CAFR FY2011_
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� KODIAK ISLAND BOROUGH
Comprehensive Annual Financial Report
Year F,nded June 30, 201 I
Official Issuing Report
Karleton G. Short
Finance Director
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KODIAK ISLAND BOROUGH
TABLE OF CONTF,NTS
June3Q 2011
INTRODUCTORY SECTION:
LeUer of Transmittal
GFOA Certificate oCAchievement
Organizational Chart
Elected Officials(Photographs)
Borough Off cials
Map of Kodiak Island Bomugh
FINANCIAL SECTION:
Independent Aadi[ors' Report
Managemen['s Discussion and Analysis
Basic Financial Statements:
Govemmcnt-wide Pinancial Statements:
SlaLement of Net Assets
Stn[emen� of Activities
Fund Financial Statcmcnts:
Balance Sheet — (iovemmcn[al Funds
Reconcilia[ion oCNet Asse[s Retwccn [hc Govcrnment-Wide and [he Fund Cinancial
S[atements
Statement of Revenucs, E,xpendiwres, and Changcs in Fund Dalances (Defici[s)—
Governmental f unds
Reconcilia[ion of [he Statement of Revenues, Expendi[ures, and Changes in Fund
Balances of Govemmental Punds to Hie Statement of Ac[ivilies
Statement ofNet Assets—Proprietary Funds—Business-Type Activi[ies— Enterprise
Funds
Statement oC Revenues, F,xpenscs, and Changes in Ne[ Assets — Proprietary Funds —
Business= fype Activities — 6n[erprise Funds
Statement of Cash Flows — Proprietary Funds — Busincss-Type Activi[ies — Enteryrise
Funds
Notes to Basic Financial S[atemen[s
Required Supplementary InPormation:
Budgetary Comparison Schedule—General Pund
Budgetary Comparison Schedule — Special Revenue Fund — Facili[ies
Notes to Required Supplementary Information — 6udgetary Comparison Schedules
Addi[ional Supplementary Informa[ion:
Budgetary Comparison Schedule — Deb[ Service P�md — Educa[ion and [ lealth
Nonmajor Governmental Funds:
Combining Balance Shoet
Combining Statcmcnt of Revenues, Expenditures, and Chenges in Fund Balances
Nonmajor Special Revenue Funds:
Combining Dalance Shcct
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5
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10-1 I
12-21
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30-31
32-68
69-70
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KODIAK ISLAND BOROUGII
TABLE OR CONTENTS, WNTINUF.D
Additional Supplementaryluforma[ion, con[inucd
Combining Statement o( Revenues, Cxpenditures and Chengcs i� Pund 13alnnezs
(DePcits)
Schedule of Revenues, F.xpenditures, and Changes in Fund Balance (DePcit) –
6udget and Ac[ual:
Firo and Road Servicc Arcas:
Fim:
Fire Protection Area No. I
Womens Ciay Fire Uepartmcnl
Kodink Airport Firc District
RoaJ:
Monashka 6ay 2oad Service Area
Scrvicc Aren No. 1
Womais F3xy Road Service Area
l3ey View Road Service Aren
Servicc Arcn No. 2
Coastal Management
Child Care Assistance Program
L.E.P.C.
Land Sales
Ruildings and Grounds
Woodland Acres Sfreet Light Scrvice Arca
"frinity Islands Street Light Service Area
l�ourism Dcrclopment
Mission Lake Tide Gate
Pern Fuller l rust
Trinity Islends Puving
Nomnajor Capi[al Projec[ Funds:
Combining Balance Shee[
Combining Statement of Revenues, ExpendiWres nnd C�hanges in Fund Balances
(Deticit)
Page �
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90 —
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(continued)
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KODIAK ISLAND llOROUGIi
'CABI,E OF CONTL:NTS, CONTINUEU
En�cmrise Funds:
ScheAulc of Rcccnucs, Lxpenses, aud Cha�ges iu Ne� Assets—Budget
and Acmal:
Municipal Solid Waste Collcction and Dispo�sal
Hospitat Facilities
Kodiak (�isheries Rcsearch Center
91I Services h'uud
Supplemen[arv Schedules:
Summary of Uonded Debt Ser��ice Requiremen[s to MaWrity
General Obligation Bonds, 2004 Series C—Kelirement Schcdule
General Obligation Bonds, 2004 Series 73 —Retiremen[ Schcdule
C:e��eral Obligalion Bonds, 2008 Seiies A—Retimment Schedulc
Ge�eral Obligation Bonds, 2009 Series A— Retirement Schedulc
Gcneral Obliga�ion Bonda, 2011 Series One—Retiremcnt Schedu7c
� s7�n� �s�ricA� sFC���on:
Statistical Seetioi� Index
Net Assets by Comyoncnt— last Seven 1'iscal Years
� Changes' in Net Asse[s — Last Scven Fiswl Ycars
Pund [3alances of Govemmental Fu�ds —LastTwo Piscal Years
Changes in FLnd Halances oCGovernmental Punds—Last Eight Piscal Ycars
� General Revenues by Souree—Lzst'I'en Fiscal Ycnrs
Asscssed and Estimated Actual Value of'Caxable Property— Lasc'Ten Piscal Years
Direci and Ovedapping PropertyTax Rates and Contributions to (he Sehool Dfstrict
Principal Propcny Tax Payers - Current Year and Ten Ycars Ago
� Nroperty Tax I.evics and Collcetions — Last Ten Yiscul Yeais
Ra[ios ofNel General Honded llebt Outstanduig—I,ast "Pen Piscal Years
Computatfon of Direct and Ovedzpping Dcbt
� Legal DebtMargin hifomialion — Las� Scvcn Fiscel Years
Ra[io of Annual Debt Servicc l:xpendfmres for General Bonded Debt to "fotal General
Governmental Expendf[ures and Transfers — Lasl Ten Fiscel Years
.. Ratios of Outstanding Debt by 7�y�e— Last l�en Fiseal Years
Demogcaphic and I:conomic Statislies — Last Ten Fiscal Yc�rs
Average Mo�(hly Employment & Eamings Las[ Six 1'iscal Yrars
� Miscellaneous Statistival Data—Iast Ten 7'iscal Years
Propeity VoluG Construclion ai�d Ba��k Deposits—Last Ten Fiscal Years
Fu14Time Equivalent Borough Employees by Function/Prog�am — I.asl Scvcn Fiscal Years
� OpeietinglndicarorsbyPunction—LastTenFiscnlYcars
Capital Asset S(ztis[ics by Funetion/Progrem—Last Teu Piseal Yeurs
]OS
106
]07
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lt7
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722
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727
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I30
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Introductory Section
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Fcbruary 28, 2012
Members of the Assembly
� Kodiak Island Borough, Alaska
Kodiak Island Borough
Finance Department
710 Mill Bay Road
Kodiak, Alaska 99615
Phone(907)486-9323 Fax(907)486-9392
S[ate of Alaska statutes and local charter piovisions reyuire tha[ all gencral-purposc locnl
�, govemments publish a complete set of financial statcmcnts presented in conformiTy with
generally accepted accounting principles in the United States of America (GAAP) and auditeA in
� accordance with auditing standards generally accepted in the Onited States of America by a Yirm
., of licensed eer[ified public aceountants. Puesuant to that mquireme�t, we hereby issue the
comprehensive annual financial report of lhe Kodiak Island Rorough (Borough) for Ihe fiscal
year ended June 30, 2011.
This report consisis of management's representations coneeming the finanees of the Borough.
Consequently, management assumes full responsibility for the completencss and reliability of all
� of the information presented in this repori. To provide a reasooablc basis for making these
representations, management of the Borough has established a comprehensive internal control
framework that is designed both to protect thc government's assets from loss, theft, or misuse
� and to compile suCficient reliable i�fortnation for the preparation of the Borough's financial
statements in conformity with GAAP. Because the wst of internai controls should not outweigh
� their benefits, thc Borough's comprehensive framework of intemal conhols has been designed to
� provide reasonable cather than absolute assurance that the financial statements will be free from
material misstatement. As management, we assert that, to the best oT our knowledge and belief
� this financial �eport is complete and reliabLe in all material respeets.
The BorougKs financial statemcnts have been audited by Altmaq Rogers & Co., a firm of
licensed eertified public aecountants. The goal of the independe�t audit was to form an opi�ion
� on whether the financial statcments of the Borough, for the fiscal year ended June 30, 201 l, aze
presented fairly, in all material respects, in accordance with generally aeeepted accounting
pri�eiples in the United States of America. The independent audit involved examining o� a test
� basis, evidence supporting the amounts and disclosures in the financial statements; assessi�g the
accounting prineiples used and significant estimates made by ma�agemeot; and evaluating the
overall financial statemem presentation. The indepcndcnt auditor issued a� unqualified opinio�
� on the Bocough's finaucial statements foc the fiseal year ended June 30, 2011. The independen[
auditors' report is peesented as [he ficst compo�ent of the finaneial section oC this report.
' The i�dependent audit of the financial statemen[s of the Bomugh was part of broader, State and
federally mandated "Single Audits" designed to meet the special needs of State aud federal
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g�anlor agencies. The standards governing Single Audit engagements requim the independent
auditor to report not only on [he fair p�esentation of lhe financial stateme�ts, but also on die —
audi[ed govemmenPs internal controls and compliance with legal requirements, witl� special
emphasis on inlernal controls and Icgal rcyuirements involvi�g the admi�istration of State a�d
federal awa�ds. 'lhese reports are available in the Borough's separatcly issued Single Audit �
Report.
UAAP �equire that management provide a nnrrative introduction, overview, and analysis to —
aeeompany ihe basic tinaneial statements in the fbrm of Management's lliscussion and Analysis
(MD&A). This letter of transmittal is designed to complement MD&A and should be read i❑
conjunction with it. Thc Borough's MD&A can be found immediately following thc report of the '
independentauditors.
Profile of the Govcrnment —
The Kodiak Island 13orough lies at the westem border of the Gulf of Alaska, approximately 40
miles south of the Kenai Peninsula Kodiak Isla��d is the lacgest island in Alaska and the seeond
lacgest in the United States. About two-thi�ds of the [3oro�gh lies in the Kodiak archipelago with
the remaining third on the Alaska Peninsula, across the Shelikof Strait from Kodiak IaLand. "Ihe
Shelikof Strait is only 20 miles wide in places. �fhe IIorough encompusses 7,130 square miLes,
maki�g it slightly smaller than thc State of Massachusetts and scrvcs a population of 13,81 l.
'I�he Borough ���as incorporated September 3Q ] 963, as a Second Class Aocough by Chapter 146
Sessions, I.aws oC Alzska 1961, as amended. �fhe powers gca�ted to the IIomugh includc area-
wide powers and non area-wide powcrs. A�ea-wide powers arc health, cducatioq assessment and
eollection of taxes for both the Borough and cilies withi� thc Borough, planning and zo�ing and
general administrative services. Non area-wide powers include parks and recrention, economie
development, solid waste disposnl, and aoimal control. Service disteicts within lhe Kodiak Island
Borough provide tire protection, road maintc�ance and construction, and strcct lighting. A _
Mayor/Manager form ol� goverriment govems the Boeough. '1'he Mayor is elected at largc while
the 13orough Assembly xppoints the Manager. The Assembly is composed of seven members
who ace elected at-large. �
The Rorough providee a full range of services induding fire protection, the constcuction and
maintenance of roads and othe� in&astructure, eommuniry a�d eeonomie development, health �
a�d sanitalioq culture and recreation and solid waste collection and disposal. "17ie Borough also
is financially accountable for a legally sepacale sehool district which is reported separaLely
within [he Borough's financial statements. Additional informatio� on this legally separatc entity —
ean be found in the basic financial statements.
"I'he nrinual budget scrves as the foundation for the Doroagh's fivancial planni�g and co�trol. All —
depanments of the Borough are required to submit requests for appropriation to thc Borough
Munager. The Rorough Ma�age� uses these requests as thc starling point for developing a
p�oposed budget. The 6orough Manager theu pcesents this proposed budget to the Assembly for —
ceview by April 30.'Ihe assembly is requircd to hold public hearings on [he proposed budget and
to adopt a fin�l budget by no latcr than June 10. The appropriated budget is prepared by fund and
departmenL "fhc Assembly makes appropriation transfers between funds and/or depanments only �
,., afte� the adoption of an ordinance. IIoro�gh staff may execute transfe�s behvec� line items
within a department. Amendments to the budget can occur anytime during [hc fiscal year through
the 6orough Assembly or administ�ative action. Expendilures may not legally exceed
� app�opriations a[ the following levels: Capital Project Funds — project level, all other funds —
department level. All funds, except Capital Projec[ P�nds, are budgeted on an annual basis
encompassing a fiscal year. 6udgets of Capital Project Funds generally eucompass the period
� from start-up to projeet complelion, which is gene�ally gceate� than one year. Budge[-to-acWal
comparisons xre provided in this repoR fo� each individual govemmental and proprietary fund
fur which an appropria[ed annual budget has been adopted. For the General Fund and the
� Faeilities Special Revenue Fund, this compacison is presented on pages 69-71 as paR of required
supplementary inPormation. For governmental funds, other than the Ge�eraL Fund a�d the
Pacilities Spuial Revenue Fund, this compazison is p�esentcd in thc additio�af sopplementary
� information subsection of this repori, wliich starts on page 73. Also included in the additional
s�pplementary information subsection are the Education and Health Debt Service Fund budget to
actuaL Cor proprietary funds, this comparison is pceseoted in the proprietary funds subsection of
�' this report, which starts o� pagc 105.
Factore Affecting Financial Condition
� The information presented in the financial statements is perhaps best understood wheo it is
co�sidered from the broader perspective of the specific enviroimient within whieh the Rorough
operates.
. Local ecouomy. 'Ihc economic condition of the Kodiak Island Borough remains healthy. "I'he
main industries of thc Rorough are commercial fishing, logging, and to�rism. Whilc some
`� se�nents of the eommereial fishing industry have decli�ed, others have giown. "Iherc have becn
. large cutbacks in the logging industry, which can bc ettributed to the slowdown in the Asian
� ceonomy. Tourism coiitinues to grow in Kodiak with an inercased number of visitors eaeh year.
To accommodate this demand, construction of fishing lodges, bed and breakfast
aecommodations and ceereational facilities has inereased along with an ine�ease in charter boat
r and guide operations. There has also bcen an inerease in the number of cruise ships visiting
Kodiak i� �ecen[ years as tlie cruise ship companies have expanded their tours of Alaska's
coastal communities.
Relatively new to the Kodiak Island Borough is thc aerospaee industry, which began with
eonstruction of the Kodiak Launeh Complex in 1998. Owned by the Alaska Aerospace
� Development Corporation (AADC), a public corpocation of the State of Alaska, the Kodiak
Launeh eompiex is the first complete launch faciLity built i� the United States sinee the 1960's
a�d the Hrst not ow�ed by the Federal Covernment. The stateof-the-art facility incl�des a launch
� wnnol center, payload proeessing facility, spacecraft assembly building and launch pad. I[ is
designed to handle small to medium sized rockets used to launch ]ow 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 �eazly 1,400
people a�d providing vital services to the marine industcies that are an integral pan of Kodiak's
� make-up as wcll as making a significant contribution to the Kodiak community.
'fhe scafood industr}° is by far the Iazgest indusiry i� the Kodiak Island Borough. This ind�stry —
includes commercial fishing fisheries research, management and enforcement, seafood
processing, and maintenance and support serviees. Kodiak is home to the fugest port in the
State, hoasing over 700 commcroial vessels and consistently ranks emong the top tcn ports in the �
United Statcs in terms of amount and valuc of product delivered, ln Z01 Q the last year dala was
avaifable, Kodiak was number lhree in the nation for number of pounds landed (325,OOQ000
pounds) and number three in the value of fish landed ($1 L4,682,1 S4). —
Employment varies throughout the year with July, August, and September being the peak months
due to the increased activity io the fisheries and related businesses, then declines in November �
and Deeember when fisliing quotas ere reached. The local unemployment rate has fluctuated
from 6.1 % to 8.6% over the las[ tive years, but the overall avcrage has remained around 7.0%.
Long-term financial planning. Every year thc Borough adopts a five-year strategic plaa In this
pla� the Borough decides what ils goals and objectivcs are for Ihe next tive years. The Borough
hreaks these goals out based on our Mandatory and Adopted powers. To view the complete
Strategic plan you can visit our web site et ww�v.kodiakak.us.
Awards aod Aeknowledgements �
The Government Tinance Officers Association of the United States and Canada (GPOA)
awarded a CertiGeate uf Achievement for �xcellence in Pinancial Reporting to the Rorougli for
its compcehensive annuaL Gnancial report (CAFR) for the fiscal year ended June 30, 2010. This
was the twenty-seeond conseeutive year that the Borough has received this prestigious award. In
order to be awacded a Certificate of Achievement, a government must publish an easily rcadable
and efficiently organized comprehensive annuaf financial report. This ceport must satisfy both
generally aceepted ¢ecounti�ig principles and applicable Iegal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our eurrent
CAFR wntinues to mect the Certificate of Achievement Program's requiremcnts and we am
sobmitting it to the GFOA to determioe its eligibiliry for anothcr certificate. _
The preparation of this report would no[ have been possible without the ef7icient and dedicated
scrvices of the entire staff of lhe administration and finance department. We would like to �
express our appreciation to all members of the department who assisted and contributed to the
prepa�ation of this report. Credit mosl bc given to the mayor and thc assembly for their u�failing
suppoR for maintaining the highesl s[andards of professionalism in the management of the —
Borough`s &nances.
Respcetfully submitted,
�� c��� %��� �.� _
Rick L. Gifford Kadeton G. Short
Borough Mauager Directo� of Finance _
Certificate of
' Achievement
- for Excellence
in Financial
Reporting
` Presented to
_ Kodiak Island Borough
_
Alaska
For its Comprehensive Annual
� Financial Report
for tlie Fiscal Year Endeci
� June 3Q 2010
A Certificate ofAchievement Cor Ezcellence in Finaricial
Reporting is preseuled by rhe Goveroment Financc Officers
� Association ofihe United States and Canada to
govemment uuiLC and public employee retvemenf
systcros whose compmheusive annual 6nmcial
r repons (CAFRs) achieve the highest
standards in govermienl accounvng
and financial aporting.
N�n""'�"' li• /�/ iMw�' _
President
G� ��
Executive Director
5
Kodiak Island Borough -
Fiscal Year 2011
E�e«�,a,E
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MAYOR AND ASSEMBLY MEMBERS
lerome Selby
Mayor, 2013
Jerrol Friend
Deputy Presiding Officer,
At Large, 2012
CarolAurterman
At Large, 2013
Dave Kaplan
At Large, 2014
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Mel Stephens
At Large, 2014
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TuckBonney
At Large, 2014
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Chri: Lynch
At Large, 2012
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Lauise Stutes
At Larg¢, 2013
KODIAK ISLAND I?OROUGH
KODIAIi. ALnSKA
IiOROUGI I OFFICIALS
YGAR ENDBDJUNE 30.?01I
vIAYQR
leirome Selbv ' 13
.4SSH11RI.T
Cxrul Auslcrinan'13
lcrrn I Priend ' I �
Chris I_�nuh'L
I.ouisu tiwlc�' U
Tuck Ranner'IJ
U�rc Kaplan' N
MJ Slephcm 'N
.ViANAGFMLNI�
Ric6 �i�fi�rd......_. ....__._ .._.___ .._.._._.....Roiuueh M;inn¢er
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FmicmnG.Shon. ._....__ _.__. ....__ ._....FfnnnceDiracloClteasur.r
Wuud�l.uning..._ ___.. .._.__. .._IfnefneeringandYFiciliGcsUime�or
Noralavicr.CM(' __..... _..__ ....._. ..___..._.13oruuehClcrk
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Rud Cnssid� _...._. ._.__ .__.... ....._._Comnninitv Devclopmcm Dfrccmr
13iIIRobzii�_....... __...... ._ ......... ........_..... � .......ASSeswr
Rohcri 4.Ilimc,.. ............ ......_.... .......... ..... .....__FireChic(
Slu:itt Md)o �� StJuhn -._.. _ SnperlmendenL Schnul Din �
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Urin Br:rv-Iiollu�ca� ...._ . tant
C�ssandiaJuin_cr __......_. ..__.._. __..__..RevenueAccountant
I:mn P'hldAun�__ __.._. ...__.__ .._.. IIR Ufliccr'ilceculivc Assi+lanl
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Financial Section
_ �lltman, Rogers
�COI CCRTIFI[D
P������
A<�o��r�N„
Independent Auditore' Report
�
The Honorable Mayor and Members of the Asscmbly
Kodiak Island Borough
� Kodiak, Alaska
We have audited ihe accompanying Fnancial stalements of the governmenffiI activities, the business-rype
� activi[ies, the discre[ely presented component unit, each major fund, and the aggregale remai�ing fund
infomiatioo of the Kodiak Island Borough, Alaska, as of and for �hc ycar ended June 3Q 20I l, which collec[ively
comprise [he Borough's basic financial s[a[emen[s as listed in the [able of con[ents. These financial s[a[emen[s
� are [he responsibility of the Kodiak Island Borough, Alaska's managemenL Our responsibility is to express
opinions on these financial s[a[ements bascd un our audit.
� Wc conduc[ed our audi[ in accordance with auditing s[andards generally accep[ed in the United Slales of
Amcrica and the standards applicable to tinancial audi[s contained in Governnrent Audiling Sfandards issued by
[he Comp�roller General of the Uni[ed Sta[es. Those s[andards require [ha[ we plan and peffortn the audi� lo
ob[ain reasoneble assurance about whether the financial slatements are free of material missta[ement An audi�
includes examining, on a test basis, evidence supporting the amounts a�d disclosures in the financial s[a[ements.
M audit also includes asscssing the accounting principles used and significant estima4s made by managemen[,
as well as evaluating [he ovcrall financial sta[ement presenta�ion. We believe [het our audit provides a reasonable
� basis for our opinions.
In our opinion, the financial statemen[s refemed to above present fairly, in all material respects, the respective
� financial position ofthe govemmental ac[ivi[ies, the business-type activities, the diseretely presented component
uni[, each major fund, and the aggregate remaining fund informa[ion of the Kodiak Island Borough, Alaska, as of
Ju�e 3Q 201I, and the respeetive changes in financial position and cash flows, where applicable, thereof for [he
� year then ended in conformity with accounting principles generally accepted in the United States of America.
As diswssed in Note I I[o the flnancial statemen[s, the Borough adopted GASB S[a[ement No. 54 Fund Bulance
Xepor(ing ond Governmenlal Fund Type Definilions as of and for the year ended June 3Q 201 I.
In accordance with GovenmientAudiling.Standurds, we have also issued a report dated Pebruery 28, 2012 on our
wnsidera[ion of the Kodiak Island Borough, Alaska's intemal control over financial reporting and on our tests of
� its compliance with certain provisions of laws, regulntions, contracts, and granl agreemw[s and other matters.
The purpose of that report is to describe the scope of our tes[ing of in[emal control over financial reporting and
compliance and [he resul[s of that testing, and no[ [o provide an opinion on the in[emal control over financial
r reporting or on compliance. That report is an integral part of an audi[ pedormed in accordance with Governmeir�
Audiling Slondords and should be considered in assessing Ihe reults of our audit.
The management's discussion and analysis on pages 12 through 21 and the budge[ary comparison inPonna[ion on
� pages 69 through 72are not a required part of the basic financial sta[emen[s but are supplementary informa[ion
required by accounting principles' generally accepted in [he Uni�ed States of America. We have applied certain
� 10
JZh G S ect . e 500 A'.6 � Je. Aleska 9950I �'ho� )� =�42992 ! JO? L:J 2993
� Ot(res;n Juneau antl G�MOIra A Pmlessio,�al Co�por:dwn
The Honorable Mayor and Members of the Asscmbly
Kodiak Island l�orough
limi[ed procedures, which consis[ed principally of inquiries of managemen[ regarding the methods of
measuremen[ and presenta[ion of Ihe required supplementnry infomiation. However, we did no[ audit �he
informa[ion and express no opinion on il.
Our audit was conduc[ed for the purpose of forming opinions on the financial statemenis [hat coilectivcly
wmprise the Kodiak Island Borough, Alaska's basic financial s[atemen�s. The accompanying additional
supplementary information, as iden[ified in Ihe table of con[en[s, are presented for purposes of additional analvsis —
and are not a required part oT lhe basic flnancial s[a[emenls. Sueh information has been subjected to [he auditing
procedures applied in [he audi� of the basic �naneial s[eteme�ts and, in o�r opinioq is fairly s[ated in all ma[erial
rcspects in relation �o the basic Enancial s[atements taken as a whole.
The introduc�ory section and staiis[ical section, as iden�ified in �he table of contenis, have nol been subjccted to
�he audi[ing procedures applied in �he audi! of the besic financial stalemencs and, accordingly, we express no
opinion on them. �
���. , ,E� � � C�o.
Anchorage . Alaska
February 28, 2012
�
�
KOUTAK ISLAND ROROUGH
Management's Discussion and Analysis
Junc30.2011
As managcment of� Ihc Kodiak Island Borough, we offcr rwders of �hese finnncial siz[emcnts ihis nurrative
r, overvicw and analysis oC lhe financial ectivities of thc Kodiak Island 6o�rough for thc fiscal year endcd June 3Q
2011. We encouragc readers [o consider thc information presented hcre in conjunction wilh additionai
� inPonnation tliat we have Curnished in our letter of h�ansmitlal, which can be found on pages I- 5 of Ihis repor�.
� financial Highlights
• The assets ol the Kodiak Island Borough excecded its liabilities at the close of FY2011 by $165,192,321.
� Of this amount, $48,232,803 (unreslricled nct assels) may be used to meet the Rorough's ongoing
obligalions to citizens and crcditors.
r
• In PY201 I tlic Rornugh's tolal net assets inereased bv $2,694,882.
• At the end of ihe cun�ent fiscal vear, Ihc I�o�rouy�'s governmental funds repor�cd combined fund balances
� of $58,435,539. 'fhis was an inerease of $4,370,I49, compared to tlie nel ne� change in the prioryear oCa
., decrease of $5,081,025. At tlie end of FY2011, unassigned fund balance for the general fund was
$1952,75Z 'fhis was 13%of [otal gcneral funA expenJitures.
• The I3oiough's bonds payable inereased bp $5.255.U00. 'fhis was due to the issuance ofa $8,000900 bond
� less payment of bond principal.
. Overvicn� of the Financial Slalemenis
� Governmen� wide Financial titatemenis
The govcrnmcnl �ride financial sG�tcments arc dcsignetl to provide readers �+�ith n broad overvie�c of tlie Kodiak
� Island 13orough's finances, in a manner similar to a private sector business.
r
The starement of net asscts presents information on all ot'ihc Kodiak Island L�orough's assets and Iiabililies. with
. the difference be[ween the hvo rcported as net assets. Over time, incrcases or decmases in net assets may serve as
a�useful indicator of whelher thc financial position of the Kodiak Island Dorough is improving or dcterioraling.
r
Thc sfatement of activities presents infonnalion showing how the governmcnPs net assets changed dwing the
most recent fiscal year. All changes in nc� asse[s are reported as soon as the underlying even[ giving risc [o the
r change occurs, regardless of the timing oCrclat�d cnsh flows. Thus. revenues and expcnscs ere reported in this
statement for somc items that �cill only result in cash flows in futurc �scal periods.
� Both of the governmau wide financial sta[emenls distinguish functions of the Kodiak Island Borough that are
principally supported by laxes and intergovemmenlal ievcnues (eovemmental activi�ies) from other functions
[ha[ are in[ended Io rewver all or a significant portion of their cos�s through user fees end charges (business-type
activities). The govemmental activities of [he Kodiak Island L�orough inelude general government, public safety.
� emergency preparedness, communiTy and economic developmen[, health end sanilation, educa[ion, euhure and
recrea[ion, parks xnd recreation, service district main[enance and primary and secondary education. �fhc
business-type activities of [he Kodiak Island Borougt� include a solid waste collection and disposal facility, a
� Borough owned hospi�al, the Kodiak Pisheries Research CeNCr and a 91 I emergency system.
The government wide financial statemenis include not only �he Kodiak Island Rorough itself (known as the
� primary government), but also �hc legally separate school district for which the Kodiak Island Borough is
finaneially accountable. Financial information for [his componen[ uni[ is reporled separa[ely from the fnancial
inPormation presen[ed for the primaiy governmcnt itael(.
12
KODIAK 1FI,AND BOROUGII
Mnnagemenl's Discussion anA Anfllysis
June 30, 201 I
Thc �ove�nmenl �e�ido Gnancinl slatemcnls am be found on pnges 23-24 oCthis repo�i.
Fund Finaucial Statements �,
A fund is a grouping of related awounts Ihat is uscd to maiutein comrol o��er resources thai hnve been segrcgated
foi specifie aelfvilics or objectives. "Ihc Kodiak Island I3orougli, like ofhcr sta�e and loeal Eovenvneuts, uses fund
accounting to ensurc and demonstra[c cnmpliance with finance relaled Iegal requirements. All of the fwids of the
Kodiak Island BoroueL can be divided inlo hvo calegories: govemmental (unds aud proprietary funds.
Coveromental Funds — Govemmental funds arc used �o accoun� for esscnlially the same funminns reporteA as �
go��emmental aaivities iu Lhe government wide financial statemenls. However, unlike thc govcmmen� wfde
sta�ements, goaernmentel lu�id linat�cial statemen�s fiicus' on near-term in(lows and outflous of spendabie
resourecs as well as on balanecs of spendable resources available at the end o( (hc 17scal ye:�r. Such Inlunnntio�
may bc uveful in evaluating a �ovcrnmenl's nearteim �nancing requiremenls.
Because Ihc lbcus of go�-ernmcnlal lunds is uarrower than Ihal of the government widc Gnancial statement+. it is
useful to eompare the infonnalion pr�sentecl Cor govemmen�al funds with similar informalion presented (or �
goventmenlal activfties in the povernmcnL-�ride financinl statemenis. By doing so, readers may better understand
thc long-�enn intpacL of [he goeanmenl�s ncar-tenu Cnancing deci�ions. Bo�h [he govermncnlal fw�d balance
sitect a�d ;overnmenlal fund statement of rcvrnues. cxpendi[ures, aud changes in fund balances pro��de a "
reconeiliatfo�i lo facililntc Ihls mmparison betwecn govert¢nental fimds and govertuncntal aelivities.
Thc Kodiak lslaud Borough mainteins 28 individual goversunen[al fimds. InlormaGon is presenled separatety in �
the govemmental fuud balaucc shee� ond in thc governmontnl fmid statcinent uf maenues, expendimr�s, and
chan�es' in fuud balanecs for ihc Gcneral Pund, Ihe Ff�cililics Special Revenue Fund, (he Lducntion and Ilcnllh
Deht Servicc Fund, the Sta�c ('apilal Grants Capftal Yroject Fimd, and Ihe Kodiak Iligh School Reno��ation
Capital Projeel I'und, whlch are alI considcred to be major fu�ds. Dnta from tlic nther nu�major funds ere
combincd into a single, aggrega�cd presentelion. Individual fund dala Cor ezch of these nnninajor government�l
funds fs provided in Ihc fomi of combining tilalcments elsewhere in the supplementary infonnatiou s�rlion of this
report. —
'Ihe Kodiak Island Borough adopls an annual approprialed budget Por ils Ge��ernl Fund, Special Revenuc Funds
and Debt Semicc Funds. But3getnry comparison stnlomcnts have been pmvided for the funds to de�uonstrate —
compliance with thie 6udge�.
'Phe bas'ic govemmertG�l financial s'latements can he found on pngcs 25 ?8 of Ihis reporl.
Proprie[ary Fuuds — The only Proprictnry Fund type dta� Ihe Kodiak Island I3oirough uses is rn[eipdse funds.
Enterynse funds arc used to report �he same Cunctions presenleA as business type activitiev in Ihe govemment
widc financial stalemrnts. Propnetary Funds providc the samc rype of infomiation zs govemmcnt widc financial �
slatements, only in morc dctaiL The Kodiak Island Rorough uses ente�prise funda lo account for a solid was�e
collection and disposal faciliry, a Borough owneA hospital leased to the Sisters of Providence d.b.a. Vrovfdenec
Kodiak Island Medical Cenlcr, ren�s and u�ilities of tlie 13orougL owned Kndiak Fisherics Researeh Cenler, and —
911 phone eharges znd expenses.
"Phe Kodiak Island Rorough adopts an an�ual appropna[ed budget Cor its proprielary lunds. Budgetary
comparison sta�emenls have been provided for �he Cunds- to demonstrale coixiplinnce with the budget.
The basic Proprietary Cund financial statemenis cau be Cound on pages 29-32 of this report.
13
�
r
KODIAK ISLAND 130ROUGH
ManagemenPs Discussion and �nalysis
1 une 30. 201 I
No[es to the Basie Financial Statements — The notes provide addi[ional information that is essential [o a full
understanding of the da�a provided in [he government wide and fund finencial statementr. The notes to the basic
financial slatements can be found on pages 33-69 oC this repott.
Other Informa[ion — In addition to the basic linancial statements and accompanying notes, this report also
� presen[s certain required supplementary informa[ion including budge[ary comparison schedules Cor Uie Genecal
Fund and the Fncilities Special Revenue Fund. Required supplemeniary infortnation ean be found on pages 70-73
oC Ihis report.
�
Government wide Financial Analysis
Statemen� of Nel Assets
r
As noted cudier, nct asscts may servc over lime as a useful indicator of a govcrnmcnfs financial posilion. In Ihc
� case of the Kodiak Isla�d Borough, assets escceded liabilities b}� $165,192,321 at the cluse of FY201 I, the most
� recent fiscal year. 'Ihe ne[ assets of the component unit were $2.852371 a[ [he close oC FY201 I.
, The largest portion of the Kodiak Island 6orough�s net assets ($I 16,959,518 or 71%) reflecls its investment in
capilal assets (e.g. land, buildin�,s. equipment and infi�astruc[ure) net of related debL The Kodiak Island Borough
�` uscs thcsc capi[al asscts Io provide services �o citizens; consequcnth�, [hese capi�al assets are not availablc for
(uwre spending. Al�hough the Rorough`s imesunent in capital assets is reported net of deb[. it should be noted
that the resources necded to repa} this debl mns� be provided Gom otlicr suun:es, since the capital assets
� LhemselvescannotbeuseAtoliquidatc�hcscliahililies.
�
Um cntal xuvinesx-t��pe
lctivilies Av�i�i�i<s -Intal �
EU❑ P010 2 II� I 21110 2011 201U
CLrtcnixnJmherassws E SY020,i2n S9.UY'1.913 1285].iJi II5y4,30i 91N9].992 R6RHA2tl9
Capitala,ccu IOtq�b995 1023i13]! 3?905021 38.(d5B54 IJ3.8"I4_916 IJLL992210
lomlessets $ 161.9tly223 159Ai628J Si1.963,Y65 Sf1,2J11,22N 215]5268A 20],fiR6.5i9
Lonp-termllabilf�ies $ 35,iyY,A2p 2g.g99.�31 ]BG8,121 6,9�2622 JiUJ?541 3q64693
Othcrlivblli�i�c 925J51 IJOZUII fi5tl],395 ].4J5.115 ],512826 N,542.125
Tnalliehiliucs $ 36,IOJN]I 3100C342 IAA55p96 14182Ti6 �Qsfi0,3fi� JSI89.0]8
Nct ass'LS'
Invuted in cepital asmcs,
ncl oi rclo�ed dcbi
� Unmsvicted
Totel net assets
�
$ tl1.98J,195 9?5A],045 J5,1]0,143 }(,,�Si,85y 116,959.SIR 114,101,9114
4]�9J9]] 48.9929W 1_U�826 (598}691 48,�2NO3 98.191,515
S 12XftAJ.l52 R6,iJ9,9JJ 3630]969 36,OSZ442 Ifi5.lY23L 162.49],0J9
For morc dctailcd information see Ihe stalemenl of nel assets on page 23.
The remaining balance of nnrestricted ne� asscls, $48,232,803, may bc used (o meet the Borough�s ongoing
obligations to citizcns and creAitors.
14
KODIAK ISLAND BOROUGH
Statement afAcsivitics
Year ended June 30,2011
See accompanying notes to finsincial statements.
Tf
pEgram Menues
Net ex rise ) rev.d... and chap in net assets
Operating
Primsia g!vernmegit
CBME2neol unit
Charges for
grants and
Capital
Governmental
Busin ess-type
-
School
Total
reins split%,
Functions/Programs
services
contributions
-MR-ts
activities
activities
Total
District
2011
2010
Primarygoversiment:
Govermigental activities:
General govemment
S 5,109.232
658,463
-
-
(4,430,769)
(4,450769)
(4,450,769)
(3 766,604)
Public safety
664.349
33,755
27-299
-
(609.296)
(609.296)
(608,296)
(572,776)
Emaggency gicciourdness
11.705
-
-
-
(13.705)
c
(11.705)
(11,705)
(10.511)
Community and cooriontic development
1.211,189
19,274
3,243,219
2,949,304
2,049.304
2,049,304
1,376,12-1
Health and sanuafian d
392,0 11
105.6%
(2116,315)
1236,315)
(296,315)
000.392)
Educuon, culture and Mcrcation
93,690
-
-
(R5�690)
(35,690)
(B5,690)
(192,lgz)
Parks and recreation
13,625
-
113,623)
(13625)
(13,625)
Service district maintenance
593.399
27-600
(365,739)
(565.788)
(565a788)
(518,1102)
Prunary and secondary education
12,934,349
(12,934,349)
-
(12,934,349)
-
12,934,349)
(9.291.3303
Interest on long-term debt
I.3fi8052
2, IJ8.39
640341
-
640,341
-
640341
803560'
Total governmental activities
22,423.590
719,819
1293.661
3,24 1.219
16, 166 892)
-
Q6,166.992?
-
(16;166,992)
_U1,472,9151
Business-typc activilics-
Municipal solid to collection and
di sal
2j92,132
$397,979
m
-
205-947
205,847-
205,547
67,221
Hospital facilities
1,027615
720,000
(307;613)
(307,615)
-
1307,6151
832.976
Kodiak Fisheries Research Center
1,947,427
2,018j47
171,320
171,320
-
171,320
(316,803)
911 Services
53,041
53,041
-
-
-
ToW business-rypc sciivitics
5,120,215
5,189767
69,552
69.552
-
69.552
583,396
Total p6mitty govenimcni:
27,543,905
5,909,505
7-295.661
3-241,219
-J]6.166,9921
116,097j4OL
LL .039.529L
Component unit -
School district
S 50.909.173
243,233
11.244-104
-
(39,419,856)
(39,419,856)
(33-569,398)
Gencral revenues
Property taxes
11,945.103
11,945,103
-
11,945,103
11.051,786
Grants and entitlements not restricted B o a pecific
3,642, 009
3,642,DD9
27.599,711
31,231,720
29,720.939
1ATW sales
2,383
2,383
-
2,383
760
Severance taxes
1,649,275
1.649.275
-
1.649.275
1,336,075
Support from primary government
-
-
9,494,388
9,494.389
10.290,350
("her
739,113
739,113
361,771
1,103884
1,107,399
Inverfmcm canungs
713,414
100,925
914,339
-
$14,339
1,457,269
Tracifm
10,000
-
Total pencind revenisgis and transfers
18.611,297
190,925
15.792 222
37448,970
56.241.092
54,924.431
Change in met assets
2,444,405
250,477
2,694,882
(1,970,996)
723,896
9.465,514
No as sets. at beginning ofycar
126,439,947
36,057.492
161497,439
4,823.3157
167.320,796
136.855.282
Net asscL% at end of year
S
129,994,352
X307.%9
165,192.321
1951371
--F68,044,692
167.3207%
See accompanying notes to finsincial statements.
Tf
KODIAK ISLAND BOROUGH
Balance Short
Goveramcmall Funds
June 30.2x911
(With summarized fines al snfsmabon for The year aided June 30, 2010)
See wwavianYtas Mies No finwicial statements
w
Education
CA hal I'm ad Fonds
Far law
and Ileallh
laic
a
Other
Special
Debi Service
capital
Schaaf
Governmental
Totals
Assns
Georrall
Revroue Fund
Fund
Gratis
Renovation
Funds
--- TOM
And&
Equity inowdralimstay
3,313,28a
33,024,106
7,96D
483,406
7,403.995
10,661,270
56,294,725
49,222,436
Receivables,
State ormuka
77,290
397,366
451,R69
93,559
1,027,094
4,677,996
Ferfaul Goverwrient
2$1,230
251,230
379,530
Properly talso, nrtor
allawarice o(S15,828
126,338
%777
136,115
207,544
sm"we taxes
453,079
453,026
355,,360
Lmw salas oardmas
12,671
12,671
11,077
Accounts and other
mrsvivables, no
2,792
24,160
53,579
90,52t
96,127
Prepaid hem
6,903
979
7,610
15,703
Due from sillier funds
773 27
1,211, 909
2
1,950,186
3,447,014
Land uk2 curamos, due aftor arm year
21,704
21,704
34,342
Advances, shat funds
. ............................... ............
5,097,904
. .................................. . .
........................... ..... ..........
.................................. ...........
.....
5 09�7806
$61.1,261
Tond
S _,6 7f7 04
39334521
401326
.......................
961435
U .....................
740399
.................... i ............ 6- 1
11"109&671
61912.112
61i)55.M
Limbillples mad Feed Nalmatts
U&NEws
nag p a
492,109
158,455
200,467
942,790
1,,723,921
1,=477S
Rmakiages payable
-
-
243,787
Accrued comparmation
raw Famed hambuts
220,229
220,229
226.560
cullomadepoails
150
ISO
1,253
Doe to component unit
3,919,549
3,919,,549
4,956,949
[hit No other funds
2,592
400,,000
9$7,219
1,359,50I
2.922,843
Ddared revenues
12-3 77
�T
O30 7S
27480
........................................
�43 561
273S63
334,529
Tomal liabRisies
4.7�59246
75,03E
n . ........
�215 935
�200 467
1,643.727
__jjL 213
9 �993 600
Fund balances
Nonsimsdable
fi,$03
21,704
23,505
508045
Caffiveried
39,255.683
5,326
m5,w
7,203.528
100423,372
37,6330409
5Z453,171
Unassiumd
1 _,a52 757
. .
. ....... . .
........
3321
773 625
1561474
Total Fard behimcm
1,959,55E w
39 �255 683
5.326
�745 500
�Z20) $28
9,265.944_
$5435 $39
34 65,390
Total
1 6717504
39,334,521
1.0"1116
9.61,411
740.1,,991
11"109611
712
64,051, 90
9
See wwavianYtas Mies No finwicial statements
w
m
HOMMEMWI,
120,945
92,750
21,704
135,670 371,069
KOMK JSIANO boitoucai
Slat chent afRCMWM Fix pe"lums and Changes
in Fund lialatices (Delicks)
Govern ntonal Funds
You ended Jum 30, 2011
(With summarizcd linanchd Wormstion for they ended June 30, 201 a)
Education
Cx tal Pro eel Fundo
ForMiks
and 11callb
Slate
Kodiak High
other
sporial
Debi Senate
Capital
School
Gormoveriled
Torok
General
Revenue Fund
Fund
QMpts
Renovation
Funds
2011
2010
RLYmu=
pro,porty taxes and anewmemls
S 10,763,557
1,146,249
11,
10,"3.175
Transient sconornahiflons tax
96,394
96,334
36,003
severar4claxes
1,649,273
1,649,275
1,336,075
Interpowerturanual
Stole sources
2,106,342
2,148,393
2,667,097
107,352
7,029,694
10,610XI
Federal soumn
1,535,167
233,904
380,134
2,149,205
2.338,468
chmsuel rot wrvie".
2,227
612,519
614,745
662,629
IjC==% pancis and few
72,394
32,679
105,073
103,364
Investment income
(21,628)
651,417
OMI)
1,356
14,161
69,120
706,677
1,223,939
Other
�335 009
�92 992
�92 759
�72D 659
�439 412
Total mverves
36 __b42 942
n5l 417
2°340,641
2 n95 251
l4 161
2,537,995
14 99 l503
27 _,S15 495
Experoburcs:
Clintcal
Gconal sovernmem
3,795,536
21,959
1,000,792
4810,297
4,600,601
Public Urray
94,125
433,498
537,623
502,493
Commav and
ocowaric dCVrJDPMCU
1,110,114
603 ,075
1211,159
1,034696
Emergency preparedrims
11.705
-
11,705
8,011
Health and sardamica dejartmCul
296,315
105,69
392,011
371,321
EdUCANion, cultum
and Mutation
85,690
95,690
192,192
Pinks &W recreation
13,623
13,625
Service dharo:l Maintenance
593,382
593,382
543,997
Pfiruny ad secondary education
10,127,350
10,127,350
9,900,350
Capitol outlay
sdotols
606,155
1,074.914
1,851,069
7,351.932
Gff"A
Dtht scovkc:
2,926,205
1,913.447
4,839,652
4319,439
prindpal
2,7$0,690
-
Z750,69D
2,685,06
Interim
1,237,422
5,223
1,292,645
1,356,572
tk�m issuance costs
44,619
-
40,669
Total ex mares
15 �514 460
4, 071
2 �926 205
�"6 1"
5,243.03}
28 �595 613
_I2.955 �387
Excran (deficiency) af acv croms
over (under) expciulliums
1 �128 382
�651 417
-IM9-4-291
�69 046
--JUL62-31-
-I2,I90-8-31L
-I3,514-1051-
--ffioo,�0751
Otbor financing wavrces (Uses):
Proceeds from ask or bows
-
9,049,233
-
8,049,233
LOW late procrods
15,021
15.021
138,967
Trucifine in
1,902,500
1,979,789
3,782,289
3,211,195
TransrW out
I NDDL
-ILM--
U&933L
........
9LRs6L
2 AN
�
Net other fa tang
-JI.H
--EM
-22-91 -19-51
mate" CURS)
-i1,55t-52.01-
--LM-93-3L
1 �902 500
------
9,049,233
�344 954
7"194,253
�ss s67
change in fund balances
(423,113)
(109.5161
416,9291
69,046
7,216,550
12,365,9941
4,370,$49
(5,081,025)
Ford balsaces (deficit), at beginning ofivar
2,332 ,676
39,365,199
�22 235
�676 454
L3_ 022L
11 �631 128
54065390
39.646.415
Fund babactol, at eW ory
S 1&9.1.9
_ III
_19 1 6 11
,
1 16
141100
7,203,326
9265944
5.8,435539
_
34,065390
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, 2011
(With summarized financial information for the year ended June 30, 2010)
Net change in fund balances — total governmental funds
Change in net assets of governmental activities
27
$ 4,370,149
6,773,296
(3,150,877) 3,622,419
120,945
92,750
21.704 235,399
(182,032)
(86,013)
(34,342) (302,387)
(22,151)
2,444,405
KODIAK ISLAND BOROUGH
statement of Net Assets
Proprietary Funds Business - Type Activities - Enterprise Funds
Year ended June 30, 2011
(With summarized financial information for the year ended June 30, 2010)
Atunicipol
Kodiak
Other
Solid Waste
Fisheries
Noomajor
Collection and
Hospital
Research
Enterprise
Totals
Assets
---- Disposal
Facilities
Center
Fund
Current assets
Equity in central treasury
6,364,799
1,494,282
3,592A96
45,607
11,497,584
10,525,760
Customer receivables
232,129
686
4,355
237,170
691,607
Accounts receivable - State of Alaska
845,783
845,783
100,()00
Due from other funds
----------------
2.580
2,580
Total current assets
7,442.711
1,496,862
____3,593,582
----49.962
12,583,117
11,317,367
Inventories
-
277,007
277,007
277,007
Capital assets �
Non-depreciable
3,177,300
6,017,637
9,194,937
8,405,196
Depreciable, net
3.027.368
14,337,056
11.346,560
m,
28,710,984
30.240.658
Total capital assets
6,204,668
20.354.693
11,346,560
37.905,921
38,645,954
Total noncurrent assets
6.204.668
20.631.700
11,346,560
38,182,928
Total
S 13.647,379
22,128.562
14-940,142
49,962
50.766. 04 5
_18-922,861
50,240,228
Liabilities and Net Assets
Current liabilities:
Accounts payable
S 121,197
108,000
46,177
49,962
325,336
335,683
Accrued compensation and
related liabilities
64,488
-
26,799
91,297
91,297
Other accrued liabilities
482,559
-
482,559
532,169
Current portion of advances
from other funds
-
73,455
440,000
513,453
480,603
Due to other funds
675
-
78,837
79,512
143,569
Unearned revenues
240,543
Total current liabilities
669,919
181.455
591,813
49,962
1,492,149
1,923.953
Noncurrent liabilities:
Notes payable
Advances from other flands
2,735,778
1,032,806
4,065,000
2,735,778
5,097,806
1.999,995
5,611,261
Accrual for landfill closure
and posiclosute costs
5.132.343
5,132.343
4,757,627
Total noncurrent liabilities
7,868.121
--L0-32.806
-.-4-.063,0()0
12,965,927
12,358,883
Total liabilities
8.537,040
---1,2-14.261
4,656,813
19.962
14.458,076
14,182,736
Net assets:
Invested in capital assets,
net ofrelated debt
3,468,890
20,354,693
11,346,560
-
35,170,143
36,655,959
Unrestricted
1,641.449
559.609
(1.063-231)
_1,I37.826
(28.367)
Total net assets
5,110.339
20,914,301
10,283,329
........... . -
36,307,969
36.057.492
Total
S 13,647,379
22,128,562
14.940,142
49.962
50.766,045
50,240,228
KODIAK ISLAND BOROUGH
Managemcnfs Discuseion e�id Analysis
June 3Q 201 I
Statement of Activities
The following condensed �able of changes in not asse7s displays thc revenues and expenses for the current ;md
prior �ear.
u.�. .
r���u*� �,.� >
a�m.R in„�r�„<<�;
OVvnlioF!'�ani�aoJconnl0uuriu
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oi
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LI♦
G[ncial pnvemmrn�
r��er,�„rM�
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rrn���m���� ��a �:o�o���nr,d�����„��n
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netiri �u�,�mic e
Ylise�i. o�aleapn �.
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biinrcvumli�e
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co...�m.�mi.a�.;ra o�.m.�4n�. '.i��y rm.i
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z.slaaos rs.xanq ivu�r, �xu, aowxx� z.ni�.°�x
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S RNURJi2 I_fiaaiWl lolt9'aa -
- 16S19L?21 IGy4Y]J1v
Governmental activities increased [he Kodiak IslanJ Rorough's net assets by $2,444.405 . The major differences
in revenucs were an incrcxse of $R93,363 in propem� Wses due to properly re-appraisals. $313,200 in scvcrance
taxes due to a guod fishing ycar x�d a decreasc in inves[men� carnings of $SOSJ87 due to a dccline in the ovcrall
market. There wcre some major changes in expenses including n increase of $629,5 I7 in gcneral governinent
cansed by filling vacant positions and mam immatcrial small chnnges.
15
� KOUTAK ISLA�U BOROUCB
Mnnaccincnl'. Uiuus�inn end Anah�i�
" � Junc:O.'_UII
' Rusinc,s lypc nc�i� ilics incrca.cd Ihc FoAiak Island Horough'+ nc� assci. h�' S�i0.477. cumparcJ iu Tn incrct��c
r. of $S61.d5; in �hc prior ��car. Thcrc �rerc no maiorchangcs.
Expenses and Program Revenues
Governmental Activities
�
�iuo��ot, .
r
�u�wu�u
r�,�.�.�.�
- yx .
� e,n�.,
.� � .s _� _ JI �
���,�_,.:r�� ta„<„���,
_ ,.o,<m�e, a e„ �.,EO, .,� o, a.�. ���,
.a...�,n .,�.�.,,,.
�
For more dc�ailcd inli�rmalion scc �hc s�alcmcnt o(adieitics on p;ige 2-1.
Financinl Anal��sis of Ihe GocernmenPs FunJs
r
A+ noled enrlier. Ihe Fodiak Island l3urough ux� IiinJ accounting lo rnsure nnd demonsirate compliance �vith
linnnce relaled Icgfll rcyuiremenis.
� Gocernmental funds— lhe �ocus o1 Ihe IkoJIaA Island Borough�s gocernmeNnl �imA+ is lo provide iN2ttmalion
on neao-tenn inllo��s, nutilrncs, and balances of spendable resotuce.. Such infomialion is useful in a.sessing Ihe
Kodiak Island 13nrnugifs fnancing requlrements. In particular. unreserved fund balance mac save a,. a usellJ
� meesure ol a povernmenfs net rc�uurces avuiloble for spcnding at the end of the Gscal ��ear.
��� ul Ihc cnd ol Ihc currcm fiscnl �car. �hc I:odi2k Islnnd L3orou_h's co�cnmicutal lunds rcpuncd comhiucJ
� cnJine liind 621anccs o� E2YJ7�.� �9_ ,ip incrcesc of Sq.;70.IJ9 in comparitinn lo Ihc bcgfnnfng of Ihc ccer_
5'_RSOS ol Ihi. lotal :unnunl conslnulc, nompendaMc funJ balancc $57.fi13.d09 i, comntiucJ lund blan.c and
S7il.G2�i. unnscieneA fund halanec.
Ifi
K011IAK Iti1,AM1�D BOROUGH
Mtinayement's Di��cussinn tind AnalY�sis
June 30, �01 I
'I�hc main rcosons tur thfs increasc arc as fiillows:
• $QOOU,000 was icalizcd on the salc of;� ecncral obligation hond.
• Inlerat carnlnes were $51 �7 2S 1 Iess Ihan last vcur.
Getsrul gocemmem expeuditure.v �t�cre 54.359.7JI Iess than Ih�n 1'nst ycar duc mninl�� to les's' sehool
construction.
"fhe Gcncral Ptmd is the main upera�inp tund ol ihe KoJi�k ]sland Boruuph. AI the end of �hc cwren� f�scal e�ear.
unspcndablc fund balancc of �Lc Grncral Fund was S6.fi01 wi�h unatislgncd liind bulance u( $1 9i2J57 [or a
tolal lund balnnce uf $1,95y,5ig_ ,q� � incusure nt the (iencrul Pund's liquidil�. il mnc be u�efi�l In cunipnre fund
balunce lu lulal expendlrt�res. UnastiigncA fund balancc reprcernis 1}°-.0 ofio�al GencrAl Fund expendi�un;s. �
7'he fund balnncc of �hc Kodiuk IslxnJ 13oroueh�s Genertil Fund decrcused by $4?lJ I S during Hie current Ilecal
year. llic kcy lacior Iaidlne to Ihiti Jccrense was a budgeicd us'e of unresened Il�nd balance to balancc thc
1�Y'?011 budgct_
lhe tund halancc o! Ihe RodlaA Island Rorou�h�s Pacilfics Special Rerenue I'und dep'caseJ b� 5109 s I G during
thc cun'en� fiscnl ycar. The key tac�or Ieading lo �liis decreasc was poor fnvcstmenl carninys.
7he fund beil�incc u(the Kodiak Iclaud Rnruuph�s Gducanmt and I lcahh Deht Sen icc FunJ Jccreased b�� :61(� 9'_9
Juring the cunem Ilscal year. l he kev Iziclor Iceding to ihls Jccrea+c �ras a budge�cd use ol unrescneA (und
heln�cc to b,ilancc ihc P1201 I budee�.
'Ihe ]und balanec ol �hc 4:odiak Islnnd 13orou�h-ti S(ale Capital Grnnts incrcased b�� 9;G9.OaG Juring the cun�m —
�iscal year.'I�he kcy (udnr Icadine to this �reti an iucreas'e in Smte of Alaskzi eran� rerenues.
fhe fund balnnee of �hc Kodiak Island I;orough's Kodiak High Schoul Renuvation ineroased b� S7:'Ib.�SU
during Ihc cwrem fisct�l ��car. Ilie key fac�or leadine lo this' incrca<c was zi bond issussance In �Lc amount ot
$S,pq9,?3?. "1'he p�roj�i will s'tan in fiscal ycar 2UI2 �nd Ihe fund b�l.�nec will be spent drnan in (ww'c ycars ao
Ihc proln'� is complelcd. �
Propric�an' Pandc � l�hc KodinA Island f3orough'. propriaan� fund� prucidc Ihe sumc t�pc u! in(o�motion
found in Ihe povemmen� �cide Ilnnucial statements. bul in more detall.
Ncl asseh al Ihc �4unicipal SoGd Was�c Collcctlon and Uispusnl flind amo�nlcd �o $?.110,339_ Ihc Ilospli;il
PHCilitics tund amounlcJ lo 520,914.30L �hc Kodiak Pfsherics Rescare6 Crnter Ilmd amuunted Io 510.2fi3,7?9
nnd 16c 91 I Se�zSces limd amounled to 0.
'I�hc Iui:il fncmase in nci a�scls for (lic Municip:il SoliJ Wasic CoIIccllon and Disposal fund �v2y S?77.068. "I hc
Iolal decrcasc in nct asscl< lin' Ihe Ilua�iWl Faeilfiiec IimJ ¢'as $�25,6L'. TLc lo�al increase in nci asscis for �hc
Iiodiak Pishcrics Reswrch Cemer o�as 5199,0�1. 'I�he aascis In the 91 I Sen�iccs 1'ut�d dfd no1 chanec. O�hcr
lactrn's conce�ninL Ihe linances u( ihesc Ibur Cunds havc 21rcad}' bee�� addressed in Ihc discuesfon ol Ihc Kodlek
191and Uomueh's husincss-�ypc ac�iviGcs.
17
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KODIAK ISLANU ROROUCH
Munu�emenl's Ui.cussion and Anal�>i.
June 30 °011
2011 Program Revenue vs Expense
Proprietary Operations
Hospital Kodiak
Facilitiet Fishenes
Reseaidi
Center
�
9ll Service
e Program Revenue
c Progiam 4xponsc
Gcncral Fund 13udgetarp HighliFhls
Dfl�li•renecs hel��een ihe origlnal budget and flnal amended budgd can bc briclly summari�rd as lollu��s'.
• 'l�he re<enue hudgei Ibr real prupenc ia� �ras decrensed S?GA00.
• The revenue budeet (or personal pmpertc ta� �vas decrensed $I OR.01111.
• l�hcrc�-cnucbudgelfurs�atcrevenucsharingremainedcnnstant.
• lhc rcecnuc hudec� fnr ��nlc ra�� fi>h la.� oe. JccrcascJ bv $Ui.615 .
• lhe recenue budeet (or �ish and �� ildlite rcenue shniina remain const.int.
• �I�hc rcvcnuc buJect liir iueeslincnl iucuine deereased bt'S"_00_000.
• lhe esptndilure budga for Ihe I!ngfncering/IaclllGcs depnitmenl remaineJ cnns�anl.
• l�he e�penJilure bud_et lix I Icallh :md sanimtiai depmtmem increused h� $I ft., I5.
• lhe c�ptnJilure hud�et IJr I!Jucaiion. cuhure nnd irncnliun dec�ca.eJ b� RIR36.
• lhecspcndimm hudEct I�x I:ndial. ('olkgc �nd cit� libinric� dcara,cd bc �Y,G UOU.
IH
6UIIUA LC1.1V D MOHOfGII
\wiun.ni�tl[dM1 Now
Ympucry✓� IonJo Ilusmett.l.pv {.uum.-LnpTlai+e PnodvACwtomudl
\InniJipxl linillnk UM1n
CuliJPar4 Vis�nies \omm�jor
Cullea nil IlnsPi�'el Nr. rrM1 Yn erp�ia lolvl.s
Yr�n rv n � -e
I�� mvl Y'nrilluc. Cem , 1'unU L011 _ E01� _
R�rnalianon ef opaxiinF�^.�'^m Jeu n.. u.i
mliprv�WnlF�vpa inpim
Opn�.urvFivainrvllonyv� 8 ..fil ilc�]Jnl JB194! '111u%M1 �RLNNf�
,AJin �ulevpu eJ�.r.
;NM1prcniANb�opv � nmu
���UaP�cdwien _%OSIt. NGN_ JO IiMO R%i I."J il
tiumo(.VT.4aoiWuLallprt.m.�nrc I.I'n.l �S.N%i �I..
dmiwl loi IonJlill d��o¢ unJ � �¢
�...i.i��..�t�.�.�, nnic . za-io .n�za
�'Lw xoJlmFiLUUiM1:n
prruAatllinWl.o.M1
lm eclJec
(oamm� �M1lf�� -�.le I�I_f�n il4] 1'1.:..1 d�11?' ��Il��i
.ablc-SiwcolAluAn I�1�]NT �y�'M�
In. viJu� .�In�liduLUC.
iF�n.ublc 1'�Rfiii4 _n f/J IX {ll ._ 'nE i14:JP1 I°J8 B]ii
dti uJC mpen iunJ
¢binllmFilnief �,dUl
nn��ie�..�,.d r,�r;ei��. ia4aim or�a��� ��rc�
rncmomm�cn�s i=_Jiisa;i rzlquL 3vsL
Fd caa� pemitleE�urcAib>
opm'en�µncu�mu. F 'OJx A�'_]G Y9J.N4 3uWi I.5!:Ill
ymv..mpun t oe5m6n:mcial.�muoun.
H
KOUTAK ISLAND I30ROUGH
Notes �u Rasic Financial Statements
Junc 30,'_01 I
.. Q) Summary, ofSigoificantACCODUtingPolicies
(nJ Repnrtiag Errtily
► 'Phe Kodiok Island 6orough (�hc 6orough), Alask;� �vas organizcd [o perform thc municipal duties
allowed by Alnska Statules and as directed by ils residents. As rtyuired by accounling principles
generally aceepleA in the United S�ates of Amcrica, these financial stotements present [he
� guvernment and its componen[ unil, an entiq� for which thc govcrnment is considered to tre
financially aceountable. The discretely presenLeA enmponent unit is reponed in a separa�e column in
� both thc govemmcnl-wide and fund financial stutements lo emphasize it is legally separate from �he
� gnvemmcnL The Rorough reviewed iis relationship wifh other organizations and determined that Ihe
Collowing orgnnization is A component uni�.
lliscretcl,y Presented Compunen[ Unil
"Che I3orough has delega[ed the operating responsibilih� for public education to �he Kodiak Island
Borough School Distriet (School District). In accordance wi[h statutes, the Borough retains
ownership of �he education rela�ed cnpital assels and incurs the deM, iC necessary, to fi�ance [he
� aequisilion and construc[ion of school facilities. 'fhe 6orough Assembly approves [he to(al annual
. budge� of the School District and may, during the year, increase or decrease the to[al appmpria[ion.
ti. Complelc finnncial s[atemcnls for tlic component unit mav be obtained at Ihe entity's adminis[rative
offices fnr �hc Kodink Island Borough School Disfrict.
,� Kodiak Island l3orough School Distric[
722 Mill Bay Road
Kodiek, Alaska 99615
" (b) CovernnienaWrde med Fund FinaiecialS[olements
The govemment widc financial sla�cments (i.e., the statement of net assets and the sta�ement of
� activities) repott infonnalion on ell of the activities of Ihe primary government and its component
unit. For the most part, the effect of intco-Cund activity has been remwed from �hese statemenls.
GovemmeNal nc�ivities, which normally are supported by laxcs and intergovemmental revenues, are
reported separalely from business type activi�ies, which rely to a significant extent on fees and
� charges for supporl. Likcwise, lhe primary government is reported seperately from [he legally
separa[e eomponent unit for which the primary government is financially awoumable.
� "fhe statement of ac�ivities demonslrates Ihe degree to which tlie direct cxpenses of a given funetion
or segment are ofTse� bv program revenues. Direct expenses are those that are clearly identiftable
with a specific funetion or segmenL Program revenues indude I) charges [o wstomers or applican�s
� who purchase, use, or directly benefit (rom goods, services, or privileges provided by a given
funetion or segme�u and 2) grants and contribulions that are roslricted to mee6ng the opera�ional or
capital requirements oC a particular function or seg�nem. Tases and other items no[ propedy included
� among program revenues are reported instead ns general rcvenues.
32
KODIAK ISLANU BOROUGII
NoTes to I3asic �inancial Slntemcnts. Continued
Separate 5nancial stalcmcniy are provideA for povernmenlal funds nnd proprietary lunds. Majnr
individual guvernmeNal lunds and major individual en�crprise funds, if applicable_ nrc reponed ns
separete culumns in �he fund financial sta�emenls.
(e) Measnrement FocueS Basis of Acrnun(irtg, nnAFLrnnrinl Stnlemeirt Presenlnlion
The governmcnt-wide fina�cial s�atements arc repuiled using the economic resuurccs measurement
focus and �he ncm�ual basis of accounting, as ere Ihc proprietary fund financial �Yntemente. Revenucs
arc rceorAcd when earned and espenscs arc rewrded when a liability iv incurrcA. regardless oC [hc
liming of rclnted cash Flows. Pmperty taxes am recognized as revenue� in the }'ear for �vhich tliec are
levied. Grants and similar ilcros erc recognizzd as rcvenue ns soun as all eligibfliq� requirements
have been inet.
(iocernmenial hmd linancial stnlements are rcported using �he curmn[ financial resources
measurernen� (ocus anJ �he inodifcd acerual basis of accouNing. Revenues nre recognized av soon
ae �hcy are bolh mcasurable and avuilablc. Revenues are considcrcd to be available when [hec are
collutible �vilhin �he curcent period or soon enough Iherenfter Lo pay liabilities oCthe current period.
For Ihis purpose, the govemment considers revenues lo be available if they are wllected within
60 days of the end of the curren[ fiscnl period except for grmn revenues which are recognized when
Ihc rdaled expenditure is incurred irtespective of �vhen the eash is received Gxpendilures generallv
are reeorded �vhen n liabilily is incurred, as under aeaual accuuNing. However_ debt scrvice
expendih�res, as well as espendi�ures rela�ed to compensated nbsenca and claims and judgmcnts. are
recorded only when paymen� ic due.
ProperN taxes nnd interesl assoeiated wi[h [he curr�nl liscal period are all considered Io be
susceptible lo aca�ual and have been rewgnized as revenues of the current fiscal perio�. All other
revenue i�ans are considered m be measurable anA availahle onlv when cash is nccived hv the
govcrnmcnt.
The goveriimenl reports Hie following major govenvnental funds:
The Generul F�o�d is the govemmenl's primnry opera�ing fund. It accounLS (or all 1 inaneial resources
of the gencml government. exccpl �hose requircA to be accounted for in ano�her fund.
'ihe Faci/ilics Sjieciol Revenue Fund accounts for the proceeds from �he sale of Shuyak Island. The
singic most important goal is to preserve the principal of Iho fund InLeres[ enrnings, after inila�ion
proofing, can be uscd (ur debt service, building insurance and capi[al projec[s.
The Edncnlion mid Hra6h Debl
paymen[ of iNerest and principal
payable exclusively from special
governmen[ en[crprise fund.
Service Fmrd was es[ablished to finence and account fnr �he
on all gcneral oMiga[ion debis. serial and terni, other than thnt
assessments and revenue deb� issued for and s'erviced by a
The Stnle Copifo/ Gi�mns Cupila/ Projec( lYmd accoim�s for the cons[ruction and mejor maintenancc
activities for �he Rorough fimded through �ederal. Staie and locnl sources.
33
� KODIAK ISLAND BOROUGfI
Notes to Bnsic Financial Sta�ements, Continued
The Kodiuk High Schnnl Renoration Cupitrd Projec/ I�und accounls for the conslmetion and major
� mainlenance activities for �he [3orougli e educalional facilities Cunded by school bonds.
The govcrnment repons �hc folloo�ing major pmprietary funds:
� The Mimicrp�d Solid 4I'osie Cu]ler�io�i und Di,sposo] Fmrd aecounts for the collec�ion nnd disposal of
solid warie and recycling services for tlie Kodiak Island Rorough.
'�he F(ospilul F��ci[ities Fund accounls for renls on Ihe Dorou�Ji owned hospital; hospi�al rela�ed sta[e
� revenue sharing_ and other hospi�al relaled revenuc. In �urn, i[ purohases hospi�al equipment and
makcs debt service pavmcnts on hospital rclated debt.
�
'fhe Kodink Fisherie,e Research ('ei�ler Fmrd accounts fnr renLS and expenses on the Norough owned
Kodiak Fisheries Rescarch Cen[er. l�he �hree tenants: NOAA, Naska Departmen[ of Fish & Game
. nnd University of Alaska. PairbanAs pa�� lease fnnds to perticipate in �his multi-agency rescarch
� facility commitled to [he preservalion of the North Pacific marine ecosystem and resources.
Private seetor standards of accounfing and financial repoiting issued prior to Deeember I, 1989,
generelly arc Collowed in bo�h Ihe government wide and proprictary fund financial statements to [he
� ex[enl that those stanAards Ao not eonflict with or contraAict guidance of tls Governmental
Accounting S�andards 6oard. Govemmen[s also have [he option oC following subsequen[ private
scc(or guidnnce for �heir business type activities and en[erprise funAs, wbject to [his sam� limi[ation.
.� The govemmen� has decteA not ro I'ollo�v subsequent privnte sector guidance.
As a general rule the cffeci of intcr-(und and ac[ivity has been eliminated from the governmcnl wide
financial statements. F,xceptions to this gcneral rule are chnrges behveen various Ponctions oC Ihe
� govemmenl. Elimination uC lhese chnrges would distort ihe direct costs a��d program revenues
reported lur the various functions concerned.
� Amoun[s reported as program revenues include (I)charges lo customers or applicants for goods,
scrvices, or privileges provided. (2) operating grants and coNributions, and (3) capitai gran[s and
contribufions. Internally dedicaleA resoumes arc reporled as general revenues rather than as program
�, revenues. Likewise, gcneral revenues include all [axes.
Proprictary funds distinguish operating revenues and expenses from nonoperating items. Opera[ing
� revenues and expenses gcnerally result ftom providing services and producing and delivering goods
in connection with u proprielary fund's principal ongoing operations. The prineipal opera�ing
revenues of the en[erprise funds are charges �o cus�omere for sales and services and lease revenues.
Opera[ing espenses for enlerprise funds include the cost of sales and services, adminis[ralive
� expenses, and depreciation on capi(al assets. All revenues and expenves not meeting this definition
nre reporled as nonoperaling revenues and expenses.
� (d) �Jsse6�,LinbiliNes,anAFu�edEquiry�/NetAssels
Cash and Inves[men[s
� Cash and temporary inves�ments oC Borough fi�nds are pooled in a central Ireasury. Each fund's
ponion of [his pool is Jispla}eA on �hc balance shee4 and S�atement of Net Assets as "Equiry in
Central Trcasury".
0
37
KODIAK ISLAND 130ROUGH �
Nolcs lo Bnsic Pinancial S�atcmcnls. Conlinucd
The Alaska M11unicipal I,cague Invesnnent Pool (AMLIP) is consiAered lo be e� eslernal invcslmem
poul u dcllned hy GASB Statemen4 No.3L AMLIP is not SCC registered. Alaska Slaiutc37'3
eslablishcs mgulatop� oversight of thc pool. The law sets Corth numcrous requircmen�s regarding �
aulhoriud imesnnents and reponing. The pool is incorpornled in Ihc Sta�c of Alaska ns a nonproti�
corporation and reporls �o i�s I3oard of Directors. Alaska Statu�e 3723.050 requires the retention of
an investment manager. �
'fhe managcr is reyuired lo producc monthly disclosure stalemen�s to Ihe pool. �I�he pool has also
re�aincd an investment adviwr lo cnsure compliaoce �vi�h imestmeN policies. All participation in �
ihe pool is vuluutun. �Ilic pool mu�1 mai�tain a dollar �ceighted nvcrage maturfty of 90 daps or less.
nnd o�il)' purchasc instrmnenls having remaining maturities of 397 d:tys or less. On a monthly basis.
Ihc invcs�mem+ in Ihe pool are reviewed for fair vnlue by an independen[ pricing service. �
All highlp IiquiA invesmients, ezcluding resfricted assets, wilh original maturities of nincic davs or
Icss are mnsidercd to bc cash equivnlents. For purposes of the Statemenls of Cavh Plows, equiq� in
cenhzl tmasury held by enterprise funds aretreated as cash eyuivaleNS. —
Invesnnenis for the go��ernmem, as wdl as the component unil, arc repor�ed at fair value. as
dc�crmined by qmted markct prices. The reported vAlue of Ihc pool is thc same as the Cair value of �
the pool shares.
Receivablea and Payables
Aclivih� bcuvecn Ilmds ihat are represcn[ative of lending Iborro�ving arzanSements outstnnding ai Ihc
end of Ihc liscal }ear are refen-ed to as either "due to/fiom other fimds' (i.e., the curten[ ponion of
intco-fiind loans) or "advances to/frnm other funds" (i.e., the nuncurrenl portion of inter-tund loans). �
Any residual balances ou�standing betwecn the govemmental aclivities and busincss type ac[ivi[ies
are reported in the gove�nment-wide finnncial slntements as °intcrnal balances."
Advonces behveen funds, as repotled in the fund financial s�ateme�ts, are offse[ by a fund balance �'
reserve acwun[ in applicnble govcrnmcnlal funds to indicate that Ihey nre not availablc for
appropriation nnd nre nol expcndablc avnilable finnncial resources.
Imentories aod Prepnid I�ems/Expenses
Expcndabic opera�ing sopplies of the 13orough are accounted for using the purchns'es mGhod. Therc
nrc no signifcant amounts of such inventories on hand at yeaz end. The oNirc Hospitel En[erprise --
Fund inventory is assigned to Providence as of April2l, 1997. According lo the terms of [he lease
agreement for the hospital facilities �scu note 13(a)], those items arc required to be reWmed to the
6orough at t6e termination of Ihc Icase in n� least equal value. �
PaymeNS mnde to vendors for services that ere applicable to future nccounting periods arc recorded
as prepaid items. �fhe prepaid assets' do not reflect current available resourees and, thus. an
equivalent portion of fund balance is clessified as nonspendable in the lund linnncial statements.
Yrepaid items and expenses are based on Ihc wnsump�ion mefhod.
35
� KODIAK ItiLANll BOROUGH
� No�es to Rasic Finnncial Stalcmcn�s, Continucd
Capital Assets
Capital avse�s, which include pa�perfy, planL equipmenL, and infrastructmp asxls (e.g.. roads, sheet
� li hts, and simil�r items incluAin �
g � �hose acyuired prior to tiscal ycars ended aFler Jnne 30. 1980), are
reported in �he applicabie governmental or business type activilies columns in �he governmen6wide
financial sla�ements. Capilal nssets are defined by thc Borough as Assefs with a� initial, individuul
� wsl of more than $S,OUO (amoun[ nol rounded) and an cstimated useful liCe in excess of two years.
tiuch assets are recorded al hisbrieal cos� or estima�eA hislorird enst iC purehased or construeted.
Uonaled eapital assets are recorded at estimated fair markct vnlue at ihe da(e of donalion.
�
The costs of normal main[enance and repnirs that do no� add to the valuc of tlie asse� or ma[erially
� cxtend assets lives are notcapiialized.
Major outlays for capital assets and improvements amcapitalizetl as projec�s are constmc(ed. In[erest
incurred Juring the construction phaae oCcapi�el asse[s of business type activifies is included as part
of the capitalized value u(the assets constmcted. There was nn iNerest eapitaliuJ during the year.
�
Propeny, plant, and equipment of the primary government is depreciated using the straigh[ line
method over �he following estimated useful lives:
�
Buildings and improvements 10-3U years
Improvementso[herthanbuildings 10-ISyears
� Equipment SJ 0 years
InfrastrucLUre 40 years
r Compensated Absences
I� is [he Borough's policy �o permil employees [o accumula[e eamed but unused annual leave
benefi�s. All ennual leave pay is accrued when incurred in fhe govcrnmenl-wide and proprietary fund
� tinnncial stetemen�s. A liability for these amounts is reporfcd in govenvnental funds only if they
have matured, for example, as a result of employee resignations and retirements.
� Lnng-term OM1ligalioos
]n the yovemment-wide financial stnlemen[s, long-Iemi debt and other long-term obliga�ions are
reported as liabili[ies in the applicable govermnental activities, business type ae[ivities, or
� proprietary fund S[a[emenl of Ne[ Anse[s. Bond premiums and diswunts, as well as issuance costs,
are deferred and amortiizd over the life oC [he bonds using [he eRcclive in[erest method. Bonds
payable are reported ne� of Ihe applicable bond premium or discounL Bond issuance costs are
� reported as deferreA charges and nmonized over �he temi nf �he related debt.
In the funJ Enancial s[atements, governmental fund types ruognize bond premiums and discounts,
as �oell as bond issuance costs, during �he curtent periud. �I�he face amount of deb� issued is reported
� as other financing sonrces. Premiums rtteived on debt issuances arc reported as other Snancing
sonrces while discoun[s on Acbl issuances are reported as other finaneing uses. Issuance costs,
whethcr or not withheld from �he actual deM proceeds reccived, are rcported as debt service
'� e.ependitures. ln[erest on long-term obligations is rocorded as an expenditure when due.
3G
KODIAK ISLAND BOROUCH
No[es to I3asic �inancial StatementsSonlinucd
Ne[ Assete
I� the governmenl-wide fnancial stateinenls, ne� nssets are reported in I}vce cnlegories: net assets �
invesred in capital esrets nei of rela�ed dcb�, restricted net asets and unrcvtricled net assets.
Ne[ assels arc repor�cd es restricted when consh2ints pinecd on net asset use are either estemally �
impwed by creditors (such as Ihruugh debt wvenonts), grantors. cunlribinors provisions or laws ur
regulations of othcr governmenls or imposcd by la�v through consti�ulinnal provisions or enabling
Icgisla�io�. �
Fund Ualancc
In �he Fund Financial StalcmenU. 11md bal�mee indudes live classitications ns follo�cs� —
Nonspendable Fund B�lance – ainounts that arc legall} or rnntrnclually requircd to be maintained
inlact (such as the corpm o( nn cndo�vment fund) or nmounts �hat nre no[ in a spend,�ble form (such as �
inventoq�, prepaid espenses, supplies, and long-term receivables). Such conshaint is binding un�il the
Iegnl or eonirnctual requirement is repealed or lhe amounls hecome spendable.
Restricted Pund I3elance – omounLS conslreined to specific purposes by tlicir pmviders (such as �
granlors end higher Icvels of govemment). through constitutional provisions_ or by e�mbling legislation.
Such constrain� is binding unless modificd or reseindeA by e�ternal body, Inws, or regulation.
Committed I�nnd Balance – zmnunLc that can be used only for 1hc specitic purposes dctermined bv a
formal action of the Borough Assemhly. Commihnents may be changed or litied bv the Assembly
taking ihe same fonnal ac�ion lhai imposed the constraim originally. �
Assigned Pund Belance–nmounts intended to be useJ by the Rorough Por speci�c purposes: intent can
be expressed by thc Assembly or by the Financc Dirutor or designec Such constrnint is binding
unless modifieJ or climina[ed by Ihe Assem6ly or Finance Uirector. In govcrnmenlal funds other ihan
the General fund, nssigneA fund balanee represenLS the amoun[ that is noL restricted or committeA.
Unassigncd Fund Ralance – amouotv no� conl�iined in Uie other classifica�ions and uvailable for any
purpose. Nositive unassigned amounts ��'ill be reported only in �he General Pund. JP anoiher
guvcmmental fund, oUier than thc General Fund, has a fund balancc deficil thai it H ill be reported as a
negative amount in [he unaasigned classification in that funJ.
The order of spending, regarding the restricted nnJ unrestricted fimd balance when an espendiNre is
incurred (or which bntli restricted and unmstricted fund balance is available should first mduce
mstricted fund balanee nnd then unrestricted fund balance. The order of spcnding regarding
unrestricied fund balanee is thnl committed mnounts should be reduced first, followed by the assigned
amnun[s, and thcn the unassig�ed amounis when expendihires are inwrred for purpuscs for which
amoan[s in any of thu�e unrestricted fund balance classifications could be used.
37
� KODIqK ISLAND QOROUGH
Notes lo L3asic Financial S[alements, Continued
Coinpliance �silh Ihe prnvisions of �hc Fund 13nlance Classification Pnlicv are mvicwed as pott o(the
annunl budge� adoption pnKess. The Finance Direcmr reports to the Assembly av close �o the end of
� the ��car as potisible the an�icipated ycao-end fund balanee or deficit. "fhe Assembly lakes appropriate
ac�ion (o commil or assign. or othenvise allocatc prior year fund balances as a part of [he budgcl
planning process.
�
"I�he Rorough's Spieinl Revenuc I'unds are used to accoun[ for lire and road service areas, fi;deral and
state grant programs, street lighting districts, and operations and maintenance programy tha[ are
� res[ricteAorcommitted.
(eJ Revenues, Espeadinires, nnd Espeiases
� Property TAxes
Pinpertv tascs nre based on the assessed value of taeable property as of .lanunq� 1. Pursuant �o
Alaska Statute 29.45.240, �he 6orough establishes tlie mill rt�te on or befom June 1 Sth. Tax bills ue
� then rnailed on or before Julv Ist.
� Taxes are duc when billed and gencrally become delinqucnt on or after October 16ih. The 6orough
� code also provides Cor split payments. If a texpayer avails himsclf of this provision. onc-half must bc
paid on or before August ISth and [he remainder becomes due on or before November 75fh (in lieu
uf Ocmber ISth). Borough property tas revenues are recognized in the fiscal year in which they
become measurabic and available. which is generally Ihe year following the ycar tlie tax bills are
� mailed.
All tAxes are delinquent on November 16�h, and a lax foreclosure process may commence as outlined
� in Alaska Smtu�es'fitic29. Briefly, this en[ails tl�e peli[ion for ]udgmenf of Foreclosure signed by
the Dislrict Court Judge and the publica�ion of all delinquent [axes in ihe local newspaper for four
� consecu�ive weeks.
�
Real property tax liens are enforeed by one geneial foreclosure proceeding against [he delinquenl
properties.
� Severance Taxes
Severance lases are based on (he amounl and value uC naNral resources severed Gom [he
� environmenL Types of resources [aacd include senfood, gravel and mineral resources, and timber.
Severance tes re�urns nre sent [o appropriate companies (as detemiined by [he Norough Assessor)
and arc re[urnul to the Borough Pinunce DepartmenL The reNms are Fled quar�erly, and ue due by
_ the end of �he month following the quaitcr's end. Borough severance tas revenues are recognized in
the fiscal year in which they become measurable and available.
Intergovcrnmental Revenue
State shared revcnues, safe wmmunitics, S[ale cJucation rclated entiticmen[ programs and Sta�e
levied �a.ees, the proceeds of which nre distributed to Iocal govemments, arc recorded in the fiscal
year to which �hey rela�e, ineluding accrual at year enJ if final payments duc are measura6le and
received wiihin approximatcly hvo monNis afltt year end.
38
KODIAK ISLANU BOROUGH r
Nolcs ro Rasic financial Stalcmcnts, Continued
Statc of Alaska and federal guvernmen� cost reimbursabie granls and coNrncts are recordeA to �he
extcN of nllowable e�pendiWros in Ihe period in which the espenditures were incurred. �
When hoth restricted nnJ unrestricted resources are avnilable for use for governmenlnl activities, it is
Ihe Borough-s policy to use restricted resources fvsL Ihen unrestricted resairces as [hey are neeticd.
Operating anJ Nonupera[ing Rcvenue and Expenses
Proprie[ary funJa disiinguish operaling rcvaiucs and expenses from nonuperuriag itcros- nperaiing �
revenucs nnd cspenses generally resu11 from providing services anA producing and delivering Eoods
in connectiun witli a proprietap� fund`s principal ongoing opci�tions. 'fhe principal operaling
revenues of Ihe Municipnl Solid Was�e Collection and Dispoeal Fund and 91I Services Fund are
ehor�ev to cu�tu�ners for scrvices. �fhe principal operating revenues of the I lospiial Pacilitics Fund -�
und Ihc Kodiak Fishe�ics Rescarch CeNCr Fund are ren[s fi�om customers. Operating expcnses (or
proprictary fimds include cu�ls of acrvices, administrntive expenses, and depreciatirni on capital
assets. All revenucs and espcnses not meetin�, this dcGnition are reported nv nonoperating reaenues �
anJ espenses.
Recenue from In��esiments and Property
Amounts enmeJ on invesunent of available cash 6alances and U�e rental of building tacili�ies are
recorded in Ihe period to which they rclate, inelnding accrunl at year end of �he balnnce due, and
unrealizcd gains and losses on imesnnents held at fiscal year end. �
Land Sales ProcecAs and O[her Local Rcvenues
Amnunts received pio�suant to land sale contraGs arc recorded on the modificd accninl basis in thc �
fund financial slatemcNS nnd thc accrual basis in �hc govcrnmen[-wide financial stotemen[s.
Otlmr local revenues are recorded on a basis consistent with their nalurc in relation to measuranent
and availability slnnderds.
(� Cash F[nws
All highlv liquid investmen[s, excludin� restricted asre[s, �vith original maWrities uf Ihrec months or
less are considered cash cquivalents for puryoses of the statement of cash (lows.
(� UsenjEsrimatev
Preparakion of financinl statements in accordance with acwunting principles generally accepted in
tlie United Stales of Ainerica requiru managemenl to make estimates a�d assump[ions thal affect Ihe
amounis reponed in [hese financial statements. Aewol results may differ from the estimotes.
Significant estimokes indude Ihe allnwanee for doubiful accoun�s, the useful livice ol' assets and
rela�ed ucenmulated depreciation, and accrued Iandfill closure and post-closure care costs.
39
�
r
KODIAK ISLAND BOROUCH
Notcs �o Basic Financial Stalemenls, Cnn�imicd
(2) S�ewardship, Compliaoce, aoJ Aceountabiliry
� (nJ Eece.vs of E.rpendilures nrer Approprinfions
'ihe followi�g fund cxpenditurcs e.ececded Iheir budgeC
Pund
Lduca[ion and Heal[h Debi Service Fund
� Spwial Revenue Funds:
Kodiak r�irport Firc Districl
Monashka Bay Rond Servicc Arcn
'� Women's Bay Road Service Area
Constal Mnnneemem
I..F..RC.
'� I.and Selcs
Total expenditures excecding budgets
" (b) Defici! Fu�id Eqaity
- Thc individual fund defici�s at June 30, 201 I, are as folbws:
Exccss
$ 456
18
1.3R9
z�,xax
2,099
1,961
19,045
$ 52,816
�
Spuial Revenue Punds:
Fire Protcction Arca No. 1
� I3ay View Rond Scrvice Area
Child Care Assislance Program
I..F..P.C.
�. "frini�y Islands Paving
Renewal and Replacement Projects Capi�al Project Fund
Total fund dclici�s
$ 304,0�2
5;707
731
16,762
47.592
804,268
$ I,179.132
•
The deficit in �he Fire Protection Area No. I will be funded by additional revenuc in PY2012.
Thc deficit in [he Bay View Road Service Area will be fundeA bp a mill rate increase of one half mill ihat
will bc s[arted in FY2013.
� The defici[ in Ihe Child Care Assistanec Program will be wvered by revenues in PY2012.
� The defici[ in the L.E.P.C. fund will be covered by fund revcnucs in FY2012.
The deficit in the Trinitv Islands Paving Speeial Revenue FunJ is anticipeted to be fundeJ by a speeial
asscssmau Oiat began in 2006.
�
an
KODIAK ISLAND I30ROUGFI
Nulcs �o Basic �ioancial StatemenLC, Continucd
ihe Acllcil in Ihe Rene�val und Replacement Projecis Cnpilal Projecla Pund �vili be covered M1y a loan frnm
�he Pacilifies Special Revenue Pund, which will then he repnid by a mill rn�e incirase.
(3) C:�sh And Investmeots
lhe L3orough panicipates in the Alaska Municipal I.eague Investmen� Pool (AMLIP). The Alaska
Mtmicipal League Invesunent Pool, Ine, (AMLIP)_ rcpresents the Borough�s share u( omnership in Ihe
pool ralherthnn o�cnertihip of specific securities. AMLIP is considereA to be an external inveslnrenl pool as
tlrilned by Gener;dly Accep[ed Accuunting Principles. AMLIP is not SEGregislered and is imrated.
Rcgida�ory oversight of the pool is estaMished by Alaaka Stntute7Z23. The law scts for[h numerous
requircments regarding authori�PA invcsmienls and repotling. �fhe pool is incorporared in the Sta[c of
Alaska as a uonpro0l curpora�ion and repoiV to a bomd nf direciors. AlasAa S�atu�e 372�D50 requires the
[ctcntion of an invcstmcnt mnnaLe�.
'fhe AMLIY manager is required �o produce �nonthly disclosure slatemw[s on the ponl_ The pool also hns
retained an fnves[ment uJviser who moni�ors the perCormunce of the invcshneni manager tn ensurc
compliance with investment policics. All participetion in Ihe pool is volun�ary. The pool nms[ maintain a
dollnr-wcigh�ed avcrage maWrity of 90 days or less, nnd only purchase instmmen[s having remaining
mnturi�ics oC l97 dn}s or less. On a monthly basis, thc inves(menis in Ihc poul are reviewed (or fair value
by an inAepcndcnl pricing service. The fair value of [he invesnuentn in the pool appro.eimatea nmortized
ms[ and is cqual tn the vah�e ul pool shnrev. To obtain a wpy of AMLIP's financial stntemcn�s contrad
Kev Trust ofAlasku o� 101 West Rensan Rh�d.. Room 302. Anchore�e, AK 99503.
As of June 3Q 201 I, the Rorough had ihe following inves�men�s:
Invcstmenl 7\�ne
U.S Agency Seco�i�fes:
Pederal Home Loan 6ank
Federal Home Loan
Mongage Corpora�ion
F�deral Agrinilnrze
Mortgagc Corpora�ion
PcAcral C-arm Credit l3znk
Fedttnl �utional Mortpage Associution
Municipal Obligations
Alacka Municipal Lexguc Inres�mem Nool
luvexlmen� Ma[urities (in years)
Fair Less
Value Ihao 1 1 to g fi l0 10
$ 30,593J20 I2,024,I5U 14,197,010 4,372560
4,OIR.000 4,018,OOU - -
1.996.28U I )96,280
11,142,683 4,O6R,400
8,511,73U 3,568,860
30,235 _
8 6P_ 685 8,652,685
5,967,833 I J 12450
4,942.870 -
- 30,235 �
$ 64,945,333 34,326,375 25,101713 S.SLi,295
In aAdition lo the invesnnen�s lisled above, Kodiak Island Borough also had cash equivalents uf
$3.446.976.
41
�
� KOUTAK ISLANU ROROUCH
Notes l0 6asic Pinancial Statemenis, Conlinucd
r
lnleru( 8nle Risk
� �I�he Borough's investmen[ policy does not limil imes[men[ ma[uri[ies ns a menns of managing its exposure
to fair value losses arising Crom inereasing interes[ rates.
� CreAi[ Risk
S[aNtes au[horize [he Borough [o invest in obligations of [he Uni[ed Sta[es, the State of Alaska and its
poli[icel subdivisions, savings accoun[s, certitica[es of deposit, banker's acceptances, repurchase
� agreements, and such o[her legal securiTy instruments. The Borough does no[ have a formal inves[ment
policy that restricts imestments based o� credit risk.
� At June 3Q 2011, the Borough�s U.S. ngencies bonds were rated AAA by Standard & Poor and Piteh
Ratings, end AAA by Moody's Investor Service. At June 30, 2011, the L3orough's invesimen� in [he
Alaska Municipal League Investment Pool was unraled.
'� Conrentralion ojCrediJ Ru�k
The Borough places no limit on [he amoun[ [he Borough may inves[ in airy one issuer. At June 30, 2011,
� the Borough had 87% percent of i[s inves[men[s in U.S. Governmenc agency securities.
Cuslodia[ Credit RLek — Deposits
� The Borough maintains a cash pool Iha[ is available for use by all funds. Bach fund's portion of [his pool
is reported on the balance sheet and Sqtements of Net Assets as "8quity in Central Treasury° or amounts
"due to/from o[her funds.°
r
The Borough bank accounts that are nonin[erest-bearing transaction accuunts are provided with unlimited
. balanee pro[ection by the Pederal Depository Insuranee Corporation (FDIC). Interesbbearing accounts are
insurcd by thc FDIC to a maximum of $25Q000. U.S. Trcasury obligations collateralize tlie remaining
� bank balance, which is held by Bnnk of New York in a Tri-party collateral agreemen[ wi[h Wells Fargo,
Nie pledging financial institu[iods agent, in [he Borough's name.
� CusrodialCredltRisk—lnvestmenta�
For an inves[mw[, this is a risk [ha[, in Ihe even[ of Ihe failure of [he counterparty, the Borough will no[ be
able to recover the value of its invesLnenLa or collateral securi[ies that are in the possession of an ou[side
� party. "rhe Borough manages its cus[odial credit risk in investments by requiring colla[erialization
agreements. The Borough had no deb[ securi[ies exposed [o custodial credit risk at June 30, 201 I.
� (4) Annual Appropriation to thc School Uistrict
An annual appropria[ion is made to the Schoul DistricL In addition to the annual appropria[ion, the
Borough provides the School District, wi[hout charge, general liability and proper[y insurance, data
` processing services, Ihe annual independent audit, mental heal[h serviccs, and grounds mai�tenance
services.
42
KUDIAK ISLAND ROROUGII �
Notcs Io Bnvic Finnncial Statements. Conlinucd
(5) Rcecivables
('u emxl4'unJs �
r.a��.:�e�� �n s�a�ecnna.i om.. ��n.i
f.rnrral IleuliM1 Urbt f.ran� G�piial Ga�ernmen�al Govermmcn�sl
ILnA tien�icr Fi�ml Prul�'�'Ifnntl 4'unJs fnnds
Remlaabhn �
Gnims 5 )>.2JO 3vJ.J46 AO.Ml.9 i19�AH 12�tllIJ
'laecv >v<.IJJ — -. v])I fipA,9)I
CuAOinuaanJolhc� ?]H� °A.IEU (G,yO 9i.192
GoxxreuciwMca G1c�l.6 Jn].iSM1 �1N.U29 -0'_S,NI6 19JG,iA
I c�_ elLmm�m �
In�unculle�tilFl�x �ISN2&) (ISN2N�
Nc���nulmccnnblcs N !.$Y11N 19)t(.G J98.02`l i2i%Il. 19(ll.(19
Enlvq�risc YunJ.s �
\Innia�ipvl 6oJiak Other
SoliJ\4'uatr FisLeries Vomnal��r luwl Tulal lblal
CollerGnn Nex rcM1 Lnlerprie I:nhrprir f.m emel Pr
xnJ Ui�posnl ( iantm Pund e 4unJs a. �tunJs Cme. nmenl �
ReceivaMCS.
Ganu % ft.15"IHi — — HJ5,9R1 129$31A 2.12J.OY9
"f�rix .. — — 60A.991 EOJ.991
Cnc�omrnenJuthcr 232.LH (.AG i.i55 23ZI9U 91192 3i0Jb2
Gmss mcn'ablis U191,912 nN6 A355 I,�R29Si 1 9�! p�9 ) ll>g G3p �
Lcsz�. ullo��ance
InninuolleniMrs - piR2g) fI5.R2R1
��tilmolrett��wbl�s %' 1,f19J.912 686 A3<5 I11%2953 IY6U,649 i0136U2
Gwcrnmcntul funds repoit Aefcrred revcmic in cunnection wi�h receivables for revcnucs �ha[ are no� '�
considered lo be available to liquida�e liabilitics of thc curten[ period. Govemmcntal funds also defer
revcnue recognition in connection with resources that have been received, but no[ yet camed. A� Ihe end
of thc current fiscal ycar, the various componcnts of delerred revenue and uncamed revenue rcported in tlie �
govemmcntal ilmds wcrc us follo�vs:
Unavailable UnearueJ Total
Deferred pmperty tuxes receivnble $ 1209A5 - 120945
Grnntadvancespriortoespending;dlproceeds - 752778 152718
To�aldeferred/unearned revcnue for
govcrnmcntnl(unds $ 120945 152,718 .73�663 �
J3
� KODIAK ItiLAND BOROUGH
Notcs b 6asic Pinancial Statemen[s, Continued
�
(6) Capital AcveLv
Av notcJ in footnote (13), the Uorough leases [he Kodiak Island Hospital and Carc Ccn�cr to Sistcrs o(
Providenec The value of [he leased assets nnd associuted depreeiation are reflected in �he Iiospital
� Facilitics Fund (ollowing.
Capitnl assc� ac�ivity Cor the year ended June 30, 201 I was ns follows:
� Reginning ���g
Balance Inerease Decrease Balance
� (bvemnxntalacti�iti�s:
Capital usels. mt hcing
depreciated:
� land �8 :J.d67.lOJ 23A673W
Canstrudiun
uork-in-progress 31,(190,>7J 6.720721 (2,R2?,b15) 33.988.6+0
� Totol 51557,87R fi.720.921 (2,822,(vl5) SgqS5.Y5q
Cnp'val assets. bein� deprcciated'
r
Boildingsundimpruvenxnts 95,067?JI 2.822645 97.B9p,�y6
Impmcemen�s o�herthan
buildinGS 119N.i,461 II.7Ri,A(I
Fquipmenl 2,769,996 S257i 2822.571
" Infroslructure S,y6?,712 576272?
To�ul 114.9H5,'p_0 2.875220 117.8601N0
� Icxseccumula�eddepreeiationfor:
liuildingsandimp�ovements i7,180,237 2371.d08 — 5955L64i
Im�mcemen�s o�her than
� buildings 4,018,275 SW.276 — dS7q,i?I
I'quipnxnt 1,613,521 129J55 -- 1.77?.676
In1Aat�nw�ure 4,355,189 I�k1.068 ��� d.499,257
�
Total 67.197222 3.150.877 — 703J8.(199
Tolal capi�al assets
� being depreciated, ne� 17,788,498 (?75,65� J75I2.841
Totalgovemmental
� activities,ne[ S 102,3d6,37h 6.41i.00rl 2,822,67� 105,968,795
4a
KODIAK ISLAND BOROUGH
Nolcs to I3rsic �inancial Statemcros, Caminucd
ReginninK Fnding
6alance Increase Ikcrense Balance
Rusiness-type activi�ies:
Mw»cipalSolid WasteCollcction
and Disposal Fund capital assms,
not beinK deprcciated:
land $ 1.65124R
ConsWCtionwork-imprngress 766,063 752989
Total ?,417311 759,989
Capital as5cts.being depreciateA:
Unclassilicd ulility planl in
ernicc 2,175.733
linprovcn�cnts olher [han
builAings 2.288A3R —
Machincryandeyuipmco� 1,752,726 25�_pp9
Totul 6.21Rfr97 �51,0(Ml
I�ss accumulnted deprccintion fiir.
Undas'sifed utility pinnt in
service 1.043,246 1?,055
]mprovenents other�hen
buildings 917,457 I25.574
Machinery and equipment 1302319 I12,887
Total 3.I63,02? 28Q516
Totalwpitalas'se�s'
bcingdepreciated.ne[ 3A56.875 (29,50"�
'I o[al Municipal Solid
W aste Collectinn
and Disposal h'und, nct $ 5,474,IR6 73Q4�'2
as
-� Ib51:248
— I 5�6,052
3,17730(1
3.178.T3
2288,438
_ 2(H/3,735
- 6,970.906
1,085.301
�� 1.043,031
��— 1315206
-�� 3,443,538
--- 3.027,368
6,'fkl,G68
r
�
r
�
KOUTAK ISLAND BOROUGII
No�cs to Bnsic Pinancial S�a[cmm�ts, Con[inucd
Hoxpilnl Paciliiies Pund cnpilal
as'sets, noiboing deprecie[ed:
Artwork
I,and
Constmctlon �mrk�mpm@ress
Tu�al
Capiml asse�s. being depreciated:
Buiidinc�
hnprocemems other than
huildin�
Machinen and equipmcnt
Tuwl
Less accumulated depreciation for
[luilJinEs
Improccmenls othcr than
builAinEt
Machinery and equipinent
Tolal
1 orol capital asrets being
dcprcciated. ncl
Tn�nl Hnvpi�al Facili�ies
Pund.ne�
� Kodiakl�isheriesReswmhCemerPund
capital asvcis. bcing dcprecinteA',
Buildines
� Improvememsother�hanbuildings
Mechinen nnd eyuipmem
To�al
Lev accunwla�ed deprccintion Coe
� 6uildinps
ImprovemenLs olher than buildings
Machinep' and equipmem
� Total
Tatal KndiHk Fisheries
BeginninR F,nding
Balance Increase Uecrease Ralance
5 16A91 16.091
I f1351 I0,251
i96L54} 2gJS2 5.991,295
5,9R7,Rfti 29,75^_ — 6.017,637
27.131,OJi ?7.131.U44
401,OJ6 — — AOI.OA6
3,627,068 — 3,627.ObR
31J59,15g — 31J59.U8
I?.58L639 7>5.825 — 13337.464
154,597 Ad,218 198.811
3217.630 68,197 — 3185.827
Ii957.8G2 868240 — I6.822.102
15205.296 (868,2J0) W337.Oi6
$ 21.193.181 (836,A88) 20,3i4.6Y3
$ 17.Sd0.J10 I7.ftY0.910
i.oas.�eo — i.oas.�eo
i,iszs�o — i.insao
2Q046,7I0 — 20,046,710
6.539.723 594,680 -- 7,114,40?
37659i 39.9.i9 — 4I L.5�4
I.G1.906 2.288 I.Li4.194
6,068223 631,927 8,700.150
S 11,978_d87 (631,927) — I1,346.i60
46
KODIAK ISLAND BOROUGH
Notes to Basic Finnncial Stalements, Continned
Reginnin8 Ending
Iialanre Inerease Deerexsc l;xlxnce
7�otal businessiypc aclivi�fes_
Capi�al as.acls. no� heing
depreciatcd:
AmvnrH $ 16.091 —
Lund 1,66L499 —
('nnsvuciionwork-in-pmgress 6,727.606 7897d1
Tntal 8,�05.196 789J41
Cnpi�nl assels, being deprecintcd:
Undassllicd utility plan� in
service 2.178,7i1 .
HuilAings Jd.971A54 -
Impmveinenls ulhcr tl�an
buildinys 1,7ig,244
Muchinery und cquipinun 6 5;7,�7q 251,009
To�al 57.425765 251A09
Less accumulared depruialion for:
Undassified utility plam in
scrvice 1.043246 42,OSS
Buildings IQI213G1 1,350,?0?
Improvemenb olhcr �hnn
buildings IA4$64? 20i,751
Machinery and cyuipment 5571.855 183,372
'fo�al 27J R5,107 1780,683
Total cnpimi assets
bcingJcpreciateQnet 3024QG58 p,529.674)
Toml bnsinessrypc
ac�ivi�ies, net $ 3R,645,SS4 (739933)
a�
16,091
I .GG I A99
7.517.;J7
_ v.194937
2. nx.�aa
-- 44971A54
__ 1.7182J7
6,7883A3
57,676.771
— I,U85301
— zo.an.xec
— I,G5319G
j755327
?8 965J90
= 2tl 710,98d
37.905,')21
� KOUTAK ISLAND BOROUGH
Notes to Hasic Fi�ancial Statements, Continued
Deprecia�ion expense was charged to Ihe Jepanments and functions of the primary government as follows:
� Governmcnlal xtivi[ies:
Gcncral govcrnment $ 321,369
Pubiic safery I?6,726
� Primary and secondary education 2,902,782
Tolal—governmentalectivilies 3,150,877
Busincs's-typc activities:
�. Municipal solid waste collecliun and
disposal 280,516
Hospital fucilities 868,240
� Kodiak fsheries researeh center 631,927
'Potal—business-typeaclivities 1,7R0,683
Total $ 4,931,560
`� (7) Interfund Reccivablcs, Nayables and Transfers
(a) Lnterjund Recefvables and Payab[es
� Intedund bnlances at June 3Q 201 I consisted of the following:
Receivable Fund Yayable Fund Amount
�. Major govemmenial funds:
Creneral Fund Cducatbn and Heahh Deb[ Service FunA $ 400,000
Mu�x:ipal Solid Waste Collec[ion and Disposal
�. En[erprice Fund 675
Other Governmental Funds 337,602
Facl'4ies Special Revenue Fund Hospilal Faeil¢ies Enlerprse Fund I,106,261
r Kodiak Fisherics Reswrch Center Enterprise Fund 4,583,837
Other Governmental Funds 619,617
Other Governmen[al Funds General Fund 2
� Hospitfll FaeilRies Enterprice Fund General Fund 2,580
To[al primary government $ 7,050,574
The balance of $4,583,837 due [he Facili[ies Fund from the K.P.RC. Fund resul[ed from a loan of
� $B4OOQ000 thnt wes made to help pny for Ihe construction of the building. $4,065,000 is not
scheduled [o be pnid in FY2012.
48
KODIAK IKLAND 60ROUC[I
Notes to Basic Financial Slatements. Continued
'Ilie bolance of $I,106,?61 Juc Ihe ]�acilities Special Revenuc Puod tiom Ihe Hospitnl Faeilities
Enlerprise fund recul�ed fix�w a luan of $1,600,000 thnt was made to pay for part of thc cosl of a
lawsuit. $ L032.ftOG iti no� schcJuled lo bc paid in FY2012.
NI remaining balances were shon tcnn loans to cover negative cash balances at year end l�he
oulslnnding balances behvcai (unds result Gom �hc time lag between the dates thal (I) intcrv(und
gouda and services are provideA or rcimbursable expenditures or expenses occur, (2) transac[ions are
rcmrdcJ in the aceounting systcnt and (3) paynicnts benveen funds are maAe.
(L) Long-lerm L�lerfiuid 6nrrowiivgs
In Octnber 1997 the Pncili�ics Special Itevenue Fund loaned $8.000,000 to the Kodiak Fisheries
Research Cemer Hnterprise Pund. 'fhis loan wn+ w help [inance the construction of the Kudiak
Fisheries Rescirch Cenler. Thc luan fi�om the Facililiec Spa;ial Revenue �und is accounted for as a
lon� term inter-il�nd ndvanca �vhilc [he liabiliry� in Ihe Kodiak Fisheries Research Center 6nterprisc
�und is accoun[ed for xs a long-term in[er-funA bonnwing. The nAvance bears interesl at 7%, and �hc
scheduleJ paymm��s for the nezt live fiscal years ended and thereafler are u follows
Year endin� June l0:
20 L
2013
2014
2015
201G
2017-2019
Yrincipal Interut 'Co(al
$ 44Q000 299,950 739950
470.000 268,100 738.100
500,000 234,150 734.150
540A00 197,750 737,750
575,000 158,725 733725
I 980,000 214,200 2J 94200
$ 4,505.000 1,372,875 5,877.875
In Ju1y2003. the PaciGties Special Revenuc Pimd loaned $1,60Q000 [o the fiospital Pacilities
Enlerprise Fund in order �o help fund ewrent operalions. The loan from [he Facilities Special
Revenuc Fund is accounted for as a long-ICnn in�erfunJ advance, while the liability in the Ilospi[al
Facilitiee F.nterprise Pund is nccounted for as a long-term interfund bortowing. The advance bears
interest nt 4%, and the scheJuled paqments for the next five fiscal yeara and thereafler are as follows:
Principal ln[eres[ Total
Year ending June 30:
2012 $ 73.A55 43,523 II6.978
2013 76,423 4Q556 116,979
2014 79,510 37,468 116.978
���? 82J23 34,256 116,979
2016 86,065 30,914 116.979
2017-202I 485,374 99,518 SR4.892
2022-2023 222.711 11,246 233.957
$ I,IU6261 297,A81 I,4U3,742
A9
KODIAK ISLAND 130NOUGH
Notes [o Basic Finuncial Statemems_ Conlinued
�
(c) Transjers
� In�er(und �ransCcrs have becn made in accordance �vith budge[ ordinances. Funds are trnnsferred
Gom one fund b suppurt espenditures of other funds in accordxnce with the authorip� es�ablished for
� �hc individual fund. Transfers behveen fund types during tlie year ended Junc30, 201I, were as
follows:
�
Tranrtcra0ut
Majnr Gorominenul FunJs
�.����,:�i r ��a
� IaaLiie,cSpccialHcvcvnctunA
OiherGocemnienmlFnn�s
Tnwlvaavfrv
�
6a�emmmmlFuods f:n�erD�ieeFundr
f:Jucalion \lunicipal
YYd��PY�Ih Ulhff 111�Id��ei1P IIOY�1�YI
DeMtienice Go�ernmemal Cnlleciionaod Fvcililiin
fund FunJs Dinpm�alFunJ 4uoJ fobls
S ISNS00 3J.500 13,sp0 — ISSISUO
J99,000 3RI_Y33 ]fif1933
IAtl�liG ((SW IS49.8iG
S Ig025W IRI9,989 USCNI Ah.SW 3Nfi2.2N9
A summary of signi�cant transfers are as Collows:
• The General Fund Iransferred $1,503,�00 to the F,ducn�ion and Health Debt Service Fund [o
pay Por debt scrvice on �eneral govcmmrnt debl.
•'I�he General fu�id transferzed $34,500 [o the 6uildiog anA Grounds Special Revenue F'und to
pay additionnl snow removal costs a� school si[es.
•'Phe Genernl Fund transferred $13,500 to tlie Municipal Solid Was�c Colluliun and Disposal
PunJ lo pay for garbage disposal for arca �hrifY shops.
• The Facilities Special Rcvcnue Fund transferzed $399,000 to the Rduca[ion and Henith Dcbt
Service Fund for debt seivice on school district and hospi�al bonds.
• The Facili�ies Special Revenue Fund transferteA $I18A00 to 1he Ruilding and Grounds
Special Revenuc Fund for to pay additional snow reinoval cos�s a� school sites.
• The Facilities Special Revenue Fund transferred $243,933 �o Ihe Borough Capital Projee[s
Fund to pay for capital improvements.
• The I'ire Pro[ection Area No. I Special Revenue Fund Iransferred $1,469,60910 the 6orough
Capital Project Pund to pny for capilel improvcmcNS.
• The Kodiak Airport Fire District Special Revenue Pund [ransferted $13,7A7 to the Womcns
[3uy fire Departmcnt Special Revenuc Pund to pay for public safety relateA wsts.
• The Fem 1'uller Tms� Special Revenue Fund transferred $66,500 to the Hospital I'acilities
L'nterprise Fund for Ihe pwchase oCnew equipment.
50
KODIAK ISLAND BOROUGFl
Notcs �0 6asic Finoncial Stalemcnfs_ Con[inued
(8) LangTermDebt
(nJ Genernl06ligntion BmrAs nnd oiher deM
Thc Rorough issues eeneml oblipnlion hmdv and ulhcr dcbl lu procidc (unds foc the acquisitinn anA u�nstruc�xm of
majnr capilul (acilil'rs. General obligatan Lvmds' are di2ct obligo�inns and pledge Ihe (ull (ailh nnd c�ed'A o(�he
Borough. Gcneral obliga�ion bonds and o�her debl currtnik oulslanAingnre as folb��s
Inlertsl Prineiw� Pa�meots
T�penf�kM Nvle� 1)ales Lssuedale pwNril�ddles Da�es \mounl
Q'ncrel ohliealinn
hnnAs LN1UFSrirs 1955,0"� N�1=JI 12�IJ2WJ 7/I/?UII 'JV911I
1 i•nernl ohlleo�ion
bonJv-21N1fIPScncs fi.44.(1%, 8/I-bl 17/ILLNNI JIR�III 21IR011
CencmlObliguYnin
hunds-2IXqCScnes d,0.i0% I/I-7/I 72V2qU bl/2024 �/12012 -IqI,fIW
r,inais ai<,ax�
�nnow „s.ir�rr
]/I/20I5 {Sp.U00
7/1201fi J7qIXNl
9r12111] ��S.qp
7/I/1AIR ilO.�RX1
7A/2(11) �70.IXq
7/I20i0 Sti.IXp
7/I2[I�I 580.IH10
7/12022 WSOIMI
7/I21P_1 635.110.1
7/V202f 665.0(III
�ns.aa
sl
�
KODIAK ISLAND BOROUCH
No[es to Basic Financial Statemcnts. Continucd
r
�
n�ro��.��....n rd,�.,...., n.i.��u� xen.<a em,��..,�
t�uai.e nm���� v.��a rt�u.<e a�ro�,zo�o �.s�ea a�r��u.a .m��eo,mu
� 2WI I:iR5.000 1�48.S,fHN1 13US.W0 IBQCOO �- ItlO.OW -
2W1 IJ]S.U00 1�I95,(1(10 I_UISUpO 160,P.^0 I(A,OW -
r
r
?IHN 9JW,fMM1 Y,1W,000 ZIRU,qW ],12qUW - )BS,OOU 6,935,000
r
ti
52
KODIAK ISLAND BOROUGH
Notcs to L�asic Fina�mial S�atemcnts, ContinucJ
loteres� Priocipal payments
'lypeoPoe6f Itates Dntes Issuedete M1laturihdxtes Uates Amount
Ceneml obligntion
bonds-2001BSe�ies 7.0.57'/0 91-11/I 17/I/2004 II/I/2U24 II/I/2011 475,OW ,�
II/Ii2012 490,000
II/I/2013 51QOIX1
11/1/2011 50,000
II/I/2015 :50.000
11/I/?016 i70,W0
� II/V3017 595,000
II/V?018 620,000 �
II/i/2019 650,000
IVI/2@0 675,000
iuinozi �os.000 —
uni2ozz �a0.000
ivuzoz� ��s,000
II/I/2034 SIi,000 �
8,'00.000
Ceneral obtlga�ion
bonds- 2008 A Senes 4.0.5 0% d/I-10/I 11/I/2008 4/i/2028
53
W/01/12 290.0(10
04/01/B 300,000
0.1/01/I9 32Q000 �
0.7/01/15 pi000
U1/01/16 35QW0
04/01/17 370.000 �
GM01/IB 380.000
bi/01/19 400,000
04/OV20 41�,000 �
bf/OV21 43Q000
04/01/22 45Q000
04/01/23 J7Q0(10 �
P1/01/24 490,000
04/01/25 SU,000
67/0126 59q000
04/01/27 565_OIXI �'
M/OV2ft 595_000
7,215.000
�
�
KODIAK ISLAND BOROUGH
Notes to Basic Financial Sta�emcnts, Continued
r
�
Aulhorized Priorcexrs Balxnecal Re[ireN Balanccat
. Fiscalvexr Amoun� Issued Retired July1�1010 Issued Refunded JuneJ0,2011
r
r
r
r
� 2IXW II,U50.000 II,OSQ1100 I,R9[1,0(N)
r
r
9.1(A,000
2008 ft,U00,OD0 $OOO.ppp iIQUf1U 7,490,000
54
— JNI.IXIO 8.700.000
275,W0 7,215,C00
KODIAK ISLAND 130ROUCl1 �
Nutcs Io Rasic Financial Sta[cments, Continued
INCrest Prinri�el �nymems
Typeof�kl� Itates Dates lasuedate Maturitydnles Dales Amount
(incral obligalion
hnnds—�AScrits 1.0°.�6 ^✓'I-8/I -0V/2W9 7J1/2(Ill 0?l01!12 133SOfH1
02/Olil3 1�90.000 �
@/01!14 1.445.W0
e. nnaro
(@neral ubliEalian
honds-2011 ScncsOn< 30-5-Ui 9/I-3il 1�1/?011 Ji12011 03i01/12 ]75.UW
Ol�0Ul3 28i.000 �
07;01; 14 �9i_ppp
03%01/U i05.000
f17101/16 310,WU
03i01!17 330,000
03'01/IS 330,IX10
O1/01!19 310.(KK1
07i01f'0 3iS.000
03/ONJ 37R(Nq
f1U0V22 37LS.q1U
031OV24 JOS.IXIO �
Oi/01/2d 4?i.IX10
03/01/?5 145.000
03/01R6 dGS.OW �
OL01%?7 dffi.000
07/Oli?8 510.(N10
O7/01/29 ?3i 000 —
01�01/i0 i65.W0
03�OU31 i95fXlf1
8,000.000 �
A DCC' bans
CYeonoeter Kaduk 392—JUS°o �t '+ "* 6/U2012 .5,77�
NI/2U13 S.Nfi2 �
NI/2014 5,950
NII2012 6.1139
6�V201G 6.130
6/V2017 622 �
6l1/2018 6315
6�1/201Y 6 410
G/V2f72U 6�06 �
ii?p7
$ 7L87i71N
55 �
�
� KODIAK ISLAND BOROUGII
. Notes [o Rasic Financial Statements. Continued
�
.W�horized Priorvurx Halancea� Retire�V Nalanceal
� 4iscalvear Amo�mt Issned Re�ired Julyi.2010 LssueJ RefunJed JuneJ0.20�1
2009 67AO.IXN1 G]40.UIN1 12%S.WO SA55_q� 1285.aN1 A.UQOW
r
y
y
� 2011 R.WO.fI(q � — — R.IXNI,qNI — R.fIfN1.OW
r
r
19V8 d00.Of10 92019 36.@0 W,R99 >b�Nl 55.209
�. $ 46JSO.Of10 37.7I47.019 8,22I.120 29.625.899 B.00O,OOfI 2750.6�N7 34.Y75.20Y
� S6
KODIAK ItiLAND BOROUGH "
Nrncs �0 6asic Pinancial tiCrtemcnts, Conlinucd
I he annual requircinenls lo amortiu oll gencral nhlign�ion bondeA dc61 and tl�c ADEC loan pacable
outstanding ns o(June 30, 201 I, are as lollows: �
General AUF.0
ubligalion loun payablc 'Co�nl Interest
Ycdr endin¢ Lmc ill'
]II12 2J95.IIOU SJ75 ?9fr0.775 ISIS_6]3
201} ? RNRU00 i.gp2 2.XNS,NG2 1 J05 SJS �
2011 9d111t000 5.950 3DIQ95p 1290936
201i LG20.000 6.0}l Ib2G.079 LIGY.9Yb
201( LGRO.OUn o_q0 I GXO_I30 I.IIN.71G
21117-20?J YJNU.UOII �S..�si 9SOSAi3 4N2(�9tl9 �
2tp2-2U2R 9.53f10VU 9S3tI.0p11 19ii33G
mn-_>o3i i.xso.ouo a.xsouno si.i_a3i
5 iJ.g211.000 Si?U9 34.%75.209 135R2.fi12 �
At lune 30, 20I L tl�cre �vas� $5,326 nvailable in Ihe F.ducntion and Health Deb� Scrvice Fund to
service generul obligalion bonds. Therc are a number of limita[ions nnd mslrictions contained in [he �
various bond indemurcv. The Borough is in cnmpliance with all sigoificant limita�ions nnd
restrictio�s.
(b) NMes Payn6/e
As of June 30, 20I L tlie Rurough hnd Ihe (ollowing no[es pavnblc outstandine in the Municipal
SoliA Was�e Collection and Uisposal En�erprise Pund: ,�
Notc pnyuhlc la Alas'Aa Department ofEnvironmenlal Cunserva�ion
(ADF.C).lo 6e paid wi�hin?ll years. From June2. 1999 tmtil
April 28, 2005 in�erest accrned a� 25°��. from April 29.2005 to
Junc 30, 201 I interest uccrued ai I S;o. The frst bnn paymen[ is
due oneyear following substantial compleiion and initiation
of opera�ion ofthc lecility S 2,UOO,WO
Note payable In Alaske Depatlme�f o(Gnvironmental Conscrvaliun
(AUEC), In be pnid wi�hin 20 yeaa. Inleres� accrued at 3.8% over
the li(e of thc loea T6e first lomi paymeN is duc une year following
sus�aNial complefion and initiaGon ul'operabon otthe tacllfty $ 735.778
57
_
�' KOUTAK ISLAND BOROUGH
. Notcs ro Basic Financial Sta(emenis, Con�inucd
r
(cf Clranges in Long-terni Liabililies
� Long-tcrm liability activily fur Ihc ycar cndcd Junc 3Q 2011, was as follows:
xulanre Bxixncr
.IaneJO. .Imc30. Dnewi�hin
r 20111 AJOi[ions IteAUClionx 21111 nc ycar
C;memincnml �aiciiic:
RonM1 pavehlc.
y� U�na'al obllgelion bun�L� % 20.SM1S.U00 tl UOQ0011 2945000 J4.N20,VU0 ' J�5 OOU
Uondpnminm 293.J12 49213 18,454 30A211 IRiSA
29,RJN:q2 NJIJ4..9} ?)[J455 15.121211 ',v93.9A
y AI)I!C Inzns 60.N9V — i fi90 i520H 5]"/<
Lnnipensumdehscn���. 2�3.05"i J92AU JiU,2h6 25520N l`).892
Toial $ 30.1�23%% n32i450 JJIV410 35,Ji4,428 2R9HJ21
� Husiness��ypeuniviiicc
na��dapm soue waa�
. CnIlcGion nn� Di.lx�zal'
LunA011 doxurc nntl
� posi-dnsurccozu S 195tti29 i]Y91G — t.U2J4J .-
Nmcvpayohlc 19A9995 ]1i9n1 2,D5,'!]8
� laml 8 fi�42622 L12q4Y9 9B6tl121
r Hospiud FnciliGcs:
1 wg�enn imufund
. hoemwine $ I,I]G.tlRA 9U,60i LI06.261 ]iJ55
� lb�ul % LI]6.Sfi4 9Uh03 I,IU6261 93Ji5
KuJink F ishcria li 5r-amh
Cenlen
� Lonelennin�ctlund
bommnngs $ 4,91ip00 AIOA00 4.505.000 410000
Tmnl �8 a?ISAOO a�opon 45os.0oo a3o,000
� Rusince�-�lpcactirfilec.
I.anJlill closurc anJ �nb
clom�eu�sts b' 4,]5262] 9]l,')16 — 5,1323i3 -�
laingicmi ini�rfunJ
� Fnrtmvinps G,091AG1 — JAq(03 5,fi112G1 SIJ4i:
Noicxpayablc 1,989,995 O4t,)83 2,935,]'IN
� 'Ibml $ 12,839,ABti I_I20,4)9 48QG03 IJA]Y.382 �I3d55
For govemmcNal ac[ivities, compcnsatcd absences are generally liquidated by the General Fund.
58
r
KODIAK ISLAND ROROUGH
Notes to Hasic Financial Slatemen�s, Continucd
(9) Fund Balanccs
De�ailed information �cla�ed �o amowus classilled as nonspendable and commilte� fund balances at ]un
30, 201 I are as follows:
FJuruiion Caplmllhn'�ealvnds
hocilitics nndllexhh Sia�e KodiokHieh (Ahcr
Ceneal Spaciel Ikbi Cupiml Schoul Grvcmnemel
Pund Recenuefund Sen4cePund CRanis R<novalion Fu ds
Nanspendnblt
Prcpald itcros $' 6,801 - - - _ _
Iqng lemi recenables 2U(R
lo[olnonspendable fiR01 - - . _ ��.7�
C01➢IfI1��Pd:
Fncilin�upgmAes
DeM 6ervica
Cnpimlpmjuls
end up�rndes
Hieh School
Renovatlon
Fim and ftoatl
Service Areus
CoasmlManoeement
I and Sales
Buildings and Gounds
Sirce� Lich�Ine
Ui�Vicis
Taudsin DecelopnxN
Mission lake Tkle
Culc
Fem Fulle�'Pmsi
lb�alcoinmiucd
S
e
Tn�al
6,ft01
'1.7W
]gjpj �
i2?i5b87 � - ' � J9,2ij_6RJ �
- it26 ' ' - 5�26
' - 7J.i_SCq � 77J83>0 RJH3.R511 �
" " - 7,103 i28 - 7.?lll � B
- ' " - V�9b96 Y'9.696
- - ' ' 'Z137 ''�.U3
" ' ' _ '�28.000 9?ft.01N1
- - - - Ift9.6111 189b10
" " _ ' ?tl761 �87N
- ' ' ' 112.076 112.078
- - - � �1.217 ?1117
W832J 7J&b?d �
39,255.6H7 5326 7d550U 7203Y-R IQ4,337� 57.637,J09
59 �
r
� KODIAK ISLAND ROROUGH
� No�es to I3asic Pinnncial Stntemenls. CoNinued
r
QO) SoliU Waste Landfill Closarc and Poet Closure Care Cos[s
� State and fedcial laws and regulations require that the Kodiak Island 6orough place n final cover on its
landfill when closed and perform cerlain maintenance for a number of years atier closure. In eddition to
� opemting expe�ses related to currenl activi[ies of the landtill, an expense provision and minted liability are
�
recognized based on the fu�ure closure and post ciosure care costs thnl will be incurred based on the date
the landfill no lon�cr accep�s was�e. The recognition oC these IanJfill elusure and post closure eare eosts is
based on the amounl of thc Inndfill uxd during �he ycar. The cs�imated liability N� landfill clowre and post
closure cnre costs is $5,132,343 as uf June 30. 201 I, which is based on 84% usage (filled) of the landfill.
� Thc laudfill is cslimatid to be filleJ anA unusable by the year 2014 Of the total liability nt June3Q 201I,
an inttease of $374.716 wns recnrded in tlie current year based on current year usage and changes in
cstimates. An estimaleA additional $977,SR9 will bc rcmgnized as dosure and posl closure care expenses
" belween Iho da�e of [he S�atement of Net Assets nnd tlie date the landfill is e�pecred to be filled to capacity.
'I�he estima�ed ro�al current cost of the Inndfill closure and post closure eare of $6,109,932 is based on �hc
� amount that would be paid i( Ihe landfll �vere elosed as of June3Q 201I. Ilowever. Ihe nctual cost of
�. closm'e and post ebsure care may be higher due to inflation. cha�ges in lechnobgy, or changes in landfill
la�vs and regula[ions.
�I�hc Kodiak Island Borou� is required by slale anJ fe�dcral lews and regulations to make annual
� contributions tu finanec cluwre and pos� closure care. The Kodiak Island Boroogh eomplies with [hese
requircmcNS by annually rccording Ihe liability baseJ on the eslimates provided by the Kodiak Island
6orough�s Enginccring/Facilitics Dircctor. It is anlicipaled that fu[urc inflation costs and additionnl wsts
" tliat might arise Gom changes in pos� closurc requirements, due �o changes in technology or more rigorous
enviromnemal rcgulations. for esample, will be financed primarily by charges to future landfill uscrs and
seeondarily by taxpapers-.
In �he fscal year ended June 3U. 1999 �he Borough began initial planning for latcral expansion of �he
landfill (Phase J). In Mey of 201 I bidding o� the projecl was begun and work is ongoing and expected to
�� continue �hrough 2015. The laternl expansion has an es�imated nine to twelve year capacity. Capital costs
to wmple[e is estimaled behvicen $4,527,660 and $5,091,732.
r
GII
KODIAK ISLAND 130ROUGH
Nolcs �o Basic Financial Sla�cments. Continued
(11) Implemcnta�ionnfCA6B5d
In 201 L the 6urough adopted the Gnvernmenf Accounting titanAards Roard (GASB) S[atemen� No. SJ,
Fmid Bo(unce Rrpm�tin�; und Goreivmmniul F�aed Tj��e Defini[inns, which ehanged fund balancc reportin�
rcquirements and dcf ni�ions.
The effect of tlic implemcnlatiun o(GASB 54 on beginning (unJ balances for total governmental funds is as
lolloas:
Pio-G�SR 54
�und balances:
Rc�crved:
Longlerm interfunA
ba'rowings $
Nrcpaid ilcros
Unreccrvcd:
Designotcd li�r cuh�a�ucnl
yeer expenditures:
General Pund
Special Rcvcnue Funds
Undesienatcd:
Gencral Fund
Specinl Revenuc FunJs
Debt Service Ivnds
Capital Project Funds
i.726.303
15,703
1.423,158
356,820
9d3,815
37.174.162
22,255
8.403.174
'fo4�l fund balanccs $ Sq,065,390
(12) Insurance and Risk Rc�cntion
AtTer GAAI3 _54
Pund bidancc
Nonspendnblc $ SO,OdS
Committcd 52,453,R71
Unassigned 1.561474
Tuial Cund balances $ Sd 065,390
The Kodiak Island Borough is csposed to numerous risks of loss associateJ with [he opemiions of a
�;overnment Thesc polen�ial losses include, but are not limi[ed to, employcc relations and injuries.
contcaets. theFl, loss or Jnmage o(property and general liability. The Horough manages its risks from tliese
potential losses by pnnicipnting in (he Alaska Municipal League Joint Insurance Asaucialion, as well as
purchaving commercial insuranec coverage. This insurance has provided the Borough with adeyuu[e
coveragc in Ihe pasL There were no significant changes in insurancc arverage obtained and therc wcre no
claims or seftlements iha� ecceeAed insurnnce cuverage in any of the past �hree fiscal years.
The 6orough is a member in good standing of the Alnska Municipal League Joint Insurance Association
(JIA), a governmen�al insurance pool esleblished by the Alaska Municipal League. Claims are covered on
zn occurrence basis. JIA proviAes risk management services, appraisal services and (here is also a separate �
pool for policy liability. �I�he KoAiak Islnnd 6orough Finance Diru;lor, the Kodiak Island Borou�h
Mannger, anA �hc KodiaA Island Horough Mayor nre all members of the Board ofDirectnrs ofihe ]IA.
GI
" KODIAK ISLAND BOROUGH
, Notes to Rasic I'inancinl Statements, Continucd
�Phc responsibili�ics of bo�h JIA nnd �hc par�icipants erc as (ollows:
� (a) Respwmibilities u%JIA
11A shall perfonn the follo�ving instructions in diticharging its responsibililies:
� • Yrovide insurance coverage as necessnry for property, including building nnd contenU,
automobile, mobile equipment and datn processing equipment, casualty, including general
lizbility, public o0lcials and cmployus� liabililv, uulo liability and cmployiv� bcncfit liabiliry;
� workcrs' wmpaisa�ion. including cmploycrs' liubili�y; commcreial blankct bond: and [ime
clemcnt.
• Assist each paRicipant�s assigned risk inanager with the implementation of that funetion.
�
• Provide loss prevention and anfety and wnsulling services �o paiticipenls as reyuired.
• Provide dnims adjusting and subroga�ion services for claims covered by �he associatiodsjoint
� insurancearrangemen�.
� (b) Responsihililles of the ParOeJpaius
� �I�he Participan�s ahall have Ihe following responsibilities:
� • The Borough Asseinbly or appoinling oCficial of each participanl shall appuint a represen[ative
.. as providui in Artidc 5, Scction 2 of thc bylaws anJ al Icast onc al�crnatc rcprescntative [o
aticnd mcmbcr mcclings.
• Each participant shall appoint nn employee of the participan[ ro be responsible�for Ihe risk
" management func[ion within [ha[ entity and to serve as a liaison behveen the participant and
JIA wi[h respectto risk management.
� • Gach parlicipant shall maimain an ac�ivc sa(eiy o�ccr and/or conuni�tcc, and shall comply
wi�h all rccommcndations of JIA conccrning �hc dcvclopmcnt and implcmen[n[ion of a loss
control policy [o prevent unsafe practices.
� • Cach participant shall maintain its own set of records as a loss log, in all categories of bss to
insure awuracy ofJIA's loss reponing sys[em.
� (13) Rental Revenues
(n) Hospitnl Fncilities Enterprise Fnnd
The Kodiak Isiand Rorough Assembly leases the Kodiak Island Hospitzl and Care Center premisc
� and equipment [o Sisters of Providence dba. Providence Kodiak Island Medical Center who
essumed responsibility for the hospital's operations as of April2l, 1997. 'fhe lease ngreemwt is
cffective for a term of hventy years from thal date. The lense ia cnncelable by either pnrty wi�h a onc
� year notice. The hospi�al capi[al asse�s. Ihc Iease ineomc, and all o�hcr costs relating �o the egreemen�
arc accounred for by the Borough in ihe Hospital Facilities Ente�prise Fund.
62
KODIAK ISI.AND UOROUGII —
Nntes ro Baslc Financial StntemcNS, Conlinucd
The agreemcnl �rith Pro��iJcncc spccifics thal thc 13orougli wfll crontcibule at least $1 Ufi,000 per ycnc
for Ihe purchasc o( ncw and repincement eyufpmcnt for �hc hospifnl. Thc L3orough is also rcquired to
fund any major m�intenanec :md repairs projuts exceeding $25,000 in cosL The Horough receivcs �
$6Q000 per mon�h in rcn�al rcvcnua In Augus12UU3, Ihc Icnse was amended and requircd
Providenecto pay an addlGonal Iense peymetu oC$1,30U,000 fn 2004. In October2005 the lease �ras
amcndecl �o remove the rcyuimmen� ihal Providence haA to pay 50% o[ the net revenues of �hc �
huspital, up to $60Q000, fn rcnlxi rcvcnucs. Providcuce now has to spend 50% or more of their nct
pro�i4, up lo $300,OOQ on equipmenL Thc Icnse was also amended lo havc the $108,000 of
cyuipmeni whlch the Uorough was ru{uired In purchase annually �o becnme Providence property ,�
��ther than Rum�igh propetty.
@) Kndiak F'ishrriesRcecnrek Ccnter
The Kodiak Pishcries Rexcarch Cen�er (KHRC) Ienses its premise to Ihe Gcneral Sen�ices
Administration (CSA), Naska Dcpartmenl of Ffsh and Gamc (ADF&G), Ihc GSA on bchalt of
llepartmenl of Cnmmeme, National Oceanic and Atinosphcric ndministration (NOAA), and the �
University of Alaska Fairbanks (UA1�.
"Ihe lease wi�h the GSA is from Mzrch I, 20U3, through Scptember J0, 2018, cancelable with
120 days notice. Annual rent vuics Gom $37,500 to $41,O00. Rem wns $41,000 in 2011.
'ihe lease with ADF&G is froin October I, 199R through Sep�embcr 30, 2018, with an oplion to
cxlcnd for up to hvo addilional fiva ycar periods. Annual rent is $52,800. Thc ann�al reni from 2012 �
through 2018 will be adjusied lor ihe �rnanPs proportionate share o( building expenses and
utiliia�ion oClhe seawaler system.
'I�he lease with NOAA is Gom October 7, 1998 througli September 3U, 2018, with an option to
exlend ti�r up to four additional five year periods. Annual cent is $756,OOU plus operatiunal and
maintenance expenses ol $754,437. Operational and maintcnnnce expenses are adjusted every fvc
ycars to acmal costs. �
The lease with UAF �vas originally from October I, 1998 U�mugh September30, 2018, eancelabie
with 30 days notice, with an oplion lo cxtend fur up to two addi�ional five year periods. The State of —
Alaskn cancelled the leasc for laboralory space effective Scptembcr I, 2011, but has continucd
Icasing the domi space. The Stzte has not given notiee to caneel Ihis section oCthe lease in 2011.
(74) RetirementCommihuen[s
Tlie Dorough has adop�eA Guvernmenlal Accounling Standards' Doard (GASCi) Codification P20,
.lccounling jnr Pe�ieiuns hy Sin(r and Lnc<d Govennnmm[ Emp7o}�ees and GASB Codifica[ion P50, ..
Accounting rmd Fiiiancrnl Repnr[ing hy Eu�ploycrs fnr Po,cbemp[uyment Bc�refils Other dian
Pensions. GASB Codificatlon N20 �nd Codificatiou P50 establish uni(onn atandards for the
measurement, rccognition and dfsplay of pension and olher post-employment benefits other ihan �
pensions (hcalthcare) cxpcnditures/expense and relatul liabilities, assets, note disclosure nnJ
applieable required supplemcntnry info�nation in the financiel repons of s[ate and local
governmen(al mnployers.
6S �
�
� KODIAK ISLAND 60ROUGH
. Notes to Basic Financial Statemenls. Continucd
r
r Retiremenl Plons. All full-�imc employecs and cei7ain pcnnanent part-time employces of lhe
Rorongh panicipa[e in the State of Alaska Public Employecv' Rctircmen� Syslem (PF.KS). In
addi�ion to thc pcnsion plan Ihe system also adiuinisters a post�mployment heal[hcare benetit plan.
� ,S'urrenar1' nf Si,qnificm¢ Accom�ling Policies. PLRS financial stalcmcnts arc prcpared using thc
ncerual basis o( accounting. Plan member conhibutions are recognized in Ihe period in which the
coniributions are due. The Borough's contribuliuns are recognizeA when due and a fominl
r commitment lo provide ihe contributions has been made. BenefiLS and refunds are recognized when
due nntl pa}nble in nccordznce with the terms uf �he plan. All plxn investments a�e reported at fair
� marketvalueorestimotedfairmarketvalue.
� Teruiina6nn Cns[s. If the Borough decides to terminate coverage for a depanmem, group, or other
elassifica[ion of inembers. even if that lerminatiun resulls Crom the decision b divest ol a particulur
govemmental function, all al%cted employees in that depanment. group nr other classification of
� members become immcdialely vestcd in �he plan. The Borough must pay Io hnvc a tertnina[io�
swdy complcicd. "Phe pnrpose of the study is to calculate the Borough's one-time rermination costs.
The costs represent the amount necessary to fully fund [he cos[s of plan members who become
�+ vesled [hrough this process and for other chnnges in actuarial assumptions, such as. endier than
ccpceted rctiremen[, that arise from the nct of termination of eoverage. L3orough must pay a lump
� sum within 60 days of tertnination or arrange a payment pinn �ha[ is zcceplable to the PERS
� Adminis'trator.
Plan Orersiglv. �Phe Borough contribuics to Oie Alaska Public 8mployees Retirement System
(P[RS), which inciudes both a cost sharing multiple employer defined benefi� pcnsion and posF
" employment healthcare plan nnd a defined contribulion plan. Both plans are adminis[ered by �he
Commissioner of Administration and [he Alaska Retiremen� Managemcm Roard (ARMB). Bo[h
PERti plans providcs ic[irement benefits including disability and death benefi[s, and pos[-employment
� heallhcare to plan members and boncficiarics. The authoriTy to establish and amend bcnefit provisions
is assigned m the ARMB. The Public Employee's Retiremen[ Sysrem issues a publicly available
�� financial report Iha� includes financial statements and required supplementary infomiation for PBRS.
r
"lhis report may Ae ob[ained from [he sys[em at Pouch C, luneau, Alaska 9981 I.
Alaska Poblic Fmployce Retircment System (NERS)—Defined Benefit Plan
Plau Deecriptiorr mid Funding Agreemenl. BeneFts ves[ with five years of credited service.
� Gmployees enrolled prior to July I. 7986 with five or more ycars of credited service are entitled to
annual pension benetits beginning nt normal reliremrnt age 55 or cady retirement age 50. b�or
employees enrolled aRer June 30, 1986, but before July I. 2006, the normal and eady retiremcnt
� ages nre 60 and 55, respectivcly. Employces with 30 or more years of cmditcd scrvice may retire at
any age and receive u normal benefit.
Retiremen[ benefits ure calenlated by multiplying the average momhly compensation (AMC) limes
� crcdited PBRS scrvicc limcs tlie perccntage mul�iplier. The AMC is de�ermincd by averaging the
salaries earned during [he five highes[ ([hree highes[ for Police/Fire membcrs or mcmbers hired prior
to 7uly I, 1996) wnsecutive payroll years. Members mast earn a[ least I I S days of credit in the last
� yenr worked to include it in the AMC calcula�ion. The PF.RS pays a minimum benefi[ of $25 per
month for each year of service when Ihe calculated benefit is less.
64
KOUTAK ISLANU 60ROUGEI —
Notes lo Basic financial Statements, Continucd
Thc percentage multipliers for pnlice/�lrc penonnel are 2% Cor Ihe first tcn ��ears of scn�icc and 2.5 %
for all scrvice over 10 veurs. The pereenlage muhiplicr; for xll olher participnn[s are 2% for the firsi
tcn ycarv, ?..25"/o for Ihe nezt �en yeaa, and 2.5 % fi�r all remaining service camed nn or aRcr Jul�� I�
1986. NI scrvice before �I�at dnte is calculaled �l2%. —
Pos[-employmall healthcare benefits are provided witliout cos� to nll members first enrolled before
July I, 1986. Members fiist enrolled after June 70, 1986 end who heve not reached age GU may elect �
to puy for major mcdical bcncfits.
Pension benefits ere adjusted each year based upon incmases in the Consumer Price Index (CPI) tbr
the prior yeur. 7'hc increase in the beneFt. is 75% of ihe CPI increase up to a 9% maximum lor �
ra;ipients who are at Ieasl age b5 or un divability or 50% of (he incrcase up in n 6°/ mnximum for
recipients who nre at leasi nge 60 but under nge GS or who have becn ra�civing benefits (or at leas[
Ove years. Startiiig at age G5, or a� any age fnr Ihose employed befoin Juh� I, 1986, a retired —
emploqce who remains in Nnska is cligible for an addi�ional allowancc equ,il l0 10% oC the base
benefit or $50 a month, whichevcr is greater.
Pns9 Re[n�emrnt Pension A<� uvlmm�ts. Posi rctircmcnl pcnsion udjus[menls (PRPAs) are grantcd
annually to eligible beneti� rccipicnts when �hc consumer price indez (CPI) increaaes during the
preceding calendar year. PRPAs are coleulated by mul�iplyi�i� the recipienfs base benehi, ineluding
past YRPAS, times: —
(a) 75% of the CPI incrcase in lhe preceding calendar ywr or 9%, whichever is less, if the
recipicnt is a� least 65 or on PGRS disability; or �
(h) 50% of Ihe CPI increase in the preceding calendar year ur 6%, whichever is less, if the
rccipient is at least 6Q or has bern receiving bencfi�s for nl leas� �ve t�eurs.
Ad hoc PRNAs, up to a masimum of 4"/0, may be granted to eligiblc recipients who first entered tlie
PF.RS beCore July I, 1986, if the CPI increases and the Gnancial eondition of [he fund will permil an
inereatie. In a vear where an ad hnc PRPA is granted, eligible recipients �vill receive the higher of
thc Iwo calculalions. �
PomdinR Po(icy. 'The Borough PGRS aclive membcrs are required to conhibu�c 675%(236% pension
mst and 4.39% pos6cinployment healihcare costs) of tlicir annual covcrcJ salnry and the 6orough is -�
irquiicd Io contribute nl an actuarial detennined ia[r, the curren� rate is 27.96% (9J9"/o pension cost
and 18.17% post-employmen[ health care cos[). �fhe legislature cappeal �he employer rate at 22%, with
�he Siale o( Alaska contribu�ing an on behalf payme�l (or Ihu difference be�ween the ac[uarial required —
contribu�ion and the cap. On behalf paymwts by the S�a�c of Alaskn for [he 6orough's employees are
recognized as revenues and espenditures/expenses during the yeu. The contribution requirements of
plan inembers and �he Rorough are established and mav be amended by the ARMB. �
During Ihe 25"' legislation session. tienate Rill 125 passrA, which eslablished a.lunc 3Q 2008 salary
ilour u�der AS 3935255(a)(2). �I�he salary tlour is Ihc btal base salaries paid by an employer �o aclive
cinployees of the system as of the fiscal year cnding June 30, 2008. The statu�e reyuires �he Divivion
uf Retirement and Benefits (Division) �o cullect employer contributions a� a minimum ba�eJ on FY
2008 basc salaries.
GS �
.
� KODIAK ISGAND BOROUGH
� Notes lo Basic Pinnncinl Statcmenls, Continued
�
Arin�m! Pension Cost and On-BehnljPaymenls. The Borough's annuai pension cost Cor the years
cnded June 3Q 2011, 201Q and 2009 werc $576,868, $533,24A, and $533,498, respectively, was
equal to the Borough's acNal contribu[ians. For the ycar ended Juoe 30, 201 t the Sffi[e of Aleska
� conhibuted $237,229 on behalf of the Borough, which was recognized as revenue and expendiNres.
Alaska Public Employee ReHrement System (PERS) —Defiocd Contribution Plan
Plan Description and Funding Requirements. Boroughs end Poblic Employers in the State of Alaskfl
have a defined contribution retiremen[ plan for new hires firs[ enrolled on or after July I, 2006. Pla�
� members makc manda[ory contribu[ions of 8% of gross eligible compensation. State statutes require
the employer [o contribute 5% uf employees' eligible compensation. Additionally, employers are
reyuired to contribute 0.55% to the retiree medical plaq 031% for occupational and death and
� disnbility benefits and 3°/ of employers average annuxl employee compensation to the health
ceimbursement arzangemen[ (I�IRA). The cmployer effcc[ive conhibution ra[e is 22%. Plan
members are 100% vested with Iheir oontribu[ions. Mcmbers becomc vested in empioycrs'
'� contribu[ions as Collows:
2 years of scrvico-25%
� 3yearsafservice-50%
4 years of service — 75%
� 5 years of service — 100%
Plan provisions and con[ribu[ion requirements and amendments are established by the Alaska
Retirement Management Board (ARMB). Total cuntributions for Ihe year ended June 30, 20I I are
�, as foliows:
GmQlo�er CmoloVCe
� Defiued conlribulion $ 13,370 21,391
Rc[iree medicni plan ��qg9 _
Occupalionai dee[h and disability benefits 828 _
Nealth reimbursemen[ agreement (FIRA) 10,586 -
� Defined benefit unfunded liability (DBUL) �2,553 -
r
AcNai conUibutions were equal to the annual required contributions.
DefesreJCnrnpens'uliott Plaq
The Kodiak Island Borough has Iwo deferzed compensa[ion plans crea[ed and amended in
� acwrdance with In[emal Revenue Code Sec[ion 457. The plans are available [o all regulu Borough
employees. The deferted compensa[ion is no[ available to empfoyees un[il termination, re[iremen[,
death, or unforeseeable emergency.
� All amounts defe�red under these plans are held in trusts that werc established Cor [hc exclusive
benefit of plan participants. Amoun[s co�hibuted tu the plans by participants d�ring the year ended
� June 30, 201 I, was $170,83R.
66
KODIAK ISLAND BOROUGH �
Noies to I3nsic Pinancial Statemenls, Continued
T6e first pl�n is managed by the Intcrnational Aorough Mnna�ers As-sociolion Retircmeni
Coryoration. �85,912 wus coniributed to ihis plan duriug the year ended June 30, 201I. "I'lie
Borough bclievcs �hat the plan does not meet the critena forincluston �s a fiduciary timd. '
"Phe second plan is m�nxged by the Hartford I��surance Company. $$4,926 was enntributed to ihis
pinn durfng the ycar ended Juue 70, 2011. 'I'he Borough believcs tliat t6e plan decs not meel �he -
ciiicria for inclusion as e fid�ciary Cund.
(15) Contingencics
�a� r,�,��,�,r
7�he Horough, in the normal course oC its �ctivities, is im�olved in rarious claims end pending
litiga[ioa AClcr consultation with Icgal counsel, management es�imatcs Ihat Lhese mette�s will be
resolved without material adversc effec( on the 13orough's fiiNre financial position or resultz of
operations.
N7 Grnnrs
Amou�ts received or receivnble ftou� grantor agencies a�re su6ject to au�3it and adjusunent by the
grantor agencies. Any disallowed claims, including amou¢ts already collected, would bccome a
liability of the Ceneral or other applicable funAs. In inanagemenPs opinion, disallowances, if a�y,
will no� be ma�erial.
(16) Subsequcnt Eveuts
Ma��agcmcnt have evaluztcd subseq�ent ev�nts tlirongh 1'ebivary 28, 20I2, lhe date whicli thc
financial slatemen�s were avxileble for issne. On Sepfember 15, 2011, the Sorough issued Solid �
Waste Disposal Facility E2evenuc I3onds in lhe amounl of 53,64Q000.
(17) Restatements
Certzin amounts have been mstated in Ahc prior year to wnform to lhe cun�ent ycar presentation.
(IS) ConS[ructionCommitments
'The 6orough has outstanding commihnenls for conshvc[ion ai year end of 55,43,521.
(19) Subseqnent Accounting Pronouncements
The Go��emmentel Accounting S[andards Roard has passed several new aecomriing slandards with
upcoming implementation dates covering several topfes as follows: �
• GASR 57 - OPEB Measuremenls hV Agenl Employers rmd dgenl hful[iple-
Employer Plnns
• GASB 58 - dccoanating m�d /'inoncinl Reporlingfor Clmpter 9 Bonkn�plcies
• GASB59-FinarscialLrslrurnei�tsOnmibe�s
• GASR 60 -Accomrh'ng oud F�innnclnl Reporting Jor Service Cmrce�esinn
Arrang[n�en�s �
G7
�
KODIAK IS1..�ND BOROUCFI
� No�ns to Basic Financial Statements, Continued
�. • GASR 61 — 1he l'inuncial RzpnrGrrg [%n�iry: O�nnibus nn A�nendmen� ojGAS'B
S'taeemends NoJ4 nnd No- 34
• GASR 62 — CodrJiration <f AccounGfng au�l F'rnancia[ Repo�'ting G«iAance in Pre-
� Navembcr 30, l9N9 FAS'!1 and A7CPAPrortoimcenicnlv
• GASB 63 - Financinl Repm�nrg oJDeJened Outflows �f Recom�ce.r, Dcferred
GiJlax�s oJRemm'ms, nnd A�c� Posilion
� . GASB 64 -� Derira�ioc 7nsnume�rts: �pplimlinn r f Hedge Accounling Tu-rninntion
Provisio+rs �� rni dmendrnerv uf(iA5'!3 No_ 53
Statemenis 57-62 and 64 aa mt cxpected to havc any significa�t impaa on the financial statemenis
� of �he School District.
In 7une 201 I, l'he GASB issucd Statement No. 63, — Finnucial Rrpoi9utg of De%rr¢d CJu(Jlorvs of
� Recources, Deferred hi/laxu' ojResources, and Nei Poahion.
The requiicments of Ihis statement icill help improve financial reporling by standardizing the
� presenta�ion of deferred outtlows of resources and deferted inflows of msources and t6eir etfects on a
gocemmenPs ne[ positioo. It allevia[es nncertainty about reporting those financia! s�atemeN elements
by providing 6niidxnce wherc none previously existed.
� 71iis slatement dizngcs �he name o( Ihe Statement of Net Assets [o the Statement of Net Position.
The Statement of Net Position will report all asse[s, deferrecl ou�flows oC resources, Ifabilities,
deferred inllo�vs uC resources mid net position. 7'he Net Pos'ilion will display Ihree components-net
� inves[men[ in capital assets; restricled, with disclosuro of major cntegones of restrlctions; and
unrestric[ed.
� Co��cepts Statcment 4 deflned deferred out(lows of resources and dcCeired inflows of resources as
"consumption of net assets by the gocermnent tha[ is applicnble [o a fulure repor[ing f scal year, and
Nn acquisilion nC net nssels by Ihe govemmen[ ihat is appllcable to n furure reporting fiscal year".
The Concept Stateinonl 4 defines ,i ncl positimi as 9he residual of all olher elements presentcd in a
` statcnwnt of nef position".
r
This statement is effcciive lbr financial siatmvents for penods beginning aHer Dewmber I5, 2011.
68
(This page was lek blank intentionally)
Required Supplementary Information
� KODIAK ISLANU HOROOG❑
Isndgelan Compuoimn tidicAWc
GenemlFund
� Yru enJud Jmc 30. 201 I
( W itli finnnciul infunnoliun for Ihc ��er rndcd Junc 10_ 20101
� 2U11
nce xith
Pinalaltudge�-
OudRe� Ibsili�e 21p0
� OriK�nal Final Acmal (�'eqali��a) Ac�ual
�
Revenues.
Vropen� taees end assess�neni,c
Rcal
Persanal
Bunl
Moror.ehidc
Pcnal�y and inteast
Io�al pmpcm Wxes imd o.ac,.mcnu�
Sc�emncelnses:
Pisl�
Mining
� Lugging
l owl scccrance lesc
Imcrgo��crnmrniel'
� Siaie wurces_
S�a�c Iic�cnue tihxring
Ruo� liah Wx
Pish re�9mlbanon
� CoinmumiulPasxngcrVcscl la�
19uvic Ca-on ta.
On bchWfPHRS �nymcm
1 nlxl nam ,murcc,c
�
I'ederal sources�
Pnnncnts in Ilcu o�tbz¢
r�n A��a wanrre2.�����,i��������
cainmunity SdmWos c,em
� Sch<wls nnd 2oud� -Grunls w Sinms
lblul ledcral snurces
Tntal in�crgorcmmeninl
churgcs rov smiues �
Sale of copic.v nnA �nups
� I.icenres,pemiitsnndRcs:
Puilding anJ vailer permits
Subdrvision anJ wniny fccs�
O�herpcnnih
� lowl licensec permlts vnd (eex
Imcslmrn� income
O�her
� Tolalrevenues
■
,g 9_�99ppp 9JGYA00 9.193.I88 2A.I8R R.J211U10
1.1%9,000 107Y,OOU I.fY]N_169 (531) L016.93!
2d.00(1 2d000 JU]4J Ifi'lll 2Z4A
250_U00 ?s0I100 ?63.JGG I.1.166 26U.93Y
I50.000 I SOD00 I R7.M1R"1 3].689 1328]G
IU.806900 10.692.UI111 IU]G35?9 9L559 9XN3-IW
Li00.01111 I550D00 L583.2]G 33.276 L2ri].691
20.000 211.000 4N55 (13.1351 19.9Q
20.00U 211.000 59_I3J 39_13A 2Rfi?U
1.3JOD00 1590_000 1.6492"]5 59295 133G11]5
]i6.900 "13fi.Y0U 9?Z242 �l.LSN) 748JN9
12UOD00 I 1126.3A5 1.0263R5 - U39.i7?
50.000 500011 N8B59 IN.Rt9 (R.R�S
251100 ZSDOU I;962 1923R) S.4N]
269U0 2fi 000 2l� 952 952 26.716
120.420 12(1.420 216.6A2 9fi122 9%211
2J5%J20 198J]OS 2JOfi.Ri2 122.13"I 2_i07036
I 12QU00 1320000 I_i59935 19.93% 13(,I syl
zszuuo zsz.000 �i�a�.�e� na.za�� zay.as�
- - 2W.6J0
IA6? IA62 2399
I_i9?p00 I.SR.000 1535.169 (3b.873) I.riII.J]I
3930.32U 355(.905 ib42D09 85_304 1 V3.Sp9
q apll 8 i00 Z229 (G.0]i) 313J
60.000 GOA00 3968U 120320) G4.010
U.Z50 1]250 22.926 ifi96 4.0]5
13.000 13.U011 9788 13.L2) 22JfiY
90250 90250 7i3YA (19R56) 90249
200A00 - [21.G2N) (L !2R) 19A.56]
3NA50 sZtlyyG Sl5_008 G.032 IbJBN
152U3211 16.44GJ31 I(.042.872 196.61 I I5.(30929
[cominncd)
49
kOD1AK ISI.A�D IIOkUI'�611
[3uAgc�arp Cumperimn SchedWc �
(lcneml Pund_conlinucd
1'rnr enJed Jw�c 31L 2011
( W ith linxncial infurmnlion Ibr ihc �cur nideJ Junc 30. ]010)
2U11
� Afl]IIfP Nl�
Ae�ual:\muun�e� FinalltuJget-
RudK�� NuJpelan Itnvis Pnvi�ive 2010
Oritiinal Final (see]o1cA) (Ne�ati��e) Aemal
E���ndi�ures: �
Gcneml gaccrnmair.
Urncralandadininiein�ion $ 3"ls�pp 3]5300 29fifi93 9X.G0] 26J.1z1
13oroughasxcmbl) 182.220 IN%220 199091 9_I'_Y IWBSG
Bmm�gLmanuger 492JU3 R92JU3 -0123A'] ']9_7i6 121331 �
Boruo�NCrk 5111574 SOISil J99_s20 J.OIJ J6].G53
[loroughmWrncy 108000 NN90U NG.?6? I.]3- 91Afi]
Plnance dcpunman RI131J0 R033J0 ]]0,659 n fi91 969.IOU
M�nngcn�cntinfrme�innn>otem,. R2.680 R�S.(NO 99(.J9j Jq2U5 G)lL9?I �
AxccssingAcp;mniem 5]A_RSk 5]J_RF8 SSi212 2n.GJG 3]]]N']
��ieinccnng�fuciliiic,adcpnnmcm 26U939 3(,09]Y 18216J 7Nfqi 202.%]9
lblvlpaiorulgoa�mmcn� J123.4"IJ -0.16'J9]J ?.]15.5i6 3"11Ai8 3.a2R.ri]R
1'nblicxalah-�niinvlcuno�ul Nspp(� NS.UUO NJ.125 %]5 RJ.12i
Communip and emnumic dttelnpmcnr
Cummuni�cde�elopmcntAcpnnmm�l ]4111J11 ]11 ]AO GNLO]] GLLGG• G:� IOY
RuilJingoliiclul 153J]% Is;]�g IOR_ii0 i52JN IFZOG �
Ifconomicdecdapinan G2o00 6"].000 L35)l 3_10"1 45_35ri
l nlal communL� nnd e<nnomlc
dc�clupincm 9(2518 '10251N NSl.21i0 10931N %3J.JN0
e��,�e„ey prery aa�o.,�� 6a.000 nx.aoo i i.�os s�,.xvs x ni i
I Icalih und svnimtion depmwicni 2G%OUO 3%( l I< iy(.415 - 2GS626
�Jueuiion.cWmrcandrecreotlon IISD00 9r�Gpi Ni.690 IiI995 IiLJN'_
Parks anA rccmutlun t(p00 ib.UOU I: (,29 2L_']� —
AodiuA Cnll �t and dtp lihnrirr `J3 UOU N] 11011 8].00U — g] pp0
Primv�and.cconda�cJucuGon 10.f110i50 IO.WU.35U 10.0�1135f1 `J98U.35U
lbwlcspcndimrcc 1i.992_Jd2 1i.83].J1Z Is?p�540 i9yg)G IJ993.G4?
P:.e .zo(re ame. �
mia_epcndLwee d20.N]R (G]N9 I�R51YG ']']� sp� %i�.2]5
Othcefinen<inpfusev)a
l'oan.atin.wt fl fi19.5pfp (L]90.892) U.55150U1 23Y.37? (I J99.19J) �
C�IIIIIE.'C I11�1111� ��A�AOU` i (�.�)�i.�?ZJ (�.�]].UiJJ (�FG_i�li� �.Q��.$�9 ((�i�.$)))
Ivndbalancambcginnln€ofycur 24N23)0 }_�Zq_Zpy
Yun� belancc al rnd ul thc�car A 23I6_I86 ? 4R2_3Y0
NumA: lLis aehedWc Mc,e not indnAc cxpmiAiiures nl E2569IJ and n byinningticGci� of F99.71d on o mulli vcur �
eommunin dceclo0nicnt pmJu:i_ Thoc c<al,v ure aeennndaied in �he Conununii� Dcudopmem Pnnd �ahieb
is eumbinrd �v1th �he Geneml Funr7 fonhe Basic Financial S�aiementc
Nolc6�. Smn¢conipan_ingnolumrcyulmdwppicmcnlnnlnForinx�imi. �
TI
� RUDIAK ISLAND ROROCGH
Budgclup' Comperison SchcAuh
SpeeiN 2erenar PunA–Fuciliiicv
� 1'curcndcdJuvc30.2011
(N'ilh fmxnuN infonnniion lor thc �vu cnticd Jun<3a. 2o I[p
�
Rcrcnu¢.:
Im cs�ncm Inconic
� P.y+cndimrcc
Cuntlnpcncics
Ec«ss olrncnue. ocer
� eependimrca
Oihco tinancingxooru (uas)�.
Tran.lcn out
� Chunge in fund bulencc
Fund holun �e, m bcgiuning al .cnr
fund bula�� ti ui cnd of ccur
r
2011
xnancc�vlb
final Itudge� –
x�e�.�� ro���t�e zuio
Original Final Ac�ual (SeR+���'�9 Aclual
5 I flla.579 ID4l,.57'1 651.417 (39i.IfiU� 9?47R?
35'17 3! I141 Ja II41
Il)dtppll I(i12.i36 6iI.Al9 13fi1.1101 9i9.982
II.UJ3DOOI I�)�G_Si6] I]Gf1931) 2S(Ol (12(].5951
8 — ?6.pUU (109.5167 II35.iIG1 (327.XI3)
39365.199 32693.UI2
.8 ?225yGNi 39_3fii_I9Y
Sa� �e<onipanyinp no��-� lo r�uired mpplemenlurv inforniatiue�_
]I
(This page was left blank intentionally)
_
r KODIAK ISLAND QOROUGH
Notes to Requircd Supplementan� In(ormation— Budgetary Con�parison Schedulcs
r June 30, 201 I
� Thc Borou h follows thesc
6 procedures in cstablishing thc badgctary data reflec[ed in (he fund fnancial
sta�cments:
� • The Rorough Manager inust submit [o the Borough Assembly by April 30 a proposed operating budge[ for
[he tiscal ycar commencing the following,luly I. The operating budget includes proposed expenditures and
the means of tinancing them.
� • Public hearings are conduc[ed by the Borough Assembly [o obtain citizen comments.
• By June IQ the budget is Iegally enacted throu� passage oCan ordinance by Borough Assembly ac[ion. If
� the Rorough Assembly fnils to pass an ordinance, Ihe budget submitted by the L3orough Manager becomes
tlie adopted budee[.
• Amendments to thc budget can occur anylime during the fiscal year through thc Borough Asscmbly or
� adminishative netion. Generally, the following ac[ions arc requimd at the level of ihc particularchan€e:
— All new approprintions are authorized by an appropriation ordinancc Ihat amends tlie annual budget
�
ordinancc.
— A resolution of Ihe 6orough Assembh� is required lu move (eppropria�c) amounts benvecn
departments and prolecis.
� — The adminislra�iun is authorized and direcled br the Rorough Assembly io effect the necessary linc
ilem changes n�ithin the limits established by Items (I) and (2) above by project or department to
properlv moni�or, account, and repoit reccip�s and expendilures.
� • Ex enditwes ma nol le allp exceed a
P Y � ppropiiations at the following levels Capi[al Projec[s Funds —
pruject level, all othcr funAs—departmem Icvel.
� • All funds, except Capitnl Projects Funds, are budgeted on an xnnual basis encompassing a fiscal year.
Budge�s of Capi�al Projects Funds generally encompass tlie period from start-up to projcet completion,
which is gencrally greater than one vear.
� • Appropriations lapse at year end to [he ex[ent that Ihey have not becn expcnded for all funds, cxcept
Capital Projects Funds, whieh lapse al projec[ coinpletion.
_ • Budgets adop[eA by the Rorough Assembly arc in accordnnce with accou�ting principles generally
eccepted in Ihe United States of America.
• The Borough pnblished a separate 20i I budge[ documenL Tha[ document may be obtained Gom lhe
� Kodiak Island Borough, Director of Finance, 710 Mill 6av Road, Kodiak. Alaska 99615.
72
(This page was left blank intentionally)
Additional Supplementary Information
�
KOU1.4K ISI..M'U BOROCCH
Budgemry Comp�riron tichudWc
DeM Screiu� Pund - ILAuca�ion and H alth
� Vcar ee�dW ]unv 30. 201 I
(Wilh swnmirtized fmnncial inlunnaiian forlheycurendcd June30.20101
r
Re�r�mcs:
Imerenccrnn�cmuP
Smlc muras
� Ina�Imrn�Inrnme
Tond reccnucs
fzpcndimn5^.
Umttal paccrnnmm
� Uehi scn�ice
Pn�apAl
Inie2at
lbml eepenJllura
�
P:zccss(drfi<icncp)ofrccemicc
oc 7 �undcr) ospenJlwms
OILco f nencfng sourm�:
� Transf.rs in
Changc In [wd helena:
� FunJb�lence(dcficip.nibeginningofyexr
Fund Aalxncc. at cnd of�wr
lllll
\'anamm ��tlh
Original 4inal Rudgrt-
xnJFinal Posili�-e 2010
Itudgrl Aclual (,CeKalicc) Amual
S 2_I51_Ils 2.1-0Ri93 13J2?) 2I34(28
6.UU0 (79511 !13 J51] U.950)
2.157.115 2.110.hJ2 [16.JT7 ZI3ZG78
21-1G' �U59 [J99) 8.-0OJ
2J50.695 2]iU.6'J[I 5 ZGSiGO(
11R].JSR L2X].J72 i6 1.35U.620
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2L255 i.43N
S 5326 2z155
73
(This page was lefl blank intentionally)
Nonmajor Governmental Funds
NonMajor Special Revenue Funds
� KODIAK ISLAND BOROUGH
Combining �alance Sheet
NonmejorGovemmcntal Punds
]une30,2011
(N'ilh summarized 6noncial infi�rmation aI June3Q 2010)
r
�
Assets
Fquity in cenVUl treasury
� Rcceivables:
S�ale ofAlaska
. FcYlerai Governmen�
Property m.ees
y Land snlcs con�racts, due wilhin oneyrar
O�her
, Prepaid items
Due from olher funds
y� Land sale conlracts, duc afler one year
Totul
Liabili�ies nnd PunJ 13alances
r
Liabilifies:
Accnun�s payable
Cuslomer deposils
� Due lo other funds
Deferred rercnucs
lblal Iia6lli�ics
� Pond Balanccs:
Konspendablc
� Committed
Unassiened
r
Total fund halances
Toml
Special Capifal
Revenue Project Totals
Funds Funds 2011 2010
5�' Z,Y52,G95 7,70R,575 IQG61,270 4.528,846
14,166 84,393 98,559 505,3GI
— 2s1,230 251230 83.473
9.777 — 9,777 12.496
72,671 — 12.671 II.077
22]fiA 30,815 53.579 20.070
R79 879 —
� � 36,250
21.704 — 21.704 14342
$ 3.031,779 8.075.892 11,109,671 5131915
$ 327,412 615.348 842790 377.170
I50 -- I50 L258
451,027 SO6,IH2 957,219 211A84
23.298 2Q270 d3,568 86.485
701917 IJAI.RIO I.Sd3.727 67G397
21704 — 21,704 7q.�43
3.6S5A22 7]3R t50 IQ423,372 4.534,198
(374,SGJ) (8042G8) (1,179,132) (13,022)
^_,331,862 6,934,082 Y,265,944 4,55t,518
$ 3,033_779 $075,892 IIJ09,67I 5,231.915
74
(This page was lek blank intentionally)
� KODIAK ISI.AND IiOHUI-GII
('ambining SplGnrn� of Rcrivwcy h_cpendlwrec
unA Chanpis In Pund Ralunc�
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7
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Sla�esourus 2229A SSAiJ IU9352 ? 115373
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Final Positivc 2010
Budgcl Aclual (Negative) Achal
kcccnues:
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Nonmujor Sptcial Recanue Punds
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Schrdule ol Revenues, Gxpendimres.
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ii�d�e� o�,d n�wm
Year cndcd lunc 30. 201 I
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Dishicl Special Recenuc I'unA
Chanec in fund bnlanm
Fund I�olnncc. ol h �einningufycnr
Pond halancc. el rnd ol vwr
b'ariance with
Final Budgel
Final Posilive 2010
Bodge� AcNal (Negative) Acmxl
$ 70?00 G9 772 1J281 7U1G7
— JJ4d ila� 39G
12000 L.626 626 12.612
1074 d32H 255 I5f1
2.000 2553 SSi 5.187
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1250n 13.947 1147 13927
R' 115.926] ft.SW 2J.490 33�JG
322.723 37'J.077
$ 330887 323.323
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Itud�rt unJ Acw�l
Ycurvndcdlunci0.3011
(R i0i fn;nmiail In(nnnaiion (orlhe ccar cml d Jimc 10. ?UI O)
2U11
ke��cnucs:
Nruperq txscv anA assccamcros
Im aoncm in<umc
lbiul rncmic�
I!rpendilur �:
Public sal'cn:
Suppon goaJs sind scrviccs
�r«.,_� „r�<����,���,
�,c�����,:�,d�i�„�ti
Oiha'ilnnncinpfuscv7_
TNns�Yx auL
\COmm�s Itur 19rr Ucporunan Spcciul
RACIIIIC �'OOtI
cnr��� ��� r��a n�i����ti
limd halnnce_ at bcglnuin� nl � nir
Pund baluncc �ai rnd of � car
�'������e..��m
F'inal BudRet
Fin:J Pusilice 2U70
6u�get Ac[ual (negalire� Acmal
R 13 7uu I�136I p(� ��.7�g
3u0 2:0 (6A) 6d3
14�00 I-0=97 597 11.391
ie usl zx
I1.IlUf1 U i79 S7o I1.(13
IN.0001 fIi.A77 2ii f13A]71
�R' R32 R32 930
�a.i3u ;;_iva
� 'a v�� 3J_130
RG
r
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KODIAK ISLAVD 60ROUGH
Nonnmjor Specinl Rcrenuc Ivnds
Pire und Road Sen�ice Areas—Monashku 6a� Rond Sen�iee Arca
Schedule of Revenues, ILrpendilures_
und Chmgea in FunA IlNan �
ISudpe� and Acwal
Ywr e�ided Jone i0_ 2011
(U'i�h f inancial in(nrma�ion ID� Ihe year ended lune 30. ?010)
Rcccnucs:
i c p rt� iezorand �cva.� n� ts
Ini t mm i I
S�al : w[c � fnC
Im nmem in m�
�r�,iai «,,.�,��.,
F.xpcndiwres_
Scn cc disvict inainicnancc:
Pasonncl saviiex
Fringc ham�iL
Suppoil eoudx and scn�ico
Sw�� ranu�alixundim'
RanJ gmdLn dn If i
R paiu un I mamt n� r
A1 J c�p�ndiwms
Gnce�s (del c enc� ] of¢venucs
over[unJer)espenJi�ums
FunJ halancc. at bcginning ul �car
Pund halancc_ a� rnd nfyear
EOII
�'ariance with
Final Budgel
Final Positive 2010
Budgel Actual (Negative) Aetual
$ 52.00(I 5?.BJ2 RJ2 52368
]
sou sx iaaz� a�s
52500 52900 40U 52.8D
fiVU 3')1 2t1'l Wfi
— IvJ II4J1 ll
3900 35J 35A6 14Y
?f1.000 17JSp 2.R42 1172tl
3A00 1.73R 126] �9-09
251100 od11SJ �9.OSJ1 �31113
52.500 3.&RY fl3%91 5h.5f10
5 [9R9� (9897 p37331
1375 I8.108
S 338G 4375
N7
RODIAK ISI,AND UOROUCH
Nnninujor Spccinl Bcccnue funJa
Pire snA Ro�d Scrvicc Arcaa- Scnicc Areu Vo_ I
tichedulrofRcrcnucs.I;.eptnAimres.
unJ Chnnpcs in f-und �alms�
Rudecl end �cmul
Yc�r cnJcd Jimc ill °p I I
(U'ilh fm;inciol informalinn lirz �hc cc�rendcd Junc 30.2p10)
Rcccnucs:
Vropertc lexev xnd a¢e5snicnL�
Inlcrguvcmmcmnl:
SWIC You¢ca- �rOnls
��1�C5�111 YL inCnpl2
l nml re� cuuez
1-.�pendiwres
Sen�icc dieirin maintcnnncc:
Ncrsonnd scn5ccv
Pringc hcnclns
Suppon poods and scn ieez
Snoo �cinocal/,randine
Road gradinc'diichine
Itcpuus �nd ninlnicnvmcz
TnLil cxprndimres
L�ccsxfdcGcicncclnfra�enuas
mcrnindcri c�paidiiur<>
fund bul;mcc. z� hcginning ot ccur
Pund hxlnn<cui rnJ oCpeLr
2011
Fariance nith
Final RuAget
Final Posifive 2010
Budget Actual (�egative) Aclual
5 l3Z?OU 3AILSgv 13(IN9 3'_7751
— CS
l 9I1: j 9(13 7_A9$
3275011 3dJA92 1699? 335.i01
Z60U i?OG 2394 i_313
1 J50 133R 612 I A59
I lpp 90'J 3)I R22
IA11000 16p.8R9 Q0.889) y2R"
IOIbsO 3-I.IIV G7i3d sy.187
30i000 153.152 i17a8 I3V72'
d57.50U 35571U IIIIJ9U >49_:�i
8 llip.p007 U12181 IIN]82 i2Y96
JJJ9?2 ]049JG
S 133_7f14 yyy.97
hYY
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KODI9KISLANDBOROUGH
Nonma�� r Spccl il R� � nu� FmW
PireandlLOaA1 ni Ar�uti—U m,�F' �RoadS iciccAmu
Schcdulc of Iten i I xp nJilur �n d CI � ngc n Fund Bnlan¢
❑udgcl unJ AUUiI
Y'cer rndcJ Jun< 34 201 I
( W i�h linanciol In�i�rnie�ion fnr Ihc peur ended Jwc i0, 2010)
Rcvcnucs:
Proprnp mxcs and x�scsvmcnU
Intcrm��rnmrnlul:
S�etc sourccs-proni.v'
Llcenscs. � �'miu und le �
Imcsmicnl incomc
Toial revcnucs
F.xpendimrex:
Scnicc Jistric� nmintcnuncc:
Pmsonncl s.n iccs
Fnngc L�asfils
Suppun guoJV onJ scn iiY>
Snm� rcmomli>anAing
Rua� gmdingldilching
Rcpoin und mnintcnance
"lomlezpendimitis
Lsccss[dc�ieicncc7ofreccnues
u�e�(undar)cxpcndllu�cs
Pund helancc at hcginning o(�ear
Fund balunw. nl cnd ofc�ar
Varianee with
Final Budget
Final Positi��e 2UIU
RuJKeI Ac�ual (Nega�ive) Acfual
$ 12G.000 lia.332 N332 I?526J
— li
20.00U 27b0U 7.G00 ?iL00
IJ00 800 19001 ?.633
W7JU0 16L732 15.032 IG2.Y14
I f100 1.35U 135p] 7%5
7011 9U5 2051 A7fi
311100 302 20.G1% 1723
351100 (.1.9GS R9Y(Sl 3h_UI]
3511U0 22.-I�5 12525 Ii315
ij.pp0 SS.SiI Ii1L5511 IWJ49
W7.7110 175S1N 1?7.%J%1 166.Jfi1
y Q2.RI6� 112.8161 (34J"]]
13401p 137.i54
$ 121.191 134.007
R9
RODIA6ISI.A�D 6UN01'CII
Nonmejortipuial Re�cnuc Funrk �
I'ire un� RoaJ Scn�iuc Amos linc Vic�. IZuud Acn iu,1rca
Schcdi�lc o�H�7�amcK, Gprn�imicc nnA Changcs in IimA �Ddicip
�SYdQCIA14� ACIII:II �
v v,.��dw �,��� �a zn i i
(\Ahh Irlmnnel iulonnplWn �orlhCCw�CnACIljnnclQ?pllp
Rc� .
Vmpcm� mxc,. and acvessmcnL
Inmremcnimemul
Smc zouracs - pranls
Imc�onan imm�ic
lb�nl racnun
b:vpendlwns�.
Scn ecdrsvici inaiincn:m.c.
Pcr nelse
f+ingcbrncihsi��u
Pml�sional srn i.�.
Suppnn good.un<ISCniicc
Snm� n�nocul,L.enJmp
I<iied prxdinFdimlitnu
Rcpafre rnJ mninicnancc
'fn�alcapenJiwiis
r:.��. ��ra������� a,�,..���,�d������.
fnnd fdcfdil in h�inninp nl pcer
I LnA �dclidp. m cnd ot �csr
Cnriance wi�L
Final Nudgat
4inal Pasiti�c 2010
NvJQeI ,telual (\ev�alice) Aelual
$ II OGi IV.8J0 23:� IID�2
— G
20U illl Q111 - �
11155 10819 i4-0G1 IIUIi
IfiN �16Ni Ili
— 10] �Ilt�� .y
i 5G5 i.aGq -
IUIi IS g.
3.UVU ZSAi �a�as� yg��, �
IJI10 rgs _.IS 3_�su
I j01] Un0
113l5 g,220 ?1}�: I'.5.11
s 2..)1 ? ,99 il.J.l(.1
1% i0G1 fbBGO�
$ �s]09� �83u0i
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KODIAK ISLANU ItOROIiGH
Nonnmjur Spcciul Rcccmic RmAs
fire.nA RondSen�ire Arras—Scrvicc Aaa No. 2
Schalulc of Recenuts_ Expcndi[ur s. anA Chunges in 14mA Ilalance
Rudgcland Aclunl
Ycarrndcd Junc J0.201 I
( W nh f nanciel infonnx�ion Ibr ihe �ear rnded lune 30. 20101
Rcvcnucs:
� Imes�nrem inmmc
P:,cpendi�ures
Sen ict �istrict maimennnee -
� Suppnn sen�iar
Ixax� ol rc�cnucs o�cr
� cxpcnAimres
� 1=und bulance_ m he�inning ol cear
Fund balancc. n� cnd ol �cur
r
r
2011
Variante xitA
Final Budge�
Final Positive 2010
Hudget Actual (Negxtive) Actual
A' IUU JS f55) 90
1011 — 100
$ li JS 90
5_SL i A3I
S S.SGG SS2I
YI
KODIAK ISLAND ROROUGII
Nomm�jnr l'pecial Rccc�mc I�unds
('ux�ml Manugcmrn�
6'chcAidrofl2c�wmc.vJl.epcndiluas and Changcsln Pund Ralencc
BuAgel;md Acwal
Ycav cndcd Junc 30.2UI I
(\4ilh linanciul iufnrmalinn I'onhc ycur<ndcd Junc 7V.2010)
Rtccnucx_
Imago�cmmrn�sl:
Sl�ic yourccY—pren�s
hda�al snw'ccs- gmni.
1 uml rccrnuex
i_.���,d�n�2�:
Communitc'vnA cconnmlc Jaclopmrnc
PI'vnninp und mnin�
Gsccs.. fdclicirna�l ��t rc�awu
ma'(anJcrlc�pcndnures
I'unA hnlance_ a� bcei�nilnc of ccm�
Pund balencc ul uid nt �ca
\'ariance witli
Final ItnAgel
Finnl Positive 21qU
6ndgef Ac�nal �Negative) p�ry���
s J117
?�Uf10 192"]J fJJ3G1 2iBhd
2JIIUf1 IY?7J Id]2fi) 2J.371
2J.VI10 2t�09Y [Z0991 2A.371
b - 14R2�1 [fi.R?5)
33.95R 33958
S ?].I;: li.9i8
92
_
�
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r
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r
r
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r
KODIAK ISLAND BOROUGfI
NonmulorSpeci.J lir�enue Ivnds
ChiIJ Cun �ssixluncc Pro@r,nu
Sdmdulc ofRa'cnucs. Cxpendilures. and Changes in Pund (Uc�iclq
Uudgel ond Aaml
1'curended lune 30.201 I
(W iih �inunciul informmion lur Ihe �roar endul June 30.20107
Retenues'
Inrergovcrnmcn�aC
S�xtc s'ourcey — FranU
FcAmel �owccs v'unls
r���i «.z�,�<s
f �tnd W es:
Hroltl andsa t i� deponmenc
i er: mnel
i r nee henel �—
tiuppon Eood nnd services
lomlczpenAhures
I's �.. o� mrelwcs nv�er
ecpcndi�ures
I� unJ 1 Acl iciU. ul beeinning of � cur
I�und (dcfici�l. el cnd ul �cer
1A11
Variance x'ifh
Finxl Budge�
Final Positive 3010
Budgel Aetual (Nega[ive) Achal
$ ?43f19
105.('JG 105.596 RI9R(
105.GJG 105_69G IOs.GYS
G3_455 �G_A45 6.G20 5'+_OV3
19�40 31SIfi9 �IID2� �Y9G9
2?_401 17_7`l3 J_609 IN_743
�p5b9G IOi.GY( IOS_gy5
5
O:I1 17311
5 f7311 17i11
93
KODIAK ISLAND BOHOIIGII
Nonniujrn tipccfal Rc� ¢nuc I�unds
LJ:_P.C.
Sche�WC of Recenuea P=�pendiWrcs. and Chnnecs in I�und [Dclicill
I3uJgc� und Aclual
Yier enAcd ,lunc 30. ?U I I
fN'ilh linnnciul infnrmmion �ortlic�curnidcd]unc70.20101
Rccrnucs'
Intcrga�nnmanul:
S�uic wuruus– ernn��
E�pcndlmrer
Pu6lic.mfcn-
Ncnannelsen5cax
I-nngc bentfu�
Support gooJ> end ea'� ica
lomlczpcnAilurcx
I�ccss fJcl iciene� ) ol reccnues
o�crlundcq capcnAlures
I�und �Aclicip. �I bcuinnln� a� �car
PunJ Nclicip-sn cnA o(�eur
\'ariancc wifh
F'inxl Budget
F'inal Positire 2010
6uAget Actual (NCga�ivc) Ae�ual
8 18Ji.� I8.ISA ?2.153
I+UOO 1254i 2.J57 IISY7
– 4531 16.5311 G.387
3JSJ I(IJ I 2.1 Il a_:a7
IR.GI 20J15 119b1) 22.3i1
S — Iln���� �I9lU r17x1
lI7.ft011 I Il 1271
� IIG_7Gb [IA.BUI�
IJ
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KODIAK ISLANU BOROUGH
Nonmular Special Revenuc I'unds
I.anJ Sales
SchcJulc ufftecenucs. Gxptndimres_ and Chungcs In PunA 13alenrn�
13ud6'et and Acwnl
Year ended Junc 30, 201 I
(Wiih tinnncial in(ommtion �or thc �cur cnAed Junc 30.211101
Itcccnues
Inter�oeemmen�al_
ti�aie soumes - gten¢
fhargcx (orsenlces
I.icenses_ pemiils and �cn
inccvmcm incomc
Oiher
Io�nl ra��nucs
Gvpcndiluns:
Ccne zl guccmmcnc
Ycnunncl wcnicc,v
Frinpc b<ncfls
r��,r�,,,��,��i .�,. �u.
s����m E�, d d ��,
lutd �pndiWC��
b:� (d I � n�.) �ir ��nuct
i ir(undir]ixp�ndlwres
O�hT fnuncine souccu:
Land snle pmcerds
Changc iv �unJ balanccx
fund halanc� at heginning ol yeUr
Fwd bulanee. nt end ol'� ur
2U71
Varianee with
Final Budget
Pinal Posi�ive 2010
I3u0get Aetual (Nega�ive) Actual
$ — — 1.J I I
30L11u 2J05 Q7.8Y5) i-0.161
If100 750 1250) 7�0
I?S00 R31R @-IR2) 19A1'J
Rfl 80 80
43.500 11253 f321-071 7'),I?2
IOSfi')11 IfB952 233R 96.861
Ii6.430 64071 R359 5_5_RR9
— 2J75 [2_Itil
?IZ00 SRJ67 (27567) 107.RRS
19i3?0 21d365 119.0151 260.635
1151.8201 12113.1121 f512Y?I 118L5131
I5,000 15.021 21 13R.8G7
b �130,%2U) �I%tl,UYU (51171) (42.6461
IJ37.795 1.1ROA41
$ 94Y 701 LB7.795
)i
KUDI161ti1.4�U BOkOOf,ll
Noumul��'tipec7al Rec�me Pund.
6u11dinES unJ Graunds
Schululc nf Revcnuo�. I-:c�yidimr��. onJ Chanecs in PimA Ralancc
13udEn and Acmnl
Ycur rndcd June ;0_ ?01 I
(With Ilnuncial in�onnvliun for Ihc vc;ircnA� Iwc i0_ 201n)
Recenucs:
Intarpo�emmrnlul�.
�9Lne murce> - kranL
(�hPRl1 �OlSCIPIfl9
Imrrment Incom��
Oihcr
l oinl recrnue.
lapendiwrc.:
Genernleoveminenc
Sohool buOtllnc:
Schoolbuildin;!mviiormnolr..
l'hiniak Shcuul
13amuFh hulllin¢
Mcnml hcv�llh mnicr
Variou. boroueh huildin_s
PurAruperknion und nuiuienunce
7 o�al enpeudimnx
Ilrce..ldcfciaic�)olracenuec�i�ir
(undcq c�prndiiun5
OiLcr Ilnancinp sourcen uu�� P.
Irm�slin In'
Grncral FunJ
fncili�ies S��clsl Itcccnuc Pund
l�rnn iars our.
All Cupllul Pmjc�Ya
Nn n�hcr linanuue �vmma,. f uet�l
Chungu in IunA h�l'.mcc
�und huluncc. ai hcglnning ol mur
funJ buli�nce. ai cnJ of.mr
\�ariance e�ith
4inal ItuJCr�
Final Pnsitivr 211111
Iludgc� ,lemal (Seesli�e) Aemal
�R � eea
589.G08 9%o.4N9 (AGLI 59]3na
3.UOU I 140 f 1.5G01 h JVS
ISU IJ2 B7 LI
i41195X $RLSM1Y f&1891 _SRRd83
1i01111 3.I100 31J39J
�
JI1DI111 JU.JJ? 9_A]$ 2�I SY9
iASUn Al67 2o.U33 IuX55n
4:5.]58 J]2601 fip.Xll1 JOO.A32
ix.ono te.av is�: a.i1a
10.1100 15p g gjp � p��
3] 9N0
]932±X 773.IN] 10.a91 N87.10]
[192.i0(ry 1100.61X1 I.N%2 (J<Xfi2J1
34500 3A500 . IIiR.1100
IIAD00 Il�tIUU — 20�.00�
f')SUUU)
Ii2?UO 1�2 sOfl 215D00
% 1-140001 1?XJINI IN82 IR163-0
2?7.�2R Jli.is?
x ix���io �n>>x
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KODIAK ISI.AND ROROUGH
�
Nnnmajnr Spccial Rcccwc I-undv
N�onAlnnd Aacs Svx� I.igh� tien�icc Ama
� 9chcAulc of Rcccnucs_ IfxpaiAilurqa� end ('hangcs in fund 8alancc
❑uAgcl nnd Aauxl
YwrcndcJ Iunc±0.201I
� f W i�h fnuncial inlhrmalion fi�r Ihc ccar rndcJ lunc 30. ?010)
r
zni i
�'ariancc with
4'i�al Budget
� Finnl Positive IOIU
NuJge� .4rhal (Negafive) Aclual
Revenues':
� Vrop-rtcte�cs�ndasscssincnL. A 10.7011 IO.A9R 19ft IU_3k7
Inceslincnlinconre 50 I?3 73 ^_13
� lolslrevcm�s 10350 IO.G21 DI 10_50U
� Gxpendilures:
Gcncral gocernn�enc
Suppon goods and seniree 10350 5302 SD18 5.1-07
Ifcccss o(rcvcnues ocu'
� cspcnd�urs S 5319 5319 5.35G
Ivnd 6uluncc at breinnine of �car 13619 7?G7
�
1`und halancc. et cnd u(ccxr $ 17 938 I?.GI9
97
KODI.aK ISI,AND BOROUGII
Nonniui�r lpcunl Re�cuuc Fund�
lrinih� Island.v Sacc� I.igM Sarvice Area
SchalWc n�'Recenuu_ I?apcndiiures, unJ Chanpcs 7n Pund Balancu
13udecl end Animl
1 cur cndnl Jilnc lO. ?O I I
fU'iih financi;J inflntirnoon f rlhe �r.iraidcdJunc 70. 21)101
Hcoenu<r
Pmp<rt�� Ieec,a an� 05scsvucnl>
Imvshncnt inmme
Ta1el ic�cnu5
E�pcnJiwrcz:
Ocncrel pu�crnmcm:
Suprym eoods and xervicas
PAc �n nfre�cuuu o�u
eepcndiwns
Fund hal�ncr. m heginnlne nf��cur
Pimd hnlanec �t end o�cexr
�'ariance wi[h
Final BuJRe�
Final Posilire 2010
Bn�qet Arlual (Neµafive) Actual
S J.AUO 5?91 891 J393
— 7i 73 II8
7.AUI1 �.1GJ ')Gl d.J91
dAflll I.RAO 25G0 I'781
�� 3.531 :�2J 3_710
7.�02 13'P
x io.xze zioa
'JR
r
KODIAK ISLAND BOROUGfI
Noninu,lur Speciul Re�enue Funds
7 uunsm Developmtnl
5chedWe ol Rn�amcs.8xpcnJilurex. �nd Chunges in 4und 13alnnec
f3udgel ;uid � Yuul
1'rarendedJune30.2011
( W ilh �innnciul inlormalion lor the year rndcA lune i0, 2U I O]
Re�enues:
7 rensient accommoda�ions mx
Inces�mnu incomc
I o�al reccnues
[zprndimrcr
C'ommuniu� and cconumic dc�clopmnn:
Pcrsonncltcnfccc�
Fringc M1nicfils
Cnm�acmd saviccs
Com�ibuu vs
tiuppon goc d mtl t r i s
l �el �p n Lmr .
P I ��
mcrc pcnAnures
PIInA balAnce. al hCglnningnl yr�r
I�und balance. al end ol'� ear
Varixnce wifh
Final Hudget
Final Posi�ive 2010
Budget Actual �Negafive) Aemal
y 911J1011 lG.3tlJ (.3N4 Rh.Ulli
250 SU7 259 I 3R0
Y11 2511 Yl X11 l bll %7 iNJ
— 2.003 2.0031 —
— 90� C90�) -
IO.U00 — I2000
72D66 72066 — 76110G
x.isa s isa »
90250 949"1( 1527A 7fi_I�I
$ 21915 2�!)�j 11.762
Y41G3 7NYU1
5 I 12078 90_I63
Y9
KODIAK ISLAND BOROUGH
V'omnujorSpsial Rcvcnue I'unJx
�1ix_��inn I ake l idc Gm<
SchcdWc n(Revenucx. FzpenJi W re�. and Chung ti in funJ iialanee
Rudgcl and �clual
Yr r cndcd Juuc ,90.201 I
[ W i�h finoncial inlonvutiun lor tlic cror enJ<d Junc J0. 2010)
Rccrnuc.v_
Prupcnc �aees anJ uxusxmrnts
In�crgocanmenlal:
Sta�c sourms - �ant.
Inaccunenlincomc
1 o�al a�crnues
I:xpendlWrcr
Stn'iccdislri<� nwinlcnance_
Pcrsonncl .cnlccs
14inuc hcnc� i�x
Vrofeslunel scrciccs
Suppun Euud: �nA sa'cicex
ToWI c�prnJimrc,.
L�ccss ul rc�cnucs
uv<r c�prndi�ures
Fund b.iluncc m hceinning nl �cur
I'und hnlance_ u! enJ uf � cur
Varinnre x�ith
Finel Bud�e�
H'inal Posilicc 2111U
Hud�et Aclual 1\'egafive) Artual
5 � d7n 4.3Ga x96 1.9oU
— —� 10
230 li7 1731 2(G
3J00 ,1523 X27 4.076
LOUO I' 9qg R�q
1 f41 2Ji
? Up0 � - 2Afltl —
7U0 S n95 IM1
3J00 21 3.fi79 1.9W
X 4502 J.i02 � 012
IGJIi 13_903
A 21317 IF"]IS
IDR
_
KODIAK ISI.AND BOROUCH
�
Nonniajor Fpcciel Rcccnuc FunJ�
I-crn PullcrTm.vt
� SchcAule nfke�7mcv. I!�pcndilu2.+. and Chanpcs in Puml Ralunce
13ud�;cl �nd AcWal
Ycarcudcd Junc 30.?01 I
� (R'i�h finencial infnnnaiion forlhc ccurendcJ lune30.20107
20I1
Varianre wifh
Final Hudget
� Final Positive 3010
Budget AcNal (Nega�ive) Actual
Rcvcnucs:
r Imesimen�Incomc S SD00 3-6i0 f137U1 YUJ7
Pspendiwres'
(lenerel gncnnnicne
� Uis�rihulinns�ohcncGciarics RS011 6.000 2500 8.500
s�����,��E���a.a„ds7��«> >s [es) �sz
lblel<xprndilures 8.500 GO')R ?.-102 Xh52
� IGccss �dcCciaio�) ol mccnu 5
oca'(undalcspailiWrcv [iiV01 RAb%1 13773) 391
O�her�inancin¢lusct)-
� l'runsYersout
IbSpIIPIfAC1I1tICel:mumllnel�lmd (�6.JO(I� I(6�OOf (G4aU0f
Chimge in tund halance S QOd1001 ffiP 4b81 I A3? (GG.1091
�
fund halanm. al bceinninF ��f ycur 5 � 7.�9p 58J GII I
Fund halancc. a� cnA ol }car $ SAR.i2J 517A92
r
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�
KODIAK ISLAND BOROUGH
Noninu,jor Spcciul Reccnuc I�unJs
lYinnc Islands Nu�ing
SuhcJidc o(Reccnucs�. P:�prndi�ures_ und Cliungc. in fund [Dclicill
Iludgcl and Anu�l
YcarcndcdJune30_2011
1 Wilh financiol iulbnnuliun Inr the �cer cnJal lunc 1fL 2U101
ka�amcs
Crupcny iascs ond as��csxincniti
Incn-lmcm fneome
l oml recmucs
F_epcnAimrcv:
Scrvicc disvii7 m�inicnuncc -
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Dcht mn�ia -
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I.vccsx ol rccaincg o�cr
npcnJiwres
funJ (delicill.u� hcginning ol ccur
I�und (dt�lciU. m cnd nf.car
2011
Variance x�ith
Finxl BuJReI
Final Positive 2010
6nAgrf Ae�nal (Negn�ive) Actual
S 19.7R0 IXJ29 7.J�19 2:.A1)
?20 3X( Ifi6 1907
I5�011 19.11> 3515 2G_Aifi
I11 ]IIO — 10.400
S?00 - 1231 (292
ligpll 5=]t 101"]7 G?i2
% I}.NV2 I1.N42 2f1.?M
fGIARl) fNI.GRRI
5 H7-02) IOI.J%Al
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NonMajor Capital Project Funds
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Enterprise Funds
� KODIAK ISLAND BOROUGH
� IinLerpriSCFunds
' Municipal Solid Wasre Collection and Disposxl
� Schedule of Revenues, Expenses, and
Changes in Net Assets
� liudgcl and Actual
r
Year ended June 3Q 201 I
� ( W ith �nnncial inf�rm��ion fur the year ended lune 30, 2010)
2011
Final Bud�e[
Final Positire 2010
Budeet Ac�ual (Neeative) Actoal
� Operating revenues:
Solid waste collec�ion $ - 8.414 8,414 3326,G0G
. Solid wasre disposal 2975.743 ?,374,861 (88?) 1,098,668
Total operafing mvenues 2375,743 2383,275 7,532 4,325,27d
r
Operating cxpcmcs'.
�� Personnel scrvices 878266 703,876 174,390 795.050
Solid was�e collection - 1,609J66
� Refuse disposal - 29J 19 (29J 19) 95$40R
Cuntracted serviws 227,000 I I I 446 I 15,55d 275.876
" Malntcnancc nnd repairs 25,000 21743 13,257 )0,793
� Landfll closure and postclosurc coslx 580,937 17d.716 20h,221 367,2fi3
Dcprecia�ion 371120 28Q516 (6,396) 27Q-088
. Gcncralend¢dminisVation 2d2,650 245_qFR (2,N18) ?04366
Recyclfn,services 250,000 235,339 IJ.(61 267518
� Contribulions 13,500 5,688 7,812 13207
To[al operating cxpenses 2,501,473 2.00791 I 493SG2 4252,135
Operalinginco�ne(loss) (LS]30) 375,364 SOIA94 73,139
�
Nonopeeating revenues (expenses):
. Stateo(Alaskaon-behalfpaynient 30,730 14,704 45.474 25,095
Inves(mentincome 120,000 57,721 (G2,279) 124,478
r I�tereslexpense Q5,000) (184,2211 (159,221) (31,013)
IncomeQoss)beforetrensfers 263,568 325,028 191b99
Transfersin I3,500 (I3,500) 13,500
�
Change in net asetls 5 - 277,068 311,528 205.199
Nel essets, a� beginning o(year J,%33271 4,628,072
Ne� asse�s, zl end ofyear $ 5,110,339 d,833,271
105
KODIAK ISLAND ROROOCII
Linterprise PunAs
Ilospital fucililics
Schedule of Revenucs, Expenses, nnd
Chenges in Net Assets
l3udge[ and Acluxl
Yeaz cnded June?0. Z01 I
1 µ'ilh finnncinl infor�nation (or Ihc yenr cndM lunc 30. ?010)
2011
Opereting revenues_
Lease income
OperntinG ecpcnsca:
Pcrzonnel services
Mainrennncr and repai�.��
Deprcciation
Gencrnl and adminis�ialiun
l i��al opera�in_ expcnti s
Opc�atin_ incoine tloul
Othe�incumc(espense7'
ConVi6ulion m Providence Hospftal
Stalc oP A Iaske on-6ch�If paymrnl
C'HC reimburscmenLs
Investmem incomc
Imerest cvpense
Income Qoss] befom Irans@r.v
"liansfersin
Changcin ne[asse�s
Nci assels, at beginning ofyuhr
Net assets, at end of year
Varianee x�ilh
Final Bud�e�
Final Pnsi�ive 2010
Bud�et Actual (Neqatice) Aetuxl
3 720,000 720.UOU 720.000
— 5,000 (�.0001 5,000
IIIAW — 10,000 —
SG7980 R1R210 (2601 872.RSR
— �i
877.9R0 &T.2J0 d7J0 877.9oi
Q97.980� �153 ?d07 (4.740) (19.9031
(108.000) �108.000) — lIOR.000)
— _ ��g
— � 1,147J62
IOA00 15.503 i.503 16J0?
(46,375) WG375� (49,117�
(302,3SS1 2�".112] 10.243 899.672
GG,s00 66500 - 6G 500
y [?35,g551 (225,612) 10,243 9I6.772
21,139.913 2�233JJ1
S 2U914301 2I,139,911
106
_
� KODIAK ISLAND BOROUGH
Enterprise Funds
Kodiak Fisheries Research Center
� Schedule oCRevenues, Expenses, and
Changes in Net Assets
Budget and Mmal
�
Year ended lune 3Q 201 I
' ( With financial information foe tlie year ended lune 3Q 2010)
r
2U11
�
r Operating revenues'.
Lease income
r
•
r
�
r
Operaling expenses:
Persoonel services
Meintenante and repairs
Dcpmciation
Geneml and udministration:
Cleanin� and janirorial
Hentim_
[lectricul
Plwnbing
Air conditionino
F.Ievaturs
Miscelleneous
Total operatin� expenses
Operating fncome Qoss)
Olher income (expense):
S[are o1�Alaska on-behal(payment
ImestmeN income
Interesl expensc
'I'ohal other income (espense)
Change io net aase�y
Net asse�s, at beginning ofyear
Net asse�s, at end of year
Final Bndget
Final Povitire 2010
Budge� Aetual (NeQatire) Actual
$ 1.60Z850 2Al2.86d 4U5,014 1.602,685
33QR66 341.216 Q0,750) 338.361
51,200 1 51,196 —
744.420 631,927 112,493 631,123
d9,900 d9,593 307 50,573
195.080 _31,777 (36,G97) 17d_655
Ift8,000 I6L.996 26.00d 156JOY
I6Q500 27,767 I38.733 106.735
S,J00 765 -0,735 36
3,000 2,187 813 1,223
134,200 77,670 i6,530 117378
1,858bGG 1,524,902 333764 L576793
(2>0,816) 487.962 71?50 25,$93
. 9,090 5,883 (3207) SA90
SQ000 27,701 (2?.299) Sfi,887
(322,�5?5j� (322,525) (350,787)
�16( 5,43$)- (_88, 41 (25.506 (?85.810)
$ (514,251) 199,021 45,744 (25Q918)
10,084,308 10,3J4,226
$ 10.28332v IOA84,308
107
KODIAK ISLAND 60ROUGH
fnterprise Funds �
ll I Services fund
Schedule o( Revenues, Expenses. und —
Changes in Net As'se�s
Rudgcl and Ac[ual
YearendeA.lune30.2011 �
(Wilh ilnancial inPoimafion for thc year cnded lune 3Q 2010)
2011
Variance with
Final Bu�Ket �
Final Positivr 2010
BuA�e� Aclual (Ncga�ive) Actual
Operating revenues: �
Customercharges � SO.p00 i7.0y1 3.OJ1 .4Z.a7a
Operating e�pciues'
Personncl scrviccs 2,500 7.U00 (S00) i.000 �'
Miscellancuus (79) 395
Tclephone services 47500 49962 (2,J62) 39.079
Totalopera�ingcapenses SOA00 53A41 � �
(3.Odq 4_A74
Operatingincome ,$ _
Ne� asscls, a� beeinning ot vicer �
Nef asce�s, at wd of yenr y _
108
Supplementary Schedules
�
� KOUTAK ISL.�ND BOROUCH
SUMMARY OF BONDE� DEBT SERVICE REQUIREMENTS TO MATURITY
r June70.2011
Mnual p�inoipsl end intea'est rcqulreinenh on General Obliga�inn Rcfunding znd Construqlon �onels.
r
Ycar Princioal Imerest l'olal
� 2012 2,775,000 I,SI4,845 4,289,R45
2013 2,88Q000 1.404,807 q,26Q807
20IA 3,005,000 1,29Q2R2 4,295,282
� 2�15 1,62Q000 1,169,432 2,789,432
201ti 1,6NU,000 1,103,932 2,783,932
2017 I,745,000 I,U75,A62 2,78Q4h2
� 201R I815,000 967,148 2,782.148
, 2019 I N9q000 892,618 2,I&2,618
2020 1.975.000 8II.123 2,]%G.12.i
2021 2 OSSA00 924,V99 2,]]9.499
� 2022 2,145.000 634,275 2,]]9,275
� 2023 2,25q000 537,955 2,9R3,955
2024 2,355,000 425,530 2,78QS30
' 2025 1,775,000 310,643 2,OX5,643
r 2036 I,OOS,U00 244.410 1,249,410
2027 I 050,000 IY5,863 1,2a9,863
� 2028 I,IOS,OOU 142,9i6 1,249 ]56
•'' 2029 i75,000 R6,8G9 621,869
2030 565,000 59,450 fi2Q450
2031 595,000 10,494 625,49a
$ 34N20000 $ 13,578,391
5 48398.391
r
�
109
xot»aK is�,�nu nouoccn
GPT [;BAL 06LIGA f10N OOND, 2004 SF.I:I�.S C
HP.'11121iMGNT SCHIfDULF'
June30,2011
2004 C BOND lSSUE
Tliis Iesue, da�ed ]uly 7, 2003 was issucd nnder n book emp� sys[em regivtcred in iLc neine of Cedc & Company, ux nbminec
of the. Deposimry Tma Companp, Ncu� York, New Yo�k, Ihe sccurifics depwilop Cur [he 2004 Scoies C �ond. 7hls issuc
was morkelul by Ihe Alaskn Mm�icipol Uund Bnnk. Legol upinion was rendered by bond eouncil, Wnhlfonh, Vassnr,
lolmson & Arechl ofMchomge, Alnska.'1 hls bon� wa,v issued to Pond plan�ing, desigq und mnsIIUCtion of capilnl
improvemrnts to Ihe I.arsen Bfly Sehool, Kodluk Middle School and KodiaF High SchooL l'he procecds will nlso be used lo
dwelop an certhqwke evalualiun pinn.
buerestdue
Fiscal vc:u Inicres� mlc ]u1y01
���� 4.000°0 lA"1,636
2013 4.000"� 13Q13fi
2074 4U00",5 130,836
2015 4.10090 122,13h
201ti 4250% 113,13G
zon nsoueo io3,soi
2018 4_40U°a 93,194
2079 4.500",'o ftZ7.29
2020 4500"/0 70,SG9
202� 462i°!o 58,OA2
202? M1]50% 45,032
2023 4.R00% 31,091
2024 4.X(10% 15,960
S I,li2 48R
Princip;ilAuc Lvcres�duo
IuIY 01 1e�mwv Ol l�mnl
40Q000 1-0"].fii6 695,D2
4I5,000 139,13( 69J.272
4i5,000 13q836 696,fi42
45q000 122.136 694,]J2
47Q000 113.13G 696.272
aas.000 ios.soi e9z.00z
510,0011 93,19A 69fi?88
53Q000 tlZ,229 fi94458
555,000 70569 l9ql?R
SR0,000 58,082 69fi.164
605,0(10 45,032 G95,064
6JSp00 31,�47 697.082
665,000 ISy60 696,920
$ 6735000 $ I 152,48R S 9039.9]6
�
r
� KODIAK IS1.,1ND I{OROUG[1
GGNGRN.OBLIG9TION BONq 2004 SGRIP.S B
� RIdIIR[;MHNT SCHG W LE
. fu�e 30, 2011
� 20U4 B BOND ISSUN;
'I'his issue, dam�l Uccem6ev I, 2004, ws' isvued under a book eniry sys[em regis[ved in �he nenie ufCedc dk
Compang es Nominee of Ihe Deposimry 1'mst CompnnY. New Yo�k, New York, Iha securi�ies deposilory Cor thc
� 2004 Scries 8 Bond. This issuc wns mvkcteA by the Aleska Municlpal L�ond Bank. Legal opinlon wns rendesecl bp
bond conncil, WohlCOrth, Vassar, Johnsov & Brecht ofAnchoraqe, NRSka This bond wes issued w Pond thc
acqoisition and constmction of school cupitel improvunonts in ILc Borough, inclndivg a new school pool and lhe
Kodiak High School Voc Cd/Cl;usmom rulamation.
' Imercs� due Principel dua In�erast duc
�
I'iscal ycar In�eresl vam November Ol Fovcinbar Ol Mev 01 'Imnl
2012 3.50% 189,Sfi3 495.000 181,550 R46,413
� 2013 3.50°o IR1,550 4HQOOU 1]Z,975 844,525
� 2014 4.00 0 172,995 510,000 162,975 8A5,750
2015 a.00% 162,995 530,000 152,I75 844,950
201fi 400 o IS2,I75 SSO,U00 L11,175 843,350
r 2!)19 4-00% 141,175 5]Q000 129,]]5 840,950
201tl A.Op% 129,'175 595,000 117,87i 842,650
20I') 450°io 119,895 62U,000 103,925 X41,R00
� 2020 4.SV% 103,975 650,D00 89,300 843,225
2021 450% %9,900 G95,000 ]4,I17 838,413
2022 4.50% 94,113 705,000 Sft,SO 83'1,3fi3
� 2023 5.00% 58,250 940,0�0 39,]50 83$000
2024 5.00% 39,750 775,000 20,375 835,125
�
2025 5.00% 20,375 AI5,�00 - 835,375
8 1,617,896 4 8 700 000 $ 1,444 U13 S 11 97] 889
r
�
r
r
�
�.00uK �si.aNO ¢oaouc�i
G[�lJ1RAL 0I3L1(iA7lON 60ND, 2006 SP.RIFS A
RIi7'IIi13YlENT SCIfGIIULIi
June30,2011
20pN A 6nND ISSL'4;
This ismc, dnted April I5, 200R, waz i,vsued undera bonk emp syswm r�isrercd iu thc nxme ofCcdc & Company, es
Nomineeoflhe Deposiiory Trust Compnny, New York, Nc�v York, Ihe sccuritics dcpository for �hc 2008 Scries A
I3ond. This fsvue wea markeh� by �he Aluka Muulcipal Bnnd t3enk 6ega1 opinion was rendued by bond couneil,
Bimh, Horton, Dinner a�d Cherot o[And�oroge, Alaske.'fliis band was inucd G� fimd �he acyuisilim� ynd wnstmGlon
afschool capitnl impm��ements iv t}m BomuFh, including a vew sehuol pouL �
Inteie7. i Juc P�incipal due Intcrest Ane
P�i,vicelycu L�iemetraic Oaiabcr0l Aun101 ,1nri101 ToWI
2013 5.00% 167,355 290,OOU 16],355 �
524,910
20B 5_00"/o IG0,105 30U,000 160,105 620,21U
201A 5.00% 152,fi05 32Q000 152,605 G25,21p �'
2015 S.00io 144.60i J35,000 14q,605 62J,210
?Olfi 5 00% 136,J30 350,000 13fi,23p �72 qbp
2019 4.00% 129.A60 37Q000 I?a,4R0 G24.9(�
201k 4.00% 12QOB0 380,000 120.U80 62U,160
2019 4.00% L2,480 40Q000 1I2,AY0 62A,960 �
2020 425% IOJ,4N0 A15,000 704.480 623.9(0
2021 A25°o 95.661 43Q000 9s,F61 (2I,322
2022 438"/o N6.52A �
450,000 N6,52A 62J.048
2023 4.50% 76,1ri0 470,000 ]6,6X� 623,360
2024 h.70% G6.IOi 490,000 (6.105 622,210 �
2025 4.6U% 54,590 SI5,000 Sq,590 624,180
2026 4.90% 42,230 540,000 42,23� 62n.460
2027 5-00"/0 2v,n00 565,000 2'I.000 623,OI1D
202ft 5.00%u Ig875 595000 14.NIS 62q950
S 1,691,085 $ ],215,000 Y 1,691,OA5 $ IQ59],1]0 �
112
r
F KODIAK ISL.4ND BOROUG[I
GENGIiAL OBLIGATION 60ND, 2009 SEIUF.ti A
� RETIREMENTSCHEDULE
June30,2011
� 2009 A DOND ISSUE
'Ihls i.ssuc, datcd April 9, 2U09, wus issucd undcr a bwk cn�p� syslcm regismmd in Ihe vame ofCrnle& Company, es
Nomivec of Ihe Deposilory Trusl Cmnpwig New Ym�k, Ncw York, �hc sccurities depasimry for tfie Crn�ernl
� Obligx�ion I3ond, 2009 Serics A. 'Chis issue wns markded by Ibe Alazka Muvicipal 13unA Aenk l.egel opinion wu
rendererl by bond co�ncil, Bi�ch, Honoq 6ilhier snd Cherol o[Aneho�age, Aluska'fLis 6ont1 wes issued m aPond
the 1998 Scries A Bond issue.
Inlems�doe Pnncipnld�a Ivrerestdue
' Piscalvcnr Inlcrest�atc AuF�ist I Februwv I Webmwy 1 'Imal
� 2012 254% 83,J00 1,7J5,0I)0 83,400 1,501,800
. 2013 3.08 0 56,70U I,39Q000 Sb,"100 7,503,400
y 20I4 3.54% 2A,900 I,A45,U00 2R900 1,502,800
S 169.000 5 4.I70000 $ 16Y,000 3 4,508,000
r
r
r
r
113
K011[AK ISLAND QOROOCH
GIiNGRAL OBLIGA770N ➢OND, 20I ] SERIES ONF,
RF,TIALMENTSCHEllULE
7une 30, 201 I
?(111 SERIES ONE BONU fSSUE
This issue, dated Februnp� I5, 201 I, Was issued under e bonk en[ry sysfem regis�ered in the name oCCede � Company, as
Nomfnee of the Depasilory Tmst Campany, New York, New Yark, Ihe securitics depository for the 2017 Series One 6onU.
'Ihis fssue was marketed by tlic Alaska Municipal Bond Dank. Ixgel opinion was rendered by hond wvncil, Hiroh,
Horton, Bittner and Cherot of Anchorage, Alaska. This bond was iysued to fund Ihe High School Renovatiou end Renewal
projecf.
Piscal voar
2017
2013
2014
?015
20fG
7017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
INerestrate
0.70°/
I.10%
L53 %
2.U�%
236%
295%
3.12%
3.45 %
3]0%a
393%
4.80%
4.50%
4.R0%
520%
520%
5.20 %
520%
520°/
J20%
520%
l��terest due
Septem6er 01
173,37.5
169,200
164,925
IGQ500
G5,925
751,275
14G,475
IAq700
I33,900
12fi,800
119,400
I IQ256
IOq638
9Q544
79.975
68,93]
56,503
43,434
29,725
15,247
$ 2,237,678
Prindpel due
April 01
275,000
2xs,000
295,000
305,000
31 Q000
32Q000
i3Q000
340,000
355,000
37Q000
785,000
405,000
425,000
445,000
465,000
485,000
510,000
535,000
565,000
595,000
a x,000 000
]lh
Interest duc
Mamh 01
173,325
169,200
164,925
I 60,500
155,925
ISI,275
146,475
�40,700
733,900
126,800
I 19,400
� IIQ256
IOQ638
90,544
79,J75
68,931
56,503
43,434
29,725
15,247
$ 2,237,678
I oial
G?Ib50
623,400
eza,xso
626,000
621,850
622,590
622,950
621,400
622,800
623,600
ti23,800
625,513
62G,295
G26,088
624,950
622,863
623,006
621,R69
624,450
625,494
$ 12,475,356
Statistical Section
STATISTICAL SECTION
This part of thc Kodiak Island Borough's comprehensive ennual financial repori prescnts dctailed
� infonnaiion as a context for understanding what the infonnation in the (inancial statemcnts. notc
disclosures, and required supplememaro information spys about thc govemmems' overall financial
health.
�
Contcnts Page
� Pinancial �Ihnds
Z7ve.se e�chedide.v ennlain lre.rd in/oi'mn�ion lo help �he reader urrder.vlarzd
� hmr !he gat�ernnteM's,�nancin[ yer/nrmance and rvell-heing have chanXed
orerlime. 11G-120
� Revenue Cnpacity
The.ce schedules rnnlain inJnrnm(inn In hely lhe readcr aser.cs Ihc gnvern-
meni'.v mos� signiTcan� local rerenae �vourcr, �he properq� iaz 121-124
�
DeUt Capacity
These schedules pre.+�enl in(r�r�ncrtinn m help /he reader as.cess� the i�fforrla-
biliry q/'the goi�ernmen�'s cm�ren� [ere[s aJ oms�andin,� debt and the gov-
ernmem's ahilin� ro issue addi�io�aa/ debt in the j�n+re I25-129
Demogcaphic and Lconomic Inlormation
2'hese schedules oJ/i r den�ograpliic <md ecanomc indicaiors �o help dee
� reader imderstand �he encirronmeni �rilhin uhieh d�e Rovernmen� :c finmr
cinl actii�ities iake place. 130-136
� Sources: Unless otherwise noteA. the information in Ihese schedules is derived Gom the wmprehensive annual fnancial
repons For �he revelam year.
IIS
(This page was left blank intentionally)
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�
KOUTAK ISLAND ROROUGH
Pund 13alances ofGovernntcnral Funds
Lasl lwo Fiscnl Ycers
(modi�icA eccrual basis of accounting)
�
� General fund:
� Nonspendable
Commitled
Unzssigned
� "fo�al general �linA
� Allolhergovern�nenlall'unds
Nonspendable
� Conunitted
� Unassigned
"fotal all o�hcr gwernmcnml Ponds
�
Fiscal Ycar
2010 2011
$ 15J03 $ 6,801
2366.973 I 952J57
S 2.382.676 $ 1959.558
S 34342 $ 21JOd
5^_.453.871 57.633.409
�805,499) (1,179,132)
5 51.682714 $ 56,475.981
r
The Kodiak Island Rorough iinplememed GA6B id in Fiscal Year 201 I. 'fhal is �chy [here is onlv 2 years uf dela.
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KODIAK ISLANU NOROOGII
Pmpcery' lm Isviw and Collcnions
I aa l'cn I'isrnl Yrun
� fnitrtl<J aithin tLe
fiscall'enr Tav.sLecietl 1'is<xilexrol'IM1eI.<.. Collections lolfllCull<etiuo.�toDate
FnJetl furihe PerernlaCe inSnM1SCyuenl Percen[vFr
Aune30, FiscalPCVr Amnum nfl.ecv �exrs lmaum ufLaw
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?W2 ]9]I3A9 ZJ59.flIA Oih 5��ty5 ].9]I389 100f1
200J A,ORI.)JY ]sq2.�gA 939 49A.RI1 NON(AY I00_U
2�1A M,I51511 ZGJZM1GS )iJ 513,829 A.ISIA9J IOQO
� 200i p9552Gi tlG0�ZA3 9b.2 61.8J9 A]5l.ANO IW,U
200! 9]ii.2ii Y.22R2U3 )sy L2,3J2 99325J� IpLLO
20I19 9.1)RS9 ).1G9.{>6 9A,G 12fi25i Y295]II IOUII
200N V9q�]]s )fils]!L! 9(J 15G329 9,9]2.111 999
� 2009 IU,211 J61 102111209 499 9,ISG IU.2UX 5R5 9J8
2010 IU,B]Y296 II1JX"I.At.] 9fiJ 2R5.±2U 10.J]3]%) 990
21111 11916998 IIJOY,J9 999 ... IIA999i] 99]
� Swmc Numugh gcn.ml Icdg.7.
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Kodiak Isiand Borough:
r Gencral obligalion bonAs
Ciri of Kodiak:
General obligation bonds
� Total
r
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KODIAK ISLAND BOROUGI�1
Computalion of Direct and Ovciiapping Deht
June 3U, 201 I
. Percentage Kodiak Island
Nr[ Deb[ Applicable �o this Rurough
Onlstanding Go��ernmental tihareot'
(a) Uni[ (b) Uebt (c)
$ 34,820.000 100% $ 3d,82Q000
7.570,000 100% 7.57QOOU
$ 42390,000 $ 42.390.000
(a) Gross debt outstunding less applicable ainounts in Ihe Deb1 Scrvicc Punds.
(b) Determincd bv ratio o(assesscd vaivation of proper�y subject lu insalion in ovcrlap��ing unit Io
valualion of propertp subjcc� to tnxaiion in repnrting unit.
(o) Pm� Alaska Stanne 29Ai090 thero is a limit of 30 mills for nd velorem [axes.
Per Alaska Stotute 29A�.100 the limita[ion on masimum mill rale docs not apply to taxes Icvied in
pay bonds.
Sources: 6orongh �cncral Icdger and Cih� of Kodiak records.
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� KOUTAK ISLAND BOROUGH
Ratio of Annual DeM Service Expendimres
for Generzl 6onded Dcbl In'(blal
� General GnvernmcnEal ExpendiWres and'�rans�ers'
I.ast Ten Fiscal Years
� Total general Ratio of
go��ernmental debt service
Fiscal lo[erest Tu�al deM ecpeodltures [u general
� year Principal(a) and fees service and transfers espendi[ures
2002 1,093837 853.543 1.949376 10,726,858 182
2003 1,13Q833 803,224 1,9A4,057 13,071957 14.9
2003 12�5.833 667.744 1.923577 11.014,093 IZS
, 2005 1.78Q417 983J9i 2.7h3.G12 12.U27.717 ?3.0
�
2006 I.ftId553 Li83.d88 3,398A41 13.054.983 �G.O
2007 2.1003fi1 1,329.45G 3.d29.817 13337.188 25]
. 2008 ?.'_05.d41 1.3i5,313 3.460755 14277.498 342
2009 2.495A56 1.571,?95 4.06C,351 I>9?2.441 3i5
� 2010 2.6fti.606 1350.620 4.036226 16�72540 ?4J
2011 ?.7?0.690 1332.Gd5 3983,335 17965.960 23.9
r
(e) Serial maturities in the case of se�ial bonds: annual Debl Sercice Pund rcyuiremenls in Ihe cas'c of
. [crm bonds.
' Sources: Borough gcnciel ledger end deM doninirntn.
r
r
128
KODIAK ISI.AND ROROUGH
Rotios ol Ou�slending Debt by Typc �
last'I�en Fiscal Ycars
General Tutal Percentof '�
Fiscal Obliga�inn Np�es Primary Prrsnnal Per
Year 6uods Pap��ble Go��ernmeo[ Incomc CapiG
'-0�2 16,615,000 1911321 18,526.221 4.ft8% 1.366
2003 Ii.620.U00 12d1,'S1 16.R61,25d 3.29% L7,36
2004 14385,000 L262J23 15.617.123 39R% 1,132 �
20U5 32.96i3OpU L?70?10 3d.235210 7.72% 2.522
2006 31.U5,000 L582.IRR 32,737.188 696"/0 2391
2007 29.060,000 1.636,924 3QC96.92d C3;% 2281 �
����A 34,86U.000 1.768.6fiU 36,628.660 6.68% �.681
2009 32'JS.000 I,RG4503 31J09,SOi 5.90% ZAJJ
Z010 ?9.565.000 1989.995 iLSSJ995 *' �.277 �
2071 34.N20_000 2.735.778 37.5�5.77X * 3]63
No�e: Detail regarAing Ihe buruugh's outsmnding deM can be found in (he no�cs (u �he On�nciol stalenicnts. All �
general obligntion bonds orc rdalcJ lo Governmcntal Ac�ivilies. all no�es payaMc are relnted [o busincs>
type activitits.
* Information not urailablc al rcpon timc. �
129
KODIAK ISI,AND BOROUGII
Demogruphic und 6mnomic Swlislics
lavl lcn I'itical ycars
� Per Cepita PercentARe
CalenJar Pervonal Personal School UnemploYmenl
V'ear Populafiov (a) Ineome (c) Ineome (c) F.nrollmen� (b) Ra4 (c)
�
2002 13.i(�5 392.277AOV 2R7R3 2.631 R.%
� 2UI11 13.Gb3 399.R3fi.000 3U.05G 2.T0 2fi
20U4 IJ.RI7 JIR.977.OI111 31.791 2.677 R.7
� 2no5 1J577 AJ3.100A00 3}gf9 267x g.i
2U�i6 13.G93 J69312.UOU 35.8(U 2718 Z4
2007 13.-057 SIIG.J9RA00 38.D3 2(3( G.I
r 211UR 13.(GJ SA8.0<)9.000 1L617 ?G71 G.G
200'J 13.95J 57].RIRAI'J ;I.AIIY 2.598 73
2010 13.Nfiu NA fJl 2.SM G]
� 2011 13593 NA Idl '_.543 R.0
Suurces
(a� ti1elc of Al�ska. UCRA cerllfied pnpul�lion.
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