Proven Expertise and Integrity
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1 Proven Expertise and Integrity December 5, 2013 Board of Selectmen Town of Waldoboro Waldoboro, Maine We were engaged by the Town of Waldoboro and have audited the financial statements of the Town of Waldoboro as of and for the year ended June 30, The following information, statements, schedules and tables have been excerpted from the 2013 financial statements, a complete copy of which, including our opinion thereon, is available for inspection at the Town Office. The information contained in this report should be used in conjunction with the audited financial statements as a whole and should not be used for any other purposes. It has been our pleasure to work with the Town and we appreciate all the help and consideration provided by the Town of Waldoboro staff. If you have any questions or concerns please do not hesitate to contact us. RHR SMITH & COMPANY Certified Public Accountants 3 Old Orchard Road, Buxton, Maine Tel: (207) Fax: (207)
2 BALANCE SHEET GOVERNMENTAL FUNDS JUNE 30, 2013 Totals General Capital Nonmajor Governmental Fund Reserve Funds Funds ASSETS Cash and cash equivalents $ 1,403,051 $ 844,395 $ - $ 2,247,446 Receivables (net of allowance for uncollectibles): Taxes receivable 502, ,207 Accounts receivable 188, ,256 Tax liens 165, ,571 Due from other governments 44, ,152 Tax acquired property 2, ,202 Due from other funds 6, , , ,127 Restricted cash 51, ,247 TOTAL ASSETS $ 2,362,786 $ 1,474,804 $ 291,618 $ 4,129,208 Liabilities: Accounts payable $ 48,039 $ - $ - $ 48,039 Due to other governments 9, ,870 Other liabilites 4, ,962 Due to other funds 922,027-6, ,127 TOTAL LIABILITIES 984,898-6,100 1,083,098 Deferred inflows of resources: Prepaid taxes 9, ,416 Deferred tax revenues 514, ,229 Deferred ambulance revenue 92, ,100 TOTAL DEFERRED INFLOWS OF RESOURCES 615, ,745 Fund Balances: Nonspendable 2, ,202 Restricted 51,247-51,247 Committed - 1,474,804-1,474,804 Assigned , ,618 Unassigned 708,694 - (6,100) 702,594 TOTAL FUND BALANCES 762,143 1,474, ,518 2,522,465 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES $ 2,362,786 $ 291,618 $ 291,618 $ 4,129,208 1
3 GENERAL FUND ASSETS $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600, $400,000 $200,000 $ Cash Restricted Cash Taxes Receivable Accounts Receivable Tax liens Due from other governments Cash increased by $171,588 in 2013 mostly due to the 2013 net revenues. Taxes receivable continued to rise in 2013 by $18,498; however, the % of current levy collected has stayed consistent. Accounts receivable decreased $49,156 in 2013 which also helped the cash flow. Tax liens continued to climb, reaching $165,571, despite a slight up tick in the % collected overall. Due from other governments declined by $33,977 in
4 GENERAL FUND LIABILITIES $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400, $200,000 $ Accounts payable Prepaid taxes Deferred taxes Deferred ambulance revenue Other liabilities Due to other funds net Deferred taxes outpaced the increase in taxes and tax liens, increasing by $58,941 (More collections received during the fiscal year) Deferred ambulance revenue decreased by $17,828 in Other liabilities dropped by $22,428 in 2013 in comparison to the previous two years. (increases of $2,570 and $14,107 in 2012 and 2011, respectively) Due to other funds decreased by $265,140 in
5 GENERAL FUND FUND BALANCE $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ Unassigned Fund Balance The Town budgeted to use $25,000 of fund balance in the 2013 budget. The actual increase was $322,259. The Town budgeted zero from fund balance in the 2012 budget. The actual increase was $326,793. The Town budgeted to use $275,000 of fund balance in the 2011 budget. The actual decrease in undesignated fund balance was $205,125. 4
6 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED JUNE 30, 2013 Totals General Capital Nonmajor Governmental Fund Reserve Funds Funds REVENUES Taxes $ 7,706,670 $ - $ - $ 7,706,670 Licenses and permits 54, ,267 Intergovernmental 454,448 27, , ,050 Charges for services 588,449-77, ,771 Fees and fines 1, ,936 Unclassified 52, ,537 54, ,490 Investment income 3,007 2,953-5,960 TOTAL REVENUES 8,861, , ,809 9,654,144 EXPENDITURES Current: General government 524, ,854 Town services and public safety 1,391,932 1,288-1,393,220 Public works 689, , ,009 Health and welfare 46, ,572 Community services 150,151 9,918 32, ,828 Planning and development 64, ,822 Insurance and employee benefits 46, ,254 County tax 543, ,687 Education 4,542, ,542,522 Waste management , ,213 Overlay / abatements 7, ,042 Capital outlay - 978, ,394 Debt service 57, ,596 TOTAL EXPENDITURES 8,064,888 1,107, ,972 9,688,013 EXCESS REVENUES OVER (UNDER) EXPENDITURES 796,113 (678,819) (151,163) (33,869) OTHER FINANCING SOURCES Proceeds from debt - 78,952-78,952 Operating transfers in 102, , , ,171 Operating transfers (out) (570,551) (10,665) (109,955) (691,171) TOTAL OTHER FINANCING SOURCES (USES) (467,710) 445, ,724 78,952 EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER (USES) 328,403 (232,881) (50,439) 45,083 FUND BALANCES - JULY 1 433,740 1,707, ,957 2,477,382 FUND BALANCES - JUNE 30 $ 762,143 $ 1,474,804 $ 285,518 $ 2,522,465 5
7 GENERAL FUND REVENUES Fees and fines, Unclassified, 0.02% 0.58% Charges for services, 6.56% Interest earned, 0.03% Transfers from other funds, 1.15% Intergovernmental, 5.07% Licenses and permits, 0.61% Taxes, 85.98% 6
8 GENERAL FUND EXPENDITURES Debt service, 0.67% Overlay / abatements, 0.08% Transfers to other funds, 6.61% General government, 6.07% Town services and public safety, 16.12% Public works, 7.99% Education, 52.60% Health and welfare, 0.53% Community services, 1.74% County tax, 6.30% Planning and development, 0.75% Insurance and employee benefits, 0.54% 7
9 GENERAL FUND BUDGETARY INFORMATION Variance Budgeted Amounts Actual Positive Original Final Amounts (Negative) Budgetary Fund Balance, July 1 $ 433,740 $ 433,740 $ 433,740 $ - Resources (Inflows): Taxes 7,706,209 7,706,209 7,706, Licenses and permits 52,738 52,738 54,267 1,529 Intergovernmental 479, , ,448 (25,284) Charges for services 572, , ,449 16,322 Fees and fines ,936 1,435 Unclassified 53,439 53,439 52,224 (1,215) Interest earned 2,500 2,500 3, Transfers from other funds 111, , ,841 (9,096) Amounts Available for Appropriation 9,412,923 9,412,923 9,397,582 (15,341) Charges to Appropriation (Outflows): General government 536, , ,637 12,170 Town services and public safety 1,466,312 1,466,312 1,391,932 74,380 Public works 689, , ,673 - Health and welfare 54,856 54,856 46,572 8,284 Community services 152, , ,151 2,526 Planning and development 73,549 73,549 64,822 8,727 Insurance and employee benefits 48,425 48,425 46,254 2,171 County tax 543, , ,687 - Education 4,542,522 4,542,522 4,542,522 - Overlay / abatements 267, ,528 7, ,486 Debt service 57,596 57,596 57,596 - Transfers out 570, , ,551 - Total Charges to Appropriations 9,004,183 9,004,183 8,635, ,744 Budgetary Fund Balance, June 30 $ 408,740 $ 408,740 $ 762,143 $ 353,403 Utilization of assigned fund balance $ - $ - $ - $ - Utilization of unassigned fund balance 25,000 25,000 - (25,000) $ 25,000 $ 25,000 $ - $ (25,000) 8
10 PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Years Ended Current Current Percent of Prior Year's Total Collections Year's Year's Tax Current Levy Collection to Total as Percent of Tax Levy* Collections Collected June 30 Collections Each Year's Levy 2004 $ 4,350,945 $ 4,160,477 96% $ 160,580 $ 4,321, % ,740,837 4,530,054 96% 189,983 4,720, % ,003,063 4,761,558 95% 206,485 4,968, % ,289,520 5,007,287 95% 225,585 5,232, % ,615,243 5,279,928 94% 282,238 5,562, % ,044,600 5,676,912 94% 324,976 6,001, % ,339,475 5,944,568 94% 330,378 6,274, % ,286,065 5,881,513 94% 355,562 6,237, % ,860,562 6,390,865 93% 393,787 6,784, % ,957,583 6,482,648 93% 448,567 6,931, % * Excludes homestead exemptions 9
11 GENERAL FUND - FUND BALANCE COMPARISON LAST TEN FISCAL YEARS $1,400,000 $1,327,000 $1,200,000 $1,216,000 $1,000,000 $1,062,000 $1,097,000 $972,000 $800,000 $709,000 $600,000 $557,000 $400,000 $343,000 $386,000 $200,000 $ $60,
12 FUND BALANCES / NET ASSETS OTHER FUNDS Special Revenue Fund Balances Transfer Station $ 194,129 $ 237,408 $ 291,679 Highway Block Grant CDBG Small Cities DEP Wastewater (6,100) (6,100) (6,100) Medomak River Quality Community Services 11,531 11,044 9,956 Comprehensive Plan 81,631 94,791 91,415 Quarry Hill Management 3,319 (2,194) 1,500 $ 285,518 $ 335,957 $ 389,458 Reserve Fund Balances Municipal Building $ 5,804 $ 9,209 $ 12,902 Public Works Building 13,275 13,252 14,529 Friendship Street School 30,990 31,436 28,854 Recreation Center AD Gray Property 13,764 13,555 18,403 EMS Equipment 42,643 49,491 2,933 Fire Equipment 14,479 69,173 41,982 Police Equipment 41,667 42,242 15,093 PW -Highway Equipment 402, , ,823 EMA Equipment 1,526 2,242 1,870 Administrative Equipment 14,555 16,922 21,732 Transfer Station Equipment 12,588 12,566 65,756 Drug Eradication Fund 2,948 4,228 3,725 Shellfish Equipment 17,605 22,499 21,788 Surface Paving 251, , ,886 Sidewalk 60 34,495 34,398 Highway Construction 115, , ,932 CDD Landfill Reserve 288, , ,004 Public Landing Recreational Park 42,507 57,326 21,750 Quarry Hill Unemployment Compensation 5,353 2, Gay Bailey YMCA 158, $ 1,474,804 $ 1,707,685 $ 1,573,384 11
13 GENERAL FUND COMPARATIVE REVENUES / EXPENDITURES Net Change Taxes $ 7,706,670 $ 7,485, ,616 Licenses and permits 54,267 51,187 3,080 Intergovernmental 454, ,803 (13,355) Charges for services 588, ,993 94,456 Fees and fines 1, Unclassified 52,224 65,008 (12,784) Interest earned 3,007 2, Transfers from other funds 82,716 82,716 - $ 8,943,717 $ 8,649, ,679 General government $ 524,637 $ 410, ,976 Town services and public safety 1,391,932 1,193, ,559 Public works 689, , ,942 Health and welfare 46,572 87,308 (40,736) Community services 150,151 47, ,606 Planning and development 64, ,381 (96,559) Insurance and employee benefits 46, ,639 (467,385) County tax 543, ,697 (10) Education 4,542,522 4,343, ,134 Overlay / abatements 7,042 7,849 (807) Debt service 57,596 63,721 (6,125) Transfers to other funds 570, ,234 99,317 $ 8,635,439 $ 8,335, ,902 12
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