HomeMy WebLinkAboutCity of Tualatin - Public Financial ReportPopular Annual Financial Report
For the Fiscal Year Ended June 30, 2021
City of Tualatin, Oregon
www.tualatinoregon.gov
Table of Contents
Letter from the Finance Director page 3
City Council page 4
City Council 2030 Vision page 4
Tualatin Demographics page 5
Principal Employers and Taxpayers page 6
Overview of Audited Results page 7
Balance Sheet page 8
Income Statement page 9
Where the Money Comes From page 10
Where the Money Goes page 11
Adopted Budget page 12
General Financial Information page 13
Financial Policies page 14
Staff and Contact Information page 15
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to
City of Tualatin
Oregon
For its Annual Financial Report for the Fiscal Year Ended June 30, 2020
Executive Director/CEO
Government Finance Officers Association of the United States and
Canada (GFOA) has given an Award for Outstanding Achievement
in Popular Anual Financial Reporting to City of Tualatin for its
Popular Annual Financial Report for the fiscal year ended June 30,
2020. The Award for Oustanding Achievement in Popular Annual
Financial Reporting is a prestigious national award recognizing
conformance with the highest standards for preparation of state
and local government popular reports.
In order to receive an Award for Outstanding Achievement in
Popular Annual Financial Reporting, a government unit must pub-
lish a Popular Annual Financial Report, whose contents conform
to program standards of creativity, presentation, understandabili-
ty, and reader appeal.
An Award for Outstanding Achievement in Popular Annual
Financial Reporting is valid for a period of one year only. City
of Tualatin has received a Popular Award for the last three
consecutive years.
Finance Departmentwww.tualatin.gov/finance
503-691-3054
2
Dear Residents and Businesses of Tualatin,
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please visit our website at www.tualatinoregon.gov/finance. If you have any questions about any of these
documents, please contact our Finance Department
a
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5
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3
-691-3054.
Sincerely,
Don Hudson
Assistant City Manager/Finance Director
Letter from the Finance Director
3
Don Hudson is the Assistant
City Manager/Finance Director
of the City of Tualatin. He has
served as the Finance Director
since 2008 and was promoted
to Assistant City Manager in
2019. Previously, he served as
the Finance Director for the City
of Stayton, OR.
He is a member of GFOA, is
Past President of the Oregon
Government Finance Officers
Association and Chair of the
Finance and Taxation Commit-
tee for the League of Oregon
Cities.
City of Tualatin | City Council Members
FEBRUARY 2021
4
Position #1
Maria Reyes
Mayor Frank Bubenik
Position #2
Christen Sacco
Position #3
Bridget Brooks Position #4
Cyndy Hillier
Council President
Nancy Grimes
Position #6
Valerie Pratt
About TualatinTualatin’s Profile & Demographics
Information Information2
Incorporated 1913
Population 27,338
City Property Tax Rate 2.2665
Bond Rating (Moody's)Aa1
Registered voters ‐ total 18,044
‐ Clackamas County 2,200
‐ Washington County 15,844
# of business licenses 1,664
Total employees in Tualatin 158
# of Library items checked out 321,693
Elevation 125 feet
Parks 10
Greenway trails/natural areas 322 acres
Miles of streets 81 miles
# of volunteers hours in 2020 8,400
by attracting businesses from Portland and
throughout the Willamette Valley. The com-
munity’s accommodations were simple: a
blacksmith shop, boarding house, general
store, and saloon.
In 1886, the Portland & Willamette Railway
Company purchased a right-of-way through
John Sweek’s land on the Tualatin River’s west
bank opposite Bridgeport. Profiting from the sale, Sweek took advantage of the railroad’s
location and plotted a town around the depot
- he called the new town Tualatin.
Organization Chart
CITIZEN ADVISORY COMMITTEES:
•Architectural Review Board (ARB)•ArtsAdvisory Committee (TAAC)
•Budget Committee•Core Area ParkingDistrictBoard(CAPDB)•LibraryAdvisory Committee (TLAC)
•Park Advisory Committee(TPARK)•PlanningCommission(TPC)
•TualatinTomorrowAdvisoryCommittee(TTAC)
Mayor and Council
Municipal Court Judge City Manager Citizen Advisory Committees*
Community
Finance
Legal
Information & MaintenanceServices
Human Resources
Library
Public Works
Parks & Recreation
Community Development
Police
Tualatin was incorporated in 1913. It is locat-
ed in two counties. SW 65th Avenue, adjacent
to Meridian Park Hospital, is the dividing line -
with Clackamas County to the east and Wash-
ington County to the west.
Tualatin began as a small village called Gal-
breath at a ferry crossing on the Tualatin
River. Samuel Galbreath began the ferry
service in 1853. In 1856, Galbreath built the first bridge across the Tualatin River, and the
town’s name was changed to “Bridgeport.”
Located along one of the first “improved”
roads, Boones Ferry Road, Bridgeport thrived
5
CITY OF TUALATIN
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
June 30, 2021
% of % ofTotal City Total City
1 Assessed Taxable Assessed Taxable
Taxpayer Value Rank Assessed Value Value Rank Assessed ValueLam Research Corporation2 243,263,385$ 1 5.14%86,924,360 2 2.63%Portland General Electric 161,146,000 2 3.41%- 0.00%
BV Centercal LLC 139,944,375 3 2.96%96,519,514 1 2.92%Campbell Soup Supply Company, LLC3 65,955,950 4 1.39%34,776,630 4 1.05%Pacific Realty Associates 55,320,670 5 1.17%- 0.00%
JAE Oregon, Inc 52,758,180 6 1.12%26,128,580 5 0.79%Tuala Northeast LLC 53,227,820 7 1.13%38,481,817 3 1.17%Mohawk St Property LLC 43,543,758 8 0.92%- 0.00%
CR Rivercrest Meadows Communities LLC 34,150,210 9 0.72%24,670,930 6 0.75%KW Hedges Creek LLC 34,113,880 10 0.72%24,644,680 7 0.75%Zian Limited Partnership - - - 24,419,570 8 0.74%
Legacy Health Systems - - - 23,700,313 9 0.72%Fujimi Corporation - - - 23,282,220 10 0.71%
883,424,228$ 18.68% 403,548,614$12.23%
1 Source: Washington and Clackamas County Assessor's records
2 Lam Research Corporation previously operated as Novellus Systems Inc.3 Campbell Soup Supply Company, LLC previously reported as Pacific Foods of Oregon, Inc.4 Measure 50 rolled back the assessed value of each unit of property for the tax year 1977-98 to its 1995-96 "real marketvalue", less 10%. Measure 50 limits any increase in assessed value, excluding major improvements, to 3% per year for the tax years after 1997-98.
2021 2012
CITY OF TUALATIN
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
June 30, 2021
Percentage Percentageof Total City of Total CityEmployerEmployeesRankEmploymentEmployeesRankEmployment
Lam Research Corporation 2,486 1 8.40%650 2 3.22%Legacy Meridian Park Hospital 990 2 3.34%905 1 4.49%Bay Club Oregon 580 3 1.96%---Nortek Air Solutions 522 4 1.76%---Pacific Foods of Oregon 510 5 1.72%280 7 1.39%Amazon.com Services LLC 494 6 1.67%---Portland General Electric 478 7 1.61%---Metro West Ambulance 430 8 1.45%---Pacific Furniture Industries 375 9 1.27%---Creganna Medical 350 10 1.18%---United Parcel Services ---512 3 2.54%Huntair ---460 4 2.28%Columbia Corrugated ---300 5 1.49%DPI Northwest ---300 5 1.49%Milgard Windows ---275 8 1.36%Fred Meyer ---228 9 1.13%Prologix Distribution Services ---212 10 1.05%
7,215 4,122
Total City employment 29,610
Information derived from Business License data provided to the City of Tualatin.
2021 2012
6
The following summary highlights are taken directly from
the Management Discussion and Analysis section of the
fiscal year 2021 Annual Comprehensive Financial Report.
• The City’s assets and deferred outflows of resources
totaled approximately $237.4 million at June 30, 2021,
and consisted of approximately $77.0 million in cash
and investments, $147.6 million in capital assets and
approximately $12.8 million in other assets and de-ferred outflows of resources. Total assets and deferred
outflows of resources increased by $5.2 million from
the previous fiscal year.
• The City’s liabilities and deferred inflows of resources totaled $63.4 million at June 30, 2021, consisting of
approximately $55.6 million in long-term obligations,
$4.9 million in accounts payable and other liabilities,
and $2.9 million in deferred inflows related to pen-
sions and other post-employment benefit obligations.
• The assets and deferred outflows of resources of the
City exceeded its liabilities and deferred inflows of
resources by $174.0 million at the close of fiscal year
2021. Unrestricted net position totaled $18.8 million,
with the remainder of the City’s net position reported
as net investment in capital assets ($134.1 million) and restricted for building and engineering, street and road-
side maintenance, debt service, capital projects, trans-
portation, urban renewal, and capital improvements
($21.0 million).
• For its governmental activities, the City generated $4.8
million in charges for services and received $1.8 mil-
lion in operating and capital grants and contributions.
Direct expenses, including interest on long-term debt
for governmental activities were $34.6 million for the year, resulting in a net expense of $28.0 million. $23.6
million of general revenues received and $3.2 million of
transfers in resulted in an decrease in net position of
$1.2 million.
• For its business-type activities, the City generated
$20.2 million in charges for services and capital grants
and contributions to fund direct expenses of $16.3
million.
Overview of Audited Results
7
Statement of Net Position - Balance Sheet
For greater detail, see the City’s complete Annual Comprehensive Financial Report on our website at
www.tualatinoregon.gov/finance.
As of
June 30, 2021
As of
June 30, 2020
As of
June 30, 2019
Assets
Current and other assets 80,117,785$ 81,215,513$ 78,944,164$
Capital assets 147,553,057 141,647,510 142,712,187
Total assets 227,670,842 222,863,023 221,656,351
Deferred Outflows of Resources 9,726,045 9,370,822 7,864,386
Liabilities
Current Liabilities 4,918,489 4,158,082 7,148,030
Long-term liabilities 55,589,407 52,006,908 48,225,443
Total liabilities 60,507,896 56,164,990 55,373,473
Deferred Inflows of Resources 2,923,047 1,786,445 2,243,416
Net Position 173,965,944$ 174,282,410$ 171,903,848$
This Statement of Net Position reflects a healthy financial condition as of June 30, 2021. This balance sheet is
presented as a high-level summary of net position.
8
For greater detail, see the City’s complete Annual Comprehensive Financial Report on our website at
www.tualatinoregon.gov/finance.
This statement presents high-level summary information about how the City’s net position changed during
fiscal year 2021 as a result of all financial activity (i.e. revenues and expenses).
FY 2021 FY 2020 FY 2019
Revenues 50,581,315$ 53,256,412$ 50,321,328$
Expenses (50,897,781) (50,877,850) (48,173,623)
Increase (Decrease) in net position (316,466) 2,378,562 2,147,705
Net position, beginning of year 174,282,410 171,903,848 169,756,143
Net position, end of year 173,965,944$ 174,282,410$ 171,903,848$
Statement of Activities/Income Statement
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Property Taxes, 46%
Franchise Taxes, 9%
Public service taxes & revenue sharing, 22%
Other Revenue, 2%
Charges for Services, 16%
Operating Grants, 4%Capital Grants & Contributions, <1%
Revenues by Source -Governmental Activities
The City utilizes 20 funds to account for its financial activities. These funds are grouped into two sep-
arate categories: governmental activities and business-type activities. Governmental activities are the
basic services provided by the City and include services such as public safety, public works, parks and recreation, library, and general administration. Property taxes and franchise fees fund the majority of
these services.
Business-type activities are its water, sewer and stormwater services, which the City charges fees to
customers to cover the costs of providing these services.
Major revenue types include property taxes, franchise fees which are charged to utilities for the use of
public right-of-way, fees and charges for services, licenses and fees, and intergovernmental revenue
in the form of grants and shared revenues. Annual property taxes are based upon the assessed value,
as opposed to the market value, of your property. The average Tualatin resident pays $17.56 per $1,000 of assessed value. Therefore, a homeowner with an assessed value of $200,000 pays property
tax of $3,512 annually. Of this amount, the City of Tualatin receives approximately 13%, or $456.
Where the Money Comes From
Capital Grants &
Contributions, <1%
Charges for Services, 97%
Interest and Other Revenue,
1%
Revenues by Source -Business-type Activities
TAX COMPARISONS
City Tax Rate
Lake Oswego $4.9703
Beaverton $4.1466
Sherwood $3.2975
Wilsonville $2.5206
Tigard $2.5131Tualatin $2.2665
West Linn $2.1200
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City of Tualatin13%
County17%
School District34%
Other Education3%Fire
11%
Other Special Districts3%
Bonds
19%
Where the Money Goes
$-
$2
$4
$6
$8
$10
$12
General Government Public Safety Highways and Streets Culture and Recreation Interest on long-term debt
Expenses and Program Revenues -Governmental Activities
(in millions)
Revenues
Expenses
$-
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
Water Sewer Stormwater
Expenses and Program Revenues -Business-type Activities
(in millions)
Revenues
Expenses
Expenses and Program Revenues
incurred by the Library, Parks and Recreation and maintenance of the City’s parks and open space.
Interest on long-term debt - This category includes interest payments on
general obligation debt financed by property taxes, and other Full Faith
and Credit obligations. The City’s favorable Aa1 bond rating helps obtain low-er interest rates on long-term debt obligations, therefore lowering debt costs
and the general obligation bond levy amount paid by the City’s taxpayers.
Business-type Activities – This category includes expenditures incurred for
water, sewer and stormwater operations and development.
General Government - This category includes expenses
incurred by the City Council, City Manager, Community
Development, Finance, Human Resources, Legal, Information
Services, and Maintenance Services.
Public Safety - This category includes expenses incurred by
the Building Department, Municipal Court and the Police De-
partment.
Highways and Streets - This category includes expenses incurred by Engineering, Road Operating and Utility Fee Funds,
as well as the Transportation Development Tax.Culture and Recreation - This category includes expenses
Major Expenditure Areas
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FY 2019 FY 2020 FY 2021 FY 2022
City Budget
Personal Services 18,834,591$ 22,343,157$ 21,205,420$ 22,042,160$
Materials & Services 18,309,930 19,445,059$ 22,838,225$ 25,000,865$
Transfers 7,635,116 10,703,050$ 7,587,815$ 7,646,520$
Capital Outlay 6,061,690 5,597,135$ 21,171,484$ 13,356,730$
Other Financing Uses 165,063
Debt Service 7,506,400 3,776,049$ 3,908,220$ 3,975,175$
Contingencies & Reserves 70,627,357 72,159,442$ 59,480,710$ 63,184,200$
Total City Budget 129,140,147$ 134,023,892$ 136,191,874$ 135,205,650$
The Tualatin Budget Advisory Committee unanimously approved the budget which was then adopted by the City Council on June 28, 2021.
Oregon Budget Law sets specific steps that must be followed during this process. The City’s budget is the financial plan that contains estimates
of revenues and expenses for the budgeted period. An adopted budget gives the City its authority to spend public money.
Budget Preparation (Dec -Jan)
-Budget Calendar developed
-Budget Instructions delivered
-Forecasts Updated
-Assumptions Developed
Budget Requests (Jan-March)
-Departments Prepare and Submit Budgets
Proposed Budget (Mar-Apr)
-Department Budget Meetings with Executive Management
Approved Budget (May)
-Submitted to Budget Committee
-Budget Committee Deliberations
-Budget Committee Approves Budget
Adopted Budget (May-June)
-Final Budget Changes
-Budget hearing
-Approved Budget Adopted by City Council
The Budget Process
To the right is a graph of the Budget Process in Tualatin. The
complete budget process is presented in our full budget
document. To view the entire budget, please visit our website
at www.tualatinoregon.gov/finance. A copy of the budget is
also available at the Tualatin Public Library.
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Adopted budget
GENERAL FINANCIAL INFORMATION
Most City services and projects are accounted for in a set of accounts known as governmental funds. The
following are the funds (and descriptions) currently in use by the City:
• General Fund - Accounts for revenues and ex-
penditures associated with the general operations
of the City that are not required to be accounted
for in separate funds.
• Building Fund - The Building Fund accounts for
revenues from various fees collected from devel-
opment for construction of buildings and expended
for servings rendered primarily in the City’s Build-ing Division.
• Transportation Project Fund - Accounts for
the proceeds of the city’s Transportation Bond to
finance transportation projects throughout the City.
• Enterprise Funds - These funds are used to
account for operations that are financed and
operated in a manner similarly to private business
enterprises. The intent of the government body is
that the costs of providing the services to the
general public on a continuing basis be financed
primarily through user charges. The funds represent three segments of operations - Water,
Sewer, and Stormwater.
• Special Revenue Funds - Accounts for pro-
ceeds of specific revenue sources that are re-stricted or committed to expenditure of specific
purposes other than payment of debt or funding
of capital projects. Special Revenue funds don’t
include resources held in trust for individuals,
private organizations, or other governments.
• Debt Service Funds - Accounts for the accu-
mulation of funds that are restricted, commit-
ted, or assigned to expenditure for principal and
interest on debt.
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Financial Policies
Below is a summary of goals of the City’s Financial Policies. For the entire copy of our Financial Policies, please visit our website at www.tualatinoregon.gov/finance
Purpose
Financial policies are vital to a strategic, long-term approach to financial management, and to achieve and maintain a stable and positive
financial position while ensuring financial in-tegrity of City operations. They are used as a guideline for operational decision making and
maintaining a fiscally prudent budget while carrying out the needs and wants of the City of Tualatin and its citizens. These policies es-
tablish parameters in which we operate while providing a standard against which our fiscal performance can be judged.
Operating Budget
The City shall prepare, present, adopt and amend its operating budget in accordance
with Oregon Local Budget Law before send-ing the approved budget to the City Council for adoption.
Revenue Policies
The goal of the Revenue Policy is to create and maintain a diversified and stable revenue
system to mitigate the impact of short-term fluctuations in any revenue source and pro-vide a stable revenue stream to support City
services.
Expenditure Policies
The City shall prioritize services, establish
appropriate service levels, and manage the
expenditure of available resources while en-suring fiscal stability and providing necessary services.
Capital Improvement Plan Policies
The goal of this policy is to provide guidelines for annually reviewing and monitoring the
City’s Capital Improvement Plan, and monitor-ing the state of the City’s capital equipment and infrastructure, and setting priorities for its replacement and renovation based on needs, funding alternatives, and availability of re-
sources.
Investment Policies
Invest the City’s operating cash to ensure
its legality and safety, provide for necessary liquidity, avoid imprudent risk, and optimize yield, while meeting the requirements of ORS
294.035.
Contingency and Reserve Policies
To ensure that the City maintain a prudent lev-
el of financial resources to protect against the need to reduce service levels due to tempo-rary revenue shortfalls or unpredicted one-
time expenditures.
Capital Asset Management Policies
This policy addresses capital asset planning, acquisition, funding and management in order to ensure fiscally responsible stewardship.
Accounting, Auditing & Financial Report-ing Policies
The City shall comply with federal, state, and lo-
cal statues and regulations and conform to gen-erally accepted accounting practices (GAAP)as promulgated by the Governmental Accounting
Standards Board (GASB), The American Institute of Certified Public Accountants (AICPA), and the Government Finance Officers Association (GFOA).
Debt Policy
This policy establishes guidelines for debt financing that will provide needed capital equip-ment and infrastructure improvements while
minimizing the impact of debt payments on current revenues.
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The financial statements of the City, are intend-
ed to provide its citizens, investors, creditors,
and customers with a general overview of the finances of the City. The financial statements
also demonstrate the City’s accountability for
the resources it receives and expends.
The information in this report is taken from the audited Annual Comprehensive Financial
Report for the year ended June 30, 2021.
Financial data in this report are consistent
with Generally Accepted Accounting Principles
(GAAP).
For further detail of the information provided in
this report, the Annual Comprehensive
Financial Report and the 2021-2022 Budget
document can be viewed online at www.tualatinoregon.gov/finance
Assistant City Manager/
Finance Director
Don Hudson
dhudson@tualatin.gov503-691-3050
Audit Conducted by
Merina+Co
www.merinacpas.com503-723-0300
Annual Financial Report Prepared by:
Matt Warner
Assistant Finance Directormwarner@tualatin.gov
503-691-3052
PAFR Prepared by:
Lisa ThorpeManagement Analyst II
lthorpe@tualatin.gov
503-691-3054
City
of Tualatin
18880 SW Martinazzi Avenue
Tualatin, OR 97062
503-692-2000
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CITY STAFF
Sherilyn Lombos, City Manager
Bill Steele, Police Chief
Rachel Sykes, Public Works Director
Kim McMillan, Community Development Director
Ross Hoover, Parks & Recreation Director
Jerianne Thompson, Library Director
Sean Brady, City Attorney
Don Hudson, Assistant City Manager/Finance Director
Stacy Ruthrauff, Human Resources Director
Bates Russell, Information & Maintenance Services Director
Megan George, Deputy City Manager