comprehensive annual financial report · financial reporting to the town for its comprehensive...

COMPREHENSIVE

ANNUAL FINANCIAL REPORT

of the

TOWN OF FAIRFIELD,

CONNECTICUT

FOR THE YEAR ENDED

JUNE 30, 2010

PREPARED BY:llNANCEDEPARTMENT

PAUL H. IDLLER, JR.llSCAL OFllCER

TOWN OF FAIRFIELD. CONNECTICUT

COMPREHENSIVE ANNUAL FINANCIAL REPORTAS OF AND FOR THE YEAR ENDED JUNE 30, 2010

TABLE OF CONTENTS

INTRODUCTORY SECTION

TRANSMITTAL LETTER 1

ORGANIZATION CHART..................................................................................................................................... 4

PRINCIPAL MlJNICIPAL OFFICIALS 5

CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTINGFOR THE YEAR ENDED JUNE 30, 2009 6

FINANCIAL SECTION

INDEPENDENT AUDITORS' REPORT 7

MANAGEMENT DISCUSSION AND ANALYSIS 9

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS:

EXHIBITS

A STATEMENT OF NET ASSETS 17

B STATEMENT OF ACTIVITIES................................................................................................................. 19

FUND FINANCIAL STATEMENTS:

C BALANCE SHEET AND RECONCILIATION OF FUND BALANCE TONET ASSETS OF GOVERNMENTAL ACTIVITIES - GOVERNMENTAL FUNDS 20

D STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCES - GOVERNMENTAL FUNDS 22

E RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES ANDCHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TOSTATEMENT OF ACTIVITIES............................................................................................................ 23

F STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL - GENERAL FUND 25

G STATEMENT OF NET ASSETS - PROPRIETARY FUNDS.................................................................. 26

H STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS -PROPRIETARY FUNDS 27

I STATEMENT OF CASH FLOWS - PROPRIETARY FUNDS 28

J STATEMENT OF FIDUCIARY NET ASSETS........................................................................................ 29

K STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS............................................................... 30

TOWN OF FAIRFIELD, CONNECTICUTTABLE OF CONTENTS (CONTINUED)

NOTES TO BASIC FINANCIAL STATEMENTS

L NOTES TO BASIC FINANCIAL STATEMENTS 31

REQumED SUPPLEMENTARY INFORMATION

RSI-1 SCIIEDULE OF FUNDING PROGRESS 61

RSI-2 SCIIEDULE OF EMPLOYER CONTRIBUTIONS 63

SCIIEDULES

SUPPLEMENTAL SCIIEDULES

GENERAL FUND:

1 COMPARATIVE BALANCE SIIEET....................................................................................................... 64

2 SCIIEDULE OF REVENUES AND OTIIER FINANCING SOURCES -BUDGET AND ACTUAL...................................................................................................................... 65

3 SCIIEDULE OF EXPENDITURES AND OTIIER FINANCING USES -BUDGET AND ACTUAL...................................................................................................................... 66

4 SCIIEDULE OF EXPENDITURES - BOARD OF EDUCATION - BUDGET AND ACTUAL............ 68

5 REPORT OF TAX COLLECTOR.............................................................................................................. 69

NONMAJOR GOVERNMENTAL FUNDS:

6 COMBINING BALANCE SIIEET 70

7 COMBINING STATEMENT OF REVENUES, EXPENDITURES ANDCHANGES IN FUND BALANCES 73

8 SCIIEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL - WATER POLLUTION CONTROL AUTHORITy............................... 76

9 SCIIEDULE OF CHANGES IN SEWER ASSESSMENT RECEIVABLE 77

FIDUCIARY FUNDS:

10 AGENCY FUND - STUDENT ACTIVITY FUND" - STATEMENT OF CHANGESIN ASSETS AND LIABILITY 78

TOWN OF FAIRFIELD, CONNECTICUTTABLE OF CONTENTS (CONTINUED)

TABLE

STATISTICAL SECTION

1 NET ASSETS BY COMPONENT 79

2 CHANGES IN NET ASSETS 80

3 FUND BALANCES, GOVERNMENTAL FUNDS 81

4 CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS......................................................... 82

5 ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTy................................ 83

6 PRINCIPAL PROPERTY TAXPAYERS 84

7 TAX RATES, LEVIES AND CASH COLLECTIONS.............................................................................. 85

8 RATIOS OF OUTSTANDING DEBT BY TypE...................................................................................... 86

9 RATIOS OF GENERAL OBLIGATION DEBT OUTSTANDING.......................................................... 87

10 SCHEDULE OF DEBT LIMITATION 88

11 LEGAL DEBT MARGIN INFORMATION (LAST TEN YEARS) 89

12 DEMOGRAPIllC AND ECONOMIC STATISTICS 90

13 PRINCIPAL EMPLOYERS 91

14 FULL-TIME EQUNALENT TOWN GOVERNMENT EMPLOYEES BYFUNCTIONIPROGRAM.......................................................................................................................... 92

15 FULL-TIME EQUNALENT EMPLOYEES BY FUNCTIONIPROGRAM 93

16 OPERATING INDICATORS BY FUNCTIONIPROGRAM 94

17 CAPITAL ASSET STATISTICS BY FUNCTIONIPROGRAM 95

IntroductorySection

Sullivan Independence Hall725 Old Post Road

December 23, 2010

Wnfun of JJfairfitlnFairfield, Connecticut 06430

Finance Department(203) 256·3065

FAX (203) 256·3080

To the Honorable First Selectman, Members of the Board of Selectmen, Members of the Board of Finance andCitizens ofthe Town ofFairfield, Connecticut.

The Finance Department is pleased to present the Comprehensive Annual Financial Report (CAFR) of the Townof Fairfield for the year ended June 30, 2010. The report includes the independent auditors' report as required byConnecticut Statutes. The report is prepared in conformity with generally accepted accounting principles (GAAP)and standards set forth by the Governmental Accounting Standards Board (GASB).

Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, includingall disclosures, rests with the management of the Town: Management of the Town is responsible for establishingand maintaining internal controls designed to ensure that the assets of the Town are protected from loss, theft ormisuse and to ensure that adequate accounting data are compiled to allow for the preparation of financialstatements in conformity with generally accepted accounting principles. The internal controls are designed toprovide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurancerecognizes that: (l) the cost of a control should not exceed the benefits likely to be derived; and (2) the calculationof costs and benefits requires estimates and judgements by management. To the best of our knowledge and belief,the enclosed data are accurate in all material respects and are reported in a manner that presents fairly the financialposition and results of operations as measured by the financial activity of its various funds.·· All disclosures

. necessary to enable the reader to gain an understanding ofthe Town's fmancial activities have been included.

Kostin, Ruffkess & Company, LLC, a public accounting firm fully licensed and qualified to perform audits ofmunicipalities within the State of Connecticut, have audited the financial statements. The goal of the independentaudit was to provide reasonable assurance that the financial statements of the Town of Fairfield, Connecticut forthe fiscal year ended June 30, 2010, are free of material misstatement. The independent audit involved examining,on a test basis, evidence supporting the amounts and disclosures in the fmancial statements; assessing theaccounting principles used and significant estimates made by management; and evaluating the ovenill financialstatement presentation. The independent auditor concluded, based upon the audit, that there was a reasonablebasis for rendering an unqualified opinion that the Town of Fairfield's financial statements for the fiscal yearended June 30, 2010, are fairly presented in conformity with GAAP. The independent auditors' report is presentedas the first component ofthe fmancial section of this report.

The independent audit of the financial statements of the Town was part of a broader, federally mandated "SingleAudit" designed to meet the special needs of federal grantor agencies. The standards governing Single Auditengagements require the independent auditor to report not only on the fair presentation of the fmancial statements,but also on the audited government's internal controls and compliance with legal requirements, with specialemphasis on internal controls and legal requirements involving the administration of federal awards. These reportsare available in the Town's separately issued Single Audit Report.

1

Generally accepted accounting principles (GAAP) require that management provide a narrative introduction,overview, and analysis to accompany the basic fmancial statements in the form of Management's Discussion andAnalysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunctionwith it. The Town's MD&A can be found immediately following the report of the independent auditors.

Profile of the Town of Fairfield

The Town of Fairfield covers approximately 31.3 square miles and is located on Long Island Sound immediatelywest of the City of Bridgeport. Fairfield is surrounded by Westport, Weston, Easton, Trumbull and Bridgeport.Fairfield is primarily a residential community; however there is significant commercial development scatteredthroughout the Town. The Town is serviced by the Connecticut Turnpike (I-95), the Merritt Parkway (Conn. 15)and the Metro North commuter railroad. Fairfield is the home to the world headquarters of General ElectricCorporation and also the home of both Fairfield University and Sacred Heart University. The 2010 population was56,544. The Town was originally settled in 1639.

The Town operates under a Charter most recently revised in 2006. The Town functions under a Board ofSelectmen, Representative Town Meeting (RTM) form of government, adopted in 1947. The RTM is the fmalbudget-making authority and the legislative body of the Town. The RTM consists of 50 members, elected for 2year terms from 10 voting districts. The Board of Selectmen consists of 3 members, chaired by the First Selectmanand is elected every 4 years. The First Selectman serves as the Chief Elected Official of the Town. The Board ofFinance consists of 9 members, elected for 6 year terms of a staggered basis. The financial administrator of theTown is the Fiscal Officer. The Fiscal Officer oversees the Accounting, Internal Audit and Budget functions alongwith the Purchasing Department, the Assessor's Office and the Tax Collector's office. The Accounting Office isadministered by the Controller and accounts for all Town funds. The Assessor's Office discovers lists and pricesreal estate, personal property and motor vehicles for the purpose of taxation. The Tax collector's Office bills,collects, processes and deposits taxes, interest and fees on all taxable property in the Town. The Controlleroversees the Town's bank deposits and trust funds.

The annual budget serves as the foundation for the Town's fmancial planning and control. The Town maintainsbudgetary controls with the objectives to ensure compliance with legal provisions embodied in the annualappropriated budget, approved by the budget referendum. The Town maintains an encumbrance accountingsystem as one technique of accomplishing budgetary controls. As demonstrated by the budgetary schedulesincluded in the financial section of this report, the Town continues to meet its responsibility for sound fmancialmanagement. In addition to budgetary schedules, Exhibit L (II) A in the Notes to the Basic Financial Statementsdescribes the budget process used by the Town.

Local Economy and Major Initiatives

The Town has been affected by the dramatic changes that have transpired in the global economy over the past twoyears. Fairfield has been fortunate that unemployment and foreclosure rates are significantly below regional, stateand national levels. Vacancy levels for both retail and office space are well below regional, state and nationallevels. Planning for the development of the private portion of 930,000 square feet of commercial development ofthe long awaited third train station has been curtailed as a direct result of the economic downturn. Construction ofthe bridge over the railroad tracks, along with the construction of the related commuter platforms for the third trainstation, being managed by the State of Connecticut, Department of Transportation is nearing completion. It isanticipated that the bridge, commuter platforms and depot will be fmished prior to the end of 2010. The Town in

,cooperation with the State of Connecticut, Department of Transportation and the private developer have reachedan agreement which will complete the roadway and parking improvements and remediate environmental issuesassociated with the site. The complete development of this portion of the project is scheduled for completion inthe fall of2011.

2

Residential housing values within the Town have decreased, though much more modestly than rates that have beenseen at national levels. Certain neighborhoods within the Town have seen residential values increase Buildingpermits for residential and commercial development have stabilized and are commencing to see increases from thelower levels ofthe prior year.

Fairfield is exceedingly well positioned to accept and meet the challenges posed by the 21 51 century. The Town hasa significant tax base that continually ranks within the five largest of the state; it has very high wealth and incomelevels; has a moderate debt burden which is planned for quick retirement; and its pension plans remain at highfunding levels. These facts are echoed within the municipal credit industry. Fairfield is one of a small handful oftowns and cities throughout the United States that has been awarded the esteemed AAA rating by Moody'sInvestor Services, Standard & Poor's and Fitch Ratings. All three of these rating services have reconfirmed theirhighest ratings on Fairfield during the past year.

Long-Term Financial Planning.

The Town intends to issue long term debt during fiscal year 2011 which will conclude this debt issuance for anextensive capital projects program commenced during fiscal year 2003. The Town is currently involved in theexpansion and renovation of Stratfield Elementary School, the oldest Elementary School in Town. Funding hasbeen approved for design and construction the expansion of Fairfield Woods Middle School to meet increased

. enrollment needs. Additionally, funding will be sought for the fmal phase of the demolition and reconstruction ofPenfield Pavilion.

Relevant Financial Policies

The Town's financial policies have been applied consistently with the prior year and had no notable current yeareffect on the financial statements. There were no developments at the State level that impacted the current yearfmancial statements.

Awards and Acknowledgements

The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence inFinancial Reporting to the Town for its comprehensive annual financial report (CAFR) for the fiscal year endedJune 30, 2009. This was the ninth consecutive year that the Town has achieved this prestigious award. In order tobe awarded a Certificate of Achievement, the Town published an easily readable and efficiently organized.comprehensive annual financial report. This report satisfied both generally accepted accounting principles andapplicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensiveannual fmancial report continues to meet the Certificate of Achievement Program's requirements, and we aresubmitting it to the GFOA to determine its eligibility for another certificate.

The preparation of this report would not have been possible without the efficient and dedicated services of theentire staff of the Finance Department. Each member has my sincere appreciation for their contributions made inthe preparation of this report. In particular, Caitlin T. Bosse, Controller, who continued to provide service aboveand beyond the call of duty and at the highest level ofprofessionalism.

This comprehensive annual financial report reflects a commitment to the citizens of Fairfield, the Board ofFinance, the Board of Selectmen, and the RTM, and all concerned readers of this report, to provide information inconformance with the highest standards of fmancial accountability.

Respectfully submitted,

~J~L~~Fiscal Officer

3

TOWN OF FAIRFIELD, CONNECTICUT

ORGANIZATION CHART

TOWN OF FAffiFIELD, CONNECTICUT

PRINCIPAL OFFICIALSJUNEJO,201O

BOARD OF SELECTMAN

Kenneth A. Flatto, First SelectmanJames F. Walsh

Sherri A. Steeneck

BOARD OF FINANCE

Thomas M. Flynn, ChairmanMary E. LeClerc, Vice ChairmanRobert B. Bellitto, Jr., Secretary

Kenneth BrachfeldJames B. Brown

Christopher W. DeWittKevin P. KileyRobert S. Stone

Michael C. Tetreau

ADMINISTRATION

Town Clerk Elizabeth P. BrowneTown Attorney Richard H. SaxlFiscal Officer Paul H. Hiller, Jr.Public Works Director Richard J. White, Jr.Police Chief Gary MacNamaraFire Chief Richard S. FeInerDirector of Human Resources Mary Carroll-MiryleesHealth Director Sands ClearyTown Librarian Karen B. RonaldPlanning Director Joseph Devonshuk, Jr.Conservation Director Thomas B. SteinkeAssessor Thomas F. Browne, Jr.Tax Collector Stanley GorzelanyController Caitlin T. BosseRecreation Director Gerald A. LombardoPurchasing Director Twig HollandBuilding Inspector James R. Gilleran

BOARD OF EDUCATION

Susan R. Brand, ChairmanPamela C. Iacono, Vice Chairman

Stacy Zahn, SecretaryCatherine C. Albin

SusanP. DowPaul FattibeneTimothy Kery

Perry LiuJohn Mitola

Ann Clark, Superintendent of Schools

5

Certificate ofAchievement·for Excellence

in FinancialReporting

Presented to

Town ofFairfield

-. ConnecticutFor its.Comprehensive Annual

Financial Report

for the Fiscal Year Ended

June 30, 2009

A Certificate ofAchievement for Excellence in FinancialReporting is presented by the Government Finance Officers

Association of the United States and Canada togovernment units and public employee retirement

systenis whose comprehensive aunual :i:inancialreports (CAFRs) achieve the higheststandards in government accounting

and financial reporting.

President

~.. ~~.,,' :.:....... . .

! .' :WI •.. ' '.,', ". ,,;., . '.', '," ',. ' ..

I _:

Executive Director

6

FinancialSection

Pond View Corporate Center76 Batterson Park RoadFarmington, CT 06032-2571

~STIN,

R-~Business Advisors and Certified Public Accountants

Farmington, CT· New London, CTSpringfield, MA

Main Line:Toll Free:Fax:Web:

(860) 678-6000(800) 286-KRCO(860) 678-6110www.kostin.com

INDEPENDENT AUDITORS' REPORT

Board ofFinanceTown ofFairfield, Connecticut

We have audited the accompanying fmancial statements of the governmental activities, each major fund,and the aggregate remaining fund information of the Town ofFairfield, Connecticut, as of and for the yearended June 30, 2010, which collectively comprise the Town's basic fmancial statements as listed in thetable of contents. These basic financial statements are the responsibility of the Town's management. Ourresponsibility is to express opinions on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to fmancial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the basic fmancial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the basic fmancial statements. An audit also includes assessing the accounting principlesused and the significant estimates made by management, as well as evaluating the overall basic financialstatement presentation. We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the fmancial statements referred to above present fairly, in all material respects, therespective fmancial position of the governmental activities, each major fund, and the aggregate remainingfund information of the Town ofFairfield, Connecticut, as of June 30, 2010, and the respective changes infinancial position and cash flows, where applicable, thereof and the respective budgetary comparison forthe general fund for the year then ended in conformity with accounting principles generally accepted inthe United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated December 23,2010, on our consideration of the Town's internal control over fmancial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, grant agreements and other matters.The purpose of that report is to describe the scope of our testing of internal control over financialreporting and compliance and the results of that testing, and not to provide an opinion on the internalcontrol over fmancial reporting or on compliance. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be considered in assessing the results of ouraudit.

The Management Discussion and Analysis and Schedules of Funding Progress and EmployerContributions - Fairfield Retirement System and Other Post-Employment Plans on pages 9 through 16 andpages 61 through 63, respectively, are not a required part of the basic financial statements but aresupplemental information required by Governmental Accounting Standards Board. We have appliedcertain limited procedures, which consisted principally of inquiries of management regarding the methodsof measurement and presentation of the required supplemental information. However, we did not auditthe information and express no opinion on it.

7

Members of:Leading Edge Alliance • Kreston IntemaUonal • Amencan Institute of Certlfled Public Accountants

An Equal Opportunity Employer

~Is:QSTIN,~ROFFKESS

& COMPANY. LLC

Board ofFinanceTown ofFairfield, ConnecticutPage Two

Our audit was conducted for the purpose of fonning opinions on the financial statements that collectivelycomprise the Town of Fairfield, Connecticut's basic fmancial statements. The accompanying financialinformation listed as supplemental schedules in the table of contents is presented for purposes ofadditional analysis and is not a required part of the basic fmancial statements. The combining fundfinancial statements and other schedules as listed in the table of contents have been subjected to theauditing procedures applied in the audit of the basic fmancial statements and, in our opinion, are fairlystated in all material respects in relation to the basic financial statements taken as a whole. Theintroductory section and statistical section have not been subject to the auditing procedures applied in theaudit ofthe basic financial statements and, accordingly, we express no opinion on them.

Farmin~on,Connecticut

December 23, 2010

8

Sullivan Independence Hall725 Old Post Road

Fairfield, Connecticut 06430Finance Department

MANAGEMENT'S DISCUSSION AND ANALYSISJUNE 30, 2010(THOUSANDS)

(203) 256·3065FAX (203) 256·3080

As management of the Town of Fairfield, Connecticut, we offer readers of the Town of Fairfield's fmancialstatements this narrative overview and analysis of the financial activities of the Town for the fiscal year endedJune 30,2010. The amounts presented are in thousands.

Financial Highlights

• The assets of the Town exceeded its liabilities at the close of the most recent fiscal year by $251,633 (netassets). Unrestricted net assets, the amount that may be used to meet the Town's ongoing obligations tocitizens and creditors, was $1,315 at June 30, 2010.

• The Town's total net assets increased by $6,737. The increase was attributable to refunding of long-termdebt, as well as increased investment holdings and an increase in buiiding capital assets.

• As of the close of the current fiscal year, the Town's governmental funds reported combined ending fundbalances of $6,935, an increase of $4,829 in comparison with the prior year. The increase was duesubstantially to a decrease in liabilities for due to other funds and an increase in cash and investmentholdings.

• At the end of the current fiscal year, unreserved and undesignated fund balance for the general fund was$12,286 or 4.79% of total general fund expenditures and other financing uses. This figure represents a19.71 % increase over the previous fiscal year.

• The Town of Fairfield's total bond/note debt decreased by a net of $7,031 (3.31 %) during the current fiscalyear due to principal payments made during the year, in addition to a current year refunding, net of bondproceeds of$19,410, and bond anticipation notes permanently fmanced of$10,105.

Overview of the Basic Financial Statements

This discussion and analysis is intended to serve as an introduction to the Town of Fairfield's basic fmancialstatements. The Town's basic financial statements comprise three components: 1) government-wide fmancialstatements, 2) fund financial statements, and 3) notes to the basic fmancial statements. This report also containsother supplementary information in addition to the basic fmandal statements themselves.

Government-wide financial statements. The government-wide fmancial statements are designed to providereaders with a broad overview of the Town's fmances, in a manner similar to a private-sector business.

The statement of net assets presents information on all of the Town's assets and liabilities, with the differencebetween the two reported as net assets. Over time, increases or decreases in net assets may serve as a usefulindicator of whether the fmancial position of the Town is improving or deteriorating.

9

MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)

The statement of activities presents information showing how the Town's net assets changed during the mostrecent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the changeoccurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statementfor some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned butunused vacation leave).

The government-wide fmancial statements present the functions of the Town that are principally supported bytaxes and intergovernmental revenues (governmental activities). The governmental activities of the Town includegeneral government, finance, public safety, public works, health and welfare, culture and recreation, educationand interest expense.

Fund financial statements. A fund is a grouping of related accounts that is used to maintain control overresources that have been segregated for specific activities or objectives. The Town uses fund accounting to ensureand demonstrate compliance with fmance-related legal requirements. All of the funds of the Town can be dividedinto three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported asgovernmental activities in the government-wide fmancial statements. However, unlike the government-widefinancial statements, governmental fund fmancial statements focus on near-term inflows and outflows ofspendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Suchinformation may be useful in evaluating a Town's near-term fmancing requirements.

Because the focus of governmental funds is narrower than that of the government-wide fmancial statements, it isuseful to compare the information presented for governmental funds with similar information presented forgovernmental activities in the government-wide fmancial statements. By doing so, readers may better understandthe long-term impact of the Town's near-term financing decisions. Both the governmental fund balance sheet andthe governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliationto facilitate this comparison between governmental funds and governmental activities.

The Town maintains 19 individual governmental funds. fuformation is presented separately in the governmentalfund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fundbalances for the General Fund and Capital Projects Fund, both of which are considered to be major funds. Datafrom the other 17 governmental funds are combined into a single, aggregated presentation. fudividual fund datafor each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in thisreport.

The Town adopts an annual budget for its General Fund. A budgetary comparison statement has been providedfor the general fund to demonstrate compliance with this budget.

Proprietary fund. The Town maintains one proprietary fund. futernal service funds are an accounting deviceused to accumulate and allocate costs internally among the Town's various functions. The Town uses an internalservice fund to account for its self-insured medical benefits and various other self-insured risks. Because theseservices predominantly benefit governmental functions, they have been included within governmental activities inthe government-wide fmancial statements.

The data for the internal service fund is provided in Exhibits G, H, and I of this report.

Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside thegovernment. Fiduciary funds are not reflected in the government-wide fmancial statements because the resourcesof those funds are not available to support the Town's own programs. The accounting used for fiduciary funds ismuch like that used for proprietary funds.

10


Notes to the basic financial statements. The notes provide additional information that is essential to a fullunderstanding of the data provided in the government-wide and fund financial statements.

Other information~ fu addition to the basic financial statements and accompanying notes, this report alsopresents certain required supplementary information concerning the Town's progress in funding its obligation to-provide pension benefits to its employees. Required supplementary information can be found following the notes.

The combining statements referred to earlier in connection with nonmajor governmental funds are presentedimmediately following the required supplementary information on pensions.

Government-Wide Financial Analysis

As noted earlier, net assets may serve over time as a useful indicator of a town's fmancial position. fu the case ofthe Town, assets exceeded liabilities by $251,879 at the close of the most recent fiscal year.

By far the largest portion ofthe Town's net assets (99.21%) reflects its investment in capital assets (e.g., land;buildings, machinery, equipment and infrastructure), less any related debt used to acquire those assets that are stilloutstanding. The Town uses these capital assets to provide services to citizens; consequently, these assets are notavailable for future spending. Although the Town's investment in its capital assets is reported net ofrelat.ed debt,it should be noted that the resources needed to repay this debt must be provided from other sources, since thecapital assets themselves cannot be used to liquidate these liabilities.

TOWN OF FAIRFIELDSUMMARY STATEMENT OF NET ASSETS

JUNE 30, 2010(THOUSANDS)

Current and other assets .-Capital assets (net) .

TOTAL ASSETS .

Long-term liabilities outstanding .Other liabilities .

TOTAL LIABILITIES .

2010 2009

$ 68,403 $ 64,184468,523 466,142

536,926 530,326

217,521 215,75967,772 69,671

285,293 285,430 '

Net assets:Invested in capital assets, net of

related debt. .Restricted .Unrestricted .

TOTAL NET ASSETS .

249,899419

1,315

$ 251,633

240,836379

3,681

$ 244,896

An additional portion ofthe Town's net assets of $419 represents resources that are subject to external restrictionson how they may be used. The remaining balance ofunrestricted net assets is $1,315. .

11

MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED) -

The Town's net assets increased by $6,737 dUring. the current fiscal year. Most of this increase is due to theconstruction activity related to the various school construction projects.

TOWN OF FAIRFIELDCHANGES IN NET ASSETS

(THOUSANDS)

2010 2009

REVENUES:Program revenues:

Charges for services .Operating grants and contributions .Capital grants and contributions .

General revenues:Property taxes .Grants and contributions hot

restricted to specific programs .Investment income .

- Miscellaneous .

TOTAL REVENUES .

-EXPENSES:

General government. .Finance .Public safety .Public works , .Health and welfare .Culture and recreation .Education .Interest expense .

TOTAL EXPENSES .

CHANGE IN NET ASSETS .

NET ASSETS - JULy 1.. .

NET ASSET - JUNE 30 ..

12

$ 23,34425,217

887

223,795

4,462

911

332

278,948

10,828

79833,80324,116

8,2148,631

177,0788,743

272,211

6,737

244,896

$ 251,633

$ 22,60722,649

1,316

219,608

3,919736

391

271,226

.15,8652,404

32,93120,146

8,172

: 8,468167,843

8,109

263,938

7,288

237,608

$ - 244,896


• Property taxes increased by $4,187 during the year due to the increase in the demand for services adopted inthe 2010 expenditure budget.

• Operating grants and contributions increased by $2,568 primarily due increased state education grant fundingfor both regular and special education.

• General government expenses decreased by $5,037 due primarily to a decrease in human resourceexpenditures.

• Public works expenses increased by $3,970 due to significant amount of asphalt paving expendituresnecessary.

• Education expenses increased by $9,235 as a result of an increase in educational grant funding.

Financial Analysis ofthe Town's Funds

As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance-related legalrequirements.

Governmental funds. The focus of the Town's governmental funds is to provide information on near-terminflows, outflows, and balances of spendable resources. Such information is useful in assessing the Town'sfmancing requirements. ill particular, unreserved fund balance may serve as a useful measure of a Town's netresources available for spending at the end of the fiscal year.

As of the end of the current fiscal year, the Town's governmental funds reported combined ending fund balancesof $6,935, an increase of $4,829 in comparison with the prior year. The fund balance is reserved to indicate that itis not available for new spending because it has already been committed (1) to liquidate contracts and purchaseorders of the prior period $1,087, (2) debt service $408, (3) endowments $70 and (4) commitments $12,404.

The general fund is the operating fund of the Town. At the end of the current fiscal year, unreserved andundesignated fund balance of the general fund was $12,286, while total fund balance was $13,362. As a measure

. of the general fund's liquidity, it may be useful to compare both unreserved fund balance and total fund balance tototal fund expenditures. Unreserved and undesignated fund balance represents 4.79% of total general fundexpenditures, while total fund balance represents 5.21% of that same amount.

Capital Projects Funds have intergovernmental revenue of $887 during the year related to the school constructiongrants and transfers in of $2,908. Expenditures totaled $11,219. There was $19,410 of refunding debt issuedrelated to the school construction projects, and payments to refunded bond escrow agent of $22,576. The fundbalance increased from $(11,693) to $(10,055) at June 30,2010.

Proprietary fund. Unrestricted net assets of the illternal Service Fund at the end of the year amounted to$(5,921), a decrease of $944 from the balance at June 30, 2009 of $(4,977). This change was substantially due tocontributions to the Town and Police and Fire OPEB Trust Funds and increases in Workers' Compensationliability.

13


General Fund Budgetary HigWights

Differences between the original budget and the fmal amended budget were not significant ($210) and werefunded from revised revenue appropriations. Significant budgetary variances were as follows:

• Investment income was under budget by $618 due to a decrease in fair value of certain investments, allddecrease in investible amount and the decrease in interest rates over the prior year levels.

• Charges for services was under budget by $665 due to reduced revenue in building permits as a result oftheslow housing market.

• Public works expenditures were under budget by $498 due to unfilled vacancies within the Pll,pliccWorksDepartment and savings achieved through energy conservation measures .

• Culture and recreation was under budget by $311 due to reductions in library and golf courseexpenditwes.

• Health and welfare was under budget by $882 dueprimaiily to reduced tonnage received at the SolidvyasteTransfer Facility.

Capital Assets and Debt Administration

Capital assets. The Town's investment in capital assets for its governmental activities as of June 30, 2010,amounts to $468,523 (net of accumulated depreciation). This investment in capital assets includes· land; land·improvements, buildings, building improvements, machinery and equipment, vehicles, intangible assets andinfrastructure. The increase in the Town's net capital assets for the current fiscal year was $2,381 or .?1%.

Major capital asset events during the current fiscal year included the following:..

• Construction in progress increased by $8,618 primarily due to an increase in school construction costs..

• Intangible assets totaled $417 for cost ofMUNIS software.

. .• Buildings decreased by $7,216 as a result of annual depreciation expense net with additions of$1,236.

14


TOWN OF FAIRFIELDCAPITAL ASSETS - NET

(THOUSANDS)

2010 2009

Land.............................. $ 37,518 $ 37,508Assets held for resale .......... 909 909Construction in progress ....... 33,159 24,541Buildings......................... 330,789 338,005Furniture and equipment. ..... , 7,696 7,145Vehicles ........................... 3,557 3,624Intangible assets ................ 417Infrastructure.................... 54,478 54,410

TOTAL................................... $ 468,523 $ 466,142

Additional information on the Town's capital assets can be found in Note III. C.

Long-term debt. At the end of the current fiscal year, the Town had total bonds and notes outstanding of$205,307. All of this amount comprises debt backed by the full faith and credit of the Town. This debt will bepartially retired by $2,028 in State of Connecticut grants for school building projects.

Town of Fairfield. Connecticut

Governmental ActivitiesGeneral Obligation Bonds/Notes

2010 2009

General obligation bonds............... $ 174,470 $ 189,970Clean Water notes payable............ 20,732 22,368Bond anticipation notes ................ 10,105

Total. ...................................... $ 205,307 $ 212,338

The Town's total debt decreased by $7,018 (3.31 %) during the current fiscal year due to the issuance of $19,410of refunding bonds, and $10,105 of bond anticipation notes permanently financed, net of $15,181 in scheduledprincipal payments.

The Town's short-term debt decreased from $15,485 to $15,285 during the year due to the issuance of bondanticipation notes related to the school construction projects, of which a portion was permanently fmanced.

Moody's, Standard and Poor's, and Fitch Ratings continue to express the highest levels of confidence in theTown, its management and its ability to manage an increasing debt burden by all awarding their highest AAArating to Fairfield. In fact, Standard and Poor's in their annual review of AAA municipalities throughout thenation highlighted and praised Fairfield.

15


State statutes limit the amount of general obligation debt a governmental entity may issue to 7 times total taxcollections including interest and lien fees and the tax relief for elderly freeze grant. The current debt limitationfor the Town is $1,570,037, which is significantly in excess of the Town's outstanding general obligation debt.

Additional information on the Town's long-term debt can be found in Note ill. F.

Economic Factors and Next Year's Budgets and Rates

• The unemployment rate for the Town as of June 2010 was 7.5%, which is an increase from last year of 6.7%.This is comparable to the state's average unemployment rate of 9.1 %.

• Inflationary trends in the region compare favorably to national indices.

• Further increases in public school population.

All of these factors were considered in preparing the Town's budget for the 2011 fiscal year.

During the current fiscal year, unreserved fund balance in the general fund increased to $12,286.

Requests for Information

This financial report is designed to provide a general overview of the Town's finances for all those with aninterest in the government's fmances. Questions concerning any of the information provided in this report orrequests for additional financial information should be addressed to the Finance Department, Town of Fairfield,Independence Hall, 725 Old Post Road, Fairfield, Connecticut 06430.

16

Basic FinancialStatements

EXHffiITA(1 of 2)


STATEMENT OF NET ASSETSJUNE 30, 2010(THOUSANDS)

GOVERNMENTALACTMTIES

$ 6,21345,626

2,285407

1,57558

1,63095

57,889Total current assets .

Current assets:Cash .Investments ..Receivables:Property taxes .Assessments .Intergovemmental.. .Loan .Other .

Other assets .

Noncurrent assets:

Restricted assets:Temporarily restricted investments .Permanently restricted investments .

34970

Total restricted assets .. 419

Receivables (net):Property taxes .Assessments .IntergovernmentaL .Loan .

1,710816

1,8021,196

Total receivables (net) .. 5,524

Other noncurrent assets:Net pension asset.. ..Other. .

3,921650

Total other noncurrent assets . 4,571

Capital assets (net ofaccumulated depreciation):Land .Assets held for resale ..Construction in progress .Buildings and improvements .Vehicles ..Machinery and equipment.. .Intangible assets (net of accumulated amortization) .Infrastructure .

37,518909

33,159330,789

3,5577,696

41754,478

Total capital assets (net of accumulated depreciation) . 468,523

Total noncurrent assets . 479,037

TOTAL ASSETS .. 536,926

(Continued)

The notes to the financial statements are an integral part of this statement.

17

EXHIBIT A(2 of 2)


STATEMENT OF NET ASSETSJUNE 30,2010(THOUSANDS)

GOVERNMENTALACTIVITIES

LIABILITIES

LIABILITIES:Current liabilities:

Accounts payable .Accrued payroll and related liabilities ..Accrued interest payable .Unearned revenue .Bond anticipation notes ..Other .Bonds and notes payable .Compensated absences ,Heart and hypertension .Risk management. .

Total current liabilities ' .

Noncurrent liabilities:Bonds and notes payable ..Compensated absences .Heart and hypertension .Net OPEB obligation ..Risk management.. ..

Total noncurrent liabilities .

TOTAL LIABILITIES ..

NET ASSETS

Invested in capital assets, net of related debt. ..Restricted for:Endowments:

Nonexpendable .Expendable .

Unrestricted .

$ 9,1188,4243,7456,923

15,2853,791

13,987745673

5,081

67,772

194,2682,981

23113,9286,113

217,521

285,293

249,899

70349

1,315

TOTAL NET ASSETS .. $ 251,633

(Concluded)

The notes to the financial statements are an integral part ofthis statement.

18

FUNCTIONSfPROGRAMS

GOVERNMENTAL ACTIVITIES:General government .Finance .Public safety .Public works .Health and welfare '" .Culture and recreation .Education .Interest expense '" .

TOTAL GOVERNMENTAL ACTIVITIES.....


STATEMENT OF ACTIVITIESFOR THE YEAR ENDED JUNE 30, 20 I°

(THOUSANDS)

PROGRAM REVENUES

OPERATINGCHARGES FOR GRANTS AND

EXPENSES SERVICES CONTRIBUTIONS

$ 10,828 $ 4,055 $798 29

33,803 5,441 88424,116 5,184 192

8,214 191 6668,631 4,443 216

177,078 4,001 23,2598,743

$ 272,211 $ 23,344 $ 25,217

GENERAL REVENUES:Property taxes .Grants and contributions not restricted to specific programs .Investment income , '" .Miscellaneous '" '" '" .

TOTAL GENERAL REVENUES .

CHANGE IN NET ASSETS , .

NET ASSETS - JULY I, 2009 , '" '" .

NET ASSETS - JULy I, 2010 .


$

$

CAPITALGRANTS AND

CONTRIBUTIONS

887

887

$

$

$

$

EXHIBITB

NET EXPENSESAND CHANGES IN

NET ASSETS

TOTALGOVERNMENTAL

ACTIVITIES

(6,773)(769)

(27,478)(17,853)(7,357)(3,972)

(149,818)(8,743)

(222,763)

223,7954,462

911332

229,500

6,737

244,896

251,633

TOWN OF FAIRFIEJ,D. coNNEcuqrr

BALANCE SHEETGOVERNMENTAL FUNDS


EXIDBITC(lof2)

GENERALCAPITAL

PROJECTS

OTHERGOVERNMENTAL

FUNDS

TOTALGOVERNMENTAL

FUNDS

Cash .Investments .Receivables, net:Property taxes .Sewer, beach and sidewalk assessments .IntergovernmentaL .Loan .Other .

Due from other funds .Other. .

TOTAL ASSETS .

LIABILITIES AND FUND BALANCES

Liabilities:Accounts payable .Accrued payroll .Due to other funds .Deferred revenue .Bond anticipation notes .Performance bonds .Other .

Total Liabilities .

$ 5,572 $25,099

3,659

1,007

1,2395,485

$ 42,061 $

$ 6,643 $8,424

1979,644

3,267524

28,699

9,281

9,281

2,435

2,216

14,685

19,336

$

$

$

6415,715

1,05983

1,27828

41

8,845

1,028

1,0682,521

600

5,217

$

$

$

6,21340,095

3,6591,0591,0901,2781,2675,485

41

60,187

10,1068,4243,481

12,16515,2853,267

524

53,252

Fund Balances:Reserved for:

Encumbrances .Debt service fund .Endowments .Commitments .

Unreserved, reported in:General fund .Special revenue funds .Capital project fund '" .Permanent funds .

Total Fund Balances .

TOTAL LIABILITIES AND FUND BALANCES .

1,076

12,404

12,286

(22,459)

13,362 (10,055)

$ 42,061 $ 9,281 $

II40870

2,790

3,628

8,845

1,08740870

12,404

12,2862,790

(22,459)

6,935

$ 60,187

(Continued)


20


RECONCILIAnON OF FUND BALANCETO NET ASSETS OF GOVERNMENTAL ACTIVITIES


AMOUNTS REPORTED FOR GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF NET ASSETS (EXHIBIT A) AREDIFFERENT FROM THE GOVERNMENTAL FUND BALANCE SHEET. THE DETAILS OF THIS DIFFERENCE ARE ASFOLLOWS:

TOTAL FUND BALANCE (EXHIBIT C, PAGE 1) ..

CAPITAL ASSETS USED IN GOVERNMENTAL ACTIVITIES ARE NOT FINANCIAL RESOURCESAND, THEREFORE, ARE NOT REPORTED IN THE FUNDS:

Beginning capital assets .Current capital asset additions .Depreciation expense .Disposal and sale of capital assets ..

OTHER LONG-TERM ASSETS ARE NOT AVAILABLE TO PAY FOR CURRENT PERIODEXPENDITURES AND, THEREFORE, ARE DEFERRED IN THE FUNDS:

Property tax and sewer assessment interest and lien accrual.. ..Property tax, sewer assessment, and community development block grant receivable - accrual basis change .Allowance for doubtful accounts .School building grant receivable .Net pension asset. .Other. .

INTERNAL SERVICE FUNDS ARE USED BY MANAGEMENT TO CHARGE THE COST OFMEDICAL INSURANCE PREMIUMS TO INDIVIDUAL DEPARTMENTS:

The assets and liabilities of the internal service funds are included in governmental activities in thestatement ofnet assets .

SOME LIABILITIES, INCLUDING BONDS PAYABLE, ARE NOT DUE AND PAYABLE IN THECURRENT PERIOD AND, THEREFORE, ARE NOT REPORTED IN THE FUNDS:

Bonds and notes payable .Deferred charge on refunding .Bond premium .Compensated absences .Heart and hypertension .Net OPEB obligation .Accrued interest payable .

NET ASSETS OF GOVERNMENTAL ACTIVITIES ..


21

$

$

EXHIBITC(2 of 2)

6,935

466,14214,028

(11,428)(219)

9965,266(520)

2,2873,921

704

(5,921)

(205,307)3,643

(6,591)(3,726)

(904)(13,928)

(3,745)

251,633

(Concluded)


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS

FOR THE YEAR ENDED JUNE 30, 2010(THOUSANDS)

EXHIBITD

REVENUES:Property taxes .Intergovernmental... ..Charges for services ..Income from investments .Contributions ..Other. .

TOTAL REVENUES .

OTHER TOTALCAPITAL GOVERNMENTAL GOVERNMENTAL

GENERAL PROJECTS FUNDS FUNDS

$ 224,354 $ $ $ 224,35420,383 887 9,625 30,89512,634 10,703 23,337

861 47 908161 161

332 332

258,564 887 20,536 279,987

EXPENDITURES:Current:General govemment. .Finance .Public safety .Public works .Health and welfare .Culture and re.creation .Education ..

Capital outlay ..Debt service .

TOTAL EXPENDITURES ..

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES .

OTHER FINANCING SOURCES (USES):Issuance of debt. .Issuance of refunding debt.. .Payment to refunded bond escrow agen!... ..Premium .Transfers in .Transfers out.. .

NET OTHER FINANCING SOURCES (USES) .

NET CHANGE IN FUND BALANCES .

FUND BALANCES - JULY 1, 2009 ..

FUND BALANCES - JUNE 30,2010 .. $

16,4644,487

29,99613,6317,0116,889

151,473

23,685

253,636

4,928

394(3,177)

(2,783)

2,145

11,217

13,362 $

11,057162

11,219

(10,332)

10,10519,410

(22,576)3,3282,908

(1,205)

11,970

1,638

(11,693)

(10,055) $

135

2894,361

8151,013

12,419341

1,004

20,377

159

1,096(209)

887

1,046

2,582

3,628 $

16,5994,487

30,28517,9927,8267,902

163,89211,39824,851

285,232

(5,245)

10,10519,410

(22,576)3,3284,398

(4,591)

10,074

4,829

2,106

6,935


22

EXHIBITE(1 of2)


RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGESIN FUND BALANCES OF GOVERNMENTAL FUNDS TO STATEMENT OF ACTMTIES


AMOUNTS REPORTED FOR GOVERNMENTAL ACTIVITIES IN THE STATEMENT OF ACTIVITIES(EXHIBIT B) ARE DUE TO:

NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS (EXHIBIT D)............ $ 4,829

Governmental funds report capital outlays as expenditures. However, in the Statement of Activities the costof those assets is allocated over their estimated useful lives and reported as depreciation expense. This is theamount by which capital outlays exceeded depreciation in the current period:

Capital outlay '" .Donated capital assets ..Depreciation expense .

Total. .

14,01810

(11,428)

2,600

The net effect of various miscellaneous transactions involving capital assets (i. e., sales, trade-ins and donations)is to increase net assets. In the Statement ofActivities, only the los:sn the sale of capital assets is reported.However, in the governmental funds, the proceeds from the sale increase financial resources. Thus, the changein net assets differs from the change in fund balance by the cost of the capital assets sold '-- ..,(2;...1....;.9...(..)

Revenues in the Statement of Activities that do not provide current financial resources are not reportedas revenues in the funds and revenues recognized in the Fund Financial Statements are not recognized in thestatement of activities:

School building grant receipts '" ..Change in property tax, sewer assessment, and community development block grant receivable - accrual basis change .Change in property tax and sewer assessment interest and lien revenue , ..

Total .

The issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds,while the repayment of the principal of long-term debt consumes the current financial resources of governmentalfunds. Neither transaction, however, has any effect on net assets. Also, governmental funds report the effectof issuance costs, premiums, discounts, and similar items when debt is first issued, whereas these amounts aredeferred and amortized in the Statement of Activities. The details of these differences in the treatment oflong-term debt and related items are as follows:

Debt issued or incurred:General obligation bonds and related '" ..Bond premium .Deferred charges .Other ..Principal repayments:

General obligation bonds ..Capital lease payable .

Total .


23

(500)(412)(229)

(1,141)

(29,515)(2,709)

732108

36,546304

5,466

(Continued)


RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGESIN FUND BALANCES OF GOVERNMENTAL FUNDS TO STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30,2010(THOUSANDS)

Some expenses reported in the Statement of Activities do not require the use of current financialresources and, therefore, are not reported as expenditures in governmental funds:

Compensated absences .Heart and hypertension .Net pension obligation (asset) ..Net OPEB obligation , , .. , , , .Accrued interest payable ..

Total .

Internal Service Funds are used by management to charge costs of various self-insured risk premiums to individualdepartments ..

CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES (EXHIBIT B) ..


24

EXHIBITE(20f2)

(Concluded)


GENERAL FUNDSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE

aUDGET AND ACTUALFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)

EXHIBITF

REVENUES:

ORIGINALBUDGET

FINALBUDGET ACTUAL

VARIANCEWITHFINAL

BUDGET

Property taxes , ..Intergovernmental.. .Charges for services .Income from investments .Other ..

TOTAL REVENUES ..

EXPENDITURES:

$ 222,567 $ 222,567 $ 224,354 $ 1,7879,051 9,126 8,529 (597)

13,299 13,299 12,634 (665)1,479 1,479 861 (618)

500 500 332 (168)

246,896 246,971 246,710 (261)

Current:General government.. ..Finance ..Public safety ..Public works .Health and welfare .Culture and recreation '" ..Education ..

Debt service .

TOTAL EXPENDITURES .


OTHER FINANCING SOURCES (USES):Appropriation of fund balance ..Cancellation of prior year encumbrances .Transfers in ..Transfers out.. .


NET CHANGE IN FUND BALANCES ..

FUND BALANCE - JULY 1, 2009 .

FUND BALANCE - JUNE 30,2010 ..

$

16,7814,523

30,13914,2527,9017,226

139,56323,683

244,068

2,828

349(3,177)

(2,828)

16,5174,575

30,06113,7357,0206,910

139,56323,685

242,066

4,644

162394

(3,177)

(2,621)

2,023 $

10,263

$ 12,286

243132146498882311

2,212

1,951

(135)16245

72

2,023

The notes to the financial statements are an integral part ofthis statement.

25


STATEMENT OF NET ASSETSPROPRlETARY FUNDS


Investments .Receivables .

TOTAL ASSETS .

LIABILITIES

Current liabilities:Accounts payable .Claims payable .Deferred revenue .Due to other funds .

Total current liabilities .

Noncurrent liability:Claims payable .

TOTAL LIABILITIES .

NET ASSETS

Unrestricted .

$

$

EXHIBITG

GOVERNMENTALACTMTIES

INTERNALSERVICE FUNDS

5,950363

6,313

105,081

241,006

6,121

6,113

12,234

(5,921)


26


STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETSPROPRIETARY FUNDS


OPERATING REVENUES:Charges for services .

OPERATING EXPENSES:Claims incurred .Administration .

TOTAL OPERATING EXPENSES ..

OPERATING INCOME (LOSS) ..

TRANSFERS IN .

NET INCOME (LOSS) .

TOTAL NET ASSETS - JULY 1, 2009 .

TOTAL NET ASSETS - JUNE 30, 2010. .


27

EXHIBITH



$ 34,637

32,9262,848

35,774

(1,137)

193

(944)

(4,977)

$ (5,921)


STATEMENT OF CASH FLOWSPROPRIETARY FUNDS


CASH FLOWS FROM OPERATING ACTIVITIES:Cash received for charges for services '" .Cash paid for benefits and claims '" .Cash paid for administration .

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES .

CASH FLOWS FROM NONCAPTIAL ACTIVITIES:Transfers from other funds .

CASH FLOWS FROM INVESTING ACTIVITIES:Sale of investments '" .

NET CHANGE IN CASH '" .

CASH -JULY 1, 2009 .

CASH - JUNE 30, 2010 '" .

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASHPROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) '" .

Adjustments to reconcile operating income (loss) to net cash providedby (used in) operating activities:

(Increase) decrease in:Receivables .

Increase (decrease) in:Accounts and other payables '" .Deferred revenue .Due to other funds '" .

NET CASH PROVIDED BY (USED IN) OPERATING ACTMTIES .


28

$

$

$

$

EXHIBIT I



34,230(30,917)(2,848)

465

193

(658)

(1,137)

399

2,01324

(834)

465

TOWN OF FAffiFIELD. CONNECTICUT

STATEMENT OF FIDUCIARY NET ASSETSFIDUCIARY FUNDS


PENSIONTRUST FUNDS

OTHER POSTEMPLOYMENT

BENEFITTRUST FUNDS

EXHIBITJ

AGENCYFUNDS

ASSETS

Cash................................................................................................... $ $ $ 824

Investments at fair value:Money market............................................................... 3,474Certificates of deposit. ..................................................... 792 61Corporate bonds............................................................. 23,975 1,576U.S. Government obligations.............................................. 32,333 1,232U.S. Government agency obligations..................................... 28,319 799Municipal obligations...................................................... 795Hedge funds .................................................................. 3,368Real estate.................................................................... 1,912Mortgage backed securities................................................ 13,685Common stock............................................................... 60,435Mutual funds:

Equities..................................................................... 55,492 1,815Bond......................................................................... 2,574Foreign currency.......................................................... 2,640U.S. government agency.................................................. 23,034

Total Investments............................................................. 252,036 6,214 61

Receivables:Interest and dividends....................................................................... 635 161

Due from other funds........................................................................ 543

TOTAL ASSETS.............................................................................. 253,214 6,375 885

LIABILITIES

LIABILITIES:Accounts payable............................................................................ 885Due to other funds........................................................................... 346 1,195Claims payable.............................................................................. 357

TOTAL LIABILITIES.................................................................. 346 1,552 885

NET ASSETS

NET ASSETS HELD IN TRUST FOR PENSION ANDOTHER POST-EMPLOYMENT BENEFITS............................ $ 252,868 $ 4,823 $


29

EXHIBITLTOWN OF FAIRFIELD. CONNECTICur

NOTES TO BASIC FINANCIAL STATEMENTSFOR THE YEAR ENDED JUNE 30, 2010

(AMOUNTS EXPRESSED IN THOUSANDS)

HISTORY AND ORGANIZATION

The Town of Fairfield (the "Town") operates under a Representative Town Meeting (RTM) Board ofSelectman, Board of Finance, form of government and provides the following public services asauthorized by its charter: public safety (police and fire), public works, health and social services, culturerecreation, education, and general administrative services.

L SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

A. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement ofnet assets and the statement of changesin net assets) report information on all of the nonfiduciary activities of the Town. For the most part, theeffect of interfund activity has been removed from these statements. Governmental activities arenormally supported by taxes and intergovernmental revenues.

The statement of activities demonstrates the degree to which the direct expenses of a given function orsegment are offset by program revenues. Direct expenses are those that are clearly identifiable with aspecific function or segment. Program revenues include 1) charges to customers or applicants whopurchase, use, or directly benefit from goods, services, or privileges provided by a given function orsegment, and 2) grants and contributions that are restricted to meeting the operational or capitalrequirements of a particular function or segment. Taxes and other items not properly included amongprogram revenues are reported instead as general revenues.

Separate fmancial statements are provided for governmental, proprietary and fiduciary funds, eventhough the latter are excluded from the government-wide financial statements. Major individualgovernmental funds are reported as separate columns in the fund fmancial statements.

B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation

The government-wide financial statements are reported using the economic resources measurementfocus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financialstatements. Agency funds have no measurement focus but are accounted for using the accrual basis ofaccounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred,regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year forwhich they are levied. Grants and similar items are recognized as revenues as soon as all eligibilityrequirements imposed by the provider have been met.

Governmental fund financial statements are reported using the currentfinancial resources measurementfocus and the modified accrual basis ofaccounting. Revenues are recognized as soon as they are bothmeasurable and available. Revenues are considered to be available when they are collectible within thecurrent period or soon enough thereafter to pay liabilities of the current period. For this purpose, theTown considers revenues to be available if they are collected within 60 days of the end of the currentfiscal period. Expenditures generally are recorded when a liability is incurred, as under accrualaccounting. However, debt service expenditures, as well as expenditures related to compensatedabsences and claims and judgments, are recorded only when payment is due.

31

EXHIBITLTOWN OF FAIRFIELD, CONNECTICUT

.NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)

L SUMMARY OF SIGNIFICANTACCOUNTING POLICIES (CONTINUED)

B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Property taxes, expenditure reimbursement type grants, certain intergovernmental revenues, transfers,and interest associated with the current fiscal period are all considered to be susceptible to accrual andso have been recognized as revenues of the current fiscal period. Only the portion of specialassessments receiv~ble due within the current fiscal period is considered to be susceptible to accrual asrevenue of the current period. All other revenue items are considered to be measurable and availableonly when cash is received by the Town.

The Town reports the following major governmental funds:

The General Fund is the government's primary operating fund. It accounts for all financialresources ofthe general government, except those required to be accounted for in another fund.

The Capital Projects Fund accounts for the financial revenues to be used for major capital assetconstruction andlorpurchases.

Additionally, the Town reports the following fund types:

The Internal Service Funds account for risk financing activities for medical insurance benefits andother self-insured risks.

The Pension Trust Funds account for the activities of the Town Employees' Retirement System,and the Police and Fire Retirement Plan, which accumulates resources for pension benefit paymentsto qualified employees.

The Other Postemployment Benefit Trust Funds account for the activities of the Town and Policeand Fire OPEB Plan, which accumulates resources for retiree medical and life insurance benefits.

The Agency Funds account for monies held on behalf of students.

Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,generally are followed in the government-wide financial statements to the extent that those standards donot conflict with or contradict guidance of the Governmental Accounting Standards Board.

As a general rule, the effect of interfund activity has been eliminated from the government-widefinancial statements. Exceptions are charges between certain Town functions because the eliminationof these charges would distort the direct costs and program revenues reported for the various functionsconcerned.

Amounts reported as program revenues include 1) charges to customers or applicants for goods,services, or privileges provided, 2) operating grants and contributions, and 3) capital grants andcontributions, including special assessments. Internally dedicated resources are reported as generalrevenues rather than as program revenues. Likewise, general revenues include all taxes.

32

EXHIBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operatingrevenues and expenses generally result from providing services and producing and delivering goods inconnection with a proprietary fund's principal ongoing operations. The principal operating revenues ofthe Town's internal service funds are charges to Town Departments for various types of self-insurance.Operating expenses for the internal service fund includes the cost of insurance and administrativeexpenses. All revenues and expenses not meeting this definition are reported as nonoperating revenuesand expenses.

When both restricted and unrestricted resources are available for use, it is the Town's policy to userestricted resources first, then unrestricted resources as they are needed.

C. Assets, Liabilities, and Net Assets or Equity

1. Deposits and Investments

Deposits - The Town considers cash equivalents as cash on hand, demand deposits, money marketaccounts and short-term investments with original maturities of three months or less from the dateof acquisition.

Investments - In general, State of Connecticut Statutes allow the Town to invest in obligations ofthe United States of America or United States government sponsored corporations, in shares orother interests in any custodial arrangement, pool, or no-load, open-end management typeinvestment company or investment trust (as defmed), in obligations of any state or politicalsubdivision rated within the top two rating categories of any nationally recognized rating service, orin obligations of the State of Connecticut or political subdivision rated within the top three ratingcategories of any nationally recognized rating service. Investment income is recorded in the fund inwhich it was earned.

Investments for the Town are reported at fair value. State Treasurers Investment Fund is aninvestment pool managed by the State of Connecticut Office of the State Treasurer. Investmentsmust be made in instruments authorized by Connecticut General Statutes 3-27c - 3-27e.Investment guidelines are adopted by the State Treasurer. The fair value of the position in thepool is the same as the value of the pool shares. The balance of the pooled fixed incomeinvestments was invested in a 2a-7 like pool which operates under State Statutes. The fair valueof the position in the pool is the same as the value of the pool shares.

2. Receivables and Pavables

a. Interfunds

Activity between funds that are representative of lendinglborrowing arrangements outstandingat the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the currentportion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion ofinterfund loans).

33


L SUMMARY OFSIGNIFICANTACCOUNTING POLICIES (CONTINUED)

C. Assets, Liabilities, and Net Assets or Equity (Continued)

2. Receivables and Pavables (Continued)

b. Propertv Taxes and Other Receivables

In the government-wide fInancial statements, all trade, property tax, sewer use, sewerassessment, and loan receivables are shown net of an allowance for uncollectibles. Allowancepercentages range from 2 to 29 percent of outstanding receivable balances, and are calculatedbased upon prior collections.

In the fund fmancial statements, property tax revenues are recognized when they becameavailable. Taxes collected during the 60 day period have been recorded as revenue. Allproperty taxes receivable, which have not been collected within 60 days of June 30, have beenrecorded as deferred revenue, since they are not considered to be available to fInanceexpenditures of the current fIscal year.

Loan receivables consist of Community Development Block Grant loans. The Town provideslow interest loans for residential rehabilitation as well as loans to local businesses for facilityimprovements.

Property taxes are assessed on property as of October 1. Taxes are billed in the following Julyand are due in four installments, July 1, October 1, January 1, and April 1. Liens are effectiveon the assessment date and are continued by fIling before the end of the fIscal year followingthe due date.

3. Restricted Assets

The restricted assets for the Town are restricted for endowment purposes. The trust agreementrestricts the expenditure of the investment income only for the designated purpose.

4. Capital Assets

Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,bridges, sidewalks, and similar items), are reported in the applicable governmental columns in thegovernment-wide fmancial statements. Capital assets are defIned by the government as assets withan initial, individual cost of more than $10,000 for equipment and $100,000 for infrastructure(amounts not rounded), and an estimated useful life in excess of one year. Such assets are recordedat historical cost or estimated historical cost ifpurchased or constructed. Donated capital assets arerecorded at estimated fair market value at the date ofdonation.

The costs of normal maintenance and repairs that do not add to the value of the asset or materiallyextend assets' lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.

34

EXHlBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)



4. Capital Assets (Continued)

Property, plant, and equipment of the primary government are depreciated using the straight-linemethod over the following estimated useful lives:

Buildings and improvementsMachinery and equipmentVehiclesInfrastructureIntangible assets (software)

5. Compensated Absences

455 - 206 -15

35 -7010

Employees are paid by a prescribed formula for absence due to vacation and sickness. The. eligibility for vacation pay vests when earned; however, unused sick leave may only be

accumulated for use in future absences. The General Fund is the primary source to liquidatecompensated absences.

6. Long-Term Obligations

In the government-wide financial statements, long-term debt and other long-term obligations arereported as liabilities in the Governmental Activities Statement ofNet Assets. Bond premiums anddiscounts, as well as issuance costs, are deferred and amortized over the life of the bonds using theeffective interest method. Bonds payable are reported net of the applicable bond premium ordiscount. Bond issuance costs are reported as deferred charges and amortized over the term of therelated debt.

In the fund financial statements, governmental fund types recognize bond premiums and discounts,as well as bond issuance costs, during the current period. The face amount of debt issued isreported as other fmancing sources. Premiums received on debt issuances are reported as otherfmancing sources, while discounts on debt issuances are reported as other fmancing uses. Issuancecosts, whether or not withheld from the actual debt proceeds received, are reported as debt serviceexpenditures.

7. Fund Equity and Net Assets

In the fund fmancial statements, governmental funds report reservations of fund balance foramounts that are not available for appropriation or are legally restricted by outside parties for usefor a specific purpose. Designations of fund balance represent tentative management plans that aresubject to change.

35

msotomayor

Text Box

EXlllBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)



7. Fund Equity and Net Assets (Continued)

In the government-wide financial statements, net assets are classified into the following categories:

Invested in Capital Assets, Net ofRelated Debt

This category presents the net assets that reflect capital assets net of only the debt applicable tothe acquisition or construction of these assets. Debt issued for non-capital purposes, andunspent bond proceeds, are excluded.

Restricted Net Assets

This category presents the net assets restricted by external parties (creditors, grantors,contributors or laws and regulations).

Unrestricted Net Assets

This category presents the net assets of the Town which are not restricted.

8. Estimates

The preparation of the fmancial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities including disclosures of contingent assetsand liabilities and reported revenues, expenses and expenditures during the fiscal year.

~ Reclas~fications

Certain amounts presented in the prior year data have been reclassified in order to be consistentwith the current year's presentation.

IL STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

A. Budgets and Budgetary Accounting

The Town adheres to the following procedures in establishing the budgetary data included in theGeneral Fund financial statements. The operating budget, which is prepared by function anddepartment, includes proposed expenditures and the means of fmancing them.

• Annually in May, the proposed budget is presented at Representative Town Meeting, at whichtaxpayer comments are obtained. Prior to July I, the budget is legally enacted through passage of aresolution.

36


IL STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (CONTINUED)

A. Budgets and Budgetary Accounting (Continued)

• The Board of Finance is authorized to transfer budgeted amounts within departments. However,any revisions that alter the total expenditures of any department must be approved at aRepresentative Town Meeting. Additional appropriations of $210 were approved in accordancewith Charter provisions during the year, $135 from fund balance, and $75 from increases in revenueestimates.

• Formal budgetary integration is employed as a management control device during the year.

• The legal level of control (the level at which expenditures may not legally exceed appropriations) isat the department level.

• The Board of Education is authorized under state law to make any transfers required within theirbudget at their discretion. Additionally, as required by the Charter, these transfers must be reportedto the Board of Selectman. Any additional appropriations must have Board of Education and Boardof Selectman approval and, if over one-half of one percent of the annual budget, Town Meetingapproval.

• Encumbrances are recognized as a valid and proper charge against a budget appropriation in theyear in which the purchase order, contract or other commitment is issued and, accordingly,encumbrances outstanding at year end are reported in budgetary reports (Exhibit F) as expendituresin the current year. Generally, all unencumbered appropriations lapse at year end, except those forthe Capital Projects Funds and those specifically reappropriated by the Board of Finance.

• In addition to the General Fund, the Water Pollution Control Authority (WPCA) Fund has a legallyadopted annual operating budget. The control level on which expenditures may not legally exceedappropriations is the fund level. Appropriations for capital projects are continued until completionof applicable projects, even when projects extend more than one fiscal year.

B. Budget - GAAP Reconciliation

A reconciliation of revenues, expenditures, and fund balance between the accounting treatment requiredby GAAP (Exhibit D), and budgetary requirements (Exhibit F), is as follows:

FUNDREVENUES EXPENDITURES BALANCE

BALANCE, BUDGETARY BASIS,EXlllBIT F - JUNE 30, 2010 .

Encumbrances outstanding at June 30, 2009,liquidated during the year, June 30, 2010 ..

Encumbrances outstanding at June 30, 2009 and 2010 .

Encumbrances outstanding at June 30, 2010,charged to budgetary expenditures ..

State Teachers' Retirement on-behalfpayment ..

BALANCE, GAAP BASIS, EXlllBIT D -JUNE 30, 2010 ..

37

$ 246,710

11,854

$ 258.564

$ 242,066

752

( 1,036)

11,854

$ 253.636

$ 12,286

40

1,036

$ 13.362

EXHIBITLTOWN OF FAlRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)

lL STEWARDSHIP. COMPLIANCE AND ACCOUNTABILITY (CONTINUED)

C. Capital Projects Authorizations

The following is a summary of Capital Projects at June 30, 2010:

PROJECT CUMULATIVE BALANCEPROJECT NAME AUTHORIZATION EXPENDITURES JUNE 30, 2010

(THOUSANDS)

Financial Software................................................ $ 1,690 $ 1,382 $ 308School Annexes .................................................... 3,495 3,461 34W.P.C.A. Special Project ..................................... 5,139 4,837 302Penfield Pavilion .................................................. 1,295 1,237 58Tomlinson Middle School Renovation ................ 31,797 31,794 3Black Rock Train Station ..................................... 10,000 5,826 4,174Stratfield Elementary Renovation ........................ 17,565 4,490 13,075FWMS Renovation............................................... 24,453 398 24,055RR Intersection Improvements............................. 3,750 302 3,448Non-Recurring Capital Projects ........................... 24,651 22,928 1,723Harbor Road Bridge ............................................. 3,900 3,314 586Fire Suppression Line........................................... 2,655 2,625 30Flood Construction............................................... 640 502 138Mill Plain Road Bridge ........................................ 215 379 164)Golf Course Expansion ........................................ 100 47 53

TOTAL CAPITAL PROJECTS FUND............... $ 131.345 $ 83,522 $ 47.823

D. Donor Restricted Endowments

The Town has received certain endowments for the improvement and betterment of Fairfield publicschools. The amounts are reflected in net assets as restricted for endowments. Investment income isapproved for disbursement by the Board of Education or the applicable Trustee and is included inunreserved fund balance. There is no appreciation available for appropriation.

E. Deficit Fund Balance

During the year ended June 30,2010, the Town had a deficit fund balance in the following funds:

Special Revenue Funds:Special Assessments : .Community Development Block Grant ..Special Education .Navy Housing ..

$ 226191117848

The deficits will be funded by future charges for services, intergovernmental grants and assessments.

38

EXHIDITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)

IlL DETAILED NOTES

A. Cash and Investments

Deposits - Custodial Credit Risk - Custodial credit risk is the risk that, in the event of a bank failure, theTown's deposits may not be returned to it. The Town does not have a deposit policy for custodial creditrisk. As of June 30, 2010, $17,890 of the Town's bank balance of $26,165 was exposed to custodialcredit risk as follows:

Uninsured and uncollateralized ..Uninsured and collateral held by the pledging bank'strust department, not in the Town's name ..

Total amount subject to custodial credit risk. .

$

$

15,976

1,914

17.890

On October 3, 2008, the Emergency Economic Stabilization Act of 2008 increased the insurancecoverage offered by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000per depositor. This limit is anticipated to return to $100,000 after December 31,2013. Additionally,under the FDIC's Temporary Liquidity Guarantee Program (TAG), amounts held in non-interestbearing transaction accounts at participating institutions are fully guaranteed by the FDIC throughDecember 31, 2010. Participation in the TAG program by a financial institution is optional, andtherefore, not all fmancial institutions currently participate in the program. This guarantee isanticipated to be reduced to the $250,000 limit on January 1, 2011, and the $100,000 limit onJanuary 1, 2014. The Town had amounts in excess of $250,000 in a single bank during the year.Amounts over $250,000 are not insured by the FDIC. These balances fluctuate during the year andcan exceed this $250,000 limit. Management regularly monitors the fmandal institution, togetherwith its cash balances, and tries to keep this potential risk to a minimum.

At June 30,2010, the Town's investments (including restricted investments) consisted of the following:

INVESTMENT MATIJRITIES (IN YEARS)FAffi. LESS 1-5 5-10 OVER

lYPE OF INVESTMENT VALUE N/A THAN 1 YEARS YEARS 10

Mutual Funds:Equity......................................................... $ 55,490 $ 55,490 $ $ $ $Money Market. ................................. 1,449 1,449Bond........................................................... 5,053 5,053U.S. Government Agency.......................... 26,846 26,846Foreign Currency....................................... 2,640 2,640

Certificates ofDeposit ................................. 21,006 19,427 1,579Pooled Fixed Income ................................... 5,459 5,459U.S. Government Obligations ..................... 36,131 6,345 12,071 8,360 9,355U.S. Government Agency Obligations ........ 40,545 176 8,512 3,911 27,946Common Stock ............................................ 60,434 60,434Hedge Funds ................................................ 3,368 3,368Real Estate ................................................... 1,912 1,912Mortgage Backed Securities........................ 13,685 13,685Municipal Obligations................................. 4,786 3,991 795Corporate Bonds .......................................... 25,552 409 6,310 7,468 11 ,365

TOTAL ........................................................ $ 304,356 $ 121.204 $ 67.804 $ 28472 $ 23,730 $ 63,146

39


IlL DETAILED NOTES (CONTINUED)

A. Cash and Investments (Continued)

Interest rate risk - The Town does not have a formal investment policy that limits investment maturitiesas a means ofmanaging its exposure to fair value losses arising from increasing interest rates.

Credit risk - The Town has no investment policy that would limit its investment choices due to creditrisk other than State Statutes governing investments in obligations of any State or political subdivisionor in obligations of the State of Connecticut or political subdivision.

The Town's investments subject to credit risk have average ratings by Standard & Poor's as follows:

RATINGSTYPE OF INVESTMENT AAA AA A BBB BB C UNRATED TOTALS

Mutual Funds:Money Market. .US Government Agency ..Bond ..Foreign Currency ..

Pooled Fixed Income ..Government Agency Obligations .Mortgage Backed Securities .Municipal Obligations .Corporate Bonds ..

$ $ $ $ $3,474

5,45921,859 1,176 1,3783,813 4474,205 499 82

219 4.520 8,794 9,008

$

198

$ 1,449 $23,3725,0532,640

16,1329,425

8 2,805

1,44926,846

5,0532,6405,459

40,54513,6854,786

25,552

TOTAL .. $ 39,029 $ 6,195 $ 10 254 $ 9455 $ 198 $ 9433 $ 51.451 $ 126015

Custodial credit risk - The Town does not have a formal policy with respect to custodial credit risk.Custodial credit risk is the risk that, in the event of the failure of the counterparty, the Town will not beable to recover the value of its investment or collateral securities that are in the possession of an outsideparty.

Certain investments l'ife covered by the Securities Investor Protection Corporation (SIPC) up to$500,000, including $100,000 of cash from sale or for purchase of investments, but not cash held solelyfor the purpose of earning interest. SIPC protects securities such as notes, stocks, bonds, debentures,certificates of deposit and money funds.

The following Town investments are held by the counterparty's trust department or agent but not in theTown's name and, therefore, are subject to custodial credit risk as follows:

TOTAL

LESSINSURED

AMOUNTS

AMOUNTSUBJECT TOCUSTODIALCREDIT RISK

U.S. Government obligations .U.S. Government agency obligations ..Common stock .Mortgage backed securities .Municipal obligations ..Corporate bonds .

TOTAL , , .

40

$

$

36,13140,54561,30913,6854,786

182,008

$

$

5001,500

500

2.500

$

$

35,63139,04560,80913,6854,786

179.508



B. Receivables

Receivables as of year end for the Town's government-wide fmandal statements by type, including theapplicable allowances for uncollectibles, are as follows:

PROPERTY TAXESUSE FEE INTERESTTAXES & LIEN FEES TOTAL

Governmental funds report deferred revenue in connection with receivables for revenues that are notconsidered to be available to liquidate liabilities of the current period. Governmental funds also deferrevenue recognition in connection with resources that have been received, but not yet earned. At the endof the current fiscal year, the various components of deferred revenue and unearned revenue reported inthe governmental funds were as follows:

DEFERRED REVENUE:Delinquent property taxes receivable (general fund) .Sewer assessments not yet due and delinquent sewer use

(special revenue fund) .Loan receivable not yet earned ..

UNEARNED REVENUE:Advance tax collections .Unearned charges for services (special revenue) .

TOTAL DEFERRED AND UNEARNED REVENUE FORGOVERNMENTAL FUNDS AND INTERNAL SERVICE FUNDS .

41

$ 2,905

1,0591,278

6,422501

$ 12.165

TOWN OF FAIRFIELD, CONNECTICUT.NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


C. Capital Assets

Capital asset activity for the year ended June 30, 2010 was as follows:

Governmental Activities:General government .Finance .Public safety .Public works .Health and human services .Culture and recreation .Board ofEducation .

Total Depreciation Expense - Governmental Activities .

42

$ 154180319

3,72425

5766,450

$ 11.428

EXIDBITL

EXIDBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


C. Capital Assets (Continued)

Construction Commitments

At June 30,2010, the Town had the following construction commitments:

Stratfie1d school renovations .Fairfield Woods rrriddle school .Train station ..

Total .

D. Interfund Accounts

1. Interfund Parables and Receivables

$

$

9,107775

2,52212.404

A summary ofinterfund balances as of June 30,2010 is as follows:

CORRESPONDINGFUND DUE FROM

MAJOR FUNDSDUE TO

GENERAL FUND:Special Revenue Funds - Town .Special Revenue Funds - BOE ..Capital Projects Fund .Internal Service Fund - Town ..Town Employees Pension Trust ..Police and Fire Pension Trust.. ..Police and Fire OPEB Trust .Town OPEB Trust ..

TOTAL GENERAL FUND .

CAPITAL PROJECT FUND ..

NONMAJOR FUNDS

N/A $ 654 $N/A 414N/A 2,216N/A 1,006N/A 194N/A 3N/A 968N/A 227

5,485 197

General Fund 2,216

SPECIAL REVENUE FUNDS:General Fund - Town .General Fund - BOE

TOTAL SPECIAL REVENUE FUNDS .

INTERNAL SERVICE FUNDS ..

PENSION AND OPEB TRUST:Town Employees Pension ..Police and Fire Pension ..Pension - Town ..Pension - Police and Fire .

TOTAL PENSION TRUST.. .

OPEBTRUST:General Fund - OPEB Town ..General Fund - OPEB Police and Fire ..

TOTAL OPEB TRUST ..

GRAND TOTAL .

GeneralGeneral

General Fund

General FundGeneral Fund

$

1943

346

543

6,028 $

654

1,006

346346

227968

6,028

43

All interfund balances resulted from the time lag between the dates payments occurred between fundsfor short-tenn internal financing.

EXHIBITLTOWN OF FAJRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


D. Interfund Accounts (Continued)

2. Interfund Transfers

A summary of interfund transfers as of June 30, 2010 is as follows:

CORRESPONDINGFUND TRANSFER IN TRANSFER OUT

MAJOR FUNDS:

GENERAL FUND:Special Revenue Funds ..Debt Service .Capital Projects Funds .

N/AN/AN/A

$ 109 $369

TOTAL GENERAL FUND ..

CAPITAL PROJECTS FUNDS:Capital Projects Funds ..Capital Projects Funds ..Capital Projects Funds .Capital Projects Funds ..

TOTAL CAPITAL PROJECTS FUNDS .

NONMAJOR FUNDS:Special Revenue Funds ..Special Revenue Funds .Debt Service .Debt Service .Internal Service Fund ..

TOTAL NONMAJOR FUNDS .

GRAND TOTAL .

General Fund 2,808 285Special Revenue Fund 100

Debt Service Fund 727Internal Service Fund 193

2,908 1,205

General Fund 109Capital Projects 100General Fund 369

Capital Projects 727

1,289 209

$ 4,591 $ 4591

Transfers are used to account for the fInancing by the general fund of various programs and activitiesin other funds.

E. Short-Term Obligations - Bond Anticipation Notes

The Town is using bond anticipation notes during the construction of the school prior to the issuance ofthe bonds at the completion ofthe project.

Short-term obligation activity for the year ended June 30,2010 was as follows:

MATURITY COUPON BALANCE BALANCETYPE OF OBLIGATION DATE RATE JULy 1, 2009 ADDITIONS REDUCTIONS JUNE 30, 2010

Bond Anticipation Notes:Schools ..................... 7/23/2010 1.50% $ 13,840 $ 8,742 $ 22,005 $ 577General Purpose ....... 7/23/2010 1.50% 1,645 16,648 3,585 14,708

TotaL......................... $ 15.485 $ 25,390 $ 25.590 $ 15,285

The bond anticipation notes mature in July 2010 and carry a coupon interest rate of 1.50%, and a trueinterest cost of .45%,

In July 2010, the Town issued $18,115 of bond anticipation notes that mature in July 2011 and carry acoupon interest rate of 2,00%, and a true intere!~ cost of .31%.

EXIDBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


F. Changes in Long-Terril Obligations

1. Summary ofChanges

The following is a summary of changes in long-term obligations during the fiscal year:

BALANCE BALANCEORIGINAL DATE OF DATE OF INTEREST JULy 1, RE- JUNE 30, CURRENT

DESCRIPTION AMOUNT ISSUE MATURITY RATE 2009 ADDITIONS DEDUCTIONS FUNDED 2010 PORTION(THOUSANDS)

BONDS:

General Purpose:Improvement bond. $ 4,191 06/15100 06/15/20 5.0%-5.6% $ 372 $ $ 375 $ $ - $Improvement bond. 5,765 04/01102 04/01122 4.7% 1,165 390 775 396Refunding issue ..... 6,549 05101102 08/01111 4.7% 1,631 771 860 435Debt issue .............. 333 07/01103 01115113 2.0%-4.5% 189 189Debt issue .............. 7,550 07/15103 01101123 4.1% 335 335Refunding .............. 2,775 03/18/04 01101120 2.0%-5.0% 2,670 162 2,508 161Refunding .............. 2,521 12/07/04 04/01122 2.0%-4.25% 2,421 14 2,407 222Debt issue .............. 1,070 07/15107 07/15/27 4.0%-5.0% 1,018 53 128 837 53Refunding issue ..... 5,447 05/29/08 01/01/23 3.375%-5.0% 5,400 93 5,307 459Debt issue .............. 5,265 07/15108 07/15/28 3.125%-5.0% 5,265 210 783 4,272 139Debt issue .............. 802 08/31109 07/15/21 5.0% 802 802

Total General Purpose 20.466 802 2.400 911 17,957 1.865

Schools:School bond ........ 2,679 06/15100 06/15/20 5.0%-5.6% 238 238

School bond ........... 27,955 04/01102 04/01/22 4.7% 4,885 1,585 3,300 1,635Refunding issue ..... 7,246 05101/02 08/01111 4.7% 1,804 853 951 481Debt issue .............. 9,185 07/01103 01115/16 2.0%-4.5% 1,645 1,645Debt issue .............. 1,967 07/01103 01/15/13 2.0%-4.5% 1,116 1,116Debt issue .............. 52,450 07/15103 01/01123 4.1% 2,765 2,765Refunding .............. 17,157 03/18/04 01/01120 2.0%-5.0% 16,509 1,004 15,505 996Refunding .............. 12,519 12/07/04 04/01122 2.0%-4.25% 12,399 81 12,318 239Debt issue .............. 45,000 07/15105 08/01125 3.25%-5.0% 39,600 1,900 14,450 23,250 1,950Debt issue .............. 25,590 07il5107 07/15/27 4.0%-5.0% 24,542 1,067 2,577 20,898 1,086Refunding issue ..... 40,623 05/29/08 01101123 3.375%-5.0% 40,272 694 39,578 3,427Debt issue .............. 23,095 07/15108 07/15/28 3.125%-5.0% 23,095 915 3,427 18,753 611Debt issue .............. 18,608 08/31109 07/15/21 5% 18,608 18,608

Total Schools ............ 168,870 18,608 1I.I02 20.454 155,922 10.424

Sewer:Sanitary sewers ...... 445 01101/98 01101118 4.15%-6.0% 9Refunding issue ..... 139 05101/02 08/01111 4.7% 34 16 18Debt issue .............. 310 07/01103 01115/16 2.0%-4.5% 55 55Refunding .............. 403 03/18/04 01/01120 2.0%-5.0% 386 24 362 23Refunding issue ..... 160 05/29/08 01101123 3.375%-5.0% 159 3 156 14

Total Sewer ............... 634 43 591 46

Total Bonds............... 189,970 19.410 13,545 21,365 174.470 12,336

NOTES:

Water:CWF245D............. 335 10/01/96 04/01116 2.0% 106 28 78 15CWF 355C ............. 1,575 12/31/96 06/30/16 2.0% 550 79 471 79CWF 399D............. 2,280 07/31199 07/31118 2.0% 1,036 114 922 114CWF399C............. 29,436 07/30103 07/31122 2.0% 20,337 1,373 18,964 1,401CWF245C ............. 830 07/01/98 08101117 2.0% 339 42 297 42

Total Notes................ 22,368 1.636 20,732 1.651

TOTAL BONDSINOTES 212,338 19.410 15,181 21.365 195,202 13,987

45

EXHIBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIALSTATEMENTS (CONTINUED)


F. Changes in Long-Term Obligations (Continned)

2. Statutory Debt Limitations

The Town's indebtedness does not exceed the legal debt limitations as required by ConnecticutGeneral Statutes as reflected in the following schedule:

CATEGORYNET

DEBT LIMIT INDEBTEDNESS BALANCE

General purpose ..Schools .Sewers .Urban renewal .Pension deficit .

$ 504,6551,009,310

841,091728,946672,873

$ 34,434162,807

40

$ 470,221846,503841,051728,946672,873

The total overall statutory debt limit for the Town is equal to seven times annual receipts fromtaxation, $1,570,037.

The indebtedness reflected above includes bonds outstanding in addition to the amount of bondsauthorized and unissued against which bond anticipation notes are issued and outstanding. Schoolbuilding grants receivable of $2,028 for bond principal are reflected as deductions in the computationofnet indebtedness.

3. Capital Leases

The Town was committed under a capital lease for the acquisition of equipment. The final leasepayment was made during 2010.

Capital leases that are capitalized under the category of energy saving equipment totaled $1,520 atJune 30,2010.

These lease agreements qualify as capital leases for accounting purposes and, therefore, have beenrecorded at the present value of the future minimum lease payments as of the date of their inception.

4. AuthorizedlUnissued Bonds

The amount of authorized, unissued bonds is $78,271 for school and $111,960 for general purposes.

5. Prior Year Advance Refunding

In prior years, the Town defeased certain general obligation bonds by placing the proceeds of the newbonds in an irrevocable trust to provide for all future debt service payments on the old bonds.Accordingly, the trust account assets and the liability of the defeased bonds are not included in theTown's financial statements. At June 30, 2010, $19,375 of bonds outstanding are considereddefeased.

6. Current Year Advance Refunding

In July 2009, the Town issued $19,410 of general obligation refunding bonds with an interest rate of5%. These refunding bonds were issued to advance refund and defease bonds issued July 15, 2005,July 15, 2007, and July 15, 2008. The refunding resulted in an economic gain of $575 with a totalsavings of $640.

47


IV. OTHER INFORMATION

A. Risk Management

Except for the purchase of commercial insurance coverage for all Town buildings (flood, fire andcasualty), errors and omissions, general liability umbrella policy with a retention limit of $500,000(amount not rounded) per incident, law enforcement liability insurance policy with a deductible of$50,000 (amount not rounded), workers' compensation excess policy with a retention limit of $500,000(amount not rounded) per incident, and employee group medical claims in excess of $150,000 (amount notrounded), the Town is exposed to various risks for which it has retained the risk of loss including torts;theft of, damage to, and destruction of assets; natural disaster; general liability; workers' compensation;and employee and post~retiree group medical. Settled claims have not exceeded commercial coverage inany of the past three years, and there has not been any significant reductions in insurance coverage fromamounts held in prior years.

The Town utilizes a risk management fund (the Internal Service Fund) to account for and finance itsuninsured risks of loss. The fund records all claim expenditures and liabilities when it is probable that aloss has occurred and the amount of that loss can be reasonably estimated.

All Town departments and agencies are charged premiums by the Internal Service Fund, which areincluded in department and agency expenditures, to cover the estimated cost of claims payment based onhistorical cost estimates of the amounts needed to pay prior and current year claims. Claims liabilitiesinclude an estimate of claims incurred but not reported and are the Town's best estimate based onavailable information.

The claims liability reported in the fund is based upon the provisions of GASB Statements No. 10 and 30,which require that a liability for estimated claims incurred but not reported be recorded. The amount ofclaim accrual is based on the ultimate costs of settling the claim, which include past experience data,inflation and other future economic and societal factors and incremental claim adjustment expenses, net ofestimated subrogation recoveries. The claim accrual does not include other allocated or unallocatedclaims adjustment expenses.

CURRENT YEARCLAIMS CLAIMS AND CLAIMS

PAYABLE CHANGES IN CLAIMS PAYABLEJULY 1 ESTIMATES PAID JUNE 30

2008-2009 $ 7,332 $ 31,872 $ 30,019 $ 9,1852009-2010 9,185 32,905 30,896 11,194

B. Commitments and Litigation

Construction and other commitments are reported as a reserve for commitments in the fund equity sectionof the balance sheet and the statement ofnet assets (if any).

Amounts received or receivable from the grantor agencies are subject to audit and adjustment by grantoragencies. Any disallowed claims, including amounts already collected, may constitute a liability of theapplicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot bedetermined at this time, although the Town expects such amounts, if any, to be immaterial.

The Town is a defendant in various lawsuits. The outcome ofthese lawsuits is not presently determinable.In the opinion of the Town attorney, the resolution of these matters will not have a material adverse effecton the financial condition of the Town.

48


IV. OTHER INFORMATION (CONTINUED)

B. Commitments and Litigation (Continued)

Contingency - Pension Fund

Certain limited amounts of the redemptions made by the Town from these funds might be subject to"clawback" claims by the trustee in the Madoff bankruptcy. This matter would be handled by outsidecounsel who has indicated that the probability of the Town being subject to these claims is unlikely.Any "clawback" would relate only to investment earnings. Were such a claim to be made, the Townwould aggressively defend against it.

C. Pension Plans

1. Plan Description

Summary

The Town administers two single employer, contributory, defmed benefit pension plans (TownEmployees Retirement Plan, and Police and Fire Retirement Plan). The Town's plan benefits andcontribution requirements are established by plan documents, by approval of the Representative TownMeeting. The Police and Fire plan benefit and contribution requirements are established by plandocuments adopted July 1, 1998, by approval of the Representative Town Meeting. The plans do notissue separate stand alone fmancial reports.

2. Summary ofSignificant Accounting Policies and Plan Asset Matters

a. Basis ofAccounting

The Town's pension trust funds' financial statements are accounted for using the accrual basis ofaccounting. Contributions are recognized when they are due, pursuant to formal commitmentsand contractual requirements. Investment income is recognized when earned. Expenses(benefits, administration, and refunds) are recognized when they are due and payable inaccordance with the terms of the plan.

b. Valuation ofInvestments

Investments are valued at fair value. Securities traded on national exchanges are valued at the lastreported sales price. Certain investments which are part of the Town's investment in hedge fundsare valued at the last trade price or recent appraisals. There are no investments of 5% or greater inanyone organization.

3. Classes ofEmployees Covered

As of July 1, 2009, the membership in the Plans are comprised of the following:

TOWNEMPLOYEES

POLICE ANDFIRE

Retirees and beneficiaries currently receiving benefits ..Tenninated employees entitled to benefits but not yet receiving them ..Active plan members .

TOTAL .

49

38944

743

1.176

1961

193

390

EXIllBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


C. Pension Plans (Continued)

4. Benefit Provisions

a. Benefit Provisions

General Town employees and non-certified Board of Education employees whose employmentterminates after attaining age 62 and completion of 10 years of service shall be entitled to aretirement benefit equal to 1.25% of the employee's highest annual salary up to $7,800 plus 2.3%of the employee's highest annual salary in excess of $7,800, multiplied by years of service. Publicworks employees whose employment terminates after attaining age 59Yz and completion of 10years of service shall be entitled to a retirement benefit equal to 1.25% of the employee's last twoyears' average salary up to $7,800 plus 2.3% of the employee's last two years' average salary inexcess of $7,800, multiplied by the number of years of service. Vesting of benefits occurs on orafter 10 years of service. The plan covers substantially all noncertified Board of Educationemployees and all regular Town employees.

Police and Fire

Police officers are eligible for a normal pension after attaining age 51 and after 20 years of servicein the department, and shall be entitled to a retirement benefit equal to 2% of their basic annualsalary at retirement for each year of service up through 25 years plus an additional 6% of theirsalary for each year in excess of 25 years up to a maximum of 80% of such annual salary. Firefighters are eligible for a normal pension after 20 years of service in the department and haveattained 45 years of age or have completed 25 years of service regardless of age shall be entitledto a retirement benefit equal to 2% of their basic annual salary at retirement for each year ofservice up through 25 years plus an additional 6% of their salary for each year in excess of 25years up to a maximum of 80% of such annual salary. Vesting of benefits occurs when aparticipant has accumulated a minimum of 10 years of active service.

b. Emplover Contributions

The Town's contribution is actuarially determined on an annual basis using the projected unitcredit method. The Town's contribution was $1,569. Administrative costs are generally fmancedthrough investment earnings.

Police and Fire

Police and Fire's contribution was $-0-. Administrative costs are generally financed throughinvestment earnings.

c. Employee Contributions

Employees under the Town plan are required to contribute 4% of their earnings. Non-certifiedBoard ofEducation employees contribute 2% of the first $7,800 in salary plus 5% over the $7,800threshold. Police officers are required to contribute 6% of their earnings; fire fighters are requiredto contribute between 2.5% and 4.5% of their earnings.

50

EXHlBITLTOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)



5. Funded Status and Funding Progress

The funded status of the plan as of July 1, 2009 was as follows:

(B)ACTUARlALLY [(A-B)/C]

ACCRUED (A-B) OVER (UNDER)(A) LIABILITY OVER! (AlB) FUNDED AAL AS

ACTUARIAL ACTUARlAL (AAL) (UNDER) FUNDED (C) A PERCENTAGEVALUATION VALUE OF PROJECTED FUNDED AAL COVERED OF COVERED

DATE ASSETS UNIT CREDIT AAL RATIO PAYROLL PAYROLL

JULy 1, 2009 $ 164,018

POLICE AND FIRE

JULy 1,2009 $ 171,586

$ 156,886

$ 151,728

$ 7,132

$ 19,858

104.5%

113.1%

$ 31,806

$ 13,536

22.4%

146.7%

Actuarial valuations involve estimates of the value of reported amounts and assumptions about theprobability of events far into the future, and actuarially detennined amounts are subject to continualrevision as actual results are compared to past expectations and new estimates are made about thefuture. The required schedule of funding progress, immediately following the notes to the financialstatements (RSI) presents multiyear trend information about whether the actuarial value ofplan assets isincreasing or decreasing over time, relative to the actuarial accrued liability for benefits.

6. Actuarial Assumptions

The data presented in the schedule of funding progress and schedule of contributions were detenninedas part of the actuarial valuation at the date indicated. Additional information for the plan as of thelatest valuation date is as follows:

VALUATION DATEACTUARIAL COST METHODAMORTIZATION METHODREMAINING AMORTIZATION PERIODASSET VALUATION METHOD

ACTUARIAL ASSUMPTIONS:INVESTMENT RATE OF RETURNPROJECTED SALARY INCREASESINFLATION RATECOST-OF-LIVING ADJUSTMENTS

51

TOWNEMPLOYEES

July 1, 2009Projected Unit CreditLevel Dollar Closed

85 years smoothing

8.0%4.0%3.0%3.0%

POLICE ANDFlRE

July 1, 2009Projected Unit CreditLevel Dollar Closed

135 years smoothing

8.0%4.5%3.0%3.0%

TOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)



7. Annual Pension Cost and Net Pension Asset (NPA)

The changes in the NPA of the Town plan were as follows:

EXHIBITL

TOWNEMPLOYEES

Annual required contribution .. , ..Interest on net pension obligation .. , ..Adjustment to annual required contribution .

Annual pension cost ..Contributions made ..(Increase) decrease in net pension asset ..

Net pension asset - July 1, 2009 .

Net pension asset - June 30, 2010 ..

8. Three Year Trend Information

$(

(

$(

1,569103)155

1,6211,569

52

1,285)

1.233)

POLICE ANDFIRE

$( 221)

299

78

78

( 2,766)

$( 2,688)

Fiscal Year Annual Percentage NetEnding Pension ofAPC Pension ActualJune 30, Cost (APC) Contributed Obligation Contribution

TOWN EMPLOYEES

2008 $ 56 0.0% $( 1,339) $2009 54 0.0% ( 1,285)2010 1,621 96.8% ( 1,233) 1,569

POLICE AND FIRE

2008 $ 83 0.0% $( 2,846) $2009 80 0.0% ( 2,766)2010 78 0.0% ( 2,688)

52

TOWN OF FAlRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)

IV, OTHER INFORMATION (CONTINUED)

C. Pension Plans (Continned)

9. Plan Statements

TOWN OF FAIRFIELD CONNECTICIlT

COMBINING STATEMENT OF FIDUCIARY FUND NET ASSETSPENSION TRUST FUNDS


PENSION TRUST FUNDS

EXHlBITL

TOWNPENSION

POLICEAND FIREPENSION

TOTALPENSIONTRUSTFUNDS

Investments at fair value:Cash and cash equivalents , .Corporate bonds .U.S. Government obligations .U.S. Government agency obligations .Municipal obligations ..Hedge funds ..Real estate ..Mortgage backed securities .Common stock ..Mutual funds:

Equities ..Bond .Foreign currency .U.S. agency funds .

Total Investments ..

Recievables:Interest and dividends '" .

Due from other funds ..

TOTAL ASSETS .

LIABILITY

$ 1,688 $ 1,786 $ 3,47411,652 12,323 23,97515,714 16,619 32,33313,763 14,556 28,319

386 409 7951,637 1,731 3,368

929 983 1,9126,651 7,034 13,685

31,271 29,164 60,435

26,969 28,523 55,4921,251 1,323 2,5741,283 1,357 2,640

11,193 11,841 23,034

124,387 127,649 252,036

309 326 635

540 3 543

125,236 127,978 253,214

LIABILITY:Due to other funds ..

NET ASSETS

NET ASSETS HELD IN TRUST FOR PENSION BENEFITS .

53

$ 125,236

346

$ 127,632 $

346

252,868




9. Plan Statements (Continued)


COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETSPENSION TRUST FUNDS

FOR THE YEAR ENDED JUNE 30,2010(THOUSANDS)

PENSION TRUST FUNDS

TOWNPENSION

POLICEAND FIREPENSION TOTAL

ADDITIONS:Contributions:

Employer .Plan members .

Total contributions .

Investment income:Change in fair value of investments ..Recoveries (Madoff) ..Interest and dividends .

Total investment income (loss) .

Less investment expenses .

Net investment income (loss) ..

TOTAL ADDITIONS .

DEDUCTIONS:Benefits .Recovery expense (Madoff) .Administration .

TOTAL DEDUCTIONS .

CHANGES IN NET ASSETS ..

NET ASSETS - JULY 1,2009 ..

NET ASSETS - JUNE 30, 2010 .

54

$ 1,5691,321

2,890

8,307486

2,712

11,505

438

11,067

13,957

8,058102108

8,268

5,689

119,547

$ 125,236

$ $ 1,5693 1,324

3 2,893

9,191 17,498514 1,000

2,868 5,580

12,573 24,078

463 901

12,110 23,177

12,113 26,070

8,376 16,434108 210119 227

8,603 16,871

3,510 9,199

124,122 243,669

$ 127,632 $ 252,868



D. Other Post-Employment Benefits Plan

1. Plan Description

The Town administers three single-employer, post retirement healthcare plans for the Town, Policeand Fire, and Board of Education, for the Town of Fairfield Other Post Employment Benefits(OPEB). The Town and Police and Fire plans provide medical, dental and life insurance benefits foreligible retirees and their spouses. The Board of Education plan provides medical and dental benefitsto eligible retirees and their spouses. For fiscal year 2010, the Police and Fire plan is considered to bepart of the Town's financial reporting entity and is included in the Town's financial reports as anOther Post-Employment Benefits trust fund. The plan does not issue stand alone financial reports.

2. Summary ofSignificant Accounting Policies and Plan Asset Matters

a. Basis ofAccounting

The OPEB trust fund is accounted for using the accrual basis of accounting. Contributions arerecognized when due, pursuant to formal commitments and contractual requirements, and revenue(investment income) is recognized when earned and expenses (benefits, administration andrefunds) are recognized when due and payable in accordance with the terms of the plan.

b. Valuation ofInvestments

Investments are valued at fair value. Securities traded on national exchanges are valued at the lastreported sales price. There are no investments of 5% or greater in anyone organization.

3. Classes ofEmployees Covered

As of July 1, 2009 for Town, Police and Fire and Board of Education, the plan's membershipconsisted of:

Retirees and beneficiaries currentlyreceiving benefits .

Active plan members .

TOTAL .

POLICE BOARDAND OF

TOWN FIRE EDUCATION

287 229 250235 193 1,397

522 422 1.647

55



D. Other Post-Employment Benefits Plan (Continued)

4. Benefit Provisions

a. Benefit Provisions

The Town plan provides for medical, dental and life insurance benefits for all eligible Town,Police, and Fire retirees and their spouses. The Board of Education plan provides medical anddental benefits for all Board of Education retirees and their spouses. Benefits and contributionsare established by contract and may be amended by union negotiations. Administration costs arefinanced from investment earnings.

b. Employer Contributions

The Town's recommended contributions are actuarially determined on an annual basis using theprojected unit credit method. The Town, Police and Fire, and Board of Education's total plancontribution was $6,414.

c. Employee Contributions

There are no employee contributions to the Town's plans. For the Police and Fire plan,contributions are to be made by actives as follows:

Police and Fire

July 1, 2009 - 1.0% basic annual salary including longevityJuly 1, 2010 - 1.5% basic annual salary including longevity

5. Funded Status and Funding Progress

The funded status of the plan as of July 1, 2009 was as follows:

(B)ACTUARIALLY [(A-B)/C]

ACCRUED (A-B) OVER (UNDER)(A) LIABILITY OVER! (AlB) FUNDED AAL AS

ACTUARIAL ACTUARIAL (AAL) (UNDER) FUNDED (C) A PERCENTAGEVALUATION VALUE OF PROJECTED FUNDED AAL COVERED OF COVERED

DATE ASSETS UNIT CREDIT AAL RATIO PAYROLL PAYROLL

TOWN

JULy 1, 2009 $ 1,773 $ 53,312 $( 51,539) 3.3% $ 15,146 (340)%

POLICE AND FIRE

JULy 1,2009 $ 1,454 $ 62,090 $( 60,636) 2.3% $ 11,536 (448)%

BOARD OF EDUCATION

JULY 1,2009 $ $ 27,097 $( 27,097) 0.0% $ 87,722 (31)%

56

EXlllBITLTOWN OF FAlRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)


D. Other Post-Employment Benefits Plan (Continned)

5. Funded Status and Funding Progress (Continued)

Actuarial valuations involve estimates of the value of reported amounts and assumptions about theprobability of events far into the future, and actuarially detennined amounts are subject to continualrevision as actual results are compared to past expectations and new estimates are made about thefuture. The required schedule of funding progress, immediately following the notes to the financialstatements (RSI-I), presents multiyear trend information about whether the actuarial value of planassets is increasing or decreasing over time, relative to the actuarial accrued liability for benefits.

6. Actuarial Methods and Assumptions

Projections of benefits are based on the substantive plan (the plan as understood by the employer andplan members) and include the types of benefits in force at the valuation date and the pattern ofsharing benefit costs between the employer and plan members to that point. The projection ofbenefits for fmancial reporting purposes does not explicitly incorporate the potential effects of legalor contractual funding limitations on the pattern of cost sharing between the employer and planmembers in the future. Actuarial calculations reflect a long-term perspective. Consistent with thatperspective, actuarial methods and assumptions used include techniques that are designed to reduceshort-term volatility in actuarially accrued liabilities and the actuarial value of assets.

The data presented in the schedules of funding progress and schedules of contributions weredetermined as part of the actuarial valuation at the date indicated. Additional information for allplans as of the latest valuation date is as follows:

VALUATION DATEACTUARIAL COST METHODAMORTIZATION METHODREMAINING AMORTIZATION PERIOD:

TownPolice and FireBoard of Education

ASSET VALUATION METHOD

ACTUARIAL ASSUMPTIONS:Investment rate of return - Town and Police and FireInvestment rate of return - Board of EducationHealthcare inflation rate:

InitialUltimate

57

July 1, 2009Projected Unit Credit

Level Dollar

19.5 years closed29 years closed29 years closed

Fair Value

7.5%4.5%

10%5%

TOWN OF FAIRFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)

EXHJBITL

YEARENDINGJUNE 30

TOWN

ANNUALOPEBCOST(AOe)

PERCENTAGEOFAOC

CONTRIBUTED

NETOPEB TOTAL

OBLIGATION CONTRIBUTIONS

200820092010

POLICE AND FIRE

200820092010

BOARD OF EDUCATION

200820092010

$ 4,7074,9154,230

$ 4,7704,9884,549

$ 1,6431,6771,636

58

41%65%73%

37%63%60%

72%91%37%

$ 2,7694,4905,647

$ 3,0094,8306,649

$ 460607

1,632

$ 1,9383,1943,073

$ 1,7013,1672,730

$ 1,1831,530

611

EXHIBITLTOWN OF FAffiFIELD, CONNECTICUTNOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)



9. Plan Statements


COMBINING STATEMENT OF FIDUCIARY FUND NET ASSETSOTHER POST-EMPLOYMENT BENEFIT TRUST FUNDS


ASSETS

TOWNOTHER POST

EMPLOYMENTBENEFITS

TRUST FUND

FIRE AND POLICEOIHERPOST

EMPLOYMENTBENEFITS

TRUST FUND

TOTALOPEB

TRUSTFUNDS

Investments at fair value:Certificate of deposit. '" .Corporate bonds .U.S. Government obligations .U.S. Government agency obligations .Mutual funds .

Total Investments ..

Accounts receivable .

TOTAL ASSETS .

LIABILITIES

$ $ 792 $ 792788 788 1,576616 616 1,232402 397 799903 912 1,815

2,709 3,505 6,214

82 79 161

2,791 3,584 6,375

Liabilities:Due to other funds .Claims payable .

TOTAL LIABILITIES ..

NET ASSETS

227182

409

968175

1,143

1,195357

1,552

NET ASSETS HELD IN TRUST FOR

OPEB BENEFITS.............................................. =$=====2=,3::::8=2=::::::::$====2:::,4::::41====$===4=,8=:2==:3

59




9. Plan Statements (Continued)

TOWN OF FAffiFIEW, CONNECTICUT

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETSOTHER POST-EMPLOYMENT BENEFIT TRUST FUNDS


TOWNOTHER POST

EMPLOYMENTBENEFITS

TRUST FUND

POLICE AND FIREOTHER POST

EMPLOYMENTBENEFITS

TRUST FUND

TOTALOPEB

TRUSTFUNDS

ADDITIONS:Contributions:

Employer ..Plan members .

Total contributions .

Investment income:Change in fair value of investments .

TOTAL ADDITIONS .

DEDUCTIONS:Benefits .Administration .

TOTAL DEDUCTIONS .

CHANGES IN NET ASSETS ..

NET ASSETS - JULY 1, 2009 .

NET ASSETS - JUNE 30, 2010 .

E. On-Behalf Payments

$

$

3,07318

3,091

141

3,232

2,61112

2,623

609

1,773

2,382

$

$

2,730689

3,419

135

3,554

2,315252

2,567

987

1,454

2,441

$

$

5,803707

6,510

276

6,786

4,926264

5,190

1,596

3,227

4,823

The amount of the State Teachers' Retirement Plan contribution recognized in the General Fundintergovernmental revenues and education expenditures for contributions made by the State on-behalf ofthe Town's teachers was $11,854.

60

RequiredSupplementaryInformation

TOWN OF FAIRFIELD CONNECTICUf

REQUIRED SUPPLEMENTARY INFORMATION

FAIRFIELD RETIREMENT SYSTEM AND OTHER POST EMPLOYMENT BENEFIT (OPEB) PLANSSCHEDULE OF FUNDING PROGRESS

RSI-l(lof2)

(THOUSANDS)

TOWN PLAN

A B (A-B) (AlB) C [(A-B)/C]

ACTUARIALLYACCRUED OVER OVERIUNDER

ACTUARIAL ACTUARIAL LIABILITY (AAL) (UNDER) FUNDED FUNDED AAL ASVALUATION VALUE OF PROJECTED UNIT FUNDED AAL COVERED A PERCENTAGE OF

DATE ASSETS CREDIT AAL RATIO PAYROLL COVERED PAYROLL

JULY 1,2004 $ 143,440 $ 113,405 $ 30,035 126.5% $ 27,129 110.7%2005 149,453 122,508 26,945 122.0% 27,641 97.5%

e:: 2006 155,385 127,253 28,132 122.1% 29,526 95.3%2007 164,818 135,707 29,111 121.5% 31,313 93.0%2008 167,983 149,744 18,239 112.2% 33,094 55.1%2009 164,018 156,886 7,132 104.5% 31,806 22.4%

POLICE AND FIRE PLAN

A B (A-B) (AlB) C [(A-B)/C]

ACTUARIALLYACCRUED OVER OVERIUNDER



JULY 1;2004 $ 153,938 $ 124,110 $ 29,828 124.0% $ 10,776 276.8%2005 159,739 130,274 29,465 122.6% 11,560 254.9%2006 165,378 134,283 31,095 123.2% 11,588 268.3%2007 174,456 136,489 37,967 127.8% 12,817 296.2%2008 177,123 143,052 34,071 123.8% 13,050 261.1%2009 171,586 151,728 19,858 113.1% 13,536 146.7%

(Continued)

RSI-I(2 of2)


REQUIRED SUPPLEMENTARY INFORMATION

FAIRFIELD RETIREMENT SYSTEM AND OTHER POST EMPLOYMENT BENEFIT (OPEB) PLANSSCHEDULE OF FUNDING PROGRESS

(THOUSANDS)

TOWN OPEB TRUST PLAN

A B (A-B) (AlB) C [(A-B)iC]

ACTUARIALLYACCRUED OVER OVERiUNDER



JULY I,2007 $ $ 55,451 $ (55,451) 0.0% $ 17,678 (314%)2008 NiA NiA NiA NiA NiA NiA2009 1,773 53,312 (51,539) 3.3% 15,146 (340%)

POLICE AND FIRE OPEB TRUST PLAN

~A B (A-B) (AlB) C [(A-B)iC]




JULY I,2007 $ 55,668 $ (55,668) 0.0% $ 12,818 (434%)2008 NiA NiA NiA NiA NiA NiA2009 1,454 62,090 (60,636) 2.3% 11,536 (526%)

BOARD OF EDUCATION OPEB TRUST PLAN

A B (A-B) (AlB) C [(A-B)iC]




JULy I,2007 $ 29,443 $ (29,443) 0.0% $ 83,018 (35%)2008 NiA NiA NiA NiA NiA NiA2009 27,097 (27,097) 0.0% 87,722 (31%)

(Concluded)


REQillRED SUPPLEMENTARY INFORMATIONFAIRFIELD RETIREMENT SYSTEM AND OTHER POST EMPLOYMENT BENEFIT (OPEB) PLANS

SCHEDULE OF EMPLOYER CONTRIBUTIONS

TOWN, POLICE AND FIRE PENSION AND OPEB PLANS

YEARENDED

JUNE 30,

ANNUALREQillRED

CONTRIBUTION

PENSION PLANS

ACTUALCONTRIBUTION

PERCENTAGECONTRIBUTED

TOWN EMPLOYEES

200520062007200820092010

POLICE AND FIRE

$ $ N/A818 N/A22 N/A

N/AN/A

1,569 1,569 100.0%

200520062007200820092010

$89

$ N/AN/AN/AN/AN/AN/A

TOWN EMPLOYEES

OTHER POSTEMPLOYMENT BENEFIT PLANS

200820092010

POLICE AND FIRE

200820092010

BOARD OF EDUCATION

200820092010

$

$

$

4,7074,8424,112

4,7704,9094,423

1,6431,6711,629

63

$

$

$

1,9383,1943,073

1,7613,1672,730

1,1831,530

611

41.2%66.0%74.7%

36.9%64.5%61.7%

72.0%91.6%37.5%

GeneralFund

The general fund is the principal fund of the Town and is used to account for all activities of the Town,except those required to be accounted for in another fund. The general fund accounts for the normalrecurring activities of the Town (i.e., general government, public safety, public works, buildings andgrounds, planning and development, health and human services, library, education, etc.). Theseactivities are funded principally by property taxes, user fees and grants from other governmental units.


GENERAL FUNDCOMPARATIVE BALANCE SHEET

JUNE 30,2010 AND 2009(THOUSANDS)

2010

ASSETS

SCHEDULEl

2009

Cash .Investments .Receivables, net:Property taxes .IntergovernmentaL ..Other .

Due from other funds ..

TOTAL ASSETS '" .

. LIABILITIES AND FUND BALANCES

$

$

5,57225,099

3,6591,0071,2395,485

42,061

$

$

12,54412,562

4,050543

1,1157,923

38,737

Accounts payable ..Accrued payroll .Due to other funds ..Deferred revenue .Performance bonds .Other .

Total Liabilities .

$ 6,643 $ 4,2868,424 8,252

197 1,0799,644 9,9053,267 2,834

524 1,164

28,699 27,520

Fund Balances:Reserved for:

Encumbrances .Unreserved:Unreserved and undesignated .

Total Fund Balances .

TOTAL LIABILITIES AND FUND BALANCES ....

64

$

1,076

12,286

13,362

42,061 $

954

10,263

11,217

38,737

SCHEDULE 2TOWN OF FAmFIELD. CONNECTICUT

GENERAL FUNDSCHEDULE OF REVENUES AND OTHER FINANCING SOURCES

BUDGET AND ACTUALFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)

VARIANCE

ORIGINAL FINAL WITH FINAL

BUDGET BUDGET ACTUAL BUDGET

PROPERTY TAXESCurrent year levy................................ $ 220,074 $ 220,074 $ 220,096 $ 22

Prior years levy.................................. 1,355 1,355 2,700 1,345

Interest on delinquent taxes.................... 834 834 1,394 560

Telecommunications access lines............. 304 304 164 (140)

TOTAL PROPERTY TAXES................... 222,567 222,567 224,354 1,787

mTERGOVERNMENTALState grants for education...................... 3,165 3,165 3,190 25

School building grants.......................... 709 709 659 (50)

Other state grants ................................ 5,162 5,237 4,680 (557)

Federal grants .................................... 15 15 (15)

TOTAL mTERGOVERNMENTAL........... 9,051 9,126 8,529 (597)

CHARGES FOR SERVICES

Licenses and permits ........................... 2,108 2,108 1,867 (241)

Fines.............................................. 455 455 390 (65)

Department and other........................... 9,319 9,319 8,963 (356)

Rents.............................................. 1,417 1,417 1,414 (3)

TOTAL CHARGES FOR SERVICES......... 13,299 13,299 12,634 (665)

mVESTMENT mCOME........................ 1,479 1,479 861 (618)

MISCELLANEOUS REVENUES.............. 500 500 332 (168)

TOTAL REVENUES............................. 246,896 246,971 246,710 (261)

OTHER FmANCmG SOURCESAppropriation offund balance................ 135 (135)Cancellation of prior year encumbrances ... 162 162Transfers in ...................................... 349 349 394 45

TOTAL OTHER FmANCING SOURCES... 349 484 556 72

TOTAL REVENUES AND OTHERFmANCmG SOURCES...................... $ 247,245 $ 247,455 $ 247,266 $ (189)

65


GENERAL FUNDSCHEDULE OF EXPENDITURES AND OTHER FINANCING USES


(THOUSANDS) .

SCHEDULE 3(1 of2)

GENERAL GOVERNMENT

ORIGINALBUDGET

FINALBUDGET ACTUAL

V~CE

WITH FINAL·BUDGET

Administrative and general:Board·ofselectmen. : .Town clerk. , .AdmiiJistrative services .Registrar ofvoters .Zoning board ofappeals .Town planning and zoning commission ..Probate court .Historical district commission .Conservation commission : .Shellfish commission .Legal servicl<s ..Miscellaneous. contingencies .Retirees' insnrance .Human resources .Economic development commission : .Harbor management commission ; .

Total Administrative and general .

Miscellaneous:Private agencies .

.Private school transportation .Contingency ,.. ;: .Preventative health grant.. .Bio preparedness ;..Substance abuse prevention .

Total Miscellaneous ..

TOTAL GENERAL GOVERNMENT .

FINANCE

$ 539 $595

96226

76752712

1,02920

51345

6,1954,157

18818

14,342

8521,287

300

2,439

16,781

539 $ 514 $595 568

96 94226 194

7 3675 65127 2412 11

1,052 97320 5

566 56642 37

6,227 6,2274,242 4,242

188 18418 18

14,532 14,311

852 8521,287 1,265

7 776 766 6

2,228 2,206

16,760 16,517

25·

27..2

32'4·

24·3·

. I7915·

5.

··4

221

22

22

243

Finance .Purchasing .Assessor .Tax collector .Information systems .Board offinance ..Unemployment compensation .

TOTAL FINANCE ; .

949 999 968 31276 276 264 12861

..861 840 21

667 667 628 391,560 1,620 1,592 28 '

85 85 84 1125 199 199

4,523 4,707 4,575 132

(Continued)

66

msotomayor

Text Box

msotomayor

Text Box

msotomayor

Text Box

msotomayor

Text Box

TOWN OF FAIRFIELD, CONNECTICUTGENERAL FUNDSCHEDULE OF EXPENDITURES AND OTHER FINANCING USES (CONCLUDED)

SCHEDULE 3(2 of 2)

12,372 $ 12,372 $13,630 13,585

445 407·725 725

1,470 1,47025 25

11,539 .1,477

30,207 30,061

577 55612,239 11,799

693 684724 696

14,233 13,735

3,002 2,947171 145525 399

4,204 3,529

7,902 7,020

4,108 4,007103 77823 782458 389

1,729 1,655

7,221 6,910

139,563 139,563

23,685 23,685

244,278 242,066

2,894 2,894283 283

3,177 3,177

PUBLIC SAFTEY

Fire .Police .Animal control. .Street lighting..............•.........................Hydrant and water service 'Emergency managemen~ ..Flood and erosion control.. .Emergency communications ctr .

TOTAL PUBLIC SAFTEY .

PUBLIC WORKS

Public works administration .Public works operations ..Building .Engineering ..

TOTAL PUBLIC WORKS .

HEALTH AND WELFARE

Health .WeIfare .Human services .Solid.waste & recycIirig .

TOTAL HEALTH AND WELFARE ..

CULTURE AND RECREATION

Library .Penfield pavillion complex .Parks and recreation c .Beaches and lifeguards .GolfcoiJrses .

TOTAL CULTURE AND RECREATION........

BOARD OF EDUCATION .

DEBT SERVICE .


OTHER FINANCING USESTransfers out - Debt Service Fund ..Transfers Qut - Capital Projects Fund .

TOTAL OTHER FINANCING USES .

$'

ORIGINALBUDGET

12,189 $13,806

445700

1,44225

11,531

30,139

57712,258

693724

14,252

3,002171525

4,203

7,901

4,108104827458

1,729

7,226

139,563

23,683

244,068

2,894283

3,177

FINALBUDGET ACTUAL

VARIANCEWlTHFINAL

BUDGET

4538

162

146

21440

928'

498·

5526

126675

882

10126416974

311

2,212

TOTAL EXPENDITURES AND OTHERFINANCING USES .

(Concluded)

67


GENERAL FUNDBOARD OF EDUCATION

SCHEDULE OF EXPENDITURES - BUDGET AND ACTUALFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)

SCHEDULE 4

ORIGINALAPPROPRIATION TRANSFERS

FINALAPPROPRIATION EXPENDITURES

UNEXPENDEDBALANCE

Salaries and wages:Teaching staff. ' .Certified support staff ..School administrative staff.. .Central administrative staff , ..Supervisor/managers .Secretarial/clerical staff.. , ..Paraprofessional staff.. .Custodian staff .Maintenance staff .Support staff , .Info tech support .SE trainers .Part-time employment.. ..Employee benefits .

Instructional and other services .Utilities services , .Maintenance services .Rentals .Student transportation .Conference and travel.. , .Professional development , ..Personnel/recruitment expenses .Printing/copying/postage ' .Tuition .Instructional supplies ' .Office, custodial and other supplies ..Textbook and library resources .Technology and capital outlay ..Dues and fees .

TOTAL ..

$

$

64,1836,0825,122

919654

3,2693,2033,412

9921,112

886689

2,60319,8393,4514,8652,734

916,563

12071127

5212,7701,6371,649

501891

67

139,563

$

$

(612) $ 63,571(141) 5,941

20 5,142919

10 664(8) 3,261

169 3,372(126) 3,286

7 999(40) 1,07244 930(6) 683

937 3,540(28) 19,811145 3,596161 5,026

(119) 2,615(11) 80(69) 6,494(11) 109(40) 67142 69

(85) 436117 2,887

(212) 1,425(63) 1,586(50) 451(31) 860

67

$ 139,563

$

$

63,5715,9415,142

919664

3,2613,3723,286

9991,072

930683

3,54019,8113,5965,0262,615

806,494

10967169

4362,8871,4251,586

451860

67

139,563

$

$

SCHEDULES


REPORT OF TAX COLLECTORYEAR ENDED JUNE 30,2010

(TIIOUSANDS)

LAWFUL CORRECTIONS COLLECTIONS

GRAND UNCOLLECTED CURRENT ADJUSTED OVER- NET INTEREST, UNCOLLECTEDLIST TAXES YEAR TRANSFERS AMOUNT PAYMENTS TAXES LIENS & TAXESYEAR JULy 1,2009 LEVY ADDITIONS DEDUCTIONS ABATEMENTS TO SUSPENSE COLLECTIBLE TAXES & SUSPENSE COLLECTED OTHER FEES TOTAL JUNE 30, 2010

1994

1995

1996

1997 (1)

1998 (2)

1999 (1)

2000 (2) 10

2001 15 (2) 17 10 19

2002 23 (5) 26 20 20 20 40

% 2003 156 94 60 48 48 47 95 12

2004 219 (1) 219 93 91 70 161 128

2005 353 22 (1) 332 190 190 III 301 142

2006 674 37 (1) 647 422 420 165 585 227

2007 2,591 42 73 2,558 2.024 38 1,986 380 2,366 572

TOTALPRIORYEARS 4,050 51 137 81 3,884 2,814 43 2,772 815 3,587 1,112

2008 222,701 211 252 33 222,627 220,332 252 220,080 608 220.688 2,547

TOTALALL

YEARS 4050 222701 ,511

NonmajorGovernmentalFunds

Special Revenue Funds

Special revenue funds are used to account for the proceeds of specific revenue sources that are designated orlegally restricted to expenditures for specific purposes. The nature and purpose of each Special Revenue Fund isas follows:

Fund Funding Source FunctionSpecial Assessments Sewer and beach assessments Accumulation of resources for debt

retirementCommunity Development Block Grant Federal grant Town development programsSpecial Education State and Federal grant School related programsRecreation User fees Recreation programsPublic Safety State and Federal grants/ Public safety programs

contributionsShellfish Permit fees Stocking shellfish bedsNavy Housing Property rental and future sale Purchase and sub-division of U.S.

Navy property for affordablehousing

Public School Lunch Sale of food and grants School lunch programWater Pollution Control Authority Sewer use fees Sanitary sewer operationsMiscellaneous State and Federal grants Health, law enforcement, and public

safety programsDowntown Parking Fees Downtown employee parking and

Fairfield Center improvementsDonations Private donations VariousLibrary Trust income Support and benefit of the Town's

library

Debt Service

The Debt Service Fund accounts for the payment ofprincipal and interest on long-term debt of the Town.

Permanent Funds

Permanent funds are used to report resources that are legally restricted to the extent that only earnings, notprincipal, may be used for purposes that support the reporting Town's programs.

H. Smith Richardson Conservation Fund - established in 1971 and 1990 for conservation purposes.

Simeon and Carrie Pease Fund - established in 1980 for education purposes.

Library Fund - support and benefit of the Town's library.


COMBINING BALANCE SHEETNONMAJOR GOVERNMENTAL FUNDS


SPECIAL REVENUE FUNDS

SCHEDULE 6(lof3)

SPECIALASSESSMENTS

COMMUNITYDEVELOPMENTBLOCK GRANT

SPECIALEDUCATION RECREATION

PUBLICSAFETY SHELLFISH

NAVYHOUSING

Cash .Investments .Receivables:Sewer, beach and sidewalk assessments .Intergovernmental.. .Loan .

$

551

$

1,278

$ 81350

$ 16587

$113

$23

$

TOTAL ASSETS . $ 551 $ 1278 $ 431 $ 603 $ 113 $ 23 $

LIABILITIES:Accounts payable .Due to other funds .Deferred revenue .Bond anticipation notes .

TOTAL LIABILITIES : .

FUND BALANCES:Unreserved and undesignated .

TOTAL LIABILITIES AND FUND BALANCES .

$

$

$ 28 $ 134 $ 29226 163 414551 1,278 31

777 1,469 548 60

(226) (191) (117) 543

551 $ 1,278 $ 431 $ 603

$

$





SCHEDULE 6(2 of3)

PUBLICSCHOOLLUNCH

WATERPOLLUTIONCONTROL

AUTHORITY . MISCELLANEOUSDOWNTOWN

PARKING DONATIONS LIBRARY TOTAL

ASSETS

Cash............................................................................................. $ 535 $ 8 $ $ $ $ 1 $ 641Investments................................................................................. 268 2,297 280 85 395 71 4,470Receivables:Sewer, beach and sidewalk assessments................................... 508 1,059Intergovemmental..................................................................... 83 83Loan.......................................................................................... 1,278Other.. ....................................................................................... 10 4 14

'-l Other..................................................................... 41 41......

TOTAL ASSETS........................................................................ $ 937 $ 2,817 $ 280 $ 85 $ 395 $ 72 $ 7,586


LIABILITIES:Accounts payable...................................................................... $ $ 207 $ 190 $ 2 $ 2 $ $ 596Due to other funds.................................................................... 1,068Deferred revenue....................................................................... 139 508 13 2,521Bond anticipation notes ........................................................... 600

TOTAL LIABILITIES............................................................ 139 715 203 2 2 4,785

FUND BALANCES:Reserved for encumbrances...................................................... II IIUnreserved and undesignated................................................... 798 2,091 77 83 393 72 2,790

TOTAL FUND BALANCES................................................. 798 2,102 77 83 393 72 2,801

TOTAL LIABILITIES AND FUND BALANCES.................... $ 937 $ 2,817 $ 280 $ 85 $ 395 $ 72 $ 7,586

(Continued)




PERMANENT FUNDS

SCHEDULE 6(30fJ)

Cash .Investments .Receivables:Sewer, beach and sidewalk assessments .IntergovernmentaL .Loan .Other.. .

Other.. .

$

DEBTSERVICE

FUND

826

14

H.SMITHRICHARDSON

CONSERVATIONFUND

$374

$

SIMEONAND CARRIE

PEASE LIBRARYFUND FUND

$20 25

TOTALPERMANENT

FUNDS

$419

$

TOTALNONMAJOR

GOVERNMENTALFUNDS

6415,715

1,05983

1,2782841

t:j TOTAL ASSETS .


LIABILITIES:Accounts payable .Due to other funds .Deferred revenue .Bond anticipation notes .

TOTAL LIABILITIES .

$

$

840

432

$

$

374 $

$

20 $

$

25 $

$

419 $

$

8,845

1,0281,0682,521

600

FUND BALANCES:Reserved for encumbrances .Reserved for debt service .Reserved for endowments .

Total Reserved .

Unreserved and undesignated ..

TOTAL FUND BALANCES .

TOTAL LIABILITIES AND FUND BALANCES ..

II408 408

30 20 20 70 70

408 30 20 20 70 489

344 5 349 3,139

408 374 20 25 419 3,628

$ 840 $ 374 $ 20 $ 25 $ 419 $ 8,845

(Concluded)

TOWN OF FAIRFfELD C0NN1i!CTlCU[ .

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)


SCHEDULE 7(lof3)

SPECIALASSESSMENTS

COMMUNITYDEVELOPMENTBLOCK GRANT

SPECIALEDUCATION RECREATION

PUBLICSAFETY SHELLFISH

NAVYHOUSING

$REVENUES:IntergovernmentaL........................................................... $ $ 544 $ 7,527 $ $Charges for services........................................................... 57 1,355 1,110Sewer, beach and sidewalk assessments............................. 109Income from investments....................................................

TOTAL REVENUES............................................................ 109 601 8,882 1,110

EXPENDITURES:;:j Current:

General government.. .....................................................Public safety......................................................................Health and welfare............................................................. 692Culture and recreation....................................................... 1,013

Education........................................................................ 9,129

TOTAL EXPENDITURES.................................................. 692 9,129 1,013

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES............................................................... 109 (91) (247) 97

OTHER FINANCING SOURCES (USES):Transfers out.. .................................. '" .............. (99)

NET CHANGE IN FUND BALANCES............................... 10 (91) (247) 97

FUND BALANCES - JULY 1,2009............................ (236) (100) 130 446

FUND BALANCES - JUNE 30, 2010.......................... $ (226) $ (I91) $ (I 17) $ 543 $

14573

218

209

209

9

(10)

(I)

93

92 $

23

23

$

$

258

258

6

6

252

252

(1,100)

(848)

(Continued)

TOWN OF FAIRFIELD CONNECTICIIT

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

NONMNOR GOVERNMENTAL FUNDS

FOR THE YEAR ENDED JUNE 30,2010

(THOUSANDS)


SCHEDULE 7(20f3)

PUBLIC

SCHOOLLUNCH

WATERPOLLUTIONCONTROL

AUTHORITY MISCELLANEOUSDOWNTOWN

PARKING DONATIONS LIBRARY TOTAL

REVENUES:

intergovernmentaL............................................................. $ 529 $ 192 $ 688 $ $ $ $ 9,625Charges for services............................................................. 2,646 5,013 22 60 10,594Sewer, beach and sidewalk assessments............................... 109Income from investments...................................................... 5 6Contributions......................................................................... 142 19 161

TOTAL REVENUES............................................................. 3,176 5,205 710 60 142 24 20,495'-l""-

EXPENDITURES:

Current:

General government....................................................... 125 3 134Public saftey................................................ '" .............. 72 8 289Public works........................................................................ 4,132 144 85 4,361Health and welfare.............................................................. 19 104 815Culture and recreation......................................................... 1,013Education.......................................................................... 3,264 26 12,419

Capital outlay...................................................................... 341 341Debt service........................................................................ 158 158

TOTAL EXPENDITURES................................................... 3,264 4,290 701 85 1I5 26 19,530

EXCESS (DEFICIENCY) OF REVENUES OVER

EXPENDITURES................................................................. (88) 915 9 (25) 27 (2) 965

OTHER FINANCING SOURCES (USES):

Transfers out.. .......... '" ................................. '" .. , (100) (209)

NET CHANGE IN FUND BALANCES................................. (88) 815 9 (25) 27 (2) 756

FUND BALANCES - JULY I, 2009............ '" .............. 886 1,287 68 108 366 74 2,045

FUND BALANCES - JUNE 30, 2010........................... $ 798 $ 2,102 $ 77 83 $ 393 $ 72 $ 801

(Continued)

SCHEDULE 7(3 aD)

TOWN OF FAffiFIELD CONNECTlCJIT

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)

PERMANENT FUNDS

DEBTSERVICE

FUND

H.SMITHRICHARDSON

CONSERVATIONFUND

SIMEONAND'CARRIE

PEASE LIBRARYFUND FUND

TOTALPERMANENT

FUNDS

TOTALNONMAJOR

GOVERNMENTALFUNDS

REVENUES:IntergovernmentaL........................................................... . $

Charges for services .Sewer, beach and sidewalk assessments .Income from investments .Contributions .

TOTAL REVENUES .

~ EXPENDITURES:Current:General government. .Public safety .Public works .Health and welfare .Culture and recreation .Education .

Capital outlay '" , '" .Debt service .



OTHER FINANCING SOURCES (USES):Transfers in ; .Transfers out.. '" , .


NET CHANGE IN FUND BALANCES .

FUND BALANCES -JULY 1,2009 .

846

846

(846)

1,096

1,096

250

158

$

41

41

41

41

333

$ $

(I)

(1)

21 25

$

41

41

40

40

379

$ 9,62510,594

10947

161

20,536

135289

4,361815

1,01312,419

3411,004

20,377

159

1,096(209)

887

1,046

2,582

FUND BALANCES - JUNE 30, 2010... ... ... ... ... ... ... ..... =$~===4,;;;0~8===$=====3=7=4===$======2=0====$=======25=====$=====4,;;1~9===$======3~,6;;;;28;;",

(Concluded)


WATER POLLUTION CONTROL AUTHORITYSCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE


(THOUSANDS)

SCHEDULES

REVENUES:Charges for services .Intergovernmental .

TOTAL REVENUES .

VARIANCEWITH

ORIGINAL FINAL FINALBUDGET BUDGET ACTUAL BUDGET

$ 4,766 $ 4,976 $ 5,013 $ 37192 192

4,766 4,976 5,205 229

EXPENDITURES

EXPENDITURES:Current:

Public Works .Debt service:

Principal retirement. .Interest. .


EXCESS (DEFICIENCY) OF REVENUESOVER EXPENDITURES .

OTHER FINANCING SOURCES (USES):Transfers out. .

NET CHANGE IN FUND BALANCE

FUND BALANCE - JULY 1,2009 .

FUND BALANCE - JUNE 30, 2010 .

RECONCILIATION TO GAAP BASIS - SCHEDULE 7

BALANCE, BUDGETARY BASIS - JUNE 30, 2010 .

.Encumbrances outstanding at June 30, 2009 charged toIiquated during the year, June 30, 2010 .

Encumbrances outstanding at June 30, 2010 charged tobudgetary expenditures .

$

4,508

14216

4,666

100.00

(100)

4,220

81

(11)

4,718 4,062

142 14216 16

4,876 4,220

100 985

(100) (100)

885

1,206

$ 2,091

FUNDBALANCE

$ 2,091

11

656

656

885

BALANCE JUNE 30, 2010 - GAAP BASIS . $ 4,290

76

$ 2,102

SCHEDULE 9


SCHEDULE OF CHANGES IN SEWER ASSESSMENT RECEIVABLEFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)

UNCOLLECTED UNCOLLECTEDASSESSMENTS ASSESSMENTS

DESCRIPTION mLY 1, 2009 COLLECTIONS JUNE 30, 2010

Regular Sewers $ 3 $ 2 $

Project #15 Sewers 100 20 80







Project #98 Sewers 5 5

TOTAL $ 660 $ 109 $ 551

77

FiduciaryFunds

Fiduciary funds are used to account for assets held by the Town in a trustee capacity for individuals, privateorganizations or other governments.

Agency Fund

Agency funds are used to report resources held by the reporting government in a purely custodial capacity (assetsequal liabilities).

TOWN OF FAIRFIElD, CONNECTICUT

AGENCY FUNDSTUDENT ACTIVITY FUND

STATEMENT OF CHANGES IN ASSETS AND LIABILITYFOR THE YEAR ENDED JUNE 30, 2010

(THOUSANDS)

SCHEDULE 10

ASSETS

BALANCEJULY 1,2009 ADDITIONS DEDUCTIONS

BALANCEJUNE 30, 2010

Cash .Investments .

TOTAL ASSETS

LIABILITY

Accounts payable .

$

$

$

80163

864

864

$

$

$

78

2,5121

2,513

2,513

$

$

$

2,4893

2,492

2,492

$

$

$

82461

885

885

StatisticalSection

This part of the Town's comprehensive annual fmancial report presents detailed information as a context forunderstanding what the information in the financial statements, note disclosures, and required supplementary

. information says about the Town's overall fmancial health.

CONTENTS

FINANCIAL TRENDS (TABLES 1- 4)

These schedules contain trend information to help the reader understand how the Town's financialperformance and well-being have changed over time.

REVENUE CAPACITY (TABLES 5 -7)

These schedules contain information to help the reader assess the Town's most significant local revenuesource, the property tax.

DEBT CAPACITY (TABLES 8 -11)

These schedules present information to help the reader assess the affordability of the Town's current levelsof outstanding debt and the Town's ability to issue additional debt in the future.

DEMOGRAPIDC AND ECONOMIC INFORMATION (TABLES 12 - 15)

These schedules offer demographic and economic indicators to help the reader understand the environmentwithin which the Town's financial activities take place.

OPERATING INFORMATION (TABLES 16 -17)

These schedules contain service and infrastructure data to help the reader understand how the information inthe Town's financial report relates to the services the Town provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the coniprehensive annualfinancial reports for the relevant year.

TOWN OF FAffiFIEI,D CONNECTIClIT

NET ASSETS BY COMPONENTLAST NINE YEARS (I)

(THOUSANDS)(UNAUDITED)

fiSCAL YEAR

2010 2009 2008 2007 2006 2005 2004 2003 2002

GOVERNMENTAL ACTNITIES:Invested in capital assets, net of related debt............ $ 249,899 $ 240,836 229,184 $ 191,534 $ 208,403 $ 182,706 $ 161,742 $ 140,593 111,077Restricted..................................................... 419 379 452 485 5,726 569 449 388 412Unrestricted.........................•.......... '" ........... 1,315 3,681 7,972 40,939 3,176 29,006 32,509 33,747 38,413

TOTAL GOVERNMENTAL ACTNITIES NET ASSET $ 251,633 $ 244,896 $ 237,608 232,958 $ 217,305 $ 212,281 $ 194,700 $ 174,728 $ 149,902

(I) Less lban ten years ofdata due to lbe implementation date ofGASB 34.

EXPENSES:Governmental activities:General government. , __ _ _..Finance•....... _....................................••...........................Public safety..........................................•..........._ .Public \vorks _. __ ,_ _._ ..............•..........._ .Health and welfare '" ..................•.............................Culture and recreation _...............•........................ , _ _.

Education..................................•.......•............................Interest expense _•.................•.................

Totnl Governmental activities expenses .

PROGRAM REVENUES:Charges for services:

General government.......................•.........................Finance............................••.........................................Public safety .Public \vorks........................•••.......•.............................Health and welfare '" ........•.......................................Culture and recreation.......•.............................................Education........................•........................•..................

Operating grants and contributions........•................................_Capital grnnts and contributions........•••..........................., .

Total Governmental activities program revenues........•..................

NET EXPENSE:Governmental activities......................•...............................

GENERAL REVENUES AND OTHER CHANGES IN NET ASSETS:Governmental activities:

Property taxes.....................••.......................•..................Grants and contributions not restricted to specific programs .Investment income........•........•.........................................Miscellaneous....................•.••...•..................•••................

Total Governmental activities .

CHANGE IN NET ASSETS:Governmental activities '" .

2010

lO,828798

33,80324,1l6

8,2148,631

177,0788,743

272,211

4,05529

5,4415,184

1914,4434,001

25,217887

49.448

(2".763)

223,7954,462

911332

229,500

6.737

row OFFA IR FIELD CONNECT1ClIT

CHANGES IN NET ASSETSLAST NINE YEARS (1)


FISCAL YEAR ENDED

2009 2008 2007 2006

15,865 10,002 9,390 9,6752,404 3,696 3,303 3,528

32,931 36,268 31,651 29,51620,146 21,033 18,851 21,9318,172 9,987 8,734 7,6228,468 8,576 8,197 8,075

167,843 180,540 140,313 134,3818,109 10,146 10,161 9,260

263,938 280,248 230,600 223,988

3,029 5,121 3,419 4,785348 255 431 307

5,254 4,916 4,543 4,0284,699 4,344 7,021 7,513

181 254 210 1224,894 5,280 4,407 3,0204,202 4~1l 3,497 3,352

22,649 49,319 15,125 14,7981,316 525 6,820 4,970

46,572 74,225 45,473 42,895

(217,366) (206.023) (185,127) (\81,093)

219,608 203~31 193,514 180,5753,919 3,962 3,760 3,782

736 2,964 3,297 1,120391 516 209 640

224,654 210,673 200,780 186,117

7288 4,650 15.653 5.024

2005 2004 2003 2002

10,344 1l,300 10,279 13,2543,156 2,950 2,809 3,063

25,479 24,167 23,497 21,99417,357 18,331 16,553 16,1997,518 6,926 6,133 5,6857,686 6.692 6,458 5,929

125,OlO 117,822 104,403 96,4858,057 6.719 5,948 4.580

204.607 194,907 176,080 167,189

5,158 4,277 2,732 1,908

432 415 326 32610,095 8,782 7,441 7,065

222 181 176 1902,882 2,988 2,775 2,8873,281 2,850 2,763 2,697

12,447 12,182 ll,764 lO,05313,127 24,399 2.550 2,756

47.644 56,074 30.527 27.882

(156.963) (l38,S33) (145,553) (139.307)

167,042 152,88S 145,393 133,0184,536 4,377 5,522 6,lO52,164 1,171 2,833 2,955

369 27 155

173,742 158.805 153.775 142.233

16,779 19.972 8222 2.926

(I) Less than ten years ofdata due to the implementation date ofGASB 34.

TOWN OF FAIRFIEI.D CONNECTlCl[f

FUND BALANCES, GOVERNMENTAL FUNDSLAST TEN YEARS


FISCAL YEAR ENDED JUNE 30,

00.......

GENERAL FUND:Reserved .Unreserved:

Designated ..Undesignated 'T' ••••••

Total unreserved... "0 •••••• '0_ ••• , ••••••••••••••••••••

TOTAL GENERAL FUND .

ALL OTHER GOVERNMETAL FUNDS:Encwnbrances _•...................Inventory......................•......................ComrnitInents "_ .Debt service fimds....•........._ .Endowment. .............•....•.....................Capital outlay .

Unreserved reported in:Special revenue funds..•...........................Capital funds .PelllUlllent funds .

TOTAL ALL OTHERGOVERNMENAL FUNDS ..

GRAND TOTAL ..

2010

1,076

12,286

12,286

13,362

11

12,40440870

2,790(22,459)

349

(6,427)

6,935

2009 2008 2007

954 1,989 2,628

500 1,10010,263 9,049 8,472

10,263 9,549 9,572

11,217 11,538 12,200

81 12 66

158 88 1,35270 70 70

1,964 1,403 1,105(11,693) (9,289) (26,556)

309 382 415

(9,111) 5,070 (23,548)

2,106 16,608 (11,348)

2006

2,937

1,8006,793

8,593

11,530

2,356(551)

70

(756)(47,149)

361

(45,667)

(34,137)

2005 2004 2003

2,157 2,118 2,182

2,653 3,059 6,9966,048 6,352 7,832

8,701 9,411 14,828

10,858 11,529 17,010

43 154 65947 43 50

24,904 48,275 40,703(920)385 415 363

634 794

(3,938) 2,981 4,408(87,100) (63,047) (78,341)

(66,579) (10,545) (31,364)

(55,721) 984 (14,354)

2002

1,739

4,5758,459

13,034

14,773

2824,184

3841,329

6,086(32,295)

(284)

14,489

2001

2,177

4,6587,515

12,173

14,350

1943

511

6,542(23,706)

(16,591)

(2,241)

TABLE 4TOWN OF FAIRFIELD CONNECTICUT

CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDSLAST TEN YEARS


FISCAL YEAR ENDED

2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

REVENUES:Properly taxes............................................................................. 224,354 218,781 $ 202,652 $ 192,784 181,083 $ 167,315 $ 153,247 $ 146,606 133,534 124,463Intergovernmental....................................................................... 30,895 28,178 54,234 26,262 23,880 29,192 40,850 18,766 18,192 18,252Charges for services..................................................................... 23,337 22,539 24,452 23,407 22,216 22,679 20,138 17,025 15,787 15,492Investment income....................................................... 908 1,301 2,559 2,557 1,120 1,603 1,218 1,805 2,093 2,883Contributions............ _..... ,....................... '" ................ 161 307 198 85 291Other........................................................................................... 332 391 516 209 640 596 232 734 304 254

TOTAL REVENUES........... , ....................................... '" 279,987 271,497 284,61l 245,304 229,230 221,385 215,685 184,936 169,910 161,344

EXPENDITURES:Current:General government..................................................................... 16,599 15,451 12,288 10,963 10,442 9,726 9,61l 9,701 10,266 9,524Finance........................................................................................ 4,487 3,579 3,385 3,108 3,318 3,039 2,870 2,755 3,009 2,906Puhlic safley................................................................................ 30,285 29,711 28,918 27,940 25,831 25,099 24,326 23,103 21,806 22,058Public works................................................................................ 17,992 18,385 19,124 17,529 17,636 17,104 17,517 17,191 15,082 14,229Health and welfure....................................................................... 7,826 8,047 9,243 7,897 7,393 7,497 6,904 6,050 5,626 5,829

Co Culture and recreation................................................... 7,902 7,959 8,005 7,345 7,435 7,419 6,493 6,441 5,754 6,137NEducation.................................................................. 163,892 161,797 179,313 139,970 131,282 121,028 Ilt,530 102,280 94,570 88,058

Capital outlay............................................................... It,398 10,086 9,182 15,591 34,547 68,614 65,728 62,227 28,793 21,642Debt service:Principal................................................................... 12,464 12,464 12,464 12,464 10,297 9,523 10,314 8,199 6,330 5,586Interest........................................................................................ 12,387 10,716 It,677 7,946 8,525 10,559 5,802 5,243 3,261 3,358

TOTAL EXPENDITURES................................................ 285,232 278,195 293,599 250,753 256,706 279,608 261,095 243,190 194,497 179,327

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES..................... '" ............ '" ................ (5,245) (6,698) (8,988) (5,449) (27,476) (58,223) (45,410) (58,254) (24,587) (17,983)

OTHER FINANCING SOURCES (USES):Issuance ofdebt........................................................................... 10,105 4,600 24,245 26,175 45,000 60,000 29,41l 40,000Issuance ofrefunding bonds.......................................................... 19,410 46,230 15,040 32,130 13,935Payment to refunded bond escrow agent.............................. (22,576) (49,251) (14,670) (33,202) (14,035)Discount on refunding bonds........................................................ (212) (31)Premium on bonds and notes ....................................................... 3,328 3,316 382 1,360 1,820 1,448Sale ofassets ............................................................................. 1,681 4,060Transfers in................................................................................ 4,398 4,862 4,714 3,001 4,728 3,099 6,805 1,066 2,480 969Transfers out.............................................................................. (4,591) (4,862) (4,714) (3,001) (4,728) (3,099) (6,805) (1,066) (2,480) (969)

NET OTHER FINANCING SOURCES (USES)....................... 10,074 4,600 24,540 28,238 49,060 1,518 60,748 29,4lt 41,317

NET CHANGE IN FUND BALANCES................................. $ 4,829 (2,098) $ 15,552 $ 22,789 $ 21,584 $ (56,705) $ 15,338 (28,843) 16,730 $ (17,983)

DEBT SERVICE AS A PERCENTAGE OF NONCAPITALEXPENDITURES....................................................... 9% 9% 9% 10% 17% 28% 27% 28% 16% 14%


ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTYLAST TEN YEARS


TABLES

REAL ESTATE PERSONAL PROPERTY TOTALPERCENTAGE

OF TOTALASSESSED

(3) (4) VALUE TO TOTALYEAR (I) (2) NET NET NET ESTIMATED TOTAL DIRECTENDED ASSESSED ESTIMATED ASSESSED ACTUAL ASSESSED ACTUAL ESTIMATED TAXJUNE 30 VALUE VALUE VALUE VALUE VALUE VALUE ACTUAL VALUE RATE

2001 $ 3,981,517 $ 8,750,585 $ 576,258 $ 823,225 $ 4,557,775 $ 9,573,810 47.61% 28.00

2002 4,002,515 8,781,158 598,676 855,252 4,601,191 9,636,410 47,75% 29.20

2003 6,588,547 10,136,226 626,950 895,643 7,215,497 1l,031,869 65.41% 20.3000'-'>

2004 6,622,632 12,662,699 560,324 800,463 7,182,956 13,463,162 53.35% 21.50

2005 6,651,032 13,885,244 613,702 876,717 7,264,734 14,761,961 49.21% 23.40

2006 6,700,980 14,891,100 643,665 919,521 7,344,645 15,810,621 46.45% 24.80

2007 1l,051,602 15,788,003 661,1l6 944,451 1l,712,718 16,732,454 70,00% 16.67

2008 11,160,586 15,943,694 678,738 969,626 11,839,324 16,913,320 70.00% 17.41

2009 1l,292,411 16,132,015 637,602 910,860 11,930,013 17,042,875 70.00% 18.58

2010 11,358,895 16,226,993 626,549 895,070 11,985,444 17,122,063 70.00% 18.90

Source: Town ofFairfield, Assessor's Office

Notes:(A) For fiscallyear 6/30/2007 to 6/30/2009, real estate values are based on the 2005 reassessment(8) Personal property is carried at a constant 70% assessment ratio and does not include exempt properties.

(I) Assessed values are net ofexemptions; real property revalued as ofOctober 2005 Grand List(2) Since real property is valued once every five years, sales ratios from The Office ofPolicy and Management are used to estimate current values.(3) Includes personal property, motor vehicle and supplemental motor vehicle assessments,(4) Assessment ratio, which is 70% ofmarket value, is used to estimate market value since personal property is revalued every year.

TABLE 6TOWN OF FAIRFIELD, CONNECTICUT

PRINCIPAL PROPERTY TAXPAYERSCURRENT YEAR AND NINE YEARS AGO

(UNAUDITED)

2010 ·2001

PERCENTAGE PERCENTAGENATURE OF ASSESSED NET TAXABLE ASSESSED NET TAXABLE

NAME BUSINESS VALUE RANK. GRAND LIST (I) VALUE RANK. GRAND LIST (I)

General Electric Company Corporate Headquarters $ 88,541,977 0.74% $ 64,190,000 1.43%

Kleban Holding Co Real Estate Investors 64,854,544 2 0.54%

Conn Light and Power Public Utility 60,597,975 3 0.50%

Lenoci, Alfred et als Real Estate Investors 57,095,924 4 0.48% 26,581,000 3 0.59%

Aquarion Water Co Public Utility 53,199,122 5 0.44% 49,881,000 2 1.11%

Southport Green Acquisition Real Estate Investors 25,277,750 6 0.21%

00Scinto, Robert D Real Estate Investors 24,234,140 7 0.20% 8,043,000 8 0.18%

-I:..

Jack, Bradley and Karin Residential Homeowner 23,310,460 0.19%

Roberts, Samuel et al Real Estate Investors 20,408,973 9 0.17% 18;682,000 4 0.42%

Trust Realty et als Real Estate Investors 18,150,300 10 0.15%

United TIluminating Company Electric Utility 11,076,000 5 0.25%

Garofalo Albert Real Estate Developer 10,047,000 7 0.22%

Handy and Harmon Precious Metals Processor 10,770,000 6 0.24%

Pollack, NonnanIWestfair Pollack Real Estae Developer 7,686,000 0.17%

BYS Wholesale Club Wholesale Merchandiser 7,610,000 10 0.17%

TOTAL $ 435,671,165 3.62% $ 214,566,000 4.78%

Source: Assessor's Office, Town ofFairfield

Based on the October 2009 and October 1999 Grand lists of $12,001,668,506 and $4,497,680,950, respectively.


TAX RATES, LEVIES AND CASH COLLECTIONSLAST TEN YEARS


TABLE 7

NET PERCENTAGE COLLECTIONS PERCENTYEAR (1) TOTAL CURRENT LEVY OF CURRENT IN OF CURRENTENDED MILL ADJUSTED TAX TAXES SUBSEQUENT TOTAL LEVY DELINQUENTJUNE 30 RATE TAX LEVY (1) COLLECTIONS COLLECTED YEARS COLLECTIONS COLLECTED BALANCE

2001 28.00 $ 123,558 $ 122,001 98.74% $ 1,554 $ 123,555 100.00% $ 3

2002 29.20 132,904 131,261 98.76% 1,639 132,900 100.00% 4

2003 20.30 144,836 143,833 99.31% 995 144,828 99.99% 8

00 2004 21.50 150,234 149,077 99.23% 1,151 150,228 100.00% 6v,

2005 23.40 166,371 165,003 99.18% 1,356 166,359 99.99% 12

2006 24.80 178,723 177,192 99.14% 1,403 178,595 99.93% 128

2007 16.67 191,857 190,021 99.04% 1,229 190,021 99.04% 142

2008 17.41 202,188 200,151 98.99% 1,363 201,514 99.67% 227

2009 18.58 218,377 215,786 98.81% 2,024 217,810 99.74% 572

2010 18.90 222,627 220,080 98.86% 220,080 98.86% 2,547

(1) Adjusted tax levy equals the tax levy after lawful corrections, abatements and transfers to suspense.

Source: Town ofFairfield Tax office

~~-_...~----

TOWN OF FAIRFIEIJD. CONNECTICUT

RATIOS OF OUTSTANDING DEBT BY TYPELAST TEN YEARS

(THOUSANDS, EXCEPT PERSONAL INCOME AND PER CAPITA)(UNAUDITED)

TABLE 8

YEAR GENERAL CLEAN PERCENTAGEENDED OBLIGATION WATER CAPITAL OF PERSONAL PERJUNE 30 BONDS NOTES LEASES TOTAL INCOME CAPITA

2001 $ 58,290 $ 4,040 $ 2,736 $ 65,066 0.16% $ 1,128

2002 93,815 3,789 2,432 100,036 0.10% 1,723

0087,810 32,949 2,128 122,887 0.08% 2,1290- 2003

2004 143,185 30,109 1,824 175,118 0.06% 2,998

2005 135,515 28,581 1,520 165,616 0.06% 2,836

2006 171,735 27,063 1,216 200,014 0.05% 3,425

2007 160,800 25,534 912 187,246 0.05% 3,206

2008 198,260 23,965 608 222,833 0.05% 3,815

2009 189,970 22,368 304 212,642 0.05% 3,671

2010 174,470 20,732 195,202 0.05% 3,392

YEARENDEDJUNE 30

2001

2002

200300~

2004

2005

2006

2007

2008

2009

2010

NOTE:

TABLE 9


RATIOS OF GENERAL BONDED DEBT OUTSTANDINGLAST TEN YEARS

(THOUSANDS, EXCEPT PER CAPITA)(UNAUDITED)

GENERAL OBLIGATION DEBT OUTSTANDINGPERCENTAGE OF

GENERAL CLEAN ACTUAL TAXABLEOBLIGATION WATER CAPITAL VALUE OF PER

BONDS NOTES LEASES TOTAL PROPERTY CAPITA

$ 58,290 $ 4,040 $ 2,736 $ 65,066 0.68% $ 1,128

93,815 3,789 2,432 100,036 1.04% 1,723

87,810 32,949 2,128 122,887 1.11% 2,129

143,185 30,109 1,824 175,118 1.30% 2,998

135,515 28,581 1,520 165,616 1.12% 2,836

171,735 27,063 1,216 200,014 1.27% 3,425

160,800 25,534 912 187,246 1.12% 3,206

198,260 23,965 608 222,833 1.32% 3,815

189,970 22,368 304 212,642 1.25% 3,671

174,470 20,732 195,202 1.14% 3,392

Details regarding the Town's outstanding debt can be found in the notes to the basic financial statements.

TOWN OF FAIRFIELD CONNECTICUT

SCHEDULE OF DEBT LIMITATIONCONNECTICUT STATUTES, SECTION 7-374(b)

FOR THE YEAR ENDED JUNE 30,2010(THOUSANDS)(UNAUDITED)

TAX BASE:Total tax collections (including interest and lien fees) .

REIMBURSEMENT OF REVENUE LOST ON:Tax Relief for Elderly Freeze Grant.. '" '" .

TOTALBASE .

$

$

TABLE 10

224,275

16

224,291

GENERALPURPOSE SCHOOLS SEWER

URBANRENEWAL

PENSIONDEFICIT

$ 197,281

DEBT LIMITATION:

2 1/4 times base................................................ $ 504,655 $ $ $4 1/2 times base................................................ 1,009,3103 3/4 times base................................................ 841,0913 114 times base................................. '" ............

Capital outlay.................................................

TOTAL LIMITATIONS..................................... 504,655 1,009,310 841,091

INDEBTEDNESS:Bonds........................................................ 17,957 155,922 591Bond anticipation notes .................................... 16,477 8,913Less scbool building grants and other grants ........... (2,028)Less sewer assessment receivable ....................... (551)

NET INDEBTEDNESS...................................... 34,434 162,807 40

DEBT LIMITATION IN EXCESS OF OUTSTANDINGDEBT......................................................... $ 470,221 $ 846,503 $ 841,051 $

The total net indebtedness above amounts to:

In no event shall total indebtedness exceed seven times the base for debt limitation computation:

There is no overlapping debt for the Town of Fairfield

88

728,946

728,946

728,946

$

$

$

672,873

672,873

672,873

1,570,037

TABLE 11


LEGAL DEBT MARGIN INFORMATIONLAST TEN YEARS


YEAR NET DEBT LEGAL TOTALENDED DEBT APPLICABLE DEBT NET DEBTJUNE 30 LIMIT TO LIMIT MARGIN APPLICABLE

2001 $ 2,079,730 $ 110,991 $ 1,968,739 5.34%

2002 2,205,857 162,785 2,043,072 7.38%

2003 2,450,106 244,804 2,205,302 9.99%

2004 2,527,508 263,990 2,263,518 10.44%

2005 2,795,993 275,351 2,520,642 9.85%

2006 2,795,993 275,351 2,520,642 9.85%

2007 3,216,102 188,844 3,027,258 5.87%

2008 3,384,237 206,195 3,178,042 6.09%

2009 3,654,617 202,378 3,452,239 5.54%

2010 3,756,875 197,281 3,559,594 5.25%

89

TABLE 12


DEMOGRAPHIC AND ECONOMIC STATISTICSLAST TEN YEARS

(UNAUDITED)

(2) (I) (3) (4)EDUCATION

LEVEL INYEAR YEARS OF

ENDED (I) PERSONAL PER CAPITA MEDIAN FORMAL SCHOOL UNEMPLOYMENTJUNE 30 POPULATION INCOME INCOME AGE SCHOOLING ENROLLMENT RATE

2001 57,666 $ 100,920 $ 42,894 41.0 N/A 8,042 1.50%

2002 58,049 100,290 42,897 41.0 N/A 8,248 1.50%

2003 57,715 100,290 45,108 40.0 N/A 8,772 3.40%

2004 58,407 100,290 45,108 40.0 N/A 8,723 4.10%

'0 2005 58,407 100,290 45,108 40.0 N/A 8,806 4.10%<::>

2006 58,407 100,290 45,108 40.0 N/A 9,207 2.90%

2007 57,930 100,920 45,108 38.5 N/A 9,424 3.70%

2008 57,548 100,920 43,670 38.5 N/A 9,709 4.50%

2009 56,852 106,184 49,702 38.5 N/A 9,880 6.70%

2010 56,544 106,184 49,702 38.5 N/A 10,032 7.50%

(I) Source: State of Connecticut, Department ofHealth Services, US Census.

(2) U.S. Department of Commerce, Bureau of the Census, 1993-1999. Connecticut Department of Economicand Community Development, 2000-2004.

(3) Town ofFairfield, Board ofEducation.

(4) Department ofLabor, State of Connecticut.

N/A - Information not available

TABLE 13

TOWN OF FAIRFIELD CQNNECTIqIT

PRINCIPAL EMPLOYERSCURRENT YEAR AND NINE YEARS AGO

(UNAUDITED)

2010 2001

PERCENTAGE PERCENTAGEOF TOTAL CITY OF TOTAL CITY

EMPLOYER EMPLOYEES RANK EMPLOYMENT EMPLOYEES RANK EMPLOYMENT

Town ofFairfield 1,956 7.42% 1,537 5.65%

Fairfield University 816 2 3.09% 710 2 2.61%

Sacred Heart University 644 3 2.44% 565 3 2.08%

General Electric Company 500 4 1.90% 550 4 2.02%

Carollon Hospital 350 5 1.33% 350 5 1.29%

Super Stop & Shop 313 6 1.19%

Home Depot 240 7 0.91% 180 9 0.66%

R. J. Bigelow Tea Co. 212 8 0.80% 200 0.73%

Helm Universal 140 9 0.53% 165 10 0.61%

BJ's Wholesale Club 135 10 0.51% 250 7 0.92%

Handy & Harman 250 6 0.92%

TOTAL 5,306 20.12% 4,757 17.48%

Source: Fairfield Chamber of Commerce.

91

TABLE 14

TOWN OF FAillFIELD CONNECTICUT

FULL-TIME EQUIVALENT TOWN GOVERNMENT EMPLOYEES BY FUNCTIONIPROGRAMLAST TEN YEARS ",

(UNAUDITED)

FUNCTION I PROGRAM 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

Administrative and General GovernmentBoard ofSelectman 5.00 4.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00Town Clerk 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00Administrative Services 1.00Registrar ofVoters 1.00 1.00 1.00 1.00 1.00· 1.00 1.00Town Planning and Zoning 6.00 6.60 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00Conservation 9.00 8.00 10.00 10.00 10.00 9.00 9.00 9.00 9.00 9.00Legal ServicesHuman Resources 4.00 4.00 4.00 3.00 3.00 3.00 3.00 4.00 4.00 4.00Community & Economic Development 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

FinanceFinance 8.00 8.40 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00Purchasing 3.00 2.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00Assessor 7.00 6.50 7.00 7.00 7.00 7.00 7.00 7.00 7.00 6.00Tax Collector 7.00 6.50 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00Information Systems 5.00 4.00 3.00 3.00 3.00 5.00 5.00 5.00 5.00 5.00

'0N

Public SafetyFire 98.00 95.00 97.00 97.00 96.00 98.00 88.00 101.00 92.00 89.00Police 112.00 108.00 114.00 114.00 112.00 111.00 114.00 112.00 110.00 112.00Animal Control 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00Emergency Communications Center 15.00 15.00 15.00 15.00 15.00 13.00 15.00 16.00 16.00 9.00

Public WorksPublic Works Administration 4.00 4.00 5.00 5.00 6.00 6.00 6.00 6.00 6.00 6.00Public Works Operations 76.00 70.00 79.00 79.00 78.00 80.00 79.00 78.00 78.00 78.00Building 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 7.00 6.00Engineering 7.00 7.00 7.00 7.00 6.00 6.00 6.00 6.00 6.00 5.00

Health. Social. Human ServicesHealth 33.00 32.00 34.00 33.00 33.00 33.00 32.00 30.00 30.00 30.00Social and Human Services 2.00 2.00 3.00 1.00 1.00 2.00 2.00 2.00 2.00 2.00Youth ServicesSolid Waste & Recycling 2.00 2.00 2.00 2.00 2.00 2.00 2.00 3.00 3.00 3.00

Library 31.00 30.00 31.00 31.00 29.00 30.00 30.00 30.00 30.00 30.00

RecreationParks and Recreation 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 5.00 5.00South Pine Creek Golf Course 1.00 1.00 1.00 1.00 1.00 1.00 2.00 2.00 2.00 2.00H. Smith Ricbardson Golf Course 6.00 6.00 6.00 6.00 6.00 6.00 5.00 5.00 5.00 5.00

GRAND TOTAL 465.40 446.00 474.00 470.00 464.00 468.00 461.00 471.00 459.00 449.00

Source: Town Human Resources Department

TABLE 15

TOWN OF FAIRFIEI.D CONNECTICUT

FULL-TIME EQUIVALENT EMPLOYEES BY FUNCTIONIPROGRAMLAST TEN YEARS

(UNAUDITED)

FUNCTION / PROGRAM 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

TOWN

Administrative and General Government.. .... 32.00 30.60 34.00 33.00 33.00 32.00 32.00 32.00 32.00 33.00

Finance............................................. 30.40 27.40 30.00 30.00 30.00 32.00 32.00 32.00 32.00 31.00

Public Safety.................................... '" 228.00 221.00 229.00 229.00 226.00 225.00 220.00 232.00 221.00 213.00

Public Works .................. '" ................. 94.00 88.00 98.00 98.00 97.00 99.00 98.00 97.00 97.00 95.00

Health. Social, Human Services................. 37.00 36.00 39.00 36.00 36.00 37.00 36.00 35.00 35.00 35.00

Libnuy.............................................. 31.00 30.00 31.00 31.00 29.00 30.00 30.00 30.00 30.00 30.00

Recreation.......................................... 13.00 13.00 13.00 13.00 13.00 13.00 13.00 13.00 12.00 12.00

'0 TOTAL............................................. 465.40 446.00 474.00 470.00 464.00 468.00 461.00 471.00 459.00 449.00w

BOARD OF EDUCATION

Teaching Staff.................. '" ................ 906.35 906.35 886.80 876.75 865.20 847.90 808.30 785.00 767.95 736.80

Administration..... , ................ ,.............. 44.80 44.80 44.80 43.80 43.80 43.60 39.80 38.80 36.80 32.60

Other Staff....... ,............. '" .......... ,...... 426.10 426.10 410.70 404.20 399.10 412.70 382.30 359.60 353.33 348.29

TOTAL............................................. 1,377.25 1,377.25 1,342.30 1,324.75 1,308.10 1,304.20 1,230.40 1,183.40 1,158.08 1,117.69

TOTAL............................................. 1842.65 1 77.25 1816.30 1794.75 1772.10 1,772.20 1691.40 1654.40 1 617.08 1,566.69

Source: Town and Board of Education Human Resource Departments.

TABLE 16


OPERATING INDICATORS BY FUNCTIONIPROGRAMLAST TEN YEARS

(UNAUDITED)

FUNCTION I PROGRAM 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

Public safetyFire

Incidents 8,947 9,038 6,141 7,759 9,458 N/A N/A N/A N/A N/AUnit responses 15,399 15,111 10,525 13,308 19,021 N/A N/A N/A N/A N/AFire Marshall Inspections 959 845 577 710 1,168· N/A N/A N/A N/A NlA

PoliceCriminal arrests 1,817 814 1,826 1,362 1,084 1,151 1,269 1,329 1,447 N/AParking violations 8,549 8,413 10,086 9,902 9,332 9,516 8,478 6,905 6,690 7,113Citations 4,286 5,532 6,116 5,649 5,445 5,278 4,750 3,774 4,500 N/A

Public worksStreet resurfacing (paved miles) 7.19 9.59 11.96 17.07 10.60 8.80 8.01 9.97 8.86 5.08Potholes repaired 4,554 2,875 2,260 1,553 2,127 3,759 2,687 3,154 697 1,087

Refuse collectionRefuse collected (tons per day) 96.85 90.87 133.10 144.56 149.51 175.26 160.33 133.21 122.47 130.69

'0 Recyclables collected (tons per day) 65.55 4.84 5.38 5.68 7.22 7.79 8.06 7.32 8.30 8.39~

Parks and recreationFitness Center daily admissions 142 126 162 298 351 317 272 241 173 165

LibraryVolumes in collection 349,377 353,279 N/A 345,274 331,526 337,262 337,334 382,953 379,471 297,024Total volumes borrowed 1,004,417 996,000 933,948 885,493 873,055 714,171 722,443 831,186 754,272 692,267

EducationSchool enro1hnent 10,032 9,880 9,709 9,424 9,195 8,957 8,723 8,480 8,284 8,042

Source: Various Town Departments.

NIA - Information not available

TABLEt7


CAPITAL ASSET STATISTICS BY FUNCTIONIPROGRAMLAST TEN YEARS

(UNAUDITED)

FUNCTION / PROGRAM 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

PARKS AND RECREATION:

Playgrounds 25 24 24 24 24 23 23 23 23 23Baseball/softball diamonds 24 24 24 24 24 23 23 23 22 22Soccer/football fields 19 19 19 19 19 16 13 13 13 13Community centers I I I I I I I I I I

PUBLIC SAFETY:

Fire Stations 5 5 5 5 5 5 5 5 5 5Police department

Stations I I I I I I I I I IPatrol units 24 21 21 21 21 21 21 21 21 21

PUBLIC WORKS:

Highway depa!"IDent

'0Streets (miles) 273 273 273 273 273Vt 273 273 273 N/A N/A

Streetlights 4,172 4,172 4,171 4,168 4,155 4,150 4,146 4,138 N/A N/A

Wastewater

Sanitary sewers (miles) 187.16 187.00 187.00 187.00 187.00 187.00 187.00 187.00 187.00 187.00Storm sewers (miles) 126.1 125.73 125.31 124.75 124.57 124.16 123.53 123.16 122.41Treatment capacity (thousands ofgallons/day) 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000

LIBRARIES:

Number ofpublic libraries 2 2 2 2 2 2 2 2 2 2

EDUCATION:

High schools 2 2 2 2 2 2 2 I I IMiddle schools 3 3 3 3 3 3 3 3 3 3Elementary schools II II II II II II 10 10 10 10

Source: Town capital asset records and various Town Departments.

N/A - Information not available

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