CAFR FY2010
KODIAK ISLAND BOROUGH
KODIAK, ALASKA
KODIAK ISLAND BOROUGH
COMPREHENSIVE
ANNUAL
FINANCIAL
REPORT
JULY 1, 2009 – JUNE 30, 2010
KODIAK ISLAND BOROUGH
Comprehensive Annual Financial Report
Year Ended June 30, 2010
Official Issuing Report
Karleton G. Short
Finance Director
KODIAK ISLAND BOROUGH
TABLE OF CONTENTS
June 30, 2010
Page
INTRODUCTORY SECTION:
Letter of Transmittal 1-5
GFOA Certificate of Achievement 6
Organizational Chart 7
Elected Officials (Photographs) 8
Borough Officials 9
Map of Kodiak Island Borough 10
FINANCIAL SECTION:
Independent Auditors’ Report 11-12
Management’s Discussion and Analysis 13-22
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets 23
Statement of Activities 24
Fund Financial Statements:
Balance Sheet – Governmental Funds 25
Reconciliation of Net Assets Between the Government-Wide and Fund Financial
Statements 26
Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits) –
Governmental Funds 27
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances (Deficits) of Governmental Funds to the Statement of Activities 28
Balance Sheet – Proprietary Funds – Business-Type Activities – Enterprise Funds 29
Statement of Revenues, Expenses, and Changes in Net Assets – Proprietary Funds –
Business-Type Activities – Enterprise Funds 30
Statement of Cash Flows – Proprietary Funds – Business-Type Activities – Enterprise
Funds 31-32
Notes to Financial Statements 33-66
Required Supplementary Information:
Budgetary Comparison Schedule – General Fund 67-68
Budgetary Comparison Schedule – Special Revenue Fund – Facilities 69
Notes to Required Supplementary Information – Budgetary Comparison Schedules 70
Additional Supplementary Information:
Budgetary Comparison Schedule – Debt Service Fund – Education and Health 71
Nonmajor Governmental Funds:
Combining Balance Sheet 72
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 73
Nonmajor Special Revenue Funds:
Combining Balance Sheet 74-77
KODIAK ISLAND BOROUGH
TABLE OF CONTENTS
June 30, 2010
Page
Additional Supplementary Information, continued
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Deficits) 78-81
Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit) –
Budget and Actual:
Fire and Road Service Areas:
Fire:
Fire Protection Area No. 1 82
Womens Bay Fire Department 83
Kodiak Airport Fire District 84
Road:
Monashka Bay Road Service Area 85
Service Area No. 1 86
Womens Bay Road Service Area 87
Bay View Road Service Area 88
Service Area No. 2 89
Coastal Management 90
Child Care Assistance Program 91
L.E.P.C. 92
Land Sales 93
Buildings and Grounds 94
Woodland Acres Street Light Service Area 95
Trinity Islands Street Light Service Area 96
Tourism Development 97
Mission Lake Tide Gate 98
Fern Fuller Trust 99
Trinity Islands Paving 100
Debt Service Fund:
Schedule of Revenues, Expenditures, and Changes
in Fund Balance – Budget and Actual – Other 101
Nonmajor Capital Project Funds:
Combining Balance Sheet 102
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 103
(continued)
KODIAK ISLAND BOROUGH
Table of Contents
Enterprise Funds:
Schedule of Revenues, Expenses, and Changes in Net Assets (Deficit) – Budget
and Actual:
Municipal Solid Waste Collection and Disposal 104
Hospital Facilities 105
Kodiak Fisheries Research Center 106
911 Services Fund 107
Supplementary Schedules:
Summary of Bonded Debt Service Requirements to Maturity 108
General Obligation Bonds, 2000 Series E – Retirement Schedule 109
General Obligation Bonds, 2000 Series F – Retirement Schedule 110
General Obligation Bonds, 2004 Series C – Retirement Schedule 111
General Obligation Bonds, 2004 Series D – Retirement Schedule 112
General Obligation Bonds, 2008 Series A – Retirement Schedule 113
General Obligation Bonds, 2009 Series A – Retirement Schedule 114
STATISTICAL SECTION:
Statistical Section Index 115
Net Assets by Component – Last Five Fiscal Years 116
Changes in Net Assets – Last Five Fiscal Years 117
Fund Balances of Governmental Funds – Last Five Fiscal Years 118
Changes in Fund Balances of Governmental Funds – Last Six Fiscal Years 119
General Revenues by Source – Last Ten Fiscal Years 120
Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years 121
Direct and Overlapping Property Tax Rates and Contributions to the School District 122
Principal Property Tax Payers – Current Year and Ten Years Ago 123
Property Tax Levies and Collections – Last Ten Fiscal Years 124
Ratios of Net General Bonded Debt Outstanding – Last Ten Fiscal Years 125
Computation of Direct and Overlapping Debt 126
Legal Debt Margin Information – Last Five Fiscal Years 127
Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General
Governmental Expenditures and Transfers – Last Ten Fiscal Years 128
Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 129
Demographic and Economic Statistics – Last Ten Fiscal Years 130
Average Monthly Employment & Earnings Last Three Fiscal Years 131
Miscellaneous Statistical Data – Last Ten Fiscal Years 132
Property Value, Construction and Bank Deposits – Last Ten Fiscal Years 133
Full-Time Equivalent Borough Employees by Function/Program – Last Five Fiscal Years 134
Operating Indicators by Function – Last Ten Fiscal Years 135
Capital Asset Statistics by Function/Program – Last Ten Fiscal Years 136
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INTRODUCTORY SECTION
Kodiak Island Borough
Finance Department
710 Mill Bay Road
Kodiak, Alaska 99615
Phone (907) 486-9323 Fax (907) 486-9392
1
January 25, 2011
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
generally accepted accounting principles 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, 2010.
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, 2010, are
presented fairly, in all material respects, in accordance with generally accepted accounting
principles 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, 2010. The independent
auditors‟ report is presented as the first component of the financial section of this report.
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
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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 can be found immediately following the report of the
independent auditors.
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 Borough and cities within the Borough, planning and zoning, and
general administrative services. Non 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
3
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 pages 67-69 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 71. Also included in the additional
supplementary information subsection are the Education and Health Debt Service Fund budget to
actual. For proprietary funds, this comparison is presented in the proprietary funds subsection of
this report, which starts on page 104.
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.
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.
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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. In 2007, the last year data was
available, Kodiak was number four in the nation for number of pounds landed (320,000,000
pounds) and number three in the value of fish landed ($126,000,000).
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, then declines in November
and December when fishing quotas are reached. The local unemployment rate has fluctuated
from 6.0% to 10.4% over the last five years, but the overall average has remained around 8.0%.
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 out based on our Mandatory and Adopted powers. To view the complete
Strategic plan you can visit our web site at www.kodiakak.us.
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 12 in the notes to the financial statements.
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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, 2009. This
was the twenty-second 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,
Rick L. Gifford Karleton G. Short
Borough Manager Director of Finance
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Electorate
Borough Manager Borough Attorney
Engineering/
Facilities Director
Assistant Fire
Chief
Finance/MIS
Director
Arts Council
Director
Borough Mayor
Borough Assembly
Community
Development
Director
Secretary III
Maintenance
Worker
KFRC
Maintenance
Engineer
KFRC
Receptionist
Environmental
Specialist
Baler/Landfill
Supervisor
Baler Operator II
Baler Operator II
Baler Operator I
Baler Operator I
Baler Operator I
Administrative
Assistant
Assessor
Associate Planner
LRP
Associate Planner
Enforcement
Drafting Technician
Secretary III
Property Appraiser
Appraiser
Technician
Assessment Clerk I
General
Accountant
Accounting Tech
Accounts Payable
Accounting Tech
Payroll
Childcare Assistance
Administrator
Revenue
Accountant
Secretary III
MIS Programmer/
Analyst
MIS Operations
Supervisor
MIS Network
Administrator
Cashier
Borough Clerk
Assistant Clerk Deputy Clerk
Kodiak Island Borough
Fiscal Year 2010
Project Manager/
Inspector
Project Assistant
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Jerome Selby
Mayor, 2010
Pat Branson
Deputy Presiding Officer,
At Large, 2010
Jerrol Friend
At Large, 2012
Judy Fulp
At Large, 2011
Sue Jeffrey
At Large, 2011
Dave Kaplan
At Large, 2011
Chris Lynch
At Large, 2012
Louise Stutes
At Large, 2010
MAYOR AND ASSEMBLY MEMBERS
9
KODIAK ISLAND BOROUGH
KODIAK, ALASKA
BOROUGH OFFICIALS
YEAR ENDED JUNE 30, 2010
MAYOR
Jerome Selby ‘10
ASSEMBLY
Patricia Branson ‘10 Jerrol Friend ‘12
Judy Fulp ‘11 Sue Jeffrey ‘11
Dave Kaplan ‘11 Chris Lynch ‘12
Louise Stutes ‘10
MANAGEMENT
Rick Gifford ........................................................................................................... Borough Manager
Karleton G. Short .................................................................................... Finance Director/Treasurer
Woody Koning ............................................................................ Engineering and Facilities Director
Nova Javier, CMC ....................................................................................................... Borough Clerk
Bud Cassidy ................................................................................. Community Development Director
Bill Roberts ...........................................................................................................................Assessor
Robert A. Himes ................................................................................................................. Fire Chief
Jamin, Schmitt, St. John ........................................................... Borough Attorney (Contracted Firm)
Stuart McDonald ............................................................................... Superintendent, School District
Dria Bray-Holloway ............................................................................................ General Accountant
Cassandra Juenger .............................................................................................. Revenue Accountant
Lauri Whiddon ................................................................................. HR Officer/Executive Assistant
10
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FINANCIAL SECTION
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
13
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,
2010. 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 1 - 5 of this report.
Financial Highlights
The assets of the Kodiak Island Borough exceeded its liabilities at the close of FY2010 by $162,497,439.
Of this amount, $48,394,535 (unrestricted net assets) may be used to meet the Borough’s ongoing
obligations to citizens and creditors.
In FY2010 the Borough’s total net assets increased by $7,626,228.
At the end of the current fiscal year, the Borough’s governmental funds reported combined fund balances
of $54,065,390, a loss of $5,081,025 in comparison with the prior year. At the end of FY2010, unreserved
fund balance for the general fund was $2,366,973. This was 16% of total general fund expenditures.
The Borough’s bonds payable decreased by $2,680,000 due to the payment of bond principal.
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
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.
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 u ser fees and charges (business-type
activities). The governmental activities of the Kodiak Island Borough include general government, public safety,
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 23-24 of this report.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
14
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 34 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, the Education and Health
Debt Service Fund, the Borough Capital Project Fund, the School Bond Capital Project Fund, and the Other
Capital Project 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 25-28 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 29-32 of this report.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
15
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 33-66 of this report.
Other Information – In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information including budgetary comparison schedules for the General
Fund and the Facilities Special Revenue Fund. Required supplementary information can be found on pages 67-70
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 financ ial position. In the
case of the Kodiak Island Borough, assets exceeded liabilities by $162,497,439 at the close of FY2010, the most
recent fiscal year. The net assets of the component unit were $4,823,357 at the close of FY2010.
The largest portion of the Kodiak Island Borough’s net assets ($114,102,904 or 70%) 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.
Governmental Business-type
Activities Activities Total
2010 2009 2010 2009 2010 2009
Current and other assets $55,099,913 61,772,451 11,594,374 9,535,773 66,694,287 71,308,224
Capital assets 102,346,376 93,135,695 38,645,854 39,999,843 140,992,230 133,135,538
Total assets $157,446,289 154,908,146 50,240,228 49,535,616 207,686,517 204,443,762
Long-term liabilities $29,899,331 32,600,929 6,747,622 6,522,192 36,646,953 39,123,121
Other liabilities 1,107,011 2,632,045 7,435,114 7,817,385 8,542,125 10,449,430
Total liabilities $31,006,342 35,232,974 14,182,736 14,339,577 45,189,078 49,572,551
Net assets:
Invested in capital assets,
net of related debt $77,447,045 71,534,766 36,655,859 38,135,340 114,102,904 109,670,106
Unrestricted 48,992,902 48,140,406 (598,367) (2,939,301) 48,394,535 45,201,105
Total net assets $126,439,947 119,675,172 36,057,492 35,196,039 162,497,439 154,871,211
For more detailed information see the statement of net assets on page 23.
The remaining balance of unrestricted net assets, $48,394,535, may be used to meet the Borough’s ongoing
obligations to citizens and creditors.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
16
Statement of Activities
The following condensed table of changes in net assets displays the revenues and expenses for the current and
prior year.
2010 2009 2010 2009 2010 2009
Revenues:
Program revenues:
Charges for services $741,193 742,527 7,871,608 8,830,744 8,612,801 9,573,271
Operating grants and contributions 2,306,394 2,543,254 — — 2,306,394 2,543,254
Capital grants 6,518,798 2,331,253 — — 6,518,798 2,331,253
General revenues:
Property taxes 11,051,740 10,592,258 — — 11,051,740 10,592,258
Grants and entitlements not restricted — —
to specific programs 4,089,966 4,214,617 — — 4,089,966 4,214,617
Land sales 760 26,369 — — 760 26,369
Severance taxes 1,336,075 1,311,188 — — 1,336,075 1,311,188
Other 619,948 226,586 — 50 619,948 226,636
Investment earnings 1,219,201 2,082,615 198,067 273,973 1,417,268 2,356,588
Total revenues 27,884,075 24,070,667 8,069,675 9,104,767 35,953,750 33,175,434
Expenses:
General government 4,479,415 3,723,964 — — 4,479,415 3,723,964
Public safety 612,763 579,710 — — 612,763 579,710
Emergency preparedness 1,034,686 14,988 — — 1,034,686 14,988
Community and economic development 10,511 908,501 — — 10,511 908,501
Health and sanitation department 406,087 371,673 — — 406,087 371,673
Education, culture, and recreation 192,182 248,571 — — 192,182 248,571
Service district maintenance 543,897 398,219 — — 543,897 398,219
Primary and secondary education 12,423,691 12,354,129 — — 12,423,691 12,354,129
Interest on long-term debt 1,336,068 1,408,045 — — 1,336,068 1,408,045
Municipal solid waste collection and disposal — — 4,283,148 3,852,158 4,283,148 3,852,158
Hospital facilities — — 1,035,020 1,095,535 1,035,020 1,095,535
Kodiak fisheries research center — — 1,927,580 1,960,404 1,927,580 1,960,404
911 services — — 42,474 43,043 42,474 43,043
Total expenses 21,039,300 20,007,800 7,288,222 6,951,140 28,327,522 26,958,940
Change in net assets before
transfers and extraordinary item 6,844,775 4,062,867 781,453 2,153,627 7,626,228 6,216,494
Transfers (80,000) (765,490) 80,000 765,490 — —
Extraordinary item — 1,396,222 — 432,688 — 1,828,910
Net transfers and extraordinary item (80,000) 630,732 80,000 1,198,178 — 1,828,910
Change in net assets 6,764,775 4,693,599 861,453 3,351,805 7,626,228 8,045,404
Net assets, beginning of year 119,675,172 114,981,573 35,196,039 31,844,234 154,871,211 146,825,807
Net assets, end of year $126,439,947 119,675,172 36,057,492 35,196,039 162,497,439 154,871,211
Governmental activities Business-type activities Total
Governmental activities increased the Kodiak Island Borough’s net assets by $6,764,775. The major differences
in revenues were an increase of $459,482 in property taxes due to property re-appraisals, $4,187,545 in capital
grants due to a large increase in grant funding, and a decrease in investment earnings of $863,414 due to a
decline in the overall market. There were some major changes in expenses including an increase of $755,451 in
general government caused by an upgrade of the accounting system and additional personnel being added to the
Borough staff. In 2009, the Alaska Public Employees Retirement System Plan (PERS) changed from an agent
multiple employer defined benefit plan to a multiple employer cost sharing defined benefit plan. This resulted in
an extraordinary gain of $1,828,910.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
17
Business type activities increased the Kodiak Island Borough’s net assets by $861,453, compared to an increase
of $3,351,805 in the prior year. The major differences were a decrease of $959,136 in charges for services which
was due to a decrease in Community Health Center Funding, and an increase of $430,990 in municipal solid
waste collection and disposal expenses. The proprietary funds had operating income of $781,453 before
transfers.
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
Expenses and Program Revenues
Governmental Activities
Revenues Expenditures
For more detailed information see the statement of activities on page 24.
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.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
18
As of the end of the current fiscal year, the Kodiak Island Borough’s governmental funds reported combined
ending fund balances of $54,065,390, a decrease of $5,081,025 in comparison to the beginning of the year.
$48,323,384 of this total amount constitutes unreserved fund balance, of which $1,779,978 is designated for
subsequent year expenditures and $46,543,406 is undesignated. The remaining $5,742,006 of fund balance is
reserved for long-term interfund borrowings and prepaid items.
The main reasons for this decrease are as follows:
$11,679,370 was spent on capital projects that were mainly financed by bond issues sold in previous
years.
Interest earnings were $862,977 less than last year.
General government expenditures were $533,577 more than last year.
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 $2,382,676 with $1,423,158 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 16% of total General Fund expenditures.
The fund balance of the Kodiak Island Borough’s General Fund decreased by $741,613 during the current fiscal
year. The key factor leading to this decrease was a budgeted use of unreserved fund balance to balance the
FY2010 budget.
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 $4,833,271, the Hospital
Facilities fund amounted to $21,139,913, the Kodiak Fisheries Research Center fund amounted to $10,084,308
and the 911 Services fund amounted to 0.
The total increase in net assets for the Municipal Solid Waste Collection and Disposal fund was $205,199. The
total increase in net assets for the Hospital Facilities fund was $916,172. The total decrease in net assets for the
Kodiak Fisheries Research Center was $259,918. The assets in the 911 Services fund did not change. Other
factors concerning the finances of these four funds have al ready been addressed in the discussion of the Kodiak
Island Borough’s business-type activities.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
19
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
Municipal Solid
Waste
Hospital Facilities Kodiak Fisheries
Research Center
911 Service
2010 Program Revenue vs Expense
Proprietary Operations
Program Revenue Program Expense
General Fund Budgetary Highlights
Differences between the original budget and final amended budget can be briefly summarized as follows:
The revenue budget for real property tax was decreased $110,000.
The revenue budget for personal property tax was decreased $79,000.
The revenue budget for state revenue sharing was decreased $219,000.
The revenue budget for state raw fish tax was increased by $239,575.
The revenue budget for fish and wildlife revenue sharing was decreased by $97,837.
The revenue budget for investment income was increased by $50,000.
The expenditure budget for the Engineering/Facilities department had to be increased $60,000.
The primary and secondary education budget had to be reduced by $1,328,629.
Differences between the final amended budget and actual can be summarized as follows:
Real property taxes were $77,502 more than budgeted. This was due to tax collections after year end.
Penalty and interest of taxes was $42,124 less than budgeted. This was due to collection efforts in
previous years.
State payments for fish revitalization were $50,885 more than budgeted. This was due to increased state
aid.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
20
State on behalf PERS payments were $120,786 less than budgeted. This was due to lower than expected
state aid.
Federal payments in lieu of taxes were $144,593 over budget. This was due to the federal government
fully funding this program.
Federal community stimulus grant money was $202,640 more than budgeted. This was due to receiving
the funds sooner than expected.
Severance taxes were $112,307 under budget. This was due to lower than anticipated market prices.
The Borough Managers department came in $33,967 over budget. This was due to salaries and retirement
costs coming in over budget.
The Borough Attorney’s department came in $36,133 under budget. This was due to less litigation than
expected.
The Management Information Systems department came in $77,699 under budget. This was due to salary
costs and benefits coming in under budget.
The Community Development department came in $224,683 under budget. This was due to contracted
services coming in under budget.
The Parks and Recreation department came in $36,000 under budget. This was due lack of available staff
to work on these projects.
Economic Development came in $29,642 under budget. This was mainly due to contracted services
coming in under budget.
General Administration was $34,349 under budget. This was due to outside audit expenses 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, 2010, amounted to $140,992,230 (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 increase in the Kodiak Island Borough’s investments
in capital assets for the current fiscal year was $7,856,692 which was mostly due to increases in construction
work in process.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
21
The following table displays the capital assets (net of depreciation) for the current year.
Governmental Business-type
activities activities Total
2010 2009 2010 2009 2010 2009
Artwork $— — 16,091 16,091 16,091 16,091
Land 23,467,304 23,072,753 1,661,499 1,661,499 25,128,803 24,734,252
Construction work-in-progress 31,090,574 30,677,298 6,727,606 6,252,703 37,818,180 36,930,001
Buildings and improvements 37,887,304 35,615,547 25,850,093 27,233,162 63,737,397 62,848,709
Improvements other than buildings 7,367,186 1,023,261 2,289,599 2,518,425 9,656,785 3,541,686
Equipment 1,126,475 1,195,235 965,479 1,138,732 2,091,954 2,333,967
Infrastructure 1,407,533 1,551,601 — — 1,407,533 1,551,601
Unclassified plant in service — — 1,135,487 1,179,231 1,135,487 1,179,231
$102,346,376 93,135,695 38,645,854 39,999,843 140,992,230 133,135,538
Additional information on the Kodiak Island Borough’s capital assets can be found in note 6 on pages 44-48 of
this report.
Long-Term Debt – At the end of the current fiscal year, the Kodiak Island Borough had total bonded debt
outstanding of $29,565,000. 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.
Governmental Business-type
activities activities Total
2010 2009 2010 2009 2010 2009
General obligation bonds, including premium $29,838,432 32,534,424 — — 29,838,432 32,534,424
ADEC loans 60,899 66,505 — — 60,899 66,505
Compensated absences 233,057 234,236 — — 233,057 234,236
Landfill post closure care costs — — 4,757,627 4,390,364 4,757,627 4,390,364
Long term interfund borrowings — — 6,091,864 6,544,725 6,091,864 6,544,725
Notes payable — — 1,989,995 1,864,503 1,989,995 1,864,503
$30,132,388 32,835,165 12,839,486 12,799,592 42,971,874 45,634,757
The Kodiak Island Borough’s total debt decreased $2,662,883 during the current fiscal year. This decrease was
mostly due to the Kodiak Island Borough paying $2,680,000 of principal of general obligation bonds.
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 52-59 of
this report.
Economic Factors and Next Year’s Budgets and Rates
At June 30, 2010, the unemployment rate for the Kodiak Island Borough was 6.7%, which is .8% lower
than last year’s rate of 7.5%. The average unemployment rate for the last 10 years has been 9.1%.
Property tax revenues received are projected to increase in future years as the Kodiak Island Borough’s
assessed valuation continues to increase.
KODIAK ISLAND BOROUGH
Management’s Discussion and Analysis
June 30, 2010
22
The PERS (Public Employees Retirement System) rate has increased from 0% in FY2004 to 27.65% in
FY2010. The State of Alaska set a ceiling of 22% on all political subdivisions and contributed the
additional 5.65%.
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 M ill Bay
Kodiak, Alaska 99615.
KODIAK ISLAND BOROUGH
Statement of Net Assets
June 30, 2010
(With summarized financial information for June 30, 2009)
Component
Primary government unit Total reporting entity
Governmental Business-type School
Assets activities activities Total District 2010 2009
Equity in central treasury $49,222,436 10,525,760 59,748,196 97,218 59,845,414 69,249,865
Due from primary
government — — — 4,956,848 4,956,848 5,766,156
Receivables:
State of Alaska 4,677,896 100,000 4,777,896 — 4,777,896 610,588
Federal Government 379,530 — 379,530 — 379,530 62,034
Property taxes, net of
allowance of $15,828 207,544 — 207,544 — 207,544 140,730
Severance taxes 355,360 355,360 — 355,360 280,334
Deferred charges 99,198 — 99,198 — 99,198 101,380
Inventories — 277,007 277,007 503,489 780,496 681,425
Prepaid expenses 15,703 — 15,703 — 15,703 17,567
Land sales contracts
receivable 45,419 — 45,419 — 45,419 214,047
Accounts and other
receivables, net 96,827 691,607 788,434 2,772,966 3,561,400 1,819,283
Capital assets:
Non-depreciable 54,557,878 8,405,196 62,963,074 — 62,963,074 61,680,344
Depreciable, net 47,788,498 30,240,658 78,029,156 530,890 78,560,046 71,784,897
Total $157,446,289 50,240,228 207,686,517 8,861,411 216,547,928 212,408,650
Liabilities and Net Assets
Liabilities:
Accounts payable $1,382,775 335,683 1,718,458 280,756 1,999,214 2,997,255
Retainages payable 248,787 — 248,787 — 248,787 530,153
Accrued compensation
and related liabilities 459,617 91,287 550,904 3,230,606 3,781,510 3,547,097
Other accrued liabilities 241,016 532,169 773,185 — 773,185 743,705
Customer deposits 1,258 — 1,258 — 1,258 700
Unearned revenues 52,142 240,543 292,685 32,279 324,964 596,944
Due to component unit 4,956,848 — 4,956,848 — 4,956,848 5,766,156
Internal balances (6,235,432) 6,235,432 — — — —
Noncurrent liabilities:
Due within one year 2,760,992 — 2,760,992 494,413 3,255,405 3,452,752
Due in more than
one year 27,138,339 1,989,995 29,128,334 — 29,128,334 31,528,242
Landfill closure costs — 4,757,627 4,757,627 — 4,757,627 4,390,364
Total liabilities 31,006,342 14,182,736 45,189,078 4,038,054 49,227,132 53,553,368
Net assets:
Invested in capital assets,
net of related debt 77,447,045 36,655,859 114,102,904 530,890 114,633,794 109,670,106
Unrestricted 48,992,902 (598,367) 48,394,535 4,292,467 52,687,002 49,185,176
Net assets 126,439,947 36,057,492 162,497,439 4,823,357 167,320,796 158,855,282
Total $157,446,289 50,240,228 207,686,517 8,861,411 216,547,928 212,408,650
See accompanying notes to financial statements.
23
Program revenues Net (expense) revenue and changes in net assets
Operating Primary government Component unit
Charges for grants and Capital Governmental Business-type School Total reporting entity
Functions/Programs Expenses services contributions grants activities activities Total District 2010 2009
Primary government:
Governmental activities:
General government $4,479,415 703,431 9,380 — (3,766,604) — (3,766,604) — (3,766,604) (2,815,102)
Public safety 612,763 12,762 27,225 — (572,776) (572,776) (572,776) (547,169)
Emergency preparedness 10,511 — — — (10,511) — (10,511) — (10,511) (14,988)
Community and economic development 1,034,686 — 24,371 2,386,437 1,376,122 — 1,376,122 — 1,376,122 1,494,576
Health and sanitation department 406,087 — 105,695 — (300,392) — (300,392) — (300,392) (270,625)
Education, culture and recreation 192,182 — — — (192,182) — (192,182) — (192,182) (248,571)
Service district maintenance 543,897 25,000 95 — (518,802) — (518,802) — (518,802) (373,219)
Primary and secondary education 12,423,691 — — 4,132,361 (8,291,330) — (8,291,330) — (8,291,330) (12,354,129)
Interest on long-term debt 1,336,068 — 2,139,628 — 803,560 — 803,560 — 803,560 738,461
Total governmental activities 21,039,300 741,193 2,306,394 6,518,798 (11,472,915) — (11,472,915) — (11,472,915) (14,390,766)
Business-type activities:
Municipal solid waste collection and
disposal 4,283,148 4,350,369 — — — 67,221 67,221 — 67,221 (248,163)
Hospital facilities 1,035,020 1,867,990 — — — 832,970 832,970 — 832,970 2,480,300
Kodiak fisheries research center 1,927,580 1,610,775 — — — (316,805) (316,805) — (316,805) (362,144)
911 services 42,474 42,474 — — — — — — — 9,611
Total business-type activities 7,288,222 7,871,608 — — — 583,386 583,386 — 583,386 1,879,604
Total primary government 28,327,522 8,612,801 2,306,394 6,518,798 (11,472,915) 583,386 (10,889,529) — (10,889,529) (12,511,162)
Component unit -
School district $47,835,574 259,880 12,006,306 — (35,569,388) (35,569,388) —
General revenues:
Property taxes 11,051,740 — 11,051,740 — 11,051,740 10,592,258
Grants and entitlements not restricted to specific programs 4,089,966 — 4,089,966 25,630,873 29,720,839 34,658,692
Land sales 760 — 760 — 760 26,369
Severance taxes 1,336,075 — 1,336,075 — 1,336,075 1,311,188
Support from primary government — — — 10,290,350 10,290,350 10,243,618
Other 619,948 — 619,948 487,451 1,107,399 330,726
Investment earnings 1,219,201 198,067 1,417,268 — 1,417,268 2,356,588
Transfers (80,000) 80,000 — — — —
Extraordinary item — — — — — 6,186,447
Total general revenues, transfers and extraordinary item 18,237,690 278,067 18,515,757 36,408,674 54,924,431 65,705,886
Change in net assets 6,764,775 861,453 7,626,228 839,286 8,465,514 14,145,195
Net assets, at beginning of year 119,675,172 35,196,039 154,871,211 3,984,071 158,855,282 144,710,087
Net assets, at end of year $126,439,947 36,057,492 162,497,439 4,823,357 167,320,796 158,855,282
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Statement of Activities
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
24
KODIAK ISLAND BOROUGH
Balance Sheet
Governmental Funds
June 30, 2010
(With summarized financial information for June 30, 2009)
Facilities Education and Other
Special Health Debt Governmental
Assets General Revenue Fund Service Fund Borough School Bond Other Funds 2010 2009
Assets:
Cash and investments $6,780,243 33,158,293 40,799 501,255 3,991,830 221,170 4,528,846 49,222,436 60,424,187
Receivables:
State of Alaska 75,843 — 381,456 — — 3,715,236 505,361 4,677,896 510,588
Federal Government 215,034 — — — — 81,023 83,473 379,530 62,034
Property taxes, net of
allowance of $15,828 195,048 — — — — — 12,496 207,544 140,730
Severance taxes 355,360 — — — — — — 355,360 280,334
Land sales contracts — — — — — — 11,077 11,077 41,598
Accounts and other
receivables, net 4,519 — — 2,929 — 69,309 20,070 96,827 39,151
Due from other funds 509,107 681,657 — — 2,220,000 — 36,250 3,447,014 1,584,884
Prepaid items 15,703 — — — — — — 15,703 —
Land sales contracts, due after one year — — — — — — 34,342 34,342 172,449
Advances to other funds — 5,611,261 — — — — — 5,611,261 6,206,906
Total $8,150,857 39,451,211 422,255 504,184 6,211,830 4,086,738 5,231,915 64,058,990 69,462,861
Liabilities and Fund Balances
Liabilities:
Accounts payable 402,741 — — 28,490 256,424 317,950 377,170 1,382,775 1,946,855
Retainages payable — — — 79,011 145,326 24,450 — 248,787 530,153
Accrued compensation
and related liabilities 226,560 — — — — — — 226,560 167,764
Customer deposits — — — — — — 1,258 1,258 700
Due to component unit 4,956,848 — — — — — — 4,956,848 5,766,156
Due to other funds — — 400,000 1,202,146 8,562 1,000,651 211,484 2,822,843 1,154,316
Unearned revenues 182,032 86,012 — — — — 86,485 354,529 750,502
Total liabilities 5,768,181 86,012 400,000 1,309,647 410,312 1,343,051 676,397 9,993,600 10,316,446
Fund balances:
Reserved:
Long-term interfund
borrowings — 5,726,303 — — — — — 5,726,303 6,206,906
Prepaid items 15,703 — — — — — — 15,703 —
Unreserved:
General fund:
Designated for subsequent
year expenditures 1,423,158 — — — — — — 1,423,158 1,261,581
Undesignated 943,815 — — — — — — 943,815 1,862,708
Special revenue funds:
Designated for subsequent
year expenditures — — — — — — 356,820 356,820 684,668
Undesignated — 33,638,896 — — — — 3,535,266 37,174,162 36,608,103
Debt service funds:
Undesignated — — 22,255 — — — — 22,255 5,938
Capital projects funds:
Undesignated (deficit)— — — (805,463) 5,801,518 2,743,687 663,432 8,403,174 12,516,511
Total fund balances (deficit)2,382,676 39,365,199 22,255 (805,463) 5,801,518 2,743,687 4,555,518 54,065,390 59,146,415
Total $8,150,857 39,451,211 422,255 504,184 6,211,830 4,086,738 5,231,915 64,058,990 69,462,861
See accompanying notes to financial statements.
Capital Project Funds Totals
25
Amount reported as fund balance on the governmental funds balance sheet $54,065,390
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.102,346,376
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 $182,032
Interest receivable 86,013
Notes receivable - land sales 34,342
Deferred charges 99,198 401,585
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 (29,565,000)
Bond premium (273,432)
ADEC loans (60,899)
Accrued interest expense (241,016)
Compensated absences (233,057) (30,373,404)
Net assets of governmental activities $126,439,947
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Reconciliation of Net Assets Between the
Government-wide and Fund Financial Statements
Year ended June 30, 2010
26
Facilities Education and Other
Special Health Debt Governmental
General Revenue Fund Service Fund Borough School Bond Other Funds 2010 2009
Revenues:
Property taxes $9,883,107 — — — — — 1,110,068 10,993,175 10,565,685
Intergovernmental:
State sources 2,307,036 — 2,139,628 322,985 2,118 3,723,091 2,115,373 10,610,231 5,966,808
Federal sources 1,816,471 — — 10,810 — 73,357 437,830 2,338,468 3,122,316
Land sale proceeds — — — — — — 138,867 138,867 30,561
Severance taxes 1,336,075 — — — — — — 1,336,075 1,311,188
Licenses, permits, fees, and
other local revenues 71,319 — — — — — 669,874 741,193 742,527
Investment income 178,567 939,782 (1,950) 7,606 25,335 — 76,598 1,225,938 2,088,915
Other 38,352 — — 311,612 — 102,202 118,249 570,415 418,741
Total revenues 15,630,927 939,782 2,137,678 653,013 27,453 3,898,650 4,666,859 27,954,362 24,246,741
Expenditures:
Current:
General government 3,428,878 — 8,404 — — — 1,163,319 4,600,601 4,067,024
Public safety 84,125 — — — — — 418,366 502,491 460,826
Community and
economic development 934,194 — — — — — 100,492 1,034,686 908,501
Emergency preparedness 8,011 — — — — — — 8,011 12,488
Health and sanitation
department 265,626 — — — — — 105,695 371,321 333,747
Education, culture
and recreation 192,182 — — — — — — 192,182 248,571
Service district maintenance — — — — — — 543,897 543,897 398,219
Primary and secondary education 9,980,350 — — — — — — 9,980,350 9,956,618
Capital outlay:
Schools — — — 665,015 5,992,605 689,290 13,022 7,359,932 14,857,064
General — — — 1,691,811 — 191,174 2,436,453 4,319,438 1,277,106
Debt service:
Principal — — 2,685,606 — — — — 2,685,606 2,495,056
Interest — — 1,350,620 — — — 6,252 1,356,872 1,578,408
Debt issuance costs — — — — — — — — 68,635
Total expenditures 14,893,366 — 4,044,630 2,356,826 5,992,605 880,464 4,787,496 32,955,387 36,662,263
Excess (deficiency) of revenues
over (under) expenditures 737,561 939,782 (1,906,952) (1,703,813) (5,965,152) 3,018,186 (120,637) (5,001,025) (12,415,522)
Other financing sources (uses):
Refunding bond issued — — — — — — — — 6,740,000
Payment to refunded bond escrow agent — — — — — — — — (6,865,467)
Transfers in — — 1,923,269 369,499 — 95,000 823,427 3,211,195 6,144,301
Transfers out (1,479,174) (1,267,595) — — — (369,499) (174,927) (3,291,195) (6,909,791)
Net other financing
sources (uses)(1,479,174) (1,267,595) 1,923,269 369,499 — (274,499) 648,500 (80,000) (890,957)
Change in fund balances (741,613) (327,813) 16,317 (1,334,314) (5,965,152) 2,743,687 527,863 (5,081,025) (13,306,479)
Fund balances, at beginning of year 3,124,289 39,693,012 5,938 528,851 11,766,670 — 4,027,655 59,146,415 72,452,894
Fund balances (deficit), at end of year $2,382,676 39,365,199 22,255 (805,463) 5,801,518 2,743,687 4,555,518 54,065,390 59,146,415
See accompanying notes to financial statements.
Capital Project Funds Totals
KODIAK ISLAND BOROUGH
Statement of Revenues, Expenditures,
and Changes in Fund Balances (Deficits)
Governmental Funds
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
27
KODIAK ISLAND BOROUGH
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits)
of Governmental Funds to the Statement of Activities
Year ended June 30, 2010
Net change in fund balances – total governmental funds $(5,081,025)
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 $12,123,277
Depreciation expense (2,912,596) 9,210,681
Certain revenues in the statement of activities do not provide current
financial resources and are deferred in the funds:
Deferred property tax 182,032
Interest income 86,013
Land sale proceeds 34,342 302,387
Certain revenues that were earned in a prior year provide
current financial resources:
Accrued property tax (123,467)
Accrued interest income (92,750)
Land sale contracts (172,449) (388,666)
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:
Interest expenditures applied to accrued interest 20,804
Principal repayments 2,685,606
Amortized debt issuance costs (2,183)
Bond premium amortization 15,992 2,720,219
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:
Compensated absences, net change 1,179
Change in net assets of governmental activities $6,764,775
See accompanying notes to financial statements.
28
KODIAK ISLAND BOROUGH
Balance Sheet
Proprietary Funds – Business-type Activities – Enterprise Funds
June 30, 2010
(With summarized financial information for June 30, 2009)
Municipal Kodiak Other
Solid Waste Fisheries Nonmajor
Collection and Hospital Research Enterprise Totals
Assets Disposal Facilities Center Fund 2010 2009
Current assets:
Equity in central treasury $6,284,817 807,424 3,418,819 14,700 10,525,760 8,773,064
Accrued interest receivable — — — — — 8,632
Customer receivables 569,875 121,200 532 — 691,607 377,070
Accounts receivable – State of Alaska 100,000 — — — 100,000 100,000
Due from other funds — — — — — 400,000
Total current assets 6,954,692 928,624 3,419,351 14,700 11,317,367 9,658,766
Inventories — 277,007 — — 277,007 277,007
Capital assets:
Non-depreciable 2,417,311 5,987,885 — — 8,405,196 7,930,293
Depreciable, net 3,056,875 15,205,296 11,978,487 — 30,240,658 32,069,550
Total capital assets 5,474,186 21,193,181 11,978,487 — 38,645,854 39,999,843
Total noncurrent assets 5,474,186 21,470,188 11,978,487 — 38,922,861 40,276,850
Total $12,428,878 22,398,812 15,397,838 14,700 50,240,228 49,935,616
Liabilities and Net Assets
Current liabilities:
Accounts payable $211,802 81,435 27,746 14,700 335,683 684,517
Accrued compensation and
related liabilities 64,488 — 26,799 — 91,287 78,086
Other accrued liabilities 532,169 — — — 532,169 481,885
Current portion of advances
from other funds — 70,603 410,000 — 480,603 452,861
Due to other funds 39,526 600 103,442 — 143,568 492,750
Unearned revenues — — 240,543 — 240,543 202,747
Total current liabilities 847,985 152,638 808,530 14,700 1,823,853 2,392,846
Noncurrent liabilities:
Notes payable 1,989,995 — — — 1,989,995 1,864,503
Advances from other funds — 1,106,261 4,505,000 — 5,611,261 6,091,864
Accrual for landfill closure
and postclosure costs 4,757,627 — — — 4,757,627 4,390,364
Total noncurrent liabilities 6,747,622 1,106,261 4,505,000 — 12,358,883 12,346,731
Total liabilities 7,595,607 1,258,899 5,313,530 14,700 14,182,736 14,739,577
Net assets:
Invested in capital assets,
net of related debt 3,484,191 21,193,181 11,978,487 — 36,655,859 38,135,340
Unrestricted 1,349,080 (53,268) (1,894,179) — (598,367) (2,939,301)
Total net assets 4,833,271 21,139,913 10,084,308 — 36,057,492 35,196,039
Total $12,428,878 22,398,812 15,397,838 14,700 50,240,228 49,935,616
See accompanying notes to financial statements.
29
KODIAK ISLAND BOROUGH
Statement of Revenues, Expenses,
and Changes in Net Assets
Proprietary Funds – Business-type Activities – Enterprise Funds
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
Municipal Kodiak Other
Solid Waste Fisheries Nonmajor
Collection and Hospital Research Enterprise Totals
Disposal Facilities Center Fund 2010 2009
Operating revenues:
Solid waste collection $3,226,606 — — — 3,226,606 2,559,903
Solid waste disposal 1,098,668 — — — 1,098,668 1,044,092
Charges for services/customer charges — — — 42,474 42,474 52,654
Lease income — 720,000 1,602,685 — 2,322,685 2,318,260
Other — — — — — 50
Total operating revenues 4,325,274 720,000 1,602,685 42,474 6,690,433 5,974,959
Operating expenses:
Personnel services 795,050 5,000 338,361 3,000 1,141,411 1,123,728
Solid waste collection 1,640,179 — — — 1,640,179 1,534,673
Refuse disposal 358,408 — — — 358,408 276,878
Contracted services 275,876 — — — 275,876 187,969
Maintenance and repairs 90,793 — — — 90,793 34,483
Landfill closure and postclosure costs 367,263 — — — 367,263 348,634
Depreciation 270,488 872,858 630,395 — 1,773,741 1,912,852
General and administration 204,366 45 489,931 — 694,342 708,727
Miscellaneous — — 118,106 395 118,501 91,641
Telephone services — — — 39,079 39,079 39,621
Recycling services 267,518 — — — 267,518 233,768
Contributions 13,207 — — — 13,207 10,876
Total operating expenses 4,283,148 877,903 1,576,793 42,474 6,780,318 6,503,850
Operating income (loss)42,126 (157,903) 25,892 — (89,885) (528,891)
Nonoperating revenues (expenses):
Contribution to Providence Hospital — (108,000) — — (108,000) (108,000)
State of Alaska on-behalf payment 25,095 228 8,090 — 33,413 89,762
CHC reimbursements — 1,147,762 — — 1,147,762 2,855,835
Investment income 124,478 16,702 56,887 — 198,067 273,973
Interest expense — (49,117) (350,787) — (399,904) (429,052)
Income (loss) before transfers 191,699 849,672 (259,918) — 781,453 2,153,627
Transfers in 13,500 66,500 — — 80,000 765,490
Income (loss) before
extraordinary item 205,199 916,172 (259,918) — 861,453 2,919,117
Extraordinary item — — — — — 432,688
Change in net assets 205,199 916,172 (259,918) — 861,453 3,351,805
Net assets, at beginning of year 4,628,072 20,223,741 10,344,226 — 35,196,039 31,844,234
Net assets, at end of year $4,833,271 21,139,913 10,084,308 — 36,057,492 35,196,039
See accompanying notes to financial statements.
30
KODIAK ISLAND BOROUGH
Statement of Cash Flows
Proprietary Funds – Business-type Activities – Enterprise Funds
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
Municipal Kodiak Other
Solid Waste Fisheries Nonmajor
Collection and Hospital Research Enterprise Totals
Disposal Facilities Center Fund 2010 2009
Cash flows from operating activities:
Cash received from customers $4,014,464 716,739 1,640,015 42,474 6,413,692 6,144,754
Payments to suppliers (2,933,202) (190,346) (607,781) (64,395) (3,795,724) (3,214,325)
Payments to employees (780,645) (5,000) (339,565) (3,000) (1,128,210) (1,106,584)
Net cash provided (used) by
operating activities 300,617 521,393 692,669 (24,921) 1,489,758 1,823,845
Cash flows from noncapital financing activities:
Contribution to Providence Hospital — (108,000) — — (108,000) (108,000)
State of Alaska on-behalf payment 25,095 228 8,090 — 33,413 89,762
Contributions from CHC — 1,147,762 — — 1,147,762 2,855,835
Internal activity – payments to/from other funds 439,526 (399,400) 10,692 — 50,818 (6,300)
Transfers in 13,500 66,500 — — 80,000 765,490
Net cash provided by noncapital
financing activities 478,121 707,090 18,782 — 1,203,993 3,596,787
Cash flows from capital and related
financing activities:
Acquisition and construction of capital assets (141,655) (333,248) — — (474,903) (5,085,768)
(Gain) loss on disposal of assets — — 54,423 — 54,423 (108,899)
Interest paid on notes payable and
interfund borrowings — (49,118) (350,787) — (399,905) (429,052)
Principal payments on long-term
interfund borrowing — (67,861) (385,000) — (452,861) (425,226)
Proceeds from issuance of notes payable 125,492 — — — 125,492 120,397
Net cash (used) by capital and
related financing activities (16,163) (450,227) (681,364) — (1,147,754) (5,928,548)
Cash flows from investing activities:
Interest and dividends on investments 124,478 16,702 56,887 8,632 206,699 274,228
Net change in cash and
cash equivalents 887,053 794,958 86,974 (16,289) 1,752,696 (233,688)
Cash and equivalents, at beginning of year 5,397,764 12,466 3,331,845 30,989 8,773,064 9,006,752
Cash and equivalents, at the end of year $6,284,817 807,424 3,418,819 14,700 10,525,760 8,773,064
(continued)
31
KODIAK ISLAND BOROUGH
Statement of Cash Flows
Proprietary Funds – Business-type Activities – Enterprise Funds, continued
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
Municipal Kodiak Other
Solid Waste Fisheries Nonmajor
Collection and Hospital Research Enterprise Totals
Disposal Facilities Center Fund 2010 2009
Reconciliation of operating income (loss) to net
cash provided by operating activities:
Operating income (loss)$42,126 (157,903) 25,892 — (89,885) (528,891)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation 270,488 872,858 630,395 — 1,773,741 1,912,852
Changes in assets and liabilities that
provided (used) cash:
(Increase) decrease in assets:
Customer receivables (310,810) (3,261) (466) — (314,537) 149,502
Increase (decrease) in liabilities:
Accounts payable (133,139) (190,301) (472) (24,921) (348,833) (126,085)
Accrued compensation and
related liabilities 14,405 — (1,204) — 13,201 17,144
Other accrued liabilities 50,284 — — — 50,284 30,395
Unearned revenues — — 38,524 — 38,524 20,294
Accrual for landfill closure and
postclosure costs 367,263 — — — 367,263 348,634
Net cash provided (used) by
operating activities $300,617 521,393 692,669 (24,921) 1,489,758 1,823,845
See accompanying notes to financial statements.
32
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
33
(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
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 inter-fund 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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
34
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.
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 Borough Capital Project Fund accounts for the construction and major maintenance activities
for the Borough funded through Federal, State and local sources.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
35
The School Bond Capital Project Fund accounts for the construction and major maintenance
activities for the Borough’s educational facilities funded by school bonds.
The Other Capital Project Fund accounts for the construction and major maintenance activities for
the Borough funded by State sources.
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 inter-fund 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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
36
(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 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
inter-fund loans) or “advances to/from other funds” (i.e., the noncurrent portion of inter-fund 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/Expenses
Expendable operating supplies of the Borough are accounted for using the purchases method. There
are no significant amounts of such inventories on hand at year end. The entire Hospital Enterprise
Fund inventory is assigned to Providence as of April 21, 1997. According to the terms of the lease
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
37
agreement for the hospital facilities (see note 11a), those items 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 or expenses in both the government wide and fund financial statements. Prepaid items
and expenses are based on the consumption method.
Capital Assets
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
deferred charges and amortized over the term of the related debt.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
38
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 1st.
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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
39
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)
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 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.
Land Sales Proceeds and Other Local Revenues
Amounts received pursuant to land sale contracts are recorded on the modified accrual basis.
Other local revenues are recorded on a basis consistent with their nature in relation to measurement
and availability standards.
(f) 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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
40
(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
Special Revenue Funds
The following fund expenditures exceeded their budget:
Fund Excess
Service Area No. 1 $ 5,825
Bay View Road Service Area 1,276
Coastal Management 371
Child Care Assistance Program 899
Land Sales 2,024
Fern Fuller Trust 2
$10,397
(b) Deficit Fund Equity
The individual fund deficits at June 30, 2010, are as follows:
Special Revenue Funds:
Bay View Road Service Area $8,306
Child Care Assistance Program 731
L.E.P.C.14,801
Trinity Islands Paving 61,484
Borough Capital Project Fund 805,463
$890,785
The deficit in the Bay View Road Service Area will be funded by a mill rate increase of one half mill that
was started in FY2010.
The deficit in the Child Care Assistance Program will be covered by revenues in FY2011.
The deficit in the L.E.P.C. fund will be covered by fund revenues in FY2011.
The deficit in the Trinity Islands Paving Special Revenue Fund is anticipated to be funded by a special
assessment that began in 2006.
The deficit in the Borough Capital Projects Fund is anticipated to be funded by a transfer from Fire
Protection Area 1 in future periods.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
41
(3) Cash and Investments
The Borough participates in the Alaska Municipal League Investment Pool (AMLIP). The Alaska
Municipal League Investment Pool, Inc., (AMLIP), represents the Borough’s share of ownership in the
pool rather than ownership of specific securities. AMLIP is considered to be an external investment pool as
defined by Generally Accepted Accounting Principles. AMLIP is not SEC-registered and is unrated.
Regulatory oversight of the pool is established by Alaska Statute 37.23. 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 a board of directors. Alaska Statute 37.23.050 requires the
retention of an investment manager.
The AMLIP manager is required to produce monthly disclosure statements on the pool. The pool also has
retained an investment adviser who monitors the performance of the investment manager 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. As of September 30, 2010, the fair value of the investments in the pool
approximates amortized cost and is equal to the value of pool shares. To obtain a copy of AMLIP’s
financial statements contract Key Trust of Alaska at 101 West Benson Blvd., Room 302, Anchorage, AK
99503.
As of June 30, 2010, the Borough had the following investments:
Fair
Value
Less
than 11 to 5
U.S. agency securities:
Federal Home Loan Bank $21,312,880 4,080,000 17,232,880
Federal Home Loan Mortgage Corporation10,109,680 10,109,680 —
Federal Farm Credit Bank 7,983,381 1,006,560 6,976,821
Federal National Mortgage Association 6,138,120 4,096,240 2,041,880
Alaska Municipal League Investment Pool 11,650,809 11,650,809 —
$57,194,870 30,943,289 26,251,581
Investment Type
Investment Maturities (in years)
In addition to the investments listed above, Kodiak Island Borough also had cash equivalents of
$2,553,326.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
42
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 does not have a formal investment
policy that restricts investments based on credit risk.
At June 30, 2010, the Borough’s U.S. agencies bonds were rated AAA by Standard & Poor and Fitch
Ratings, and AAA by Moody’s Investor Service. At June 30, 2010, 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, 2010,
the Borough had 80% 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. The Federal Deposit
Insurance Corporation insures $250,000 in the aggregate and unlimited protection of all demand deposits
per customer.
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, 2010.
(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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
43
(5) Receivables
Education and OtherTotal
GeneralHealth Debt GovernmentalGovernmental
FundService FundBoroughOtherFundsFunds
Receivables:
Grants $290,877 381,456 — 3,796,259 588,834 5,057,426
Taxes 566,236 — — — 12,496 578,732
Customers and other — — 2,929 69,309 20,070 92,308
Notes receivable 4,519 — — — — 4,519
Gross receivables 861,632 381,456 2,929 3,865,568 621,400 5,732,985
Less: allowance
for uncollectibles (15,828) — — — — (15,828)
Net total receivables$845,804 381,456 2,929 3,865,568 621,400 5,717,157
Municipal Kodiak
Solid Waste FisheriesTotalTotal Total
Collection HospitalResearchEnterpriseGovernmentalPrimary
and DisposalFacilitiesCenterFundsFundsGovernment
Receivables:
Grants $100,000 — — 100,000 5,057,426 5,157,426
Taxes — — — — 578,732 578,732
Customers and other 569,875 121,200 532 691,607 92,308 783,915
Notes receivable — — — — 4,519 4,519
Gross receivables 669,875 121,200 532 791,607 5,732,985 6,524,592
Less: allowance
for uncollectibles — — — — (15,828) (15,828)
Net total receivables$669,875 121,200 532 791,607 5,717,157 6,508,764
Enterprise Funds
Governmental Funds
Capital Project Funds
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
44
(6) Capital Assets
As noted in Footnote (11), the Borough leases the Kodiak Island Hospital and Care Center to Sisters of
Providence. The value of the leased assets and associated depreciation are reflected in the Hospital Fund
following.
Capital asset activity for the year ended June 30, 2010 was as follows:
Beginning Ending
BalanceIncreaseDecreaseBalance
Governmental activities:
Capital assets, not being
depreciated:
Land $23,072,753 394,551 — 23,467,304
Construction
work-in-progress 30,677,298 11,679,370 (11,266,094) 31,090,574
Total 53,750,051 12,073,921 (11,266,094) 54,557,878
Capital assets, being depreciated:
Buildings and improvements90,579,601 4,562,155 (74,215) 95,067,541
Improvements other than
buildings 4,681,699 6,703,762 — 11,385,461
Equipment 2,753,123 49,533 (32,660) 2,769,996
Infrastructure 5,762,722 — — 5,762,722
Total 103,777,145 11,315,450 (106,875) 114,985,720
Less accumulated depreciation for:
Buildings and improvements54,964,054 2,290,398 (74,215) 57,180,237
Improvements other than
buildings 3,658,438 359,837 — 4,018,275
Equipment 1,557,888 118,293 (32,660) 1,643,521
Infrastructure 4,211,121 144,068 — 4,355,189
Total 64,391,501 2,912,596 (106,875) 67,197,222
Total capital assets
being depreciated, net39,385,644 8,402,854 — 47,788,498
Total governmental
activities, net$93,135,695 20,476,775 (11,266,094) 102,346,376
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
45
Beginning Ending
BalanceIncreaseDecreaseBalance
Business-type activities:
Municipal Solid Waste Collection
and Disposal Fund capital assets,
not being depreciated:
Land $1,651,248 — — 1,651,248
Construction work-in-progress624,408 141,655 — 766,063
Total 2,275,656 141,655 — 2,417,311
Capital assets, being depreciated:
Unclassified utility plant in
service 2,178,733 — — 2,178,733
Improvements other than
buildings 2,288,438 — — 2,288,438
Machinery and equipment 1,752,726 — 1,752,726
Total 6,219,897 — — 6,219,897
Less accumulated depreciation for:
Unclassified utility plant in
service 999,502 43,744 — 1,043,246
Improvements other than
buildings 791,384 126,073 — 917,457
Machinery and equipment 1,101,648 100,671 — 1,202,319
Total 2,892,534 270,488 — 3,163,022
Total capital assets
being depreciated, net3,327,363 (270,488) — 3,056,875
Total Municipal Solid
Waste Collection
and Disposal Fund, net$5,603,019 (128,833) — 5,474,186
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
46
Beginning Ending
BalanceIncreaseDecreaseBalance
Hospital Facilities Fund capital
assets, not being depreciated:
Artwork $16,091 — — 16,091
Land 10,251 — — 10,251
Construction work-in-progress 5,628,295 333,248 — 5,961,543
Total 5,654,637 333,248 — 5,987,885
Capital assets, being depreciated:
Buildings 27,131,044 — — 27,131,044
Improvements other than
buildings 401,046 — — 401,046
Machinery and equipment 3,627,068 — — 3,627,068
Total 31,159,158 — — 31,159,158
Less accumulated depreciation for:
Buildings 11,793,251 788,388 — 12,581,639
Improvements other than
buildings 140,417 14,176 — 154,593
Machinery and equipment 3,147,336 70,294 — 3,217,630
Total 15,081,004 872,858 — 15,953,862
Total capital assets being
depreciated, net 16,078,154 (872,858) — 15,205,296
Total Hospital Facilities
Fund, net $21,732,791 (539,610) — 21,193,181
Kodiak Fisheries Research Center Fund
capital assets, being depreciated:
Buildings $17,840,410 — — 17,840,410
Improvements other than buildings 1,103,911 — (55,151)1,048,760
Machinery and equipment 1,157,540 — — 1,157,540
Total 20,101,861 — (55,151)20,046,710
Less accumulated depreciation for:
Buildings 5,945,041 594,681 — 6,539,722
Improvements other than buildings 343,169 33,426 — 376,595
Machinery and equipment 1,149,618 2,288 — 1,151,906
Total 7,437,828 630,395 — 8,068,223
Total Kodiak Fisheries $12,664,033 (630,395) (55,151) 11,978,487
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
47
Beginning Ending
BalanceIncreaseDecreaseBalance
Total business-type activities:
Capital assets, not being
depreciated:
Artwork $16,091 — — 16,091
Land 1,661,499 — — 1,661,499
Construction work-in-progress6,252,703 474,903 — 6,727,606
Total 7,930,293 474,903 — 8,405,196
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 3,793,395 (55,151) 3,738,244
Machinery and equipment 6,537,334 — — 6,537,334
Total 57,480,916 — (55,151) 57,425,765
Less accumulated depreciation for:
Unclassified utility plant in
service 999,502 43,744 — 1,043,246
Buildings 17,738,292 1,383,069 — 19,121,361
Improvements other than
buildings 1,274,970 173,675 — 1,448,645
Machinery and equipment 5,398,602 173,253 — 5,571,855
Total 25,411,366 1,773,741 — 27,185,107
Total capital assets
being depreciated, net32,069,550 (1,773,741) (55,151) 30,240,658
Total business-type
activities, net $39,999,843 (1,298,838) (55,151) 38,645,854
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
48
Depreciation expense was charged to the departments and functions of the primary government as follows:
Governmental activities:
General government $323,900
Public safety 110,272
Emergency preparedness 2,500
Health and sanitation department 34,766
Primary and secondary education 2,441,158
Total – governmental activities 2,912,596
Business-type activities:
Municipal solid waste collection and
disposal 270,488
Hospital facilities 872,858
Kodiak fisheries research center 630,395
Total – business-type activities 1,773,741
Total $4,686,337
(7) Interfund Receivables, Payables and Transfers
(a) Interfund Receivables and Payables
Interfund balances at June 30, 2010 consisted of the following:
Education
and Health
Debt
Service
Fund
Borough
Capital
Projects Fund
School
Bond
Capital
Project
Fund
Other Capital
Project Fund
Municipal
Solid
Waste
Collection
and
Disposal
Enterprise
Fund
Hospital
Facilities
Enterprise
Fund
Kodiak
Fisheries
Research
Center
Enterprise
Fund
Other Govern -
mental FundsTotal
General Fund$400,000 109,107 — — — — — — 509,107
Facilities Special
Revenue Fund — — — — 39,526 1,176,864 4,915,000 161,528 6,292,918
School Bond Capital
Projects Fund — 1,093,039 — 1,000,651 — — 103,442 22,868 2,220,000
Other Governmental
Funds — — 8,562 — — 600 — 27,088 36,250
Total $400,000 1,202,146 8,562 1,000,651 39,526 1,177,464 5,018,442 211,484 9,058,275
Du
e
t
o
Due From
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
49
The balance of $4,915,000 due the Facilities Fund from the K.F.R.C. Fund resulted from a loan of
$8,000,000 that was made to help pay for the construction of the building. $4,505,000 is not
scheduled to be paid in FY2011.
The balance of $1,176,864 due the Facilities Fund from the Hospital Facilities Fund resulted from a
loan of $1,600,000 that was made to pay for part of the cost of a lawsuit. $1,106,261 is not
scheduled to be paid in FY2011.
All remaining balances were short term loans to cover negative cash balances at year end. The
outstanding balances between funds result from the time lag between the dates that (1) inter-fund
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. This loan was to help finance the construction of the Kodiak
Fisheries Research Center. The loan from the Facilities Special Revenue Fund is accounted for as a
long-term inter-fund advance, while the liability in the Kodiak Fisheries Research Center Enterprise
Fund is accounted for as a long-term inter-fund borrowing. The advance bears interest at 7%, and the
scheduled payments for the next five fiscal years ended and thereafter are as follows:
PrincipalInterest Total
Year ending June 30:
2011 $410,000 329,700 739,700
2012 440,000 299,950 739,950
2013 470,000 268,100 738,100
2014 500,000 234,150 734,150
2015 540,000 197,750 737,750
2016-2019 2,555,000 372,925 2,927,925
$4,915,000 1,702,575 6,617,575
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:
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
50
PrincipalInterest Total
Year ending June 30:
2011 $70,603 46,375 116,978
2012 73,455 43,523 116,978
2013 76,423 40,556 116,979
2014 79,510 37,468 116,978
2015 82,723 34,256 116,979
2016-2020 466,527 118,366 584,893
2021-2024 327,623 23,312 350,935
$1,176,864 343,856 1,520,720
(c) Transfers
Interfund transfers have 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, 2010, were as
follows:
EducationBoroughOther Municipal
and HealthCapital CapitalOtherSolid WasteHospital
Debt ServiceProjectProjectGovernmentalCollection andFacilities
FundFundFundFundsDisposal FundFundTotals
Major Governmental Funds:
General Fund $1,357,674 — — 108,000 13,500 — 1,479,174
Facilities Special Revenue Funds565,595 — — 702,000 — — 1,267,595
— 369,499 — — — — 369,499
Other Governmental Funds — — 95,000 13,427 — 66,500 174,927
Total transfers$1,923,269 369,499 95,000 823,427 13,500 66,500 3,291,195
Transfers In
Transfers Out
Enterprise FundsGovernmental Funds
A summary of significant transfers are as follows:
• The General Fund transferred $1,357,674 to the Education and Health Debt Service Fund to
pay for debt service on general government debt.
• The General Fund transferred $108,000 to the Building and Grounds Special Revenue Fund
to pay additional snow removal costs at school sites.
• The General Fund transferred $13,500 to the Municipal Solid Waste Collection and Disposal
Fund to pay for garbage disposal for area thrift shops.
• The Facilities Special Revenue Fund transferred $565,595 to the Education and Health Debt
Service Fund for debt service on school district and hospital bonds.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
51
• The Facilities Special Revenue Fund transferred $202,000 to the Building and Grounds
Special Revenue Fund for to pay additional snow removal costs at school sites.
• The Facilities Special Revenue Fund transferred $500,000 to the State Capital Grants Fund
to pay for capital improvements.
• The Other Capital Project Fund transferred $369,499 to the Borough Capital Projects Fund
to pay for capital improvements.
• The Buildings and Grounds Special Revenue Fund transferred $95,000 to the Other Capital
Project Fund to pay for capital improvements.
• The Kodiak Airport Fire District Fund transferred $13,427 to the Womens Bay Fire
Department Fund to pay for public safety related costs.
• The Fern Fuller Trust Special Revenue Fund transferred $66,500 to the Hospital Facilities
Enterprise Fund for the purchase of new equipment.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
52
(8)Long Term Debt
(a) General Obligation Bonds and other debt
Interest Principal payments
Type of debt Rates DatesIssue dateMaturit y datesDatesAmount
General obligation
bonds – 2000 E Series4.75-5.0%8/1-2/112/12/20002/1/20112/1/2011180,000
180,000
General obligation
bonds – 2000 F Series6.9-9.0%8/1-2/112/12/20002/1/20112/1/2011160,000
160,000
General Obligation
bonds – 2004 C Series4.0-5.0%1/1-7/17/21/20047/1/20247/1/2011385,000
7/1/2012400,000
7/1/2013415,000
7/1/2014435,000
7/1/2015450,000
7/1/2016470,000
7/1/2017485,000
7/1/2018510,000
7/1/2019530,000
7/1/2020555,000
7/1/2021580,000
7/1/2022605,000
7/1/2023635,000
7/1/2024665,000
7,120,000
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:
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
53
Authorized Prior years Balance at Retired/Balance at
Fiscal yearAmountIssuedRetiredJuly 1, 2009IssuedRefundedJune 30, 2010
20011,485,000 1,485,000 1,130,000 355,000 — 175,000 180,000
20011,175,000 1,175,000 865,000 310,000 — 150,000 160,000
20049,300,000 9,300,000 1,815,000 7,485,000 — 365,000 7,120,000
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
54
Interest Principal payments
Type of debt Rates DatesIssue dateMaturity datesDatesAmount
General obligation
bonds – 2004 B Series3.0-5.0%5/1-11/112/1/200411/1/202411/1/2010460,000
11/1/2011475,000
11/1/2012490,000
11/1/2013510,000
11/1/2014530,000
11/1/2015550,000
11/1/2016570,000
11/1/2017595,000
11/1/2018620,000
11/1/2019650,000
11/1/2020675,000
11/1/2021705,000
11/1/2022740,000
11/1/2023775,000
11/1/2024815,000
9,160,000
General obligation
bonds – 2008 A Series4.0-5.0%4/1-10/1 4/1/202804/01/11275,000
04/01/12290,000
04/01/13300,000
04/01/14320,000
04/01/15335,000
04/01/16350,000
04/01/17370,000
04/01/18380,000
04/01/19400,000
04/01/20415,000
04/01/21430,000
04/01/22450,000
04/01/23470,000
04/01/24490,000
04/01/25515,000
04/01/26540,000
04/01/27565,000
04/01/28595,000
7,490,000
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
55
Authorized Prior years Balance at Retired/Balance at
Fiscal yearAmountIssuedRetiredJuly 1, 2009IssuedRefundedJune 30, 2010
200411,050,000 11,050,000 1,445,000 9,605,000 445,000 9,160,000
20088,000,000 8,000,000 250,000 7,750,000 — 260,000 7,490,000
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
56
Interest Principal payments
Type of debt Rates DatesIssue dateMaturit y datesDatesAmount
General obligation
bonds – 2009 A Series4.0%2/1-8/14/9/20092/1/201402/01/111,285,000
02/01/121,335,000
02/01/131,390,000
02/01/141,445,000
5,455,000
ADEC loans
Clean water – Karluk3.92 – 4.05%******6/1/2011 5,690
6/1/2012 5,775
6/1/2013 5,862
6/1/2014 5,950
6/1/2015 6,039
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
60,899
$29,625,899
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
57
Authorized Prior years Balance at Retired/Balance at
Fiscal yearAmountIssuedRetiredJuly 1, 2009IssuedRefundedJune 30, 2010
20096,740,000 6,740,000 — — 6,740,000 1,285,000 5,455,000
1998400,000 97,019 27,683 66,505 — 5,606 60,899
$38,150,000 37,847,019 5,532,683 25,571,505 6,740,000 2,685,606 29,625,899
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
58
The annual requirements to amortize all general obligation bonded debt and the ADEC loan payable
outstanding as of June 30, 2010, are as follows:
GeneralADEC
obligationloan payableTotalInterest
Year ending June 30:
2011 2,745,000 5,690 2,750,690 1,287,423
2012 2,500,000 5,775 2,505,775 1,169,023
2013 2,595,000 5,862 2,600,862 1,067,148
2014 2,710,000 5,950 2,715,950 961,086
2015 1,315,000 6,039 1,321,039 848,996
2016-2020 8,125,000 25,077 8,150,077 3,355,168
2021-2025 7,875,000 6,506 7,881,506 1,533,626
2026-2028 1,700,000 — 1,700,000 172,210
$29,565,000 60,899 29,625,899 10,394,680
There was $22,255 in the Education and Health Debt Service Fund to service 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, 2010, 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, 2008 interest accrued at 1.5%. The first loan payment is
due one year following substantial completion and initiation
of operation of the facility $1,989,995
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
59
(c) Changes in Long-term Liabilities
Long-term liability activity for the year ended June 30, 2010, was as follows:
Balance Balance
June 30,June 30,Due within
2009AdditionsReductions2010one year
Governmental activities:
Bonds payable:
General obligation bonds$32,245,000 — 2,680,000 29,565,000 2,745,000
Bond premium 289,424 — 15,992 273,432 15,992
32,534,424 — 2,695,992 29,838,432 2,760,992
ADEC loans 66,505 — 5,606 60,899 5,690
Compensated absences 234,236 234,236 235,415 233,057 233,057
Total $32,835,165 234,236 2,937,013 30,132,388 2,999,739
Business-type activities:
Municipal Solid Waste
Collection and Disposal:
Landfill closure and
post-closure
costs $4,390,364 367,263 — 4,757,627 —
Notes payable 1,864,503 125,492 — 1,989,995 —
Total $6,254,867 492,755 — 6,747,622 —
Hospital Facilities:
Long term interfund
borrowings $1,244,725 — 67,861 1,176,864 70,603
Total $1,244,725 — 67,861 1,176,864 70,603
Kodiak Fisheries Research
Center:
Long term interfund
borrowings $5,300,000 — 385,000 4,915,000 410,000
Total $5,300,000 — 385,000 4,915,000 410,000
Business-type activities:
Landfill closure and post-
closure costs $4,390,364 367,263 — 4,757,627 —
Long term interfund
borrowings 6,544,725 — 452,861 6,091,864 480,603
Notes payable 1,864,503 125,492 — 1,989,995 —
Total $12,799,592 492,755 452,861 12,839,486 480,603
For governmental activities, compensated absences are generally liquidated by the General Fund.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
60
(9) Solid Waste Landfill Closure and Post Closure 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 post closure care costs that will be incurred based on the date
the landfill no longer accepts waste. The recognition of these landfill closure and post closure care costs is
based on the amount of the landfill used during the year. The estimated liability of landfill closure and post
closure care costs is $4,757,627 as of June 30, 2010, which is based on 80% usage (filled) of the landfill.
The landfill is estimated to be filled and unusable by the year 2014. Of the total liability at June 30, 2010,
an increase of $367,263 was recorded in the current year based on current year usage and changes in
estimates. An estimated additional $1,185,886 will be recognized as closure and post closure care expenses
between the date of the balance sheet and the date the landfill is expected to be filled to capacity. The
estimated total current cost of the landfill closure and post closure care of $5,943,513 is based on the
amount that would be paid if the landfill were closed as of June 30, 2010. However, the actual cost of
closure and post closure 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 post closure 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 post closure 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.
(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, the Kodiak Island Borough
Manager, and the Kodiak Island Borough Mayor are all members of the Board of Directors of the JIA.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
61
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.
• 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 Kodiak Island 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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
62
The agreement with Providence specifies that the Borough will contribute at least $108,000 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. In 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 $108,000 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 $37,500 in 2010 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 $48,000 in 2010 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 $389,595. Operational and maintenance expenses are adjusted every five
years to actual costs.
The lease with UAF was originally 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. However,
during FY10, UAF notified the Borough that they would be cancelling the lease effective September
1, 2010. As of the issue date of the financial statements, the Borough and UAF were in negotiations
regarding a new lease.
(12) Retirement Commitments
Alaska Public Employee Retirement System (PERS)
The Borough has adopted Governmental Accounting Standards Board (GASB) Statement No. 27,
Accounting for Pensions by State and Local Governmental Employees and GASB 45, Accounting
and Financial Reporting by Employers for Post-employment Benefits Other than Pensions. GASB
No. 27 and GASB No. 45 establish uniform standards for the measurement, recognition and display
of pension and other post-employment benefits other than pensions (healthcare)
expenditures/expense and related liabilities, assets, note disclosure and applicable required
supplementary information in the financial reports of state and local governmental employers.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
63
Retirement Plans. All full-time employees and certain permanent part-time employees of the
Borough participate in the State of Alaska Public Employees’ Retirement System (PERS). In
addition to the pension plan the system also administers a post-employment healthcare benefit plan.
Summary of Significant Accounting Policies. PERS financial statements are prepared using the
accrual basis of accounting. Plan member contributions are recognized in the period in which the
contributions are due. The Borough’s contributions are recognized when due and a formal
commitment to provide the contributions has been made. Benefits and refunds are recognized when
due and payable in accordance with the terms of the plan. All plan investments are reported at fair
market value or estimated fair market value.
Plan Description. The Borough contributes to the Alaska Public Employees Retirement System
(PERS), which includes both an cost-sharing multiple employer defined benefit pension and a post-
employment healthcare plans administered by the Commissioner of Administration and the Alaska
Retirement Management Board (ARMB). There are currently 160 employers participating in PERS,
including the State of Alaska and 159 political subdivisions and public organizations. PERS
provides (1) retirement benefits including disability and death benefits, and post-employment
healthcare to plan members and beneficiaries. The authority to establish and amend benefit
provisions is assigned to the ARMB. The Public Employee’s Retirement System issues a publicly
available financial report that includes financial statements and required supplementary information
for PERS. This report may be obtained from the system at Pouch C, Juneau, Alaska 99811.
Benefits vest with 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, but before
July 1, 2006, 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 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%.
Post-employment healthcare benefits are provided without cost to all members first enrolled before
July 1, 1986. Members first enrolled after June 30, 1986 and who have not reached age 60 may elect
to pay for major medical benefits.
Pension 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 age 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
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
64
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.
Post Retirement Pension Adjustments. Post retirement pension adjustments (PRPAs) are granted
annually to eligible benefit recipients when the consumer price index (CPI) increases during the
preceding calendar year. PRPAs are calculated by multiplying the recipient’s base benefit, including
past PRPAs, times:
(a) 75% of the CPI increase in the preceding calendar year or 9%, whichever is less, if the
recipient is at least 65 or on PERS disability; or
(b) 50% of the CPI increase in the preceding calendar year or 6%, whichever is less, if the
recipient is at least 60, or has been receiving benefits for at least five years.
Ad hoc PRPAs, up to a maximum of 4%, may be granted to eligible recipients who first entered the
PERS before July 1, 1986, if the CPI increases and the financial condition of the fund will permit an
increase. In a year where an ad hoc PRPA is granted, eligible recipients will receive the higher of
the two calculations.
Funding Policy. Active PERS members are required to contribute 6.75% (2.44% pension cost and
4.31% post-employment health care cost) of their annual covered salary and the Borough is required
to contribute at an actuarial determined rate; the current rate is 27.65% (10.01% pension cost and
17.64% post-employment health care cost). The legislature capped the employer rate at 22%, with the
State of Alaska contributing an on behalf payment for the difference between actuarial required
contribution and the cap The contribution requirements of plan members and the Borough are
established and may be amended by the ARMB.
Annual Pension Cost. For 2010, the Borough annual pension cost of $533,244 for PERS was equal
to the Borough’s actual contributions. The State of Alaska contributed $150,602 on behalf of the
Borough.
Alaska Public Employee Retirement System (PERS) – Defined Contribution Plan
Plan Description and Funding Requirements. Boroughs 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 0.83% of retiree medical plan, 0.30% occupational and death and disability
benefits and 3% of employers average annual employee compensation of the health reimbursement
arrangement (HRA). The employer effective contribution rate is 22%. 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%
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
65
Plan provisions and contribution requirements and amendments are established by the Alaska
Retirement Management Board (ARMB). Total contributions for the year ended June 30, 2010 are
as follows:
Employer Employee
Defined contribution $ 9,498 15,196
Retiree medical plan 1,585 -
Occupational health and disability benefits 585 -
Health reimbursement agreement (HRA) 7,443 -
Defined benefit unfunded liability (DBUL) 24,577 -
Actual contributions were equal to the annual required contributions.
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, 2010, was $157,408.
The first plan is managed by the International Borough Managers Association Retirement
Corporation. $63,727 was contributed to this plan during the year ended June 30, 2010. 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. $93,681 was contributed to this
plan during the year ended June 30, 2010. The Borough believes that the plan does not meet the
criteria for inclusion as a fiduciary fund.
(13) 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.
KODIAK ISLAND BOROUGH
Notes to Basic Financial Statements
June 30, 2010
66
(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 that has since
been reduced to $500 million plus interest by the United States Supreme Court. The interest issue is
now on appeal to the Ninth Circuit Court of Appeals. The Borough received a payment of
approximately $318,000 in 2009, and a final payout of $522,059 subsequent to year end, but before
the issuance of the financial statements.
(14) Subsequent Events
Management have evaluated subsequent events through January 25, 2011, the date which the financial
statements were available for issue.
(15) Restatements
Certain amounts have been restated in the prior year to conform to the current year presentation.
(16) Construction Commitments
The Borough has outstanding commitments for construction at year end of $4,989,450.
REQUIRED SUPPLEMENTARY
INFORMATION
6767
l l s 1 567 075 1 469 238 1 816 471 347 233 2 040 436
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget –
Budget Positive 2009
Original Final Actual (Negative)Actual
Revenues:
Property taxes:
Real $8,452,508 8,342,508 8,420,010 77,502 8,029,453
Personal 1,134,150 1,055,150 1,046,934 (8,216) 1,092,850
Boat 50,000 23,000 22,548 (452) 24,017
Motor vehicle 250,000 250,000 260,739 10,739 274,462
Penalty and interest 175,000 175,000 132,876 (42,124) 132,471
Total property taxes 10,061,658 9,845,658 9,883,107 37,449 9,553,253
Intergovernmental:
State sources:
State Revenue Sharing 966,706 747,706 748,189 483 777,571
Raw fish tax 1,100,000 1,339,575 1,339,575 — 1,288,926
Fish revitalization 50,000 17,970 68,855 50,885 55,382
Commercial Passenger Vessel Tax — 25,500 25,487 (13) 24,778
Electric Co-op tax 26,000 26,000 26,716 716 27,524
On behalf PERS payment — 219,000 98,214 (120,786) 247,007
Total state sources 2,142,706 2,375,751 2,307,036 (68,715) 2,421,188
Federal sources:
Payments in lieu of taxes 1,217,000 1,217,000 1,361,593 144,593 1,775,015
Fish and Wildlife revenue sharing 350,000 252,163 249,859 (2,304) 262,694
Community Stimulus Grant — — 202,640 202,640 —
Schools and Roads - Grants to States 75 75 2,379 2,304 2,727
Total federal sourcesTota federa source 1 567 075,, 1 469 238,, 1 816 471,, 347 233, 2 040 436,,
Total intergovernmental
revenue 3,709,781 3,844,989 4,123,507 278,518 4,461,624
Severance taxes:
Fish 1,400,000 1,400,000 1,287,693 (112,307) 1,289,695
Mining 12,600 12,600 19,762 7,162 14,001
Logging 20,000 20,000 28,620 8,620 7,492
Total severance taxes 1,432,600 1,432,600 1,336,075 (96,525) 1,311,188
Licenses, permits, fees, and other local
revenues:
Building and trailer permits 45,000 65,000 64,010 (990) 52,002
Subdivision and zoning fees 4,500 4,500 4,075 (425) 6,075
Sale of copies 8,000 8,000 3,234 (4,766) 7,340
Total licenses, permits, fees,
and other local revenues 57,500 77,500 71,319 (6,181) 65,417
Investment income 105,000 155,000 178,567 23,567 292,825
Other 34,750 34,750 38,352 3,602 131,944
Total revenues 15,401,289 15,390,497 15,630,927 240,430 15,816,251
(continued)
6868
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
General Fund, continued
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Actual Amounts Final Budget –
Budget Budgetary Basis Positive 2009
Original Final (see Note A)(Negative)Actual
Expenditures:
General government:
General and administration $298,800 298,800 264,451 34,349 246,765
Borough assembly 184,460 184,460 164,856 19,604 161,128
Borough manager 387,587 387,587 421,554 (33,967) 407,768
Borough clerk 468,174 468,174 467,653 521 464,767
Borough attorney 128,000 128,000 91,867 36,133 66,585
Finance department 774,940 774,940 767,100 7,840 692,596
Management information systems 748,430 748,430 670,731 77,699 487,354
Assessing department 484,788 484,788 377,787 107,001 486,325
Engineering/facilities department 144,668 204,668 202,879 1,789 181,046
Total general government 3,619,847 3,679,847 3,428,878 250,969 3,194,334
Public safety - animal control 82,500 84,125 84,125 — 84,125
Community and economic development
Community development department 856,792 856,792 632,109 224,683 691,604
Building official 153,778 153,778 157,013 (3,235) 90,016
Economic development 75,000 75,000 45,358 29,642 43,500
Total community and economic
development 1,085,570 1,085,570 834,480 251,090 825,120
Emergency preparedness 8,800 8,800 8,011 789 12,488
Health and sanitation department 268,000 268,000 265,626 2,374 232,699
Education, culture, and recreation 111,034 111,034 105,182 5,852 161,571
Pk d tiParks and recreation 36 00036,000 36 00036,000 — 36 00036,000 —
Kodiak College and city libraries 93,000 93,000 87,000 6,000 87,000
Primary and secondary education 11,308,619 9,980,350 9,980,350 — 9,956,618
Total expenditures 16,613,370 15,346,726 14,793,652 553,074 14,553,955
Excess of revenues
over expenditures (1,212,081) 43,771 837,275 793,504 1,262,296
Other financing (uses):
Transfers out (49,500) (1,449,769) (1,479,174) — (1,368,486)
Change in fund balance $(1,261,581) (1,405,998) (641,899) 793,504 (106,190)
Fund balance, at beginning of year 3,124,289 3,230,479
Fund balance, at end of the year $2,482,390 3,124,289
Note A: This schedule does not include expenditures of $99,714 on a multi year community development project.
These costs are accumulated in the Community Development Fund which is combined with the General Fund
for the Basic Financial Statements.
Note B:See accompanying notes to required supplementary information
6969
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
Special Revenue Fund – Facilities
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget –
Budget Positive 2009
Original Final Actual (Negative)Actual
Revenues:
Investment income $1,000,000 1,000,000 939,782 (60,218) 1,337,694
Expenditures:
Contingencies 29,405 29,405 — 29,405 —
Excess of revenues over
expenditures 970,595 970,595 939,782 (30,813) 1,337,694
Other financing sources (uses):
Transfers out (1,267,595) (1,267,595) (1,267,595) — (1,514,540)
Change in fund balance $(297,000) (297,000) (327,813) (30,813) (176,846)
Fund balance, at beginning of year 39,693,012 39,869,858
Fund balance, at end of year $39,365,199 39,693,012
See accompanying notes to required supplementary information
(This page was intentionally left blank)
KODIAK ISLAND BOROUGH
Notes to Required Supplementary Information – Budgetary Comparison Schedules
June 30, 2010
70
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 published a separate 2010 budget document. That document may be obtained from the
Kodiak Island Borough, Director of Finance, 710 Mill Bay Road, Kodiak, Alaska 99615.
(This page was intentionally left blank)
ADDITIONAL SUPPLEMENTARY INFORMATION
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue
See Special Revenue section of this report.
Debt Service
See Debt Service section of this report.
Capital Projects
See Capital Projects section of this report.
7171
er)ure (1 923 269)(1 906 952)16 317 (1 781 769)
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
Debt Service Fund - Education and Health
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
2010
Variance with
Original Final Budget –
and Final Positive 2009
Budget Actual (Negative)Actual
Revenues:
Intergovernmental:
State sources $2,152,530 2,139,628 (12,902) 2,146,506
Investment income 1,000 (1,950) (2,950) 8,718
Premium on bonds — — — 198,235
Total revenues 2,153,530 2,137,678 (15,852) 2,353,459
Expenditures:
General government 40,566 8,404 32,162 242
Debt service:
Prinicpal 2,685,607 2,685,606 1 2,495,056
Interest 1,350,626 1,350,620 6 1,571,295
Debt issuance — — — 68,635
Total expenditures 4,076,799 4,044,630 32,169 4,135,228
Excess (deficiency) of revenues
over (under)expendituresover (und expendit s (1 923 269),, (1 906 952),, 16 317, (1 781 769),,
Other financing sources (uses):
Transfers in 1,923,269 1,923,269 — 1,923,036
Refunding bonds issued — — — 6,740,000
Payment to refunded bond escrow agent — — — (6,865,467)
Net other financing sources (uses)1,923,269 1,923,269 — 1,797,569
Change in fund balance $— 16,317 16,317 15,800
Fund balance (deficit), at beginning of year 5,938 (9,862)
Fund balance, at end of year $22,255 5,938
(This page was intentionally left blank)
KODIAK ISLAND BOROUGH
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2010
(With summarized financial information at June 30, 2009)
Special Capital
Revenue Project
Assets Funds Funds 2010 2009
Equity in central treasury $4,166,914 361,932 4,528,846 3,860,381
Receivables:
State of Alaska 25,885 479,476 505,361 54,064
Federal Government — 83,473 83,473 63,034
Property taxes 12,496 — 12,496 12,872
Land sales contracts, due within one year 11,077 — 11,077 41,558
Other 20,070 — 20,070 33,122
Due from other funds 36,250 — 36,250 419,000
Land sale contracts, due after one year 34,342 — 34,342 172,449
Total $4,307,034 924,881 5,231,915 4,656,480
Liabilities and Fund Balances
Liabilities:
Accounts payable $185,272 191,898 377,170 235,612
Customer deposits 1,258 — 1,258 700
Due to other funds 189,933 21,551 211,484 179,316
Unearned revenues 38,485 48,000 86,485 212,197
Total liabilities 414,948 261,449 676,397 627,825
Fund Balances:
Unreserved:
Designated for subsequent
year expenditures 356,820 — 356,820 387,668
Undesignated 3,535,266 663,432 4,198,698 3,639,987
Total fund balances 3,892,086 663,432 4,555,518 4,027,655
Total $4,307,034 924,881 5,231,915 4,655,480
Totals
72
KODIAK ISLAND BOROUGH
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
Year ended June 30, 2010
(With summarized financial information for year ended June 30, 2009)
Special Capital
Revenue Project
Funds Funds 2010 2009
Revenues:
Property taxes and assessments $1,110,068 — 1,110,068 1,012,432
Intergovernmental:
State sources 61,516 2,053,857 2,115,373 627,706
Federal sources 105,250 332,580 437,830 531,391
Land sale proceeds 138,867 — 138,867 30,561
Licenses, permits, fees,
and other local revenues 669,874 — 669,874 677,110
Investment income 71,757 4,841 76,598 132,274
Other 117,610 639 118,249 88,562
Total revenues 2,274,942 2,391,917 4,666,859 3,100,036
Expenditures:
Current:
General government 1,163,319 — 1,163,319 872,448
Public safety 418,366 — 418,366 376,701
Community and economic development 100,492 — 100,492 83,381
Health and sanitation department 105,695 — 105,695 101,048
Service district maintenance 543,897 — 543,897 398,219
Capital outlay:
Schools — 13,022 13,022 289,085
General — 2,436,453 2,436,453 604,786
Debt service - interest 6,252 — 6,252 7,113
Total expenditures 2,338,021 2,449,475 4,787,496 2,732,781
Excess (deficiency) of revenues
over (under) expenditures (63,079) (57,558) (120,637) 367,255
Other financing sources (uses):
Transfers in 323,427 500,000 823,427 259,975
Transfers out (174,927) — (174,927) (79,475)
Net other financing sources (uses)148,500 500,000 648,500 180,500
Change in fund balances 85,421 442,442 527,863 547,755
Fund balances, at beginning of year 3,806,665 220,990 4,027,655 3,479,900
Fund balances, at end of year $3,892,086 663,432 4,555,518 4,027,655
Totals
73
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 Area 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 Child Care Assistance Program Fund accounts for a State of Alaska grant to finance day care for children
of low-income employed families.
The Local Emergency Planning Committee (L.E.P.C.) 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 Buildings and Grounds Fund accounts for the operations and maintenance of certain buildings and
grounds owned by the Borough which 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 Trinity Islands Street Light Service Area Fund accounts for activities related to the provision of street
lighting within the service area.
(continued)
NONMAJOR SPECIAL REVENUE FUNDS
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 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.
The Trinity Islands Paving Fund accounts for activities related to the provision of paving within the service
area.
(This page was intentionally left blank)
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet
June 30, 2010
(With summarized financial information at June 30, 2009)
Fire and Road Service Areas
FireRoad
FireWomens Kodiak Monashka
ProtectionBay FireAirport FireBay Road Service
AssetsArea No. 1DepartmentDistrictService AreaArea No. 1
Equity in central treasury$1,016,237 327,180 34,097 5,226 529,323
Receivables:
State of Alaska— — — — —
Property taxes5,447 1,329 33 486 3,154
Land sales contracts, due within one year — — — — —
Other — — — — —
Due from other funds— — — — —
Land sale contracts, due after one year — — — — —
Total$1,021,684 328,509 34,130 5,712 532,477
Liabilities and Fund Balances (Deficits)
Liabilities:
Accounts payable17,933 1,373 — 1,337 87,555
Customer deposits— 550 — — —
Due to other funds15,393 119 — — —
Unearned revenues— 4,144 — — —
Total liabilities33,326 6,186 — 1,337 87,555
Fund balances (deficits):
Unreserved:
Designated for subsequent year expenditures40,000 — — — 130,000
Undesignated 948,358 322,323 34,130 4,375 314,922
Total fund balances (deficits)988,358 322,323 34,130 4,375 444,922
Total $1,021,684 328,509 34,130 5,712 532,477
74
Fire and Road Service Areas
Child Care
Womens BayBay View Road Service AreaCoastalAssistance
Service AreaService AreaNo. 2ManagementProgram L.E.P.C.Land Sales
157,510 4,094 5,521 27,691 133 4,798 1,099,674
— — — 8,241 5,725 11,919 —
2,023 — — — — — —
— — — — — — 11,077
— — — — — — —
— — — — — — 36,250
— — — — — — 34,342
159,533 4,094 5,521 35,932 5,858 16,717 1,181,343
25,442 2,400 — 1,834 305 5,650 —
— — — — — — —
84 10,000 — 140 6,284 25,868 9,207
— — — — — — 34,341
25,526 12,400 — 1,974 6,589 31,518 43,548
— — — — — — 116,820
134,007 (8,306) 5,521 33,958 (731) (14,801) 1,020,975
134,007 (8,306) 5,521 33,958 (731) (14,801) 1,137,795
159,533 4,094 5,521 35,932 5,858 16,717 1,181,343
(Continued)
Federal and State Grant ProgramsRoad
75
Woodland
Buildings Acres StreetTrinity Islands
and Light ServiceStreet LightTourism Mission Lake
AssetsGroundsAreaService AreaDevelopmentTide Gate
Equity in central treasury$266,412 13,035 7,455 80,557 16,920
Receivables:
State of Alaska— — — — —
Property taxes— 24 — — —
Land sales contracts, due within one year — — — — —
Other 356 — — 19,714 —
Due from other funds— — — — —
Land sale contracts, due after one year — — — — —
Total$266,768 13,059 7,455 100,271 16,920
Liabilities and Fund Balances (Deficits)
Liabilities:
Accounts payable30,850 440 153 10,000 —
Customer deposits600 — — 108 —
Due to other funds7,590 — — — 205
Unearned revenues— — — — —
Total liabilities39,040 440 153 10,108 205
Fund balances (deficits):
Unreserved:
Designated for subsequent year expenditures— — — — —
Undesignated 227,728 12,619 7,302 90,163 16,715
Total fund balances (deficits)227,728 12,619 7,302 90,163 16,715
Total $266,768 13,059 7,455 100,271 16,920
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet, (continued)
June 30, 2010
Street Lighting Districts
76
Fern FullerTrinity IslandsTotals
TrustPaving20102009
517,492 53,559 4,166,914 3,701,529
— — 25,885 24,502
— — 12,496 12,872
— — 11,077 41,598
— — 20,070 33,082
— — 36,250 419,000
— — 34,342 172,449
517,492 53,559 4,307,034 4,405,032
— — 185,272 206,154
— — 1,258 700
— 115,043 189,933 179,316
— — 38,485 212,197
— 115,043 414,948 598,367
70,000 — 356,820 387,668
447,492 (61,484) 3,535,266 3,418,997
517,492 (61,484) 3,892,086 3,806,665
517,492 53,559 4,307,034 4,405,032
77
Fire and Road Service Areas
FireRoad
FireWomens KodiakMonashka
ProtectionBay FireAirport FireBay Road
Area No. 1DepartmentDistrict Service Area
Revenues:
Property taxes and assessments $455,709 70,267 13,748 52,368
Intergovernmental:
State sources4,676 396 — 7
Federal sources — — — —
Land sale proceeds — — — —
Licenses, permits, fees,
and other local revenues — 12,762 — —
Investment income 17,235 5,187 643 498
Other 31,406 — — —
Total revenues509,026 88,612 14,391 52,873
Expenditures:
Current:
General government — — — —
Public safety 337,214 58,793 28 —
Community and economic development — — — —
Health and sanitation department — — — —
Service district maintenance — — — 66,606
Debt service — — — —
Total expenditures337,214 58,793 28 66,606
Excess (deficiency) of revenues
over (under) expenditures 171,812 29,819 14,363 (13,733)
Other financing sources (uses):
Transfers in — 13,427 — —
Transfers out — — (13,427) —
KODIAK ISLAND BOROUGH
Year ended June 30, 2010
(With summarized financial information for the year ended June 30, 2009)
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances (Deficits)
78
Net other financing sources (uses)— 13,427 (13,427) —
Change in fund balances 171,812 43,246 936 (13,733)
Fund balances (deficits), at beginning of year816,546 279,077 33,194 18,108
Fund balances (deficits), at end of year$988,358 322,323 34,130 4,375
78
Child Care
ServiceWomens BayBay View RoadService CoastalAssistance
Area No. 1Service Area Service Area Area No. 2ManagementProgramL.E.P.C.Land Sales
327,751 135,264 11,052 — — — — —
55 17 6 — 507 24,309 22,153 4,711
— — — — 23,864 81,386 — —
— — — — — — — 138,867
— 25,000 — — — — — 54,912
7,495 2,633 37 90 — — — 19,419
— — — — — — — 80
335,301 162,914 11,095 90 24,371 105,695 22,153 217,989
— — — — — — — 260,635
— — — — — — 22,331 —
— — — — 24,371 — — —
— — — — — 105,695 — —
297,325 166,361 12,541 — — — — —
— — — — — — — —
297,325 166,361 12,541 — 24,371 105,695 22,331 260,635
37,976 (3,447) (1,446) 90 — — (178) (42,646)
— — — — — — — —
— — — — — — — —
Federal and State Grant Programs
Fire and Road Service Areas
Road
79
— — — — — — — —
37,976 (3,447) (1,446) 90 — — (178) (42,646)
406,946 137,454 (6,860) 5,431 33,958 (731) (14,623) 1,180,441
444,922 134,007 (8,306) 5,521 33,958 (731) (14,801) 1,137,795
(continued)
79
Woodland AcresTrinity Islands
Buildings andStreet Light Street Light
GroundsService Area Service Area
Revenues:
Property taxes and assessments $— 10,287 4,373
Intergovernmental:
State sources4,669 — —
Federal sources — — —
Land sale proceeds — — —
Licenses, permits, fees,
and other local revenues 577,200 — —
Investment income 6,493 213 118
Other 121 — —
Total revenues588,483 10,500 4,491
Expenditures:
Current:
General government 887,107 5,144 1,781
Public safety — — —
Community and economic development — — —
Health and sanitation department — — —
Service district maintenance — — —
Debt service — — —
Total expenditures887,107 5,144 1,781
Excess (deficiency) of revenues
over (under) expenditures (298,624) 5,356 2,710
Other financing sources (uses):
Transfers in 310,000 — —
Transfers out (95,000) — —
KODIAK ISLAND BOROUGH
Street Lighting Districts
Combining Statement of Revenues, Expenditures,
(With summarized financial information for the year ended June 30, 2009)
Nonmajor Special Revenue Funds
and Changes in Fund Balances (Deficits), (continued)
Year ended June 30, 2010
80
Net other financing sources (uses)215,000 — —
Change in fund balances (83,624) 5,356 2,710
Fund balances (deficits), at beginning of year311,352 7,263 4,592
Fund balances (deficits), at end of year$227,728 12,619 7,302
80
TourismMission LakeFern FullerTrinity IslandsTotals
DevelopmentTide GateTrustPaving20102009
— 3,800 — 25,449 1,110,068 1,012,432
— 10 — — 61,516 20,180
— — — — 105,250 129,561
— — — — 138,867 30,561
— — — — 669,874 677,110
1,380 266 9,043 1,007 71,757 119,678
86,003 — — — 117,610 88,562
87,383 4,076 9,043 26,456 2,274,942 2,078,084
— — 8,652 — 1,163,319 872,448
— — — — 418,366 376,701
76,121 — — — 100,492 83,381
— — — — 105,695 101,048
— 1,064 — — 543,897 398,219
— — — 6,252 6,252 7,113
76,121 1,064 8,652 6,252 2,338,021 1,838,910
11,262 3,012 391 20,204 (63,079) 239,174
— — — — 323,427 259,975
— — (66,500) — (174,927) (79,475)
81
— — (66,500) — 148,500 180,500
11,262 3,012 (66,109) 20,204 85,421 419,674
78,901 13,703 583,601 (81,688) 3,806,665 3,386,991
90,163 16,715 517,492 (61,484) 3,892,086 3,806,665
81
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas – Fire Protection Area No. 1
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$435,221 455,709 20,488 423,587
Intergovernmental:
State sources - grants— 4,676 4,676 .
Investment income— 17,235 17,235 28,412
Other 8,495 31,406 22,911 2,079
Total revenues443,716 509,026 65,310 30,491
Expenditures:
Public safety:
Personnel83,000 99,740 (16,740) 81,571
Volunteers15,600 14,490 1,110 18,630
Fringe benefits38,760 45,413 (6,653) 37,400
Professional services2,500 673 1,827 —
Support goods and services153,856 161,564 (7,708) 150,739
Capital outlay 150,000 15,334 134,666 8,246
Total expenditures443,716 337,214 106,502 296,586
2010
Excess of revenues over
expenditures $— 171,812 171,812 157,492
Fund balance, at beginning of year816,546 659,054
Fund balance, at end of year$988,358 816,546
82
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, 2010
(With financial information for the year ended June 30, 2009)
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$68,850 70,267 1,417 68,858
Intergovernmental:
State sources - grants13,016 396 (12,620) —
Licenses, permits, fees, and
other local revenues10,210 12,762 2,552 12,361
Investment income4,000 5,187 1,187 9,022
Total revenues96,076 88,612 (7,464) 90,241
Expenditures:
Public safety:
Personnel services1,000 690 310 503
Fringe benefits500 415 85 285
Support goods and services74,616 44,262 30,354 43,869
Capital outlay 32,460 13,426 19,034 15,250
Total expenditures108,576 58,793 49,783 59,907
Excess (deficiency) of revenues
2010
(y)
over (under) expenditures(12,500) 29,819 42,319 30,334
Other financing sources:
Transfers in:
Kodiak Airport Fire
District Special Revenue Fund 12,500 13,427 927 12,975
Change in fund balance$— 43,246 43,246 43,309
Fund balance, at beginning of year279,077 235,768
Fund balance, at end of year$322,323 279,077
83
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$13,420 13,748 328 13,427
Investment income200 643 443 1,244
Total revenues13,620 14,391 771 14,671
Expenditures:
Public safety:
Support goods and services1,120 28 1,092 28
Excess of revenues over expenditures12,500 14,363 1,863 14,643
Other financing (uses):
Transfers out:
Womens Bay Fire Department Special
Revenue Fund (12,500) (13,427) (927) (12,975)
Change in fund balance$— 936 936 1,668
Fund balance, at beginning of year33,194 31,526
Fund balance, at end of year$34,130 33,194
84
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$51,750 52,368 618 51,747
Intergovernmental:
State sources - grants43,816 7 (43,809) —
Investment income250 498 248 1,232
Total revenues95,816 52,873 (42,943) 52,979
Expenditures:
Service district maintenance:
Personnel services400 146 254 615
Fringe benefits200 61 139 285
Support goods and services8,400 149 8,251 119
Snow removal/sanding15,000 13,728 1,272 22,101
Road grading/ditching46,816 29,509 17,307 27,419
Repairs and maintenance25,000 23,013 1,987 2,625
Total expenditures95,816 66,606 29,210 53,164 p
Deficiency of revenues
(under) expenditures$— (13,733) (13,733) (185)
Fund balance, at beginning of year18,108 18,293
Fund balance, at end of year$4,375 18,108
85
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas – Service Area No. 1
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$291,500 327,751 36,251 292,079
Intergovernmental:
State sources - grants— 55 55 —
Investment income— 7,495 7,495 15,017
Total revenues291,500 335,301 43,801 307,096
Expenditures:
Service district maintenance:
Personnel services7,600 5,313 2,287 7,413
Fringe benefits1,950 1,459 491 —
Support goods and services1,300 822 478 730
Snow removal/sanding120,000 90,822 29,178 95,809
Road grading/ditching85,650 59,187 26,463 48,981
Repairs and maintenance75,000 139,722 (64,722) 18,014
Total expenditures291,500 297,325 (5,825) 170,947 p ()
Excess of revenues
over expenditures$— 37,976 37,976 136,149
Fund balance, at beginning of year406,946 270,797
Fund balance, at end of year$444,922 406,946
86
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$125,514 135,264 9,750 105,911
Intergovernmental:
State sources - grants173,405 17 (173,388) —
Licenses, permits, fees, and
other local revenues20,000 25,000 5,000 25,000
Investment income3,000 2,633 (367) 7,094
Total revenues321,919 162,914 (159,005) 138,005
Expenditures:
Service district maintenance:
Personnel services1,000 785 215 1,366
Fringe benefits500 476 24 806
Support goods and services23,000 1,723 21,277 3,761
Snow removal/sanding35,000 36,013 (1,013) 95,058
Road grading/ditching35,000 13,215 21,785 12,905
Repairs and maintenance227,419 114,149 113,270 48,295
Total expenditures321,919 166,361 155,558 162,191
Deficiency of revenues
(under) expenditures $— (3,447) (3,447) (24,186)
Fund balance, at beginning of year137,454 161,640
Fund balance, at end of year$134,007 137,454
87
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$11,065 11,052 (13) 7,162
Intergovernmental
State sources - grants— 6 6 —
Investment income200 37 (163) 20
Total revenues11,265 11,095 (170) 7,182
Expenditures:
Service district maintenance:
Personnel services— 117 (117) 241
Fringe benefits— 59 (59) 140
Professional services5,565 — 5,565 —
Support goods and services 100 23 77 12
Snow removal/sanding3,000 8,692 (5,692) 7,196
Road grading/ditching1,100 3,650 (2,550) 350
Repairs and maintenance1,500 — 1,500 3,031
Total expenditures11,265 12,541 (1,276) 10,970
Deficiency of revenues (under) expenditures$— (1,446) (1,446) (3,788)
Fund (deficit), at beginning of year(6,860) (3,072)
Fund(deficit)atendofyear $(8306)(6860)Fund (deficit), at end of year $(8,306) (6,860)
88
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Investment income$100 90 (10) 169
Expenditures
Service district maintenance -
Support services100 — 100 —
Excess of revenues over
expenditures$— 90 90 169
Fund balance, at beginning of year5,431 5,262
Fund balance, at end of year$5,521 5,431
89
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Coastal Management
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Intergovernmental:
State sources – grants$— 507 507 —
Federal sources – grants24,000 23,864 (136) 28,513
Total revenues24,000 24,371 371 28,513
Expenditures:
Community and economic development:
Planning and zoning24,000 24,371 (371) 28,324
Excess of revenues over
expenditures $— — — 189
Fund balance, at beginning of year33,958 33,769
Fund balance, at end of year$33,958 33,958
90
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Child Care Assistance Program
Schedule of Revenues, Expenditures, and Changes in Fund (Deficit)
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Intergovernmental:
State sources – grants $104,796 24,309 (80,487) —
Federal sources – grants — 81,386 81,386 101,048
Total revenues104,796 105,695 899 101,048
Expenditures:
Health and sanitation department:
Personnel56,408 57,003 (595) 71,194
Fringe benefits26,520 29,969 (3,449) 12,863
Contingency 10,908 — 10,908 —
Support goods and services10,960 18,723 (7,763) 16,991
Total expenditures104,796 105,695 (899) 101,048
Excess of revenues over
expenditures$— — — —
Fund(deficit)atbeginningofyear (731)(731)Fund (deficit), at beginning of year (731) (731)
Fund (deficit), at end of year$(731) (731)
91
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Intergovernmental:
State sources – grants $33,800 22,153 (11,647) 20,180
Expenditures:
Public safety:
Personnel services11,000 11,597 (597) 8,923
Fringe benefits— 6,387 (6,387) 4,059
Professional services19,300 — 19,300 (3,764)
Support goods and services3,500 4,347 (847) 10,962
Total expenditures33,800 22,331 11,469 20,180
Deficiency of revenues
under expenditures$— (178) (178) —
Fund (deficit), at beginning of year(14,623) (14,623)
Fund (deficit), at end of year $(14,801) (14,623) Fund (deficit), at end of year $(14,801) (14,623)
92
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Intergovernmental:
State sources - grants$73,298 4,711 (68,587) —
Land sale proceeds21,500 138,867 117,367 30,561
Licenses, permits, fees, and other
local revenues1,000 750 (250) 1,000
Gravel sales40,000 54,162 14,162 —
Investment income12,500 19,419 6,919 31,541
Other — 80 80 80
Total revenues148,298 217,989 69,691 63,182
Expenditures:
General government:
Personnel services98,200 96,861 1,339 11,780
Fringe benefits60,738 55,889 4,849 223
Support goods and services99,673 107,885 (8,212) 11,539
Total expenditures258,611 260,635 (2,024) 23,542 p ()
Excess (deficiency) of revenues
over (under) expenditures $(110,313) (42,646) 67,667 39,640
Fund balance, at beginning of year1,180,441 1,140,801
Fund balance, at end of year$1,137,795 1,180,441
93
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Buildings and Grounds
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Intergovernmental:
State sources - grants$— 4,669 4,669 —
Rental income587,626 577,200 (10,426) 565,531
Investment income— 6,493 6,493 6,199
Other— 121 121 65
Total revenues587,626 588,483 857 571,795
Expenditures:
General government:
School buildings 310,000 314,295 (4,295) 336,724
School building major repairs 25,588 24,599 989 —
Chiniak School 108,000 108,550 (550) —
Borough building 588,137 400,432 187,705 392,570
Mental health center 10,000 3,154 6,846 20,068
Various borough buildings 10,000 1,097 8,903 —
Parks operation and maintenance 42,036 34,980 7,056 12,606
Total expenditures1,093,761 887,107 206,654 761,968 p ,,,,,
Excess (deficiency) of revenues over
(under) expenditures(506,135) (298,624) 207,511 (190,173)
Other financing sources (uses):
Transfers in:
General Fund 108,000 108,000 — 62,000
Facilities Special Revenue Fund 202,000 202,000 — 185,000
Transfers out:
All Capital Projects(95,000) (95,000) — —
Net other financing sources (uses)215,000 215,000 — 247,000
Change in fund balance$(291,135) (83,624) 207,511 56,827
Fund balance, at beginning of year 311,352 254,525
Fund balance, at end of year$227,728 311,352
94
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$8,300 10,287 1,987 8,397
Investment income100 213 113 276
Total revenues8,400 10,500 2,100 8,673
Expenditures:
General government:
Support goods and services8,400 5,144 3,256 5,215
Excess of revenues over
expenditures$— 5,356 5,356 3,458
Fund balance, at beginning of year7,263 3,805
Fund balance, at end of year$12,619 7,263
95
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Trinity Islands Street Light Service Area
Schedule of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$3,860 4,373 513 3,873
Investment income60 118 58 135
Total revenues3,920 4,491 571 4,008
Expenditures:
General government:
Support goods and services3,920 1,781 2,139 1,809
Excess of revenues over
(under) expenditures$— 2,710 (1,568) 2,199
Fund balance, at beginning of year4,592 2,393
Fund balance, at end of year$7,302 4,592
96
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Investment income$1,000 1,380 380 1,607
Transient accommodations tax 102,000 86,003 (15,997) 86,338
Total revenues103,000 87,383 (15,617) 87,945
Expenditures:
Community and economic development:
Personnel services6,260 — 6,260 —
Fringe benefits4,219 — 4,219 —
Contributions76,066 76,066 — 55,000
Support goods and services16,455 55 16,400 57
Total expenditures103,000 76,121 26,879 55,057
Excess of revenues
over expenditures$— 11,262 11,262 32,888
Fund balance, at beginning of year 78,901 46,013 udbce,beggoye 7,9 ,
Fund balance, at end of year$90,163 78,901
97
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Property taxes$3,470 3,800 330 3,675
Intergovernmental
State sources - grants— 10 10 —
Investment income230 266 36 363
Total revenues3,700 4,076 376 4,038
Expenditures:
Service district maintenance:
Personnel services1,000 805 195 574
Fringe benefits— 243 (243) 356
Professional services2,000 — 2,000 —
Support goods and services700 16 684 17
Total expenditures3,700 1,064 2,636 947
Excess of revenues
over expenditures$— 3,012 3,012 3,091
Fund balance, at beginning of year13,703 10,612
Fund balance, at end of year$16,715 13,703
98
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Investment income$5,000 9,043 4,043 15,477
Expenditures:
General government:
Distributions to beneficiaries8,500 8,500 — 8,500
Support goods and services150 152 (2) 164
Total expenditures8,650 8,652 (2) 8,664
Excess (deficiency) of revenues
over (under) expenditures(3,650) 391 4,045 6,813
Other financing (uses):
Transfers out:
Hospital Facilities Enterprise Fund (66,500) (66,500) — (66,500)
Change in fund balance$(70,150) (66,109) 4,041 (59,687)
Fund balance, at beginning of year583,601 643,288
Fund balance, at end of year$517,492 583,601
99
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, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive2009
BudgetActual(Negative)Actual
Revenues:
Special assessments$17,000 25,449 8,449 33,716
Investment income200 1,007 807 1,870
Total revenues17,200 26,456 9,256 35,586
Expenditures:
Debt service:
Support goods and services11,118 — 11,118 164
Interest 6,082 6,252 (170) 6,949
Total expenditures17,200 6,252 10,948 7,113
Excess of revenues over
expenditures $— 20,204 20,204 28,473
Fund deficit, at beginning of year(81,688) (110,161)
Fund deficit, at end of year$(61,484) (81,688)
100
DEBT SERVICE FUND
The Debt Service – Other Fund accounts for assets set aside to provide for the long-term portion of
accrued vacation of Kodiak Island Borough employees.
101101
balance at beginning of year 169 650
KODIAK ISLAND BOROUGH
Debt Service Fund
Other
Schedule of Revenues, Expenditures,
and Changes in Fund Balance
Budget and Actual
Year ended June 30, 2010
(With financial information at June 30, 2009)
2010
Variance with
Final Budget
Final Positive 2009
Budget Actual (Negative)Actual
Revenues:
Investment income $— — — 880
Expenditures — — — —
Excess of revenues over expenditures — — — 880
Other financing (uses):
Transfers out:
Education and Health Debt Service Fund — — — (10,000)
Various Borough Capital Projects Fund — — — (160,530)
Net other financing (uses)— — — (170,530)
Change in fund balance $— — — (169,650)
Fund balance at beginning of year —Fund , — 169 650,
Fund balance, at end of year $— —
(This page was intentionally left blank)
NONMAJOR CAPITAL PROJECT FUNDS
The State Capital Grants Fund accounts for capital improvement projects relating
to grants received from the State of Alaska.
The Kodiak High School Renovation Fund accounts for capital improvement
projects related to the Kodiak High School Renovation Project.
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Combining Balance Sheet
June 30, 2010
(With financial information at June 30, 2009)
State Kodiak High
Capital School Totals
Assets Grants Renovation 2010 2009
Equity in central treasury $355,421 6,511 361,932 158,852
Receivables:
State of Alaska 479,476 — 479,476 29,562
Federal government 83,473 — 83,473 62,034
Total $918,370 6,511 924,881 250,448
Liabilities and Fund Balances
Liabilities:
Accounts payable 191,790 108 191,898 26,927
Retainages payable — — — 2,531
Due to other funds 2,126 19,425 21,551 —
Unearned revenues 48,000 — 48,000 —
Total liabilities 241,916 19,533 261,449 29,458
Fund balances:
Unreserved - Undesignated 676,454 (13,022) 663,432 220,990
Total $918,370 6,511 924,881 250,448
102102
103103
(d it)$676 454 (13 022)663 432 220 990
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit)
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
State Kodiak High
Capital School Totals
Grants Renovation 2010 2009
Revenues:
Intergovernmental:
State sources $2,053,857 — 2,053,857 607,526
Federal sources 332,580 — 332,580 401,830
Investment income 4,841 — 4,841 12,596
Other 639 — 639 —
Total revenues 2,391,917 — 2,391,917 1,021,952
Expenditures -
Capital outlay:
Schools — 13,022 13,022 289,085
General 2,436,453 — 2,436,453 604,786
Total expenditures 2,436,453 13,022 2,449,475 893,871
Deficiency of revenues
under expenditures (44,536) (13,022) (57,558) 128,081
Other financing sources:
Transfers in 500,000 — 500,000 —
Change in fund balances 455,464 (13,022) 442,442 128,081
Fund balances, at beginning of year 220,990 — 220,990 92,909
FundFd bal ec t d f rbalances(deficit)at end of year $unances fi , a en o yea 676 454, (13 022), 663 432, 220 990,
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.
KODIAK ISLAND BOROUGH
Municipal Solid Waste Collection and Disposal
Schedule of Revenues, Expenses, and
Changes in Net Assets
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
2010
Variance with
Final Budget
FinalPositive 2009
BudgetActual(Negative)Actual
Operating revenues:
Solid waste collection$2,822,200 3,226,606 404,406 2,559,903
Solid waste disposal1,038,680 1,098,668 59,988 1,044,092
Total operating revenues3,860,880 4,325,274 464,394 3,603,995
Operating expenses:
Personnel services766,176 795,050 (28,874) 726,967
Solid waste collection1,605,000 1,640,179 (35,179) 1,534,673
Refuse disposal300,000 358,408 (58,408) 276,878
Contracted services252,000 275,876 (23,876) 187,969
Maintenance and repairs75,500 90,793 (15,293) 34,483
Landfill closure and postclosure costs240,000 367,263 (127,263) 348,634
Depreciation 364,326 270,488 93,838 270,153
General and administration 267,150 204,366 62,784 227,757
Recycling services 130,000 267,518 (137,518) 233,768
Contributions 13,500 13,207 293 10,876
Enterprise Funds
104
Contributions 13,500 13,207 293 10,876
Total operating expenses4,013,652 4,283,148 (269,496) 3,852,158
Operating income (loss)(152,772) 42,126 194,898 (248,163)
Other income :
State of Alaska on-behalf payment — 25,095 25,095 —
Investment income 70,000 124,478 54,478 178,651
Income (loss) before transfers (82,772) 191,699 274,471 (69,512)
Other financing sources:
Transfers in 13,500 13,500 (13,500) 6,450
Income (loss) before
extraordinary item (69,272) 205,199 260,971 (63,062)
Extraordinary item — — — 336,458
Change in net assets$(69,272) 205,199 274,471 273,396
Net assets, at beginning of year4,628,072 4,354,676
Net assets, at end of year$4,833,271 4,628,072
104
KODIAK ISLAND BOROUGH
Hospital Facilities
Schedule of Revenues, Expenses, and
Changes in Net Assets
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
Variance with
Final Budget
FinalPositive 2009
BudgetActual(Negative)Actual
Operating revenues:
Lease income$720,000 720,000 — 720,000
Operating expenses:
Personnel services5,000 5,000 — 5,386
Maintenance and repairs5,000 — 5,000 —
Depreciation1,276,560 872,858 403,702 929,555
General and administration14,500 45 14,455 842
Total operating expenses1,301,060 877,903 423,157 935,783
Operating income (loss)(581,060) (157,903) 423,157 (215,783)
Other income (expense):
Contribution to Providence Hospital(108,000) (108,000) — (108,000)
State of Alaska on-behalf payment — 228 228 —
CHC reimbursements— 1,147,762 1,147,762 2,855,835
Enterprise Funds
2010
105
,,,,,,
Investment income2,500 16,702 14,202 10,413
Interest expense(49,120) (49,117) 3 (51,752)
Income (loss) before transfers(735,680) 849,672 1,585,352 2,490,713
Other financing sources (uses):
Transfers in66,500 66,500 — 759,040
Change in net assets$(669,180) 916,172 1,585,352 3,249,753
Net assets, at beginning of year20,223,741 16,973,988
Net assets, at end of year$21,139,913 20,223,741
105
KODIAK ISLAND BOROUGH
Kodiak Fisheries Research Center
Schedule of Revenues, Expenses, and
Changes in Net Assets
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
Variance with
Final Budget
FinalPositive 2009
BudgetActual(Negative)Actual
Operating revenues:
Lease income$1,597,030 1,602,685 5,655 1,598,260
Other — — — 50
Total operating revenues1,597,030 1,602,685 5,655 1,598,310
Operating expenses:
Personnel services329,165 338,361 (9,196) 298,613
Depreciation 744,420 631,123 113,297 713,144
General and administration:
Cleaning and janitorial50,300 50,573 (273) 50,131
Heating 205,000 174,655 30,345 189,642
Electrical209,000 156,709 52,291 171,266
Plumbing124,500 106,735 17,765 64,603
Air conditioning10,500 36 10,464 1,267
Elevators2,500 1,223 1,277 2,797
Enterprise Funds
2010
106
Miscellaneous156,400 117,378 39,022 91,641
Total operating expenses1,831,785 1,576,793 254,992 1,583,104
Operating income (loss)(234,755) 25,892 260,647 15,206
Other income (expense):
State of Alaska on-behalf payment — 8,090 8,090 —
Investment income 10,000 56,887 46,887 84,871
Interest expense(350,787) (350,787) — (377,300)
Income (loss)
before extraordinary item (575,542) (259,918) 315,624 (277,223)
Extraordinary item — — — 96,230
Change in net assets $(575,542) (259,918) 315,624 (180,993)
Net assets, at beginning of year10,344,226 10,525,219
Net assets, at end of year$10,084,308 10,344,226
106
KODIAK ISLAND BOROUGH
Enterprise Funds
Schedule of Revenues, Expenses, and
Changes in Net Assets (Deficit)
Budget and Actual
Year ended June 30, 2010
(With financial information for the year ended June 30, 2009)
Variance with
Final Budget
FinalPositive 2009
BudgetActual(Negative)Actual
Operating revenues:
Customer charges$69,000 42,474 (26,526) 52,654
Operating expenses:
Personnel services28,800 3,000 25,800 3,000
Miscellaneous200 395 (195) 422
Telephone services41,320 39,079 2,241 39,621
Total operating expenses70,320 42,474 27,846 43,043
Operating income (loss)(1,320) — 1,320 9,611
Other income:
Investment income1,320 — (1,320) 38
Change in net assets$— — — 9,649
2010
911 Services Fund
107
Net assets (deficit), at beginning of year— (9,649)
Net assets, at end of year$— —
107
SUPPLEMENTARY SCHEDULES
Annual principal and interest requirements on General Obligation Refunding and Construction Bonds.
Year PrincipalInterest Total
20112,745,000 1,286,510 4,031,510
20122,500,000 1,168,195 3,668,195
20132,595,000 1,066,407 3,661,407
20142,710,000 960,432 3,670,432
20151,315,000 848,432 2,163,432
20161,370,000 792,082 2,162,082
20171,425,000 732,912 2,157,912
20181,485,000 674,198 2,159,198
20191,550,000 611,218 2,161,218
20201,620,000 543,323 2,163,323
20211,685,000 470,899 2,155,899
20221,760,000 395,475 2,155,475
20231,845,000 313,442 2,158,442
20241,930,000 224,255 2,154,255
20251,330,000 218,360 1,548,360
2026540,000 84,460 624,460
2027565,000 58,000 623,000
SUMMARY OF BONDED DEBT SERVICE REQUIREMENTS TO MATURITY
KODIAK ISLAND BOROUGH
June 30, 2010
2028595,000 29,750 624,750
29,565,000$ 10,478,350$ 40,043,350$
108
Interest PrincipalInterest
FiscalInterest dueduedue
year rate August 01February 01February 01Total
20115.00%4,500 180,000 4,500 189,000
4,500$ 180,000$ 4,500$ 189,000$
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2000 SERIES E
RETIREMENT SCHEDULE
June 30, 2010
2000 E 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.
109
Interest PrincipalInterest
FiscalInterest dueduedue
year rate August 01February 01February 01Total
20117.15%5,720 160,000 5,720 171,440
5,720$ 160,000$ 5,720$ 171,440$
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2000 SERIES F
RETIREMENT SCHEDULE
June 30, 2010
1998BondIssue2000 F 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.
110
Fiscal year Interest rate
Interest due
July 01
Principal due
July 01
Interest due
January 01 Total
20114.250%155,817 385,000 155,817 696,634
20124.000%147,636 400,000 147,636 695,272
20134.000%139,136 415,000 139,136 693,272
20144.000%130,836 435,000 130,836 696,672
20154.100%122,136 450,000 122,136 694,272
20164.250%113,136 470,000 113,136 696,272
20174.300%103,501 485,000 103,501 692,002
20184.400%93,194 510,000 93,194 696,388
20194.500%82,229 530,000 82,229 694,458
20204.500%70,569 555,000 70,569 696,138
20214.625%58,082 580,000 58,082 696,164
KODIAK ISLAND BOROUGH
RETIREMENT SCHEDULE
GENERAL OBLIGATION BOND, 2004 SERIES C
June 30, 2010
1998BondIssue2004 C 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
20224.750%45,032 605,000 45,032 695,064
20234.800%31,041 635,000 31,041 697,082
20244.800%15,960 665,000 15,960 696,920
1,308,305$ 7,120,000$ 1,308,305$ 9,736,610$
1998BondIssue2004 C 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
111
Fiscal year Interest rate
Interest due
November 01
Principal due
November 01
Interest due May
01 Total
20113.50%197,913 460,000 189,863 847,776
20123.50%189,863 475,000 181,550 846,413
20133.50%181,550 490,000 172,975 844,525
20144.00%172,975 510,000 162,775 845,750
20154.00%162,775 530,000 152,175 844,950
20164.00%152,175 550,000 141,175 843,350
20174.00%141,175 570,000 129,775 840,950
20184.00%129,775 595,000 117,875 842,650
20194.50%117,875 620,000 103,925 841,800
20204.50%103,925 650,000 89,300 843,225
20214.50%89,300 675,000 74,113 838,413
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 B
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.
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2004 SERIES D
RETIREMENT SCHEDULE
June 30, 2010
1998BondIssue2004 B BOND ISSUE
20224.50%74,113 705,000 58,250 837,363
20235.00%58,250 740,000 39,750 838,000
20245.00%39,750 775,000 20,375 835,125
20255.00%109,180 815,000 - 924,180
1,920,594$ 9,160,000$ 1,633,876$ 12,714,470$
1998BondIssue2004 B BOND ISSUE
112
Fiscal year Interest rate
Interest due
October 01
Principal due
April 01
Interest due
April 01 Total
2011 5.00%174,230 275,000 174,230 623,460
2012 5.00%167,355 290,000 167,355 624,710
2013 5.00%160,105 300,000 160,105 620,210
2014 5.00%152,605 320,000 152,605 625,210
2015 5.00%144,605 335,000 144,605 624,210
2016 5.00%136,230 350,000 136,230 622,460
2017 4.00%127,480 370,000 127,480 624,960
2018 4.00%120,080 380,000 120,080 620,160
2019 4.00%112,480 400,000 112,480 624,960
2020 425%104480 415000 104480 623960
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2008 SERIES A
This issue, dated April 15, 2008, 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 2008 Series One
Bond. This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered by bond council,
Birch, Horton, Bittner and Cherot 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.
June 30, 2010
RETIREMENT SCHEDULE
1998BondIssue2008 ABOND ISSUE
2020 4.25%104,480 415,000 104,480 623,960
2021 4.25%95,661 430,000 95,661 621,322
2022 4.38%86,524 450,000 86,524 623,048
2023 4.50%76,680 470,000 76,680 623,360
2024 4.70%66,105 490,000 66,105 622,210
2025 4.80%54,590 515,000 54,590624,180
2026 4.90%42,230 540,000 42,230624,460
2027 5.00%29,000 565,000 29,000623,000
2028 5.00%14,875 595,000 14,875624,750
1,865,315$ 7,490,000$ 1,865,315$ 11,220,630$
1998BondIssue2008 ABOND ISSUE
113
Fiscal year Interest rate
Interest due
August 1
Principal due
February 1
Interest due
February 1 Total
20112.09%109,100 1,285,000109,100 1,503,200
20122.54%83,400 1,335,00083,400 1,501,800
20133.08%56,700 1,390,00056,700 1,503,400
20143.54%28,900 1,445,00028,900 1,502,800
278,100$ 5,455,000$ 278,100$ 6,011,200$
KODIAK ISLAND BOROUGH
GENERAL OBLIGATION BOND, 2009 SERIES A
RETIREMENT SCHEDULE
June 30, 2010
This issue, dated April 9, 2009, 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 General
Obligation Bond, 2009 Series A. This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was
rendered by bond council, Birch, Horton, Bittner and Cherot of Anchorage, Alaska. This bond was issued to refund the
1998 Series A Bond issue.
1998BondIssue2009 BOND ISSUE
114
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STATISTICAL SECTION
115
STATISTICAL SECTION
This part of the Kodiak Island Borough’s comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the governments’s overall financial
health.
Contents Page
Financial Trends
These schedules contain trend information to help the reader understand
how the government’s financial performance and well-being have changed
over time. 116-120
Revenue Capacity
These schedules contain information to help the reader assess the govern-
ment’s most significant local revenue source, the property tax. 121-124
Debt Capacity
These schedules present information to help the reader assess the afforda-
bility of the government’s current levels of outstanding debt and the gov-
ernment’s ability to issue additional debt in the future. 125-129
Demographic and Economic Information
These schedules offer demographic and economc indicators to help the
reader understand the environment within which the government’s finan-
cial activities take place. 130-136
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial
reports for the revelant year.
(This page was intentionally left blank)
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6
KODIAK ISLAND BOROUGH
Changes in Net Assets
Last Six Fiscal Years
(accrual basis of accounting)
2005 2006 2007 2008 2009 2010
Expenses
Governmental activities:
General government$7,133,461 $3,984,390 $4,755,754 $4,226,759 $3,723,964 $4,479,415
Public safety- - - 509,697 579,710 612,763
Emergency preparedness25,850 8,598 10,384 13,841 14,988 10,511
Community and economic development509,680 784,002 786,614 1,105,156 908,501 1,034,686
Health and sanitation387,619 403,866 414,144 449,792 371,673 406,087
Education, culture, and recreation185,993 164,053 161,247 183,747 248,571 192,182
Service district maintenance347,934 336,385 362,189 378,661 398,219 543,897
Education, culture, and recreation10,207,757 10,831,588 10,788,188 11,524,160 12,354,129 12,423,691
Interest on long-term debt1,101,598 1,700,089 1,290,216 1,270,423 1,408,045 1,336,068
Total governmental activities expenses19,899,892 18,212,971 18,568,736 19,662,236 20,007,800 21,039,300
Business-type activities:
Municipal solid waste collection and disposal3,362,348 3,446,453 2,888,821 4,628,826 3,852,158 4,283,148
Hospital facilities1,344,987 1,304,583 1,297,419 1,124,650 1,095,535 1,035,020
Kodiak fisheries research center1,878,788 1,856,875 1,889,750 2,027,432 1,960,404 1,927,580
911 services69,178 57,194 64,140 107,980 43,043 42,474
Total business-type activities expenses6,655,301 6,665,105 6,140,130 7,888,888 6,951,140 7,288,222
Total primary government expenses$26,555,193 $24,878,076 $24,708,866 $27,551,124 $26,958,940 $28,327,522
Program Revenues
Governmental activities:
Charges for services:
General government$367,530 $311,802 $1,058,330 $436,284 $705,166 $703,431
Public safety- - - - 12,361 12,762
Community and economic development21,886 - 68,867 148,682 - -
Health and sanitation- - - 7,370 - -
Education, culture, and recreation56,704 108,218 - - - -
Service district maintenance20,000 20,000 20,015 28,345 25,000 25,000
Primary and secondary education- 95,025 - - - -
Operating grants and contributions721,453 1,240,547 1,935,687 1,911,246 2,543,254 2,306,394
Capital grants2,917,160 298,852 184,922 1,926,465 2,331,253 6,518,798
Total governmental activities program revenues4,104,733 2,074,444 3,267,821 4,458,392 5,617,034 9,566,385
Business-type activities:
Charges for services:
Municipal solid waste collection and disposal3,141,856 3,665,289 3,932,985 3,911,771 3,603,995 4,350,369
Hospital facilities1,153,333 1,153,333 1,081,110 720,000 3,575,835 1,867,990
Kodiak fisheries research center1,566,686 1,572,474 1,581,850 1,614,532 1,598,260 1,610,775
911 services26,721 65,614 62,698 54,925 52,654 42,474
Total business-type activities program revenues 5,888,596 6,456,710 6,658,643 6,301,228 8,830,744 7,871,608
Fiscal Year
117
yppg ,,,,,,,,,,,,
Total primary government program revenues$9,993,329 $8,531,154 $9,926,464 $10,759,620 $14,447,778 $17,437,993
Net(expense)/revenue
Governmental activities$(15,795,159) $(16,138,527) $(15,300,915) $(15,203,844) $(14,390,766) $(11,472,915)
Business-type activities(766,705) (208,395) 518,513 (1,587,660) 1,879,604 583,386
Total primary government net expense$(16,561,864) $(16,346,922) $(14,782,402) $(16,791,504) $(12,511,162) $(10,889,529)
General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes:
Property taxes$9,063,729 $9,807,551 $9,754,916 $10,118,602 $10,592,258 $11,051,740
Severance taxes1,005,539 1,186,908 1,316,689 1,436,210 1,311,188 1,336,075
Unrestricted grants and contributions2,384,538 3,482,351 3,242,740 3,144,750 4,214,617 4,089,966
Land sales- - - - 26,369 760
Investment earnings1,750,321 2,798,391 3,745,990 3,912,145 2,082,615 1,219,201
Other55,692 779,328 (225,636) 380,550 226,586 619,948
Transfers170,602 247,280 162,643 127,050 (765,490) (80,000)
Extraordinary item- - - - 1,396,222 -
Total governmental activities$14,430,421 $18,301,809 $17,997,342 $19,119,307 $19,084,365 $18,237,690
Business-type activities:
Investment earnings70,812 161,892 274,126 434,164 273,973 198,067
Other- 391,895 35,747 4,380 50 -
Transfers(170,602) (247,280) (162,643) (127,050) 765,490 80,000
Extraordinary item- - - - 432,688 -
Total business-type activities(99,790) 306,507 147,230 311,494 1,472,201 278,067
Total primary government$14,330,631 $18,608,316 $18,144,572 $19,430,801 $20,556,566 $18,515,757
Change in Net Assets
Governmental activities$(1,364,738) $2,163,282 $2,696,427 $3,915,463 $4,693,599 $6,764,775
Business-type activities(866,495) 98,112 665,743 (1,276,166) 3,351,805 861,453
Total primary government$(2,231,233) $2,261,394 $3,362,170 $2,639,297 $8,045,404 $7,626,228
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 6 years of data.
117
KODIAK ISLAND BOROUGH
Fund Balances of Governmental Funds
Last Six Fiscal Years
(modified accrual basis of accounting)
2005 2006 2007 2008 2009 2010
General fund
Reserved$- $- $- $- $- $15,703
Unreserved1,813,013 2,026,113 2,793,313 3,230,479 3,124,289 2,366,973
Total general fund$1,813,013 $2,026,113 $2,793,313 $3,230,479 $3,124,289 $2,382,676
All other governmental funds
Reserved$8,090,822 $7,742,903 $7,367,644 $6,969,951 $6,206,906 $5,726,303
Unreserved, reported in:
Special revenue funds34,055,115 36,837,895 35,316,321 36,286,898 37,292,771 37,530,982
Debt service funds(189,824) 76,898 101,090 159,788 5,938 22,255
Capital projects funds21,412,256 20,810,819 21,711,585 25,805,778 12,516,511 8,403,174
Total all other governmental funds$63,368,369 $65,468,515 $64,496,640 $69,222,415 $56,022,126 $51,682,714
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 6 years of data.
Fiscal Year
118118
KODIAK ISLAND BOROUGH
Changes in Fund Balances of Governmental Funds
Last Seven Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2004200520062007200820092010
Revenues
Taxes$8,016,323$9,063,729$9,833,846$9,750,682 10,254,47710,565,68510,993,175
Intergovernmental:
State sources2,121,420 2,169,8033,368,491 4,012,6474,428,472 5,966,80810,610,231
Federal sources1,245,3373,853,3481,766,9261,417,4032,553,9903,122,3162,338,468
Land sale proceeds9,206 22,738177,16447,087 19,45830,561138,867
Severance taxes799,6931,005,5391,186,9081,316,6891,436,2101,311,1881,336,075
Licenses, permits, fees, and other local revenues764,913692,540820,286690,962658,381742,527741,193
Other revenues222,83775,841 125,040633,925353,850418,741570,415
Investment earnings866,1431,772,8932,803,4663,751,6093,918,0082,088,9151,225,938
Total revenues14,045,87218,656,43120,082,12721,621,00423,622,84624,246,74127,954,362
Expenditures
General government2,118,1662,713,633 3,950,9274,504,0523,818,5444,067,0244,600,601
Public safety864,703425,506— — 385,529460,826502,491
Emergency preparedness48,755 23,5216,0987,884 5,71312,4888,011
Community and economic development536,111509,680784,002786,614923,203908,5011,034,686
Health and sanitation department331,884329,738363,520373,132387,053333,747371,321
Education, culture, and recreation217,759185,993161,633 158,161183,747248,571192,182
Maintenance and operations567,094698,119— — — — —
Service district maintenance 425,712347,934336,385498,539374,320398,219543,897
Primary and secondary education7,721,706 7,973,0358,430,840 8,387,4409,123,412 9,956,6189,980,350
Fern Fuller trust24,50022,547— — — — —
Capital outlay:
Schools131,32468,109464,1421,436,6397,029,62814,857,0647,359,932
General656,4232,972,174332,398 373,038887,1891,277,1064,319,438
Debt service:
Principal1,260,1671,784,8591,814,5532,100,3612,205,441 2,495,0562,685,606
Interest 644,046984,7661,584,763 1,336,3491,263,176 1,578,4081,356,872
Other charges-bond issuance costs— 43,661— — — 68,635—
Total expenditures15,548,35019,083,275 18,229,26119,962,20926,586,95536,662,26332,955,387
Excess of revenues over (under) expenditures(1,502,478)(426,844)1,852,8661,658,795(2,964,109)(12,415,522)(5,001,025)
Other Financing Sources (Uses)
Proceeds from sales of bonds— 20,350,000— — 8,000,000— —
Bond premium— 121,590— — — — —
Refunding bonds issued— — — — 6,740,000—
Payment to refunded bond escrow agent (6,865,467)—
Transfers in3,605,614 1,800,2121,751,182 2,626,8532,966,610 6,144,3013,211,195
Transfers out(1,961,054)(1,629,610)(1,503,902)(2,464,210)(2,839,560)(6,909,791)(3,291,195)
Tlhfii()1644560 20642192 247280 162643 8127050 (890957)(80000)Total other financing sources(uses)1,644,56020,642,192247,280162,6438,127,050 (890,957)(80,000)
Net change in fund balances$142,082$20,215,348$2,100,146$1,821,4385,162,941(13,306,479)(5,081,025)
Debt service as a percentage of noncapitalN/A 21.26%24.22%23.35 %22.82%25.28%23.46%
expenditures
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 7 years of data.
119
KODIAK ISLAND BOROUGH
General Revenues by Source(a)
Last Ten Fiscal Years
Licenses,Inter-
FiscalPermitsGovernmentalInvestmentOperatingMiscellaneous
YearTaxesand FeesRevenueIncomeTransfersRevenueTotal
20018,135,184 95,129 2,135,483 583,633 18,154 44,945 11,012,528
20028,017,344 95,857 3,397,240 294,675 200,000 140,901 12,146,017
20038,028,513 153,727 2,683,460 171,532 1,000,000 — 12,037,232
20048,165,326 187,898 2,010,431 105,812 850,000 — 11,319,467
20059,378,816 161,621 1,925,405 265,392 — — 11,731,234
200610,257,023 171,962 2,369,185 469,913 — — 13,268,083
200710,218,016 78,720 3,325,899 399,149 — 82,604 14,104,388
200810,792,741 100,256 3,276,741 544,926 — — 14,714,664
200910,864,441 65,417 4,461,624 292,825 — 131,944 15,816,251
201011,219,182 71,319 4,123,507 178,567 — 38,352 15,630,927
(a) Includes general fund only.
Source: Borough general ledger.
120120
KODIAK ISLAND BOROUGH
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Ratio of
Total
Total Assessed to
Real PropertyPersonal PropertyTotalDirectTotal
Year EndedAssessedFull ValueAssessedFull ValueAssessedFull ValueTaxFull Value
June 30,ValueDeterminationValueDeterminationValueDeterminationRateDetermination
2001626,906,341 641,419,200 121,849,192 336,548,600 748,755,533 977,967,800 1.00 76.56
2002635,931,458 654,299,600 116,117,602 323,479,600 752,049,060 977,779,200 10.04 76.91
2003642,995,612 679,949,700 117,456,245 323,755,200 760,451,857 1,003,704,900 10.07 75.76
2004660,040,861 687,078,300 110,941,506 307,988,900 770,982,367 995,067,200 10.00 77.48
2005678,425,914 731,267,000 105,481,537 300,735,600 783,907,451 1,032,002,600 11.03 75.96
2006692,572,845 786,373,800 106,206,504 309,114,600 798,779,349 1,095,488,400 12.04 72.92
2007710,848,299 836,778,900 94,833,515 297,380,200 805,681,814 1,134,159,100 11.47 71.04
2008734,527,929 941,403,800 100,997,608 298,543,700 835,525,537 1,239,947,500 11.68 67.38
2009765,152,958 817,641,308 105,320,027 233,623,664 870,472,985 1,051,264,972 11.22 82.80
2010805,000,744 N/A108,014,241 N/A913,014,985 N/AN/A N/A
Sources: Borough assessment and tax records
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 $1,000 of assessed value.
Fiscal
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
Last Ten Years Assessed Values
121
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
2001200220032004200520062007200820092010
Last Ten Years Assessed Values
121
KODIAK ISLAND BOROUGH
Direct and Overlapping Property Tax Rates and
Contributions to the School District
(per $1000 of Assessed Value)
Last Ten Fiscal Years
Direct
Rate Overlapping Rates
Woodland²Trinity²Mission²
FiscalAcresIslandsLake
YearBorough City¹StreetStreetTide Road Services Areas²Fire Areas²
EndedBasicofLightingLightingGateMonashkaServiceBay ViewWomensServiceWomens
June 30, RateKodiakAreaAreaAreaBayDistrict 1RoadBayArea No. 1BayAirport
20019.25 2.00 — — — 1.50 1.00 1.00 2.00 1.50 1.25 —
20029.25 2.00 — — — 1.50 1.25 1.00 2.00 1.50 1.25 —
20039.25 2.00 — — — 1.50 1.00 1.00 2.00 1.50 1.25 —
20049.25 2.00 — 0.50 1.00 1.50 1.00 1.00 2.00 1.50 1.25 —
200510.25 2.00 — 0.50 1.00 1.50 1.00 1.00 2.00 1.50 1.25 1.25
200611.00 2.00 — 0.50 1.00 2.50 1.25 1.00 2.00 1.50 1.25 1.25
200710.50 2.00 — 0.50 1.00 2.50 1.25 1.00 2.00 1.50 1.25 1.25
200810.50 2.00 — 0.50 1.00 2.50 1.25 1.00 2.00 1.50 1.25 1.25
200910.50 2.00 0.25 0.50 1.00 2.50 1.50 1.00 2.00 1.50 1.25 1.25
201010.50 2.00 0.25 0.50 1.00 2.50 1.50 1.00 2.00 1.50 1.25 1.25
Contributions to the School District
FiscalAssessedAmount ofMillage
YearValueContributionEquivalent
2001748,755,533 6,650,336 8.88
2002752,049,060 7,106,289 9.45
2003760,451,857 7,581,994 9.97
2004770,982,367 8,021,997 10.40
2005783,907,451 8,324,045 10.62
2006783,907,451 8,644,763 11.03
2007798,779,349 8,730,014 10.93
2008835,525,537 8,951,157 10.71
2009870,472,985 10,243,618 11.77
2010913,014,985 10,290,350 11.27
Source: Borough ordinance and assessment
Note: The maximum mill rate allowed by State code is 30 mills
¹Overlapping rates are those of local governments that apply to property owners within the City of Kodiak.
²Overlapping 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.
122122
KODIAK ISLAND BOROUGH
Principal Property Tax Payers
Current Year and Ten Years Ago
PercentagePercentage
Taxableof Total BoroughTaxableof Total Borough
AssessedAssessedAssessedAssessed
TaxpayerValueRankValueValueRankValue
Ocean Beauty Seafoods Inc$15,963,774 1 1.7% $10,270,641 61.4%
Westward Seafoods, Inc11,430,705 2 1.3%
Alaska Communications Systems (b)11,053,885 3 1.2% 11,728,531 41.6%
International Seafoods of AK10,028,365 4 1.1% 16,796,047 12.3%
Wal-Mart Real Est Bus Trust9,926,522 5 1.1% 5,486,700 100.8%
Trident Seafoods Corp8,865,179 6 1.0% 11,747,515 31.6%
Mill Bay Plaza Assoc LTD8,648,400 7 0.9%
Brechan Enterprises Inc8,331,857 8 0.9%
Horizon Lines of Alaska LLC(a)6,823,954 9 0.7% 9,059,15971.3%
Afognak Native Corp5,973,346 10 0.7%
Alaska Pacific Seafoods 11,121,99151.6%
Kodiak Fishmeal Co 8,898,859 91.2%
Safeway/MBPA 9,034,762 81.3%
Western Alaska Fisheries 13,548,984 21.9%
Total$97,045,987 10.6% $107,693,189 12.1%
Source: Borough tax records.
(a) In 2000 company name was CSX Lines LLC
(b) In 2000 company name was T.U. of the Northland.
(b) Alaska Pacific Seafoods combined with North Pacific Seafoods in 2006. It was ranked in 5th place in 2000.
(c) In 2000 company name was T.U. of the Northland.
20102000
123123
KODIAK ISLAND BOROUGH
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal Year
Ended in Subsequent
June 30,Years
20018,164,127 7,912,859 96.9 204,458 8,117,317 99.4
20028,411,173 8,313,881 98.8 362,377 8,676,258 103.2
20038,395,117 8,167,437 97.3 178,885 8,346,322 99.4
20048,462,404 8,125,629 96.0 69,831 8,195,460 96.8
20058,785,412 8,139,198 92.6 521,516 8,660,714 98.6
200610,166,967 9,901,965 97.4 292,820 10,194,785 100.3
20079,957,089 9,797,780 98.4 96,675 9,894,455 99.4
200810,342,728 10,257,340 99.2 33,122 10,290,462 99.5
200910,196,998 10,013,911 98.2 66,246 10,080,157 98.9
201010,643,112 10,498,662 98.6 — 10,498,662 98.6
Source: Borough general ledger.
Collected within the
Fiscal Year of the LevyTotal Collections to DateTaxes Levied
for the
Fiscal Year
Collections
Percentage
of LevyAmountAmountof Levy
Percentage
124124
Less DebtNet GeneralNet General
Fiscal ServiceBonded
YearPopulationFundDebt
200113,913 (a)748,755,533 17,690,000 344,942 17,345,058 1,247 2.32%
200213,565 (a)752,049,060 16,615,000 448,065 16,166,935 1,192 2.15%
200313,643 (a)760,451,857 15,620,000 17,879 15,602,121 1,144 2.05%
200413,817 (a)770,982,367 14,385,000 33,915 14,351,085 1,039 1.86%
200513,573 (b)783,907,451 32,965,000 (348,233) 33,313,233 2,454 4.25%
200613,693 (c)783,907,451 31,155,000 (81,511) 31,236,511 2,281 3.98%
200713,457 (a)805,681,814 29,060,000 (60,380) 29,120,380 2,164 3.61%
200813,664 (a)835,525,537 34,860,000 (9,862) 34,869,862 2,552 4.17%
200913,954 (a)870,472,985 32,245,000 5,938 32,239,062 2,310 3.70%
201013,860 (a)913,014,985 29,565,000 22,255 29,542,745 2,132 3.24%
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.
ValueBonded DebtCapitaAssessed Value
KODIAK ISLAND BOROUGH
Ratios of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
AssessedGrossPerDebt Per
125125
KODIAK ISLAND BOROUGH
Computation of Direct and Overlapping Debt
June 30, 2010
PercentageKodiak Island
Net DebtApplicable to thisBorough
OutstandingGovernmentalShare of
(a)Unit (b)Debt (c)
Kodiak Island Borough:
General obligation bonds$29,565,000 100% $29,565,000
City of Kodiak:
General obligation bonds7,720,000 100% 7,720,000
Total$37,285,000 $37,285,000
(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 Alaska Statute 29.45.090 there is a limit of 30 mills for ad valorem taxes.
Per Alaska Statute 29.45.100 the limitation on maximum mill rate does not apply to taxes levied to
pay bonds.
Sources: Borough general ledger and City of Kodiak records.
126126
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7
KODIAK ISLAND BOROUGH
Ratio of Annual Debt Service Expenditures
for General Bonded Debt to Total
General Governmental Expenditures and Transfers
Last Ten Fiscal Years
Total generalRatio of
governmentaldebt service
FiscalInterestTotal debtexpendituresto general
yearPrincipal (a)and feesserviceand transfersexpenditures
20012,015,834 746,994 2,762,828 10,735,365 25.7
20021,095,833 853,543 1,949,376 10,726,858 18.2
20031,140,833 803,224 1,944,057 13,071,957 14.9
20041,255,833 667,744 1,923,577 11,014,093 17.5
20051,780,417 983,195 2,763,612 12,027,717 23.0
20061,814,553 1,583,488 3,398,041 13,054,983 26.0
20072,100,361 1,329,456 3,429,817 13,337,188 25.7
20082,205,441 1,255,313 3,460,754 14,277,498 24.2
20092,495,056 1,571,295 4,066,351 15,922,441 25.5
20102,685,606 1,350,620 4,036,226 16,372,540 24.7
(a)Serial maturities in the case of serial bonds; annual Debt Service Fund requirements in the case of
term bonds.
Sources: Borough general ledger and debt documents.
128128
KODIAK ISLAND BOROUGH
Ratios of Outstanding Debt by Type
General Total Percent of
ObligationNotesPrimaryPersonalPer
BondsPayableGovernmentIncomeCapita
17,690,000 2,531,150 20,221,150 5.29%1,453
16,615,000 1,911,221 18,526,221 4.88%1,366
15,620,000 1,241,254 16,861,254 4.29%1,236
14,385,000 1,262,123 15,647,123 3.78%1,132
32,965,000 1,270,210 34,235,210 7.72%2,522
31,155,000 1,582,188 32,737,188 6.96%2,391
29,060,000 1,636,924 30,696,924 6.23%2,281
34,860,000 1,768,660 36,628,660 6.68%2,681
32,245,000 1,864,503 34,109,503 *2,444
29,565,000 1,989,995 31,554,995 *2,277
Note:
*Information not available at report time.
2005
2006
2010
2009
Last Ten Fiscal Years
Fiscal
Year
2007
2008
2001
2002
2003
2004
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 notespayable are related to business
type activities.
129129
KODIAK ISLAND BOROUGH
Demographic and Economic Statistics
Last Ten Fiscal Years
Per CapitaPercentage
CalendarPersonalPersonalSchoolUnemployment
YearPopulation (a)Income (c)Income (c)Enrollment (b)Rate (c)
200113,913 380,054,000 27,707 2,774 8.6
200213,565 392,277,000 28,783 2,821 8.8
200313,643 399,836,000 30,056 2,750 9.6
200413,817 418,937,000 31,791 2,677 8.7
200513,573 443,300,000 33,969 2,678 8.3
200613,693 469,512,000 35,860 2,718 7.4
200713,457 506,398,000 38,733 2,636 6.1
200813,664 548,099,000 41,617 2,671 6.6
200913,954 NA(d)2,598 7.3
201013,860 NA(d)2,567 6.7
Sources:
(a)State of Alaska, DCRA certified population.
(b)Alaska Dept of Education, Average Daily Membership by Fiscal Year at www.eed.state.ak.us/stats/QuickFacts/ADM.pdf.
(c)Department of Labor using www.almis.labor.state.us (2010 is estimated)
(d)Per Capita Personal Income and Personal Income figures are not yet available for 2009 to 2010.
130130
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.
13
2
KODIAK ISLAND BOROUGH
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
ConstructionProperty Value*
CommercialResidential
FiscalNo. ofNo. of
yearpermitsValuepermitsValueCommercialResidential
200133 1,379,673 198 11,501,804 117,503,000 193,882,996 433,023,355
200230 1,494,337 190 10,439,985 123,221,000 199,689,615 443,305,997
200347 2,915,740 166 11,707,269 120,352,000 206,386,964 463,419,197
200444 2,859,775 179 14,798,679 130,325,000 207,611,182 480,581,831
200547 2,097,983 158 10,590,784 133,370,000 210,328,700 482,244,145
200630 1,555,718 192 10,372,416 141,434,000 213,258,488 497,589,811
200742 3,277,292 148 8,780,900 140,915,000 227,514,405 507,013,524
200853 25,269,361 129 7,875,188 139,416,000 275,369,008 542,272,300
200950 34,081,887 147 7,848,428 175,141,000 215,695,225 589,494,919
201052 4,756,124 156 11,689,178 192,000,000 195,890,603 617,325,049
*Assessed value.
Sources: Borough assessing records and City of Kodiak building department and FDIC.
Deposits in
local banks
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
200,000,000
Deposits in Kodiak Banks
—
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
200,000,000
2001200220032004200520062007200820092010
Deposits in Kodiak Banks
133
200520062007200820092010
Function
General Government22 23 24 27 31 29
Community and Economic Development6 6 5 5 5 5
Municipal Solid Waste Collection and Disposal8 7 7 7 7 7
Kodiak Fisheries Research Center2 2 2 2 2 2
Total38 38 38 41 45 43
Source: Borough Finance Department
The Kodiak Island Borough implemented GASB 34 in Fiscal Year 2005. That is why there is only 6 years of data.
Full-time Equivalent Employees
as of June 30
KODIAK ISLAND BOROUGH
Full-Time Equivalent Borough Employees by Function/Program
Last Six Fiscal Years
134134
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