Budget
GAAP
Original
Final
Basis
Basis
(46,666)
(6,719)
(6,719)
15,005
$ 589,044
$ 589,044
$ 580,432
$ 580,432
477
477
(163)
(163)
589,521
589,521
580,269
580,269
286,920
286,920
280,110
280,110
204,878
204,878
202,899
221,106
78,500
78,500
82,255
15,008
25,942
25,942
-
-
596,240
596,240
565,264
516,224
(6,719)
(6,719)
15,005
64,045
-
-
-
(46,666)
(6,719)
(6,719)
15,005
17,379
12,719
12,719
18,249
75,096
$ 6,000 $
6,000 $
33,254 $
92,475
-122-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INNET ASSETS (B UDGETARYBASIS) -
B UDGET AND ACT UAL — CONTROL STORES FUND
YEAR ENDED JUNE 30, 2010
BudgetedAmounts Budget GAAP
Original Final Basis Basis
REVENUES
Charges for services
$ 10,000 $
10,000 $
6,691 $
6,691
Miscellaneous
-
-
(8)
(8)
Total Revenues
10,000
10,000
6,683
6,683
EXPENDITURES
Materials and services
13,000
13,000
5,599
5,599
Contingency
6,000
6,000
-
-
Total Expenditures
19,000
19,000
5,599
5,599
REVENUES OVER (UNDER)
EXPENDITURES
(9,000)
(9,000)
1,084
1,084
NETASSETS, Beginning of year
9,000
9,000
9,665
9,665
NETASSETS, End of year
$ - $
- $
10,749 $
10,749
-123-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN NET ASSETS (BUDGETARY BASIS) -
BUDGET AND ACTUAL —INSURANCE FUND
YEAR ENDED JUNE 30, 2010
BudgetedAmounts Budget GAAP
Original Final Basis Basis
REVENUES
Charges for services
$ 486,152 $
486,152 $
328,414 $
328,414
Miscellaneous
8,000
8,000
13,726
13,726
Total Revenues
494,152
494,152
342,140
342,140
EXPENDITURES
Materials and services
559,437
559,437
511,205
511,205
Contingency
140,679
140,679
-
-
Total Expenditures
700,116
700,116
511,205
511,205
REVENUES OVER (UNDER)
EXPENDITURES
(205,964)
(205,964)
(169,065)
(169,065)
NETASSETS, Beginning of year
205,964
205,964
186,474
186,474
NETASSETS, End of year
$ - $
- $
17,409 $
17,409
-124-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXTENDIT URES AND CHANGES IN NET ASSETS (BUDGETARY BASIS) -
B UDGET AND ACTUAL - TECHINICAL & ENVIRONMENTAL SERVICES FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Licenses and permits
Charges for services
Miscellaneous
Total Revenues
EXPENDITURES
Personal services
Materials and services
Capital outlay /depreciation
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers out
Total Other Financing Sources (Uses)
NET CHANGE IN NET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
Budgeted Amounts
Budget
GAAP
Original
Final
Basis
Basis
$ 96,000
$ 96,000
$ 24,544
$ 24,544
509,500
509,500
302,353
302,353
16,000
16,000
2,642
2,642
621,500
621,500
329,539
329,539
1,182,329
1,208,151
906,444
906,444
207,953
215,453
175,467
158,542
6,175
6,175
6,175
15,880
149,450
116,128
-
-
1,545,907
1,545,907
1,088,086
1,080,866
(924,407)
(924,407)
(758,547)
(751,327)
700,000
700,000
700,000
704,625
(5,000)
(5,000)
(5,000)
(28,100)
695,000
695,000
695,000
676,525
(229,407) (229,407)
(63,547) (74,802)
$ 74,141 $ 74,141 $ 331,306 $ 592.387
-125-
CITY OF WOODBURN, OREGON
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN NET ASSETS (BUDGETARY BASIS) -
BUDGET AND ACTUAL -BUILDING MAINTENANCE FUND
YEAR ENDED JUNE 30, 2010
REVENUES
Charges for services
Miscellaneous
Total Revenues
EXPENDITURES
Personal services
Materials and services
Capital outlay /depreciation
Contingency
Total Expenditures
REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers out
NET CHANGE INNET ASSETS
NETASSETS, Beginning of year
NETASSETS, End of year
BudgetedAmounts
Budget
GAAP
Original
Final
Basis
Basis
(2,189)
3,704
3,704
66,792
$ 792,083
$ 792,083
$ 792,083
$ 792,083
3,000
3,000
5,276
5,276
795,083
795,083
797,359
797,359
372,602
372,602
351,090
351,090
405,906
416,406
379,477
379,477
-
-
-
4,570
12,871
2,371
-
-
791,379
791,379
730,567
735,137
3,704
3,704
66,792
62,222
-
-
-
(2,189)
3,704
3,704
66,792
60,033
8,844
8,844
14,588
125,698
$ 12,548 $
12,548 $
81,380 $
185,731
-126-
OTHER FINANCIAL SCHEDULES
-127-
CITY OF WOODBURN, OREGON
SCHEDULE OF PROPERTY TAX TRANSACTIONS AND OUTSTANDING BALANCES
YEAR ENDED JUNE 30, 2010
Tax Year
2009 -10
2008 -09
2007 -08
2006 -07
2005 -06
2004 -05
2003 -04
Prior
$ 646,135 $ 8,772,554 $ (269,035) $ (8,471,103)
Cash with county
Property taxes receivable
Balances
July 1,
2009
408,76
148,67
48,98
18,27
5,30
3,87
12,26
Interest,
2009 -2010 Discounts and
Levy Adjustments
Collections
- $ 8,772,554 $ (245,860)
$ (8,162,750) $
7 - (8,882)
(215,698)
4 - (3,444)
(57,908)
7 - (2,132)
(24,072)
0 - (2,425)
(9,821)
2 - (1,755)
(135)
1 - (1,568)
(35)
4 - (2,969)
(684)
Balances
June 30,
2010
363,944
184,187
87,322
22,783
6,024
3,412
2,268
8,611
678,551
77,156
$ 755,707
-128-
(page intentionally left blank)
-129-
CITY OF WOODBURN, OREGON
SCHEDULE OF DEBT PRINCIPAL AND INTEREST TRANSACTIONS
YEAR ENDED JUNE 30, 2010
PRINCIPAL TRANSACTIONS
Governmental Activities
Series 2005 GO Bonds
1999 OEDD Loan
2005 URA Loan
Business -type Activities
Series 2003 Water Bonds
1992 OEDD Loan
2005 OEDD Loan
2005 SDWR Loan
2009 ARRA Loan
1991 OEDD Loan
1999 OEDD Loan
1999 OEDD Loan
2001 OEDD Loan
2007 Oregon DEQ Loan
2007 Oregon DEQ Loan
Interest
Date of
Fiscal Year
Rates
Issue
of'Maturity
4.21%
4.85 -4.9%
2005
2024 -25
5.01%
1999
2017 -18
4.22%
2005
2015 -16
3.00 -4.63%
2003
2028 -29
6.32%
1992
2011 -12
4.21%
2005
2024 -25
4.21%
2005
2024 -25
1.00%
2009
n/a
5.46%
1991
2010 -11
4.74%
1999
2017 -18
3.93%
1999
2018 -19
3.87%
2001
2018 -19
1.05%
2007
2013 -14
1.53%
2007
2030 -31
- 130-
Outstanding Outstanding
July 1, New Principal June 30,
2009 Issues Paid 2010
$ 6,190,000 $
- $ (260,000) $
5,930,000
252,302
- (23,834)
228,468
1,245,363
- (177,970)
1,067,393
7,687,665
- (461,804)
7,225,861
7,278,522
- (246,810)
7,031,712
77,331
- (24,214)
53,117
3,440,156
- (154,995)
3,285,161
3,440,166
- (154,996)
3,285,170
-
324,339 -
324,339
85,648
- (41,476)
44,172
296,173
- (24,687)
271,486
2,324,654
- (206,232)
2,118,422
18,188,499
- (1,216,926)
16,971,573
370,804
243,483 -
614,287
191,241
112,100 -
303,341
$ 43,380,859 $ 679,922 $ (2,532,140) $ 41,528,641
- 131 -
CITY OF WOODBURN, OREGON
SCHEDULE OF DEBT PRINCIPAL AND INTEREST TRANSACTIONS (Continued)
YEAR ENDED JUNE 30, 2010
Business -type Activities
Series 2003 Water Bonds
3.00 -4.63%
2003
Unmatured
1992 OEDD Loan
6.32%
1992
Interest
2005 OEDD Loan
4.21%
2005
Outstanding
2005 SDWR Loan
Interest
Date of
July I,
2009 ARRA Loan
Rates
Issue
2009
INTEREST TRANSACTIONS
5.46%
1991
8,445
Governmental Activities
4.74%
1999
78,262
Series 2005 GO Bonds
4.85 -4.9%
2005
$ 2,390,481
1999 OEDD Loan
5.01%
1999
67,848
2005 URA Loan
4.22%
2005
177,963
2007 Oregon DEQ Loan
1.53%
2007
2,636,292
Business -type Activities
Series 2003 Water Bonds
3.00 -4.63%
2003
3,876,989
1992 OEDD Loan
6.32%
1992
9,974
2005 OEDD Loan
4.21%
2005
1,357,061
2005 SDWR Loan
4.21%
2005
1,357,061
2009 ARRA Loan
1.00%
2009
-
1991 OEDD Loan
5.46%
1991
8,445
1999 OEDD Loan
4.74%
1999
78,262
1999 OEDD Loan
3.93%
1999
495,023
2001 OEDD Loan
3.87%
2001
4,809,338
2007 Oregon DEQ Loan
1.05%
2007
-
2007 Oregon DEQ Loan
1.53%
2007
-
$ 11,992,153
-132-
Unmatured
Interest
New Interest June 30,
Issues Paid 2010
$ - $ (243,156) $ 2,147,325
- (12,685) 55,163
- (49,763) 128,200
- (305,604) 2,330,688
(312,034) $ 3,564,955
- (4,887)
5,087
- (144,831)
1,212,230
- (144,831)
1,212,230
- (5,567)
2,878
- (14,408)
63,854
- (100,976)
394,047
- (780,163)
4,029,175
$ - $ (1,507,697) $
10,484,456
-133-
CITY OF WOODBURN, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
JUNE 30, 2010
Fiscal Year
Ending 2005 General Obligation Bonds
June 30, Principal Interest Total Principal
Interest Total
2011 $
275,000 $
234,056 $
509,056 $
24,027 $
11,493 $
35,520
2012
290,000
224,431
514,431
24,228
10,291
35,292
2013
300,000
214,281
514,281
24,440
9,079
35,292
2014
320,000
203,781
523,781
29,663
7,857
32,351
2015
335,000
192,261
527,261
29,895
6,373
36,268
2016
350,000
179,866
529,866
30,141
4,879
35,020
2017
370,000
166,566
536,566
30,399
3,371
33,770
2018
385,000
152,136
537,136
35,675
1,820
37,495
2019
405,000
136,736
541,736
-
-
-
2020
425,000
120,536
545,536
-
-
-
2021
445,000
103,536
548,536
-
-
-
2022
470,000
85,180
555,180
-
-
-
2023
495,000
65,793
560,793
-
-
-
2024
520,000
45,003
565,003
-
-
-
2025
545,000
23,163
568,163
-
-
-
2026
-
-
-
-
-
-
2027
-
-
-
-
-
-
2028
-
-
-
-
-
-
2029
-
-
-
-
-
-
$ 5,930,000 $ 2,147,325 $ 8,077,325 $ 228,468 $ 55,163 $ 283,631
1999 OEDD Loan
- 134-
2005 LIRA Loan 2003 Water Bonds
Principal Interest
Principal Interest
$ 185,560
$ 42,133
$ 227,693 $
253,064 $
304,630
$ 557,694
193,557
34,175
227,732
259,485
296,279
555,764
201,855
25,877
227,732
271,065
287,068
558,133
210,509
17,223
227,732
282,734
277,241
559,975
219,534
8,198
227,732
289,548
266,498
556,046
56,378
594
56,972
301,530
254,916
556,446
-
-
-
313,591
242,854
556,445
-
-
-
325,789
229,997
555,786
-
-
-
343,132
216,314
559,446
-
-
-
355,631
201,559
557,190
-
-
-
373,299
185,912
559,211
-
-
-
391,148
169,113
560,261
-
-
-
404,158
151,316
555,474
-
-
-
427,356
132,624
559,980
-
-
-
445,702
112,858
558,560
-
-
-
464,204
92,245
556,449
-
-
-
487,867
70,775
558,642
-
-
-
511,700
48,211
559,911
-
-
-
530,709
24,545
555,254
$ 1,067,393
$ 128,200
$ 1,195,593 $
7,031,712 $
3,564,955
$ 10,596,667
Total
Total
-135-
CITY OF WOODBURN, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS (Continued)
JUNE 30, 2010
Fiscal Year
Ending 1992 OEDD Loan
June 30, Principal Interest
Total Principal Interest
2011
$ 25,745 $ 3,357 $ 29,102 $ 161,521 $
138,305
$ 299,826
2012
27,372 1,730 29,102 168,321
131,505
299,826
2013
- - - 175,407
124,419
299,826
2014
- - - 182,792
117,034
299,826
2015
- - - 190,487
109,339
299,826
2016
- - - 198,507
101,319
299,826
2017
- - - 206,864
92,962
299,826
2018
- - - 215,573
84,253
299,826
2019
- - - 224,649
75,178
299,827
2020
- - - 234,106
65,720
299,826
2021
- - - 243,962
55,864
299,826
2022
- - - 254,233
45,593
299,826
2023
- - - 264,936
34,890
299,826
2024
- - - 276,090
23,736
299,826
2025
- - - 287,713
12,113
299,826
2026
- - - -
-
-
2027
- - - -
-
-
2028
- - - -
-
-
2029
- - - -
-
-
$ 53,117 $ 5,087 $ 58,204 $ 3,285,161 $
1,212,230
$ 4,497,391
2005 OEDD Loan
Total
- 136-
2005 SDWR Loan
Principal Interest
Total
2009 ARRA Loan
Principal Interest
Total
$ 161,521
$ 138,305
$ 299,826 $ 324,339 $ - $ 324,339
168,321
131,505
299,826 - - -
175,407
124,419
299,826 - - -
182,792
117,034
299,826 - - -
190,487
109,339
299,826 - - -
198,507
101,319
299,826 - - -
206,864
92,962
299,826 - - -
215,573
84,253
299,826 - - -
224,649
75,178
299,827 - - -
234,106
65,720
299,826 - - -
243,962
55,864
299,826 - - -
254,233
45,593
299,826 - - -
264,936
34,890
299,826 - - -
276,090
23,736
299,826 - - -
287,722
12,113
299,835 - - -
$ 4,497,400 $ 324,339 $ - $ 324,339
$ 3,285,170
$ 1,212,230
- 137-
CITY OF WOODBURN, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS (Continued)
JUNE 30, 2010
Fiscal Year
Ending
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
1991 OEDD Loan
1999 OEDD Loan
Principal Interest
Total Principal Interest
$ 44,172 $ 2,878 $ 47,050 $ 29,901
$ 13,284
$ 43,185
- - - 30,129
11,893
42,022
- - - 30,372
10,462
40,834
- - - 30,632
8,989
39,621
- - - 35,909
7,488
43,397
- - - 36,199
5,728
41,927
- - - 36,509
3,918
40,427
- - - 41,835
2,092
43,927
$ 44,172 $ 2,878 $ 47,050 $ 271,486
$ 63,854
$ 335,340
- 138-
Total
1999 OEDD Loan
2001 OEDD Loan
Principal Interest
Principal Interest
$ 214,417 $
81,168
$ 295,585 $
1,264,477 $
644,683 $
1,909,160
222,926
72,658
295,584
1,313,886
595,274
1,909,160
231,773
63,811
295,584
1,365,224
543,936
1,909,160
240,972
54,613
295,585
1,418,570
490,590
1,909,160
250,535
45,050
295,585
1,474,000
435,160
1,909,160
260,478
35,107
295,585
1,531,596
377,564
1,909,160
270,815
24,770
295,585
1,591,442
317,718
1,909,160
281,562
14,022
295,584
1,653,626
255,534
1,909,160
144,944
2,848
147,792
1,718,241
190,919
1,909,160
-
-
-
1,785,380
123,780
1,909,160
-
-
-
1,855,131
54,017
1,909,148
394,047
4,029,175 $
$ 2,118,422 $
$ 2,512,469 $
16,971,573 $
21,000,748
Total
Total
- 139-
CITY OF WOODBURN, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS (Continued)
JUNE 30, 2010
Fiscal Year
Ending 2007 Oregon DEQ Loan 2007 Oregon DEQ Loan
June 30, Principal Interest Total Principal Interest Total
2011 $ 614,287 $ - $ 614,287 $ 303,341 $ - $ 303,341
2012 - - - - - -
20 13 - - - - - -
2014 - - - - - -
2015 - - - - - -
2016 - - - - - -
2017 - - - - - -
2018 - - - - - -
2019 - - - - - -
2020 - - - - - -
2021 - - - - - -
2022 - - - - - -
2023 - - - - - -
2024 - - - - - -
2025 - - - - - -
2026 - - - - - -
2027 - - - - - -
2028 - - - - - -
2029 - - - - - -
$ 614,287 $ - $ 614,287 $ 303,341 $ - $ 303,341
-140-
Principal
3,881,372
2,698,225
2,775,543
2,898,664
3,015,395
2,963,336
3,026,484
3,154,633
3,060,615
3,034,223
3,161,354
1,369,614
1,429,030
1,499,536
1,566,137
464,204
487,867
511,700
530,709
Totals
Interest
1,614,292
1,509,741
1,403,352
1,294,362
1,179,706
1,061,292
945,121
824,107
697,173
577,315
455,193
345,479
286,889
225,099
160,247
92,245
70,775
48,211
24,545
1; 41,528,641 $ 12,815,144
Total
5,495,664
4,207,966
4,178,895
4,193,026
4,195,101
4,024,628
3,971,605
3,978,740
3,757,788
3,611,538
3,616,547
1,715,093
1,715,919
1,724,635
1,726,384
556,449
558,642
559,911
555,254
$ 54,343,785
-141-
REGULATORY SECTION
-142-
GROVE, MUELLER & SWANK, P. C.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
475 Cottage Street NE, Suite 200, Solent, Oregon 97301
(503) 581 -7788
INDEPENDENT A UDITOR'S REPORT
REQ UIRED BY OREGON STATE REGULATIONS
Board of Directors
City of Woodburn
Woodburn, Oregon
We have audited the basic financial statements of the City of Woodburn as of and for the year ended June 30, 2010,
and have issued our report thereon dated * *, 2011. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America.
Compliance
As part of obtaining reasonable assurance about whether the City of Woodburn's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts,
and grants, including the provisions of Oregon Revised Statutes as specified in Oregon Administrative Rules 162-
10 -000 through 162 -10 -320 of the Minimum Standards for Audits of Oregon Municipal Corporations,
noncompliance with which could have a direct and material effect on the determination of financial statements
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.
We performed procedures to the extent we considered necessary to address the required comments and disclosures
which included, but were not limited to the following:
■ Deposit of public funds with financial institutions (ORS Chapter 295).
■ Indebtedness limitations, restrictions and repayment.
■ Budgets legally required (ORS Chapter 294).
■ Insurance and fidelity bonds in force or required by law.
■ Programs funded from outside sources.
■ Highway revenues used for public highways, roads, and streets.
■ Authorized investment of surplus funds (ORS Chapter 294).
■ Public contracts and purchasing (ORS Chapters 279A, 279B, 279C).
■ Accountability for collecting or receiving money by elected officials — no money was collected or
received by elected officials.
In connection with our testing nothing came to our attention that caused us to believe the City was not in substantial
compliance with certain provisions of laws, regulations, contracts, and grants, including the provisions of Oregon
Revised Statutes as specified in Oregon Administrative Rules 162 -10 -000 through 162 -10 -320 of the Minimum
Standards for Audits of Oregon Municipal Corporations, except for expenditures in excess of appropriations.
-143-
OAR 162 -10 -0230 Internal Control
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 opinion 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 was for the limited purpose described in the preceding paragraph and was not
designed to identify all deficiencies in internal control that might be significant deficiencies or material weaknesses
and, therefore, there can be no assurance that all such deficiencies have been identified.
A deficiency in internal control 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 and correct
misstatements on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in
internal control that is less severe than a material weakness, yet important enough to merit attention by those
charged with governance. A material weakness is a deficiency, or combination of deficiencies in internal control,
such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be
prevented, or detected and corrected on a timely basis. We did not identify any deficiencies in internal control that
we consider to be material weaknesses.
We did issue a separate significant deficiency letter to management dated * *, 2011.
This report is intended solely for the information and use of the board of directors /council members /commissioners
and management of the City of Woodburn and the Oregon Secretary of State and is not intended to be and should
not be used by anyone other than these parties.
GROVE, MUELLER & SWANK, P. C.
CERTIFIED PUBLIC ACCO UNTANTS
Charles A. Swank, A Shareholder
* *, 2011
-144-