CAFR FY2007�1
KODIAK ISLAND BOROUGH
1 Comprehensive Annual Financial Report
June 30, 2007
Official Issuing Report
Karleton G. Short
Director of Finance
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KODIAK ISLAND BOROUGH
TABLE OF CONTENTS
June 30, 2007
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Page
INTRODUCTORY SECTION:
Letter of Transmittal
i -iv
GFOA Certificate of Achievement
v
Organizational Chart
vi
Elected Officials (Photographs)
vii
Borough Officials
viii
Map of Kodiak Island Borough
ix
FINANCIAL SECTION:
Independent Auditors' Report
1 -2
Management's Discussion and Analysis
3 -12
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Assets
13
Statement of Activities
14
Fund Financial Statements:
Balance Sheet — Governmental Funds
15
Reconciliation of Net Assets Between the Government -Wide and Fund Financial
Statements
16
Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental
Funds
1'7
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities
18
Balance Sheet — Proprietary Funds — Business -Type Activities — Enterprise Funds
19
Statement of Revenues, Expenses, and Changes in Fund Equity — Proprietary Funds —
Business -Type Activities — Enterprise Funds
20
Statement of Cash Flows — Proprietary Funds — Business -Type Activities — Enterprise
Funds
21 -22
Notes to Financial Statements
23 -56
Required Supplementary Information:
Schedule of Funding Progress — PERS
57
Budgetary Comparison Schedule — General Fund
58 -59
Budgetary Comparison Schedule — Special Revenue Fund — Facilities
60
Notes to Required Supplementary Information — Budgetary Comparison Schedules
61
Additional Supplementary Information:
Budgetary Comparison Schedule — Debt Service Fund — Education and Health
62
Nonmajor Governmental Funds:
Combining Balance Sheet
63
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
64
Nonmajor Special Revenue Funds:
Combining Balance Sheet
65 -68
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KODIAK ISLAND BOROUGH
TABLE OF CONTENTS I
June 30, 2007
,
Page
Additional Supplementary Information, continued
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Deficits)
69 -72
Schedules of Revenues, Expenditures, Transfers, and Changes in Fund Balances
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(Deficit) — Budget and Actual:
Fire and Road Service Areas:
Fire:
Fire Protection Area No. 1
73
Women's Bay Fire Department
74
Kodiak Airport Fire District
75
Road:
Monashka Bay Road Service Area
76
Service Area No. 1
77
Women's Bay Road Service Area
78
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Bay View Road Service Area
79
Service Area No. 2
80
Coastal Management
81
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Child Care Assistance Program
82
L.E.P.C.
Land Sales
83
84
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Buildings and Grounds
85
Woodland Acres Street Light Service Area
86
Trinity Islands Street Light Service Area
87
Kodiak Arts Council
88
Tourism Development
89
Mission Lake Tide Gate
90
Fern Fuller Trust
91
,
Trinity Islands Paving
92
Debt Service Fund:
Balance Sheet — Other
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93
Schedule of Revenues, Expenditures, and Changes
in Fund Balance — Budget and Actual — Other
94
Nonmajor Capital Project Funds:
'
Combining Balance Sheet
95
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances
96
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit):
Various Borough Projects
97
State Capital Grants
98
Supplemental Schedule of Capital Projects:
Capital Project Funds
99 -100
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(continued)
KODIAK ISLAND BOROUGH
I Table of Contents
Enterprise Funds:
' Statement of Revenues, Expenses, and Changes in Fund Equity — Budget
and Actual:
Municipal Solid Waste Collection and Disposal
Hospital Facilities
Kodiak Fisheries Research Center
911 Services Fund
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Supplementary Schedules:
Summary of Bonded Debt Service Requirements to Maturity
General Obligation Refunding Bonds, 1998 Series A — Retirement Schedule
General Obligation Bonds, 2000 Series E — Retirement Schedule
General Obligation Bonds, 2000 Series F — Retirement Schedule
General Obligation Bonds, 2004 Series C — Retirement Schedule
General Obligation Bonds, 2004 Series D — Retirement Schedule
STATISTICAL SECTION:
Net Assets by Component — Last Three Fiscal Years
Changes in Net Assets — Last Three Fiscal Years
Fund Balances of Governmental Funds — Last Three Fiscal Years
Changes in Fund Balances of Governmental Funds — Last Four Fiscal Years
General Revenues by Source — Last Ten Fiscal Years
Assessed and Estimated Actual Value of Taxable Property — Last Ten Fiscal Years
Direct and Overlapping Property Tax Rates and Contributions to the School District
Principal Property Tax Payers — Current Year and Nine Years Ago
Property Tax Levies and Collections — Last Ten Years
Ratios of Net General Bonded Debt Outstanding — Last Ten Fiscal Years
Computation of Direct and Overlapping Debt
Legal Debt Margin Information — Last Two Fiscal Years
Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General
Governmental Expenditures and Transfers — Last Ten Fiscal Years
Ratios of Outstanding Debt by Type — Last Ten Fiscal Years
Demographic and Economic Statistics — Last Ten Fiscal Years
Average Monthly Employment & Earnings 2006
Miscellaneous Statistical Data
Property Value, Construction and Bank Deposits
Full -Time Equivalent Borough Employees by Function/Program — Last Three Fiscal Years
101
102
103
104
105
106
107
108
109
110
111
112 -113
114
115
116
117
118
119
120
121
122
123
124
125 -126
127
128
129
130
131
INTRODUCTORY SECTION
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Kodiak Island Borough
Finance Department
710 Mill Bay Road
Kodiak, Alaska 99615
Phone (907) 486 -9320 Fax (907) 486 -9399
December 21, 2007
Members of the Assembly
Kodiak Island Borough, Alaska
State of Alaska statutes and local charter provisions require that all general - purpose local governments
publish a complete set of financial statements presented in conformity with accounting principles generally
accepted in the United States of America (GAAP) and audited in accordance with auditing standards
generally accepted in the United States of America by a firm of licensed certified public accountants.
Pursuant to that requirement, we hereby issue the comprehensive annual financial report of the Kodiak
Island Borough (Borough) for the fiscal year ended June 30, 2007.
This report consists of management's representations concerning the finances of the Borough.
Consequently, management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a reasonable basis for making these representations,
management of the Borough has established a comprehensive internal control framework that is designed
both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the Borough's financial statements in conformity with GAAP. Because
the cost of internal controls should not outweigh their benefits, the Borough's comprehensive framework
of internal controls has been designed to provide reasonable rather than absolute assurance that the
financial statements will be free from material misstatement. As management, we assert that, to the best of
our knowledge and belief, this financial report is complete and reliable in all material respects.
The Borough's financial statements have been audited by Altman, Rogers & Co., a firm of licensed
certified public accountants. The goal of the independent audit was to form an opinion on whether the
financial statements of the Borough, for the fiscal year ended June 30, 2007, are presented fairly, in all
material respects, in accordance with accounting principles generally accepted in the United States of
' America. The independent audit involved examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements; assessing the accounting principles used and significant estimates
made by management; and evaluating the overall financial statement presentation. The independent auditor
' issued an unqualified opinion on the Borough's financial statements for the fiscal year ended June 30,
2007. The independent auditors' report is presented as the first component of the financial section of this
report.
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Members of the Assembly
Kodiak Island Borough, Alaska
The independent audit of the financial statements of the Borough was part of broader, State and federally
mandated "Single Audits" designed to meet the special needs of State and federal grantor agencies. The
standards governing Single Audit engagements require the independent auditor to report not only on the
fair presentation of the financial statements, but also on the audited government's internal controls and
compliance with legal requirements, with special emphasis on internal controls and legal requirements
involving the administration of State and federal awards. These reports are available in the Borough's
separately issued Single Audit Report.
GAAP require that management provide a narrative introduction, overview, and analysis to accompany the
,
basic financial statements in the form of Management's Discussion and Analysis (MD &A). This letter of
transmittal is designed to complement MD &A and should be read in conjunction with it. The Borough's
MD &A be found immediately following the report of the independent auditors.
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Profile of the Government
The Kodiak Island Borough lies at the western border of the Gulf of Alaska, approximately 40 miles south
,
of the Kenai Peninsula. Kodiak Island is the largest island in Alaska and the second largest in the United
States. About two- thirds of the Borough lies in the Kodiak archipelago with the remaining third on the
Alaska Peninsula, across the Shelikof Strait from Kodiak Island. The Shelikof Strait is only 20 miles wide
,
in places. The Borough encompasses 7,130 square miles, making it slightly smaller than the State of
Massachusetts and serves a population of 13,811.
The Borough was incorporated September 30, 1963, as a Second Class Borough by Chapter 146 Sessions,
Laws of Alaska 1961, as amended. The powers granted to the Borough include area -wide powers and non
area -wide powers. Area -wide powers are health, education, assessment and collection of taxes for both the
Non
Borough and cities within the Borough, planning and zoning, and general administrative services.
'
area -wide powers include parks and recreation, economic development, solid waste disposal, and animal
control. Service districts within the Kodiak Island Borough provide fire protection, road maintenance and
construction, and street lighting. A Mayor/Manager form of government governs the Borough. The Mayor
is elected at large while the Borough Assembly appoints the Manager. The Assembly is composed of seven
'
members who are elected at- large.
The Borough provides a full range of services including fire protection, the construction and maintenance
of roads and other infrastructure, community and economic development, health and sanitation, culture and
recreation and solid waste collection and disposal. The Borough also is financially accountable for a legally
separate school district which is reported separately within the Borough's financial statements. Additional ,
information on this legally separate entity can be found in the basic financial statements.
The annual budget serves as the foundation for the Borough's financial planning and control. All
departments of the Borough are required to submit requests for appropriation to the Borough manager. The
Borough manager uses these requests as the starting point for developing a proposed budget. The Borough
Manager then presents this proposed budget to the assembly for review by April 30. The assembly is ,
required to hold public hearings on the proposed budget and to adopt a final budget by no later than June
10. The appropriated budget is prepared by fund and department. The Assembly makes appropriation
transfers between funds and /or departments only after the adoption of an ordinance. Borough staff may
execute transfers between line items within a department. Amendments to the budget can occur anytime '
during the fiscal year through the Borough Assembly or administrative action. Expenditures may not
legally exceed appropriations at the following levels: Capital Project Funds — project level, all other funds
— department level. All funds, except Capital Project Funds, are budgeted on an annual basis encompassing '
a fiscal year. Budgets of Capital Project Funds generally encompass the period from start-up to project
completion, which is generally greater than one year. Budget -to- actual comparisons are provided in this
report for each individual governmental and proprietary fund for which an appropriated annual budget has '
been adopted. For the general fund and the facilities special revenue fund, this comparison is presented on
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Members of the Assembly
Kodiak Island Borough, Alaska
pages 58 -61 as part of required supplementary information. For governmental funds, other than the general
' fund and the facilities special revenue fund, this comparison is presented in the additional supplementary
information subsection of this report, which starts on page 62 . Also included in the additional
supplementary information subsection are the education and health debt service fund budget to actual and
' project - length budget -to- actual comparisons for each of the capital projects. For proprietary funds, this
comparison is presented in the proprietary funds subsection of this report, which starts on page 102.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered
from the broader perspective of the specific environment within which the Borough operates.
Local economy. The economic condition of the Kodiak Island Borough remains healthy. The main
industries of the Borough are commercial fishing, logging, and tourism. While some segments of the
' commercial fishing industry have declined, others have grown. There have been large cutbacks in the
logging industry, which can be attributed to the slowdown in the Asian economy. Tourism continues to
grow in Kodiak with an increased number of visitors each year. To accommodate this demand,
' construction of fishing lodges, bed and breakfast accommodations and recreational facilities has increased
along with an increase in charter boat and guide operations. There has also been an increase in the number
of cruise ships visiting Kodiak in recent years as the cruise ship companies have expanded their tours of
Alaska's coastal communities.
Relatively new to the Kodiak Island Borough is the aerospace industry, which began with construction of
the Kodiak Launch Complex in 1998. Owned by the Alaska Aerospace Development Corporation
' (AADC), a public corporation of the State of Alaska, the Kodiak Launch complex is the first complete
launch facility built in the United States since the 1960's and the first not owned by the Federal
Government. The state -of -the -art facility includes a launch control center, payload processing facility,
' spacecraft assembly building and launch pad. It is designed to handle small to medium sized rockets used
to launch low earth orbit satellites, as well as military, scientific and research missions.
1 Kodiak is home to the largest U.S. Coast Guard base in the country, employing nearly 1,400 people and
providing vital services to the marine industries that are an integral part of Kodiak's make -up as well as
making a significant contribution to the Kodiak community.
' The Seafood industry is by far the largest industry in the Kodiak Island Borough. This industry includes
commercial fishing, fisheries research, management and enforcement, seafood processing, and
maintenance and support services. Kodiak is home to the largest port in the State, housing over 700
commercial vessels and consistently ranks among the top ten ports in the United States in terms of amount
and value of product delivered.
Employment varies throughout the year with July, August, and September being the peak months due to
the increased activity in the fisheries and related businesses, and then declines in November and December
when fishing quotas are reached. The local unemployment rate has fluctuated from 5.1 % to 14.9% over the
' last five years, but the overall average has remained around 9 %.
Long -term financial planning. Every year the Borough adopts a five-year strategic plan. In this plan the
Borough decides what its' goals and objectives are for the next five years. The Borough breaks these goals
1 out based on our Mandatory and Adopted powers. To view the complete Strategic plan you can visit our
web site at www.kodiakak.us.
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Members of the Assembly
Kodiak Island Borough, Alaska
Cash management policies and practices. Operating funds of the Borough are invested in interest
producing instruments in accordance with the Borough's investment code. Cash forecasts are prepared to
enhance investment income and reduce market risk by matching investment maturities to anticipated cash
flows. Investment income includes appreciation or depreciation in the fair value of investments.
Risk management. The Borough maintains adequate fund balance in the General Fund, plus certain other
funds where the liability may arise, to cover potential losses that may not be covered by insurance or the
deductible portion of claims that are covered by insurance. In addition, various control techniques,
including employee accident prevention training, have been implemented to minimize accident - related
losses. Third party coverage is currently maintained for all of the Borough's property and activities.
Additional information on the Borough's risk management activity can be found in note 10 of the notes to
the financial statements.
Pension and other post employment benefits. The Borough participates in the Alaska Public Employees
Retirement System (PERS), which includes both a defined contribution and a defined benefit agent,
multiple employer public employee retirement system. PERS was established and is administered by the
State of Alaska to provide pension, post employment healthcare, death, and disability benefits to eligible
participants. At June 30, 2006 (date of most recent actuarial analysis), the actuarial value of liabilities
exceeded the actuarial value of assets by $8.2 million. Effective July 1, 2006, the PERS retirement plan
was closed by senate Bill 141. A new defined contribution plan for members first hired on or after July 1,
2006 was established.
The Borough also administers a Section 457 deferred compensation arrangement for eligible Borough
employees. Additional information on the Borough's pension arrangements and post employment benefits
can be found in Note 13 in the notes to the financial statements.
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Borough for its comprehensive
annual financial report (CAFR) for the fiscal year ended June 30, 2006. This was the seventeenth
consecutive year that the Borough has received this prestigious award. In order to be awarded a Certificate
of Achievement, a government must publish an easily readable and efficiently organized comprehensive
annual financial report. This report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the
GFOA to determine its eligibility for another certificate.
The preparation of this report would not have been possible without the efficient and dedicated services of
the entire staff of the administration and finance department. We would like to express our appreciation to
all members of the department who assisted and contributed to the preparation of this report. Credit must
be given to the mayor and the assembly for their unfailing support for maintaining the highest standards of
professionalism in the management of the Borough's finances.
Respectfully submitted,
I-A
Rick L. Gifford Karleton G. Short
Borough Manager Director of Finance
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Certificate of
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Achievement
for Excellence
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in Financial
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Reporting
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Presented to
Kodiak Island Borough
I Alaska
' For its Comprehensive Annual
Financial Report
' for the Fiscal Year Ended
June 30, 2006
' A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
' and financial reporting.
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Executive Director
Kodiak Island Borough
Fiscal Year 2007
Borough Attorney
Assistant Fire
Chief
Engineering/
Facilities
Director
KFRC
Environmental
Maintenance
Specialist
Engineer
KFRC
Receptionist
Baler/Landfill
Supervisor
Project Manager/
Inspector
Baler Operator 11
Project Assistant
Baler Operator I
Maintenance
Baler Operator I
Worker
Baler Operator I
Secretary III
Baler Operator 11
Borough Manager
Assistant
Community
Development
Director
Assessor
Associate Planner
LRP
Associate Planner
Enforcement
Drafting Technician
Secretary III
Property Appraiser
Appraiser
Technician
Assessment Clerk I
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Borough Clerk
Assistant Clerk Deputy Clerk
Arts Council
Director
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IF Finance[MIS
Director
General
Accountant
Accounting Tech
Accounts Payable
Accounting Tech
Payroll
Childcare Assistance
Administrator
Revenue
Accountant
Cashier
Secretary III
MIS Programmer/
Analyst
MIS Operations
Supervisor
MIS Network
Adrrdnistrator
MAYOR AND ASSEMBLY MEMBERS
Tom Abell
Deputy Presiding Officer,
At Large, 2008
Jerome Selby
Mayor, 2007
Sue .kffrey
At Large, 2008
Pat Branson
At Large, 2007
Jerrot Friend
At Large, 2009
Chris Lynch
At Large, 2009
Reed Oswalt
At Large, 2008
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Barbara WKU&ms
At Large, 2007
KODIAK ISLAND BOROUGH
KODIAK, ALASKA
BOROUGH OFFICIALS
YEAR ENDED JUNE 30, 2007
MAYOR
Jerome Selby `07
ASSEMBLY
Tom Abell '08
Sue Jeffrey `08
Jerrol Friend `09
Barbara Williams `07
Patricia Branson `07
Reed Oswalt `08
Chris Lynch `09
MANAGEMENT
RickGifford .................................................... ............................... ........................Borough Manager
Karleton G. Short ............................. ............................... .........................Finance
Director /Treasurer
Woody Koning ............................................. ...............................
Engineering and Facilities Director
NovaJavier, CIVIC ........................................................................
............................... Borough Clerk
Bud Cassidy ............................ ............................... ......................Community
Development Director
TomAnderson ................................................................. ...............................
.......................Assessor
Robert A. Himes ................................................................... ...............................
Assistant Fire Chief
Jamin, Schmitt, St. John ............................ ...............................
Borough Attorney (Contracted Firm)
Larry LeDoux ..................................................... ...............................
Superintendent, School District
Dria Bray Holloway ............................................................. ...............................
General Accountant
Cassandra Juenger ....................................... ...............................
........................Revenue Accountant
Lauri Whiddon ..................................................... .............................HR
Officer/Executive Assistant
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ACCOUNTANTS
Independent Auditors' Report
The Honorable Mayor and Members of the Assembly
Kodiak Island Borough:
We have audited the accompanying financial statements of the governmental activities, the business -type
' activities, the discretely presented component unit, each major fund, and the aggregate remaining fund
information of the Kodiak Island Borough, Alaska, as of and for the year ended June 30, 2007, which
collectively comprise the Borough's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the Kodiak Island Borough, Alaska'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 and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
' misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, the discretely
presented component unit, each major fund, and the aggregate remaining fund information of the Kodiak
Island Borough, Alaska, as of June 30, 2007, 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.
In accordance with Government Auditing Standards, we have also issued our report dated December 21,
2007 on our consideration of the Kodiak Island Borough, Alaska's internal control over financial reporting
and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be considered in assessing the
results of our audit.
The management's discussion and analysis on pages 3 through 12, the schedule of funding progress for
PERS on page 57 and the budgetary comparison information on pages 58 through 61 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, 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.
425 G Street Suite 500 Anchorage, Alaska 99$01 Phone 907 - 274 -2992 Fax 907 - 274 -2993
Offices in Kodiak, Juneau and Soldotna A Professional Corporation
The Honorable Mayor and Members of the Assembly
Kodiak Island Borough
1
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Kodiak Island Borough, Alaska's basic financial statements. The accompanying additional
supplementary information, as identified in the table of contents, are presented for purposes of additional
analysis and are not a required part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements taken as a whole.
The introductory section and statistical tables, as identified in the table of contents, have not been subjected
to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we
express no opinion on them.
December 21, 2007
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KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2007
' As management of the Kodiak Island Borough, we offer readers of these financial statements this narrative
overview and analysis of the financial activities of the Kodiak Island Borough for the fiscal year ended June 30,
2007. We encourage readers to consider the information presented here in conjunction with additional
information that we have furnished in our letter of transmittal, which can be found on pages i - iv of this report.
Financial Highlights
• The assets of the Kodiak Island Borough exceeded its liabilities at the close of FY2007 by $144,186,510.
Of this amount, $32,137,354 (unrestricted net assets) may be used to meet the Borough's ongoing
obligations to citizens and creditors.
• In FY2007 the Borough's total net assets increased by $3,362,170.
•• At the end of the current fiscal year, the Borough's governmental funds reported combined fund balances
of $67,289,953, an increase of $1,821,438 in comparison with the prior year. At the end of the FY2007,
unreserved fund balance for the general fund was $2,793,313, 23% of total general fund expenditures.
• The Borough's bonds payable decreased by $1,070,361 or 4% due to the payment of principal and no new
bond issues.
Overview of the Financial Statements
Government -wide Financial Statements
The government -wide financial statements are designed to provide readers with a broad overview of the Kodiak
1 Island Borough's finances, in a manner similar to a private- sector business.
The statement of net assets presents information on all of the Kodiak Island Borough's assets and liabilities, with
the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as
a useful indicator of whether the financial position of the Kodiak Island Borough is improving or deteriorating.
J
The statement of activities presents information showing how the government's net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods.
Both of the government -wide financial statements distinguish functions of the Kodiak Island Borough that are
principally supported by taxes and intergovernmental revenues (governmental activities) from other functions
that are intended to recover all or a significant portion of their costs through user fees and charges (business -type
activities). The governmental activities of the Kodiak Island Borough include general government, emergency
preparedness, community and economic development, health and sanitation, education, culture and recreation,
service district maintenance and primary and secondary education. The business -type activities of the Kodiak
Island Borough include a solid waste collection and disposal facility, a Borough owned hospital, the Kodiak
Fisheries Research Center and a 911 emergency system.
The government -wide financial statements include not only the Kodiak Island Borough itself (known as the
primary government), but also the legally separate school district for which the Kodiak Island Borough is
financially accountable. Financial information for this component unit is reported separately from the financial
information presented for the primary government itself.
The government -wide financial statements can be found on pages 13 -14 of this report.
1 3 (Continued)
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KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2007
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated
for specific activities or objectives. The Kodiak Island Borough, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance- related legal requirements. All of the funds of the
Kodiak Island Borough can be divided into two categories: governmental funds and proprietary 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
statements, governmental fund financial statements focus on near -term inflows and outflows of spendable
resources as well as on balances of spendable resources available at the end of the fiscal year. Such information
may be useful in evaluating a government's near -term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government -wide financial statements. By doing so, readers may better understand
the long -term impact of the government's near -term financing decisions. Both the governmental fund balance
sheet and governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Kodiak Island Borough maintains 27 individual governmental funds. Information is presented separately in
the governmental fund balance sheet and 'in the governmental fund statement of revenues, expenditures, and
changes in fund balances for the general fund, the facilities special revenue fund and the education and health
debt service fund, which are all considered to be major funds. Data from the other nonmajor funds are combined
into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is
provided in the form of combining statements elsewhere in the supplementary information section of this report.
The Kodiak Island Borough adopts an annual appropriated budget for its general fund, special revenue funds and
debt service funds. Budgetary comparison statements have been provided for the funds to demonstrate
compliance with this budget.
The basic governmental financial statements can be found on pages 15 -18 of this report.
Proprietary Funds — The only proprietary fund type that the Kodiak Island Borough uses is enterprise funds.
Enterprise funds are used to report the same functions presented as business -type activities in the
government -wide financial statements. Proprietary funds provide the same type of information as
government -wide financial statements, only in more detail. The Kodiak Island Borough uses enterprise funds to
account for a solid waste collection and disposal facility, a Borough -owned hospital leased to the Sisters of
Providence d.b.a. Providence Kodiak Island Medical Center, rents and utilities of the Borough -owned Kodiak
Fisheries Research Center, and 911 phone charges and expenses.
The Kodiak Island Borough adopts an annual appropriated budget for its proprietary funds. Budgetary
comparison statements have been provided for the funds to demonstrate compliance with the budget.
The basic proprietary fund financial statements can be found on pages 19 -22 of this report.
Notes to the Financial Statements — The notes provide additional information that is essential to a full
understanding of the data provided in the government -wide and fund financial statements. The notes to the
financial statements can be found on pages 23 -56 of this report.
(Continued)
fl
L
I KODIAK ISLAND BOROUGH
' Management's Discussion and Analysis
June 30, 2007
Other Information — In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the Kodiak Island Borough's progress in funding
its obligation to provide pension benefits to its employees and budgetary comparison schedules for the general
' fund and the facilities special revenue fund. Required supplementary information can be found on pages 57 -61 of
this report.
Government -wide Financial Analysis
Statement of Net Assets
As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the
case of the Kodiak Island Borough assets exceeded liabilities by $144,186,510 at the close of FY2007, the most
recent fiscal year.
The largest portion of the Kodiak Island Borough's net assets ($112,049,156 or 78 %) reflects its investment in
capital assets (e.g. land, buildings, equipment and infrastructure) net of related debt. The Kodiak Island Borough
uses these capital assets to provide services to citizens; consequently, these capital assets are not available for
' future spending. Although the Borough's investment in capital assets is reported net of 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.
Current and other assets
Capital assets
Total assets
1 Long -term liabilities
Other liabilities
Total liabilities
�J
1
Net assets:
Invested in capital assets,
net of related debt
Unrestricted
Total net assets
Governmental
Business -type
Activities
Activities
Total
2007
2006
2007
2006
2007
2006
$ 64,724,043
62,586,633
8,524,715
6,545,189
73,248,758
69,131,822
73,425,394
74,210,255
38,053,625
39,858,719
111,479,019
114,068,974
$ 138,149,437
136,796,888
46,578,340
46,403,908
184,727,777
183,200,796
$ 29,807,910
31,947,050
5,199,972
4,661,685
35,007,882
36,608,735
(2,724,583)
(3,519,845)
8,257,968
9,287,566
5,533,385
5,767,721
$ 27,083,327
28,427,205
13,457,940
13,949,251
40,541,267
42,376,456
$ 73,425,394
62,716,326
38,623,762
38,588,510
112,049,156
101,304,836
37,640,716
45,653,357
(5,503,362)
(6,133,853)
32,137,354
39,519,504
$ 111,066,110
108,369,683
33,120,400
32,454,657
144,186,510
140,824,340
For more detailed information see the statement of net assets on page 13.
The remaining balance of unrestricted net assets, $32,137,354, may be used to meet the Borough's ongoing
obligations to citizens and creditors.
1 5 (Continued)
KODIAK ISLAND BOROUGH I
government of $771,364 and $409,873 in interest on long -term debt.
t
6 (Continued) I
Management's Discussion and Analysis
June 30,
2007
Statement of Activities
The following condensed table of changes in net assets displays the revenues and expenses for the current and
prior year.
,
Governmental activities
Business -type activities
Total
2007
2006
2007 2006
2007
2006
Revenues:
Program revenues:
Charges for services
$ 1,147,212
535,045
6,658,643 6,456,710
7,805,855
6,991,755
Operating grants and contributions
1,935,687
1,240,547
- -
1,935,687
1,240,547
Capital grants
184,922
298,852
- -
184,922
298,852
General revenues:
Property taxes
9,754,916
9,807,551
- -
9,754,916
9,807,551
Grants and entid ements not restricted
to specific programs
3,242,740
3,482,351
3,242,740
3,482,351
Land sale
11,745
363,389
- -
11 ,745
363,389
Severance taxes
1,316,689
1,186,908
- -
1,316,689
1,186,908
Other
(237,381)
415,939
35,747 391,895
(201,634)
807,834
Investment earnings
3,745,990
2,798,391
274,126 161,892
4,020,116
2,960,283
Total revenues
21,102,520
20,128,973
6,968,516 7,010,497
28,071,036
27,139,470
,
Expenses:
General gpvemment
4,755,754
3,984,390
- -
4,755,754
3,984,390
Emergency preparedness
10,384
8,598
- -
10,384
8,598
Community and economic development
786,614
784,002
- -
786,614
784,002
Health and sanitation department
414,144
403,866
- -
414,144
403,866
Education, cultun;, and recreation
161,247
164,053
- -
161,247
164,053
Servicedistrict maintenance
362,189
336,385
- -
362,189
336,385
Education
10,788,188
10,831,588
- -
10,788,188
10,831,588
Interest on long -term debt
1,290,216
1,700,089
- -
1,290,216
1,700,089
Municipal solid waste colle ct ion
-
-
2,888,821 3,446,453
2,888,821
3,446,453
Hospital facilities
-
-
1,297,419 1,304,583
1,297,419
1,304,583
Kodiak fisheri es research center
-
-
1,889,750 1,856,875
1,889,750
1,856,875
911 services
-
-
64,140 57,194
64,140
57,194
Total expenses
18,568,736
18,212,971
6,140,130 6,665,105
24,708,866
24,878,076
Change in net assets before
transfers
2,533,784
1,916,002
828,386 345,392
3,362,170
2,261,394
Transfers
162,643
247,280
(162,643) (247,280)
-
-
Change in net assets
2,696,427
2,163,282
665,743 98,112
3,362,170
2,261,394
Net assets, beginning of year
108,369,683
106,206,401
32,454,657 32,614,835
140,824,340
138,562,946
Net assets, end of)car
$ 111,066,110
108,369,683
33,120,400 32,712,947
144,186,510
140,824,340
'
Governmental activities increased the Kodiak Island Borough's
net assets by $2,696,427. The major differences
were an increase of $612,167
in charges for services,
$695,140 in operating grants and contributions,
and
$947,599 in interest earnings.
There were some major
changes in expenses including
a decrease in general
government of $771,364 and $409,873 in interest on long -term debt.
t
6 (Continued) I
1
L
I l
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2007
Business -type activities increased the Kodiak Island Borough's net assets by $665,743. The major differences
were a $201,933 increase in charges for services and a $112,234 increase in interest earnings and a decrease in
municipal solid waste collection of $557,632. The proprietary funds had an operating gain of $828,386 before
transfers.
2007 Program Revenue vs. Expense by
Governmental Activities
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
1 0
1
G ° �e��� e � ` Qt eQ a � a � eSS �e \ ° d Sa��� a`` ° � a Q.ec� ea � ` ° �� a ��� e � a � `e Ea� cati` ° ��� ae � %
ncy N o ,\e \N' �� \ %��eia� 6 \ce a` 5 --e1 * -
G � o Set`s \,
■ Revenues ■ Expenses
For more detailed information see the statement of activities on page 14.
Financial Analysis of the Government's Funds
As noted earlier, the Kodiak Island Borough uses fund accounting to ensure and demonstrate compliance with
finance- related legal requirements.
Governmental Funds — The focus of the Kodiak Island Borough's governmental funds is to provide information
on near -term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
Kodiak Island Borough's financing requirements. In particular, unreserved fund balance may serve as a useful
measure of a government's net resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the Kodiak Island Borough's governmental funds reported combined
ending fund balances of $67,289,953, an increase of $1,821,438 in comparison to the beginning of the year.
$59,922,309 of this total amount constitutes unreserved fund balance, of which $726,775 is designated for
1 7 (Continued)
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2007
subsequent year expenditures and $59,195,534 is undesignated. The remaining $7,367,644 of fund balance is
reserved for long -term interfund borrowings.
The main reasons for this increase are as follows:
• General fund severance taxes exceeded projections by $299,896.
• General fund state revenues exceeded projections by $148,876.
• Expenditures in the General fund were lower than projections by $342,174.
• Interest earnings in the Facilities fund exceeded transfers out by $1,103,564.
• Revenues in the Land Sales fund exceeded expenditures by $81,381.
• Revenues in the Fern Fuller Trust fund exceeded expenses by $461,666.
The general fund is the main operating fund of the Kodiak Island Borough. At the end of the current fiscal year,
unreserved fund balance of the general fund was $2,793,313 with $554,975 reserved for subsequent year's
expenditures. As a measure of the general fund's liquidity, it may be useful to compare fund balance to total
expenditures. Unreserved fund balance represents 23% of total general fund expenditures.
The fund balance of the Kodiak Island Borough's general fund increased by $767,200 during the current fiscal
year. The key factors leading to this increase were severance taxes coming in $299,896 over budget, the MIS
department coming in $129,579 under budget, and the Community Development Department coming in
$124,891 under budget. The facilities fund had a total fund balance of $39,638,397, $32,270,753 of which is
unreserved. Fund balance increased $1,103,564 during the year because amounts transferred out were less than
investment earnings.
Proprietary Funds — The Kodiak Island Borough's proprietary funds provide the same type of information
found in the government -wide financial statements, but in more detail.
Net assets of the municipal solid waste collection and disposal fund amounted to $4,815,573, the Hospital
Facilities fund amounted to $17,490,139, the Kodiak Fisheries Research Center fund amounted to $10,773,726
and the 911 Services fund amounted to $40,962.
There was an adjustment made to beginning fund equity to correct an error previously reported in the Municipal
Solid Waste Collection and Disposal fund. Proceeds from a State loan were incorrectly reported as revenue in
2006. This correction reduces fund equity and a related receivable by $258,290 in 2006 in accordance with
generally accepted accounting principals.
8 (Continued)
F
u
n
II
KODIAK ISLAND BOROUGH
' Management's Discussion and Analysis
June 30, 2007
1 The total increase in net assets for municipal solid waste collection and disposal was $1,208,766. The
total decrease in net assets for the hospital facilities fund was$378,357, for the Kodiak Fisheries Research
Center it was $164,564 and for the 911 services fund it was $102. Other factors concerning the finances
' of these four funds have already been addressed in the discussion of the Kodiak Island Borough's
business -type activities.
3
2
1
0
■program
revenue (in
millions)
■expenses
(in millions)
J
u
1
1
General Fund Budgetary Highlights
Differences between the original budget and final amended budget can be briefly summarized as follows:
• The revenue budget for personal property tax was decreased by $58,000.
• The revenue budget for raw fish tax was increased by $158,960.
• The revenue budget for the Health and Sanitation Department was increased by $12,380.
• The expenditure budget of the Borough Manager's Department was decreased by $67,172.
Differences between the final amended budget and actual can be summarized as follows:
• Property taxes were $31,645 over budget. This happened because the actual assessed values were
higher than what was estimated in the budget.
• The State fish revitalization program revenue was $4,235 over budget. This was also due to fish
catch exceeding budget projections.
• Severance taxes were $299,896 over budget. This was due to fish catches exceeding budget
projections, especially ground fish.
Z
(Continued)
Municipal Solid Hospital Facilities 911 Service Kodiak Fisheries
Waste Research Center
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2007
• The Borough Assembly department came in $25,804 under budget. This was due to travel and per
diem coming in under budget.
• The Borough Clerk's department was $17,185 over budget. This was due to PERS (Public
Employee Retirement System) costs coming in over budget.
• The Finance department was $11,284 over budget. This was due to PERS costs coming in over
budget.
• The Management Information Budget came in $129,579 under budget. This was due to computer
software and maintenance agreements coming in under budget.
• The Engineering/Facilities department came in $39,546 under budget. This was due to personnel
services and contracted services coming in under budget.
• General and administration was $43,760 under budget. This was due to bad debt expense and bank
fees coming in under budget.
Capital Asset and Debt Administration
Capital Assets — The Kodiak Island Borough's investment in capital assets for its governmental and
business type activities as of June 30, 2007, amounted to $111,479,019 (net of accumulated depreciation).
This investment in capital assets includes, land, buildings and improvements, improvements other than
buildings, machinery and equipment, and construction work -in- progress. The total net decrease in the
Kodiak Island Borough's investments in capital assets for the current fiscal year was $2,589,955 which
was mostly due to current year depreciation.
The following table displays the capital assets (net of depreciation) for the current year.
Additional information on the Kodiak Island Borough's capital assets can be found in note 6 on pages 33-
37 of this report.
10 (Continued)
1
1
1
L
it
1
Governmental
Business -type
activities
activities
Total
200
2006
2007
20 06
2007
2006
Artwork
$ —
—
16,091
16,091
16,091
16,091
Land
23,187,184
23,187,184
1,661,499
1,661,499
24,848,683
24,848,683
Cons ttuctionwork -in- progress
6,626,411
4,680,384
743,494
491,754
7,369,905
5,172,138
Bui Wings and improve men ts
40,206,914
42,518,781
30,134,142
31,631,807
70,341,056
74,150,588
Improvements otherthan buildings
909,653
1,210,447
2,801,249
3,042,789
3,710,902
4,253,236
Equipment
655,495
629,654
1,423,675
1,760,160
2,079,170
2,389,814
infrastructure
1,839,737
1,983,805
—
—
1,839,737
1,983,805
Unclassified plant in service
—
—
1,273,475
1,254,619
1,273,475
1,254,619
$ 73,425,394
74,210,255
38,053,625
39,858,719
111,479,019
114,068,974
Additional information on the Kodiak Island Borough's capital assets can be found in note 6 on pages 33-
37 of this report.
10 (Continued)
1
1
1
L
it
1
1
KODIAK ISLAND BOROUGH
' Management's Discussion and Analysis
June 30, 2007
' Long -term Debt — At the end of the current fiscal year, the Kodiak Island Borough had total bonded debt
outstanding of $29,060,000. This entire amount is backed by the full faith and credit of the Borough. The
remainder of the Kodiak Island Borough's debt represents capital leases, and landfill closure and post - closure
costs.
The following table displays the long -term debt for the current year.
t The Kodiak Island Borough's total debt decreased $2,146,115 during the current fiscal year. This decrease was
due to principal payments throughout the year.
' No major long -term debt activity occurred during the year.
The last time the Borough received a rating on a bond issue (General Obligation Refunding Bonds, 1998 Series
A) the Borough received an A- rating from Fitch Investors Service. Currently, general obligation bonds are
insured to a AAA rating at the time of issuance.
There is no general obligation debt limit imposed on the Kodiak Island Borough by the State Constitution, state
statutes or the Borough's charter or code.
Additional information on the Kodiak Island Borough's long -term debt can be found in note 8 on pages 40 -46 of
this report.
Economic Factors and Next Year's Budgets and Rates
• At June 30, 2007, the unemployment rate for the Kodiak Island Borough was 6.9 %, which is 1.8% lower
than last year's rate of 8.7 %. The average unemployment rate for the last 10 years has been 9.9 %.
• Property tax revenues received are projected to increase in future years as the Kodiak Island Borough's
assessed valuation continues to increase.
• The PERS (Public Employees Retirement System) rate has increased from 0% in FY2004 to 22% for
FY2008.
11 (Continued)
Governmental
Business -type
activities
activities
Total
2007 2006
2007 2006
2007
2
General obligation bonds, including premium $
29,060,000 31,155,000
= =
29,060,000
31,155,000
'
ADEC loans
77,470 83,690
77,470
83,690
Landfill post closure care costs
3,222,587 3,258,937
3,222,587
3,258,937
Long term interfund borrowings
— —
7,367,644 7,742,903
7,367,644
7,742,903
Notes payable
— —
1,636,924 1,270,210
1,636,924
1,270,210
1
$
29,137,470 31,238,690
12,227,155 12,272,050
41,364,625
43,510,740
t The Kodiak Island Borough's total debt decreased $2,146,115 during the current fiscal year. This decrease was
due to principal payments throughout the year.
' No major long -term debt activity occurred during the year.
The last time the Borough received a rating on a bond issue (General Obligation Refunding Bonds, 1998 Series
A) the Borough received an A- rating from Fitch Investors Service. Currently, general obligation bonds are
insured to a AAA rating at the time of issuance.
There is no general obligation debt limit imposed on the Kodiak Island Borough by the State Constitution, state
statutes or the Borough's charter or code.
Additional information on the Kodiak Island Borough's long -term debt can be found in note 8 on pages 40 -46 of
this report.
Economic Factors and Next Year's Budgets and Rates
• At June 30, 2007, the unemployment rate for the Kodiak Island Borough was 6.9 %, which is 1.8% lower
than last year's rate of 8.7 %. The average unemployment rate for the last 10 years has been 9.9 %.
• Property tax revenues received are projected to increase in future years as the Kodiak Island Borough's
assessed valuation continues to increase.
• The PERS (Public Employees Retirement System) rate has increased from 0% in FY2004 to 22% for
FY2008.
11 (Continued)
� I
KODIAK ISLAND BOROUGH ,
Management's Discussion and Analysis ,
June 30, 2007
Requests for Information ,
This financial report is designed to provide a general overview of the Kodiak Island Borough's finances for all
those with an interest. Questions concerning any of the information provided in this report or requests for
additional information should be addressed to the Kodiak Island Borough, Director of Finance, 710 Mill Bay ,
Kodiak, Alaska 99615.
I.1
Cl
J
L
n
I
12
1
' KODIAK ISLAND BOROUGH
Statement of Net Assets
' June 30, 2007
(With summarized financial information for June 30, 2006)
IF1
1 13
Component
'
Primary government
unit
Total reporting
entity
Governmental
Business -type
School
Assets
activities
activities
Total
district
2007
2006
Equity in central treasury
$ 62,790,419
7,664,499
70,454,918
39,004
70,493,922
65,594,217
Due from primary
government
-
-
-
3,450,419
3,450,419
3,493,790
Receivables:
State of Alaska
604,827
100,000
704,827
-
704,827
1,102,354
Federal Government
11,093
11,093
11,093
6,355
Property taxes, net of
allowance of $15,828
566,740
-
566,740
-
566,740
355,780
'
Severance taxes
Deferred charges
37,112 V
-
-
-
37 ,112
-
-
-
37,112
295,309
39,295
689,654
Inventories
277,007
277,007
377,574
654,581
Prepaid expenses
-
-
-
6,656
6,656
Land sales contracts
receivable
231,463
-
231,463
-
231,463
230,034
'
Notes receivable
448,533
-
448,533
-
448,533
501,889
Accounts and other
receivables, net
33,856
483,209
517,065
1,367,472
1,884,537
1,888,913
Capital assets:
Non - depreciable
29,813,595
2,421,084
32,234,679
-
32
30,036,912
Depreciable, net
43,611,799
35,632,541
79,244,340
286,561
79,530,901
84,164,695
Total
$ 138,149,437
46,578,340
184,727,777
5,527,686
190,255,463
188,399,197
Liabilities and Net Assets
'
Liabilities:
Accounts payable
$ 642,679
420,997
1,063,676
274,735
1,338,411
925,800
Retainages payable
11,904 V
-
11,904
-
11,904
22,270
'
Accrued compensation
and related liabilities
165,935
40,967
206,902
3,501,881
3,708,783
2,791,404
Other accrued liabilities
429,302
168,021
597,323
-
597,323
990,065
Customer deposits
828 V
-
828
-
828
678
Unearned revenues
46,907 \/
155,426
202,333
7,437
209,770
446,995
Due to component units
3,450,419 ✓
-
3,450,419
3,450,419
3,493,790
Internal balances
(7,472,557)
7,472,557
_
Noncurrent liabilities:
Due within one year
2,278,934
218,150
2,497,084
284,082
2,781,166
2,664,202
'
Due in more than
one year
Landfill
27,134,297
-
1,636,924
3,222,587
28,771,221
3,222,587
75,610
-
28,846,831
3,222,587
34,120,169
-
closure costs
Net Pension and OPEB
� 3
obligation
394,679
122,311
516,990
919,640
1,436,630
1,210,526
'
Total liabilities
27,083,327
13,457,940
40,541,267
5,063,385
45,604,652
46,665,899
Net assets:
Invested in capital assets,
net of related debt
73,425,394
38,623,762
112,049,156
286,561
112,335,717
101,437,469
Unrestricted
37,640,716
(5,503,362)
32,137,354
177,740
32,315,094
40,295,829
'
Net assets
111,066,110
33,120,400
144,186,5) 0
464,301
144,650,811
141,733,298
Total
$ 138,149,437
46,578,340
184,727,777
5,527,686
190,255,463
188,399,197
t See
accompanying notes to financial
statements.
IF1
1 13
KODIAK ISLAND BOROUGH
Statement of Activities
Year ended June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
See accompanying notes to financial statements.
14
M = = M M M
Program revenues
Net(expense)revenue and changes in net assets
Operating
Primary government
Component
Charges for
grants and
Capital
Governmental
Business -type
unit school
Total reporting entity
Functions/Programs
Expenses
services
contributions
grants
activities
activities
Total
district
2007
2006
Primary government:
Governmental activities:
General government $
4,755,754
1,058,330
53,248
151,826
(3,492,350)
-
(3,492,350)
-
(3,492,350)
(3,571,198)
Emergency preparedness
10,384
-
-
-
(10,384)
-
(10,384)
-
(10,384)
(8,598)
Community and economic development
786,614
68,867
25,112
-
(692,635)
-
(692,635)
-
(692,635)
(727,806)
Health and sanitation department
414,144
-
77,107
-
(337,037)
-
(337,037)
-
(337,037)
(329,716)
Education, culture and recreation
161,247
-
-
-
(161,247)
-
(161,247)
-
(161,247)
(55,835)
Service district maintenance
362,189
20,015
165
-
(342,009)
-
(342,009)
-
(342,009)
(316,385)
Primary and secondary education
10,788,188
-
-
33,096
(10,755,092)
-
(10,755,092)
-
(10,755,092)
(10,437,711)
Interest on long -term debt
1,290,216
-
1,780,055
-
489,839
-
489,839
-
489,839
(691,278)
Total governmental activities
18,568,736
1,147,212
1,935,687
184,922
(15,300,915)
-
(15,300,915)
-
(15,300,915)
(16,138,527)
Business -type activities:
Municipal solid waste collection and
disposal
2,888,821
3,932,985
-
-
-
1,044,164
1,044,164
-
1,044,164
218,836
Hospital facilities
1,297,419
1,081,110
-
-
-
(216,309)
(216,309)
-
(216,309)
(151,250)
Kodiak fisheries research center
1,889,750
1,581,850
-
-
-
(307,900)
(307,900)
-
(307,900)
(284,401)
911 services
64,140
62,698
(1,442)
(1,442)
-
(1,442)
8,420
Total business-type activities
6,140,130
6,658,643
-
-
-
518,513
518,513
-
518,513
(208,395)
Total primary government
24,708,866
7,805,855
1,935,687
184,922
(15,300,915)
518,513
(14,782,402)
-
(14,782,402)
(16,346,922)
Component units:
School district
37,453,349
228,177
4,465,460
(32,759,712)
(32,759,712)
(30,963,241)
Totals - component units
37,453,349
228,177
4,465,460
-
(32,759,712)
(32,759,712)
(30,963,241)
General revenues:
Property taxes
9,754,916
-
9,754,916
-
9,754,916
9,807,551
Grants and entitlements not restricted to specific programs
3,242,740
-
3,242,740
23,308,352
26,551,092
24,191,994
Land sale
11,745
-
11,745
-
11,745
363,389
Severance taxes
1,316,689
-
1,316,689
-
1,316,689
1,186,908
Support from primary government
-
-
-
8,671,260
8,671,260
8,632,440
Other
(237,381)
35,747
(201,634)
335,443
133,809
1,197,927
Investment earnings
3,745,990
274,126
4,020,116
-
4,020,116
2,960,554
Transfers
162,643
(162,643)
-
Total general revenues and transfers
17,997,342
147,230
18,144,572
32,315,055
50,459,627
48,340,763
Change in net assets
2,696,427
665,743
3,362,170
(444,657)
2,917,513
1,030,600
Net assets, at beginning of year, as restated (see footnote 12).
108,369,683
32,454,657
140,824,340
908,958
141,733,298
140,702,698
Net assets, at end ofyear
$ 111,066,110
33,12
144,186,510
464,301
144,650,811
1
See accompanying notes to financial statements.
14
M = = M M M
KODIAK ISLAND BOROUGH
Balance Sheet
Governmental Funds
June 30, 2007
(With summarized financial information for June 30, 2006)
See accompanying notes to financial statements.
15
Facilities
Education and
School Bond
Other
Special
Health Debt
Capital
Governmental
Totals
Assets
General
Revenue Fund
Service Fund
Projects
Funds
2007
2
Assets:
Cash and investments
S 5,666,479
32,076,971
-
20,657,681
4,389,288
62,790,419
59,809,103
Receivables:
State of Alaska
45,895
-
347,553
-
211,379
604,827
957,693
Federal Government
-
-
-
-
11,093
11,093
6,355
Property taxes, net of
allowance ofS15,828
551,732
-
-
-
15,008
566,740
355,780
Severance taxes
-
-
-
-
-
-
295,309
Land sales contracts
-
-
-
-
38,308
38,308
1,538
Notes receivable
-
-
448,533
448,533
501,889
Accounts and other
receivables, net
8,271
-
-
-
25,585
33,856
391,175
Due from other funds
573,780
298,695
-
872,475
3,427,042
Land sales contracts, due after one year
-
-
-
-
193,155
193,155
228,496
Advances to other funds
-
7,367,644
-
7,367,644
7,742,903
Total
S 6,846,157
39,743,310
347,553
20,657,681
5,332,349
72,927,050
73,717,283
Liabilities and Fund Balances
Liabilities:
Accounts payable
203,706
-
2,600
200,018
236,355
642,679 V
467,332
Retainages payable
-
-
-
-
11,904
11,904
22,270
Accrued compensation
and related liabilities
165,935
-
-
165,935 V
89,881
Customer deposits
-
828
828 V
3,450,419 ✓
678
3,493,790
Due to component unit
3,450,419
-
-
-
-
Due to other funds
14
-
405,333
-
362,215
767,562
3,086,617
Unearned revenues
232,770
104,913
-
-
260,087
597,770
1,088,200
Total liabilities
4,052,844
104,913
407,933
200,018
871,389
5,637,097
8,248,768
Fund balances:
Reserved:
Long -term interfund
borrowings
-
7,367,644
-
-
-
7,367 644
7,742,903
Unreserved:
General fund:
Designated for subsequent
year expenditures
554,975
-
-
-
-
554,975
154,296
Undesignated
2,238,338
-
-
-
-
2,238,338
1,871,817
Special revenue funds:
Designated for subsequent
year expenditures
-
-
171,800
171,800
420,400
Undesignated
-
32,270,753
2,873,768
35,144,521
33,454,865
Debt service funds:
Undesignated
-
-
(60,380)
-
161,470
101,090
76,898
Capital projects funds:
Undesignated
-
-
-
20,457,663
1,253,922
21,711,585
21,747,336
Total fund balances
2,793,313
39,638,397
(60,380)
20,457,663
4,460,960
67,289,953
65,468,515
Total
S 6,846,157
39,743,310
347,553
20,657,681
5,332,349
72,927,050
73,717,283
See accompanying notes to financial statements.
15
KODIAK ISLAND BOROUGH
Reconciliation of Net Assets Between the
Government -wide and Fund Financial Statements
Year ended June 30, 2007
Amount reported as fund balance on the governmental funds balance sheet
Amounts reported for governmental activities in the statement of net
assets are different because:
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the funds.
Long -term receivables, delinquent property taxes and loans are
not available to pay for current- period expenditures and,
therefore, are deferred in the funds:
Property taxes
Interest receivable
Fern Fuller Trust - note receivable
Notes receivable - land sales
Deferred charges
Long -term liabilities, including bonds payable, are not due and
payable in the current period and therefore are not reported
in the funds:
General obligation bonds payable
Bond premium
ADEC loans
Net pension and OPEB obligation
Accrued interest expense
Compensated absences
Net assets of governmental activities
See accompanying notes to the financial statements.
$ 67,289,953 '
73,425,394
$ 232,770
104,913 CS
20,025 ]
193,155
37,112 587,975
(29,060,000)
(103,349)
(77,470)
(394,679)
(429,302)
(172,412) (30,237,212)
$ 111,066,110
1
[I
16 1
I KODIAK ISLAND BOROUGH
See accompanying notes to financial statements.
Z 3 63�
1 c
373 a3 �
I gDq'� -
1
17
Statement of Revenues, Expenditures,
and Changes in Fund Balances (Deficit)
'
Governmental
Funds
Year ended
June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
'
Facilities
Education and
School Bond
Other
Special
Health Debt
Capital
Governmental
Totals
General
Revenue Fund
Service Fund
Projects
Funds
2007
2 6
Revenues:
Property taxes
$ 8,901,327
-
849,355
9,750,682
9,833,846
'
Intergovernmental:
State sources
2,175,706
-
1,780,055
-
56,886
4,012,647
3,368,491
Federal sources
1,150,193
-
-
-
267,210
1,417,403
1,766,926
Land sale proceeds
-
-
-
-
47,087
47,087
177,164
Severance taxes
1,316,689
-
1,316,689
1,186,908
'
Licenses, permits, fees, and
=
_
_
other local revenues
78,720
612,242
690,962
820,286
Investment income
399,149
2,192,964
25,750
900,362
233,384
3,751,609
2,803,466
Other
82,604
-
-
-
551,321
633,925
125,040
Total revenues
14,104,388
2,192,964
1,805,805
900,362
2,617,485
21,621,004
20,082,127
Expenditures:
Current:
General government
2,632,127
-
2,650
-
1,869,275
4,504,052
3,950,927
'
Community and
economic development
Emergency preparedness
702,901
7,884
-
-
-
83,713
-
786,614
7,884
784,002
6,098
Health and sanitation
department
289,503
-
-
-
83,629
373,132
363,520
Education, culture
and
158,161
158,161
161,633
cedist t
Service district maintenance
-
_
_
498,539
498,539
336,385
Primary and secondary education
8,387,440
8,387,440
8,430,840
Capital outlay:
Schools
-
-
-
1,253,518
183,121
1,436,639
464,142
'
General
Debt service:
=
_
373,038
373,038
2,100,361
332,398
1,814,5 53
Principal
2,100,361
Interest
1,326,806
-
9,543
1,336,349
1,584,763
Total expenditures
12,178,016
-
3,429,817
1,253,518
3,100,858
19,962,209
18,229,261
Excess of revenue over
'
(under) expenditures
1,926,372
2,192,964
(1,624,012)
(353,156)
(483,373)
1,658,795
1,852,866
Other financing (uses) sources:
Transfers in
-
-
1,645,143
-
981,710
2,626,853
1,751,182
Transfers out
(1,159,172)
(1,089,400)
-
-
(215,638)
(2,464,210)
(1,503902)
'
Net other financing
sources (uses)
(1,159,172)
(1,089,400)
1,645,143
-
766,072
162,643
247,280
Net change in fund balances
767,200
1,103,564
21,131
(353,156)
282,699
1,821,438
2,100,146
Fund balances (deficit),at beginning ofyear
2,026,113
38,534,833
(81,511)
20,810,819
4,178,261
65,468,515
63,368,369
'
Fund balances (deficit), at end of the year
$ 2,793,313
39,638,397
(60,380)
20,457,663
4,460,960
67,289,953
65,468,515
See accompanying notes to financial statements.
Z 3 63�
1 c
373 a3 �
I gDq'� -
1
17
I �
KODIAK ISLAND BOROUGH
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities
Year ended June 30, 2007
Net change in fund balances — total governmental funds
$
1,821,438
Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlays as expenditures.
However, in the statement of activities the cost of those assets
is allocated over their estimated useful lives and reported as
depreciation expense:
Capital outlay
$ 2,065,574
Depreciation expense
(2,850,435)
(784,861)
Revenues in the statement of activities that do not provide current
financial resources and are deferred in the funds:
Deferred property tax
232,770
Interest income
104,913
Land sale proceeds
193,155
Note receivable
20,025
550,863
Revenues that were earned in a prior year and provide
current financial resources:
Accrued interest income
(110,425)
Land sale contracts
(228,497)
Note receivable - Fern Fuller Trust
(501,889)
Other revenue
(228,536)
(1,069,347)
The issuance of long -term debt provides current financial
resources to governmental funds, while the repayment of the
principal of long -term debt consumes the current financial
resources of governmental funds. Neither transaction, however,
has any effect on net assets. Also, governmental funds do not
report the accrual of interest expense on debt when it is not
payable from currently available resources:
Accrued interest expense
41,377
Principal repayments
2,101,220
Amortized debt issuance costs
(2,183)
Bond premium amortization
6,080
2,146,494
Some expenses 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:
Net pension and OPEB decrease in expense
32,383
Compensated absences, net change
(543)
31,840
Change in net assets of governmental activities
See accompanying notes to the financial statements.
18
Fj
lI
1
I
1
$ 2,696,427 1
1
3 b o ��os
_ /sue
' I 1 r 1 S :rprise Funds
' US
1i 30, 2006)
' Municipal Kodiak Other
Solid Waste Fisheries Nonmajor
Collection and Hospital Research Enterprise Totals
' Assets Disposal Facilities Center Fund 2007 2006
Current assets:
Equity in central treasury $ 4,166,043 325,482 3,083,332 89,642 7,664,499 5,722,911
Accrued interest receivable - - - 9,320 9,320 37,886
' Customer receivables 473,889 = - 473,889 362,723
Due from other funds 40,000
Accounts receivable - State of Alaska 100,000 100,000 144,661
Total current assets 4,739,932 325,482 3,083,332 98,962 8,247,708 6,308,181
' Inventories - 277,007 - - 277,007 277,008
Capital assets:
Non - depreciable 2,135,500 285,584 - - 2,421,084 2,169,344
Depreciable, net 3,634,774 17,975,758 14,022,009 - 35,632,541 37,689,375
Total capital assets 5,770,274 18,261,342 14,022,009 - 38,053,625 39,858,719
Total noncurrent assets 5,770,274 18,538,349 14,022,009 38,330,632 40,135,727
Total $ 10,510,206 18,863,831 17,105,341 98,962 46,578,340 46,443,908
' Liabilities and Fund Equities
Current liabilities:
Accounts payable $ 327,895 1,048 34,054 58,000 420,997 224,495
Deferred revenue - - 155,426 - 155,426 421,110
Accrued compensation and - 40,967 39,247
- -
related liabilities 25,947 15,020
Other accrued liabilities 168,021 - 168,021 246,945
Current portion of capital
lease obligations 218,150 - - 218,150 272,441
' Current portion of advances -
from other funds - 62,693 335,000 397,693 375,259
Due to other funds -
104,913 - 104,913 380,425
' Total current liabilities 740,013 63,741 644,413 58,000 1,506,167 1,959,922
Noncurrent liabilities:
Notes payable 1,636,924 1,636,924 1,270,210
Advances from other funds - 1,309,951 5,660,000 - 6,969,951 7,367,644
Net pension and OPEB obligation 95,109 - 27,202 - 122,311 132,538
' Accrual for landfill closure
and postclosure
costs 3,222,587 - - - 3,222,587 3,258,937
' Total noncurrent liabilities 4,954,620 1,309,951 5,687,202 - 11,951,773 12,029,329
Total liabilities 5,694,633 1,373,692 6,331,615 58,000 13,457,940 13,989,251
Fund equities:
Invested in capital assets,
' net of related debt 4,133,350 20,468,403 14,022,009 - 38,623,762 38,588,510
Unrestricted 682,223 (2,978,264) (3,248,283) 40,962 (5,503,362) (6,133,853)
Total fund equities 4,815,573 17,490,139 10,773,726 40,962 33,120,400 32,454,657
Total $ 10,510,206 18,863,831 17,105,341 98,962 46,578,340 46,443,908
' See accompanying notes to financial statements.
{ l S
ktig` �
I1 19
Operating revenues:
Solid waste collection
Solid waste disposal
Charges for services /customer charges
Lease income
Other
Total operating revenues
Operating expenses:
Personnel services
Solid waste collection
Refuse disposal
Contracted services
Maintenance and repairs
Landfill closure and postclosure costs
Depreciation
General and administration
Miscellaneous
Telephone services
Recycling services
Contributions
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Loss on disposal of capital assets
Contribution to Providence Hospital
Investment income
Interest expense
Income (loss) before transfers
Transfers in
Transfers out
Net other financing sources (uses)
Net change in fund equity
Fund equity, at beginning of year
as originally stated
Prior period adjustment
Fund equity, at beginning of year,
as restated (see footnote 12)
Fund equity, at end of year
KODIAK ISLAND BOROUGH
Statement of Revenues, Expenses,
and Changes in Fund Equity
Proprietary Funds - Business -type Activities - Enterprise Funds
Year ended June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
Municipal
Kodiak
Other
Solid Waste
Fisheries
Nonmajor
Collection and
Hospital
Research
Enterprise
Totals
Disposal
Facilities
Center
Fund
2007
2006
$ 2,748,563
-
-
-
2,748,563
2,720,454
1,184,422
-
-
-
1,184,422
944,835
-
62,698
62,698
65,614
1,081,110
1,579,600
-
2,660,710
2,725,807
27,771
-
-
-
27,771
409,595
3,960,756
1,081,110
1,579,600
62,698
6,684,164
6,866,305
672, 140
5,000
227,139
3,000
907,279
954,186
1,123,231
-
-
-
1,123,231
1,352,618
265,315
-
-
-
265,315
306,150
176,045
-
-
-
176,045
261,073
29,535
12,425
-
-
41,960
47,367
(36,350)
-
-
-
(36,350)
245,006
271,947
1,073,275
742,613
-
2,087,835
2,067,594
198,236
-
420,542
-
618,778
561,833
-
-
72,043
178
72,221
64,186
60,962
60,962
54,000
168,963
-
-
-
168,963
90,000
11,783
-
-
-
11,783
5,258
2,880,845
1,090,700
1,462,337
64,140
5,498,022
6,009,271
1,079,911
(9,590)
117,263
(1,442)
1,186,142
857,034
-
-
-
(17,700)
(150,000)
-
-
(150,000)
(150,000)
122,405
7,045
143,336
1,340
274,126
161,892
-
(56,719)
(425,163)
-
(481,882)
(505,834)
1,202,316
(209,264)
(164,564)
(102)
828,386
345,392
6,450
66,500
-
-
72,950
72,950
-
(235,593)
-
-
(235,593)
(320,230)
6
(169,093)
-
-
(162,643)
(247,280)
1,208,766
(378,357)
(164,564)
(102)
665,743
98,112
3,606,807 17,868,496 10,938,290
41,064 32,454,657 32,614,835
- - (258,290)
r.
1
1
n
3,606,807 17,868,496 10,938,290 41,064 32,454,657 32,356,545
$ 4,815,573 17,490,139 10,773,726 40,962 33,120,400 32,454,657 '
See accompanying notes to financial statements.
20
KODIAK ISLAND BOROUGH
Statement of Cash Flows
Proprietary Funds - Business -type Activities - Enterprise Funds
Year ended June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
Cash flows from operating activities:
Cash received from customers
Payments to suppliers
Payments to employees
Internal activity - payments to /from other funds
Net cash provided (used) by
operating activities
Cash flows from noncapital financing activities:
Contribution to Providence Hospital
Transfers in
Transfers out
Net cash provided (used) by
noncapital financing activities
Cash flows from capital and related
financing activities:
Acquisition and construction of capital assets
Loss on disposal of assets
Interest paid on notes payable, capital leases,
and interfund borrowings
Principal payments on long -term
interfund borrowing
Proceeds from issuance of notes payable
Principal payments on capital lease obligation
Net cash provided (used) by capital and
related financing activities
Cash flows from investing activities:
Interest and dividends on investments
Net (increase) decrease in investments
Net cash provided (used) by
investing activities
Net change in cash and
cash equivalents
Cash and equivalents, at beginning of year
Cash and equivalents, at the end ofyear
Municipal
Kodiak
Other
Solid Waste
Fisheries
Nonmajor
Collection and
Hospital
Research
Enterprise
Totals
Disposal
Facilities
Center
Fund
2007
2006
$ 4,152,541
660,000
1,735,026
62,698
6,610,265
6,102,469
(1,783,147)
(12,999)
(622,393)
(3,140)
(2,421,679)
(2,826,035)
(681,222)
(5,000)
(226,563)
(3,000)
(915,785)
(764,052)
-
(35,000)
134,488
-
99,488
224,925
1,688,172
607,001
1,020,558
56,558
3,372,289
2,737,307
-
(150,000)
(150,000)
(150,000)
6,450
66,500
72,950
72,950
-
(235,593)
-
-
(235,593)
(320,230)
6,450
(319,093)
(312,643)
(397,280)
(127,534)
(155,207)
(282,741)
(777,320)
-
(17,700)
-
(56,719)
(425,163)
-
(481,882)
(505,834)
-
(60,259)
(650,000)
-
(710,259)
(347,919)
108,424
-
-
-
108,424
-
(54,291)
-
(54,291)
-
(73,401)
(272,185)
(1,075,163)
-
(1,420,749)
(1,648,773)
132,480
7,045
166,231
(3,065)
302,691
161,892
132,480
7,045
166,231
(3,065)
302,691
161,892
1,753,701
22,768
111,626
53,493
1941,588
853,146
2,412,342
302,714
2,971,706
36,149
5,722,911
4,869,765
$ 4,166,043
325,482
3,083,332
89,642
7,664,499
5,722,911
(continued)
21
KODIAK ISLAND BOROUGH
Statement of Cash Flows
Proprietary Funds – Business -type Activities – Enterprise Funds, Continued
See accompanying notes to financial statements.
22
Municipal
Kodiak
Other
Solid Waste
Fisheries
Nonmajor
Collection and
Hospital
Research
Enterprise
Totals
Disposal
Facilities
Center
Fund
2007
2
Reconciliation of operating income (loss) to net
cash provided by operating activities:
Operating income (loss)
S 1,079,911
(9,590)
117,263
(1,442)
1,186,142
857,034
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation
271,947
1,073,275
742,613
—
2,087,835
2,067,594
Changes in assets and liabilities that
provided (used) cash:
Customer receivables
191,785
191,785
(330,503)
Due to /from other funds
—
(35,000)
134,488
—
99,488
224,925
Accounts payable
134,364
(574)
4,713
58,000
196,503
(132,032)
Unearned revenues
—
(421,110)
155,426
—
(265,684)
(433,334)
Accrual for landfill closure and
postclosure costs
(36,350)
(36,350)
245,006
Accrued compensation and
related liabilities
(9,082)
—
576
—
(8,506)
139,523
Other accrued liabilities
55,597
—
(134,521)
—
(78,924)
99,094
Net cash provided (used) by
operating activities
S 1,688,172
607,001
1,020,558
56,558
3,372,289
2,737,307
Noncash capital and related financing activities:
Interest
S —
(56,719)
(425,163)
—
(481,882)
18,132
See accompanying notes to financial statements.
22
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KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(1) Summary of Significant Accounting Policies
(a) Reporting Entity
The Kodiak Island Borough (the Borough), Alaska, was organized to perform the municipal duties
allowed by Alaska Statutes and as directed by its residents. As required by accounting principles
generally accepted in the United States of America, these financial statements present the
government and its component unit, an entity for which the government is considered to be
financially accountable. The discretely presented component unit is reported in a separate column in
both the government -wide and fund financial statements to emphasize it is legally separate from the
government. The Borough reviewed its relationship with other organizations and determined that the
following organization is a component unit.
Discretely Presented Component Unit
The Borough has delegated the operating responsibility for public education to the Kodiak Island
Borough School District (School District). In accordance with statutes, the Borough retains
ownership of the education related capital assets and incurs the debt, if necessary, to finance the
acquisition and construction of school facilities. The Borough Assembly approves the total annual
budget of the School District and may, during the year, increase or decrease the total appropriation.
Complete financial statements for the component unit may be obtained at the entity's administrative
offices for the Kodiak Island Borough School District.
Kodiak Island Borough School District
722 Mill Bay Road
Kodiak, Alaska 99615
(b) Government -Wide and Fund Financial Statements
h
1
1
The government -wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all of the activities of the primary government and its component
unit. For the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business -type activities, which rely to a significant extent on fees and
charges for support. Likewise, the primary government is reported separately from the legally
separate component unit for which the primary government is financially accountable.
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.
23
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds, if applicable, are reported as
separate columns in the fund financial statements.
(c) Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers revenues to be available if they are collected within
60 days of the end of the current fiscal period except for grant revenues which are recognized when
the related expenditure is incurred irrespective of when the cash is received. Expenditures generally
are recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures, as well as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
Property taxes and interest associated with the current fiscal period are all considered to be
susceptible to accrual and have been recognized as revenues of the current fiscal period. All other
revenue items are considered to be measurable and available only when cash is received by the
government.
The government reports the following major governmental funds:
The General Fund is the government's primary operating fund. It accounts for all financial resources
of the general government, except those required to be accounted for in another fund.
The Facilities Special Revenue Fund accounts for the proceeds from the sale of Shuyak Island. The
single most important goal is to preserve the principal of the fund. Interest earnings, after inflation
proofing, can be used for debt service, building insurance and capital projects.
I
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The Education and Health Debt Service Fund was established to finance and account for the
payment of interest and principal on all general obligation debts, serial and term, other than that ,
payable exclusively from special assessments and revenue debt issued for and serviced by a
government enterprise fund.
The School Bond Capital Projects Fund accounts for the construction and major maintenance '
activities for the Borough's educational facilities funded by school bonds.
f
24 (Continued) I
' KODIAK ISLAND BOROUGH
' Notes to Basic Financial Statements
June 30, 2007
25 (Continued)
The government reports the,following major proprietary funds:
'
The Municipal Solid Waste Collection and Disposal Fund accounts for the collection and disposal of
solid waste and recycling services for the Kodiak Island Borough.
The Hospital Facilities Fund accounts for rents on the Borough -owned hospital; hospital related
'
state revenue sharing; and other hospital related revenue. In turn, it purchases hospital equipment and
makes debt service payments on hospital related debt.
The Kodiak Fisheries Research Center Fund accounts for rents and expenses on the Borough -owned
Kodiak Fisheries Research Center. The three tenants: NOAA, Alaska Department of Fish & Game
and University of Alaska, Fairbanks pay lease funds to participate in this multi - agency research
'
facility committed to the preservation of the North Pacific marine ecosystem and resources.
Private - sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government -wide and proprietary fund financial statements to the
extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent
private- sector guidance for their business -type activities and enterprise funds, subject to this same
limitation. The government has elected not to follow subsequent private- sector guidance.
As a general rule the effect of interfund and activity has been eliminated from the government -wide
'
financial statements. Exceptions to this general rule are charges between various functions of the
government. Elimination of these charges would distort the direct costs and program revenues
reported for the various functions concerned.
'
Amounts reported as program revenues include (1) charges to customers or applicants for goods,
services, or privileges provided, (2) operating grants and contributions, and (3) capital grants and
contributions. Internally dedicated resources are reported as general revenues rather than as program
revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with a proprietary fund's principal ongoing operations. The principal operating
revenues of the enterprise funds are charges to customers for sales and services and lease revenues.
'
Operating expenses for enterprise funds include the cost of sales and services, administrative
expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition
are reported as nonoperating revenues and expenses.
'
When both restricted and unrestricted resources are available for use, it is the government's policy to
use restricted resources first, then unrestricted resources as they are needed.
25 (Continued)
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(d) Assets, Liabilities, and Fund Equity/Net Assets
Cash and Investments
Cash and temporary investments of Borough funds are pooled in a central treasury. Each fund's
portion of this pool is displayed on the balance sheet as "Cash and Temporary Investments ".
Investments are carried at fair value, as determined by quoted market prices.
The Alaska Municipal League Investment Pool (AMLIP) is considered to be an external investment
pool as defined by GASB Statement No. 31. AMLIP is not SEC - registered. Alaska Statute 37.23
establishes regulatory oversight of the pool. The law sets forth numerous requirements regarding
authorized investments and reporting. The pool is incorporated in the State of Alaska as a nonprofit
corporation and reports to its Board of Directors. Alaska Statute 37.23.050 requires the retention of
an investment manager.
The manager is required to produce monthly disclosure statements to the pool. The pool has also
retained an investment advisor to ensure compliance with investment policies. All participation in
the pool is voluntary. The pool must maintain a dollar- weighted average maturity of 90 days or less,
and only purchase instruments having remaining maturities of 397 days or less. On a monthly basis,
the investments in the pool are reviewed for fair value by an independent pricing service.
All highly liquid investments, excluding restricted assets, with original maturities of ninety days or
less are considered to be cash equivalents. For purposes of the Statements of Cash Flows, equity in
central treasury held by enterprise funds are treated as cash equivalents.
Investments for the government, as well as the component unit, are reported at fair value, as
determined by quoted market prices. The reported value of the pool is the same as the fair value of
the pool shares.
Receivables and Payables
Activity between funds that are representative of lending /borrowing arrangements outstanding at the
end of the fiscal year are referred to as either "due to /from other funds" (i.e., the current portion of
interfund loans) or "advances to /from other funds" (i.e., the noncurrent portion of interfund loans).
Any residual balances outstanding between the governmental activities and business -type activities
are reported in the government -wide financial statements as "internal balances." Internal balances
used to acquire capital assets are eliminated from the invested in capital assets, net of related debt,
portion of net assets.
Advances between funds, as reported in the fund financial statements, are offset by a fund balance
reserve account in applicable governmental funds to indicate that they are not available for
appropriation and are not expendable available financial resources.
Inventories and Prepaid Items
Expendable operating supplies of the Borough are accounted for using the purchase method. There
are no significant amounts of such inventories on hand at year end. All of the Hospital Facilities
Enterprise Fund inventory is assigned to Providence as of April 21, 1997 which, by the terms of the
1
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26 (Continued) I
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' KODIAK ISLAND BOROUGH
' Notes to Basic Financial Statements
June 30, 2007
lease agreement for the hospital facilities (see note 11 a), are required to be returned to the Borough
at the termination of the lease in at least equal value.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both the government -wide and fund financial statements.
' Capital Assets
' Compensated Absences
It is the Borough's policy to permit employees to accumulate earned but unused annual leave
benefits. All annual leave pay is accrued when incurred in the government -wide and proprietary fund
' financial statements. A liability for these amounts is reported in governmental funds only if they
have matured, for example, as a result of employee resignations and retirements.
' Long -Term Obligations
In the government -wide financial statements, long -term debt and other long -term obligations are
reported as liabilities in the applicable governmental activities, business -type activities, or
' proprietary fund balance sheet. Bond premiums and discounts, as well as issuance costs, are deferred
and amortized over the life of the bonds using the effective interest method. Bonds payable are
reported net of the applicable bond premium or discount. Bond issuance costs are reported as
I deferred charges and amortized over the term of the related debt.
1 27 (Continued)
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, street
'
lights, and similar items including those acquired prior to fiscal years ended after June 30, 1980), are
reported in the applicable governmental or business -type activities columns in the government -wide
financial statements. Capital assets are defined by the Borough as assets with an initial, individual
'
cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years.
Such assets are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business -type activities is included as part
of the capitalized value of the assets constructed. There was no interest capitalized during the year.
Property, plant, and equipment of the primary government is depreciated using the straight line
method over the following estimated useful lives:
Buildings and improvements 10 -40 years
Improvements other than buildings 10 -15 years
Equipment 5 -10 years
'
Infrastructure 40 years
' Compensated Absences
It is the Borough's policy to permit employees to accumulate earned but unused annual leave
benefits. All annual leave pay is accrued when incurred in the government -wide and proprietary fund
' financial statements. A liability for these amounts is reported in governmental funds only if they
have matured, for example, as a result of employee resignations and retirements.
' Long -Term Obligations
In the government -wide financial statements, long -term debt and other long -term obligations are
reported as liabilities in the applicable governmental activities, business -type activities, or
' proprietary fund balance sheet. Bond premiums and discounts, as well as issuance costs, are deferred
and amortized over the life of the bonds using the effective interest method. Bonds payable are
reported net of the applicable bond premium or discount. Bond issuance costs are reported as
I deferred charges and amortized over the term of the related debt.
1 27 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
In the fund financial statements, governmental fund types recognize bond premiums and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is reported
as other financing sources. Premiums received on debt issuances are reported as other financing
sources while discounts on debt issuances are reported as other financing uses. Issuance costs,
whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures. Interest on long -term obligations is recorded as an expenditure when due.
Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a
specific purpose. Designations of fund balance represent tentative management plans that are subject
to change.
Net Assets
In the government -wide financial statements, net assets are reported in three categories; net assets
invested in capital assets, net of related debt; restricted net assets; and unrestricted net assets.
Net assets are reported as restricted when constraints placed on net asset use are either externally
imposed by creditors (such as through debt covenants), grantors, contributors provisions or laws or
regulations of other governments or imposed by law through constitutional provisions or enabling
legislation.
(e) Revenues, Expenditures, and Expenses
Property Taxes
Property taxes are based on the assessed value of taxable property as of January 1. Pursuant to
Alaska Statute 29.45.240, the Borough establishes the mill rate on or before June 15th. Tax bills are
then mailed on or before July 1 st.
Taxes are due when billed and generally become delinquent on or after October 16th. The Borough
code also provides for split payments. If a taxpayer avails himself of this provision, one -half must be
paid on or before August 15th and the remainder becomes due on or before November 15th (in lieu
of October 15th). Borough property tax revenues are recognized in the fiscal year in which they
become measurable and available, which is generally the year following the year the tax bills are
mailed.
All taxes are delinquent on November 16th, and a tax foreclosure process may commence as outlined
in Alaska Statutes Title 29. Briefly, this entails the petition for Judgment of Foreclosure signed by
the District Court Judge and the publication of all delinquent taxes in the local newspaper for four
consecutive weeks.
Real property tax liens are enforced by one general foreclosure proceeding against the delinquent
properties.
28 (Continued)
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t KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Severance Taxes
Severance taxes are based on the amount and value of natural resources severed from the
environment. Types of resources taxed include seafood, gravel and mineral resources, and timber.
Severance tax returns are sent to appropriate companies (as determined by the Borough Assessor)
1 and are returned to the Borough Finance Department. The returns are filed quarterly, and are due by
the end of the month following the quarter's end. Borough severance tax revenues are recognized in
the fiscal year in which they become measurable and available.
' Intergovernmental Revenue
State - shared revenues, safe communities, State - education related entitlement programs and
1 State - levied taxes, the proceeds of which are distributed to local governments, are recorded in the
fiscal year to which they relate, including accrual at year end if final payments due are measurable
and received within approximately two months after year end.
State of Alaska and Federal government cost reimbursable grants and contracts are recorded to the
extent of allowable expenditures in the period in which the expenditures were incurred.
' Operating and Nonoperating Revenue
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
' in connection with a proprietary fund's principal ongoing operations. The principal operating
revenues of the Municipal Solid Waste Collection and Disposal Fund and 911 Services Fund are
charges to customers for services. The principal operating revenues of the Hospital Facilities Fund
and the Kodiak Fisheries Research Center Fund are rents from customers. Operating expenses for
proprietary funds include costs of services, administrative expenses, and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues
and expenses.
Revenue from Investments and Property
' Amounts earned on investment of available cash balances and the rental of building facilities are
recorded in the period to which they relate, including accrual at year end of the balance due, and
unrealized gains and losses on investments held at fiscal year end.
t Land Sales Proceeds and Other Local Revenues
Amounts received pursuant to land sale contracts are recorded on the accrual basis.
' Other local revenues are recorded on a basis consistent with their nature in relation to measurement
and availability standards.
' (fl Cash Flows
All highly liquid investments, excluding restricted assets, with original maturities of three months or
less are considered cash equivalents for purposes of the statement of cash flows.
1 29 (Continued)
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(g) Use of Estimates
Preparation of financial statements in accordance with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the
amounts reported in these financial statements. Actual results may differ from the estimates.
Significant estimates include the allowance for doubtful accounts, the useful lives of assets and
related accumulated depreciation, and accrued landfill closure and post - closure care costs.
(2) Stewardship, Compliance, and Accountability
(a) Excess of Expenditures over Appropriations
General Fund
The following department expenditures exceeded their appropriations:
Department
Excess
General government:
18,936
Borough manager $
4,949
Borough clerk
17,185
Finance department
11,284
Assessing department
1,467
Community and Economic Development:
13,225
Building official
8,916
Economic development
2,816
$
46,617
Special Revenue Funds
The following fund expenditures exceeded their budget:
Fund Excess
Kodiak Airport Fire District $
1
Monashka Bay Road Service Area
18,936
Service Area No.1
76,350
Womens Bay Road Service Area
11,931
Bay View Road Service Area
1,570
Kodiak Arts Council
1,079
Tourism Development
13,225
$
123,092
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1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
C
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1
In addition to the investments listed above, Kodiak Island Borough also had cash equivalents of
$70,454,918.
Interest Rate Risk
The Borough does not have a formal investment policy that limits investment maturities as a means of
managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
Statutes authorize the Borough to invest in obligations of the United States, the State of Alaska and its
political subdivisions, savings accounts, certificates of deposit, banker's acceptances, repurchase
agreements, and such other legal security instruments. The Borough Code requires all investments to be
collateralized and /or insured.
31 (Continued)
(b) Deficit Fund Equity
The individual fund deficits at June 30, 2007, are as follows:
Special Revenue Funds:
Education and Health Debt Service Fund
$ 60,380
Bay View Road Service Area
1,133
Child Care Assistance Program
1,260
L.E.P.C.
15,096
Trinity Acres Paving
140,212
$ 218,081
'
The deficit in the Trinity Acres Paving Special Revenue Fund is anticipated
to be funded by a special
'
assessment that began in 2006.
(3) Cash and Investments
'
As of June 30, 2007, the Borough had the following investments:
Investment maturities (in years)
Fair Less
Investment type value than 1
1 to 5 5 to 10
U.S. agency securities:
Federal Home Loan Bank $ 27,151,917 15,156,567
11,995,350 —
1
Federal Home Loan Mortgage Corporation 11,817,527 8,992,670
2,824,857
Federal National Mortgage Association 13,883,120 9,921,880
3,961,240
Federal Farm Credit Bank 3,916 3,916,240
— —
1
Alaska Municipal League Investment Pool 11,442,800 11,442,800
$ 68,211,604 49,430,157
18,781,447
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In addition to the investments listed above, Kodiak Island Borough also had cash equivalents of
$70,454,918.
Interest Rate Risk
The Borough does not have a formal investment policy that limits investment maturities as a means of
managing its exposure to fair value losses arising from increasing interest rates.
Credit Risk
Statutes authorize the Borough to invest in obligations of the United States, the State of Alaska and its
political subdivisions, savings accounts, certificates of deposit, banker's acceptances, repurchase
agreements, and such other legal security instruments. The Borough Code requires all investments to be
collateralized and /or insured.
31 (Continued)
i
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
At June 30 2007 the Borough's U.S. agencies bonds were rated AAA b Standard & Poor and Fitch '
g g Y
Ratings, and Aaa by Moody's Investor Service. At June 30, 2007, the Borough's investment in the Alaska
Municipal League Investment Pool was unrated.
Concentration of Credit Risk
The Borough places no limit on the amount the Borough may invest in any one issuer. At June 30, 2007, r
the Borough had 72 percent of its investments in U.S. Government agency securities.
Custodial Credit Risk — Deposits
In the case of deposits, this is the risk that in the event of a bank failure, the Borough's deposits may not be
returned to it. The Borough requires all deposits to be insured or collateralized. At June 30, 2007, the '
carrying amount of the Borough deposits was $1,075,000 and the corresponding bank balance was
$478,499. The Federal Deposit Insurance Corporation insures $100,000 of the Borough's bank balance.
Government and Agency Obligations and General Obligation Bonds of a Municipality collateralize the
remaining $378,499. Collateral, in the amount of $1,076,812, is held by Bank of New York, the pledging '
financial institution's agent, in the Borough's name.
Custodial Credit Risk — Investments
'
For an investment, this is a risk that, in the event of the failure of the counterparty, the Borough will not be
able to recover the value of its investments or collateral securities that are in the possession of an outside
party. The Borough had no debt securities exposed to custodial credit risk at June 30, 2007.
(4) Annual Appropriation to the School District
An annual appropriation is made to the School District. In addition to the annual appropriation, the
'
Borough provides the School District, without charge, general liability and property insurance, data
processing services, the annual independent audit, mental health services, and grounds maintenance
services.
,
(5) Receivables
Education and Other
General Health Debt Governmental Enterprise
Fund Service Fund Funds Funds Total
Receivables:
Grants $ 45,895 347,553 222,472 — 615,920
—
Taxes 567,560 — 15,008 582,568
Customers and other 8,271 — 63,893 483,209 555,373
Notes receivable — — 448,533 — 448,533
Gross receivables 621,726 347,553 749,906 483,209 2,202.394
Less: allowance for uncollectibles (15,828) — — — (15,828)
Net total receivables $ 605,898 347,553 749,906 483,209 2,186,566
32 (Continued) I
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(6) Capital Assets
As noted in Footnote (11), the Borough leases the Kodiak Island Hospital and Care Center to Sister of
Providence. The value of the leased assets and associated depreciation are reflected below in the Hospital
Facilities Fund on page 35.
Capital asset activity for the year ended June 30, 2007 was as follows:
Beginning Ending
Balance Increase Decrease Balance
Governmental activities:
Capital assets, not being
depreciated:
Land
Construction
work -in- progress
Total
Capital assets, being depreciated:
Buildings and improvements
Improvements other than
buildings
Equipment
Infrastructure
Total
Less accumulated depreciation for:
Buildings and improvements
Improvements other than
buildings
Equipment
Infrastructure
Total
Total capital assets
being depreciated
Total governmental
activities, net
$ 23,187,184
23,187,184
4,680,384
1,946,027
— 6,626,411
27,867,568
1,946,027
— 29,813,595
90,579,601
—
— 90,579,601
3,964,683
—
— 3,964,683
1,929,238
119,547
— 2,048,785
5,762,722
—
— 5,762,722
102,236,244
119,547
— 102,355,791
48,060,820
2,311,867
— 50,372,687
2,754,236
300,794
— 3,055,030
1,299,584
93,706
— 1,393,290
3,778,917
144,068
— 3,922,985
55,893,557
2,850,435
— 58,743,992
46,342,687
(2,730,888)
— 43,611,799
$ 74,210,255
(784,861)
— 73,425,394
33 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Business -type activities:
Municipal Solid Waste Collection
and Disposal Fund capital assets,
not being depreciated:
Land
Construction work -in- progress
Total
Capital assets, being depreciated:
Unclassified utility plant in
service
Improvements other than
buildings
Machinery and equipment
Total
Less accumulated depreciation for:
Unclassified utility plant in
service
Improvements other than
buildings
Machinery and equipment
Total
Total capital assets
being depreciated, net
Total Municipal Solid
Waste Collection
and Disposal Fund, net
Beginning
Increase
Ending
Decrease Balance
$ 1,651,248
—
— 1,651,248
387,719
96,533
— 484,252
2,038,967
96,533
— 2,135,500
2,178,733
—
— 2,178,733
2,288,438
—
— 2,288,438
1,745,408
31,001
— 1,776,409
6,212,579
31,001
— 6,243,580
858,138
47,120
— 905,258
410,875
127,321
— 538,196
1,067,846
97,506
— 1,165,352
2,336,859
271,947
— 2,608,806
3,875,720
(240,946)
— 3,634,774
$ 5,914,687
(144,413)
— 5,770,274
34 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
35 (Continued)
Beginning
Ending
Balance
Increase
Decrease
Balance
Hospital Facilities Fund capital
assets, not being depreciated:
Artwork
$ 16,091
16,091
Land
10,251
—
—
10,251
Construction work -in- progress
104,035
155,207
—
259,242
Total
130,377
155,207
—
285,584
Capital assets, being depreciated:
Buildings
27,131,044
—
—
27,131,044
Improvements other than
buildings
401,046
—
—
401,046
Machinery and equipment
4,876,849
—
(1,270,311)
3,606,538
Total
32,408,939
—
(1,270,311)
31,138,628
Less accumulated depreciation for:
Buildings
9,178,646
902,985
—
10,081,631
Improvements other than
buildings
85,328
14,176
—
99,504
Machinery and equipment
4,095,932
135,854
(1,250,051)
2,981,735
Total
13,359,906
1,053,015
(1,250,051)
13,162,870
Total capital assets being
depreciated, net
19,049,033
(1,053,015)
(20,260)
17,975,758
Total Hospital Facilities
Fund, net
$ 19,179,410
(897,808)
(20,260)
18,261,342
Kodiak Fisheries Research Center Fund
capital assets, being depreciated:
Buildings
$ 17,840,410
—
—
17,840,410
Improvements other than buildings
1,021,998
—
—
1,021,998
Machinery and equipment
1,157,540
—
—
1,157,540
Total
20,019,948
—
—
20,019,948
Less accumulated depreciation for:
Buildings
4,161,001
594,680
—
4,755,681
Improvements other than buildings
238,466
34,067
—
272,533
Machinery and equipment
855,859
113,866
—
969,725
Total
5,255,326
742,613
—
5,997,939
Total Kodiak Fisheries
$ 14,764,622
(742,613)
—
14,022,009
35 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
36 (Continued)
Beginning
Ending
Balance
Increase
Decrease
Balance
Total business -type activities:
Capital assets, not being
depreciated:
Artwork
$ 16,091
—
—
16,091
Land
1,661,499
—
—
1,661,499
Construction work -in- progress
491,754
251,740
—
743,494
Total
2,169,344
251,740
—
2,421,084
Capital assets, being depreciated:
Unclassified utility plant in
service
2,178,733
2,178,733
Buildings
44,971,454
—
—
44,971,454
Improvements other than
buildings
3,711,482
3,711,482
Machinery and equipment
7,779,798
31,001
(1,270,311)
6,540,488
Total
58,641,467
31,001
(1,270,311)
57,402,157
Less accumulated depreciation for:
Unclassified utility plant in
service
858,138
47,120
—
905,258
Buildings
13,339,647
1,497,665
—
14,837,312
Improvements other than
buildings
734,669
175,564
—
910,233
Machinery and equipment
6,019,638
347,226
(1,250,051)
5,116,813
Total
20,952,092
2,067,575
(1,250,051)
21,769,616
Total capital assets
being depreciated, net
37,689,375
(2,036,574)
(20,260)
35,632,541
Total business -type
activities, net
$ 39,858,719
(1,784,834)
(20,260)
38,053,625
36 (Continued)
1
' KODIAK ISLAND BOROUGH
' Notes to Basic Financial Statements
June 30, 2007
'
w departments and functions of the primary Depreciation expense as charged to the dep n s eta p ry overnment
g
as - follows:
Governmental activities:
General government $ 331,479
Fire services 77,782
Emergency preparedness 2,500
Health and sanitation department 37,926
Primary and secondary education 2,400,748
Total — governmental activities 2,850,435
Business -type activities:
Municipal Solid Waste Collection and
'
Disposal 271,947
Hospital Facilities 1,073,275
Kodiak Fisheries Research Center 742,613
Total — business -type activities 2,087,835
Total $ 4,938,270
(7) Interfund Receivables, Payables and Transfers
(a) Interfund Receivables and Payables
Interfund receivables and payables at June 30, 2007 consisted of the balances of short-term interfund
loans all of which are expected to be paid within one year. A summary of interfund
payables at June 30, 2007, is as follows:
receivables and
Receivable Fund Payable Fund
Amount
General Fund Education and Health Debt Service Fund
$ 405,333
Facilities Special Revenue Fund Other Governmental Funds
362,215
General Fund
14
Kodiak Fisheries Center
104,913
$ 872,475
'
Advances from/to other funds:
'
Receivable Fund Payable Fund
Facilities Special Revenue Fund Hospital Facilities Fund
Amount
$ 1,372,644
Kodiak Fisheries Research Center
5,995,000
$ 7,367,644
'
37
(Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
The outstanding balances between funds result from the time lag between the dates that (1) interfund
goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in
the accounting system, and (3) payments between funds are made.
(b) Long -Term Interfund Borrowings
In October 1997 the Facilities Special Revenue Fund loaned $8,000,000 to the Kodiak Fisheries
Research Center Enterprise Fund. The loan from the Facilities Special Revenue Fund is accounted
for as a long -term interfund advance, while the liability in the Kodiak Fisheries Research Center
Enterprise Fund is accounted for as a long -term interfund borrowing. The advance bears interest at
7 %, and the scheduled payments for the next five fiscal years ended and thereafter are as follows:
Principal Interest
Year ending June 30:
2008
2009
2010
2011
2012
2013 -2017
2018 -2019
335,000
360,000
385,000
410,000
440,000
2,700,000
1,365,000
$ 5,995,000
407,925
383,600
357,525
329,700
299,950
975,800
97,125
2,851,625
Total
742,925
743,600
742,525
739,700
739,950
3,675,800
1,462,125
8,846,625
In July 2003, the Facilities Special Revenue Fund loaned $1,600,000 to the Hospital Facilities
Enterprise Fund in order to help fund current operations. The loan from the Facilities Special
Revenue Fund is accounted for as a long -term interfund advance, while the liability in the Hospital
Facilities Enterprise Fund is accounted for as a long -term interfund borrowing. The advance bears
interest at 4 %, and the scheduled payments for the next five fiscal years and thereafter are as follows:
Total
116,978
116,978
116,978
116,978
116,978
584,892
584,892
116,979
1
1
$ 1,372,644 499,009 1,871,653 I
i
kV
(Continued) I
Principal
Interest
Year ending June 30:
2008
62,693
54,285
2009
65,226
51,752
2010
67,861
49,117
2011
70,603
46,375
2012
73,455
43,523
2013 -2017
414,262
170,630
2018 -2022
504,983
79,909
2023
113 ,561
3,418
Total
116,978
116,978
116,978
116,978
116,978
584,892
584,892
116,979
1
1
$ 1,372,644 499,009 1,871,653 I
i
kV
(Continued) I
1
' KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(c) Transfers
Interfund transfers been made in accordance with budget ordinances. Funds are transferred from one
fund to support expenditures of other funds in accordance with the authority established for the
individual fund. Transfers between fund types during the year ended June 30, 2007, were as follows:
Transfers In
Transfers Out
Governmental Funds
Enterprise Funds
Education
Municipal
and Health Other
Solid Waste Hospital
Debt Service Governmental
Collection and Facilities
Fund Funds
Disposal Fund Fund
' Major Governmental Funds: —
General Fund $ 695,550 457,172 6,450 1,159,172
Facilities Special Revenue Fund 714,000 375,400 — — 1,089,400
Other Governmental Funds — 149,138 — 66,500 215,638
Major Enterprise Fund:
Hospital Facility Fund 235,593 — 235,593
Total transfers $ 1,645,143 981,710 6,450 66,500 2,699,803
1 A summary of significant transfers are as follows:
• The General Fund transferred $695,550 to the Education and Health Debt Service Fund to
pay for debt service on general government debt.
• The General Fund transferred $390,000 to the Borough Capital Projects Fund to pay for
seismic repairs to school buildings
• The Facilities Special Revenue Fund transferred $185,400 to the Building and Grounds
Special Revenue Fund to pay for building insurance.
• The Facilities Special Revenue Fund transferred $714,000 to the Education and Health Debt
Service Fund for debt service on hospital bonds.
• The Facilities Special Revenue Fund transferred $130,000 to the State Capital Grants fund
for the Coastal Impact Program.
• The Borough Capital Projects fund transferred $136,350 to the State Capital Grants fund for
the East Elementary School Seismic Upgrade.
• The Hospital Facilities Enterprise Fund transferred $235,593 to the Education and Health
Debt Service Fund to pay for debt service on hospital related debt.
Totals
1 39 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(8) Long Term Debt
(a) General Obligation Bonds and other debt
The Borough issues general obligation bonds and other debt to provide funds for the acquisition and construction of
major capital facilities. General obligation bonds are direct obligations and pledge the full faith and credit of the
Borough. General obligation bonds and other debt currently outstanding are as follows:
Interest
Principal
payments
Type of debt
Rates
Dates
Issue date
Maturity dates
Dates
Amount
General obligation
,
bonds— 1998 Series
3.25 -4.30%
8/15 -2/15
12/22/1998
2/15/2014
2/15/2008
1,150,000
2/15/2009
1,200,000
2/15/2010
1,250,000
'
2/15/2011
1,305,000
2/15/2012
1,360,000
2/15/2013
1,420,000
2/15/2014
1,480,000
,
9,165,000
General obligation
bonds — 2000 E Series
4.75 -5.0%
8/1 -2/1
12/12/2000
2/1/2011
2/1/2008
160,000
2/l/2009
165,000
2/1/2010
175,000
2/1/2011
180,000
680,000
General obligation
bonds -2000 F Series
6.9 -9.0%
8/1 -2/1
12/12/2000
2/1/2011
2/1/2008
130,000
2/l/2009
140,000
2/1/2010
2/1/2011
150,000
160,000
,
580,000
i
I
40
(Continued)
,
Retired/ Balance at
Issued Refunded June 30, 2007
60,000 9,165,000
150,000 680,000
120,000 580,000
(Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Authorized
Prior years Balance at
'
Fiscal year
Amount
Issued Retired June 30, 2006
1999
9,740,000
9,740,000 515,000 9,225,000
2001
1,485,000
1,485,000 655,000 830,000
2001
1,175,000
1,175,000 475,000 700,000
t
'
41
Retired/ Balance at
Issued Refunded June 30, 2007
60,000 9,165,000
150,000 680,000
120,000 580,000
(Continued)
Type of debt
General Obligation
bonds - 2004 C Series
General obligation
bonds - 2004 D Series
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
I nterest
Rates Dates
Issue date
4.0 -5.0% l /1 -7/ 1 7/21/2004
3.0 -5.0% 5 /1 -11 /1 12/1/2004
42
t
i
Principal
payments
Maturity dates
Dates
Amount
7/1/2024
7/1/2008
340,000
'
7/1/2009
350,000
7/1/2010
365,000
7/1/2011
385,000
,
7/1/2012
400,000
7/1/2013
415,000
7/1/2014
435,000
7/1/2015
450,000
7/1/2016
470,000
7/1/2017
485,000
7/l/2018
510,000
'
7/1/2019
530,000
7/1/2020
555,000
7/l/2021
5 80,000
7/1/2022
605,000
7/1/2023
635,000
7/1/2024
665,000
'
8,175,000
H/1/2024
l l / 1 /2007
420,000
i
ll /1/2008
435,000
11/1/2009
445,000
H/1/2010
460,000
11/1/2011
475,000
,
11/1/2012
490,000
11/1/2013
510,000
11/1/2014
530,000
11/1/2015
550,000
11/1/2016
570,000
11/1/2017
11/1/2018
595,000
620,000
,
11/1/2019
650,000
11/1/2020
675,000
11/1/2021
705,000
11/1/2022
740,000
11/1/2023
775,000
l l / 1 /2024
815,000
10,460,000
'
(Continued)
,
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Authorized
Prior years
Balance at
Retired/
Balance at
Fiscal year Amount
Issued Retired
June 30, 2006 Issued
Refunded
June 30, 2007
2004 9,300,000
9,300,000 800,000
8,500,000 —
325,000
8,175,000
2004 11,050,000 11,050,000 180,000 10,870,000 — 410,000 10,460,000
43 (Continued)
i
Type of debt
ADEC loans
Clean water — Karluk
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Interest
Rates Dates
1.5-4.05% 6/1
44
Issue date
4/25/1997
Principal
payments
1
1
k
Maturity dates Dates
Amount
6/1/2020 6/1/2008
5,442
6/1/2009
5,523
6/1/2010
5,606
6/1/2011
5,690
6/1/2012
5,775
6/1/2013
5,862
6/1/2014
5,950
g
6/1/2015
6,039
i
6/1/2016
6,130
6/1/2017
6,222
6/1/2018
6,315
6/1/2019
6,410
6/1/2020
6,506
77,470
1
$
29,137,470
,
1
r
1
i
i
I
i
(Continued)
A
f
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Authorized Prior _years Balance at Retired/ Balance at
Fiscal year Amount Issued Retired June 30, 2006 Issued Refunded June 30, 2007
1998 400,000 105,329 22,498 82,831 — 5,361 77,470
$ 33,150,000 32,855,329 2,647,498 30,207,831 — 1,070,361 29,137,470
45 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
The annual requirements to amortize all general obligation bonded debt and the ADEC loan payable
outstanding as of June 30, 2007, are as follows:
There were no amounts available in the Debt Service Funds to service the general obligation bonds.
There are a number of limitations and restrictions contained in the various bond indentures. The
Borough is in compliance with all significant limitations and restrictions.
(b) Note Payable
As of June 30, 2007, the Borough had the following note payable outstanding in the Enterprise
Funds:
Note payable to Alaska Department of Environmental Conservation
(ADEC), to be paid within 20 years. From June 2, 1999 until
April 28, 2005 interest accrued at 2.5 %. From April 29, 2005 to
June 30, 2007 interest accrued at 1.5 %. The first loan payment is
due one year following substantial completion and initiation
of operation of the facility $ 1,636,924
(9) Solid Waste Landfill Closure and Postelosure Care Costs
State and federal laws and regulations require that the Kodiak Island Borough place a final cover on
its landfill when closed and perform certain maintenance for a number of years after closure. In
addition to operating expenses related to current activities of the landfill, an expense provision and
related liability are recognized based on the future closure and postclosure care costs that will be
incurred based on the date the landfill no longer accepts waste. The recognition of these landfill
closure and postclosure care costs is based on the amount of the landfill used during the year. The
estimated liability of landfill closure and postclosure care costs is $3,222,587 as of June 30, 2007,
which is based on 70% usage (filled) of the landfill. The landfill is estimated to be filled and
unusable by the year 2020. Of the total liability at June 30, 2007, a decrease of $36,350 was recorded
in the current year based on current year usage and changes in estimates. An estimated additional
$1,381,109 will be recognized as closure and postclosure care expenses between the date of the
1
i
�J
1
46 (Continued) I
General
ADEC
obligation
loan payable
Interest
Total
Year ending June 30:
2008
2,200,000
5,442
1,261,613
2,205,442
2009
2,290,000
5,523
1,167,932
2,295,523
2010
2,385,000
5,606
1,070,204
2,390,606
2011
2,490,000
5,690
968,107
2,495,690
2012
2,235,000
5,775
859,004
2,240,775
2013 -2017
7,805,000
23,981
3,029,941
7,828,981
2018 -2022
6,025,000
25,453
1,728,769
6,050,453
2023 -2025
3,630,000
—
330,753
3,630,000
S 29,060,000
77,470
10,416,323
29,137,470
There were no amounts available in the Debt Service Funds to service the general obligation bonds.
There are a number of limitations and restrictions contained in the various bond indentures. The
Borough is in compliance with all significant limitations and restrictions.
(b) Note Payable
As of June 30, 2007, the Borough had the following note payable outstanding in the Enterprise
Funds:
Note payable to Alaska Department of Environmental Conservation
(ADEC), to be paid within 20 years. From June 2, 1999 until
April 28, 2005 interest accrued at 2.5 %. From April 29, 2005 to
June 30, 2007 interest accrued at 1.5 %. The first loan payment is
due one year following substantial completion and initiation
of operation of the facility $ 1,636,924
(9) Solid Waste Landfill Closure and Postelosure Care Costs
State and federal laws and regulations require that the Kodiak Island Borough place a final cover on
its landfill when closed and perform certain maintenance for a number of years after closure. In
addition to operating expenses related to current activities of the landfill, an expense provision and
related liability are recognized based on the future closure and postclosure care costs that will be
incurred based on the date the landfill no longer accepts waste. The recognition of these landfill
closure and postclosure care costs is based on the amount of the landfill used during the year. The
estimated liability of landfill closure and postclosure care costs is $3,222,587 as of June 30, 2007,
which is based on 70% usage (filled) of the landfill. The landfill is estimated to be filled and
unusable by the year 2020. Of the total liability at June 30, 2007, a decrease of $36,350 was recorded
in the current year based on current year usage and changes in estimates. An estimated additional
$1,381,109 will be recognized as closure and postclosure care expenses between the date of the
1
i
�J
1
46 (Continued) I
1
r
I L
II
u
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
balance sheet and the date the landfill is expected to be filled to capacity. The estimated total current
cost of the landfill closure and postclosure care of $4,603,696 is based on the amount that would be
paid if the landfill were closed as of June 30, 2007. However, the actual cost of closure and
postclosure care may be higher due to inflation, changes in technology, or changes in landfill laws
and regulations.
The Kodiak Island Borough is required by state and federal laws and regulations to make annual
contributions to finance closure and postclosure care. The Kodiak Island Borough complies with
these requirements by annually recording the liability based on the estimates provided by the Kodiak
Island Borough's Engineering/Facilities Director. It is anticipated that future inflation costs and
additional costs that might arise from changes in postclosure requirements, due to changes in
technology or more rigorous environmental regulations, for example, will be financed primarily by
charges to future landfill users and secondarily by taxpayers.
1 47 (Continued)
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(a) Changes in Long -Term Liabilities
Long -term liability activity for the year ended June 30, 2007, was as follows:
Balance
June 30,
Governmental activities:
Bonds payable:
General obligation bonds
Bond premium
ADEC loans
Compensated absences
Total
Business -type activities:
Municipal Solid Waste
Collection and Disposal:
Landfill closure and
post - closure
costs
Notes payable
Total
r��
IL
Balance '
June 30, Due within
2007 one year '
$ 31,155,000
-
2,095,000
29,060,000
2,095,000
109,429
-
6,080
103,349
6,080
,
31,264,429
-
2,101,080
29,163,349
2,101,080
82,831
-
5,361
77,470
5,442
'
171,869
172,412
171,869
172,412
172,412
$ 31,519,129
172,412
2,278,310
29,413,231
2,278,934
'
Longterm interfund
borrowings
$ 6,310,000
$ 3,258,937
-
36,350
3,222,587
-
1,582,188
54,736
-
1,636,924
Landfill closure and post-
$ 4,841,125
54,736
36,350
4,859,511
-
$ 3,258,937
Hospital Facilities:
Long term interfund
,
borrowings
$ 1,432,903
- 60,259
1,372,644
62,693
Total Hospital Facilities
$ 1,432,903
- 60,259
1,372,644
62,6
,
Kodiak Fisheries Research
Center:
Longterm interfund
borrowings
$ 6,310,000
- 315,000
5,995,000
335,000
,
Business -type activities:
Landfill closure and post-
closure costs
$ 3,258,937
- 36,350
3,222,587
-
'
Long tam interfund
borrowings
7,742,903
- 375,259
7,367,644
397,693
Notes payable
1,582,188
54,736 -
1,636,924
-
'
Total
$ 12,584,028
54,736 411,609
12,227,155
397,693
f�
For governmental activities, compensated absences are generally liquidated by the General Fund. I
48 (Continued) I
1
1
LJ
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(10) Insurance and Risk Retention
The Kodiak Island Borough is exposed to numerous risks of loss associated with the operations of a
government. These potential losses include, but are not limited to, employee relations and injuries,
contracts, theft, loss or damage of property and general liability. The Borough manages its risks from these
potential losses by participating in the Alaska Municipal League Joint Insurance Association, as well as
purchasing commercial insurance coverage. This insurance has provided the Borough with adequate
coverage in the past. There were no significant changes in insurance coverage obtained and there were no
claims or settlements that exceeded insurance coverage in any of the past three fiscal years.
The Borough is a member in good standing of the Alaska Municipal League Joint Insurance Association
(JIA), a governmental insurance pool established by the Alaska Municipal League. Claims are covered on
an occurrence basis. JIA provides risk management services, appraisal services and there is also a separate
pool for policy liability. The Kodiak Island Borough Finance Director is a member of the Board of
Directors of the JIA.
The responsibilities of both JIA and the participants are as follows:
(a) Responsibilities of JIA
JIA shall perform the following instructions in discharging its responsibilities:
• Provide insurance coverage as necessary for property, including building and contents,
automobile, mobile equipment and data processing equipment, casualty, including general
liability, public officials' and employees' liability, auto liability and employee benefit liability;
workers' compensation, including employers' liability; commercial blanket bond; and time
element.
• Assist each participant's assigned risk manager with the implementation of that function.
• Provide loss prevention and safety and consulting services to participants as required.
• Provide claims adjusting and subrogation services for claims covered by the association's joint
' insurance arrangement.
(b) Responsibilities of the Participants
The Participants shall have the following responsibilities:
• The Borough Assembly or appointing official of each participant shall appoint a representative
as provided in Article 5, Section 2 of the bylaws and at least one alternate representative to
' attend member meetings.
• Each participant shall appoint an employee of the participant to be responsible for the risk
management function within that entity and to serve as a liaison between the participant and
JIA with respect to risk management.
• Each participant shall maintain an active safety officer and /or committee, and shall comply
with all recommendations of JIA concerning the development and implementation of a loss
control policy to prevent unsafe practices.
' 49 (Continued)
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Each participant shall maintain its own set of records as a loss log, in all categories of loss to
insure accuracy of JIA's loss reporting system.
(11) Rental Revenues
(a) Hospital Facilities Enterprise Fund
The Kodiak Island Borough Assembly leases the Kodiak Island Hospital and Care Center premise
and equipment to Sisters of Providence d.b.a. Providence Alaska Medical Center who assumed
responsibility for the hospital's operations as of April 21, 1997. The lease agreement is effective for
a term of twenty years from that date. The lease is cancelable by either party with a one year notice.
The hospital capital assets, the lease income, and all other costs relating to the agreement are
accounted for by the Borough in the Hospital Facilities Enterprise Fund.
The agreement with Providence specifies that the Borough will contribute at least $150,000 per year
for the purchase of new and replacement equipment for the hospital. The Borough is also required to
fund any major maintenance and repairs projects exceeding $25,000 in cost. The Borough receives
$60,000 per month in rental revenue. In August 2003, the lease was amended that required
Providence to pay an additional lease payment of $1,300,000 in 2004.1n October 2005 the lease was
amended to remove the requirement that Providence had to pay 50% of the net revenues of the
hospital, up to $600,000, in rental revenues. Providence now has to spend 50% or more of their net
profit, up to $200,000, on equipment. The lease was also amended to have the $150,000 of
equipment which the Borough was required to purchase become Providence property rather than
Borough property.
(b) Kodiak Fisheries Research Center
The Kodiak Fisheries Research Center (KFRC) leases its premise to the General Services
Administration (GSA), Alaska Department of Fish and Game (ADF &G), the GSA on behalf of
Department of Commerce, National Oceanic and Atmospheric Administration (NOAA), and the
University of Alaska Fairbanks (UAF).
The lease with the GSA is from March 1, 2003, through September 30, 2018, cancelable with
120 days notice. Annual rent varies from $33,333 in 2007 to $41,000 in 2018.
The lease with ADF &G is from October 1, 1998 through September 30, 2018, with an option to
extend for up to two additional five year periods. Annual rent varies from $33,600 in 2007 to
$52,800 in 2011. The annual rent from 2012 through 2018 will be based on $52,800 and adjusted for
the tenant's proportionate share of building expenses and utilization of the seawater system.
The lease with NOAA is from October 1, 1998 through September 30, 2018, with an option to
extend for up to four additional five year periods. Annual rent is $756,000 plus operational and
maintenance expenses of $699,076. Operational and maintenance expenses are adjusted every five
years to actual costs.
The lease with UAF is from October 1, 1998 through September 30, 2018, cancelable with 30 days
notice, with an option to extend for up to two additional five year periods. Annual rent varies from
$90,000 in 2006 to $143,601 in 2018.
1
1
1
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50 (Continued) I
1
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(12) Prior Period Adjustment
There was a prior period adjustment recorded in the current year related to loan proceeds for the
expansion of the landfill. Loan proceeds were incorrectly recorded as revenues. The net effect of this
entry was to decrease accounts receivable and fund equity in the proprietary funds and the Statement
of Activities for 2006 by $258,290.
(13) Retirement Commitments
51 (Continued)
The Alaska Public Employees' Retirement System (PERS) is a defined benefit agent
'
multiple- employer public employee retirement system that acts as a common investment and
administrative agent for political subdivisions within the State of Alaska. The plans are administered
by the Commissioner of Administration and the Alaska Retirement Management Board (ARMB).
Benefit and contribution provisions are established by Chapter 35 of Alaska Statute Title 39, and
may be amended only by state legislature. Employee participation in the plan is mandatory for
'
permanent employees scheduled to work at least 15 hours a week. There is no optional participation
for other employees. The plan provides pension and other postemployment healthcare, death and
disability benefits.
'
During 2005, the Borough adopted Governmental Accounting Standards Board Statement No. 45,
Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than
Pensions.
'
During the 2005 legislative session, a law was enacted that closed the defined benefit retirement
plan. Senate Bill 141, signed into law on July 27, 2005 and effective July 1, 2006 closed the plan to
'
new members and created a new defined contribution plan for members first hired on or after July 1,
2006. As part of this legislation, active nonvested members may have the option to convert their
defined benefit plan to the new PERS Defined Contribution Retirement Plan if their employer
decides to participate in the conversion option.
PERS issues a publicly available financial report that includes financial statements and required
supplementary information. That report may be obtained by writing to State of Alaska, Department
of Administration, Division of Retirement and Benefits, P.O. Box 110203, Juneau,
'
Alaska 99811 -0203, by calling (907) 465 -4460 or online at http://www.state.ak.us/drb/pers/actuarial-
valuation.shtml
'
At June 30, 2006, the number of participating employers was:
State of Alaska 3
'
Municipalities 77
School Districts 53
Other 27
'
Total employers 160
51 (Continued)
KODIAK ISLAND BOROUGH '
Notes to Basic Financial Statements
June 30, 2007 '
(a)
PERS — Defined Benefit Plan
Under state law, covered employees are required to contribute 6.75% (7.5% for police and fire
personnel) of their annual covered payroll and the Borough is required to contribute an actuarially '
determined rate that, expressed as a percentage of annual covered payroll, sufficient to accumulate
assets to pay pension and other postemployment benefits (OPEB) when due. The actuarial
determined rate for the Borough was 15% for the year ended June 30, 2007. The contribution
requirements of plan members and the Borough are established and may be amended by the ARMB.
Benefits vest after five years of credited service. Employees enrolled prior to July 1, 1986 with five
or more years of credited service are entitled to annual pension benefits beginning at normal
'
retirement age 55 or early retirement age 50. For employees enrolled after June 30, 1986 the normal
and early retirement ages are 60 and 55, respectively. Employees with 30 or more years of credited
service may retire at any age and receive a normal benefit.
,
Retirement benefits are calculated by multiplying the average monthly compensation (AMC) times
credited PERS service times the percentage multiplier. The AMC is determined by averaging the
salaries earned during the five highest (three highest for Police /Fire members or members hired prior
'
to July 1, 1996) consecutive payroll years. Members must earn at least 115 days of credit in the last
year worked to include it in the AMC calculation. The PERS pays a minimum benefit of $25.00 per
month for each year of service when the calculated benefit is less.
The percentage multipliers for police /fire personnel are 2% for the first ten years of service and 2.5%
for all service over 10 years. The percentage multipliers for all other participants are 2% for the first
ten years, 2.25% for the next ten years, and 2.5% for all remaining service earned on or after July 1,
'
1986. All service before that date is calculated at 2 %.
The system also provides death and disability benefits and major medical benefits. Major medical
,
benefits are provided without cost to all members first enrolled before July 1, 1986. Members first
enrolled after June 30, 1986 may elect to pay for major medical benefits.
,
Pennon benefits are adjusted each year based upon increases in the Consumer Price Index (CPI) for
the prior year. The increase in the benefits is 75% of the CPI increase up to a 9% maximum for
recipients who are at least age 65 or on disability or 50% of the increase up to a 6% maximum for
,
recipients who are at least age 60 but under 65 or who have been receiving benefits for at least five
years. Starting at age 65, or at any age for those employed before July 1, 1986, a retired employee
who remains in Alaska is eligible for an additional allowance equal to 10% of the base benefit or $50
a month, whichever is greater.
,
Annual Cost and Net Obligation '
The Borough's annual costs (expense) are calculated based on the annual required contribution of the
employer (ARC), an amount actuarially determined in accordance with the parameters of
GASB Statement 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
52 (Continued) ,
' KODIAK ISLAND BOROUGH
' Notes to Basic Financial Statements
June 30, 2007
' 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 following the notes to the
financial statements, presents multiyear trend information that shows whether the actuarial
value of plan assets is increasing or decreasing over time relative to the actuarial accrued
liabilities for benefits.
1
53 (Continued)
excess) over a period not to exceed twenty years. The following table shows the components
of the Borough's annual cost, the amount
actually contributed to the plan, and changes in the
'
Borough's net obligation to PERS:
Pension
OPEB Total
'
Annual required contribution (ARC)
$ 240,517
88,958
329,475
Interest on net pension obligation (NPO)
30,163
16,003
46,166
'
Adjustment to the ARC
(58,002) (30,773) (88,775)
Annual pension cost (APC)
212,678
74,188
286,866
Contributions made
240,517
88,958
329,475
Decrease in NPO
(27,839)
(14,770)
(42,609)
NPO, beginning of year
365,618
193,982
559,600
NPO, end of year
$ 337,779
179,212
516,991
ress g
Funded Status and Funding Progress
'
The funded status of the plan as of June 30, 2006, was as follows:
Pension
OPEB
Total
Actuarial accrued liability (AAL)
$ 12,732,609
11, 640,541
24 , 373,150
Actuarial value of plan assets
10,390,807
4,447,507
14,838,314
Unfunded actuarial accrued liability (UAAL)
$ 2,341,802
7,193,034
9,534,836
Funded ratio (actuarial value of plan assets /AAL) 82%
38%
Covered payroll (active plan members)
$ 2,230,259
2,230,259
'
UAAL as a percentage of covered payroll
105%
323%
' 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 following the notes to the
financial statements, presents multiyear trend information that shows whether the actuarial
value of plan assets is increasing or decreasing over time relative to the actuarial accrued
liabilities for benefits.
1
53 (Continued)
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
Projections of benefits for financial reporting purposes are based on the substantive plan (the
plan as understood by the employer and plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs
between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce short-term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long -term
perspective of the calculations. Significant actuarial methods and assumptions were as
follows:
Contribution rates: Pension
Employee:
Peace officers and firefighters 4.50%
Other employees 4.05%
Employer 10.95%
Actuarial assumptions:
Actuarial valuation date
June 30, 2006
Actuarial cost method
Projected unit credit
Amortization method
Percent of pay,
64%
open
Remaining amortization period
20 years
Asset valuation method
5 -year
Inflation rate
3.50%
Investment return
8.25%
Projected salary increase:
Inflation
3.50%
Productivity and merit:
Peace officers and firefighters
2.50%
Others
2.00%
Health cost trend
N/A
1
1
OPEB I
3.00%
2.70%
4.05%
June 30, 2006
Projected unit credit
Percent of pay,
open
20 years
5 -year
3.50%
8.25%
N/A
N/A
N/A
12.00%
The legislature appropriated money from the General Fund to the Department of
Administration in 2006 and 2007 to help reduce the liability to PERS brought on by the
increased employer cost due to the employer contribution rate increases. The appropriations
are intended to help reduce the cost based on the estimates but will not fully eliminate the
increased employer costs. The amount allocated to the Kodiak Island Borough for 2007 was
$118,047.
The Borough's annual pension cost, the percentage of annual pension cost contributed to the
plan, and the net pension obligation for 2007 and the two preceding years were as follows:
Year ended
6/30/2005
6/30/2006
6/30/2007
APC
$ 273,669
424,032
211,278
54
Percentage
of APC
Net pension
contributed
obligation
22%
213,916
64%
365,618
100%
336,379
J I
1
t
(Continued)
1
1
1
1
1
1
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
The Borough's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and
the net OPEB obligation for 2007 and the two preceding years were as follows:
(a) PERS — Defined Contribution Plan
Plan Description and Funding Requirements. Cities and Public Employers in the State of Alaska
have a defined contribution retirement plan for new hires first enrolled on or after July 1, 2006. Plan
members make mandatory contributions of 8% of gross eligible compensation. State statutes require
the employer to contribute 5% of employees' eligible compensation. Additionally, employers are
required to contribute 1.75% to the retiree medical plan, 0.3% for occupational and death and
disability benefits and 3% of employers average annual employee compensation to the health
reimbursement arrangement (HRA). Plan members are 100% vested with their contributions.
Members become vested in employers' contributions as follows:
2 years of service — 25%
3 years of service — 50%
4 years of service — 75%
5 years of service — 100%
Plan provisions and contribution requirements and amendments are established by the Alaska
Retirement Management Board (ARMB). Total contributions for the year ended June 30, 2007 are
as follows:
Employer Employee
1
Defined contribution $ 2,348 3,757
Retiree medical plan 822 -
Occupational health and disability benefits 141 -
Health reimbursement agreement (HRA)
per employee, per pay period 53
Actual contributions were equal to the annual required contributions.
1 55 (Continued)
Annual
Percentage of
OPEB
Annual OPEB
Net OPEB
Year ended June 30
Cost
Cost Contributed
Obligation
2005
$ 182,920
22%
142,981
2006
151,726
64%
193,982
2007
74,188
100%
179,212
(a) PERS — Defined Contribution Plan
Plan Description and Funding Requirements. Cities and Public Employers in the State of Alaska
have a defined contribution retirement plan for new hires first enrolled on or after July 1, 2006. Plan
members make mandatory contributions of 8% of gross eligible compensation. State statutes require
the employer to contribute 5% of employees' eligible compensation. Additionally, employers are
required to contribute 1.75% to the retiree medical plan, 0.3% for occupational and death and
disability benefits and 3% of employers average annual employee compensation to the health
reimbursement arrangement (HRA). Plan members are 100% vested with their contributions.
Members become vested in employers' contributions as follows:
2 years of service — 25%
3 years of service — 50%
4 years of service — 75%
5 years of service — 100%
Plan provisions and contribution requirements and amendments are established by the Alaska
Retirement Management Board (ARMB). Total contributions for the year ended June 30, 2007 are
as follows:
Employer Employee
1
Defined contribution $ 2,348 3,757
Retiree medical plan 822 -
Occupational health and disability benefits 141 -
Health reimbursement agreement (HRA)
per employee, per pay period 53
Actual contributions were equal to the annual required contributions.
1 55 (Continued)
C
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2007
(b) Deferred Compensation Plan
The Kodiak Island Borough has two deferred compensation plans created and amended in
accordance with Internal Revenue Code Section 457. The plans are available to all regular Borough
employees. The deferred compensation is not available to employees until termination, retirement,
death, or unforeseeable emergency.
All amounts deferred under these plans are held in trusts that were established for the exclusive
benefit of plan participants. Amounts contributed to the plans by participants during the year ended
June 30, 2007, was $105,902.
The first plan is managed by the International City Managers Association Retirement Corporation.
$88,647 was contributed to this plan during the year ended June 30, 2007. The Borough believes
that the plan does not meet the criteria for inclusion as a fiduciary fund.
The second plan is managed by the Hartford Insurance Company. $17,255 was contributed to this
plan during the year ended June 30, 2007. The Borough believes that the plan does not meet the
criteria for inclusion as a fiduciary fund.
(14) Contingencies
(a) General
The Borough, in the normal course of its activities, is involved in various claims and pending
litigation. After consultation with legal counsel, management estimates that these matters will be
resolved without material adverse effect on the Borough's future financial position or results of
operations.
(b) Grants
Amounts received or receivable from grantor agencies are subject to audit and adjustment by the
grantor agencies. Any disallowed claims, including amounts already collected, would become a
liability of the General or other applicable funds. In management's opinion, disallowances, if any,
will not be material.
(c) Litigation
The Borough is a member of a mandatory class action lawsuit which resulted in a verdict against
Exxon Corporation in August 1994 in the amount of $5 billion for punitive damages and was later
reduced to $4.5 billion. The matter is now on appeal to the Ninth Circuit Court of Appeals. The share
of the settlement, if any, has not been recognized in the financial statements as the settlement is in
the appeals process. The ultimate outcome of the matter and the amount to be realized by the
Borough upon final settlement is indeterminable at this time.
041
r
1
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n
REQUIRED SUPPLEMENTARY INFORMATION
KODIAK ISLAND BOROUGH
Required Supplementary Information
Schedule of Funding Progress for PERS
June 30, 2007
Three -year historical trend information presenting the Borough's progress in accumulating sufficient assets to
pay pension and OPEB benefits
under the PERS when due is presented as
follows (dollar
amounts in
thousands):
(AAL)
UAL /FE as a
Actuarial
(UAAL)
percentage
Actuarial
Actuarial
accrued
Funding
of covered
valuation
value of
liability
excess
Funding
Covered
payroll
date
assets (a)
(AAL) (b)
(FE) (a -b)
ratio (a /b)
payroll (c)
((a -b) /c)
Pension:
6/30/2004
8,543
12,055
(3,512)
71%
1,953
(180)%
6/30/2005
7,428
11,527
(4,099)
64%
2,132
(192)%
6/30/2006
10,391
12,733
(2,342)
82%
2,230
(105)%
OPEB:
6/30/2004
6,024
8,501
(2,477)
71%
1,953
(127)%
6/30/2005
7,401
11,485
(4,084)
64%
2,132
(192)%
6/30/2006
4,448
11,641
(7,193)
38%
2,230
(323)%
57
1
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues:
Property taxes:
Real
Personal
Boat
Motor vehicle
Penalty and interest
Total property taxes
Intergovernmental:
State sources:
Tax Payer Relief
Raw fish tax
Fish revitalization
Electric Co -op tax
On behalf PERS payment
Total state sources
Federal sources:
Payments in lieu of taxes
Fish and Wildlife revenue sharing
Total federal sources
Total intergovernmental
revenue
Severance taxes:
Fish
Mining
Logging
Total severance taxes
Licenses, permits, fees, and other local
revenues:
Building and trailer permits
Subdivision and zoning fees
Sale of copies
Miscellaneous
Total licenses, permits, fees,
and other local revenues
Investment income
Total revenues
n
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58 1
2007
Variance with
Final Budget -
Budget
Positive
2006
Original
Final
Actual
(Negative)
Actual
$ 7,464,057
7,464,057
7,445,150
(18,907)
7,790,275
1,032,925
974,925
990,141
15,216
1,107,316
26,700
26,700
26,217
(483)
7,546
250,000
250,000
225,046
(24,954)
181,632
150,000
154,000
214,773
60,773
164,978
8,923,682
8,869,682
8,901,327
31,645
9,251,747
1,039,870
1,039,870
1,039,873
3
-
800,000
958,960
958,965
5
802,313
2,000
2,000
66,235
64,235
62,877
26,000
26,000
27,474
1,474
26,680
-
-
83,159
83.159
113,667
1,867,870
2,026,830
2,175,706
148,876
1,005,537
750,000
750,000
800,081
50,081
803,246
350,075
350,075
350,112
37
378,770
1,100,075
1,100,075
1,150,193
50,118
1,182,016
2,967,945
3,126,905
3,325,899
198,994
2,187,553
949,960
949,960
1,285,298
335,338
1,108,742
9,555
9,555
11,401
1,846
15.426
57,278
57,278
19,990
(37,288)
62,740
1,016,793
1,016,793
1,316,689
299,896
1,186,908
80,000
80,000
58,630
(21,370)
69,670
7,000
7,000
4,600
(2.400)
6,525
15,000
15,000
15,490
490
13,470
77,700
77,700
82,604
4,904
82.297
179,700
179,700
161,324
(18,376)
171,962
400,000
400,000
399,149
(851)
469,913
13,488,120
13,593,080
14,104,388
511,308
13,268,083
(continued)
n
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58 1
' KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
' General Fund
Year ended June 30, 2007
' (With financial information for the year ended June 30, 2006)
See accompanying notes to required supplementary information
i
i
1
59
2007
Variance with
Final Budget -
Budget
Positive
2006
Original
Final
Actual
(Negative)
Actual
Expenditures:
'
General government:
General and administration
$ 297,370
297,370
253,610
43,760
421,057
Borough assembly
161,790
161,790
135,986
25,804
139,053
Borough manager
256,253
189,081
194,030
(4,949)
252,118
Borough clerk
361,490
365,490
382,675
(17,185)
354,798
Borough attorney
130,000
130,000
128,087
1,913
74,638
Finance department
647,023
667,023
678,307
(11,284)
602,111
Management information systems
475,838
475,838
346,259
129,579
423,751
'
Assessing department
399,150
399,150
400,617
(1,467)
354,595
Engineering/facilities department
152,102
152,102
112,556
39,546
108,214
Total general government
2,881,016
2,837,844
2,632,127
205,717
2,730,335
'
Community and economic development:
Community development department
613,420
613,420
488,529
124,891
497,036
Building official
132,640
132,640
141,556
(8,916)
163,829
Economic development
70,000
70,000
72,816
(2,816)
75,018
Total community and economic
development
816,060
816,060
702,901
113,159
735,883
Emergency preparedness
8,800
8,800
7,884
916
6,098
Health and sanitation department
289,880
302,260
289,503
12,757
286,294
'
Education, culture, and recreation
167,220
167,786
158,161
9,625
161,633
Primary and secondary education
8,387,440
8,387,440
8,387,440
-
8,430,840
'
Total expenditures
Excess of revenues
12,550,416
11.520,190
12,178,016
342,174
12,351,083
over expenditures
937,704
1,072,890
1,926,372
853,482
917,000
Other financing uses:
'
Transfers out
-
(1,159,172)
(1,159,172)
-
(703,900
Net change in fund balance
$ 937,704
(86,282)
767,200
853,482
213,100
Fund balance, at beginning of year
2,026,113
1,813,013
Fund balance, at end of the year
$ 2,793,313
2,026,113
See accompanying notes to required supplementary information
i
i
1
59
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
Special Revenue Fund — Facilities
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues:
Investment income
Expenditures:
Contingencies
Excess of revenues over
expenditures
Other financing sources (uses):
Transfers out
Net change in fund balance
Fund balance, at beginning of year
Fund balance, at end of year
See accompanying notes to required supplementary information.
60
2007
Variance wit
Final Budget —
Budget
Positive
2006
Original
Final
Actual
(Negative)
Actual
$ 1,800,000
1,800,000
2,192,964
392,964
1,477,536
623,500
658,100
—
658,100
—
1,176,500
1,141,900
2,192,964
1,051,064
1,477,536
1,176,500
1,141,900
(1,089,400)
(2,231,300)
(717,035)
$ 2,353,000
2,283,800
1,103,564
(1,180,236)
760.501
38,534,833
37,774,332
$ 39,638,397
38,534,833
See accompanying notes to required supplementary information.
60
1
1
1
KODIAK ISLAND BOROUGH
Notes to Required Supplementary Information — Budgetary Comparison Schedules
June 30, 2007
The Borough follows these procedures in establishing the budgetary data reflected in the fund financial
statements:
• The Borough Manager must submit to the Borough Assembly by April 30 a proposed operating budget for
the fiscal year commencing the following July 1. The operating budget includes proposed expenditures and
the means of financing them.
• Public hearings are conducted by the Borough Assembly to obtain citizen comments.
• By June 10, the budget is legally enacted through passage of an ordinance by Borough Assembly action. If
the Borough Assembly fails to pass an ordinance, the budget submitted by the Borough Manager becomes
the adopted budget.
• Amendments to the budget can occur anytime during the fiscal year through the Borough Assembly or
administrative action. Generally, the following actions are required at the level of the particular change:
— All new appropriations are authorized by an appropriation ordinance that amends the annual budget
ordinance.
— A resolution of the Borough Assembly is required to move (appropriate) amounts between
departments and projects.
— The administration is authorized and directed by the Borough Assembly to effect the necessary line
item changes within the limits established by Items (1) and (2) above by project or department to
properly monitor, account, and report receipts and expenditures.
• Expenditures may not legally exceed appropriations at the following levels: Capital Projects Funds —
project level, all other funds — department level.
• All funds, except Capital Projects Funds, are budgeted on an annual basis encompassing a fiscal year.
Budgets of Capital Projects Funds generally encompass the period from start -up to project completion,
which is generally greater than one year.
• Appropriations lapse at year end to the extent that they have not been expended for all funds, except
Capital Projects Funds, which lapse at project completion.
• Budgets adopted by the Borough Assembly are in accordance with accounting principles generally
accepted in the United States of America.
• The Borough publishes a separate 2007 budget document. That document may be obtained from the
Kodiak Island Borough, Director of Finance, 710 Mill Bay Road, Kodiak, Alaska 99615.
1 61
ADDITIONAL SUPPLEMENTARY INFOR.MA.TION
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
Debt Service Fund - Education and Health
Year ended June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
Revenues:
Intergovernmental:
State sources
Investment income
Total revenues
Expenditures:
General government
Debt service:
Prinicpal
Interest
Total expenditures
Deficiency of revenues over
expenditures
Other financing sources (uses):
Transfers in
Net change in fund balance
Fund balance (deficit), at beginning of year
Fund balance (deficit), at end of year
62
2007
V ariance v►-th
Original
Final Budget –
and Final
Positive
2006
Budget
Actual
(Negative)
Actual
$ 1,780,667
1,780,055
(612)
2,146,406
6,000
25,750
19,750
39,517
1,786,667
1,805,805
19,138
2,185,923
5,000
2,650
2,350
1,315
2,099,790
2,100,361
(571)
1,814,553
1,327,020
1,326,806
214
1,583,488
3�
_ 3,399
(1,645,143)
(1,624,012)
(21,131)
(1,213,433)
1,645,143
1,645,143
—
1,480,155
$ —
21,131
(21,131)
266,722
(81,511)
(348,233)
$ (60,380}
(81,511)
62
NONMAJOR SPECIAL REVENUE FUNDS
The Fire Protection Area No. 1 Fund accounts for the activities related to fire
suppression and fire prevention services to the citizens of the service area.
The Womens Bay Fire Department Fund accounts for the activities related to
fire suppression and fire prevention services to the citizens of the service area.
The Kodiak Airport Fire District Fund accounts for the activities related to
fire suppression and fire prevention services to the citizens of the service area.
The Monashka Bay Road Service Area Fund accounts for the activities
related to road services within the service area.
The Service District No.1 Fund accounts for the activities related to
maintenance service to roads within the district, including snow removal,
ditching and grading.
The Womens Bay Service Area Fund accounts for the activities related to
maintenance service to roads within the service area, including snow and ice
removal, ditching and culvert work.
The Bay View Road Service Area Fund accounts for the activities related to
road services within the service area.
The Service Area No. 2 Fund accounts for the activities related to water and
sewer services in the service area. This fund is in the design stage at present.
The Coastal Management Fund accounts for State of Alaska and Federal
grants related to the effects of coastal energy development impacts.
Expenditures of these grants are for comprehensive plans, coastal sensitivity
analysis, outer continental shelf impact analysis, ordinance update, and planning
and zoning.
The Childcare Assistance Fund accounts for a State of Alaska grant to finance
day care for children of low- income employed families.
NONMAJOR SPECIAL REVENUE FUNDS
The Local Emergency Planning Committee Fund accounts for State of Alaska
grants provided for regional emergency preparation, response, and mitigation
planning.
The Land Sales Fund accounts for the disposal of Borough -owned lands. The
proceeds of land disposals are generally used for the management of Borough lands
and the repairs and maintenance of Borough school buildings.
The Building and Grounds Fund accounts for the operations and maintenance
of certain buildings and grounds owned by the Borough that are jointly shared with the
City of Kodiak, the Kodiak Island Borough School District and certain nonprofit
community organizations.
The Woodland Acres Street Light Service Area Fund accounts for activities
related to the provision of street lighting within the service area.
The Kodiak Arts Council Fund accounts for activities related to the facilitation of
the arts in the Kodiak community.
The Tourism Development Fund accounts for the collection of the Borough
Transient Accommodation Tax (Bed Tax) and its subsequent transfer to the Kodiak
Island Convention and Visitor Bureau.
The Trinity Islands Lighting District Fund accounts for activities related to the
provision of street lighting within the service area.
The Trinity Islands Paving District Fund accounts for activities related to
paving the dirt roads within the subdivision.
The Mission Lake Tide Gate Fund accounts for activities related to maintaining the
tide gate for the residents of the service area.
The Fern Fuller Trust Fund accounts for the distribution of funds to the
beneficiaries of the trust
KODIAK ISLAND BOROUGH
Combining Balance Sheets
Nonmajor Governmental Funds
June 30, 2007
(With summarized financial information at June 30, 2006)
1
I .
1
1 63
Special
Debt
Capital
Totals
Assets
Revenue
Service
Project
2007
2
Equity in central treasury
$
2,978,491
161,470
1,249,327
4,389,288
711,760
Temporary investments
-
-
-
-
3,281,685
Receivables:
State of Alaska
12,650
-
198,729
211,379
440,083
Federal Government
11,093
11,093
6,355
Property taxes
15,008
-
-
15,008
28,509
Land sales contracts, due within one year
38,308
38,308
1,538
Notes receivable
448,533
-
-
448,533
501,889
Other
25,585
-
-
25,585
21,689
Due from other funds
-
-
756,500
Land sale contracts, due after one year
193,155
_
_
193,155
228,496
Total
$
3,722,823
161,470
1,448,056
5,332,349
5,978,504
Liabilities and Fund Balances
Liabilities:
Accounts payable
$
224,945
-
11,410
236,355
236,889
Retainages payable
-
-
11,904
11,904
22,270
Customer deposits
828
-
-
828
678
Due to other funds
238,302
123,913
362,215
808,907
Unearned revenues
213,180
-
46,907
260,087
731,499
Total liabilities
Fund Balances:
677,255
-
194,134
871,389
1,800,243
Unreserved:
Designated for subsequent
'
year expenditures
Undesignated
171,800
2,873,768
-
161,470
-
1,253,922
171,800
4,289,160
420,400
3,757,861
Total fund balances
3,045,568
161,470
1,253,922
4,460,960
4,178,261
Totals
$
3,722,823
161,470
1,448,056
5,332,349
5,978,504
1
I .
1
1 63
KODIAK ISLAND BOROUGH
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
Year ended June 30, 2007
(With summarized financial information for year ended June 30, 2006)
Revenues:
Property taxes and assessments
Intergovernmental:
State sources
Federal sources
Land sale proceeds
Licenses, permits, fees,
and other local revenues
Investment income
Other
Total revenues
Expenditures:
General government
Community and economic development
Health and sanitation department
Service district maintenance
Capital improvements:
Schools
General
Debt service
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Transfers in
Transfers out
Net other financing sources
Net change in fund balances
Fund balances, at beginning of year
Fund balances, at end of year
Special
Debt
Capital
Totals
Revenue
Service
Projects
2007
2006
$ 849,355
-
-
849,355
763,731
28,482
-
28,404
56,886
34,916
127,043
-
140,167
267,210
584,910
47,087
-
-
47,087
177,164
612,242
-
-
612,242
648,324
188,853
3,061
41,470
233,384
127,323
534,970
-
16,351
551,321
125,040
2,388,032
3,061
226,392
2,617,485
2,461,408
1,869,275
-
-
1,869,275
1,219,277
83,713
-
-
83,713
48,119
83,629
-
-
83,629
77,226
498,539
-
-
498,539
336,385
-
-
183,121
183,121
24,950
-
-
373,038
373,038
332,398
9,543
-
-
9,543
1,275
2,544,699
-
556,159
3,100,858
2,039,630
(156,667)
3,061
(329,767)
(483,373)
421,778
198,188
-
783,522
981,710
271,027
(79,288)
-
(136,350)
(215,638)
(82,967)
118,900
-
647,172
766,072
188,060
(37,767)
3,061
317,405
282,699
609,838
3,083,335
158,409
936,517
4,178,261
3,568,423
$ 3,045,568
161,470
1,253,922
4,460,960
4,178,261
f
1
64 1
1
1
Total
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet
June 30, 2007
(With summarized financial information at June 30, 2006)
Fire and Road Service Areas
Assets
191
Equity in central treasury
Fire
Temporary investments
Kodiak
Receivables:
Protection
State of Alaska
Airport Fire
Federal Government
Area No. I
Property taxes
District
Land sales contracts, due within one year
$ 523,137
Notes receivable
29,023
Other
137,377
Due from other funds
500
Notes receivable, due after one year
-
Land sale contracts, due after one year
-
Total
Liabilities and Fund Balances (Deficits)
-
Liabilities:
-
Accounts payable
21,838
Employee benefits accrued and withheld
7,465
Customer deposits
Due to other funds
Unearned revenues
Total liabilities
Fund balances (deficits):
1
Unreserved (deficits):
29,214
Designated for subsequent year expenditures
187,222
Undesignated
177,513
Total fund balances (deficits)
1
1
Total
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet
June 30, 2007
(With summarized financial information at June 30, 2006)
Fire and Road Service Areas
6,433
Fire
191
Road
Fire
Womens
Kodiak
Monashka
Protection
Bay Fire
Airport Fire
Bay Road Service
Area No. I
Department
District
Service Area Area No. 1
$ 523,137
197,750
29,023
45,020 321,554
6,433
1,601
191
882
3,045
199,351
45,902
$ 529,570
29,214
324,599
3,196
406
-
7,465
137,377
-
500
-
-
-
-
20,932
-
-
-
3,196
21,838
-
7,465
137,377
45,000
_
481,374
177,513
29,214
38,437
187,222
526,374
177,513
29,214
38,437
187,222
$ 529,570
199,351
29,214
45,902
324,599
65
I
Fire and Road Service Areas
Road
Federal and State Grant Pro rams
hid Care
Womens Bay
Bay View Road Service Area
Coastal
Assistance
Service Area
Service Area
No. 2
Management
Program
L.E.P.C.
Land Sales
151,156
-
4,900
24,968
101
1,045,766
-
-
-
-
11,093
-
-
12,650
-
-
2,562
294
-
-
-
-
-
-
18,820
-
19,488
-
-
-
-
-
-
1,186
-
-
-
-
-
-
193,155
153,718
294
4,900
36,06]
18,820
12,751
1,259,595
6.774
-
-
2,359
154
11,118
3,546
-
1.427
-
-
19,926
16,729
-
-
-
-
-
-
-
193,155
6,774
1,427
-
2,359
20,080
27,847
196,701
146,944
(1,133)
4,900
33,702
(1,260)
(15,096)
1,062,894
146,944
(1,133)
4,900
33,702
(1,260)
(15,096)
1,062,894
153,718
294
4,900
36,061
18,820
12,751
1,259,595
(Continued)
I
66 1
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet, (continued)
June 30, 2007
67
Street Lighting Districts
Woodland
Buildings
Acres Street
Trinity Islands
and
Light Service
Street Light
Kodiak Arts
Tourism
Assets
Grounds
Area
Service Area
Council
Development
Equity in central treasury
$ 348,135
9,322
513
—
1,497
Temporary investments
—
—
—
_
—
Receivables:
State of Alaska
—
Federal Government
—
_
Property taxes
—
—
—
—
—
Land sales contracts, due within one year
—
Notes receivable
—
—
—
Other
—
—
—
10,021
14,378
Due from other funds
—
—
Notes receivable, due after one year
—
—
—
_
—
Land sale contracts, due after one year
—
—
—
—
—
Total
$ 348,135
9,322
513
10,021
15,875
Liabilities and Fund Balances (Deficits)
Liabilities:
Accounts payable
48,905
464
162
—
—
Employee benefits accrued and withheld
—
—
—
—
—
Customer deposits
—
—
328
Due to other funds
—
—
—
6,437
—
Uneamed revenues
—
—
—
—
Total liabilities
48,905
464
162
6,437
328
Fund balances (deficits):
Unreserved (deficits):
Designated for subsequent year expenditures
121,400
5,400
—
—
—
Undesignated
177,830
3,458
351
3,584
15,547
Total fund balances (deficits)
299,230
8,858
351
3,584
15,547
Total
$ 348,135
9,322
513
10,021
15,875
67
Mission lake
Fern Fuller
Trinity Islands
Totals
Tide Gate
Trust
Paving
2007
2006
7,965
235,026
32,658
2,978,491
857,787
-
-
-
-
2,012,699
-
-
-
12,650
20,030
-
-
-
11,093
20,030
-
-
-
15,008
14,479
-
-
-
38,308
8,000
-
448,533
-
448,533
53,374
-
-
-
25,585
25,105
-
-
-
-
93,244
-
-
-
-
487,271
-
-
-
193,155
34,272
7,965
683,559
32,658
__L626,291
-
3,000
19
224,945
96,631
_
-
-
-
156
-
-
-
828
1,203
-
-
172,851
238,302
350,543
-
20,025
-
213,180
599,136
-
23,025
172,870
677,255
1,047,669
171,800
143,676
7,965
660,534
(140,212)
2,873,768
2,414,916
7,965
660,534
(140,212)
3,045,568
2,558,592
7,965
683,559
32,658
3,722,823
3,606,261
68
1
1
1 69
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances (Deficits)
Year ended June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
Fire and Road Service Areas
Fire
Road
Fire
Womens
Kodiak
Monas6ka
Protection
Bay Fire
Airport Fire
Bay Road
Area No. 1
Department
District
Service Ares
'
Revenues:
Property taxes and assessments
$ 362,301
65,598
12,788
39,807
Intergovernmental:
State sources
4,344
-
-
-
Federal sources
-
24,931
-
-
Land sale proceeds
-
Licenses, permits, fees,
=
_
_
and other local revenues
9,252
Investment income
60,483
10,862
2,093
3,905
Other
3,710
-
-
-
Total revenues
430,838
110,643
14,881
43,712
Expenditures:
General government
978,252
85,138
31
1,589
Community and economic development
-
Health and sanitation department
_
Service district maintenance
-
-
60,522
Debt service
-
971
-
-
Total expenditures
978,252
86,109
31
62,111
Excess (deficiency) of revenues
over expenditures
(547,414)
24,534
14,850
(18,399)
Other financing sources (uses):
Transfers
12,788
Transfers out
=
(12,7
_
Net other financing sources (uses)
12,788
(12,788)
Net change in fund balance
(547,414)
37,322
2,062
(18,399)
'
Fund balances (deficits), at beginning of year
1,073,788
140,191
27,152
56,836
Fund balances (deficits), at end of year
$ 526,374
177,513
29,214
38,437
1
1 69
1
I L J
I
70
Fire and Road Service Areas
Road
Federal and State Grant Programs
Child Care
Service
Womens Bay
Bay View Road
Service
Coastal
Assistance
Area No. 1
Service Area
Service Area
Area No. 2
Management
Program
L.E.P.C.
Land Sales
213,004
101,057
5,491
-
-
-
-
-
165
-
-
-
-
-
17,800
-
-
-
-
-
25,112
77,000
-
-
-
-
-
-
-
-
-
47,087
-
20,015
-
-
-
-
-
17,159
24,676
13,127
413
569
-
107
-
45,771
-
-
-
-
-
-
-
80
237,845
134,199
5,904
569
25,112
77,107
17,800
110,097
10,120
6,066
48
-
-
-
17,901
28,716
-
-
-
-
25,488
-
-
-
83,629
281,230
-
150,465
-
6,322
-
-
-
-
-
-
-
=
_
-
291,350
156,531
6,370
-
25,488
83,629
17,901
28,716
569
(376)
(6,522)
(101)
81,381
,
(53,505)
(22,332)
(466)
(53,505)
(22,332)
(466)
569
(376)
(6,522)
(101)
81,381
240,727
169,276
(667)
4,331
34,078
5,262
(14,995)
981,513
,
187,222
146,944
(1,133)
4,900
33,702
(1,260)
(15,096)
1,062,894
(continued)
I
70
1
9-
KI
Ll
71
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances (Deficits), (continued)
Year ended June 30, 2007
(With
summarized financial information for the year ended June
30, 2006)
Street Lighting Districts
Woodland Acres
Trinity Islands
Buildings and Street Light
Street Light
Kodiak Arts
Grounds Service Area
Service Area
Council
Revenues:
1
Property taxes and assessments
$ — —
3,825
—
Intergovernmental:
State sources
3,444 —
—
2,729
Federal sources
— —
—
—
Land sale proceeds
—
Licenses, permits, fees,
and other local revenues
425,717 —
—
71,232
Investment income
19,289 748
21
—
Other
— —
—
—
1
Total revenues
448,450 748
3,846
73,961
Expenditures:
General government
658,293 5,561
1,928
66,859
Community and economic development
Health and sanitation department
— _
_
_
'
Service district maintenance
Debt service
— —
—
—
Total expenditures
658,293 5,561
1,928
66,859
Excess (deficiency) of revenues
over expenditures
(209,843) (4,813)
1,918
7,102
Other financing sources (uses):
Transfers
Tran out
185,400 =
_
_
Net other financing sources (uses)
185,400
Net change in fund balance
(24,443) (4,813)
1,918
7,102
Fund balances (deficits), at beginning of year
323,673 13,671
(1,567)
(3,518)
Fund balances (deficits), at end of year
$ 299,230 8,858
351
3,584
9-
KI
Ll
71
1
1
Tourism
Mission Lake
Fern Fuller
Trinity Islands
Totals
Development
Tide Gate
Trust
Paving
2007
2006
-
3,115
-
42,369
849,355
690,452
,
-
-
-
-
28,482
95,528
-
-
-
-
127,043
142,371
-
68,867
-
-
-
-
-
-
47,087
612,242
22,738
530,379
812
175
5,099
703
188,853
52,826
-
-
531,180
-
534,970
75,094
69,679
3,290
536,279
43,072
2,388,032
1,609,388
-
505
8,113
155
1,869,275
1,222,923
58,225
-
-
-
83,713
65,804
-
-
-
-
83,629
75,425
-
-
-
498,539
347,934
-
-
-
8,572
9,543
1,571
58,225
505
8,113
8,727
2,544,699
1,713,657
11,454
2,785
528,166
34,345
(156,667)
(104,269)
,
-
-
-
-
198,188
227,637
-
-
(66,500)
-
(79,288)
(235,265)
-
-
(66,500)
-
118,900
(7,628)
11,454
2,785
461,666
34,345
(37,767)
(111,897)
4,093
5,180
198,868
(174,557)
3,083,335
2,670,489
15,547
7,965
660,534
(140,212)
3,045,568
2,558,592
C
72 i
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Fire Protection Area No. I
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
73
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Property taxes $
346,000
362,301
16,301
345,423
Intergovernmental:
State sources
-
4,344
4,344
-
Licenses, permits, fees, and other
local revenues
-
-
-
6,909
Investment income
-
60,483
60,483
43,172
Miscellaneous
5,500
3,710
(1,790)
-
Total revenues
351,500
430,838
79,338
395,504
Expenditures:
General government:
Personnel
73,340
77,469
(4,129)
67,653
Volunteers
24,000
21,420
2,580
23,295
Fringe benefits
30,020
35,200
(5,180)
24,192
Professional services
13,000
900
12,100
5,123
Support goods and services
140,800
117,353
23,447
99,444
Capital outlay
815,000
725,910
89,090
35,033
Depreciation
40,000
-
40,000
-
Total expenditures
1,136,160
978,252
157,908
254,740
Excess (deficiency) of revenues over
expenditures
(784,660)
(547,414)
237,246
140,764
Fund balance, at beginning of year
1,073,788
933,024
Fund balance, at end of year
$
526,374
1,073,788
73
I I
J
1
74 1
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Womens Bay Fire Department
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
2007
Variance with
Final Budget
Final
Positive
2006
Budget Actual
(Negative)
Actual
ff
Revenues:
Property taxes
$ 63,000 65,598
2,598
62,475
Intergovernmental:
State sources
-
Federal sources
146,000 24,931
(121,069)
222,457
Licenses, permits, fees, and
other local revenues
9,000 9,252
252
9,535
Investment income
500 10,862
10,362
3,609
Total revenues
218,500 110,643
(107,857)
298,076
Expenditures:
General government:
Personnel services
3,000 919
2,081
1,670
'
Fringe benefits
- 341
(341)
498
Professional services
- _
Support goods and services
194,400 31,614
162,786
40,142
Capital outlay
27,800 52,264
(24,464)
222,457
Debt service:
Interest
10,000 971
9,029
1,275
Total expenditures
235,200 86,109
149,091
266,042
r
Excess (deficiency) of revenues over
expenditures
(16,700) 24,534
41,234
32,034
Other financing sources:
Transfers in:
Kodiak Airport Fire
District Special Revenue Fund
16,700 12,788
(3,912)
16,467
Net in fund balance
$
change - 37,322
37,322
48,501
Fund balance, at beginning of year
140,191
91,690
Fund balance, at end of year
$ 177,513
140,191
'
i
I I
J
1
74 1
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Kodiak Airport Fire District
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
75
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Property taxes $
15,390
12,788
(2,602)
15,205
Investment income
1,000
2,093
1,093
1
Total revenues
16,390
14,881
(1,509)
16,381
Expenditures:
General government:
Support goods and services
30
31
(1)
27
Excess of revenues over expenditures
16,360
14,850
(1,510)
16,354
Other financing uses:
Transfers out:
Womens Bay Fire Department Special
Revenue Fund
(16,700)
(12,788)
3,912
(16,467)
Net change in fund balance $
(340)
2,062
2,402
(113)
Fund balance, at beginning of year
27,152
27,265
Fund balance, at end of year
$
29,214
27,152
75
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Monashka Bay Road Service Area
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
76
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Property taxes
$ 40,500
39,807
(693)
28,134
Investment income
2.675
3,905
1,230
2,698
Total revenues
43,175
43,712
537
30,832
Expenditures:
General government:
Personnel services
825
1,399
(574)
402
Support goods and services
350
190
160
76
Service district maintenance:
Snow removal/sanding
15,000
18,524
(3,524)
15,630
Road grading/ditching
7,000
3,753
3,247
921
Repairs and maintenance
20,000
38,245
(18,245)
6,993
Total expenditures
43,175
62,111
(18,936)
24,022
Excess (deficiency) of revenues
over expenditures
$ —
(18,399)
(18,399)
6,810
Fund balance, at beginning of year
56,836
50,026
Fund balance, at end of year
$
38,437
56,836
76
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Service Area No. I
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
77
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Property taxes
$ 215,000
213,004
(1,996)
162,305
Intergovernmental:
State sources
-
165
165
-
Investment income
-
24,676
24,676
13,077
Total revenues
215,000
237,845
22,845
175,382
Expenditures:
General government:
Personnel services
7,250
8,036
(786)
5,695
Support goods and services
1,400
2,084
(684)
641
Service district maintenance:
Snow removal /sanding
95,000
91,316
3,684
51,389
Road grading/ditching
50,000
38,799
11,201
72,569
Repairs and maintenance
61,350
151,115
(89,765)
58,598
Total expenditures
215,000
291,350
(76,350)
188,892
Excess (deficiency) of revenues
over expenditures
$ -
(53,505)
(53,505)
(13,510)
Fund balance, at beginning of year
240,727
254,237
Fund balance, at end of year
$
187,222
240,727
77
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Womens Bay Road Service Area
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
78
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Property taxes $
96,300
101,057
4,757
96,059
Licenses, permits, fees, and
other local revenues
20,000
20,015
15
20,000
Investment income
3,300
13,127
9,827
9,318
Total revenues
119,600
134,199
14,599
125,377
Expenditures:
General government:
Personnel services
850
1,112
(262)
551
Support goods and services
21,700
4,954
16,746
1,332
Service district maintenance:
Snow removal /sanding
57,000
79,152
(22,152)
31,913
Road grading/ditching
33,050
13,689
19,361
86,926
Repairs and maintenance
32,000
57,624
(25,624)
7,085
Total expenditures
144,600
156,531
(11,931)
127,807
Excess (deficiency) of revenues over
expenditures $
(25,000)
(22,332)
2,668
(2,430)
Fund balance, at beginning of year
169,276
171,706
Fund balance, at end of year
$
146,944
169,276
78
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Bay View Road Service Area
Schedule of Revenues, Expenditures, and Changes in Fund Deficit
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
2007
Revenues:
Property taxes
Investment income
Total revenues
Expenditures:
General government:
Personnel services
Support goods and services
Service district maintenance:
Snow removal/sanding
Road grading/ditching
Repairs and maintenance
Total expenditures
Excess (deficiency) of revenues over expenditures
Fund deficit, at beginning of year
Fund deficit, at end of year
—
—
Variance with
49
—
48
Final Budget
8
Final
2,754
Positive
2006
Budget
Actual
(Negative)
Actual
$ 4,600
5,491
891
5,611
200
413
213
45
4,800
5,904
1,104
5,656
—
—
—
49
—
48
(48)
8
2,500
2,754
(254)
2,620
1,300
1,225
75
978
1,000
2,343
(1,343)
763
4,800
6,370
(1,570)
4,418
$ —
(466)
(466)
1,238
(667)
(1,905)
$
(1,133)
(667)
79
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Service Area No. 2
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
2007
Revenues:
Investment income
Expenditures
Excess of revenues over
expenditures
Fund balance, at beginning of year
Fund balance, at end of year
Final
Budget
Variance with
Final Budget
Positive 2006
Actual (Negative) Actual
569 569 164
569 569 164
4,331 4,167
$ 4,900 4,331
80
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Coastal Management
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year.ended June 30, 2007
(With financial information for the year ended June 30, 2006)
81
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Intergovernmental:
Federal sources — grants $
25,650
25,112
(538)
24,367
Other
—
31,829
Total revenues
25,650
25,112
(538)
56,196
Expenditures:
Community and economic development:
Planning and zoning
25,650
25,488
162
3,119
Excess (deficiency) of revenues over
expenditures $
—
(376)
(376)
53,077
Fund balance (deficit), at beginning of year
34,078
(18,999)
Fund balance, at end of year
$
33,702
34,078
81
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Child Care Assistance Program
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
82
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Intergovernmental:
Federal sources - grants $
89,280
77,000
(12,280)
74,150
Investment income
—
107
107
—
5
(12,173)
9
_
77,107
Expenditures:
Health and sanitation department:
Personnel
78,320
71,255
7,065
66,750
Support goods and services
10,960
12,374
(1,414)
10,476
Total expenditures
89,280
83,629
5,651
77,226
Deficiency of revenues over
expenditures $
—
(6,522)
(6,522)
(3,076)
Fund balance, at beginning of year
5,262
8,338
Fund balance (deficit), at end of year
$
(1,260)
5,262
82
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
L.E.P.C.
Schedule of Revenues, Expenditures, and Changes in Fund Deficit
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues
Intergovernmental:
State sources — grants
Expenditures:
General government:
Personnel services
Professional services
Support goods and services
Total expenditures
Deficiency of revenues
over expenditures
Fund deficit, at beginning of year
Fund deficit, at end of year
83
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
$ 20,000
17,800
(2,200)
—
10,000
8,006
1,994
3,887
4,490
5,089
5,327
5,510
4,806
704
—
20,000
17,901
2,099
9,214
$ —
(101)
(101)
(9,214)
(14,995)
(5,781)
$
(15,096)
(14,995)
83
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Land Sales
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
84
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Land sale proceeds
$ 36,700
47,087
10,387
177,164
Licenses, permits, fees, and other
local revenues
1,000
1,000
-
1,000
Gravel sales
40,000
16,159
(23,841)
84,092
Investment income
19,000
45,771
26,771
24,202
Other
-
80
80
7,305
Total revenues
96,700
110,097
13,397
293,763
Expenditures:
General government:
Personnel services
11,494
11,500
(6)
11,500
Contracted services
4,550
1,001
3,549
373
Support goods and services
80,656
16,215
64,441
18,460
Total expenditures
96,700
28,716
67,984
30,333
Excess of revenues
over expenditures
$ -
81,381
81,381
263,430
Fund balance, at beginning of year
981,513
718,083
Fund balance, at end of year
$
1,062,894
981,513
84
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Buildings and Grounds
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With fmancial information for the year ended June 30, 2006)
85
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Intergovernmental:
State sources $
-
3,444
3,444
-
Rental income
421,980
425,717
3,737
418,445
Investment income
-
19,289
19,289
10,483
Other
-
-
-
156
Total revenues
421,980
448,450
26,470
429,084
Expenditures:
General government:
School buildings
333,820
342,575
(8,755)
223,323
Borough building
341,160
302,512
38,648
310,888
Mental health center
11,000
2,500
8,500
31,382
Parks operation and maintenance
21,000
10,706
10,294
6,772
Total expenditures
706,980
658,293
48,687
572,365
Deficiency of revenues under expenditures
(285,000)
(209,843)
75,157
(143,281)
Other financing sources:
Transfers in:
Facilities Special Revenue Fund
254,600
185,400
(69,200)
140,560
Net change in fund balance $
(30,400)
(24,443)
5,957
(2,721)
Fund balance, at beginning of year
323,673
326,394
Fund balance, at end of year
$
299,230
323,673
85
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Woodland Acres Street Light Service Area
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
86
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Investment income
$ 600
748
148
620
Expenditures:
General government -
support goods and services
6,000
5,561
439
5,660
Deficiency of revenues over
expenditures
$ (5,400)
(4,813)
587
(5,040)
Fund balance, at beginning of year
13,671
18,711
Fund balance, at end of year
$
8,858
13,671
86
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Trinity Islands Street Light Service Area
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
87
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Property taxes
3,600
3,825
225
3,892
Income from investments
$ —
21
21
—
Total revenues
3,600
3,846
246
3,892
Expenditures:
General government:
Personnel services
655
—
655
—
Support goods and services
2,945
1,928
1,017
1,822
Total expenditures
3,600
1.928
1,672
1,822
Excess of revenues over
expenditures
$ —
1,918
1,918
2,070
Fund deficit, at beginning of year
(1,567)
(3,637)
Fund balance (deficit), at end of year
$
351
(1,567)
87
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Kodiak Arts Council
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues:
Intergovernmental:
State sources
Licenses, permits, fees, and other
local revenues:
Reimbursement from Kodiak
Arts Council
Total revenues
Expenditures:
General government:
Personnel services
Fringe benefits
Support goods and services
Total expenditures
Excess (deficiency) of revenues
over expenditures
Fund deficit, at beginning of year
Fund balance (deficit), at end of year
2007
Variance with
Final Budget
Final Positive 2006
Budget Actual (Negative) Actual
2,729 2,729
$ 65,780
71,232
5,452
60,423
65,780
73,961
8,181
60,423
47,160
45,412
1,748
45,659
18,620
21,016
(2,396)
15,471
—
431
(431)
423
65,780
66,859
(1,079)
61,553
$ —
7,102
7,102
(1,130)
(3,518)
(2,388)
$
3,584
(3,518)
88
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Tourism Development
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
89
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Revenues:
Transient accommodations tax
$ 45,000
68,867
23,867
47,645
Investment income
—
812
812
150
Total revenues
45,000
69,679
24,679
47,795
Expenditures:
Community and economic development:
Contributions
45,000
45,000
—
45,000
Support goods and services
—
13,225
(13,225)
—
Total expenditures
45,000
58,225
(13,225)
45,000
Excess of revenues
over expenditures
$ —
11,454
37,904
2,795
Fund balance, at beginning of year
4,093
1,298
Fund balance, at end of year
$
15,547
4,093
89
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Mission Lake Tide Gate
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2007)
2007
Revenues:
Property taxes
Investment income
Total revenues
Expenditures:
General government:
Personnel services
Professional services
Support goods and services
Capital outlay
Total expenditures
Excess of revenues
over expenditures
Fund balance, at beginning of year
Fund balance, at end of year
Final
Budget
Actual
2,460
3,115
$ —
175
2,460
3,290
1,000
200
1,260
2,460
374
131
505
2,785
5,180
$ 7,965
Variance with
Final Budget
Positive 2006
(Negative) Actual
655 2,456
626
365
—
1,000
69
12
1,260
—
1,955
1,377
2,785
1,079
4,101
5,180
90
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fern Fuller Trust
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues:
Investment income
Fuller Trust proceeds
Total revenues
Expenditures:
General government:
Distributions to beneficiaries
Support goods and services
Total expenditures
Excess of revenues
over expenditures
Other financing uses:
Transfers out:
Hospital Facilities Enterprise Fund
Net change in fund balance
Fund balance, at beginning of year
Fund balance, at end of year
2007
Variance with
Final Budget
Final Positive 2006
Budget Actual (Negative) Actual
$ — 5,099 5,099 —
75,000 531,180 456,180 75,000
75,000 536,279 461,279 75,000
8,500 8,000 500
— 113 (113)
o,wv o,1 1.)
66,500 528,166
(66,500) (66,500)
$ — 461,666
198,868
$ 660,534
461,666
461,666
8,500
127
8,627
66,373
(66,500)
(127)
198,995
198,868
91
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Trinity Islands Paving
Schedule of Revenues, Expenditures, and Changes in Fund Deficit
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
2007
Revenues:
Special assessments
Investment income
Total revenues
Expenditures:
General government:
Support goods and services
Debt service:
Interest
Total expenditures
Excess of revenues over
expenditures
Fund deficit, at beginning of year
Fund deficit, at end of year
14,230 155
14,075
Variance with
(662)
22,140 8,727
13,413
Final Budget
$ — 34,345
Final
Positive
2006
Budget
Actual
(Negative)
Actual
$ 22,140
42,369
20,229
42,171
—
703
703
43
22,140
43,072
20,932
42,214
14,230 155
14,075
7,910 8,572
(662)
22,140 8,727
13,413
$ — 34,345
34,345
( 174,557)
$ (140,212)
38
38
42,176
(216,733)
(174,557)
92
1
DEBT SERVICE FUNDS
' Debt Service Funds are used to account for the payment of
principal, interest and related fees on all bonded debt except for
special assessment bonded debt accounted for in proprietary funds.
0
KODIAK ISLAND BOROUGH
Debt Service Fund
Other
Balance Sheets
June 30, 2007
(With financial information at June 30, 2006)
Assets
Equity in central treasury
2007 2006
$ 161,470 158,409
Liabilities and Fund Balances
Total liabilities
Fund balance:
Unreserved
$ 161,470
158,409
Oil
KODIAK ISLAND BOROUGH
Debt Service Fund
Other
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2007
(With financial information at June 30, 2006)
2007
Variance with
Final Budget
Final Positive 2006
Budget Actual (Negative) Actual
Revenues:
Investment income
Expenditures
Excess of revenues over expenditures
Fund balances, at beginning of year
Fund balances, at end of year
3,061
3,061
158,409
$ 161,470
3,061
3,061
158,409
158,409
94
NONMAJOR CAPITAL PROJECTS FUNDS
The Various Borough Projects Fund accounts for general
government construction projects not accounted for in other funds.
The State Capital Grants Fund accounts for capital impror
projects relating to grants received from the State of Alaska.
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Combining Balance Sheet
June 30, 2007
(With summarized financial information at June 30, 2006)
Assets
Equity in central treasury
Temporary investments
Receivables:
State of Alaska
Federal government
Due from other funds
Total
Liabilities and Fund Balances
Liabilities:
Accounts payable
Retainages payable
Due to other funds
Unearned revenues
Total liabilities
Fund balances:
Unreserved -
Undesignated
Total
Various
Borough
State Capital
Totals
Projects
Grants
2007
2006
$ 1,059,327
190,000
1,249,327
153,781
—
—
—
978,549
—
198,729
198,729
319
—
—
—
6,355
—
—
—
50,000
$ 1,059,327
388,729
1,448,056
1,507,701
9,968
1,442
11,410
6,914
—
11,904
11,904
22,270
—
123,913
123,913
542,000
—
46,907
46,907
—
9,968
184,166
194,134
571,184
1,049,359
204,563
1,253,922
936,517
$ 1,059,327
388,729
1,448,056
1,507,701
95
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances
Year ended June 30, 2007
(With summarized financial information for the year ended June 30, 2006)
96
Various
State
Borough
Capital
Totals
Projects
Grants
2007
2006
Revenues:
Intergovernmental:
State sources
$ -
28,404
28,404
34,916
Federal sources
67,172
72,995
140;167
263,936
Licenses, permits, fees and
other local revenue
-
-
-
275
Investment income
41,470
-
41,470
18,566
Other
-
16,351
16,351
10,750
Total revenues
108,642
117,750
226,392
328,443
Expenditures:
Capital improvements:
Schools
166,899
16,222
183,121
24,950
General
144,193
228,845
373,038
332,398
Total expenditures
311,092
245,067
556,159
357,348
Deficiency of revenues over
expenditures
(202,450)
(127,317)
(329,767)
(28,905)
Other financing sources:
Transfers in
457,172
326,350
783,522
114,000
Transfers out
(136,350)
-
(136,350)
-
Net other financing sources (uses)
320,822
326,350
647,172
114,000
Net change in fund balances
118,372
199,033
317,405
85,095
Fund balances, at beginning of year
930,987
5,530
936,517
851,422
Fund balances, at end of year
$ 1,049,359
204,563
1,253,922
936,517
96
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Various Borough Projects
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues:
Intergovernmental:
Federal sources
Licenses, permits, fees and
other local revenue
Investment income
Other
2007
$ 67,172
2006
Total revenues
Expenditures:
Capital improvements:
Schools
General
Total expenditures
Deficiency of revenues over
expenditures
Other financing sources (uses):
Transfers in
Transfers out
Net other financing sources (uses)
Net change in fund balance
Fund balance, at beginning of year
Fund balance, at end of year
— 275
41,470 18,566
— 10,750
108,642 29,591
166,899 —
144,193 54,519
311,092 54,519
(202,450)
457,172
(136,350)
320,822
118,372
930,987
$ 1,049,359
(24,928)
(24,928)
955,915
930,987
97
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
State Capital Grants
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Revenues:
Intergovernmental:
State sources
Federal sources
Other
Total revenues
Expenditures:
Capital improvements:
Schools
General
Total expenditures
Deficiency of revenues over
expenditures
Other financing sources:
Transfers in
Net change in fund balance
Fund balance (deficit), at beginning of year
Fund balance, at end of year
2007 2006
$ 28,404
72,995
16,351
117,750
16,222
228,845
245,067
34,916
263,936
298,852
24,950
277,879
302,829
(127,317) (3,977)
326,350 114,000
199,033 110,023
5,530 (104,493)
$ 204,563 5,530
L•;
M M� r r M M M M i M M M� r M M M M
Project
KODIAK ISLAND BOROUGH
No.
Project
Status
Capital projects - Education:
130
410 -655
East Elementary Doorway
Open
00100
430 -696
School Repair KHS Roof
Complete
03105
410 -492
Northstar Road/park design
Open
03106
410 -493
KHS Emergency Generator
Open
03116
430 -509
School Upgrade
Complete
03118
430 -512
Chiniak Multi -Use
Open
03119
420 -500
HS Swimming Pool
Open
04101
420 -515
Old Harbor Gym Renovation
Open
04102
420 -516
Larsen Bay School Repair
Open
04103
420 -517
Ouzinkie Gum Renovation
Open
05002
420.519
Earthquake Evaluation Project
Open
05006
430.545
HS Pool Filter
Open
05009
420 -515
Repair Spalling Concrete
Open
05010
420 -515
KHS Asbestos Floor Removal
Open
05011
420 -515
Floor Covering Replacement
Open
05012
420 -515
Kodiak High School HVAC
Open
05013
420 -515
KHS Exterior Insulation & Windows
Open
05014
420 -515
Kodiak HS/MS Cplx Roof Upgrade
Open
05015
420 -515
H.S Voc ed/classroom Reclaimation
Open
05016
420 -515
East Elementary HVAC Upgrade
Open
05017
420 -515
Learning Center Renovation
Open
05026
410 -523
KHS Library Seismic
Open
07001
-
Area Wide School Equipment
Open
07004
2,808
Larsen Bay Equipment
Open
07005
-
Main Elementay Playground Equipment
Open
07008
430 -530
Seismic Repair
Open
07012
430 -525
Ouzinkie School Seismic Upgrade
Open
07014
430 -525
East Elementary Window Seismic
Open
07015
410 -531
HS Kitchen Floor
Open
07018
319,523
Old High School Pool Repair
Open
60,000
-
Total capital projects education
49,698
Capital projects - Health:
10,302
07017
237,918
Hospital Solarioum
Open
376
8,975
Total capital projects health
228,567
99
KODIAK ISLAND BOROUGH
Capital Project Funds
' Supplemental Schedule of Capital Projects
Year ended June 30, 2007
Appropriations
Total
Expenditures
Total
Unexpended
Current Unencumbered
Prior
2007
appropriations
Prior
2007
expenditures
balance
encumbrances balance
4,200
-
4,200
-
-
4,200
- 4,200
126,770
-
126,770
116,416
12,050
128,466
(1,696)
- (1,696)
50,000
-
50,000
27,807
1,160
28,967
21,033
- 21,033
50,000
-
50,000
-
-
-
50,000
- 50,000
125,804
-
125,804
139,561
660
140,221
(14,417)
- (14,417)
20,000
-
20,000
9,946
1,172
11,118
8,882
- 8,882
6,210,000
-
6,210,000
236,874
650,018
886,892
5,323,108
- 5,323,108
2,251,315
-
2,251,315
1,554
1,254
2,808
2,248,507
- 2,248,507
339,883
-
339,883
839
687
1,526
338,357
- 338,357
1,858,255
-
1,858,255
2,518
1,881
4,399
1,853,856
- 1,853,856
500,000
-
500,000
281,121
38,402
319,523
180,477
- 180,477
60,000
-
60,000
49,698
49,698
10,302
- 10,302
237,918
-
237,918
376
8,975
9,351
228,567
- 228,567
304,704
-
304,704
5,565
206,953
212,518
92,186
- 92,186
728,708
-
728,708
6,295
236,188
242,483
486,225
- 486,225
250,000
-
250,000
134
39
173
249,827
- 249,827
596,020
-
596,020
2,680
1,437
4,117
591,903
- 591,903
523,504
-
523,504
2,718
13,009
15,727
507,777
- 507,777
4,840,788
-
4,840,788
8,882
49,414
58,296
4,782,492
- 4,782,492
520,000
-
520,000
425
41,533
41,958
478,042
- 478,042
1,181,336
-
1,181,336
2,836
4,168
7,004
1,174,332
- 1,174,332
465,618
-
465,618
-
5,252
5,252
460,366
- 460,366
-
70,000
70,000
-
-
-
70,000
- 70,000
-
70,000
70,000
-
-
-
70,000
- 70,000
-
25,000
25,000
-
-
-
25,000
- 25,000
-
1,300,000
1,300,000
-
-
-
1,300,000
- 1,300,000
-
308,344
308,344
-
2,129
2,129
306,215
- 306,215
-
138,606
138,606
-
210
210
138,396
- 138,396
-
-
-
-
6,520
6,520
(6,520)
- (6,520)
40,000
40,000
-
40,000
- 40,000
21,244,823
1,951,950
23,196,773
896,245
1,283,111
2,179,356
21,017,417
- 21,017,417
25,000
25,000
-
25,000
- 25,000
25,000
25,000
-
25,000
- 25,000
(continued)
99
KODIAK ISLAND BOROUGH
Capital Projects Funds
Supplemental Schedule of Capital Projects
Year ended June 30, 2007
100
=No r rr r A
Encumbrances
Project
Appropriations
Total
Expenditures
Total
Unexpended
Current Unencumbered
No.
Project
Status
Prior
2007
appropriations
Prior
2007
expenditures
balance
encumbrances balance
Capital projects - Other:
N/A
410 -400 Undesignated Projects
Open $
68,706
-
68,706
-
-
-
68,706
- 68,706
85
410 -471 Village Metals Removal
Complete
150,000
-
150,000
121,256
-
121,256
28,744
- 28,744
164
430 -645 Waste Management Imp
Open
1,741,400
-
1,741,400
936,714
-
936,714
804,686
- 804,686
02107
430 -648 ADF &G Research Study
Open
200,000
-
200,000
123,001
13,731
136,732
63,268
- 63,268
03108
410 -495 Borough Building Parking
Open
50,000
-
50,000
-
-
-
50,000
- 50,000
03109
410 -496 Borough Air Handling
Open
10,000
-
10,000
-
-
-
10,000
- 10,000
03110
410 -497 KIB Emergency Generator
Open
20,000
-
20,000
2,353
-
2,353
17,647
- 17,647
03114
430 -507 CIAP Grant
Open
319,985
-
319,985
192,280
101,414
293,694
26,291
- 26,291
05001
410 -546 Survey Fiber Optic Pass Thru
Complete
2,473,694
(25,000)
2,448,694
2,403,507
67,172
2,470,679
(21,985)
- (21,985)
05003
430 -542 Kodiak Cadastral
Complete
40,000
-
40,000
74,087
-
74,087
(34,087)
- (34,087)
05005
430 -544 AK Coastal Management
Complete
46,000
-
46,000
47,733
6,000
53,733
(7,733)
- (7,733)
06001
410 -465 Computer Upgrade
Open
114,000
-
114,000
42,758
59,464
102,222
11,778
- 11,778
06007
ADF & G Building Design
Open
-
1,500,000
1,500,000
-
-
-
1,500,000
- 1,500,000
07010
ADF & G Near Island Facility
Open
-
500,000
500,000
-
-
-
500,000
- 500,000
03120
410 -624 Womens Bay Community Plan
Open
33,380
-
33,380
22,392
-
22,392
10,988
- 10,988
Total - capital projects other
5,267,165
1,975,000
7,242,165
3,966,081
247,781
4,213,862
3,028,303
- 3,028,303
Capital projects - Public Safety
173
410 -683 Bayside Classroom Add
Complete
75,000
(26,800)
48,200
48,199
-
48,199
1
- 1
174
410 -684 Bayside Storage /Bay Add
Open
400,000
26,800
426,800
3,020
202
3,222
423,578
- 423,578
00102
410 -698 Bayside Underground Electrical
Open
22,000
-
22,000
-
-
-
22,000
- 22,000
04106
430 -518 SHSGP Grant
Complete
138,151
-
138,151
122,784
-
122,784
15,367
- 15,367
05019
430 -548 Homeland Security
Open
17,733
-
17,733
-
14,430
14,430
3,303
- 3,303
05020
430.140 Predisaster Mitigation Grant
Open
41,724
-
41,724
17,239
2,875
20,114
21,610
- 21,610
07009
430 -530 Tsunami Siren, Upgrades & Additions
Open
-
100,000
100,000
-
-
-
100,000
- 100,000
Total - capital projects public safety
694,608
100,000
794,608
191,242
17,507
208,749
585,859
- 585,859
Capital projects - Recreation
146
410 -663 BMX Bike Trail
Open
68,920
25,750
94,670
49,278
-
49,278
45,392
- 45,392
06008
430 -526 Summit Lake Trail
Open
23,500
-
23,500
-
17,210
17,210
6,290
- 6,290
07003
430 -530 Island Lake Trail
Open
-
48,000
48,000
-
-
-
48,000
- 48,000
07006
Port Lions Community Workshop
Open
-
10,000
10,000
-
-
-
10,000
- 10,000
Total - capital projects recreation
92,420
83,750
176,170
49,278
17,210
66,488
109,682
- 109,682
Transportation
177
430 -687 Anton Larsen Boat Ramp
Open
620,000
276,350
896,350
596,986
28,399
625,385
270,965
- 270,965
07011
Ouzinkie Dock Replacement
Open
-
570,000
570,000
-
-
-
570,000
- 570,000
07016
R and R Panamaroff Creek Culverts
Open
-
30,000
30,000
-
-
-
30,000
- 30,000
Total - capital projects transportation
620,000
876,350
1,496,350
596,986
28,399
625,385
870,965
- 870,965
Total all capital projects
$
27,944,016
4,987,050
32,93
5,69
1,594,008
7,293,84
25,637,22
- 25
NOTE:
This schedule inclues expenditures from major capital project funds,
nonmajor capital project funds and matching costs recorded
in the
General Fund.
100
=No r rr r A
ENTERPRISE FUNDS
The Municipal Solid Waste Collection and Disposal Fund accounts for the
collection and disposal of solid waste and recycling services for the Kodiak Island
Borough.
The Hospital Facilities Fund accounts for rents on the Borough -owned hospital;
hospital related state revenue sharing; and other hospital related revenue. In turn, it
purchases hospital equipment and makes debt service payments on hospital related
debt.
The Kodiak Fisheries Research Center Fund accounts for rents and expenses on
the Borough -owned Kodiak Fisheries Research Center. The three tenants: NOAA,
Alaska Department of Fish & Game and University of Alaska, Fairbanks pay lease
funds to participate in this multi- agency research facility committed to the
preservation of the North Pacific marine ecosystem and resources.
The 911 Service Fund accounts for funds collected from phone charges and pays for
a 911 emergency system.
� u
ri
1 101
KODIAK ISLAND BOROUGH
Enterprise Funds
Municipal
Solid Waste Collection
and Disposal
Schedule of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
j
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Operating revenues:
Solid waste collection
$ 2,761,345
2,748,563
(12,782)
2,720,454
Solid waste disposal
998,178
1,184,422
186,244
944,835
Other
-
3,566
3,566
409,595
Total operating revenues
3,759,523
3,936,551
177,028
4,074,884
Operating expenses:
Personnel services
662,290
672,140
(9,850)
711,039
Refuse collection
1,432,000
1,123,231
308,769
1,352,618
Refuse disposal
306,000
265,315
40,685
306,150
Professional services
202,800
176,045
26,755
261,073
Maintenance and repairs
39,000
29,535
9,465
44,700
Landfill closure and postclosure costs
270,000
(36,350)
306,350
245,006
Depreciation
348,326
271,947
76,379
245,510
'
General and administration
399,107
198,236
200,871
185,099
Recycling services
90,000
168,963
(78,963)
90,000
Contributions
10,000
11,783
(1,783)
5,258
Total operating expense
3,759,523
2,880,845
878,678
3,446,453
Operating income
1,055,706
1,055,706
628,431
Other income (expense):
State aid
24,205
24,205
Investment income
=
122,405
122,405
69,421
Interest expense
Income before transfers
-
1,202,316
1,202,316
697,852
Other financing sources:
Transfers in
-
6,450
6,450
6,450
Net change in fund equity
$ -
1,208,766
1,208,766
704,302
Fund equity, at beginning of year, as originally stated
3,606,807
3,160,795
Prior period adjustment
-
(258,290)
'
Fund equity, at beginning of year, as restated
3,606,807
2,902,505
Fund equity, end of year
$
4,815,573
3.606,807
ri
1 101
KODIAK ISLAND BOROUGH
Enterprise Funds
Hospital Facilities
Schedule of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
Operating revenues:
Lease income
Operating expenses:
Personnel services
Maintenance and repairs
Depreciation
General and administration
Total operating expenses
Operating income (loss)
Other income (expense):
Loss on disposal of capital assets
Contribution to Providence Hospital
Investment income
Interest expense
Loss before transfers
Other financing sources (uses):
Transfers in
Transfers out
Net other financing sources (uses)
Net change in fund equity
Fund equity, at beginning of year
Fund equity, at end of year
2007
Variance with
Final Budget
Final Positive 2006
Budget Actual (Negative) Actual
$ 720,000 1,081,110 361,110 1,153,333
5,000
5,000
—
5,000
12,000
12,425
(425)
2,667
1,276,560
1,073,275
203,285
1,077,047
—
—
—
10,810
1,293,560
1,090,700
202,860
1,095,524
(573,560)
(9,590)
563,970
57,809
—
—
—
(17,700)
(150,000)
(150,000)
—
(150,000)
—
7,045
7,045
—
(56,720)
(56,719)
1
(59,059)
(780,280)
(209,264)
571,016
(168,950)
66,500
66,500
—
66,500
(235,593)
(235,593)
—
(320,230)
(169,093)
(169,093)
—
(253,730)
$ (949,373)
(378,357)
571,016
(422,680)
17,868,496
18,291,176
$
17,490,139
17,868,496
102
KODIAK ISLAND BOROUGH
Enterprise Funds
Kodiak Fisheries Research Center
Schedule of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
2007
Operating revenues:
Lease income
Operating expenses:
Personnel services
Depreciation
General and administration:
Cleaning and janitorial
Heating
Electrical
Plumbing
Air conditioning
Elevators
Miscellaneous
Total operating expenses
Operating income (loss)
Other income (expense):
Investment income
Interest expense
Net change in fund equity
Fund equity, at beginning of year
Fund equity, at end of year
Variance with
Final Budget
Final Positive
Budget Actual (Negative)
$ 1,366,800 1,579,600
2006
Actual
212,800 1,572,474
200,770
227,139
(26,369)
235,147
744,294
742,613
1,681
745,037
47,000
38,942
8,058
35,338
142,500
173,430
(30,930)
138,951
185,500
183,432
2,068
176,484
195,700
21,377
174,323
12,936
2,000
1,133
867
173
2,000
2,228
(228)
2,042
106,830
72,043
34,787
63,992
1,626,594
1,462,337
164,257
1,410,100
(259,794)
117,263
377,057
162,374
60,000
143,336
83,336
92,471
(425,165)
(425,163)
2
(446,775)
$ (624,959)
(164,564)
460,395
(191,930)
10,938,290
11,130,220
$
10,773,726
10,938,290
103
KODIAK ISLAND BOROUGH
Enterprise Funds
911 Services Fund
Schedule of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2007
(With financial information for the year ended June 30, 2006)
104
2007
Variance with
Final Budget
Final
Positive
2006
Budget
Actual
(Negative)
Actual
Operating revenues:
Customer charges $
69,000
62,698
(6,302)
65,614
Operating expenses:
Personnel services
10,500
3,000
7,500
3,000
Miscellaneous
—
178
(178)
194
Telephone services
58,500
60,962
(2,462)
54,000
Total operating expenses
69,000
64,140
4,860
57,194
Operating income (loss)
—
(1,442)
(1,442)
8,420
Other income:
Investment income
—
1,340
1,340
Net change in fund equity $
—
(102)
(102)
8,420
Fund equity, at beginning of year
41,064
32,644
Fund equity, at end of year
$
40,962
41,064
104
SUPPLEMENTARY SCHEDULES
KODIAK ISLAND BOROUGH
SUMMARY OF BONDED DEBT SERVICE REQUIREMENTS TO MATURITY
June 30, 2007
Annual principal and interest requirements on General Obligation Refunding and Construction Bonds
Year Principal Interest Total
2008
1,860,000
1,075, 917
2,935,917
2009
2,280,000
1,167,553
3,447,553
2010
2,370,000
1,069,970
3,439,970
2011
2,470,000
966,901
3,436,901
2012
2,220,000
858,046
3,078,046
2013
2,310,000
765,997
3,075,997
2014
2,405,000
669,362
3,074,362
2015
965,000
567,922
1,532,922
2016
1,000, 000
528,622
1,528,622
2017
1,040,000
487,587
1,527,587
2018
1,080,000
444,345
1,524,345
2019
1,130,000
397,223
1,527,223
2020
1,180,000
346,023
1,526,023
2021
1,230,000
292,064
1,522,064
2022
1,285,000
235,477
1,520,477
2023
1,345,000
174,073
1,519,073
2024
1,410,000
107,126
1,517,126
2025
1,480,000
36,335
1,516,335
$ 29,060,000
$ 10,190,543
$ 39,250,543
105
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION REFUNDING BONDS, 1998 SERIES A
RETIREMENT SCHEDULE
June 30, 2007
1998 Bond Issue
This issue, dated December 7, 1998, was issued under a book entry system registered in the
name of Cede & Company, as Nominee of The Depository Trust Company, New York, New
York, the securities depository for the 1998 Bonds. The financial advisor for this issue was
Kaplan Financial Consulting, Inc. Legal opinion was rendered by bond council, Birch,
Horton, Bittner, and Cherot. The paying agent for this issue is Alaska USA Trust Company.
These bonds were issued to refund all but $1,030,000 of the 1994 bond issue, resulting in a
total interest savings of $504,859.
106
Interest
Principal
Intereest
Fiscal
Interest
due
due
due
year
rate
August 15
February 15
February 15
Total
2008
4.30%
197,048
1,150,000
197,047
1,544,095
2009
4.30%
172,323
1,200,000
172,322
1,544,645
2010
4.30%
146,523
1,250,000
146,522
1,543,045
2011
4.30%
119,648
1,305,000
119,647
1,544,295
2012
4.30%
91,590
1,360,000
91,590
1,543,180
2013
4.30%
62,350
1,420,000
62,350
1,544,700
2014
4.30%
31,820
1,480,000
31,820
1,543,640
$ 821,302
$ 9,165,000
$ 821,298
$ 10,807,600
106
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2000 SERIES E
RETIREMENT SCHEDULE
June 30, 2007
2000E BOND ISSUE
This issue, dated December 12, 2000, was issued under a book entry system registered in the
name of Cede & Company, as Nominee of the Depository Trust Company, New York, New
York, the securities depository for the 2000 Series E Bond.
This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered
by bond council, Wohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska.
This bond was issued to repair the high school roof.
Ilyl
Interest
Principal
Interest
Fiscal
Interest
due
due
due
year
rate
August 01
February 01
February 01
Total
2008
5.00%
17,000
160,000
17,000
194,000
2009
5.00%
13,000
165,000
13,000
191,000
2010
5.00%
8,875
175,000
8,875
192,750
2011
5.00%
4,500
180,000
4,500
189,000
$ 43,375
$ 680,000
$ 43,375
$ 766,750
Ilyl
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2000 SERIES F
RETIREMENT SCHEDULE
June 30, 2007
2000F BOND ISSUE
This issue, dated December 12, 2000, was issued under a book entry system registered in the
name of Cede & Company, as Nominee of the Depository Trust Company, New York, New
York, the securities depository for the 2000 Series F Bond.
This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered
by bond council, Wohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska.
This bond was issued to upgrade Peterson Elementary.
108
Interest
Principal
Interest
Fiscal
Interest
due
due
due
year
rate
August 01
February 01
February 01
Total
2008
7.00%
20,530
130,000
20,530
171,060
2009
7.05%
15,980
140,000
15,980
171,960
2010
7.10%
11,045
150,000
11,045
172,090
2011
7.15%
5,720
160,000
5,720
171,440
$ 53,275
$ 580,000
$ 53,275
$ 686,550
108
KODIAK ISLAND BOROUGH
' GENERAL OBLIGATION BOND, 2004 SERIES C
RETIREMENT SCHEDULE
' June 30, 2007
2004C BOND ISSUE
This issue, dated July 7, 2004 was issued under a book entry system registered in the name of Cede & Company, as
Nominee of the Depository Trust Company, New York, New York, the securities depository for the 2004 Series C
Bond. This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered by bond council,
Wohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska. This bond was issued to fund planning, design, and
construction of capital improvements to the Larsen Bay School, Kodiak Middle School and Kodiak High School.
The proceeds will also be used to develop an earthquake evaluation plan.
1 109
Interest due
Principal due
Interst due
'
Fiscal year
Interest rate
July 01
July 01
January 01
Total
2008
4.250%
-
-
178,236
178,236
2009
2010
4.250%
4.250%
178,236
171,011
340,000
171,011
689,247
350,000
163,573
684,584
2011
4.250%
163,573
365,000
155,817
684,390
'
2012
4.250%
155,817
385,000
147,636
688,453
2013
4.000%
147,636
400,000
139,136
686,772
2014
4.000%
139,136
415,000
130,836
684,972
'
2015
4.000%
130,836
435,000
122,136
687,972
2016
4.100%
122,136
450,000
113,136
685,272
2017
4.250%
113,136
470,000
103,501
686,637
2018
4.300%
103,501
485,000
93,194
681,695
'
2019
4.400%
93,194
510,000
82,229
685,423
2020
4.500%
82,229
530,000
70,569
682,798
2021
4.500%
70,569
555,000
58,082
683,651
2022
4.625%
58,082
580,000
45,032
683,114
2023
4.750%
45,032
605,000
31,041
681,073
'
2024
4.800%
31,041
635,000
15,960
682,001
2025
4.800%
15,960
665,000
680,960
'
$ 1,821,125
$ 8,175,000
$ 1,821,125
$ 11,817,250
1 109
1
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2004 SERIES D
RETIREMENT SCHEDULE
June 30, 2007
2004D BOND ISSUE
This issue, dated December 1, 2004, was issued under a book entry system registered in the name of Cede &
Company, as Nominee of the Depository Trust Company, New York, New York, the securities depository for the
2004 Series D Bond. This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered by
bond council, Wohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska. This bond was issued to fund the
acquisition and construction of school capital improvements in the Borough, including a new school pool and the
Kodiak High School Voc Ed/Classroom reclamation.
110
u
1
1
I �
J
1
Interest due
Principal due
Interst due May
Fiscal year
Interest rate
November 01
November 01
01
Total
2008
3.00%
217,413
420,000
211,113
848,526
2009
3.00%
211,113
435,000
204,588
850,701
2010
3.00%
204,588
445,000
197,913
847,501
2011
3.50%
197,913
460,000
189,863
847,776
2012
3.50%
189,863
475,000
181,550
846,413
2013
3.50%
181,550
490,000
172,975
844,525
2014
4.00%
172,975
510,000
162,775
845,750
2015
4.00%
162,775
530,000
152,175
844,950
2016
4.00%
152,175
550,000
141,175
843,350
2017
4.00%
141,175
570,000
129,775
840,950
2018
4.00%
129,775
595,000
117,875
842,650
2019
4.50%
117,875
620,000
103,925
841,800
2020
4.50%
103,925
650,000
89,300
843,225
2021
4.50%
89,300
675,000
74,113
838,413
2022
4.50%
74,113
705,000
58,250
837,363
2023
5.00%
58,250
740,000
39,750
838,000
2024
5.00%
39,750
775,000
20,375
835,125
2025
5.00%
20,375
815,000
-
835,375
$ 2,464,903
$ 10,460,000
$ 2,247,490
$ 15,172,393
110
u
1
1
I �
J
1
1
1
STATISTICAL SECTION
Statistical Tables provide report users with a better historical
perspective in assessing current financial status and trends of
the Borough.
11
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Net Assets by Component
Last Three Fiscal Years
(accrual basis of accounting)
Governmental activities:
Invested in capital assets, net of related debt
Unrestricted
Total govermnmental activities net assets
Business -type activities
Invested in capital assets, net of related debt
Unrestricted
Total business -type activities net assets
Primary government
Invested in capital assets, net of related debt
Unrestricted
Total primary government net assets
Source: Borough general ledger
Fiscal Year
2005 2006 2007
$ 61,154,204 $ 62,716,326 $ 73,425,394
45,052,197 45,653,357 37,640,716
$ 106,206,401 $ 108,369,683 $ 111,066,110
$ 39,878,785 $ 38,588,510 $ 38,623,762
(7,263,950) (6,133,853) (5,503,362)
$ 32,614,835 $ 32,454,657 $ 33,120,400
$ 101,032,989 $ 101,304,836 $ 112,049,156
37,788,247 39,519,504 32,137,354
$ 138,821,236 $ 140,824,340 $ 144,186,510
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 3 years of data.
at
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Changes in Net Assets '
Last Three Fiscal Years
(accrual basis of accounting)
Expenses
Governmental activities:
General government
Emergency preparedness
Community and economic development
Health and sanitation
Education, culture, and recreation
Service district maintenance
Education, culture, and recreation
Interest on long -term debt
Total governmental activities expenses
Business -type activities:
Municipal solid waste collection and disposal
Hospital facilities
Kodiak fisheries research center
911 services
Total business -type activities expenses
Total primary government expenses
Program Revenues
Governmental activities:
Charges for services:
General government
Community and economic development
Education, culture, and recreation
Service district maintenance
Primary and secondary education
Operating grants and contributions
Capital grants
Total governmental activities program revenues
Business -type activities:
Charges for services:
Municipal solid waste collection and disposal
Hospital facilities
911 services
Kodiak fisheries research center
Total business -type activities program revenues
Total primary government program revenues
7
112 1
Fiscal Year
2005
2006
2007
'
$ 7,133,461
$
3,984,390 $
4,755,754
25,850
8,598
10,384
509,680
784,002
786,614,
387,619
403,866
414,144
185,993
164,053
161,247
347,934
336,385
362,189
10,207,757
10,831,588
10,788,188
1,101,598
1,700,089
1,290,216
19,899,892
18,212,971
18,568,736
'
3,362,348
3,446,453
2,888,821
1,344, 987
1,304,583
1,297,419
1,878,788
1,856,875
1,889,750
69,178
57,194
64,140
6,655,301
6,665,105
6,140,130
$ 26,555,193
$
24,878,076 $
24,708,866
$ 367,530
$
311,802 $
1,058,330
,
21,886
-
68,867
56,704
108,218
-
20,000
20,000
20,015
-
95,025
-
721,453
1,240,547
1,935,687
2,917,160
298,852
184,922
4,104,733
2,074,444
3,267,821
3,141,856
3,665,289
3,932,985
1,153,333
1,153,333
1,081,110
26,721
65,614
62,698
1,566,686
5,888,596
1,572,474
6,456,710
1,581,850
6,658,643
,
$ 9,993,329
$
8,531,154 $
9,926
7
112 1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Changes in Net Assets
Last Three Fiscal Years
(accrual basis of accounting)
112
Fiscal Year
2005
2006
2007
Expenses
Governmental activities:
General government
$ 7,133,461
$ 3,984,390 $
4,755,754
Emergency preparedness
25,850
8,598
10,384
Community and economic development
509,680
784,002
786,614
Health and sanitation
387,619
403,866
414,144
Education, culture, and recreation
185,993
164,053
161,247
Service district maintenance
347,934
336,385
362,189
Education, culture, and recreation
10,207,757
10,831,588
10,788,188
Interest on long -term debt
1,101,598
1,700,089
1,290,216
Total governmental activities expenses
19,899,892
18,212,971
18,568,736
Business -type activities:
Municipal solid waste collection and disposal
3,362,348
3,446,453
2,888,821
Hospital facilities
1,344,987
1
1,297,419
Kodiak fisheries research center
1,878,788
1,856,875
1,889,750
911 services
69,178
57,194
64,140
Total business -type activities expenses
6,655,301
6,665,105
6,140,130
Total primary government expenses
$ 26,555,193
$ 24,878,076 $
24,708,866
Program Revenues
Governmental activities:
Charges for services:
General government
$ 367,530
$ 311,802 $
1,058,330
Community and economic development
21,886
-
68,867
Education, culture, and recreation
56,704
108,218
-
Service district maintenance
20,000
20,000
20,015
Primary and secondary education
-
95,025
-
Operating grants and contributions
721,453
1,240,547
1,935,687
Capital grants
2,917,160
298,852
184,922
Total governmental activities program revenues
4,104,733
2,074,444
3,267,821
Business -type activities:
Charges for services:
Municipal solid waste collection and disposal
3,141,856
3,665,289
3,932,985
Hospital facilities
1,153,333
1,153,333
1,081,110
911 services
26,721
65,614
62,698
Kodiak fisheries research center
1,566,686
1,572,474
1,581,850
Total business -type activities program revenues
5,888,596
6,456,710
6,658,643
Total primary government program revenues
$ 9,993,329
$ 8,531,154 $
9,926,464
112
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Changes in Net Assets
Last Three Fiscal Years
(accrual basis of accounting)
1
1
1
1�
I
t
113 1
Fiscal Year
2005
2006
2007
' Net(expense)
/revenue
Governmental activities
$ (15,795,159)
$
(16,138,527)
$
(15,300,915)
Business -type activities
(766,705)
(208,395)
518,513
Total primary government net expense
$ (16,561,864)
$
(16,346,922)
$
(14,782,402)
,
General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes
Property taxes
$ 9,063,729
$
9,807,551
$
9,754,916
Severance taxes
1,005,539
1,186,908
1,316,689
Unrestricted grants and contributions
2,384,538
3,482,351
3,242,740
Investment earnings
1,750,321
2,798,391
3,745,990
Miscellaneous
55,692
779,328
(225,636)
Transfers
170,602
247,280
162,643
Total governmental activities
$ 14,430,421
$
18,301,809
$
17,997,342
'
Business -type activities:
Investment earnings
70,812
161,892
274,126
Miscellaneous
Transfers
(170,602)
391,895
(247,280)
35,747
(162,643)
Total business -type activities
(99,790)
306,507
147,230
Total primary government
$ 14,330,631
$
18,608,316
$
18,144,572
Change in Net Assets
Governmental activities
$ (1,364,738)
$
2,163,282
$
2,696,427
Business -type activities
(866,495)
98,112
665,743
Total primary government
$ (2,231,233)
$
2,261,394
$
3,362,170
The Kodiak Island Borough implemented GASB 34 in Fiscal
Year 2005. That is why there
is only 3 years of data.
1�
I
t
113 1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Fund Balances of Governmental Funds
Last Three Fiscal Years
(modified accrual basis of accounting)
General fund
Reserved
Unreserved
Total general fund
All other governmental funds
Reserved
Unreserved, reported in:
Special revenue funds
Debt service funds
Capital projects funds
Total all other governmental funds
Fis cal Year
2005 2006 2007
$ - $ - $ 554,975
1,813,013 2,026,113 2,238,338
$, 1,813,013 $ 2,026,113 $ 2,793,313
$ 8,090,822
$ 7,742,903
$ 7,367,644
34,055,115
36,837,895
35,316,321
(189,824)
76,898
101,090
21,412,256
20,810,819
21,711,585
$ 63,368,369
$ 65,468,515
$ 64,496,640
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 3 years of data.
114
I�
115 1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
e
Changes in Fund Balances of Governmental Funds
,
Last Four Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2004
2005
2006
2007
Revenues
Taxes
$ 8,016,323 $
9,063,729 $
9,833,846
$ 9,750,682
Intergovernmental
'
State sources
2,121,420
2,169,803
3,368,491
4,012,647
Federal sources
1,245,337
3,853,348
1,766,926
1,417,403
1
Land sale proceeds
9,206
22,738
177,164
47,087
Severance taxes
799,693
1,005,539
1,186,908
1,316,689
Licenses, permits, fees, and other local revenues
764,913
692,540
820,286
690,962
Other revenues
222,837
75,841
125,040
633,925
investment earnings
866,143
1,772,893
2,803,466
3,751,609
Total revenues
14,045,872
18,656,431
20,082,127
21,621,004
'
Expenditures
General government
2,118,166
2,713,633
3,950,927
4,504,052
Fire services
864,703
425,506
-
-
Emergency preparedness
48,755
23,521
6,098
7,884
Community and economic development
536,111
509,680
784,002
786,614
Health and sanitation department
331,884
329,738
363,520
373,132
Education, culture, and recreation
217,759
185,993
161,633
158,161
Maintenance and operations
567,094
698,119
-
-
Service district maintenance
425,712
347,934
336,385
498,539
'
Primary and secondary education
7,721,706
7,973,035
8,430,840
8,387,440
Fem Fuller trust
24,500
22,547
-
-
Capital outlay:
Schools
131,324
68,109
464,142
1,436,639
£
General
656,423
2,972,174
332,398
373,038
Debt service:
Principal
1,260,167
1,784,859
1,814,553
2,100,361
Interest
644,046
984,766
1,584,763
1,336,349
, 9
Other charges -bond issuance costs
-
43,661
-
-
Total expenditures
15,548,350
19,083,275
18,229,261
19,962,209
Excess of revenues over (under) expenditures
(1,502,478)
(426,844)
1,852,866
1,658,795
,
Other Financing Sources (Uses)
Proceeds from sales of bonds
-
20,350,000
-
-
Bond premium
-
121,590
-
-
Transfers in
3,605,614
1,800,212
1,751,182
2,626,853
Transfers out
(1,961,054)
(1,629,610)
(1,503,902)
(2,464,210)
;
Total other financing sources(uses)
1,644,560
20,642,192
247,280
162,643
Net change in fund balances
$ 142,082 $
20,215,348 $
2,100,146
$ 1,821,438
I
,
Debt service as a percentage of noncapital
N/A
17.29%
18.65 %
17.22 %
expenditures
'
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 4 years of data.
I�
115 1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
General Revenues by Source(a)
Last Ten Fiscal Years
(a) Includes general fund only.
Source: Borough general ledger
116
Licenses,
Inter-
Fiscal
Permits
Governmental
Investment
Operating
Miscellaneous
Year
Taxes
and fees
Revenue
Income
Transfers
Revenue
Total
1998
$ 7,589,595
86,138
2,739,075
333,243
—
—
S 10,748,051
1999
7,694,387
86,523
2,055,803
238,515
32,632
—
10,107,860
2000
8,057,781
92,609
1,770,038
358,351
129,829
—
10,408,608
2001
8,135,184
95,129
2,135,483
583,633
18,154
44,945
11,012,528
2002
8,017,344
95,857
3,397,240
294,675
200,000
140,901
12,146,017
2003
8,028,513
153,727
2,683,460
171,532
1,000,000
—
12,037,232
2004
8,165,326
187,898
2,010,431
105,812
850,000
—
11,319,467
2005
9,378,816
161,621
1,925,405
265,392
—
—
11,731,234
2006
10,257,023
171,962
2,369,185
469,913
—
—
13,268,083
2007
10,218,016
78,720
3,325,899
399,149
—
82,604
14,104,388
(a) Includes general fund only.
Source: Borough general ledger
116
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
$1.000,000,000
$800,000,000
$600,000,000
$400,000,000
Last Ten Years Assessed Values
$200,000,000
w
1998 1999 2008 2081 2002 2003 2804 2005 2008 2007
117
Ratio of
total
Total
assessed to
Fiscal
Real Pronerty
Personal Property
Total
Direct
total
Year Ended
Assessed
Full value
Assessed
Full value
Assessed
Full value
Tax
full value
June30,
value
determination
value
determination
value
determination
Rate
determination
1998
573,742,998
587,145,000
107,599,894
310,049,900
681,342,892
897,194,900
9.92
75.94
1999
577,551,709
599,696,900
109,304,683
297,058,600
686,856,392
896,755,500
9.94
76.59
2000
594,870,287
613,787,700
120,828,748
322,947,400
715,699,035
936,735,100
9.52
76.40
2001
626,906,341
641,419,200
121,849,192
336,548,600
748,755,533
977,967,800
1.00
76.56
2002
635,931,458
654,299,600
116,117,602
323,479,600
752,049,060
977,779,200
10.04
76.91
2003
642,995,612
679,949,700
117,456,245
323,755,200
760,451,857
1,003,704,900
10.07
75.76
2004
660,040,861
687,078,300
110,941,506
307,988,900
770,982,367
995,067,200
10.00
77.48
2005
678,425,914
731,267,000
105,481,537
300,735,600
783,907,451
1,032,002,600
11.03
75.96
2006
692,572,845
786,373,800
106,206,504
309,114,600
798,779,349
1,095,488,400
12.04
72.92
2007
710,848,299
836,778,900
94,833,515
297,380,200
805,681,814
1,134,159,100
11.47
71.04
Source: Borough assessment and tax records and State full value determination letter
Note: Property in Kodiak Island Bourough is reassesed once every three years.Property
is assessed at actual value, therefore, the assessed
values are equal to actual value.Tax rates are per S 1,000 of
assessed value. Full value determination includes all exempted property located in the
borough.
$1.000,000,000
$800,000,000
$600,000,000
$400,000,000
Last Ten Years Assessed Values
$200,000,000
w
1998 1999 2008 2081 2002 2003 2804 2005 2008 2007
117
ri a■r r� ar ri rr rr r� r rr r r� r■� rr rr rat r � r
Note: The maximum mill rate allowed by State code is 30 mills
' Overlapping rates are those of local governments that apply to property owners within the City of Kodiak.
' Overlapping rates are those which apply to property owners located within Special taxing districts in the borough.They do not apply to every property owner in the Borough.
118
contrIDUtIons to the 5cnooi uistrict
Fiscal
Assessed
KODIAK ISLAND BOROUGH
Millage
Year
Value
Contribution
Equivalent
1998
681,342,892
5,715,361
8.39
1999
Kodiak, Alaska
6,492,876
9.45
2000
715,699,035
6,678,652
9.33
2001
748,755,533
6,913,926
9.23
Direct and Overlapping Property Tax Rates and
752,049,060
7,550,506
10.04
2003
760,451,857
7,767,661
10.21
2004
770,982,367
8,498,082
Contributions to the School District
2005
783,907,451
8,521,286
10.87
2006
798,779,349
8,670,440
10.85
2007
805,681,814
(per $1000 of Assessed Value)
10.76
Source: Borough ordinance and assessment
Last Ten Fiscal Years
Direct
Rate
Overlapping Rates_
Woodland'
Trinity'
Mission'
Fiscal
Acres
Islands
Lake
Year
Borough
City'
Street
Street
Tide Road Services Areas'
Fire Areas'
Ended
Basic
of
Lighting
Lighting
Gate Monashka Service
Bay View
Womens
Service
Womens
Service
June 30,
Rate
Kodiak
Area
Area
Area Bay District 1
Road
Bay
Area No. 1
Bay
Area No. 2
1998
6.75
2.00
0.50
-
- 1.50 0.75
1.00
2.00
1.50
1.25
-
1999
9.25
2.00
-
-
- 1.50 0.50
1.00
2.00
1.50
1.25
-
2000
9.25
2.00
-
-
- 1.50 0.50
1.00
2.00
1.50
1.25
-
2001
9.25
2.00
-
-
- 1.50 1.00
1.00
2.00
1.50
1.25
-
2002
9.25
2.00
-
-
- 1.50 1.25
1.00
2.00
1.50
1.25
-
2003
9.25
2.00
-
-
- 1.50 1.00
1.00
2.00
1.50
1.25
-
2004
9.25
2.00
-
0.50
1.00 1.50 1.00
1.00
2.00
1.50
1.25
-
2005
10.25
2.00
-
0.50
1.00 1.50 1.00
1.00
2.00
1.50
1.25
1.25
2006
11.00
2.00
-
0.50
1.00 2.50 1.25
1.00
2.00
1.50
1.25
1.25
2007
10.50
2.00
-
0.50
1.00 2.50 1.25
1.00
2.00
1.50
1.25
1.25
Note: The maximum mill rate allowed by State code is 30 mills
' Overlapping rates are those of local governments that apply to property owners within the City of Kodiak.
' Overlapping rates are those which apply to property owners located within Special taxing districts in the borough.They do not apply to every property owner in the Borough.
118
contrIDUtIons to the 5cnooi uistrict
Fiscal
Assessed
Amount of
Millage
Year
Value
Contribution
Equivalent
1998
681,342,892
5,715,361
8.39
1999
686,856,392
6,492,876
9.45
2000
715,699,035
6,678,652
9.33
2001
748,755,533
6,913,926
9.23
2002
752,049,060
7,550,506
10.04
2003
760,451,857
7,767,661
10.21
2004
770,982,367
8,498,082
11.02
2005
783,907,451
8,521,286
10.87
2006
798,779,349
8,670,440
10.85
2007
805,681,814
8,671,260
10.76
Source: Borough ordinance and assessment
Note: The maximum mill rate allowed by State code is 30 mills
' Overlapping rates are those of local governments that apply to property owners within the City of Kodiak.
' Overlapping rates are those which apply to property owners located within Special taxing districts in the borough.They do not apply to every property owner in the Borough.
118
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Principal Property Tax Payers
Current Year and Ten Years Ago
2007
Source: Borough tax records
Taxable
Assessed
Taxpayer
Value
Ocean Beauty Seafoods Inc
$ 16,699,020
Brechan Enterprises Inc
13,887,896
Alaska Communications Systems C
12,044,445
Westward Seafoods, Inc
11,394,029
International Seafoods of AK
10,795,728
North Pacific Seafoods(b)
9,546,064
Wal -Mart Real Est Bus Trust
9,127,913
Trident Seafoods Corp
8,188,476
Horizon Lines of Alaska LLC(a)
7,408,186
Mill Bay Plaza Assoc LTD
7,138,400
Tyson Seafoods
6
Western Alaska Fisheries
10,120,028
Kodiak Fishmeal Co
1.1%
Safeway /MBPA
8
Leisnoi
Total
$ 106,230, 157
Source: Borough tax records
9 0.9% 9,437,400
10 0.9%
13,829,068
11,299,304
9,091,653
8,099,123
7,035,900
13.2% $ 103,538,110
(a) in 1998 company name was Sea -Land Services
(b) Alaska Pacific Seafoods combined with North Pacific Seafoods in 2006. It was ranked in 5th place in 1998.
(c) in 1998 company name was T.U. of the Northland
1998
Percentage
of Total Borough
of Total Borough
Taxable
Rank
Assessed
Assessed
Rank
Value
Value
1
2.1%
$ 10,263,993
2
1.7%
3
1.5%
10,299,432
4
1.4%
5
1.3%
14,062,209
6
1.2%
10,120,028
7
1.1%
8
1.0%
9 0.9% 9,437,400
10 0.9%
13,829,068
11,299,304
9,091,653
8,099,123
7,035,900
13.2% $ 103,538,110
(a) in 1998 company name was Sea -Land Services
(b) Alaska Pacific Seafoods combined with North Pacific Seafoods in 2006. It was ranked in 5th place in 1998.
(c) in 1998 company name was T.U. of the Northland
1998
6 1.6%
2 2.4%
3 2.0%
8 1.6%
9 1.4%
10 1.2%
18.0%
119
Percentage
of Total Borough
Assessed
Rank
Value
4
1.8%
7
1.8%
1
2.5%
5
1.8%
6 1.6%
2 2.4%
3 2.0%
8 1.6%
9 1.4%
10 1.2%
18.0%
119
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Property Tax Levies and Collections
Last Ten Fiscal Years
Source: Borough general ledger
120
Collected within the
Fiscal Year
Taxes Levied
Fiscal Year of the Levy
Collections
Total Collections to Date
Ended
for the
Percentage
in Subsequent
Percentage
June 30,
Fiscal Year
Amount
of Levy
Years
Amount
of Levy
1998
$ 7,384,490
$ 7,121,678
96.4 %
$ 77,576
$ 7,199,254
97.5 %
1999
7,704,172
7,575,491
98.3
314,367
7,889,858
102.4
2000
7,743,649
7,507,018
96.9
175,066
7,682,084
99.2
2001
8,164,127
7,912,859
96.9
204,458
8,117,317
99.4
2002
8,411,173
8,313,881
98.8
362,377
8,676,258
103.2
2003
8,395,117
8,167,437
97.3
178,885
8,346,322
99.4
2004
8,462,404
8,125,629
96.0
69,831
8,195,460
96.8
2005
8,785,412
8,139,198
92.6
521,516
8,660,714
98.6
2006
10,166,967
9,901,965
97.4
292,820
10,194,785
100.3
2007
9,957,089
9,972,257
100.2
—
9,972,257
100.2
Source: Borough general ledger
120
1
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121 1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Ratios of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
Less Debt
Net General
Fiscal Assessed Gross Service
Bonded
Per
year Population Value Bonded Debt Fund
Bebt
Capita
1998 14,181 (a) $ 681,342,892 $ 20,020,000 $ 432,942 $
19,587,058 $
1,381
1999 13,848 (a) 686,856,392 18,910,000 340,159
18,569,841
1,341
2000 13,989 (a) 715,699,035 17,025,000 272,651
16,752,349
1,198
2001 13,913 (a) 748,755,533 17,690,000 344,942
17,345,058
1,247
,
2002 14,167 (a) 752,049,060 16,615,000 448,065
16,166,935
1,141
2003 13,874 (a) 760,451,857 15,620,000 17,879
15,602,121
1,125
2004 13,811 (a) 770,982,367 14,385,000 33,915
14,351,085
1,039
2005 13,466 (b) 783,907,451 32,965,000 (348,233)
33,313,233
2,474
'
2006 13,638 (c) 798,779,349 31,155,000 (81,511)
31,236,511
2,290
2007 13,506 (a) 805,681,814 29,060,000 (60,380)
29,120,380
2,156
Sources: Information obtained from assessment records and Borough general ledger except as otherwise noted.
(a) Information obtained from State of Alaska, Department of Community and Regional Affairs, Certified Population for Revenue Sharing Program.
(b) Information obtained from State of Alaska, Department of Commerce, Community and Economic Development, Community Database.
(c) Information obtained from State of Alaska, Department of Labor, Economic Information
Note: Detail regarding the borough's outstanding debt can be found in the notes to the financial statements.
All outstanding debt is General Bonded Debt.
I!.
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121 1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Computation of Direct and Overlapping Debt
June 30, 2007
(a) Gross debt outstanding less applicable amounts in the Debt Service Funds.
(b) Determined by ratio of assessed valuation of property subject to taxation in overlapping unit to
valuation of property subject to taxation in reporting unit.
(c) Per Aslaska Statute 29.45.090 there is a limit of 30 mills for ad valorem taxes.
Per Alaska Statute 29.45. 100 the limitition on maximum mill rate does not apply to taxes levied to
pay bonds.
Sources: Borough general ledger and City of Kodiak records.
122
Percentage
Kodiak Island
Net debt
applicable to this
Borough
outstanding
governmental
share of
(a)
unit (b)
debt (c)
Kodiak Island Borough:
General obligation bonds
$ 29,060,000
100% $
29,060,000
City of Kodiak:
Revenue bonds
420,000
100%
420,000
Total
$ 29,480,000
$
29,480,000
(a) Gross debt outstanding less applicable amounts in the Debt Service Funds.
(b) Determined by ratio of assessed valuation of property subject to taxation in overlapping unit to
valuation of property subject to taxation in reporting unit.
(c) Per Aslaska Statute 29.45.090 there is a limit of 30 mills for ad valorem taxes.
Per Alaska Statute 29.45. 100 the limitition on maximum mill rate does not apply to taxes levied to
pay bonds.
Sources: Borough general ledger and City of Kodiak records.
122
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Legal Debt Margin Information
Last Three Fiscal Years
2005 2006 2007
Assessed value $ 783,907,451 798,779,349 805,681,814
Plus exempt property 1 32,491,840 45,783,490 49,539,000
Total $ 816,399,291 844,562,839 855,220,814
The State of Alaska does not mandate a debt limit to its municipalities and political subdivisions.
Debt capacity is ultimately determined by the voters and the marketplace.
Source: Borough assessment records (certified tax rolls)
123
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Ratio of Annual Debt Service Expenditures
for General Bonded Debt to Total
General Governmental Expenditures and Transfers
Last Ten Fiscal Years
(a) Serial maturities in the case of serial bonds; annual Debt Service Fund requirements in the case of
term bonds.
Source: Borough general ledger and debt documents
124
Total general
Ratio of
governmental
debt service
Fiscal
Interest
Total debt
expenditures
to general
year
Principal (a)
and fees
service
and transfers
expenditures
1998
1,660,833
1,141,366
2,802,199
11,393,083
24.6
1999
1,915,833
853,652
2,769,485
10,957,892
25.3
2000
1,905,833
858,164
2,763,997
9,827,488
28.1
2001
2,015,834
746,994
2,762,828
10,735,365
25.7
2002
1,095,833
853,543
1,949,376
10,726,858
18.2
2003
1,140,833
803,224
1,944,057
13,071,957
14.9
2004
1,255,833
667,744
1,923,577
11,014,093
17.5
2005
1,780,417
983,195
2,763,612
12,027,717
23.0
2006
1,814,553
1,583,488
3,398,041
13,054,983
26.0
2007
2,100,361
1,329,456
3,429,817
13,337,188
25.7
(a) Serial maturities in the case of serial bonds; annual Debt Service Fund requirements in the case of
term bonds.
Source: Borough general ledger and debt documents
124
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Note: Detail regarding the borough's outstanding debt can be found in the notes to the financial
statements. All general obligation bonds are related to Governmental Activities, all notes
payable are related to business type activities.
* Information not available at report date.
125
General
Total
Fiscal
Obligation
Notes
Primary
year
Bonds
Payable
Government
1998
$ 20,020,000
$ 2,973,652
$ 22,993,652
1999
18,910,000
2,866,855
21,776,855
2000
17,025,000
2,823,480
19,848,480
2001
17,690,000.
2,531,150
20,221,150
2002
16,615,000
1,911,221
18,526,221
2003
15,620,000
1,241,254
16,861,254
2004
14,385,000
1,262,123
15,647,123
2005
32,965,000
1,270,210
34,235,210
2006
31,155,000
1,582,188
32,737,188
2007
29,060,000
1,636,924
30,696,924
Note: Detail regarding the borough's outstanding debt can be found in the notes to the financial
statements. All general obligation bonds are related to Governmental Activities, all notes
payable are related to business type activities.
* Information not available at report date.
125
1
Percent of
Personal
Income
6.81%
6.26%
5.32%
5.29%
4.86%
4.28%
3.83%
7.96%
Per
Capita
$ 1,621
1,573
1,419
1,453
1,308
1,215
1,133
2,542
2,400
2,273
�l
I
I
L
I '
1
126
1
1
1
I
1 127
KODIAK ISLAND BOROUGH
Kodiak, Alaska
'
Demographic and Economic Statistics
Last Ten Fiscal Years
Per Capita
Percentage
'
Fiscal Personal
Personal
School
Unemployment
year Population (a) Income (c)
Income (c)
Enrollment (b)
Rate (c)
1997 14,058 336,233,000
23,725
2,862
9.1
1998 14,181 337,634,000
24,378
2,851
5.0
1999 13,848 347,630,000
25,264
2,798
5.1
2000 13,989 373,164,000
26,695
2,810
13.4
2001 13,913 382,227,000
27,794
2,774
10.9
'
2002 14,167 381,413,000
2003 13,874 393,604,000
27,873
29,479
2,821
2,750
18.2
10.3
2004 13,811 408,069,000
30,874
2,677
10.6
2005 13,466 430,051,000
32,896
2,678
9.5
'
2006 13,638 (d)
2007 13,506 (d)
(d)
(d)
2,718
2,661
6.7
6.2
Sources:
'
(a)
(b)
State of Alaska, DCRA certified population.
State of Alaska Department of education using www.eed.state.ak.us /stats /OuickFacts /ADM.pdf
(c)
Department of Labor using www.almis.labor.state.us
(d)
Per Capita Personal Income and Personal Income figures are not yet available for 2006 to 2007.
1
I
1 127
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Average Monthly Employment & Earnings 2006'
Fiscal Year 2005
Fiscal Year 2006
Average
Average
Average
Monthly
Monthly
Employment
Total Industries
5,381
Private Ownership
4,042
Total Government
1,339
Private Goods - Producing
1,659
Private Service- Providing
2,384
Fiscal Year 2006
Average
Average
Average
Monthly
Monthly
Monthly
Earnings
Employment
Earnings
$ 2,871
5,553 $
2,926
2,757
4,191
2,803
3,214
1,361
3,306
3,489
1,691
3,382
2,245
2,500
2,412
Number of Business by Company Size 2006'
'Data from http: / /almis.labor.state.ak.us
Note: No principal employer data available from Department of Labor
No data available before 2005
Number
8
9
27
58
128
Number
Business Size
of Businesses
250 to 499 employees
2
100 to 249 employees
10
50 to 99 employees
9
20 to 49 employees
27
10 to 19 employees
59
'Data from http: / /almis.labor.state.ak.us
Note: No principal employer data available from Department of Labor
No data available before 2005
Number
8
9
27
58
128
M M M M M M M r M M M M i M M M M M M
KODIAK ISLAND BOROUGH
MISCELLANEOUS STATISTICAL DATA
Last Ten Fiscal Years
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Land area - square miles
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
7,130
Miles of improved street
21.6
21.6
25.4
25.4
25.6
25.6
25.6
25.6
25.6
25.6
Building permits:
Permits issued
182
192
210
231
220
213
223
205
222
190
Value of buildings (thousands)
24,302
15,007
11,806
12,882
11,934
14,623
17,658
12,689
11,928
12,058
Fire Protection:
Number of fire stations
2
2
2
2
2
2
2
2
2
2
Number of employees
1
1
1
1
1
1
I
1
1
I
Police Protection: none
(provided by the City of Kodiak within the city limits and by the
State of Alaska outside the city boundaries.)
Recreation:
Parks (number of acres)
224
224
224
224
223
223
223
223
223
223
Facilities:
Number of playgrounds
16
16
16
16
15
15
15
15
15
15
Number of swimming pools
I
1
1
1
1
1
1
I
I
1
Public Education:
Number of schools
Kodiak Area Elementary
4
4
4
4
4
4
4
4
4
4
Kodiak Area Middle School
1
I
1
1
1
1
1
I
1
1
Kodiak Area High School
I
1
I
1
I
1
I
1
1
1
Village Schools (a)
8
7
8
8
7
7
7
7
8
7
Number of support personnel (b)
156
163
158
143.27
136.76
136.76
200.99
146.25
150.62
not available
Number of teachers (d)
202
208
200
178.6
184.3
172.5
227.14
216.89
205.63
181.4
Number of students
2,851
2,798
2,810
2,774
2,821
2,750
2,677
2,678
2,718
2,636
Number of Municipal Employees
42.75
37.25
37
37
39
39
41
41
41
41
Elections:
Number of registered voters
9,957
10,389
10,100
10,421
10,085
10,101
9,671
9,282
9,300
9,417
Number voting in last election
2,076
1,972
3,861
2,521
2,914
2,181
2,599
2,181
2,200
2,407
Percent of registered voters
21%
19%
38%
24%
29%
22%
27%
23%
24%
26%
(a) The majority of Village Schools are grades K -12
(c) In FY96 this was changed to full time equivalents
(b) All non - teaching employees.
(d) School district personnel figures include
staffing from the General Fund and Grants. Grant staffing
varies from year to year depending on the number of grants received.
129
1
Construction Property Value* I
Com mercial Residential
Fiscal
No. of
KODIAK ISLAND BOROUGH
No. of
Kodiak, Alaska
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
'
Construction Property Value* I
Com mercial Residential
Fiscal
No. of
No. of
year
permits
Value
permits
Value
Commercial
Residential
Nontaxable
36
1,559,938
112
6,262,439
157,911,064
391,545,900
2,404,872,414
1998
39
16,676,612
149
8,103,624
161,787,264
411,955,734
2,420,596,952
'
1999
51
6,784,879
141
8,222,313
160,921,064
416,630,645
2,420,601,099
2000
54
2,720,259
156
9,086,074
172,709,507
422,160,780
2,475,199,399
2001
33
1,379,673
198
11,501,804
193,882,996
433,023,355
2,475,199,399
2002
30
1,494,337
190
10,439,985
199,689,615
443,305,997
1,994,297,545
2003
47
2,915,740
166
11,707,269
206,386,964
463,419,197
1,996,235,045
'
2004
44
2,859,775
179
14,798,679
207,611,182
480,581,831
1,736,191,891
2005
47
2,097,983
158
10,590,784
210,328,700
482,244,145
1,666,526,546
2006
30
1,555,718
192
10,372,416
213,258,488
497,589,811
1,663,156,146
2007
42
3,277,292
148
8,780,900
227,514,405
507,013,524
1,664,332,146
'
*Assessed value.
Source: Borough assessing records, City of Kodiak building department and local bankers.
u
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I
t✓
130 1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Full -Time Equivalent Borough Employees by Function/Program
Last Three Fiscal Years
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 3 years of data.
131
Full -time Equivalent Employees
as of December 31
2005
2006
2007
Function
General Government
23.5
23.5
23.5
Community and Economic Development
5
5
5
Municipal Solid Waste and disposal
7
7
7
Kodiak fisheries research center
2.5
2.5
2.5
Total
38
38
38
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 3 years of data.
131