2007 Annual Report - Town of Wilton

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TOWN OF WILTON, CONNECTICUTBALANCE SHEET - GOVERNMENTAL FUNDSJune 30, 2007NonmajorTotalGeneral Governmental GovernmentalFund Funds FundsAssetsCash and cash equivalents $ 26,861,613 $ 6,548,191 $ 33,409,804Receivables, net of allowances forcollection losses:Property taxes 1,477,227 - 1,477,227Intergovernmental 2,021,447 27,239 2,048,686Special assessments - 231,560 231,560Other 219,481 234,794 454,275Due from other funds 749,244 47,127 796,371Inventories - 12,717 12,717Prepaids 5,892 15,989 21,881Total assets $ 31,334,904 $ 7,117,617 $ 38,452,521LiabilitiesAccounts payable and accruals 2,388,160 1,812,376 4,200,536Intergovernmental payables 19,625 - 19,625Property taxes collected in advance 2,054,645 - 2,054,645Performance bonds 4,010,785 - 4,010,785Due to other funds 32,537 526,260 558,797Unearned revenues 453,587 235,085 688,672Deferred revenue 3,206,227 231,560 3,437,787Total liabilities 12,165,566 2,805,281 14,970,847Fund balancesReserved for:Prepaid items 5,892 15,989 21,881Encumbrances 742,271 - 742,271Continuing appropriations 492,523 - 492,523Inventory - 12,717 12,717Donor's intentions - 9,344 9,344Long term advances 142,001 - 142,001Unreserved:Designated for:Debt service - 328,451 328,451Capital improvements - 1,804,989 1,804,989Future years 3,918,682 - 3,918,682Unreserved, reported in:Special revenue funds - 2,053,189 2,053,189Capital projects funds - 87,657 87,657General Fund 13,867,969 - 13,867,969Total fund balances 19,169,338 4,312,336 23,481,674Total liabilities andfund balances $ 31,334,904 $ 7,117,617Amounts reported for governmental activities in the statement ofnet assets are different because:Capital assets, net of accumulated depreciation of $50,556,656, purchased bygovernmental funds are reported as expenditures, however, the statement ofnet assets includes those capital assets among the assets of the Town as a whole. 141,070,571Other long-term assets are not available to pay for current-periodexpenditures and, therefore, are not recognized. 129,412Deferred Revenue 3,437,787Net pension asset 2,234Internal service fund is used by management to charge the costs ofBOE Health Insurance to individual funds. The assets and liabilitiesof the internal service fund is included in governmental activitiesin the statement of net assets. 3,032,289Accrued interest payable (1,312,704)Long-term liabilities, including bonds payable, are not due and payablein the current period and therefore are not reported in the funds. (72,480,376)Net assets of governmental activities $ 97,360,887The notes to the financial statements are an integral part of this statement.15Audit Report37
TOWN OF WILTON, CONNECTICUTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICITS) -GOVERNMENTAL FUNDSFor the Year Ended June 30, 2007NonmajorTotalGeneral Governmental GovernmentalFund Funds FundsREVENUESProperty taxes $ 88,067,800 $ - $ 88,067,800Intergovernmental 7,669,044 775,487 8,444,531Licenses and permits 1,981,305 1,074,340 3,055,645Investments income 2,003,645 86,227 2,089,872Tuition - 1,182,110 1,182,110School lunch sales - 1,196,502 1,196,502Contributions - 217,985 217,985Other revenue 709,145 - 709,145Total revenues 100,430,939 4,532,651 104,963,590EXPENDITURESCurrent:General government 3,363,146 198,176 3,561,322Education 63,652,774 3,041,511 66,694,285Public safety 10,135,382 297,023 10,432,405Public works 2,088,763 - 2,088,763Public health and welfare 1,446,944 3,266 1,450,210Recreation and Parks commission 1,159,650 696,214 1,855,864Other 4,592,688 - 4,592,688Debt service:Principal retirements 5,951,145 27,047 5,978,192Interest and other charges 3,127,525 17,175 3,144,700Capital outlay 1,423,201 6,344,547 7,767,748Total expenditures 96,941,218 10,624,959 107,566,177Revenues over (under)expenditures 3,489,721 (6,092,308) (2,602,587)OTHER FINANCING SOURCES (USES)Proceeds from bonds - 4,055,000 4,055,000Capital leases issued 333,938 - 333,938Transfers out (135,000) - (135,000)Total other financingsources 198,938 4,055,000 4,253,938Net change in fund balances 3,688,659 (2,037,308) 1,651,351FUND BALANCES, beginning 15,480,679 6,349,644 21,830,323FUND BALANCES, ending $ 19,169,338 $ 4,312,336 $ 23,481,674The notes to the financial statements are an integral part of this statement.16Audit Report38
Page 2 and 3: Town of Wilton OfficialsFirst Selec
Page 5 and 6: During the year, we formed several
Page 7 and 8: contracted construction schedule. E
Page 9 and 10: Fiscal Year Ended June 30, 2007The
Page 11 and 12: Town CounselThe Town Attorney’s o
Page 13 and 14: Town HistorianWilton appointed its
Page 15 and 16: The ChallengeThe greatest challenge
Page 17 and 18: on school budgets in Wilton, in Con
Page 19 and 20: Fire DepartmentThe Wilton Fire Depa
Page 21 and 22: Police DepartmentThe Wilton Police
Page 23 and 24: ceremonial events as representative
Page 25 and 26: crisis intervention, short-term cou
Page 27 and 28: that included screenings, health cl
Page 29 and 30: During the year 2007, no West Nile
Page 31 and 32: Several development proposals invol
Page 33 and 34: the Town-wide Clean Up Day. Wildlif
Page 35 and 36: Historic District #5 was created by
Page 37 and 38: operation of the system are handled
Page 39: TOWN OF WILTON, CONNECTICUTSTATEMEN

2007 Annual Report - Town of Wilton

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