Lane County, Oregon
Statement of Net Assets
June 30, 2010 Governmental Activities Business-type Activities Total Assets Current assets
Cash and cash equivalents $ 152,238,503 $ 32,077,526 $ 184,316,029
Investments - 3,748,272 3,748,272
Receivables (net of uncollectibles) 22,405,666 3,786,862 26,192,528 Internal balances (5,542,961) 5,542,961
-Inventories 2,621,198 66,508 2,687,706
Prepaids 117,218 64,240 181,458
Total current assets 171,839,624 45,286,369 217,125,993
Noncurrent assets Restricted assets:
Cash and cash equivalents - 571,486 571,486
Investments 1,515,500 2,339,864 3,855,364
Investments in limited partnerships - 1,623,468 1,623,468
Deferred charges 870,913 1,232,894 2,103,807
Deposits 50,000 3,683 53,683
Loans receivable - 4,947,655 4,947,655
Net pension asset 61,825,445 - 61,825,445
Capital assets:
Land and construction in progress 25,387,651 26,000,507 51,388,158 Other capital assets (net of accumulated depreciation) 314,725,096 49,295,555 364,020,651
Total noncurrent assets 404,374,605 86,015,112 490,389,717
Total assets 576,214,229 131,301,481 707,515,710
Liabilities Current liabilities
Accounts payable 9,391,014 2,027,329 11,418,343
Wages and benefits payable 3,829,748 485,139 4,314,887 Due to other governments 4,267 - 4,267
Interest payable 571,036 61,705 632,741
Unearned revenue 152,297 989,247 1,141,544
Customer deposits 253,133 274,137 527,270
Current portion of noncurrent liabilities 15,387,630 2,609,024 17,996,654
Total current liabilities 29,589,125 6,446,581 36,035,706
Noncurrent liabilities 116,449,022 9,850,424 126,299,446
Total liabilites 146,038,147 16,297,005 162,335,152
Net assets
Invested in capital assets, net of related debt 292,767,770 67,896,765 360,664,535 Restricted for:
Capital projects 584,303 - 584,303
Debt service 531,466 - 531,466
Health and human services 5,680,711 - 5,680,711 Special revenue / services 5,199,504 - 5,199,504
Roads 45,128,590 - 45,128,590
Title III projects 4,307,730 - 4,307,730
LaneCare 12,441,229 - 12,441,229
Housing and community services - 2,339,864 2,339,864
Self insurance 1,515,500 - 1,515,500
Other purposes 2,283,242 - 2,283,242
Unrestricted 59,736,037 44,767,847 104,503,884
Statement of Activities
For the Fiscal Year Ended June 30, 2010
Functions/Programs Direct Expenses
Governmental activities
General government $ 34,018,987 $ (11,049,760) Public safety 68,664,067 3,492,705 Public health and welfare 76,820,035 3,907,570
Parks 2,155,584 109,647
Roads and bridges 36,188,699 1,840,794 Community development 6,125,045 311,560 Interest on long-term debt 6,981,018 -Total governmental activities 230,953,435 (1,387,484) Business-type activities
Lane events center 3,936,005 4,836 Solid waste disposal 13,143,435 338,932 Regional information systems 5,803,299 381,627 Housing and community services 25,147,875 -Corrections commissary 246,022 10,728 Land management 3,783,401 651,361 Total business-type activities 52,060,037 1,387,484 Total government $ 283,013,472 $
-The accompanying notes are an integral part of the financial statements.
Operating Capital Charges for Services Grants and Contributions Grants and Contributions Governmental Activities Business-type Activities Total 6,709,507 $ $ 10,651,409 $ - $ (5,608,311) $ - $ (5,608,311) 19,303,348 15,261,191 - (37,592,233) - (37,592,233) 42,441,369 40,733,277 - 2,447,041 - 2,447,041 1,034,273 420,454 - (810,504) - (810,504) 3,147,249 34,676,857 - (205,387) - (205,387) 3,709,604 723,577 - (2,003,424) - (2,003,424) - - (6,981,018) - (6,981,018) 76,345,350 102,466,765 - (50,753,836) - (50,753,836) 2,639,207 41,963 - - (1,259,671) (1,259,671) 15,197,089 12,964 - - 1,727,686 1,727,686 8,003,950 - - - 1,819,024 1,819,024 3,616,689 19,794,980 703,992 - (1,032,214) (1,032,214) 60,756 175,000 - - (20,994) (20,994) 3,646,894 10 - - (787,858) (787,858) 33,164,585 20,024,917 703,992 - 445,973 445,973 109,509,935 $ $ 122,491,682 $ 703,992 (50,753,836) 445,973 (50,307,863) General Revenues: Property taxes 36,042,688 - 36,042,688 Transient room taxes 3,617,406 - 3,617,406 Car rental taxes 1,097,859 - 1,097,859 O&C timber receipts 12,205,277 - 12,205,277 Unrestricted investment earnings 1,745,829 804,841 2,550,670 Grants not restricted to specific programs 5,063,935 - 5,063,935
Transfers (863,224) 863,224
-Total general revenues and transfers 58,909,770 1,668,065 60,577,835 Change in net assets 8,155,934 2,114,038 10,269,972 Net assets, June 30, 2009 422,020,148 112,890,438 534,910,586
Net assets, June 30, 2010 $ 430,176,082 $ 115,004,476 $ 545,180,558
Program Revenues
Balance Sheet
Governmental Funds June 30, 2010 General Road Special Revenue / Services AssetsCash and cash equivalents $ 24,095,911 $ 44,713,720 $ 3,800,313 Receivables (net of uncollectibles):
Investment earnings 160,898 249,016 21,136 Property taxes 2,105,113 - -Accounts 3,079,591 466,377 862,001 Intergovernmental 2,065,589 2,052,627 2,327,181 Other - - -Interest on balances 1,582,240 - -Due from other funds 27,104 - -Interfund loans receivable - - 250,000 Inventories 206,086 1,554,163 -Total assets $ 33,322,532 $ 49,035,903 $ 7,260,631 Liabilities
Accounts payable $ 888,153 $ 1,515,520 $ 648,042 Wages and benefits payable 1,769,751 536,043 355,422 Due to other funds 1,027,777 328,630 203,055 Due to other governments 4,267 - -Deferred revenue 5,525,740 267,704 10,000 Interfund loans payable - - 250,000 Customer deposits 148,900 - -Advances from other funds - 500,000 -Total liabilities 9,364,588 3,147,897 1,466,519 Fund balances
Reserved for inventories 206,086 1,554,163 -Unreserved 23,751,858 44,333,843 5,794,112 Unreserved, reported in nonmajor:
Special revenue funds - - Debt service funds - - Capital projects funds - - -Total fund balances 23,957,944 45,888,006 5,794,112 Total liabilities and fund balances $ 33,322,532 $ 49,035,903 $ 7,260,631
Health and
Human Services LaneCare
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets
For the Fiscal Year Ended June 30, 2010
Total fund balances - governmental funds $ 111,370,883
Amounts reported for governmental activities in the statement of net assets are different because:
Internal service funds are used by management to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the
statement of net assets. $ 47,881,028
An adjustment is required to eliminate net internal service fund losses back to the activities that helped finance them. The adjustment
related to enterprise activities is required in this reconciliation. (5,300,764) 42,580,264 Capital assets are not financial resources in governmental funds, but are
reported in the statement of net assets at their depreciable value:
Land 9,833,984
Construction in progress 15,553,667
Buildings and land improvements 118,816,909
Equipment and furniture 13,325,882
Infrastructure 326,035,190
483,565,632
Less accumulated depreciation (155,875,697) 327,689,935
Prepaid expenses are not financial assets in governmental funds, but are
reported in the statement of net assets at cost. 117,218
Certain assets will be collected after year-end but are not available soon enough to pay for the current period's expenditures, and therefore are deferred in governmental funds:
Receivables:
Property taxes 2,178,765
Court fines 3,533,015
Road assessments 131,728 5,843,508
Debt issuance costs are expensed in governmental funds in the year paid, but are capitalized on the statement of net assets as deferred charges and amortized over the life of the debt:
Bonds payable 318,488 318,488
Certain liabilities are not due and payable in the current period, and are therefore not reported in governmental funds:
Compensated absences payable (5,888,125)
Interest payable (294,239)
Bonds payable, net of premiums and discounts (51,561,850) (57,744,214)
Total net assets - governmental activities $ 430,176,082
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Fiscal Year Ended June 30, 2010
General Road
Special Revenue / Services Revenues
Taxes and assessments, net of refunds $ 33,849,035 $ 132,183 $ 3,616,643 Licenses and permits 785,623 136,228 -Intergovernmental 30,716,458 34,055,137 18,997,827 Charges for services 3,296,554 2,078,051 1,599,320 Fines, forfeitures and penalties 601,610 - 2,065,760 Administrative and facility charges - - 37,037 Investment earnings 484,762 761,268 74,559 Sale and rental of property 808,707 242,240 184,695 Total revenues 70,542,749 37,405,107 26,575,841 Expenditures:
Current:
General government 10,329,152 254,270 861,000 Public safety 54,735,338 - 16,988,142 Public health and welfare - - 2,352,301 Parks - - 17,658 Roads and bridges - 30,133,857 -Community development - - 3,241,398 Debt service:
Principal - - -Interest - - 1,586 Bond issuance costs - - -Capital outlay 118,657 7,003,833 3,379,721 Total expenditures 65,183,147 37,391,960 26,841,806 Excess (deficiency) of revenues
over (under) expenditures 5,359,602 13,147 (265,965) Other financing sources (uses):
Transfers in 955,390 54,219 4,196,405 Transfers out (7,990,700) (1,331,948) (2,236,733) Bonds issued - - -Refunding bonds issued - - -Bond premium - - -Payment to refunded bond escrow agent - - -Total other financing sources (uses) (7,035,310) (1,277,729) 1,959,672 Net change in fund balances (1,675,708) (1,264,582) 1,693,707 Fund balance, June 30, 2009 25,625,277 47,176,528 4,100,405 Increase (decrease) in inventories 8,375 (23,940) -Fund balance, June 30, 2010 $ 23,957,944 $ 45,888,006 $ 5,794,112
Health and
Human Services LaneCare
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Fiscal Year Ended June 30, 2010
Net change in fund balances - governmental funds $ 10,112,937 Amounts reported for governmental activities in the statement
of activities are different because:
Internal service funds are used by management to charge the costs of certain activities to individual funds. The change in internal service fund net assets is included with governmental activities in the statement of activities:
Change in net assets $ 5,941,684
An adjustment is required to eliminate net internal service fund activity back to the activities that helped finance them. The adjustment
related to enterprise activities is required in this reconciliation. (1,207,319) 4,734,365 Governmental funds report capital outlays as expenditures; in the statement of
activities the cost of those assets is allocated over their estimated useful lives as depreciation expense:
Construction in progress 13,995,119
Buildings and land improvements 86,175
Equipment and furniture 1,185,281
Infrastructure 9,847,386
Depreciation expense (13,105,980) 12,007,981
Governmental funds do not report prepaid expenses; in the statement of
activities prepayments are expensed when incurred. (65,559) Certain revenues may not be collected for several months after year end; they
are not considered "available" and are deferred in the governmental funds: Receivables:
Property taxes 242,212
Court fines (1,244,844)
Road assessments (7,095) (1,009,727)
The issuance of long-term debt (notes, bonds, capital leases) provides current financial resources to governmental funds; the repayment of long-term debt consumes current financial resources in the governmental funds. Current period long-term debt transactions were:
Bond Issuance costs 160,965
Bond Proceeds (27,930,000)
Bond Premium (1,275,696)
Bond principal payments 6,880,000
Deposits (mortgage reserves) (1,061,662)
Note principal payments 6,134,713 (17,091,680)
Increases in inventory in governmental funds increase expenses 25,601 Note and bond premiums, discounts and issuance costs are reported in
governmental funds in the year received or paid, but are capitalized on the statement of net assets and amortized over the life of the notes and bonds:
Note issuance cost amortization (118,156)
Bond premium amortization 75,135
Bond discount amortization (7,579)
Bond issuance cost amortization (47,323) (97,923) Some items reported in the statement of activities do not require the use of
current financial resources and therefore are not reported as expenditures in governmental funds:
Increase in accrued interest (120,137)
Increase in accrued compensated benefits (322,788) (442,925) The net effect of various miscellaneous transactions involving
Lane County, Oregon
Statement of Fund Net Assets
Proprietary Funds June 30, 2010 Lane Events Center Solid Waste Disposal Regional Information Systems Housing and Community Services Other Enterprise Funds Total Enterprise Funds Governmental Activities-Internal Service Funds Assets Current assets
Cash and cash equivalents $ 596,212 $ 23,544,435 $ 4,045,126 $ 2,332,138 $ 1,559,615 $ 32,077,526 $ 44,607,740 Investments - - - 3,748,272 - 3,748,272 -Receivables (net of uncollectibles):
Investment earnings 3,403 129,662 20,186 - 6,612 159,863 245,488 Accounts 24,741 1,163,930 46,642 62,432 8,738 1,306,483 156,771 Intergovernmental - 495 - 983,783 - 984,278 80,630 Other - - - 1,336,238 - 1,336,238 -Due from other funds - - - - 2,516,427 Inventories 11,797 - - 54,711 - 66,508 740,024 Prepaids 10,132 - - 54,108 - 64,240 -Total current assets 646,285 24,838,522 4,111,954 8,571,682 1,574,965 39,743,408 48,347,080 Noncurrent assets
Advances to other funds - 500,000 - - - 500,000 -Restricted assets:
Cash and cash equivalents - - - 571,486 - 571,486 -Investments - - - 2,339,864 - 2,339,864 1,515,500 Investments in limited partnerships - - - 1,623,468 - 1,623,468 -Deferred charges - - - 1,232,894 - 1,232,894 552,425 Deposits - - - 3,683 - 3,683 50,000 Loans receivable - - - 4,947,655 - 4,947,655 -Net pension asset - - - - 61,825,445 Capital assets:
Land 1,070,568 2,162,107 - 8,859,865 - 12,092,540 -Buildings and land improvements 24,233,581 20,006,364 - 44,999,162 - 89,239,107 235,597 Equipment and furniture 2,227,688 1,587,759 4,527,871 2,222,070 49,485 10,614,873 29,283,813 Construction in progress 70,854 4,917,225 8,114,119 805,769 - 13,907,967 -Accumulated depreciation (15,886,505) (7,494,864) (3,196,277) (23,934,618) (46,161) (50,558,425) (17,096,598) Total noncurrent assets 11,716,186 21,678,591 9,445,713 43,671,298 3,324 86,515,112 76,366,182 Total assets 12,362,471 46,517,113 13,557,667 52,242,980 1,578,289 126,258,520 124,713,262 Liabilities
Current liabilities
Accounts payable 47,065 979,132 280,182 641,895 79,055 2,027,329 1,781,867 Wages and benefits payable 31,612 190,533 119,200 60,908 82,886 485,139 245,924 Compensated absences payable 33,577 280,357 177,653 374,968 113,809 980,364 405,505 Claims payable - 227,000 - - - 227,000 3,384,000 Due to other funds 21,006 121,205 64,683 - 50,909 257,803 140,969 Interest payable - - - 61,705 - 61,705 276,797 Unearned revenue 194,460 - - 794,787 - 989,247 -Customer deposits - - - 274,137 - 274,137 -Notes payable 38,829 - - 1,307,831 - 1,346,660 -Bonds payable - - - 55,000 - 55,000 1,690,000 Total current liabilities 366,549 1,798,227 641,718 3,571,231 326,659 6,704,384 7,925,062 Noncurrent liabilities
Escrow deposits - - - 331,810 - 331,810 -Net OPEB obligation - - - - 2,989,937 Notes payable 3,475 - - 5,252,945 - 5,256,420 -Bonds payable (net of unamortized discounts - - - 741,217 - 741,217 65,917,235 Landfill closure and postclosure care liability - 3,520,977 - - - 3,520,977 -Total noncurrent liabilities 3,475 3,520,977 - 6,325,972 - 9,850,424 68,907,172 Total liabilities 370,024 5,319,204 641,718 9,897,203 326,659 16,554,808 76,832,234 Net assets
Invested in capital assets, net of related debt 11,673,882 21,178,591 9,445,713 25,595,255 3,324 67,896,765 12,422,812 Restricted for:
Housing and community services - - - 2,339,864 - 2,339,864 -Self insurance - - - - 1,515,500 Unrestricted 318,565 20,019,318 3,470,236 14,410,658 1,248,306 39,467,083 33,942,716 Total net assets $ 11,992,447 $ 41,197,909 $ 12,915,949 $ 42,345,777 $ 1,251,630 109,703,712 $ 47,881,028
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 5,300,764
Net assets of business-type activities $ 115,004,476
The accompanying notes are an integral part of the financial statements.
Statement of Revenues, Expenses, and Changes in Fund Net Assets
Proprietary Funds
For the Fiscal Year Ended June 30, 2010
Lane Events Center
Solid Waste Disposal Operating revenues
Licenses and permits $ - $ -Intergovernmental - -Charges for services 1,426,862 14,613,791 Rents pledged as security for revenue bonds - -Fines, forfeitures and penalties - 1,697 Administrative and facility charges - -Sale and rental of property 1,212,345 580,621 Total operating revenues 2,639,207 15,196,109 Operating expenses
Personnel services 1,192,205 6,598,434 Materials and services 1,900,133 6,586,877 Landfill closure and postclosure care costs - 126,315 Depreciation 1,010,727 746,202 Total operating expenses 4,103,065 14,057,828 Operating income (loss) (1,463,858) 1,138,281 Nonoperating revenues (expenses)
Intergovernmental 41,963 12,964 Contributions to other governments - -Investment earnings 10,761 434,332 Interest expense (5,737) -Amortization of net pension asset - -Amortization of bond issuance costs - -Gain (loss) on capital asset disposal - 980 Total nonoperating revenues (expenses) 46,987 448,276 Income (loss) before contributions and transfers (1,416,871) 1,586,557 Capital grants - -Capital contributions - -Transfers in 584,604 -Transfers out - (1,454,580) Change in net assets (832,267) 131,977 Total net assets, June 30, 2009 12,824,714 41,065,932 Total net assets, June 30, 2010 $ 11,992,447 $ 41,197,909 The accompanying notes are an integral part of the financial statements.
Regional Information Systems Housing and Community Services Other Enterprise Funds Total Enterprise Funds Governmental Activities-Internal Service Funds -$ $ - $ 1,550,566 $ 1,550,566 $ 19,794,980 - 19,794,980 -8,003,950 3,185,451 1,941,632 29,171,686 74,311,522 431,238 - 431,238 - 77,596 79,293 274 - 136,397 136,397 1,017,906 - 1,459 1,794,425 9,273 8,003,950 23,411,669 3,707,650 52,958,585 75,338,975 2,912,625 6,007,456 2,582,186 19,292,906 8,014,131 3,147,671 17,666,551 2,292,203 31,593,435 54,343,462 - - 126,315 -388,619 1,185,762 9,112 3,340,422 2,548,648 6,448,915 24,859,769 4,883,501 54,353,078 64,906,241 1,555,035 (1,448,100) (1,175,851) (1,394,493) 10,432,734 - 175,010 229,937 141,354 - - (7,677) 63,016 275,955 20,777 804,841 1,102,490 (288,106) (7,919) (301,762) (4,818,531) - - - (1,434,310) - - - (42,648) - - 980 73,618 63,016 (12,151) 187,868 733,996 (4,985,704) 1,618,051 (1,460,251) (987,983) (660,497) 5,447,030 703,992 - 703,992 - - - 17,135 - 1,768,200 2,352,804 477,519 (35,000) - - (1,489,580) -1,583,051 (756,259) 780,217 906,719 5,941,684 11,332,898 43,102,036 471,413 41,939,344 12,915,949 $ $ 42,345,777 $ 1,251,630 $ 47,881,028 Adjustment to reflect the consolidation of internal
service fund activities related to enterprise funds 1,207,319 Change in net assets of business-type activities $ 2,114,038
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended June 30, 2010
Lane Solid Waste Events Center Disposal Cash flows from operating activities
Receipts from customers and users $ 1,394,866 $ 14,547,067 Receipts from facilities rent 1,212,345 580,621 Receipts from interfund services - -Payments to employees (711,245) (3,805,769) Payments to suppliers (1,902,638) (3,284,515) Payments for interfund services (517,672) (5,607,608) Net cash provided (used) by operating activities (524,344) 2,429,796 Cash flows from noncapital financing activities
Increase in line of credit - -Intergovernmental subsidies 41,963 13,234 Principal paid on pension bonds - -Interest paid on pension bonds - -Escrow deposits - -Interfund loans granted - (500,000) Interfund loan repayment received - 1,159,955 Interfund loan repayments made - -Transfers in 584,604 -Transfers out - (1,192,270) Net cash provided (used) by noncapital financing activities 626,567 (519,081) Cash flows from capital and related financing activities
Capital Grants - -Payment of development costs - -Principal paid on long-term debt (72,428) -Interest paid on long-term debt (5,737) -Proceeds from long-term debt - -Proceeds from sale of property - 980 Purchases of capital assets (51,217) (3,159,131) Net cash provided (used) by capital and related financing activities (129,382) (3,158,151) Cash flows from investing activities
Maturity of investments - -Purchase of investments - -Change in loans receivable - -Investment earnings 9,979 448,886 Net cash provided (used) by investing activities 9,979 448,886 Net increase (decrease) in cash and cash equivalents (17,180) (798,550) Cash and cash equivalents, June 30, 2009 613,392 24,342,985 Cash and cash equivalents, June 30, 2010 $ 596,212 $ 23,544,435 Reconciliation of operating income (loss) to
net cash provided (used) by operating activities:
Operating income (loss) $ (1,463,858) $ 1,138,281 Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities
Landfill closure and postclosure care costs - 126,315 Depreciation 1,010,727 746,202 (Increase) decrease in receivables 53,525 (68,421) (Increase) decrease in due from other funds - -(Increase) decrease in inventories 994 -(Increase) decrease in prepaids 12,309 -Increase (decrease) in accounts payable (44,142) 452,507 Increase (decrease) in wages and benefits payable (3,633) 17,161 Increase (decrease) in compensated absences payable (855) 30,692 Increase (decrease) in claims payable - (25,000) Increase (decrease) in due to other funds (3,890) 12,059 Increase (decrease) in unearned revenue (85,521) -Increase (decrease) in customer deposits - -Increase (decrease) in net OPEB obligation - -Net cash provided (used) by operating activities $ (524,344) $ 2,429,796 Reconciliation to Statement of Fund Net Assets
Cash and cash equivalents $ 596,212 $ 23,544,435 Restricted cash - -Cash and cash equivalents, June 30, 2010 $ 596,212 $ 23,544,435 Noncash investing, capital, and financing activities:
Other Total Governmental Regional Housing and Enterprise Enterprise Activities-Internal Information Systems Community Services Funds Funds Service Funds
Statement of Fiduciary Net Assets
Property Tax Agency June 30, 2010
Property Tax Agency
Assets
Current assets
Cash and cash equivalents $ 4,568,070
Receivables (net of uncollectibles):
Interest 2,060
Property taxes 23,334,105
Accounts 127,333
Total current assets 28,031,568
Total assets $ 28,031,568
Liabilities
Current liabilities
Accounts payable $ 36,507
Due to other governments 27,995,061
Total current liabilities 28,031,568
Total liabilites $ 28,031,568