CITY OF PARK CITY, KANSAS Regulatory Basis Financial

CITY OF PARK CITY, KANSAS Regulatory Basis Financial Statement December 31, 2019

City of Park City, Kansas

Table of Contents

Page Number

Independent Auditor’s Report 1 – 3

FINANCIAL SECTION

Statement 1 Summary Statement of Receipts, Expenditures and Unencumbered

Cash – Regulatory Basis 4 – 5

Notes to the Financial Statement 6 – 20

REGULATORY-REQUIRED

SUPPLEMENTARY INFORMATION

Schedule 1 Summary of Expenditures – Actual and Budget – Regulatory Basis 21

Schedule 2 Schedules of Receipts and Expenditures - Actual and Budget – Regulatory Basis

2 – 1 General Fund 22 – 23 Special Purpose Funds

2 – 2 Capital Equipment Fund 24 2 – 3 Capital Improvement Fund 25 2 – 4 Special Highway Fund 26 2 – 5 Special Parks and Recreation Fund 27 2 – 6 Special Alcohol and Drug Fund 28 2 – 7 Police and Court Training Fund 29 2 – 8 Convention and Tourism Fund 30 2 – 9 Wildlife and Parks Grant Fund 31 2 – 10 Police Technology Fund 32 2 – 11 Pending State Forfeiture Fund 33 2 – 12 State Drug Tax Sharing Fund 34 2 – 13 Fire Insurance Proceeds Fund 35

Bond and Interest Fund

2 – 14 Bond and Interest Fund 36

Capital Projects Fund 2 – 15 Capital Projects Fund 37

City of Park City, Kansas

Table of Contents

Page Number

Business Funds

2 – 16 Utility Fund 38 – 39 2 – 17 Utility CIP/CEF/Improvement Fund 40 2 – 18 Utility Operating Reserve Fund 41 2 – 19 Utility Depreciation Fund 42 2 – 20 Utility Surplus Fund 43 2 – 21 Storm Water Utility Fund 44 2 – 22 Customer Deposit Fund 45 2 – 23 MTBE Surplus Fund 46

Trust Funds

2 – 24 Law Enforcement Trust Fund 47 2 – 25 FESA Police Trust Fund 48 2 – 26 Special Expendable Trust Fund 49 2 – 27 Flexible Spending Fund 50

Related Municipal Entities 2 – 28 Library Employee Benefits Fund 51 2 – 29 Library Fund 52 2 – 30 Public Building Commission 53 2 – 31 Land Bank Fund 54

Schedule 3 Summary of Receipts and Disbursements – Agency Fund 55

727 POYNTZ AVE. STE 601 • MANHATTAN, KS 66502-0124 • 785.537.0190 • FAX 785.537.0158

INDEPENDENT AUDITOR'S REPORT

To the Mayor and City Council City of Park City, Kansas

We have audited the accompanying fund summary statement of regulatory basis receipts, expenditures, and unencumbered cash balances of the City of Park City, Kansas (the City), as of and for the year ended December 31 , 2019, and the related notes to the financial statement.

Management's Responsibility for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement in accordance with the Kansas Municipal Audit and Accounting Guide as described in Note 1; this includes determining that the regulatory basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is also responsible for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of the financial statement that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility Our responsibility is to express an opinion on the financial statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, and the Kansas Municipal Audit and Accounting Guide. Those standards require we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on auditor's judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

1

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles As described in Note 1 to the financial statement, the financial statement is prepared by the City on the basis of the financial reporting provisions of the Kansas Municipal Audit and Accounting Guide, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statement of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles" paragraph, the financial statement referred to above does not present fairly, in conformity with accounting principles generally accepted in the United States of America, the financial position of the City as of December 31, 2019, or changes in financial position and cash flows thereof for the year then ended.

Unmodified Opinion on Regulatory Basis of Accounting In our opinion, the financial statement referred to above presents fairly, in all material respects, the aggregate cash and unencumbered cash balance of the City, as of December 31 , 2019, and the aggregate receipts and expenditures for the year then ended in accordance with the financial reporting provisions of the Kansas Municipal Audit and Accounting Guide described in Note 1.

Other Matters

Supplementary Information Our audit was conducted for the purpose of forming an opinion on the fund summary statement of regulatory basis receipts, expenditures, and unencumbered cash balances (basic financial statement) as a whole. The summary of regulatory basis expenditures-actual and budget, individual fund schedules of regulatory basis receipts and expenditures-actual and budget, schedule of regulatory basis receipts and expenditures-agency funds (Schedules 1, 2, and 3 as listed in the table of contents) are presented for analysis and are not a required part of the basic financial statement, however are required to be presented under the provisions of the Kansas Municipal Audit and Accounting Guide. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statement.

• 2

The information has been subjected to the auditing procedures applied in the audit of the basic financial statement and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statement or to the basic financial statement itself, and other additional procedures in . .

accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statement as a whole, on the basis of accounting described in Note 1.

We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statement of the City as of and for the year ended December 31, 2018 (not presented herein), and have issued our report thereon dated May 29, 2019 which . contained an unmodified opinion on the basic financial statement. The 2018 basic financial statement and our accompanying report are not presented herein, but are available in electronic form from the web site of the Kansas Department of Administration at the following link http: / /www.admin.ks.gov/offices/chieffinancial-officer/municipal-services. The 2018 actual column (2018 comparative information) presented in the individual fund schedules of regulatory basis receipts and expenditures-actual and budget for the year ended December 31 , 2018 (Schedule 2 as listed in the table of contents) is presented for purposes of additional analysis and is not a required part of the basic financial statement. Such 2018 comparative information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the 2018 basic financial statement. The 2018 comparative information was subjected to the auditing procedures applied in the audit of the 2018 basic financial statement and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the 2018 basic financial statement or to the 2018 basic financial statement itself, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the 2018 comparative information is fairly stated in all material respects in relation to the basic financial statement as a whole for the year ended December 31 , 2018, on the basis of accounting described in Note 1.

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JQmes Gordon & Associates CPA, P.A. Manhattan, Kansas June 5, 2020

3 •

City of Park City, Kansas Summary Statement of Receipts, Expenditures, and

Unencumbered Cash Regulatory Basis

For the Year Ended December 31, 2019

Add

Beginning Ending EncumbrancesUnencumbered Unencumbered and Accounts Ending Cash

Funds Cash Balance Receipts Expenditures Cash Balance Payable Balance

General 1,403,015$ 6,214,546$ 5,083,659$ 2,533,902$ 142,456$ 2,676,358$

Special Purpose FundsCapital Equipment Fund 178,111 93,156 86,046 185,221 1,245 186,466 Capital Improvement Fund 40,726 674 - 41,400 - 41,400 Special Highway Fund 298,684 364,140 69,325 593,499 3,407 596,906 Special Parks and Recreation Fund 44,212 19,973 - 64,185 - 64,185 Special Alcohol and Drug Fund 90,151 19,973 10,421 99,703 - 99,703 Police and Court Training Fund 22,284 14,013 14,165 22,132 - 22,132 Convention and Tourism Fund 549,329 268,149 265,335 552,143 48,580 600,723 Wildlife and Parks Grant Fund 816 - 816 - - - Police Technology Fund 13,739 8,235 6,499 15,475 6,499 21,974 Pending State Forfeiture Fund - 34,805 - 34,805 - 34,805 State Drug Tax Sharing Fund - 6,218 - 6,218 - 6,218 Fire Insurance Proceeds Fund - 10,520 10,520 - - -

Bond and Interest FundsBond and Interest 3,983,958 4,554,992 4,085,097 4,453,853 270 4,454,123

Capital Projects FundCapital Projects Fund 313,659 2,842,805 2,983,890 172,574 55,387 227,961

Business FundsUtility Fund 1,596,152 3,476,754 3,214,867 1,858,039 132,002 1,990,041 Utility CIP/CEF/Improvement Fund 777,484 28,988 - 806,472 - 806,472 Utility Operating Reserve Fund 351,708 5,820 - 357,528 - 357,528 Utility Depreciation Fund 100,000 - - 100,000 - 100,000 Utility Surplus Fund 1,733,168 79,060 - 1,812,228 - 1,812,228 Storm Water Utility Fund 17,671 54,485 3,057 69,099 - 69,099 Customer Deposit Fund - 21,960 21,960 - 90,210 90,210 MTBE Surplus Fund 1,057,258 287,749 201,208 1,143,799 118,666 1,262,465

The notes to the financial statem

ent are an integral part of this statement.

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City of Park City, Kansas Summary Statement of Receipts, Expenditures, and

Unencumbered Cash (Continued) Regulatory Basis


AddBeginning Ending Encumbrances

Unencumbered Unencumbered and Accounts Ending CashFunds Cash Balance Receipts Expenditures Cash Balance Payable Balance

Trust FundsLaw Enforcement Trust Fund 1,476$ 1,895$ 194$ 3,177$ -$ 3,177$ FESA Police Trust Fund 3,592 - 3,592 - 3,592 3,592 Special Expendable Trust Fund 11,719 7,103 872 17,950 - 17,950 Flexible Spending Fund 6,557 73,346 65,418 14,485 - 14,485

Related Municipal EntitiesLibrary Employee Benefits Fund 2,369 19,302 21,671 - - - Library Fund 328 266,233 266,561 - - - Public Building Commission - 167,338 167,338 - - - Land Bank Fund 20,235 143,058 90,115 73,178 - 73,178

Total Financial Reporting Entity(Excluding Agency Funds) 12,618,401$ 19,085,290$ 16,672,626$ 15,031,065$ 602,314$ 15,633,379$

Composition of CashChecking Accounts 2,346,652$ Cash on Hand 1,150 Kansas Municipal Investment Pool 13,294,880

Total Primary Government 15,642,682 Less: Agency Funds per Schedule 3 (9,303)

Total Reporting Entity (Excluding Agency Funds) 15,633,379$

The notes to the financial statem

ent are an integral part of this statement.

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City of Park City, Kansas Notes to the Financial Statement

December 31, 2019

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NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Municipal Financial Reporting Entity The City of Park City, Kansas (the City) is a municipal corporation governed by an elected mayor and eight-member council. This financial statement presents the City and its related municipal entities. The related municipal entities are included in the City’s reporting entity because they were established to benefit the City and/or its constituents.

Public Building Commission The City created the Public Building Commission (PBC) by ordinance in 2015 and appointed the members to the PBC board for the purpose of building a new City Hall and Law Enforcement Building. Bond ordinances must be approved by the City. Public Library The City’s Library Board (the Library) operates the City’s public library. Acquisition or disposition of real property by the Library must be approved by the City. Bond issuances must also be approved by the City. Unaudited financial statements can be obtained by contacting the Library. Because the Library is not a separate taxing entity, the City levies taxes for the Library’s operations. Land Bank The City created a Land Bank by ordinance in 2018 and appointed the members to the Land Bank board for the purpose of maintaining and selling real property located within the City to help achieve the City’s goal of returning municipally owned property to private ownership, cost effectively maintain the property, conformance with the goals of the City’s Comprehensive Plan, and the encouragement of economic development.

Use of Estimates The preparation of financial statements on a prescribed basis of accounting that demonstrates compliance with the cash basis and budget laws of the State of Kansas requires management to make estimates and assumptions that affect the reported amount of unencumbered cash balances and accounts payable during the reporting period. Actual results could differ from these estimates. Basis of Accounting Regulatory Basis of Accounting and Departure from Accounting Principles Generally Accepted in the United States of America. The Kansas Municipal Audit and Accounting Guide (KMAAG) regulatory basis of accounting involves the recognition of cash, cash equivalents, marketable investments, and certain accounts payable and encumbrance obligations to arrive at a net unencumbered cash and investments balance on a regulatory basis for each fund, and the reporting of changes in unencumbered cash and investments of a fund resulting from the difference in regulatory basis receipts and regulatory basis expenditures for the fiscal year. All recognized assets and liabilities are measured and reported at cost, unless they have been permanently impaired and have no future cash value or represent no future obligation against cash.


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NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Basis of Accounting (continued) The KMAAG regulatory basis does not recognize capital assets, long-term debt, accrued receivables and payables, or any other assets, liabilities or deferred inflows or outflows, other than those mentioned above. The City has approved a resolution that is in compliance with K.S.A. 75-1120a(c), waiving the requirement for application of generally accepted accounting principles and allowing the municipality to use the regulatory basis of accounting. Regulatory Basis Fund Types In governmental accounting, a fund is defined as an independent fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. The following types of funds comprise the financial activities of the City for the year ended December 31, 2019:

General Fund – the chief operating fund. Used to account for all resources except those required to be accounted for in another fund. Special Purpose Fund – used to account for the proceeds of specific tax levies and other specific revenue sources (other than Capital Project and tax levies for long-term debt) that are intended for specified purposes. Bond and Interest Fund – used to account for the accumulation of resources, including tax levies, transfers from other funds and payment of general long-term debt. Capital Projects Fund – used to account for the debt proceeds and other financial resources to be used for the acquisition or construction of major capital facilities or equipment. Business Fund – fund financed in whole or in part by fees charged to users of the goods or services (enterprise and internal service funds). Trust Fund – fund used to report assets held in trust for the benefit of the municipal financial reporting entity (i.e. pension funds, investment trust funds, private purpose trust funds which benefit the municipal reporting entity, scholarship funds, etc.).


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NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Restricted Assets Restricted cash balances are reported in various funds that are legally restricted for specified uses such as the payment of debt service and fiscal fees on long-term debt and for expenditures approved in federal and state grant contracts. Also, cash is restricted in the trust and agency funds of the City for special purposes. Property Tax Calendar Collection of current year property tax by the County Treasurer is not completed, apportioned nor distributed to the various subdivisions until the succeeding year, such procedure being in conformity with governing state statutes. Property taxes are collected and remitted to the County Treasurer. Taxes levied annually on November 1st are due one-half by December 20th and one-half by May 10th. Property Tax Calendar (continued) Major tax distributions are made in the months of December through July. Lien dates for personal property are in March and August and lien dates for real property are in September. Taxes are recognized as revenue in the year received. Delinquent tax payments are recognized as revenue in the year received. Reclassifications Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported unencumbered cash. NOTE 2 – BUDGETARY INFORMATION Kansas statutes require that an annual operating budget be legally adopted for the general fund, special purpose funds (unless specifically exempted by statute), bond and interest funds, and business funds. Although directory rather than mandatory, the statutes provide for the following sequence and timetable in the adoption of the legal annual operating budget:

1. Preparation of the budget for the succeeding calendar year on or before August 1st. 2. Publication in local newspaper on or before August 5th of the proposed budget and notice

of public hearing on the budget. 3. Public hearing on or before August 15th, but at least 10 days after publication of notice of

hearing. 4. Adoption of the final budget on or before August 25th.


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NOTE 2 – BUDGETARY INFORMATION (continued) The statutes allow for the governing body to increase the originally adopted budget for previously unbudgeted increases in regulatory receipts other than ad valorem property taxes. To do this, a notice of public hearing to amend the budget must be published in the local newspaper. At least ten days after publication, the hearing may be held and the governing body may amend the budget at that time. The Land Bank fund was amended during 2019. The statutes permit transferring budgeted amounts between line items within an individual fund. However, such statutes prohibit expenditures in excess of the total amount of the adopted budget of expenditures of individual funds. Budget comparison schedules are presented for each fund showing actual receipts and expenditures compared to legally budgeted receipts and expenditures. All legal annual operating budgets are prepared using the regulatory basis of accounting, in which regulatory receipts are recognized when cash is received and expenditures include disbursements, accounts payable, and encumbrances, with disbursements being adjusted for the prior year’s accounts payable and encumbrances. Encumbrances are commitments by the municipality for future payments and are supported by a document evidencing the commitment, such as a purchase order or contract. Any unused budgeted expenditure authority lapses at year end. Spending in funds which are not subject to the legal annual operating budget requirement is controlled by federal regulations, other statutes, or by the use of internal spending limits established by the governing body. A legal operating budget is not required for capital project funds, trust funds and the following special purpose funds: Capital Equipment Fund, Capital Improvement Fund, Police Technology Fund, Wildlife and Parks Grant Fund, Pending State Forfeiture Fund and State Drug Tax Sharing Fund. Spending in funds which are not subject to the legal annual operating budget requirement is controlled by federal regulations, other statutes, or by the use of internal spending limits established by the governing body. NOTE 3 – DEPOSITS AND INVESTMENTS As of December 31, 2019, the City had the following investments and maturities.

InvestmentMaturities

Investment Type Fair Value Less than 1 year Rating Kansas Municipal Investment Pool 13,294,880$ 13,294,880$ A1+/P1 and AA-/Aa3


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NOTE 3 – DEPOSITS AND INVESTMENTS (continued) K.S.A. 9-1401 establishes the depositories which may be used by the City. The statute requires banks eligible to hold the City’s funds have a main or branch bank in the county in which the City is located, or in an adjoining county if such institution has been designated as an official depository, and the banks provide an acceptable rate of return on funds. In addition, K.S.A. 9-1402 requires the banks to pledge securities for deposits in excess of FDIC coverage. The City has no other policies that would further limit interest rate risk. K.S.A. 12-1675 limits the City’s investment of idle funds to time deposits, open accounts, and certificates of deposit with allowable financial institutions; U.S. government securities; temporary notes; no-fund warrants; repurchase agreements; and the Kansas Municipal Investment Pool. The City has no investment policy that would further limit its investment choices. The rating of the City’s investments is noted above. Concentration of credit risk. State statutes place no limit on the amount the City may invest in any one issuer as long as the investments are adequately secured under K.S.A. 9-1402 and 9-1405. Custodial credit risk – deposits. Custodial credit risk is the risk that in the event of a bank failure, the City’s deposits may not be returned to it. State statutes require the City’s deposits in financial institutions to be entirely covered by federal depository insurance or by collateral held under a joint custody receipt issued by a bank within the State of Kansas, the Federal Reserve Bank of Kansas City, or the Federal Home Loan Bank of Topeka, except during designated “peak periods” when required coverage is 50%. The City does not use peak periods. All deposits were legally secured at December 31, 2019. At December 31, 2019, the City’s carrying amount of deposits was $2,346,651 and the bank balance was $2,448,208. The bank balance was held by two banks resulting in a concentration of credit risk. Of the bank balance, $250,000 was covered by federal depository insurance, and the remaining was collateralized with securities held by the pledging financial institutions’ agents in the City’s name. Custodial credit risk – investments. For an investment, this is the risk that, in the event of the failure of the issuer or counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. State statutes require investments to be adequately secured. At December 31, 2019, the City had invested $13,294,880 in the State’s municipal investment pool. The municipal investment pool is under the oversight of the Pooled Money Investment Board. The board is comprised of the State Treasurer and four additional members appointed by the State Governor.


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NOTE 3 – DEPOSITS AND INVESTMENTS (continued) The board reports annually to the Kansas legislature. State pooled monies may be invested in direct obligations of, or obligations that are insured as to principal and interest, by the U.S. government or any agency thereof, with maturities up to four years. No more than ten percent of those funds may be invested in mortgage-backed securities. In addition, the State pool may invest in repurchase agreements with Kansas banks or with primary government securities dealers. NOTE 4 – INTERFUND TRANSFERS Interfund transfers within the reporting entity are substantially for the purpose of subsidizing operating functions, funding capital projects and asset acquisitions or maintaining debt service on a routine basis as authorized by Kansas statutes. The City’s interfund transfers and regulatory authority for the year ended December 31, 2019 were as follows:

RegulatoryFrom To Authority Amount

General Fund Capital Equipment Fund K.S.A. 12-1,117 90,123$ Utility Fund Utility CIP/CEF/Improvement Fund K.S.A. 12-825d 16,000 Utility Fund Utility Surplus Fund K.S.A. 12-825d 50,000 Capital Projects Fund Bond and Interest Fund K.S.A. 12-1,117 521,456 MTBE Surplus Fund Special Streets and Highways K.S.A. 12-1,119 50,000 Utility Fund General Fund K.S.A. 12-825d 80,000 MTBE Surplus Fund General Fund K.S.A. 12-1,117 100,000

NOTE 5 – CAPITAL PROJECTS Capital project authorizations with approved change orders compared with expenditures from inception are as follows:

Project ExpendedProject Authorization To Date

61st Street Bridge Over Chisholm Creek 6,200,000$ 1,172,863$ High Ridge 2nd Addn Ph 5 (Paving Imp.) 291,873 288,615 High Ridge 2nd Addn Ph 5 (Off-Site Paving Imp.) 191,425 125,140


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NOTE 6 – RISK MANAGEMENT The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City carries commercial insurance for the following risks of loss: property, general liability, inland marine, linebacker, workers’ compensation, law enforcement, automobile, data compromise, and employee dishonesty. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. NOTE 7 – CAPITAL LEASES The City has a lease agreement with the PBC for lease of the City Hall and Law Enforcement Center. Lease payments are to be in amounts adequate to pay the PBC’s principal and interest maturities on its revenue bonds payable. Future payments due from the City are expected to mirror the related revenue bond. See Note 9, Revenue Bonds. Payments of $167,338 consisting of principal and interest were made in 2019. NOTE 8 – CONDUIT DEBT The City has issued industrial revenue bonds to provide financial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are generally payable from and secured by the project financed and if needed, additional assets or revenues of the private-sector entities serviced by the bond issuance. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statement. As of December 31, 2019, there were 18 industrial revenue bonds outstanding. The aggregate outstanding principal amount was $62,240,421. NOTE 9 – LONG-TERM DEBT The City has the following types of long-term debt. General Obligation Bonds On December 15, 2008, the City issued $5,050,000 in general obligation bonds – Series 2008-A for the purpose of making internal improvements. On December 15, 2009, the City issued $3,870,000 in general obligation bonds – Series 2009-A for the purpose of refunding and improvements.


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NOTE 9 – LONG-TERM DEBT (continued) General Obligation Bonds (continued) On December 1, 2010, the City issued $1,670,000 in general obligation bonds – Series 2010-A for the purpose of providing funds for the refunding of $665,000 in Internal Improvement Series 2001-A Bonds, $435,000 in Internal Improvement Series 2001-B Bonds, $75,000 in Series 2007-2 Temporary Notes, and $475,000 in Series 2009-1 Temporary Notes. On November 1, 2013, the City issued $1,250,000 in general obligation bonds – Series 2013-A for the purpose of making internal improvements. On November 1, 2013, the City issued $4,470,000 in general obligation bonds – Series 2013-B for the purpose of providing funds for the refunding of $2,025,000 in Internal Improvement Series 2003-A Bonds, $1,060,000 in Internal Improvement Series 2003-B Bonds, $610,000 in Internal Improvement Series 2004-B Bonds, and $1,255,000 in Internal Improvement Series 2005-A Bonds. On November 12, 2015, the City issued $2,875,000 in general obligation bonds – Series 2015-A with a variable interest rate of 3.00% to 3.20% to pay off the Series 2012-2 temporary notes in the amount of $3,700,000. On November 12, 2015, the City issued $6,180,000 in general obligation bonds – Series 2015-B for the purpose of refunding general obligation bonds. On November 12, 2015, the City issued $770,000 in taxable general obligation bonds – Series 2015-C for the purpose of refunding general obligation bonds. On February 9, 2016, the City issued $4,130,000 in general obligation refunding bonds – Series 2016-A with a variable interest rate of 1.00% to 2.50% to advance refund Series 2006-C general obligation bonds with maturity dates from 2018 to 2022 and 2027 in the amount of $1,170,000, Series 2007-A general obligation bonds with maturity dates of 2020, 2024 and 2028 in the amount of $635,000 and Series 2009-A general obligation refunding bonds with maturity dates of 2020 and 2025 in the amount of $1,900,000. The Series 2016-A bonds mature on December 1, 2028, and will be subject to optional redemption for bonds maturing on December 1, 2024 and thereafter and mandatory redemption for 2018 and 2028 term bonds at the redemption price plus accrued interest. On January 1, 2017, the City issued $2,285,000 in general obligation bonds – Series 2017-A with a variable interest rate of 2.625% to 4.0% to finance the 53rd street and Prairie Hills improvement projects. On January 8, 2019, the City issued $342,000 in general obligation bonds – Series 2019-A with a variable interest rate of 3.0% to 4.25% to finance the Prairies Hills improvement projects.


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NOTE 9 – LONG-TERM DEBT (continued) General Obligation Bonds (continued) On October 15, 2019, the City issued $1,040,000 in general obligation bonds – Series 2019-B with a variable interest rate of 2.00% to 3.00% to finance the Village Estates, Saddlebrook, and High Ridge improvement projects. Temporary Notes On August 1, 2016, the City issued General Obligation Series Temporary Notes 2016-1 in the amount of $443,000 for the purpose of temporarily financing development of water, paving and sewer improvements in the Prairie Hills Addition. On July 12, 2017, the City issued General Obligation Series Temporary Notes 2017-1 in the amount of $886,000 for the purpose of temporarily financing development of paving and sewer improvements in the Saddlebrook and Village Additions. On March 1, 2018, the City issued General Obligation Series Temporary Notes 2018-1 in the amount of $366,000 for the purpose of providing interim financing for the construction of sanitary sewer and water line improvements for the High Ridge 3rd Addition. On October 15, 2019, the City issued General Obligation Series Temporary Notes 2019-1 in the amount of $3,300,000 for the purpose of providing financing for the construction of sanitary sewer, water line, paving, and street improvements for the Prairies Hills Addition, Echo Hills 2nd Addition, High Ridge 2nd Addition, as well as trafficway improvements for the 61st Street Bridge over Chisholm Creek. Revenue Bonds The PBC is a related municipal entity of the City. The PBC has authority to issue revenue bonds to finance the cost of acquiring and/or constructing land and facilities operated for a public purpose by a governmental entity. The PBC finances the debt service of the revenue bonds by leasing the land and facilities to the governmental entity which operates it. The operating governmental entity guarantees the rentals under the PBC lease. The PBC has no power to levy taxes, and revenue bonds issued by the PBC are not included in any legal debt limitation of the City. All revenues from City Hall rents are pledged for debt service on the revenue bonds. For the payment of its lease obligations, if necessary, the City may levy taxes on all taxable tangible property within its territorial jurisdiction. On May 9, 2016, the PBC issued Revenue Bonds Series 2016-A in the amount of $3,500,000 for the purpose of the City Hall and Law Enforcement Center project. The bonds have optional redemption for bonds maturing on December 1, 2027 and thereafter and mandatory redemption for the term bonds maturing on December 1, 2035 and 2036 at the redemption price plus accrued interest.


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NOTE 9 – LONG-TERM DEBT (continued) Changes in long-term debt for the City for the year ended December 31, 2019, were as follows:

Date of Balance Balance Interest Date of final Beginning Reductions/ End of Interest

Issue rates issue maturity of Year Additions Payments Year Paid General Obligation Bonds

Series 2008A 5.75% 12/15/2008 12/01/2029 290,000$ -$ 290,000$ -$ 16,675$ Series 2009A Refunding 5.00-5.375% 12/15/2009 12/01/2025 300,000 - 270,000 30,000 15,094 Series 2010A Refunding 3.50-4.50% 12/01/2010 12/01/2031 430,000 - 25,000 405,000 18,188 Series 2013A 1.30-4.25% 11/01/2013 12/01/2034 1,090,000 - 55,000 1,035,000 38,825 Series 2013B Refunding 2.00-3.50% 11/01/2013 12/01/2026 1,000,000 - 430,000 570,000 30,900 Series 2015A 3.00-3.20% 11/12/2015 12/01/2036 2,740,000 - 115,000 2,625,000 83,340 Series 2015B Refunding 3.00-3.25% 11/12/2015 12/01/2036 6,060,000 - 110,000 5,950,000 183,313 Series 2015C Refunding 2.00-3.50% 11/12/2015 12/01/2028 710,000 - 75,000 635,000 19,825 Series 2016A Refunding 1.00-2.50% 02/09/2016 12/01/2028 3,745,000 - 290,000 3,455,000 74,588 Series 2017A 2.625-4.00% 01/01/2017 12/01/2037 2,275,000 - 20,000 2,255,000 75,738 Series 2019A 3.00-4.25% 01/08/2019 12/01/2034 - 342,000 - 342,000 - Series 2019B 2.00-3.00% 10/15/2019 12/01/2035 - 1,040,000 - 1,040,000 -

18,640,000 1,382,000 1,680,000 18,342,000 556,486 General Obligation Temporary Notes

Series 2016 - 1 0.85% 08/01/2016 02/01/2019 443,000 - 443,000 - 1,883 Series 2017 - 1 1.85% 07/12/2017 01/15/2020 886,000 - 886,000 - 20,580 Series 2018 - 1 2.00% 03/01/2018 03/01/2021 366,000 - 366,000 - 8,255 Series 2019 - 1 2.25% 10/15/2019 10/01/2022 - 3,300,000 - 3,300,000 -

1,695,000 3,300,000 1,695,000 3,300,000 30,718 Total Contractual Indebtedness 20,335,000$ 4,682,000$ 3,375,000$ 21,642,000$ 587,204$

Public Building Commission Series 2016 - A Revenue 2.00-3.00% 05/09/2016 12/01/2036 3,440,000$ -$ 80,000$ 3,360,000$ 87,338$


December 31, 2019

16

NOTE 9 – LONG-TERM DEBT (continued) Current maturities of long-term debt and interest for the next five years and in five-year increments through maturity are as follows:

Park City 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 TotalPrincipal

General Obligation Bonds 1,722,000$ 1,755,000$ 1,675,000$ 1,560,000$ 1,540,000$ 5,450,000$ 3,350,000$ 1,290,000$ 18,342,000$ General Obligation Temp Notes - - 3,300,000 - - - - - 3,300,000

1,722,000 1,755,000 4,975,000 1,560,000 1,540,000 5,450,000 3,350,000 1,290,000 21,642,000 Interest

General Obligation Bonds 549,244 488,584 441,757 397,059 352,532 1,202,979 527,955 70,568 4,030,678 General Obligation Temp Notes 71,362 74,250 74,250 - - - - - 219,862

620,606 562,834 516,007 397,059 352,532 1,202,979 527,955 70,568 4,250,540

Total Principal & Interest 2,342,606$ 2,317,834$ 5,491,007$ 1,957,059$ 1,892,532$ 6,652,979$ 3,877,955$ 1,360,568$ 25,892,540$

Public Building Commission 2020 2021 2022 2023 2024 2025-2029 2030-2034 2035-2039 TotalPrincipal

Public Building Revenue Bonds 130,000$ 130,000$ 135,000$ 175,000$ 180,000$ 975,000$ 1,125,000$ 510,000$ 3,360,000$ Interest

Public Building Revenue Bonds 85,738 83,138 80,538 77,838 74,338 306,188 175,263 23,100 906,141 Total Principal & Interest 215,738$ 213,138$ 215,538$ 252,838$ 254,338$ 1,281,188$ 1,300,263$ 533,100$ 4,266,141$

Year

Year


December 31, 2019

17

NOTE 10 – DEFINED BENEFIT PENSION PLAN

Plan description. The City participates in the Kansas Public Employees Retirement System (KPERS), a cost-sharing multiple-employer defined benefit pension plan as provided by K.S.A. 74-4901, et. seq. Kansas law establishes and amends benefit provisions. KPERS issues a publicly available financial report that includes financial statements and required supplementary information. KPERS’ financial statements are included in its Comprehensive Annual Financial Report which can be found on the KPERS website at www.kpers.org or by writing to KPERS (611 South Kansas, Suite 100, Topeka, KS 66603) or by calling 1-888-275-5737. Contributions. K.S.A. 74-4919 and K.S.A. 74-49,210 establish the KPERS member-employee contribution rates. KPERS has multiple benefit structures and contribution rates depending on whether the employee is a KPERS 1, KPERS 2 or KPERS 3 member. KPERS 1 members are active and contributing members hired before July 1, 2009. KPERS 2 members were first employed in a covered position on or after July 1, 2009, and KPERS 3 members were first employed in a covered position on or after January 1, 2015. Effective January 1, 2015, Kansas law established the KPERS member employee contribution rate at 6% of covered salary for KPERS 1, KPERS 2 and KPERS 3 members. K.S.A. 74-4975 establishes Kansas Police and Firemen’s (KP&F) member-employee contribution rate at 7.15% of covered salary. Member contributions are withheld by their employer and paid to KPERS according to the provisions of Section 414(h) of the Internal Revenue Code. State law provides that the employer contribution rates for KPERS 1, KPERS 2, KPERS 3 and KP&F be determined based on the results of each annual actuarial valuation. Kansas law sets a limitation on annual increases in the employer contribution rates. The actuarially determined employer contribution rate (not including the 1% contribution rate for the Death and Disability Program) and the statutory contribution rate was 9.89% for KPERS and 22.13% for KP&F for the fiscal year ended December 31, 2019. Contributions to the pension plan from the City were $153,418 for KPERS and $162,657 for KP&F for the year ended December 31, 2019. Net Pension Liability At December 31, 2019, the City’s proportionate share of the collective net pension liability reported by KPERS was $1,162,600 and $1,395,866 for KP&F. The net pension liability was measured as of June 30, 2019, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2018, which was rolled forward to June 30, 2019. The City’s proportion of the net pension liability was based on the ratio of the City’s contributions to KPERS, relative to the total employer and nonemployer contributions of the Local subgroup within KPERS. Since the KMAAG regulatory basis of accounting does not recognize long-term debt, this liability is not reported in these financial statements.


December 31, 2019

18

NOTE 10 – DEFINED BENEFIT PENSION PLAN (continued) Net Pension Liability (continued) The complete actuarial valuation report including all actuarial assumptions and methods, and the report on the allocation of the KPERS collective net pension liability to all participating employers are publicly available on the website at www.kpers.org or can be obtained as described above. NOTE 11 – OTHER POST EMPLOYMENT BENEFITS As provided by K.S.A. 12-5040, the City allows retirees to participate in the group health insurance plan. While each retiree pays the full amount of the applicable premium, conceptually, the City is subsidizing the retirees, because each participant is charged a level of premium regardless of age. However, the cost of this subsidy has not been quantified in this financial statement. Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the City makes health care benefits available to eligible former employees and eligible dependents. Certain requirements are outlined by the federal government for this coverage. The premium is paid in full by the insured. NOTE 12 – COMPENSATED ABSENCES Vacation The City’s pay period is bi-weekly for a total of 26 pay periods per year. The City’s policy regarding vacation for full-time employees is as follows:

Years Worked Amount Earned 0-1 2 hours/pay period 2-5 4 hours/pay period

6-10 5 hours/pay period 11-15 6 hours/pay period

16 or more 7 hours/pay period Vacation may not be taken until the employee completes six months of service. The maximum accrual for vacation shall be no more than 208 hours unless an exception is approved by the City administrator. This is not reflected in the financial statement. Personal Leave Each employee is entitled to two days of personal leave on an annual basis. This is not reflected in the financial statement.


December 31, 2019

19

NOTE 12 – COMPENSATED ABSENCES (continued) Sick Leave The City's policy for sick leave permits full-time employees to earn sick leave at the rate of eight hours per calendar month up to a maximum of 520 hours. For those employees who have attained and maintained a maximum accumulation of sick leave and leave employment in good standing, the City will pay them 50% of their accumulated sick leave at their current rate of pay. When maximum accrual of 520 hours is exceeded on October 31 of each calendar year, an “Attendance Bonus” shall be paid equivalent to 50% of the hours exceeding 520 hours. Per City policy, if the employee terminates, 50% of sick leave will be paid out if the employee meets certain service requirements. This is not reflected in the financial statement. Comp Time Comp time is earned at a rate of 1 ½ hours per every hour worked over 40 hours during a one-week period. Employees may accrue up to 40 hours of comp time, and may be allowed to accrue more than 40 hours with the approval of both the department head and City Administrator. The potential liability for total compensated absences at December 31, 2019 was $239,955. This is not reflected in the financial statement. NOTE 13 – JOINT VENTURE The City is a member of the Chisholm Creek Utility Authority (the Authority). The Authority was organized in April 2001 pursuant to the Kansas Interlocal Cooperation Act. The Authority was created by an interlocal agreement and is economically dependent on the members. The purpose of the Authority is to assist its members in planning, technical and financial matters for comprehensive utilities and public services, accomplish the desired objectives of effective utility and public service facilities, and organize the operation of utility and public service systems. The Authority is governed by a four-member board of commissioners, and primarily provides water and wastewater services to the members’ residents. The City’s Service Agreement with the Authority requires the City to pay for minimum amounts of water and treated wastewater, whether such water is actually received by the City or whether such wastewater is actually accepted by the Authority and treated. The Service Agreement also requires the City to maintain and collect rates and charges for service sufficient to a) pay its share of the expenses of the Authority, b) pay its share of the Authority’s debt service payments, c) enable the City to have in each fiscal year a coverage ratio, as defined by the agreement, of not less than 1.25 on all debt service requirements and of not less than 1.10 on any Additional Indebtedness, as defined by the agreement, and d) provide reasonable and adequate reserves for the payment of additional indebtedness.


December 31, 2019

20

NOTE 13 – JOINT VENTURE (continued) The revenues collected by the Authority are pledged for payments of the revenue bonds. The revenue bonds are carried by the Authority with the City only being proportionately liable if the Authority defaults. Covenants by both member cities ensure that debt service and operating expenses of the Authority are paid. The Authority’s revenue bond liability at December 31, 2019 totaled $21,920,000. The City’s obligations under the Service Agreement are several; no member of the Authority is responsible for payment obligations of any other member of the Authority. Similarly, as required by the bond covenants relating to bonds issued by the Authority, the rates charged by each city participating in the Authority to its residents and businesses should result in the funds necessary for the cities to pay for all the water and wastewater costs of the Authority in addition to all debt service payments. The Authority’s water and wastewater service rates are established by a rate ordinance and sold to the member cities at the established rates. The City paid the Authority $1,596,707 during 2019. The below payments are recognized as expenses incurred for water and sewer operations. Funding is to be provided by user charges. The City’s scheduled share of payments due to the Authority for currently issued revenue bonds and interest as of December 31, 2019 are as follows:

Interest andPrincipal

2020 712,676$ 2021 726,670 2022 738,537 2023 742,158 2024 740,306

Thereafter 6,801,966 10,462,313$

NOTE 14 – SUBSEQUENT EVENTS The City has evaluated events and transactions for potential recognition or disclosure through the date of the independent auditor’s report, which is the date the financial statement was available for issue. In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) originated in Wuhan, China and has since spread to other countries, including the U.S. On March 11, 2020, the World Health Organization characterized COVID-19 as a pandemic. In addition, multiple jurisdictions in the U.S. have declared a state of emergency. It is anticipated that these impacts will continue for some time. There has been an impact to the City operations. Future potential impacts may include disruptions or restrictions on the City’s employees’ ability to work or the citizens’ ability to pay the tax or utility payments. Changes to the operating environment may increase operating costs. The future effects of these issues are unknown.

Regulatory Required Supplementary Information

City of Park City, Kansas Schedule 1 Summary of Expenditures – Actual and Budget

(Budgeted Funds Only) Regulatory Basis


See the independent auditor’s report on regulatory required supplem

entary information.

21

Adjustments Total Expenditures VarianceCertified for Qualifying Budget for Chargeable to Over

Funds Budget Budget Credits Comparison Current Year (Under)

General 6,079,037$ -$ 6,079,037$ 5,083,659$ (995,378)$ Special Purpose Funds

Special Highway Fund 410,695 - 410,695 69,325 (341,370) Special Parks and Recreation Fund 15,500 - 15,500 - (15,500) Special Alcohol and Drug Fund 20,000 - 20,000 10,421 (9,579) Police and Court Training Fund 15,000 - 15,000 14,165 (835) Convention and Tourism Fund 319,770 - 319,770 265,335 (54,435)

Bond and Interest FundBond and Interest 4,611,321 - 4,611,321 4,085,097 (526,224)

Business FundsUtility Fund 3,371,580 - 3,371,580 3,214,867 (156,713) Stormwater Utility Fund 68,000 - 68,000 3,057 (64,943)

Related Municipal Entities

Library Employee Benefits Fund 26,100 - 26,100 21,671 (4,429) Library Fund 268,750 - 268,750 266,561 (2,189) Land Bank Fund 163,586 - 163,586 90,115 (73,471)

City of Park City, Kansas Schedule 2 - 1 General Fund

Schedule of Receipts and Expenditures – Actual & Budget Regulatory Basis


See the independent auditor’s report on regulatory required supplementary information.

22

Prior VarianceYear Over

Actual Actual Budget (Under)Receipts

Ad Valorem Tax 2,021,808$ 2,403,466$ 2,789,557$ (386,091)$ Delinquent Tax 51,529 51,371 30,000 21,371 State Assessed Utilities 257,854 309,977 76,500 233,477 Payments In Lieu of Taxes 10,523 46,509 11,000 35,509 Motor Vehicle Tax 247,317 263,179 249,755 13,424 Recreational Vehicle Tax 2,609 2,919 3,084 (165) 16/20 M Vehicle Tax 1,552 696 1,017 (321) Commercial Vehicle Tax 54,542 71,697 55,622 16,075 Watercraft Tax 1,217 1,311 1,349 (38) Motor Vehicle Excise Tax 381 237 - 237 Local Alcoholic Liquor 16,182 19,973 15,700 4,273 Local Sales Tax 1,309,200 1,432,454 1,202,000 230,454 Interest 3,425 45,449 5,000 40,449 Reimbursements 31,978 8,125 - 8,125 Franchise Tax 707,828 704,147 670,000 34,147 Licenses, Fees, Permits 276,531 229,692 136,298 93,394 Fines and Court Costs 166,211 160,431 144,220 16,211 Intergovernmental 36,703 38,299 35,000 3,299 Federal Aid 261 559 - 559 Charges for Services 11,768 11,386 13,750 (2,364) Other Grant - 8,119 - 8,119 Sale of Property 296,397 97,088 25,000 72,088 Donations - 1,115 - 1,115 Miscellaneous 287,082 126,347 107,750 18,597 Transfers In - 180,000 180,000 -

Total Receipts 5,792,898 6,214,546 5,752,602$ 461,944$

City of Park City, Kansas Schedule 2 - 1 General Fund

Schedule of Receipts and Expenditures – Actual & Budget (Continued) Regulatory Basis



23


Actual Actual Budget (Under)Expenditures

Administration 772,289$ 853,092$ 765,827$ 87,265$ Court 220,506 239,992 345,441 (105,449) Governing Body 302,507 238,768 258,006 (19,238) Human Resources 131,110 142,701 151,800 (9,099) Police 1,985,587 2,045,633 2,524,791 (479,158) Code Enforcement 121,528 141,901 329,508 (187,607) Legal 58,984 61,234 67,811 (6,577) Building Inspection 113,344 121,741 152,297 (30,556) Planning 73,166 82,965 105,074 (22,109) Pride 4,221 10,421 5,308 5,113 Senior Center 95,608 104,770 153,414 (48,644) Maintenance 112,700 154,084 133,772 20,312 Park Board 35,943 3,994 32,111 (28,117) Parks 345,903 350,613 476,234 (125,621) Community Building 3,899 3,760 8,423 (4,663) Streets 481,490 437,867 569,220 (131,353) Transfers Out 563,531 90,123 - 90,123

Total Expenditures 5,422,316 5,083,659 6,079,037$ (995,378)$

Receipts Over (Under) Expenditures 370,582 1,130,887

Unencumbered Cash, Beginning 1,032,433 1,403,015

Unencumbered Cash, Ending 1,403,015$ 2,533,902$

City of Park City, Kansas Schedule 2 - 2 Capital Equipment Fund




24

Prior CurrentYear Year

Actual ActualReceipts

Interest Income -$ 3,033$ Transfers In 84,441 90,123

Total Receipts 84,441 93,156

Expenditures Capital Outlay 19,206 86,046

Total Expenditures 19,206 86,046

Receipts Over (Under) Expenditures 65,235 7,110

Unencumbered Cash, Beginning 112,876 178,111

Unencumbered Cash, Ending 178,111$ 185,221$

City of Park City, Kansas Schedule 2 - 3 Capital Improvement Fund




25



Interest Income -$ 674$ Total Receipts - 674

ExpendituresContractual Services - -

Total Expenditures - -

Receipts Over (Under) Expenditures - 674



City of Park City, Kansas Schedule 2 - 4 Special Highway Fund




26



State of Kansas Gas Tax 209,027$ 211,714$ 201,260$ 10,454$ County Transfers Gas 93,368 94,654 88,850 5,804 Interest Income - 7,263 - 7,263 Reimbursed Expenses - 509 - 509 Transfers In - 50,000 50,000 -

Total Receipts 302,395 364,140 340,110$ 24,030$

ExpendituresSalaries 34,673 35,701 36,535$ (834)$ Employee Benefits 24,580 28,046 24,160 3,886 Commodities 6,045 (2,583) - (2,583) Contractual Services 15,306 4,716 100,000 (95,284) Capital Outlay 231,748 3,445 250,000 (246,555)

Total Expenditures 312,352 69,325 410,695$ (341,370)$

Receipts Over (Under) Expenditures (9,957) 294,815



City of Park City, Kansas Schedule 2 - 5 Special Parks and Recreation Fund




27



Alcohol Tax 19,786$ 19,973$ 15,500$ 4,473$ Total Receipts 19,786 19,973 15,500$ 4,473$

ExpendituresCapital Outlay - - 15,500$ (15,500)$

Total Expenditures - - 15,500$ (15,500)$




City of Park City, Kansas Schedule 2 - 6 Special Alcohol and Drug Fund




28



Alcohol Tax 12,579$ 19,973$ 15,500$ 4,473$ Total Receipts 12,579 19,973 15,500$ 4,473$

ExpendituresPrevention Education - 1,000 20,000$ (19,000)$ Capital Outlay 6,059 9,421 - 9,421





City of Park City, Kansas Schedule 2 - 7 Police and Court Training Fund




29



Court Fees 14,951$ 14,013$ 11,000$ 3,013$ Total Receipts 14,951 14,013 11,000$ 3,013$

ExpendituresPolice and Court Training 15,000 14,165 15,000$ (835)$

Total Expenditures 15,000 14,165 15,000$ (835)$

Receipts Over (Under) Expenditures (49) (152)



City of Park City, Kansas Schedule 2 - 8 Convention and Tourism Fund




30



Transient Guest Tax 235,721$ 259,222$ 265,000$ (5,778)$ Interest Income - 8,927 - 8,927

Total Receipts 235,721 268,149 265,000$ 3,149$

ExpendituresSalaries 69 177 485$ (308)$ Contractual Services 16,775 3,486 - 3,486 Office Supplies 93 - 175 (175) Internet 2,485 3,350 1,200 2,150 City Events 22,300 68,584 61,900 6,684 General Promotions 56,000 40,000 85,000 (45,000) Professional Sports 39,400 102,600 65,000 37,600 Sports Commission 85,928 41,000 30,000 11,000 Capital Outlay - 5,000 50,000 (45,000) Dues and Subscriptions 5,375 1,138 5,400 (4,262) Insurance 136 - - - Miscellaneous 268 - 20,610 (20,610)





City of Park City, Kansas Schedule 2 - 9 Wildlife and Parks Grant Fund




31



Wildlife and Parks Lease Payments 773$ -$ Total Receipts 773 -

ExpendituresContractual Services 1,353 816

Total Expenditures 1,353 816

Receipts Over (Under) Expenditures (580) (816)

Unencumbered Cash, Beginning 1,396 816

Unencumbered Cash, Ending 816$ -$

City of Park City, Kansas Schedule 2 - 10 Police Technology Fund




32



Miscellaneous 8,492$ 8,235$ Total Receipts 8,492 8,235

ExpendituresContractual Services - 6,499

Total Expenditures - 6,499




City of Park City, Kansas Schedule 2 - 11 Pending State Forfeiture Fund




33



Pending Forfeiture -$ 34,805$ Total Receipts - 34,805

ExpendituresReimbursements - - Tranfers Out - -


Receipts Over (Under) Expenditures - 34,805

Unencumbered Cash, Beginning - -

Unencumbered Cash, Ending -$ 34,805$

City of Park City, Kansas Schedule 2 - 12 State Drug Tax Sharing Fund




34



Pending Forfeiture -$ 6,218$ Total Receipts - 6,218

ExpendituresContractual Services - -




Unencumbered Cash, Ending -$ 6,218$

City of Park City, Kansas Schedule 2 - 13 Fire Insurance Proceeds Fund




35



Fire Insurance Proceeds -$ 10,520$ Total Receipts - 10,520



Receipts Over (Under) Expenditures - -


Unencumbered Cash, Ending -$ -$

City of Park City, Kansas Schedule 2 - 14 Bond and Interest Fund




36



Ad Valorem Tax 311,388$ 335,346$ 389,201$ (53,855)$ Delinquent Tax 369,211 8,336 8,000 336 State Assessed Utilities 39,713 43,250 208 43,042 Payments In Lieu of Taxes 1,621 6,466 2,000 4,466 Motor Vehicle Tax 39,460 40,583 38,466 2,117 Recreational Vehicle Tax 416 450 475 (25) 16/20 M Vehicle Tax 247 110 156 (46) Commercial Vehicle Tax 8,701 11,058 8,567 2,491 Watercraft Tax 193 202 208 (6) Motor Vehicle Excise Tax 59 37 - 37 Special Assessments 2,358,428 1,737,899 1,812,301 (74,402) Reimbursement for 2006A GO Bonds 86,593 88,735 86,593 2,142 Interest 148,128 88,179 50,000 38,179 Bond Proceeds 366,000 1,625,408 1,000 1,624,408 Bond Premiums - 47,477 - 47,477 Transfers In - 521,456 - 521,456

Total Receipts 3,730,158 4,554,992 2,397,175$ 2,157,817$

ExpendituresPrincipal 1,760,000 3,375,000 1,760,000$ 1,615,000$ Interest 703,691 594,002 343,821 250,181 Property and Special Taxes 5,732 - 100,000 (100,000) Cost of Issuance 8,477 116,095 - 116,095 Contractual Services 1,300 - - - Cash Basis Reserve - - 2,407,500 (2,407,500) Transfers Out 364,207 - - -

Total Expenditures 2,843,407 4,085,097 4,611,321$ (526,224)$




City of Park City, Kansas Schedule 2 - 15 Capital Projects Fund




37



Bond Proceeds -$ 2,785,138$ Reimbursed Expenses - 57,667 Transfers In 672,593 -

Total Receipts 672,593 2,842,805

ExpendituresContractual Services - 924,142 Administration Fees 49,738 144,034 Capital Outlay 500,322 1,394,258 Cost of Issuance 735 - Transfers Out 307,871 521,456

Total Expenditures 858,666 2,983,890

Receipts Over (Under) Expenditures (186,073) (141,085)



City of Park City, Kansas Schedule 2 – 16 Utility Fund

Schedule of Receipts and Expenditures – Actual and Budget Regulatory Basis



38



Water 1,414,142$ 1,431,797$ 1,427,500$ 4,297$ Sewer 1,184,924 1,232,252 1,149,000 83,252 Solid Waste 341,870 355,110 310,000 45,110 Recycling 121,734 124,544 115,100 9,444 Late Fees 60,130 62,889 48,000 14,889 Inspection Fees 4,320 3,600 - 3,600 Hook On Fees 23,159 21,179 25,000 (3,821) Transfer Fees 400 380 - 380 Reconnect Fees 38,051 43,077 - 43,077 Improvement Fees 36,200 30,380 - 30,380 Equity Fees 29,280 26,980 - 26,980 Cross Connect Fees 200 300 - 300 Interest Income - 27,578 - 27,578 Reimbursements 114,925 106,994 - 106,994 Miscellaneous 1,269 9,694 110,718 (101,024)

Total Receipts 3,370,604 3,476,754 3,185,318$ 291,436$

City of Park City, Kansas Schedule 2 – 16 Utility Fund




39


Expenditures Actual Actual Budget (Under)Water 1,451,808$ 1,556,552$ 1,600,291$ (43,739)$ Sewer 991,510 1,053,994 1,227,239 (173,245) Trash 449,297 458,321 398,050 60,271 Transfers Out 58,000 146,000 146,000 - Total Expenditures 2,950,615 3,214,867 3,371,580$ (156,713)$




City of Park City, Kansas Schedule 2 – 17 Utility CIP/CEF/Improvement Fund




40





ExpendituresCapital Outlay - -





City of Park City, Kansas Schedule 2 – 18 Utility Operating Reserve Fund




41



Interest Income -$ 5,820$ Total Receipts - 5,820

ExpendituresMiscellaneous - -





City of Park City, Kansas Schedule 2 - 19 Utility Depreciation Fund




42



Transfers In -$ -$ Total Receipts - -

ExpendituresTransfers Out - -





City of Park City, Kansas Schedule 2 - 20 Utility Surplus Fund




43





ExpendituresCapital Outlay 74,570 - Transfer Out 100,000 -

Total Expenditures 174,570 -




City of Park City, Kansas Schedule 2 - 21 Storm Water Utility Fund




44


Actual Actual Budget (Under)

ReceiptsCharges for Services 17,372$ 52,884$ 52,000$ 884$ Miscellaneous 299 929 - 929 Interest Income - 672 - 672

Total Receipts 17,671 54,485 52,000$ 2,485$

ExpendituresMiscellaneous - 3,057 68,000$ (64,943)$

Total Expenditures - 3,057 68,000$ (64,943)$


Unencumbered Cash, Beginning - 17,671


City of Park City, Kansas Schedule 2 - 22 Customer Deposit Fund




45



Customer Deposits 18,900$ 21,960$ Total Receipts 18,900 21,960

ExpendituresCustomer Refunds 18,900 21,960





City of Park City, Kansas Schedule 2 - 23 MTBE Surplus Fund




46



Bond Proceeds -$ 271,454$ Interest Income - 16,295 Transfers In 786,961 -


ExpendituresCapital Outlay 607,437 51,187 Contractual Services 28,350 21 Miscellaneous 4,916 - Transfers Out 308,386 150,000





City of Park City, Kansas Schedule 2 - 24 Law Enforcement Trust Fund




47



Forfeiture -$ 1,892$ Interest Income - 3

Total Receipts - 1,895

ExpendituresCapital Outlay 2,105 - Miscellaneous - 194





City of Park City, Kansas Schedule 2 - 25 FESA Police Trust Fund




48



Miscellaneous 2,000$ -$ Total Receipts 2,000 -



Receipts Over (Under) Expenditures 2,000 (3,592)


Unencumbered Cash, Ending 3,592$ -$

City of Park City, Kansas Schedule 2 - 26 Special Expendable Trust Fund




49



Donations 2,939$ 7,103$ Total Receipts 2,939 7,103

ExpendituresContractual Services - 200 Commodities 1,652 672





City of Park City, Kansas Schedule 2 - 27 Flexible Spending Fund




50



Donations 66,072$ 73,344$ Interest 1 2


ExpendituresDistributions 71,374 65,418





City of Park City, Kansas Schedule 2 - 28 Library Employee Benefits Fund




51



Ad Valorem Tax 13,601$ 14,644$ 17,022$ (2,378)$ Delinquent Tax 349 360 220 140 State Assessed Utilities 1,735 1,888 300 1,588 Payments In Lieu of Taxes 71 114 50 64 Motor Vehicle Tax 1,956 1,781 1,683 98 Recreational Vehicle Tax 21 20 21 (1) 16/20 M Vehicle Tax 12 - 7 (7) Commercial Vehicle Tax 428 486 375 111 Watercraft Tax - 9 9 - Reimbursements - - 4,000 (4,000)

Total Receipts 18,173 19,302 23,687$ (4,385)$

ExpendituresRemittance to Library Board 18,269 19,615 22,100$ (2,485)$ Health Insurance - 2,056 4,000 (1,944)


Receipts Over (Under) Expenditures (96) (2,369)


Unencumbered Cash, Ending 2,369$ -$

City of Park City, Kansas Schedule 2 - 29 Library Fund




52



Ad Valorem Tax 185,288$ 198,544$ 230,440$ (31,896)$ Delinquent Tax 5,047 4,805 3,000 1,805 State Assessed Utilities 23,630 25,606 7,000 18,606 Payments In Lieu of Taxes 964 3,828 1,000 2,828 Motor Vehicle Tax 23,477 24,148 22,885 1,263 Recreational Vehicle Tax 248 268 283 (15) 16/20 M Vehicle Tax 147 66 93 (27) Commercial Vehicle Tax 5,175 6,580 3,097 3,483 Watercraft Tax 115 120 124 (4) Motor Vehicle Excise Tax 35 22 - 22 Miscellaneous - 2,246 - 2,246

Total Receipts 244,126 266,233 267,922$ (1,689)$

ExpendituresRemittance to Library Board 248,338 266,561 266,785$ (224)$ Miscellaneous - - 1,965 (1,965)


Receipts Over (Under) Expenditures (4,212) (328)

Unencumbered Cash, Beginning 4,540 328

Unencumbered Cash, Ending 328$ -$

City of Park City, Kansas Schedule 2 - 30 Public Building Commission




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Lease Income 112,838$ 167,338$ Total Receipts 112,838 167,338

ExpendituresBond Principal 25,000 80,000 Bond Interest 87,838 87,338





City of Park City, Kansas Schedule 2 - 31 Land Bank Fund




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Sale of Property 205,298$ 142,726$ 143,351$ (625)$ Interest 1 332 - 332

Total Receipts 205,299 143,058 143,351$ (293)$

ExpendituresContractual 185,064 90,115 163,586$ (73,471)$



Unencumbered Cash, Beginning - 20,235


City of Park City, Kansas Schedule 3 Agency Funds

Summary of Receipts and Disbursements Regulatory Basis


See the independent auditor’s report on regulatory required supplementary information. 55

Beginning EndingFunds Cash Balance Receipts Disbursements Cash Balance

Sales Tax 2,657$ 1,461$ 798$ 3,320$ Water Protection Fee 2,008 8,260 6,253 4,015 RWD #2 Fees 1,968 32,956 32,956 1,968

Total 6,633$ 42,677$ 40,007$ 9,303$

Documents

CITY OF PARK CITY, KANSAS Regulatory Basis Financial