CAFR FY2004KODIAK ISLAND BOROUGH
Comprehensive Annual Financial Report
June 30, 2004
(With Summarized Financial Information for June 30, 2003)
Kodiak, Alaska
Nancy Galstad, Borough Manager
Prepared by Finance Department
Karleton Short, Finance Director
KODIAK ISLAND BOROUGH
Table of Contents
Page
Introductory Section:
Letter of Transmittal
i
GFOA Certificate of Achievement
v
Organizational Chart
vi
Elected Officials (Photographs)
vii
Borough Officials
viii
Boards and Committees
ix
Map of Kodiak Island Borough
xi
Financial Section:
Independent Auditors' Report
1 -2
Management's Discussion and Analysis
3 -11
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Assets
12
Statement of Activities
13 -14
Fund Financial Statements
Balance Sheet — Governmental Funds
15
Reconciliation of Net Assets Between the Government -Wide and Fund Financial
1
Statements
16
Statement of Revenues, Expenditures, and Changes in Fund
Balances — Governmental Funds
17
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
18
Balance Sheet — Proprietary Funds — Business -Type Activities — Enterprise Funds
19
Statement of Revenues, Expenses, and Changes in Fund Equity — Proprietary Funds —
Business -Type Activities — Enterprise Funds
20
Statement of Cash Flows — Proprietary Funds — Business -Type Activities — Enterprise
'
Funds
Notes to Financial Statements
21 -22
23 -48
Required Supplementary Information
Schedule of Funding Progress — PERS
49
Budgetary Comparison Schedule — General Fund
50 -51
Budgetary Comparison Schedule — Special Revenue Fund — Facilities
52
Notes to Required Supplementary Information — Budgetary Comparison Schedules
53
Supplemental Information:
Statement of Revenues, Expenditures and Changes in Fund Balance — Special Revenue
Fund — Education and Health — Budget and Actual
54
t
Nonmajor Governmental Funds:
Combining Balance Sheet
55
'
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
56
KODIAK ISLAND BOROUGH
Table of Contents
Debt Service Funds:
Balance Sheet — Other 85
Statement of Revenues, Expenditures, and Changes in Fund Balance —
Budget and Actual — Other 86
Nonmajor Capital Projects Funds:
Combining Balance Sheet 87
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
' (Deficits) 88
Schedule of Capital Projects 89 -90
Enterprise Funds:
' Municipal Solid Waste Collection and Disposal Fund:
Statement of Revenues. Expenses, and Changes in Fund Equity —
Budget and Actual 91
Page
Nonmajor Special Revenue Funds:
Combining Balance Sheet
57 -60
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Deficits)
61 -64
Statement of Revenues, Expenditures, Transfers, and Changes in Fund Balances
(Deficits) — Budget and Actual:
Fire and Road Service Areas:
Fire:
Fire Protection Area No. 1
65
Womens' Bay Fire Department
66
Kodiak Airport Fire District
67
Road:
Monashka Bay Road Service Area
68
Service District No. 1
69
Womens' Bay Road Service Area
70
Bay View Road Service Area
71
Service Area No. 2
72
Coastal Management
73
Child Care Assistance Program
74
Welfare to Work Program
75
L.E.P.C.
76
Land Sales
77
Buildings and Grounds
78
Woodland Acres Street Light Service Area
79
Kodiak Arts Council
80
Tourism Development
81
Trinity Acres Lighting District
82
Mission Lake Tide Gate
83
Fern Fuller Trust
84
Debt Service Funds:
Balance Sheet — Other 85
Statement of Revenues, Expenditures, and Changes in Fund Balance —
Budget and Actual — Other 86
Nonmajor Capital Projects Funds:
Combining Balance Sheet 87
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
' (Deficits) 88
Schedule of Capital Projects 89 -90
Enterprise Funds:
' Municipal Solid Waste Collection and Disposal Fund:
Statement of Revenues. Expenses, and Changes in Fund Equity —
Budget and Actual 91
KODIAK ISLAND BOROUGH
Table of Contents
Page
Hospital Facilities Fund:
Statement of Revenues, Expenses, and Changes in Fund Equity — Budget and Actual 92
911 Services Fund:
Statement of Revenues, Expenses, and Changes in Fund Equity — Budget and Actual 93
Kodiak Fisheries Research Center Fund:
Statement of Revenues, Expenses, and Changes in Fund Equity — Budget and Actual 94
Supplementary Schedules:
Summary of Bonded Debt Service Requirements to Maturity
95
General Obligation Refunding Bonds, 1998 Series A — Retirement Schedule
96
General Obligation Bonds, 2000 Series E — Retirement Schedule
97
General Obligation Bonds, 2000 Series F — Retirement Schedule
98
General Obligation Bonds, 2003 Series A — Retirement Schedule
99
Statistical Section — Fund Information:
General Governmental Expenditures and Other Uses by Function — Last Ten Fiscal Years
100
General Revenues by Source — Last Ten Fiscal Years
101
Property Tax Levies and Collections — Last Ten Fiscal Years
102
Assessed and Estimated Actual Value of Taxable Property — Last Ten Fiscal Years
103
Property Tax Rates and Contributions to the School District — Last Ten Fiscal Years
104
Ten Largest Property Taxpayers
105
Ratio of Net General Bonded Debt to Assessed Value and Net General Bonded Debt per
Capita — Last Ten Fiscal Years
106
Computation of Direct and Overlapping Debt
107
Computation of Legal Debt Margin
108
Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General
Expenditures and Transfers — Last Ten Fiscal Years
109
Demographic Statistics — Last Ten Fiscal Years
110
Property Value, Construction and Bank Deposits — Last Ten Fiscal Years
111
Miscellaneous Statistical Data
112 -113
INTRODUCTORY SECTION
Kodiak Island Borough
Finance Department
710 Mill Bay Road
Kodiak, Alaska 99615
Phone (907) 486 -9320 Fax(907)486-9399
February 22, 2005
Members of the Assembly
Kodiak Island Borough, Alaska
State of Alaska statutes and local charter provisions require that all general - purpose local governments
' publish a complete set of financial statements presented in conformity with accounting principles generally
accepted in the United State of America (GAAP) and audited in accordance with auditing standards
generally accepted in the United States of America by a firm of licensed certified public accountants.
1 Pursuant to that requirement, we hereby issue the comprehensive annual financial report of the Kodiak
Island Borough (Borough) for the fiscal year ended June 30, 2004.
This report consists of management's representations concerning the finances of the Borough.
Consequently, management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a reasonable basis for making these representations,
management of the Borough has established a comprehensive internal control framework that is designed
both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable
information for the preparation of the Borough's financial statements in conformity with GAAP. Because
the cost of internal controls should not outweigh their benefits, the Borough's comprehensive framework
of internal controls has been designed to provide reasonable rather than absolute assurance that the
financial statements will be free from material misstatement. As management, we assert that, to the best of
our knowledge and belief, this financial report is complete and reliable in all material respects.
The Borough's financial statements have been audited by KPMG LLP, a firm of licensed certified public
accountants. The goal of the independent audit was to provide reasonable assurance that the financial
statements of the Borough for the fiscal year ended June 30, 2004, are free of material misstatement. The
independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. The independent auditor
1 concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that
the Borough's financial statements for the fiscal year ended June 30, 2004, are fairly presented in
conformity with GAAP. The independent auditor's report is presented as the first component of the
financial section of this report.
The independent audit of the financial statements of the Borough was part of a broader, state and federally
mandated `'Single Audits" designed to meet the special needs of state and federal grantor agencies. The
standards governing Single Audit engagements require the independent auditor to report not only on the
fair presentation of the financial statements, but also on the audited government's internal controls and
' compliance with legal requirements, with special emphasis on internal controls and legal requirements
involving the administration of state and federal awards. These reports are available in the Borough's
separately issued Single Audit Report.
' GAAP require that management provide a narrative introduction, overview, and analysis to accompany the
basic financial statements in the form of Management's Discussion and Analysis (MD &A). This letter of
transmittal is designed to complement MD &A and should be read in conjunction with it. The Borough's
1 MD &A can be found immediately following the report of the independent auditors.
Profile of the Government
The Kodiak Island Borough lies at the western border of the Gulf of Alaska, approximately 40 miles south
of the Kenai Peninsula. Kodiak Island is the largest island in Alaska and the second largest in the United
States. About two- thirds of the Borough lies in the Kodiak archipelago with the remaining third on the
' Alaska Peninsula, across the Shelikof Strait from Kodiak Island. The Shelikof Strait is only 20 miles wide
in places. The Borough encompasses 7,130 square miles, making it slightly smaller than the State of
Massachusetts and serves a population of 13,811.
The Borough was incorporated September 30, 1963, as a Second Class Borough by Chapter 146 Sessions,
Laws of Alaska 1961, as amended. The powers granted to the Borough include area -wide powers and non
area -wide powers. Area -wide powers are health, education, assessment and collection of taxes for both the
1 Borough and cities within the Borough, planning and zoning, and general administrative services. Non
area -wide powers include parks and recreation, economic development, solid waste disposal, and animal
control. Service districts within the Kodiak Island Borough provide fire protection, road maintenance and
construction, and street lighting. A Mayor/Manager form of government governs the Borough. The Mayor
1 is elected at large while the Borough Assembly appoints the Manager. The Assembly is composed of seven
members who are elected at- large.
The Borough provides a full range of services including fire protection, the construction and maintenance
of roads and other infrastructure, community and economic development, health and sanitation, culture and
recreation and solid waste collection and disposal. The Borough also is financially accountable for a legally
separate school district which is reported separately within the Borough's financial statements. Additional
information on this legally separate entity can be found in the basic financial statements.
The annual budget serves as the foundation for the Borough's financial planning and control. All
departments of the Borough are required to submit requests for appropriation to the Borough manager. The
Borough manager uses these requests as the starting point for developing a proposed budget. The Borough
Manager then presents this proposed budget to the assembly for review by April 30. The assembly is
required to hold public hearings on the proposed budget and to adopt a final budget by no later than June
10. The appropriated budget is prepared by fund and department. The Assembly makes appropriation
transfers between funds and /or departments only after the adoption of an ordinance. Borough staff may
execute transfers between line items within a department. Amendments to the budget can occur anytime
during the fiscal year through the Borough Assembly or administrative action. Expenditures may not
legally exceed appropriations at the following levels: Capital Projects Funds — project level, all other funds
— department level. All funds, except Capital Projects Funds, are budgeted on an annual basis
encompassing a fiscal year. Budgets of Capital Projects Funds generally encompass the period from
start -up to project completion, which is generally greater than one year. Budget -to- actual comparisons are
provided in this report for each individual governmental and proprietary fund for which an appropriated
M
t
annual budget has been adopted. For the general fund and facilities special revenue fund, this comparison
1 is presented on pages 50 -53 as part of required supplementary information. For governmental funds, other
than the general fund and facilities special revenue fund, this comparison is presented in the governmental
fund subsection of this report, which starts on page 54. Also included in the governmental fund subsection
' are project - length budget -to- actual comparisons for each of the capital projects. For proprietary funds, this
comparison is presented in the proprietary funds subsection of this report, which starts on page 91.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered
from the broader perspective of the specific environment within which the Borough operates.
' Local economv. The economic condition of the Kodiak Island Borough remains healthy. The main
industries of the Borough are commercial fishing, logging, and tourism. While some segments of the
commercial fishing industry have declined, others have grown. There have been large cutbacks in the
logging industry, which can be attributed back to the slowdown in the Asian economy. Tourism continues
to grow in Kodiak with an increased number of visitors each year. To accommodate this demand,
construction of fishing lodges, bed and breakfast accommodations and recreational facilities has increased
along with an increase in charter boat and guide operations. There has also been an increase in the number
of cruise ships visiting Kodiak in the recent years as the cruise ship companies have expanded their tours of
Alaska's coastal communities.
' Relatively new to the Kodiak Island Borough is the aerospace industry, which began with construction of
the Kodiak Launch Complex in 1998. Owned by the Alaska Aerospace Development Corporation
(AADC), a public corporation of the State of Alaska, the Kodiak Launch complex is the first complete
launch facility built in the United States since the 1960's and the first not owned by the Federal
Government. The state -of- the -art facility includes a launch control center, payload processing facility,
spacecraft assembly building and launch pad. It is designed to handle small to medium sized rockets used
to launch low earth orbit satellites, as well as military, scientific and research missions.
Kodiak is home to the largest U.S. Coast Guard base in the country, employing nearly 1,400 people and
providing vital services to the marine industries that are an integral part of Kodiak's make -up as well as
making a significant contribution to the Kodiak community.
1 The Seafood industry is by far the largest industry in the Kodiak Island Borough. This industry includes
commercial fishing, fisheries research, management and enforcement, seafood processing, and
maintenance and support services. Kodiak is home to the largest port in the State, housing over 700
commercial vessels and consistently ranks among the top ten ports in the United States in terms of amount
and value of product delivered.
Employment varies throughout the year with July, August, and September being the peak months due to
the increased activity in the fisheries and related businesses, and then declines in November and December
when fishing quotas are reached. The unemployment rate as of June 30, 2004 was 10.6% percent compared
to 9.4 percent in 2003 and 14.9 percent in 2002. Throughout fiscal year 2004, the unemployment rate has
' fluctuated from 5.9% to 17.4 %, with an average of 9.5 %.
Long -term financial planning. Every year the Borough adopts a five -year strategic plan. In this plan the
Borough decides what its' goals and objectives are for the next five years. The Borough breaks these goals
out based on our Mandatory and Adopted powers. To view the complete Strategic plan you can visit our
web site at www.kib.co.kodiak.ak.us.
Cash management policies and practices. Operating funds of the Borough are invested in interest
1 producing instruments in accordance with the Borough's investment code. Cash forecasts are prepared to
enhance investment income and reduce market risk by matching investment maturities to anticipated cash
flows. Investment income includes appreciation or depreciation in the fair value of investments.
Risk management. The Borough maintains an adequate fund balance in the General Fund, plus certain
other funds where the liability may arise, to cover potential losses that may not be covered by insurance or
the deductible portion of claims that are covered by insurance. In addition, various control techniques,
including employee accident prevention training, have been implemented to minimize accident - related
losses. Third party coverage is currently maintained for all of the Borough's property and activities.
Additional information on the Borough's risk management activity can be found in note 8 of the notes to
the financial statements.
Pension and other post employment benefits. The Borough participates in the Alaska Public Employees
Retirement System (PERS), a defined benefit agent, multiple employer public employee retirement system.
PERS was established and is administered by the State of Alaska to provide pension, post employment
healthcare, death, and disability benefits to eligible participants. At June 30, 2003 (date of most recent
actuarial analysis), the actuarial value of liabilities exceeded the actuarial value of assets by $2.5 million.
■ The Borough also administers a Section 457 deferred compensation arrangement for eligible Borough
employees.
Additional information on the Borough's pension arrangements and post employment benefits can be
found in Note 10 in the notes to the financial statements.
Awards and Acknowledgements
■ The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the Borough for its comprehensive
■ annual financial report (CAFR) for the fiscal year ended June 30, 2003. This was the sixteenth consecutive
year that the Borough has received this prestigious award. In order to be awarded a Certificate of
Achievement, a government must publish an easily readable and efficiently organized comprehensive
annual financial report. This report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR
■ continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the
GFOA to determine its eligibility for another certificate.
The preparation of this report would not have been possible without the efficient and dedicated services of
the entire staff of the administration and finance department. We would like to express our appreciation to
all members of the department who assisted and contributed to the preparation of this report. Credit also
■ must be given to the mayor and the assembly for their unfailing support for maintaining the highest
standards of professionalism in the management of the Borough's finances.
Respectfully submitted,
l
' Nancy Galstad Karleton G. Short
Borough Manager Director of Finance
IV
1
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Kodiak Island Borough,
Alaska
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2003
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
OF THE F9 5
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Executive Director
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Organizational
V1
MAYOR AND ASSEMBLY MEMBERS
Gabrielle LeDoux
Mayor, 2004
Robin Heinrichs
Deputy Mayor, At Large, 2004
Tom Abell
At Large, 2005
Shawn (Tuck) Bonney
At Large, 2005
Pat Branson
At Large, 2004
Cecil Ranney
At Large, 2006
Wayne Stevens
At Large, 2006
Vii
Nancy Wells
At Large, 2005
KODIAK ISLAND BOROUGH
KODIAK, ALASKA
BOROUGH OFFICIALS
YEAR ENDED JUNE 30, 2004
MAYOR
Gabrielle LeDoux `04
ASSEMBLY
Tom Abell `05
Patricia Branson `04
Cecil Ranney `06
Nancy Wells `05
Tuck Bonney (Deputy Mayor) `05
Robin Heinrichs `04
Wayne Stevens `06
MANAGEMENT
NancyGalstad ..............................................................................................................
............................... Borough Manager
Karleton G. Short ...........................................................................................
............................... Finance Director /Treasurer
Bud Cassidy ...................................................................
............................... ....................Engineering and Facilities Director
JudithA. Nielsen, CMC .............................................................................
............................... ........................Borough Clerk
Michelle Stearns ................................................................................
............................... Community Development Director
Vacant.........................................................................................................................................
............................... Assessor
RobertA. Himes ........................................................................................................
............................... Assistant Fire Chief
Jamin, Ebell, Schmitt & Mason .............................. ...............................
........................Borough Attorney (Contracted Firm)
Betty Walters ..........................................................................................
............................... Superintendent, School District
WilliamKramer .................................................................................
............................... ........................General Accountant
Vacant......................................................................................................................
............................... Revenue Accountant
LaurieWhiddon .......................................................................................
............................... .....................Purchasing Agent
viii
School Board
' * Jeff Stephan
Elizabeth Odell
Barry Still
Scott Williams
' Norm Wooten
CDR John Furman, USCG Rep.
Sheila Roberts - Staff
' Jordan Rodgers, Student Rep.
Betty Walters, KIBSD, ex- officio
' Planning and Zoning Commission
Cheryl Boehland
Dr. Gary A. Carver
Jerrol Friend
Casey Janz
David King
Dennis McMurry
' Reed Oswalt
Michelle Stearns, KIB Staff
' Woodland Acres Street Lighting
Service Area Advisory Board
VACANT
Citizens Board of Equalization
Cheryl McNeil
Jeff Sanford
Michael Machulsky, Alternate
Judi Nielson, KIB staff
' Parks and Recreation Committee
Scott Bauby
* Pam Foreman
Murphy Forner
' Jeff Huntley
Nicola Lesourd
Michael O'Neal
' Patrick Saltonstall
Mike Sirofchuck
Hans Tschersich
Vacant, Assembly Rep.
Vacant, P &Z Rep.
Wayne Biessel, State Rep., ex- officio
Joe Bailor, City Rep., ex- officio
Michelle Stearns, KIB Rep
Elizabeth Odell, KIBSD Rep.
ix
Building Code Board of Appeals
(Architectural Review Board)
Jerrol Friend
Gregg Hacker
Jay Johnston
Bob Tucker, KIBSD Rep., ex- officio
Barry Still, School Board Rep, ex officio
Bud Cassidy, KIB Rep., ex- officio
Personnel Advisory Board
William King
Linda Moore
Lauri Whiddon, KIB staff
Fire Protection Area No. 1
Advisory Board
* Scott Arndt
Dave Billings
Cliff Davidson
Jeff Halcomb
Greg Spalinger
Robert Himes, ex- officio
Sharon Lea Adinolfi, KIB staff
Bav View Road Service Area
Advisory Board
Dawn Black
Jim Schauff
Gale Hagemeyer
Reed Oswalt
Fred Roberts
Service Area No. 2 Commission
INACTIVE
Monashka Bav Road Service Area
Advisory Board
Darlene Turner
Chaz Glagolich
Jeff Hamer
David Sundberg
Service Area No. 1 Advisory Board
Kevin Arndt
Scott Arndt
Robert Casey
• Charles Lorenson
Kaye McClain
Greg Spalinger
Peggy Tuttle
Womens Bay Service Area
Advisory Board
Chris Lynch
David Conrad
Edward Gondek
Kevin Riddle
Spencer Schaeffer
Russell Toms
Thomas Demi
Dale L. Rice, ex- officio
Airport Advisory Committee
Dan Dorman
Kenneth Holmes
William King
Lynda Ross
Wayne Stevens
Darlene Turner
Robert Green, ex- officio
CDR John Furman, USCG ex- officio
Lt. Steve Raney, USCG ex- officio
Borough Clerk's Office, KIB staff
x
Airport Fire Protection District Advisory Board
Vacant
Arts Council Advisory Committee
Vacant
Mission Lake Tide Gate Service Area Board
Bill Hinkle
Marian Johnson
Trinity Islands Subdivision Street Light Service Area
Board
Crai Walton
Jennifer Wandersee
* Indicates chair
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FINANCIAL SECTION
1
U ilia 71
KPMG
Suite 600
701 West Eighth Avenue
Anchorage, AK 99501
Independent Auditors' Report
The Honorable Mayor and Members of the Assembly
Kodiak Island Borough:
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, the discretely presented component unit, each major fund, and the aggregate remaining fund
information of the Kodiak Island Borough, Alaska, as of and for the year ended June 30, 2004, which
collectively comprise the Borough's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the Kodiak Island Borough, Alaska's management. Our
responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, the aggregate
discretely presented component unit, each major fund, and the aggregate remaining fund information of the
Kodiak Island Borough, Alaska, as of June 30, 2004, and the respective changes in financial position and
cash flows, where applicable, thereof for the year then ended in conformity with accounting principles
' generally accepted in the United States of America..
In accordance with Government Auditing Standards, we have also issued our report dated February 22,
2005 on our consideration of the Kodiak Island Borough, Alaska's internal control over financial reporting
' and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be considered in assessing the
results of our audit.
' KPMG LLP, a U.S. limited liability partnership, is the U.S.
member firm of KPMG International, a Swiss cooperative.
The Honorable Mayor and Members of the Assembly
Kodiak Island Borough
The management's discussion and analysis on pages 3 through 11, the schedule of funding progress for
1 PERS on page 49 and the budgetary comparison information on pages 50 through 53 are not a required part
of the basic financial statements but are supplementary information required by accounting principles
generally accepted in the United States of America. We have annlied certain limited nrecednres_ which
' consisted principally of inquiries of management regarding the methods of measurement and presentation
of the required supplementary information. However, we did not audit the information and express no
opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Kodiak Island Borough, Alaska's basic financial statements. The accompanying
supplementary information, including the introductory section, supplemental information, supplementary
1 schedules and statistical tables are presented for purposes of additional analysis and are not a required part
of the basic financial statements. The supplemental information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all
I material respects in relation to the basic financial statements taken as a whole. The introductory section,
supplementary schedules and statistical tables have not been subjected to the auditing procedures applied in
the audit of the basic financial statements and, accordingly, we express no opinion on them.
KPMC, LLP
' February 22, 2005
1
1
KODIAK ISLAND BOROUGH
I Management's Discussion and Analysis
June 30, 2004
As management of the Kodiak Island Borough, we offer readers of these financial statements this narrative
overview and analysis of the financial activities of the Kodiak Island Borough for the fiscal year ended June 30,
2004. We encourage readers to consider the information presented here in conjunction with additional
information that we have furnished in our letter of transmittal, which can be found on pages i - iv of this report.
i Financial Highlights
1 • The assets of the Kodiak Island Borough exceeded its liabilities at the close of FY2004 by $141,052,466.
Of this amount, $35,233,596 (unrestricted net assets) may be used to meet the Borough's ongoing
obligations to citizens and creditors.
• In FY2004 the Borough's total net assets decreased by $3,534,377.
• At the end of the current fiscal year, the Borough's governmental funds reported combined fund balances
of $43,153,021, an increase of $142,082 in comparison with the prior year. At the end of the FY2004,
' unreserved fund balance for the general fund was $2,109,496, 20% of total general fund expenditures.
• The Borou total debt decreased by $1,308,757 during FY2004. This is due to principal payments on
general obligation bonds and loans.
Overview of the Financial Statements
' Government -wide Financial Statements
The government -wide financial statements are designed to provide readers with a broad overview of the Kodiak
Island Borough's finances, in a manner similar to a private- sector business.
The statement of net assets presents information on all of the Kodiak Island Borough's assets and liabilities, with
the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as
' a useful indicator of whether the financial position of the Kodiak Island Borough is improving or deteriorating.
The statement of activities presents information showing how the government's net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
1 change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods.
Both of the government -wide financial statements distinguish functions of the Kodiak Island Borough that are
principally supported by taxes and intergovernmental revenues (governmental activities) from other functions
that are intended to recover all or a significant portion of their costs through user fees and charges (business -type
activities). The governmental activities of the Kodiak Island Borough include general government, fire services,
emergency preparedness, community and economic development, health and sanitation, culture and recreation,
maintenance and operations, service district maintenance and education. The business -type activities of the
Kodiak Island Borough include a solid waste disposal and treatment facility, a Borough owned hospital, a 911
emergency system and the Kodiak Island Fisheries Research Center.
The government -wide financial statements include not only the Kodiak Island Borough itself (known as the
primary government), but also the legally separate school district for which the Kodiak Island Borough is
financially accountable. Financial information for this component unit is reported separately from the financial
information presented for the primary government itself.
1 3 (Continued)
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
The government -wide financial statements can be found on pages 12 -14 of this report.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated
for specific activities or objectives. The Kodiak Island Borough, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance- related legal requirements. All of the funds of the
Kodiak Island Borough can be divided into two categories: governmental funds and proprietary funds.
Governmental Funds — Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government -wide financial statements. However, unlike the government -wide
statements, governmental fund financial statements focus on near -term inflows and outflows of spendable
resources as well as on balances of spendable resources available at the end of the fiscal year. Such information
may be useful in evaluating a government's near -term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is
useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government -wide financial statements. By doing so, readers may better understand
the long -term impact of the government's near -term financing decisions. Both the governmental fund balance
sheet and governmental fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities.
The Kodiak Island Borough maintains 23 individual governmental funds. Information is presented separately in
the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balances for the general fund, the facilities special revenue fund and the education and health
debt service fund, which are all considered to be major funds. Data from the other nonmajor funds are combined
into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is
provided in the form of combining statements elsewhere in the supplementary information section of this report.
The Kodiak Island Borough adopts an annual appropriated budget for its general fund, special revenue funds and
debt service funds. Budgetary comparison statements have been provided for the funds to demonstrate
compliance with this budget.
The basic governmental financial statements can be found on pages 15 -18 of this report.
Proprietary Funds — The only proprietary fund type that the Kodiak Island Borough uses is enterprise funds.
Enterprise funds are used to report the same functions presented as business -type activities in the
government -wide financial statements. Proprietary funds provide the same type of information as
government -wide financial statements, only in more detail. The Kodiak Island Borough uses enterprise funds to
account for a solid waste disposal and treatment facility, a Borough -owned hospital leased to the Sisters of
Providence d.b.a. Providence Alaska Medical Center, 911 phone charges and expenses, and rents and utilities of
the Borough -owned Kodiak Island Fisheries Research Center.
The Kodiak Island Borough adopts an annual appropriated budget for its proprietary funds. Budgetary
comparison statements have been provided for the funds to demonstrate compliance with the budget.
The basic proprietary fund financial statements can be found on pages 19 -22 of this report.
4 (Continued) I
I
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
' Notes to the Financial Statements — The notes provide additional information that is essential to a full
understanding of the data provided in the government -wide and fund financial statements. The notes to the
financial statements can be found on pages 23 -48 of this report.
' Other Information — In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the Kodiak Island Borough's progress in funding
its obligation to provide pension benefits to its employees and budgetary comparison schedules for the general
' fund and facilities special revenue fund. Required supplementary information can be found on pages 49 -53 of
this report.
' Government -wide Financial Analysis
Statement of Net Assets
As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. In the
1 case of the Kodiak Island Borough assets exceeded liabilities by $141,052,466 at the close of the most recent
fiscal year.
' The largest portion of the Kodiak Island Borough's net assets ($105,818,870 or 75%) reflects its investment in
capital assets (e.g. land, buildings, equipment and infrastructure) net of related debt. The Kodiak Island Borough
uses these capital assets to provide services to citizens; consequently, these capital assets are not available for
' future spending. Although the Borough's investment in capital assets is reported net of debt, it should be noted
that the resources needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate these liabilities.
Governmental Business -type
activities activities Total
2004 2003 2004 2003 2004 2003
Current and other assets
$
40,528,562
$
39,696,430
$
4,852,098
$ 4,126,209
$ 45,380,660
$ 43,822,639
Capital assets
78,306,477
80,398,714
43,262,618
45,256,195
121,569,095
125,654,909
Total assets
$
118,835,039
$
120,095,144
$
48,114,716
$ 49,382,404
$ 166,949,755
$ 169,477,548
Long -term liabilities
$
14,488,102
$
15,748,269
$
4,206,526
$ 4,255,116
$ 18,694,628
$ 20,003,385
Other liabilities
(3,224,199)
(3,200,725)
10.426.860
8.088,045
7,202,661
4,887,320
Total liabilities
$
11,263,903
$
12,547,544
$
14,633,386
$ 12,343,161
$ 25,897,289
$ 24,890,705
Net assets:
Invested in capital assets,
net of related debt
$
63,818,375
$
64,650,445
$
42,000,495
$ 43,512,583
$ 105,818,870
$ 108,163,028
Unrestricted
43,752,761
42,897.155
(8,519,165)
(6,473,340)
35,233,596
36,423,815
Total net assets
$
107,571,136
$
107,547,600
$
33,481,330
$ 37,039,243
$ 141,052,466
$ 144,586,843
For more detailed information see page 12 of the statement of net assets.
The remaining balance of unrestricted net assets, $35,233,596 may be used to meet the Borough's ongoing
obligations to citizens and creditors.
5 (Continued)
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004 '
Statement of Activities
The following condensed table of changes in net assets displays the revenues and expenses for the current and
prior year.
6 (Continued)
Governmental Activities
Business -type activities
Total
,
2004
2003
2004
2003
2004
2003
i
Revenues:
Program revenues:
Charges for services $
548,433 $
458,680 $
5,663,035 $
5,264,584 $
6,211,468 $
5,723,264
Operating grants and contributions
1,107,826
940,878
1,305
-
2,050,009
940,878
Capital grants
389,371
670,905
-
-
1,060,276
670,905
General revenues:
Property taxes
8,016,323
8,244,465
-
-
16,260,788
8,244,465
Investment earnings
1,004,215
1,431,213
23,977
102,546
2,561,951
1,533,759
Severance taxes
799,693
702,065
-
-
1,501,758
702,065
Grants and entitlements not
restricted to specific programs
2,461,527
3,135,460
-
-
5,596,987
3,135,460
'
Other
227,774
143,885
-
-
371,659
143,885
Total revenues
14,555,162
15,727,551
5,688.317
5,367,130
35,614,896
21,094,681
Expenses:
'
General government
2,626,429
2,721,273
-
-
5,347,702
2,721,273
Emergency preparedness
51,255
26,242
-
-
77,497
26,242
Community and economic development
536,111
465,556
-
-
1,001,667
465,556
Health and sanitation
370,434
823,906
-
-
1,194,340
823,906
Education, culture, and recreation
217,759
205,866
-
-
423,625
205,866
Fire services
336,389
307,567
-
-
643,956
307,567
Maintenance and operations
829,046
793,989
-
-
1,623,035
793,989
Service district maintenance
Fern Fuller Trust
425,712
24,500
190,058
-
-
-
-
-
615,770
24,500
190,058
-
Education
10,120,359
9,971,617
-
-
20,091,976
9,971,617
Interest on long -term debt
638,192
721,034
-
-
1,359,226
721,034
Municipal solid waste collection
-
-
3,051,127
2,913,652
5,964,779
2,913,652
Hospital facilities
-
-
2,669,144
1,398,275
4,067,419
1,398,275
911 services
-
-
80,427
70,500
150,927
70,500
Kodiak fisheries research center
-
-
1,800,972
1,799,737
3,600,709
1,799,737
Total expenses
16,176,186
16,227,108
7,601,670
6,182,164
46,187,128
22,409,272
Change in net assets before
transfers
(1,621,024)
(499,557)
(1,913,353)
(815,034)
(10,572,232)
(1,314,591)
Transfers
1,644,560
(2,252,072)
(1,644,560)
2,252,072
-
-
Change in net assets
23,536
(2,751,629)
(3,557,913)
1,437,038
(10,572,232)
(1,314,591)
Net assets, beginning of year
107,547,600
110,299.229
37,039 243
35,602,205
144,586,843
145,901,434
Net assets, end of year $
107,571,136 $
107,547,600 $
33,481,330 $
37,039,243 $
134,014,611 $
144,586,843
,
Governmental activities increased
the Kodiak Island
Borough's
net assets by
$23,536.
Key elements of this increase are:
• Revenues exceeded expenditures.
• If not for a transfer of $1,644,560 from proprietary funds,
net assets would have decreased by $1,621,024.
,
6 (Continued)
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
Business -type activities decreased the Kodiak Island Borough's net assets by $3.557,913. Part of this decrease
resulted from the transfer of $1,644,560 to governmental funds. The proprietary funds had an operating loss of
$1,937,330 before transfers and investment earnings.
2004 Program Revenue vs. Expense by Governmental Activities
Interest on Long -Term
Debt
Education
Fern Fuller Trust
Service District
Maintenance
Maintenance and
Operation
Fire Services
Education, Culture and
Recreation
Health and Sanitation
Community Development
Emergency Preparedness
General Government
0 1 2 3 4 5 6 7 8 9 10
For more detailed information see pages 13 -14 of the statement of activities
7
■ expenses
(in
millions)
■ program
revenue
(in
millions)
(Continued)
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
Financial Analysis of the Government's Funds
As noted earlier, the Kodiak Island Borough uses fund accounting to ensure and demonstrate compliance with
finance- related legal requirements.
Governmental Funds — The focus of the Kodiak Island Borough's governmental funds is to provide information
on near -term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
Kodiak Island Borough's financing requirements. In particular, unreserved fund balance may serve as a useful
measure of a government's net resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the Kodiak Island Borough's governmental funds reported combined
ending fund balances of $43,153,021, an increase of $142,082 in comparison to the beginning of the year.
$34,689,743 of this total amount constitutes unreserved fund balance, of which $1,025,067 is designated for
subsequent year expenditures and $33,664,406 is undesignated. The remaining $8,463,548 of fund balance is
reserved for long -term interfund borrowings.
The general fund is the main operating fund of the Kodiak Island Borough. At the end of the current fiscal year,
unreserved fund balance of the general fund was $2,109,496 with no reserved fund balance. As a measure of the
general fund's liquidity, it may be useful to compare fund balance to total expenditures. Unreserved fund balance
represents 20% of total general fund expenditures.
The fund balance of the Kodiak Island Borough's general fund increased by $305,384 during the current fiscal
year. The key factor leading to this savings was vacant positions throughout the Borough for either part or all of
the year.
The facilities fund had a total fund balance of $37,544,509, $29,123,017 of which is unreserved. Fund balance
decreased $571,074 during the year because more funds were transferred out to other funds than what earned on
investments.
Proprietary Funds — The Kodiak Island Borough's proprietary funds provide the same type of information
found in the government -wide financial statements, but in more detail.
Net assets of the municipal solid waste collection and disposal fund amounted to $3,345,656, the hospital
facilities fund amounted to $18,653,348, the 911 services fund amounted to $75,101, and the Kodiak Fisheries
Research Center fund amounted to $11,407,225.
8 (Continued)
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
I
The total growth (decrease) in net assets for municipal solid waste collection and disposal was $165,763, for the
hospital facilities fund was ($3,520,175), for the 911 services fund was $21,008, and for the Kodiak Fisheries
Research Center was ($224,509). Other factors concerning the finances of these four funds have already been
addressed in the discussion of the Kodiak Island Borough's business -type activities.
■ program
revenue (in
millions)
■ expenses
(in millions)
General Fund Budgetary Highlights
Differences between the original budget and final amended budget can be briefly summarized as follows:
• The revenue budget for raw fish tax was reduced by $226,405. This shortfall was made up by a use of
fund balance.
• There were no material changes in the expenditure budget.
Differences between the final amended budget and actual can be summarized as follows:
• Property taxes were $11 1,277 under budget
• Payment in lieu of taxes by the federal government was $105,618 over budget
• The Borough Attorney's department was $98.515 under budget
' • The Finance Department was S 1 11,177 under budget `
• Management Information Services was $95,271 under budget
• Assessing was $95,226 under budget
• Community Development was $78,899 under budget
1 • Economic Development was S70,448 under budget
• School District Support was 566,266 over budget
Capital Asset and Debt Administration
Capital Assets — The Kodiak Island Borough's investment in capital assets for its governmental and business
type activities as of June 30, 2004, amounted to S 121,569,095 (net of accumulated depreciation). This investment
in capital assets includes, land, buildings and improvements, improvements other than buildings, machinery and
9 (Continued)
Municipal Solid Hospital 911 Service Kodiak Fisheries
Waste Facilities Research Center
I
I �
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
equipment, and construction work -in- progress. The total net decrease in the Kodiak Island Borough's
investments in capital assets for the current fiscal year was $4,085,814 which was mostly due to current year
depreciation.
The following table displays the capital assets (net of depreciation) for the current year.
Additional information on the Kodiak Island Borough's capital assets can be found in note 5 on pages 33 -36 of
this report.
Governmental
Business -type
outstanding of $14,385,000. This entire amount is backed by the full faith and credit of the Borough. The
remainder of the Kodiak Island Borough's debt represents capital leases, landfill closure and post - closure costs.
activities
2004 2003
activities
2004 2003
2004
Total
2003
'
Governmental Business -type
activities activities Total
2004 2003 2004 2003 2004 2003
,
General obligation bonds $ 14,385,000 $ 15,620,000 $ — $ — $ 14,385,000 $ 15,620,000
Artwork $
— $
— $
16,091 $
16,091
$ 16,091
$ 16,091
Land
23,187,184
23,022,184
1,661,499
1,661,499
24,848,683
24,683,683
Construction work -in- progress
3,547,859
3,238,544
101,104
69,074
3,648,963
3,307,618
Buildings and improvements
47,103,166
49,269,704
34,599,409
36,099,436
81,702,575
8.5,369,140
Improvements other than buildings
1,695,200
1,995,993
3,238,155
3,412,797
4,933,355
5,408,790
Equipment
501,126
456,279
2,231,114
2,534,932
2,732,240
2,991,211
Infrastructure
2,271,942
2,416,010
—
—
2,271,942
2,416,010
Unclassified plant in service
—
—
1,415,246
1,462,366
1,415,246
1,462,366
$
78,306,477 $
80,398,714 $
43,262,618 $
45,256,195
$ 121,569,095
$ 125,654,909
'
Additional information on the Kodiak Island Borough's capital assets can be found in note 5 on pages 33 -36 of
this report.
'
Long -term Debt — At the end of the current fiscal year, the Kodiak Island Borough had total bonded debt
outstanding of $14,385,000. This entire amount is backed by the full faith and credit of the Borough. The
remainder of the Kodiak Island Borough's debt represents capital leases, landfill closure and post - closure costs.
The following table displays the long -term debt for the current year.
,
Governmental Business -type
activities activities Total
2004 2003 2004 2003 2004 2003
,
General obligation bonds $ 14,385,000 $ 15,620,000 $ — $ — $ 14,385,000 $ 15,620,000
EPA loan 10,417 31,250 — — 10,417 31,250
ADEC loans 92,685 97,019 — — 92,685 97,019
Capital lease obligations — — 185,970 502,358 185,970 502,358
Landfill post closure care costs — — 2,7.58,433 2,511,504 2,758,433 2,511,504
Long term interfund borrowings — — 8,421,492 7,130,000 8,421,492 7,130,000
Notes payable — — 1,262,123 1,241,254 1,262,123 1,241,254
,
$ 14,488,102 $ 15,748,269 $ 12,628,018 $ 11,385,116 $ 27,116,120 $ 27,133,385
The Kodiak Island Borough's total debt decreased $1,308,757 during the current fiscal year. This decrease was
due to principal payments on general obligation bonds and loans.
No major long -term debt activity occurred during the year.
10 (Continued) I
KODIAK ISLAND BOROUGH
Management's Discussion and Analysis
June 30, 2004
The last time the Borough received a rating on a bond issue (General Obligation Refunding Bonds, 1998 Series
A) the Borough received an A- rating from Fitch Investors Service. Currently, general obligation bonds are
insured to a AAA rating at the time of issuance.
' There is no general obligation debt limit imposed on the Kodiak Island Borough by the State Constitution, state
statutes or the Borough's charter or code.
Additional information on the Kodiak Island Borough's long -term debt can be found in note 7 on pages 39 -43 of
this report.
Economic Factors and Next Year's Budgets and Rates
' • At June 30, 2004, the unemployment rate for the Kodiak Island Borough was 10.6 %, which is 2.9% higher
than one year ago. The state's unemployment rate was 7.0% at June 30, 2004.
' • Property tax revenues received are projected to increase in future years as the Kodiak Island Borough's
assessed valuation continues to increase.
Requests for Information
This financial report is designed to provide a general overview of the Kodiak Island Borough's finances for all
those with an interest. Questions concerning any of the information provided in this report or requests for
additional information should be addressed to the Kodiak Island Borough, Director of Finance, 710 Mill Bay
Road, Kodiak, Alaska 99615.
11
KODIAK ISLAND BOROUGH
Statement of Net Assets
June 30. 2004
(With summarized financial information for June 30, 2003)
See accompanying notes to financial statements,
12 (Continued) I
Component
Primary Government
Unit
Total Reporting Entity
Governmental
Business -type
School
June 30,
June 30,
Assets
activities
activities
Total
district
2004
2003
Equity in central treasury
$
1,123,592
$
373,008
$
1,496,600
$
-
$
1,496,600
$ 1,875,175
Temporary investments
37,495,147
3
41,230,895
-
41,230,895
39,856,802
Other cash and cash equivalents
-
-
-
23,973
23,973
16,175
Due from primary government
-
-
-
4,160,903
4,160,903
3,452.254
Receivables:
Accounts and other receivables, net
1,097,588
366,335
1,463,923
178,416
1,642,339
728,861
State of Alaska
382,948
100,000
482,948
1,022,748
1,505,696
1,274,626
Federal Government
6,750
-
6,750
218,836
225,586
620,715
Property taxes, net of
allowance of $15,828
372,481
-
372,481
-
372,481
312,928
Inventories
-
277,007
277,007
304,012
581,019
600,897
Land sales contracts receivable
50,056
-
50,056
-
50,056
54,325
Capital assets:
Not being depreciated
26,735,043
1,778,694
28,513,737
-
28,513,737
28
Being depreciated, net
51,571.434
41,483,924
93.055,358
103.969
93.159,327
97.767,838
Total
$
118,835,039
$
48.114.716
$
166,949,755
$
6,012,857
$
172,962,612
$ 174.567.988
Liabilities and Net Assets
Liabilities:
Accounts payable
$
639,781
$
308,293
$
948,074
$
210,351
$
1,158,425
$ 852,206
Retainages payable
22,270
-
22,270
-
22,270
45,860
Accrued compensation and
related liabilities
217,521
26,345
243,866
2,445,881
2,689,747
2,676,540
Other accrued liabilities
230,726
297,554
528,280
-
528,280
413,543
Customer deposits
678
-
678
-
678
678
Deferred revenues
10,814
1,287,776
1,298,590
12,345
1,310,935
139,444
Due to component units
4,160,903
-
4,160,903
-
4,160,903
3,452,254
Internal balances
(8,506,892)
81506,892
-
-
-
-
Noncurrent liabilities:
Due within one year
1,294,859
185,970
1,480,829
250,878
1,731,707
3,092,114
Due in more than one year
13,193.243
4.020.556
17.213,799
119,000
17,332.799
17.363,800
Total liabilities
11,263,903
14,633,386
25,897,289
3,038.455
28,935.744
28,036.439
Net assets:
Invested in capital assets, net
of related debt
63,818,375
42,000,495
105,818,870
103,969
105,922,839
115,130,929
Unrestricted
43,752.761
(8,519,165)
35.233,596
2,870.433
38.104.029
31,400,620
Net assets
107.571,136
33.481,330
141.052,466
2,974,402
144.026,868
146,531,549
Total
$
118.835.039
$
48.114,716
$
166.949.755
$
6.012.857
$
172.962.612
$ 174.567,988
See accompanying notes to financial statements,
12 (Continued) I
KODIAK ISLAND BOROUGH
Statement of Activities
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
General revenues:
Property taxes
Severance taxes
Grants and entitlements not restricted to specific programs
Investment earnings
Support from primary government
Other
Transfers
Total general revenues and transfers
Change in net assets
Net assets, beginning of year
Net assets, end of year
See accompanying notes to financial statements.
13
Program revenues
Operating
Charges for
grants and
Capital
Functions/Programs
Expenses
services
contributions
grants
Primary government:
Governmental activities:
General government
$
2,626,429
$
187,898
-
Emergency preparedness
51,255
-
37,937
-
Community and economic development
536,111
57,177
57,094
-
Health and sanitation
370,434
-
69,517
-
Education, culture and recreation
217,759
53,838
-
-
Fire services
336,389
13,735
3,995
-
Maintenance and operations
829,046
215,785
-
371,350
Service district maintenance
425,712
20,000
-
-
Fem Fuller trust
24,500
-
591,967
-
Education
10,120,359
-
-
18,021
Interest on long -term debt
638,192
-
347,316
-
Total governmental activities
16,176,186
548,433
1,107,826
389,371
Business -type activities:
Municipal solid waste collection and
disposal
3,051,127
3,209,776
-
-
Hospital facilities
2,669,144
792,224
1,305
-
911 services
80,427
101,435
-
-
Kodiak fisheries research center
1,800,972
1,559,600
-
-
Total business -type activities
7,601,670
5 ,663,035
1,305
-
Total primary government
$
23,777,856
$
6,211,468
$ 1,109,131 $
389,371
Component units:
School district
$
30,764,896
$
262,300
$ 5,710,925 $
-
Totals - component units
$
30,764,896
$
262,300
$ 5,710,925 $
-
General revenues:
Property taxes
Severance taxes
Grants and entitlements not restricted to specific programs
Investment earnings
Support from primary government
Other
Transfers
Total general revenues and transfers
Change in net assets
Net assets, beginning of year
Net assets, end of year
See accompanying notes to financial statements.
13
Net (expense) revenue and changes in net assets
Primary Government
Component Unit
'
Governmental
Business -type
School
Total Reporting
Entity
activities
activities
Total
district
2004
2003
' $ (2,438,531)
$ - $
(2,438,531)
$ - $
(2,438,531) $
(2,567,546)
(13,318)
-
(13,318)
-
(13,318)
(26,242)
(421,840)
(421,840)
(421,840)
(389,194)
'
(300,917)
_
(300,917)
_
(300,917)
(325,270)
(163,921)
(163,921)
(163,921)
(123,731)
(318,659)
-
(318,659)
-
(318,659)
(285,527)
(241,911)
(241,911)
(241,911)
(46,631)
(405,712)
_
(405,712)
_
(405,712)
(158,470)
567,467
567,467
567,467
(10,102,338)
-
(10,102,338)
-
(10,102,338)
(9,861,012)
(290,876)
(290,876)
(290,876)
(373,022)
'
(14,130,556)
_
(14,130,556)
_
(14,130,556)
(14,156,645)
' -
158,649
158,649
-
158,649
(125,551)
-
(1,875,615)
(1,875,615)
-
(1,875,615)
(528,763)
-
21,008
21,008
-
21,008
(2,497)
(241,372)
(241,372)
(241,372)
(260,769)
' _
(1,937,330)
(1,937,330)
_
(1,937,330)
(917,580)
(14,130,556)
(1,937,330)
(16,067,886)
-
(16,067,886)
(15,074,225)
(24,791,671)
(24,791,671)
(25,327,323)
(24,791,671)
(24,791,671)
(25,327,323)
8,016,323
-
8,016,323
-
8,016,323
8,244,465
799,693
799,693
-
799,693
702,065
2,461,527
=
2,461,527
17,630,325
20,091,852
20,042,313
1,004,215
23,977
1,028,192
170
1,028,362
1,533,923
-
-
-
7,995,040
7,995,040
7,581,989
227,774
-
227,774
195,832
423,606
411,278
'
1,644,560
(1,644,560)
14,154,092
(1,620,583)
12,533,509
25,821,367
38,354,876
38,516,033
' 23,536
(3,557,913)
(3,534,377)
1,029,696
(2,504,681)
(1,885,515)
107,547,600
37,039,243
144,586,843
1,944,706
146,531,549
148,417,064
' $ 107,571,136
$ 33,481,330 $
141,052,466
$ 2,974,402 $
144,026,868 $
146,531,549
14
KODIAK ISLAND BOROUGH
Balance Sheet
Governmental Funds
June 30, 2004
(With summarized financial infonnation for June 30, 2003)
See accompanying notes to financial statements.
15 (Continued)
Education
Other
and
governmental
Totals
Assets
General
Facilities
health
funds
_TM4
2003
Assets:
Equity in central treasury
$
126,862 $
-
$ 41,725
$ 955,005
$ 1,123,592
$
1,490,499
Temporary investments
6,062,128
28,837,227
-
2,545,792
37,495,147
36,793,346
Receivables:
-
-
Accounts and other receivables, net
207,896
270,058
-
619,634
1,097,588
403,263
State of Alaska
43,140
-
-
339,308
382,948
253,656
Federal Government
-
-
-
6,750
6,750
388,413
Property taxes, net of
allowance of $15,828
354,652
-
-
17,329
372,481
312,923
Land sales contracts
-
-
-
50,056
50,056
54,325
Due from other funds
34,267
120,312
-
585,050
739,629
1,795,790
Advances to other funds
3,421.492
-
8,421,492
7,130,000
Total
$
6,828.945 $
37,699,089
$ 41.725
$ 5,119,924
$ 49,689.683
$
43.622,220
Liabilities and Fund Balances
Liabilities:
Borrowings from central treasury
$
- $
-
$ -
$ -
$ -
$
-
Accounts payable
230,602
-
7,810
401,369
639,731
402,470
Retainages payable
-
-
-
22,270
22,270
45,360
Accrued compensation and related liabilities
12,904
-
-
156
13,060
7,794
Customer deposits
-
-
-
678
678
678
Deferred revenues
265,646
120,313
-
659,782
1,045,741
331,161
Due to component unit
4,160,903
-
-
-
4,160,903
3,452,254
Due to other funds
49,394
34,267
-
570,568
654,229
1,371,064
Total liabilities
4,719.449
154,580
7,810
1,654,323
6.536,662
5.611,281
Fund balances:
Reserved:
Long-term interfund borrowings
-
8,421,492
-
-
8,421,492
6,875,000
Unreserved:
General fund:
Designated for subsequent year expenditures
768,207
-
-
-
768,207
-
Undesigtated
1,341,289
-
1,341,289
1,804,112
Special revenue funds:
Designated for self- insurance
-
-
-
-
-
100,000
Designated for subsequent year expenditures
-
-
256,860
256,860
334,950
Undesie ated
-
29,123,017
2,413,629
31,536,646
33,337,379
Debt service funds:
Undesignated
-
-
33,915
153,409
192,324
176,288
Capital projects funds:
Undesignated
-
636,203
636,203
383,210
Total fund balances
2,109.496
37,544,509
33,915
3.465,101
43.153,021
43,010,939
Total
$
6.828,945 $
37,699,039
$ 41,725
$ 5.119,924
$ 49,689,683
$
48,622,220
See accompanying notes to financial statements.
15 (Continued)
KODIAK ISLAND BOROUGH
' Reconciliation of Net Assets Between the
Government -wide and Fund Financial Statements
Year ended June 30, 2004
Amount reported as fund balance on the governmental funds balance sheet
$
43,153,021
Amounts reported for governmental activities in the statement of net
assets are different because:
Capital assets used in governmental activities are not financial
' resources and, therefore, are not reported in the funds.
78,306,477
Long -term receivables, delinquent property taxes and loans are
not available to pay for current- period expenditures and,
therefore, are deferred in the funds:
Property taxes $
254,832
Accrued interest income
138,072
' Note receivable
591,967
Land sales contracts
50,056
1,034,927
Long -term liabilities, including bonds payable, are not due and
payable in the current period and therefore are not reported
in the funds:
General obligation bonds payable
(14,385,000)
' ADEC loans
(92,685)
EPA loan payable
(10,417)
Accrued interest expense
(230,726)
Compensated absences
(204,461)
(14,923,289)
Net assets of governmental activities
$
107,571,136
'
See accompanying notes to the financial statements.
Ll
1 16
KODIAK ISLAND BOROUGH
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Governmental Funds
Year ended June 30, 2004
(With sunvnarized financial infommtion for the year ended June 30, 2003)
Revenues:
Property taxes
Intergovernmental:
State sources
Federal sources
Land sale proceeds
Severance taxes
Licenses, permits, fees, and other local revenues
Other
Investment income
Total revenues
Expenditures:
Current:
General government
Fire services
Emergency preparedness
Community and economic development
Health and sanitation department
Education, culture and recreation
Maintenance and operations
Service district maintenance
Primary and secondary education
Fein Fuller trust
Capital outlay:
Schools
General
Debt service:
Principal
Interest
Bond issuance costs
Total expenditures
Excess of revenue over (under) expenditures
Other financing (uses) sources:
Refunding bonds issued
Payment to refunded bond escrow agent
Transfers in
Transfers out
Net other financing (uses) sources
Excess (deficiency) of revenues and other financing
sources over expenditures and other financing uses
Fund balances, at beginning of year
Fund balances, at end of the year
See accompanying notes to financial statements.
17
Education
Other
and
governmental
Totals
General
Facilities
health
funds
2004
2003
$ 7,365,633 $
- $
-
$ 650,690 $
8,016,323 $
7,989,633
822,585
-
798,412
500,423
2,121,420
3,514,530
1,187,846
-
-
57,491
1,245,337
1,232,713
-
-
-
9,206
9,206
11,851,864
799,693
-
-
-
799,693
702,065
187,898
-
-
577,015
764,913
335,239
-
-
720
222,117
222,837
60,126
105,812
723.910
36,421
866,143
1,823,641
10,469,467
723,910
799.132
2,053,363
14,045.872
27,509.811
2,092,043
-
26,123
-
2,118,166
4,600,274
-
-
-
864,703
864,703
260,120
5,129
-
-
43,626
48,755
22,369
375,391
-
-
160,720
536,111
444,460
257,037
-
-
74,847
331,884
784,730
163,487
-
-
54,272
217,759
205,866
-
-
-
567,094
567,094
606,724
-
-
-
425,712
425,712
190,058
7,721,706
-
-
-
7,721,706
7,251,840
-
24,500
24,500
-
-
-
-
131,324
131,324
372,122
-
-
-
656,423
656,423
656,083
-
-
1,260,167
-
1,260,167
1,145,061
-
-
644,046
-
644,046
783,524
43,509
10,614,793
1,930,336
3,003,221
15,548,350
17,366,740
(145,326)
723,910
(1,131304)
(949,858)
(1,502,478)
10,143.071
-
-
-
-
-
3,075,000
-
-
-
-
-
(3,068,781)
850,000
-
1,147,240
1,608,374
3,605,614
2,915,644
(399390)
(1,294,984)
(266,780)
(1,961,054)
(2,691,304)
450.710
(1,294,984)
1,147,240
1,341,594
1,644,560
230,559
305,384
(571,074)
16,036
391,736
142,082
10,373,630
1,804,112
38,115.583
17,879
3,073,365
43,010.939
32,637,309
$ 2.109,496 $
37,544,509 $
33,915
$ 3,465,101 $
43,153,021 $
43.010,939
17
1
KODIAK ISLAND BOROUGH
' Reconciliation of the Statement of Revenues. Expenditures and Changes in Fund Balances
of Governmental Funds to the Statement of Activities
Year ended June 30, 2004
Net change in fund balance — total governmental funds $ 142,082
' Amounts reported for governmental activities in the statement of
activities are different because:
Governmental funds report capital outlays as expenditures.
' However, in the statement of activities the cost of those assets
is allocated over their estimated useful lives and reported as
depreciation expense:
' Capital outlay $ 898,763
Depreciation expense (2,991,000) (2,092,237)
Revenues in the statement of activities that do not provide current
' current financial resources and are deferred in the funds:
Change in interest income accrual 138,072
Donations 591,967 730,039
Revenues in the funds that were earned in a prior year and
provide current financial resources:
Land sale proceeds (4,269)
The issuance of long -term debt provides current financial
resources to governmental funds, while the repayment of the
principal of long -term debt consumes the current financial
resources of governmental funds. Neither transaction, however,
has any effect on net assets. Also, governmental funds do not
report the accrual of interest expense on debt when it is not
payable from currently available resources:
Change in interest expense accrual 5,854
Principal repayments 1,260,167 1,266,021
Some expenses reported in the statement of activities do not
require the use of current financial resources and, therefore,
are not reported as expenditures in governmental funds:
Compensated absences (18,100)
Change in net assets of governmental activities $ 23,536
See accompanying notes to the financial statements.
m
See accompanying notes to financial statements.
19 1
KODIAK ISLAND BOROUGH
Balance Sheet
Proprietary Funds - Business -type Activities - Enterprise Funds
June 30, 2004
(With summarized
financial information for June 30, 2003)
Municipal
Kodiak
Other
'
solid waste
fisheries
Nonmajor
collection and
Hospital
research
Enterprise
Totals
Assets
disposal
facilities
center
Fund
_004
y
Current assets:
Equity in central treasury
$
- $
171,304 $
92,394 $
109,310 $
373,008
$
384,676
Temporary investments
1,645,590
-
2,090,158
-
3,735,748
3,063,456
Accrued interest receivable
-
-
25,694
-
25,694
23,233
Customer receivables
303,423
-
-
37,218
340,641
233,613
Due from other funds
321,420
96,092
8,492
-
426,004
Accounts receivable - State of Alaska
100,000
-
-
-
100,000
144.224
'
Total current assets
2,370,433
267,396
2,216,738
146,528
5,001,095
3,849,202
Inventories
-
277,007
-
-
277,007
277,007
Capital assets, net
5,535,054
21,424,343
16,303,221
-
43,262,618
45,256,195
Total
$
7,905,487 $
21,968,746 $
18,519,959 $
146,528 $
48,540,720
$
49,382,404
'
Liabilities and Fund Equities
Current liabilities:
Accounts payable
$
201,449 $
160 $
35,257 $
71,427 $
308,293
$
274,763
Deferred revenue
-
1,287,776
-
-
1,287,776
55,247
Accrued compensation and related liabilities
17,407
-
8,938
-
26,345
26,346
Other accrued liabilities
224,327
-
73,227
-
297,554
176,963
Current portion of capital lease obligations
-
185,970
-
-
185,970
312,164
Current portion of advances from other fund
-
55,670
275,000
-
330,670
255,000
Due to other funds
96,092
295.000
120,312
-
511,404
424,726
Total current liabilities
539,275
1,824,576
512,734
71,427
2,948,012
1,525,209
Noncurrent liabilities:
Notes payable
1,262,123
-
-
-
1,262,123
1,241,254
Capital lease obligations
-
-
-
-
-
190,194
Advances from other fund
-
1,490,822
6,600,000
-
8,090,822
6,875,000
'
Accrual for landfill closure and postclosure
costs
2.758,433
-
-
-
2,758,433
2,511,504
Total liabilities
4,559,831
3,315,398
7,112,734
71,427
15,059,390
12,343.161
Fund equities:
,
Invested in capital assets, net of related debt
4,272,931
21,238,373
16,303,221
-
41,814,525
43,512,583
Unrestricted
(927.275)
(2,585,025)
(4,895,996)
75,101
(8,333,195)
(6,473.340)
Total fund equities
3,345,656
18.653.348
11,407.225
75,101
33,481,330
37,039.243
Total
$
7,905,487 $
21,968.746 $
18,519,959 $
146,528 $
48,540,720
$
49,382,404
See accompanying notes to financial statements.
19 1
I I
E�
1 1 20
KODIAK ISLAND BOROUGH
Statement
of Revenues, Expenses,
and Changes in Fund Equity
Proprietary Funds -
Business -type Activities -
Enterprise Funds
Year ended June 30, 2004
(With summarized financial
information for the year
ended June 30. 2003)
Municipal
Kodiak
Other
Solid Waste
Fisheries
Nonmajor
Collection and
Hospital
Research
Enterprise
Totals
Disposal
Facilities
Center
Fund
2004
ZUO3
Operating revenues:
Solid waste collection
$ 2,251,245
$ $
$
$
2,251,245 $
1,734,541
Solid waste disposal
951,789
-
-
-
951,789
1,003,484
Rents & Royalties
-
-
1,559,600
-
1,559,600
1,538,963
State sources - revenue sharing
-
-
-
-
-
39,084
Charges for services/customer charges
-
-
101,435
101,435
68,003
Lease income
792,224
=
792,224
720,000
Donations
1,305
1,305
56,423
Other
6.742
-
6.742
104.076
Total operating revenues
3,209,776
793,529
1,559,600
101,435
5,664,340
5,264584
'
Operating expenses:
Personnel services
497,113
7,002
155,677
9,000
668,792
614,233
Employee Benefits
-
-
45,445
-
45,445
41,292
Solid waste collection
1,324,943
-
-
-
1,324,943
1,309,314
Refuse disposal
230,639
-
-
-
230,639
284,590
Contracted services
152,837
(7,977)
35,079
-
179,939
196,323
Repairs and maintenance
27,909
28,398
253,025
309,332
252,683
'
Landfill closure and postclosure costs
246,929
246,929
218,603
Depreciation
259,300
1,261,302
745,259
2,266,361
2,202,638
General and administration
189,442
-
-
-
139,442
193,233
Miscellaneous
-
-
80,774
-
90,774
83,133
Telephone services
-
-
71,427
71,427
60,000
Recycling services
68,506
_
68,506
98,067
Contributions
5.445
5,445
4.020
Total operating expenses
3,003,563
1.233,725
1,315,259
30,427
5.637.974
5,568,734
Operating income (loss)
206.213
(495.196)
244,341
21,009
(23.634)
(304.200)
Noo revenues (expenses):
Loss disposal of fixed assets
-
-
(2.171)
ss on on
Contributions to the State of Alaska
-
(1.170,000)
-
-
(1,170,000)
71
Contributions to Providence Hospital
-
(130,000)
-
-
(130,000)
-
Investment income
7,114
-
16,363
-
23,977
102,546
Interest expense
(47,564)
(30.419)
(435,713)
-
(613,696)
(611,209)
I
Income (loss) before transfers out
and capital contributions
165,763
(1,375,615)
(224,509)
21,003
(1,913,353)
(815.034)
Transfers out
(1,644,560)
-
-
(1,644,560)
(224,340)
Capital contributions
-
-
-
-
-
2,476,412
Change in fund equity
165,763
(3,520,175)
(224,509)
21,003
(3,557,913)
1,437,038
Fund equity, at beginning of year
3,179.893
22.173,523
11,631,734
54,093
37.039,243
35,602,205
Fund equity, at end of year
$ 3,345,656
$ 13,653,348 $
11,407.225 $
75,101 $
33,481,330 $
37,039,243
'
See accompanying notes to financial statements.
I I
E�
1 1 20
See accompanying notes to financial statements.
1
KODIAK ISLAND BOROUGH
Statement of Cash Flows
Proprietary Funds - Business -type Activities - Enterprise
Funds
Year ended June 30, 2004
(With
sutmnarized financial information for the year ended
June 30, 2003)
Municipal
Solid Waste
Kodiak
Fisheries
Other
Norimajor
Collection and
Hospital
Research
Enterprise
Totals
Disposal
Facilities
Center
Fund
4
Cash flows from operating activities
Cash received from customers
$ 3,123,991 $
825,529 $
1,520,328 $
64,217 $
5,534,065 $
5,224,841
Payments to suppliers
(1,952,706)
(117,755)
(283,429)
-
(2,353,890)
(2,304,812)
Payments to employees
(497,114)
(7,002)
(201,122)
(9,000)
(714,238)
(655,575)
Internal activity- payments to/from other funds
(422.359)
(104)
(12.955)
-
(435,418)
195,751
Net cash provided by operating activities
251.812
700,668
1.022.822
55.217
2.030,519
2.460.205
Cash flows from noncapital financing activities:
from treasury
96,092
-
-
-
96,092
-
Borrowing central
Subsidy from State of Alaska
-
-
-
-
-
-
(1.644.560)
(5,140)
(224.340)
Transfers out
-
(1,644.560)
Net cash used for noncapital financing activies
96,092
(1,644.560)
-
-
(1.548,468)
(229,480)
Cash flows from capital and related financing activities:
(238,286)
(34,489)
(9)
-
(272,734)
(196,304)
Acquisition and construction of capital assets
Interest paid on notes payable, capital leases, and interfund
-
(30,419)
(485,713)
-
(566,132)
(564,041)
borrowing
Proceeds from long -term interfund borrowing
-
1,600,000
-
-
1,600,000
Principal payments on long -term interfund borrowing
-
(53.508)
(255,000)
-
(308,508)
(240,000)
Proceeds from issuance of notes payable
20,869
-
-
-
-
-
20,869
(669.967)
'
Principal payments on notes payable
-
-
-
-
(316.388)
(294,948)
Principal payments on capital lease obligation
-
(316.388)
Net cash used for capital and related financing activities (217,417)
1,115,196
(740,722)
-
157.057
(1,965.260)
Cash flows from investing activities
Interest and dividends on investments
11,843
-
9,668
-
21,516
93,111
Net increase (decrease) in investments
(299,012)
(373,280)
-
(672.292)
(1.130.661)
Net cash provided by (used for) investing activities
(237,164)
-
(363.612)
-
(650,776)
(1.037.550)
Net change in cash and cash equivalents
(156,677)
171,304
(81,512)
55,217
(11,668)
(772.085)
Cash and equivalents, at beginning of year
156.677
-
173,906
54.093
384.676
1,156.761
Cash and equivalents, at the end of year
$ - $
171.304 $
92,394 $
109.310 $
373,008 $
384.676
See accompanying notes to financial statements.
1
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Statement of Cash Flows
Proprietary Funds - Business -type Activities - Enterprise Funds
Year ended June 30. 2004
(With
summarized financial information for the year ended June 30, 2003)
Municipal
Kodiak
Other
Solid Waste
Fisheries
Nonmajor
Collection and Hospital
Research
Enterprise
Totals
Disposal Facilities
Center
Fund
- 1 504
ZUO3
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss)
$ 206,213 $ (495,196) $
244,341
$
21,008
$ (23,634)
$
(304,200)
Adjustments to reconcile operating income to
net cash provided by operating activities:
Subsidy from State of Alaska
— —
—
—
—
5,140
Depreciation
259,800 1,261,302
745,259
—
2,266,361
2,202,638
Noncash lease income
— (72,224)
—
—
(72,224)
—
Changes in assets and liabilities:
Customer receivables
(85,785) 44,224
15,975
(37,218)
(62,804)
113,150
Accounts receivable - State of Alaska
— —
—
—
—
(44,224)
Due to /from other funds
(422,359) (104)
(12,955)
—
(435,418)
195,751
Accounts payable
47,015 (97,334)
12,422
71,427
33,530
112,790
Deferred revenues
— 60,000
(55,247)
—
4,753
(43,498)
Accrual for landfill closure and
postclosure costs
246,929 —
—
—
246,929
218,603
Accrued compensation and related liabilities
(1) —
—
—
(1)
—
Other accrued liabilities
73,027
73,027
9.055
Net cash provided by operating activities
$ 251,812 $ 700,668 $
1,022.822
$
55,217
$ 2.030,519
$
2,460.205
Noncash capital and related financing activities:
Interest
$ 47,504 $ — $
—
$
—
$ 47,504
$
47,168
Capital contributions
— —
—
—
—
2,476,412
Loss on disposal of fixed assets
— —
—
—
—
(2,171)
$ 47,504 $ $
$
—
$ 47,504
$
2,521,409
See accompanying notes to financial statements.
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(1)
Summary of Significant Accounting Policies
(a) Reporting Entity
The Kodiak Island Borough (the Borough), Alaska, was organized to perform the municipal duties
allowed by Alaska Statutes and as directed by its residents. As required by accounting principles
generally accepted in the United States of America, these financial statements present the
government and its component unit, an entity for which the government is considered to be
financially accountable. The discretely presented component unit is reported in a separate column in
the combined financial statements to emphasize it is legally separate from the government. The
Borough reviewed its relationship with other organizations and determined that the following
organization is a component unit.
Discretely Presented Component Unit
The Borough has delegated the operating responsibility for public education to the Kodiak Island
Borough School District (School District). In accordance with statutes, the Borough retains
ownership of the education related fixed assets and incurs the debt, if necessary, to finance the
acquisition and construction of school facilities. The Borough Assembly approves the total annual
budget of the School District and may, during the year, increase or decrease the total appropriation.
Complete financial statements for the component unit may be obtained at the entity's administrative
offices for the Kodiak Island Borough School District.
Kodiak Island Borough School District
722 Mill Bay Road
Kodiak, Alaska 99615
(b) Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all of the nonfiduciary activities of the primary government and its
component unit. For the most part, the effect of interfund activity has been removed from these
statements. Governmental activities, which normally are supported by taxes and intergovernmental
revenues, are reported separately from business -type activities, which rely to a significant extent on
fees and charges for support. Likewise, the primary government is reported separately from the
legally separate component unit for which the primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function
or segment are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function or segment. Program revenues include 1) charges to customers or applicants
who purchase, use, or directly benefit from goods, services, or privileges provided by a given
function or segment and 2) grants and contributions that are restricted to meeting the operational or
capital requirements of a particular function or segment. Taxes and other items not properly included
among program revenues are reported instead as general revenues.
23
(Continued) 1
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KODIAK ISLAND BOROUGH
1
Notes to Financial Statements
June 30, 2004
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds, if applicable, are reported as
separate columns in the fund financial statements.
(c) Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
'
have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
'
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers revenues to be available if they are collected within 60
'
days of the end of the current fiscal period except for grant revenues which are recognized when the
related expenditure is incurred irrespective of when the cash is received. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures, as well as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
' Property taxes and interest associated with the current fiscal period are all considered to be
susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other
revenue items are considered to be measurable and available only when cash is received by the
government.
The government reports the following major governmental funds:
The general ficnd is the government's primary operating fund. It accounts for all financial resources
of the general government, except those required to be accounted for in another fund.
1 The facilities ficnd accounts for the proceeds from the sale of Shuyak Island. The single most
important goal is to preserve the principal of the fund. Interest earnings, after inflation proofing, can
be used for debt service, building insurance and capital projects.
1 The debt service — education and health ficnd was established to finance and account for the payment
of interest and principal on all general obligation debts, serial and term, other than that payable
exclusively from special assessments and revenue debt issued for and serviced by a government
enterprise fund.
The government reports the following major proprietary funds:
The municipal solid waste collection and disposal find accounts for the collection and disposal of
solid waste and recycling services for the Kodiak Island Borough.
1 24 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
The hospital facilities ficnd accounts for rents on the Borough -owned hospital; hospital related state
revenue sharing; and other hospital related revenue. In turn, it purchases hospital equipment and
makes debt service payments on hospital related debt.
The Kodiak Fisheries Research Center fund accounts for rents and expenses on the Borough -owned
Kodiak Fisheries Research Center. The three tenants: NOAA, Alaska Department of Fish & Game
and University of Alaska, Fairbanks pay lease funds to participate in this multi- agency research
facility committed to the preservation of the North Pacific marine ecosystem and resources.
Private - sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government -wide and proprietary fund financial statements to the
extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent
private- sector guidance for their business -type activities and enterprise funds, subject to this same
limitation. The government has elected not to follow subsequent private- sector guidance.
As a general rule the effect of interfund and activity has been eliminated from the government -wide
financial statements. Exceptions to this general rule are charges between various functions of the
government. Elimination of these charges would distort the direct costs and program revenues
reported for the various functions concerned.
Amounts reported as program revenues include (1) charges to customers or applicants for goods,
services, or privileges provided, (2) operating grants and contributions, and (3) capital grants and
contributions. Internally dedicated resources are reported as general revenues rather than as program
revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with a proprietary fund's principal ongoing operations. The principal operating
revenues of the enterprise funds are charges to customers for sales and services and lease revenues.
Operating expenses for enterprise funds include the cost of sales and services, administrative
expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition
are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the government's policy to
use restricted resources first, then unrestricted resources as they are needed.
(d) Assets, Liabilities, and Fund Equity
Cash and Investments
Cash balances of most Borough funds are pooled in a central treasury. Each fund type's portion of
this pool is displayed on the combined balance sheet as "Equity in central treasury." In addition,
investments are separately held by several of the Borough's funds. Investments are carried at fair
value, as determined by quoted market prices.
25 (Continued)
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KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
Statutes authorize the Borough to invest in obligations of the United States, the State of Alaska and
its political subdivisions, savings accounts, certificates of deposit, banker's acceptances, repurchase
agreements, and such other legal security instruments. The Borough Code requires all investments to
be collateralized and /or insured.
The Alaska Municipal League Investment Pool ( AMLIP) is considered to be an external investment
pool as defined by GASB Statement No. 31. AMLIP is not SEC - registered. Alaska Statute 37.23
establishes regulatory oversight of the pool. The law sets forth numerous requirements regarding
authorized investments and reporting. The pool is incorporated in the State of Alaska as a nonprofit
corporation and reports to its Board of Directors. Alaska Statute 37.23.050 requires the retention of
an investment manager.
The manager is required to produce monthly disclosure statements to the pool. The pool has also
retained an investment advisor to ensure compliance with investment policies. All participation in
the pool is voluntary. The pool must maintain a dollar - weighted average maturity of 90 days or less,
and only purchase instruments having remaining maturities of 397 days or less. On a monthly basis,
the investments in the pool are reviewed for fair value by an independent pricing service.
All highly liquid investments, excluding restricted assets, with original maturities of ninety days or
less are considered to be cash equivalents. For purposes of the Statements of Cash Flows, equity in
central treasury held by enterprise funds are treated as cash equivalents.
Investments for the government, as well as the component unit, are reported at fair value, as
determined by quoted market prices. The reported value of the pool is the same as the fair value of
the pool shares.
Receivables and Payables
Activity between funds that are representative of lending /borrowing arrangements outstanding at the
end of the fiscal year are referred to as either "due to /from other funds" (i.e., the current portion of
interfund loans) or "advances to /from other funds" (i.e., the noncurrent portion of interfund loans).
All other outstanding balances between funds are reported as "due to /from other funds." Any
'
residual balances outstanding between the governmental activities and business -type activities are
reported in the government -wide financial statements as "internal balances." Internal balances used
to acquire capital assets are eliminated from the invested in capital assets, net of related debt, portion
1
of net assets.
Advances between funds, as reported in the fund financial statements, are offset by a fund balance
1
reserve account in applicable governmental funds to indicate that they are not available for
appropriation and are not expendable available financial resources.
Inventories and Prepaid Items
Expendable operating supplies of the Borough are accounted for using the purchase method. There
are no significant amounts of such inventories on hand at year end. All of the hospital facilities fund
inventory is assigned to Providence as of April 21, 1997 which, by the terms of the lease agreement
for the hospital facilities (see note 19), are required to be returned to the Borough at the termination
of the lease in at least equal value.
26 (Continued)
t
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both government -wide and fund financial statements.
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, street
lights, and similar items including those acquired prior to fiscal years ended after June 30, 1980), are
reported in the applicable governmental or business -type activities columns in the government -wide
financial statements. Capital assets are defined by the Borough as assets with an initial, individual
cost of more than $5,000 (amount not rounded) and an estimated useful life in excess of two years.
Such assets are recorded at historical cost or estimated historical cost if purchased or constructed.
Donated capital assets are recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business -type activities is included as part
of the capitalized value of the assets constructed. There was no interest capitalized during the year.
Property, plant, and equipment of the primary government is depreciated using the straight line
method over the following estimated useful lives:
Buildings and improvements 10-40 years
Improvements other than buildings 10 -15 years
Equipment 5 -10 years
Infrastructure 40 years
Compensated Absences
It is the Borough's policy to permit employees to accumulate earned but unused annual leave
benefits. All annual leave pay is accrued when incurred in the government -wide and proprietary fund
financial statements. A liability for these amounts is reported in governmental funds only if they
have matured, for example, as a result of employee resignations and retirements.
Long -Term Obligations
In the government -wide financial statements, long -term debt and other long -term obligations are
reported as liabilities in the applicable governmental activities, business -type activities, or
proprietary fund type balance sheet. Bond premiums and discounts, as well as issuance costs, are
deferred and amortized over the life of the bonds using the effective interest method. Bonds payable
are reported net of the applicable bond premium or discount. Bond issuance costs are reported as
deferred charges and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is reported
as other financing sources. Premiums received on debt issuances are reported as other financing
27 (Continued)
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KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
sources while discounts on debt issuances are reported as other financing uses. Issuance costs,
' whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures. Interest on long -term obligations is recorded as an expenditure when due.
'
Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a
'
specific purpose. Designations of fund balance represent tentative management plans that are subject
to change.
'
(e) Revenues, Expenditures, and Expenses
Property Taxes
Property taxes are based on the assessed value of taxable property as of January 1. Pursuant to
'
Alaska Statute 29.45.240, the Borough establishes the mill rate on or before June 15th. Tax bills are
then mailed on or before July 1 st.
'
Taxes are due when billed and generally become delinquent on or after October 15th. The Borough
code also provides for split payments. If a taxpayer avails himself of this provision, one -half must be
paid on or before August 15th and the remainder becomes due on or before November 15th (in lieu
of October 15th). Borough property tax revenues are recognized in the fiscal year in which they
become measurable and available, which is generally the year following the year the tax bills are
mailed.
. All taxes are delinquent on November 16th, and a tax foreclosure process may commence as outlined
in Alaska Statutes Title 29. Briefly, this entails the petition for Judgment of Foreclosure signed by
' the District Court Judge and the publication of all delinquent taxes in the local newspaper for four
consecutive weeks.
Real property tax liens are enforced by one general foreclosure proceeding against the delinquent
' properties.
Severance Taxes
' Severance taxes are based on the amount and value of natural resources severed from the
environment. Types of resources taxed include seafood, gravel and mineral resources, and timber.
Severance tax returns are sent to appropriate companies (as determined by the Borough Assessor)
' and are returned to the Borough Finance Department. The returns are filed quarterly, and are due by
the end of the month following the quarter's end. Borough severance tax revenues are recognized in
the fiscal year in which they become measurable and available.
Intergovernmental Revenue
State - shared revenues, safe communities, State - education related entitlement programs and
State- levied taxes, the proceeds of which are distributed to local governments, are recorded in the
fiscal year to which they relate, including accrual at year end if final payments due are measurable
and received within approximately two months after year end.
28 (Continued)
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KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
State of Alaska and Federal government cost reimbursable grants and contracts are recorded to the
extent of allowable expenditures in the period in which the expenditures were incurred.
Operating and Nonoperating Revenue
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result form providing services and producing and delivering goods
in connection with a proprietary fund's principal ongoing operations. The principal operating
revenues of the municipal solid waste collection and disposal fund and 911 services fund are charges
to customers for services. The principal operating revenues of the hospital facilities fund and the
Kodiak Fisheries Research Center fund are rents from customers. Operating expenses for proprietary
funds include costs of services, administrative expenses, and depreciation on capital assets. All
revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
Revenue From Investments and Property
Amounts earned on investment of available cash balances and the rental of building facilities are
recorded in the period to which they relate, including accrual at year end of the balance due, and
unrealized gains and losses on investments held at fiscal year end.
Land Sales Proceeds and Other Local Revenues
Amounts received pursuant to land sale contracts are recorded on the accrual basis.
Other local revenues are recorded on a basis consistent with their nature in relation to measurement
and availability standards.
(1) Cash Flows
All highly liquid investments, excluding restricted assets, with original maturities of three months or
less are considered cash equivalents for purposes of the statement of cash flows.
(g) Use of Estimates
Preparation of financial statements in accordance with accounting principles generally accepted in
the United States of America requires management to make estimates and assumptions that affect the
amounts reported in these financial statements. Actual results may differ from the estimates.
Significant estimates include the allowance for doubtful accounts, the useful lives of assets and
related accumulated depreciation, and accrued landfill closure and post - closure care costs.
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29 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(2) Stewardship, Compliance, and Accountability
(a) Excess of Expenditures /Expenses Over Appropriations /Budgets
General Fund
The following department expenditures exceeded their appropriations:
Department _
School district support $ 66,266
Building official 1,744
Health and Sanitation 16,853
$ 84,863
Enterprise Funds
The following fund expenses exceeded their budget:
Fund
Municipal Solid Waste Collection and Disposal
911 Services
Hospital Facilities
Special Revenue Funds
The following fund expenses exceeded their budget:
Fund
Coastal Management
L.E.P.C.
Women's Bay Road Service Area
Service District No. 1
Bay View Road Service Area
Women's Bay Fire Department
Kodiak Art Council
Excess
Excess
$ 190,573
11,427
128,125
$ 330,125
Excess
18,999
11,369
51,458
15,477
8,249
80,630
622
$ 186,804
30 (Continued)
1
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(b) Fund Deficits and Accumulated Deficits
The fund deficits and accumulated deficits at June 30, 2004, are as follows:
Capital Project Funds:
School Bond Capital Projects $ 98,083
State Capital Grants 59,845
Management intends to fund the School Bond Capital Projects Fund deficit with future bond
proceeds. Management intends to fund the State Capital Grants Fund deficit in fiscal year 2005
through transfers.
(3) Cash and Investments
(a) Deposits
At June 30, 2004, the carrying amount of the Borough deposits was $1,496,600 and the
corresponding bank balance was $1,752,591. The Federal Deposit Insurance Corporation insures
$100,000 of the Borough's bank balance. Government and Agency Obligations and General
Obligation Bonds of a Municipality collateralize the remaining $1,652,591. Collateral, in the amount
of $12,636,689, is held by State Street Bond & Trust Co., the pledging financial institution's agent,
in the Borough's name.
(b) Investments
Investments are categorized as follows to give an indication of the level of custodial credit risk
assumed: Category 1 includes investments that are insured, or registered or for which the securities
are held by the Borough or its agent in the Borough's name; category 2 includes uninsured and
unregistered investments for which the securities are held by the counter party's trust department or
agent in the Borough's name; category 3 includes uninsured and unregistered investments for which
the securities are held by the counter party, or by its trust department or agent but not in the
Borough's name. The carrying amount of investments approximates fair value. At June 30, 2004, the
Borough's investment balances were categorized as follows:
Carrying
amount
Investments — category 1:
U.S. government securities $ 32,075,338
Investments — not categorized:
Alaska Municipal League
Investment Pool 9,155,557
Total investments $ 41,230,895
The Alaska Municipal League Investment Pool ( AMLIP) is considered to be an external investment
pool as defined by GASB Statement No. 31. AMLIP is not SEC - registered. Alaska Statute 37.23
establishes regulatory oversight of the pool. The law sets forth numerous requirements regarding
authorized investments and reporting. The pool is incorporated in the State of Alaska as a nonprofit
0
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31 (Continued) I
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
corporation and reports to its Board of Directors. Alaska Statute 37.23.050 requires the retention of
an investment manager.
The manager is required to produce monthly disclosure statements to the pool. The pool has also
retained an investment advisor to ensure compliance with investment policies. All participation in
the pool is voluntary. The pool must maintain a dollar - weighted average maturity of 90 days or less,
and only purchase instruments having remaining maturities of 397 days or less. On a monthly basis,
the investments in the pool are reviewed for fair value by an independent pricing service. As of
June 30, 2004 the fair value of the investment in the pool approximates the fair value of the pool
shares.
(c) Total Deposits and Investments
Deposits and investments are reported as follows on the statement of net assets, as of June 30, 2004:
Equity in central treasury
Temporary investments
1,496,600
41,230,895
42,727,495
Total primary government $
(4) Annual Appropriation to the School District
An annual appropriation is made to the School District in order to provide the School District with total
resources in a fiscal year equal in amount to budgeted expenditures.
In addition to the annual appropriation, the Borough provides the School District, without charge, general
liability and property insurance, data processing services, the annual independent audit, mental health
services, and grounds maintenance services.
32 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(5) Capital Assets
Capital asset activity for the year ended June 30, 2004 was as follows:
Beginning
Governmental activities:
Capital assets, not being depreciated:
Land
Construction work -in- progress
Total
Capital assets, being depreciated:
Buildings and improvements
Improvements other than buildings
Equipment
Infrastructure
Total
Less accumulated depreciation for:
Buildings and improvements
Improvements other than buildings
Equipment
Infrastructure
Total
Total capital assets being depreciated
Total governmental activities, net
Ending
Decrease balance
$ 23,022,184 $
165,000 $
— $
23,187,184
3,238,544
309,315
—
3,547,859
26,260,728
474,315
—
26,735,043
90,437,816
141,785
—
90,579,601
3,964,683
—
—
3,964,683
1,737,105
282,663
(17,200)
2,002,568
5,762,722
—
—
5,762,722
101,902,326
424,448
(17,200)
102,309,574
41,168,112
2,308,323
—
43,476,435
1,968,690
300,793
—
2,269,483
1,280,826
237,816
(17,200)
1,501,442
3,346,712
144,068
—
3,490,780
47,764,340
2,991,000
(17,200)
50,738,140
54,137,986
(2,566,552)
—
51,571,434
$ 80,398,714 $
(2,092,237) $
— $
78,306,477
33 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
Business -type activities:
Municipal solid waste collection and disposal
fund Capital assets, not being depreciated:
Land
Construction work -in- process
Total
Capital assets, being depreciated:
Unclassified utility plant in service
Improvements other than buildings
Machinery and equipment
Total
Less accumulated depreciation for:
Unclassified utility plant in service
Improvements other than buildings
Machinery and equipment
Total
Total capital assets being
depreciated, net
Total municipal solid waste collection
and disposal fund, net
Hospital facilities fund
Capital assets, not being depreciated:
Artwork
Land
Construction work -in- process
Total
Capital assets, being depreciated:
Buildings
Improvements other than buildings
Machinery and equipment
Total
Less accumulated depreciation for:
Buildings
Improvements other than buildings
Machinery and equipment
Total
Total hospital facilities fund, net
Beginning Ending
balance Increase Decrease balance
$ 1,651,248
$
-
$
- $
1,651,248
-
22,358
-
22,358
1,651,248
22,358
-
1,673,606
2,178,733
-
-
2,178,733
2,288,438
-
-
2,288,438
1,061,368
215,928
-
1,277,296
5,528,539
215,928
-
5,744,467
716,367
47,120
-
763,487
88,872
128,014
-
216,886
817,980
84,666
-
902,646
1,623,219
259,800
-
1,883,019
3,905,320
(43,872)
-
3,861,448
$ 5,556,568
$
(21,514)
$
- $
5,535,054
$ 16,091
$
-
$
- $
16,091
10,251
-
-
10,251
69,074
9,672
-
78,746
95,416
9,672
-
105,088
27,131,043
-
-
27,131,043
401,046
-
-
401,046
4,807,144
24,817
-
4,831,961
32,339,233
24,817
-
32,364,050
6,495,207
905,346
-
7,400,553
74,485
12,561
-
87,046
3,213,801
343,395
-
3,557,196
9,783,493
1,261,302
-
11,044,795
$ 22,651,156
$
(1,226,813)
$
- $
21,424,343
34 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
35 (Continued)
Beginning
Ending
balance
Increase
Decrease
balance
Kodiak Fisheries Research Center Fund
Capital assets, being depreciated:
Buildings
$ 17,840,410 $
—
$ — $
17,840,410
Improvements other than buildings
1,021,998
—
—
1,021,998
Machinery and equipment
1,157,531
9
—
1,157,540
Total
20,019,939
9
—
20,019,948
Less accumulated depreciation for:
Buildings
2,376,800
594,681
—
2,971,481
Improvements other than buildings
136,267
34,067
—
170,334
Machinery and equipment
458,401
116,511
—
574,912
Total
2,971,468
745,259
—
3,716,727
Total Kodiak Fisheries
Research Center Fund, net
$ 17,048,471 $
(745,250)
$ — $
16,303,221
Beginning
Ending
balance
Increase
Decrease
balance
Total business -type activities:
Capital assets, not being depreciated:
Artwork
$ 16,091 $
—
$ — $
16,091
Land
1,661,499
—
—
1,661,499
Construction work -in- process
69,074
32,030
—
101,104
Total
1,746,664
32,030
—
1,778,694
Capital assets, being depreciated:
Unclassified utility plant in service
2,178,733
—
—
2,178,733
Buildings
44,971,443
—
—
44,971,443
Improvements other than buildings
3,712,421
—
—
3,712,421
Machinery and equipment
7,025,115
240,754
—
7,265,869
Total
57,887,712
240,754
—
58,128,466
Less accumulated depreciation for:
Unclassified utility plant in service
716,367
47,120
—
763,487
Buildings
8,872,007
1,500,027
—
10,372,034
Improvements other than buildings
299,624
174,642
—
474,266
Machinery and equipment
4,490,183
544,572
—
5,034,755
Total
14,378,181
2,266,361
—
16,644,542
Total capital assets
being depreciated, net
43,509,531
(2,025,607)
—
41,483,924
Total business -type
activities, net
$ 45,256,195 $
(1,993,577)
$ — $
43,262,618
35 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
Depreciation expense was charged to the departments and functions of the primary government as follows:
Governmental activities:
General government
School district support
Fire services
Health and sanitation
Emergency preparedness
Total — governmental
activities
Business -type activities:
Municipal solid waste collection and
disposal
Hospital facilities
Kodiak fisheries research center
Total — business -type
activities
Total
$ 497,663
2,398,653
53,634
38,550
2,500
2,991,000
259,800
1,261,302
745,259
2,266,361
$ 5,257,361
Expenditure qualify for capitalization as a capital asset if the total cost is $5,000 or more, the asset will last
longer than one year, and the asset is not consumable. Improvements to an existing asset that increase the
life or value of that asset also qualify for capitalization, and are added to the carrying amount of the
original asset. All capital assets are depreciated over the estimated remaining useful life of the asset on a
straight -line basis.
36 (Continued)
(6) Interfund Receivables, Payables and Transfers
(a) Interfund Receivables and Payables
Interfund receivables and payables at June 30, 2004 consisted of the balances of short -term interfund
loans all of which are expected to be paid within one year. A summary of interfund
receivables and
payables at June 30, 2004, is as follows:
'
Receivable
Payable
General Fund
$ 34,267 $
49,394
'
Facilities Fund
120,312
34,267
Nonmajor governmental funds
585,050
570,568
Major enterprise funds:
Municipal Solid Waste Collection and Disposal Fund
321,420
96,092
'
Hospital Enterprise Fund
96,092
295,000
Kodiak Fisheries Research Center Fund
8,492
120,312
$ 1,165,633 $
1,165,633
36 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(b) Long -Term Interfund Borrowings
In October 1997 the Facilities Special Revenue Fund loaned $8,000,000 to the Kodiak Fisheries
Research Center Enterprise Fund. The loan from the Facilities Special Revenue Fund is accounted
for as a long -term interfund advance, while the liability in the Kodiak Fisheries Research Center
Enterprise Fund is accounted for as a long -term interfund borrowing. The advance bears interest at
7 %, and the scheduled payments for the next five fiscal years ended and thereafter are as follows:
In July 2003, the Facilities Special Revenues Fund loaned $1,600,000 to the Hospital Fund in order
to help fund current operations. The loan from the Facilities Special Revenue Fund is accounted for
as a long -term interfund advance, while the liability in the Hospital Facilities Enterprise Fund is
accounted for as a long -term interfund borrowing. The advance bears interest at 7 %, and the
scheduled payments for the next five fiscal years ended and thereafter are as follows:
Principal Interest
Year ending June 30:
2005
2006
2007
2008
2009
2010 -2014
2015 -2019
2020 -2024
Total
$ 55,670 $
Principal
Interest
Total
Year ending June 30:
116,978
60,259
56,720
2005
$ 275,000 $
471,625 $
746,625
2006
290,000
451,850
741,850
2007
315,000
430,675
745,675
2008
335,000
407,925
742,925
2009
360,000
383,600
743,600
2010 -2014
2,205,000
1,489,245
3,694,245
2015 -2019
3,095,000
570,675
3,665,675
$ 6,875,000 $
4,205,595 $
11,080,595
In July 2003, the Facilities Special Revenues Fund loaned $1,600,000 to the Hospital Fund in order
to help fund current operations. The loan from the Facilities Special Revenue Fund is accounted for
as a long -term interfund advance, while the liability in the Hospital Facilities Enterprise Fund is
accounted for as a long -term interfund borrowing. The advance bears interest at 7 %, and the
scheduled payments for the next five fiscal years ended and thereafter are as follows:
Principal Interest
Year ending June 30:
2005
2006
2007
2008
2009
2010 -2014
2015 -2019
2020 -2024
Total
$ 55,670 $
61,308 $
116,978
57,919
59,059
116,978
60,259
56,720
116,979
62,693
54,285
116,978
65,226
51,752
116,978
367,852
217,039
584,891
448,412
136,482
584,894
428,461
39,452
467,913
$ 1,546,492 $
676,097 $
2,222,589
(c) Transfers
Interfund transfers been made in accordance with budget ordinances.
I
37
(Continued) I
I
A summary of significant transfers are as follows:
• The Hospital Enterprise Fund transferred $394,600 to the debt service fund to pay for debt
service on hospital related debt.
' • The Facilities Special Revenue Fund transferred $268,540 to the Building and Grounds
Special Revenue Fund to pay for building insurance.
' • The Facilities Special Revenue Fund transferred $404,060 to the Debt Service Fund for debt
service on hospital bonds.
• The General Fund transferred $348,620 to the debt service fund to pay for debt service on
general government debt.
• The Hospital Enterprise Fund transferred $650,000 to the Land Sales Fund and $600,000 to
' the General Fund to pay off what was previously borrowed to help find cost of litigation.
• The Facilities Special Revenue Fund transferred $622,384 to the Capital Projects Fund for the
interest earned on sale of Shuyak Island.
' • The Buildings and Grounds Special Revenue Fund transferred $200,000 to the General Fund
to pay off what was previously borrowed for daily operations.
1 38 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(c) Transfers
'
Interfund transfers been in accordance with budget ordinances.
made
Funds are transferred from one fund to support expenditures of other funds in accordance with the
authority established for the individual fund. Transfers between fund types during the year ended
June 30, 2004, were as follows:
Education
Nonmajor
Transfers General
and health
governmental
out fund
fund
funds
Fund Types:
—
General fund $ 399,290 $ $
348,620
$ 50,670
Facility fund 1,294,984 —
404,060
890,924
Education and health fund — —
—
—
Non -mojor governmental
funds 266,780 250,000
—
16,780
Major enterprise fund:
'
Hospital 1,664,560 600,000
394,560
650,000
Total transfers $ 3,625,614 $ 850,000 $
1,147,240
$ 1,608,374
A summary of significant transfers are as follows:
• The Hospital Enterprise Fund transferred $394,600 to the debt service fund to pay for debt
service on hospital related debt.
' • The Facilities Special Revenue Fund transferred $268,540 to the Building and Grounds
Special Revenue Fund to pay for building insurance.
' • The Facilities Special Revenue Fund transferred $404,060 to the Debt Service Fund for debt
service on hospital bonds.
• The General Fund transferred $348,620 to the debt service fund to pay for debt service on
general government debt.
• The Hospital Enterprise Fund transferred $650,000 to the Land Sales Fund and $600,000 to
' the General Fund to pay off what was previously borrowed to help find cost of litigation.
• The Facilities Special Revenue Fund transferred $622,384 to the Capital Projects Fund for the
interest earned on sale of Shuyak Island.
' • The Buildings and Grounds Special Revenue Fund transferred $200,000 to the General Fund
to pay off what was previously borrowed for daily operations.
1 38 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(7) Long Term Debt
(a) General Obligation: Bonds and other debt
The Borough issues general obligation bonds and other debt to provide funds for the acquisition and construction of major capital facilities.
General obligation bonds are direct obligations and pledge the full faith and credit of the Borough. General obligation bonds and other debt
currently outstanding are as follows:
Type of debt
Environmental protection agency
asbestos abatement loan
General obligation
bonds - 1993 Series
General obligation
bonds - 1998 Series
General obligation
bonds - 2000 E Series
General obligation
bonds - 2000 F Series
General Obligation
bonds - 2003 A Series
ADEC loans
Clean water- Karluk
Interest
Princi al aym ents
Rates aces
Issue date
0.0% *
6/20/1985
3.90 -7.00% 8/15-2/15
11/15/1993
3.25-4.30% 8/15-2115
12/22/1998
4.75 -5.0% 8/1 -2/1 12/1212000
6.9 -9.0% 3/12/1 12/12/2000
2.00- 2.625% 8/15-2115 4/9/2003
3.92 -4.05% ** **
$ 14,488,102
* Interest free unless delinquent, the 7% plus fees and penalties.
** These loans represent State of Alaska financial assistance programs. for which no payment schedules will be finalized. or principal payments made, until
until the plans and specifications for the projects funded have been completed. The loans are in the amount of $350,000 and $50,000, and are to be repaid
from general fund revenues of the Borough, and therefore the debt is reported in die General Long -Term Debt Account Group. Interest begins accruing at the
stated rates from the date of each individual disbursement of loan proceeds to the Borough.
39 (Continued)
Princi al aym ents
Maturity dates
Dates
mount
12/31/2004
12/31/2004 $
10,417
2/15/2004
-
2/15/2014
2/15/2005
55,000
2/15/2006
60,000
2115/2007
60,000
2/15/2008
1,150,000
2/15/2009
1,200,000
2/15/2010
1,250,000
2/15/2011
1,305,000
2/15/2012
1,360,000
2/15/2013
1,420,000
2/150-014
1,480,000
9,340,000
2/1/2011
2/1/2005
135,000
2/1/2006
145,000
2/1/2007
150,000
2/1/2008
160,000
2/1/2009
165,000
2/1/2010
175,000
2/1/2011
180,000
1,110,000
211/2011
2/1/2005
105,000
2/1/2006
110,000
2/1/2007
120,000
2/1/2008
130,000
2/1/2009
140,000
2/1/2010
150,000
211/2011
160,000
915,000
8/15/2007
2/15/2005
985,000
2/15/2006
1,005,000
2/15/2007
1,030,000
3,020,000
**
6/1/2005
4,442
6/1/2006
4,553
6/1/2007
4,667
6/1/2008
4,784
6/1/2009
4,903
6/1/2010
5,026
6/112011
5,152
6/1/2012
5,280
6/1/2013
5,412
6/1/2014
5,543
6/1/2015
5,686
6/1/2016
5,829
6/1/2017
5,974
6/1/2018
6.124
6/1/2019
6.277
6/1/2020
6,434
6/1/2021
6.594
$ 14,488,102
* Interest free unless delinquent, the 7% plus fees and penalties.
** These loans represent State of Alaska financial assistance programs. for which no payment schedules will be finalized. or principal payments made, until
until the plans and specifications for the projects funded have been completed. The loans are in the amount of $350,000 and $50,000, and are to be repaid
from general fund revenues of the Borough, and therefore the debt is reported in die General Long -Term Debt Account Group. Interest begins accruing at the
stated rates from the date of each individual disbursement of loan proceeds to the Borough.
39 (Continued)
Authorized
Prior years
Balance at
Retired/ Balance at
iscal year Amount
Issued Retired
July 1, 2003
Issued Refunded June 30, 2004
1985 $ 375,000 $
375,000 $ 343,750
$ 31,250 $
— $ 20,833 $ 10,417
1994 9,215,000
9,215,000 8,315,000
900,000
— 900,000 —
1999 9,740,000 9,740,000 345,000 9,395,000
2001 1,435,000 1,485,000 245,000 1,240,000
2001 1,175,000 1,175,000
2003 3,075,000 3,075,000
175,000 1,010,000
3,075,000
55,000 9,340,000
130,000 1,110,000
95,000 915,000
55,000 3,020,000
1998 400,000 105.273 3.254 97,019 — 4,334 92.685
$ 25,465.000 $ 25.170.273 $ 9.432.004 $ 15.743,269 $ $ 1.260,167 $ 14.483,102
40 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
The annual requirements to amortize all general obligation bonded debt and the EPA and ADEC
loans payable outstanding as of June 30, 2004, are as follows:
The amount of $33,915 is available in the Debt Service Funds to service all general obligation bonds.
There are a number of limitations and restrictions contained in the various bond indentures. The
Borough is in compliance with all significant limitations and restrictions.
(b) Capital Lease Obligations
The Hospital Enterprise Fund leases various equipment under a long -term lease agreement at the
nominal annual interest rate of 5.86 %. The initial cost of such equipment included in fixed assets at
June 30, 2004, is approximately $1,449,000. Accumulated amortization on the leased equipment is
approximately $751,000 at June 30, 2004.
The minimum required lease payments under the capital leases for the next three fiscal years ended
are as follows:
Year ending June 30:
2005 $ 194,446
Less amount representing interest (8,476)
$ 185,970
(c) Note Payable
As of June' 0, 2004, the Borough had the following note payable outstanding in the Enterprise
Funds:
Note payable to Alaska Department of Environmental Conservation
(ADEC), to be paid within 20 years at 3.8% interest, terms to be
negotiated with the first loan payment due one year following
substantial completion and initiation of operation of the facility $ 1,262,123
41 (Continued)
General
EPA Loans
ADEC
obligation
payable
loan payable
Interest
Total
Year ending June 30:
2005
$ 1,280,000
$ 10,417 $
4,442 $
595,705 $
1,294,859
2006
1,320,000
—
4,553
558,514
1,324,553
2007
1,360,000
—
4,667
516,398
1,364,667
2008
1,440,000
—
4,784
471,131
1,444,784
2009
1,505,000
—
4,903
404,461
1,509,903
2010 -2014
7,480,000
—
26,418
971,519
7,506,418
2015 -2019
—
—
29,890
3,907
29,890
2020 -2022
—
—
13,028
491
13,028
$ 14,385,000
$ 10,417 $
92,685 $
3,522,126 $
14,488,102
The amount of $33,915 is available in the Debt Service Funds to service all general obligation bonds.
There are a number of limitations and restrictions contained in the various bond indentures. The
Borough is in compliance with all significant limitations and restrictions.
(b) Capital Lease Obligations
The Hospital Enterprise Fund leases various equipment under a long -term lease agreement at the
nominal annual interest rate of 5.86 %. The initial cost of such equipment included in fixed assets at
June 30, 2004, is approximately $1,449,000. Accumulated amortization on the leased equipment is
approximately $751,000 at June 30, 2004.
The minimum required lease payments under the capital leases for the next three fiscal years ended
are as follows:
Year ending June 30:
2005 $ 194,446
Less amount representing interest (8,476)
$ 185,970
(c) Note Payable
As of June' 0, 2004, the Borough had the following note payable outstanding in the Enterprise
Funds:
Note payable to Alaska Department of Environmental Conservation
(ADEC), to be paid within 20 years at 3.8% interest, terms to be
negotiated with the first loan payment due one year following
substantial completion and initiation of operation of the facility $ 1,262,123
41 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(d) Solid Waste Landfill Closure and Postclosure Care Costs
State and federal laws and regulations require that the Kodiak Island Borough place a final cover on
its landfill when closed and perform certain maintenance for a number of years after closure. In
addition to operating expenses related to current activities of the landfill, an expense provision and
related liability are recognized based on the future closure and postclosure care costs that will be
incurred based on the date the landfill no longer accepts waste. The recognition of these landfill
closure and postclosure care costs is based on the amount of the landfill used during the year. The
estimated liability of landfill closure and postclosure care costs is $2,758,433 as of June 30, 2004,
which is based on 77% usage (filled) of the landfill. The landfill is estimated to be filled and
unusable by the year 2020. Of the total liability at June 30, 2004, an increase of $246,929 was
recorded in the current year based on current year usage and changes in estimates. An estimated
additional $823,948 will be recognized as closure and postclosure care expenses between the date of
the balance sheet and the date the landfill is expected to be filled to capacity. The estimated total
current cost of the landfill closure and postclosure care of $3,582,381 is based on the amount that
would be paid if the landfill were closed as of June 30, 2004. However, the actual cost of closure and
postclosure care may be higher due to inflation, changes in technology, or changes in landfill laws
and regulations.
The Kodiak Island Borough is required by state and federal laws and regulations to make annual
I contributions to finance closure and postclosure care. The Kodiak Island Borough complies with
these requirements by annually recording the liability based on the estimates provided by the Kodiak
Island Borough's Engineering/Facilities Director. It is anticipated that future inflation costs and
additional costs that might arise from changes in postclosure requirements, due to changes in
technology or more rigorous environmental regulations, for example, will be financed primarily by
charges to future landfill users and secondarily by taxpayers.
42 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(e) Changes in Long -Term Liabilities
Long -term liability activity for the year ended June 30, 2004, was as follows:
$
3,752,758
$ 267,798
Balance
$ 4,020,556
Balance
-
Hospital facilities
June 30,
June 30,
Due within
2003
Additions Reductions
2004
one year
Governmental activities:
General Obligation Bonds $
15,620,000 $
- $ 1,235,000 $
14,385,000 $
1,280,000
ADEC loans
97,019
- 4,334
92,685
4,442
EPA loan payable
31,250
- 20,833
10,417
10,417
Total
185,970
Total hospital
governmental
activities $
15,748,269 $
- $ 1,260,167 $
14,488,102 $
1,294,859
Business -type activities:
Municipal solid waste
collection and disposal
Landfill closure and post -
closure care costs $
Notes payable
Total municipal
solid waste
collection and
2,511,504 $ 246,929 $ - $ 2,758,433 $ -
1,241,254 20,869 - 1,262,123 -
disposal
$
3,752,758
$ 267,798
$ -
$ 4,020,556
$
-
Hospital facilities
Long term interfund
borrowings
$
-
$ 1,600,000
$ 53,508
$ 1,546,492
$
55,670
Capital leases
502,358
-
316,388
185,970
185,970
Total hospital
facilities
$
502,358
$ 1,600,000
$ 369,896
$ 1,732,462
$
241,640
Kodiak Fisheries Research
Center
Long term interfund
borrowings
$
7,130,000
$ -
$ 255,000
$ 6,875,000
$
275,000
Business -type activities:
Capital leases
$
502,358
$ -
$ 316,388
$ 185,970
$
185,970
Landfill closure and post -
closure care costs
2,511,504
246,929
-
2,758,433
-
Long term interfund
borrowings
7,130,000
1,600,000
308,508
8,421,492
330,670
Notes payable
1,241,254
20,869
-
1,262,123
-
Total business -
type activities
$
11,385,116
$ 1,867,798
$ 624,896
$ 12,628,018
$
516,640
43 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
(8) Insurance and Risk Retention
The Kodiak Island Borough is exposed to numerous risks of loss associated with the operations of a
government. These potential losses include, but are not limited to, employee relations and injuries,
contracts, theft, loss or damage of property and general liability. The Borough manages its risks from these
potential losses by participating in the Alaska Municipal League Joint Insurance Association, as well as
purchasing commercial insurance coverage. This insurance has provided the Borough with adequate
coverage in the past. There were no significant changes in insurance coverage obtained and there were no
claims or settlements that exceeded insurance coverage in any of the past three fiscal years.
The Borough is a member in good standing of the Alaska Municipal League Joint Insurance Association
(JIA), a governmental insurance pool established by the Alaska Municipal League. Claims are covered on
an occurrence basis. JIA provides risk management services, appraisal services and there is also a separate
pool for policy liability. The Kodiak Island Borough Finance Director is a member of the Board of
Directors of the JIA.
The responsibilities of both JIA and the participants are as follows:
Responsibilities of JIA
JIA shall perform the following instructions in discharging its responsibilities:
• Provide insurance coverage as necessary for property, including building and contents, automobile,
mobile equipment and data processing equipment, casualty, including general liability, public
officials' and employees' liability, auto liability and employee benefit liability; workers'
compensation, including employers' liability; commercial blanket bond; and time element.
• Assist each participant's assigned risk manager with the implementation of that function.
• Provide loss prevention and safety and consulting services to participants as required.
• Provide claims adjusting and subrogation services for claims covered by the association's joint
insurance arrangement.
Responsibilities of the Participants
The Participants shall have the following responsibilities:
• The Borou Assembly or appointing official of each participant shall appoint a representative as
provided in Article 5, Section 2 of the bylaws and at least one alternate representative to attend
member meetings.
• Each participant shall appoint an employee of the participant to be responsible for the risk
management function within that entity and to serve as a liaison between the participant and JIA
with respect to risk management.
• Each participant shall maintain an active safety officer and /or committee, and shall comply with all
recommendations of JIA concerning the development and implementation of a loss control policy to
prevent unsafe practices.
4 4 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
Each participant shall maintain its own set of records as a loss log, in all categories of loss to insure
accuracy of JIA's loss reporting system.
(9)
Rental Revenues
(a) Hospital Facilities Enterprise Fund
The Kodiak Island Borough Assembly leases the Kodiak Island Hospital and Care Center premise and
equipment to Sisters of Providence d.b.a. Providence Alaska Medical Center who assumed responsibility
for the hospital's operations as of April 21, 1997. The lease agreement is effective for a term of ten years
from that date and contains provisions for an additional ten -year option. The lease is cancelable by either
party with a one year notice. The hospital fixed assets, the lease income, and all other costs relating to the
agreement are accounted for by the Borough in the Hospital Enterprise Fund.
The agreement with Providence specifies that the Borough shall provide at least $150,000 per year for the
purchase of new and replacement equipment for the hospital. The Borough is also required to fund any
major maintenance and repairs projects exceeding $10,000 in cost. Additionally, the Borough receives
$60,000 per month and 50% of the net revenues of the hospital, up to $600,000, in rental revenues. In
August 2003, the lease was amended that required Providence to pay an additional lease payment of
$1,300,000 in 2004. Prior to the commencement of each subsequent lease year, both parties will negotiate
the additional lease payment for the following year. The negotiated lease payment is equal to the payment
that the Borough makes as a contribution to the State of Alaska Medicaid program.
Should the Borough wish to terminate the lease agreement without cause, the Borough would be required
to refund a $2,000,000 down payment made on the lease in proportion to the number of years remaining on
the ten -year term of the lease, at the rate of $200,000 per year for each remaining year. For accounting
purposes such payment would be considered to be a penalty for the early termination of the lease.
(b) Kodiak Fisheries Research Center
The Kodiak Fisheries Research Center (KFRC) leases its premise to the General Services Administration
(GSA), the GSA on behalf of Department of Commerce, National Oceanic and Atmospheric
Administration (NOAA), and the University of Alaska Fairbanks (UAF).
The lease with the GSA is from March 1, 2003, through September 30, 2018, cancelable with 120 days
notice. Annual rent varies from $30,000 in 2005 to $$41,000 in 2018.
The lease with NOAA is from October 1, 1998 through September 30, 2018, with an option to extend for
up to four additional five year periods. Annual rent is $744,054 plus operational and maintenance expenses
of $699,076. Operational and maintenance expenses are adjusted every five years to actual costs.
The lease with UAF is from October 1, 1998 through September 30, 2018, cancelable with 30 days notice,
with an option to extend for up to two additional five year periods. Annual rent varies form $90,000 in
2006 to $143,601 in 2018.
45
(Continued)
1
(10) Retirement Commitments
I
(a) PERS
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
' The Alaska Public Employees' Retirement System (PERS), covers most of the employees not
covered by TRS and all Borough employees. Each plan issues a publicly available financial report
that includes financial statements and required supplementary information. Those reports may be
obtained from the State of Alaska, Department of Administration, Division of Retirement Benefits,
P.O. Box 11 -0203, Juneau, Alaska 99811 -0203.
Plan Description: All regular employees of the Borough who work more than fifteen hours per week
participate in PERS. PERS is an agent multiple- employer, statewide defined benefit plan,
administered by the State of Alaska. Benefit and contribution provisions are established by
Chapter 35 of Alaska Statute Title 39, and may be amended only by state legislature. Employees
hired prior to July 1, 1986 with five or more years of credited service are entitled to annual pension
' benefits beginning at normal retirement age 55 or early retirement age 50. For employees hired after
June 30, 1986, the normal and early retirement ages are 60 and 55, respectively. The normal pension
benefit is equal to 2% of the member's three highest average monthly compensation for the first ten
' years of service, 2 -1/4% for the second ten years of service and 2 -1/2% for all remaining years of
service. All service earned prior to July 1, 1986 will be calculated using the 2% multiplier.
Employees with 30 or more years of credited service (20 years for firefighters) may retire at any age
' and receive a normal benefit. The system also provides death and disability benefits and
postemployment healthcare benefits.
' Funding Policy: Under State law, covered employees are required to contribute 6.75% (7.5% for
firefighters) of their annual covered salary and the Borough is required to contribute an actuarially
determined rate — the current rate is 0% of annual covered payroll.
' Annual Pension Cost: For the years ended June 30, 2004, the Borough's annual pension cost was
$58 for PERS, which was equal to the required and actual contribution. Significant actuarial
assumptions used in the valuation include: (a) a rate of return on the investment of present and future
assets of 8.25% per year compounded annually and (b) projected salary increases of 5.5% a year for
the first ten years of employment (first 5 years of employment for firefighters) and 4% per year
thereafter, with distinction made between amounts for inflation 3.5 %, merit for the first ten years
1 (first five years for firefighters) 1.5 %, and productivity .5 %. The actuarial value of PERS assets was
determined using techniques that smooth the effects of short-term volatility in the fair value of
investments over a five year period. The contribution rate for normal cost is determined using the
' projected unit credit actuarial funding method. The excess of assets over the actuarial accrued
liability is amortized over a rolling 25 years, which is an open amortization period. The percentage
of pay method is used for amortization purposes.
46 (Continued)
KODIAK ISLAND BOROUGH
Notes to Financial Statements
June 30, 2004
Three -year trend information for PERS
Year ended
Annual
pension cost
(APC)
$ 61,962
1,748
58
Percentage of
APC
contributed
100% $
100%
100%
Net pension
obligation
6/30/2002
6/30/2003
6/30/2004
Postemployment Healthcare Benefits: Postemployment medical and dental benefits are provided
without cost to all employees first hired before July 1, 1986, and employees who are disabled or age
sixty -five or older, regardless of initial hire dates. Employees first hired after June 30, 1986, with
five years of credited service (or ten years of credited service for those first hired after July 1, 1996)
may receive postemployment healthcare benefits prior to age sixty by paying the full monthly
premium, and by paying half of the monthly premium if they are between the ages of sixty and
sixty -five.
The actuarially required and acti,10(contributions for postemployment healthcare benefits for the year
ended June 30, 2004 was $39. The amount of net assets available for postemployment healthcare
benefits, the actuarial accrued liability, and unfunded actuarial accrued liability are $5,816,000,
$7,466,000 and $1,650,000, respectively.
(b) Deferred Compensation Plan
The Kodiak Island Borough has a deferred compensation plan created and amended in accordance
with Internal Revenue Code Section 457. The plan is available to all regular Borough employees.
The deferred compensation is not available to employees until termination, retirement, death, or
unforeseeable emergency.
All amounts deferred under this plan are held in a trust that was established for the exclusive benefit
of plan participants. Amounts contributed to the plan by participants during the year ended June 30,
2004, was $111,449.
The plan is managed by the International City Managers Association Retirement Corporation. The
Borough believes that the plan does not meet the criteria in NCGA Statement No. 1, Governmental
Accounting and Reporting Principles, for inclusion as a fiduciary fund.
(11) Contingencies
(a) General
The Borough, in the normal course of its activities, is involved in various claims and pending
litigation. After consultation with legal counsel, management estimates that these matters will be
resolved without material adverse effect on the Borough's future financial position or results of
operations.
47 (Continued)
KODIAK ISLAND BOROUGH
1 Notes to Financial Statements
June 30, 2004
(b) Grants
1 Amounts received or receivable from grantor agencies are subject to audit and adjustment by the
grantor agencies. Any disallowed claims, including amounts already collected, would become a
liability of the General or other applicable funds. In management's opinion, disallowances, if any,
will not be material.
(c) Litigation
1 The Borough is a member of a mandatory class action lawsuit which resulted in a verdict against
Exxon Corporation in August 1994 in the amount of $5 billion for punitive damages and was later
reduced to $4.5 billion. The matter is now on appeal to the Ninth Circuit Court of Appeals. The share
of the settlement, if any, has not been recognized in the financial statements as the settlement is in
the appeals process. The ultimate outcome of the matter and the amount to be realized by the
Borough upon final settlement is indeterminable at this time.
(12) Subsequent Events
Sale of General Obligation Bonds
In July 2004, the Borough issued $9,300,000 of general obligation bonds to finance various school
capital improvements and to develop an earthquake evacuation plan. The bonds have an optional
redemption for those maturing after July 1, 2014. In December 2004, the Borough issued $11,050,000 of
general obligation bonds to finance various school capital improvements. The bonds have an optional
redemption for those maturing after November 1, 2014. These bonds mature as follows:
M.
Series 2004A
Series 2004A
Principal
Interest
Principal
Interest
amount
rate
amount
rate
Year ending June 30:
2006
$ 490,000
5.00% $
180,000
3.00%
2007
310,000
5.00%
410,000
3.00%
2008
325,000
4.25%
420,000
3.00%
2009
340,000
4.25%
435,000
3.00%
2010
350,000
4.25 %
445,000
3.00%
2011
365,000
4.25%
460,000
3.50%
2012
385,000
4.25%
475,000
3.50%
2013
400,000
4.25%
490,000
3.50%
2014
415,000
4.00%
510,000
4.00%
2015
435,000
4.00%
530,000
4.00%
2016
450,000
4.00%
550,000
4.00%
2017
470,000
4.10%
570,000
4.00%
2018
485,000
4.25%
595,000
4.00%
2019
510,000
4.30%
620,000
4.50%
2020
530,000
4.40%
650,000
4.50%
2021
555,000
4.50%
675,000
4.50%
2022
580,000
4.50%
705,000
4.50%
2023
605,000
4.63%
740,000
5.00 %a
2024
635,000
4.75%
775,000
5.00%
2025
665.000
4.80
815,000
5.00%
$ 9.300
$
11,050,000
M.
1
REQUIRED SUPPLEMENTARY INFORMATION
1
t
KODIAK ISLAND BOROUGH
Required Supplementary Information
Schedule of Funding Progress — PERS
June 30, 2004
Three -year historical trend information presenting the Borough's progress in accumulating sufficient assets to
pay pension benefits under the PERS when due is presented as follows (dollar amounts in thousands):
49
Unfunded
AAL
UAAL/FE
Actuarial
(UAAL)
as a
Actuarial
accrued
Funding
percentage
Actuarial
value of
liability
excess
Funded
Covered
of covered
valuation
assets
(AAL)
(FE)
ratio
payroll
payroll
date
(a)
(b)
(a -b)
(alb)
(c)
((a -b) /c)
6/30/2001
$ 11,377 $
9,967 $
1,410
114% $
1,692
83%
6/30/2002
9,032
10,981
(1.949)
82%
2,011
(97 %)
6/30/2003
8.701
11,170
(2,469)
78%
1,712
(144 %)
49
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
50
Variance with
final budget -
Budget
positive
2003
Original
Final
Actual
(negative)
Actual
Revenues:
Property taxes:
Real
$ 6,102,180 $
6,102,180 $
6,076,102
$ (26,078) $
5,929,999
Personal
1,026,210
1,026,210
981,285
(44,925)
1,063,617
Motor vehicle
190,000
190,000
165,148
(24,852)
193,799
Boat
8,520
8,520
7,275
(1,245)
7,979
Penalty and interest
150,000
150,000
135,823
(14,177)
131,054
Total property taxes
7,476,910
7,476,910
7,365,633
(111,277)
7,326,448
Severance taxes:
Fish
780,000
780,000
746,118
(33,882)
639,487
Mining
6,000
6,000
6,822
822
4,988
Logging
50,000
50,000
46,753
(3,247)
57,590
Total severance taxes
836,000
836,000
799,693
(36,307)
702,065
Intergovernmental:
State sources:
State shared revenue
55,850
-
-
-
111,700
Municipal assistance
64,260
-
-
-
128,514
Tax Payer Relief
-
146,320
146,321
1
-
Raw fish tax
850,000
623,595
649,927
26,332
840,768
Fish revitalization
-
-
-
-
362,963
Liquor license
-
-
-
-
9,250
Electric Co -op tax
14,000
14,000
26,337
12,337
26,202
Total state sources
984,110
783,915
822.585
38,670
1,479,397
Federal sources:
Payments in lieu of taxes
703,121
703,121
808,739
105,618
809,932
Miscellaneous
420,000
420,000
379,107
(40,893)
394,131
Total federal sources
1,123,121
1,123,121
1,187,846
64,725
1.204.063
Total intergovernmental
revenue
2,107,231
1,907,036
2,010,431
103,395
2.683,460
Licenses, permits, fees, and other local
revenues:
Building and trailer permits
68,000
68,000
91,227
23,227
88,646
Subdivision and zoning fees
8,500
8,500
13,565
5,065
9,140
Sale of copies
26,600
26,600
18,298
(8,302)
18,636
Miscellaneous
38,000
38,000
64,808
26,808
37,305
Total licenses, permits, fees,
and other local revenues
141,100
141,100
187,898
46,798
153,727
Investment income
127,570
127,570
105,812
(21,758)
171,532
Total revenues
10,688,811
10,488,616
10,469,467
(19,149)
11,037,232
50
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
General Fund
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
See accompanying notes to the financial statements.
51
Variance with
final budget -
Budget
positive
2003
Original
Final
Actual
(negative)
Actual
Expenditures:
Borough assembly
$ 158,210 $
158,210 S
137,850
S 20,360 $
150,045
Borough manager
218,870
218,870
194,938
23,932
187,473
Borough clerk
292,968
292,968
292,203
765
279,181
Borough attorney
188,200
188,200
89,685
98,515
2,519,766
Finance department
520,700
520,700
409,523
111,177
419,077
Assessing department
304,360
304,360
209,134
95,226
219,789
Engineering/facilities department
72,080
72,080
63,755
8,325
86,790
Community development department
431,910
454,290
375,391
78,899
320,853
Building official
131,730
131,730
133,474
(1,744)
140,252
Economic development
124,100
124,100
53,652
70,448
58,245
General and administration
279,272
279,272
250,590
28,682
217,121
Emergency preparedness
5,500
5,500
5,129
371
2,369
School District support
7,655,440
7,655,440
7,721,706
(66,266)
7,251,840
Health and sanitation department
268,389
240,184
257,037
(16,853)
286,095
Education, culture, and recreation
135,282
163,487
163,487
-
152,282
Management information systems
352,510
352,510
257,239
95,271
300,303
Total expenditures
11,139,521
11,161,901
10,614,793
547,108
12,591,481
Excess of revenues over expenditures
(450,710)
(673,285)
(145,326)
527,959
(1,554,249)
Other financing sources (uses):
Transfers in from other funds
850,000
850,000
850,000
-
1,000,000
Transfers to other funds
(399,290)
(399,290)
(399,290)
-
(480,476)
Total financing uses
450,710
450,710
450,710
-
519,524
Excess of revenues and transfers in
over expenditures and
transfers out
$ - $
(222,575)
305,384
$ 527,959
(1,034,725)
Fund balances, at beginning of year
1,804,112
2.838,837
Fund balances, at end of the year
$
2,109,496
$
1,804,112
See accompanying notes to the financial statements.
51
KODIAK ISLAND BOROUGH
Budgetary Comparison Schedule
Special Revenue Fund — Facilities
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Land sale proceeds:
Proceeds from the sale of Shuyak Island
Investment income
Total revenues
Expenditures:
Support goods and services
Total expenditures
Excess of revenues over expenses
Other financing sources (uses):
Transfers from (to) other funds:
Capital projects — state grants
Buildings and grounds
Debt service funds
Net other financing uses
Excess (deficiency) of revenues
over expenditures and other financing uses
Fund balances, at beginning of year
Fund balances, at end of year
See accompanying notes to required supplementary information
Variance with
final budget —
Budget positive 2003
Original Final Actual (negative) Actual
$ — $ — $ — $ — $ 11,805,734
1,100,000 1,294,984 723,910 (571,074) 1,160,335
1,100,000 1,294,984 723,910 (571,074) 12,966,069
195,940 — — — —
195,940 — — — —
904,060 1,294,984 723,910 (571,074) 12,966,069
(622,384) (622,384) — (53,917)
(500,000) (268,540) (268,540) — (622,560)
(404,060) (404,060) (404,060) — (462,670)
(904,060) (1,294,984) (1,294,984) — (1,139,147)
$ — $ — (571,074) $ (571,074) 11,826,922
38,115,583 26,288,661
$ 37,544,509 $ 38,115,583
52
I
I I
KODIAK ISLAND BOROUGH
Notes to Required Supplementary Information — Budgetary Comparison Schedules
June 30, 2004
ri
The Borough follows these procedures in establishing the budgetary data reflected in the combined
financial statements:
• The Borough Manager must submit to the Borough Assembly by April 30 a proposed
operating budget for the fiscal year commencing the following July 1. The operating budget
includes proposed expenditures and the means of financing them.
• Public hearings are conducted by the Borough Assembly to obtain citizen comments.
' • By June 10, the budget is legally enacted through passage of an ordinance by Borough
Assembly action. If the Borough Assembly fails to pass an ordinance, the budget submitted by
' the Borough Manager becomes the adopted budget.
• Amendments to the budget can occur anytime during the fiscal year through the Borough
Assembly or administrative action. Generally, the following actions are required at the level of
the particular change:
All new appropriations are authorized by an appropriation ordinance that amends the
annual budget ordinance.
A resolution of the Borough Assembly is required to move (appropriate) amounts
between departments and projects.
The administration is authorized and directed by the Borough Assembly to effect the
necessary line item changes within the limits established by Items (1) and (2) above by
project or department to properly monitor, account, and report receipts and expenditures.
• Expenditures may not legally exceed appropriations at the following levels: Capital Projects
Funds — project level, all other funds — department level.
• All funds, except Capital Projects Funds, are budgeted on an annual basis encompassing a
fiscal year. Budgets of Capital Projects Funds generally encompass the period from start -up to
project completion, which is generally greater than one year.
• Appropriations lapse at year end to the extent that they have not been expended for all funds,
except Capital Projects Funds, which lapse at project completion.
• Budgets adopted by the Borough Assembly are in accordance with accounting principles
generally accepted in the United States of America.
• The Borough publishes a separate 2004 budget document. That document may may be obtained
from the Kodiak Island Borough, Director of Finance, 710 Mill Bay Road, Kodiak, Alaska
99615.
53
KODIAK ISLAND BOROUGH
Statement of Revenues, Expenditures and Changes in Fund Balance
Special Revenue Fund — Education and Health
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Intergovernmental:
State sources
Investment income
Other
Total revenues
Expenditures:
General government
Debt service:
Principal
Interest
Bond issuance costs
Total expenditures
Excess of revenues over expenses
Other financing sources (uses):
Refunding bonds issued
Payment to refunded bond escrow agent
Transfers in
Transfers out
Net other financing uses
Excess (deficiency) of revenues
over expenditures and other financing uses
Fund balances, at beginning of year
Fund balances, at end of year
54
Variance
positive
2003
Budget
Actual
(negative)
Actual
$ 717,850 $
798,412 $
80,562
$ 800,012
4,000
—
(4,000)
43,514
—
720
720
58,645
721,850
799,132
77,282
902,171
22,400
26,123
3,723
22,232
1,260,180
1,260,167
(13)
1,145,061
613,280
644,046
30,766
783,524
—
—
—
43,509
1,895,860
1,930,336
34,476
1,994,326
(1,174,010)
(1,131,204)
42,806
(1,092,155)
—
—
—
3,075,000
—
—
—
(3,068,781)
1,147,240
1,147,240
—
1,005,750
—
—
—
(350,000)
1,147,240
1,147,240
—
661,969
$ (26,770)
16,036 $
42,806
(430,186)
17,879
448,065
$
33,915
$ 17,879
54
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue
See special revenue section of the report.
Debt Service
See debt service section of the report.
Capital Projects
See capital projects section of the report
DRAFT 3/8/2005 12:14 PM
Assets
Equity in central treasury
Temporary investments
Receivables:
State of Alaska
Federal Government
Land sales contracts, due within one year
Property taxes
Other
Due from other funds
Land sale contracts, due after one year
Total
Liabilities and Fund Balances
Liabilities:
Accounts payable
Retainages payable
Employee benefits accrued and withheld
Customer deposits
Deferred revenues
Due to other funds
Total liabilities
Fund Balances:
Unreserved:
Designated for self - insurance
Designated for subsequent year expenditures
Undesignated
Total fund balances
Totals
KODIAK ISLAND BOROUGH
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2004
(With summarized financial information at June 30, 2003)
Special
Debt
Capital
Totals
revenue
service
projects
2004
2003
$ 586,255
$
158,409 $
210,341
$
955,005
$
1,246,788
1,994,400
-
551,392
2,545,792
1,041,415
55,101
-
284,707
339,808
193,294
-
-
6,750
6,750
388,413
8,000
-
-
8,000
7,000
17,829
-
-
17,829
17,239
619,634
-
-
619,634
-
313,060
-
271,990
585,050
966,130
42,056
-
-
42,056
47,325
$ 3,636,335
$
158,409 $
1,325,180
$
5,119,924
$
3,907,604
$ 65,430
$
- $
335,939
$
401,369
$
326,891
-
-
22,270
22,270
45,860
156
-
-
156
156
678
-
-
678
678
659,782
-
-
659,782
54,325
239,800
-
330,768
570,568
406,329
965,846
-
688,977
1,654,823
834,239
-
-
-
-
100,000
256,860
-
-
256,860
334,950
2,413,629
158,409
636,203
3,208,241
2,638,415
2,670,489
158,409
636,203
3,465,101
3,073,365
$ 3,636,335
$
158,409 $
1,325,180
$
5,119,924
S
3,907,604
55
DRAFT 3/8/2005 12:14 PM
KODIAK ISLAND BOROUGH
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
Nonmajor Governmental Funds
Year Ended June 30, 2004
(With summarized financial information for year ended June 30, 2003)
Revenues:
Property taxes
State sources
Federal sources
Land sale proceeds
Licenses, permits, fees,
and other local revenues
Investment income
Other
Total revenues
Expenditures:
Maintenance and operations
Health and sanitation department
Fire services
Service district maintenance
Community and economic development
Education, culture and recreation
Emergency preparedness
Fern Fuller trust
Capital and improvement
Schools
General
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Transfers in from other funds
Transfers out to other funds
Net other financing sources (uses)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses
Fund balances at beginning of year
Fund balances at end of year
Special
Debt
Capital
Totals
revenue
service
projects
2004
2003
$ 650,690 $
- $
- $
650,690 $
663,185
156,098
-
344,325
500,423
1,235,121
12,445
-
45,046
57,491
28,650
9,206
-
-
9,206
46,130
552,850
-
24,165
577,015
386,882
31,601
-
4,820
36,421
242,890
222,117
-
-
222,117
1,481
1,635,007
-
418.356
2,053,363
2,604,339
567,094
-
-
567,094
606,724
74,847
-
-
74,847
498,635
864,703
-
-
864,703
260,120
425,712
-
425,712
190,058
160,720
-
160,720
123,607
54,272
-
-
54,272
53,584
43,626
-
-
43,626
20,000
24,500
-
-
24,500
-
-
-
131,324
131,324
372,122
-
-
656,423
656,423
656,083
2,215,474
-
787,747
3,003,221
2,780,933
(580,467)
-
(369,391)
(949,858)
(176,594)
985,990
-
622,384
1,608,374
909,894
(266,780)
-
-
(266,780)
(721,681)
719,210
-
622,384
1,341,594
188,213
138,743
-
252,993
391,736
11,619
2,531,746
158,409
383,210
3,073.365
3,061,746
$ 2,670,489 $
158,409 $
636,203 $
3,465,101 $
3,073,365
56
NONMAJOR SPECIAL REVENUE FUNDS
The Fire Protection Area No. 1 Fund accounts for the activities related to fire
suppression and fire prevention services to the citizens of the service area.
The Womens Bay Fire Department Fund accounts for the activities related to
fire suppression and fire prevention services to the citizens of the service area.
The Kodiak Airport Fire District Fund accounts for the activities related to
fire suppression and fire prevention services to the citizens of the service area.
The Monashka Bay Road Service Area Fund accounts for the activities
related to road services within the service area.
The Service District No.1 Fund accounts for the activities related to
maintenance service to roads within the district, including snow removal,
ditching and grading.
The Womens Bay Service Area Fund accounts for the activities related to
maintenance service to roads within the service area, including snow and ice
removal, ditching and culvert work.
The Bay View Road Service Area Fund accounts for the activities related to
road services within the service area.
The Service Area No. 2 Fund accounts for the activities related to water and
sewer services in the service area. This fund is in the design stage at present.
The Coastal Management Fund accounts for State of Alaska and Federal
grants related to the effects of coastal energy development impacts.
Expenditures of these grants are for comprehensive plans, coastal sensitivity
analysis, outer continental shelf impact analysis, ordinance update, and planning
and zoning.
The Childcare Assistance Fund accounts for a State of Alaska grant to finance
day care for children of low- income employed families.
'J
P
1
THIS PAGE INTENTIONALLY LEFT BLANK
1
,
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet
,
June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Fire and Road Service Areas
Fire
Road
Fire Womens
Kodiak
Monashka
Protection Bay Fire
Airport Fire
Bay Road
Service
,
Assets
Area No. 1 Department
District
Service Area
District No.1
r
Equity in central treasury
$
2,041 $ 51,743 $
27,994
$ 61,379
$
4,228
Temporary investments
994,400 -
-
-
-
Receivables:
State of Alaska
- 3,995
-
-
-
Federal Government
- -
-
-
-
Land sales contracts, due within one year
- -
-
-
-
Property taxes
6,141 2,947
1,566
351
3,077
Other
Due from other funds
3,268 87
-
-
295,062
Land sale contracts, due after one year
- -
-
-
-
Total
$
1,005,850 $ 58,772 $
29,560
$ 61,730
$
302,367
,
Liabilities and Fund Balances
Liabilities:
Accounts payable
$
15,653 $ 4,130 $
-
$ -
$
7,424
Employee benefits accrued and withheld
- -
-
-
-
Customer deposits
- 500
-
-
-
Deferred revenues
- -
-
-
Due to other funds
180,000 -
-
-
-
Total liabilities
195,653 4,630
-
-
7,424
'
Fund Balances:
Unreserved (deficits):
Designated for self- insurance
Designated for subsequent year expenditures
- -
147,960 10,000
-
-
-
21,900
-
47,900
,
Undesignated
662,237 44,142
29,560
39,830
247,043
Total fund balances
810,197 54,142
29,560
61,730
294,943
Totals
$
1,005,850 $ 58,772 $
29,560
$ 61,730
$
302,367
'
1
1�
1
57
(Continued)
Fire and Road Service Areas
58 (Continued)
Road
Federal and State grant programs
Child care
Womens Bay
Bay View Road
Service Area
Coastal
assistance
Welfare to
Service Area
Service Area
No. 2
management
program
work program
L.E.P.C.
Land sales
$ 175,413
$ 409
$ 4,072
$
345
$ 67
$
79
$ 1,353
$ 15,819
-
-
-
-
-
-
-
700,000
-
-
-
29,145
11,062
1,721
9,178
-
-
-
-
-
-
-
-
8,000
3,662
85
-
-
-
-
-
-
87
-
-
-
3,233
-
-
-
-
-
-
-
-
-
-
42,056
$ 179,162
$ 494
$ 4,072
$
29,490
$ 14,362
$
1,800
$ 10,531
$ 765,875
$ 10,568
$ 1,600
$ -
$
4,490
$ 24
$
-
$ 1,220
$ 1,538
-
-
-
-
-
-
-
50,056
-
1,000
-
25,000
6,000
1,800
15,000
-
10,568
2.600
-
29,490
6,024
1.800
16,220
51,594
600
-
-
-
-
-
-
-
167,994
(2,106)
4.072
-
8,338
-
(5,689)
714,281
168,594
(2,106)
4,072
-
8,338
-
(5,689)
714,281
$ 179,162
$ 494
$ 4,072
$
29,490
$ 14,362
$
1,800
$ 10,531
$ 765,875
58 (Continued)
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Balance Sheet
June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
59 (Continued) 1
Woodland
Buildings
Acres Street
Trinity Acres
and
Light Service
Kodiak Arts
Tourism
Lighting
Assets
grounds
Area
Council
Development
District
Equity in central treasury
$
50,613
$
24,162
$ 257
$
17,523
$ 561
Temporary investments
300,000
—
—
—
—
Receivables:
State of Alaska
—
—
—
—
—
Federal Government
—
—
—
—
—
Land sales contracts, due within one year
—
—
—
—
—
Property taxes
—
—
—
—
—
Other
—
—
1,866
8,042
—
Due from other funds
2,880
—
2,443
—
—
Land sale contracts, due after one year
—
—
—
—
—
Total
$
353,493
$
24,162
$ 4,566
$
25,565
$ 561
Liabilities and Fund Balances
'
Liabilities:
Accounts payable
$
18,181
$
456
$ —
$
—
$ 146
Employee benefits accrued and withheld
156
—
—
—
—
'
Customer deposits
—
—
—
178
—
Deferred revenues
—
—
—
—
—
Due to other funds
—
—
5,000
—
6,000
Total liabilities
18,337
456
5,000
178
6,146
'
Fund Balances:
Unreserved (deficits):
Designated for self - insurance
—
—
—
—
—
Designated for subsequent year expenditures
—
4,000
—
—
—
Undesignated
335,156
19,706
(434)
25,387
(5,585)
Total fund balances
335,156
23,706
(434)
25,387
(5,585)
Totals
$
353,493
$
24,162
$ 4,566
$
25,565
$ 561
59 (Continued) 1
Mission Lake
Fern Fuller
Totals
Tide Gate
Trust
$ 1,655
$ 146,542
$
586,255
$
1,088,097
-
-
1,994,400
494,844
-
-
55,101
68,330
-
-
-
14,866
-
-
8,000
7,000
-
-
17,829
17,239
-
609,726
619,634
-
6,000
-
313,060
966,130
-
-
42,056
47,325
$ 7,655
$ 756,268
$
3,636,335
$
2,703,831
$ -
$ -
$
65,430
$
84,621
-
-
156
156
-
-
678
678
-
609,726
659,782
54,325
-
-
239,800
32,305
-
609,726
965,846
172,085
-
-
-
100,000
-
24,500
256,860
334,950
7,655
122,042
2,413,629
2,096,796
7,655
146,542
2,670,489
2,531,746
$ 7,655
$ 756,268
$
3,636.335
$
2,703,831
60 (Continued)
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Statement of Revenues. Expenditures.
and Changes in Fund Balances (Deficits)
Year ended June 30, 2004
(With summarized financial information for the year ended June 30. 2003)
Fire and Road Service Areas
Revenues:
Property taxes
State sources
Federal sources
Land sale proceeds
Licenses, permits, fees,
and other local revenues
Investment income
Other
Total revenues
Expenditures:
Community development department
General and administrative
Health and sanitation department
Services district maintenance
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Transfers in from other funds
Transfers out to other funds
Net other financing sources (uses)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing uses
Fund balances (deficits), at beginning of year
Fund balances, at end of year
573,286
Fire
27
611
Road
Fire
Womens
Kodiak
Monashka
196,723
Protection
Bay Fire
Airport Fire
Bay Road
Service
Area No. 1
Department
District
Service Area
District No. 1
$ 309,435
$ 58,744
$ 15,382
$ 23,884
$ 141,320
—
3,995
—
—
—
4,294
9,441
—
—
—
21,800
1,878
283
672
4,050
995
—
—
—
—
336.524
74.058
15.665
24.556
145.370
573,286
291,390
27
611
7,254
—
—
—
29.215
196,723
573,286
291,390
27
29,826
203,977
(236,762)
(217,332)
15,638
(5,270)
(58,607)
—
16,780
—
—
-
-
—
(16,780)
—
-
-
16.780
(16,780)
—
—
(236,762)
(200,552)
(1,142)
(5,270)
(58,607)
1.046,959
254,694
30,702
67.000
353.550
$ 810,197 $
54,142 $
29.560 $
61.730 $
294,943
61
(Continued)
Fire and Road Service Areas
Road
Federal and State Grant Programs
Child Care
Welfare
Womens Bay
Bay View Road Service Area
Coastal
Assistance
to Work
Service Area
Service Area
No. 2
Management
Program
Program
L.E.P.C.
Land Sales
$ 90.276
$ 5,587 $
—
$ — $
— $
— $
— $
-
-
—
—
44,649
69,517
—
37,937
-
-
—
—
—
—
12.445
—
-
-
—
—
—
—
—
—
9,206
20,000
—
—
—
—
—
—
1,000
2.191
61
41
—
—
—
—
-
-
—
—
—
—
—
—
40.080
112.467
5.648
41
44.649
69.517
12.445
37.937
50.286
—
—
—
44.649
—
—
—
—
1,882
281
—
—
—
12,445
43,626
58,626
—
—
—
—
74,847
—
—
—
161.676
13.438
—
—
—
—
—
—
163.558
13,719
—
44.649
74.847
12.445
41626
58.626
(51,091)
(8.071)
41
—
(5.330)
—
(5.689)
(8.340)
—
—
—
—
—
—
—
650.000
—
—
—
—
—
—
—
(50.000)
—
—
—
—
—
—
—
600.000
(51,091)
(8,071)
41
—
(5,330)
—
(509)
591,660
219.685
5.965
4.031
—
13.668
—
—
122.621
$ 168,594
$ (2.106) $
4,072
$ — $
8.338 $
— $
(5,689) $
714.281
62 (Continued)
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures.
and Changes in Fund Balances (Deficits)
Year ended June 30, 2004
(With summarized financial information for the year ended June 30. 2003)
Revenues:
Property taxes
State sources
Federal sources
Land sale proceeds
Licenses, permits, fees,
and other local revenues
Investment income
Other
Total revenues
Expenditures:
Community development department
General and administrative
Health and sanitation department
Services district maintenance
Total expenditures
Excess (deficiency) of revenues
over(under)expenditures
Other financing sources (uses):
Transfers in from other funds
Transfers out to other funds
Net other financing sources (uses)
Excess (deficiency) of revenues and
other financing sources over (under)
expenditures and other financing uses
Fund balances (deficits), at beginning of year
Fund balances, at end of year
t
63 (Continued)
Woodland
Acres Street
Trinity Acres
Buildings and
Light Service
Kodiak Arts
Tourism
Street Light
Grounds
Area
Council
Development
Service Area
$ — $
— $
— $
—
$ 3.599
408,100
—
53,838
56,177
-
-
270
—
355
—
408.100
270
53.838
56,532
3,599
—
—
—
45,000
—
562,286
5,448
54,272
—
9,184
562.286
5.448
54,272
45.000
9.184
(154.186)
(5,178)
(434)
11,532
(5.585)
319.210
—
—
—
—
(200,000)
—
—
—
—
119.210
—
—
—
—
(34,976)
(5,178)
(434)
11,532
(5,585)
370.132
28,884
—
13,855
—
$ 335,156 $
23,706 $
(434) $
25,387
$ (5,585)
t
63 (Continued)
Mission Lake
Fern Fuller
Totals
Tide Gate
Trust
4
2003
$ 2.463 $
— $
650,690 $
663,185
—
—
156,098
564,216
—
—
12.445
28.650
—
—
9.206
46,130
—
—
552,850
384,007
—
—
31,601
231,477
10.000
171,042
222,117
1.481
12.463
171.042
1.635.007
1.919.146
—
—
89,649
70,802
4,808
24,500
1.649,926
1,007,229
—
—
74,847
498,635
—
—
401.052
176.062
4.808
24,500
2,215.474
1,752.728
7,655
146.542
(580.467)
163.418
—
—
985,990
790.361
—
—
(266.780)
(721,681)
—
—
719,210
68.680
7,655
146,542
138,743
232,098
—
—
2.531.746
2.299.648
$ 7.655 $
146.542 $
2.670.489 $
2.531.746
64 (Continued)
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Fire Protection Area No. 1
Statement of Revenues, Expenditures,
and Chan in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
2004
Revenues:
Property taxes
State sources
Federal Sources
Licenses, permits, fees, and other
local revenues
Investment income
Miscellaneous
Total revenues
Expenditures:
General and administrative:
Fire chief
Volunteers
Fringe benefits
Professional services
Support goods and services
Capital outlay
Depreciation
Total expenditures
Excess (deficiency) of revenues over
expenditures
Other financing uses:
Transfers out to other funds:
Debt service funds
Total other financing uses
Excess (deficiency) of revenues over
expenditures and financing uses
Fund balances, at beginning of year
Fund balances, at end of year
312,000
336,524
Variance
3 27,05 8
positive
2003
Budget
Actual
(negative)
Actual
$ 301,500 $
309,435 $
7,935 $
303,807
1,000
-
(1,000)
1,181
500
-
(500)
523
9,000
4,294
(4,706)
4,354
-
21,800
21,800
17,193
-
995
995
-
312,000
336,524
24,524
3 27,05 8
72,840
61,086
11,754
55,962
20,000
23,715
(3,715)
16,710
13,660
20,899
(7,239)
14,254
16,000
2,319
13,681
3,750
141,100
125,809
15,291
95,615
516,790
339,458
177,332
2,580
30.000
-
30,000
-
810,390
573,286
237,104
188,871
(498,390)
(236,762)
261,628
138,187
-
-
-
(3,664)
-
-
-
(3,664)
$ (498,390)
(236,762) $
261,628
134,523
1,046.959
912,436
$
810,197
$ 1,046,959
65
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Womens' Bay Fire Department
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Bud and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Property taxes
State sources
Licenses, permits, fees, and
other local revenues
Investment income
Total revenues
Expenditures:
General and administrative:
Personnel services
Fringe benefits
Professional services
Support goods and services
Capital outlay
Total expenditures
Excess (deficiency) of revenues over
expenditures
Other financing sources:
Transfers in from other funds:
Special revenue funds
Excess (deficiency of revenues and
other financing sources over
expenditures
Fund balances, at beginning of year
Fund balances, at end of year
66
Variance
positive
2003
Budget
Actual
(negative)
Actual
$ 55,000 $
58,744 $
3,744 $
56,381
200
3,995
3,795
7,297
9,000
9,441
441
8,685
5,000
1,878
(3,122)
2,986
69,200
74,058
4,858
75,349
2,000
3,163
(1,163)
1,188
3,000
3,219
(219)
-
2,500
110
2,390
6,820
57,100
40,807
16,293
38,883
146,160
244,091
(97,931)
24,305
210,760
291,390
(80,630)
71,196
(141,560)
(217,332)
(75,772)
4,153
16,780
16,780
-
17,131
$ (124,780)
(200,552) $
(75,772)
21,284
254,694
233,410
$
54,142
$
254,694
66
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Kodiak Airport Fire District
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Variance
positive
2003
Budget Actual
(negative)
Actual
Revenues:
Property taxes $ 16,780 $ 15,382 $
(1,398) $
16,531
Investment income 100 283
183
481
Total revenues 16,880 15,665
(1,215)
17,012
Expenditures:
General and administrative:
Contracted services 16,780 —
16,780
—
Support goods and services 100 27
73
53
Total expenditures 16,880 27
16,853
53
Excess of revenues over expenditures — 15,638
15,638
16,959
Other financing uses:
Operating transfers out to other funds:
Womens Bay Fire District — (16,780)
(16,780)
(16.531)
Excess (deficiency) of revenues over
expenditures and other financing
uses $ — (1,142) $
(1,142)
428
Fund balances, at beginning of year 30,702
30,274
Fund balances, at end of year $ 29,560
$
30,702
67
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Monashka Bay Road Service Area
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
68
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Property taxes
$ 20,100 $
23,884 $
3,784 $
23,490
State sources - shared revenue
1,000
-
(1,000)
1,076
Investment income
1,500
672
(828)
872
Total revenues
22,600
24,556
1,956
25,438
Expenditures:
General and administrative:
Personnel services
500
506
(6)
424
Support goods and services
1,000
105
895
203
Service district maintenance:
Snow removal/sanding
12,000
11,003
997
5,750
Road grading/ditching
5,000
3,100
1,900
4,466
Repairs and maintenance
25,000
15,112
9,888
2,722
Total expenditures
43,500
29,826
13,674
13,565
Excess (deficiency) of revenues
over expenditures
$ (20,900)
(5,270) $
15,630
11,873
Fund balances, at be of year
67,000
55,127
Fund balances, at end of year
$
61,730
$
67,000
68
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Service District No. I
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
69
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Property taxes
$ 134,000 $
141,320 $
7,320 $
170,941
State sources
4,000
-
(4,000)
4,573
Federal Sources
500
-
(500)
436
Investment income
5,000
4,050
(950)
4,060
Total revenues
143,500
145,370
1,870
180,010
Expenditures:
General and administrative:
Personnel services
4,600
6,754
(2,154)
5,053
Support goods and services
2,400
500
1,900
1,145
Service district maintenance:
Snow removal sanding
95,000
69,785
25,215
17,983
Road grading/ditching
44,500
108,219
(63,719)
32,150
Repairs and maintenance
42,000
18,719
23,281
28,577
Total expenditures
188,500
203,977
(15.477)
84,908
Excess (deficiency) of revenues
over expenditures
$ (45,000)
(58,607) $
(13,607)
95,102
Fund balances, at beginning of year
353,550
258,448
Fund balances, at end of year
$
294,943
$
353,550
69
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas - Womens' Bay Service Area
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
70
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Property taxes $
83,500 $
90,276 $
6,776 $
86,488
State sources - shared revenue
3,000
-
(3,000)
5,116
Licenses, permits, fees, and other
localrevenues
20,000
20,000
-
20,000
Investment income
5,000
2,191
(2,809)
3,067
Total revenues
111,500
112,467
967
114,671
Expenditures:
General and administrative:
Personnel services
-
1,109
(1,109)
499
Support goods and services
21,700
773
20,927
990
Service district maintenance:
Snow removal/sanding
30,000
71,623
(41,623)
8,116
Road grading /ditching
30,400
54,077
(23,677)
21,265
Repairs and maintenance
30,000
35,976
(5,976)
51,213
Total expenditures
112,100
163,558
(51,458)
82,083
Other financing uses:
Transfers out to other funds:
Womens Bay Fire Department
-
-
-
(600)
Excess (deficiency) of revenues over
expenditures and other financing uses $
(600)
(51,091) $
(50,491)
31,988
Fund balances, at beginning of year
219,685
187,697
Fund balances, at end of year
$
168,594
$
219,685
70
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Bay View Road Service Area
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
71
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Property taxes $
4,600 $
5,587
$ 987 $
5,547
State sources — shared revenue
670
—
(670)
387
Investment income
200
61
(139)
84
Total revenues
5,470
5,648
178
6,018
Expenditures:
General and administrative:
Personnel services
—
209
(209)
160
Support goods and services
—
72
(72)
17
Service district maintenance:
Snow removal/sanding
2,500
5,383
(2,883)
994
Road grading /ditching
1,970
7,755
(5,785)
426
Repairs and maintenance
1,000
300
700
2,400
Total expenditures
5,470
13,719
(8,249)
3,997
Excess (deficiency) of revenues over
expenditures $
—
(8,071)
$ (8,071)
2,021
Fund balances, at beginning of year
5,965
3.944
Fund balances, at end of year
$
(2,106)
$
5,965
71
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fire and Road Service Areas — Service Area No. 2
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Budget
Revenues:
Investment income
Expenditures:
Support goods and services
Total expenditures
Excess of revenues over
expenditures
Fund balances, at be of year
Fund balances, at end of year
$ 100 $
100
100
Variance
positive
Actual (negative)
41 $ (59) $
— 100
100
41 $ 41
2003
46
1
1
45
3,986
$ 4,031
72
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Coastal Management
Statement of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
State sources — grants
Total revenues
Expenditures:
Community development department:
Planning and zoning
Total expenditures
Excess (deficiency) of revenues over
expenditures
Fund balance (deficit), at beginning of year
Fund balance (deficit), at end of year
Variance
positive 2003
Budget Actual (negative) Actual
$ 25,650 $ 44,649 $ 18,999 $ 25,950
25,650 44,649 18,999 25,950
25,650 44,649 (18,999)
25,650 44,649 (18,999)
25,803
25,803
147
(147)
73
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Child Care Assistance Program
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
State sources — grants
Total revenues
Expenditures:
Health and sanitation department:
Personnel
Professional services
Support goods and services
Total expenditures
Excess of revenues over
expenditures
Fund balances, at beginning of year
Fund balances, at end of year
74
Variance
positive
2003
Budget
Actual
(negative)
Actual
$ 75,000 $
69,517 $
(5,483) $
498,636
75,000
69,517
(5,483)
498,636
59,100
63,658
(4,558)
62,944
—
—
—
421,863
15,900
11,189
4,711
13,828
75,000
74,847
153
498,635
$ —
(5,330) $
(5,330)
1
13,668
13,667
$
8,338
$
13,668
74
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Welfare to Work Program
Statement of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Federal sources — grants
Total revenues
Expenditures:
General and administrative:
Personnel services
Professional services
Support goods and services
Total expenditures
Excess (deficiency) of revenues over
expenditures
Fund balances, at beginning of year
Fund balance (deficit), at end of year
7i
Variance
positive
2003
Budget
Actual
(negative)
Actual
$ 25,000 $
12,445 $
(12,555) $
27,691
25,000
12,445
(12,555)
27,691
750
2,755
(2,005)
375
24,250
9,644
14,606
27,316
—
46
(46)
—
25,000
12,445
12,555
27,691
7i
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
L.E.P.C.
Statement of Revenues, Expenditures, and Changes in Fund Balance (Deficit)
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
State sources:
L.E.P.C.grant
Emergency operations planning grant
Total revenues
Expenditures:
General administrative:
Personnel services
Support goods and services
Contracted services
Total expenditures
Excess (deficiency ) of revenues
over expenditures
Fund balances, at beginning of year
Fund balance (deficit), at end of year
76
Variance
positive
2003
Budget
Actual
(negative)
Actual
$ 14,320 $
20,000 $
5,680 $
20,000
17,937
17,937
—
—
32,257
37,937
5,680
20,000
12,087
24,097
(12,010)
13,000
3,320
2,693
627
1,062
16,850
16,836
14
5,938
32,257
43,626
(11,369)
20,000
$ —
(5,689) $
(5,689)
—
76
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Land Sales
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
77
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Land sale proceeds $
209,225 $
9,206 $
(200,019) $
46,130
Licenses, permits, fees, and other
local revenues
1,000
1,000
-
1,000
Investment income
-
-
-
15,183
Gravel sales
25,000
40,000
15,000
56,742
Other
-
80
80
1,481
Total revenues
235,225
50,286
(184,939)
120,536
Expenditures:
General and administrative:
Personnel services
21,000
21,314
(314)
21,764
Contracted services
10,000
8,195
1,805
1,725
Support goods and services
854,225
29,117
825,108
1,625
Total expenditures
885,225
58,626
826,599
25,114
Excess of revenues
over expenditures
(650,000)
(8,340)
641,660
95,422
Other financing sources /(uses):
Transfers in from other funds:
Hospital Enterprise Fund
650,000
650,000
-
Transfers out to other funds:
General fund
(50,000)
(50,000)
-
(650,000)
Capital projects fund
-
-
-
(50,000)
Net other financing sources(uses)
600,000
600,000
-
(650,000)
Deficiency of revenues and other
financing sources over expenditures
and other financing uses $
(50,000)
591,660 $
641,660
(554,578)
Fund balances, at beginning of year
122,621
727,199
Fund balances, at end of year
$
714,281
$
172,621
77
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Buildings and Grounds
Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit)
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Rental income
Total revenues
Expenditures:
General and administrative:
School buildings
Borough building
Mental health center
Parks operation and maintenance
Total expenditures
Deficiency of revenues under expenditures
Other financing sources (uses):
Transfers in from other funds:
Facilities Fund
General Fund
Transfers out to other funds:
General Fund
Debt service fund - other
Net other financing sources
Excess of revenues and other financing
sources over expenditures
Fund balance (deficit), at beginning of year
Fund balances, at end of year
Variance
positive 2003
Budget Actual (negative) Actual
$ 431,120 $ 408,100 $ (23,020) $ 392,428
431,120 408,100 (23,020) 392,428
407,560
300,291
107,269
242,040
243,313
(1,273)
5,430
5,270
160
25,300
13,412
11,888
680,330
562,286
118,044
(249,210)
(154,186)
95,024
268,540
268,540
-
50,670
50,670
-
(200,000)
(200,000)
-
119,210
119,210
-
$ (130,000)
(34,976) $
95,024
W 1JV
78
330,148
232,149
12,861
606,724
622,560
150,670
(886)
558,048
(187,916)
$ 370,132
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Woodland Acres Street Light Service Area
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
79
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Investment income $
1,000 $
270 $
(730) $
408
Expenditures:
General and administrative:
Support goods and services
6,030
5,448
582
5,504
Capital outlay
2,970
—
2,970
—
Total expenditures
9,000
5,448
3,552
5,504
Deficiency of revenues under expenditures $
(8,000)
(5,178) $
(4,282)
(5,096)
Fund balances, at beginning of year
28,884
33,980
Fund balances, at end of year
$
23,706
$
28,884
79
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Kodiak Arts Council
Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit)
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Licenses, permits, fees, and other
local services:
Reimbursement from Kodiak
Arts Council
Total revenues
Expenditures:
General and administrative:
Personnel services
Fringe benefits
Support goods and services
Total expenditures
Excess (deficiency) of revenues
over expenditures
Fund balance (deficit), at beginning of year
Fund balances, at end of year
Variance
positive 2003
Budget Actual (negative) Actual
$ 53,650 $ 53,838 $ 188 $ 54,444
53,650 53,838 188 54.444
44,410
9,240
jj,uwv
44,411
(1)
9,427
(187)
434
(434)
54,272
(622)
(434) $
(434)
k , +- I , +)
43,557
9,177
850
53,584
860
(860)
80
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Tourism Development
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
+�I
Variance
positive
2003
Budget
Actual
(negative)
Actual
Revenues:
Transient accommodations tax
$ 45,000 $
56,177 $
11,177 $
30,412
Investment income
—
355
355
39
Total revenues
45,000
56,532
11,532
30,451
Expenditures:
Community development:
Contributions
45,000
45,000
—
44,999
Total expenditures
45,000
45,000
—
44,999
Excess (deficiency) of revenues
over expenditures
$ —
11,532 $
11,532
(14,548)
Fund balances, at beginning of year
13,855
28,403
Fund balances, at end of year
$
25,387
$
13,855
+�I
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Trinity Acres Street Lighting District
Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficit)
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Property taxes
Proceeds from issuance of loans
Total revenues
Expenditures:
General and administrative:
Personnel services
Support goods and services
Capital outlay
Total expenditures
Deficiency of revenues over
expenditures
Fund balances, at beginning of year
Fund balance (deficit), at end of year
82
Variance
positive 2003
Budget
Actual
(negative) Actual
$ 3,600 $
3,599 $
(1) $ —
7,260
—
(7,260) —
10,860
3,599
(7,261) —
—
585
(585) —
1,860
1,099
761 —
9,000
7,500
1,500 —
10,860
9,184
1,676 —
$ —
(5,585) $
(5,585) —
82
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Mission Lake Tide Gate
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Property taxes
Proceeds from issuance of loans
Other
Total revenues
Expenditures:
General and administrative:
Personnel services
Support goods and services
Capital outlay
Total expenditures
Excess of revenues over
expenditures
Fund balances, at beginning of year
Fund balances, at end of year
Budget
$ 2,460 $
29,890
20,000
1,000
Variance
(3,624)
positive
Actual
(negative)
2,463 $
3 $
—
(29,890)
10,000
(10,000)
12,463
(39,887)
1,000
4,624
(3,624)
200
184
16
51,150
—
51,150
52,350
4,808
47,542
$ —
7,655 $
7,655
2003
Actual
83
KODIAK ISLAND BOROUGH
Nonmajor Special Revenue Funds
Fern Fuller Trust
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Revenues:
Fuller trust proceeds
Total revenues
Expenditures:
General and administrative:
Distributions to Beneficiaries
Total expenditures
Excess of revenues over
expenditures
Fund balances, at beginning of year
Fund balances, at end of year
Variance
positive
Budget Actual (negative)
$ 30,000 $ 171,042 $ 141,042 $
30,000 171,042 141,042
30,000 24,500 5,500
30,000 24,500 5,500
$ — 146,542 $ 146,542
ID
2003
84
1
1
1
1
J
DEBT SERVICE FUNDS
0
r Debt Service Funds are used to account for the payment of
principal, interest and related fees on all bonded debt except for
special assessment bonded debt accounted for in proprietary funds.
r
H
KODIAK ISLAND BOROUGH
Debt Service Funds
Other
Balance Sheet
June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
2004
Assets
Equity in central treasury
Total
Liabilities and Fund Balances
Total liabilities
Fund balance:
Unreserved
Total fund balance
Total
$ 158,409 $ 158,409
$ 158,409 $ 158,409
158,409 158,409
158,409 158,409
$ 158,409 $ 158,409
85
KODIAK ISLAND BOROUGH
Debt Service Funds
Other
Statement of Revenues, Expenditures,
and Changes in Fund Balances
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Other financing sources:
Operating transfers in from other funds
Excess of revenues
and other financing sources
over expenditures
Fund balances, at beginning of year
Fund balances, at end of year
2004
Budget
Variance -
favorable 2003
Actual (unfavorable) Actual
$ — $ 15,616
$ — 15,616
.D 1J0,'YV7
.D 1_70,YV7
86
NONMAJOR CAPITAL PROJECTS FUNDS
The Various Borough Projects Fund accounts for general
government construction projects not accounted for in other funds.
The State Capital Grants Fund accounts for capital improvement
projects relating to grants received from the State of Alaska.
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Combining Balance Sheet
June 30, 2004
(With summarized financial information at June 30, 2003)
Assets
Equity in central treasury
Temporary investments
Receivables:
Due From Federal Government
Due from other funds
Due from State of Alaska
Total
Liabilities and Fund Balances
Liabilities:
Accounts payable
Retainages payable
Due to other funds
Total liabilities
Fund balances:
Unreserved (deficits):
Undesignated
Total fund balance (deficit)
Total
Various
School bond
State
borough
capital
capital
Total
projects
projects
grants
2004
2003
$ 208,502
$
1,839
$
-
$
210,341
$
282
551,392
-
-
551,392
546,571
-
-
6,750
6,750
373,547
269,232
316
2,442
271,990
-
-
-
284,707
284,707
124,964
$ 1,029,126
$
2,155
$
293,899
$
1,325,180
$
1,045,364
$ 234,995
$
-
$
100,944
$
335,939
$
242,270
-
-
22,270
22,270
45,860
-
62,000
268,768
330,768
374,024
234,995
62,000
391,982
688,977
662,154
794,131
(59,845)
(98,083)
636,203
383,210
794,131
(59,845)
(98,083)
636,203
383,210
$ 1,029,126
$
2,155
$
293,899
$
1,325,180
$
1,045,364
I See accompanying independent auditors' report.
87
See accompanying independent auditors' report.
t
t
88 1
,
KODIAK ISLAND BOROUGH
Nonmajor Capital Project Funds
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits)
Year ended June 30, 2004
(With summarized financial information for year ended June 30, 2003)
Various School bond
State
borough capital
capital
Total
projects projects
grants
2004
2003
Revenues:
State sources
$ - $ - $
344,325 $
344,325 $
670,905
Federal sources
- -
45,046
45,046
-
Licenses, permits, fees, and
other local revenues
24,165 -
-
24,165
5,875
,
Investment income
4,820 -
-
4,820
11,413
Total revenues
28,985 -
389,371
418,356
688,193
Expenditures:
,
Capital improvements:
Schools
39,970 59,845
31,509
131,324
372,122
General
240,968 -
415,455
656.423
656,083
3
Total expenditures
280,938 59,845
446,964
787,747
1,028,205
'
Deficiency of revenues under
expenditures
(251,953) (59,845)
(57,593)
(369,391)
(340,012)
Other financing sources:
Transfers in from other funds
622,384 -
-
622.384
103,917
'
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
financing uses
370,431 (59,845)
(57,593)
252,993
(236,095)
Fund balance (deficit), at beginning of year
423,700 -
(40,490)
383,210
619,305
Fund balance (deficit), at end of year
$ 794,131 $ (59,845) $
(98,083) $
636,203 $
383,210
-
See accompanying independent auditors' report.
t
t
88 1
KODIAK ISLAND BOROUGH
Nomnajor Capital Projects Funds
Schedule of Capital Projects
Year ended June 30, 2004
Project
IM
Project
Encumbrances
Capital projects - Education:
00100
430 -696
School Repair KHS Roof
00105
410 -484
Matching School
01100
430 -601
1 I Roof Repair
03100
410 -487
Weatherproof High School
03101
410 -488
IRMA Cricket Install
03102
410 -489
KHS Asbestos/Carpet
03103
410 -490
East and Main Paint
03104
410 -491
Refinish Gym Floors
03105
410 -492
Northstar Road /park design
03106
410 -493
KITS Emergency Generator
03107
410 -494
IRMA roof cleaning and repair
03116
430 -509
School Upgrade
03117
410 -511
Upgrade /Repair Match
01101
410 -485
Matching School
01102
420 -510
Series E Bond HS Roof Repair
01105
410 -695
Series F Bond HS Roof Repair
03119
420 -500
HS Swimming Pool
02108
430 -602
[IS Repairs Matching Grant (State)
130
410 -655
East Elementary Doorway
03118
430 -512
Chiniak Multi -Use
N/A
420 -515
Old Harbor Gym Renovation
4102
420 -516
Larsen Bay School Repair
4103
420 -517
Ouzinkie Gum Renovation
02109
410 -486
HS Repairs Matching Grant (KIB)
60,000 -
60,000
Total education
-
Capital projects - Utilities:
00102
410 -698
Bayside Underground Electric
182
410 -692
State Fair & Rodeo Water
-
22,795
Total utility projects
27,205
Capital projects - Ileafth:
03115
50,000
Hospital Assessment Needs
-
-
Total utility projects
89
Encumbrances
Appropriatiays
Total
Expenditures
Total
Unexpended Current
Unencumbered
Status
-- r or 2004
appropriations
w
rr
expenditures
balance encumbrances
balance
Open $
126,770 $ -
$ 126,770 $
80,714 $
- $
80,714 $
46,056 $ - $
46,056
Complete
54,330 -
54,330
54,330
-
54,330
- -
-
Complete
125,398 -
125,398
125,398
-
125,398
- -
-
Complete
50,000 -
50,000
-
-
-
50,000 -
50,000
Complete
80,000 -
80,000
78,880
-
78,880
1,120 -
1,120
Complete
100,000 -
100,000
-
-
-
100,000 -
100,000
Open
50,000 -
50,000
969
36,890
37,859
12,141 -
12,141
Complete
60,000 -
60,000
55,691
-
55,691
4,309 -
4,309
Open
50,000 -
50,000
22,795
-
22,795
27,205 -
27,205
Open
50,000 -
50,000
-
-
-
50,000 -
50,000
Complete
20,000 -
20,000
20,000
-
20,000
- -
-
Open
125,804 -
125,804
110,762
28,684
139,446
(13,642) -
(13,642)
Open
53,917 -
53,917
52,423
3,080
55,503
(1,586) -
(1,586)
Complete
53,742 -
53,742
53,742
-
53,742
- -
-
Open
1,530,000 -
1,530,000
1,533,369
-
1,533,369
(3,369) -
(3,369)
Open
968,106 -
968,106
771,737
-
771,737
196,369 -
196,369
- -
-
-
58,409
58,409
(58,409) -
(58,409)
Complete
124,471 -
124,471
124,471
-
124,471
- -
-
Open
4,200 -
4,200
-
-
-
4,200 -
4,200
Open
20,000 -
20,000
3,895
2,826
6,721
13,279 -
13,279
Open
- -
-
-
430
430
(430) -
(430)
Open
- -
-
-
358
358
(358) -
(358)
Open
- -
-
-
647
647
(647) -
(647)
Complete
53,345 -
53,345
53,596
-
53,596
(251) -
(251)
3,700,083 -
3,700,083
3,142,772
131,324
3,274,096
425,987 -
425,987
Open
22,000 -
22,000
-
-
-
22,000 -
22,000
Open
25,000
25,000
24,024
-
24,024
976 -
976
47,000
47,000
24,024
-
24,024
22,976 -
22,976
Open
54,000 -
54,000
-
-
-
54,000 -
54,000
54,000
54,000
54,000 -
54,000
89
KODIAK ISLAND BOROUGII
Nonmajor Capital Projects Funds
Schedule of Capital Projects
Year ended June 30, 2004
90
Encumbrances
Project
Appropriations
Total
Expenditures
Total
Unexpended Current
Unencumbered
no.
Project
Status
riot
04
appropriations
Prior
2004
expenditures
balance encumbrances
balance
Capital projects - Other:
410 -400
Undesignated Projects
Open
369,194
322,884
692,078
18,539
-
18,539
673,539 -
673,539
85
410 -471
Village Metals Removal
Open
150,000
-
150,000
120,994
-
120,994
29,006 -
29,006
105
410 -482
Anton Larsen Dock
Open
140,000
-
140,000
139,580
32
139,612
388 -
388
114
410 -642
State Airport Improvements
Open
11,000
-
1 1,000
60
-
60
10,940 -
10,940
117
410 -645
Ileliopad Striping
Open
-
-
-
-
-
-
- -
-
133
410 -658
Red Cross Building Repairs
Open
12,000
-
12,000
11,153
50
11,203
797 -
797
142
430 -642
Clean Water Fund /Kauirk
Complete
50,000
-
50,000
23,192
-
23,192
26,808 -
26,808
03108
410 -495
Borough Building Parking
Open
50,000
-
50,000
-
-
-
50,000 -
50,000
03109
410 -496
Borough Air Handling
Open
10,000
-
10,000
-
-
10,000 -
10,000
03110
410 -497
KIB emergency Generator
Open
20,000
-
20,000
2,353
-
2,353
17,647 -
17,647
03111
410 -498
KIB Security Doors
Open
8,000
-
8,000
-
-
-
8,000 -
8.000
03114
430 -507
CIAP Grant
Open
189,985
-
189,985
20,008
35,541
55,549
134,436 -
134.436
N/A
N/A
WBComm Plan Revision
Open
33,380
-
33,380
-
-
-
33,380 -
33.380
146
410 -663
BMX Bike Trail
Open
55,000
13,920
68,920
49,278
-
49,278
19,642 -
19,642
159
410 -675
Borough Parks
Open
26,500
-
26,500
27,106
-
27,106
(606) -
(606)
164
430 -645
Waste Managementbnp
Open
1,741,400
-
1,741,400
379,232
285,519
664,751
1,076,649 -
1,076,649
169
430 -649
Clean Water Karluk
Complete
350,000
-
350,000
89,189
-
89,189
260,811 -
260,811
173
410 -683
Bayside Classroom Add
Open
75,000
-
75,000
48,199
-
48,199
26,801 -
26,801
174
410 -684
Bayside Storage /Bay Add
Open
400,000
-
400,000
20
3,000
3,020
396,980 -
396,980
177
430 -687
Anton L rsen Boat Ramp
Open
400,000
160,000
560,000
566,475
28,932
595,407
(35,407) -
(35,407)
184
430 -694
Oil Spill Response Equip
Open
400,000
-
400,000
399,411
-
399,411
589 -
589
00104
430 -699
Tide Gate
Open
10,000
10,000
20,000
8,904
11,096
20,000
- -
-
00106
410 -690
MIS Study
Complete
30,000
-
30,000
29,983
-
29,983
17 -
17
01106
430 -625
Volunteer Fire Assistance Program
Complete
3,699
-
3,699
3,699
-
3,699
- -
-
02107
430 -648
ADP &G Research Study
Open
200,000
-
200,000
64,990
47,260
112,250
87,750 -
87.750
N/A
410 -624
Women's Bay Community Plan
Open
-
-
-
-
22,380
22,380
(22,380) -
(22,380)
0308
430 -518
Homeland Security
Open
-
-
-
-
7,105
7,105
(7,105)
(7,105)
4104
410 -701
Trinity Paving Road
Open
-
-
-
-
215,508
215,508
(215.508) -
(215,508)
4106
N/A
SHSGP Grant
Open
-
138,151
138,151
20,276
-
20,276
117,875 -
117,875
02110
410 -506
GIS Snrdy
Open
20,000
-
20,000
-
-
20,000 -
20,000
Total - capital projects other
4,755,158
644,955
5,400,113
2,022,641
656,423
2,679,064
2,721,049 -
2,721,049
Total all capital projects
$
8,502,241 $
644,955 $
9,147,196 $
5,189,437 $
787,747 $
5,977,184 $
3.170,012 $ - $
3,170.012
90
1
[I
1
1
r�
1
ENTERPRISE FUNDS
Enterprise Funds are used to account for Borough operations that
are financed and operated in a manner similar to private business
enterprises. The intent of the Borough is that the costs (expenses,
including depreciation) of providing these services to the general
public on a continuing basis are financed or recovered primarily
through user charges.
t
I
�j
KODIAK ISLAND BOROUGH
Municipal Solid Waste Collection and Disposal Fund
Statement of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
See accompanying notes to financial statements.
91
2004
Variance -
favorable
2003
Budget
Actual
(unfavorable)
Actual
Operating revenues:
Solid waste collection $
1,610,900 $
2,251,245
$ 640,345 $
1,734,541
Solid waste disposal
1,007,000
951,789
(55,211)
1,003,484
Other
20,700
6,742
(13,958)
50,076
2,638,600
3,209,776
571,176
2,788,101
Operating expenses:
Personnel services
468,660
497,113
(28,453)
438,187
Refuse collection
1,250,000
1,324,943
(74,943)
1,275,844
Refuse disposal
306,000
230,639
75,361
284,590
Professional services
180,000
152,837
27,163
99,880
Repairs and maintenance
31,000
27,909
3,091
29,406
Landfill closure and postclosure costs
145,470
246,929
(101,459)
218,603
Depreciation
115,260
259,800
(144,540)
185,634
General and administration
236,600
189,442
47,158
232,253
Contributions
5,000
5,445
(445)
4,020
Recycling services
75,000
68,506
6,494
98,067
2,812,990
3,003,563
(190,573)
2,866,484
Operating loss
(174,390)
206,213
380,603
(78,383)
Other income (expense):
Interest income
5,000
7,114
2,114
30,016
Interest expense
-
(47,564)
(47,564)
(47,168)
Loss before capital contribution
(169,390)
165,763
335,153
(95,535)
Capital contribution
-
-
-
1,691,161
Change in fund equity $
(169,390)
165,763
$ 335,153
1,595,626
Fund equity, beginning of year
3,179,893
1,584,267
Fund equity, end of year
$
3,345,656
$
3,179,893
See accompanying notes to financial statements.
91
KODIAK ISLAND BOROUGH
Hospital Facilities Fund
Statement of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
Operating revenues:
State sources
Revenue sharing
Other
Lease income
Donations
PKIMC gain
Operating expenses:
Personnel services
Professional services
Depreciation
Maintenance and repairs
Operating loss
Other income (expense):
Interest income
Interest expense
Contribution to the State of Alaska
Contribution to Providence Hospital
Loss on disposal of fixed assets
Loss before transfers and capital
contribution
Other financing uses:
Transfers out to other funds
Net other financing uses
Net loss before capital contribution
Capital contribution
Change in fund equity
Fund equity, beginning of year
Fund equity, end of year
See accompanying notes to financial statements.
92
2004
Variance
favorable
2003
Budget
Actual
(unfavorable)
Actual
$ 40,000 $
—
$ (40,000) $
39,084
—
—
—
54,000
720,000
792,224
72,224
720,000
50,000
1,305
(48,695)
56,428
200,000
—
(200,000)
—
1,010,000
793,529
(216,471)
869,512
—
7,002
(7,002)
5,802
—
(7,977)
7,977
54,000
1,160,600
1,261,302
(100,702)
1,272,890
—
28,398
(28,398)
2,671
1,160,600
1,288,725
(128,125)
1,335,363
(150,600)
(495,196)
(344,596)
(465,851)
5,000
—
(5,000)
655
(80,950)
(80,419)
531
(60,741)
—
(1,170,000)
(1,170,000)
-
-
(130,000)
(130,000)
-
-
—
—
(2,171)
(226,550)
(1,875,615)
(1,649,065)
(528,108)
(1,994,560)
(1,644,560)
350,000
(224,340)
(1,994,560)
(1,644,560)
350,000
(224,340)
(2,221,110)
(3,520,175)
(1,299,065)
(752,448)
—
—
—
785,251
$ (2,221,110)
(3,520,175)
$ (1,299,065)
32,803
22,173,523
22,140,720
$
18,653,348
$
22,173,523
92
KODIAK ISLAND BOROUGH
911 Services Fund
Statement of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
See accompanying notes to financial statements.
M,
Variance -
favorable
2003
Budget
Actual
(unfavorable)
Actual
Operating revenues:
Customer charges
$ 69,000 $
101,435
$ 32,435 $
68,003
Operating expenses:
Personnel services
10,500
9,000
1,500
10,500
Telephone services
58,500
71,427
(12,927)
60,000
69,000
80,427
(11,427)
70,500
Change in fund equity
$ —
21,008
$ 21,008
(2,497)
Fund equity, beginning of year
54,093
56,590
Fund equity, end of year
$
75,101
$
54,093
See accompanying notes to financial statements.
M,
KODIAK ISLAND BOROUGH
Kodiak Fisheries Research Center Fund
Statement of Revenues, Expenses, and
Changes in Fund Equity
Budget and Actual
Year ended June 30, 2004
(With summarized financial information for the year ended June 30, 2003)
See accompanying notes to financial statements.
94 1
2004
Variance
favorable
2003
Budget
Actual
(unfavorable)
Actual
Operating revenues:
Rents and royalties
$ 1,553,835 $
1,559,600
$ 5,765 $
1,538,968
Operating expenses:
Personnel services
170,110
155,677
14,433
159,794
Employee benefits
45,255
45,445
(190)
41,292
Miscellaneous
147,510
80,774
66,736
88,188
Depreciation
740,330
745,259
(4,929)
744,114
Cleaning and janitorial
47,000
35,079
11,921
42,443
Heating
82,000
80,683
1,317
54,297
Electrical
185,500
157,537
27,963
141,432
Plumbing
77,240
12,795
64,445
20,727
Air conditioning
2,000
19
1,981
1,959
Elevators
2,000
1,991
9
2,191
1,498,945
1,315,259
183,686
1,296,437
Operating income
54,890
244,341
189,451
242,531
Other income
Investment income
51,060
16,863
(34,197)
71,875
Interest expense
(503,300)
(485,713)
17,587
(503,300)
Change in fund equity
$ (397,350)
(224,509)
$ 172,841
(188,894)
Fund equity, beginning of year
11,631,734
11,820,628
Fund equity, end of year
$
11,407,225
$
11,631,734
See accompanying notes to financial statements.
94 1
SUPPLEMENTARY SCHEDULES
1
KODIAK ISLAND BOROUGH
' Summary of Bonded Debt Service Requirements to Maturity
June 30, 2004
t
95
Annual
principal and interest requirements
on General Obligation Refunding and Construction Bonds.
Year
Principal
Interest
Total
2005
$ 1,280,000 $
593,387 $
1,873,387
2006
1,320,000
556,307
1,876,307
2007
1,360,000
514,306
1,874,306
'
2008
1,440,000
469,155
1,909,155
2009
1,505,000
402,605
1,907,605
2010
1,575,000
332,885
1,907,885
2011
2012
1,645,000
1,360,000
259,735
183,180
1,904,735
1,543,180
2013
1,420,000
124,700
1,544,700
2014
1,480,000
63,640
1,543,640
$ 14,385,000 $
3,499,900 $
17,884,900
t
95
KODIAK ISLAND BOROUGH
General Obligation Refunding Bonds, 1998 Series A
Retirement Schedule
1998 Bond Issue
This issue, dated December 7, 1998, was issued under a book entry system registered in the name
of Cede & Company, as Nominee of The Depository Trust Company, New York, New York, the securities
depository for the 1998 Bonds. The financial advisor for this issue was Kaplan Financial Consulting, Inc. Legal
opinion was rendered by bond council, Birch, Horton, Bittner, and Cherot. The paying agent for this issue was
Alaska USA Trust Company. These bonds were issued to refund all but $1,030,000 of the 1994 bond issue.
This resulted in a total interest savings of $504,859.
Fiscal year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Interest rate
4.00%
4.00%
4.00%
4.30 %
4.30%
4.30%
4.30%
4.30%
4.30%
4.30%
Interest
Principal
Interest
due
due
due
August 15
February 15
February 15
Total
$ 200,548
$ 55,000 $
200,547 $
456,095
199,448
60,000
199,447
458,895
198,248
60,000
198,248
456,496
197,048
1,150,000
197,047
1,544,095
172,323
1,200,000
172,322
1,544,645
146,523
1,250,000
146,522
1,543,045
119,648
1,305,000
119,647
1,544,295
91,590
1,360,000
91,590
1,543,180
62,350
1,420,000
62,350
1,544,700
31,820
1,480,000
31,820
1,543,640
1,419,546
$ 9,340,000 $
1,419,540 $
12,179,086
96
KODIAK ISLAND BOROUGH
General Obligation Bonds, 2000 Series E
Retirement Schedule
2000E Bond Issue
This issue, dated December 12, 2000, was issued under a book entry system registered in the name
of Cede & Company, as Nominee of the Depository Trust Company, New York, New York, the securities
depository for the 2000 Series E Bond.
This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered by bond council,
Wohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska.
This bond was issued to repair the high school roof. The high school roof repair is scheduled to be completed
by the fall of 2001.
Fiscal year
2005
2006
2007
2008
2009
2010
2011
Interest rate
4.75%
4.75%
4.88%
5.00%
5.00%
5.00%
5.00%
Interest
Principal
Interest
due
due
due
August 01
February 01
February 01
Total
$ 27,306
$ 135,000 $
27,306 $
189,612
24,100
145,000
24,100
193,200
20,656
150,000
20,656
191,312
17,000
160,000
17,000
194,000
13,000
165,000
13,000
191,000
8,875
175,000
8,875
192,750
4,500
180,000
4,500
189,000
$ 115,437
$ 1,110,000 $
115,437 $
1,340,874
97
KODIAK ISLAND BOROUGH
General Obligation Bonds, 2000 Series F
Retirement Schedule
2000F Bond Issue
This issue, dated December 12, 2000, was issued under a book entry system registered in the name
of Cede & Company, as Nominee of the Depository Trust Company, New York, New York, the securities
depository for the 2000 Series F Bond.
This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered by bond council,
Wohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska.
This bond was issued to upgrade Peterson Elementary. The Peterson Project has already been completed.
Fiscal year
2005
2006
2007
2008
2009
2010
2011
Interest rate
8.35%
6.90%
7.00%
7.00%
7.05%
7.10%
7.15%
Interest
Principal
Interest
due
due
due
August 01
February 01
February 01
Total
$ 32,909
$ 105,000 $
32,909 $
170,818
28,525
110,000
28,525
167,050
24,730
120,000
24,730
169,460
20,530
130,000
20,530
171,060
15,980
140,000
15,980
171,960
11,045
150,000
11,045
172,090
5,720
160,000
5,720
171,440
$ 139,439
$ 915,000 $
139,439 $
1,193,878
98
I I
KODIAK ISLAND BOROUGH
General Obligation Bonds, 2003 Series A
Retirement Schedule
2003A Bond Issue
This issue, dated March 26, 2003, was issued under a book entry system registered in the name
of Cede & Company, as Nominee of the Depository Trust Company, New York, New York, the securities
depository for the 2003 Series A Bond.
This issue was marketed by the Alaska Municipal Bond Bank. Legal opinion was rendered by bond council,
`Vohlforth, Vassar, Johnson & Brecht of Anchorage, Alaska.
This bond was issued to establish an escrow fund sufficient to refund $1,920,000 outstanding principal amount of
the Borough's General Obligation Baonds, 1993 Series A, and $1,030,000 outstanding principal amount of the
Borugh's General Obligation Bonds, 1994 Series A.
•
Fiscal year
'
2005
2006
due
due
due
2007
Ir �
I
Interest rate
2.00%
2.50%
2.63%
Interest
Principal
Interest
due
due
due
August 01
February 01
February 01
Total
$ 35,931
$ 985,000 $
35,931 $
1,056,862
26,081
1,005,000
26,081
1,057,162
13,519
1,030,000
13,519
1,057,038
$ 75,531
$ 3,020,000 $
75,531 $
3,171,062
99
1
1
u
1
�1
U
STATISTICAL SECTION
! Statistical Tables provide report users with a better historical
perspective in assessing current financial status and trends of
the Borough.
I
f�
1
KODIAK ISLAND BOROUGH
Kodiak, Alaska
General Governmental Expenditures
and Other Uses by Function"'
Last Ten Fiscal Years
Fiscal
General
Health and
year
government
sanitation"'
1995
$ 2,681,472 $
1,442,644 $
1996
2,941,453
1,390,307
1997
2,664,204
1,393,016
1998
2,848,474
1,506,992
1999
2,733,502
1,179,420
2000
2,540,354
730,888
2001
2,993,718
594,072
2002
3,027,097
280,847
2003
4,901,264
286,095
2004
2,472,563
257,037
Other
Education "'
transfers
Total
3,861,967 $
164,649 $
8,150,732
4,678,830
267,594
9,278,184
5,083,942
250,000
9,391,162
6,466,321
571,296
11,393,083
7,044,970
—
10,957,892
6,500,341
55,905
9,827,488
6,824,276
323,299
10,735,365
7,363,880
55,034
10,726,858
7,404,122
480,476
13,071,957
7,885,193
399,290
11,014,083
(a) Includes general fund only.
(b) Includes operating transfers for this function
Source: Borough general ledger
100
KODIAK ISLAND BOROUGH
Kodiak, Alaska
General Revenues by Source "'
Last Ten Fiscal Years
(a) Includes general fund only
Source: Borough general ledger
101
Licenses,
Inter -
Fiscal
permits
governmental
Investment
Operating
Miscellaneous
year
Taxes
and fees
revenue
income
transfers
revenue
Total
1995
$ 5,976,914 $
928,079
$ 1,633,162 $
659,794 $
— $
— $
9,197,949
1996
5,693,539
285,100
2,396,704
452,196
—
—
8,827,539
1997
5,582,037
108,483
2,396,272
371,414
9,672
—
8,467,878
1998
7,589,595
86,138
2,739,075
333,243
—
—
10,748,051
1999
7,694,387
86,523
2,055,803
238,515
32,632
—
10,107,860
2000
8,057,781
92,609
1,770,038
358,351
129,829
—
10,408,608
2001
8,135,184
95,129
2,135,483
583,633
18,154
44,945
11,012,528
2002
8,017,344
95,857
3,397,240
294,675
200,000
140,901
12,146,017
2003
8,028,513
153,727
2,683,460
171,532
1,000,000
—
12,037,232
2004
8,165,326
187,898
2,010,431
105,812
850,000
—
11,319,467
(a) Includes general fund only
Source: Borough general ledger
101
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Property Tax Levies and Collections
Last Ten Fiscal Years
Outstanding
delinquent
taxes
232,679
289,210
192,722
381,180
234,738
316,482
364,044
292,823
312,925
386,801
Percent of
delinquent
taxes to
tax levy
4.5
5.3
3.5
52
3.0
4.1
4.5
3.5
3.7
4.6
102
Percent of
Percent of
current
Delinquent
total tax
Fiscal
Total
Current tax
levy
tax
Total tax
collections
year
tax levy
collections
collected
collections
collections
to tax levv
1995
$ 5,141,728 S
4,955,108
96.4 $
56,140 $
5,011,248
97.5 $
1996
5,466,066
5,249,168
96.0
56,531
5,305,699
97.1
1997
5,576,773
5,478,939
98.2
96,490
5,575,429
100.0
1998
7,384,490
7,121,678
96.4
77,576
7,199,254
97.5
1999
7,704,172
7,575,491
98.3
314,367
7,889,858
102.4
2000
7,743,649
7,507,018
96.9
175,066
7,682,084
99.2
2001
8,164,127
7,912,859
96.9
204,458
8,117,317
99.4
2002
8,411,173
8,313,881
98.8
362,377
8,676,258
103.2
2003
8,395,117
8,167,437
97.3
178,885
8,346,322
99.4
2004
8,462,404
8,125,629
96.0
69,831
8,195,459
96.8
Source: Borough general ledg
�N4t�
132
Outstanding
delinquent
taxes
232,679
289,210
192,722
381,180
234,738
316,482
364,044
292,823
312,925
386,801
Percent of
delinquent
taxes to
tax levy
4.5
5.3
3.5
52
3.0
4.1
4.5
3.5
3.7
4.6
102
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
Source: Borough assessment and tax records and State full value determination
Last Ten Years Assessed Values
$800,000,000
$600,000,000
$400,000,000
$200,000,000
103
$0
1995 1996 1997 1998 1999 2000 2001 2002 2003
Ratio of
total
assessed to
Real property
Personal property
Total
total
Fiscal
Assessed
Full value
Assessed
Full value
Assessed
Full value
full value
year
value
determination
value
determination
value
determination
determination
1995
$ 515,954,650 $
539,053,753 $
98,616,145 $
319,052,138 $
614,570,795
$ 858,105,891
71.62
1996
538,627,500
560,459,900
101,835,076
318,741,600
640,462,576
879,201,500
72.85
1997
549,456,964
565,281,400
104,677,687
312,465,100
654,134,651
877,746,500
74.52
1998
573,742,998
587,145,000
107,599,894
310,049,900
681,342,892
897,194,900
75.94
1999
577,551,709
599,696,900
109,304,683
297,058,600
686,856,392
896,755,500
76.59
2000
594,870,287
613,787,700
120,828,748
322,947,400
715,699,035
936,735,100
76.40
2001
626,906,341
641,419,200
121,849,192
336,548,600
748,755,533
977,967,800
76.56
2002
635,931,458
654,299,600
116,117,602
323,479,600
752,049,060
977,779,200.
76.91
2003
642,995,612
679,949,700
117,456,245
323,755,200
760,451,857
1,003,704,900 '
75.76
2004
660,040,861
687,078,300
110,941,506
307,988,900
770,982,367
995,067,200
77.48
Source: Borough assessment and tax records and State full value determination
Last Ten Years Assessed Values
$800,000,000
$600,000,000
$400,000,000
$200,000,000
103
$0
1995 1996 1997 1998 1999 2000 2001 2002 2003
KODIAK ISLtW BOROUGII
Kodiak Alaska
Property T.x Rates and
Contributions to the School District
(per SI00 of Assessed Value)
Last Ten Fiscal Years
Fiscal
Assessed
Amount of
Woodland
Trinity
Mission
Contribution
Equivalent
1995 S
614,570,795 S
3,770,399
6.14
1996
640,462.576
Acres
Islands
Lake
654,134,651
4,839,887
7.40
1998
681,342,892
5,715,361
KIB
City
Street
Street
Tide
Road Services
Areas
6,678,652
Fire Areas
2001
Fiscal
General
of
Lighting
Lighting
Gate Nlonashk.
Service
Bay vi-
urtrrsrvice
7,767,661
omens
rear
Fund
Kodiak
Area
Arca
Arc. Bav
District
Road
Bav
Area No.I
Bay
1995
675
2.00
0.75
-
- 1.50
1,75
1.00
2.00
150
125
1996
6.75
2.00
0.50
-
- 1.75
1.75
1.00
2.00
1.50
1.25
1997
6.75
2.00
0.50
-
- 1.50
1.75
1,00
2.00
150
L25
1998
9.25
2.00
0.50
-
- 1.50
0.75
L00
2.00
1.50
1.25
1999
9.25
2.00
-
-
- 1.50
0.50
1.00
100
1.50
L25
2000
9.25
2.00
-
-
- 1.50
0.50
1.00
2.00
1.50
1.25
2001
9.25
2.00
-
-
- 150
1.00
1,00
2.00
1.50
1.25
2002
9.25
2.00
-
-
- 150
1.25
1.00
2.00
1.50
1.25
2003
915
100
-
-
- 1.50
1.00
1.00
2.00
1.50
1.25
2004
9.25
2.00
-
0.50
1.00 1.50
1.00
1.00
2.00
1.50
115
Contributiotts to the School District
Fiscal
Assessed
Amount of
h(illage
Year
value
Contribution
Equivalent
1995 S
614,570,795 S
3,770,399
6.14
1996
640,462.576
4,574,068
7.14
1997
654,134,651
4,839,887
7.40
1998
681,342,892
5,715,361
8.39
1999
686,856,392
6,492,876
9.45
2000
715,699,035
6,678,652
9.33
2001
748,755,533
6,913,926
923
2002
752,049,060
7,550,506
10.04
2003
760,451,357
7,767,661
10.21
2004
770,982.367
8,498,082
11.02
Source: Borougt Source: Borougt Source Borough ordinance and assessment
WE
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Ten Largest Property Taxpayers
Year ended June 30, 2004
Source: Borough tax records.
ON
Percentage
Percentage
of total
Net
of total
assessed
Assessed
taxes
taxes
value
valuation
levied
levied
Western Alaska Fisheries
1.5%
$ 11,487,450
$ 121,325
1.4%
Alaska Communications Systems
1.5%
11,771,192
115,149
1.4%
Ocean Beauty Seafoods Inc
1.3%
9,824,538
105,962
1.3%
International Seafoods of Alaska
1.3%
9,837,184
103,982
1.2%
Brechan Enterprises, Inc.
1.2%
8,965,219
98,507
1.2%
Wal -Mart Real Estate Bus Trust
1.0%
7,934,200
89,260
1.1%
Afognak Native Corporation
1.3%
9,623,321
88,139
1.0%
Mill Bay Plaza Assoc Ltd
0.9%
7,138,400
80,307
1.0%
Horizon Lines of Alaska, LLC
1.0%
7,252,942
79,138
0.9%
Kodiak Fishmeal Company
1.0%
7,409,320
73,241
0.9%
Totals
12.0%
$ 91,243,766
$ 955,010
11.4%
Source: Borough tax records.
ON
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Ratio of Net General Bonded Debt
to Assessed Value and Net General Bonded Debt per Capita "'
Last Ten Fiscal Years
106
Ratio
of net general
Less Debt
Net general
bonded debt
Net general
I
Fiscal
Assessed
Gross
Service
bonded
to assessed
bonded debt
,
year
Population
value
bonded debt
Fund
debt
value
per capita
1995
15,575
$
614,570,795
S 25,665,000 $
2,075,768
$ 23,589,232
3.8 $
1,515
1996
15,400
(a)
640,462,576
23,205,000
1,759,644
21,445,356
3.3
1,393
1997
14,058
(a)
654,134,651
21,660,000
549,569
21,110,431
3.2
1,502
1998
14,181
681,342,892
20,020,000
432,942
19,587,058
2.9
1,381
1999
13,848
(a)
686,856,392
18,910,000
340,159
18,569,841
2.7
1,341
2000
13,989
(a)
715,699,035
17,025,000
272,651
16,752,349
2.3
1,198
2001
13,913
(a)
748,755,533
17,690,000
344,942
17,345,058
2.3
1,247
2002
14,167
(a)
752,049,060
16,615,000
448,065
16,166,935
2.1
1,141
2003
13,874
(a)
760,451,857
15,620,000
17,879
15,602,121
2.1
1,125
2004
13,811
(a)
770,982,367
14,385,000
33,915
14,351,085
1.9
1,039
Sources:
Information obtained from assessment
records
and Borough general ledger except as otherwise noted.
'
(a) Information obtained from State of Alaska,
Department of Community and Regional Affairs, Certified Population for Revenue Sharing Program.
106
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Computation of Direct and Overlapping Debt
June 30, 2003
Percentage
Kodiak Island
Net debt applicable to this
Borough
outstanding governmental
share of
(a) unit (b)
debt (c)
Kodiak Island Borough:
General obligation bonds $ 14,351,085 100% $ 14,351,085
City of Kodiak:
Revenue bonds 1,015,000 100%
Total $ 15,366,085
(a) Gross debt outstanding less applicable amounts in the Debt Service Funds.
(b) Determined by ratio of assessed valuation of property subject to taxation in overlapping unit to
valuation of property subject to taxation in reporting unit.
(c) Under Alaska Statutes Title 29, there is no limitation on municipal debt.
Sources: Borough general ledger and City of Kodiak records.
1,015,000
t
1
107
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Computation of Legal Debt Margin
June 30, 2003
' Assessed value $ 770,982,367
Plus exempt property 1,736,191,891
Total $ 2,507,174,258
The State of Alaska does not mandate a debt limit to its municipalities and political subdivisions.
Debt capacity is ultimately determined by the voters and the marketplace.
Source: Borough assessment records.
108
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Ratio of Annual Debt Service Expenditures
for General Bonded Debt to Total
General Expenditures and Transfers
Last Ten Fiscal Years
Fiscal
Ratio of
Interest
Total debt
year
Principal (a)
and fees
service
1995
$ 2,270,833 $
1,760,185 $
4,031,018 $
1996
2,480,833
1,386,681
3,867,514
1997
1,565,833
1,239,996
2,805,829
1998
1,660,833
1,141,366
2,802,199
1999
1,915,833
853,652
2,769,485
2000
1,905,833
858,164
2,763,997
2001
2,015,834
746,994
2,762,828
2002
1,095,833
853,543
1,949,376
2003
1,140,833
803,224
1,944,057
2004
1,255,833
667,744
1,923,577
Total
Ratio of
general
debt service
expenditures
to general
and transfers
expenditures
8,150,732
49.5
9,278,184
41.7
9,391,162
29.9
11,393,083
24.6
10,957,892
25.3
9,827,488
28.1
10,735,365
25.7
10,726,858
18.2
13,071,957
14.9
10,991,975
17.5
(a) Serial maturities in the case of serial bonds; annual Debt Service Fund requirements in the case of
term bonds.
Source: Borough general ledger and debt documents
109
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Demographic Statistics
Last Ten Fiscal Years
Fiscal
year
Population (a)
1995
15,575
1996
15,400
1997
14,058
1998
14,181
1999
13,848
2000
13,989
2001
13,913
2002
14,167
2003
13,874
2004
13,811
Sources:
(a) State of Alaska, DCRA certified population.
(b) Kodiak Island Borough School District
(c) Department of Labor, Anchorage
School
enrollment (b)
2,711
2,872
2,862
2,851
2,798
2,810
2,774
2,821
2,751
2,704
Percentage
Unemployment
rate (c)
11.5
14.5
9.1
5.0
5.1
13.4
10.9
18.2
10.3
10.6
110
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
'Assessed value.
Source: Borough assessing records, City of Kodiak building department and local bankers.
Construction
Property Value"
Commercial
Residential
Deposits
Fiscal
No. of
No. or
in local
year
permits
Value
permits
Value
banks
Commercial
Residential
Nontaxable
1995
59
S 6,055.321
159
S 4,305,352
S 103,838,289
$ 148,156,300
$ 367,798,350
$ 2,354,550,201
1996
41
3,862,599
160
7,864,907
108,116,331
155,755,000
382,872,500
2,404,513,974
1997
36
1,559,938
112
6,262,439
108,926,259
157,911,064
391,545,900
2,404,872,414
1998
39
16,676,612
149
8,103,624
107,973,700
161,787,264
411,955,734
2,420,596,952
1999
51
6,784,879
141
8,222,313
123,206,000
160,921,064
416,630,645
2,420,601,099
2000
54
2,720,259
156
9,086,074
130,465,733
172,709,507
422,160,780
2,475,199,399
2001
33
1,379,673
198
11,501,804
119,637,923
193,882,996
433,023,355
2,475,199,399
2002
30
1,494,337
190
10,439,985
117,241,908
199,689,615
443,305,997
1,994,297,545
2003
47
2,915,740
166
11,707,269
129,546,701
206,386,964
463,419,197
1,996,235,045
2004
44
2,859,775
179
14,798,679
128,062,000
207,611,182
480,581,831
1,736,191,891
'Assessed value.
Source: Borough assessing records, City of Kodiak building department and local bankers.
KODIAK ISLAND BOROUGH
Kodiak, Alaska
Miscellaneous Statistical Data
Last Ten Fiscal Years
Date of Incorporation - September 30, 1963,
Second Class Borough by Chapter 146 Sessions, Laws of Alaska 1961, as amended,
Form of Government - Mayor /Assembly.
(a) The majority of Village Schools are grades K -12.
(b) Based on full time equivalents.
(c) As of July 1, 1996 the City of Kodiak assumed ownership, maintenance, and operation of the existing water and sewer
utilities in Service District.
Source: Borough records.
112
1995
1996
1997
Land area - square miles
7,130
7,130
7,130
Miles of improved street
21.60
21.60
24.70
Building permits:
Permits issued
218
201
148
Value of buildings (thousands)
10,360
11,728
7,822
Fire protection:
Number of fire stations
2
2
2
Number of employees
1
I
1
Police protection - none
Recreation:
Parks - number of acres
223
224
224
Facilities:
Number of playgrounds
15
16
16
Number of swimming pools
1
1
1
Education:
Number of schools:
City of Kodiak Elementary
3
4
4
City of Kodiak Junior High
1
1
1
City of Kodiak High School
1
1
1
Village Schools (a)
9
9
9
Number of personnel: (b)
Administration
5.0
6.0
6.0
Principals
11.0
12.0
11.7
Teachers
185.3
183.8
188.5
Technical
6.5
3.0
3.5
Clerical and Aides
73.3
61.7
63.7
Maintenance/Warehouse
19.7
12.0
9.0
Custodial
21.6
22.5
26.3
Food Service
8.5
3.7
4.2
Total number of personnel
330.9
304.7
312.9
Number of students
2,773
2,793
2,809
Number of municipal employees
65
63
63
Elections:
Number of registered voters
7,382
8,217
9,350
Number voting in last election
2,113
1,471
2,120
Percent of registered voters
29.0%
17.9%
22.7%
(a) The majority of Village Schools are grades K -12.
(b) Based on full time equivalents.
(c) As of July 1, 1996 the City of Kodiak assumed ownership, maintenance, and operation of the existing water and sewer
utilities in Service District.
Source: Borough records.
112
1998
1999
2000
2001
2002
2003
2004
7,130
7,130
7,130
7,130
7,130
7,130
7,130
24.70
25.02
25.00
25.58
25.66
25.66
25.66
188
192
210
231
220
213
223
24,780
15,007
11,806
12,881
11,934
14,623
129,547
2
2
2
2
2
2
2
1
1
1
1
1
1
1
224
224
224
224
224
224
224
16
16
16
16
16
16
16
1
1
1
1
1
1
1
4
4
4
4
4
4
4
1
1
1
1
1
1
1
1
1
1
1
1
1
1
9
9
9
9
8
7
7
5.2
5.2
4.2
7.5
7.2
6.8
8.6
11.4
11.4
10.3
9.5
11.3
10.3
8.0
179.6
178.1
188.6
200.0
202.6
202.1
201.1
9.0
9.0
11.1
3.0
4.0
3.5
4.0
72.7
75.2
78.9
79.5
121.0
115.4
130.2
10.0
8.0
10.8
15.0
18.0
15.2
28.4
27.6
30.6
29.0
39.0
32.0
29.9
10.6
6.3
6.7
10.7
8.0
8.5
8.2
6.4
321.8
324.2
343.6
361.5
404.6
391.4
397.3
2,897
2,815
2,798
2,750
2,821
2,751
2,704
--j0
46
36
37
37
39
39
9,967
10,389
9,935
10,311
10,085
10,099
10,099
2,076
1,972
2,525
2,521
2,914
1,473
1,473
20.8%
19.0%
25.4%
24.4%
28.9%
14.6%
14.6%
113