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CITY OF SALISBURY MARYLAND

AUDIT REPORT

JUNE 30 2010

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CITY OF SALISBURY

TABLE OF CONTENTS

OTHER SUPPLEMENTARY INFORMATION

PAGE

General fund

Schedule of Revenue Estimated and Actual 48 44

Schedule of Expenditures Compared with Appropriations 50 55

Nonmajor Governmental Funds

Combining Balance Sheet 56

Combining SfafemenT of Revenues Expenditures and Changes in fund Balances 57

Statement of Revenues Expenditures and Changes in Fund Balance Budgetand Actual Parking Authority Fund 58

Combining Balance Sheer Water antl Sewer impact fund 54

Combining Statement of Revenues Expenditures and Changes in Fund Balance

Water and Sewer Impact Funtls 60

Statement of Revenues Expenditures and Changes iri Fund Deficit Grant Fund 61

Nonmajor Proprietary Funds

Combining Statement of Fund Net Assets 62

Combining Statement of Revenues Expenses and Changes in Fund Net Assets 63

Enterprise Funds

Combining SfafemenT of Revenues Expenses and Changes in Fund Net Assets

Water and Sewer fund 64

Schedule of Revenues and Expenses Budget and Actual

Water Department 65 66

Sewer Department 67 68

Cify Marina 64

Statistical Information unauditedSchedule of Delinquent Taxes Receivable 70

Statement of Bonded Indebtedness 71

General Fund Revenue by Source 72

General Fund Expenditures by Function J3

Water and Sewer DepartmentOperations 74

General and Sinking Fund Property Tax Levies and Collections 75

General and Sinking Fund Assessed Values and Debt Ratios 76

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December b 2010

INDEPENDENT AUDITORS REPORTBarbacane Thornton Company LLP

200 Springer Building3411 Silverside Road

Wilmfngeoq Delaware 19810

T 3024788540

F 3024684001

www6pacom

Members of City Council

City of SalisburySalisbury Maryland

We have audited the accompanying financial statements of the governmental activities the businessfype activities each major fund and the aggregate remaining fund Information of the City of SalisburyMarylgnd as of and for the year ended June 30 2010 which collectively comprise the Citys basicfinancial statements as listed in the table of contents These financial statements are the responsibility ofthe Citys management Our responsibility is To express opinions on these financial statements based ohour audit

We conducted our audit in accordance with auditing standards generallyaccepted In theUnited Sfafesof America and he standards applicable to financial audits contained ih Government AuditingStandards issued by the Comptroller GeneraY of the United States fiose standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement An audit includes examining on a test basis evidence supporting the amountsand disclosures in the financial statements An audit also includes assessing the accounting principlesused and significarit estimates made by management as well as evaluating the overall financialstatementpresenfation We beleve that ouraudit provides a reasonable basis for our opinions

In our opinion the financial statements referred to above present fairly in all material respects therespective financial position of the governmental activities the businesstypeactvitles each major fundand the aggregate remaining fund information bf the Cify of Salisbury Maryland as of June 30 2070and the respective changes in its financial position and Its cash flows where applicable thereof for theyear then ended in conformity with accounting principles generally accepted in the United States ofAmerica

In accordance with GovernmentAUdffing Standards wehave also issued our report dated December 62010 on our consideration of the City of Salisburys internal control over financial reporting and on ourtests of Its compliance with certain provisions of laws regulations contracts grant agreements and othermatters The purpose ofthat report is to describe the scope of our testing of internal control over financialreporting and compliance and the results of that testing and not to provide an opinion on the internalcontrol overfinancial reporting or on compliance That report is an integral part ofah audit performed inaccordance with GovernmentAuditing Standards and should beconsidered in assessing the resultsof ouraudit

The managementsdiscussion and analysis and budgetary comparison Information are notrequired partsof the basic financial stotements but are supplementary information required by accounting principlesgenerally accepted in the United Stoles of America We have applied certain limited procedures whichconsisted principally of inquiries of management regarding the methods of measurement andpresentation of the required supplementary Information However we did not audit the information andaccordingly express no opinion on it

RBACANETHORN

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City ofSalisbury Maryland

MANAGEMENTSDISCUSSION AND ANALYSIS UNAUDITED

This sectionof the annual financial report of the City of Salisbury the City presents ourdiscussion and analysis of the Citysfinancial performance during the fiscal year ended June 30 2010 We encourage readers to consider the discussion andanalysis along with the other information in this report including the notes to the financial statementlnthis section we haveprovided an overview of the basic financial statements selected condensed financial data and highlights and analysis of the

Citys financial position and changes infnancial position

FINANCIAL HIGHLIGHTS

The Citystotal combined net assets were 98838895 Net assets of our governmental activities increased by888752or 25 percent while net assets of ourbusinesstype activities increased by2698743or45percent

The General fund reported expenditures in excess of revenues of1048161 bringing its fund balance this year to10292454 Revenues were loss than budgeted but expenditures were also less than budgeted Revenues werelower in a large part due to funding cuts from the State of Marylandfor Highway UserTaxes and Police Aid Grants Irithe FY 2010 budget it was assumed that the City would use surplus The final amount of surplus use budgeted for FY2010was1953685 The loss of10million was less than budgeted

OVERVIEW OF THE FINANCIAL STATEMENTS

This annual report consists of three partsmanagementsdiscussion and Figure A1Required Components oftheanalysis this section the basic financial statements and required Cit1sAnnual Financial Reportsupplementary information The basic financial statements include two

kinds of statements that present different views of the City

The first two statements are entitywide financial statements that

provide both longterm and shortterm information about the Citysoverell financial status

The remaining statements are fund financial statements that focus

on individual parts of the govemment reporting the Citys operationsin more detail than the entitywidestatements

The governrimentaf funds statements tell how general governmentservices were financed in the short lermas well as what remains forfuture spending

Proprietary fund statements offer short and longterm financial

information about the activities the govemment operates likebusinesses

Fiduciary fund statements provide information about the financial

relationships in which the City acts solely as a trustee or agent for

thebenefit of others to whom the resources in question belong

The financial statements also include notes that explain some of the

information in the financial statements and provide more detaileddata The statements am followed by a section of requiredsupplementary information that further explains and supports theinformation in the financial statemedts

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Summary Detail

Figure A1 shows Bow the required parts ofthisannual report are arranged and related to one

another

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City of Salisbury MarylandManaoementsDiscussion AnalysisUnaudited

The City maintains the following type of enterprise funds to account for the operations of the Citys businesstypeactivities water and sewer services and Mitchell Landing Apartments all of which areconsidered to be major funds oftheCity and several other nonmajorfeesupported activities

Fiduciary fundsThe City is the trustee or fiduciary for certain funds It is also responsible for other assets that

because of a trust arrangementcanbe used only for the trust beneficiaries The City is responsible for ensuring thatthe assets reported in these funds are used for their intended purposes All of the Citys fiduciary activities are reportedin a separate statement of fiduciary net assets and a statement of changes in fiduciary net assets These activities are

excluded from the Citys entitywide financial statements because the City cannot use these assets to finance itsoperations

FINANCIAL ANALYSIS OF THE CITY AS A WHOLE

Net assets The Citys combined netassets were 988million

CURRENT ASSETS

Cashand cash equivalentsAccounts receivable net

Due from other governmental units

lntemal balances

Other

InventoriesTOTAL CURRENT ASSETS

NONCURRENT ASSETS

Table A1CITYSNET ASSETS

in thousands of dollars

Governmental Activities BusinesstypeActivities Totals

2010 2009 2010 2009 2010 2009

12113 137083149 2341

795 305

1108 802

796 51815745 16070

2871 32262119 17431391 392

1108 802

1 14

708 646

8198 6823

14984 169345268 40642186 697

1 14

1504 1 164

23943 22893

Restricted cash 5352 6616 5422 2058 10774 8674Bontl issuance costsnetof amortization 136 144 53 48 189 192

Capital assets of cost 65662 60523 141888 137648 207550 198171Less accumulafeddepreciation 21 556 19 730 38 468 36853 60024 56 583

TOTAL NONCURRENT ASSETS 49594 47553 108895 102901 158489 150454

TOTAL ASSETS 65339 63623 117093 109724 182432 173347

CURRENTtIABILITIESAccounts payable and accrued expenses 1204 1735 1202 840 2406 2575Bonds notes and capital leases payable 2378 2398 3062 2975 5440 5373Other 799 766 57 52 856 818

TOTAL CURRENT LIABILITIES 4381 4899 4321 3867 8702 8766

NONCURRENT LIABILITIES

Compensated absences 1370 1164 246 196 1616 1360Postemployment benefits 3249 791 838 186 4087 977

Bonds notes and capital leases payable 19828 21147 49360 45846 69188 66993TOTAL NONCURRENT LIABILITIES 24447 23102 50444 46228 74891 69330

TOTAL LIABILITIES 28828 28001 54765 50095 83593 78096

NET ASSETSInvested in capital assetsnetof related debt 21901 1902f 56243 53872 78144 72893Restricted 6985 7108 178 160 7163 7268Unrestricted 7625 9493 5907 5597 13532 15090

TOTAL NET ASSETS 36577 35622 62328 59629 98639 9525t

Net assets of the Citys gpvemmental activities increased by 25 percent to 365million due to the addition of capital assetsfunded inpart by cash and investments partiallyaffse by increases in noncurmnt liabilities Net assets of the Citys business

type activities increased by 45 percent to 623million due to capital asset additions also funded in part by cash andinvestments

The Citystotal revenues were 506million A significant portion 466percent of the Citysrevenue comes from propertytaxes See Figure A3 A portion 365percent comes from charges for services and 58 percent comes from operatinggrants The total cost of all programs and services was 470million

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City of Salisbury MarylandManaoementsDiscussion Anavsis

Unaudited

Governmental Activities

2010 2009

889

Governmental Activities

CHANGE IN NET ASSETS

in thousands of dollars

BusinesstypeActivities2010 2009

2254 2699 491

Totals2010 2009

3588 2745

Property tax rates were held constant between FY 2009 and FY 2010The cost of all governmental activities this year was

335million However the amount that the Citys taxpayers paid for these activities through taxes was only 233million

Some of the cost was paid by chose who directly benefited from the programs 57million or by grants and contributions53million The general government cost had a 75 percent increase between years which can be attdbuted to overall costincreases

BusinesstypeActivities

Revenues of the Citys businesstype activities were 162million in FY 2010 vs 132 million in FY 2009 refer to Table A2while expenses were 135million in FY 2010 versus 127million in FY 2009 The revenue increase is due to the Cityreceiving 21million more in capital grants related to the wastewater treatment plant and water storage projects in FY 2010

Overall expenses increased slightly due to general cost increases

FINANCIAL ANALYSIS OF THE CITYS FUNDS

As the City completed the year its governmental funds reported a combined fund balance of 173million 12million lower

than fhe previous year At year end the general fund hada fund balance of 103million10million lower fhan the previousyear This has been attributed to lower tax revenue but partially offset by lower expenditures During the FY 2010 budgetprocess the City planned to use sOrplus for some capital outlay purchases versus borrowing additional funds through lease

purchase pr bonding The capital improvements fund balance decreased by01million to37million This is due primarilyto projects and capital equipment purchases from prior yeardebt proceeds The fund balance for other gdvernmental funds

remained constant Revenue collections offset expenditures for the year

General Fund Budgetary Highlights

Over the course of the year the City revised its budget several times The fnal expenditure budget for thegeneral fund was

343millidn versus an original budget of 323million The majority of the variance is due tp encumbiances carried forward

from FY 2009 Actual expenditures were31 million below final budget amounts Most departments were under budgetduring the year One departmentwith a negative variance was the fire department The vadance for this department was due

to the use of lease proceeds receivedand recorded in FY 2009 17millforc and the expenditures taking place in FY 2010

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At the end of 2010 the City had invested 2075million in a broad range of capital assets including land equipment buildingsand vehicles See Table A 4

Table A4

CITYS CAPITAL ASSETSin thousands of dollars

Government al Activities Businesstype Activities Totals Total2010 2009 2010 2009 2010 2009 Change

Land and an 8298 8198 1579 1579 9877 9777 1

Buildings andimprovements 24315 23807 18395 18209 42710 4201fi 2

Improvements nonbuildings 8321 6828 27061 25784 35382 32612 8

Machinery andegpipment 18628 16895 12622 12287 31250 29182 7Zoo animals 36 36 36 36 0Constructioninprogress 6064 4759 82231 79789 88295 84548 4

Totals at historical cost 65662 60523 141888 137648 207550 198171 5Total accumulated depreciation 21556 19730 38468 36853 60024 56583 6

Net capital assets 44106 40793 103420 100795 147526 141588 4

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City of Salisbury MarylandManagemenfsDiscussion AnalysisUnaudited

The Citys general operating fund spending will again decrease in the 2011 budget Budgeted 2011 expenditures are

29476214compared to the final adjusted 2010 budget of34266212 The Citydid not raise Yaxes for fiscal 2011 The

future revenue outlook is uncertain with the nationwide housing slump and the very slow recovery in general economic activity

Additionally the City has limited options for generating revenue and the City is approaching its tax rate limit The City must

also be prepared for continued revenue reductions from Stateof Maryland revenue sources As a result the City will need to

continue to limit the growth of expenses in order to stay within projected revenues and other operating resources

As for the Citys businesstype activities the water and sewer fund budget will decrease in the FY 2011 Budgeted 2011

expenditures are16659727compared to the final adjusted 2010 budget of20248566 Sewer rates were increased for FY

2011 1b percent The City is continuing to upgrade the wastewater treatment plant which will eventually cost around 77million Dudng fiscal year 2006 the City borrowed 42 million related to this upgrade The interest rate on this debt is 04

percent see note 6 for furtherdiscussion The current design of the wastewater treatment plant is not operating as requiredAs such theCity has undertaken a corrective action plan process and estimates for additional costs related to theplant are

approximately 50 million At this time it is unknown how the City will finance the corcective action plan Discussions are

being held with the State of Maryland Department of Environment as well as looking at the Citys borrowing capacity

CONTACTING THE CITYS FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens taxpayers customers and investors and creditors with a generaloverview of the Citysfinances and to demonstrate the Citys accountability for the money it receives If you have questionsabout this report or need additional fnancial information contact the CitysDirector of Internal Services in the Finance

Division 125 North Division Street Room 103 Salisbury MD 21801 or visit the Citys website atwwwcisalisburymdus

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RECONCILIATION OF BALANCE SHEET GOVERNMENTAL FUNDS

TO STATEMENT OF NET ASSETS

JUNE 30 2010

TOTAL FUND BALANCES GOVERNMENTAL FUNDS

Amounts reported for governmental activities in the statement of net assets are

different because

Capital assets used in governmental activities are not financial resources and

therefore are not reported in the fund financial statements but aro reported in the

governmental activities of the statement of net assets

Refunded and new debt and issuance costs resulted in deferred charges and

credits which will be amortized over the life of newdebt but do not representcurrent rights

Certain revenues that do not provide current financial resources are reported as

deferred income in the fund financial statements but are reported as revenue

in the governmental activities of the statement of net assets

Some liabilities are not due and payable in the current period and therefore are

not reported in the fund financial statements but are reported in the governmentalactivities statement of net assets Those liabilities consist of

Bondsnotes and capital leases payableCompensated absences

Postemployment benefits

Accrued interest on bonds

NET ASSETSOFGOVERNMENTAL ACTIVITIES

2220580113704323248544157483

The accompanying notes are an integral part of these financial statements

17277323

44106461

138466

1972710

26982260

36510700

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RECONCILIATION OF STATEMENT OF REVENUES EXPENDITURESAND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS

TO STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30 2010

NET CHANGE IN FUND BALANCES GOVERNMENTAL FUNDS 1170919

Amounts reported for governmental activities in the statement of activities are

different because

Governmental funds report capital outlays as expenditures However in the state

ment of activities the cost of those assets is allocated over their estimated usefullives and reported as depreciation expense In the current period these amounts

are

Capital outlays 5578415

Disposal of fixed assets 284621Depreciation expense 1980648 3313146

Bond and capital lease proceeds provide current fihancial resources to governmentalfunds however issuing debt increases longterm liabilities in the statement of net

assets In the current period bonds and capital leases of this amount were issued 762140

Because some revenues will not be collected for several months after the Citysfiscal year ends they are not considered availablerevenues and are deferred in

the governmental funds Deferred revenues increased by this amount this year 68163

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contrast the statement of activities treats such repayments as a reduction in

longterm liabilities 2101650

Some items reported in the statement of activities do not require the use of current

financial resources and therefore are not reported as expenditures in governmentalfunds These activities consist of

Increase in compensated absencesIncrease inpostemployment benefitsIncrease in bond issuance costs

Dectease in accrued interest payable

CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES


2065702457690790411016 2661148

888752

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CITY OF SALISBURY MARYLANDSTATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND NET ASSETS

PROPRIETARY FUNDS


Enterprise FundsWater Mitchell

and Sewer Landing NonmajorFund Fund Funds Total

OPERATING REVENUES

Charges for services 12169870 159289 44465 12373624Penalties 74278 74 278Tapping charges and connection fees 10790 10790Assessments 15400 15400Sundry income 109179 109179Pretreatmentmonitoring fee 176555 176555TOTAL OPERATING REVENUES 12556072 159289 44465 12759826

OPERATING EXPENSESSalaries 3755737 19214 3774951Personnelbenefits 2071340 15088 2998 2089426Professional and skilled services 1870788 48709 47026 1966523Supplies 1209091 31801 16751 1257643Other operating expenses 1949123 37165 33052 2019340Equipment 52340 52340Baddebtexpense ggg gggTOTAL OPERATING EXPENSES 10908419 133661 119041 11161121

Operating income loss before depreciation 1647653 25628 74576 1598705

Depreciation 1574494 36019 53614 f 664127

NET OPERATING INCOME LOSS 73159 10391 128190 65422

NONOPERATING REVENUES EXPENSESMtergovemmental revenue 2125878 2125878Operating transfers in 1108464 173000 1281464Interest income 25470 1596 27060Interestexpense 670243 670243TOTAL NONOPERATING REVENUES 2589569 1596 173000 2764165

CHANGE IN NET ASSETS 2662728 8705 44810 2698743

NETASSETS DEFICIT BEGINNING OF YEAR 58264895 255404 1619961 59629452

NET ASSETS DEFICIT END OF YEAR 60927623 26419 1664771 62328195

The accompanying notesare an integral part of these financial statements

18

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STATEMENT OF NET ASSETS FIDUCIARY FUNDS

June 30 2010

ASSETS

Cash and investment poolInvestments

Accounts receivable

Health

Care

Trust

969 485

969485

Private

purposeTrust

102708

102708Tofal Assets

LIABILITIESAccounts payableDeposits

Duetoothergovernmentalvnits

Total Liabilities

NET ASSETSReserved for fund purposes

42152

42152

969485 60556


AgencyFunds

266554

100778

367332

97144

252009

349153

18179

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NOTES TO FINANCIAL STATEMENTS

NOTE 1 DESCRIPTION OF THE CITY OF SALISBURY

The City of Salisbury Maryland the City was established in 1732 The Cify is governed by aMayor and a board of five Council Members elected by the voters of the City

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements ofthe City have been prepared inconformity with generally acceptedaccounting principles GAAP as applied to local government units The GovernmentalAccounting Standards Board GASB is the accepted standardsetting body for establishinggovernmental accounting and financial principles The City has electednoT to applyFfnancialAccounting Standards Board FASB Accounting Standards Codification Guidance issued afterNovember 30 1989 to its businesstypeactivities The most significant of The Citys accountingpolicies are described below

In evaluating how to define the City for financial reporting purposes management hasconsidered all potential component units The decision of whether to include a potentialcomponent unit was made by applying the criteria set forth in the GASB standards related tocomponent units The basic but not the only criterion for including a potential componentunitis the exercise of oversight responsibility by the Citys elected officials Based upon theapplication ofthese criteria the accompanying statements include the financial transactions ofthe Salisbury Zoo Commission Inc the Zoo The operations of the Zoo are included in thegeneral fund

Bdsis of Presentation

The Citys basic financial statements consist ofentitywide statements including a statement ofnet assets and a statement of activities and fund financial statements which provide a moredetailed leveloffihanctalinformation

ENTITYWfDE FINANCIAL STATEMENTS

The statement of net assets and the statemeht of activitiesdisplay informationabout theCityas awhole These statements include the financial activities of the City The statements distinguishbetween those activities of the City that are governmental and those that are consideredbusinesstype activities

The statement of net assets presents the financial condition of the governmental and businessfype activitiesof the City at yearend The statementof activities presents acomparison betweendiredtexpenses and program revenues for each program or function of the Citys governmentalactivities and for businesstype activities of the City Direct expenses are those that are

specifically associated with aservice program or departmentand Therefore clearly identifiabletoaparticularfunciion Programrevenuesincludechargespaidbytherecipientofttregoodsorservices offered by the program grants and contributions that are restricted fo meeting theoperationalor capital requirements of aparticularprogram and interest earned ongrants That isrequired To be used to support a particular program Revenues which are not classified asprogram revenues are presented as general revenues ofThe City with certain limited exceptions

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NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES contdj

Mitchell Landing Fund The Mitchell Landing fund is used to account for all financialtransactions related to the operations of the Mitchell Landing Aparfments slowincomehousing project which operates under the guidelines of the Maryland Department ofHousing and Community Development

FIDUCIARY FUNDS

Fiduciary fund reporting focuses on net assets and changes in net assets The Citys fiduciaryfunds include the volunteer firemen service award trust health care trust policeconfiscatedasset and bay restoration funds These funds account for assets held by the City in a trusteecapacity or as fiscal agent for individuals private organizations other governmentsandorotherfunds

MeasurementFocus

EntNywidefnanclal statements The entitywide financial statements are prepared using theeconomic resources measurement focus All assets and liabilities associated with the operationofthe Cityare included on the statement of net assets

Fund flnanclal statements All governmental funds are accounted for using a flow of currentfinancial resources measurement focus With thismeasuremenf focus onlycurrenf assets andcurrent Iiabflities generally are included on the balance sheet The statement of revenuesexpenditures and changes in fund balances reports onthesourcesie revenues and otherfinancing sources and usesie expenditures and other financing uses of current financialresources This approach differs from the manner in which the governmental activities of theentitywidefinancial statements are prepared Governmental fund financialstatements thereforeinclude a reconciliation with brie explanations to better identify the relationship between theentitywidestatements and the statements for governmental funds

Like the entitywide statements all proprietary funds are accounted for on a flow of economicresourcesmeasurement focus All assets and Itabliitles associated with the operation of Thesefunds are Included on the statement of net assets The statement of changes in fund net assetspresents Increases Ie revenues and decreasesie expenses in net Total assets Thestatement of cash flows provides Information about how the City finances and meets the cashflow needs of its proprletaryactivltles

Basis of Accounting

Basis of accounting determines when transactions are recorded in the financial records andreported on the financial statements Entitywide financial statements are prepared using theaccrual basis of accounting Governmental funds use hemodified accrual basis of accountingProprietary and fiduciary funds also use the accrual basis of accounting Differences in theaccrual and the modified accrual basis of accounting arise in the recognition of revenue therecording of deferred revenue and in the presentation of expenses versus expenditures

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NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES conTd

Excess of Expenditures Over Appropriations

The following general fund functions incurred expenditures in excess of appropriations in thefollowing amount for the year ended June 30 2010

Publlc safety fire 786807

The excess of expenditures overappropriations was financed with surplus generated in the prioryear by unexpended lease proceeds

Cash Eauivaienis

For purposes of the statement of cash flows the enterprise funds consider all highly liquidinvestments with an original maturity of three months or less when purchased to be cashequivalents

Propertv Taxes

Property axes attach as an enforceable lien as of July 1 Taxes are levied on July 1 and arerecognized when levied Taxes are due and payable on or beforeSeptember 30 and all unpaidtaxes become delinquent October 1 Wicomico County Maryland bills and collects propertyfaxes for the City Real property taxes uncollected as of 60 days after fiscal year end areconsidered unovailable to pay liabilities that are owed at the balance sheet date and thereforeare included in deferred revenue An allowance is established for delinquent personal propertyloxes to the extent that their collectibility is improbable

Inventories

Inventory Is presented at the lower of cost or market on a firstin firstoutbasis and Is expensedwhen used

Capital Assets

General capltal assets are those assets not specifically related to activitiesreported in proprietaryfunds These assets generally result from expenditures in the governmental funds These assetsare reported in the governmental activities column of the entitywidestatement of net assets butare not reported in the fund financial statements Capital assets utilized by the proprietary fundsare reported both in the businesstype activitiescolumn of the entitywidestatementof net assetsand in the respective funds

All capital assets are capitalized at cost or estimated historical costs and updated for additionsand retirements during heyear Donated fixed assets are recorded of their fair market values asof the date received The City maintains a capitalization threshold of 10000 Improvementsare capitalized the costs of normal maintenance and repairs that do not add value to the assetor materially extend an assetslife are not capitalized

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NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES contd

Fund Balance Reserves and Deficit

The Cify reserves those portions of governmental fund balances that are legally segregated forspecific future use or which do not represent availableexpendable resourcesand therefore arenot available for appropriations for expenditures Fund balance reserves have been establishedfor inventory and prepaids encumbrances and other specific fund purposes Encumbrancesrepresent commitments related to unperformed contracts for goods or services which will behonored during the subsequent year

The deficit in he Mitchell Landing Fund as of June 30 2010 was264199 This deficit is due todepreciation which cannot be recaptured through user charges

The Grant Fund nonmajor governmental fund had adeficit fund balance of 115661 of June30 2070 The deficit is due to expenditures funded by the Grant Fund that are to be funded inthe future by other revenue sources

The Septage Treatment Fund nonmajor enterprise fund had adeficit fund balance of 781 aiJune 30 2010 The deficit is due to expenditures funded by the Septage Treatment Fund that areto be funded in the future by other revenue sources

Operatina Revenues and Expenses

Operating revenues are those revenues that dre generated directly from the primary activity ofThe proprietary funds for the City these revenues are charges for services for water Operatingexpenses are necessary costs Incurred to provide the good or service that is The primary activityof the fund Revenues not meeting these definitions are reported as nonoperating

Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management fo makeestimates and assumptions that affect the amounts reported in the financial statements andaccompanying notes Actual results may differ from those estimates

NOTE 3 CASH AND INVESTMENTS

The Cify maintains a cash account and an Investment pool that Is available for use by all fundsEach fund reports its portion of this account and pool Additional cash and investment accountsare also separately held by several of the Citys funds

The City follows the State of Maryland laws related to types of deposits and investments selectionof depositories and collateral requirements

Cash and deposits

At June 30 2010 the Cify had deposits of9168627 carrying value9240984 As of June30 2010 all of the Citys bank balances wereadequately insured and collateralized as definedby GASB

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NOTE 4

NOTE 5

INTERFUND RECEIVABLES AND PAYABLES

As a result of Its operations the City effects a variety of transactions between funds to financeoperations and service debt Accordingly fo the extent thatcertain inierfund transactions havenot been paid or received as of June 30 2010 appropriate due fromtoother funds have beenestablished

At June 30 207 0 the Water and Sewer Impact Fund owes1108464 to the Wafer and Sewerfund

CAPITAL ASSETS

Capital asset activity for the year ended June 30 2010 wasas follows

July 1 2009 Additions Deductions Transfers June 30 2010

GOVERNMENTAL ACTIVITIES

Capital assets not being depreclafedLand and art 8198050 100000 8298050ConstructionInprogress 4759298 3240811 193634d 6063765Total capital cruets not being

depreclafed 12957348 3240811 1836344 14361815

Capital assets being depreciatedLand ImprovementsBulltlings antl improvementsImprovements nonbulldingsMachinery and equipmentZoo animals

Total capital cruets beingdepreciated

Leu accumulated depreciationland Improvements

Buildings and ImprovementsImprovements nonbulltlingsMachinery and equipmentZoo animals

Total accumulated tlepreclatlonTotal capital assets being

depreciated net

Governmental acfivi8es capitalassets net

514114 310000 824114

23292926 198534 234914606827478 1493077 832055516895025 2139070 438833 33267 18628529

36000 36000

47565543 2337604 438833 1836344 51300658

381150 102223 4833736425441 7388 547913 69807422049604 37577 246272 233345310853667 1832570 154212 794185 11737780

119714 950 206641179729576 1980648 154212 215560121

27835967 356956 284621 1836344 29744646

40793315 3597767 284621 44706461

Depreciation expense was charged to governmental functions as follows

General government 103196Public safety 1044205Public works 568013Recreation and culture 265234

Total depreciation expense 1980648

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NOTE 5

NOTE 6

CAPITAL ASSETS contd

conYd July 1 2009 Additlons Deductions Transfers June 30 2010Caplfal assets being depreciatedLandlmprovemenis 1418255 1418255Buildings and Improvements 209494 209494Machinery and equlpment 37505 37505Total capltal assets being depreciated 7665254 1665254Less accumulated depreclatlonLand Improvements 1078767 39881 1118648Buildings and Improvements 169439 13733 783112Machinery and equipment 37505 31505Total accumulated depreclatlon 1285711 53614 1339325Total capltal assets being

depreciated net 379543 53614 325929

Total City Marina Caplfal Assets Net 1694543 47697 1742240

July 1 2009 Additions Deductions Transfers June 30 2070Mltchell Landing Fund

Capital assets not being depreciatedLand 174010 114010

Caplfal assets being depreclatedLand Improvements 7862 7862Buildings and Improvements 1350452 6600 1357052Machlnery and equipment 89405 89405Total capital assets being depreciated 1447719 6600 1454379Less accumulated depreclatlonLand Improvements 6373 442 6755Buildings and Improvements 497844 35577 j533421Machlnery and equlpment 89405 89405Total accumulated depreclatlon 593562 36019 629581Total capital assets being

depreciated net 654157 29419 824738

Total Mltchell Landing CapitalAssets Ne 968167 29419 938748

The majority of the constructioninprogress relates fo he improvements of Waverly Drive stormdrain for the governmental activities and the expansion of the waste water treatment plant forthe businesstypeactivities

LONGTERM DEBT

The Citys charter provides that totol bonded or other Indebtedness of the CiTy payable from itsgeneral fax revenues shall at no time exceed the total of four percentof the assessed valuationof all real property and 10 percent of the assessed valuation of all personal and corporate

32

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NOTE 6 LONGTERM DEBT contdJ

The water quality upgrade general obligation bond is recorded in the enterprise fund Interest is

payable semiannuallybeginning August 1 1990 and principal is payable annually beginningFebruary 1 1993

Year Ending June 30 Principal Interest Totdl

2011 204545 30230 234775

2012 214555 20220 234775

Total 419100 50450 469550

The Johnson Pand improvement debt is accounted for in the general fund Interest is payablesemiannuallybeginning August i 1990 and principal is payable annually beginning February1 1993

Year Ending June 30 Principal Interest Total

2011 3638 586 42242012 3816 408 4224

Total 7454 994 8448

In the year ended June 30 1997 the City obligated Itself to pay the Maryland Deparfmenl of

Natural Resources DNR in the amount of 345280 The loan is repayable in 15 annual

Installments of 23037 There is no Interest on this obligation which is accounted for in the

general fund

Year Ending June 30 Principal

2011 230372012 23039

Total 46076

In the year ended June 30 1998 the City obligated itself to pay fhe DNR in the amount of83280 The loan is repayable in 15 annual Installments of5552 There is no Interest on

this obligation which is accounted for in the general fund

Year Ending June 30 Principal

2011 55522012 55522013 5552

Total 16656

34

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NOTE 6 LONGTERMDEBT confd


2011 379343 67062 4464052012 396179 50226 4464052013 413762 32643 4464052014 432124 14279 446403

Total 1621408 164210 1785618

In the year ended June 30 2003 the City obligated itself to pay MDE3163361 at an annualinterest rate of04 percent for wastewater treatment plant upgrades and expansion Interest is

payable semiannuallybeginning August 1 2003 and principal is payable annually beginningFebruary 1 2005 until the principal amount of the bond has been paid The general obligationbond is accounted for in the enterprise fund


2071 155932 16798 1727302012 156556 16174 1727302013 157182 15548 172 7302014 157811 7 4919 172 730

2015 158442 14288 17273020762020 807767 61883 86365020212024 653037 37883 690920

Total 2240727 177493 2418220

In the year ended June 30 2003 the Clty issued5614000 of Public Improvement Bonds at

interest rates from 20 percent to45percent Interest is payable semiannuallybeginning Mayi 2003 The bonds mature nvarying amounts beginning May 1 2004 and conllnuing throughMay 1 2023 The amount of1318149 of the balance of the obligation is carried in the

enterprise fund and the balance of2727851 is accounted for in the general fund

Year Ending June 30 Principal Interest

2011 248300 1618842012 257100 153939

2013 266100 145262

2014 275 300 134 948207 5 283800 125968

20162020 1595200 45568820212023 1120200 106117

Total 4046000 1283806

Tnnl

41018441103947136241024840976820508881226317

5329806

36

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NOTE 6 LONGTERM DEBT contd


2011 247500 169532 4170322012 247500 159588 4070882013 247500 149614 3971742014 247500 139640 3871402015 247500 129665 377165

20162020 1237500 498713 173621320212025 1237500 249357 148685720262027 495000 29923 524923

Total 4207500 7526032 5733532

In theyear ended June 30 2008 the City issued3605000 of Public Improvement Bonds at an

interest rate of 409 percent Interest is payable semiannually beginning August 1 2008 Thebonds mature beginning February 1 2009 and continuing through February i 2028 459787

of the balance of obligation is carried in the enterprise fund and the balance of2840213 Isaccounted for in The general fund


2011 160000 134970 2949702012 165000 128426 2934262013 170000 121678 2916782014 175000 114725 2897252015 180000 107567 287567

20162020 1000000 423316 142331620212025 1030000 197 752 122775220262028 420000 34766 454766

Total 3300000 1263200 4563200

In the year ended June 30 2010 the City issued2600000 of Public Improvement Bondsat an

Interest rate of 378 percent Interest is payable semiannually beginning May 1 2010 Thebonds mature beginning November 1 2010 and continuing through November 1 2024

2096600of The balance of obligation is carried in the enterprise fund and the balance of503400is accounted for in the general fund


2011 173333 96351 2696842012 173333 89944 2632772013 173333 83065 2563982014 173333 76422 2497552015 173333 69779 243712

20762020 866667 248504 111517120212025 866668 83192 949860

Total 2600000 747257 3347257

38

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NOTE 6 LONGTERM DEBT contd

in the years 2012 to 2036 inclusive with a final principal and interest payment on January 12037 These bonds bear interest at the rate of525 percent per annum These bonds are notsubject to the debt limit set forth in the Citys Charter These bonds were issued with theexpectationthat interest thereon shall beexcludable from gross incomeofthe holders thereof forfederal income tax purposes

In the year ended June 30 2007 the City issued its 15000000 Special Obligation BondsVillage at Salisbury Lake ProjecT Series 2007 payable solely from and secured by a pledge ofcertain fax increment revenues and special tax revenues These bonds are secured in the firstinstance by the proceeds of tax collections attributable to the increase in the assessed value ofreal property located in a prescribed developmentdistrict over the original taxable value of such

property as determined in accordance with the Maryland Tax Increment Financing Act To theextent such tax increment revenues are insufficient proceeds of special taxes levied on andcollected from the taxable parcels within aprescribed special taxing district will be used To paydebt service The full faith and credit and unlimited faxing power of the Cify have not been

pledged to pay these bonds These bonds are payable over 30 years withsemiannual interestpayments on Juty 1 and January 1 starting July 1 2012 or such earlier date as the bonds are

converted and remarketed and principal payments on July 1 in the years 2013 to 2036Inclusive with a final principal and Interest payment on January 1 2037 These bonds Initiallybear interest at the rate of 79percent perannum These bonds are not subject to the debt limitset forth in the CitysCharter These bonds were issued as drawdown bonds and sold to theThencurrentowner of The property located in the prescribed developmentspecialfaxing districtThese bonds are subject to conversion and reoffering if certain conditions set forth in the

Indenture of Trust relating To such bonds are met Until any such conversion and reoffering the

bondholder will advance proceeds of the bonds to pay project costs Until any such conversionand reoffering and potentially even thereafter interest on such bonds will be Includable in

gross Income of the holders thereof for federal Income tax purposes

the City has entered info leases for the acquisition of various machinery and equipment whichare classified as capital leases Additionally in the year ended June 30 2007 the City enteredinto aleasepurchaseagreement in the amount of5320000for the construction of a new firestation headquarters This is classified as a capital lease Accordingly the present value offuture minimum lease payments and the related assets have been recorded in the appropriatefund

Original cost of assets acquired underthese capital leases for the general fund is6098133 with

accumulated depreciation of 751214 and for the water and sewer fund is 796987 withaccumulated depreciation of 90490 of June 30 2010

Following is a summary of total future minimum lease payments for all capital leases

Year Ending June 30

2071 70078422012 9751562013 9719222014 9266422015 898946

20162020 265594720212025 208567520262027 834350

Amount representing interest 2 749 8601

Present value of future minlmum lease payments 7606820

40

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NOTE 8 POSTRETIREMENT HEALTH CARE BENEFITS contd

Subject fo the above the employee may retire and retain health insurance coverage until theretiree reaches the age of 65 During this period the City wilLpay30 percent and 50 petcenfrespectively of the retireeshealth insurance premium for employees who retired pror to andafter July 1 2002

For the year ended June 30 2010 there were 44 participants eligible and receiving postretirement healthcare benefits aiapayasyougocost to the City of 137637

Plan Descriotion

During the year ended June 30 2007 Wicomico County and the Board of Education jointly setup the Retiree Health Insurance Plan Trust of the Board of Education of Wicomico County andWicomico County A Board of Trustees the Board oversees thetrust In June 2009 the City ofSalisbury joined the trust and the trust wasrenamed Amended Retiree Health Plan Trust for theWicomico County Board of Education and Wicomico County and City of SaBsbury the Trust

The plan is an agent multipleemployer plan with combined administrative functions forefficiency and each agent employer remains responsible for financing benefits of ifs ownindividual plan Each agent employer also remains individually responsible for Ifs own separateactuarial valuations and expenses and obligations are measured like those of sole employersThe assets of the three entities are segregated within the Trust

The assets of the trust are managed by an investment managerCroftLeominster Inc under aformal Investment policy The Board meets quarterly to review investment pertormance Theinvestment manager provides a fiscal year pertormance report o the Board Questionsregarding performance should be directed to the Plan Administrator The plan does not Issue astandalone financial report

Funding Policv

The Cify has chosen to continuefio pay currentretiree medical payments from the General FundTherefore the Trust will fund each year fo the extent appropriate the Annual RequiredCorifribution ARC

The City contracted for an actuarial study which determined that the ARC for fiscal year2010was3111000 The City funded the trust with ahealth care rebate of 900000 in fiscal 2009In fiscal year 2010 the City did not fund theQrust but recorded the associafediiabilify

Annual OPEB Cosf and Nef OPEB Obligation

The Citys OPEB cost expense is theARC which represents a level of funding that if paid on anongoing bgsis is projected to cover normal costs each year and amortize any unfundedactuaral liabilities or funding excess overa period not to exceed 30 years The following tableshows the components of the Citys annual OPEB cost for the year the amount actuallycontributed to the plan and changes in The Countys net OPEB obligation

42

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NOTE 8 POSTRETIREMENT HEALTH CARE BENEFITS conTd

The actuarial methods and assumptions used include techniques tfiat are designed to reducethe effects of shortterm volatility In the actuarial accrued liabilities and the actuarial value ofassets consistent with the longterm perspective of the calculations

In the actuarial valuation the projected unit credit method with linear proration to assumedbenefit commencement was used The actuarial assumptonsincluded an Investment return fordiscounted liabilities of 60 percent Mortality calculations were done using the RP 2000Combined Healthy Table and the RP 2000 Combined Disabled Table

NOTE 9 DEFERRED COMPENSATION PLAN

The City offers its employees a deferred compensationplan created in accordance with InfernalRevenue Code Section 457 The plan available to all eligibleCity employees permils them fodefer a portion of their salary until future years The deferred compensation is not available fo

employees until termination retirement death or unforeseeable emergency The deferredamounts are invested in various annuity contracts

All amounts of compensation deferred under the plan all property and rights purchased withthose dmounis and all incdme attributable to those amounts property or rights are held intrustfor the exclusive benefit of pldn participants and their beneficiaries qnd are not subject to theclaims of the Citys general creditors

The City has no liability for losses under the plan but does have the duty of due care that wouldbe required of an ordinary prudent investor

NOTE 7 0 SERVICE AWARD TRUST

The CityhasaVolunteer Firemen Service Award Trust which wasestablished toaccumulate fundsfor the CityVolunteer FiremensRetirement The maximum monthly benefit perindividual is 500updn retirement and the retirement age is 60 The transactions of the Service Award Trust havebeen reportedds an expendable trust fund in the fiduciary fund types The trust has assets of

102708 as of June 30 2010

NOTE 11 COMMITMENTS AND CONTINGENT LIABILITIES

The City is the recipient of various federal and state grants The City may be under obligation to

repay these grant funds if upon final review by the respective granting agencies the fundsexpended did not meet the established program objectives As of June 30 2010 the City is not

aware of any repayment requests

The City is adefendant inseverdl lawsuits After consideringall relevant facts and the opinion of

legal counsel it Is managementsopinion that such litigation will not in aggregate have dmaterial advefse effect on the financial position of the City

44

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NOTE 14 SUBSE6IUENT EVENTS

On August 23 2010 the Ciry entered into q loan agreement with the Maryland EnergyAdministration in the amount of 142800 for the Parking Garage LED fighting projectRepayment is fo begin on the thirteenth month following the initial disbursement The principaland interest are paid semiannually with an interest rate of 25percent overdsixyearperiod

On October 4 2010 the City issued5050000of Public Facilities Refunding Bonds of 2010 withan interest rate of 335 percent Payment of annual serial installments of principal and interestbegin on October 12011 and continue through October 12026 The amount will becarried inthe general fund The bonds were issued to refinance the current outstanding lease obligation

o related to the new fire headquarters building

The City has evaluated all subsequent events through December 6 2010 the date the financialstatements were available to be issued

46

NOI1VW2103N1J21b1N3W3ldd1S032i1f1b321

CITY OF SALISBURY MARYLANDREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE GENERAL FUNDFOR THE YEARENDED JUNE 30 2010

Variance with

Final BudgetBudgeted Amounts Positive

RESOURCES INFLOWSOriginal Fihal Acual Negative

Tax revenue 23736800 23736800 23239095 497 705Oher reveriue 2014181 2254852 2961262 706 410Charges for services 2159900 2159900 2402768 242 868Other sources

dntergovemmental revenues17829392 593 949

18580362 593 949 1 4

1858036AMOUNTS AVAILABLE FOR APPROPRIATION 32287769 32603537

9127830094403

11026712509134

CHARGES TO APPROPRIATIONS OUTFLOWSGeneral government

City council 89835 88335 84260 4 075City clerkMayorsoffice

147245 149086 137391 11695

Elections606280 623792 605212 18580

Finance1400

4774301430

503516 4357611430

67 755Purchasing 213071 214626 203223 11 403City attorney 201300 231300 212375 18 925Information services 92000 9961 67 890 31 727Human resources 137501 139079 129031 10 048Planning and zoning 203500 240452 227823 12 828Municipal buildings 351190 352551 131465 221086Poplar Hill 54195 59794 20716 39 078

Public safetyPolice antl Vafccontrol 10513244 10638456 9814119 824 337Fire

Buildings permits and inspections6423894420866

6577225421 362

7364032354 702

78680766

Neighborhood services and code compliance 623342 633209 584963660

48 246Public works

Supervision and engineering 1717854 2808115 1375518 1 432 597Roadways 842127 927093 722111 204 982Highway lighting 838500 898739 874181 24 558Street LeaningWastecollection and disposal

3831351 444 580

4084491 369 035

179046 229403

Recycling 181260 1889171088661153544

28037435 373

Fleet maintenance 537545 547856 526912 20 944Carpenter shop 157296 156091 151396 4695Recreation and cultureMunicipalaoo 1394964 1438956 1348530 90 426Park maintenance 423683 461371 442282 19 089tJondepadmental 533940 524936 477413 47 523TOTAL CHARGES TO APPROPRIATION 29011177 30703388 27712357 2991031

EXCESS OF REVENUESOVER EXPENDITURES 3276592 1900149 2382046 481897

OTHER FINANCING SOURCES USESOperating transfers out 181188 416872 382251 34 621Debt payments 3095404 3145952 3047956 g7 gg6TOTAL OTHERFINANCING USES 3276592 3562824 34302071 13261T

NET CHANGE IN FUND BALANCE 1662675 1048161 614514

FUND BALANCE BEGINNINGOF YEAR 11340615 11340615 11340615

FUND BALANCE END OF YEAR 11340615 9677940 10292454 614514

47

General Fund

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SCHEDULE OF REVENUE ESTIMATED AND ACTUALGENERAL FUND


VarianceFinal Positive

Charges for services6u Actual Ne ative

Administrative fees 16100 52752 36 652Ambulance call fees 1215000 1467688 252 688Advertising 100 35 65Filing fees 200 200Garbage disposal fees 683000 688168 5 168Plan review feesPolice alarm systems

36000 23216 12784

Weed removal95000

11200060141

106 26834859

5Zoning appeal and housing boa rd appeal fees 2 500 4 500

732

Total charges for services 2159900 24027682000

242868

OthersourcesCurrent surplus available 1858036 1858 036

IntergovernrnentalState of Maryland

Police protection 505723 317385 188 338Enterprise zone 35000 74T59 39 159Highway user

Widomico County1249924 281717 968207

Financial corporations 18302 18302Fire department 572000 572000Room tax 213000 227715 14 715Total intergovernmental 2593949 1491278 1102671

Total Revenues 32603537 30094403 2509134

49

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CITY OF SALISBURY MARYLANDSCHEDULE OF EXPENDITURES COMPARED WITH APPROPRIATIONS

GENERALFUNDFOR THE YEAR ENDED JUNE 30 2010

Internal services purchasingSalariesPersonnel benefits

Other operating expenses

Budget adjustment

Internal services human resources

SalariesPersonnel benefits

Other operating expensesBudget adjustment

City and county joint activitiesInformation services

Planning and zoning

Municipal buildingsOther operating expenses

Budget adjustmentCapital outlays

Poplar Hill Mansion

Total General Government

Public SafetyPolice services


Other operating expenses

Budget adjustmentCapital outlays

Continued on nextpage

Budgeted AmountsOriginal Final

126240

4563441197

213071

56983

6919811320

137501

92000203500295500

182190

16900035119054195

2574947

1265874528741927

825

214626

571696524012945

3725139079

99617

240452340069

13690819555120092

35255159794

2703578

54063782908399998875

678609381512

5446381

28479471042309

5201143993

9432641

Actual

126587

4413732499

203223

57168

6120310660

129031

67890

227623295513

111373

2009213146520716

2254947

53487742484225

837889

439928714880

Variance with

Final BudgetPositive

Negative

11509428

825

11403

b

4037

2285372510048

317271282944556

25535195551

221086

39078

448631

97607

36372220442052011

1

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CITY OF SALISBURY MARYLANDSCHEDULE OF EXPENDITURES COMPARED WITH APPROPRIATIONS

GENERALFUNDFOR THE YEAR ENDED JUNE 3Q 2010

Buildings permits and inspectionsSalaries

Personnel benefitsOther operating expenses

Budget adjustment

Budgeted Amounts

Original Fihal

3006129360926645

Neighborhood services and code complianceSalaries 360690Personnel benefits 120726Other operating expenses 141926Budget adjustment

623342

Total Public Safety 17981346

Department of Public Works

Supervision and engineeringSalaries 699599Personnel benefits 244505Other operating expenses 773750Budget adjustment

1717854Roadways

Salaries 313589Personnelbenefits 134394Other operating expenses 256144Budget adjustmentCapital outlays 138000

842127Highway lighting

Other operating expenses 838500Budget adjustment

838500

Continued on next page

29947293609270811200

421362

359190

1207261498933400

633209

18270252

696978

2476501381987481500

2808115

314582130619

3545693255

124068

927093

87561423125

898739

Actual

25190282211

20589

354702

332417110018142528

18117816

684107234566456845

1375518

310635

125685176033

209758

722111

874181

874181

Variance with


Negative

47570113986492120066660

26773107087365

340048246

152436

12871130849251424815001432597

3947

49342785363255

85690204982

1433

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24558

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SCHEDULE OF EXPENDITURES COMPARED WITH APPROPRIATIONS

GENERALFUND


Variance with


Original Final Actual NegativeRecreation and Culture

Municipal zoo

Salaries 782635 773274 709445 63829Personnel benefits 217085 224838 197288 27550Other operating expenses 395244 434484 441797 7313Budget adjustment 5460 5460Capital outlays 900 900

1394964 1438956 1348530 90426Park maintenance

Salaries 199693 215654 208256 7398Personnel benefits 92640 92640 87397 5243Other operating expenses 131350 150131 112429 37702

Budget adjustment 2946 2946

Capital outlays 34200 34200423683 461371 442282 19089

Total Recreation and Culture 1818647 1900327 1790812 109515

NondepartmentalInsurance

Insurance 478340 493704 473965 19739478340 493704 473965 19739

Miscellaneous

Personnel benefits 2000 2000 2000Other operating expenses 3600 3600 3448 152

Mayors contingency 50000 25632 2563255600 31232 3448 27784

Total Nondepartmental 533940 524936 477413 47523

Debt PaymentsPrincipal redemption 2002195 2062990 2048250 14740Interest 1093209 1082962 999706 83256

Total Debt Payments 3095404 3145952 3047956 97996

TOTAL EXPENDITURES 32106581 33849340 30760313 3089027

Other Financing UsesTransfer to other funds 181188 416872 382251 34621

Total Other Financing Uses 181188 416872 382251 34621

TOTAL EXPENDITURES AND OTHERFINANCING USES 32287769 34266212 31142564 3123648

55

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CITY OF SALISBURY MARYLANDSTATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE

BUDGET AND ACTUAL PARKING AUTHORITY FUND


Variance with


Original Final Actual NegativeREVENUES

Parking permits fines slate grants meters

and Park n Shop 743000 743000 611477 131523Earnings on investments 8000 8000 693 7307Rent and other 10000 10000 8882 1118Current surplus available 33147 33147 33147Transfers 20000 20000 20000

TOTAL REVENUES 814147 814147 641052 173095

EXPENDITURESSalaries 187389 188039 186285 1754Personnelbenefts 49264 50564 45755 4809Professional and skilled services 134098 169294 90104 79190Supplies 20600 20199 6474 13725Other operating expenses 90287 94412 80176 14236Capital outlays 239000 315457 198534 116923Debt service

Principal redemption 53400 53400Interest 40108 40108

TOTAL EXPENDITURES 720638 837965 700836 137129

EXCESS DEFICIENCY OF REVENUES OVER

UNDER EXPENDITURES 93509 23818 59784 35966

FUND BALANCE BEGINNING OF YEAR 452520

FUND BALANCE END OF YEAR 392736

58

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COMBINING STATEMENT OF REVENUES EXPENDITURES AND CHANGES IN FUND BALANCE

WATER AND SEWER IMPACT FUND


Water Sewer

Impact Impact Total

REVENUES

Fees 276589 635212 911801

Earnings on investments 2407 3393 5800

TOTAL REVENUES 278996 638605 917601

EXPENDITURES

Operating expenses

TOTAL OPERATING EXPENDITURES

EXCESS OF REVENUES OVER EXPENDITURES 278996 638605 917601

NONOPERATING REVENUES EXPENDITURESOperating transfers out 345257 763207 1108464TOTAL NONOPERATING EXPENDITURES 345257 763207 1108464

CHANGE IN NET ASSETS 66261 124602 190863

FUND BALANCE BEGINNING OF YEAR 1410427 1581453 2991880

FUND BALANCE END OF YEAR 1344166 1456851 2801017

60

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COMBINING STATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND NET ASSETS

NONMAJOR PROPRIETARY FUNDS


Enterprise Funds

Septage CityTreatment Marina

Fund Fund Total

OPERATING REVENUES

Charges for services 44465 44465TOTAL OPERATING REVENUES 44465 44465

OPERATING EXPENSES

Salaries 19214 19214Personnel benefits 2998 2998Professional and skilled services 47026 47026

Supplies 16751 16751Other expenses 33052 33052Bad debt expenseTOTAL OPERATING EXPENSES 119041 119041

OPERATING LOSS BEFORE DEPRECIATION 74576 74576

Depreciation 53614 53614

NET OPERATING LOSS 128190 128190

NONOPERATING REVENUES

Operating transfers in 173000 173000TOTAL NONOPERATING REVENUES 173000 173000

CHANGE IN NET ASSETS 44810 44810

NET ASSETS DEFICIT BEGINNING OF YEAR 781 1620742 1619961

NET ASSETS DEFICIT END OF YEAR 781 1665552 1664771

63

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COMBINING STATEMENT OF REVENUES EXPENSES AND CHANGES IN FUND NET ASSETS

ENTERPRISE FUND WATER AND SEWER FUND


Water Sewer

Department Department Total

OPERATING REVENUESCharges for services 4233982 7935888 12169870Penalties 25204 49074 74278

Tapping charges and connection fees 10790 10790

Assessments 15400 15400

Sundry income 125202 16023 109179

Pretreatment monitoring fee 176555 176555TOTAL OPERATING REVENUES 4399788 8156284 12556072

OPERATING EXPENSES

Salaries 1507268 2248469 3755737Personnelbenefits 776945 1294395 2071340

Professional and skilled services 526880 1343908 1870788

Supplies 607650 601441 1209091Other operating expenses 569627 1379496 1949123

Equipment 52340 52340TOTAL OPERATING EXPENSES 4040710 6867709 10908419

OPERATING INCOME BEFORE DEPRE CIATION 359078 1288575 1647653

Depreciation 623546 950948 1574494

NET OPERATING INCOME LOSS 264468 337627 73159

NONOPERATING REVENUES EXPENSESFederal and state grants 1439126 686752 2125878Transfers from impact fees 345257 763207 1108464Interest income 12735 12735 25470

Interest expense 115138 555105 670243TOTAL NONOPERATING REVENUES 1681980 907589 2589569

CHANGE IN NET ASSETS 1417512 1245216 2662728

NET ASSETSBEGINNING OF YEAR 58264895

NET ASSETS END OF YEAR 60927623

64

59

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SCHEDULE OF REVENUES AND EXPENSES BUDGET AND ACTUAL

ENTERPRISE FUND WATER DEPARTMENT


Budgeted Amounts

Original FinaF

Distribution and storageSalariesPersonnel benefits

Professional and skilled services

SuppliesOther operating expenses

EquipmentTotal distribution and storage

509923

19493558877

22629529279

34000

524737

30117156672

22889436766

77981

Administration

Salaries

Personnel benefits


Other operating expensesTotal administration

Debt payments

Principal redemptionInterest

Total debt payments

TOTAL EXPENSES

EXCESS DEFICIENCY OF REVENUESOVER UNDER EXPENSES BEFORE

DEPRECIATION

Depreciation and amortization


1053309

121567

4331815260

131886312031

222479

133260355739

6067082

831241

831241

1226221

119483

4331822334

131886

317021

222576133164

355740

6651115

1415274

1415274

Actual

515163

30117138535

15941430999

428401088122

101723

3648320079

127762286047

115138

115138

4155848

2041058

623546

1417512

Variance with


Negative

9574

18137

694805767

35141

138099

17760

68352255

412430974

22257618026

240602

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3456332

623546

2832786

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SCHEDULE OF REVENUES AND EXPENSES BUDGET AND ACTUAL

ENTERPRISE FUND SEWER DEPARTMENT


Variance with

Maintenance and repairSalaries

Personnel benefits



Total maintenanceandrepair

Pretreatment monitoringSalariesPersonnel benefits



Total pretreatment monitoring

Administration



Other operating expensesTotal administration

Debt payments

Principal redemption

Interest

Total debt payments

TOTAL EXPENSES

EXCESS DEFICIENCY OF REVENUES

OVER UNDER EXPENSES BEFOREDEPRECIATION

Depreciation



Original Final Actual Negative

394049 406296 385235 21061179306 260815 260815185101 373156 335615 37541

72950 57588 55185 2403

58680 67445 61028 6417890086 1165300 1097878 67422

98649 97847 89541 830639020 61717 6171720750 20350 12093 825716450 16450 15845 605

5622 6017 4071 1946

180491 202381 183267 19114

144507 143505 120937 2256850823 50823 43169 765468780 463219 448834 14385204217 204217 186752 17465

468327 861764 799692 62072

2809130 2818383 2818383

601999 603027 555105 479223411129 3421410 555105 2866305

11697955 13597451 7422814 6174637

2037358 3936854 2196164 6133018

950948 950948

2037358 3936854 1245216 5182070

68

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