Document Whitefish_doc_b43033440b

STATE FINANCIAL SERVICES DIVISION LOCAL GOVERNMENT SERVICES BUREAU Mitchell Building Room 255, PO Box 200547, Helena, Montana 59620-0547 Local Government Services Bureau Portal ENTITY # 021503 MONTANA CITY OF WHITEFISH 418 E. 2nd Avenue, P.O. Box 158 Whitefish, MT 59937 ANNUAL FINANCIAL REPORT FISCAL YEAR ENDING JUNE 30, 2022 RE.VISED AUGUST 2022NERSION 22.3 ---PAGE BREAK--- 0 ANNUAL FINANCIAL REPORT FILING FEE 0 0 0 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. **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 !**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 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 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 oavable to "State Treasurer" in the amount of the required fee. GL# TD# LOCAL GOVERNMENT ANNUAL FILING FEE SCHEDULE 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 Resources Annual Resources Filing Exceed: Equal to or Less Than Fee $0 $750,000 $0 $750,000 $1,000,000 $550 $1,000,000 $1,500,000 $800 $1,500,000 $2,500,000 $950 $2,500,000 $5,000,000 $1 ,300 $5,000,000 $10,000,000 $1,700 $10,000,000 $50,000,000 $2,500 $50,000,000 $3,000 FOR DEPARTMENT OF ADMINISTRATION USE ONLY Amount Received: $ Date: By: REVISED 7-2017 VERSION 17.1 Page 1 of 2 ---PAGE BREAK--- 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! GOVERNMENTAL FUNDS - PAGE 16 {STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES) Total Revenues Other Financing Sou rces - Proceeds from Sale of Capital Assets Special and/or Extraordinary Items (Revenues only) Non-Operating Revenues: (Do not include Gain on Sale of Capita l Assets) Taxes/ Assessments Licenses/Perm its Intergovernmental Revenues Interest Revenues Other Non-operating Revenues not included above Capital Contributions Special and/or Extraordinary Items (Revenues only) ENTERPRISE FUNDS - PAGE 20 (STATEMENT OF CASH FLOWS} . . • I I i • 22,430,682.00 7,248.00 0.00 0.00 14_2_,3_7_4_.o_,o Filing Fee Owed 63,789.00 903,145.00 100.00 0.00 TRUST FUNDS - PAGE 22 (STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS} NOTE: Do not include additions to Investment Trust Funds Total Additions to Pension & Private Purpose Trust Funds Only Total Revenues for Calculation of Filing Fee 0.00 • I I I $2500.00 Part II- Determination of Audit Requirement w/ No Filing Fee (:;1,1f1(r-c1,,t u•,fJi: 1r,·:i/ i ,J :i,d i11 -.111c·, 11k1n 1,1;_1 ll'J) 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) Proprietary Funds (from Statement of Cash Flows, Major & Non-Major Enterprise Funds (Page 20) Proceeds from Debt) Manually subtract debt proceeds received from non- governmental financial institutions (banks, savings & loans) included above (Enter as a negative) Subtotal - Proceeds received from Debt Manually subtract amount of proceeds received from governments used to refinance existing debt. (Enter as a negative) Total Adjusted Debt Proceeds Total Revenues+ Total Adjusted Debt Proceeds Box#2 0.00 1,874,645.00 Audit Required? YES 1,874,645.00 $1,874,645.00 $36,472,235.00 If this amount exceeds $750,000, you are required to have an audit for the fiscal year. Page 2 of 2 ---PAGE BREAK--- CITY OF WHITEFISH ANNUAL FINANCIAL REPORT TABLE OF CONTENTS FISCAL YEAR ENDING JUNE 30, 2022 Page No. INTRODUCTORY SECTION 1 Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 List of Elected and Appointed Officials - Signature 3 FINANCIAL SECTION Management's Discussion and Analysis . Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position Statement of Activities . Fund Financial Statements: Balance Sheet- Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds . Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities . Statement of Net Position - Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds Statement of Cash Flows - Proprietary Funds . Statement of Fiduciary Net Position -Fiduciary Funds . Statement of Changes in Fiduciary Net Position - Fiduciary Funds . Notes to the Financial Statements Required Supplementary Information: Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund . Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Major Special Revenue Funds other Post Employment Benefit Information Schedules Pension Liability Schedules . Other Supplementary Information: Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Nonmajor Special Revenue Funds . Combining Balance Sheet - Non major Debt Service Funds . Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Nonmajor Debt Service Funds Combining Balance Sheet - Non major Capital Projects Funds . Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Nonmajor Capital Projects Funds Combining Statement of Net Position - Non major Enterprise Funds Combining Statement of Revenues, Expenses, and Changes in Fund Net Position - Nonmajor Enterprise Funds Schedule of Cash Receipts and Disbursements - All Funds . Cash Reconciliation . Schedule of Federal/State Grants, Entitlements and Shared Revenues GENERAL INFORMATION SECTION General Information . 4-15 16 17 18 19-20 21 22 23 24 25 26 27 28-79 80 81 82-84 85 86-88 89 90-94 95-130 131 132-135 136 137-138 139-140 141 142-144 145 146-162 163 164 ---PAGE BREAK--- 1 INTRODUCTORY SECTION ---PAGE BREAK--- 2 P.O. Box 158 • Whitefish, MT 59937 • (406) 863-2400 • Fax: (406) 863-2419 December 31, 2022 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, 2022. If you have any questions or concerns, please call me at [PHONE REDACTED]. Sincerely, Lanie Gospodarek Finance Director City of Whitefish [PHONE REDACTED] ---PAGE BREAK--- 3 CITY OF WHITEFISH ELECTED OFFICIALS/OFFICERS OFFICE NAME OF CITY/TOWN OFFICIALS/OFFICERS DATE TERM EXPIRES Mayor John 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 ,2025 Councilperson Ben Davis December 31,2025 Councilperson Giuseppe Caltabiano December 31,2025 City manager Dana M. Smith, CPA Attorney Angela Jacobs Chief of police Bridger Kelch Clerk Michelle Howke Finance Director Lanie Gospodarek, CMC Judge Caitlin Oveland Utility billing clerk Rose Elliot CONSISTENT WITH STATE LAW, I HEREBY TRANSMIT THE CITY OF WHITEFISH ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDING JUNE 30, 2022 Submitted by; Lanie Gospodarek Title Finance Director Date Preparer's contact information: Email: lgosgodarek@ci!Yofwhitefish.org Phone: [PHONE REDACTED] ---PAGE BREAK--- 4 FINANCIAL SECTION ---PAGE BREAK--- 5 MANAGEMENT'S DISCUSSION · AND ANALYSIS ---PAGE BREAK--- 6 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 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 ofresources on June 30, 2022, by $142,340,077 as reported in the statement of net position. This figure represents an increase of $8,676,528 in net position from the prior year. • The total fiscal year end governmental fund balance was $19,087,756 as reported in the balance sheet for govermnental funds. This figure represents an increase of $2,757,385 from the prior year. • The unassigned general fund balance at fiscal year-end was $3,771,566. This figure represents an increase of $829,813 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. Govermnent-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 delinquent taxes and earned, but unused vacation leave). ---PAGE BREAK--- 7 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 The government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (govermnental 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 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, except for 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 ofrevenues, 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. ---PAGE BREAK--- 8 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 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, 2022, totaled $142,340,077, which is an increase of $8,676,528 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 FY22 as noted in the negative unrestricted net position for governmental 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) liabilities are 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 is 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, 2022, and June 30, 2021. Current and other assets Capital assets Total assets Long-teim debt outstanding Other liabilities Total liabilities Net investment in capital assets Restricted Unresu·icted (deficit) Total net position City of Whitefish - Net Position Governmental Activities FY22 FY21 $ 28,017,505 $ 24,765,897 79,253,162 79,619,309 $ 107,270,667 $104,385,206 $ 7,333,457 $ 9,701,524 9,181,123 6,493,517 $ 16,514,580 $ 16,195,041 $ 78,050,412 $ 78,180,738 16,748,914 14,918,012 (4,043,239) (4,908,585) $ 90,756,087 $ 88,190,165 $ $ $ $ $ $ Change Inc (!!ecJ 3,251,608 (366,147) 2,885,461 (2,368,067 2,687,606 319,539 (130,326) 1,830,902 865,346 2,565,922 Business-type Activities FY22 FY21 $ 17,535,081 $ 16,258,820 66,634,362 62,971,444 $ 84,169,443 $ 79,230,264 $ 30,920,003 $ 32,466,468 1,665,450 1,290,412 $ 32,585,453 $ 33,756,880 $ 37,438,441 $33,056,168 5,347,302 5,724,772 8,798,347 6,692,444 $ 51,583,990 $ 45,473,384 Change Inc (!!ecJ $ 1,276,261 3,662,918 $ 4,939,179 $ (1,546,465) 375,038 $ (1,171,427) $ 4,382,273 (377,470) 2,105,803 $ 6,110,606 ---PAGE BREAK--- 9 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 The City's revenues totaled $33,519,091 for the fiscal year ending June 30, 2022. The total cost of all programs and services for that same period was $24,792,844. The overall result is a decrease in net position totaling $372,281. The table below presents consolidated information on the City's change in net position for the fiscal years ending June 30, 2022, and June 30, 2021. City of Whitefish - Changes in Net Position Governmental Business-type Actvities Activities Change Change FY22 FY21 Inc (Dec) FY22 FY21 Inc (Dec) Revenues Program revenues (by major Charges for services $7,514,593 $7,080,747 $433,846 $11,002,780 $9,958,173 $1,044,607 Operating grants and contributions 1,138,182 1,784,482 (646,300) 25,000 971 24,029 Capital grants and contributions 97,660 2,379,466 (2,281,806) 31,886 (31,886) General revenues {by major source): Property taxes for general 4,373,931 4,2119,6j 154289 Licenses and permits 1,100 1,100 Resort tax 6,316,643 4,787,725 1,528,918 Miscellaneous 313,533 308,507 5,026 Interest/investment eamin~ 72,159 63,834 8,325 63,788 72,571 (8,783) Franchise and utility fees 537,826 516,758 21,068 State entitlement 942,821 925,004 17,817 State contributions to retirement 825,281 1,180,032 (354,751) 117,374 115,072 2,302 Contributions & donations 176,420 176,420 Total revenues $22,310,149 $23 246197 $ (936,048) $ 11,208,942 $10,178,673 $1,030,269 Program expenses $1,435,270 $1,702,791 (267,521.00) Public safety 8,989,010 9,150,223 (161,213.00) Public works 3,849,812 3,703,521 146,291.00 Social and economic services 1,500 (1,500.00) Culture and recreation 2,420,113 2,464,672 (44,559.00) Housing and community 666,376 631,975 34,401.00 Debt service - interest 49,334 99,712 (50,378.00) Miscellaneous 85,789 230,827 (145,038.00) Water 2,732,865 2,727,370 5,495 Sewer 3,382,308 3,289,183 93,125 Solid Waste 1,181,967 330,568 851,399 Total expenses $17,495,704 $ 17,985,221 $(489,517,00) $ 7,297,140 $6,347,121 $950,019 Excess (deficiency) before special items and transfers $4,814,445 $5,260,976 ($446,531) $3,911,802 $3,831,552 $80,250 Gain (loss) on sale of capital 6,000 (6,000) Transfers - net (2,2 I 1,326) (995,855) (1,215,471) 2,211,326 995,855 1,215,471 Increase (decrease) in net position $2,603,119 $4,265,121 $ (1,662,002) $6,123,128 $4,833,407 $1,289,721 ---PAGE BREAK--- 10 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 Governmental activities Revenues for the fiscal year ending June 30, 2022, from governmental activities were $22,310,149 while expenses were $17,495,704. Thus, with the $2,211,326 in transfers-out, net position increased $2,603,19. Total governmental revenues decreased from the prior year by $936,048. The decrease in revenues was primarily due to a decrease in capital grants and contributions however this was offset by an increase in Resort Tax collections over the previous year's collections. The City experienced lower interest earnings similar to the previous fiscal year but finished strong with an overall increase over the previous year's earnings. Govermnental expenses decreased by $489,517. The decrease in governmental expenses is partially due to the transition of the Flathead Emergency Communications Center from an Interlocal Board with city and county representation to the full control of Flathead County. The City no longer is required to pay roughly $182,000 per year as the voters approved a county-wide maintenance assessment levied by Flathead County that began in fiscal year 2022. Additional reductions in spending was due to timing of capital projects and delayed procurement of equipment due to supply chain challenges. Business-type activities Revenue for the fiscal year ending June 30, 2022, from business-type activities was $11,208,942. Expenses were $7,297,140 and net transfers-in totaled $2,211,326, which resulted in an increase in net position of $6,123,128. Charges for services revenue increased by $1,030,269 from the previous year due to a full 12 months of the solid waste services provided by the City compared to only 3 months in the prior year. Additional increases are due to minor growth in the customer base for all utilities. Total expenses also increased the garbage services contract covered a full 12- month period. Pension expenses were lower in FY22 compared to FY2 l. Overall net position for the business-type activities were positive. Fund Balance - Governmental Funds Balance Sheet The City's governmental funds reported a total fund balance of $19,087,756 as of June 30, 2022, which is a $2,757,385 increase compared to the fund balance of governmental funds as of June 30, 2021. The significant increase in fund balance is primarily due to increased Resort Tax collections, stronger property taxes and assessments, and an increase in charges for services mostly related to 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 on June 30, 2022, $3,793,801 is unassigned in the General Fund. The remaining $14,075 of the General Fund, 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 2022 two budget amendment items were approved by the City Council and are detailed in the following table: ---PAGE BREAK--- 11 To Tax Increment Fund: 2310-4 70330-932 Solid Waste Fund: 5410-430800-390 Resort Tax Fund: 2100-430230-932 Resort Tax Fund 2100-521032-820 Whitefish Trail CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 From Tax Increment Fund Unbudgeted Reserves Solid Waste Fund Unbudgeted Reserves Resort Tax Fund, Fund Balance, and Unanticipated Revenues of the Fund Whitefish Trail Amount Justification $45,000.00 To cover costs incun-ed and provided for m the contract executed before the sunset of the Tax Increment District on July 15, 2020, for the Baker A venue Underpass Project $250,000.00 To cover costs related to the transition of billing for garbage services provided by Republic Services in accordance with the City Council approved contract $670,000.00 To cover costs associated with the Edgewood and Texas A venue Street Reconstruction Project during FY22; and to cover the unanticipated increase in required transfers to the Water Fund to account for the percentage of revenue collections allocated to the Haskill Basin Conservation Easement debt service account Construction Fund: Construction Fund $50,000.00 To cover costs of construction of the Holbrook Trails 4540-430255-938 Unanticipated Solid Waste Fund 5410-430800-390 Revenues Solid Waste Fund Unanticipated Revenues $91,000.00 To cover costs of providing garbage services through the contract with Republic Services to include additional p1inting, mailing costs in producing utility bills. Overall, the General Fund tracked closely with the budget for both revenues and expenditures. However, higher planning and zoning plan review fees were received which were 227% and 123% of the budgeted amount due to strong building activity in the City. Business licensing fees came ---PAGE BREAK--- 12 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 in at 202% of what was budgeted, and this is primarily due to the increase in short-term rental license fees. Investment earnings were also higher than expected but Court fines were lower than expected and came in at 82% of what was budgeted. General Fund revenues in total were 104% of budgeted. Resort Tax Fund revenues collected were quite a bit higher than expected (132%) of what was budgeted which is notable since resort tax revenues came in less than budgeted in FY21. Licenses and Pennits in the Building Codes Fund were much higher than budget due to continued building activity in the City. Resort Tax, Tax Increment, Solid Waste, and the Whitefish Trail funds were all within budget after amendments were approved. 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. 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, 2022, total $145,887,524. The City's capital assets include easements, land, buildings, improvements, machinery and equipment, 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 2022 totaled $4,114,514 and $1,356.082, respectively. Major capital assets events during fiscal year 2022: • Completed the Bike Ped Master Plan & Trail • Continued investment in the Wastewater Treatment Plant Upgrade project • Continued investment in the Water Treatment Plant project • Completed the State Park Road project • Completed the Balcer Avenue Underpass project • Completed Armory Storm Sewer project • Completed the Cast Iron Water Main replacement near Montana Ave. • Completed the Glenwood Lift Station • Completed the Wayfinding Signs project • Completed the Irrigation Landscape Study • Completed the Fire Department Master Plan • Started the Spokane Ave. Watermain Replacement project • Continued the Glenwood Road project • Started the South Water Tank project • Started the Armory Park Master Plan project • Started the Grouse Mountain Storm Drainage Improvement project • Continued the Edgewood and Texas Avenue Road project • Started the Viaduct Improvement project ---PAGE BREAK--- 13 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 • Purchased vehicles and equipment for Fire, Police, Parks, and Public Works • Continued making improvements to the Whitefish Trail (Holbrook Trail System) Long-term Debt The City's total long-tenn debt decreased by $43,967 compared to prior fiscal year. Below is a summary of the outstanding long-term debt of the City as of June 30, 2022, compared to June 30, 2021. OutsfandingLong-term Debt. Purpose/Type Revenue Bonds: Water Sewer Special Assessment Bonds: SID 166 SID 167 Intercap Loans: Fire Pumper Type I Fire Pumper Water Tender Fire Apparatus Ambulance 2018 Equipment Lease: Cisco Equipment OPEB: Governmental* Business-type Compensated Absences: Governmental Business-type Net Pension Liability: Governmental Business-type TOTAL *See notes to financial statements. June 30, 2022 11,631,772 18,214,149 255,000 670,866 93,285 130,302 61,781 107,581 115,687 973,446 318,859 1,891,158 219,215 4,239,549 1,405,351 $40,328,001 FISCAL YEAR 2023 BUDGET AND ECONOMIC FACTORS June 30, 2021 12,481,620 17,433,656 320,000 685,911 72,914 101,854 31,084 72,559 154,249 1,503,246 458,614 1,699,304 317,863 6,563,649 2,233,329 $44,129,852 Total revenues and other financing sources for all are budgeted at $35,545,532 which is $1,988,479 or 13.29% less than the FY22 budget of$37,534,011. General Fund revenues are only expected to be reduced from previous year expectations but after the higher-than-expected collections of resort tax in FY22 the City made appropriate adjustments to the expectations for FY23. The City is further along on the Water Treatment Plant Expansion project and the Wastewater Treatment Plant project and only the final drawdowns on loan proceeds will be required as the project move towards completion in FY23. ---PAGE BREAK--- 14 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 The FY23 budget totals $43,186,796 in expenditures and $10,257,010 in interfund transfers for a total appropriated budget of $53,443,806. Compared to the prior fiscal year, FY23 expenditures are increasing by $733,506 or 1.72%. Property Tax supported funds and Other Tax & Assessment supported funds have increases in expenditures, 9.68% and 20.65% respectively. Increases in these funds are primarily due to higher personnel costs, including new positions, and rising materials and services costs, both offset by a reduction in capital expenditures. The decrease in expenditures for Enterprise Funds of 11.02% and 3.51 % in Other Special Revenue, Capital and Debt funds offset other fund increases and are due primarily to the completion of significant capital projects in the prior year and the reduction of debt through annual debt service payments. The increase in interfund transfers over the previous year is $2,829,269 or 38.09%. The increase in transfers is mostly due to increased property tax relief from resort tax, as well as increases in operational transfers to assist in covering costs for personnel. A transfer of$715,000 is also budgeted to move the generous donations received in the Library Fund to the new Library Depreciation Reserve Fund, which is restricted for future improvements and equipment needs of the Whitefish Connnunity Library. Resort Tax collections of $6,316,643 exceeded expectations of the $4.8 million budgeted in FY22 by approximately $1.5 million. As required by the voters, collections in excess of the budget must be returned to taxpayers as additional property tax relief in the following year. The budget includes a levy totaling 76.275 mills after the Resort Tax Rebate, which is approximately 17 mills less than FY21. Despite the value of the mill increasing from $47,253.58 in FY22 to $49,384 for FY23, an increase of 4.5%, the budget continued to limit increases on taxpayers due to an increase in expected resort tax collections in FY22. Total property tax relief applied to the FY23 budget is $2,887,729 and reduces mills levied by 58.475 mills. 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. Budgeted capital spending decreased again in FY23 to $14.8 million compared to $18.4 million in FY22 and the bulk of the decrease is in the Water Treatment Expansion Project (decrease of$2.3 million) and the Wastewater Treatment Plant ( decrease of $3 82 thousand) as they are in the final stages of completion. Both large capital project includes financing with debt from the State's Revolving Funds. This is offset by anticipated increases in outlay for Street Improvement and Park improvement projects. The City also budgeted $650,000 for equipment purchases in the Fire and Ambulance fund to include a Brush Truck, a Type 3 Fire Engine, both of which were budgeted in FY 22 but are carried forward to FY23, an Air Boat and, a new Command Vehicle pending the arrival of a new Assistant Chief, Personnel budgets included a wage increase of 7% for most employees to address a competitive job market, the rising cost ofliving, an increase in turnover and difficulty in filling positions. This adjustment includes a 5% cost-of-living adjustment (COLA) plus a 2% STEP on the pay matrix (longevity pay). The COLA will be 5.5% for Union employees. A $1.23 million increase (10.4%) is proposed in FY23 for total budgeted payroll and employer contributions. Continuing growth in the City of Whitefish has placed added demands to the provision of services from most departments. The FY23 budget is adding 7 additional full-time equivalents to its ---PAGE BREAK--- 15 CITY OF WHITEFISH ANNUAL FINANCIAL REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS FISCAL YEAR ENDED JUNE 30, 2022 staffing plan to 119.2 up from 112.2 in the previous fiscal year. The following additions have been proposed for FY23 to address needed staffing levels: o Police: One full-time Police Officer. Estimated cost of$35,500 o Fire and Ambulance: o One full-time Firefighter/Paramedic. Estimated cost with a SAFER grant is $34,550 o One full-time Assistant Fire Chief. Estimated cost of$123,350 o Administration: One full-time Human Resources Generalist. Estimated cost of $68,800 o Parks & Recreation: o One full-time Facilities Maintenance Technician. Estimated cost of $31,700 o Parks & Recreation: One full-time Facilities Maintenance Technician. Estimated cost of $31,700 o Building: o One full-time Building Inspector: Estimated cost of$ 85,400 o One full-time Code Enforcement Officer for short term rentals. Estimated cost is $85,400 which will be covered by the increased licensing fees of short-term rentals. The City will continue to monitor economic activity and growth to ensure that the provision of services is adequately met with staffing levels and funding the priorities established by City council and staff. 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. ---PAGE BREAK--- 16 BASIC FINANCIAL STATEMENTS ---PAGE BREAK--- 17 City or Whiter.sh, County, Montana Statement or Net Position June 30, 2022 Govern men to I Dusiness-type Actil'ilies Activities Total ASSETS Current assets: Cash nnd investmenls $ 21,621,640 s 10,987,923 s 32,609,563 Ta,ces and assessments receivable, nel 1,856,702 1,856,702 Accounts receivable - net 378,325 739,526 1,117,851 Leases receivable 617,171 617,171 Due from other governments 49,676 49,676 O1hcr receivables 5,438 5,438 Total current assets $ 24,528 952 s 11,727,449 s 36,256,401 Noncurrent assets Restricted cash and investments s 1,539,961 s 5,347,302 s 6,887.263 Capitol assets • land 8,840,793 8,333,031 17,173,824 Capital assets • construction in progress 3,794,545 36,442,176 40,236,721 Capital assets - depreciable, net 66 617,824 2 1,859 155 88,476 979 Tolal assets s 80 793,123 s 71,981,664 s 152,774,787 Totru assets s 105 322 075 s 83,709 113 s 189.031 188 DEFERRED OUTFLOWS OF RESOURCES Deferred out0ows of resour<:es • pensions s 1,668,932 s 368,725 s 2,037,657 Deferred outflows of resources• OPEB 279 660 91,605 371,265 Toral deferred outflows of resources s 1,948.592 s 460.330 $ 2,408,922 TOTAL ASSETS AND DEFERRED OUTFLO~VS Of' RESOURCES s I 07 .270,667 s 84,169,443 s 191,440, 110 LL.\DILITIES Curren! liabilities Warrants payable s 1,475,229 s $ 1,475,229 Accounts payable 456,503 10,264 466,767 Revenues collected in advance 2,125,242 2,125,242 Impact fees payable 196,700 196,700 Accrued payroll UN~ilJDITED 576,332 Due to otl,er governments (4,203) Accrued flex spending 14,075 OU,er payroll liabilities (14,534) • (14,534) Current portion oflong-tenu capital liabilities 220,792 2,711,000 2,931,792 Current portion of compensated absences payable 1,595,367 219,215 1,814,582 Deferred inflows of resources - leases 6 17.171 617,171 Total current liabilities s 6,940,614 s 3,258,539 $ 10.199 153 Noncurrent liabilities Deposits payable $ s 2,01 I $ 2,01 I Other post employment benefits 973,446 318,859 1,292,305 Noncurrent portion oflong-tenn capital liabilities 981,958 26,484,921 27,466,879 Noncurrent portion of compensated absences 295,791 99,516 395,307 Net pension liability 4 239,549 I 405,351 5,644,900 Total noncurrent liabilities s 6 490,744 s 28,310 658 $ 34 801.402 Total liabilities s 13,431.358 s 3 1 569.197 $ 45,000,555 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources • pensions 1,936,435 640,618 2,577,053 Deferred inflows of resources • OPEB I 146 787 375 638 1,522 425 Totru deferred inflows of resources $ 3,083,222 s 1,016,256 $ 4 099.478 NET POSITION Net invesunent in capital assets s 78,050,412 s 37,438,441 s 115,488,853 Restricted for copilal projects 3,154,016 3,154,016 Restricted for debt service 1,390,525 2,193,286 3,583,811 Restricted for special projects 15,358,389 15,358,389 Unrestricted (4 043 239) 8,798,247 4,755,008 Total net position s 90,756 087 $ 51 583,990 142 340 077 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION s 107,270,667 s 84,169,443 s 191,440,110 See accompanying Notes lo the Financial S1a1cmcn1s ---PAGE BREAK--- 18 Funrripns(Programs Primary government: Governmental activi1ics: General government Public safety Public works Culture and recreation Housing and community development Debt service - interest Miscellaneous Toto.I govemmcnuil 3ctivitics ll11si11ess-1ype activities: Water Sewer Solid Waste To1al business-type activities Toto! pruruuy government See accompanying Notes to the Financi:tl Statements s s 1,713.356 8,839,263 3,827.489 2,381,000 666,376 49,334 85.789 s 17.562.607 S 2.700,502 S 3.349,044 1.180.691 S _ s Indirect Expcn~c Allocation City of\Vhitcruh, County, ~foncaoa Statement of Activities For the FUcal Year Ended June JO. 2022 Proor2m Revenues 01lernting Charges for Granb 11nd Services Contributions (278,086) s 836,077 $ 5,026 149,747 3,993,197 317.637 22,323 2,308,014 163,951 39,113 377,145 651,568 160 s (66.903) S 7,514.593 s 1,138 182 $ Capital Gr.mis 2nd Contributions $ 97,660 97.660 S Nd (Expenses) Revenues and Chan"es in Net Position Activities (594,167) S (4,580,516) (1,377,847) (1,391,400) (666,216) (49,334) (85,789) Primnrv Business- type Activir·ies (8,745,269) S s 32,363 s 4,655.440 s 33,264 5,134,488 I 276 1.212.852 U.bJA iDIJ~c:o s 1,922.575 s 1,777,180 30,885 66 903 s s 11.002.780 s 25 000 S 3,730,640 s s 18,517.373 s 1.163.182 S General Revenues: Property taxes for genera] purposes Licenses and pennits Resor1 Miscellaneous earnings Franchise and utility fees State entitlement State contributions ro retirement Contributions & dona1ions Transfers - net Total general revenues. special ircms and transfers Change in oel position Net position - begiMing Net position - beginning - restated Net position • end 97.660 S s s s s s s 3,730,640 (8,745,269) S 4,373.931 S 1,100 6,316.643 313,533 72, 159 537,826 942.821 825.281 176,420 (2.211,326) 63,788 117.374 2,211.326 11.348,388 S 2,603 119 S 2 392,488 6 123.128 88,190,165 S (37. 197) 45,473,384 (12,522) 45,460,862 88,152,968 S 90,756.087 $ 51.583,990 s s s s $ s $ s Tora! (594,167) (4,580.516) ( 1,377,847) (1,391.400) (666,216) (49,334) (85.789) 745.269) 1,922,575 1,777,180 30.885 3,730.640 (5.014,629) 4,373,93 1 1.100 6,316.643 313.533 135,947 537.826 942,821 942,655 176,420 13,740,876 8.726.247 133,663.549 (49,719) 133,613.830 142,340,077 ---PAGE BREAK--- 19 City of Whitefis h, Flathead County, Montana Balance Sheet Governmental Funds June JO, 2022 Other Toca! Fire and Governmental Govern men tu I General Resort Tax Ambulance Funds Funds ASSETS Current assers: Cash and investments $ 7,531,445 $ 3, 187,581 $ 1,653,641 $ 9,248,973 $ 21,621,640 Taxes and assessments receivable, net 409,903 139,905 1,306,894 1,856,702 Accounts receivable - nee 378,325 378,325 Leases receivable 471,566 74,544 71,061 617, 171 Due from other funds 5,438 5,438 Due from other governments 49,676 49,676 Other receivables 5,438 5,438 Toca! current assets $ 8,468,028 $ 3,187,581 $ 2,246.415 $ 10,632,366 $ 24,534,390 Noncurrent assets: Restricted cash and investments $ 14.075 $ - $ - $ 1,525,886 $ 1,539,961 TOTAL ASSETS $ 8,482,103 $ 3,187,581 $ 2,246.4 15 $ 12,158,252 $ 26,074,35 I LIABILITIES Curren! liabilities: Warranls payable $ 1,475,229 s - s - $ - $ 1,475,229 Accounts payable 4,936 384,614 2,000 64,953 456,503 Revenues collected in advance 2,125,242 2, 125,242 Accrued payroll 187,810 . , - L' l2.0,034 D 147,128 454,972 Due to other funds f~A l (4,20~ b 5,438 5,438 Due to other governments (4,203) Accrued flex spending 14,075 14,075 Other payroll liabilities (14,534) (14,534) Deferred inflows of resources - leases 471.566 74,544 71,061 6 17, 171 Total liabilities $ 4,264,324 $ 384.614 $ 192,375 $ 288,580 $ 5,129,893 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources - taxes and assessments $ 409,903 $ - $ 139,905 $ 1,306,894 $ 1,856,702 Total deferred inflows of resources $ 409,903 $ - $ 139,905 $ 1,306,894 $ 1,856.702 FUND BALANCES Restricced $ 14,075 $ 2,802,967 $ 1,914,135 $ 10,585,013 $ 15,316, 190 Unassigned fimd balance 3,793,801 (22.235) 3,771,566 Total fund balance $ 3,807,876 $ 2,802,967 $ 1,914,135 $ 10,562,778 $ 19,087,756 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCE $ 8,482,103 $ 3,187,581 $ 2.246,415 $ 12 158,252 $ 26,074.351 See accompanying Notes to the Financial Statements ---PAGE BREAK--- 20 C ity of Whitefish, Flathead County, Montana Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position J unc 30, 2022 Total fund balances - governmental funds Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Property truosition - governmental activities See accompanying Notes to the Financial Statements $ 19,087,756 79,253,162 1,856,702 (4,067,354) (4,239,549) 1,668,932 (1,936,435) 279,660 (1,146,787) $ 90,756,087 ---PAGE BREAK--- 21 REVENUES Taxes and assessments Licenses and permits Intergovernmental Charges for services Fines and forfeitures Miscellaneous Investment earnings Total revenues EXPENDITURES General government Public safety Public works Culture and recreation Housing and community development Debt service - principal Debt sen.ice - interest Miscellaneous Capital outlay Total expenditures City ofWbiteflsh,Flatbead County, Montana Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the Fiscal Year Ended June 30, 2022 Fire and General Resort Tax Ambulance $ 3,010,592 $ 6,316,643 $ 1,124,636 297,107 189,024 1,538,552 541;2.19 422,887 2,128,356 300,375 152,419 73,313 53,563 10,504 $ 5,775,495 $ 6,327,147 $ 4,062,608 $ 1,054,154 $ $ 3,650,588 4,366,283 26,067 635 19,141 210 Other Governmental Funds $ 2,780,100 1,416,803 396;2.86 618,460 7,117 1,038,414 8;2.52 $ 6,265,432 $ 7,117 508,059 1,493,446 1,718,129 509,207 . . 38,563 U, 94,767 - . .~i3J'i§s § ~ 45,839 - • t - t Li 85,789 II9,035 2,594,277 263,477 1,674,723 $ 4,907,548 $ 2,595,122 $ 4,748,791 $ 6,137,076 Excess ( deficiency) of revenues over expenditures $ 867,947 $ 3,732,025 $ (686,183) $ 128,356 OTHER FINANCING SOURCES (USES) Proceeds from cash in-lieu 47,573 Transfers in 4,602,607 953,092 970.403 Transfers out (4,595,359) (3,085,434) (67,80?} (85,685) Total other financing sources (uses) $ 7;2.48 $ (3,085,434) $ 885~87 $ 932,291 Net Change in FWld Balance $ 875,195 $ 646,591 $ 199,104 $ 1,060,647 Fund balances - beginning $ 2,953,420 $ 2,156,376 $ 1,715,031 $ 9,505,544 Restatements (20,739) (3,413) Fund balances - beginning, restated $ 2,932,681 $ 2,156,376 $ 1,715,031 $ 9,502,131 Fund balance - ending $ 3,807,876 $ 2,802,967 $ 1,914,135 $ 10,562,778 See accompanying Notes to the Financial Statements Total Governmental Funds $ 13,231,971 1,902,934 2,482,117 3,169,703 307,492 1,264,146 72,319 s 22,430,682 $ 1,061;2.71 8,524,930 1,520,148 1,737,480 509;2.01 248,866 49,334 85,789 4,651,512 $ 18,388,537 $ 4,042,145 47,573 6,526,102 (7,834,283) $ (1,260,608) $ 2,781,537 $ 16,33Q,371 (24,152) $ 16,306;2.19 $ 19,087,756 ---PAGE BREAK--- 22 City of Whitefish, Flathead County, Montana Reconciliation of the Statement of Revenues, Expenditures. and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Fiscal Y car Ended June 30, 2022 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds Governmental funds report capital outlays as expenditures while governmental activities report depreciation expense to allocate those expenditures over the iife of the assets: • Capital assets purchased ~ Depreciation expense In the Statement of Activities, the loss or gain on the sale or disposal of capital assets is recognized. The f\md financial statements recognize only the proceeds from the sale of these assets: • Contribution of capital assets to the sewer fund Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds: • Long-term receivables (deferred inflows) The change in compensated absences is shown as an expense in the Statement of Activities Repayment of debt principal is an expenditures in the governmental funds, but the repayment reduces long-term debt in the Statement of Net Position: - Long-term debt principal payments Termination benefits are shown as an expense in the Statement of Activities and not reported on the Statement of Revenues, Expenditures and Changes in Fund Balance: • Post-employment benefits other than retirement liability Pension expense related to the net pension liablity is shown as an expense on the Statement of Activities and not reported on the Statement of Revenues, Expenditures, and Changes in Fund Balance State aid revenue related to net pension liability is shown as a revenue on the Statement of Activities and not reported on the Statement of Revenues, Expenditures, and Changes in Fund Balance Change in net position • Statement of Activities See accompanying Notes to the Financial Statements $ $ 2,781,537 4,651,512 (4,114,514) (903,145) (128,988) (191,854) 248,866 77,793 221,030 (39,118) 2,603,119 ---PAGE BREAK--- 23 City of Whitefish, Flalhc1ul Counly, Montana Statement of Net Pos-itlon l'ropriet11ry Funds June 30, 2022 Duslness-Tii2c Activities- Enter11rise Funds Non-major Water Sewer F,ntcr)!rise Totals ASSETS Current assets: Cash nnd investments $ 7,008,734 $ 3,967,074 $ 12,115 $ 10,987,923 Accounts receivable - net 305,219 328 751 105,556 739226 Total current assets $ 7,313 953 $ 4 295,825 $ 117,671 $ I I 727,449 Noncurrent assets: Restricted cash nnd investments l 3,287,363 $ 2,059.939 $ l 5,347,302 Capital assets • land 8,065,531 267,500 8,333,031 Capital assets - construclion in progress 12,710,490 23,731,686 36,442,176 Capital assets - depreciable, net 10,030,720 11,828,435 21 859,155 Total nonoummt assets ,I 34,094,!04 $ 37,887 560 $ $ 71 981,664 Total assets $ 41 408,057 I 42 183 385 $ 117671 $ 83,709 113 DEFERRED OUTFLOWS 011 RESOURCES Deferred outflows ofresources- pe11sions $ 175,503 ,I 186,449 $ 6,773 $ 368,725 Deferred outflows ofresources - OPEB 44,084 45,637 I 884 91 605 Total deforred outflows ofresourees $ 219 587 $ 232,086 $ 8,657 $ 460 330 TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 41,627644 $ 42415471 I 126,328 $ 84169443 LIADILITIES Current liabilities: Accounts payable f l 10,264 Impact fees payuble ,9 . llJ: jF'j 196,700 Accrued payroll :h;~111 2,127 121,360 Current portion of long-term capitnl Habilitics 1,645,000 1,066,000 2,711,000 Current portion of compensated absences payable 106 157 108 661 4 397 219 215 Total current liabilities $ 1,903 449 $ l 348 566 $ 6,524 $ 3 258,539 Noncurrent liabilities: Deposits payable $ 2,000 $ $ II I 2,011 Other post employment benefits 153,447 158,854 6,558 318,859 Nonourrent portion of long-term capital liabilities 9,986,772 16,498,149 26,484,921 Noncummt portion of compensated absences 49,806 48,707 1,003 99,516 Net pension !inbiliiy 6M910 710626 25 815 I 405,351 Total noncurrent liabilities $ IO 860 935 $ 17416336 $ 33 387 $ 28,310,658 Tola! liabilities $ 12 764,384 $ 18 764 902 $ 39,911 $ 31569197 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources• pensions 304,917 323,933 11,768 640,618 Deferred inflows of resources - OPEB 180 771 187 141 7,726 375,638 Total deforrcd inflows of resources $ 485 688 $ 51 I 074 $ 19,494 $ I 016256 NET POSITION Net investment in cnpitnl pssets $ 19,174,969 $ 18263,472 I $ 37,438,441 Restricted for capital projects 1,816,963 1,337,053 3,154,016 Restricted for debt service 1,470,400 722,886 2,193,286 Unrestricted 5,915 240 2 816 084 66 923 8 798,247 Total net position $ 28 377 572 $ TOTAL LIABILJ'fJES, DEFERRED INFLOWS 01r 23 139 495 $ 66 923 $ 51,$83;)90 RESOURCES AND NET POSTION $ 41,627,644 $ 42,415 471 $ 126 328 $ 84 169,443 See nccompanying Notes to the Financial Statements ---PAGE BREAK--- 24 OPERATING REVENUES Charges for services Speoial ru;sessmenls Total operating revenues OPERA TING EXPENSES Personal m:rvices Supplies Purchased se1yices FJxed charges Depreciation Total operating expenses Operating income (loss) NON-OPERATING REVENUES (EXPENSES) Intergovemmental revenue Interest revenue Debt service interest expense Grants to other institutions Total non-011erating revenues (expenses) City of Whitefish, I<'hlthead County, Montana Slntement of Revenues, Expenses, oud Ch1111ge., in Net Position Proprietary Funds 11or the I11se1tl Ye11r Ended Jtine 30, 2022 Business-Ty1ie Activities w Enterprise F1mlls Nonwmajor Wafer Sewel' Enterpl'ise I 4,655,440 $ 5,134,387 $ 1,212,852 100 4 655 440 $ 5,134,487 $ IJl2,852 $ J,120,118 $ 1,244,098 $ 44,000 236,071 274,139 3,872 253,970 313,956 1,133,099 279,039 250,281 996 842,796 l,181 967 $ 2 402,484 $ 30,885 $ 2,252 956 $ -'2"2,.,0co9,e,2c,17_ l $ 2,156 349 (14,167) (6,667) (234,520) $ (349,241) $ 2 505 Jneome(loss) before contributions and transfers Capital conlributions 2,018,436 $ 1,859,976 $ 33,390 903.145 Transfers in 1,551,368 Transfers out (208,647) {33,264} l,Efil. $ $ $ $ $ $ $ $ Change in net position 3361,157 $ 2 729 857 $ 32 114 $ Net Position. Beginning of the year Restatements Net P 1.204,727 S (4,868) ( 1,2 17,099) (43,403) (60,643) S Net cash provided (used) by capital and related financing activities I .()lfil.h :14,# 833,493 ·25:1)36) $ _ $ Cash flows from non-capital financing acti\'iries: Transfer to City go\'ernmental funds Grant paid lo other rnstitutions Transfer from City resort tax funds (208,647) ~ - (14,167) ~ 1,551,368 (33,264) (6,667) Cash received from intergovernmental revenues Net cash pro\'ided (used) from non-capital financing activilles Cash flows fro m investing activities: Interest on investments Net cash provided (used) by investing activities Ne1 increase (decrease) in cash nnd c.1sh equivalcnL" Cash ant.I cash al beginning ~ Includes beginning restricted cash Cash and cash c<111iv;1icnts at end Rl'concili:1tion of operating incom e (loss) to net c:uh prm•icled (used) by operating activities: Operating income (loss) Adjustments 10 reconcile operating income to net cash provided (used) by operating activilles Depreciation Net pension liability and related deferreds Other post-employement benefits Changes in assets and liabilities: Accounts rcceivnbles, net Deposits payable Accounts payable i\ccrued payroll Compensa1ed absence liabilities Ne1 cash provided (used) by operating activities Noncash invc!iting and financing activities: On behalf public employees retirement system payments Capital assets contributed to from Ta.x Increment Punds Sec ac~ompanying notes 10 the fin:.rncial statements s $ $ $ $ 1,328.554 S 39,994 39,994 $ 923,806 $ 9.372.291 I 0,296.097 $ 2,252,956 $ 513.286 (2 1,6 10) 4,638 50,019 ( I 9,445) (11,675) 1,857 10,268 2,780,294 $ 25,000 (14,931) S 23,446 23,446 $ 659,698 $ 5,367,315 6,027,013 S 2,209,217 S 842,796 41,736 12,090 16,639 5.472 (9,370) 3,118,580 $ 55,687 $ 59,351 S 903,145 55,687 l 1,276) (1,276) S 349 349 S (6 1,570) $ 73,685 12,115 S 30,885 S (556) 905 (8,125) (84,000) (30) 278 (60,643) $ 2,156 $ 2,156 $ Tota ls I 1,061,312 (19,445) ( 1,056,073) ( 1,785,025) (2,362,538) 5,838,231 (4,206,493) (2,594,000) (766,585) 1,874,645 (5,692,433) (243, I 87) (20,834) 1,55 I ,368 25,000 1,312,347 63,789 63,789 1,521,934 14,813,291 16,335,225 4,493,058 1,356,082 19,570 17,633 58,533 ( 19,445) (95,675) 7,299 I , 176 5,838,231 117,194 903,145 1,020,339 ---PAGE BREAK--- 26 City of Whitefish, Flathead County, Montana Statement of Net Position Fiduciary Funds June 30, 2022 ASSETS Cash and short-tenn investments Taxes receivable TOTAL ASSETS LIABILITIES Due to others Total liabilities NET POSITION Restricted for: Individuals, organizations, and other governments Total net position ~ C TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSTION See accompanying Notes to the Financial Statements $ $ $ $ $ $ $ Custodial Funds Custodial Funds 76,091 5,449 81,540 71,705 71,705 9,835 9,835 81,540 ---PAGE BREAK--- 27 City of Whitefish, Flathead County, Montana Statement of Changes in Net Position Fiduciary Funds For the Fiscal Year Ended June 30, 2022 ADDITIONS Taxes, licenses, and fees collected for other govenments Miscellaneous Total additions DEDUCTIONS Other expenditures Total deductions Change in net position Net Position • Beginning of the year Restatements Net Position• Beginning of the year - Restated Net Position - End of the year See accompanying Notes to the Financial Statements $ Custodial Funds Custodial Funds 711 87,625 $ 8_8,'-33_6_ $ $ $ $ (57,424) $ $ ---PAGE BREAK--- 28 NOTE 1. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City complies with generally accepted accounting principles (GAAP). GAAP includes all relevant Governmental Accounting Standards Board (GASB) pronouncements. New Accounting Pronouncements GASB No. 87 Leases is effective for years beginning after December 15, 2019 (revised to year beginning after June 15, 2021, per GASB Statement No. 95). This Statement removed capital and operating lease classifications and now establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments' leasing activities. The City has implemented this pronouncement in the current fiscal year. 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. ---PAGE BREAK--- 29 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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. 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 govermnental 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 regarding inter-fund activities, payables and receivables. All internal balances in the Statement of Net Position have been eliminated. 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 position are available. ---PAGE BREAK--- 30 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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: govermnental, proprietary, and fiduciary. An emphasis is placed on major funds within the govermnental and proprietary categories. Each major fund is displayed in a separate column in the govermnental funds statements. All of the remaining funds are aggregated and reported in a single column as non-major funds. A fund is considered major ifit is the primary operating fund of the City or meets the following criteria: a. Total assets combined with deferred outflows of resources, liabilities combined with deferred inflows of resources, revenues, or expenditures/expenses of that individual govermnental 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 govermnental 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 govermnental 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. ---PAGE BREAK--- 31 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Expenditures are recorded when the related fund liability is incurred, except for unmatured interest on general long-tenn 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 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. Maior 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 established in 1995 to provide budget opportunity to implement City Ordinance 95-15, the Resort Tax Ordinance. The ordinance imposes a 3% resort tax on a range of good and services sold by establishments within the City. The Ordinance specifies that of the 2% is distributed as follows: property tax relief should be provided to Whitefish taxpayers in the amount equal to 25% of the tax revenues derived during the preceding fiscal year, an amount equal to 65% of these revenues shall be used for repair and improvement of existing infrastructure and an amount equal to 5% of the revenues shall be used for bicycle paths and other park improvements. Finally, each collecting merchant is entitled to withhold 5% to defray costs of collecting the tax. Of the other 1 % of the resort tax, 25% goes to additional tax relief, 70% to secure and be pledged to the repayment of a loan or a bond to finance a portion of the costs of, or to otherwise pay for, the acquisition of the Haskill Basin Conservation Easement, and the remaining 5% for the merchants' costs of administration. Fire and Ambulance Fund-A special revenue fund established to account for the activities of the City's fire and ambulance services. ---PAGE BREAK--- 32 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Proprietary Funds: All proprietary funds are accounted for using the accrual basis of accounting. These fuods accotmt 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 fuods are charges to customers for sales and services. Operating expenses for enterprise fuods 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. Maior Funds: The City reports the following major proprietary fuods: Water Fund-An enterprise fund that accounts for the activities of the City's water distribution operations. Sewer Fund - An enterprise fund that accounts for the activities of the City's sewer collection and treatment operations and includes the stonn 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: Custodial Funds - To report fiduciary activities that are not required to be reported in any of the other fiduciary categories in which the resources held by the City in a custodial capacity. This fund primarily consists of reporting of resources held by the City as an agent for individuals, private organizations, other local govermnental entities. ---PAGE BREAK--- 33 NOTE2. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 CASH, CASH EQUIVALENTS, AND INVESTMENTS Cash Composition Composition of cash, deposits, and investments at fair value on June 30, 2022, are as follows: Primary Government Cash on hand and de12osits: Cashon hand Petty Cash $ 1,350 Cash in banks: Demand deposits 21,647,737 Savings deposits 404,199 Time deposits 6,524,487 Credit union deposits 107,149 Investments: State Short-Term Investment Pool (STIP) 10,786,667 U.S. Treasury Note 101,328 Total $ 39,572,917 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. 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. ---PAGE BREAK--- 34 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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. ( c) Level 3 Inputs - Significant unobservable inputs, these investments are valued using consensus pricing. The U.S Treasury Bills are valued using quoted market prices (Level 1 inputs). 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 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 ---PAGE BREAK--- 35 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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, 2022, (in thousands): Total Fixed Income Credit Investments at Quality WAM Security Investment TY.l)e Fair Value Rating illfil'fil Treasuries $ 520,928 A-1 17 Asset Backed Commercial Paper 69,929 A-1 2 Agency of Government Related 1,242,500 A-1 40 Corporate: Commercial Paper 838,725 A-1 27 Notes 253,992 A-1 8 Certificates of Deposit 752 070 A-1 24 Total Investments $ 3,618,144 Audited financial statements for the State of Montana's Board oflnvestments are available at 2401 Colonial Drive ya Floor in Helena, Montana. NOTE3. 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 Improvements Equipment Infrastructure 10-40 years 5-20 years 3 - 40 years 10-40 years ---PAGE BREAK--- 36 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 A summary of changes in governmental capital assets was as follows: Governmental activities: Balance July 1, 2021 Additions Deletions Transfers Capital assets not being depreciated: Transfers to Sewer Land $ 8,840,793 $ $ $ $ - $ Construction in progress 3,480,925 3,982,096 (2,765,331) (903,145) Total capital assets not being depreciated $ 12,321,718 $ 3,982,096 $ $ (2,765,331) $ (903,145) $ Other capital assets: Buildings $ 37,366,728 $ $ $ $ $ hnprovements other than buildings 3,434,744 25,326 28,222 Machinery and equipment 9,414,713 616,740 (226,314) 2,000 Infastructure 56,406,594 27,350 2,735,109 Total other capital assets at historical cost $ 106,622,779 $ 669,416 $ (226,314) $ 2,765,331 $ $ Less: accwnulated depreciation (39,325,188) (4,114,514) 226,314 Total $ 79,619,309 $ 536,998 $ - $ $ (903,145) $ Governmental activities depreciation expense was charged to functions as follows: Governmental Activities: General government Public safety Public works Culture and recreation Housing and community development Total governmental activities depreciation expense $ 480,968 464,080 2,329,664 682,633 157 169 $4,114.514 A summary of changes in business-type capital assets was as follows: Business-type activities: Balance Trans.fers Ildy 1, 2021 Addttions Deletions Transfers from Government Capital assets not being depreciated: Land $ 602,783 $ $ $ $ Haskill Basin Con<,eivation Easement 7,730,248 Construction in progress 33,012,116 3,792,073 (1,265,158) 903,145 Total capital assets not being depreciated $ 41345,147 $ 3,792,073 $ $ (1,265,158) $ 903,145 Other capital assets: Machinety & Equipment $ 134 $ $ $ $ Buildings 843,299 Pwnping plant 3,170,905 Treatment plant 16,515,158 Transmission and distribution 22,514,035 1,265,158 General plant 3,054,161 323,782 (21,040) Total other capital assets at historical cosl $ 46,097,692 $ 323,782 $ (21,040) $ 1,265,158 $ Less: accumulated depreciation (24,471,395) (1,356,082) 21,040 Total $ 62,971 444 $ 2,759 773 $ - $ $ 903,145 $ $ $ $ $ Balance Jlme 301 2022 8,840,793 3,794,545 12,635,338 37,366,728 3,488,292 9,807,139 59,169,053 109,831,212 (43,213,388) 79,253,162 Balance Jtm.e 302 2022 602,783 7,730,248 36,442,176 44 775,207 134 843,299 3,170,905 16,515,158 23,779,193 3,356,903 47,665,592 (25,806,437) 66,634,362 ---PAGE BREAK--- 37 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 NOTE4. LONG TERM DEBT OBLIGATIONS In the governmental-wide and 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, 2022, the following changes occurred in liabilities reported in long-term debt: Governmental Activities: Balance Balance Due Within July I, 2021 Additions Deletions Adjustments June 30, 2022 One Year Compensated absences $ 1,699,304 $ 191,854 $ $ $ 1,891,158 $ 1,595,367 Contracted debt 154,249 (38,562) 115,687 38,562 Special Assessment bonds 1,005,911 (94,768) 14,723 925,866 96,080 Intercap loans 278,411 (115,536) (1,678) 161,197 86,150 Total $ 3,137,875 $ 191,854 $ (248,866) $ 13,045 $ 3,093,908 $ 1,816,159 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, 2021 Additions Deletions June 30, 2022 One Year Compensated absences $ 317,863 $ 868 $ - $ 318,731 $ 219,215 Revem1e bonds 29,915,276 1,874,645 (2,594,000) 29,195,921 2,711,000 Total $ 30,233,139 $ 1,875,513 $ (2,594,000) $ 29,514,652 $ 2,930,215 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. ---PAGE BREAK--- 38 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Special assessment bonds outstanding as of June 30, 2022, were as follows: Origination Interest Bond Maturity Bonds Annual Purpose Date Rate Term Date Amount Payment 3.65- SID #166 - JP Road Project 7/6/06 4.80% 20yrs 7/1/26 $1,360,000 Varies SID #167 (Glacier Bank) 1/5/17 4.36% 20yrs 7/1/37 389,500 Varies SID #167 (First Interstate Bank) 1/5/17 4.36% 20yrs 7/1/37 389,500 Varies Reported in the governmental activities. $2,139,000 Annual requirement to amortize debt: For Fiscal Year Ended Princi11al Interest 2023 $ 96,080 $ 41,121 2024 97,450 36,666 2025 98,880 32,114 2026 95,374 27,502 2027 36,930 23,106 2028 38,560 21,436 2029 40,258 19,734 2030 42,034 17,960 2031 43,886 16,108 2032 45,822 14,174 2033 47,840 12,154 2034 49,948 10,046 2035 52,150 7,842 2036 54,448 5,546 2037 56,848 3,146 2038 29,358 640 Total $ 925,866 $ 289,295 Balance June 30, 2022 $ 255,000 335,433 335 433 $ 925,866 ---PAGE BREAK--- 39 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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, net of an unamortized premium at year-end were as follows: Origination Interest Bond Maturity Bonds Annual Balance PurRose Date Rate Term Date Amount Payment June 30, 2022 Water WRF #08110 - 2007 - Refunding 11/27/12 2.25% 20yrs 1/1/27 $ 668,000 Varies $ 231,000 Water #06098 2006 - Refunding 11/27/12 2.25% 20yrs 7/1/26 693,000 Varies 221,000 Water SRF (2009B) 10/21/09 0.75% 20yrs 7/1/29 120,100 Varies 42,000 Water System, Taxable Series 2016 (Haskill Basin) 1/1/16 2.50% 8yrs 1/1/25 8,219,500 Varies 2,949,000 Water DNRC Series 2015 12/7/15 2.50% 30yrs 1/1/36 120,000 Varies 88,000 WRF Series 2020 A - 21466 9/23/20 2.50% 20yrs 7/1/40 6,000,000 Varies 5,525,000 WRF Series 2020 B - 21478 4/7/21 2.50% 20yrs 1/1/41 5,000,000 Varies 2,575,772 Sewer DNRC (2008A) - Refunding 11/27/12 2.25% 20yrs 1/1/27 372,000 Varies 128,000 Sewer DNRC (2008B) - Refunding 1/16/09 2.25% 20yrs 1/1/27 1,262,000 Varies 437,000 (2010B) 2/4/10 0.75% 20yrs 1/1/30 48,211 Varies 24,000 Sewer 201 lB 8/1/11 3.00% 20yrs 7/1/31 340,000 Varies 178,000 Sewer 201 !C 8/1/11 3.00% 20yrs 7/1/31 350,000 Varies 191,000 Sewer - 2014A- River Lalces 11/20/14 2.50% 20yrs 1/1/35 249,799 Varies 159,000 Sewer2014 3/6/14 3.00% 20yrs 1/1/34 452,300 Varies 291,000 2015 12/17/15 2.50% 20yrs 7/1/36 960,000 Varies 698,000 Sewer I & I 7/21/16 2.50% 20yrs 1/1/36 439,085 Varies 329,000 SRF Series 2020 B - 20485 5/6/20 2.50% 20yrs 1/1/40 10,000,000 Varies 9,004,000 SRF Series 2020 A- 20484 5/6/20 2.50% 20yrs 1/1/40 350,000 Varies 350,000 SRF Series 2020 C- 21498 11/19/20 2.50% 20yrs 7/1/40 9,575,000 Varies 5 775 149 Reported in Business-type activities $45,218.995 $ 29,195.921 ---PAGE BREAK--- 40 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Annual requirement to amortize debt: For Fiscal Year Ended Princi~al Interest 2023 $ 2,711,000 $ 683,220 2024 2,883,500 650,052 2025 2,397,500 565,565 2026 1,775,500 517,419 2027 1,664,500 475,136 2028 1,609,500 433,936 2029 1,648,500 393,538 2030 1,683,500 352,440 2031 1,723,500 310,311 2032 1,718,500 267,668 2033 1,763,500 224,529 2034 1,568,272 181,529 2035 1,355,649 143,179 2036 993,500 110,826 2037 955,500 86,562 2038 979,500 62,335 2039 1,003,500 37,878 2040 708,500 12,641 2041 17,500 1,207 2042 17,[PHONE REDACTED] 17,500 329 Total $ 29,195,921 $ 5,511,066 Contracted Debt Loans/contracted debts outstanding as of June 30, 2022, were as follows: Origination Interest Purpose Date Rate Cisco Equipment Financing 7/20/20 0.00% Reported in the governmental activities. Annual requirement to amortize debt: For Fiscal Year Ended 2023 $ 2024 2025 Total $ Term 5yrs Maturity Date 7/20/25 PrincjQal 38,562 $ 38,562 38,563 115,687 $ Principal Amount $192.811 Interest Annual Payment Varies Balance June 30, 2022 $ 115 687 ---PAGE BREAK--- 41 Purpose CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Intercap Loans Intercap loans have variable interest rates. Interest rates are subject to change annually. Interest rates to the borrower are adjusted on February I 6th 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, 2022, were as follows: Origination Interest Maturity Principal Annual Balance Date Rate Term Date Amount PaY!!)ent June 30, 2021 Fire Pumper Type 1 6/20/2014 1.00-1.55% l0yrs 8/15/2024 $ 202,453 Varies $ 51,925 Fire Pumper 10/3/2014 1.00-1.55% l0yrs 8/15/2024 282,659 Varies Water Tender Fire Apparatus 2/13/2015 1.00-1.55% 7yrs 2/15/2022 211,000 Varies Ambulance 2018 Total 2/16/2018 3.15% 5yrs 2/15/2023 175,000 Varies Reported in the governmental activities. $1,101,565 $ Annual requirement to amortize debt: For Fiscal Year Ended Princi!2al Interest 2023 $ 86,150 $ 3,914 2024 49,905 1,238 2025 25,141 415 Total $ 161,196 $ 5,567 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 pennit 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 I 00 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. 72,532 36 740 161 197 ---PAGE BREAK--- 42 NOTES. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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 fonner 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. 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, 2022. Medical Deductible (Individual/Family) Out-of-Pocket Maximum (Individual/Family) Coinsurance (In Network/Out ofNetwork) Prescription Copays: Generic Brand Formulary Brand Non-Formulary PPO Plan $500/$1000 $ l ,500/$3,000 $20%/40% $4 $20 $50 HDHP $2,800/$5,600 $5,250/$10,500 20%/40% Deductible Applies, 20% Coinsurance ---PAGE BREAK--- 43 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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 6/30/2022 are shown in the following table: Coverage Category Bridger Plan HDHP Dental Vision EE Only $729 $494 $34 $8.15 EE+ Spouse $1,371 $929 $68 $13.00 EE+Child $1,276 $863.25 $58 $13.25 Family $1,925 $1,305 $92 $21.35 Employees covered by benefit terms. On June 30, 2022, the following employees were covered by the benefit tenns: Inactive employees or beneficiaries receiving benefit payments Active employees Total employees Total OPEB Liability 21 91 112 The City's total OPEB liability of $1,292,305 at June 30, 2022, was determined by using the alternative measurement method. The measurement date of the detennined liability was June 30, 2022. Actuarial assumptions and other input. The total OPEB liability in the June 30, 2022, alternative measurement method was determined using the following assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Discount Rate ( average anticipated rate) Payroll Growth General Inflation Mortality Rate Age 50 55 60 65 70 75 80 85 90 Male 0.1879% 0.3010% 0.5271% 0.9041% 1.4636% 2.5057% 4.2816% 7.3750% 13.0721% Female 0.1578% 0.2458% 0.4135% 0.7624% 1.3151 % 2.2077% 3.6037% 6.0833% 10.5549% 4.09% 3.50% 3.00% ---PAGE BREAK--- 44 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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, 2022. Payroll Growth Rate was determined by the Pension Actuarial Valuations June 30, 2021. 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, 2021. Termination rates were set based on PERS, FURS, and MPORS Pension Actuarial Valuations June 30, 2021. Medical Trend Rate: Effective Trend July 1 Rate 2022 6.02% 2023 5.83% 2024 5.63% 2025 5.44% 2026 5.25% 2027 5.06% 2028 4.86% 2029+ 4.67% The Medical Trend Rates above were from the Deloitte 2021 study of economic assumptions. ---PAGE BREAK--- 45 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Retirement Rate as Follows: PERS <30 Years 30+Years FURS MPORS 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: 90% of those assumed to elect coverage in retirement are assumed to be married and 50% 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. 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. ---PAGE BREAK--- 46 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Changes in the Total OPEB Liability Balance at 6/30/2021 $ 1,961,859 Changes for the year: Service Cost $ 95,696 Interest 80,240 Differences in experience (184,472) Change in assumptions (661,018) Changes in benefit terms Net Changes $ (669,554) Balance at 6/30/2022 $ 1,292,305 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 Total OPEB Liability $ !%Decrease (3.09%) 1,523,284 $ Discount Rate (4.09%) 1,292,305 $ 1% Increase (5.09%) 1,106,143 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 Healthcare 1 % Decrease Cost Trends* 1 % fucrease Total OPEB Liability $ 1,054,951 $ 1,292,305 $ 1,607,725 * 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, 2022, the City recognized an OPEB expense of$(669,554). On Jm1e 30, 2022, the City reported deferred outflows of resources and deferred inflows of resourced related to OPEB from the following sources: ---PAGE BREAK--- 47 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Dererred Inflows Balance at 6/30/2021 $ 1,008,295 $ Changes fur the year: Service Cost Interest Differences in experience 184,472 Current year amortization of experience differences (155,585) Change in 661,018 Current year amortization of changes (175,775) Changes ofbenefit tenns Net Changes $ 514,130 $ Balance at 6/30/2021 $ 1,522,425 $ Deferred Outflows 466,529 (5,336) (89,928) {95,264) 371,265 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Amount recognized in OPEB Expense as an OPEB: Year ended increase or (decrease) to June 30: OPEB Expense 2022 $ (164,451) 2023 $ (164,451) 2024 $ (164,451) 2025 $ (164,451) 2026 $ (164,451) 2027 $ (164,451) 2028 $ (164,451) ---PAGE BREAK--- 48 NOTE 6. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 NET PENSION LIABILITY As of June 30, 2022, the City/Town 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 $ 3,918,800 $ 1,113,212 $ 612,888 $ 5,644,900 DefeITed outflows of resources* $ 1,028,184 $ 408,211 $ 601,262 $ 2,037,657 Deferred inflows of resources $ 1,786,352 $ 355,456 $ 435,245 $ 2,577,053 Pension expense $ 481,955 $ 548,287 $ 353,768 $ 1,384,010 *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 $405,917 and $160,112, and $207,262, respectively. These amounts will be recognized as a reduction of the net pension liability in the year ending June 30, 2022. Total deferred inflows and outflows in the remainder of the note are as of the reporting date of June 30, 2022. The following are the detailed disclosures for each retirement plan as required by GASB 68. Public Employee's Retirement System - Defined Benefit Retirement Plan Summary of Significant Accounting Policies The City's employees participate in the Public Employees Retirement System (PERS) administered by the Montana Public Employee Retirement Administration (MPERA), 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). ---PAGE BREAK--- 49 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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 defined contribution retirement plan ( 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-DB RP. 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. Summary of Benefits Service retirement: • Hired prior to July I, 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 2.02% effective July 1, 2018). ---PAGE BREAK--- 50 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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 inunediately 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. 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% ofHAC 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. ---PAGE BREAK--- 51 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA. NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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 I, 2007 • 1.5% for members hired between July I, 2007, and June 30, 2013 • Members hired on or after July 1, 2013: Contributions • 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. 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. 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. ---PAGE BREAK--- 52 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Member Local Government Fiscal Year Hired<07/01/11 Hired>07/0l/11 E1~loyer State 2022 7.900% 7.900% 8.970% 0.100% 2021 7.900% 7.900% 8.770% 0.100% 2020 7.900% 7.900% 8.670% 0.100% 2019 7.900% 7.900% 8.570% 0.100% 2018 7.900% 7.900% 8.470% 0.100% 2017 7.900% 7.900% 8.370% 0.100% 2016 7.900% 7.900% 8.270% 0.100% 2015 7.900% 7.900% 8.170% 0.100% 2014 7.900% 7.900% 8.070% 0.100% 2012 - 2013 6.900% 7.900% 7.070% 0.100% 2010-2011 6.900% 7.070% 0.100% 2008-2009 6.900% 6.935% 0.100% 2000 - 2007 6.900% 6.800% 0.100% 1. Member contributions to the system of7.9% are 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 rate. 2. 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. c. The portion of the employer contributions allocated to the Plan Choice Rate (PCR) are included in the employers reporting. The PCR was paid off effective March 2016 and the contributions previously directed to the PCR are now directed to member accounts. 3. Non-Employer Contributions d. 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 $34,290,660 ---PAGE BREAK--- 53 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions GASB Statement 68 allows a measurement date ofup 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, 2022, was determined byta1dng the results of the June 30, 2021, actuarial valuation and applying standard roll forward procedures. The roll forward procedure uses a calculation that adds the annual norma1 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 confonnity with Actuarial Standards and Practice issued by the Actuarial Standards Board. The Tota1 Pension Liability (TPL minus the Fiduciary Net Position equa1s the Net Pension Liability (NPL The proportionate shares of the employer's and the state of Montana's NPL for June 30, 2022, and 2021 reporting periods, 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 $3,918,800 and the City's proportionate share was 0.216124 percent. Net Pension NetPe11sion Percent of Percent of Change in Liability as of Liability as of Collective NPL Collective N PL Percent of 6/30/2022 6/30/2021 as of6/30/2022 as of6/30/2021 Collective NPL Employer Proportionate Share $ 3,918,800 $ 6,136,059 0.216124% 0.232594% -0.016460% State of Montana Proportionate 1,156,490 1,933,198 0.063781% 0.073277% -0.009496% Share associated with Employer Total $ 5,075,290 $ 8,069,257 0.279905% 0.305871% -0.025956% Changes in actuarial assumptions and methods: The following changes in assumptions or other inputs were made that affected the measurement of the TPL. 1. The discount rate was lowered from 7.34% to 7.06% 2. The investment rate ofretmn was lowered from 7.34% to 7.06% Changes in benefit terms: There were no changes in benefit terms since the previous measurement date. Changes in proportionate share: ---PAGE BREAK--- 54 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 There were no changes between the measurement date of the collective NPL and the employer's reporting date that are expected to have a significant effect on the employer's proportionate share of the collective NPL. However, each employer may have unique circumstances that will impact the employer's proportionate share of the collective net pension. If there were changes that are expected to have an impact on the net pension liability, the employer should disclose the amount of the expected resultant change in the employer's proportionate share of the collective net pension liability, iflmown. Pension Expense: On June 30, 2022, the City recognized a Pension Expense of $154,657 for its proportionate share of the pension expense. The City also recognized grant revenue of $327,298 for the support provided by the State of Montana for its proportionate share of the pension expense that is associated with the City. Employer Proportionate Share State of Montana Proportionate Share associated with the Employer Total $ $ Recognition of Beginning Deferred Ouiflow Pens ion Expense as of 6/30/22 154,657 $ 327,298 Pension Expense as of 6/30/21 879,231 316,159 481,955 ,1=9=5,._39=0= On June 30, 2022, the City recognized a beginning deferred outflow of resources for the City's fiscal year 2021 contributions of$389,603. Recognition of Deferred Iriflows and Ouiflows: On June 30, 2022, the City reported its proportionate share of the Plan's deferred outflows of resources and deferred inflows of resources from the following sources: ---PAGE BREAK--- 55 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual economic experience $ 41,821 $ 28,368 Actual vs. Expected Investment Earnings Changes in Assumptions Changes in Proportion Share and Differences between Employer Contributions and Proportionate Share of Contribntions Employer contributions sunsequent to the measurement date - FY22* Total $ 1,587,546 580,446 170,438 405,917 1,028,184 * Amounts reported as deferred outflows ofresources related to pensions resulting from the City's contributions subsequent to the measurement date have been recognized as a reduction of the net pension liability in the year ended June 30, 2022. 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 Jnne 30: 2022 $ 2023 $ 2024 $ 2025 $ Thereafter $ Actuarial Assumptions Recognition of Deferred Outflows and Deferred Inflows in Future years as an increase or (decrease) to Pension Expense (28,031) (245,836) (383,433) (506,784) The total pension liability used to calculate the NPL was detennined by taldng the results of the June 30, 2021, actuarial valuation, and was determined using the following actuarial assumptions. ---PAGE BREAK--- 56 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 • Investment Return (net of admin expense) • Admin Expense as% of Payroll • General Wage Growth* *includes Inflation at • Merit Increases • Postretirement Benefit Increase Below: Guaranteed Annual Benefit Adjustment (GABA) 7.06% 0.28% 3.50% 2.40% 0%to4.8% 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, 2013 • 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 an10ng 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. Target Allocations The long-term rate of return as of June 30, 2021, was calculated using the average long- tenn capital market assumptions published by the Survey of Capital Market Assumptions, 2021 Edition by Horizon Actuarial Services, LLC, yielding a median real rate of return of 4.66%. The assumed inflation is based on the intermediate inflation of 2.4% in the 2021 OASDI Trustees Report by the Chief Actuary for Social Security to produce 75-year cost projections. Combining these two results yields a nominal return of 7.06%. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of June 30, 2021, are summarized in the following table. Asset Class Target Asset Long-Term Expected Real Rate Allocation of Return Arithmetic Basis Cash 3.00% (0.33%) Domestic Equity 30.00% 5.90% International Equity 17.00% 7.14% Private Investments 15.00% 9.13% Real Assets 5.00% 4.03% Real Estate 9.00% 5.41% ---PAGE BREAK--- 57 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Core Fixed Income Non-Core Fixed Income Total Discount Rate 15.00% 6.00% 100% 1.14% 3.02% The discount rate used to measure the TPL was 7.06%. 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 2126. Therefore, the long-tenn 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. 1.0% Decrease (6.06%) $ 6,220,484 Cmrent Discount Rate $ 3,918,800 $ 1.0% Increase (8.06%) 1,988,221 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 .06%, as well as what the net pension liability would be ifit were calculated using a discount rate that is 1.00% lower (6.06%) or 1.00% higher (8.06%) than the current rate. PERS Disclosure for the defined contribution plan Flathead County 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 ---PAGE BREAK--- 58 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 vested after 5 years of membership service for the employer's contributions to individual accounts and the att1ibutable income. Non-vested contributions are forfeited upon tennination 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, 2020, 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 329 employers that have participants in the PERS-DCRP totaled $775,195. 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 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 detennining the NPL; Defened Outflows of Resources and Defened 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 fom1al 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 incuned. 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). ---PAGE BREAK--- 59 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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. Summary of Benefits MPORS provides retirement, disability, and death benefits to plan members and their beneficiaries. Benefits are based on eligibility, years of service, and compensation. Member rights are vested after five years of service. Service Retirement • 20 years of membership service, regardless of age. • Age 50 with 5 years of membership service (Early Retirement). • 2.5% ofFAC x years of service credit. Second Retirement Re-calculated using specific criteria for members who return to covered MPORS employment prior to July 1, 2017: • Less than 20 years of membership service, upon re-employment, repay benefits and subsequent retirement is based on total MPORS service. • More than 20 years of membership service, upon re-employment, receives initial benefit and a new retirement benefit based on additional service credit and F AC after re-employment. ---PAGE BREAK--- 60 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Applies to members re-employed in a MP ORS position after July 1, 2017: • • 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: o Is not awarded service credit for the period of reemployment. o Is refunded the accumulated contributions associated with the period of reemployment. o Starting the first month following tennination of service, receives the same retirement benefit previously paid to the member; and o 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. 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: o Is awarded service credit for the period of reemployment; o Starting the first month following termination of service, receives: o The same retirement benefit previously paid to the member, and o A second retirement benefit for the period of reemployment calculated based on the laws in effect as of the member's rehire date; and o Does not accrue post-retirement benefit adjustments during the term of reemployment but receives a GABA: o On the initial retirement benefit in January immediately following second retirement, and o On the second retirement benefit starting in January after receiving that benefit for at least 12 months. • A member who returns to covered service is not eligible for a disability benefit. 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 (F AC) 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. 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 Minimmn benefit adjustment (non-GABA) • The minimum benefit adjustment provided may not be less than 50% of the compensation paid to a newly confirmed police officer of the employer that last employed the member as a police officer in the current fiscal year. ---PAGE BREAK--- 61 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Contributions The State Legislature has the authority to establish and amend contribution rates to the plan. 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. Member Hired Fiscal Hired Hired Hired >6/30/97 Year <7/1/75 >6/30/75 >6/30/79 GABA Emj:lloyer State 2000-2022 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 ofup 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, 2022, was determined by taking the results of the June 30, 2021, 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, 2022, and 2021 reporting periods, 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 $1,113,212 and the City's proportionate share was 0.6124 percent. Net Pension Net Pension Percent of Percent of Change in Liability as of Liability as of Collective NPL Collective NPL Percent of 6/30/2022 6/30/2021 as of6/30/2022 as of6/30/2021 Collective NPL Employer Proportionate Share $ 1,113,212$ 1,526,943 0.6124% 0.6243% -0.0119% State ofMontana Proportionate 2,262,676 3,079,695 Share associated with Employer 1.2447% 1.2591 % -0.0144% Total $ 3,375,888 $ 4,606,638 1.8571 % 1.8834% -0.0263% Changes in actuarial assumptions and methods: ---PAGE BREAK--- 62 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 The following changes in assumptions or other inputs were made that affected the measurement of the TPL. I. The discount rate was lowered from 7.34% to 7.06% 2. The investment rate of return was lowered from 7.34% to 7.06% 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. However, each employer may have unique circumstances that will impact the employer's proportionate share of the collective net pension. If there were changes that are expected to have an impact on the net pension liability, the employer should disclose the amount of the expected resultant change in the employer's proportionate share of the collective net pension liability, if known. Pension Expense: On June 30, 2022, the City recognized a Pension Expense of$! 81,127 for its proportionate share of the pension expense. The City also recognized grant revenue of $367,160 for the support provided by the State of Montana for its proportionate share of the pension expense that is associated with the employer. Employer Proportionate Share State of Montana Proportionate Share associated with the Employer Total $ $ Recognition of Beginning Deferred Outflow Pens ion Expense as of 6/30/22 181,127 $ 367,160 Pens ion Expense as of 6/30/21 250,351 514,206 548 287 $ 764 557 On Jtme 30, 2022, the City recognized a beginning deferred outflow of resources for the City's fiscal year 2021 contributions of$159,703. Recognition of Deferred Inflows and Outflows: On June 30, 2022, the City reported its proportionate share of the Plan's deferred outflows of resources and deferred inflows of resources from the following sources: ---PAGE BREAK--- 63 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Differences between expected and actual economic experience Actual vs. Expected Investment Earnings Changes in Assumptions Changes in Proportion Share and Differences between Employer Contributions and Propo1tionate Share of Contributions Employer contributions sunsequent to the measurement date - FY22* Total $ $ Deferred Deferred Outflows of Inflows of Resources Resources 35,406 $ 12,156 335,377 212,693 7,923 160,112 408 211 * Amounts reported as deferred outflows of resources related to pensions resulting from the County's contributions subsequent to the measurement date have been recognized as a reduction of the net pension liability in the year ended June 30, 2022. 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: 2022 $ 2023 $ 2024 $ 2025 $ Recognition of Deferred Outflows and Deferred Inflows in Future years as an increase or (decrease) to Pension Expense 38,079 10,705 (47,573) (108,567) Thereafter $ Actuarial Assumptions The TPL used to calculate the NPL was determined by taking the results of the June 30, 2021, actuarial valuation, and was determined using the following actuarial assumptions. • Investment Return (net of admin expense) 7.06% ---PAGE BREAK--- 64 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 • Admin Expense as% of Payroll • General Wage Growth* *includes Inflation at • Merit Increases • Postretirement Benefit Increases 0.18% 3.50% 2.40% 0% to 6.60% • 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. • 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. Target Allocations The long-tenn rate of return as of Jtme 30, 2021, was calculated using the average long- term capital market assumptions published by the Survey of Capital Market Assumptions, 2021 Edition by Horizon Actuarial Services, LLC, yielding a median real rate of return of 4.66%. The assumed inflation is based on the intermediate inflation of 2.4% in the 2021 OASDI Trustees Report by the Chief Actuary for Social Security to produce 75-year cost projections. Combining these two results yields a nominal return of 7.06%. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of Jtme 30, 2021, are summarized in the following table. Asset Class Target Asset Long-Term Expected Real Rate Allocation of Return Arithmetic Basis Cash 3.00% (0.33%) Domestic Equity 30.00% 5.90% International Equity 17.00% 7.14% Private Investments 15.00% 9.13% Real Assets 5.00% 4.03% ---PAGE BREAK--- 65 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Real Estate Core Fixed Income Non-Core Fixed Income Total Discount Rate 9.00% 15.00% 6.00% 100% 5.41% 1.14% 3.02% The discount rate used to measure the TPL was 7.06%. 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 2134. 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. 1.0% Decrease (6.06%) $ 1,821,351 Current Discount Rate $ 1,113,212 $ 1.0% Increase (8.06%) 550,295 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 .06%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1.00% lower (6.06%) or 1.00% higher 06%) 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 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 ---PAGE BREAK--- 66 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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. 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 service 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~ Nonna! retirement benefit calculated using HAC and service credit 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 ---PAGE BREAK--- 67 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 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. 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 ofa 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 ---PAGE BREAK--- 68 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 contribution rates are shown in the table below. Fiscal 1998-2022 1997 Member Non-GABA GABA 9.500% 7.800% 10.700% Employe 14.360% 14.360% State 32.610% 32.610% Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions GASB Statement 68 allows a measurement date ofup 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, 2022, was determined by taking the results of the June 30, 2021, 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, 2022, and 2021 reporting period, 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 $612,888 and the City's proportionate share was 0. 7162 percent. Net Pension Net Pension Percent of Percent of Change in Liability as of Liability as of Collective NPL Collective NPL Percent of 6/30/2022 6/30/2021 as of6/30/2022 as of6/30/2021 Collective NPL Employer Proportionate Share $ 612,888 $ 1,133,976 0.7162% 0.7247% -0.0085% State of Montana Proportionate 1,391,062 2,556,358 1.6255% 1.6337% -0.0082% Share associated with Employer Total $ 2,003,950 $ 3,690,334 2.3417% 2.3584% -0.0167% Changes in actuarial assumptions and methods: ---PAGE BREAK--- 69 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 The following changes in assumptions or other inputs were made that affected the measurement of the TPL. 1. The discount rate was lowered from 7.34% to 7.06% 2. The investment rate of return was lowered from 7.34% to 7.06% Changes in benefit terms: There were no changes in benefit terms since the previous measurement date. Changes in proportionate share: There were no changes between the measurement date of the collective NPL and the employer's reporting date that are expected to have a significant effect on the employer's proportionate share of the collective NPL. However, each employer may have unique circumstances that will impact the employer's proportionate share of the collective net pension. If there were changes that are expected to have an impact on the net pension liability, the employer should disclose the amount of the expected resultant change in the employer's proportionate share of the collective net pension liability, if known. Pension Expense: On June 30, 2022, the City recognized a Pension Expense of $105,570 for its proportionate share of the pension expense. The City also recognized grant revenue of $248,198 for the support provided by the State of Montana for its proportionate share of the pension expense that is associated with the City. Employer Proportionate Share $ State of Montana Proportionate Share associated with the Employer Total $ Recognition of Beginning Deferred Outflow Pension Expense as of 6/30/22 105,570 $ 248,198 Pens ion Expense as of 6/30/21 205,360 465,173 353 768 On June 30, 2022, the City recognized a beginning deferred outflow of resources for the City's fiscal year 2021 contributions of$189,260. Recognition of Deferred Inflows and Outflows: On June 30, 2022, the City reported its proportionate share of the Plan's deferred outflows of resources and deferred inflows of resources from the following sources: ---PAGE BREAK--- 70 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Differences between expected and actual economic experience Actual vs. Expected Investment Earnings Changes in Assumptions Changes in Proportion Share and Differences between Employer Contributions and Proportionate Share of Contributions Employer contributions sunsequent to the measurement date - FY22* Total $ $ Deferred Deferred Outflows of Inflows of Resources Resources 80,248 $ 3,335 419,285 313,752 12,625 207;262 601,262 5;2_4..,5 * Amounts reported as deferred outflows of resources related to pensions resulting from the County's contributions subsequent to the measurement date have been recognized as a reduction of the net pension liability in the year ended June 30, 2022. 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 2022 $ (9,329) 2023 $ (14,927) 2024 $ ( 46,346) 2025 $ (67,974) Thereafter $ 97,331 Actuarial Assumptions The TPL used to calculate the NPL was determined by taking the results of the June 30, 2021, actuarial valuation, and was determined using the following actuarial assumptions. • Investment Return (net of admin expense) 7.06% ---PAGE BREAK--- 71 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 • Admin Expense as% of Payroll • General Wage Growth* • *includes Inflation at • Merit Increases • Postretirement Benefit Increases: 0.17% 3.50% 2.40% 0% to 6.3% • 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 than½ 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. Target Allocations The long-term rate of return as of June 30, 2021, was calculated using the average long- term capital market assumptions published in the Survey of Capital Market Assumptions 2021 Edition by Horizon Actuarial Service, LLC, yielding a median real return of 4.66%. The assumed inflation is based on the intermediate inflation assumption of 2.40% in the 2021 OASDI Trustees Report used by the Chief Actuary for Social Security to produce 75- year cost projections. Combining these two results yields a nominal return of 7.06%. Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of June 30, 2021, are summarized in the below table. Asset Class Target Asset Long-Term Expected Real Rate Allocation of Return Arithmetic Basis Cash Equivalents 3.00% (0.33%) Domestic Equity 30.00% 5.90% Foreign Equity 17.00% 7.14% Private Investments 15.00% 9.13% Natural Resources 5.00% 4.03% Real Estate 9.00% 5.41% ---PAGE BREAK--- 72 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE BASIC FINANCIAL STATEMENTS FISCAL YEAR ENDING JUNE 30, 2022 Core Fixed Income Non-Core Fixed Income Total Discount Rate 15.00% 6.00% 100.00% 1.41% 3.02% The discount rate used to measure the TPL was 7.06%. 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 32.61 % 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. 1.0% Decrease (6.06%) $ 1,390,569 Current Discount Rate $ 612,888 $ 1.0% Increase (8.06%) (10,046) 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 .06%, as well as what the net pension liability would be ifit were calculated using a discount rate that is 1.00% lower (6.06%) or 1.00% higher (8.06%) 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 ---PAGE BREAK--- 73 NOTE7. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 INTERFUND RECEIVABLES AND PAYABLES Interfund Transfers The following is an analysis of operating transfers in and out during fiscal year 2021: Purpose Property Tax relief Resort Tax paid debt service for the Haskill Basin Conservation Easement Operating Operating Operating Match Operating Operating Indirect cost allocation transfer Receivable Fund General Fund - Major Governmental Water Fund - Major Business-Type ParksFund- Nonmajor Governmental Payable Fund Resort Tax - Major Governmental Resort Tax - Major Governmental General Fund - Major Governmental Fire and Ambulance - General Fund - Major Major Governmental Governmental Library Fund - Nonmajor Governmental Gas Tax BaRSAA Nonmajor Governmental Law Enforcement Nonmajor Governmental Parks, Recreation, & Community Service - Nomnajor Governmental General - Major Governmental General Fund - Major Governmental Streets and Alleys Nonmajor Governmental General Fund - Major Governmental Water-Major Business-Type Parks, Recreation & community Services -Nonmajor Governmental Amount $1,534,066 1,551,368 883,426 953,092 34,371 9,275 2,657,502 43,331 24,003 ---PAGE BREAK--- 74 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 Indirect cost General - Major Library Fund - 6,300 allocation transfer Goverrnnental Nornnajor Governmental Indirect cost General - Major Fire and Ambulance - 67,805 allocation transfer Governmental Major Governmental Indirect cost General - Major Law Enforcement 66,968 allocation transfer Goverrnnental Nornnajor Governmental Indirect cost General - Major Building Codes- 14,974 allocation transfer Governmental Nornnajor Govermnental Indirect cost General - Major Lighting District 751 allocation transfer Governmental Nonmajor Governmental Indirect cost General - Major Lighting District 751 allocation transfer Governmental Nonmajor Governmental Indirect cost General - Major Storm Water- 4,153 allocation transfer Governmental Nonmajor Governmental Indirect cost General - Major Streets - Nornnajor 16,668 allocation transfer Governmental Governmental Indirect cost General - Major Water-Major 32,363 allocation transfer Governmental Business-Type Indirect cost General - Major Wastewater-Major 33,264 allocation transfer Governmental Business-Type Indirect cost General- Major Solid Waste- 1,276 allocation transfer Governmental Nonmajor Business- Type Property Tax relief General Fund - Major Water Fund- Major 132,953 Governmental Business-Type $8,067,660 ---PAGE BREAK--- 75 NOTES. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 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 town. 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. NOTE9. 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: Non-spendable: - includes resources not in spendable form, such as inventory or those legally requires to be maintained intact, such as principal portion of permanent funds. 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. ---PAGE BREAK--- 76 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 Restricted Fund Balance Major Fund Amount $14,075 2,802,967 1,914,135 Purpose of Restriction Employee Flex Spending General Resort Tax Fire & Ambulance All Other Aggregate: Street/Park Improvements and Property Tax Relief Emergency Services 3,311,600 Maintenance of Streets - Street & Alley 327,050 Maintenance of Streets - BaRSAA 1,505,253 Culture & Recreation Services and Improvements 1,670,420 Construction Inspections 1,544,381 Improvements - Impact Fees 1,515,638 Stonn Drainage 7,816 Affordable Housing 351,515 Utilities 1,471 Miscellaneous 349,869 Debt Service $15,316,190 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 General General General Parks and Recreation ARPA Total Amount Reason for Adjustment ($2,136) Prior Period Cash Adjustment for the Flexible Spending Account ($18,641) Prior Period Cash Adjustment for Retirement $38 Prior Period Adjustment from ARP A to General Fund ($3,375) Prior Period Expenditure Adjustment not recorded in Beginning Balance ($38) Prior Period Adjustment from ARP A to General Fund $ (24,152) ---PAGE BREAK--- 77 NOTE 11. CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 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 applicant on the project inspected, payable on a basis. Whitefish agreed to provide Columbia Fa1ls, 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 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 ofWhitefish 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 Kalispe11, 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 pennits the District to connect to the City's sanitary sewage collection system. The usage rate charged by the City to the District is a $80.10 base rate plus $12.50 per thonsand 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 ---PAGE BREAK--- 78 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 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. NOTE14. RISK MANAGEMENT The City faces considerable number of risks ofloss, 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. 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 govermnents. 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 premimn for its employee injury insurance coverage, which is allocated to the employer 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 Relief25% ---PAGE BREAK--- 79 CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA NOTES TO THE FINANCIAL STATEMENTS June 30, 2022 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, 2021, the Resort Tax Fund has a cash balance of $3,187,581 This balance was restricted as follows: Park Improvements $312,715 Street Improvements $455,197 Tax Relief $2,419,669 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 Resort Tax collections for FY 22 were at an all-time high which translates to a higher level of property tax relief in FY23. The City adopted a transportation plan on October 21, 2022 which will provide guidance for future project planning. The City continues to monitor the effects of the COVID-19 pandemic and new variants of the virus on operations. The City could experience operational changes, shutdowns or financial impacts that will continue to be monitored and may require a response to address changing situations. ---PAGE BREAK--- 80 REQUIRED SUPPLEMENTARY INFORMATION ---PAGE BREAK--- 81 RESOURCES (INFLOWS): Ta:ites and assessments Licenses nnd pcnnits lntergovemmentnl Charges for services Fines and forfeilures Investment earnings Amounts avaih1ble for appropriation CHARGES TO APPROPRIATIONS General government Public safety Public works Social and economic services Culture and recreation Housing nnd community development Debt service • principal Miscellnm:ous Capital outlay Total charges to ap1)ropriations OTIIER FINANCING SOURCES (USES) Transfers in Transfers out Total other financing sources (uses) Net change in fond balance Fund ~ beginning of the yenr Restatements Fund balance M beginning of the yenr • restuted Fund bulnnce • end of the year City of Whitefish, County, Montana Comporisoo Schedule For lhe Year Ended June 30, 2022 $ $ $ $ $ $ General BUDGETED AMOUNTS ACTUAL AMOUNTS (BUDGETARY BASIS) Soo Note A ORIGINAL FINAi, 2,982,032 $ 2,982,032 $ 3,010,592 153,650 153,650 297,107 961,314 961,314 985,539 299,597 299,597 422,887 343,600 343,600 300,375 141,818 141,818 I 19,043 12 750 12 750 52,413 4 894,761 $ 4 894,761 s 5 187 956 852,742 $ 844,242 $ I,054,154 851,396 851,396 648,740 64,557 18,300 . _ ,26,067 UNA~5o~r·11:.~· ; 'I ' _ _ t : ! )9,i41 13,500 • 38,563 16,500 16,500 26~00 48,616 14,1)56 1811695 $ 1813195 $ 1 800 721 1,667,019 $ 1,667,019 $ 1,945,105 (4,528,391) (42528,391} {4,528J.fil (2,861,372) $ (2,861,372) $ !2,583,286) $ 803,949 $ 2,051,483 (2,136) $ 2,049 347 $ 2 853 296 $ $ $ $ $ $ VARIANCE BUDGET 28,560 143,457 24,225 [23,290 (43,225) (22,775) 39,663 293 195 (209,912) 202,656 (7,767) 1,500 (3,500 (38,563) 16,500 34,560 12474 278,086 278,086 ---PAGE BREAK--- 82 RESOURCES (INl?LOWS): Taxes and assessments Investment earnings Amounts avnihible for appropriation CHARGES TO APJ1ROJ1RIATIONS (OUTFLOWS): Public works Culture and recreation Capital outlay Total charges to appropriations OTHER FINANCING SOURCES (USES) Transfers out Totul other financing sources (uses) Nel change in fund balance Fund balance~ beginning of the yeur Fund balance~ end ofthe year City of Whitetisli, Co1111ty, For the Fiscal Year Ended ,June 30, 2022 Resort Tax BUDGETED AMOUNTS ORIGINAL FINAL $ 4,796,642 $ 4,796,642 $ 6375 6375 $ 4 803 017 $ 4 803 017 $ $ $ $ $ ~ t,L b . ' l I ,060,000 : ) J j r o ifo 'io%oboo· $ $ {2,712!121) $ {2,7l2il21} $ $ (2,712,121) $ (21712,121) $ $ $ $ ACTUAL AMOUNTS UASlS) See Note A 6,316,643 10 504 6,327,147 635 2IO 2.594 277 2 595,122 (3,085,434) (3,085,434) 646 591 2,156 376 2 802,967 $ $ $ $ $ $ VARIANCE HUDGET 1,520,001 4 129 I 524,130 (635) (2IO) (534,277) (535,122) (373,313) (373,313) ---PAGE BREAK--- 83 RESOURCES (INFLOWS), Taxes and assessments Licenses and permits Charges for seivices Miscellaneo11s Amounts available for uppropriation CHARGES TO APPROPRIATIONS (OU'H'LOW&'): Public safety Debi service • princiJml Debt service • interest Capital outlay Total charges to appropriations OTHER FINANCING SOURCES (USES) Transfers in Transfers out Total other financing sources (uses) Net change in fund balance Fund balance• beginning ofthe year Fund balance• end oflhe year City ofWl1ifeflsh, Flathend County, Montnua lhulgclary Compul'ison Schedule For the Fiscal Year Ended June JO, 2022 Fire nnd Ambulance $ BUDGETED AMOUNTS ORIGINAL FINAL 1,134,086 $ 160,100 405,000 2,060,374 24,000 3,783,560 $ 953,092 $ 953 092 $ 1,134,086 $ 160,100 465,000 2,000,374 24,000 3,783 560 $ 953,092 $ 953,092 $ $ $ $ ACTIIAL AMOUNTS (BUDGETARY BASIS) See Note A VARIANCJt; WITH FINAL BUDGET 1,124,636 $ (9,450) 189,024 28,924 547,279 82,279 2,128,356 127,982 73 313 49,313 4 062 608 $ ---~2,_,1.,_9oc04e,8,_ 953,092 $ (67,805} 885 287 $ (67,805) (67,805) 199 104 l,715 031 1.914,135 ---PAGE BREAK--- 84 City of Whitefish, Flathead County, Montana Budgetary Comparison Schedule BudgeMo-GAAP Reconciliation Note A - Explanation of differences behveen budgetary inflows and outflows aml GAAP Revenues and Expenditures Sources/Inflows of resources Actual amounts (budgetary basis) 11availahle for appropriation" from dte budgetary comparison schedule $ Combined funds (GASBS 54) revenues Total reve1mes as reported on the statement of revenues, expenditures and changes in fund bn1ances-goven1me11tal funds. $ Actual amounts (Budgetary basis) 11total charges to appropriatio11s 11 from the budgetary comparison schedule $ Combined funds (GASBS 54) expenditures Total expenditures as reported on the statement of revenues, expenditures, and changes in fund balances - governmental funds $ Genentl 1,800,721 $ 3,106,827 4,907 548 $ Fire and Ucsorl Tax Ambulance 6,327,147 $ 4,062,608 r" ' 6,327 147 $ 4,062 608 2,595,122 $ 4,748,791 2,595,122 $ ---PAGE BREAK--- 85 Total OPED liability Service Cost Interest Differences in experience Change in assumptions and inputs Benefit payments Net change in total OPEB liability Total OPEB Liability - beginning Total OPEB Liability- ending Covered-employee payroll City of Whitefish, Flathead County, Montana Schedules of Required Supplementary Information SCHEDULE OF CHANGES IN THE TOTAL OPEB AND RELATED RATIOS For Fiscal Year Ended ,June 30, 2022 2022 2021 2020 $ 95,696 $ 153,182 $ 138,474 80,240 38,587 56,968 (184,472) ( 164,207) 37,406 (661,018) 164,252 (446,159) UN A r u·..,dl-rr-© {158,2992 J--'cct62/5 B1-i' I i ' TI (371,610) 1,961,859 1,770,046 2,.141,656 $ 1,292,305 $ 1,961,860 $ 1,770,046 $ 5,950,576 $ 5,878,397 $ 5,679,611 Total OPEB liability as a percentage of covered -employee payroll 21.7% 33.4% 31.2% 2019 2018 $ 146,887 $ 171,915 71,290 65,767 (83,630) (801,946) (114,618) 564,459 19,929 195 2,121,727 2,121,532 $ 2, 141,656 $ 2,12 1,727 $ 5,3 I 7,189 $ 6,452,129 40.3% 32.9% *The above schedule is presented by combining the required schedules Ji-om GASB 75 paragraphs 170a and 170b. The GASB requires that JO years o/in/orma/ion relaled to the OPEB liabilily be presented, additional data will be provided as it becomes available. ---PAGE BREAK--- 86 City of\Vhitefish, Flathead County, Montana GASB68RSI June 30, 2022 Schedule of Proportionate Share of the Net Pension Liability Table PERS PERS PERS PERS PERS PERS PERS PERS 2022 2021 2020 2019 2018 2017 2016 2015 Employer's proportion of the net pension liability 0.216124% 0.232584% 0220808% 0215314% 0263350% 0.272812% 0246362% 0240463% Employer,s proportionate share of the net pension liability associated with the Employer $ 3,918,800 $ 6,136,059 $ 4,615,578 $ 4,493,914 $ 5,129,069 $ 4,646,925 s 3,443,819 $ 2,996,189 State of Montana's proportionate share of the net pension liability associated v.'lth the Employer $ 1,156,490 $ 1,933,198 $ 1,503,159 $ 1,504,721 $ 68,528 $ 56,780 $ 42,302 $ 36,588 Total $ 5,075,290 $ 8,069,257 $ 6,118 737 $ 5,998,635 $ 5,197,597 $ 4,703,705 $ 3,486,121 $ 3,032,777 Employer's covered payroll $ 3,817,565 $ 3,901,909 $ 3,645,911 $ Employer's proportionate share of the net pension liability 3,540,966 $ 3,266,903 $ 3,267,805 $ 2,875,089 $ 2,757,858 as a percentage of its covered payroll 102.65% 157.26% 126.60% 126.91% 157.00% 142.20% 119.78% 111.22% Plan fiduciary net position as a percentage of the total UNP t I w3'!4t¾rii=: D-75% pension liability 79.91% 68.90% ~ ~i i! ~ / 74.71% 78.40% 79.87% Schedule of Contributions PERS PERS PERS PERS PERS PERS PERS PERS 2022 2021 2020 2019 2018 2017 2016 2015 Contractually required contributions $ 405,917 $ 389,603 $ 341,900 $ Contributions in relation to the contractually required 313,349 $ 299,919 $ 273,442 $ 282,462 $ 253,208 contributions $ 405,917 $ 389,603 $ 341,900 $ 313,349 $ 299,919 $ 273,442 $ 282,462 $ 253,208 Contribution deficiency ( excess) $ $ $ $ $ $ $ $ City's covered payroll $ 4,525,273 $ 4,442,452 $ 3,901,909 $ 3,645,911 $ 3,540,966 $ 3,266,903 $ 3,267,805 $ 2,875,089 Contributions as a percentage of covered payroll 8.97% 8.77% 8.76% 8.59% 8.47% 837% 8.64% 8.81% ---PAGE BREAK--- 87 City of Whitefish, Flathead County, Montana GASB68RSI June 30, 2022 Schedule of Proportionate Share of the Net Pension Liability Table MPORS MPORS MPORS MPORS l\'lPORS MPORS MPORS MPORS 2022 2021 2020 2019 2018 2017 2016 2015 Employer's proportion of the net pension liability 0.6124% 0.6243% 0.6106% 0.6186% 0.6190% 0.6792% 0.6233% 0.6024% Employer's proportionate share of the net pension liability associated Vvith the Employer $ 1,113,212 $ 1,526,943 $ 1,215,267 $ 1,059,341 $ 1,101,345 $ 1,222,583 $ l,03!,015 $ 946,627 State of Montana's proportionate share of the net pension liability associated with the Employer $ 2,262,676 s 3,079,695 $ 2,474,698 $ 2,165,490 $ 2,244,725 $ 2,426,881 $ 2,088,934 $ 1,912,300 Total $ 3,375,888 $ 4,606,638 $ 3,689,965 $ 3,224,831 $ 3,346,070 $ 3,649,464 $ 3,119,949 $ 2,858,927 Employer's covered payroll $ 1,108,284 $ 1,069,433 $ 1,006,256 $ 976,361 $ 925,719 $ 958,753 $ 862,615 $ 808,297 Employer's proportionate share of the net pension liability as a percentage of its covered payroll 100.44% 142.78% 120.77% 108.50% 118.97% 127.52% 119.52% 117.11% Plan .fiduciary net position as a percentage of the total pension liability 75.76% 64.84% 68.84% 70.95% 68.34% 65.62% 66.90% 67.01% Schedule of Contributions I 'N/l. t 2 t ? d u . • · L.d· i. ~ MPORS MPORS MPORS MPORS MPORS MPORS MPORS MPORS 2022 2021 2020 2019 2018 2017 2016 2015 Contractually required contributions $ 160,112 $ 159,703 s 155,811 $ 145,579 $ 146,032 $ 133,396 $ 140,445 $ 125,045 Contributions in relation to the contractually required contributions $ 160,112 $ 159,703 $ 155,8]1 $ ]45,579 $ 146,032 $ 133,396 $ 140,445 $ 125,045 Contribution deficiency (excess) s $ $ s $ $ $ $ City's covered payroll $ l,lll,Il7 $ 1,108,279 $ 1,069,433 $ 1,006,256 $ 976,361 $ 925,719 $ 958,753 $ 862,615 Contributions as a percentage of covered payroll 14.41% 14.41% 14.57% 14.47% 14.96% 14.41% 14.65% 14.50% ---PAGE BREAK--- 88 City of Whitefish, Flathead County, Montana GASB68RSJ June 30, 2022 Schedule of Proportionate Share of the Net Pension LiabiJity Table FURS FURS FURS FURS FURS FURS FURS FURS 2022 2021 2020 2019 2018 2017 2016 2015 Employer's proportion of the net pension liability 0.7162% 0.7247% 0.6704% 0.7382% 0.7382% 0.7974% 0.8118% 0.8339% Employer's proportionate share of the net pension liability associated Vl.ith the Employer $ 612,888 $ 1,133,976 $ 769,008 $ 850,163 $ 834,451 s 910,727 $ 830,332 $ 814,039 State of Montana's proportionate share of the net pension liability associated with the Employer $ 1,391,062 $ 2,556,358 $ 1,859,484 $ 1 943,937 $ 1,894,948 $ 2,063,421 $ 1.849371 $ 1,836,432 Total $ 2,003,950 $ 3,690,334 $ 2,628,492 $ 2,794,100 $ 2 729,399 $ 2,974,148 $ 2,679,703 $ 2,650,471 Employer's covered pa)'roll $ 1,317,965 $ 1,302,493 $ 1,162,484 $ 1,162,570 $ 1,103,598 $ 1,122,869 $ 1,091,002 $ 1,083,229 Employer's proportionate share of the net pension liability as a percentage of its covered payroll 46.50% 87.60% 66.15% 73.13% 75.61% 81.11% 76.11% 75.15% Plan fiduciary net position as a percentage of the total pension liability 87.72% 75.34% 80.08%,N ,.7t3.~ 75.48% 76.90% 76.71% I; 11 :1 Schedule of Contributions FURS FURS FURS FURS FURS FURS FURS FURS 2022 2021 2020 2019 2018 2017 2016 2015 Contractually required contributions $ 207,262 $ 189,260 $ 186,208 $ 160,204 $ 171,113 $ 158,477 $ 160,540 $ 159,717 Contributiom. in relation to the contractually required contributions $ 207,262 $ 189,260 $ 186,208 $ 160,204 $ 171,113 $ 158,477 $ 160,540 $ 159,717 Contribution deficiency (excess) $ $ $ $ $ $ $ $ City's covered pa)roll $ 1,443,329 $ 1,317,967 $ 1,302,493 $ 1,162,484 $ 1,162,570 $ 1,103,598 $ 1,122,869 $ 1,091,002 Contributions as a percentage of covered payroll 1436% 1436% 1430% 13.78% 14.72% 14.36% 14.30% 14.64% ---PAGE BREAK--- 89 OTHER SUPPLEMENTARY INFORMATION ---PAGE BREAK--- 90 12/28/22 CITY OF WHITEFISH 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2210 2220 2310 PARKS, RECREATION LIBRARY FUND TAX INCREMENT ASSETS Cash and cash equivalents Petty cash Cash and cash equivalents - restricted Taxes receivable: Real estate Personal Protested Special assessments Other receivables TOTAL ASSETS Deferred Outflows of Resources LIABILITIES Accounts payable Other accrued payables 'l'O'l'AL LIABILITIES Deferred Inflows of Resources Deferred Inflows of Tax Revenues Deferred Inflows of Resources other Total Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) Total Fund Balances Total Liabilities, Deferred inflows of resources and Fund Balances 713,953.36 600.00 31,908.10) 0.00 0.00 0.00 52,811.40 71,061.00 806,517.66 1,995.00 76,597.62 78,592.62 52,811.40 71,061.00 123,872.40 604,052.64 604,052, 64 806,517.66 912,570.42 50.00 0.00 30,165.28 1,797.06) 10,070.06 0.00 0.00 951,058.70 12.50 11,408.21 11,420.71 38,438, 28 0.00 38,438.28 901,199.71 901,199.71 951,058.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 0.00 0,00 o.oo 0.00 o.oa 0.00 0.00 0.00 Page: 1 of 5 2394 BUILDING CODES 1,697,406.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,697,406.51 0.00 26,986.79 26,986.79 o.oo o.oo o.aa 1,670,419.72 1,670,419.72 1,697,406.51 ---PAGE BREAK--- 91 12/28/22 CITY OF WHITEFISH 47, COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 ASSETS Cash and cash equivalents Petty cash Cash and cash equivalents - restricted Taxes receivable: Real estate Personal Protested Special assessments Other receivables TOTAL ASSETS Deferred Outflows of Resources LIABILITIES Accounts payable Other accrued payables TOTAL LIABILITIES Deferred Inflows of Resources Deferred Inflows of Tax Revenues Deferred Inflows of Resources other Total Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) Total Fund Balances Total Liabilities, Deferred inflows of resources and Fund nalances 2399 IMPACT FEES 0.00 0.00 1,068,054.77 0,00 0.00 0.00 0.00 0.00 1,068,054.77 6,484.55 0.00 6,484.55 0.00 0.00 0.00 1,061,570.22 1,061,570.22 1,068,054.77 2400 2410 LIGHT DISTRICT #1 LIGHT DISTRICT #4 123,443.45 0.00 0.00 0.00 0.00 0.00 10,121.29 0.00 133,564.74 0,00 1,512.24 1,512.24 10,121.29 0.00 10,121.29 121,931.21 121,931.21 133,564.74 231,096.44 0.00 0.00 0,00 0.00 0.00 10,342.54 0.00 241,438.98 0.00 1,512.24 1,512.24 10,342.54 0.00 10,342.54 229,584.20 229,584.20 241,438.98 Page: 2 of 5 2525 STORM WATER 1,522,514.33 0,00 0,00 0,00 0.00 0.00 44,575.03 0.00 1,567,089.36 0.00 6,876.42 6,876.42 44,575, 03 o.oo 44,515.03 1,515,637.91 1,515,637.91 1,567,089.36 ---PAGE BREAK--- 92 12/28/22 CITY OF WHITEFISH 47, COMBINING BALANCE SHEET - NONMA.JOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2821 2917 2945 Page: 3 of 5 2987 Gas Tax - Special CRIME VICTIMS ASSI CDBG HOUSING AND C HOUSING REHABILITA ASSETS Cash and cash equ.i.valents Petty cash Cash and cash equivalents - restricted Taxes receivable: Real estate Personal Protested Special assessments Other receivables TOTAL ASSETS Deferred Outflows of Resources LIABILITIES Accounts payable Other accrued payables TOTAL LIABILITIES Deferred Inflows of Resources Deferred Inflows of Tax Revenues Deferred Inflows of Resources other Total Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) Total Fund Balances Total Liabilities, Deferred inflows of resources and Fund Balances 327,050.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 327,050.09 o.oo o.oo 0.00 o.oo 0.00 1,473.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 1,473.00 0.00 0.00 0.00 0,00 o.oo 0.00 0.00 0.00 0.00 0.00 0,00 o.oo o.oo 0.00 0.00 0.00 0.00 0.00 0.00 2,245.39 o.oo o.oo 0.00 0.00 0.00 0.00 0.00 2,245.39 0,00 0.00 0.00 0.00 o.oo o.oo 327,050.09 327,050.09 327,050.09 0,00 1,473.00 1,473.00 1,473.00 0.00 o.oo 0.00 0.00 0.00 2,245.39 2,245.39 2,245.39 ---PAGE BREAK--- 93 12/28/22 CITY OF WHITEFISH 47, COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2989 2990 2992 Page: 4 of 5 2993 AFFORDABLE HOUSING PARKLAND AQUISITIO SIDEWALK DISTRICTS Cash In-Lieu of Su ASSETS Cash and cash equivalents Petty cash Cash and cash equivalents - restricted Taxes receivable: Real estate Personal Protested Special assessments Other receivables TOTAL ASSETS Deferred Outflows of Resources LIABILITIES Accounts payable Other accrued payables 'I'OTAL LIABILITIES Deferred Inflows of Resources Deferred Inflows of Tax Revenues Deferred Inflows of Resources other Total Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) Total Fund Balances Total Liabilities, Deferred inflows of resources and Fund Balances 5,570.95 0.00 0.00 0.00 o.oo 0,00 0.00 0.00 5,570.95 0.00 0.00 0.00 0.00 0.00 0,00 5,570,95 5,570.95 5,570.95 o.oo 0.00 170,346.76 0.00 0.00 0.00 0.00 0.00 170,346.76 0.00 0.00 0,00 0,00 o.oo 0.00 170,346.76 170,346.76 170,346.76 0.00 0.00 287,484.31 0.00 0.00 0.00 0.00 0.00 287,484.31 0.00 0.00 0.00 0.00 0.00 0.00 287,484.31 287,484.31 287,484.31 24,980.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 24,980,00 0.00 0.00 0.00 0.00 0.00 0.00 24,980.00 24,980.00 24,980.00 ---PAGE BREAK--- 94 12/28/22 CITY OF WHITEFISH 47. COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 ASSETS Cash and cash equivalents Petty cash Cash and cash equivalents - restricted Taxes receivable: Real estate Personal Protested Special assessments Other receivables 'I'OTAL ASSETS Deferred Outflows of Resources LIABILITIES Accounts payable Other accrued payables TOTAL LIABILITIES Deferred Inflows of Resources Deferred Inflows of Tax Revenues Deferred Inflows of Resources other Total Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) Total ~und Balances Total Liabilities, Deferred inflows of resources and Fund Balances 2994 ARPA - COVID-19 2,126,429.95 o.oo o.oo o.oo o.oo 0.00 0.00 0.00 2,126,429.95 o.oo o.oo Total Nonmajor Spec. Rev. Funds 7,688,733.89 650,00 1,493,977.74 30,165.28 1,797.06) 10,070.06 117,850.26 71,061.00 9,410,711.17 8,492.05 124,893,52 o.oo 0.00 2,125,242.00 2,125,242.00 1,187.95 1,187.95 2,126,429.95 133,385.57 156,288.54 2,196,303.00 2,352,591.54 6,924,734.06 6,924,734.06 9,410,711.17 Page: 5 of 5 ---PAGE BREAK--- 95 12/28/22 CITY OF WHITEFISH Page: 1 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2210 PARKS, RECREATION AND COMMUNITY SERVICES REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/ services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures Original Budget 0.00 520,651.00 1,200.00 0.00 0.00 315,500.00 0.00 0.00 0.00 0.00 271,800.00 0.00 83,687.00 0.00 1,192,838.00 0.00 0.00 0.00 85,842.00 86,866.00 1,142,549.00 494,574.00 0.00 310,000.00 Final Budget 0.00 520,651.00 1,200.00 0.00 0.00 315,500.00 0.00 0,00 0.00 0.00 271,800.00 o.oo 83,687.00 0.00 1,192,838.00 0.00 0.00 0.00 85,842.00 86,866,00 1,142,549.00 494,574.00 0.00 310,000.00 Actual Amounts 0.00 524,854.63 1,329.00 0.00 0.00 5,604.00 15,470.00 0.00 0.00 0.00 293,763.47 0.00 200,566.67 0.00 Variance with Final Budget Positive (Neg) 0.00 4,203.63 129,00 0.00 0.00 309,896.00) 15,470.00 0.00 0.00 0.00 21,963.47 0.00 116,879.67 0.00 1,041,587.77 151,250.23) 0, 00 0,00 0.00 0,00 0.00 0,00 81,467.92 4,374.08 81,575.62 5,290.38 1,042,068,79 100,480,21 392,854,40 101,719, 60 0.00 0.00 71,858.17 238,141.83 ---PAGE BREAK--- 96 12/28/22 CITY OF WHITEFISH Page: 2 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2210 PARKS, RECREATION AND COMMUNITY SERVICES Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 2,119,831.00 926,993.00) 0.00 926,757.00 926,757, 00 236.00) 308,907.55 3,374.78) 305,532.77 305,296, 77 Final Budget 0.00 2,119,831.00 926,993.00) 0.00 926,757.00 926,757.00 236.00) 308,907.55 3,374.78) 305,532.77 305,296.77 Actual Amounts 0.00 1,669,824.90 628,237.13) 0.00 926, 757,00 926,757.00 298,519.87 308,907.55 3,374.78) 305,532, 77 604,052.64 Variance with Final Budget Positive (Neg) 0.00 450,006.10 298,755.87 0.00 0.00 0.00 298,755.87 0.00 0.00 0.00 298,755.87 ---PAGE BREAK--- 97 12/28/22 CITY OF WHITEFISH Page: 3 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2220 LIBRARY FUND REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/serv.i.ces/materials, Public Health Social and Economic Services Culture and Recreal:ion Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 322,269.00 0.00 0.00 0.00 0.00 2,500.00 0,00 0.00 0.00 o.oo 11,000.00 0.00 30,000.00 0.00 365,769.00 0.00 0.00 0.00 0,00 0.00 235,787.00 145,562.00 o.oo 0.00 Final Budget 322,269.00 0.00 0.00 0.00 0.00 2,500.00 0.00 0,00 0.00 0,00 11,000.00 o.oo 30,000.00 0,00 365,769.00 0.00 0.00 0.00 0.00 0.00 235,787.00 145,562.00 0,00 0,00 Actual Amounts 319,584.33 0.00 0.00 0,00 0.00 2,868.78 3,183.00 0.00 0.00 0.00 8,139.27 0.00 643,094.81 692 .19 977,562.38 0.00 0.00 0,00 0.00 0.00 212,650,37 95,882,26 0.00 0.00 Variance with Final Budget Positive (Neg) 2,684.67) 0.00 0.00 0.00 0,00 368.78 3,183.00 0.00 0.00 0.00 2,860.73) 0.00 613,094.81 692.19 611,793.38 0.00 0,00 0.00 0.00 0.00 23,136.63 49,679, 74 0.00 0.00 ---PAGE BREAK--- 98 12/28/22 CITY OF WHITEFISH Page: 4 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2220 LIBRARY FUND Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated For the year ending June 30, 2022 Original Budget Final Budget 0.00 0.00 Actual Amounts 0.00 381,349.00 15,580.00) 0.00 34,371.00 34,371.00 18,791.00 207,798.96 10,000.00) 197,798.96 381,349.00 15,580.00) 0.00 34,371.00 34,371.00 18,791.00 207,798.96 10,000.00) 197,798.96 308,532.63 669,029.75 0.00 34,371.00 34,371,00 703,400,75 207,798.96 10,000.00) 197,798.96 216,589.96 216,589.96 Fund balance - June 30, 2022 901,199, 71 Variance with Final Budget Positive (Neg) 0.00 72,816.37 684,609.75 0.00 0.00 0.00 684,609.75 0.00 0,00 0,00 684,609.75 ---PAGE BREAK--- 99 12/28/22 CITY OF WHITEFISH Page: 5 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2310 TAX INCREMENT REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0,00 0,00 0.00 0.00 0.00 0.00 o.oo 0.00 0.00 0,00 1,036,498.00 Final Budget 0.00 0.00 0.00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,036,498.00 Actual Amounts 533.70 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 o.oo 0,00 0,00 0,00 o.oo 533.70 0.00 0.00 0.00 0,00 0.00 0.00 0,00 206,89 1,036,824.83 Variance with Final Budget Positive (Neg) 533.70 0.00 o.oo o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 533. 70 0.00 o.oo 0,00 0.00 0.00 o.oo o.oo 206.89) 326.83) ---PAGE BREAK--- 100 12/28/22 CITY OF WHITEFISH Page: 6 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2310 TAX INCREMENT Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 0.00 l,036,498.00 1,036,498.00) 0,00 0.00 o.oo 1,036,498.00) 1,036,498.02 0.00 1,036,498.02 0.02 Final Budget 0.00 l,036,498.00 1,036,498.00) 0.00 0.00 0.00 1,036,498.00) 1,036,498.02 0.00 1,036,498.02 0.02 Actual Amounts o.oo 1,037,031.72 1,036,498.02) 0.00 0.00 0.00 1,036,498.02) 1,036,498.02 0.00 1,036,498.02 0.00 Variance with Final Budget Positive (Neg) 0.00 533.72) 0 .02) 0. 00 0. 00 0.00 0,02) 0,00 0,00 0,00 0,02) ---PAGE BREAK--- 101 12/28/22 CITY OF WHITEFISH Page: 7 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2394 BUILDING CODES REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings 'l'otal revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/ services /materials, Public Works Personal services Supplies/services/ materials , Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/ materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures Original Budget 0.00 0.00 0.00 625,000.00 0.00 0.00 0.00 0.00 100,000.00 0,00 0.00 o.oo 500.00 o.oo 725,500,00 0.00 467,795.00 143,474.00 0.00 0,00 0.00 0.00 0,00 140,000.00 Final Budget 0.00 o.oo o.oo 625,000.00 0.00 0.00 0.00 0. 00 100,000.00 0.00 0.00 0.00 500.00 0.00 725,500.00 0.00 467,795.00 143,474.00 0.00 0.00 o.oo 0.00 0.00 140,000.00 Actual Amounts 0.00 0.00 0.00 875,674.28 0.00 0.00 7,583.00 0.00 99,685.85 o.oo o.oo 0,00 3,319, 15 0,00 986,262.28 0.00 406,838.44 116,194,56 o.oo o.oo 0.00 0.00 0,00 77,533.00 Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 250,674.28 0.00 0.00 7,583.00 o.oo 314.15) o.oo 0.00 0,00 2,819.15 0.00 260,762.28 0.00 60,956,56 27,279.44 0.00 o.oo 0.00 0.00 0. 00 62,467.00 ---PAGE BREAK--- 102 12/28/22 CITY OF WHITEFISH Page: 8 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2394 BUILDING CODES Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 97,981.00 B49,250.00 123,750,00) 0.00 0.00 0.00 123,750.00) 1,370,512.92 0.00 1,370,512.92 Final Budget 97,981.00 849,250.00 123,750, 00) o.oo 0.00 0,00 123,750.00) 1,370,512.92 0.00 1,370,512.92 Actual Amounts 85,789.48 6B6,355,48 299,906.80 0.00 0.00 0.00 299,906.80 1,370,512.92 0.00 1,370,512.92 Variance with Final Budget Positive (Neg) 12,191.52 162, 894,52 423,656.80 0.00 0.00 0.00 423,656.80 0.00 0.00 0.00 1,246,762.92 1,246,762.92 1,670,419.72 423,656.80 ---PAGE BREAK--- 103 12/28/22 CITY OF WHITEFISH Page: 9 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2399 IMPACT FEES REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings 'l'otal revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supp.lies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services /materials , etc Conservation of Natural Resources Capital. expenditures For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0.00 o.oo 0.00 0.00 194,000.00 0.00 0.00 0.00 0.00 0.00 1,200.00 195,200.00 0.00 0.00 o.oo 0,00 0.00 0.00 0.00 o.oo 364,500.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0.00 0.00 194,000.00 0.00 0.00 0.00 0.00 0.00 1,200.00 195,200.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 364,500.00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 199,854.70 0,00 0.00 0.00 o.oo o.oo 3,698.64 203,553,34 0.00 0.00 0.00 0,00 0.00 0.00 0,00 o.oo 6,484.55 Variance with Final Budget Positive (Neg) o.oo o.oo o.oo 0.00 0.00 0.00 0.00 5,854.70 0.00 0.00 0.00 0.00 0.00 2,498.64 8,353.34 0.00 0.00 0.00 0.00 0.00 o.oo 0.00 0.00 358,015.1\5 ---PAGE BREAK--- 104 12/28/22 CITY OF WHITEFISH Page: 10 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2399 IMPACT FEES Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES {USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 364,500.00 169,300.00) 0.00 0.00 0.00 169,300.00) 864,501.43 0.00 864,501.43 695,201.43 Final Budget 0.00 364,500.00 169,300.00) o.oo 0.00 0.00 169,300.00) 864,501.43 0.00 864,501.43 695,201.43 Actual Amounts 0.00 6,484.55 197,068.79 0.00 0.00 0,00 197,068.79 864,501.43 0.00 864,501,113 1,061,570.22 Variance with Final Budget Positive (Neg) 0.00 358,015.45 366,368.79 0.00 0.00 0.00 366,368.79 0,00 0,00 0,00 366,368.79 ---PAGE BREAK--- 105 12/28/22 CITY OF WHITEFISH Page: 11 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2400 LIGHT DISTRICT fl (Residential) REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supp.lies/ services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 0.00 105,984.00 0.00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 105,984.00 0.00 0.00 0.00 28,125.00 66,515.00 o.oo 0.00 0.00 0.00 Final Budget 0.00 105,984.00 0.00 o.oo 0.00 o.oo o.oo 0.00 o.oo 0.00 0.00 0.00 0.00 0.00 105,984.00 0.00 0.00 0,00 28,125.00 66,515.00 0.00 0.00 0.00 0.00 Actual Amounts 0.00 106,687.67 0.00 0.00 0.00 0.00 438.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 107,125.67 o.oo 0.00 0.00 28,175.31 23,919.55 0.00 0.00 0.00 14,350.00 Variance with Final Budget Positive (Neg) 0.00 703. 67 0.00 0.00 0.00 0.00 438.00 o.oo 0.00 0,00 o.oo o.oo 0.00 o.oo 1,141.67 0.00 0.00 0.00 50.31) 42,595.45 0.00 0.00 0.00 14,350.00) ---PAGE BREAK--- 106 12/28/22 CITY OF WHITEFISH Page: 12 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2400 LIGHT DISTRICT #1 (Residential) Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0,00 94,640.00 11,344.00 0.00 0.00 0.00 11,344.00 81,250.40 0.00 81,250.40 92,594,40 Final Budget 0.00 94,640.00 11,344.00 0.00 o.oo 0.00 11,344.00 81,250.40 0.00 81,250.40 92,594.40 Actual Amounts 0.00 66,444.86 Variance with Final Budget Positive (Neg) 0.00 28,195.14 40,680.81 0.00 0.00 0,00 40,680.81 81,250.40 0.00 81,250.40 121,931.21 29,336.81 o.oo o.oo 0.00 29,336.81 0.00 0.00 0.00 29,336.81 ---PAGE BREAK--- 107 12/28/22 CITY OF WHITEFISH Page: 13 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2410 LIGHT DISTRICT #4 (Commercial) REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings 'I'otal revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/ services/materials, etc Conservation of Natural Resources Capital expenditures Original Budget 0.00 103,678.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0,00 0,00 103,678.00 0.00 0.00 0.00 28,125.00 28,515.00 0.00 0.00 0.00 0,00 Final Budget 0.00 103,678.00 D.DD o.oo 0,00 0,00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 103,678.00 0.00 0,00 0.00 28,125.00 28,515.00 0,00 o.oo 0.00 0.00 Actual Amounts 0.00 104,916.94 0.00 0.00 0.00 0.00 438.00 0.00 0.00 0.00 0,00 0,00 0,00 0,00 105,354.94 0.00 0.00 0.00 28,l"/5,23 19,490.54 0.00 0.00 0.00 0,00 Variance with Final Budget Positive (Neg) 0.00 1,238.94 0.00 O.DO 0.00 0.00 438.00 0.00 0,00 0,00 0.00 0,00 0,00 0,00 1,676.94 0.00 0.00 0.00 50,23) 9,024.46 0.00 0,00 0.00 0.00 ---PAGE BREAK--- 108 12/28/22 CITY OF WHITEFISH Page: 14 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2410 LIGHT DISTRICT #4 (Commercial) Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget Final Budget Actual Amounts Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 0.00 56,640.00 56,640.00 47,665.77 8,974.23 47,038.00 0.00 0.00 0.00 47,038.00 171,895.03 0.00 171,895.03 218,933.03 47,038.00 0.00 0.00 0,00 47,038.00 171,895.03 0.00 171,895.03 218,933.03 57,689.17 10,651.17 0.00 0.00 0.00 0.00 0.00 0.00 57,689.17 10,651.17 171,895.03 0.00 0.00 0.00 171,895.03 0.00 229,584.20 10,651.17 ---PAGE BREAK--- 109 12/28/22 CITY OF WHITEFISH 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET For the year ending June 30, 2022 Page: 15 of 34 ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2525 STORM WATER REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/ services /materials, etc etc etc etc Housing and Community Development Supplies/ services/materials, etc Conservation of Natural Resources Capital expenditures Original Budget 0.00 450,041.00 0.00 0.00 o.oo 0.00 0.00 0.00 0.00 15,000.00 0.00 0.00 0.00 0.00 465,041.00 0.00 o.oo o.oo 155,443.00 48,421.00 0.00 0.00 0.00 534,000.00 Final Budget 0.00 450,041.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,000.00 0.00 0.00 0.00 0.00 465,041.00 0.00 0.00 0.00 155,443.00 48,421.00 0.00 0.00 0.00 534,000.00 Actual Amounts 0.00 453,812.61 0.00 0.00 0.00 0.00 2,195.00 0.00 o.oo 13,400.00 0.00 0.00 o.oo 0.00 469,407.61 0.00 0.00 0.00 142,271.35 14,865.78 0.00 0.00 o.oo 15,201.66 Variance with Final Budget Positive (Neg) 0.00 3,771.61 0.00 0.00 0.00 0.00 2,195.00 0.00 0.00 1,600.00) 0.00 0.00 0.00 0.00 4,366.61 0.00 0.00 0.00 13,171.65 33,555.22 0.00 0.00 0.00 518,798.34 ---PAGE BREAK--- 110 12/28/22 CITY OF WHITEFISH Page: 16 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2525 STORM WATER Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget o.oo 737,864.00 272,823.00) 0.00 0.00 0.00 272,823.00) 1,218,569.09 0.00 Final Budget 0.00 737,864.00 272,823.00) 0.00 0.00 0,00 272,823.00) 1,218,569.09 0.00 Actual Amounts 0.00 172,338',79 Variance with Final Budget Positive (Neg) 0,00 565,525.21 297,068.82 0.00 0,00 o.oo 297,068.82 1,218,569.09 0.00 569,891.82 0.00 0.00 0.00 569,891.82 0.00 0.00 1,218,569.09 1,218,569.09 1,218,569.09 0,00 945,746.09 945,746.09 1,515,637.91 569,891.82 ---PAGE BREAK--- 111 12/28/22 CITY OF WHITEFISH Page: 17 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2821 Gas Tax - Special Roads, Streets, & Bridges REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings 'l'otal revenues EXPENDITURES Current: General Government Supplies/services/materials, Pub.lie Safety Personal services Supplies/services/materials, Public Works Personal services supplies/services/materials, Public Health social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources capital expenditures For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0.00 0,00 0,00 185,000.00 o.oo o.oo 0.00 0.00 0.00 0.00 0.00 185,000.00 0.00 0,00 o.oo 0.00 0.00 0.00 0,00 0.00 0.00 Final Budget 0,00 0.00 0.00 0.00 0.00 0.00 185,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 185,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 185,490.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 185,490,58 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 0.00 0.00 0.00 490.58 0,00 0.00 0.00 0,00 0,00 0,00 o.oo 490.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 ---PAGE BREAK--- 112 12/28/22 CITY OF WHITEFISH Page: 18 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2821 Gas Tax - Special Roads, Streets, & Bridges Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 0,00 0.00 185,000.00 0.00 10,945.00 10,945.00 195,945.00 132,284.98 0.00 132,284.98 Final Budget 0.00 0.00 185,000.00 0,00 10,945.00 10,945.00 195,945.00 132,284.98 0.00 132,284.98 328,229.98 328,229.98 Actual Amounts 0.00 o.oo 185,490.58 0.00 9,274.53 9,274.53 194,765.11 132,284.98 0.00 132,284.98 327,050.09 Variance with Final Budget Positive (Neg) 0.00 0.00 490.58 0.00 1,670.47) 1,670.47) 1,179.89) 0.00 0.00 0.00 1,179.89) ---PAGE BREAK--- 113 12/28/22 CITY OF WHITEFISH Page: 19 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2917 CRIME VICTIMS ASSISTANCE REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/ services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget Final Budget Actual Amounts Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 0,00 0.00 o.oo 10,000.00 0.00 0.00 10,000.00 10,000.00 0.00 0,00 0,00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,000.00 0.00 0.00 10,000.00 10,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 7,117.00 o.oo o.oo 7,117.00 7,117.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo o.oo 0,00 0,00 o.oo o.oo 2,883.00) o.oo 0.00 2,883.00) 2,883.00 0.00 0.00 0,00 0,00 0.00 0.00 0,00 0.00 ---PAGE BREAK--- 114 12/28/22 CITY OF WHITEFISH Page: 20 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2917 CRIME VICTIMS ASSISTANCE Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 10,000.00 0.00 0.00 0,00 o.oo o.oo 1,473.00 0.00 1,473.00 1,473.00 Final Budget 0.00 10,000.00 Actual Amounts 0.00 7,117.00 Variance with Final Budget Positive (Neg) 0.00 2,883.00 0.00 0.00 0.00 0,00 0.00 1,473.00 0.00 o.oo 0.00 0.00 0.00 0.00 1,473.00 0.00 1,473.00 1,473.00 1,473.00 1,473.00 0.00 0.00 0.00 0,00 0,00 o.oo o.oo o.oo o.oo ---PAGE BREAK--- 115 12/28/22 CITY OF WHITEFISH Page: 21 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2945 CDBG HOUSING AND COMMUNITY DEVELOPMENT REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Pub.lie Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supp.lies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, el:c Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0.00 400,000.00 0.00 0.00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 400,000.00 0.00 0.00 0,00 o.oo 0.00 0.00 0,00 400,000.00 0.00 Final Budget 0.00 0.00 0.00 0.00 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 400,000.00 0,00 Actual Amounts 0.00 0.00 0.00 0.00 0,00 0,00 0.00 0,00 o.oo 0,00 0.00 0.00 0.00 0. 00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 0.00 400,000.00) 0,00 0,00 0,00 0,00 0.00 0.00 o.oo 0.00 0.00 400,000.00) 0.00 0.00 0,00 0,00 0.00 0.00 o.oo 400,000,00 0.00 ---PAGE BREAK--- 116 12/28/22 CITY OF WHITEFISH Page: 22 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2945 CDBG HOUSING AND COMMUNITY DEVELOPMENT Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - For the year ending June 30, 2022 Original Budget 0.00 400,000.00 0.00 0.00 0.00 0.00 0.00 Final Budget 0.00 400,000.00 0.00 0.00 0.00 0.00 0.00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 400,000.00 0.00 0,00 0.00 o.oo o.oo -As previously reported 0.00 0.00 0.00 0.00 Prior period adjustments 0.00 0.00 0,00 0.00 Fund balance - July 1, 2021 - As restated 0.00 0,00 o.oo 0.00 0.00 0,00 0.00 Fund balance - June 30, 2022 0.00 ---PAGE BREAK--- 117 12/28/22 CITY OF WHITEFISH Page: 23 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2987 HOUSING REHABILITATION GRANT REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/ materials , etc etc etc etc Housing and Community Development Supp.lies/services/materials, etc Conservation of Natural Resources Capital expenditures Original Budget 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,500.00 7,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,500.00 0,00 Final Budget 0.00 0.00 0.00 0.00 0,00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,500.00 7,500.00 0.00 0,00 o.oo o.oo 0.00 0.00 0.00 7,500.00 0.00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 826.12 826 .12 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 Variance with Final Budget Positive (Neg) 0,00 o.oo o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,673.88) 6,673.88) o.oo 0.00 0.00 0.00 0.00 0.00 0.00 7,500.00 0,00 ---PAGE BREAK--- 118 12/28/22 CITY OF WHITEFISH Page: 24 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2987 HOUSING REHABILITATION GRANT Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 7,500.00 0.00 0.00 0.00 0.00 0.00 1,419.27 0,00 1,419.27 1,419.27 Final Budget 0.00 7,500.00 0.00 0.00 0.00 0.00 0.00 1,419.27 0.00 1,419.27 1,419.27 Actual Amounts 0.00 0.00 826.12 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 7,500.00 826.12 o.oo 0.00 0.00 826.12 1,419.27 0.00 0.00 826.12 0.00 0.00 1,419.27 0.00 2,245.39 826.12 ---PAGE BREAK--- 119 12/28/22 CITY OP WHITEFISH Page: 25 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2989 AFFORDABLE HOUSING (cash in lieu) REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPE!NDITURES Current: General Government Supplies/services/ materials , Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supp 1 i es/services/ mater ia.l s , etc Conservation of Natural Resources Capital expenditures Original Budget 0.00 0.00 0.00 0.00 o.oo o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 514,571.00 0.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 o.oo 0.00 0.00 0.00 o.oo 0.00 514,571.00 0.00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 o.oo 0.00 509,000.00 0.00 Variance with Pinal Budget Positive {Neg) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0,00 0,00 0.00 0,00 o.oo 0.00 o.oo 0.00 0.00 0.00 0,00 0,00 0.00 0.00 5,571.00 0.00 ---PAGE BREAK--- 120 12/28/22 CITY OF WHITEFISH Page: 26 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2989 AFFORDABLE HOUSING (cash in lieu) Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 514,571.00 514,571, 00) 0.00 0.00 0.00 514,571.00) 514,570.95 0.00 514,570.95 o. 05) Final Budget o.oo Actual Amounts 0.00 514,571.00 509,000.00 514,571.00) 509,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 514,571.00) 509,000.00) 514,570,95 514,570,95 o.oo 0,00 514,570.95 514,570.95 0. 05) 5,570.95 Variance with Final Budget Positive (Neg) 0.00 5,571.00 5,571.00 0.00 0.00 0.00 5,571.00 0.00 0.00 0.00 5,571.00 ---PAGE BREAK--- 121 12/28/22 CITY OF WHITEFISH Page: 27 o.f 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2990 PARKLAND AQUISITION & DEVELOPMENT REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services supplies/services/materials, Public Health social and Economic Services Culture and Recreation Personal services Supplies/ services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 0.00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 0,00 210.00 210.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 82,616.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo o.oo 0.00 0.00 o.oo 0.00 210.00 210.00 0.00 0.00 0.00 o.oo 0.00 0.00 0.00 0,00 82,616.00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo o.oo 0.00 0.00 o.oo 671.47 611.47 0.00 0.00 0.00 0.00 o.oo 0.00 1, 936.1<:1 0.00 61,830.15 Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo o.oo o.oo 461.47 461.47 0.00 0.00 0.00 0.00 o.oo 0.00 1,936.14) 0.00 20,785.85 ---PAGE BREAK--- 122 12/28/22 CITY OF WHITEFISH Page: 28 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS For the year ending June 30, 2022 2990 PARKLAND AQUISITION & DEVELOPMENT Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget Final Budget Actual Amounts Variance with Final Budget Positive (Neg) 0.00 82,616.00 82,406.00) 641.00 0.00 641.00 81,765.00) 199,017.00 0.00 199,017.00 117, 252. 00 0.00 82,616.00 82,406.00) 641.00 0.00 641. 00 81,765.00) 199,017.00 o.oo 199,017.00 117,252.00 0.00 63,766.29 63,094.82) 34,424.58 0,00 34,424.58 28,670.24) 199,017.00 o.oo 199,017.00 170,346.76 0.00 18,849.71 19,311.18 33,783.58 0.00 33,783.58 53,094.76 0.00 0.00 0.00 53,094.76 ---PAGE BREAK--- 123 12/28/22 CITY OF WHITEFISH Page: 29 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2992 SIDEWALK DISTRICTS PROJECT (cash in lieu) REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/ materials, Public Works Personal services Supplies/ services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Developmen[ Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 500.00 500.00 0.00 0.00 0.00 0.00 0.00 o.oo 0.00 0.00 273,826.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 o.oo 0.00 500,00 500.00 0.00 0.00 0.00 o.oo 0. 00 0.00 0.00 0.00 273,826.00 Actual Amounts 0.00 0.00 0,00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,009.21 1,009.21 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo Variance with Final Budget Positive (Neg) 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 509.21 509.21 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 273,826, 00 ---PAGE BREAK--- 124 12/28/22 CITY OF WHITEFISH Page: 30 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2992 SIDEWALK DISTRICTS PROJECT (cash in lieu) Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget Final Budget Actual Amounts Variance with Final Budget Positive (Neg) 0.00 213,826.00 273,326.00) 0.00 0.00 0,00 273,326.00) 273,327.30 o.oo 273,327.30 1.30 0.00 273,826.00 273,326.00) 0,00 0,00 0.00 273,326.00) 273,327.30 0.00 273,327.30 1.30 0,00 0,00 1,009.21 13,147.80 0.00 13,147.80 14,157.01 273,327.30 0.00 273,327.30 287,484.31 0.00 273,826.00 274,335.21 13,147.80 0,00 13,147 ,80 287,483.01 0.00 0.00 0.00 287,483.01 ---PAGE BREAK--- 125 12/28/22 CITY OF WHITEFISH Page: 31 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2993 Cash In-Lieu of Subdivision Street Tree REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, etc Public Safety Personal. services Supp.lies/ services /materials, etc Public Works Personal services Supplies/services/materials, etc Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0.00 0.00 o.oo o.oo o.oo o.oo o.oo o.oo o.oo o.oo 45.00 45.00 0.00 0.00 0.00 o.oo o.oo 0.00 36,875.00 o.oo 0.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0.00 o.oo o.oo o.oo o.oo o.oo o.oo o.oo 45.00 45.00 0.00 0.00 0.00 0.00 o.oo 0.00 36,875.00 o.oo 0.00 Actual Amounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 o.oo o.oo 0.00 o.oo 0. 00 o.oo 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 0.00 11,850.00 o.oo 0,00 Variance with Final Budget Positive (Neg) 0.00 0.00 0.00 0.00 o.oo o.oo o.oo o.oo o.oo o.oo 0.00 0.00 o.oo 45.00) 45, 00) 0.00 0.00 o.oo o.oo o.oo 0.00 25,025.00 o.oo 0.00 ---PAGE BREAK--- 126 12/28/22 CITY OF WHITEFISH Page: 32 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2993 Cash In-Lieu of Subdivision Street Tree Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 36,875.00 36,830.00) 0.00 0.00 0.00 Final Budget 0.00 36,875.00 36,830.00) 0.00 0.00 0.00 Actual Amounts 0.00 11,850.00 11,850.00) 0.00 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 25,025.00 24,980.00 0.00 0.00 0.00 36,830.00) 36,830.00 0.00 36,830.00 0.00 36,830.00) 36,830.00 0.00 36,830.00 0.00 11,850.00) 36,830.00 0.00 36,830.00 24,980.00 24,980.00 0,00 0.00 0,00 24,980.00 ---PAGE BREAK--- 127 12/28/22 CITY OF WHITEFISH Page: 33 of 34 49, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2994 ARPA - COVID-19 REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0.00 o.oo 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0,00 0 .,00 0.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0.00 o.oo 0,00 o.oo o.oo 0.00 o.oo 0,00 0.00 0,00 0.00 0.00 0,00 0,00 0,00 0.00 0.00 0.00 0.00 Actual Amounts 0.00 0.00 0.00 0,00 o.oo 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 1,150.22 1,150.22 0.00 0,00 0,00 0.00 0.00 0,00 0,00 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 0,00 0,00 0,00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,150.22 1,150.22 0.00 0.00 0,00 0.00 0.00 0,00 0.00 0.00 0.00 ---PAGE BREAK--- 128 12/28/22 CITY OF WHITEFISH Page: 34 of 34 49. COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR SPECIAL REVENUE FUNDS 2994 ARPA - COVID-19 Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 0.00 0.00 0.00 0,00 0,00 0.00 Final Budget 0.00 0.00 0.00 0.00 0.00 0,00 Actual Amounts 0.00 0.00 1,150.22 0.00 0.00 0.00 Variance with Final Budget Positive (Neg) 0.00 0.00 1,150.22 0.00 0.00 0.00 0.00 37. 73 0.00 37.73 37, 73 0,00 37, 73 0.00 37. 73 37, 73 1,150.22 37. 73 0.00 37. 73 1,187.95 1,150.22 0.00 0.00 0.00 1,150.22 ---PAGE BREAK--- 129 12/28/22 CITY OF WHITEFISH Page: 1 of 2 4 9, COMBINING S'l'M'I' OF REV, EXl?END, & CHANGES IN FUND BALANCES - BUDGET & AC'l'UAL - TOTAL NONMAJOR Sl?ECIAL REVENUE FUNDS REVENUES Taxes Property Taxes Special assessments Licenses and permits Alcoholic beverage licenses Building permits Intergovernmental revenue (See supplemental section for detail) Federal grants State grants State shared revenues Charges for services General government Public safety Public works Culture and recreation Fines and forfeitures Justice court Miscellaneous Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Supplies/services/materials, Public Safety Personal services Supplies/services/materials, Public Works Personal services Supplies/services/materials, Public Health Social and Economic Services Culture and Recreation Personal services Supplies/services/materials, etc etc etc etc Housing and Community Development Supplies/services/materials, etc Conservation of Natural Resources Capital expenditures For the year ending June 30, 2D22 Original Budget 322,269.00 1,180,354.00 1,200.00 625,000.00 400,000.00 318,000.00 185,000.00 194,000.00 100,000.00 15,000.00 282,800.00 10,000.00 114,187.00 9,455.00 3,757,265.00 10,000.00 467,795.00 143,474.DO 297,535.00 230,317.00 1,378,336.00 677,011.00 922,071.00 2,741,440.00 Final Budget 322,269.00 1,180,354.00 1,200.00 625,000.00 400,000.00 318,000.00 185,000.00 194,000.00 100,000.00 15,000.00 282,800.00 10,000.00 114,187.00 9,455.00 3,757,265.00 10,000.00 467,795.00 143,4"/4.00 29"1,535,00 230,317.00 1,378,336.00 677, D11.00 922,071.00 2,741,440.00 Actual Amounts 320,118.03 1,190,271.85 1,329.00 875,674.28 0,00 8,472.78 214,797.58 199,854.70 99,685.85 13,400.00 301,902.74 7,117.00 846,980.63 8,047.85 4,087,652.29 7,117.00 406,838.44 116,194.56 280,089.81 139,851.49 1,254,719.16 502,522.80 509,206.89 1,284,082.36 Variance with Final Budget Positive (Neg) 2,150.97) 9,917.85 129.00 250,674.28 400,000.00) 309,527.22) 29,797.58 5,854.70 314,15) 1,600.00) 19,102.74 2,883.00) 732,793.63 1,407.15) 330,387.29 2,883.00 60,956.56 27,279.44 17,445.19 90,465.51 123,616.84 174,488.20 412,864.11 1,457,357.64 ---PAGE BREAK--- 130 12/28/22 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, 2022 Debt Service Miscellaneous Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Other financing sources Transfers in Total other financing sources (uses) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Prior period adjustments Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 97,981.00 6,965,960.·oo 3,208,695.00) 641. 00 972,073.00 972,714.00 2,235,981.00) 6,418,893.63 13,374.78) 6,405,518.85 4,169,537.85 Final Budget 97,981.00 6,965,960.00 3,208,695.00) 641.00 972,073.00 972,714.00 2,235,981.00) 6,418,893.63 13,374.78) 6,405,518.85 4,169,537.85 Actual Amounts 85,789.48 4,586,411.99 498,759.70) 47,572.38 970,402.53 1,011,914.91 519,215',21 6,418,893.63 13,374.78) 6,405,518.85 6,924,734.06 Variance with Final Budget Positive (Neg) 12,191.52 2,379,548.01 2,709,935,30 46,931,38 1,670.47) 45,260.91 2,755,196.21 0.00 0.00 0.00 2,755,196.21 ---PAGE BREAK--- 131 12/28/22 ASSETS Cash and cash equivalents Taxes receivable: Special assessments TOTAL ASSETS Deferred Outflows of Resources LIABILITIES CITY OF WHITEFISH 51. COMBINING BALANCE SHEET - NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2022 3400 3545 3550 SID REVOLVING (SID SID 166 BOND DEBT SID 167 BOND DEBT 234,832.29 67,774.11 47,262.28 0.00 379,455.96 661,201, 05 234,832.29 447,230.07 708,463.33 Page: 1 of 1 Total Nonmajor Debt Service Funds 349,868.68 1,040,657.01 1,390,525.69 Deferred Inflows of Resources Deferred Inflows of Tax Revenues Total Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) Total Fund Balances Total Liabilities, Deferred inflows of resources and Fund Balances 0.00 0.00 234,832.29 234,832.29 234,832.29 379,455.96 379,455.96 67,774.11 67,774.11 447,230,07 661,201.05 661,201.05 47,262.28 47,262.28 708,463.33 1,040,657.01 1,040,657.01 349,868.68 349,868.68 1,390,525.69 ---PAGE BREAK--- 132 12/28/22 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, 2022 3400 SID REVOLVING (SID Bond Collateral) REVENUES Taxes Special assessments Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings 'l'otal revenues 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 Interest Costs and fees Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 0. 00 400.00 400.00 0.00 0.00 0,00 0.00 Final Budget 0.00 400.00 400.00 0.00 0.00 0.00 0.00 Actual Amounts 0.00 636.81 636.81 0,00 0,00 0,00 0.00 Variance with Final Budget Positive (Neg) o.oo 236.81 236.Bl 0.00 0. 00 0.00 0.00 400.00 400.00 636.81 236.81 400.00 400.00 636.81 236.81 234,195,48 234,195.48 234,195.48 0,00 234,195.48 234,195,48 234,195.48 0.00 234,595.48 234,595,48 234,832.29 236.81 ---PAGE BREAK--- 133 12/28/22 CITY OF WHITEFISH Page: 2 of 4 53, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR DEBT SERVICE FUNDS 3545 SID 166 BOND DEBT (J.P. Road Project) REVENUES Taxes Special assessments Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings Total revenues 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 Interest Costs and fees Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget Final Budget 105,598.00 105,598.00 240.00 240.00 105,838.00 105,838.00 65,000.00 65,000.00 15,263.00 15,263.00 350,00 350.00 80,613.00 BO, 613.00 25,225.00 25,225.00 25,225.00 25,225.00 41,738.76 41,738.76 41,738.76 41,738.76 66,963.76 66,963.76 Actual Amounts 106,122.53 525.32 106,647.85 65,000.25 15,262.25 350,00 80,612.50 26,035.35 26,035.35 41,738, 76 41,738.76 67,774.11 Variance with Final Budget Positive (Neg) 524.53 285.32 809,85 0.25) 0.75 0.00 0.50 810.35 810.35 0.00 o.oo 810.35 ---PAGE BREAK--- 134 12/28/22 CITY OF WHITEFISH Page: 3 of 4 53, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMA.JOR DEBT SERVICE FUNDS For the year ending June 30, 2022 3550 SID 167 BOND DEBT (Parking Structure Project) REVENUES Taxes Special assessments Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings Total revenues 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 Interest Costs and fees Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURrns (USES) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 63,624.00 75.00 63,699.00 30,417.00 29,578.00 0.00 59,995.00 3,704.00 3,704.00 42,404.83 42,404.83 46,108.83 Final Budget 63,624.00 75.00 63,699.00 30,417.00 29,578.00 0.00 59,995.00 3,704.00 3,704.00 42,404.83 '12,404.83 46,108.83 Actual Amounts 64,656.97 194.60 64,851.57 29,767.48 30,226.64 0.00 59,994.12 4,857,45 4,857.45 42,404.83 42,404.83 47,262.28 Variance with Final Budget Positive (Neg) 1,032.97 119.60 1,152.57 649.52 648.64) 0.00 0.88 1,153.45 1,153.45 0.00 0,00 1,153.45 ---PAGE BREAK--- 135 12/28/22 CITY OF WHITBFISH Page: 1 of 2 53. COMBINING S'XM'l' OF REV, EXI.>END, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - TOTAL NONMAJOR DEBT SERVICE FUNDS For the year ending June 30, 2022 REVENUES Taxes Special assessments Licenses and permits Intergovernmental revenue (See supplemental section for detail) Charges for services Fines and forfeitures Investment and royalty earnings Total revenues 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 Interest Costs and fees Total expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Fund balance - July 2021 - As restated Fund balance - June 30, 2022 Original Budget Final Budget 169,222.00 169,222.00 715.00 715. 00 169,937.00 169,937.00 95,417.00 95,417.00 44,841.00 44,841.00 350.00 350.00 140,608.00 140,608.00 29,329.00 29,329.00 29,329.00 29,329.00 318,339.07 318,339.07 318,339.07 318,339.07 Actual Amounts 170,779.50 1,356.73 172,136.23 94,767.73 45,488,89 350,00 140,606.62 31,529.61 31,529.61 318,339.07 318,339.07 Variance with Final Budget Positive (Neg) 1,557.50 641. 73 2,199.23 649.27 647,89) 0.00 1.38 2,200.61 2,200.61 0.00 0,00 347,668.07 347,668.07 349,868.68 2,200.61 ---PAGE BREAK--- 136 12/28/22 CITY OF WHITEFISH 55. COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS For the year ending June 30, 2022 ASSETS Taxes receivable: Other receivables 'I'OTAL ASSE'I'S Deferred Outflows of Resources LIABILITIES Accounts payable Due to other funds 'I'O'I'AL LIABILI'I'IES Deferred Inflows of Resources FUND BALANCES Unassigned (negative balance only) 'I'otal Fund Balances 'I'otal Liabilities, Deferred inflows of resources and Fund Balances 4540 Total Nonmajor WF Trail Construct Cap. Proj. Funds 5,438.03 5,438.03 22,235.00 5,437.83 27,672.83 22,234.80) 22,234.80) 5,438.03 5,438.03 5,438.03 22,235.00 5,437.83 27,672.83 22,234.80) 22,234.80) 5,438.03 Page: 1 of 1 ---PAGE BREAK--- 137 12/28/22 CITY OF WHITEFISH Page: 1 of 2 57, COMBINING STMT OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGET & ACTUAL - NONMAJOR CAPITAL PROJECTS FUNDS For the year ending June 30, 2022 4540 WF Trail Construction REVENUES Taxes Licenses and permits Intergovernmental revenue (See supplemental section for detail) State grants Charges for services Fines and forfeitures Miscellaneous Contributions/donations Investment and royalty earnings 'I'otal revenues EXPENDITURES Current: General Government Public Safety Public Works Supplies/services/materials, etc Public Health Social and Economic Services Culture and Recreation Housing and Community Development Conservation of Natural Resources Capital expenditures Debt Service 'I'otal expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Net change i.n fund balance Fund balance - July 1, 2021 - -As previously reported Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 Original Budget 50,000.00 o.oo o.oo 50,000.00 0.00 97,000.00 97,000.00 47,000.00) 47,000.00) 3,056.84 3,056.84 43,943.16) Final Budget 50,000.00 47,000.00 0.00 97,000.00 Actual Amounts 0.00 140,420.21 1. 02 140,421.23 0.00 1,262.95 97,000.00 164,449.92 97,000.00 165,712.87 0.00 25,291.64) 0.00 25,291.64) 3,056.84 3,056.84 3,056.84 3,056.84 3,056.84 22,234.80) Variance with Final Budget Positive (Neg) 50,000.00) 93,420.21 1. 02 43,421.23 1,262.95) 67,449.92) 68,712.87) 25,291, 64) 25,291.64) 0.00 0.00 25,291.64) ---PAGE BREAK--- 138 12/28/22 CITY OF WHITEFISH Page: 1 of 2 57, COMBINING S'l'M'I' OF REV, EXPEND, & CHANGES IN FUND BALANCES - BUDGE'!' & ACTUAL - TO'l'AL NONMAJOR CAPITAL PROJECTS FUNDS REVENUES Taxes Licenses and permits Intergovernmental revenue (See supplemental section for detail) State grants Charges for services Fines and forfeitures Miscellaneous Contributions/donations Investment and royalty earnings Total revenues EXPENDITURES Current: General Government Public Safety Public Works Supplies/services/materials, etc Public Health Social and Economic services Culture and Recreation Housing and Community Development Conservation of Natural Resources Capital expenditures Debt Service 'l'otal expenditures Excess of revenues over (under) expenditures OTHER FINANCING SOURCES (USES) Net change in fund balance Fund balance - July 1, 2021 - -As previously reported Fund balance - July 1, 2021 - As restated Fund balance - June 30, 2022 For the year ending June 30, 2022 Original Budget 50,000.00 0.00 0.00 50,000.00 0,00 97,000.00 97,000.00 47,000.00) Final Budget 50,000, 00 47,000.00 0.00 97,000.00 0.00 97,000.00 97,000,00 0.00 Actual Amounts 0.00 140,420.21 1.02 140,421.23 1,262.95 164,449.92 165,712.87 25,291.64) 47,000.00) 0.00 25,291.64) 3,056.84 3,056.84 3,056,84 3,056.84 3,056.84 3,056.84 43,943.16) 3,056.84 22,234.80) Variance with Final Budget Positive (Neg) 50,000.00) 93,420.21 1. 02 43,421.23 1,262.95) 67,449.92) 68,712.87) 25,291.64) 25,291.64) 0.00 0,00 25,291.64) ---PAGE BREAK--- 139 12/28/22 CITY OF WHITEFISH 63. COMBINING STATEMENT OF NET POSITION - NONMAJOR ENTERPRISE FUNDS For the year ending June 30, 2022 ASSETS Current Assets Cash and cash equivalents Accounts receivable - net of allowances Total Current Assets Noncurrent Assets Restricted Assets: Capital assets: Machinery and equipment Less accumulated depreciation Capital assets - net of TOTAL ASSETS Deferred Outflows of Resources Deferred Outflows of Resources Total Deferred Outflows of Resources LIABILITIES Current Liabilities Other accrued payables Deposits payable Total Current Liabilites Noncurrent Liabilities Compensated absences Other noncurrent liabilities Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources Deferred Inflows of Resources other Total Deferred Inflows of Resources 5410 SOLID WASTE Total Nonmajor Enterprise 12,114.92 105,555.96 117,670.88 133.50 133.50) 117,670.88 8,657.00 8,657.00 2,127.27 10. 78 2,138.05 5,430.00 32,373.00 37,803.00 39,941.05 19,494.00 19,494.00 12,114.92 105,555.96 117,670.88 133.50 133.50) 117,670.88 8,657.00 8,657.00 2,127.27 10.78 2,138.05 5,430.00 32,373.00 37,803.00 39,941.05 19,494.00 19,494.00 Page: 1 of 2 ---PAGE BREAK--- 140 12/28/22 NET POSITION Restricted for: Unrestricted Total Net Position CITY OF WHITEFISH 63, COMBINING STATEMENT OF NET POSITION - NONMAJOR ENTERPRISE FUNDS For the year ending June 30, 2022 5410 SOLID WASTE 66,892.83 66,892.83 Total Nonmajor Enterprise 66,892.83 66,892.83 Page: 2 of 2 ---PAGE BREAK--- 141 12/28/22 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, 2022 OPERATING REVENUES Charges for services Total Operating Revenues OPERATING EXPENSES Personal services Supplies Purchased services Fixed charges Total Operating Expenses Operating Income (Loss) NONOPERATING REVENUES (EXPENSES) Intergovernmental revenue Interest and royalty revenue Other nonoperating expense Total Nonoperating Rev(Exp) Income (Loss) before contributions/transfers Change in net position Total net position - July 1, 2021 Total net position - July 1, 2021 as restated Total net position - June 30, 2022 5410 SOLID WASTE 1,212,851.78 1,212,851.78 44,030.48 3,871.57 1,133,098.71 996.06 1,181,996.82 30,854.96 2,156.00 348.70 1,275.60) 1,229.10 32,084.06 32,084.06 311,808.77 34,808.77 66,892.83 Total Nonmajor Enterprise 1,212,851.78 1,212,851.18 44,030.48 3,871.57 1,133,098, 71 996.06 1,181,996.82 30,854.96 2,156.00 348.70 1,275.60) 1,229.10 32,084.06 32,084.06 34,808.77 34,808.77 66,892.83 ---PAGE BREAK--- 142 12/28/22 18:29:50 li'und/Account 1000 GENERAL 101000 Operating Cash 101100 Investments 102001 Cash - Restricted Flex 103000 Petty cash Total li'und Total 1000 GENERAL 2100 RESORT TAX 101000 Operating Cash 2110 STREET AND ALLEY 101000 Operating Cash 101002 Cash - Committed Total Fund CITY OF WHITEFISH Schedule of Cash Receipts & Disbursements For the Year 2021-2022 Beginning Balance 2,084,610.01 30,171.00 11,667.42 400.00 2,126,848.43 2,126,848.43 2,178,068.78 2,803,410.41 0.00 2,803,410.41 Received 7,282,304.42 0.00 55,209.04 0.00 7,337,513.46 7,337,513.46 6,342,018.86 1,899,459.66 30,000.00 1,929,459.66 Transfers In 1,488.80 o.oo o.oo o.oo 1,488.80 1,488.80 0.00 950.44 0.00 950.44 2210 PARKS, RECREATION AND COMMUNITY SERVICES 101000 Operating Cash 102147 Cash - The Whitefish Trail 103000 Petty Cash Total Fund 2220 LIBRARY FUND 101000 Operating Cash 101001 Cash - WFCU 103000 Petty cash Total li'und 2300 LAW ENFORCEMENT 101000 Operating Cash 2310 TAX INCREMENT 101000 Operating Cash 2340 FIRE l\ND AMBULANCE 101000 Operating Cash 2394 BUILDING CODES 101000 Operating Cash 2399 IMPACT FEES 101000 Operating Cash 102142 Cash - Paved Trails 102143 Cash - Park Maint Building 102144 Cash - ESC 102145 Cash - City Hall 102146 Cash - Stormwater Total Fund 2400 LIGHT DISTRICT #1 (Residential) 101000 Operating Cash 2410 LIGHT DISTRICT #4 (Commercial) 101000 Operal:.ing cash 2525 STORM WATER 101000 Operating Cash 410,959.28 -26,537.58 300.00 384,721.70 207,433.28 0.00 50.00 207,483.28 968,314.16 1,037,128.02 1,445,293.78 1,393,389.74 0.00 225,238.42 43,523.02 348,807.52 92,620.43 199,501.17 909,690.56 82,607.57 173,252.19 1,231,676.67 2,045,567.34 73,789.10 0.00 2,119,356.44 1,008,058.19 107,148.84 0.00 1,115,207.03 2,966,354.75 904,786.13 3,531,684.24 988,328.26 52,251.53 61,132.85 14,973.10 91,922.52 9,218.38 32,556.49 262,054.87 106,687.67 104,916.94 467,212.61 2821 Gas Tax - Special Roads, Streets, & Bridges Allocation 101000 Oper.at.ing Cash 132,284.98 1.94, 765 .11 2917 CRIME VICTIMS ASSISTANCE 101000 Operating Cash 1,473.00 7,117.00 1,454.39 0.00 0.00 1,454.39 657.69 0.00 0.00 657. 69 635.92 0,00 1,015.76 406.46 0.00 0.00 0.00 0.00 0.00 o.oo 0.00 0.00 0.00 0.00 0.00 Disbursed 4,715,576.64 0.00 52,801.04 0.00 4,768,377.68 4,768,377.68 3,085,433.76 56,807.53 0.00 56,807.53 159,752.22 79,159.62 0.00 238,911.84 115,250.58 0.00 o.oo 115,250.58 126,383.43 941,636.92 73,755.55 21,193.01 0.00 48,687.13 0.00 0.00 0.00 0.00 48,687 ,13 751.45 751. 45 4, 153 .13 0.00 0.00 Page: 1 of 3 Report ID: Ll60Z Transfers Out 1,780,835,01! 0.00 0.00 0.00 1,780,835.04 1,780,835.04 2,247,072.83 l, 308,951.83 0.00 1,308,951.83 1,584,275.1!3 o.oo -300.00 1,583,975.43 295,1!77.00 0.00 0.00 295,477.00 2,767,161!,80 1,000,277.23 3,250,596.96 663,524.94 52,251.53 1,166.00 256.00 892.00 94,00 344,00 55,003.53 65,100.34 46,321.24 172,221, 82 0.00 7,117.00 Ending Balance 2,871,991.55 30,171.00 14,075.42 400.00 2,916,637.97 2,916,637.97 3,187,581.05 3,338,061.15 30,000.00 3,368,061.15 713,953.36 -31,908.10 600.00 682,645.26 805,421.58 107,148.81! 50.00 912,620.42 1,041,756.60 0.00 1,653,641.27 1,697,406.51 0.00 236, 518.11! 58,240.12 439,838.04 101,744.81 231,713.66 1,068,054.77 123, 1!43. 45 231,096.44 1,522,514.33 327,050.09 1,473.00 ---PAGE BREAK--- 143 12/28/22 CITY OF WHITEFISH Page: 2 of 3 18:29:50 Schedule of Cash Receipts & Disbursements Report ID: L160Z For the Year 2021-2022 Beginning Transfers 'l'ransfers Ending Fund/Account Balance Received In Disbursed Out Balance 2987 HOUSING REHABILITATION GRANT 101000 Operating Cash 1,419.27 4,137.37 0.00 0.00 3,311.25 2,245.39 2989 AFFORDABLE HOUSING (cash in lieu) 101000 Operating Cash 389,480.00 125,090.95 0.00 0.00 509,000.00 5,570.95 2990 PARKLAND AQUISITION & DEVELOPMENT 101000 Operating Cash 0,00 40,288,73 0.00 0.00 40,288.73 0.00 102130 Cash - District East 67,884.31 160.24 0.00 37,014.29 8,000.00 23,030.26 102131 Cash - District West 9,309.31 32,265.14 0.00 1,240.00 7,512.00 32,822.45 102132 Cash - District North 121,823.38 2,670.67 0.00 2,000.00 8,000.00 114,494.05 'I'otal Fund 199,017.00 75,384.78 40,254.29 63,800.73 170,346.76 2992 SIDEWALK DISTRICTS PROJECT (cash in lieu) 102130 Cash - District East 49,696.52 5,280.34 0.00 0.00 0.00 54,976.86 102131 Cash - District West 121,292.86 8,505.32 0.00 0.00 0.00 129,798.18 102132 cash - District North 102,337.92 371.35 0,00 0.00 o.oo 102,709.27 Total Fund 273,327.30 14,157.01 287,484.31 2993 Cash In-Lieu of Subdivision Street Tree Planting 101000 Operating Cash 36,830.00 821.86 0.00 11,850.00 821,86 24,980.00 2994 ARPA - COVID-19 101000 Operating Cash 1,059,472.32 1,066,957.63 0.00 0.00 0,00 2,126,429.95 Total 2000 14,908,340.73 22,326,499.17 5,120.66 4,765,820.07 14,039,738,79 18,434,401, 70 3400 SID REVOLVING (SID Bond Collateral) 101000 Operating cash 175,497.01 59,335.28 0.00 0.00 0.00 234,832.29 3545 SID 166 BOND DEBT (J.P. Road Project) 101000 Operating Cash 100,437.23 106,647,85 0.00 58,698.47 80,612.50 67,774.11 3550 SID 167 IlOND DEBT (Parking Structure Project) 101000 Operating Cash 42,404.83 64,851.57 0.00 0.00 59,994.12 47,262.28 Total 3000 318,339.07 230,834,70 0.00 58,698.47 140,606.62 349,868.68 4540 WF Trail Construction 101000 Operating Cash 3,056.64 140,421.23 0.00 0.00 143,477.87 0.00 Total 4000 3,056.64 140,421.23 0.00 0,00 143,477.87 0.00 5210 WATER 101000 Operating Cash 5,775,863.44 6,839,559.83 19,442.52 484,074.66 5,142,357.36 7,008,433.77 102220 Cash-Bond Dbt Rsrv 3,118.00 0.00 0.00 0.00 o.oo 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 o.oo 0.00 0.00 0.00 3,968.50 102238 Cash-Bond Dbt 132,952,74 1,551,367.76 0.00 1,216,265.50 0.00 468,055.00 102239 Cash-Bond Dbt Rsrv - 638,500.00 0.00 0.00 o.oo 0.00 638,500.00 102240 cash-Replacement & 104,378.31 0.00 0.00 0.00 0.00 104,378.31 102243 Cash-Bond Debt Reserve WTP 191,619.00 39,563.78 0.00 0.00 o.oo 231,182.78 102245 Cash-Bond Debt Reserve 69,525.56 0.00 0,00 0.00 o.oo 69,525.56 103000 Petty Cash 300.00 0.00 0.00 0.00 o.oo 300.00 Total Fund 6,976,274.55 8,430,491.37 19,442.52 1,700,340.16 5,142,357.36 8,583,510.92 5211 WATER IMPACT FEE 101000 Operating Cash 0.00 813,776,97 0.00 o.oo 813,776, 97 0.00 102111 Cash - Construction 2,396,017.07 551,456.13 0.00 1,230,912.75 3,975.00 1,712,585.45 'I'otal Fund 2,396,017.07 1,365,233.10 1,230,912.75 817,751.97 1,712,585.45 ---PAGE BREAK--- 144 12/28/22 CITY OF WHITEFISH Page: 3 of 3 18:29:51 Schedule of Cash Receipts & Disbursements Report ID: L160Z For the Year 2021-2022 Beginning 'l'ransfers 'l'ransfers Ending Fund/Account Balance Received In Disbursed Out Balance 5310 WASTEWATER 101000 Operating Cash 3,238,670.68 6,220,966.99 100,674.12 1,188,267.30 4,404,970.49 3,967,074.00 102220 Cash-Bond Dbt Rsrv 14,425.00 0,00 0.00 0.00 0.00 14,425.00 102221 Cash-Bond Dbt Rsrv-Series 51,193.00 0.00 0.00 0.00 0.00 51,193.00 102222 Cash-Bond Dbt Rsrv-Series 1,099.37 0,00 0.00 0,00 0.00 1,099.37 102226 Cash-Bond Dbt Rsrv-Series 6,150.00 0.00 0,00 0.00 0.00 6,150.00 102229 Cash-Bond Dbt Rsrv-Series 14,817.00 0.00 0.00 0.00 0.00 14,817.00 102231 Cash-Bond Dbt Rsrv-Series 10,985,00 0.00 0,00 0.00 0.00 10,985.00 102232 Cash-Bond Dbt Rsrv-Series 12,202.50 0.00 0,00 0.00 0.00 12,202.50 102233 Cash-Bond Dbt Rsrv-Series 14,755.00 0.00 0,00 0.00 0.00 14,755.00 102234 Cash-Bond Dbt Rsrv-Series 8,325.00 0.00 o.oo 0.00 0.00 8,325.00 102235 Cash-Bond Dbt Rsrv - 30,393.50 0.00 o.oo 0.00 0.00 30,393.50 102240 Cash-Replacement & 102,026.73 0.00 0.00 0.00 0.00 102,026.73 102242 Cash-Bond Debt Reserve 319,369.00 20,543.00 0.00 0.00 0.00 339,912.00 102244 cash-Bond Debt Reserve 208,658.00 9,971.00 0.00 0.00 0.00 218,629.00 Total Fund 4,033,069.78 6,251,480.99 100,674.12 1,188,267.30 4,404,970.49 4,791,987.10 5311 WASTEWATER IMPACT FEE 101000 Operating Cash 0.00 854,505.30 0.00 0.00 854,505.30 0,00 102111 Cash - Construction 1,334,244.90 759,369.44 0.00 854,505.30 4,082.76 1,235,026.28 'l'otal Fund 1,334,244.90 l, 613,874.74 854,505.30 858,588.06 1,235,026.28 5410 SOLID WASTE 101000 Operating Cash 73,684.97 1,191,105.49 14,096.05 8,833.58 1,257,938.01 12,114.92 Total 5000 14,813,291.27 18,852,185.69 134,212.69 4,982,859.09 12,481,605,89 16,335,224.67 7120 VOLUNTEER FIRE PENSION & RELIEF 101000 Operating Cash 61,725.99 71,699,12 0.00 0,00 61,546.33 71,878, 78 7451 STATE SURCHARGE ON COURT FINES 101000 Operating cash 4,301.67 16,636.60 0.00 0.00 16, 726,60 4,211.67 7910 PAYROLL FUND 101000 Operating Cash 33,534.37 111,990.21 10,779,876.32 10,749,515,12 0.00 175,885.78 7930 CLAIMS FUND 101000 Operating Cash 2,392,432.82 0.00 17,744,138.67 18,851,762.81 0.00 1,284,808.68 Total 7000 2,491,994.85 200,325.93 28,524,014.99 29,601,277.93 78,272.93 1,536,784.91 'l'otals 34,661,870.99 49,087,780.18 28,664,837.14 44,177,033.24 28,664,537,14 39,572,917.93 ---PAGE BREAK--- 145 Cash Reconciliation Bank Balance Add Interest Revenue for CDs Payroll check clearing DIT Payroll Adjust OS Checks Adjusted per bank Balance per Books (cash report) less 7910 less 7930 Whitefish GL Items Net Adjusted Balance per books Difference Adjusted Difference CITY OF WHITEFISH FLATHEAD COUNTY, MONTANA FOR FISCAL YEAR ENDING JUNE 30, 2022 Glacier DDA $ 21,436,302.39 First Int - MMA $ 394,793.81 US Bank $ 124,573.03 Whitefish Credit Union $ 107,148.84 Flex $ 14,075.42 STIP 10,786,667.30 Petty Cash $ 1,350.00 Morten Asset Mgmt $ 4,336,481.20 First Int - CD $ 1,096,683.14 Glacier -CD $ 1,202,056.14 $ - Glacier $ 3,898.26 $ (5,947.51) Payroll $ (175,885.78) Claims $ {1,284,808.68) $ 39,500,131.27 $ - $ - $ 3,898.26 $ (5,947.51) $ (1,460,694.46) $ 38,037,387.56 $ 39,572,917.93 $ (175,885.78) $ (1,284,808.68) $ (74,835.91) $ 38,037,387.56 $ - $ - ---PAGE BREAK--- 146 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # Description 1000 GENERAL 334000 State Grants JV 5518 2 Gen Fund State Grants Account Total: 335110 Live Card Game Table Permit RV 1499 1 Gamibling Permits ql fy 22 335120 Gambling Machine Permits RV 1476 Gamibling Permits RV 1500 Gamibling Permits RV 1521 Gamibling Permits RV 153 7 1 Gamibling Permits 335230 State Entitlement Share RV RV RV RV 1484 1501 1513 1534 1 1 1 1 State Entitlement State Entitlement State Entitlement State Entitlement Account 'l'otal: q4 fy21 ql fy 22 ql fy 22 3rd qt fy22 Account Total: Account Total: 336020 On Behalf Contribution to Retirement JV 5523 1 GF onbehalf rev PERS Account Total: Fund Total: Vendor/Receipt From 13/22 Acct. Period 13/22 12/21 8/21 12/21 4/22 6/22 9/21 12/21 3/22 6/22 13/22 Debit 0 00 Page: 1 of 17 Report ID: L091 Credit Ending Balance 5,026.11 5,026.11 5,026.11 CR 1,100.00 1,100.00 1,100.00 CR 50,00 16,100.00 150.00 100. 00 16,400,00 16,400.00 CR 235,153,47 235,153.47 235,153,47 237,360.33 942,820, 74 942,820.74 CR 20,192.00 20,192.00 20,192.00 CR 985,538,85 ---PAGE BREAK--- 147 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7 /21 13/22 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line# Description Vendor/Receipt From Period 2110 STREET AND ALLEY 335040 Gasoline Tax Apportionment RV 14 71 fuel allocation 7/21 RV 1475 fuel allocation 8/21 RV 1483 fuel allocation 9/21 RV 1487 1 fuel allocation 10/21 RV 1490 1 fuel allocation 11/21 RV 1503 1 fuel allocation 1/22 RV 1508 1 fuel allocation 2/22 RV 1520 fuel allocation 4/22 RV 1528 fuel allocation 5/22 RV 1533 fuel allocation 6/22 Account Total: 336020 On Behalf Contribution to Retirement JV 5523 7 street & alley On behalf PERS 13/22 Account Total: Fund Total: Debit 0.00 Page: 2 of 17 Report ID: 1091 Credit Ending Balance 13,662.52 13,662.57 13,662.57 13,662.57 13,662.57 27,325.14 13,662.57 27,325.14 13,662.57 13,662.57 163,950.79 163,950.79 CR 9,063.00 9,063,00 9,063.00 CR 173,013.79 ---PAGE BREAK--- 148 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # Description 2210 PARKS, RECREATION AND COMMUNITY SERVICES 334000 State Grants JV RV RV RV 5224 1478 1496 1516 2 Acer Grouse Mountain GrouseMtnRestArea Reim Arbor Day 2022 Grant Account Total: 336020 On Behalf Contribution to Retirement JV 5523 9 p & R On behalf PERS Account Total: Fund Total: Vendor/Receipt From 13/22 Acct, Period 8/21 8/21 11/21 3/22 13/22 Debit 428.35 428.35 42B.35 Page: 3 of 17 Report ID: 1091 Credit Ending Balance 482,35 4,800.00 750,00 6,032.35 5,604.00 CR 15,470.00 15,470.00 15,470.00 CR 21,502.35 ---PAGE BREAK--- 149 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # 2220 LIBRARY FUND Description 334100 Library State Aid CR 159744 Batch 17251 Account Total: 336020 On Behalf Contribution to Retirement JV 5523 17 library on behalf rev.PERS Account Total: Fund Total: Vendor/Receipt From 13/22 Acct. Period 12/21 13/22 Debit 0,00 Page: 4 of 17 Report ID: L091 Credit Ending Balance 2,868.78 2,868.78 2,868,78 CR 3,183.00 3,183.00 3,183,00 CR 6,051.78 ---PAGE BREAK--- 150 12/29/22 CITY OF WHITEFISH Page: 5 of 17 15:57:42 Detail Ledger Query with Account Balances Report ID: L091 For the Accounting Periods: 7/21 13/22 Accounts 330000-339999 Fund/Account/ Acct. Doc/Line # Description Vendor/Receipt From Period Debit Credit Ending Balance 2300 LAW ENFORCEMENT 331000 Federal Grants RV 1488 Bullet Proof Vest Grant Reimb. 10/21 745.43 Account Total: 745.43 745.43 CR 334091 Overtime Reimbursement from DOT RV 1491 STEP 11/21 3,502.22 RV 1514 1 STEP 3/22 3,139.85 CR 164125 1 Batch 17478 6/22 2,000.00 RV 1535 1 STl'!:P 6/22 3,059.32 Account Total: 11,701.39 11,701.39 CR 336020 On Behalf Contribution to Retirement JV 5523 19 police on behalf rev. PERS 13/22 6,116.00 JV 5524 Police on behalf rev MPORS 13/22 326,335.00 Account Total: 332,451.00 332,451.00 CR 337014 Drug Task Force Grant CR 155616 1 Batch 17090 7/21 7,967.86 JV 5155 2 Accrue FY21 BIOTA Revenue 7 /21 1,159.81 JV 5155 4 Accrue FY21 MBCC JAG Revenue 7/21 6,808.05 CR 156720 1 Batch . ' 17117 8/21 27,440.80 CR 157048 1 Batch 17126 8/21 2,726.19 JV 5222 1 Corr CRU56720 for Local Match 8/21 26,525.17 JV 5222 3 Corr CRitl56720 for Stonegarden 8/21 915. 63 CR 158082 Batch 17175 10/21 22,080.97 CR 159557 natch 17239 11/21 12,272.90 CR 160482 natch . ' 17289 1/22 7,990.11 CR 161075 1 Batch . ' 17314 1/22 11,110.54 CR 161327 1 Batch . ' 1 7327 2/22 7,433.65 CR 162167 1 Batch . ' 1'1375 3/22 8,104.56 CR 162567 1 Batch . ' 17396 3/22 4,031.91 CR 162932 Batch . ' 17418 4/22 4,533.74 CR 163163 Batch 17428 4/22 4,718.31 CR 163432 1 Batch 17445 5/22 3,934.08 CR 163667 1 Batch 17458 5/22 5,869.58 CR 164124 1 Batch 17478 6/22 4,031.92 CR 164461 1 Batch . ' 17492 6/22 4,224.44 CR 164613 Batch . ' 17497 6/22 3,969.03 JV 5518 Police Drug task force 13/22 12,667.85 Account Total: 35,408.66 155,108.44 119,699.78 CR ---PAGE BREAK--- 151 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7 /21 Accounts 330000-339999 Fund/Account/ Doc/Line# 2300 LAW ENFORCEMENT 337018 Dept of Justice Description Grant JV 5219 4 Acer Reimb Stonegarden JV 5222 4 Corr CRll156 720 for Stonegarden CR 158086 Batch 17175 CR 159770 1 Batch 17250 CR 161077 1 Batch 17314 CR 161948 1 Batch 17362 CR 162577 Batch . ' 17396 JV 5291 2 right account CR 164248 Batch 17484 CR 164465 Batch 1 7492 Account 'l'otal: 337019 School District 44 Reimbursement SRO CR 156839 Batch 17121 JV 5085 2 Accrue SRO REvenue CR 161187 1 Batch 17322 JV 5518 5 Police Sch.Dist reirnb SRO Account 'l'otal: Fund 'l'otal: Vendor/Receipt From 13/22 Acct. Period 8/21 8/21 10/21 12/21 1/22 3/22 3/22 3/22 6/22 6/22 8/21 8/21 2/22 13/22 Debit 915.63 915. 63 25,121.25 25,121.25 61,445.54 Page: 6 of 17 Report ID: L091 Credit Ending Balance 915.63 313.74 522,90 810.45 1,581.78 1,581.00 14,210.00 2,259.60 2,591.88 24,786.98 23, 871,35 CR 25,121.25 32,562.05 31,982.27 89,665.57 64,544, 32 CR 614,458.81 ---PAGE BREAK--- 152 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line# Description 2340 FIRE AND AMBULANCE 336020 On Behalf Contribution to Retirement JV JV 5523 21 5524 3 Fire & Amb on behalf PERS Fire & Amb on behalf FURS Account 'l'otal: 338050 Portion of Countywide Ambulance Assessment CR 155767 JV 5157 CR 161101 CR 164614 1 1 1 Batch#: 17093 County-wide EMS Batch#: 17317 Batch 17497 Account 'l'otal: Fund 'l'otal: Vendor/Receipt From 13/22 Acct. Period 13/22 13/22 7/21 7/21 1/22 6/22 Debit 35,308.70 35,308.70 35,308.70 Page: 7 of 17 Report ID: L091 Credit Ending Balance 2,717.00 470,669.00 473,386.00 473,386,00 CR 35,308.70 38,145.99 35,746,71 109,201.40 73,892.70 CR 582,587.40 ---PAGE BREAK--- 153 CITY or WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line# 2394 BUILDING CODES Description 336020 On Behalf Contribution to Retirement JV 5523 24 Building on behalf rev PERS Account Total: Fund Total: Vendor/Receipt From 13/22 Acct, Period 13/22 Debit o.oo Page: 8 of 17 Report ID: L091 Credit Ending Balance 7,583.00 7,583.00 7,583.00 CR 7,583.00 ---PAGE BREAK--- 154 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances ~or the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # Description 2400 LIGHT DISTRICT #1 (Residential) 336020 On Behalf Contribution to Retirement JV 5523 26 light dist #1 on behalf PERS Account 'l'otal: Fund 'l'otal: Vendor/Receipt From 13/22 Acct. Period 13/22 Debit 0.00 Page: 9 of 17 Report ID: L091 Credit Ending Balance IJ38.00 438.00 438.00 CR 438,00 ---PAGE BREAK--- 155 CITY OF WHIT8FISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 13/22 Accounts 330000-339999 Fund/Account/ Doc/Line # Description 2410 LIGHT DISTRICT #4 (Commercial) 336020 On Behalf Contribution to Retirement JV 5523 28 lightdist#2 on behalf PERS Account Total: !i'und Total: Vendor/Receipt From Acct. Period 13/22 Debit 0,00 Page: 10 of 1 7 Report IO: L091 Credit Ending Balance 438.00 43B.00 43B.00 CR 438. 00 ---PAGE BREAK--- 156 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # 2525 STORM WATER Description 336020 On Behalf Contribution to Retirement JV 5523 30 storm water on behalf PERS Account 'l'otal: Fund 'l'otal: Vendor/Receipt From 13/22 Acct, Period 13/22 Debit 0.00 Page: 11 of 17 Report ID: 1091 Credit Ending Balance 2,195.00 2,195.00 2,195.00 CR 2,195.00 ---PAGE BREAK--- 157 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line# Description Vendor/Receipt From 2821 Gas Tax - Special Roads, Streets, & Bridges Allocation 335040 Gasoline Tax Apportionment RV 1485 Account Total: Fund 'l'otal: 13/22 Acct. Period 9/21 Debit 0.00 Page: 12 of 17 Report ID: L091 Credit Ending Balance 185,490.58 185,490.58 185,490.58 CR 185,490.58 ---PAGE BREAK--- 158 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line# Description 2994 ARPA - COVID-19 331990 COVID-19/Stimulus Revenues - Federal Sources JV RV JV RV 5127 1480 5499 1532 1 1 1 Defer ARPA Revenue arpa distribution-browning Defer ARPA Revenue arpa distribution Account Total: Fund Total: Vendor/Receipt From 13/22 Acct. Period 7/21 8/21 6/22 6/22 Debit 2,125,242.00 2,125,242.00 2125,242,00 Page: 13 of 17 Report ID: L091 Credit Ending Balance 1,059,434.59 3,186.41 1,062,621.00 2,125,242.00 2125,242.00 ---PAGE BREAK--- 159 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 E'und/Account/ Doc/Linell 5210 WATER Description 336020 On Behalf Contribution to Retirement JV 5525 2 water on behalf rev PERS Account 'l'otal: l!'und 'l'otal: Vendor/Receipt E'rom 13/22 Acct. Period 13/22 Debit o.oo Page: 14 of 17 Report ID: 1091 Credit Ending Balance 55,867.00 55,867, 00 55,867.00 CR 55,867.00 ---PAGE BREAK--- 160 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line# 5310 WASTEWATER Description 334120 Treasure State Endowment Program RV 1545 1 Account Total: 334121 DNRC Grants RV 1531 Account Total: 336020 On Behalf Contribution to Retirement JV 5525 sewer on behalf rev PERS Account Total: Fund Total: Vendor/Receipt From 13/22 Acct, Period 6/22 5/22 13/22 Debit 0.00 Page: 15 of 17 Report ID: L091 Credit Ending Balance 12,500.00 12,500.00 12,500,00 CR 12,500.00 12,500.00 12,500.00 CR 59,351.00 59,351.00 59,351.00 CR 84,351.00 ---PAGE BREAK--- 161 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # 5410 SOLID WASTE Description 336020 On Behalf Contribution to Retirement JV 5525 12 sol.waste on behalf rev PERS Account Total: Fund 'l'otal: Vendor/Receipt From 13/22 Acct, Period 13/22 Debit 0.00 Page: 16 of 17 Report ID: L091 Credit Ending Balance 2,156.00 2,156.00 2,156,00 CR 2,156.00 ---PAGE BREAK--- 162 CITY OF WHITEFISH 12/29/22 15:57:42 Detail Ledger Query with Account Balances For the Accounting Periods: 7/21 Accounts 330000-339999 Fund/Account/ Doc/Line # Description 7120 VOLUNTEER FIRE PENSION & RELIEF 335035 State Auditor's Annual Payment RV 1515 1 State Auditor's Annual PMT Account Total: Fund Total: Grand 'l'otal: Vendor/Receipt From 13/22 Acct, Period 3/22 Debit 0.00 2,222,424.59 Page: 17 of 17 Report ID: L091 Credit Ending Balance 70,834.00 70,834.00 70,834.00 CR 70,834.00 4,917,747.56 ---PAGE BREAK--- 163 GENERAL INFORMATION SECTION ---PAGE BREAK--- 164 GENERAL INFORMATION (Comolete all oortlons applicable to entity) 1. Class of oountv/cltv Second 2. Date of lncomoratlon 1905 3. Countv seat Kallsoell 4. Form of aovernment Cltv Manaaer 5. Pooulatlon (most recent estimate) 7751 (2020 Census\ 6. Land area 12.34 Saare Milos 7. MIies of roads/streets/all='• 676,903 8. Taxable vafuat!on 47,253,584 9. Road taxable valuation (countvl NIA 10. Number of water consumers 4,547 11. Averaqe dallv water consumption 2.592 MIilion Gallons oer Dav 12. MIies of water main 77.4831 13. Miles of san!tarv and storm sewers 81.0316 santtarv; 29.5777 Stormwater 14. Number of buildlno Issued 237 15. Number of full-time employees 112.2 B. PROPERTY TAX MILL LEVIES - County/Cltv/Town funds onlv (For fiscal year be Ina reported) Fund/activity Mills General Fund (1000} 79.932 Resort Tax Rebate -35.28 Permissive Medical Levv 18.00 Fire & Ambulance Voted Lew 24.00 Librarv Fund /2200} 6.82 TOTAL 93.472