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STATE FINANCIAL SERVICES DIVISION LOCAL GOVERNMENT SERVICES BUREAU MONTANA ANNUAL FINANCIAL REPORT FISCAL YEAR ENDING JUNE 30, 2020 REVISED JULY 2020/VERSION 20.1 418 E. 2ND AVENUE, P.O. BOX 158 WHITEFISH, MT 59937 021503 Mitchell Building Room 255, PO Box 200547, Helena, Montana 59620-0547 Local Government Services Bureau Portal ENTITY # CITY OF WHITEFISH ---PAGE BREAK--- 021503 CITY OF WHITEFISH 418 E. 2ND AVENUE, P.O. BOX 158 WHITEFISH, MT 59937 **If a filing fee is owed, please print the completed filing fee form and mail with your payment to: Montana Department of Administration Local Government Services Mitchell Bldg - Room 270 PO Box 200547 Helena, MT 59620-0547 Annual Resources Exceed: $0 $750,000 $1,000,000 $1,500,000 $2,500,000 $5,000,000 $10,000,000 $50,000,000 Date: REVISED 7-2017 VERSION 17.1 The following filing fee schedule is required by Section 2-7-514, MCA, and has been adopted as Section 2.4.402 of the Administrative Rules of Montana. ANNUAL FINANCIAL REPORT FILING FEE FISCAL YEAR ENDING JUNE 30, 2020 If the local government entity name or mailing address on the Department's mailing list is inaccurate or has changed recently please note the correction below. PLEASE NOTE: The "Determination of Filing Fee Form" - page 2 of 2 - is designed to be self-calculating. If you choose to print this form and manually fill it in, please adjust the "Filing Fee Owed" in Box based on the Filing Fee Schedule included below. Please revise Box #2 to "YES" if the adjusted debt proceeds and total revenues received by your government indicate that an audit will be required. If there is an amount listed in BOX #1 of the Determination of Filing Fee Form (page 2 of please include a check or warrant for that amount, made payable to "State Treasurer" in the amount of the required fee. LOCAL GOVERNMENT ANNUAL FILING FEE SCHEDULE **If no filing fee is owed, you must complete Part II to determine if an audit is required. Please assure a copy of the completed Determination of Filing Fee & Audit Requirement form is either included in your Annual Financial Report (AFR) or if not, a completed copy of the form is uploaded along with your AFR in the portal to ensure we enter the correct amount of adjusted debt proceeds in our system. Annual Resources Filing Equal to or Less Than Fee $750,000 $0 $1,000,000 $550 $1,500,000 $800 $2,500,000 $950 $5,000,000 $1,300 $10,000,000 $1,700 $50,000,000 $2,500 $3,000 FOR DEPARTMENT OF ADMINISTRATION USE ONLY GL# Amount Received: $ TD# By: Page 1 of 2 ---PAGE BREAK--- Total Revenues 25,495,223.00 Other Financing Sources - Proceeds from Sale of Capital Assets 515,057.00 Special and/or Extraordinary Items (Revenues only) 0.00 Total Operating Revenues 9,047,187.00 Non-Operating Revenues: (Do not include Gain on Sale of Capital Assets) Taxes/Assessments 0.00 Licenses/Permits 0.00 Intergovernmental Revenues 1,032,143.00 Interest Revenues 178,361.00 Other Non-operating Revenues not included above Capital Contributions 0.00 Special and/or Extraordinary Items (Revenues only) 0.00 Proceeds from Sale of Capital Assets 0.00 Total Additions to Pension & Private Purpose Trust Funds Only 0.00 Total Revenues for Calculation of Filing Fee $36,267,971.00 Add: Proceeds from Debt provided by a Federal agency, a State agency or another local government: Governmental Funds (from Statement of Revenues, Expenditures, and Changes in Fund Balances (Page 16) Proceeds from General Long-Term Debt) 0.00 Proprietary Funds (from Statement of Cash Flows, Major & Non-Major Enterprise Funds (Page 20) Proceeds from Debt) 1,555,026.00 Manually subtract debt proceeds received from non- governmental financial institutions (banks, savings & loans) included above (Enter as a negative) Subtotal - Proceeds received from Debt 1,555,026.00 Manually subtract amount of proceeds received from governments used to refinance existing debt. (Enter as a negative) Total Adjusted Debt Proceeds $1,555,026.00 Total Revenues + Total Adjusted Debt Proceeds $37,822,997.00 $2500.00 Determination of Filing Fee Form Note: This form is self-calculating, with defaults of and "NO" in box #1 and Please adjust according if you print this form and enter information manually. FEE REQUIREMENT: As provided by 2-7-514, MCA, each local government required to have an audit under 2-7-503, MCA, shall pay an annual filing fee to the department; the fee schedule must be based upon the local government's annual revenue amounts. Administrative Rule 2.4.402 defines "revenues" as all receipts or inflows of resources of a local government entity from any source excluding the proceeds from bond issuances and other long-term debt not received from state or federal sources. AUDIT REQUIREMENT: As provided by 2-7-503, MCA, each local government receiving revenue or financial assistance in excess of $750,000, regardless of the source of revenue or financial assistance, must have an audit. "Financial Assistance" including assistance provided by a federal, state, or local government entity in the form of loans and loan guarantees. Part II - Determination of Audit Requirement. Loan proceeds received in the fiscal year that were used to refinance (payoff) existing debt will not be considered as "Financial Assistance" when determining the current audit requirement. Audit Required? YES If this amount exceeds $750,000, you are required to have an audit for the fiscal year. Page 2 of 2 ENTERPRISE FUNDS - PAGE 20 (STATEMENT OF CASH FLOWS) TRUST FUNDS - PAGE 22 (STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS) NOTE: Do not include additions to Investment Trust Funds If total revenues are equal to or less than $750,000, no filing fee is required to be paid. However, your entity may be subject to audit requirements as determined in Part II or required by other agencies. Review Part II below to determine if there is an audit requirement. Manually subtract proceeds of debt received to refinance an existing debt to exclude from audit determination. If total revenues plus adjusted debt proceeds exceeds $750,000, your entity will be subject to audit requirements. Part II - Determination of Audit Requirement w/ No Filing Fee (Subtract Debt used to Refinance Manually) Box #2 GOVERNMENTAL FUNDS - PAGE 16 (STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES) ENTERPRISE FUNDS - PAGE 19 (STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION) Note: Do not include revenues of Internal Service Funds Box #1 Filing Fee Owed ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FISCAL YEAR ENDING JUNE 30, 2020 Page No. INTRODUCTORY SECTION Letter of Transmittal 2 List of Elected and Appointed Officials – Signature 3 FINANCIAL SECTION Management's Discussion and Analysis 5-13 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 15 Statement of Activities 16 Fund Financial Statements: Balance Sheet - Governmental Funds 17 Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position……………………..…. 18 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 20 Statement of Net Position - Proprietary Funds 21 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds 22 Statement of Cash Flows - Proprietary Funds 23 Statement of Fiduciary Net Position -Fiduciary Funds 24 Notes to the Financial Statements 25-77 Required Supplementary Information: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund and Major Special Revenue 79-87 Other Supplementary Information: Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Special Revenue Funds 89-93 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Nonmajor Special Revenue Funds 94-128 Combining Balance Sheet - Nonmajor Debt Service Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Nonmajor Debt Service Funds 129-132 Combining Balance Sheet - Nonmajor Capital Projects Funds 133 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Nonmajor Capital Projects Funds 134-135 Combining Statement of Net Position - Nonmajor Enterprise Funds 136-137 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position – Nonmajor Enterprise Funds 138 Schedule of Federal/State Grants, Entitlements and Shared Revenues 139-154 Schedule of Cash Receipts and Disbursements 155-157 Cash Reconciliation 158 GENERAL INFORMATION SECTION General Information 160 ---PAGE BREAK--- INTRODUCTORY SECTION 1 ---PAGE BREAK--- P.O. Box 158 • Whitefish, MT 59937 • (406) 863-2400 • Fax: (406) 863-2419 December 31, 2020 Montana Department of Administration Local Government Services Bureau Mitchell Building, Room 270 PO Box 200547 Helena, MT 59620-0547 To Whom It May Concern, Please find enclosed the City of Whitefish Annual Financial Report for fiscal year ending June 30, 2020. If you have any questions or concerns, please call me at [PHONE REDACTED]. Best Regards, Benjamin Dahlman Finance Director Benjamin Dahlman digitally signed on 12/31/2020 10:58am 2 ---PAGE BREAK--- OFFICE CITY OF WHITEFISH OFFICIALS/OFFICERS DATE TERM EXPIRES Mayor John M. Muhlfeld December 31, 2023 Councilperson Frank Sweeney December 31, 2023 Councilperson Rebecca Norton December 31, 2023 Councilperson Steve Qunell December 31, 2023 Councilperson Andy Feury December 31, 2021 Councilperson Ben Davis December 31, 2021 Councilperson Ryan Hennen December 31, 2021 City Manager Dana M. Smith, CPA Attorney Angela Jacobs Chief of Police William Dial Clerk/Admin Services Director Michelle Howke Finance Director Benjamin Dahlman, CPFO Municipal Judge William Hileman Submitted by; Benjamin Dahlman, CPFO Finance Director December 31, 2020 Date Preparer's contact information: Email: [EMAIL REDACTED] Phone: [PHONE REDACTED] FISCAL YEAR ENDING JUNE 30, 2020 CITY OF WHITEFISH ELECTED OFFICIALS/OFFICERS CONSISTENT WITH STATE LAW, I HEREBY TRANSMIT THE CITY OF WHITEFISH ANNUAL FINANCIAL REPORT FOR THE 3 ---PAGE BREAK--- MANAGEMENT'S DISCUSSION AND ANALYSIS 4 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 The Management’s Discussion and Analysis for the City of Whitefish, Montana offers readers a narrative of the City’s performance and financial activities for the fiscal year ended June 30, 2020. The City encourages readers to consider the information presented in conjunction with the City’s financial statements and accompanying notes. FINANCIAL HIGHLIGHTS ● The total assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at June 30, 2020 by $124,674,332 as reported in the statement of net position. This figure represents an increase of $13,722,068 in net position from the prior year. ● The total fiscal year end governmental fund balance was $16,838,550 as reported in the balance sheet for governmental funds. This figure represents an increase of $1,325,497 from the prior year. ● The unassigned general fund balance at fiscal year-end was $2,212,744. This figure represents an increase of $724,401 from the prior year. EXPLANATION OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements, which are comprised of three components: 1. Government-wide financial statements 2. Fund Financial Statements 3. Notes to the Financial Statements Other required supplementary information is also included at the end of the financial section. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances using the accrual basis of accounting. The statement of net position presents information on all of the City’s assets and deferred outflows of resources and liabilities and deferred inflows of resources with the difference between the two reported as net position. Over time, increases and decreases in net position may serve as a useful indicator of whether the City’s financial position is improving or deteriorating. The statement of activities presents information reflecting how the City’s net position has changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. delinquent taxes and earned, but unused vacation leave). 5 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 The government-wide financial statements distinguish functions of the City 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 City include general government, public safety, social and economic services, public works, planning, culture and recreation, housing and economic development, and debt service. The business-type activities of the City include water, wastewater, and solid waste operations. 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 City, 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 City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds - Governmental funds are used to account for those same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide statements, the fund financial statements are prepared on the modified accrual basis. Under the modified accrual basis of accounting, revenues are recognized when measurable and available and expenditures are recognized when the related fund liability is incurred, with the exception of long-term debt and similar long-term items which are recorded when due. Therefore, the focus is on near-term inflows and outflows of spendable resources as well as on the balance of spendable resources available at the end of the fiscal year. Since the focus of the governmental funds is on near-term resources, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide statements. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison. Proprietary Funds - There are two types of proprietary funds: enterprise and internal service funds. The City maintains only enterprise funds, which are used to report the same functions presented as business-type activities in the government-wide statements. The City uses enterprise funds to account for its water, sewer, and solid waste operations. Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government and are not included in the government-wide financial statements as the resources of these funds are not available to support the City’s own programs. Notes to Financial Statements The notes to the financial statements provide additional narrative and information that is essential to obtaining a complete understanding of the data provided in the government-wide and fund financial statements. 6 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 Other Required Supplementary Information In addition to the basic financial statements and accompanying notes, certain required supplementary information concerning the City’s budgetary control, schedule of funding progress of other post-employment benefits, and schedule of net pension liability and contributions is provided. FINANCIAL ANALYSIS OF THE CITY Over time, net position serves as a useful indicator of a government’s financial condition. The net position for both governmental and business-type activities for the fiscal year ending June 30, 2020 totaled $124,674,332, which is an increase of $13,722,068 from the prior year. In fiscal year 2015, the City implemented GASB Statement No. 68, which affected both governmental and business- type activities and continues to affect net position in FY20 as noted in the negative unrestricted net position for governmental and business activities. Although the pension retirement systems are administered by the State of Montana, including determining required contributions for each plan, the City is required to report the related liability per GASB Statement No. 68. attributed to the different plans. Other post employment benefits (OPEB) is an additional contributor to the negative unrestricted net position. The City’s largest portion of net position reflects investment in capital assets (land, buildings, machinery and equipment, etc.) less any related debt used to acquire those assets that is still outstanding. These assets are used to provide services to our citizens. Although the City’s investment in its capital assets are reported net of related 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. Restricted net position represents resources that are subject to external restrictions on how they may be used. The unrestricted net position may be used to meet the City’s ongoing obligations to citizens and creditors. The following table presents consolidated information on the City’s net position as of June 30, 2020 and June 30, 2019. City of Whitefish - Net Position Governmental Business-type Activities Activities Change Change FY20 FY19 Inc (Dec) FY20 FY19 Inc (Dec) Current and other assets $ 25,158,169 $ 21,807,896 $ 3,350,273 $ 11,566,085 $ 13,509,832 $ (1,943,747) Capital assets 76,989,617 74,480,442 2,509,175 43,476,474 34,505,699 8,970,775 Total assets $ 102,147,786 $96,288,338 $ 5,859,448 $ 55,042,559 $ 48,015,531 $ 7,027,028 Long-term debt outstanding $ 11,790,313 $ 15,481,964 $ (3,691,651) $ 11,929,351 $ 11,735,030 $ 194,321 Other liabilities 6,388,593 4,771,279 1,617,314 2,407,756 1,363,332 1,044,424 Total liabilities $ 18,178,906 $ 20,253,243 $ (2,074,337) $ 14,337,107 $ 13,098,362 $ 1,238,745 Net investment in capital assets $ 71,716,384 $ 65,097,025 $ 6,619,359 $ 33,490,448 $ 24,664,136 $ 8,826,312 Restricted 17,315,955 16,548,352 767,603 3,804,124 3,397,663 406,461 Unrestricted (deficit) (5,063,459) (5,610,282) 546,823 3,410,880 6,855,370 (3,444,490) Total net position $ 83,968,880 $ 76,035,095 $ 7,933,785 $ 40,705,452 $ 34,917,169 $ 5,788,283 7 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 The City’s revenues totaled $36,055,864 for the fiscal year ending June 30, 2020. The total cost of all programs and services for that same period was $22,974,961. The overall result is an increase in net position totaling $13,648,201. The table below presents consolidated information on the City’s change in net position for the fiscal years ending June 30, 2020 and June 30, 2019. City of Whitefish – Changes in Net Position Governmental Business-type Activities Activities Change Change FY20 FY19 Inc (Dec) FY20 FY19 Inc (Dec) Revenues Program revenues (by major source): Charges for services $ 7,124,258 $ 6,850,888 $ 273,370 $ 9,047,186 $ 8,134,707 $ 912,479 Operating grants and contributions 1,374,555 519,676 854,879 808 35,639 (34,831) Capital grants and contributions 179,257 136,371 42,886 995,000 995,000 General revenues (by major source): Property taxes for general purposes 10,064,444 9,411,422 653,022 Resort Taxes 4,235,610 4,260,456 (24,846) Franchise/Utility Fees 470,767 472,457 (1,690) Miscellaneous 244,523 230,549 13,974 Interest/investment earnings 207,338 254,086 (46,748) 178,363 195,432 (17,069) State entitlement 1,140,446 1,107,226 33,220 On behalf payments 756,975 754,558 2,417 36,334 36,334 Proceeds from cash in lieu 137,051 (137,051) Total revenues $ 25,798,173 $ 24,134,740 $ 1,663,433 $ 10,257,691 $ 8,365,778 $1,891,913 Program expenses General government $ 1,771,362 $ 1,616,124 $ 155,238 Public safety 7,826,805 7,664,938 161,867 Public works 3,301,194 3,144,751 156,443 Social and economic services 1,500 1,500 Culture and recreation 2,277,924 2,340,753 (62,829) Housing and community development 1,554,156 1,496,798 57,358 Debt service - interest 227,491 330,452 (102,961) Miscellaneous 55,692 54,521 1,171 Water $ 2,441,574 $ 2,852,324 $ (410,750) Sewer 2,833,768 3,032,723 (198,955) Solid Waste 16,957 22,941 (5,984) Total expenses $ 17,016,124 $ 16,649,837 $ 366,287 $ 5,292,299 $ 5,907,988 $ (615,689) Increase (decrease) in net position $ 8,782,049 $ 7,484,903 $ 1,297,146 $ 4,965,392 $ 2,457,790 $ 2,507,602 Gain (loss) on sale of capital assets $ (99,240) $ (99,240) Transfers - net $ (834,179) $ (852,424) $ 18,245 $ 834,179 $ 852,424 $ (18,245) Total Increase (decrease in net position) $ 7,848,630 $ 6,632,479 $ 1,216,151 $ 5,799,571 $ 3,310,214 $ 2,489,357 8 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 Governmental activities Revenues for the fiscal year ending June 30, 2020 from governmental activities were $25,798,173 while expenses were $17,016,124. Thus, with the $834,179 in transfers-out, net position increased $7,848,630. Total governmental revenues increased from the prior year by $1,663,433. The increase in revenues was primarily due to increased property taxes and assessments, as well as increased operating grants and contributions and charges for services. Operating grants were related to the Coronavirus Aid, Relief and Economic Security Act (CARES) Act funding from the federal government passed through the State of Montana. Resort Tax collections experienced a strong first half of the fiscal year but, were lower due to the economic slowdown caused by the COVID-19 pandemic for the last half of the year. Lower interest earnings reflect the decrease in the interest rate market the City earns on idle cash. Overall, expenses increased by $366,287. Increases in wages and benefit, as well as the costs of post-employment benefits and pension costs contributed to the growth in personnel costs. Business-type activities Revenue for the fiscal year ending June 30, 2020 from business-type activities was $10,257,691. Expenses were $5,292,299 and net transfers-in totaled $834,179, which resulted in an increase in net position of $5,799,571. Charges for services revenue increased by $912,479 from the previous year due to rate increases for both water and sewer service as the City prepares for the complete upgrade of the wastewater treatment plant and a water treatment plant project. Total expenses also experienced a decrease as pension expenses were lower in FY20 compared to FY19. Overall net position for the busines-type activities were positive. However, the timing of investment in capital projects and State Revolving Fund loan draws resulted in a negative unrestricted net position. Fund Balance – Governmental Funds Balance Sheet The City’s governmental funds reported a total fund balance of $16,838,550 as of June 30, 2020, which is a $1,325,497 increase compared to the fund balance of governmental funds as of June 30, 2019. The significant increase in fund balance is primarily due to; stronger property taxes and assessments; intergovernmental revenues, including CARES Act funding; and building permits. The overall increase in governmental funds’ fund balance due to revenues was partially offset by increased capital spending in the Resort Tax and Tax Increment Financing District funds. Of the fund balance at June 30, 2020, $2,212,744 is unassigned in the General Fund. The remaining fund balance is restricted or committed based on the source of revenue or unassigned due to a negative fund balance. GENERAL FUND BUDGETARY HIGHLIGHTS The City’s budget is prepared in accordance with Title 7, Chapter 6, Part 40, MCA (Local Government Budget Act). During fiscal year 2020 three budget amendment iems were approved by the City Council and are detailed in the following table: 9 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 To From Amount Justification Resort Tax Fund: 2100-430230-932 Resort Tax Fund Balance Reserves $267,000.00 To provide for costs incurred during the fiscal year for the State Park Road Improvement Project in accordance with the City Council approved contract award. This project will continue into Fiscal Year 2021. Residential Lighting District Fund: 2400-430263-930 Residential Lighting District Fund Balance Reserves. $11,250.00 To provide for expenditures not included in the FY 2020 Budget to complete the Residential LED Lighting Improvement Project. Gas Tax – BaRSAA Fund: 2821-430230-932 Gas Tax – BaRSAA Fund Balance Reserves $75,000.00 To provide budget authority for the expenditures required to complete the Monegan Street Improvement Project. Original budget did not include budget authority for portion paid by Trailview Development. Overall the General Fund tracked closely with the budget for both revenues and expenditures. However, higher zoning plan review fees were received which where 202% of the budgeted amount due to strong real estate activity in the City. Court Fines & Forfeitures were also higher in FY20, which were attributed to the increased issuance of tickets and improved in-house prosecution. The CARES Act intergovernmental revenues were significant contributors to higher revenues than budgeted especially in the Law Enforcement and Fire and Ambulance Funds where first responder salaries qualified for reimbursement. Resort Tax Fund revenues collected were only lower than budget or $24,486 primarily due to the second half of the year slowdown due to COVID-19. Licenses and Permits in the Building Codes Fund were much higher than budget due to building activity in the City. Resort Tax, Gas Tax – BaRSAA, and the Residential Lighting District funds were all within budget after amendments were approved. The Law Enforcement and Fire and Ambulance funds tracked above budget appropriation at year- end due to entries to account for the State of Montana’s on-behalf pension payments in accordance with GASB 85. These items are not budgeted at the City. All other funds expended amounts that were within the budget authority with some funds spending significantly less due to the timing of capital improvement projects and equipment purchases. 10 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 CAPITAL ASSET AND LONG-TERM DEBT ADMINISTRATION Capital Assets The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2020 total $120,466,091. The City’s capital assets include easements, land, buildings, improvements, machinery and equipment, infrastructure, and construction in progress. The depreciation of capital assets is reflected in the various governmental and business-type expense activities. Total depreciation expense incurred for the governmental and business-type activities during fiscal year 2019 totaled $3,376,129 and $1,289,044, respectively. Major capital assets events during fiscal year 2020: Completed the Central Avenue project Continued investment in the Wastewater Treatment Plant Upgrade project Continued investment in the State Park Road construction project Continued work for Depot Park project Completed the Monegan Road project Started the Baker Avenue Underpass project Continued investment in the Water Treatment Plant project Purchased vehicles for Building, Police, and Public Works Continued making improvements to the Whitefish Trail Long-term Debt The City’s total long-term debt decreased by $3,863,618 compared to prior fiscal year. Below is a summary of the outstanding long-term debt of the City as of June 30, 2020 compared to June 30, 2019. Outstanding Long-term Debt Purpose/Type June 30, 2020 June 30, 2019 Revenue Bonds: TIF 2015 Refunding (ESC) $ 763,000 $2,261,000 TIF 2016 (City Hall/Park Str.) 2,970,000 5,330,000 Water 5,671,000 6,630,000 Sewer 4,315,026 3,205,799 Special Assessment Bonds: SID 166 385,000 450,000 SID 167 715,043 742,946 Intercap Loans: Fire Pumper Type 1 93,285 113,526 Fire Pumper 130,302 158,560 Water Tender Fire Apparatus 61,781 92,220 Fire SCBA Units 47,241 93,904 Ambulance 2018 107,581 141,703 OPEB: Governmental* 1,354,893 1,667,154 Business-type 415,153 474,502 Compensated Absences: Governmental 1,560,631 1,290,008 11 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 Business-type 299,920 298,588 Net Pension Liability: Governmental 4,956,449 4,808,539 Business-type 1,643,405 1,594,879 TOTAL $25,489,710 $29,353,328 *See notes to financial statements. FISCAL YEAR 2021 BUDGET AND ECONOMIC FACTORS With the economic impacts to our community from the COVID-19 pandemic, the FY21 budget kept property tax levies and assessments the same as the prior year with no budgeted increase. The budget includes a levy totaling 117.636 mills, which is the same as FY20. As a non-reappraisal year, the growth of property tax revenue is limited to half the rate of inflation plus newly taxable property. Generally, growth in a non-reappraisal year is about two to three percent, but with Tax Increment District expiration on July 15, 2020 the City will recognize a significant increase in newly taxable property. The value of one mill increased from $26,877.17 to approximately $39,366.00. Without an increase to our taxpayers, property tax revenue in the General Fund, Library Fund, Fire Pension Fund, and Fire and Ambulance Fund will increase by 46.47% or $1,469,125 in total. However, the offset to the increase of property tax revenue in those funds is a much larger decrease of about $7.55 million in property tax revenue in our Tax Increment Fund that was restricted for certain purposes during the life of the district. To keep the number of mills levied flat, the City’s general property tax mill levy was decreased from the maximum allowed by State law to accommodate the decrease in the number of mills from Resort Tax property tax relief. In a typical year the City would consider increasing assessments by the Consumer Price Index (CPI) of 2.8% for FY21 to account for the increased costs to provide maintenance services. However, due to the financial hardships many are facing, the proposed FY21 budget kept the Street Maintenance District, Street Lighting Districts, Parks and Greenway, and the Stormwater assessments the same as FY20. Resort tax is an area of the City’s finances that experienced a decline comparing FY20 with FY19. The reduction in resort tax was the result of a slowdown in the economy due to the COVID-19 pandemic as the community and its visitors responded to various closures, orders and directives from governmental leaders at all levels. The FY21 budget for resort tax is flat from collections in FY20. The City will continue to monitor Resort Tax as it is an indicator of the economic activity occurring in our local businesses and a significant source of revenue to fund capital projects. During an emergency like the COVID-19 pandemic, an economic downturn, or a recession cash reserves are essential to maintaining expected levels of services for our citizens. While a possible delay in collections of property taxes and other charges for services can be expected due to uncertain economic times, cash reserves will help the City manage any cash flow issues that arise. Budgeted cash reserves at the end of FY21 are expected to increase from $1,553,033 to $1,882,489 12 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT’S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2020 in property tax supported funds. Cash as a percentage of the budget has increased from 15.29% in FY20 to 17.13% in FY21. Budgeted capital spending increased $10.5 million compared to FY20. This significant increase is expected as construction continues on the Wastewater Treatment Plant Upgrade Project (an increase of $5.6 million from FY20) and constructs the Water Treatment Plant Expansion Project (an increase of $8.6 million from FY20). Both of these large capital project includes financing with debt from the State’s Revolving Funds. Additionally, the Parks and Recreation Department has budgeted $250,000 for the Armory Park Improvement Project that is expected to start in FY21. This project is funded by a Land & Water Conservation Fund grant with matching funds in the Resort Tax Fund, Stormwater Fund, and Impact Fee Fund. The City budgeted a 4% salary plan made up of a 2% CPI/cost of living adjustment and a 2% step adjustment. Medical premiums increased 8.0% for the FY21 budget. The City added approximately $40,000 to fund a police officer for a full year which was only budgeted for six months in FY20. The City added support in the Customer Service and Fire Department operations by upgrading two part time positions to full time. The City also budgeted for 10 more hours a week among library staff to provide increased service to patrons. The City will continue to monitor its operations and finances should the economy shift and react to the uncertain COVID-19 pandemic. The City received and expects to receive additional CARES Act resources to help address the impacts to the organization and community. Despite the negative impacts COVID-19 has inflicted on the community, strong building activity continues to buoy up some parts of the local economy and may show some future long-term benefits. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Director, City of Whitefish, P.O. Box 158, Whitefish, MT 59937. 13 ---PAGE BREAK--- BASIC FINANCIAL STATEMENTS 14 ---PAGE BREAK--- 15 ---PAGE BREAK--- 16 ---PAGE BREAK--- 17 ---PAGE BREAK--- 18 ---PAGE BREAK--- 19 ---PAGE BREAK--- 20 ---PAGE BREAK--- 21 ---PAGE BREAK--- 22 ---PAGE BREAK--- 23 ---PAGE BREAK--- 24 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City complies with generally accepted accounting principles (GAAP). GAAP includes all relevant Governmental Accounting Standards Board (GASB) pronouncements. Financial Reporting Entity In determining the financial reporting entity, the City complies with the provisions of GASB statement No. 14, The Financial Reporting Entity, as amended by GASB statement No. 61, The Financial Reporting Entity: Omnibus, and includes all component units of which the City appointed a voting majority of the component unit’s board; the City is either able to impose its will on the unit or a financial benefit or burden relationship exists. In addition, the City complies with GASB statement No. 39 Determining Whether Certain Organizations Are Component Units which relates to organizations that raise and hold economic resources for the direct benefit of the City. Primary Government The City is a political subdivision of the State of Montana governed by an elected Mayor and Council duly elected by the registered voters of the City. The City utilizes the manager form of government. The City is considered a primary government because it is a general- purpose local government. Further, it meets the following criteria; it has a separately elected governing body it is legally separate and it is fiscally independent from the State and other local governments. Basis of Presentation, Measurement Focus and Basis of Accounting Government-wide Financial Statements: Basis of Presentation The Government-wide Financial Statements (the Statement of Net Position and the Statement of Activities) display information about the reporting government as a whole and its component units. They include all funds of the City except fiduciary funds. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other non- exchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services. Eliminations have been made in the consolidation of business-type activities. 25 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 The Statement of Net Position presents the financial condition of the governmental and business-type activities for the City at year end. The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the City’s governmental activities. Direct expenses are those that are specifically associated with a program or function. The City charges indirect expenses to programs or functions. The types of transactions reported as 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 activity, 2) operating grants and contributions, and 3) capital grants and contributions. Revenues that are not classified as program revenues, including all property taxes, are presented as general revenues. Certain eliminations have been made as prescribed by GASB 34 in regards to inter-fund activities, payables and receivables. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, those transactions between governmental and business-type activities have not been eliminated. Measurement Focus and Basis of Accounting On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus and the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred regardless of the timing of the 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 imposed by the provider have been met. The City generally applies restricted resources to expenses incurred before using unrestricted resources when both restricted and unrestricted net assets are available. Fund Financial Statements Basis of Presentation Fund financial statements of the reporting City are organized into funds, each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Funds are organized into three categories: governmental, proprietary, and fiduciary. An emphasis is placed on major funds within the governmental and proprietary categories. Each major fund is displayed in a separate column in the governmental funds statements. All of the remaining funds are aggregated and reported in a single column as non-major funds. A fund is considered major if it is the primary operating fund of the City or meets the following criteria: 26 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 a. Total assets combined with deferred outflows of resources, liabilities combined with deferred inflows of resources, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and b. Total assets combined with deferred outflows of resources, liabilities combined with deferred inflows of resources, revenues, or expenditures/expenses of that individual governmental or enterprise funds are at least 5 percent of the corresponding total for all governmental and enterprise funds combined. Measurement Focus and Basis of Accounting Governmental Funds Modified Accrual All governmental funds are accounted for using the current financial resources measurement focus and the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual; i.e., both measurable and available. “Measurable” means the amount of the transaction can be determined. “Available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The City defined the length of time used for “available” for purposes of revenue recognition in the governmental fund financial statements as collection within 60 days of the end of the current fiscal period, except for property taxes and other state grants that are recognized upon receipt. Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-term debt which is recognized when due, and certain compensated absences and claims and judgments which are recognized when the obligations are expected to be liquidated with expendable available financial resources. General capital asset acquisitions are reported as expenditures in governmental funds and proceeds of general long-term debt and acquisitions under capital leases are reported as other financing sources. Property taxes, franchise fees, licenses, 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. Only the portion of special assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met. Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to accrual criteria are met. All other revenue items are considered to be measurable and available only when cash is received by the government. 27 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Major Funds: The City reports the following major governmental funds: General Fund — This is the City's primary operating fund and it accounts for all financial resources of the City except those required to be accounted for in other funds. Resort Tax Fund — A special revenue fund to account for the collections and use of the City resort tax, per the implement City Ordinance 95-15, the Resort Tax Ordinance. Tax Increment Fund — A special revenue fund that was established in 1985 to account for all the resources and activities of the City's tax increment district. Fire and Ambulance Fund— A special revenue fund established to account for the activities of the City's fire and ambulance services. Tax Increment Revenue Bond Debt Fund — A debt service fund that was established to account for the payment of principal and interest on long-term debt of the bonds issued on tax increment district. Proprietary Funds: All proprietary funds are accounted for using the accrual basis of accounting. These funds account for operations that are primarily financed by user charges. The economic resource focus concerns determining costs as a means of maintaining the capital investment and management control. Revenues are recognized when earned and expenses are recognized when incurred. Allocations of costs, such as depreciation, are recorded in proprietary funds. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connections with a proprietary fund’s principal ongoing operations. The principal operating revenues for enterprise funds are charges to customers for sales and services. 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 non-operating revenues and expenses. When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then unrestricted resources as they are needed. Major Funds: The City reports the following major proprietary funds: Water Fund – An enterprise fund that accounts for the activities of the City’s water distribution operations. 28 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Sewer Fund – An enterprise fund that accounts for the activities of the City’s sewer collection and treatment operations and includes the storm sewer system. Fiduciary Funds Fiduciary funds presented using the economic resources measurement focus and the accrual basis of accounting (except for the recognition of certain liabilities of defined benefit pension plans and certain postemployment healthcare plans). The required financial statements are a statement of fiduciary net position and a statement of changes in fiduciary net position. The fiduciary funds are: Agency Funds – To report resources held by the reporting government in a purely custodial capacity (assets equal liabilities). This fund primarily consists of assets held by the City as an agent for individuals, private organizations, other local governmental entities. NOTE 2. CASH, CASH EQUIVALENTS, AND INVESTMENTS Cash Composition Composition of cash, deposits and investments at fair value on June 30, 2020, are as follows: Primary Government Cash on hand and deposits: Cash on hand Petty Cash $ 1,050 Cash in banks: Demand deposits 11,979,589 Savings deposits 442,415 Time deposits 6,440,778 Investments: State Short-Term Investment Pool (STIP) 10,728,708 Total $ 29,592,540 Cash equivalents Cash equivalents are short-term, highly liquid deposits and investments that both readily convertible to known amounts of cash, and have maturities at purchase date of three months or less. The City’s cash and cash equivalents (including restricted assets) are considered to be cash on hand, demand, savings and time deposits, STIP, and all other short-term investments with original maturity dates of three months or less from the date of acquisition. 29 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 For purposes of the statement of cash flows, the enterprise funds consider all funds (including restricted assets) held in the City’s cash management pool to be cash equivalents. Fair Value Measurements Investments are reported at fair value, with the following limited exceptions: 1) investments in non-negotiable certificates of deposit are reported at cost and 2) money market investments, including U.S Treasury and Agency obligations, which mature within one year of acquisition, are reported at amortized cost. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between markets participates at the measurement date. Fair value is determined annually at fiscal year-end and requires use of valuation techniques described below. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted account principles. The hierarchy, as follows, is based on the valuation inputs used to measure fair value. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs that include the following: Level 1 Inputs – Quotes prices in active markets for identical assets; these investments are valued using prices quoted in active markets. Level 2 Inputs – Significant other observable inputs other than quoted prices included within Level 1; these investments are valued using matrix pricing. Level 3 Inputs – Significant unobservable inputs, these investments are valued using consensus pricing. Credit Risk As a means of limiting exposure to credit risk, the City is required to follow specific state statutes adding security to the deposits and investments. Below are the legal provisions provided in the state Montana Code Annotated (MCA). Section 7-6-202, MCA, limits investments of public money of a local government in the following eligible securities: United States government treasury bills, notes and bonds and in the United States treasury obligations, such as state and local government series separate trading of registered interest and principal of securities (STRIPS), or similar United States treasury obligations; United States treasury receipts in a form evidencing the holder’s ownership of future interest or principal payments on specific United States treasury obligations that, in the absence of payment default by the United States, are held in a special custody account by an independent trust company in a certificate or book entry form with the federal reserve bank of New York; or 30 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Obligations of the following agencies of the United States, subject to the limitations in subsection 2 (not included): federal home loan bank; (ii) federal national mortgage association; (iii) federal home mortgage corporation; and (iv) federal farm credit bank. With the exception of the assets of a local government group self-insurance program, investments may not have a maturity date exceeding 5 years except when the investment is used in an escrow account to refund an outstanding bond issue in advance. Section 7-6-205 and Section 7-6-206, MCA, state that demand deposits may be placed only in banks and public money not necessary for immediate use by a county, city, or town that is not invested as authorized in Section 7-6-202, MCA, may be placed in time or savings deposits with a bank, savings and loan association, or credit union in the state or placed in repurchase agreements as authorized in Section 7-6-213, MCA. The government has no investment policy that would further limit its investment choices. The government has no investments that require credit risk disclosure. Short Term Investment Pool (STIP) Credit Quality ratings by the S&P’s rating services as of June 30, 2020, (in thousands): Audited financial statements for the State of Montana’s Board of Investments are available at 2401 Colonial Drive 3rd Floor in Helena, Montana. Security Investment Type Total Fixed Income Investments at Fair Value Credit Quality Rating WAM (Days) Treasuries $ 430,142 A-1+ 56 Agency or Government Related 1,182,828 A-1+ 52 Corporate: Commercial Paper 398,071 A-1+ 72 Notes 115,311 A-1+ 57 Certificates of Deposit 300,206 A-1 56 Total Investments $ 2,426,558 31 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 NOTE 3. CAPITAL ASSETS The City’s assets are capitalized at historical cost or estimated historical cost. City policy has set the capitalization threshold for reporting capital assets at $5,000. Gifts or contributions of capital assets are recorded at fair market value when received. The costs of normal maintenance and repairs are charged to operations as incurred. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. Depreciation is recorded on a straight-line basis over the useful lives of the assets as follows: Buildings 10 – 40 years Improvements 5 – 20 years Equipment 3 – 40 years Infrastructure 10 – 40 years In June 1999, the Governmental Accounting Standards Board (GASB) issued Statement No. 34 which requires the inclusion of infrastructure capital assets in local governments’ basic financial statements. In accordance with Statement No. 34, the City has included the value of all infrastructure into the 2020 Basic Financial Statements. A summary of changes in governmental capital assets was as follows: Governmental activities: Balance Balance July 1, 2019 Additions Deletions Transfers June 30, 2020 Capital assets not being depreciated: Land $ 9,447,065 $ - $ (606,272) $ - $ 8,840,793 Construction in progress 5,476,954 6,020,590 - (3,709,790) 7,787,754 Total capital assets not being depreciated $ 14,924,019 $ 6,020,590 $ (606,272) $ (3,709,790) $ 16,628,547 Other capital assets: Buildings $ 37,279,486 $ - $ - $ - $ 37,279,486 Improvements other than buildings 2,974,562 17,066 - 309,928 3,301,556 Machinery and equipment 8,586,316 417,770 (63,550) - 8,940,536 Infrastructure 42,837,555 44,175 - 3,399,862 46,281,592 Total other capital assets at historical cost $ 91,677,919 $ 479,011 $ (63,550) $ 3,709,790 $ 95,803,170 Less: accumulated depreciation (32,121,496) (3,376,129) 55,525 - (35,442,100) Total $ 74,480,442 $ 3,123,472 $ (614,297) $ - $ 76,989,617 Governmental activities depreciation expense was charged to functions as follows: Governmental Activities: General government $ 454,493 Public safety 419,657 Public works 1,838,570 Culture and recreation 658,892 Housing and community development 4,517 Total governmental activities depreciation expense $3,376,129 32 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 A summary of changes in business-type capital assets was as follows: Business-type activities: Balance Balance July 1, 2019 Additions Deletions Transfers June 30, 2020 Capital assets not being depreciated: Land $ 602,783 $ - $ - $ - $ 602,783 Haskill Basin Conservation Easement 7,730,248 - - - 7,730,248 Construction in progress 3,017,682 9,670,983 - (271,903) 12,416,762 Total capital assets not being depreciated $ 11,350,713 $ 9,670,983 $ - $ (271,903) $ 20,749,793 Other capital assets: Machinery and equipment $ 134 $ - $ - $ - $ 134 Buildings 834,865 - - - 834,865 Pumping plant 3,170,905 - - - 3,170,905 Treatment plant 16,515,158 - - - 16,515,158 Transmission and distribution 22,163,562 - - 271,903 22,435,465 General plant 2,311,737 588,836 (19,208) - 2,881,365 Total other capital assets at historical cost $ 44,996,361 $ 588,836 $ (19,208) $ 271,903 $ 45,837,892 Less: accumulated depreciation (21,841,375) (1,289,044) 19,208 - (23,111,211) Total $ 34,505,699 $ 8,970,775 $ - $ - $ 43,476,474 NOTE 4. LONG TERM DEBT OBLIGATIONS In the governmental-wide, proprietary financial statements, outstanding debt is reported as liabilities. Bond issuance costs, bond discounts or premiums, are expensed at the date of sale. The governmental fund financial statements recognize the proceeds of debt and premiums as other financing sources of the current period. Issuance costs are reported as expenditures. Changes in Long-Term Debt Liabilities - During the year ended June 30, 2020, the following changes occurred in liabilities reported in long-term debt: Governmental Activities: Balance Balance Due Within July 1, 2019 Additions Deletions Adjustments June 30, 2020 One Year Revenue bonds $ 7,590,558 $ - $ (3,848,000) $ (9,558) $ 3,733,000 $ 3,733,000 Special assessment bond 1,192,946 - (92,903) - 1,100,043 94,132 Intercap loans 599,913 - (159,723) - 440,190 161,951 Compensated absences 1,290,008 270,623 - - 1,560,631 1,286,676 Total $ 10,673,425 $ 270,623 $ (4,100,626) $ (9,558) $ 6,833,864 $ 5,275,759 33 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 In prior years the General Fund was used to liquidate compensated absences and claims and judgments. Business-type Activities: Balance Balance Due Within July 1, 2019 Additions Deletions Adjustments June 30, 2020 One Year Revenue bonds $ 9,841,563 $ 1,555,026 $ (1,406,000) $ (4,563) $ 9,986,026 $ 1,607,000 Compensated absences 298,588 1,332 - - 299,920 208,379 Total $ 10,140,151 $ 1,556,358 $ (1,406,000) $ (4,563) $ 10,285,946 $ 1,815,379 Special Assessment Debt - Special assessment bonds are payable from the collection of special assessments levied against benefited property owners within defined special improvement districts. The bonds are issued with specific maturity dates, but must be called and repaid earlier, at par plus accrued interest, if the related special assessments are collected. Rural special improvement districts bonds were issued with revolving fund backing. The City is not obligated to levy and collect a general property tax on all taxable property in the City to provide additional funding for the debt service payments. The cash balance in the Revolving Fund must equal at least 5% of the principal amount of bonds outstanding. Special assessment bonds outstanding as of June 30, 2020, were as follows: Purpose Origination Date Interest Rate Bond Term Maturity Date Bonds Amount Annual Payment Balance June 30, 2020 SID #166 - JP Road Project 7/6/06 3.65- 4.80% 20yrs 7/1/26 $1,360,000 Varies $ 385,000 SID #167 (Glacier Bank) 1/5/17 4.36% 20yrs 7/1/37 389,500 Varies 357,522 SID #167 (First Interstate Bank) 1/5/17 4.36% 20yrs 7/1/37 389,500 Varies 357,521 $2,139,000 $ 1,100,043 Reported in the governmental activities. 34 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Annual requirement to amortize debt: For Fiscal Year Ended Principal Interest 2021 $ 94,132 $ 49,147 2022 95,416 44,840 2023 96,758 40,443 2024 98,156 35,958 2025 99,618 31,376 2026 96,144 26,730 2027 37,736 22,258 2028 39,400 20,594 2029 41,136 18,858 2030 42,950 17,044 2031 44,842 15,152 2032 46,820 13,174 2033 48,884 11,110 2034 51,038 8,956 2035 53,288 6,706 2036 55,636 4,358 2037 58,089 1,905 Total $ 1,100,043 $ 368,609 Revenue Bonds - The City also issues bonds where the City pledges income derived from the acquired or constructed assets to pay debt service. Revenue bonds outstanding at year- end were as follows: Purpose Origination Date Interest Rate Bond Term Maturity Date Bonds Amount Annual Payment Balance June 30, 2020 2016A Tax Increment Urban renewal Bond (Glacier Bank) 3/1/16 2.21% 4yrs 7/15/20 $4,900,000 Varies $ 1,485,000 2016B Tax Increment Urban Renewal Bond (1st Interstate Bank) 3/1/16 2.21% 4yrs 7/15/20 $4,900,000 Varies 1,485,000 2015A Tax Increment Urban Renewal Refunding Bonds 2015A (Glacier Bank) 6/10/15 2.62% 5yrs 7/15/20 $3,591,500 Varies 381,500 2015B Tax Increment Urban Renewal Refunding Bonds 2015B (First Interstate) 6/10/15 2.62% 5yrs 7/15/20 $3,591,500 Varies 381,500 Water WRF #08110 - 2006 – Refunding 11/27/12 2.25% 20yrs 1/1/27 $668,000 Varies 326,000 Water #06098 2007 – Refunding 11/27/12 2.25% 20yrs 7/1/26 $693,000 Varies 324,000 Water SRF (2009B) 10/21/09 0.75% 20yrs 7/1/29 $120,100 Varies 54,000 35 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Water System Revenue Bond, Taxable Series 2016 (Haskill Basin) 1/1/16 2.50% 20yrs 1/1/25 $8,219,500 Varies 4,867,000 Water DNRC Series 2015 12/7/15 2.50% 30yrs 1/1/36 $120,000 Varies 100,000 Sewer SRF 2002 Series – Refunding 11/27/12 2.00% 20yrs 7/1/22 $107,000 Varies 24,000 Sewer DNRC (2008A) – Refunding 11/27/12 2.25% 20yrs 1/1/27 $372,000 Varies 181,000 Sewer DNRC (2008B) – Refunding 1/16/09 2.25% 20yrs 1/1/29 $1,711,000 Varies 617,000 Sewer DNRC (2010B) 2/4/10 0.75% 20yrs 1/1/30 $48,211 Varies 28,000 Sewer 2011B 8/1/11 3.00% 20yrs 7/1/31 $340,000 Varies 211,000 Sewer 2011C 8/1/11 3.00% 20yrs 7/1/31 $350,000 Varies 227,000 Sewer - 2014A - River Lakes 11/20/14 2.50% 20yrs 1/1/35 $300,000 Varies 183,000 Sewer 2014 3/6/14 3.00% 20yrs 1/1/34 $452,300 Varies 332,000 Sewer DNRC 2015 12/17/15 2.50% 20yrs 7/1/36 $960,000 Varies 783,000 Sewer I & I 7/21/16 2.50% 20yrs 1/1/36 $439,085 Varies 368,000 SRF Series 2020 B – 20485 5/6/20 2.50% 20yrs 1/1/40 $10,000,000 Varies 1,011,026 SRF Series 2020 A – 20484 5/6/20 2.50% 20yrs 1/1/40 350,000 Varies 350,000 $42,233,196 $ 13,719,026 Reported in the governmental activities. Reported in business-type activities. 36 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Annual requirement to amortize debt: For Fiscal Year Ended Principal Interest 2021 $ 5,422,000 $ 273,383 2022 $1,789,500 $178,203 2023 $1,679,526 $129,867 2024 $1,592,500 $97,281 2025 $1,075,500 $64,576 2026 $418,500 $49,726 2027 $274,500 $41,555 2028 $184,500 $35,011 2029 $187,500 $30,762 2030 $185,500 $26,443 2031 $190,500 $21,977 2032 $145,500 $17,765 2033 $149,500 $14,329 2034 $138,500 $10,824 2035 $118,500 $7,899 2036 $79,500 $3,358 2037 $17,500 $2,079 2038 $17,500 $1,641 2039 $17,500 $1,204 2040 $17,500 $768 2041 $17,500 $329 Total $ 13,719,026 $ 1,002,959 Intercap Loans Intercap loans have variable interest rates. Interest rates are subject to change annually. Interest rates to the borrower are adjusted on February 16th of each year and are based on a spread over the interest paid on one-year term, tax-exempt bonds which are sold to fund the loans. Intercap loans outstanding as of June 30, 2020, were as follows: Purpose Origination Date Interest Rate Term Maturity Date Principal Amount Annual Payment Balance June 30, 2020 Fire Pumper Type 1 6/20/2014 1.00- 1.55% 10yrs 8/15/2024 $ 485,112 varies $ 93,285 Fire Pumper 10/3/2014 1.00- 1.55% 10yrs 8/15/2024 282,659 varies 130,302 Water Tender Fire Apparatus 2/13/2015 1.00- 1.55% 7yrs 2/15/2022 211,000 varies 61,781 Fire SCBAs 12/4/2015 1.25- 2.5% 5yrs 2/15/2021 230,453 varies 47,241 Ambulance 2018 2/16/2018 3.15% 5yrs 2/15/2023 175,000 varies 107,581 Total $1,384,224 $ 440,190 Reported in the governmental activities. 37 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Annual requirement to amortize debt: For Fiscal Year Ended Principal Interest 2020 $ 161,951 $ 27,555 2021 116,373 16,881 2023 86,714 10,061 2024 50,473 4,823 2025 24,679 1,137 Total $ 440,190 $ 60,457 Compensated Absences Compensated absences are absences for which employees will be paid for time off earned for time during employment, such as earned vacation and sick leave. It is the City’s policy and state law to permit employees to accumulate a limited amount of earned but unused vacation benefits, which will be paid to employees upon separation from City service. Employees are allowed to accumulate and carry over a maximum of two times their annual accumulation of vacation, but the excess cannot be carried forward more than 90 days into the new calendar year. There is no restriction on the amount of sick leave that may be accumulated. Upon separation, employees are paid 100 percent of accumulated vacation and 25 percent of accumulated sick leave. The liability associated with governmental fund- type employees is reported in the governmental activities, while the liability associated with proprietary fund-type employees is recorded in the business-type activities/respective proprietary fund. NOTE 5. POSTEMPLOYMENT HEALTHCARE PLAN Plan Description. The City of Whitefish provides a single-employer defined benefit post- employment health care plan that covers eligible retired employees of the City. A former covered employee whose employment with the City terminates due solely to retirement can continue coverage under the plan as a retiree if they have met the eligibility requirements and are receiving a retirement benefit from a qualified pension plan. Eligibility requirements are as follows: PERS: Age 55 with 5 years of service or 25 years of service regardless of age FURS: Age 50 with 5 years of service or 20 years of service regardless of age MPORS: Age 50 with 5 years of service or 20 years of service regardless of age Coverage will continue for as long as the retiree is enrolled under the plan and the applicable premiums are paid, provided a break in coverage does not occur. If a break in coverage occurs, the retiree is no longer eligible to participate or re-enroll in the plan. The retiree’s termination of coverage from the plan does not apply to the retiree’s spouse, provided the retiree is terminating because of Medicare coverage. The spouse of a retiree is permitted to maintain coverage unless the spouse is also eligible for Medicare coverage or the spouse has or is eligible for equivalent coverage. 38 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 No assets have been accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided. Retirees enrolling in the plan may choose medical, dental, and vision benefits. All benefits are provided through the Montana Municipal Interlocal Authority. Those who retired prior to 2017 may also have life insurance but it is not available to later retirees. The table below presents a high-level summary of the medical benefits offered in the plan year beginning July 1, 2020. PPO Plan HDHP Medical Deductible (Individual/Family) $500/$1000 $2,800/$5,600 Out-of-Pocket Maximum (Individual/Family) $1,500/$3,000 $5,250/$10,500 Coinsurance (In Network/Out of Network) $20%/40% 20%/40% Prescription Copays: Generic $4 Deductible Brand Formulary $20 Applies, 20% Brand Non-Formulary $50 Coinsurance Premium Rates. Retirees pay 100% of the active premium. The City does not make an explicit contribution for retiree coverage. Premiums for the plan year ending 6/30/2020 are shown in the following table: Coverage Category Bridger Plan HDHP Dental Vision EE Only $675 $444 $33 $8.15 EE + Spouse $1,264 $832 $66 $13.00 EE + Child $1,181 $777 $58 $13.25 Family $1,777 $1,169 $92 $21.35 Employees covered by benefit terms. At June 30, 2020, the following employees were covered by the benefit terms: Inactive employees or beneficiaries receiving benefit payments 19 Active employees 91 Total employees 110 Total OPEB Liability The City’s total OPEB liability of $1,770,046 at June 30, 2020, was determined by an actuarial using the actuarial entry age normal funding method. The measurement date of the determined liability was June 30,2020. 39 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Actuarial assumptions and other input. The total OPEB liability in the June 30, 2020 actuarial valuation was determined using the following assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Measurement Date June 30, 2020 Valuation Date June 30, 2020 Discount Rate (average anticipated rate) 2.66% Payroll Growth Rate 3.50% General Inflation 3.00% per year Mortality Rate: Age Male Female 50 0.1879% 0.1578% 55 0.3010% 0.2458% 60 0.5271% 0.4135% 65 0.9041% 0.7624% 70 1.4636% 1.3151% 75 2.5057% 2.2077% 80 4.2816% 3.6037% 85 7.3750% 6.0833% 90 13.0721% 10.5549% Termination Before Retirement: Service PERS FURS MPORS 0 30.0% 4.25% 16.0% 1 22.5% 4.25% 13.0% 2 15.0% 4.25% 11.0% 3 12.5% 4.25% 9.0% 4-5 10.0% 3.00% 7.0% 6 8.0% 3.00% 7.0% 7 6.0% 2.00% 7.0% 8-9 6.0% 2.00% 5.0% 10 6.0% 2.00% 2.0% 11 - 14 4.0% 1.00% 2.0% 15+ 2.0% 1.00% 2.0% The discount rate was based on the S&P Municipal Bond 20 Year High Grade Rate Index as of June 30, 2020. Payroll Growth Rate was determined by the Pension Actuarial Valuations June 30, 2019. Mortality Rate was determined by the Male and Female RP-2000 Combined Employee and Annuitant Mortality Tables, projected to 2020 using scale BB, males set back 1 year, from Pension Actuarial Valuations June 30, 2019. 40 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Termination rates were set based on PERS, FURS, and MPORS Pension Actuarial Valuations June 30, 2019. Retirement Rate as Follows: PERS FURS MPORS <30 Years 30+ Years 50 0% 10% 5% 12% 51 3% 10% 10% 15% 52 3% 10% 10% 15% 53 3% 10% 10% 15% 54 3% 10% 10% 15% 55 3% 15% 25% 20% 56 4% 15% 25% 20% 57 5% 15% 25% 20% 58 5% 15% 25% 20% 59 6% 15% 25% 20% 60 8% 15% 50% 20% 61 15% 15% 50% 20% 62 25% 25% 50% 100% 63 15% 15% 100% 64 15% 15% 65-66 30% 30% 67-69 25% 25% 70 100% 100% Participation Rate – Current active employees: 50% of active employees are assumed to elect the City healthcare coverage in retirement. 0% are assumed to continue the medical plan after age 65. Based on a study of current retirees. Current retirees: Current retirees are assumed to continue their existing election until age 65; however, 0% of the retirees currently under age 65 are assumed to continue their existing medical plan election beyond age 65. Based on a study of current retirees. Participation Rate Life Insurance – Current active employees: No life insurance benefit is available in retirement. Current retirees: Only those who retired prior to 2017 have the benefit. They are assumed to continue their existing election for their remaining lifetime. Spousal Coverage – Current active employees: 95% of those assumed to elect coverage in retirement are assumed to be married and 60% of the married participants are assumed to elect coverage for their spouse in retirement. Based on a study of current retirees. Husbands are assumed to be 3 years older than their wives. 41 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Current retirees: Existing elections for spouse coverage are assumed to be maintained until death. Actual spouse information I used where available; otherwise, husbands are assumed to be 3 years older than their wives. Medical Trend Rate: Effective July 1 Trend Rate 2020 6.1% 2021 5.9% 2022 5.8% 2023 5.6% 2024 5.4% 2025 5.2% 2026+ 5.0% The Medical Trend Rates above were from the PriceWaterhouseCoopers 2019 Assumption and Disclosure Survey. Changes in the Total OPEB Liability Balance at 6/30/2019 $ 2,141,656 Changes for the year: Service Cost $ 138,474 Interest 56,968 Differences in experience 37,406 Change in assumptions (446,159) Changes of benefit terms (158,299) Net Changes $ (371,610) Balance at 6/30/2020 $ 1,770,046 Sensitivity of the total OPEB liability to changes in the discount rate. The following summarizes the total OPEB liability reported, and how that liability would change if the discount rate used to calculate the OPEB liability were to decrease or increase 1% Decrease (1.66%) Discount Rate (2.66%) 1% Increase (3.66%) Total OPEB Liability $ 2,131,869 $ 1,770,046 $ 1,486,310 42 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following summarizes the total OPEB liability reported, and how that liability would change if the healthcare trend rates used in projecting the benefit payments were to decrease or increase 1% Decrease Healthcare Cost Trends* 1% Increase Total OPEB Liability $ 1,405,293 $ 1,770,046 $ 2,270,568 *Reference the assumptions footnotes to determine the healthcare cost trends used to calculate the OPEB liability. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended June 30, 2020, the District recognized an OPEB expense of $(371,610). At June 30, 2020, the District reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows of Resources - OPEB Deferred Inflows of Resources - OPEB Beginning Balance $ 431,801 $ 786,909 Differences between expected and actual economic experience $ 32,070 $ (104,703) Changes in actuarial assumptions (66,329) 368,168 Total $ 397,542 $ 1,050,374 43 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: OPEB: Year ended June 30: Amount recognized in OPEB Expense as an increase or (decrease) to OPEB Expense 2020 $ (93,262) 2021 $ (93,262) 2022 $ (93,262) 2023 $ (93,262) 2024 $ (93,262) 2025 $ (93,261) 2026 $ (93,261) Total $ (652,832) NOTE 6. NET PENSION LIABILITY As of June 30, 2020, the City reported the following balances as its proportionate share of PERS, MPORS, and FURS pension amounts: City's/Town's Proportionate Share Associated With: PERS MPORS FURS Pension Totals Net Pension Liability $ 4,615,578 $ 1,215,267 $ 769,008 $ 6,599,853 Deferred outflows of resources* $ 852,194 $ 308,990 $ 338,495 $ 1,499,679 Deferred inflows of resources $ 584,395 $ 44,010 $ 100,405 $ 728,810 Pension expense $ 738,733 $ 482,343 $ 522,161 $ 1,743,237 *Deferred outflows for PERS, MPORS, and FURS are reported as of the reporting date which includes employer contributions made subsequent to the measurement date of $381,426 and $154,105, and $187,038, respectively. These amounts will be recognized as a reduction of the net pension liability in the year ending June 30, 2020. Total deferred inflows and outflows in the remainder of the note are as of the measurement date of June 30, 2019. The following are the detailed disclosures for each retirement plan as required by GASB 68. 44 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Public Employee’s Retirement System – Defined Benefit Retirement Plan Summary of Significant Accounting Policies The Montana Public Employee Retirement Administration (MPERA) prepared financial statements using the accrual basis of accounting. The same accrual basis was used by MPERA for the purposes of determining the NPL; Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions; Pension Expense; the Fiduciary Net Position; and, Additions to or Deductions from Fiduciary Net Position. Member contributions are recognized in the period in which contributions are due. Employer contributions are recognized when due and the employer has made a formal commitment to provide the contributions. Revenues are recognized in the accounting period they are earned and become measurable. Benefit payments and refunds are recognized in the accounting period in which they are due and payable in accordance with the benefit terms. Expenses are recognized in the period incurred. Investments are reported at fair value. MPERA adhered to all accounting principles generally accepted by the United States of America. MPERA applied all applicable pronouncements of the Governmental Accounting Standards Board (GASB). Plan Descriptions The PERS-Defined Benefit Retirement Plan (PERS) administered by the Montana Public Employee Retirement Administration (MPERA), is a multiple-employer, cost-sharing plan established July 1, 1945, and governed by Title 19, chapters 2 & 3, Montana Code Annotated (MCA). This plan provides retirement benefits to covered employees of the State, local governments, certain employees of the Montana University System, and school districts. All new members are initially members of the PERS-DBRP and have a 12-month window during which they may choose to remain in the PERS-DBRP or join the PERS- DCRP by filing an irrevocable election. Members may not be participants of both the defined contribution and defined benefit retirement plans. For members that choose to join the PERS-DCRP, a percentage of the employer contributions will be used to pay down the liability of the PERS-DBRP. All new members from the universities also have third option to join the university system’s Montana University System Retirement Program (MUS-RP). The PERS-DBRP provides retirement, disability, and death benefits to plan members and their beneficiaries. Benefits are established by state law and can only be amended by the Legislature. 45 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Summary of Benefits Service retirement: Hired prior to July 1, 2011: o Age 60, 5 years of membership service; o Age 65, regardless of membership service; or o Any age, 30 years of membership service. Hired on or after July 1, 2011: o Age 65, 5 years of membership service; o Age 70, regardless of membership service. Early Retirement (actuarially reduced): Hired prior to July 1, 2011: o Age 50, 5 years of membership service; or o Any age, 25 years of membership service. Hired on or after July 1, 2011: o Age 55, 5 years of membership service. Second Retirement (requires returning to PERS-covered employer or PERS service): 1) Retire before January 1, 2016 and accumulate less than 2 years additional service credit or retire on or after January 1, 2016 and accumulate less than 5 years additional service credit: a. A refund of member’s contributions plus return interest (currently .77% effective July 1, 2017). b. No service credit for second employment; c. Start the same benefit amount the month following termination; and d. Guaranteed Annual Benefit Adjustment (GABA) starts again in the January immediately following the second retirement. 2) Retire before January 1, 2016 and accumulate at least 2 years of additional service credit: a. A recalculated retirement benefit based on provisions in effect after the initial retirement; and b. GABA starts on the recalculated benefit in the January after receiving the new benefit for 12 months. 3) Retire on or after January 1, 2016 and accumulate 5 or more years of service credit: a. The same retirement as prior to the return to service; b. A second retirement benefit as prior to the second period of service based on laws in effect upon the rehire date; and c. GABA starts on both benefits in the January after receiving the original and the new benefit for 12 months. Vesting 5 years of membership service 46 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Member’s highest average compensation (HAC) Hired prior to July 1, 2011- highest average compensation during any consecutive 36 months; Hired on or after July 1, 2011-highest average compensation during any consecutive 60 months; Compensation Cap Hired on or after July 1, 2013-110% annual cap on compensation considered as a part of a member’s highest average compensation. benefit formula Members hired prior to July 1, 2011: Less than 25 years of membership service: 1.785% of HAC per year of service credit; 25 years of membership service or more: 2% of HAC per year of service credit. Members hired on or after July 1, 2011: Less than 10 years of membership service: 1.5% of HAC per year of service credit; 10 years or more, but less than 30 years of membership service: 1.785% of HAC per year of service credit; 30 years or more of membership service: 2% of HAC per year of service credit. Guaranteed Annual Benefit Adjustment (GABA) After the member has completed 12 full months of retirement, the member’s benefit increases by the applicable percentage (provided below) each January, inclusive of other adjustments to the member’s benefit. 3.0% for members hired prior to July 1, 2007 1.5% for members hired between July 1, 2007 and June 30, 2013 Members hired on or after July 1, 2013: • 1.5% for each year PERS is funded at or above 90%; • 1.5% is reduced by 0.1% for each 2% PERS is funded below 90%; and • 0% whenever the amortization period for PERS is 40 years or more. Contributions The state Legislature has the authority to establish and amend contributions rates. Member and employer contribution rates are specified by Montana Statute and are a percentage of the member’s compensation. Contributions are deducted from each member’s salary and remitted by participating employers 47 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Special Funding: The state of Montana, as the non-employer contributing entity, paid to the Plan, additional contributions that qualify as special funding. Those employers who received special funding are all participating employers Not Special Funding: Per Montana law, state agencies and universities paid their own additional contributions. The employer paid contributions are not accounted for as special funding state agencies and universities but are reported as employer contributions. Member and employer contribution rates are shown in the table below. Member State & Universities Local Government School Districts Fiscal Year Hired < 07/01/11 Hired > 07/01/11 Employer Employer State Employer State 2020 7.900% 7.900% 8.770% 8.670% 0.100% 8.400% 0.370% 2019 7.900% 7.900% 8.670% 8.570% 0.100% 8.300% 0.370% 2018 7.900% 7.900% 8.570% 8.470% 0.100% 8.200% 0.370% 2017 7.900% 7.900% 8.470% 8.370% 0.100% 8.100% 0.370% 2016 7.900% 7.900% 8.370% 8.270% 0.100% 8.000% 0.370% 2015 7.900% 7.900% 8.270% 8.170% 0.100% 7.900% 0.370% 2014 7.900% 7.900% 8.170% 8.070% 0.100% 7.800% 0.370% 2012 – 2013 6.900% 7.900% 7.170% 7.070% 0.100% 6.800% 0.370% 2010 – 2011 6.900% 7.170% 7.070% 0.100% 6.800% 0.370% 2008 – 2009 6.900% 7.035% 6.935% 0.100% 6.800% 0.235% 2000 - 2007 6.900% 6.900% 6.800% 0.100% 6.800% 0.100% 1. Rates are specified by state law and are a percentage of the member’s compensation. a. Contributions are deducted from each member’s salary and remitted by participating employers; b. The State legislature has the authority to establish and amend contribution rates to the plan. 2. Member contributions to the system: a. Plan members are required to contribute 7.90% of member’s compensation. Contributions are deducted from each member’s salary and remitted by participating employers. b. The 7.90% member contributions is temporary and will be decreased to 6.9% on January 1 following actuary valuation results that show the amortization period has dropped below 25 years and would remain below 25 years following the reduction of both the additional employer and additional member contribution rates. 48 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 3. Employer contributions to the system: a. Effective July 1, 2014, following the 2013 Legislative session, PERS-employer contributions increase an additional 0.1% a year and will continue over 10 years through 2024. The additional employer contributions including the 0.27% added in 2007 and 2009, will terminate on January 1 following actuary valuation results that show the amortization period has dropped below 25 years and would remain below the 25 years following the reduction of both the additional employer and additional member contributions rates. b. Effective July 1, 2013, employers are required to make contributions on working retirees’ compensation. Member contributions for working retirees are not required. 4. Non-Employer Contributions a. Special Funding i. The State contributes 0.1% of members’ compensation on behalf of local government entities. ii. The State contributes 0.37% of members’ compensation on behalf of school district entities. iii. The State contributed a statutory appropriation from its General Fund of $33,454,182. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions GASB Statement 68 allows a measurement date of up to 12 months before the employer’s fiscal year-end can be utilized to determine the Plan’s TPL. The basis for the TPL as of June 30, 2020, was determined by taking the results of the June 30, 2019, actuarial valuation and applying standard roll forward procedures. The roll forward procedure uses a calculation that adds the annual normal cost (also called the service cost), subtracts the actual benefit payments and refunds for the plan year, and then applies the expected investment rate of return for the year. The roll forward procedure will include the effects of any assumption changes and legislative changes. The update procedures are in conformity with Actuarial Standards and Practice issued by the Actuarial Standards Board. The Total Pension Liability (TPL minus the Fiduciary Net Position equals the Net Pension Liability (NPL). The proportionate shares of the employer’s and the state of Montana NPLS for June 30, 2020, and 2019, are displayed below. The City proportionate share equals the ratio of the employer’s contributions to the sum of all employer and non-employer contributions during the measurement period. The state’s proportionate share for a particular employer equals the ratio of the contributions for the particular employer to the total state contributions paid. The City recorded a liability of $4,615,578 and the City’s proportionate share was 0.220808 percent. 49 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Net Pension Liability as of 6/30/2020 Net Pension Liability as of 6/30/2019 Percent of Collective NPL as of 6/30/2020 Percent of Collective NPL as of 6/30/2019 Change in Percent of Collective NPL Employer Proportionate Share $ 4,615,578 $ 4,493,914 0.220808% 0.215314% 0.005494% State of Montana Proportionate Share associated with Employer 1,503,159 1,504,721 0.071911% 0.072095% -0.000184% Total $ 6,118,737 $ 5,998,635 0.292719% 0.287409% 0.005310% Changes in actuarial assumptions and methods: There were no changes in assumptions or other inputs that affected the measurement of the total pension liability. Changes in benefit terms: There were no changes in benefit terms since the previous measurement date. Changes in proportionate share: Between the measurement date of the collective NPL and the employer’s reporting date there were some changes in proportion that may have an effect on the employer’s proportionate share of the collective NPL. Pension Expense: At June 30, 2020, the City recognized a Pension Expense of $636,684 for its proportionate share of the pension expense. The City also recognized grant revenue of $3,844 for the support provided by the State of Montana for its proportionate share of the pension expense that is associated with the City. Additionally, the City recognized grant revenue of $98,205 from the State Statutory Appropriation from the General Fund. 50 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Pension Expense as of 6/30/20 Pension Expense as of 6/30/19 Employer Proportionate Share $ 636,684 $ 479,149 State of Montana Proportionate Share associated with the Employer 3,844 100,424 State of Montana State Appropriation for the Employer 98,205 - Total $ 738,733 $ 579,573 Recognition of Beginning Deferred Outflow At June 30, 2020, the City recognized a beginning deferred outflow of resources for the employer’s fiscal year 2019 contributions of $149,677. Recognition of Deferred Inflows and Outflows: At June 30, 2020, the City reported its proportionate share of the Plan’s deferred outflows of resources and deferred inflows of resources from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual economic experience $ 218,860 $ 217,181 Actual vs. Expected Investment Earnings 55,963 - Changes in Assumptions 195,945 - Changes in Proportion Share and Differences between Employer Contributions and Proportionate Share of Contributions - 367,214 Employer contributions sunsequent to the measurement date - FY20* 381,426 - Total $ 852,194 $ 584,395 51 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 *Amounts reported as deferred outflows of resources related to pensions resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2020. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: For the Measurement Year ended June 30: Recognition of Deferred Outflows and Deferred Inflows in Future years as an increase or (decrease) to Pension Expense 2020 $ 66,001 2021 $ (250,673) 2022 $ 20,818 2023 $ 50,226 Thereafter $ - Actuarial Assumptions The TPL used to calculate the NPL was determined by taking the results of the June 30, 2019 actuarial valuation was determined using the following actuarial assumptions. Investment Return (net of admin expense) 7.65% Admin Expense as % of Payroll 0.26% General Wage Growth* 3.50% *includes Inflation at 2.75% Merit Increases 0% to 6.3% Postretirement Benefit Increase Below: Guaranteed Annual Benefit Adjustment (GABA) After the member has completed 12 full months of retirement, the member’s benefit increases by the applicable percentage each January, Inclusive of other adjustments to the member’s benefit. 3% for members hired prior to July 1, 2007 1.5% for members hired between July 1, 2007 and June 30, 2014 Member hired on or after July 1, 2013: • 1.5% for each year PERS is funded at or above 90%; • 1.5% is reduced by 0.1% for each 2% PERS is funded below 90%; and • 0% whenever the amortization period for PERS is 40 years or more. Mortality assumptions among contributing members, service retired members and beneficiaries based on RP 2000 Combined Employee and Annuitant Mortality Tables projected to 2020 with scale BB, males set back 1 year. Mortality assumptions among Disabled members are based on RP 2000 Combined Mortality Tables with no projections. 52 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 The most recent experience study, performed for the period covering fiscal years 2011 through 2016, is outlined in a reported dated May 5, 2017 and can be located on the MPERA website. The long-term expected return on pension plan assets is reviewed as part of the regular experience studies prepared for the Plan. Several factors are considered in evaluating the long-term rate of return assumption. Including historical rates of return, rate of return assumptions adopted by similar public-sector systems, and by using a building- block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflations) are developed for each major asset class. These ranges were combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of June 30, 2018, are summarized in the table below. Asset Class Target Asset Allocation Long-Term Expected Real Rate of Return Arithmetic Basis Cash Equivalents 2.60% 4.00% Domestic Equity 36.00% 4.55% Foreign Equity 18.00% 6.35% Fixed Income 23.40% 1.00% Private Equity 12.00% 7.75% Real Estate 8.00% 4.00% Total 100% Discount Rate The discount rate used to measure the TPL was 7.65%. The projection of cash flows used to determine the discount rate assumed that contributions from participating plan members, employers, and non-employer contributing entities would be made based on the Board's funding policy, which established the contractually required rates under the Montana Code Annotated. The state contributed 0.10% of the salaries paid by local governments and 0.37% paid by school districts. In addition, the state contributed coal severance tax and interest money from the general fund. The interest was contributed and the severance tax was contributed quarterly. Based on those assumptions, the Plan's fiduciary net position was projected to be adequate to make all the projected future benefit payments of current plan members through the year 2121. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the TPL. A municipal bond rate was not incorporated in the discount rate. Current Discount Rate $ 6,631,271 $ 4,615,578 $ 2,921,643 1.0% Decrease (6.65%) 1.0% Increase (8.65%) 53 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 In accordance with GASB 68 regarding the disclosure of the sensitivity of the net pension liability to changes in the discount rate, the above table presents the net pension liability calculated using the discount rate of 7.65%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1.00% lower (6.65%) or 1.00% higher (8.65%) than the current rate. PERS Disclosure for the defined contribution plan The City contributed to the state of Montana Public employee Retirement System Defined Contribution Retirement Plan (PERS-DCRP) for employees that have elected the DCRP. The PERS-DCRP is administered by the PERB and is reported as a multiple-employer plan established July 1, 2002, and governed by Title 19, chapters 2 & 3, MCA. All new PERS members are initially members of the PERS-DBRP and have a 12-month window during which they may choose to remain in the PERS-DBRP or join the PERS- DCRP by filing an irrevocable election. Members may not be participants of both the defined benefit and defined contribution retirement plans. Member and employer contributions rates are specified by state law and are a percentage of the member’s compensation. Contributions are deducted from each member’s salary and remitted by participating employers. The state Legislature has the authority to establish and amend contribution rates. Benefits are dependent upon eligibility and individual account balances. Participants are vested immediately in their own contributions and attributable income. Participants are vested after 5 years of membership service for the employer’s contributions to individual accounts and the attributable income. Non-vested contributions are forfeited upon termination of employment per 19-3-2117(5), MCA. Such forfeitures are used to cover the administrative expenses of the PERS-DCRP. At the plan level for the measurement period ended June 30, 2018, the PERS-DCRP employer did not recognize any net pension liability or pension expense for the defined contribution plan. Plan level non-vested forfeitures for the 316 employers that have participants in the PERS-DCRP totaled $746,144. Pension plan fiduciary net position: The stand-alone financial statements (76d) of the Montana Public Employees Retirement Board (PERB) Comprehensive Annual Financial Report (CAFR) and the GASB 68 Report disclose the Plan’s fiduciary net position. The reports are available from the PERB at PO Box 200131, Helena MT 59620-0131, (406) 444-3154 or both are available on the MPERA website at 54 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Municipal Police Officers’ Retirement System Summary of Significant Accounting Policies The Montana Public Employee Retirement Administration (MPERA) prepared financial statements using the accrual basis of accounting. The same accrual basis was used by MPERA for the purposes of determining the NPL; Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions; Pension Expense; the Fiduciary Net Position; and, Additions to or Deductions from Fiduciary Net Position. Member contributions are recognized in the period in which contributions are due. Employer contributions are recognized when due and the employer has made a formal commitment to provide the contributions. Revenues are recognized in the accounting period they are earned and become measurable. Benefit payments and refunds are recognized in the accounting period in which they are due and payable in accordance with the benefit terms. Expenses are recognized in the period incurred. Investments are reported at fair value. MPERA adhered to all accounting principles generally accepted by the United States of America. MPERA applied all applicable pronouncements of the Governmental Accounting Standards Board (GASB). Plan Descriptions The Municipal Police Officers’ Retirement System (MPORS), administered by the Montana Public Employee Retirement Administration (MPERA), is a multiple-employer, cost- sharing defined benefit plan established in 1974 and governed by Title 19, chapters 2 & 9, MCA. This plan provides retirement benefits to all municipal police officers employed by first- and second-class cities and other cities that adopt the plan. Benefits are established by state law and can only be amended by the Legislature. The MPORS provides retirement, disability, and death benefits to plan members and their beneficiaries. Deferred Retirement Option Plan (DROP): Beginning July 2002, eligible members of MPORS can participate in the DROP by filing a one-time irrevocable election with the Board. The DROP is governed by Title 19, Chapter 9, Part 12, MCA. A member must have completed at least twenty years of membership service to be eligible. They may elect to participate in the DROP for a minimum of one month and a maximum of 60 months and may only participate in the DROP once. A participant remains a member of the MPORS, but will not receive membership service or service credit in the system for the duration of the member’s DROP period. During participation in the DROP, all mandatory contributions continue to the retirement system. A benefit is calculated based on salary and years of service to date as of the beginning of the DROP period. The benefit is paid into the member’s DROP account until the end of the DROP period. At the end of the DROP period, the participant may receive the balance of the DROP account in a lump-sum payment or in a direct rollover to another eligible plan, as allowed by the IRS. If the participant continues employment after the DROP period ends, they will again accrue membership service and service credit. The DROP account cannot be distributed until employment is formally terminated. 55 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Summary of Benefits Service Retirement 20 years of membership service, regardless of age. Age 50 with 5 years of membership service. 2.5% of FAC x years of service credit. Second Retirement (applies to members re-employed in a MPORS position after July 1, 2017): 1) If the member works more than 480 hours in a calendar year and accumulates less than 5 years of service credit before terminating again, the member: a. Is not awarded service credit for the period of reemployment; b. Is refunded the accumulated contributions associated with the period of reemployment; c. Starting the first month following termination of service, receives the same retirement benefit previously paid to the member; and d. Does not accrue post-retirement benefit adjustments during the term of reemployment but receives a Guaranteed Annual Benefit Adjustment (GABA) in January immediately following second retirement. 2) If the member works more than 480 hours in a calendar year and accumulates at least 5 years of service credit before terminating again, the member: a. Is awarded service credit for the period of reemployment; b. Starting the first month following termination of service, receives: i. The same retirement benefit previously paid to the member, and ii. A second retirement benefit for the period of reemployment calculated based on the laws in effect as of the member’s rehire date; and c. Does not accrue post-retirement benefit adjustments during the term of reemployment but receives a GABA: i. On the initial retirement benefit in January immediately following second retirement, and ii. On the second retirement benefit starting in January after receiving that benefit for at least 12 months. 3) A member who returns to covered service is not eligible for a disability benefit. Vesting 5 years of membership service Member’s Final Average Compensation (FAC) Hired prior to July 1, 1977 - average compensation of final year of service; Hired on or after July 1, 1977 - final average compensation (FAC) for last consecutive 36 months. Compensation Cap Hired on or after July 1, 2013: 110% annual cap on compensation considered as a part of a member’s FAC. 56 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Guaranteed Annual Benefit Adjustment (GABA) Hired on or after July 1, 1997, or those electing GABA, and has been retired for at least 12 months, a GABA will be made each year in January equal to Minimum benefit adjustment (non-GABA) If hired before July 1, 1997 and member did not elect GABA, the minimum benefit adjustment provided is equal to 50% of the current base compensation of a newly confirmed police officer of the employer that last employed the member as a police officer. Contributions Rates are specified by state law for periodic member and employer contributions and are a percentage of the member’s compensation. Contributions are deducted from each member’s salary and remitted by participating employers. The State legislature has the authority to establish and amend contribution rates to the plan. Member and employer contribution rates are shown in the table below. Member Fiscal Year Hired <7/1/75 Hired >6/30/75 Hired >6/30/79 Hired>6/30/97 GABA Employer State 2000-2019 5.800% 7.000% 8.500% 9.000% 14.410% 29.370% 1998-1999 7.800% 9.000% 10.500% 11.000% 14.410% 29.370% 1997 7.800% 9.000% 10.500% 14.360% 29.370% Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions GASB Statement 68 allows a measurement date of up to 12 months before the employer’s fiscal year-end can be utilized to determine the Plan’s TPL. The basis for the TPL as of June 30, 2020, was determined by taking the results of the June 30, 2019, actuarial valuation and applying standard roll forward procedures. The roll forward procedure uses a calculation that adds the annual normal cost (also called the service cost), subtracts the actual benefit payments and refunds for the plan year, and then applies the expected investment rate of return for the year. The roll forward procedure will include the effects of any assumption changes and legislative changes. The update procedures are in conformity with Actuarial Standards and Practice issued by the Actuarial Standards Board. The Total Pension Liability (TPL minus the Fiduciary Net Position equals the Net Pension Liability (NPL). The proportionate shares of the City’s and the state of Montana NPLS for June 30, 2020, and 2019, are displayed below. The City proportionate share equals the ratio of the employer’s contributions to the sum of all employer and non-employer contributions during the measurement period. The state’s proportionate share for a particular employer equals the ratio of the contributions for the particular employer to the total state contributions paid. The City recorded a liability of $1,215,267 and the City’s proportionate share was 0.6106 percent. 57 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Net Pension Liability as of 6/30/2020 Net Pension Liability as of 6/30/2019 Percent of Collective NPL as of 6/30/2020 Percent of Collective NPL as of 6/30/2019 Change in Percent of Collective NPL Employer Proportionate Share $ 1,215,267 $ 1,059,341 0.6106% 0.6186% -0.0080% State of Montana Proportionate Share associated with Employer 2,474,698 2,165,490 1.2433% 1.2645% -0.0212% Total $ 3,689,965 $ 3,224,831 1.8539% 1.8831% -0.0292% Changes in actuarial assumptions and methods: There were no changes in assumptions or other inputs that affected the measurement of the total pension liability. Changes in benefit terms: There were no changes in benefit terms since the previous measurement date. Changes in proportionate share: Between the measurement date of the collective NPL and the employer’s reporting date there were some changes in proportion that may have an effect on the employer’s proportionate share of the collective NPL. Pension Expense: At June 30, 2020, the City recognized a Pension Expense of $185,895 for its proportionate share of the pension expense. The City also recognized grant revenue of $296,448 for the support provided by the State of Montana for its proportionate share of the pension expense that is associated with the employer. 58 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Pension Expense as of 6/30/20 Pension Expense as of 6/30/19 Employer Proportionate Share $ 185,895 $ 126,508 State of Montana Proportionate Share associated with the Employer 296,448 298,517 Total $ 482,343 $ 425,025 Recognition of Beginning Deferred Outflow At June 30, 2020, the City recognized a beginning deferred outflow of resources for the City’s fiscal year 2019 contributions of $150,413. Recognition of Deferred Inflows and Outflows: At June 30, 2020, the City reported its proportionate share of the Plan’s deferred outflows of resources and deferred inflows of resources from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual economic experience $ 107,856 $ 7,720 Actual vs. Expected Investment Earnings 22,589 - Changes in Assumptions 24,440 - Changes in Proportion Share and Differences between Employer Contributions and Proportionate Share of Contributions - 36,290 Employer contributions sunsequent to the measurement date - FY20* 154,105 - Total $ 308,990 $ 44,010 59 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 *Amounts reported as deferred outflows of resources related to pensions resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2020. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: For the Measurement Year ended June 30: Recognition of Deferred Outflows and Deferred Inflows in Future years as an increase or (decrease) to Pension Expense 2020 $ 37,395 2021 $ 23,436 2022 $ 38,664 2023 $ 11,381 Thereafter $ - Actuarial Assumptions The TPL used to calculate the NPL was determined by taking the results of the June 30, 2019 actuarial valuation was determined using the following actuarial assumptions. Investment Return (net of admin expense) 7.65% Admin Expense as % of Payroll 0.24% General Wage Growth* 3.50% *includes Inflation at 2.75% Merit Increases 0% to 6.60% Postretirement Benefit Increases i. Guaranteed Annual Benefit Adjustment (GABA) Hired on or after July 1, 1997, or those electing GABA - after the member has completed 12 full months of retirement, the member’s benefit increases by a maximum of 3% each January, inclusive of all other adjustments to the member’s benefit. ii. Minimum benefit adjustment (non-GABA) If hired before July 1, 1997 and member did not elect GABA - the retirement, disability or survivor’s benefit may not be less than ½ the compensation of a newly confirmed officer in the city that the member was last employed. Mortality assumptions among contributing members, terminated vested members, service retired members and beneficiaries were based on RP 2000 Combined Employee and Annuitant Mortality Tables projected to 2020 with scale Bb, set back one year for males. Mortality assumptions among Disabled Retirees were based on RP 2000 Combined Mortality Tables. 60 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 The most recent experience study, performed for the period covering fiscal years 2011 through 2016, is outlined in a reported dated May 5, 2017 and can be located on the MPERA website. The long-term expected return on pension plan assets is reviewed as part of the regular experience studies prepared for the Plan. Several factors are considered in evaluating the long-term rate of return assumption. Including historical rates of return, rate of return assumptions adopted by similar public-sector systems, and by using a building- block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflations) are developed for each major asset class. These ranges were combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of June 30, 2018, are summarized in the table below. Asset Class Target Asset Allocation Long-Term Expected Real Rate of Return Arithmetic Basis Cash Equivalents 2.60% 4.00% Domestic Equity 36.00% 4.55% Foreign Equity 18.00% 6.35% Fixed Income 23.40% 1.00% Private Equity 12.00% 7.75% Real Estate 8.00% 4.00% Total 100% Discount Rate The discount rate used to measure the TPL was 7.65%. The projection of cash flows used to determine the discount rate assumed that contributions from participating plan members, employers, and non-employer contributing entities would be made based on the Board’s funding policy, which established the contractually required rates under the Montana Code Annotated. The state contributed 29.37% of the salaries paid by employers. Based on those assumptions, the Plan’s fiduciary net position was projected to be adequate to make all the projected future benefit payments of current plan members through the year 2133. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the TPL. A municipal bond rate was not incorporated in the discount rate. Current Discount Rate $ 1,786,646 $ 1,215,267 $ 757,882 1.0% Decrease (6.65%) 1.0% Increase (8.65%) In accordance with GASB 68 regarding the disclosure of the sensitivity of the net pension liability to changes in the discount rate, the above table presents the net pension liability calculated using the discount rate of 7.65%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1.00% lower (6.65%) or 1.00% higher (8.65%) than the current rate. 61 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Pension plan fiduciary net position: The stand-alone financial statements (76d) of the Montana Public Employees Retirement Board (PERB) Comprehensive Annual Financial Report (CAFR) and the GASB 68 Report disclose the Plan’s fiduciary net position. The reports are available from the PERB at PO Box 200131, Helena MT 59620-0131, (406) 444-3154 or both are available on the MPERA website at Firefighters’ Unified Retirement System Summary of Significant Accounting Policies The Montana Public Employee Retirement Administration (MPERA) prepared financial statements using the accrual basis of accounting. The same accrual basis was used by MPERA for the purposes of determining the NPL; Deferred Outflows of Resources and Deferred Inflows of Resources related to pensions; Pension Expense; the Fiduciary Net Position; and, Additions to or Deductions from Fiduciary Net Position. Member contributions are recognized in the period in which contributions are due. Employer contributions are recognized when due and the employer has made a formal commitment to provide the contributions. Revenues are recognized in the accounting period they are earned and become measurable. Benefit payments and refunds are recognized in the accounting period in which they are due and payable in accordance with the benefit terms. Expenses are recognized in the period incurred. Investments are reported at fair value. MPERA adhered to all accounting principles generally accepted by the United States of America. MPERA applied all applicable pronouncements of the Governmental Accounting Standards Board (GASB). Plan Descriptions The Firefighters’ Unified Retirement System (FURS), administered by the Montana Public Employee Retirement Administration (MPERA), is a multiple-employer, cost-sharing defined benefit plan established in 1981, and governed by Title 19, chapters 2 & 13, MCA. This plan provides retirement benefits to firefighters employed by first- and second-class cities, other cities and rural fire district departments that adopt the plan, and to firefighters hired by the Montana Air National Guard on or after October 1, 2001. Benefits are established by state law and can only be amended by the Legislature. The FURS provide retirement, disability, and death benefits to plan members and their beneficiaries. Benefits are based on eligibility, years of service and highest average compensation. Member rights are vested after five years of service. 62 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Summary of Benefits Service retirement Hired on or after July 1, 1981, or has elected to be covered by GABA: o 20 years of membership service o 2.5% of HAC x years of service credit Hired prior to July 1, 1981, and who had not elected to be covered by GABA, the greater of above, or: o If membership service is less than 20 years: 2% of the highest compensation (HMC) x years of service credit and o If membership services is greater or equal to 20 years: 50% of HMC + 2% of HMC x years of service credit in excess of 20 Early retirement Age 50 with 5 years of membership service Second retirement (applies to members re-employed in a FURS position after July 1, 2017): 1) If the member works more than 480 hours in a calendar year and accumulates less than 5 years of service credit before terminating again, the member: a. Is not awarded service credit for the period of reemployment; b. Is refunded the accumulated contributions associated with the period of reemployment; c. Starting the first month following termination of service, receives the same retirement benefit previously paid to the member; and d. Does not accrue post-retirement benefit adjustments during the term of reemployment but receives a Guaranteed Annual Benefit Adjustment (GABA) in January immediately following second retirement. 2) If the member works more than 480 hours in a calendar year and accumulates at least 5 years of service credit before terminating again, the member: a. Is awarded service credit for the period of reemployment; b. Starting the first month following termination of service, receives: i. The same retirement benefit previously paid to the member, and ii. A second retirement benefit for the period of reemployment calculated based on the laws in effect as of the member’s rehire date; and c. Does not accrue post-retirement benefit adjustments during the term of reemployment but receives a GABA: i. On the initial retirement benefit in January immediately following second retirement, and ii. On the second retirement benefit starting in January after receiving that benefit for at least 12 months. 3) A member who returns to covered service is not eligible for a disability benefit. 63 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Vesting 5 years of membership service. Member’s compensation period used in benefit calculation Hired prior to July 1, 1981 and not electing GABA: highest compensation (HMC); Hired after June 30, 1981 and those electing GABA: highest average compensation (HAC) during any consecutive 36 months (or shorter period of total service). Part-time firefighter: 15% of regular compensation of a newly confirmed full-time firefighter. Compensation Cap Hired on or after July 1, 2013: 110% annual cap on compensation considered as a part of a member’s HAC. Guaranteed Annual Benefit Adjustment (GABA) Hired on or after July 1, 1997, or those electing GABA, and has been retired for at least 12 months – the member’s benefit increases by 3.0% each January. Minimum Benefit Adjustment (non-GABA) If hired before July 1, 1997 and member did not elect GABA - the minimum benefit adjustment is provided equal to 50% of the current base compensation of a newly confirmed active firefighter of the employer that last employed the member as a firefighter. Contributions Rates are specified by state law for periodic member and employer contributions and are a percentage of the member’s compensation. Contributions are deducted from each member’s salary and remitted by participating employers. The State legislature has the authority to establish and amend contribution rates to the plan. Member and employer contribution rates are shown in the table below. Member Fiscal Year Non-GABA GABA Employer State 1998-2019 9.500% 10.700% 14.360% 32.610% 1997 7.800% 14.360% 32.610% 64 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions GASB Statement 68 allows a measurement date of up to 12 months before the employer’s fiscal year-end can be utilized to determine the Plan’s TPL. The basis for the TPL as of June 30, 2020, was determined by taking the results of the June 30, 2019, actuarial valuation and applying standard roll forward procedures. The roll forward procedure uses a calculation that adds the annual normal cost (also called the service cost), subtracts the actual benefit payments and refunds for the plan year, and then applies the expected investment rate of return for the year. The roll forward procedure will include the effects of any assumption changes and legislative changes. The update procedures are in conformity with Actuarial Standards and Practice issued by the Actuarial Standards Board. The Total Pension Liability (TPL minus the Fiduciary Net Position equals the Net Pension Liability (NPL). The proportionate shares of the City’s and the state of Montana NPLS for June 30, 2020, and 2019, are displayed below. The City’s proportionate share equals the ratio of the employer’s contributions to the sum of all employer and non-employer contributions during the measurement period. The state’s proportionate share for a particular employer equals the ratio of the contributions for the particular employer to the total state contributions paid. The City recorded a liability of $769,008 and the City’s proportionate share was 0.6704 percent. Net Pension Liability as of 6/30/2020 Net Pension Liability as of 6/30/2019 Percent of Collective NPL as of 6/30/2020 Percent of Collective NPL as of 6/30/2019 Change in Percent of Collective NPL Employer Proportionate Share $ 769,008 $ 850,163 0.67040% 0.7382% -0.0678% State of Montana Proportionate Share associated with Employer 1,859,848 1,943,937 1.6213% 1.6879% -0.0666% Total $ 2,628,856 $ 2,794,100 2.2917% 2.4261% -0.1344% Changes in actuarial assumptions and methods: There were no changes in assumptions or other inputs that affected the measurement of the total pension liability. Changes in benefit terms: There were no changes in benefit terms since the previous measurement date. 65 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Changes in proportionate share: Between the measurement date of the collective NPL and the employer’s reporting date there were some changes in proportion that may have an effect on the employer’s proportionate share of the collective NPL. Pension Expense: At June 30, 2020, the City recognized a Pension Expense of $134,706 for its proportionate share of the pension expense. The City also recognized grant revenue of $387,454 for the support provided by the State of Montana for its proportionate share of the pension expense that is associated with the City. Pension Expense as of 6/30/20 Pension Expense as of 6/30/19 Employer Proportionate Share $ 134,706 $ 110,091 State of Montana Proportionate Share associated with the Employer 387,454 391,257 Total $ 522,160 $ 501,348 Recognition of Beginning Deferred Outflow At June 30, 2020, the City recognized a beginning deferred outflow of resources for the City’s fiscal year 2019 contributions of $176,246. Recognition of Deferred Inflows and Outflows: At June 30, 2020, the City reported its proportionate share of the Plan’s deferred outflows of resources and deferred inflows of resources from the following sources: 66 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual economic experience $ 69,133 $ 7,978 Actual vs. Expected Investment Earnings 25,626 - Changes in Assumptions 56,698 - Changes in Proportion Share and Differences between Employer Contributions and Proportionate Share of Contributions - 92,427 Employer contributions sunsequent to the measurement date - FY20* 187,038 - Total $ 338,495 $ 100,405 *Amounts reported as deferred outflows of resources related to pensions resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2020. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: For the Measurement Year ended June 30: Recognition of Deferred Outflows and Deferred Inflows in Future years as an increase or (decrease) to Pension Expense 2020 $ 21,782 2021 $ 485 2022 $ 22,459 2023 $ 17,867 Thereafter $ (11,541) 67 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Actuarial Assumptions The TPL used to calculate the NPL was determined by taking the results of the June 30, 2019 actuarial valuation was determined using the following actuarial assumptions. Investment Return (net of admin expense) 7.65% Admin Expense as % of Payroll 0.23% General Wage Growth* 3.50% *includes Inflation at 2.75% Merit Increases 0% to 6.3% Postretirement Benefit Increases: Guaranteed Annual Benefit Adjustment (GABA) Members hired on or after July 1, 1997, or those electing GABA - after the member has completed 12 full months of retirement, the member’s benefit increases by a maximum of 3% each January, inclusive of all other adjustments to the member’s benefit. Minimum Benefit Adjustment (non-GABA) Members hired before July 1, 1997 and member did not elect GABA - the retirement, disability or survivor’s benefit may not be less than ½ the compensation of a newly confirmed firefighter employed by the city that last employed the member (provided the member has at least 10 years of membership service). Mortality assumptions among contributing members, service retired members and beneficiaries were based on RP 2000 Combined Employee and Annuitant Mortality Tables projected to 2020 using Scale BB, males set back 1 year. Mortality assumptions among Disabled Members were based on RP 2000 Combined Mortality Tables. The most recent experience study, performed for the period covering fiscal years 2011 through 2016, is outlined in a reported dated May 5, 2017 and can be located on the MPERA website. The long-term expected return on pension plan assets is reviewed as part of the regular experience studies prepared for the Plan. Several factors are considered in evaluating the long-term rate of return assumption. Including historical rates of return, rate of return assumptions adopted by similar public-sector systems, and by using a building- block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflations) are developed for each major asset class. These ranges were combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of June 30, 2018, are summarized in the table below. 68 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Asset Class Target Asset Allocation Long-Term Expected Real Rate of Return Arithmetic Basis Cash Equivalents 2.60% 4.00% Domestic Equity 36.00% 4.55% Foreign Equity 18.00% 6.35% Fixed Income 23.40% 1.00% Private Equity 12.00% 7.75% Real Estate 8.00% 4.00% Total 100% Discount Rate For FURS the State contributes 32.61% of salaries paid by employers. Based on those assumptions, the System’s fiduciary net position was projected to be adequate to make all the projected future benefit payments of current plan members through the year 2124. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the TPL. A municipal bond rate was not incorporated in the discount rate. Current Discount Rate $ 1,343,089 $ 769,008 $ 306,121 1.0% Decrease (6.65%) 1.0% Increase (8.65%) In accordance with GASB 68 regarding the disclosure of the sensitivity of the net pension liability to changes in the discount rate, the above table presents the net pension liability calculated using the discount rate of 7.65%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1.00% lower (6.65%) or 1.00% higher (8.65%) than the current rate. Pension plan fiduciary net position: The stand-alone financial statements (76d) of the Montana Public Employees Retirement Board (PERB) Comprehensive Annual Financial Report (CAFR) and the GASB 68 Report disclose the Plan’s fiduciary net position. The reports are available from the PERB at PO Box 200131, Helena MT 59620-0131, (406) 444-3154 or both are available on the MPERA website at NOTE 7. INTERFUND RECEIVABLES AND PAYABLES The composition of interfund balances as of June 30, 2020, was as follows: Due to/from other funds Purpose Receivable Fund Payable Fund Amount Deficit Cash General Fund – Major Governmental Gas Tax BarSAA – Nonmajor Governmental $ 48,601 69 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Advances to/from other funds Purpose Receivable Fund Payable Fund Amount Half of annual assessment SID Revolving – Nonmajor Governmental SID 166 Nonmajor Governmental $ 58,699 Interfund Transfers The following is an analysis of operating transfers in and out during fiscal year 2020: Purpose Receivable Fund Payable Fund Amount Property Tax relief General Fund – Major Governmental Resort Tax – Major Governmental $ 1,287,597 Resort Tax paid debt service for the Haskill Basin Conservation Easement Water Fund – Major Business-Type Resort Tax – Major Governmental 1,048,793 Operating Parks Fund – Nonmajor Governmental General Fund – Major Governmental 818,603 Operating Fire and Ambulance – Major Governmental General Fund – Major Governmental 853,092 Operating Library Fund – Nonmajor Governmental General Fund – Major Governmental 34,371 Debt Payments Tax Increment Revenue Bond Debt – Major Governmental Tax Increment – Major Governmental 2,096,922 Operating Gas Tax – BaRSAA- Nonmajor Governmental Streets-Nonmajor Governmental 7,350 Operating Parks, Recreation, & Community Service – Nonmajor Governmental Water-Major Business-Type 48,498 Indirect cost allocation transfer General – Major Governmental Parks, Recreation & community Services 27,718 70 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 – Nonmajor Governmental Indirect cost allocation transfer General – Major Governmental Library Fund – Nonmajor Governmental 4,900 Indirect cost allocation transfer General – Major Governmental Tax Increment – Major Governmental 8,281 54,059 Indirect cost allocation transfer General – Major Governmental Fire and Ambulance – Major Governmental Indirect cost allocation transfer General – Major Governmental Building Codes– Nonmajor Governmental 11,204 Indirect cost allocation transfer General – Major Governmental Lighting District Nonmajor Governmental 625 Indirect cost allocation transfer General – Major Governmental Lighting District Nonmajor Governmental 625 Indirect cost allocation transfer General – Major Governmental Storm Water – Nonmajor Governmental 3,723 Indirect cost allocation transfer General – Major Governmental Streets – Nonmajor Governmental 15,121 Indirect cost allocation transfer General – Major Governmental Water-Major Business-Type 30,001 Indirect cost allocation transfer General – Major Governmental Wastewater-Major Business-Type 28,098 Indirect cost allocation transfer General – Major Governmental Solid Waste- Nonmajor Business- Type 324 Property Tax relief General Fund – Major Governmental Water Fund – Major Business-Type 107,692 6,487,597 71 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 NOTE 8. LOCAL RETIREMENT PLANS Deferred Compensation Plan The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan is available to all City employees and permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. Fire Department Relief Association Disability and Pension Fund City volunteer firefighters are covered by the Fire Department Relief Association Disability and Pension Fund, which is established by State Law. The Association is managed by a Board of Trustees made up of members of the fire department, and is accounted for as a pension trust fund of the City. A member of a volunteer fire department who has served 20 years or more is entitled to benefits regardless of age. Volunteers serving less than 20 years, but more than 10 years, may receive reduced benefits. The amount of the pension benefits is set by the Association’s Board of Trustees. NOTE 9. FUND BALANCE CLASSIFICATION POLICIES AND PROCEDURES Governmental Fund equity is classified as fund balance. The City categorizes fund balance of the governmental funds into the following categories: Restricted: - includes constraint for specific purposes which are externally imposed by a third part, State Constitution, or enabling legislation. Unassigned: - includes negative fund balances in all funds, or fund balance with no constraints in the General Fund. The City considers that committed amounts would be reduced first, followed by assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classification could be used. The government considers that committed amounts would be reduced first, followed by assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used. 72 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Restricted Fund Balance Major Fund Amount Purpose of Restriction Resort Tax $ 1,586,890 Street/Park Improvements and Property Tax Relief Tax Increment 2,309,530 Urban Development Fire & Ambulance 710,445 Emergency Services Tax Increment Revenue Bond 3,773,375 Debt Service All Other Aggregate: 2,167,562 Maintenance of Streets 272,526 Culture & Recreation Services and Improvements 1,002,143 Construction Inspections 1,092,949 Improvements 991,411 Storm Drainage 260,000 Affordable Housing 157,290 Utilities 16,136 Miscellaneous 226,850 Debt Service $ 14,567,107 NOTE 10. RESTATEMENTS During the current fiscal year, the following adjustments relating to prior years' transactions were made to fund balance and net position. Fund Amount Reason for Adjustment General $10,508 Prior Period Grant Revenue Adjustment General 6,665 Prior Period Expenditure Reimbursement Wastewater 3,563 Adjust Bond Balances Water 1,000 Adjust Bond Balances Water 42,575 Prior Period Deferred Revenue Adjustment Total $ 63,311 NOTE 11. INTERLOCAL AGREEMENT The City of Whitefish, Montana and the City of Columbia Falls, Montana entered into an interlocal agreement or the provision of building code inspection services in August 1999. The City of Whitefish through its building department agreed to provide plan review, site review, and site inspection services relating to the enforcement of the State and City of Columbia Falls technical, building and plumbing codes within the extended jurisdictional limits of Columbia Falls. Columbia Falls agreed to pay Whitefish a sum equal to 65% of the permitting fees paid by the permit 73 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 applicant on the project inspected, payable on a basis. Whitefish agreed to provide Columbia Falls, on a basis, a report concerning all services provided to Columbia Falls. NOTE 12. JOINT VENTURES Joint ventures are independently constituted entities generally created by two or more governments for a specific purpose which are subject to joint control, in which the participating governments retain 1) an ongoing financial interest or 2) an ongoing financial responsibility. Flathead Emergency Communications Center (FECC) The Flathead Emergency Communication Center (FECC) provides 911 dispatch services and is operated under an interlocal agreement between Flathead County, the City of Columbia Falls, the City of Whitefish and the City of Kalispell. The FECC operates under the supervision and control of the Flathead Emergency Communications Center Board. The Board consists of six members, the Flathead County Sheriff, a County Commissioner chosen by the Board of County Commissioners, the County Attorney or other elected County officer, and an elected official or designee from each of the cities of Kalispell, Whitefish, and Columbia Falls. The FECC is financed by funds received by all member from the State (9-1-1 fees) pursuant to Section 10-4-302, M.C. A. Any additional operating funds needed will be shared proportionally by all members. Under the supervision of the Board, the Director shall hire and direct staff to carry out the responsibilities of the FECC. It is a Discretely Presented Component Unit in Flathead County’s CAFR. Big Mountain County Sewer District The City permits the District to connect to the City’s sanitary sewage collection system. The usage rate charged by the City to the District is a $45.77 base rate plus $12.48 per thousand gallons used per the SC2/Outside rate code. NOTE 13. SERVICES PROVIDED TO/BY OTHER GOVERNMENTS County Provided Services The City is provided various financial services by Flathead County. The County also serves as cashier and treasurer for the City for tax and assessment collections and other revenues received by the County which are subject to distribution to the various taxing jurisdictions located in the County. The collections made by the County on behalf of the City are accounted for in an agency fund in the City’s name and are periodically remitted to the City by the County Treasurer. No service charges have been recorded by the City or the County. NOTE 14. RISK MANAGEMENT The City faces considerable number of risks of loss, including damage to and loss of property and contents, employee torts, professional liability, i.e., errors and omissions, environmental damage, workers' compensation, i.e., employee injuries, and medical insurance costs of employees. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. 74 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Insurance Polices: Commercial policies transferring all risks of loss, except for relatively small deductible amounts are purchased for property and content damage, employee torts, and professional liabilities. Employee medical insurance is provided for by a commercial carrier. And, given the lack of coverage available, the City has no coverage for potential losses from environmental damages. Insurance Pools: The City participates in the state-wide public safety risk pool, Montana Municipal Insurance Authority for workers’ compensation. In 1986, the City joined together with other Montana cities to form the Montana Municipal Insurance Authority which established a workers’ compensation plan and a tort liability plan. Both public entity risk pools currently operate as common risk management and insurance programs for the member governments. The liability limits for damages in tort action are $750,000 per claim and $1.5 million per occurrence with a $3,750 deductible per occurrence. State tort law limits the City’s liability to $1.5 million. The City pays an annual premium for its employee injury insurance coverage, which is allocated to the employer funds based on total salaries and wages. The agreements for formation of the pools provide that they will be self-sustaining through member premiums. Separate audited financial statements are available from the Montana Municipal Insurance Authority. NOTE 15. RESORT TAX In 1995, the citizens of the City of Whitefish approved a 2% resort tax. City Ordinance 15 restricted the tax proceeds as follows: Administration fee to business owners 5% Parks Improvements 5% Street Improvements 65% Tax Relief 25% In April 2015, the voters approved to increase the resort tax by an additional 1% starting July 1, 2015. The 1% tax proceeds are restricted as follows: Tax Relief 25% Debt Service 70% Administration fee to business owners 5% On June 30, 2020, the Resort Tax Fund has a cash balance of $1,614,979. This balance was restricted as follows: Park Improvements $193,189 75 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 Street Improvements $295,737 Tax Relief $1,126,053 NOTE 16. WHITEFISH LAKE GOLF COURSE In January 2011, the City leased the Whitefish Lake Golf Course to the Whitefish Lake Golf Club, Inc. The term of the lease is 30 years beginning January 1, 2011 and ending December 21, 2040. The annual rental payments due to the City are $22,375 per year and shall increase by the December to December change in the Consumer Price Index every five years beginning with the payment due in June 2016. In addition, the City will receive a net profits payment beginning February 2012 of 3% of the prior year’s net profits for the Whitefish Lake Golf Club, Inc. NOTE 17. SUBSEQUENT EVENTS On July 20, 2020, the City entered into a $192,811.27 lease contract with De Lage Landed Public Finance LLC for network, firewall, switches and related equipment. The term of the lease is 5 years at 0% interest with annual payments of approximately $38,562. On July 21, 2020, the City entered into a contract for the construction of the Water Treatment Plant project. The contract award was made to Swank Enterprises for $9,327,000. To date, $2,775,886.69 has been spent under the contract. On August 3, 2020, the City Council approved the issuance of $11,000,000 in bonds in two series of $6,000,000 and $5,000,000 respectively to fund the Water Treatment Plant Project. On September 23, 2020, the City issued the first bond which was a $6,000,000 Water System Revenue Bond (DNRC Drinking Water State Revolving Loan Program), Series 2020. The interest rate on the bonds is 2.5% with a 20- year term. On November 3, 2020, Flathead County voters approved the creation of the Flathead County Emergency Communications Center Special District (FECC). The funding for the City’s participation in the FECC currently is funded though the City’s budget in accordance with an Interlocal Agreement between the Flathead County, the City of Columbia Falls, the City of Kalispell and the City of Whitefish and will remain funded by each participating entity until June 30, 2020. However, the Interlocal Agreement will expire on December 31, 2020 and management and the employees of the new district will be a part of Flathead County’s organization. Beginning for FY22, the FECC Special District will be funded with assessments on each lot or parcel of land, including improvements for its taxable valuation bears to the total taxable valuation of the property in the District instead of being funded from the City’s budget. On November 18, 2020, the City received a distribution of CARES Act funding reimbursing costs incurred for the City’s COVID-19 impact and response. The total received was $365,515 for expenditures incurred after FY20. The City expects to receive further CARES Act funding for eligible expenditures through December 30, 2020. 76 ---PAGE BREAK--- CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2020 On November 19, 2020, the City issued a $9,575,000 Sewer System Revenue Bond (DNRC Water Pollution Control State Revolving Loan Program), Series 2020C with a 2.5% interest rate and a 20-year term. The amount advanced at the date of closing was $353,414. The City, like all governments in the United States is dealing with the effects of the COVID-19 pandemic. Encouraging developments with vaccines provide hope that the negative impacts the community is experiencing will end. However, until a substantial amount of the population has been inoculated, the City could experience operational changes, shutdowns or financial impacts that the City will continue to monitor and may need to address. 77 ---PAGE BREAK--- REQUIRED SUPPLEMENTARY INFORMATION 78 ---PAGE BREAK--- 79 ---PAGE BREAK--- 80 ---PAGE BREAK--- 81 ---PAGE BREAK--- 82 ---PAGE BREAK--- 83 ---PAGE BREAK--- 84 ---PAGE BREAK--- 85 ---PAGE BREAK--- 86 ---PAGE BREAK--- 87 ---PAGE BREAK--- OTHER SUPPLEMENTARY INFORMATION 88 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 5 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2110 2210 2220 2394 STREET AND ALLEY PARKS, RECREATION LIBRARY FUND BUILDING CODES ASSETS Cash and cash equivalents 2,039,721.88 287,006.08 51,929.08 1,009,484.55 Petty cash 0.00 300.00 50.00 0.00 Cash and cash equivalents - restricted 0.00 ( 44,445.61) 0.00 0.00 Taxes receivable: Real estate 0.00 0.00 21,600.31 0.00 Personal 0.00 0.00 4.44 0.00 Protested 0.00 0.00 11,602.09 0.00 Special assessments 152,403.25 72,303.59 0.00 0.00 Other receivables 13,780.00 3,374.78 0.00 0.00 Due from other governments 153.35 7,779.51 474.60 274.16 TOTAL ASSETS 2,206,058.48 326,318.35 85,660.52 1,009,758.71 Deferred Outflows of Resources LIABILITIES Accounts payable 9,522.16 5,609.00 12.50 0.00 Other accrued payables 8,856.11 25,199.47 3,121.62 7,615.95 Due to other funds 0.00 0.00 0.00 0.00 TOTAL LIABILITIES 18,378.27 30,808.47 3,134.12 7,615.95 Deferred Inflows of Resources Deferred Inflows of Tax Revenues 152,403.25 72,303.59 33,206.84 0.00 Total Deferred Inflows of Resources 152,403.25 72,303.59 33,206.84 0.00 FUND BALANCES Unassigned (negative balance only) 2,035,276.96 223,206.29 49,319.56 1,002,142.76 Total Fund Balances 2,035,276.96 223,206.29 49,319.56 1,002,142.76 Total Liabilities, Deferred 2,206,058.48 326,318.35 85,660.52 1,009,758.71 inflows of resources and Fund Balances 89 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 2 of 5 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2399 2400 2410 2525 IMPACT FEES LIGHT DISTRICT #1 LIGHT DISTRICT #4 STORM WATER ASSETS Cash and cash equivalents 0.00 45,767.31 112,411.80 993,602.55 Petty cash 0.00 0.00 0.00 0.00 Cash and cash equivalents - restricted 660,487.70 0.00 0.00 0.00 Taxes receivable: Real estate 0.00 0.00 0.00 0.00 Personal 0.00 0.00 0.00 0.00 Protested 0.00 0.00 0.00 0.00 Special assessments 0.00 14,917.18 14,549.37 62,628.81 Other receivables 0.00 0.00 0.00 0.00 Due from other governments 0.00 0.00 0.00 0.00 TOTAL ASSETS 660,487.70 60,684.49 126,961.17 1,056,231.36 Deferred Outflows of Resources LIABILITIES Accounts payable 0.00 0.00 0.00 0.00 Other accrued payables 0.00 444.62 444.62 2,191.79 Due to other funds 0.00 0.00 0.00 0.00 TOTAL LIABILITIES 0.00 444.62 444.62 2,191.79 Deferred Inflows of Resources Deferred Inflows of Tax Revenues 0.00 14,917.18 14,549.37 62,628.81 Total Deferred Inflows of Resources 0.00 14,917.18 14,549.37 62,628.81 FUND BALANCES Unassigned (negative balance only) 660,487.70 45,322.69 111,967.18 991,410.76 Total Fund Balances 660,487.70 45,322.69 111,967.18 991,410.76 Total Liabilities, Deferred 660,487.70 60,684.49 126,961.17 1,056,231.36 inflows of resources and Fund Balances 90 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 3 of 5 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2821 2917 2945 2987 Gas Tax - Special CRIME VICTIMS ASSI CDBG HOUSING AND C HOUSING REHABILITA ASSETS Cash and cash equivalents 0.00 1,473.00 0.00 1,069.27 Petty cash 0.00 0.00 0.00 0.00 Cash and cash equivalents - restricted 0.00 0.00 0.00 0.00 Taxes receivable: Real estate 0.00 0.00 0.00 0.00 Personal 0.00 0.00 0.00 0.00 Protested 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Other receivables 0.00 0.00 0.00 0.00 Due from other governments 180,886.04 0.00 0.00 0.00 TOTAL ASSETS 180,886.04 1,473.00 0.00 1,069.27 Deferred Outflows of Resources LIABILITIES Accounts payable 0.00 0.00 0.00 0.00 Other accrued payables 0.00 0.00 0.00 0.00 Due to other funds 48,601.06 0.00 0.00 0.00 TOTAL LIABILITIES 48,601.06 0.00 0.00 0.00 Deferred Inflows of Resources Deferred Inflows of Tax Revenues 0.00 0.00 0.00 0.00 Total Deferred Inflows of Resources 0.00 0.00 0.00 0.00 FUND BALANCES Unassigned (negative balance only) 132,284.98 1,473.00 0.00 1,069.27 Total Fund Balances 132,284.98 1,473.00 0.00 1,069.27 Total Liabilities, Deferred 180,886.04 1,473.00 0.00 1,069.27 inflows of resources and Fund Balances 91 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 4 of 5 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2989 2990 2992 2993 AFFORDABLE HOUSING PARKLAND AQUISITIO SIDEWALK DISTRICTS Cash In-Lieu of Su ASSETS Cash and cash equivalents 260,000.00 0.00 0.00 41,160.00 Petty cash 0.00 0.00 0.00 0.00 Cash and cash equivalents - restricted 0.00 119,512.01 271,789.05 0.00 Taxes receivable: Real estate 0.00 0.00 0.00 0.00 Personal 0.00 0.00 0.00 0.00 Protested 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Other receivables 0.00 0.00 0.00 0.00 Due from other governments 0.00 0.00 0.00 0.00 TOTAL ASSETS 260,000.00 119,512.01 271,789.05 41,160.00 Deferred Outflows of Resources LIABILITIES Accounts payable 0.00 0.00 0.00 0.00 Other accrued payables 0.00 0.00 0.00 0.00 Due to other funds 0.00 0.00 0.00 0.00 TOTAL LIABILITIES 0.00 0.00 0.00 0.00 Deferred Inflows of Resources Deferred Inflows of Tax Revenues 0.00 0.00 0.00 0.00 Total Deferred Inflows of Resources 0.00 0.00 0.00 0.00 FUND BALANCES Unassigned (negative balance only) 260,000.00 119,512.01 271,789.05 41,160.00 Total Fund Balances 260,000.00 119,512.01 271,789.05 41,160.00 Total Liabilities, Deferred 260,000.00 119,512.01 271,789.05 41,160.00 inflows of resources and Fund Balances 92 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 5 of 5 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 Total Nonmajor Spec. Rev. Funds ASSETS Cash and cash equivalents 4,843,625.52 Petty cash 350.00 Cash and cash equivalents - restricted 1,007,343.15 Taxes receivable: Real estate 21,600.31 Personal 4.44 Protested 11,602.09 Special assessments 316,802.20 Other receivables 17,154.78 Due from other governments 189,567.66 TOTAL ASSETS 6,408,050.15 Deferred Outflows of Resources LIABILITIES Accounts payable 15,143.66 Other accrued payables 47,874.18 Due to other funds 48,601.06 TOTAL LIABILITIES 111,618.90 Deferred Inflows of Resources Deferred Inflows of Tax Revenues 350,009.04 Total Deferred Inflows of Resources 350,009.04 FUND BALANCES Unassigned (negative balance only) 5,946,422.21 Total Fund Balances 5,946,422.21 Total Liabilities, Deferred 6,408,050.15 inflows of resources and Fund Balances 93 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2110 STREET AND ALLEY Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 1,057,013.00 1,057,013.00 1,017,728.01 ( 39,284.99) Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 492,847.00 492,847.00 470,766.65 ( 22,080.35) Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 3,500.00 3,500.00 5,750.00 2,250.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 153.35 153.35 State grants 0.00 0.00 0.00 0.00 State shared revenues 158,382.00 158,382.00 167,877.60 9,495.60 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 1,400.00 1,400.00 2,473.50 1,073.50 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 15,000.00 15,000.00 30,172.66 15,172.66 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 1,728,142.00 1,728,142.00 1,694,921.77 ( 33,220.23) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 607,184.00 607,184.00 612,886.61 ( 5,702.61) Supplies/services/materials, etc 648,061.00 648,061.00 440,706.62 207,354.38 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 94 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 2 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2110 STREET AND ALLEY Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 97,333.00 97,333.00 53,332.81 44,000.19 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 1,352,578.00 1,352,578.00 1,106,926.04 245,651.96 Excess of revenues over (under) expenditures 375,564.00 375,564.00 587,995.73 212,431.73 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 15,495.00 15,495.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out ( 7,350.00) ( 7,350.00) ( 7,350.00) 0.00 Total other financing sources (uses) ( 7,350.00) ( 7,350.00) 8,145.00 15,495.00 Net change in fund balance 368,214.00 368,214.00 596,140.73 227,926.73 Fund balance - July 1, 2019 - -As previously reported 1,439,136.23 1,439,136.23 1,439,136.23 0.00 Fund balance - July 1, 2019 - As restated 1,439,136.23 1,439,136.23 1,439,136.23 0.00 Fund balance - June 30, 2020 1,807,350.23 1,807,350.23 2,035,276.96 227,926.73 95 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 3 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2210 PARKS, RECREATION AND COMMUNITY SERVICES Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 483,786.00 483,786.00 481,350.54 ( 2,435.46) Licenses and permits Alcoholic beverage licenses 1,000.00 1,000.00 890.00 ( 110.00) Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 5,419.10 5,419.10 State grants 25,000.00 25,000.00 25,610.41 610.41 State shared revenues 0.00 0.00 16,083.56 16,083.56 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 276,850.00 276,850.00 225,407.40 ( 51,442.60) Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 98,900.00 98,900.00 84,691.38 ( 14,208.62) Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 885,536.00 885,536.00 839,452.39 ( 46,083.61) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 74,811.00 74,811.00 73,422.59 1,388.41 Supplies/services/materials, etc 78,950.00 78,950.00 55,683.92 23,266.08 Public Health Social and Economic Services Culture and Recreation Personal services 1,047,007.00 1,047,007.00 999,067.65 47,939.35 Supplies/services/materials, etc 514,110.00 514,110.00 411,987.70 102,122.30 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 96 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 4 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2210 PARKS, RECREATION AND COMMUNITY SERVICES Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 23,000.00 23,000.00 21,597.65 1,402.35 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 1,737,878.00 1,737,878.00 1,561,759.51 176,118.49 Excess of revenues over (under) expenditures ( 852,342.00) ( 852,342.00) ( 722,307.12) 130,034.88 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 867,101.00 867,101.00 867,101.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 867,101.00 867,101.00 867,101.00 0.00 Net change in fund balance 14,759.00 14,759.00 144,793.88 130,034.88 Fund balance - July 1, 2019 - -As previously reported 78,412.41 78,412.41 78,412.41 0.00 Fund balance - July 1, 2019 - As restated 78,412.41 78,412.41 78,412.41 0.00 Fund balance - June 30, 2020 93,171.41 93,171.41 223,206.29 130,034.88 97 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 5 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2220 LIBRARY FUND Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 183,302.00 183,302.00 176,396.24 ( 6,905.76) Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 474.60 474.60 State grants 2,500.00 2,500.00 0.00 ( 2,500.00) State shared revenues 0.00 0.00 2,776.73 2,776.73 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 12,500.00 12,500.00 7,967.95 ( 4,532.05) Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 30,000.00 30,000.00 26,746.51 ( 3,253.49) Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 228,302.00 228,302.00 214,362.03 ( 13,939.97) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 195,147.00 195,147.00 179,141.32 16,005.68 Supplies/services/materials, etc 123,680.00 123,680.00 83,894.62 39,785.38 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 98 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 6 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2220 LIBRARY FUND Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 318,827.00 318,827.00 263,035.94 55,791.06 Excess of revenues over (under) expenditures ( 90,525.00) ( 90,525.00) ( 48,673.91) 41,851.09 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 34,371.00 34,371.00 34,371.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 34,371.00 34,371.00 34,371.00 0.00 Net change in fund balance ( 56,154.00) ( 56,154.00) ( 14,302.91) 41,851.09 Fund balance - July 1, 2019 - -As previously reported 63,622.47 63,622.47 63,622.47 0.00 Fund balance - July 1, 2019 - As restated 63,622.47 63,622.47 63,622.47 0.00 Fund balance - June 30, 2020 7,468.47 7,468.47 49,319.56 41,851.09 99 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 7 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2394 BUILDING CODES Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 440,000.00 440,000.00 906,256.00 466,256.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 274.16 274.16 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 7,102.55 7,102.55 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 65,000.00 65,000.00 108,466.75 43,466.75 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 500.00 500.00 2,646.00 2,146.00 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 505,500.00 505,500.00 1,024,745.46 519,245.46 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 391,526.00 391,526.00 386,881.20 4,644.80 Supplies/services/materials, etc 89,311.00 89,311.00 80,916.77 8,394.23 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 100 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 8 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2394 BUILDING CODES Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 35,000.00 35,000.00 33,570.12 1,429.88 Debt Service Miscellaneous 59,098.00 59,098.00 55,691.80 3,406.20 Total expenditures 574,935.00 574,935.00 557,059.89 17,875.11 Excess of revenues over (under) expenditures ( 69,435.00) ( 69,435.00) 467,685.57 537,120.57 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance ( 69,435.00) ( 69,435.00) 467,685.57 537,120.57 Fund balance - July 1, 2019 - -As previously reported 534,457.19 534,457.19 534,457.19 0.00 Fund balance - July 1, 2019 - As restated 534,457.19 534,457.19 534,457.19 0.00 Fund balance - June 30, 2020 465,022.19 465,022.19 1,002,142.76 537,120.57 101 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 9 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2399 IMPACT FEES Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 166,500.00 166,500.00 244,799.94 78,299.94 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 8,000.00 8,000.00 7,357.51 ( 642.49) Total revenues 174,500.00 174,500.00 252,157.45 77,657.45 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 3,359.79 ( 3,359.79) Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 102 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 10 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2399 IMPACT FEES Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 237,500.00 237,500.00 46,829.92 190,670.08 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 237,500.00 237,500.00 50,189.71 187,310.29 Excess of revenues over (under) expenditures ( 63,000.00) ( 63,000.00) 201,967.74 264,967.74 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance ( 63,000.00) ( 63,000.00) 201,967.74 264,967.74 Fund balance - July 1, 2019 - -As previously reported 458,519.96 458,519.96 458,519.96 0.00 Fund balance - July 1, 2019 - As restated 458,519.96 458,519.96 458,519.96 0.00 Fund balance - June 30, 2020 395,519.96 395,519.96 660,487.70 264,967.74 103 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 11 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2400 LIGHT DISTRICT #1 (Residential) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 103,597.00 103,597.00 100,134.59 ( 3,462.41) Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 14,500.00 14,500.00 0.00 ( 14,500.00) Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 118,097.00 118,097.00 100,134.59 ( 17,962.41) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 24,909.00 24,909.00 24,109.96 799.04 Supplies/services/materials, etc 51,790.00 51,790.00 56,772.52 ( 4,982.52) Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 104 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 12 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2400 LIGHT DISTRICT #1 (Residential) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 10,000.00 10,000.00 17,046.90 ( 7,046.90) Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 86,699.00 86,699.00 97,929.38 ( 11,230.38) Excess of revenues over (under) expenditures 31,398.00 31,398.00 2,205.21 ( 29,192.79) OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance 31,398.00 31,398.00 2,205.21 ( 29,192.79) Fund balance - July 1, 2019 - -As previously reported 43,117.48 43,117.48 43,117.48 0.00 Fund balance - July 1, 2019 - As restated 43,117.48 43,117.48 43,117.48 0.00 Fund balance - June 30, 2020 74,515.48 74,515.48 45,322.69 ( 29,192.79) 105 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 13 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2410 LIGHT DISTRICT #4 (Commercial) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 100,996.00 100,996.00 98,179.34 ( 2,816.66) Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 20,081.51 20,081.51 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 100,996.00 100,996.00 118,260.85 17,264.85 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 24,909.00 24,909.00 24,110.05 798.95 Supplies/services/materials, etc 34,190.00 34,190.00 29,559.03 4,630.97 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 106 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 14 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2410 LIGHT DISTRICT #4 (Commercial) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 59,099.00 59,099.00 53,669.08 5,429.92 Excess of revenues over (under) expenditures 41,897.00 41,897.00 64,591.77 22,694.77 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance 41,897.00 41,897.00 64,591.77 22,694.77 Fund balance - July 1, 2019 - -As previously reported 47,375.41 47,375.41 47,375.41 0.00 Fund balance - July 1, 2019 - As restated 47,375.41 47,375.41 47,375.41 0.00 Fund balance - June 30, 2020 89,272.41 89,272.41 111,967.18 22,694.77 107 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 15 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2525 STORM WATER Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 444,303.00 444,303.00 410,543.32 ( 33,759.68) Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 2,327.70 2,327.70 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 10,000.00 10,000.00 14,900.00 4,900.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 454,303.00 454,303.00 427,771.02 ( 26,531.98) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 148,267.00 148,267.00 143,817.10 4,449.90 Supplies/services/materials, etc 31,351.00 31,351.00 14,280.35 17,070.65 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 108 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 16 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2525 STORM WATER Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 595,000.00 595,000.00 119,890.54 475,109.46 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 774,618.00 774,618.00 277,987.99 496,630.01 Excess of revenues over (under) expenditures ( 320,315.00) ( 320,315.00) 149,783.03 470,098.03 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance ( 320,315.00) ( 320,315.00) 149,783.03 470,098.03 Fund balance - July 1, 2019 - -As previously reported 841,627.73 841,627.73 841,627.73 0.00 Fund balance - July 1, 2019 - As restated 841,627.73 841,627.73 841,627.73 0.00 Fund balance - June 30, 2020 521,312.73 521,312.73 991,410.76 470,098.03 109 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 17 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2821 Gas Tax - Special Roads, Streets, & Bridges Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 147,000.00 147,000.00 180,886.04 33,886.04 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 75,000.00 75,000.00 80,259.38 5,259.38 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 222,000.00 222,000.00 261,145.42 39,145.42 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 110 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 18 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2821 Gas Tax - Special Roads, Streets, & Bridges Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 225,000.00 225,000.00 299,519.10 ( 74,519.10) Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 225,000.00 225,000.00 299,519.10 ( 74,519.10) Excess of revenues over (under) expenditures ( 3,000.00) ( 3,000.00) ( 38,373.68) ( 35,373.68) OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 7,350.00 7,350.00 7,350.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 7,350.00 7,350.00 7,350.00 0.00 Net change in fund balance 4,350.00 4,350.00 ( 31,023.68) ( 35,373.68) Fund balance - July 1, 2019 - -As previously reported 163,308.66 163,308.66 163,308.66 0.00 Fund balance - July 1, 2019 - As restated 163,308.66 163,308.66 163,308.66 0.00 Fund balance - June 30, 2020 167,658.66 167,658.66 132,284.98 ( 35,373.68) 111 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 19 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2917 CRIME VICTIMS ASSISTANCE Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 15,000.00 15,000.00 10,850.00 ( 4,150.00) Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 15,000.00 15,000.00 10,850.00 ( 4,150.00) EXPENDITURES Current: General Government Supplies/services/materials, etc 15,000.00 15,000.00 10,850.00 4,150.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 112 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 20 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2917 CRIME VICTIMS ASSISTANCE Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 15,000.00 15,000.00 10,850.00 4,150.00 Excess of revenues over (under) expenditures 0.00 0.00 0.00 0.00 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance 0.00 0.00 0.00 0.00 Fund balance - July 1, 2019 - -As previously reported 1,473.00 1,473.00 1,473.00 0.00 Fund balance - July 1, 2019 - As restated 1,473.00 1,473.00 1,473.00 0.00 Fund balance - June 30, 2020 1,473.00 1,473.00 1,473.00 0.00 113 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 21 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2945 CDBG HOUSING AND COMMUNITY DEVELOPMENT Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 400,000.00 400,000.00 0.00 ( 400,000.00) State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 400,000.00 400,000.00 0.00 ( 400,000.00) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 400,000.00 400,000.00 0.00 400,000.00 114 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 22 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2945 CDBG HOUSING AND COMMUNITY DEVELOPMENT Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 400,000.00 400,000.00 0.00 400,000.00 Excess of revenues over (under) expenditures 0.00 0.00 0.00 0.00 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance 0.00 0.00 0.00 0.00 Fund balance - July 1, 2019 - -As previously reported 0.00 0.00 0.00 0.00 Fund balance - July 1, 2019 - As restated 0.00 0.00 0.00 0.00 Fund balance - June 30, 2020 0.00 0.00 0.00 0.00 115 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 23 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2987 HOUSING REHABILITATION GRANT Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 20,000.00 20,000.00 0.00 ( 20,000.00) Investment and royalty earnings 7,500.00 7,500.00 325.00 ( 7,175.00) Total revenues 27,500.00 27,500.00 325.00 ( 27,175.00) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 28,244.00 28,244.00 0.00 28,244.00 116 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 24 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2987 HOUSING REHABILITATION GRANT Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 28,244.00 28,244.00 0.00 28,244.00 Excess of revenues over (under) expenditures ( 744.00) ( 744.00) 325.00 1,069.00 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance ( 744.00) ( 744.00) 325.00 1,069.00 Fund balance - July 1, 2019 - -As previously reported 744.27 744.27 744.27 0.00 Fund balance - July 1, 2019 - As restated 744.27 744.27 744.27 0.00 Fund balance - June 30, 2020 0.27 0.27 1,069.27 1,069.00 117 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 25 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2989 AFFORDABLE HOUSING (cash in lieu) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 598,000.00 598,000.00 259,000.00 ( 339,000.00) Investment and royalty earnings 0.00 0.00 0.00 0.00 Total revenues 598,000.00 598,000.00 259,000.00 ( 339,000.00) EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 499,000.00 499,000.00 0.00 499,000.00 118 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 26 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2989 AFFORDABLE HOUSING (cash in lieu) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 499,000.00 499,000.00 0.00 499,000.00 Excess of revenues over (under) expenditures 99,000.00 99,000.00 259,000.00 160,000.00 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance 99,000.00 99,000.00 259,000.00 160,000.00 Fund balance - July 1, 2019 - -As previously reported 1,000.00 1,000.00 1,000.00 0.00 Fund balance - July 1, 2019 - As restated 1,000.00 1,000.00 1,000.00 0.00 Fund balance - June 30, 2020 100,000.00 100,000.00 260,000.00 160,000.00 119 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 27 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2990 PARKLAND AQUISITION & DEVELOPMENT Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 700.00 700.00 1,035.64 335.64 Total revenues 700.00 700.00 1,035.64 335.64 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 120 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 28 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2990 PARKLAND AQUISITION & DEVELOPMENT Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 25,898.00 25,898.00 16,259.00 9,639.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 25,898.00 25,898.00 16,259.00 9,639.00 Excess of revenues over (under) expenditures ( 25,198.00) ( 25,198.00) ( 15,223.36) 9,974.64 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 53,173.87 53,173.87 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 53,173.87 53,173.87 Net change in fund balance ( 25,198.00) ( 25,198.00) 37,950.51 63,148.51 Fund balance - July 1, 2019 - -As previously reported 81,561.50 81,561.50 81,561.50 0.00 Fund balance - July 1, 2019 - As restated 81,561.50 81,561.50 81,561.50 0.00 Fund balance - June 30, 2020 56,363.50 56,363.50 119,512.01 63,148.51 121 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 29 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2992 SIDEWALK DISTRICTS PROJECT (cash in lieu) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 0.00 0.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 3,300.00 3,300.00 3,462.28 162.28 Total revenues 3,300.00 3,300.00 3,462.28 162.28 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 122 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 30 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2992 SIDEWALK DISTRICTS PROJECT (cash in lieu) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 263,187.00 263,187.00 0.00 263,187.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 263,187.00 263,187.00 0.00 263,187.00 Excess of revenues over (under) expenditures ( 259,887.00) ( 259,887.00) 3,462.28 263,349.28 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 8,439.30 8,439.30 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 8,439.30 8,439.30 Net change in fund balance ( 259,887.00) ( 259,887.00) 11,901.58 271,788.58 Fund balance - July 1, 2019 - -As previously reported 259,887.47 259,887.47 259,887.47 0.00 Fund balance - July 1, 2019 - As restated 259,887.47 259,887.47 259,887.47 0.00 Fund balance - June 30, 2020 0.47 0.47 271,789.05 271,788.58 123 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 31 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2993 Cash In-Lieu of Subdivision Street Tree Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 0.00 0.00 0.00 0.00 Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Alcoholic beverage licenses 0.00 0.00 0.00 0.00 Franchise fees 0.00 0.00 0.00 0.00 Building permits 0.00 0.00 0.00 0.00 Other licenses and permits 0.00 0.00 0.00 0.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 0.00 0.00 0.00 0.00 State grants 0.00 0.00 0.00 0.00 State shared revenues 0.00 0.00 0.00 0.00 Charges for services General government 0.00 0.00 0.00 0.00 Public safety 0.00 0.00 0.00 0.00 Public works 0.00 0.00 16,380.00 16,380.00 Culture and recreation 0.00 0.00 0.00 0.00 Fines and forfeitures Justice court 0.00 0.00 0.00 0.00 Miscellaneous 0.00 0.00 0.00 0.00 Investment and royalty earnings 300.00 300.00 0.00 ( 300.00) Total revenues 300.00 300.00 16,380.00 16,080.00 EXPENDITURES Current: General Government Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Safety Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Works Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 0.00 0.00 0.00 0.00 Public Health Social and Economic Services Culture and Recreation Personal services 0.00 0.00 0.00 0.00 Supplies/services/materials, etc 25,080.00 25,080.00 0.00 25,080.00 Housing and Community Development Supplies/services/materials, etc 0.00 0.00 0.00 0.00 124 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 32 of 32 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 2993 Cash In-Lieu of Subdivision Street Tree Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 0.00 0.00 0.00 0.00 Debt Service Miscellaneous 0.00 0.00 0.00 0.00 Total expenditures 25,080.00 25,080.00 0.00 25,080.00 Excess of revenues over (under) expenditures ( 24,780.00) ( 24,780.00) 16,380.00 41,160.00 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 0.00 0.00 Other financing sources 0.00 0.00 0.00 0.00 Transfers in 0.00 0.00 0.00 0.00 Transfers out 0.00 0.00 0.00 0.00 Total other financing sources (uses) 0.00 0.00 0.00 0.00 Net change in fund balance ( 24,780.00) ( 24,780.00) 16,380.00 41,160.00 Fund balance - July 1, 2019 - -As previously reported 24,780.00 24,780.00 24,780.00 0.00 Fund balance - July 1, 2019 - As restated 24,780.00 24,780.00 24,780.00 0.00 Fund balance - June 30, 2020 0.00 0.00 41,160.00 41,160.00 125 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 2 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - TOTAL NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Property Taxes 183,302.00 183,302.00 176,396.24 ( 6,905.76) Special assessments 2,189,695.00 2,189,695.00 2,107,935.80 ( 81,759.20) Licenses and permits Alcoholic beverage licenses 1,000.00 1,000.00 890.00 ( 110.00) Franchise fees 492,847.00 492,847.00 470,766.65 ( 22,080.35) Building permits 440,000.00 440,000.00 906,256.00 466,256.00 Other licenses and permits 3,500.00 3,500.00 5,750.00 2,250.00 Intergovernmental revenue (See supplemental section for detail) Federal grants 400,000.00 400,000.00 6,321.21 ( 393,678.79) State grants 27,500.00 27,500.00 25,610.41 ( 1,889.59) State shared revenues 305,382.00 305,382.00 377,054.18 71,672.18 Charges for services General government 166,500.00 166,500.00 244,799.94 78,299.94 Public safety 65,000.00 65,000.00 108,466.75 43,466.75 Public works 11,400.00 11,400.00 33,753.50 22,353.50 Culture and recreation 289,350.00 289,350.00 233,375.35 ( 55,974.65) Fines and forfeitures Justice court 15,000.00 15,000.00 10,850.00 ( 4,150.00) Miscellaneous 851,900.00 851,900.00 503,597.44 ( 348,302.56) Investment and royalty earnings 19,800.00 19,800.00 12,180.43 ( 7,619.57) Total revenues 5,462,176.00 5,462,176.00 5,224,003.90 ( 238,172.10) EXPENDITURES Current: General Government Supplies/services/materials, etc 15,000.00 15,000.00 10,850.00 4,150.00 Public Safety Personal services 391,526.00 391,526.00 386,881.20 4,644.80 Supplies/services/materials, etc 89,311.00 89,311.00 80,916.77 8,394.23 Public Works Personal services 880,080.00 880,080.00 878,346.31 1,733.69 Supplies/services/materials, etc 844,342.00 844,342.00 597,002.44 247,339.56 Public Health Social and Economic Services Culture and Recreation Personal services 1,242,154.00 1,242,154.00 1,178,208.97 63,945.03 Supplies/services/materials, etc 662,870.00 662,870.00 499,242.11 163,627.89 Housing and Community Development Supplies/services/materials, etc 927,244.00 927,244.00 0.00 927,244.00 126 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 2 of 2 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - TOTAL NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2020 Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) Conservation of Natural Resources Capital expenditures 1,511,918.00 1,511,918.00 608,046.04 903,871.96 Debt Service Miscellaneous 59,098.00 59,098.00 55,691.80 3,406.20 Total expenditures 6,623,543.00 6,623,543.00 4,295,185.64 2,328,357.36 Excess of revenues over (under) expenditures ( 1,161,367.00) ( 1,161,367.00) 928,818.26 2,090,185.26 OTHER FINANCING SOURCES (USES) Sale of capital assets 0.00 0.00 15,495.00 15,495.00 Other financing sources 0.00 0.00 61,613.17 61,613.17 Transfers in 908,822.00 908,822.00 908,822.00 0.00 Transfers out ( 7,350.00) ( 7,350.00) ( 7,350.00) 0.00 Total other financing sources (uses) 901,472.00 901,472.00 978,580.17 77,108.17 Net change in fund balance ( 259,895.00) ( 259,895.00) 1,907,398.43 2,167,293.43 Fund balance - July 1, 2019 - -As previously reported 4,039,023.78 4,039,023.78 4,039,023.78 0.00 Fund balance - July 1, 2019 - As restated 4,039,023.78 4,039,023.78 4,039,023.78 0.00 Fund balance - June 30, 2020 3,779,128.78 3,779,128.78 5,946,422.21 2,167,293.43 127 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 1 51. COMBINING BALANCE SHEET - NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2020 3400 3545 3550 Total Nonmajor SID REVOLVING (SID SID 166 BOND DEBT SID 167 BOND DEBT Debt Service Funds ASSETS Cash and cash equivalents 174,676.00 76,989.01 33,883.88 285,548.89 Taxes receivable: Special assessments 0.00 534,286.03 724,243.13 1,258,529.16 Advances to other funds 58,698.47 0.00 0.00 58,698.47 TOTAL ASSETS 233,374.47 611,275.04 758,127.01 1,602,776.52 Deferred Outflows of Resources LIABILITIES Advances from other funds 0.00 58,698.47 0.00 58,698.47 TOTAL LIABILITIES 0.00 58,698.47 0.00 58,698.47 Deferred Inflows of Resources Deferred Inflows of Tax Revenues 0.00 534,286.03 724,243.13 1,258,529.16 Total Deferred Inflows of Resources 0.00 534,286.03 724,243.13 1,258,529.16 FUND BALANCES Unassigned (negative balance only) 233,374.47 18,290.54 33,883.88 285,548.89 Total Fund Balances 233,374.47 18,290.54 33,883.88 285,548.89 Total Liabilities, Deferred 233,374.47 611,275.04 758,127.01 1,602,776.52 inflows of resources and Fund Balances 128 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 4 53. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2020 3400 SID REVOLVING (SID Bond Collateral) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Special assessments 0.00 0.00 0.00 0.00 Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings 2,500.00 2,500.00 2,281.06 ( 218.94) Total revenues 2,500.00 2,500.00 2,281.06 ( 218.94) EXPENDITURES Current: General Government Public Safety Public Works Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Debt Service Principal 0.00 0.00 0.00 0.00 Interest 0.00 0.00 0.00 0.00 Costs and fees 0.00 0.00 0.00 0.00 Total expenditures 0.00 0.00 0.00 0.00 Excess of revenues over (under) expenditures 2,500.00 2,500.00 2,281.06 ( 218.94) OTHER FINANCING SOURCES (USES) Net change in fund balance 2,500.00 2,500.00 2,281.06 ( 218.94) Fund balance - July 1, 2019 - -As previously reported 231,093.41 231,093.41 231,093.41 0.00 Fund balance - July 1, 2019 - As restated 231,093.41 231,093.41 231,093.41 0.00 Fund balance - June 30, 2020 233,593.41 233,593.41 233,374.47 ( 218.94) 129 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 2 of 4 53. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2020 3545 SID 166 BOND DEBT (J.P. Road Project) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Special assessments 107,450.00 107,450.00 111,119.47 3,669.47 Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings 800.00 800.00 1,145.56 345.56 Total revenues 108,250.00 108,250.00 112,265.03 4,015.03 EXPENDITURES Current: General Government Public Safety Public Works Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Debt Service Principal 65,000.00 65,000.00 65,000.00 0.00 Interest 24,843.00 24,843.00 21,275.00 3,568.00 Costs and fees 350.00 350.00 350.00 0.00 Total expenditures 90,193.00 90,193.00 86,625.00 3,568.00 Excess of revenues over (under) expenditures 18,057.00 18,057.00 25,640.03 7,583.03 OTHER FINANCING SOURCES (USES) Net change in fund balance 18,057.00 18,057.00 25,640.03 7,583.03 Fund balance - July 1, 2019 - -As previously reported ( 7,349.49) ( 7,349.49) ( 7,349.49) 0.00 Fund balance - July 1, 2019 - As restated ( 7,349.49) ( 7,349.49) ( 7,349.49) 0.00 Fund balance - June 30, 2020 10,707.51 10,707.51 18,290.54 7,583.03 130 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 3 of 4 53. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2020 3550 SID 167 BOND DEBT (Parking Structure Project) Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Special assessments 63,909.00 63,909.00 78,261.32 14,352.32 Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings 250.00 250.00 535.96 285.96 Total revenues 64,159.00 64,159.00 78,797.28 14,638.28 EXPENDITURES Current: General Government Public Safety Public Works Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Debt Service Principal 27,903.00 27,903.00 27,902.58 0.42 Interest 32,092.00 32,092.00 32,091.54 0.46 Costs and fees 0.00 0.00 0.00 0.00 Total expenditures 59,995.00 59,995.00 59,994.12 0.88 Excess of revenues over (under) expenditures 4,164.00 4,164.00 18,803.16 14,639.16 OTHER FINANCING SOURCES (USES) Net change in fund balance 4,164.00 4,164.00 18,803.16 14,639.16 Fund balance - July 1, 2019 - -As previously reported 15,080.72 15,080.72 15,080.72 0.00 Fund balance - July 1, 2019 - As restated 15,080.72 15,080.72 15,080.72 0.00 Fund balance - June 30, 2020 19,244.72 19,244.72 33,883.88 14,639.16 131 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 2 53. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - TOTAL NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2020 Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Special assessments 171,359.00 171,359.00 189,380.79 18,021.79 Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings 3,550.00 3,550.00 3,962.58 412.58 Total revenues 174,909.00 174,909.00 193,343.37 18,434.37 EXPENDITURES Current: General Government Public Safety Public Works Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Debt Service Principal 92,903.00 92,903.00 92,902.58 0.42 Interest 56,935.00 56,935.00 53,366.54 3,568.46 Costs and fees 350.00 350.00 350.00 0.00 Total expenditures 150,188.00 150,188.00 146,619.12 3,568.88 Excess of revenues over (under) expenditures 24,721.00 24,721.00 46,724.25 22,003.25 OTHER FINANCING SOURCES (USES) Net change in fund balance 24,721.00 24,721.00 46,724.25 22,003.25 Fund balance - July 1, 2019 - -As previously reported 238,824.64 238,824.64 238,824.64 0.00 Fund balance - July 1, 2019 - As restated 238,824.64 238,824.64 238,824.64 0.00 Fund balance - June 30, 2020 263,545.64 263,545.64 285,548.89 22,003.25 132 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 1 55. COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS For the year ending June 30, 2020 4540 Total Nonmajor WF Trail Construct Cap. Proj. Funds ASSETS Cash and cash equivalents 1,864.38 1,864.38 Taxes receivable: Other receivables 0.20 0.20 TOTAL ASSETS 1,864.58 1,864.58 Deferred Outflows of Resources LIABILITIES Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) 1,864.58 1,864.58 Total Fund Balances 1,864.58 1,864.58 Total Liabilities, Deferred 1,864.58 1,864.58 inflows of resources and Fund Balances 133 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 1 57. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR CAPITAL PROJECTS FUNDS For the year ending June 30, 2020 4540 WF Trail Construction Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Licenses and permits Intergovernmental revenue (See supplemental section for detail) State grants 64,313.00 64,313.00 27,097.40 ( 37,215.60) Charges for services Culture and recreation charges 18,500.00 18,500.00 7,548.38 ( 10,951.62) Fines and forfeitures Miscellaneous Total revenues 82,813.00 82,813.00 34,645.78 ( 48,167.22) EXPENDITURES Current: General Government Public Safety Public Works Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Capital expenditures 82,813.00 82,813.00 28,978.50 53,834.50 Debt Service Total expenditures 82,813.00 82,813.00 28,978.50 53,834.50 Excess of revenues over (under) expenditures 0.00 0.00 5,667.28 5,667.28 OTHER FINANCING SOURCES (USES) Net change in fund balance 0.00 0.00 5,667.28 5,667.28 Fund balance - July 1, 2019 - -As previously reported ( 3,802.70) ( 3,802.70) ( 3,802.70) 0.00 Fund balance - July 1, 2019 - As restated ( 3,802.70) ( 3,802.70) ( 3,802.70) 0.00 Fund balance - June 30, 2020 ( 3,802.70) ( 3,802.70) 1,864.58 5,667.28 134 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 1 57. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - TOTAL NONMAJOR CAPITAL PROJECTS FUNDS For the year ending June 30, 2020 Original Final Actual Variance with Budget Budget Amounts Final Budget Positive (Neg) REVENUES Taxes Licenses and permits Intergovernmental revenue (See supplemental section for detail) State grants 64,313.00 64,313.00 27,097.40 ( 37,215.60) Charges for services Culture and recreation charges 18,500.00 18,500.00 7,548.38 ( 10,951.62) Fines and forfeitures Miscellaneous Total revenues 82,813.00 82,813.00 34,645.78 ( 48,167.22) EXPENDITURES Current: General Government Public Safety Public Works Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Capital expenditures 82,813.00 82,813.00 28,978.50 53,834.50 Debt Service Total expenditures 82,813.00 82,813.00 28,978.50 53,834.50 Excess of revenues over (under) expenditures 0.00 0.00 5,667.28 5,667.28 OTHER FINANCING SOURCES (USES) Net change in fund balance 0.00 0.00 5,667.28 5,667.28 Fund balance - July 1, 2019 - -As previously reported ( 3,802.70) ( 3,802.70) ( 3,802.70) 0.00 Fund balance - July 1, 2019 - As restated ( 3,802.70) ( 3,802.70) ( 3,802.70) 0.00 Fund balance - June 30, 2020 ( 3,802.70) ( 3,802.70) 1,864.58 5,667.28 135 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 2 63. COMBINING STATEMENT OF NET POSITION - NONMAJOR ENTERPRISE FUNDS For the year ending June 30, 2020 5410 Total Nonmajor SOLID WASTE Enterprise ASSETS Current Assets Cash and cash equivalents 95,540.79 95,540.79 Total Current Assets 95,540.79 95,540.79 Noncurrent Assets Restricted Assets: Capital assets: Machinery and equipment 133.50 133.50 Less accumulated depreciation ( 133.50) ( 133.50) Capital assets - net of TOTAL ASSETS 95,540.79 95,540.79 Deferred Outflows of Resources Deferred Outflows of Resources 2,550.00 2,550.00 Total Deferred Outflows of Resources 2,550.00 2,550.00 LIABILITIES Current Liabilities Other accrued payables 247.90 247.90 Total Current Liabilites 247.90 247.90 Noncurrent Liabilities Compensated absences 4,099.64 4,099.64 Other noncurrent liabilities 13,100.00 13,100.00 Total Noncurrent Liabilities 17,199.64 17,199.64 Total Liabilities 17,447.54 17,447.54 Deferred Inflows of Resources Deferred Inflows of Resources other 3,203.00 3,203.00 Total Deferred Inflows of Resources 3,203.00 3,203.00 136 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 2 of 2 63. COMBINING STATEMENT OF NET POSITION - NONMAJOR ENTERPRISE FUNDS For the year ending June 30, 2020 5410 Total Nonmajor SOLID WASTE Enterprise NET POSITION Restricted for: Unrestricted 77,440.25 77,440.25 Total Net Position 77,440.25 77,440.25 137 ---PAGE BREAK--- 12/31/20 CITY OF WHITEFISH Page: 1 of 1 64. COMBINING STATEMENT OF REVENUES, EXPENSES & CHANGES IN FUND NET POSITION - NONMAJOR ENTERPRISE FUNDS For the year ending June 30, 2020 5410 Total Nonmajor SOLID WASTE Enterprise OPERATING REVENUES OPERATING EXPENSES Personal services 17,035.54 17,035.54 Fixed charges 244.52 244.52 Total Operating Expenses 17,280.06 17,280.06 Operating Income (Loss) ( 17,280.06) ( 17,280.06) NONOPERATING REVENUES (EXPENSES) Intergovernmental revenue 216.00 216.00 Interest and royalty revenue 1,333.88 1,333.88 Other nonoperating expense ( 323.91) ( 323.91) Total Nonoperating Rev(Exp) 1,225.97 1,225.97 Income (Loss) before contributions/transfers ( 16,054.09) ( 16,054.09) Change in net position ( 16,054.09) ( 16,054.09) Total net position - July 1, 2019 93,494.34 93,494.34 Total net position - July 1, 2019 as restated 93,494.34 93,494.34 Total net position - June 30, 2020 77,440.25 77,440.25 138 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 1 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 1000 GENERAL 331110 Federal Disaster Aid - CARES ACT JV 4840 2 Proj: 28-ACCR CARES ACT Reimburseme 6/20 8,110.50 Account Total: 8,110.50 8,110.50 CR 335110 Live Card Game Table Permit RV 1327 1 Gamibling Permits 4th FY18 10/19 700.00 Account Total: 700.00 700.00 CR 335120 Gambling Machine Permits RV 1311 1 Gamibling Permits 4th FY18 7/19 50.00 RV 1329 1 Gamibling Permits 1st FY20 10/19 18,500.00 RV 1352 1 Gamibling Permits 4th FY18 1/20 1,575.00 Account Total: 20,125.00 20,125.00 CR 335230 State Entitlement Share RV 1319 1 State Entitlement 9/19 222,895.24 RV 1346 1 State Entitlement 12/19 222,895.24 RV 1365 1 State Entitlement 3/20 222,895.24 RV 1379 1 State Entitlement 6/20 222,895.24 Account Total: 891,580.96 891,580.96 CR 336020 On Behalf Contribution to Retirement JV 4894 5 General on-behalf 13/20 15,484.99 Account Total: 15,484.99 15,484.99 CR Fund Total: 0.00 936,001.45 139 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 2 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2110 STREET AND ALLEY 331110 Federal Disaster Aid - CARES ACT JV 4840 4 Proj: 28-ACCR CARES ACT Reimburseme 6/20 153.35 Account Total: 153.35 153.35 CR 335040 Gasoline Tax Apportionment RV 1310 1 fuel allocation 7/19 13,198.53 RV 1316 1 fuel allocation 8/19 13,198.53 RV 1318 1 fuel allocation 9/19 13,198.53 RV 1326 1 fuel allocation 10/19 13,198.53 RV 1338 1 fuel allocation 11/19 13,198.53 RV 1345 1 fuel allocation 12/19 13,198.53 RV 1349 1 fuel allocation 1/20 13,198.53 RV 1357 1 fuel allocation 2/20 13,198.53 RV 1363 1 fuel allocation 3/20 13,198.53 RV 1369 1 fuel allocation 4/20 13,198.53 RV 1371 1 fuel allocation 5/20 13,198.53 RV 1378 1 fuel allocation 6/20 13,198.53 Account Total: 158,382.36 158,382.36 CR 336020 On Behalf Contribution to Retirement JV 4894 7 Streets on-behalf 13/20 9,495.24 Account Total: 9,495.24 9,495.24 CR Fund Total: 0.00 168,030.95 140 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 3 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2210 PARKS, RECREATION AND COMMUNITY SERVICES 331110 Federal Disaster Aid - CARES ACT JV 4840 6 Proj: 28-ACCR CARES ACT Reimburseme 6/20 5,419.10 Account Total: 5,419.10 5,419.10 CR 334000 State Grants RV 1340 1 11/19 6,500.00 RV 1351 1 Arbor Day 2020 Grant 1/20 750.00 CR 144323 1 Batch 16607 3/20 12,000.00 RV 1377 1 WCF grant 5/20 4,000.00 JV 4834 2 Accrue MT Grouse Mtn Rest Area 6/20 2,360.41 Account Total: 25,610.41 25,610.41 CR 334001 WF Trail O&M Grants CR 144329 1 Batch 16607 3/20 15,215.10 JV 4740 1 Correct Revenue posting 4/20 15,215.10 Account Total: 15,215.10 15,215.10 336020 On Behalf Contribution to Retirement JV 4894 14 Parks and Rec on-behalf 13/20 16,083.56 Account Total: 16,083.56 16,083.56 CR Fund Total: 15,215.10 62,328.17 141 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 4 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2220 LIBRARY FUND 331110 Federal Disaster Aid - CARES ACT JV 4840 8 Proj: 28-ACCR CARES ACT Reimburseme 6/20 474.60 Account Total: 474.60 474.60 CR 336020 On Behalf Contribution to Retirement JV 4894 16 Library on-behalf 13/20 2,776.73 Account Total: 2,776.73 2,776.73 CR Fund Total: 0.00 3,251.33 142 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 5 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2300 LAW ENFORCEMENT 331000 Federal Grants RV 1313 1 Bullet Proof Vest Grant Reimb. 7/19 1,942.06 RV 1342 1 Bullet Proof Vest Grant Reimb. 12/19 2,241.39 Account Total: 4,183.45 4,183.45 CR 331110 Federal Disaster Aid - CARES ACT JV 4840 10 Proj: 28-ACCR CARES ACT Reimburseme 6/20 964.16 JV 4840 20 Proj: 28-ACCR CARES ACT Reimburseme 6/20 321,227.62 Account Total: 322,191.78 322,191.78 CR 334091 Overtime Reimbursement from DOT CR 138385 1 Batch 16422 7/19 256.00 RV 1312 1 STEP 7/19 2,641.60 RV 1328 1 STEP 10/19 3,963.93 RV 1364 1 STEP 3/20 3,883.41 JV 4836 2 Accrue STEP Revenue 6/20 4,168.47 Account Total: 14,913.41 14,913.41 CR 334151 MDT Equipment Grant JV 4757 2 To Corr Stonegarden Equip Gran 6/20 55,000.00 JV 4767 2 To Recode Stonegarden Equip Gr 6/20 38,691.31 Account Total: 93,691.31 93,691.31 CR 336020 On Behalf Contribution to Retirement JV 4893 3 Rcd Police on-behalf 13/20 296,448.00 JV 4894 18 Law Enforcement on-behalf 13/20 6,227.70 Account Total: 302,675.70 302,675.70 CR 337014 Drug Task Force Grant CR 138234 1 Batch 16416 7/19 3,397.72 CR 138279 1 Batch 16418 7/19 3,661.69 CR 138872 1 Batch 16433 7/19 3,448.56 CR 139230 1 Batch 16445 8/19 3,643.31 CR 139376 1 Batch 16448 8/19 10,307.84 CR 140059 1 Batch 16470 9/19 2,682.20 CR 140220 1 Batch 16475 9/19 3,643.31 RV 1325 1 9/19 1,001.88 CR 140950 1 Batch 16498 10/19 7,286.61 CR 141133 1 Batch 16502 10/19 3,643.30 CR 141729 1 Batch 16525 11/19 3,643.31 CR 141910 1 Batch 16533 11/19 3,643.30 CR 142365 1 Batch 16549 12/19 7,858.22 CR 142600 1 Batch 16554 12/19 3,924.07 143 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 6 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2300 LAW ENFORCEMENT 337014 Drug Task Force Grant CR 143075 1 Batch 16572 1/20 3,826.58 CR 143504 1 Batch 16587 2/20 10,479.81 CR 144041 1 Batch 16597 2/20 3,559.40 CR 144392 1 Batch 16609 3/20 5,930.54 CR 144601 1 Batch 16616 3/20 4,392.97 CR 144876 1 Batch 16628 4/20 3,557.33 CR 144919 1 Batch 16631 4/20 2,963.41 CR 145329 1 Batch 16647 5/20 7,900.86 CR 145594 1 Batch 16657 5/20 4,345.79 CR 145879 1 Batch 16670 6/20 3,537.12 CR 146126 1 Batch 16679 6/20 3,643.30 JV 4921 1 Restate Balance for FY19 Reven 13/20 10,507.97 JV 4921 3 Restate Balance for FY19 Reven 13/20 6,664.54 Account Total: 17,172.51 115,922.43 98,749.92 CR 337018 Dept of Justice Grant JV 4919 2 Accr Stonegarden Revenue 13/20 5,161.35 JV 4919 3 Accr Stonegarden Revenue 13/20 2,410.55 Account Total: 7,571.90 7,571.90 CR 337019 School District 44 Reimbursement SRO CR 139129 1 Batch 16442 8/19 11,257.75 JV 4860 2 Accrue SRO REvenue 6/20 53,639.37 Account Total: 64,897.12 64,897.12 CR Fund Total: 17,172.51 926,047.10 144 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 7 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2310 TAX INCREMENT 335230 State Entitlement Share RV 1339 1 TIF Entitlement 11/19 124,432.50 RV 1373 1 TIF Entitlement 5/20 124,432.50 Account Total: 248,865.00 248,865.00 CR 336020 On Behalf Contribution to Retirement JV 4894 20 TIF on-behalf 13/20 4,329.81 Account Total: 4,329.81 4,329.81 CR Fund Total: 0.00 253,194.81 145 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 8 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2340 FIRE AND AMBULANCE 331000 Federal Grants JV 4744 11 Federal Stimulus 4/20 15,625.08 JV 4908 2 HHs Stimulus Payment 13/20 14,735.14 Account Total: 14,735.14 15,625.08 889.94 CR 331110 Federal Disaster Aid - CARES ACT JV 4840 12 Proj: 28-ACCR CARES ACT Reimburseme 6/20 2,055.43 JV 4840 22 Proj: 28-ACCR CARES ACT Reimburseme 6/20 358,904.77 Account Total: 360,960.20 360,960.20 CR 336020 On Behalf Contribution to Retirement JV 4893 1 Rcd Fire & Amb on-behalf 13/20 387,454.00 JV 4894 22 Fire & Amb on-behalf 13/20 1,885.72 Account Total: 389,339.72 389,339.72 CR 338050 Portion of Countywide Ambulance Assessment CR 138386 1 Batch 16422 7/19 26,751.88 JV 4610 1 closing adjustment-fire&amb 7/19 26,751.88 CR 143474 1 Batch 16586 2/20 28,680.11 Account Total: 26,751.88 55,431.99 28,680.11 CR Fund Total: 41,487.02 821,356.99 146 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 9 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2394 BUILDING CODES 331110 Federal Disaster Aid - CARES ACT JV 4840 14 Proj: 28-ACCR CARES ACT Reimburseme 6/20 274.16 Account Total: 274.16 274.16 CR 336020 On Behalf Contribution to Retirement JV 4894 24 Building Codes on-behalf 13/20 7,102.55 Account Total: 7,102.55 7,102.55 CR Fund Total: 0.00 7,376.71 147 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 10 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2525 STORM WATER 336020 On Behalf Contribution to Retirement JV 4894 26 Storm Water on-behalf 13/20 2,327.70 Account Total: 2,327.70 2,327.70 CR Fund Total: 0.00 2,327.70 148 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 11 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2821 Gas Tax - Special Roads, Streets, & Bridges Allocation 335040 Gasoline Tax Apportionment JV 4797 2 To Accrue BaRSAA 6/20 180,886.04 Account Total: 180,886.04 180,886.04 CR Fund Total: 0.00 180,886.04 149 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 12 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 4540 WF Trail Construction 334000 State Grants RV 1330 1 10/19 27,097.40 Account Total: 27,097.40 27,097.40 CR Fund Total: 0.00 27,097.40 150 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 13 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 5210 WATER 331110 Federal Disaster Aid - CARES ACT JV 4840 16 Proj: 28-ACCR CARES ACT Reimburseme 6/20 415.30 Account Total: 415.30 415.30 CR 336020 On Behalf Contribution to Retirement JV 4891 4 Rcrd Pension Entry 13/20 18,345.00 Account Total: 18,345.00 18,345.00 CR Fund Total: 0.00 18,760.30 151 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 14 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 5310 WASTEWATER 331000 Federal Grants JV 4832 2 Accrue Army CoE Grant for WWTP 6/20 270,000.00 Account Total: 270,000.00 270,000.00 CR 331110 Federal Disaster Aid - CARES ACT JV 4840 18 Proj: 28-ACCR CARES ACT Reimburseme 6/20 393.37 Account Total: 393.37 393.37 CR 334120 Treasure State Endowment Program RV 1375 1 WW TREATMENT PLANT 5/20 612,500.00 Account Total: 612,500.00 612,500.00 CR 334121 DNRC Grants JV 4748 2 DNRC Grants 5/20 112,500.00 Account Total: 112,500.00 112,500.00 CR 336020 On Behalf Contribution to Retirement JV 4891 9 Rcrd Pension Entry 13/20 17,773.00 Account Total: 17,773.00 17,773.00 CR Fund Total: 0.00 1013,166.37 152 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 15 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 5410 SOLID WASTE 336020 On Behalf Contribution to Retirement JV 4891 14 Rcrd Pension Entry 13/20 216.00 Account Total: 216.00 216.00 CR Fund Total: 0.00 216.00 153 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 16 of 16 18:29:53 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/19 - 13/20 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 7120 VOLUNTEER FIRE PENSION & RELIEF 335035 State Auditor's Annual Payment RV 1362 1 State Auditor's Annual PMT 3/20 58,593.00 Account Total: 58,593.00 58,593.00 CR Fund Total: 0.00 58,593.00 Grand Total: 73,874.63 4478,634.32 154 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 1 of 3 18:32:14 Schedule of Cash Receipts & Disbursements Report ID: L160Z For the Year 2019-2020 Beginning Transfers Transfers Ending Fund/Account Balance Received In Disbursed Out Balance 1000 GENERAL 101000 Operating Cash 1,465,048.74 6,099,302.25 401.31 4,544,132.97 1,369,692.74 1,650,926.59 101100 Investments 30,171.00 0.00 0.00 0.00 0.00 30,171.00 102001 Cash - Restricted Flex 0.00 18,628.01 0.00 6,898.71 0.00 11,729.30 103000 Petty Cash 400.00 0.00 0.00 0.00 0.00 400.00 Total Fund 1,495,619.74 6,117,930.26 401.31 4,551,031.68 1,369,692.74 1,693,226.89 Total 1000 GENERAL 1,495,619.74 6,117,930.26 401.31 4,551,031.68 1,369,692.74 1,693,226.89 2100 RESORT TAX 101000 Operating Cash 3,052,843.11 4,289,373.83 0.00 2,338,110.19 3,389,127.83 1,614,978.92 2110 STREET AND ALLEY 101000 Operating Cash 1,489,127.13 1,728,547.27 251.37 29,642.86 1,148,561.03 2,039,721.88 2210 PARKS, RECREATION AND COMMUNITY SERVICES 101000 Operating Cash 137,399.89 1,852,209.28 404.01 143,904.66 1,559,102.44 287,006.08 102147 Cash - The Whitefish Trail -3,374.78 22,807.12 0.00 63,877.95 0.00 -44,445.61 103000 Petty Cash 600.00 0.00 0.00 600.00 -300.00 300.00 Total Fund 134,625.11 1,875,016.40 404.01 208,382.61 1,558,802.44 242,860.47 2220 LIBRARY FUND 101000 Operating Cash 70,560.28 245,481.70 0.00 8,670.53 255,442.37 51,929.08 103000 Petty Cash 50.00 0.00 0.00 0.00 0.00 50.00 Total Fund 70,610.28 245,481.70 8,670.53 255,442.37 51,979.08 2300 LAW ENFORCEMENT 101000 Operating Cash 83,130.20 2,859,989.83 133.28 78,858.37 2,711,031.27 153,363.67 2310 TAX INCREMENT 101000 Operating Cash 1,275,107.95 7,593,816.89 394.39 2,138,880.91 3,836,120.87 2,894,317.45 2340 FIRE AND AMBULANCE 101000 Operating Cash 130,429.30 2,765,550.59 198.46 83,335.70 2,700,294.56 112,548.09 2394 BUILDING CODES 101000 Operating Cash 552,673.86 1,023,718.89 78.92 21,903.09 545,084.03 1,009,484.55 2399 IMPACT FEES 101000 Operating Cash 0.00 52,132.73 0.00 0.00 52,132.73 0.00 102142 Cash - Paved Trails 127,118.78 71,607.78 0.00 50,189.71 6,996.00 141,540.85 102143 Cash - Park Maint Building 9,327.47 14,303.66 0.00 1,943.02 0.00 21,688.11 102144 Cash - ESC 133,839.83 118,131.07 0.00 0.00 0.00 251,970.90 102145 Cash - City Hall 70,792.23 11,703.18 0.00 0.00 0.00 82,495.41 102146 Cash - Stormwater 119,384.67 43,407.76 0.00 0.00 0.00 162,792.43 Total Fund 460,462.98 311,286.18 52,132.73 59,128.73 660,487.70 2400 LIGHT DISTRICT #1 (Residential) 101000 Operating Cash 44,032.11 100,373.28 0.00 625.45 98,012.63 45,767.31 2410 LIGHT DISTRICT #4 (Commercial) 101000 Operating Cash 48,290.05 118,260.85 0.00 625.45 53,513.65 112,411.80 2525 STORM WATER 101000 Operating Cash 847,146.96 425,443.32 0.00 110,389.91 168,597.82 993,602.55 2821 Gas Tax - Special Roads, Streets, & Bridges Allocation 101000 Operating Cash 180,795.89 236,210.44 0.00 0.00 417,006.33 0.00 2917 CRIME VICTIMS ASSISTANCE 101000 Operating Cash 1,473.00 10,850.00 0.00 0.00 10,850.00 1,473.00 2987 HOUSING REHABILITATION GRANT 101000 Operating Cash 744.27 10,325.00 0.00 10,000.00 0.00 1,069.27 2989 AFFORDABLE HOUSING (cash in lieu) 155 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 2 of 3 18:32:14 Schedule of Cash Receipts & Disbursements Report ID: L160Z For the Year 2019-2020 Beginning Transfers Transfers Ending Fund/Account Balance Received In Disbursed Out Balance 101000 Operating Cash 1,000.00 259,000.00 0.00 0.00 0.00 260,000.00 2990 PARKLAND AQUISITION & DEVELOPMENT 102130 Cash - District East 43,447.35 574.89 0.00 0.00 0.00 44,022.24 102131 Cash - District West 11,259.42 10,262.06 0.00 0.00 11,259.00 10,262.48 102132 Cash - District North 26,854.73 43,372.56 0.00 0.00 5,000.00 65,227.29 Total Fund 81,561.50 54,209.51 16,259.00 119,512.01 2992 SIDEWALK DISTRICTS PROJECT (cash in lieu) 102130 Cash - District East 48,818.13 645.93 0.00 0.00 0.00 49,464.06 102131 Cash - District West 107,822.26 9,889.54 0.00 0.00 0.00 117,711.80 102132 Cash - District North 103,247.08 1,366.11 0.00 0.00 0.00 104,613.19 Total Fund 259,887.47 11,901.58 271,789.05 2993 Cash In-Lieu of Subdivision Street Tree Planting 101000 Operating Cash 24,780.00 16,380.00 0.00 0.00 0.00 41,160.00 Total 2000 8,738,721.17 23,935,735.56 1,460.43 5,081,557.80 16,967,832.56 10,626,526.80 3110 TAX INCREMENT REVENUE BOND DEBT 101000 Operating Cash 0.00 4,002,908.80 0.00 0.00 4,002,908.80 0.00 102210 Cash-Bond Dbt Srvice 3,936,405.10 2,141,579.23 0.00 4,002,908.80 0.00 2,075,075.53 102220 Cash-Bond Dbt Rsrv 1,698,300.00 0.00 0.00 0.00 0.00 1,698,300.00 Total Fund 5,634,705.10 6,144,488.03 4,002,908.80 4,002,908.80 3,773,375.53 3400 SID REVOLVING (SID Bond Collateral) 101000 Operating Cash 172,394.94 2,281.06 0.00 0.00 0.00 174,676.00 3545 SID 166 BOND DEBT (J.P. Road Project) 101000 Operating Cash 51,348.98 112,265.03 0.00 0.00 86,625.00 76,989.01 3550 SID 167 BOND DEBT (Parking Structure Project) 101000 Operating Cash 15,080.72 78,797.28 0.00 0.00 59,994.12 33,883.88 Total 3000 5,873,529.74 6,337,831.40 0.00 4,002,908.80 4,149,527.92 4,058,924.42 4540 WF Trail Construction 101000 Operating Cash 0.00 58,216.00 0.00 23,570.62 32,781.00 1,864.38 Total 4000 0.00 58,216.00 0.00 23,570.62 32,781.00 1,864.38 5210 WATER 101000 Operating Cash 5,456,739.71 5,254,064.34 15,098.41 396,935.47 4,098,591.17 6,230,375.82 102220 Cash-Bond Dbt Rsrv 3,118.00 0.00 0.00 0.00 0.00 3,118.00 102227 Cash-Bond Dbt Rsrv-Series 28,934.50 0.00 0.00 0.00 0.00 28,934.50 102228 Cash-Bond Dbt Rsrv-Series 27,114.50 0.00 0.00 0.00 0.00 27,114.50 102237 Cash-Bond Dbt Rsrv - 3,968.50 0.00 0.00 0.00 0.00 3,968.50 102238 Cash-Bond Dbt 107,692.08 1,048,792.61 0.00 1,156,484.69 0.00 0.00 102239 Cash-Bond Dbt Rsrv - 650,675.00 0.00 0.00 38,645.00 0.00 612,030.00 102240 Cash-Replacement & 104,378.31 0.00 0.00 0.00 0.00 104,378.31 103000 Petty Cash 300.00 0.00 0.00 0.00 0.00 300.00 Total Fund 6,382,920.60 6,302,856.95 15,098.41 1,592,065.16 4,098,591.17 7,010,219.63 5211 WATER IMPACT FEE 102111 Cash - Construction 1,102,467.47 625,610.58 0.00 96,383.49 0.00 1,631,694.56 5310 WASTEWATER 101000 Operating Cash 3,524,982.90 7,029,321.40 91,470.47 437,312.87 10,058,595.75 149,866.15 102220 Cash-Bond Dbt Rsrv 13,654.62 0.00 0.00 0.00 0.00 13,654.62 102221 Cash-Bond Dbt Rsrv-Series 51,189.00 0.00 0.00 0.00 0.00 51,189.00 102222 Cash-Bond Dbt Rsrv-Series 1,107.00 0.00 0.00 0.00 0.00 1,107.00 156 ---PAGE BREAK--- 12/30/20 CITY OF WHITEFISH Page: 3 of 3 18:32:14 Schedule of Cash Receipts & Disbursements Report ID: L160Z For the Year 2019-2020 Beginning Transfers Transfers Ending Fund/Account Balance Received In Disbursed Out Balance 102226 Cash-Bond Dbt Rsrv-Series 6,270.00 0.00 0.00 0.00 0.00 6,270.00 102229 Cash-Bond Dbt Rsrv-Series 15,110.00 0.00 0.00 0.00 0.00 15,110.00 102231 Cash-Bond Dbt Rsrv-Series 11,225.00 0.00 0.00 0.00 0.00 11,225.00 102232 Cash-Bond Dbt Rsrv-Series 12,473.00 0.00 0.00 0.00 0.00 12,473.00 102233 Cash-Bond Dbt Rsrv-Series 15,055.00 0.00 0.00 0.00 0.00 15,055.00 102234 Cash-Bond Dbt Rsrv-Series 9,944.00 0.00 0.00 1,469.00 0.00 8,475.00 102235 Cash-Bond Dbt Rsrv - 30,919.00 0.00 0.00 0.00 0.00 30,919.00 102240 Cash-Replacement & 102,026.73 0.00 0.00 0.00 0.00 102,026.73 102242 Cash-Bond Debt Reserve 0.00 44,115.00 0.00 0.00 0.00 44,115.00 Total Fund 3,793,956.25 7,073,436.40 91,470.47 438,781.87 10,058,595.75 461,485.50 5311 WASTEWATER IMPACT FEE 102111 Cash - Construction 1,100,341.72 980,924.06 0.00 1,000,000.00 0.00 1,081,265.78 5410 SOLID WASTE 101000 Operating Cash 107,540.54 1,333.88 0.00 323.91 13,009.72 95,540.79 Total 5000 12,487,226.58 14,984,161.87 106,568.88 3,127,554.43 14,170,196.64 10,280,206.26 7120 VOLUNTEER FIRE PENSION & RELIEF 101000 Operating Cash 79,113.96 111,444.84 0.00 0.00 114,376.00 76,182.80 7451 STATE SURCHARGE ON COURT FINES 101000 Operating Cash 4,301.67 17,727.38 0.00 0.00 17,727.38 4,301.67 7910 PAYROLL FUND 101000 Operating Cash 211,463.93 113,695.67 10,246,208.12 10,371,073.16 0.00 200,294.56 7930 CLAIMS FUND 101000 Operating Cash 730,159.43 25,423.06 26,467,883.96 24,572,458.12 0.00 2,651,008.33 Total 7000 1,025,038.99 268,290.95 36,714,092.08 34,943,531.28 132,103.38 2,931,787.36 Totals 29,620,136.22 51,702,166.04 36,822,522.70 51,730,154.61 36,822,134.24 29,592,536.11 157 ---PAGE BREAK--- Cash Reconciliation Range of Interest Rates Maturity Date Balance Per Bank Statement 6/30/2020 Deposits in Transit Outstanding Checks Others/ Transfers Adjustments Book Balance 6/30/2020 Cash on Hand: Petty Cash 1,050.00 $ 1,050.00 $ Total 1,050.00 $ ‐ $ 1,050.00 $ Checking Accounts: Glacier Bank 11,584,708.62 $ 92,274.09 $ (15,306.41) $ 11,661,676.30 $ Glacier Bank Flex Spending 11,729.30 $ 11,729.30 $ US Bank ‐ Ambulance 306,179.94 $ 306,179.94 $ Total 11,902,617.86 $ 92,274.09 $ ‐ $ ‐ $ (15,306.41) $ 11,979,585.54 $ Savings, NOW, Money Market Deposits: First Interstate Bank ‐MMA 393,826.35 $ 393,826.35 $ Total 393,826.35 $ ‐ $ ‐ $ ‐ $ ‐ $ 393,826.35 $ Time Deposits: First Interstate Bank ‐ CD 1,041,557.52 $ 26,330.52 $ ‐ $ 1,067,888.04 $ Glacier Bank ‐ CD 1,198,457.76 $ 13,634.78 $ ‐ $ 1,212,092.54 $ Total 2,240,015.28 $ ‐ $ ‐ $ 39,965.30 $ ‐ $ 2,279,980.58 $ Total Cash and Deposits 14,537,509.49 $ 92,274.09 $ ‐ $ 39,965.30 $ (15,306.41) $ 14,654,442.47 $ Investments: Investment Portfolio 4,209,385.62 $ 4,209,385.62 $ STIP 10,728,708.02 $ 10,728,708.02 $ Total Investments 14,938,093.64 $ ‐ $ ‐ $ ‐ $ ‐ $ 14,938,093.64 $ Total Cash and Investments 29,475,603.13 $ 92,274.09 $ ‐ $ 39,965.30 $ (15,306.41) $ 29,592,536.11 $ Cash Reconciles to Financial Statements CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA FOR THE FISCAL YEAR ENDED JUNE 30, 2020 Unaudited 158 ---PAGE BREAK--- GENERAL SECTION INFORMATION 159 ---PAGE BREAK--- GENERAL INFORMATION (Complete all portions applicable to entity) 1. Class of county/city Second 2. Date of incorporation 1905 3. County seat Kalispell, Flathead 4. Form of government Manager 5. Population (most recent estimate) 8,295 (2019 Estimate census.gov) 6. Land area 12.34 Sq Miles 7. Miles of roads/streets/alleys 67.6903 8. Taxable valuation $39,066,006 including incremental taxable value 9. Road taxable valuation (county) N/A 10. Number of water consumers 4,348 11. Average daily water consumption 1.099 Million Gallons per day 12. Miles of water main 77.4831 13. Miles of sanitary and storm sewers 81.0316 Sanitary, 29.5777 Stormwater 14. Number of building permits issued 327 including new, remodel, garage/apt, commercial, duplex/townhome and multi-family 15. Number of full-time employees 107.4 B. PROPERTY TAX MILL LEVIES - County/City/Town funds only (For fiscal year being reported) Fund/activity Mills 1000 General 112.690 Resort Tax Rebate -51.914 Permissive Medical Levy 24.040 2220 Library 6.820 2340 Fire and Ambulance Voted Levy 24.000 7120 Fire Pension 2.000 TOTAL 117.636 160