A Rural Fire Protection District, Tigard, Oregon Comprehensive Annual Financial Report for the year ended June 30, 2010 Proudly serving the communities of: Beaverton • Durham • King City • Rivergrove • Rosemont Sherwood • Tigard • Tualatin • West Linn • Wilsonville And portions of: Washington • Clackamas • Multnomah counties A Rural Fire Protection District, Tigard, Oregon Comprehensive Annual Financial Report for the fiscal year ended June 30, 2010 Tualatin Valley Fire and Rescue, A Rural Fire Protection District 11945 S.W. 70th Tigard, Oregon 97223 Phone 503.649.8577 Fax 503.649.5347 www.tvfr.com Prepared by the Finance Department of Tualatin Valley Fire & Rescue Debra Guzman, Chief Financial Officer Claire Doolittle, Controller Debbie Vuylsteke, Financial Operations Manager Cover photo courtesy of Brian Barker, TVF&R This page intentionally left blank. Tualatin Valley Fire and Rescue Comprehensive Annual Financial Report For the Year Ended June 30, 2010 Table of Contents Introductory Section Page Letter of Transmittal ............................................................................................................................................................... 3 Certificate of Achievement for Excellence in Financial Reporting .................................................................................... 10 List of Elected and Appointed Officials ............................................................................................................................... 11 Organizational Chart ............................................................................................................................................................. 12 Financial Section Independent Auditor's Report ........................................................................................................................................... 15 Management’s Discussion and Analysis ........................................................................................................................... 19 Basic Financial Statements: Government-wide Financial Statements: Governmental Funds Balance Sheet/Statement of Net Assets ............................................................................... 31 Statement of Governmental Fund Revenues, Expenditures, and Changes in Fund Balances/Statement of Activities ................................................................................................................. 33 Fund Financial Statements: Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund .......................................................................................... 34 Statement of Net Assets – Internal Service Fund .................................................................................................... 36 Statement of Revenues, Expenses, and Changes in Net Assets – Internal Service Fund ....................................................................................................................... 37 Statement of Cash Flows – Internal Service Fund .................................................................................................. 38 Statement of Net Assets – Fiduciary Funds ............................................................................................................. 39 Statement of Changes in Net Assets – Fiduciary Funds ......................................................................................... 40 Notes to the Basic Financial Statements .......................................................................................................................... 41 Required Supplementary Information: Schedule of Funding Progress: Single-Employer Defined Benefit Pension Plan ..................................................................................................... 67 Volunteer Length of Service Award Plan ................................................................................................................ 67 Health Benefit Retiree Program ............................................................................................................................... 67 Supplemental Information: Schedules of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual: Capital Projects Fund ................................................................................................................................................ 71 Combining Balance Sheet – Nonmajor Governmental Funds ....................................................................................... 73 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds ....................................................................................................... 74 i Tualatin Valley Fire and Rescue Comprehensive Annual Financial Report For the Year Ended June 30, 2010 Table of Contents Financial Section, continued Supplemental Information, continued: Page Schedules of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual: Apparatus Fund ......................................................................................................................................................... 75 Capital Improvements Fund ..................................................................................................................................... 76 Emergency Management Fund ................................................................................................................................ 77 Grants Fund ............................................................................................................................................................... 78 Retiree Medical Insurance Stipend Fund ................................................................................................................. 79 Debt Service Fund .................................................................................................................................................... 80 Property and Building Fund ..................................................................................................................................... 81 Insurance Fund .......................................................................................................................................................... 82 Combining Statement of Net Assets – Fiduciary Funds ................................................................................................. 83 Combining Statement of Changes in Net Assets – Fiduciary Funds ............................................................................. 84 Schedules of Revenues, Expenditures, and Changes in- Fund Balance – Budget and Actual: Pension Trust Fund ................................................................................................................................................... 85 Volunteer LOSAP Fund ........................................................................................................................................... 86 Schedule of Property Tax Transactions and Outstanding Balances ............................................................................... 87 Statistical Section Net Assets by Component – Last Eight Fiscal Years ..................................................................................................... 91 Changes in Net Assets – Last Eight Fiscal Years ........................................................................................................... 92 Fund Balances, Governmental Funds – Last Eight Fiscal Years ................................................................................... 93 Changes in Fund Balances, Governmental Funds – Last Eight Fiscal Years ................................................................ 94 Assessed and Market Value of Taxable Property – Last Ten Fiscal Years ................................................................... 95 Property Tax Rates, Direct and Overlapping Governments – Last Ten Fiscal Years ................................................... 96 Principal Taxpayers – Current Year and Nine Years Ago ............................................................................................. 97 Property Tax Levies and Collections – Last Ten Fiscal Years....................................................................................... 98 Ratio of Net General Bonded Debt to Assessed Value and Net General Bonded Debt per Capita Last Ten Fiscal Years .................................................................................................................................................... 99 Computation of Overlapping Net Direct Debt – June 30, 2010 ................................................................................... 100 Computation of Legal Debt Margin – June 30, 2010 ................................................................................................... 101 ii Tualatin Valley Fire and Rescue Comprehensive Annual Financial Report For the Year Ended June 30, 2010 Table of Contents Statistical Section, continued Page Demographic and Economic Statistics – Last Ten Fiscal Years .................................................................................. 102 Principal Employers – Current Year and Ten Years Ago ............................................................................................ 103 Full-Time Equivalent District Employees by Function