comprehensive annual financial report · the finance department is pleased to present the...

COMPREHENSIVE

ANNUAL FINANCIAL REPORT

of the

TOWN OF FAIRFIELD,

CONNECTICUT

FOR THE YEAR ENDED

JUNE 30, 2009

PREPARED BY:FINANCE DEPARTMENT

PAUL H. HILLER, JR.FISCAL OFFICER

TOWN OF FAIRFIELD. CONNECTICUT

COIvlPREHENSNE ANNUAL FINANCIAL REPORTAS OF AND FOR THE YEAR ENDED JUNE 30, 2009

TABLE OF CONTENTS

ThITRODUCTORYSECTION

TRANSMITTAL LETTER..................................................................................................................................... 1

ORGANIZATION CIIART 4

PRINCIPAL MlJNlCIPAL OFFICIALS 5

CERTIFICATE OF AClllEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTINGFOR THE YEAR ENDED JUNE 30, 2008 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 ACTNITIES 19

FUND FINANCIAL STATEMENTS:

C BALANCE SHEET AND RECONCILIATION OF FUND BALANCE TONET ASSETS OF GOVERNMENTAL ACTMTIES - 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 ACTMTIES............................................................................................................ 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 FAIRFlELD, CONNECTICUTTABLE OF CONTENTS (CONTlNUED)

NOTES TO BASIC FINANCIAL STATEMENTS

L NOTES TO BASIC FINANCIAL STATEMENTS 31

REQUIRED SUPPLEMENTARY INFORMATION

RSI 1- SCflEDULE OF FUNDING PROGRESS 61

RSI2 - SCflEDULE OF EMPLOYER CONTRIBUTIONS ~.................. 63

SCflEDULES

SUPPLEMENTAL SCflEDULES

GENERAL FUND:

1 COMPARATNE BALANCE SflEET....................................................................................................... 64

2 SCflEDULE OF REVENUES AND OTflER FINANCING SOURCES -BUDGET AND ACTUAL...................................................................................................................... 65

3 SCflEDULE OF EXPENDITURES AND OTflER FINANCING USES -BUDGET AND ACTUAL...................................................................................................................... 66

4 SCflEDULE OF EXPENDITURES - BOARD OF EDUCATION - BUDGET AND ACTUAL 68

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

NONMAJOR GOVERNMENTAL FUNDS:

6 COMBINING BALANCE SflEET 70

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

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

9 SCflEDULE OF CHANGES IN SEWER ASSESSMENT RECEIVABLE............................................. 77

FIDUCIARY FUNDS:

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

CAPITAL ASSETS USED IN TfIE OPERATION OF GOVERNMENTAL FUNDS:

11 SCflEDULE BY FUNCTION AND ACTIVITY 79

12 SCflEDULE OF CHANGES BY FUNCTION AND ACTIVITY 80

TOWN OF FAIRFIELD, CONNECTICUTTABLE OF CONTENTS (CONTINUED)

TABLE

STATISTICAL SECTION

1 NET ASSETS BY COMPONENT 81

2 CHANGES IN" NET ASSETS 82

3 FUND BALANCES, GOVERNJ\tfENTAL FUNDS 84

4 CHANGES IN" FUND BALANCES, GOVERNJ\tfENTAL FUNDS......................................................... 85

5 ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY................................ 86

6 PRmCIPAL PROPERTY TAXPAYERS 87

7 TAX RATES, LEVIES AND CASH COLLECTIONS 88

8 RATIOS OF OUTSTANDIN"G DEBT BY TYPE...................................................................................... 89

9 RATIOS OF GENERAL OBLIGATION DEBT OUTSTANDIN"G 90

10 SCHED1JLE OF DEBT LIMITATION 91

11 LEGAL DEBT MARGIN" INFORMATION (LAST TEN YEARS)......................................................... 92

12 DEMOGRAPHIC AND ECONOMIC STATISTICS 93

13 PRmCIPALEMPLOYERS........................................................................................................................ 94

14 F1JLL-TIME EQUIVALENT TOWN GOVERNJ\tfENT EMPLOYEES BYFUNCTIONIPROGRAM 95

15 F1JLL-TIME EQUIVALENT EMPLOYEES BY FUNCTIONIPROGRAM........................................... 96

16 OPERATIN"G IN"DICATORS BY FUNCTIONIPROGRAM.................................................................... 97

17 CAPITAL ASSET STATISTICS BY FUNCTIONIPROGRAM 98

IntroductorySection

Sullivan Independence Hall725 Old Post Road

December 24, 2009

Fairfield, Connecticut 06430Finance Department

(203) 256·3065FAX (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, 2009. 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 fmancialstatements 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: (1) the cost ofa 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 fmancialposition and results of operations as measured by the fmancial activity of its various funds. All disclosuresnecessary to enable the reader to gain an understanding ofthe Town's fmancial activities have been included.

Kostin, Ruffkess & Company, LLC, a public accounting fmn fully licensed and qualified to perform audits ofmunicipalities within the State of Connecticut, have audited the fmancial statements. The goal of the independentaudit was to provide reasonable assurance that the fmancial statements of the Town of Fairfield, Connecticut forthe fiscal year ended June 30, 2009, are free ofmaterial 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 overall 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 fmancial statements for the fiscal yearended June 30,2009, are fairly presented in conformity with GAAP. The independent auditors' report is presentedas the first component ofthe fmancial section ofthis report.

The independent audit of the fmancial 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 offederal 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 oftransmittal 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 ofthe independent auditors.

Profile of the Town ofFairfield

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 (1-95), 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 2009 population was56,852. 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 fmancial 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 armual budget serves as the foundation for the Town's fmancial plarming and control. The Town maintainsbudgetary controls with the objectives to ensure compliance with legal provisions embodied in the armualappropriated 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 fmancial 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. Fairfield hasbeen fortunate that unemployment and foreclosure rates are significantly below regional, state and national levels.Vacancy levels for both retail and office space are well below regional, state and national levels, though beginningto feel the impact of the downturn in the national economy. Plarming for the development of the third train stationalong with the adjacent 930,000 square feet of commercial development has been curtailed as a direct result of theeconomic downturn. Construction of the bridge over the railroad tracks, along with the construction of the relatedcommuter platforms, being managed by the State of Connecticut, Department of Transportation has commenced,and is being constructed ahead of schedule. It is anticipated that the bridge, commuter platforms and depot will befmished prior to the end of201O.

2

Residential housing values throughout the Town have begun to decrease, though much more modestly than ratesthat have been seen at state and national levels. Building permits for residential and commercial development havecontinued to see a decline from levels recorded within past years.

Fairfield is exceedingly well positioned to accept and meet the challenges posed by the 21st 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 reconfmned theirhighest ratings on Fairfield during the past year.

Long-Term Financial Planning.

The Town issued $4,600,000 in long term debt during fiscal year 2009. Finally, the Town intends to issue longterm debt during fiscal year 2011 which will conclude this debt issuance for an extensive capital projects programcommenced during fiscal year 2003. The Town is currently involved in the expansion and renovation ofStratfieldElementary School, the oldest Elementary School in Town. Additionally, initial funding has been approved fordesign purposes for the expansion ofFairfield Woods Middle School to meet increased enrollment needs.

Relevant Financial Policies

The Town's fmancial policies have been applied consistently with the prior year and had no notable current yeareffect on the fmancial 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 fmancial report (CAFR) for the fiscal year endedJune 30,2008. This was the eighth consecutive year that the Town has achieved this prestigious award. In orderto be awarded a Certificate of Achievement, the Town published an easily readable and efficiently organizedcomprehensive annual fmancial 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 fmancial 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 offmancial accountability.

Respectfully submitted,

J22~, ~ rPaul H. Hiller, Jr.Fiscal Officer

3

-l:>..


ORGANIZATION CHART


PRINCIPAL OFFICIALSJUNE 30, 2009

BOARD OF SELECTMAN

Kenneth A. Flatto, First SelectmanRalph A. Bowley

Sherri A. Steeneck

BOARD OF FINANCE

Kevin P. Kiley, ChairmanThomas M. Flynn, Vice-Chairman

Mary E. LeClerc, SecretaryRobert B. Bellitto, Jr.

Christopher W. DeWittRobert Mayer

Robert S. StoneMichael C. Tetreau

Deborah Zieff

ADMINISTRATION

Town Clerk Elizabeth P. BrowneTown Attorney Richard H. SaxlFiscal Officer Paul H. Hiller, JrPublic Works Director Richard J. White, Jr.Police Chief David J. PeckFire Chief Richard S. FelnerDirector of Human Resources Mary Carroll-MiryleesHealth Director Sands ClearyTown Librarian Maura P. RitzPlanning 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

Catherine C. Albin, ChairmanJohn Mitola, Vice Chairman

Stacey Zahn, SecretarySue Braud

Helen DodsonSue Dow

Pamela IaconoBrenda KupchickDavid F. Weber

Ann Clark, Superintendent of Schools

5

Certificate ofAchievementfor Excellence

in FinancialReporting

Presented to

Town of Fairfield

ConnecticutFor its Comprehensive Annual

Financial Report

for the Fiscal Year Ended

June 30, 2008

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

systems whose comprehensive annual financialreports (CAFRs) achieve the higheststandards in government accounting

and financial reporting.

President

Executive Director

6

FinancialSection

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

b()STIN,RQFFKESS

& COMPANY, LLCBusiness 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 financial 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, 2009, which collectively comprise the Town's basic financial 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 financial 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 financial position of the governmental activities, each major fund, and the aggregate remainingfund information of the Town ofFairfield, Connecticut, as ofJune 30,2009, and the respective changes infmancial 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 ofAmerica.

In accordance with Government Auditing Standards, we have also issued our report dated December 28,2009, on our consideration of the Town's internal control over financial 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 ofmanagement 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 International • Amertcan Institute of Certified Public Accountants

An Equal Opportunity Employer

~~STIN,~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 financial 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 [mancial 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 [mancial 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 of the basic [mancial statements and, accordingly, we express no opinion on them.

Farmin~on,Connecticut

December 28, 2009

8

Sullivan Independence Hall725 Old Post Road

COIofun of Jffairfi£loFairfield, Connecticut 06430

Finance Department

MANAGEMENT'S DISCUSSION AND ANALYSISJUNE 30, 2009

(THOUSANDS)

(203) 256·3065FAX (203) 256·3080

As management of the Town of Fairfield, Connecticut, we offer readers of the Town of Fairfield's financialstatements this narrative overview and analysis of the fmancial activities of the Town for the fiscal year endedJune 30, 2009. 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 $244,650 (netassets). Unrestricted net assets, the amount that may be used to meet the Town's ongoing obligations tocitizens and creditors, was $3,435 at June 30, 2009.

• The Town's total net assets increased by $7,042. The increase was attributable to the completion ofconstruction of the Town's $200,000 school building projects and the effect of debt service payments inexcess ofnew debt issued.

• As of the close of the current fiscal year, the Town's governmental funds reported combined ending fundbalances of $2,106, a decrease of $2,098 in comparison with the prior year. The decrease was duesubstantially to the activity of the capital projects funds, which have yet to be permanently fmanced.

• At the end of the current fiscal year, unreserved and undesignated fund balance for the general fund was$10,263 or 4.05% of total general fund expenditures and other fmancing uses. This figure represents a13.4% increase over the previous fiscal year.

• The Town of Fairfield's total bond/note debt decreased by a net of $9,887 (4.45%) during the current fiscalyear due to principal payments made during the year net of bond proceeds of $4,600.

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 fmancial statements comprise three components: 1) government-wide financialstatements, 2) fund fmancial statements, and 3) notes to the basic fmancial statements. This report also containsother supplementary information in addition to the basic fmancial statements themselves.

Government-wide financial statements. The government-wide financial 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 financial position of the Town is improving or deteriorating.

9

MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)

The statement of activities presents infonnation 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 financial 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 finance-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-tenn inflows and outflows ofspendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Suchinfonnation may be useful in evaluating a Town's near-tenn fmancing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it isuseful to compare the infonnation presented for governmental funds with similar infonnation presented forgovernmental activities in the government-wide fmancial statements. By doing so, readers may better understandthe long-tenn impact of the Town's near-tenn fmancing 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. Infonnation 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. Individual fund datafor each of these nonmajor governmental funds is provided in the fonn 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. Internal 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 financial 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 infonnation that is essential to a fullunderstanding of the data provided in the government-wide and fund financial statements.

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

The combining statements referred to earlier in connection with nonmajor governmental funds are presentedimmediately following the required supplementary infonnation 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. In the case ofthe Town, assets exceeded liabilities by $244,650 at the close ofthe most recent fiscal year.

By far the largest portion of the Town's net assets (98.44%) 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 of related 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, 2009(THOUSANDS)

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

TOTAL ASSETS .

Long-tenn liabilities outstanding .Other liabilities .

TOTAL LIABILITIES .

2009 2008

$ 64,184 $ 60,428466,142 461,612

530,326 522,040

215,759 221,41069,671 63,022

285,430 284,432

Net assets:Invested in capital assets, net of

related debt .Restricted ..Unrestricted .

TOTAL NET ASSETS .

240,836379

3,681

$ 244,896

229,184452

7,972

$ 237,608

An additional portion of the Town's net assets of $379 represents resources that are subject to external restrictionson how they may be used. The remaining balance of unrestricted net assets is $3,435.

II


The Town's net assets increased by $7,042 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)

2009 2008

REVENUES:Program revenues:

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

General revenues:Property taxes .Grants and contributions not

restricted to specific programs ..Investment income ,Miscellaneous .

TOT~ REVENUES .

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

TOT~ EXPENSES .

CHANGE IN NET ASSETS .

NET ASSETS - JULY 1 .

NET ASSET - JUNE 30 .

12

$ 22,60722,649

1,316

219,608

3,919736391

271,226

15,8652,404

32,93120,146

8,1728,468

167,8438,109

263,938

7,288

237,608

$ 244,896

$ 24,38149,319

525

203,231

3,9622,964

516

284,898

10,0023,696

36,26821,033

9,9878,576

180,54010,146

280,248

4,650

232,958

$ 237,608


• Property taxes increased by $16,377 during the year due to the increase in the demand for services adopted inthe 2009 expenditure budget.

• Operating grants and contributions decreased by $25,879 primarily due to the decrease in the on-behalfamount for State Teachers' Retirement contribution ($20,376) and decreased state education grant funding forboth regular and special education.

• Public safety expenses decreased by $3,321 due to reduced capital expenditures in the Fire Department and aconcerted effort to curtail all costs and overtime payroll throughout the Public Safety Departments as a resultof the economic downturn.

• Health and welfare expenses decreased by $1,815 due to the reduction in related operating grants received inthe prior year.

• Education expenses decreased by $12,639 due to the decrease in the due to an increase in the State Teachers'Retirement contribution ($20,376) net with the increase in the appropriated budget substantially as a result ofsalary and benefit contractual obligations.

Financial Analysis of the 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. In 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 $2,106, a decrease of $2,098 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 $1,035, (2) debt service $158 and (3) endowments $70.

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 $10,263, while total fund balance was $11,217. As a measureof 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 4.05% of total general fundexpenditures, while total fund balance represents 4.43% ofthat same amount.

Capital Projects Funds have intergovernmental revenue of $552 during the year related to the school constructiongrants and transfers in of $3,115. Expenditures totaled $10,667. There was $4,600 of debt issued related to theschool construction projects. The fund balance decreased from $(9,289) to $(11,693) at June 30, 2009.

Proprietary fund. Unrestricted net assets of the Internal Service Fund at the end of the year amounted to$(5,223), a decrease of $2,198 from the balance at June 30, 2008 of $(3,025). This change was substantially dueto contributions to the Town and Police and Fire OPEB Trust Funds and increases in Workers' Compensationliability.

13


General Fund Budgetary Highlights

Differences between the original budget and the final amended budget were not significant ($76) and were fundedfrom revised revenue appropriations. Significant budgetary variances were as follows:

• Investment income was under budget by $768 due to a decrease in fair value of certain investments, anddecrease in investible amount and the decrease in interest rates over the prior year levels.

• Charges for services was under budget by $2,429 due to dramatically reduced revenue in conveyance tax andbuilding permits as a result of the slow housing market.

• General government expenditures were under budget by $816 due to reduction in force within virtually allrelated departments.

• Public safety was under budget by $428 due to substantial reduction in police department maintenanceexpenditures.

• Health and welfare was under budget by $835 due primarily to reduction in force and control of expenditures.

Capital Assets and Debt Administration

Capital assets. The Town's investment in capital assets for its governmental activities as of June 30, 2009,amounts to $466,142 (net of accumulated depreciation). This investment in capital assets includes land, landimprovements, buildings, building improvements, machinery and equipment, vehicles, and infrastructure. Theincrease in the Town's net capital assets for the current fiscal year was $4,530 or .98%.

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

• Construction in progress decreased by $197,528 primarily due to the recording of $208,468 of completedprojects as building asset additions. There is a corresponding increase in buildings of $200,445 compared toprior year.

• Infrastructure improvement totaled $3,544 for continued investment In road reconstruction and bridgereplacement.

• Machinery and equipment increased by $1,107 due to replacement and expansion of the Public works fleet.

14


TOWN OF FAIRFIELDCAPITAL ASSETS - NET

(THOUSANDS)

2009 2008

Land.............................. $ 37,508 $ 37,508Assets held for resale .......... 909 909Construction in progress ....... 24,541 222,069Buildings ......................... 338,005 137,560Furniture and equipment....... 7,145 6,892Vehicles.......................... 3,624 3,881Infrastructure.................... 54,410 52,793

TOTAL................................... $ 466,142 $ 461,612

Additional infoIIDation on the Town's capital assets can be found in Note m. C.

Long-term debt. At the end of the current fiscal year, the Town had total bonds and notes outstanding of$212,338. All of this amount comprises debt backed by the full faith and credit of the Town. This debt will bepartially retired by $2,443 in State of Connecticut grants for school building projects.

Town of Fairfield. Connecticut

Governmental ActivitiesGeneral Obligation Bonds/Notes

2009 2008

General obligation bonds............... $ 189,970 $ 174,500Clean Water notes payable............ 22,368 23,965Bond anticipation notes ................ 23,760

Total. ...................................... $ 212.338 $ 222,225

The Town's total debt decreased by $9,887 (4.45%) during the current fiscal year due to the issuance of $4,600 ofbonds, net of $14,487 in scheduled principal payments.

The Town's short-teIID debt increased from $11,605 to $15,485 during the year due to the issuance of bondanticipation notes related to the school construction projects.

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 $1,527,302, which is significantly in excess ofthe Town's outstanding general obligation debt.

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

Economic Factors and Next Year's Budgets and Rates

• The unemployment rate for the Town as of June 2009 was 6.7%, which is an increase from last year of 4.5%.This is comparable to the state's average unemployment rate of 7.9%.

• 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 2010 fiscal year.

During the current fiscal year, unreserved fund balance in the general fund increased to $10,263.

Requests for Information

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

16

Basic FinancialStatements


STATEMENT OF NET ASSETSJUNE 30, 2009(THOUSANDS)

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

Other assets ..

Total current assets ..

Noncurrent assets:

Restricted assets:Temporarily restricted investments ..Permanently restricted investments ..

Total restricted assets .

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

Total receivables (net) ..

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

Total other noncurrent assets ..

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

Total capital assets (net ofaccumulated depreciation) ..

Total noncurrent assets .

TOTAL ASSETS .

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

17

EXHIBIT A(Ion)

GOVERNMENTALACTIVITIES

$ 13,29832,640

2,850354

1,921103

1,95377

53,196

30970

379

1,789862

2,2871,062

6,000

4,051558

4,609

37,508909

24,541338,005

7,1453,624

54,410

466,142

477,130

530,326

(Continued)


STATEMENT OF NET ASSETSJUNE 30, 2009

(THOUSANDS)

LIABILITIES

LIABILITIES:Current liabilities:

Accounts payable .Accrued payroll and related liabilities ..Accrued interest payable .Unearned revenue .Bond anticipation notes .Other .Bonds and notes payable ..Capital leases '" .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 '" .

EXHIBIT A(20f2)


$ 9,6348,2524,1236,684

15,4853,998

15,169304723520

4,779

69,671

198,1402,893

3939,9274,406

215,759

285,430

240,836

70309

3,681

TOTAL NET ASSETS ..


18

$ 244,896

(Concluded)


STATEMENT OF ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)

EXHIBITB

NET EXPENSESAND CHANGES IN

PROGRAM REVENUES NET ASSETS

OPERATING CAPITAL TOTALCHARGES FOR GRANTS AND GRANTS AND GOVERNMENTAL

FUNCTIONSIPROGRAMS EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS ACTIVITIES

GOVERNMENTAL ACTMTIES:General government.. ................. ,.......... $ 15,865 $ 3,029 $ $ $ (12,836)Finance............................................. 2,404 348 (2,056)Public safety....................................... 32,931 5,254 342 45 (27,290)

Public works...................................... 20,146 4,699 1,271 (14,176)

Health and welfare............................... 8,172 181 779 (7,212)

Culture and recreation...... '" ........ , ......... 8,468 4,894 307 (3,267).... Education.......................................... 167,843 4,202 21,221 (142,420)'0Interest expense................................... 8,109 (8,109)

TOTAL GOVERNMENTAL ACTIVITIES..... $ 263,938 $ 22,607 $ 22,649 $ 1,316 $ (217,366)

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 1,2008 .

NET ASSETS - JUNE 30,2009 , , .


$

$

219,6083,919

736391

224,654

7,288

237,608

244,896

TOWN OF FAIRFIELD. CONmCTJCUI

BALANCE SHEETGOVERNMENTAL FUNDS


EXHIBITC(lof2)

GENERALCAPITAL

PROJECTS

OTHERGOVERNMENTAL

FUNDS

TOTALGOVERNMENTAL

FUNDS

$ 754 $11,105 4,060

1,076878

1,18976

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 ..

$ 12,544 $12,562

4,050

543

1,1157,923

$ 38,737 $

$ 4,286 $8,2521,0799,905

2,8341,164

27,520

11,105

3,957

3,356

15,485

22,798

$

$

8,072

662

2,3712,457

5,490

$

$

13,29827,727

4,0501,0761,4211,1891,1917,923

57,914

8,9058,2526,806

12,36215,4852,8341,164

55,808

Fund Balances:Reserved for:

Encumbrances ..Debt service fund .Endowments .

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

Total Fund Balances ..

TOTAL LIABILITIES AND FUND BALANCES . $

954

10,263

11,217

38,737 $

(11,693)

(11,693)

11,105

81 1,035158 15870 70

10,2631,964 1,964

(11,693)309 309

2,582 2,106

$ 8,072 $ 57,914

(Continued)


20

TOWN OF FAffiFIELD. CONNECTICUT

RECONCILIATION OF FUND BALANCETO NET ASSETS OF GOVERNMENTAL ACTIVITIES


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

TOTAL FUND BALANCE (EXHlBIT C, PAGE I) .

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

Beginning capital assets .Current capital asset additions .Depreciation expense .Disposal and sale ofcapital 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 communi1y development block grant receivable - accrual basis change .School building grant receivable .AIlowance for doubtful accounts .Net pension asset .Other .

lNTERNAL SERVICE FUNDS ARE USED BY MANAGEMENT TO CHARGE THE COST OFMEDICAL lNSURANCE PREMIUMS TO INDIVIDUAL DEPARTMENTS:

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

SOME LIABILITIES, lNCLUDlNG 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 .Capital leases .Compensated absences .Heart and hypertension .Net OPEB obligation .Accrued interest payable .

NET ASSETS OF GOVERNMENTAL ACTIVITIES .


21

$

$

EXHIBITC(2of2)

2,106

461,61216,360

(11,430)(400)

1,2255,6782,787(520)

4,051596

(4,977)

(212,338)2,911

(3,882)(304)

(3,616)(913)

(9,927)(4,123)

244,896

(Concluded)

TOWN OF FAffiFIEW, CONNECTICUT

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS

FOR THE YEAR ENDED JUNE 30, 2009(THOUSANDS)

EXHIBITD

OTHER TOTALCAPITAL GOVERNMENTAL GOVERNMENTAL

GENERAL PROJECTS FUNDS FUNDS

REVENUES:Property taxes........................................................................... $ 218,781 $ $ $ 218,781

IntergovernmentaL.................................................................. 20,508 552 7,118 28,178Charges for services.................................................................. 12,132 10,407 22,539

Income from investments........................................... 1,282 19 1,301

Contributions............................................................................ 307 307

Other......................................................................................... 144 80 167 391

TOTAL REVENUES................................................... 252,847 632 18,018 271,497

EXPENDITURES:Current:

General government. ................................................................. 15,335 116 15,451

Finance...................................................................................... 3,579 3,579

Public safety.............................................................................. 29,227 484 29,711Public works............................................................................. 14,395 3,990 18,385

Health and welfare.................................................................... 7,280 767 8,047

Culture and recreation.............................................................. 7,038 921 7,959

Education.............................................................. 151,011 581 10,205 161,797

Capital outlay.............................................................................. 10,086 10,086

Debt service....... ,.................................................... 21,544 1,636 23,180

TOTAL EXPENDITURES............................................ 249,409 10,667 18,119 278,195

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES................................................... 3,438 (10,035) (101) (6,698)

OTHER FINANCING SOURCES (USES):Issuance ofdebt. ........................................................................ 4,600 4,600Transfers in............................................................ 269 3,115 1,478 4,862

Transfers ou!............................................................................ (4,028) (84) (750) (4,862)

NET OTHER FINANCING SOURCES (USES)................... (3,759) 7,631 728 4,600

NET CHANGE IN FUND BALANCES............................. (321) (2,404) 627 (2,098)

FUND BALANCES - JULy 1,2008 ... .............................. 11,538 (9,289) 1,955 4,204

FUND BALANCES - JUNE 30, 2009............................... $ 11,217 $ (11,693) $ 2,582 $ 2,106


22

EXHIBITE(1of2)


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


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)... -:;$'--__(>:;.2,a..:;.09:,.:8:.t..)

Governmental funds report capital outlays as expenditures. However, in the Statement ofActivities 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 '" '" '" .Depreciation expense '" '" .

Total '" '" '" '" .

The net effect ofvarious miscellaneous transactions involving capital assets (i. e., sales, trade-ins and donations)is to increase net assets. In the Statement ofActivities, only the loss on 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 '" '" .

Revenues in the Statement ofActivities that do not provide current fmancial 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 cornmunity development block grant receivable - accrual basis change .Change in property tax and sewer assessment interest and lien revenue '" .Change in property tax and sewer assessment allowance for doubtful accounts '" .

Total '" '" '" '" .

The issuance oflong-term debt (e.g., bonds, leases) provides current fmancial resources to governmental funds,while the repayment of the principal of long-term debt consumes the current fmancial resources ofgovernmentalfunds. 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 frrst issued, whereas these amounts aredeferred and amortized in the Statement ofActivities. The details of these differences in the treatment oflong-term debt and related items are as follows:

Debt issued or incurred:General obligation bond '" .Deferred charges '" '" '" .Bond premium '" '" .Net OPEB obligation '" '" .Other '" .Principal repayments:

General obligation bonds ..Capital lease payable '" .

Total .

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

23

16,360(11,430)

4,930

(400)

(601)827211

(4)

433

(4,600)(377)(288)

(3,689)72

14,487304

5,909

(Continued)

TOWN OF FAJRFffiLD. CONNECTICUT

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


Some expenses reported in the Statement ofActivities 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) .Accrued interest payable .

Total .

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

The net revenue of the activities of the Internal Service Fund is reported with governmental activities .

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

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

24

EXHIBITE(2 of 2)

$ (177)480

(134)297

466

(1,963)

11

$ 7,288

(Concluded)

TOWN OF FAffiFlliLD, CONNECTICUT

GENERAL FUNDSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE

BUDGET AND ACTUALFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)

EXHffiITF

REVENUES:

ORIGINALBUDGET

FINALBUDGET ACTUAL

VARIANCEWITHFINAL

BUDGET

Property taxes '" .Intergovernmental .Charges for services .Income from investments .Other .

TOTAL REVENUES .

EXPENDITURES:

$ 218,595 $ 218,595 $ 218,781 $ 1869,345 9,421 9,136 (285)

14,561 14,561 12,132 (2,429)2,050 2,050 1,282 (768)

214 214 144 (70)

244,765 244,841 241,475 (3,366)

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

Debt service '" .

TOTAL EXPENDITURES .

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES .

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

NET OTHER FINANCING SOURCES (USES) .

NET CHANGE IN FUND BALANCES .

FUND BALANCE - JULY 1,2008 .

FUND BALANCE - JUNE 30, 2009 .

15,3263,536

29,21614,4417,2737,047

139,02821,544

237,411

4,064

409269

(4,028)

(3,350)

714 $

9,549

$ 10,263

816388428547835463586

74

4,137

771

(500)40934

(57)

714

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

25

TOWN OF FATRFIELD. CONNECTICUT

STATEMENT OF NET ASSETSPROPRIETARY FUNDS


Investments .Receivables .

TOTAL ASSETS .

LIABILITIES

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

Total current liabilities .

Noncurrent liability:Claims payable .

TOTAL LIABILITIES .

NET ASSETS

Unrestricted '" .


26

$

$

EXHIBITG


INTERNALSERVICE FUNDS

5,292762

6,054

64,7791,840

6,625

4,406

11,031

(4,977)


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


OPERATING REVENUES:Charges for services .

OPERATING EXPENSES:Claims incurred .Contribution to OPEB fund .Administration .

TOTAL OPERATING EXPENSES '" .

OPERATING INCOME (LOSS) .

NONOPERATING REVENUES (EXPENSES):Investment income ..

NET INCOME (LOSS) .

TOTAL NET ASSETS - JULY I, 2008 .

TOTAL NET ASSETS - JUNE 30, 2009 .


27

EXHIBITH



$ 34,614

31,8721,9182,787

36,577

(1,963)

II

(1,952)

(3,025)

$ (4,977)


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 INVESTING ACTMTIES:.sale of investments .Investment income .

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES .

NET CHANGE IN CASH ..

CASH - JULY 1,2008 ..

CASH - JUNE 30, 2009 '" ..

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 .Due to other funds ..

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES .

NONCASH ACTMTY:

There was a decrease in the fair value of the investments of II.


28

$

$

$

$

EXHIBIT I



34,293(32,217)(2,787)

(711)

700II

7II

(1,963)

(321)

1,828(255)

(711 )

TOWN OF FAIRFIEW, CONNECTICUT

STATEMENT OF FIDUCIARY NET ASSETSFIDUCIARY FUNDS


PENSION ANDOTHER POST

EMPLOYMENTBENEFIT

TRUST FUNDS

ASSETS

EXHIBITJ

AGENCYFUNDS

Cash .

Investments at fair value:Certificates of deposit. .Corporate bonds .U.S. Government obligations .U.S. Government agency obligations .Municipal obligations .Foreign bonds ..Hedge funds .Pooled fixed income ..Mortgage backed securities .Common stock ..Mutual funds:

Bond .U.S. government obligation ..

Total Investments ..

Receivables:Interest and dividends .

Due from other funds .

TOTAL ASSETS .

LIABILITIES

$ $ 801

6331,73112,33036,408

4641,728

23,293260

7,50499,673

30,4421,893

245,726 63

760

1,494

247,980 864

LIABILITIES:Accounts payable .Claims payable .Due to other funds .

TOTAL LIABILITIES .

NET ASSETS

NET ASSETS HELD IN TRUST FOR PENSION ANDOTHER POST-EMPLOYMENT BENEFITS .. $

10303771

1,084

246,896 $

864

864


29


STATEMENT OF CHANGES IN FIDUCIARY NET ASSETSFIDUCIARY FUNDS


EXHIBITK

PENSION ANDOTHER POST

EMPLOYMENTBENEFITTRUSTFUNDS

ADDITIONS:Contributions:

Employer .Plan members .

Total contributions '" .

Investment income:Net appreciation (depreciation) in fair value of investments ..Interest and dividends .

Total investment income (loss) .

Less investment expenses .

Net investment income (loss) ..

TOTAL ADDITIONS .

DEDUCTIONS:Benefits .Administration .

TOTAL DEDUCTIONS ..

CHANGES IN NET ASSETS .

NET ASSETS - JULY 1,2008 ..

NET ASSETS - JUNE 30, 2009 ..

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

30

$

$

6,3611,909

8,270

(62,588)7,539

(55,049)

795

(55,844)

(47,574)

17,631398

18,029

(65,603)

312,499

246,896

EXI:llBITLTOWN OF FAIRFIEW, CONNECTICUT

NOTES TO BASIC FINANCIAL STATEMENTSFOR THE YEAR ENDED JUNE 30, 2009

(AMOUNTS EXPRESSED IN THOUSANDS)

HISTORYAND 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 as authorizedby its charter: public safety (police and fIre), public works, health and social services, culture-recreation,education, and general administrative services.

L SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

A. Government-Wide and Fund Finaucial Statements

The government-wide fmancial statements (i.e., the statement of net 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 fmancial statements. Major individualgovernmental funds are reported as separate columns in the fund fmancial statements.

B. Measurement Focus, Basis ofAccounting, and Financial Statement Presentation

The government-wide fmancial statements are reported using the economic resources measurementfocus and the accrual basis of accounting, as are the proprietary fund and fIduciary fund fmancialstatements. 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 fmancial 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

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

L SUMMARY OFSIGNIFICANTACCOUNTING POLICIES (CONTINUED)

B. Measurement Focus, Basis ofAccounting, 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 receivable 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 fmancialresources ofthe general government, except those required to be accounted for in another fund.

The Capital Projects Fund accounts for the fmancial revenues to be used for major capital assetconstruction and/or purchases.

Additionally, the Town reports the following fund types:

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

The Pension Trust Funds account for the activities ofthe Town Employees' Retirement System, andthe Police and Fire Retirement Plan, which accumulates resources for pension benefit payments toqualified employees.

The Other Postemployment Benefit Trust Funds accounts 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 fmancial reporting issued prior to December I, 1989,generally are followed in the government-wide fmancial statements to the extent that those standards donot conflict with or contradict guidance ofthe Governmental Accounting Standards Board.

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

Amounts reported as program revenues include I) 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

EXIllBITLTOWN 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 defmition 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 andInvestments

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

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 andParables

a. InterfulUls

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

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


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

2. Receivables andPavables (Continued)

b. Property Taxes and Otlter Receivables

In the government-wide fmandal statements, all trade, property tax, sewer use, sewerassessment, and loan receivables are shown net of an allowance for uncollectibles. Allowancepercentages range from 2 to 23 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. All propertytaxes receivable, which have not been collected within 60 days of June 30, have been recordedas deferred revenue, since they are not considered to be available to fmance expenditures of thecurrent 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 ofthe fiscal year following thedue date.

3. RestrictedAssets

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

4. CapitalAssets

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 defmed 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 if purchased or constructed. Donated capital assets arerecorded at estimated fair market value at the date of donation.

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

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



4. CapitalAssets (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 equipmentVehiclesInfrastructure

5. CompensatedAbsences

455 -206 -15

35 -70

Employees are paid by a prescribed formula for absence due to vacation and sickness. Theeligibility for vacation pay vests when earned; however, unused sick leave may only be accumulatedfor use in future absences. The General Fund is the primary source to liquidate compensatedabsences.

6. Long-Term Obligations

In the government-wide fmancial statements, long-term debt and other long-:-term obligations arereported as liabilities in the Governmental Activities Statement of Net 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 ofdebt issued is reportedas other fmancing sources. Premiums received on debt issuances are reported as other fmancingsources, while discounts on debt issuances are reported as other fmancing uses. Issuance costs,whether or not withheld from the actual debt proceeds received, are reported as debt serviceexpenditures.

7. Fund Equity andNet Assets

In the Fund Financial Statements, governmental funds report reservations of fund balance foramounts that are not available for appropriation or are legally restricted by outside parties for use fora specific purpose. Designations of fund balance represent tentative management plans that aresubject to change.

35

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

1 SUMMARY OFSIGNIFICANTACCOUNTING POLICIES (CONTINUED)


7. Fund Equitv andNet Assets (Continued)

In the government-wide fmancial 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 ofthe 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.

9. Reclassifications

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

11 STEWARDSHIP, COMPLIANCE ANDACCOUNTABILITY

A. Budgets and Budgetary Accounting

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

• Annually in May, the proposed budget is presented at Representative Town Meeting, at whichtaxpayer comments are obtained. Prior to July 1, the budget is legally enacted through passage of aresolution.

36

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

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 from increases in revenue estimates,approved in accordance with Charter provisions, of$76 were authorized during the year.

• Fonnal 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 ofEducation and Boardof Selectmen 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 ofFinance.

• In addition to the General Fund, the Water Pollution Control (WPCA) Fund has a legally adoptedannual 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,EXHIBIT F - JUNE 30, 2009 .

Encumbrances outstanding at June 30, 2008,liquidated during the year, June 30, 2009 .

$ 241,475 $ 237,411

1,580

$ 10,263

Encumbrances outstanding at June 30, 2009,charged to budgetary expenditures .

State Teachers' Retirement on-behalfpayment.. . 11,372

( 954)

11,372

954

BALANCE, GAAP BASIS, EXHIBIT D -JUNE 30, 2009 .

37

$ 252.847 $ 249.409 $ 11.217


II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY(CONTINUED)

C. Capital Projects Authorizations

The following is a summary of Capital Projects at June 30, 2009:

PROJECT NAME

W.P.CA Special Project .Penfield Pavilion '"New Middle School .Andrew Warde Renovation .Roger Ludlowe High School Renovation .New McKinley School .New Elementary School .Library Renovation .Tomlinson Middle School Renovation .F.H.S. Early Childhood Center .Black Rock Train Station ..Non-recurring Capital Projects .Harbor Road Bridge .Fire Suppression Line .Flood Construction .Mill Plain Road Bridge .GolfCourse Expansion ..MUNIS ..School Annexes .Stratfield Elementary Renovation ..

TOTAL CAPITAL PROJECTS FUND .

PROJECT CUMULATIVE BALANCEAUTHORIZATION EXPENDITURES JUNE 30. 2009

(THOUSANDS)

$ 5,139 $ 4,742 $ 3971,120 1,099 21

45,276 45,187 8940,491 40,483 835,022 34,933 8921,915 21,805 11022,360 22,359 111,912 11,907 531,797 31,794 32,294 2,292 2

10,000 5,199 4,80124,885 19,207 5,6783,900 3,314 5862,655 2,625 30

640 498 142380 379 1100 47 53

1,690 1,038 6523,495 2,851 644

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, 2009, the Town had a deficit fund balance in the following funds:

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

$ 236100

1,100

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

38


III. 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, 2009, $23,669 of the Town's bank balance of $25,953 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 .

$

$

21,152

2,517

23.669

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, amounts held in non-interest bearingtransaction accounts at participating institutions are fully guaranteed by the FDIC throughDecember 31,2009. This guarantee is anticipated to be reduced to the $250,000 limit on January 1,2010, and the $100,000 limit on January 1,2014.

At June 30,2009, the Town's investments (including restricted investments) consisted ofthe following:

INVESTMENT MATURITIES ON YEARS)FAIR LESS 1-5 5-10 OVER

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

Mutual Funds:Money Market .................................................... $ 3,703 $ $ 3,703 $ $ $Equities ............................................................... 29 29Bond ................................................................... 30,442 30,442U.S. Government Obligation.............................. 1,893 1,893

Certificates ofDeposit.......................................... 13,671 13,371 300Pooled Fixed Income............................................ 9,165 9,165U.S. Government Obligations .............................. 12,506 939 4,499 3,140 3,928U.S. Government Agency Obligations................. 42,666 2,321 4,416 1,856 34,073Foreign bonds ....................................................... 1,746 1,746Common Stock..................................................... 99,894 99,894Hedge Funds......................................................... 23,293 23,293Municipal Obligations.......................................... 464 464Mortgage Backed Securities ................................ 7,504 7,504Corporate Bonds................................................... 31,832 274 8.071 11,224 12.263

TOTAL................................................................. $ 278,808 $ 123.216 $ 63,854 $ 17,286 $ 16220 $ 58.232

39

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

ill. DETAILED NOTES (CONTINUED)

A. Cash and Investments (Continued)

mterest rate risk - The Town does not have a formal investment policy that limits investment maturities asa 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 credit riskother than State Statutes governing investments in obligations of any State or political subdivision or inobligations of the State ofConnecticut or political subdivision.

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

TYPE OF INVESTMENT AAA AA A BBB BB UNRATED TOTALS

Money Market Mutual Fund ............ $ 3,675 $ $ $ $ $ 28 $ 3,703Bond Mutual Funds .......................... 30,442 30,442US Government Obligation

Mutual Fund.................................. 1,893 1,893Pooled Fixed Income ........................ 9,165 9,165Government Agency Obligations ..... 42,546 82 38 42,666Foreign bonds ................................... 205 1,541 1,746Municipal Obligations ...................... 464 464Mortgage Backed Securities............. 4,804 2,077 623 7,504Corporate Bonds ............................... 4.833 4.925 9.526 9,736 1.620 1.192 31.832

TOTAL ............................................. $ 97358 $ 7.548 $ 9,769 $ 10.359 $ 1.620 $ 2.761 $ 129.415

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 are covered by the Securities mvestor 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

CUSTODIALCREDITRlSK

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

TOTAL .

40

$

$

12,506 $42,666

1,74699,894

4647,504

31,832

196,612 $

564582

219

1.365

$

$

11,94242,084

1,74699,675

4647,504

31,832

195,247

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

III. DETAILED NOTES (CONTINUED)

B. Receivables

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

Current Portion .

Long-term Portion .

Less Allowance for Uncollectibles ..

Net Long-term Portion .

Current Portion .

Long-term Portion .

Less Allowance for Uncollectibles ..

Net Long-term Portion ..

PROPERTY TAXESUSE FEE INTERESTTAXES & LIEN FEES TOTAL

$ 2.524 $ 326 $ 2.850

$ 1,526 $ 735 $ 2,261

( 226) ( 246) ( 472)

$ 1.300 $ 489 $ 1.789

SEWER USE AND ASSESSMENTSUSE FEES AND INTEREST CDBGASSESSMENTS & LIEN FEES TOTAL LOANS

$ 280 $ 74 $ 354 $ 103

$ 796 $ 90 $ 886 $ 1,086

( 22) ( 2) ( 24) ( 24)

$ 774 $ 88 $ 862 $ 1.062

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 wlearned 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

$ 3,413

1,0761,189

6,492192

$ 12.362

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


C. Capital Assets

Capital asset activity for the year ended June 30,2009 was as follows:

BALANCE BALANCEJULy 1. 2008 INCREASES DECREASES JUNE 30, 2009

(THOUSANDS)

Governmental Activities:Capital Assets, not being Depreciated:

Land.................................................................. $ 37,508 $ $ $ 37,508Assets held for sale .......................................... 909 909Construction in progress .................................. 222,069 10,940 208,468 24,541

Total Capital Assets, not being Depreciated ........... 260,486 10,940 208,468 62,958

Capital Assets, being Depreciated:Buildings and improvements ........................... 206,989 208,468 415,457Vehicles............................................................ 14,470 769 164 15,075Machinery and equipment ............................... 12,596 1,107 236 13,467Infrastructure .................................................... 118,209 3,544 121,753

Total Capital Assets, being Depreciated.................. 352,264 213,888 400 565,752

Total Capital Assets ................................................. 612,750 224,828 208,868 628,710

Less Accumulated Depreciation for:Buildings .............................................................. 69,429 8,023 77,452Vehicles ................................................................ 10,589 862 11,451Furniture and equipment ...................................... 5,704 618 6,322Infrastructure ........................................................ 65.416 1.927 67.343

Total Accumulated Depreciation.................................. 151.138 11.430 162.568

Total Capital Assets, being Depreciated, net................ 201.126 22.458 400 403.184

Governmental Activities Capital Assets, net................ $ 461.612 $ 213.398 $ 208.868 $ 466142

Depreciation expense was charged to functions/programs ofthe Town 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 ..

Construction Commitments

$ 68146589

3,57834

5476,468

$ 11.430

The Town has substantially completed their major construction projects for schools and other projects asof June 30, 2009.

42


IlL DETAILED NOTES (CONTINUED)

D. Interfund Accounts

1. 11lterfulld Parables alldReceivables

A surrunary of interfund balances as ofJune 30, 2009 is as follows:

CORRESPONDINGFUND DUE FROM DUE TO

MAJOR FUNDS

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

1,079

TOTAL GENERAL FUND . 1.079

CAPITAL PROJECT FUND . 3.356

NONMAJOR FUNDS

General 1,490Town Employees

Pension Fund

2.371

General Fund 1.840

General Fund 1,079General Fund 346

Public School Lunch 30Police and Fire

Pension 385Town Employees

Pension 385General Fund

1.494 771

$ 9.417 $ 9.417

OPEB Police and Fire ..

Police and Fire Pension .

Public School Lunch .

SPECIAL REVENUE FUNDS:Nonmajor Funds ..

INTERNAL SERVICE FUNDS ~

PENSION AND OPEB TRUST:Town Employees Pension ~ .Police and Fire Pension .Public School Lunch :..Town Employees Pension .

TOTAL SPECIAL REVENUE FUNDS ..

TOTAL PENSION TRUST .

GRAND TOTAL .

All interfund balances resulted from the time lag between the dates payments occurred betweenfunds for short-tenn internal fmancing.

43



D. Interfund Accounts (Continued)

2. Interfund Transfers

A summary of interfund transfers as ofJune 30, 2009 is as follows:

CORRESPONDINGFUND TRANSFER IN TRANSFER OUT

MAJOR FUNDS:

GENERAL FUND:Special Revenue Funds ........................................ N/A $ 269 $Debt Service ......................................................... N/A 1,478Capital Projects Funds ......................................... N/A 2.550

TOTAL GENERAL FUND ..................................... 269 4.028

CAPITAL PROJECTS FUNDS:Capital Projects Funds ......................................... General Fund 2,550 84Capital Projects Funds ......................................... Special Revenue Funds 565

TOTAL CAPITAL PROJECTS FUNDS ................ 3.115 84

NONMAJOR FUNDS:Special Revenue Funds ........................................ General Fund 185Special Revenue Funds ........................................ Capital Projects 565Debt Service ......................................................... General Fund 1.478

TOTAL NONMAJOR FUNDS ............................... 1.478 750

GRAND TOTAL...................................................... $ 4.862 $ 4862

Transfers are used to account for the fmancing by the general fund of various programs andactivities in 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, 2009 was as follows:

MATIJRITY INTEREST BALANCE BALANCETYPE OF OBLIGATION DATE RATE JULy 1. 2008 ADDITIONS REDUCTIONS JUNE 30. 2009

Bond Anticipation Notes:Schools ..................... 7/25/2008 4.25% $ 10,425 $ $ $General Purpose ....... 7/25/2008 4.25% 1,180 1,180Schools ..................... 7/24/2009 2.44% 13,840 13,840General Purpose ....... 7/24/2009 2.44% 1.645 1.645

Total.......................... $ 11,605 $ 15.485 $ 11,605 $ 15.485

The bond anticipation notes mature in July 2009 and carry an interest rate of 2.44%.

In July 2009, the Town issued $25,390 of bond anticipation notes that mature in July 2010 and carry aninterest rate of 1.50%.

44

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


F. Changes in Long-Term Obligations

1. Summary ofChanges

EXHIBITL

The following is a summary ofchanges in long-tenn obligations during the fiscal year:

BALANCE BALANCEORIGINAL DATE of DATE OF INTEREST JULy 1, JUNE 30, CURRENT

DESCRIPTION AMOUNT ISSUE MATURITY RATE 2008 ADDITIONS DEDUCTIONS 2009' PORTION(THOUSANDS)

BONDS:

General Purpose:Improvement bond $ 4,191 06/15100 06/15/20 5.0%-5.6% $ 744 $ $ 372 $ 372 $ 372Improvement bond 5,765 04/01102 04/01122 4.7% 1,555 390 1,165 390Refunding issue.... 6,549 05101102 08/01111 4.7% 2,414 783 1,631 771Debt issue............. 333 07/01103 01115/13 2.0%-4.5% 214 25 189Debt issue............. 7,550 07115103 01101123 4.1% 670 335 335 335Refunding ............ 2,775 03/18/04 01101120 2.0%-5.0% 2,682 12 2,670 162Refunding ............ 2,521 12/07/04 04/01122 2.0%-4.25% 2,428 7 2,421 14Debt issue............. 1,070 07/15107 07/15/27 4.0%-5.0% 1,070 52 1,018 53Refunding issue.... 5,447 05/29108 01101123 3.375%-5.0% 5,447 47 5,400 93Debt issue............. 5,265 07/15108 07/15/28 3.125%-5.0% 1,000 4.265 5.265 210

Total General Purpose ............................................................................... 18.224 4.265 2,023 20,466 2,400

Schools:School bond ......... 11,155 01101198 01101/18 4.15%-6.0% 1,059 1,059School bond ......... 2,679 06/15100 06115120 5.0%-5.6% 476 238 238 238School bond ......... 27,955 04/01102 04/01122 4.7% 6,470 1,585 4,885 1,585Refunding issue.... 7,246 05101102 08101111 4.7% 2,670 866 1,804 853Debt issue............. 9,185 07/01103 01115/16 2.0%-4.5% 2,443 798 1,645Debt issue............. 1,967 07/01103 01115113 2.0%-4.5% 1,266 150 1,116Debt issue............. 52,450 07/15103 01101123 4.1% 5,480 2,715 2,765 2,765Refunding ............ 17,157 03/18/04 01101120 2.0%-5.0% 16,585 76 16,509 1,004Refunding ............ 12,519 12/07/04 04/01122 2.0%-4.25% 12,442 43 12,399 81Debt issue............. 45,000 07/15105 08/01125 3.25%-5.0% 41,450 1,850 39,600 1,900Debt issue............. 25,590 07/15107 07/15/27 4.0%-5.0% 25,590 1,048 24,542 1,067Refunding issue.... 40,623 05/29108 01101123 3.375%-5.0% 40,623 351 40,272 694Debt issue............. 23,095 07115108 07/15/28 3.125%-5.0% 22,760 335 23.095 915

Total Schools............................................................................................. 179.314 335 10,779 168,870 11,102

Sewer:Sanitary sewers..... 445 01101198 01101118 4.15%-6.0% 41 41Refunding issue.... 139 05101102 08/01111 4.7% 51 17 34 16Debt issue............. 310 07/01103 01115/16 2.0%-4.5% 82 27 55Refunding ............ 403 03/18/04 01101120 2.0%-5.0% 388 2 386 24Refunding issue.... 160 05/29108 01101123 3.375%-5.0% 160 1 159 3

Total Sewer ............................................................................................... 722 88 634 43

Total Bonds ............................................................................................... 198.260 4,600 12.890 189,970 13,545

NOTES:

Water:CWF245D ........... 335 10/01196 04/01116 2.0% 121 15 106 15CWF355C ........... 1,575 12/31196 06/30/16 2.0% 629 79 550 79CWF399D ........... 2,280 07/31199 07/31118 2.0% 1,150 114 1,036 114CWF399C ........... 29,436 07/30103 07/31122 2.0% 21,684 1,347 20,337 1,374CWF245C ........... 830 07/01198 08/01117 2.0% 381 42 339 42

Total Notes ................................................................................................ 23.965 1,597 22,368 1,624

TOTAL BONDSINOTES.......................................................................... 222,225 4,600 14,487 212,338 15,169

Deferred charge on refunding issue ................................................................ 3,288) 377) 2,911)Premiums ...................................................................................................... 3,594 576 288 3,882

TOTAL BONDSINOTES AND RELATED LIABILITIES .......................... 222,531 5.176 14,398 213,309 15,169

45


ill. DETAILED NOTES (CONTINUED)

F. Changes in Long-Term Obligations (Continued)

1. Summary ofClzanges (Continued)

DESCRIPTIONORlGINALAMOUNT

DATE OFISSUE

DATE OF INTERESTMATURITY RATE

BALANCEJULY 1,

2008 ADDITIONS DEDUCTIONS

(THOUSANDS)

BALANCEJUNE 30, CURRENT

2009 PORTION

73350 $ 237254 $ 21 495

CAPITAL LEASES ........................................................................................ $ 608 $ $

COMPENSATED ABSENCES ..................................................................... 3,439 2,236

HEART AND HYPERTENSION.................................................................. 1,393 231

NET OPEB OBLIGATION............................................................................ 6,238 3,689

RlSK MANAGEMENT (Internal Service Funds) ......................................... 7,332 33,971

TOTAL LONG-TERM OBLIGATIONS ....................................................... $ 241 541 $ 69063 $

304 $

2,059

711

32,118

304 $

3,616

913

9,927

9,185

304

723

520

4,779

The following is a summary of amounts to be provided by the State of Connecticut for the retirement ofschool bonds and bond and note maturities (Thousands):

AMOUNT TO AMOUNT TOFISCAL BE PROVIDED BE PROVIDED

YEAR ENDED BY STATE BY STATE BOND NOTES TOTALJUNE 30, PRINCIPAL INTEREST PRINCIPAL PRINCIPAL INTEREST

2010 $ 415 $ 85 $ 13,545 $ 1,623 $ 8,2032011 413 73 12,745 1,651 7,6612012 286 60 12,860 1,680 7,1242013 286 48 12,110 1,708 6,6242014 286 36 12,200 1,736 7,6282015 286 24 12,365 1,766 5,5542016 286 12 12,520 1,796 4,9852017 92 4 11,845 1,740 4,4122018 93 2 11,975 1,733 3,8872019 10,985 1,654 3,3172020 11,130 1,678 2,8052021 10,865 1,711 2,2862022 10,990 1,746 1,7802023 8,840 146 1,2732024 5,590 8832025 5,645 6552026 5,705 4242027 3,165 2372028 3,240 1022029 1.650 34

$ 2443 $ 344 $ 189,970 $ 22.368 $ 69,874

All long-term liabilities listed above after bonds and notes are generally liquidated by the General Fund.

In August 2009, the Town issued $19,410 of general obligation refunding bonds maturing through 2020and carrying an interest rate of 5.00%.

46



F. Changes in Long-Term Obligations (Continued)

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 .

$ 490,919981,837818,198709,105654,558

$ 22,111180,267

$ 468,808801,570818,198709,105654,558

The total overall statutory debt limit for the Town is equal to seven times annual receipts fromtaxation, $1,527,302.

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 $2,443 for bond principal are reflected as deductions in thecomputation ofnet indebtedness.

3. Capital Leases

The Town is committed under one capital lease for the acquisition of equipment.

Capital leases that are capitalized under the category of energy saving equipment totaled $1,520 atJune 30, 2009.

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

The following is a schedule of the future minimum lease payments under these capital leases, andthe present value ofthe net minimum lease payments:

YEAR ENDINGJUNE 30,

2010Less: amount representing interest

Present value ofminimum lease payments

4. AutltorizedlUnissuedBonds

AMOUNT

$ 312( 8)

$ 304

The amount ofauthorized, unissued bonds is $103,272 for school and $68,606 for general purposes.

5. Prior Year Advance Refunding

In prior years, the Town defeased certain general obligation bonds by placing the proceeds of thenew bonds 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 fmancial statements. At June 30, 2009, $34,225 of bonds outstanding are considereddefeased.

47


W. 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 (amountnot rounded), the Town is exposed to various risks for which it has retained the risk of loss includingtorts; 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 exceededcommercial coverage in any of the past three years, and there has not been any signifIcant reductions ininsurance coverage from amounts held in prior years.

The Town utilizes a risk management fund (the Internal Service Fund) to account for and fmance 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 ofclaims 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 and30, which require that a liability for estimated claims incurred but not reported be recorded. The amountof claim 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, netof estimated subrogation recoveries. The claim accrual does not include other allocated or unallocatedclaims adjustment expenses.

CLAIMSPAYABLE

JULY 1

CURRENT YEARCLAIMS ANDCHANGESlNESTIMATES

CLAIMSPAID

CLAIMSPAYABLEJUNE 30

2007-20082008-2009

$ 6,8467,332

$ 32,93731,872

$ 32,45130,019

$ 7,3329,185

B. Commitments and Litigation

Construction and other commitments are reported as a reserve for commitments in the fund equitysection ofthe balance sheet and the statement ofnet assets (ifany).

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 cannotbe determined at this time, although the Town expects such amounts, if any, to be immaterial.

The Town is a defendant in various lawsuits. The outcome of these lawsuits is not presentlydeterminable. In the opinion of the Town attorney, the resolution of these matters will not have amaterial adverse effect on the fmancial condition ofthe 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 Madoffbankruptcy. 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 RepresentativeTown Meeting. The Police and Fire plan benefit and contribution requirements are established byplan documents adopted July 1, 1998, by approval of the Representative Town Meeting. The plansdo not issue separate stand alone fmancial reports.

2. Summary ofSigni(icantAccounting Policies and Plan Asset Matters

a. Basis ofAccounting

The Town's pension trust funds' fmancial statements are accounted for using the accrual basisof accounting. Contributions are recognized when they are due, pursuant to formalcommitments and contractual requirements. Investment income is recognized when earned.Expenses (benefits, administration, and refunds) are recognized when they are due and payablein accordance with the terms ofthe plan.

b. Valuation ofInvestments

Investments are valued at fair value. Securities traded on national exchanges are valued at thelast reported sales price. Certain investments which are part of the Town's investment in hedgefunds are valued at the last trade price or recent appraisals. There are no investments of 5% orgreater in anyone organization.

3. Classes ofEmplovees Covered

As ofJuly 1,2008, the membership in the Plans are comprised of the following:

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

TOTAL ..

49

TOWNEMPLOYEES

37327

773

POLICE ANDFIRE

1951

198



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 plus2.3% of the employee's highest annual salary in excess of $7,800, multiplied by years of service.Public works employees whose employment terminates after attaining age 59Y2 and completionof 10 years of service shall be entitled to a retirement benefit equal to 1.25% of the employee'slast two years' average salary up to $7,800 plus 2.3% of the employee's last two years' averagesalary in excess of $7,800, multiplied by the number of years of service. Vesting of benefitsoccurs on or after 10 years of service. The plan covers substantially all noncertified Board ofEducation employees and all regular Town employees.

Police and Fire

Police officers are eligible for a normal pension after attaining age 51 and after 20 years ofservice in the department, and shall be entitled to a retirement benefit equal to 2% of their basicannual salary at retirement for each year of service up through 25 years plus an additional 6% oftheir salary for each year in excess of 25 years up to a maximum of 80% of such annual salary.Fire fighters are eligible for a normal pension after 20 years of service in the department andhave attained 45 years of age or have completed 25 years of service regardless of age shall beentitled to a retirement benefit equal to 2% of their basic annual salary at retirement for eachyear of service up through 25 years plus an additional 6% of their salary for each year in excessof 25 years 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. Employer Contributions

The Town's contribution is actuarially determined on an annual basis using the projected unitcredit method. The Town's contribution was $-0-. Administrative costs are generally fmancedthrough investment earnings.

Police and Fire

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

c. Employee Contributions

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

50



C. Pension Plans (Continued)

5. Funded Status and Funding Progress

The funded status of the plan as ofJuly 1, 2008 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 1,2008 $ 167,983

POLICE AND FIRE

JULY1,2008 $ 177,123

$ 149,744 $ 18,239

$ 143,052 $ 34,071

112.2% $ 33,094

123.8% $ 13,050

55.1%

261.1%

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 fmandalstatements (RSI) presents multiyear trend infonnation about whether the actuarial value ofplan assetsis increasing or decreasing over time, relative to the actuarial accrued liability for benefits.

6. ActuarialAssumptions

The data presented in the schedule of funding progress and. schedule of contributions weredetennined as part of the actuarial valuation at the date indicated. Additional infonnation for theplan as ofthe latest valuation date is as follows:

VALUATION DATEACTU~COSTMETHOD

AMORTIZATION METHODREMAlNlNG AMORTIZATION PERIODASSET VALUATION METHOD

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

51

TOWNEMPLOYEES

July 1,2008Projected Unit CreditLevel Dollar Closed

95 years smoothing

8.0%4.0%3.0%3.0%

POLICE ANDFIRE

July 1,2008Projected Unit CreditLevel Dollar Closed

145 years smoothing

8.0%4.5%3.0%3.0%

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



7. AnnualPension Cost andNet Pension Asset (NPA)

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

TOWNEMPLOYEES

EXHIBITL

POLICE ANDFIRE

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

Annual pension cost .Contributions made .

(Increase) decrease in net pension asset .

$( 107)

161

54

54

$( 228)

308

80

80

Net pension asset - July 1,2008 .

Net pension asset - June 30, 2009 .

8. Three Year Trend Information

(

$(

1,339)

1.285)

( 2,846)

$( 2,766)

Fiscal Year Annual Percentage NetEnding Pension ofAPC Pension Actual

June 30, Cost(APC) Contributed Obligation Contribution

TOWN EMPLOYEES

2007 $ 22 0.0% $( 981) $2008 56 0.0% ( 1,339)2009 54 0.0% ( 1,285)

POLICE AND FIRE

2007 $ 174 0.0% $( 2,929) $2008 83 0.0% ( 2,846)2009 80 0.0% ( 2,766)

52




9. Plan Statements


COMBINING STATEMENT OF FIDUCIARY FUND NET ASSETSPENSION TRUST FUNDS

ruNE 30, 2009(THOUSANDS)

PENSION TRUST FUNDS

ASSETS

Investments at fair value:Corporate bonds , .U.S. Government obligations ..U.S. Government agency obligations .Municipal obligations .Foreign bonds .Hedge funds ..Mortgage backed securities .Cornmon stock. ..Mutual funds:

Bond .U.S. agency funds .

Total Investments ..

Recievables:Interest and dividends .

Due from other funds ..

TOTAL ASSETS .

LIABILITY

LIABILITY:Due to other funds .

NET ASSETS

TOWNPENSION

$ 14,9275,445

17,265226749

11,3203,647

48,441

14,794920

117,734

319

1,494

119,547

POLICEAND FIREPENSION

$ 15,787 $5,758

18,259238792

11,9733,857

51,232

15,648973

124,517

336

124,853

731

TOTALPENSION

TRUSTFUNDS

30,71411,20335,524

4641,541

23,2937,504

99,673

30,4421,893

242,251

655

1,494

244,400

731

NET ASSETS HELD IN TRUST FOR PENSION BENEFITS .

53

$ 119,547 $ 124,122 $ 243,669

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

Iv. OTHER INFORMATION (CONTINUED)


9. Plan Statements (Continued)


COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETSPENSION TRUST FUNDS


PENSION TRUST FUNDS

TOWNPENSION

POLICEAND FIREPENSION TOTAL


Plan members .

Investment income:Net appreciation (depreciation) in fair value of investments .Interest and dividends .

Total investment income (loss) .

Less investment expenses .

Net investment income (loss) .

TOTAL ADDITIONS .


TOTAL DEDUCTIONS .

CHANGES IN NET ASSETS ..

NET ASSETS - JULY 1, 2008 .

NET ASSETS - JUNE 30, 2009 ..

54

$ 1,277 $ 63 $ 1,340

(29,999) (32,742) (62,741)3,650 3,860 7,510

(26,349) (28,882) (55,231)

387 408 795

(26,736) (29,290) (56,026)

(25,459) (29,227) (54,686)

6,855 7,081 13,936102 106 208

6,957 7,187 14,144

(32,416) (36,414) (68,830)

151,963 160,536 312,499

$ 119,547 $ 124,122 $ 243,669



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 dentalbenefits to eligible retirees and their spouses. For fiscal year 2009, the Police and Fire plan isconsidered to be part of the Town's financial reporting entity and is included in the Town'sfinancial reports as an Other Post-Employment Benefits trust fund. The plan does not issue standalone fmancial reports.

2. Summary ofSignificant Accounting Policies and Plan AssetMatters

a. Basis ofAccounting

The OPEB trust fund is accounted for using the accrual basis of accounting. Contributionsare recognized when due, pursuant to formal commitments and contractual requirements, andrevenue (investment income) is recognized when earned and expenses (benefits,administration and refunds) are recognized when due and payable in accordance with theterms ofthe plan.

b. Valuation ofInvestments

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

3. Classes ofEmployees Covered

As of July 1, 2006 for Town, Police and Fire and July 1, 2007 for Board of Education, the plan'smembership consisted of:

Retirees and beneficiaries currentlyreceiving benefits .

Active plan members .

TOTAL .

POLICE BOARDAND OF

TOWN FIRE EDUCATION

265 207 270276 193 1,190

541 400 1.460

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 medicaland dental benefits for all Board of Education retirees and their spouses. Benefits andcontributions are established by contract and may be amended by union negotiations.Administration costs are fmanced from investment earnings.

b. Employer Contributions

The Town's recommended contributions are actuarially determined on an annual basis usingthe projected unit credit method. The Town, Police and Fire, and Board of Education's totalplan contribution was $7,89}.

c. Employee Contributions

There are no employee contributions to the plan.

5. Funded Status and Funding Progress

The funded status ofthe plan as ofJuly 1,2007 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 1,2007 $ $ 55,451 $( 55,451) 0.0% $ 17,678 (314)%JULy 1,2008 N/A N/A N/A N/A N/A N/A

POLICE AND FIRE


BOARD OF EDUCATION


56

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

W. OTHER INFORMATION (CONTINUED)


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 determined 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 fmancialstatements (RSI) 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. ActuarialMethods andAssumptions

Projections of benefits are based on the substantive plan (the plan as understood by the employerand plan members) and include the types ofbenefits 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 ofthe latest valuation date is as follows:

VALUATION DATEACTUARIAL COST METHODAMORTIZATION METHODREMAINING AMORTIZATION PERIOD:

TownPolice and FireBoard ofEducation

ASSET VALUATION METHOD

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

InitialUltimate

57

July 1,2007Projected Unit Credit

Level Dollar

20.5 years closed30 years closed30 years closed

Fair Value

7.5%4.5%

10%5%

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



7. AnnualOPEB Cost andNet OPEB Obligation (NOO)

The changes in the NOO were as follows:POLICE BOARD

AND OFTOWN FIRE EDUCATION

Annual required contribution ............................... $ 4,842 $ 4,909 $ 1,671Interest on net OPEB obligation .......................... 208 226 21Adjustment to annual required contribution ........ ( 135) ( 147) ( 15)

Annual OPEB cost ............................................... 4,915 4,988 1,677

Contributions made .............................................. 3,194 3,167 1,530

Change in net OPEB obligation ........................... 1,721 1,821 147

Net OPEB obligation - July 1,2008 .................... 2,769 3,009 460

Net OPEB obligation - June 30, 2009.................. $ 4.490 $ 4,830 $ 607

8. Two Year Trend Information

YEARENDINGJUNE 30

TOWN

ANNUALOPEBCOST(AOC)

PERCENTAGE NETOF AOC OPEB TOTAL

CONTRIBUTED OBLIGATION CONTRIBUTIONS

20082009

POLICE AND FIRE

20082009

BOARD OF EDUCATION

$

$

4,7074,915

4,7704,988

41%65%

37%63%

$ 2,7694,490

$ 3,0094,830

$ 1,9383,194

$ 1,7013,167

20082009

$ 1,6431,677

58

72%91%

$ 460607

$ 1,1831,530




9. Plan Statements

TOWN OF FAIRFIELD, CONNECTICUT

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


ASSETS

TOWNOTHER POST

EMPLOYMENTBENEFITS

TRUST FUND

FIRE AND POLICEOTHER POST

EMPLOYMENTBENEFITS

TRUST FUND

TOTALOPEB

TRUSTFUNDS

Investments at fair value:Corporate bonds", ... ",,,,,,.,,, ", ",,,.,,.,,,.,,,,,,,,,,.,,,,U,S, Government obligations",,,, ."".".",,,,,,, .""." ..U.S, Government agency obligations"""""" ", .. "" .".Foreign bonds".",,,,,,,.,,,,,,,.,,,,,,,,,,,,,,.,,, " ." ," , " ..Pooled fIxed income""" """"""".""" ".", ". """ "

Total Investments", ", ", ", ", ", ", ",." ... ", ", ", " ..""

Recievable:Other".".",,,.,,. ", ...... " ... ,,, ... ,.,, ........ ,,,.,,,.,,,,,,,,

TOTAL ASSETS.",,, .. ,,,, .. ,,,,.,,,,, .....,,,,...,, .....,,.,,., ...,,,,,,,,,,,.

LIABILITIES

$ 507 $ 510 $ 1,017562 565 1,127441 443 884

93 94 187260 260

1,863 1,612 3,475

70 35 105

1,933 1,647 3,580

Liabilities:Accounts payable."."""...",,,.. ,,., .. ,, ..,,,.,,,,.,.,, .. ,,,.,,, ..,,,,,,,,.Due to other funds" ....."." ",.", " ".",.""..."""""."..Claims payable""".."" "" "".." """"""...""""

TOTAL LlABILITIES.."""."""."..".""."" .."."",.",,,,,,.,.,,.

NET ASSETS

10

150

160

40153

193

1040

303

353

NET ASSETS HELD IN TRUST FOR

OPEB BENEFITS",,,,,,,,,, ."", .""." .. " ." ", ... ",.... =$=====1=,7:::7=3====$====1=,4=54===$=======3=,2=2::::::7

59




9. Plan Statements (Continued)

TOWN OF FAffiFIELD, 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


Employer .Plan members .

Total contributions .

Investment income:Net appreciation in fair value of investments .Interest and dividends .

Total investment income .

TOTAL ADDITIONS .


TOTAL DEDUCTIONS .

CHANGES IN NET ASSETS .

NET ASSETS - JULY 1, 2008 .

$ 3,194 $ 3,167 6,361569 569

3,194 3,736 6,930

76 77 15310 19 29

86 96 182

3,280 3,832 7,112

1,405 2,290 3,695102 88 190

1,507 2,378 3,885

1,773 1,454 3,227

NET ASSETS - JUNE 30, 2009 .

E. On-BehalfPayments

$ 1,773 $ 1,454 $ 3,227

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 $11,372.

60

RequiredSupplementaryInformation

~

TOWN OF FAIRFffiW, CONNECTlCIlT


FAIRFIELD RETIREMENT SYSTEM AND OPEB PLANSSCHEDULE OF FUNDING PROGRESS

(THOUSANDS)

TOWN PLAN

A B (A-B) (AlB) C

ACTUARIALLYACCRUED OVER

ACTUARIAL ACTUARIAL LIABILITY (AAL) (UNDER) FUNDEDVALUATION VALUE OF PROJECTED UNIT FUNDED AAL COVERED

DATE ASSETS CREDIT AAL RATIO PAYROLL

JULy I,2003 $ 137,084 $ 102,944 $ 34,140 133.2% $ 25,1292004 143,440 113,405 30,035 126.5% 27,1292005 149,453 122,508 26,945 122.0% 27,6412006 155,385 127,253 28,132 122.1% 29,5262007 164,818 135,707 29,111 121.5% 31,3132008 167,983 149,744 18,239 112.2% 33,094

POLICE AND FIRE PLAN

RSI-l(lof2)

[(A-B)/C]

OVERIUNDERFUNDED AAL AS

A PERCENTAGE OFCOVERED PAYROLL

135.9%110.7%97.5%95.3%93.0%55.1%

ACTUARIALVALUE OF

ASSETS

ACTUARIALVALUATION

DATE

JULy 1,200320042005200620072008

$

A

149,118153,938159,739165,378174,456177,123

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

ACTUARIALLYACCRUED OVER OVERIUNDER

LIABILITY (AAL) (UNDER) FUNDED FUNDED AAL ASPROJECTED UNIT FUNDED AAL COVERED A PERCENTAGE OF

CREDIT AAL RATIO PAYROLL COVERED PAYROLL

$ 118,423 $ 30,695 125.9% $ 10,290 298.3%124,110 29,828 124.0% 10,776 276.8%130,274 29,465 122.6% 11,560 254.9%134,283 31,095 123.2% 11,588 268.3%136,489 37,967 127.8% 12,817 296.2%143,052 34,071 123.8% 13,050 261.1%

(Continued)

RSI-2TOWN OF FAIRFIELD. CONNECTICUT


SCHEDULE OF EMPLOYER CONTRIBUTIONS

TOWN, POLICE AND FIRE PENSION AND OPEB PLANS

YEAR ANNUALENDED REQUIRED ACTUAL PERCENTAGE

JUNE 30, CONTRIBUTION CONTRIBUTION CONTRIBUTED

PENSION PLANS

TOWN EMPLOYEES

2004 $ - $ - N/A2005 - - N/A2006 818 - N/A2007 22 - N/A2008 - - N/A2009 - - N/A

POLICE AND FIRE~

2004 $ - $ - N/A2005 - - N/A2006 89 - N/A2007 - - N/A2008 - - N/A2009 - - N/A

OTHER POSTEMPLOYMENT BENEFIT PLANS

TOWN EMPLOYEES

2008 $ 4,707 $ 1,938 41.2%2009 4,842 3,194 66.0%

POLICE AND FIRE

2008 $ 4,770 $ 1,761 36.9%2009 4,909 3,167 64.5%

BOARD OF EDUCATION

2008 $ 1,643 $ 1,183 72.0%2009 1,671 1,530 91.6%

GeneralFund

The general fund is the principal fund ofthe 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, 2009 AND 2008(THOUSANDS)

2009

ASSETS

SCHEDULE 1

2008

Cash .Investments .Receivables, net:

Property taxes .Intergovernmenta1. .Other .

Due from other funds ..

TOTAL ASSETS .


$

$

12,54412,562

4,050543

1,1157,923

38,737

$

$

10,51613,061

3,356

81011,387

39,130

Liabilities:Accounts payable .Accrued payroll .Due to other funds .Unearned revenue , '" '" '" ., .Performance bonds .Other .

Total Liabilities .

$ 4,286 $ 4,2928,252 7,6691,0799,905 10,7482,834 3,2921,164 1,591

27,520 27,592

Fund Balances:Reserved for:

Encumbrances '" , '" '" ., '" .Unreserved:

Designated for subsequent year's budget .Unreserved and undesignated .

Total Fund Balances '" '" .

TOTAL LIABILITIES AND FUND BALANCES ....

64

$

954

10,263

11,217

38,737 $

1,989

5009,049

11,538

39,130

SCHEDULE 2TOWN OF FAffiFJELD. CONNECTICUT

GENERAL FUNDSCHEDULE OF REVENUES AND OTHER FINANCING SOURCES


(THOUSANDS)

VARIANCEORIGINAL FINAL WITH FINALBUDGET BUDGET ACTUAL BUDGET

PROPERTY TAXESCurrent year levy................................ $ 215,689 $ 215,689 $ 215,654 $ (35)Prior years levy.................................. 1,290 1,290 1,482 192Interest on delinquent taxes.................... 794 794 911 117Telecommunications access lines............. 304 304 234 (70)State property tax reimbursement. ............ 518 518 500 (18)

TOTAL PROPERTY TAXES................... 218,595 218,595 218,781 186

INTERGOVERNMENTAL REVENUESState grants for education...................... 3,686 3,686 3,459 (227)School building grants.......................... 745 745 778 33Other state grants................................ 4,864 4,940 4,899 (41)Federal grants.................................... 50 50 (50)

TOTAL INTERGOVERNMENTAL........... 9,345 9,421 9,136 (285)

CHARGESFORSER~CES

Licenses and permits........................... 2,295 2,295 1,587 (708)Fines.............................................. 487 487 485 (2)Department and other. ........ '" ............... 10,981 10,981 9,247 (1,734)Rents.............................................. 798 798 813 15

TOTAL CHARGES FOR SER~CES......... 14,561 14,561 12,132 (2,429)

INVESTMENT INCOME........................ 2,050 2,050 1,282 (768)

MISCELLANEOUS REVENUES.............. 214 214 144 (70)

TOTAL REVENUES............................. 244,765 244,841 241,475 (3,366)

OTHER FINANCING SOURCESAppropriation of fund balance................ 500 500 (500)Cancellation of prior year encumbrances ... 409 409Transfers in...................................... 235 235 269 34

TOTAL OTHER FINANCING SOURCES... 735 735 678 (57)

TOTAL REVENUES AND OTHERFINANCING SOURCES...................... $ 245,500 $ 245,576 $ 242,153 $ (3,423)

65


GENERAL FUNDSCHEDULE OF EXPENDITURES AND OTHER FINANCING USES


(THOUSANDS)

SCHEDULE 3(lof2)

GENERAL GOVERNMENT

ORIGINALBUDGET

FINALBUDGET ACTUAL

VARIANCEWITH FINAL

BUDGET

Administrative and general:Board ofselectmen '" . $Town clerk. '" '" .Administrative services .Registrar ofvoters '" '" '" .Zoning board of appeals .Town planning and zoning commission .Probate court '" '" , , ..Police and fire retirement board '" .Employees retirement board , , , .Historical district commission .Conservation commission , .Shellfish commission , '" .. , '" ..Legal services ..Miscellaneous contingencies ..Retirees' insurance , ..Human resources , .Economic development commission , ..Harbor management commission '" .Land acquisition 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

Finance .Purchasing '" , , .Assessor. ..Board of assessment appeals , ..Tax collector .Information systems , .Board of finance , '" .Unemployment compensation '" '" .

TOTAL FINANCE .

558 $606572218

773029

II

141,136

12528

504,4104,130

211176

13,236

1,1151,259

251

2,625

15,861

1,058293668

169294811485

3,859

66

558 $ 538 $ 20606 560 46572 469 103218 200 18

7 3 4730 696 3429 19 10

I 11 1

14 11 31,136 969 167

12 5 7528 527 1

50 20 304,410 4,297 1134,401 4,373 28

211 204 717 176 1 5

13,507 12,911 596

1,134 1,105 291,259 1,225 34

165 18 1479 13 (4)

62 48 146 6

2,635 2,415 220

16,142 15,326 816

1,058 1,003 55293 261 32698 660 38

1 1692 635 57948 748 200114 109 5120 120

3,924 3,536 388

(Continued)

SCHEDULE 3(2of2)

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

VARIANCEORIGINAL FINAL WlTHFINAL

BUDGET BUDGET ACTUAL BUDGET

PUBLIC SAFTEY

Fire..................................................... $ 11,888 $ 11,865 $ 11,824 $ 41Police.................................................. 13,921 13,651 13,357 294Animal control. ...................................... 446 446 421 25Street lighting..................... '" ...... '" ....... 725 725 703 22Hydrant and water service...... '" ...... '" ........ 1,410 1,433 1,433Emergency management.. ....... '" ................ 26 26 22 4Flood and erosion control.. ......................... 2 2 0 2Emergency communications ctr.................... 1,496 1,496 1,456 40

TOTAL PUBLIC SAFTEY........................... 29,914 29,644 29,216 428

PUBLIC WORKS

Public works administration........................ 620 620 594 26Public works operations............................. 12,713 12,713 12,342 371Building............................................... 697 697 672 25Engineering........................................... 725 725 687 38Park operations.......... '" .......................... 233 233 146 87

TOTAL PUBLIC WORKS........................... 14,988 14,988 14,441 547

HEALTH AND WELFARE

Health................................................. 3,144 3,144 3,010 134Welfare................................................ 149 200 200Human services...................................... 459 408 433 (25)Solid waste & recycling......... '" ................. 4,356 4,356 3,630 726

TOTAL HEALTH AND WELFARE............... 8,108 8,108 7,273 835

CULTURE AND RECREATION

Library................................................ 4,169 4,169 3,988 181Penfield pavillion complex......................... 121 121 94 27Parks and recreation................................. 960 960 892 68Beaches and lifeguards.............................. 364 364 334 30Holidays............................................... 61 61 56 5Golf courses........................................... 1,835 1,835 1,683 152

TOTAL CULTURE AND RECREATION......... 7,510 7,510 7,047 463

BOARD OF EDUCATION........................... 139,614 139,614 139,028 586

DEBT SERVICE....................................... 21,618 21,618 21,544 74

TOTAL EXPENDITURES........................... 241,472 241,548 237,411 4,137

OTHER FINANCING USESTransfers out.. ........................................ 4,028 4,028 4,028

TOTAL EXPENDITURES AND OTHERFINANCING USES................................. $ 245,500 $ 245,576 $ 241,439 $ 4,137

(Concluded)

67


GENERAL FUNDBOARD OF EDUCATION

SCHEDULE OF EXPENDITURES - BUDGET AND ACTUALFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)

SCHEDULE 4

ORIGINALAPPROPRIATION TRANSFERS

FINALAPPROPRIATION EXPENDITURES

UNEXPENDEDBALANCE

&l

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 ..

$ 61,715 $ (504) $ 61,211 $ 61,211 $6,253 (131) 6,122 6,1225,009 (55) 4,954 4,954

981 32 1,013 1,013622 32 654 654

3,301 (113) 3,188 3,1883,228 58 3,286 3,2863,307 (84) 3,223 3,223

919 35 954 954945 140 1,085 1,085

1,017 (141) 876 876684 8 692 692

2,479 993 3,472 3,44820,903 (608) 20,295 20,136

3,341 253 3,594 3,5485,188 11 5,199 5,1983,635 101 3,736 3,736

93 (11) 82 826,097 (212) 5,885 5,873

179 (1) 178 159761 (27) 734 70940 (16) 24 24

591 (93) 498 4972,319 355 2,674 2,6742,072 (139) 1,933 1,7921,676 46 1,722 1,672

586 586 4801,604 69 1,673 1,673

69 2 71 69

$ 139,614 $ - $ 139,614 $ 139,028 $

2415946

1

121925

14150

106

2

586

SCHEDULES

TOWN OF FAIRFIELD. CONNECTlqiT

REPORT OF TAX COLLECTORYEAR ENDED JUNE 30, 2009

(THOUSANDS)

LAWFUL CORRECTIONS COLLECTIONS

$ 3,356 $ 218,441 $ 456 $ 742 $ 49 $ 187 $ 221.279 $ 217.229 $ 936 $ 218,165 $ 4.050

218,441 386 _A03 17 ~18,377 215.786 535 216.321 2.591

1,882 1,208 232 1,440

2

3

5

4

7

16 I 2

30 7

178 22 IS

299 80 43

473 121 86

2

23

2

7

15

352

219

156

674

1,459

$

UNCOLLECTEDTAXES

JUNE 30, 2009

6

6

37

15

207

123

1,844

TOTAL

$

401

$

INTEREST,LIENS &

OTHER FEES

1,443

NETTAXES

COLLECTED

$

2,902

$ $ $ $

ADJUSTEDTRANSFERS AMOUNT

DEDUCTIONS ABATEMENTS TO SUSPENSE COLLECTIBLE

$

ADDlTlONS

CURRENTYEARLEVY

$

4

7

16

142 112

192 1 IS

338 I 7 33

607 9 130 13

2.037 59 202 2 14

3,356 70 339 2 187

UNCOLLECTEDTAXES

JULY I, 2008

2

$

GRANDLISTYEAR

--

1993

1994

1995

1996

1997

1998

1999

2000

% 2001

2002

2003

2004

2005

2006

TOTALPRIORYEARS

2007

TOTALALL

YEARS

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 Fundinf?; 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 ofthe 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.

SCHEDULE 6

(lof3)TOWN OF FAffiFIELD, CONNECTICUT

COMBINING BALANCE SHEETNONMAJOR GOVERNMENTAL FUNDS


SPECIAL REVENUE FUNDS

ASSETS

SPECIALASSESSMENTS

COMMUNITYDEVELOPMENTBLOCK GRANT

SPECIALEDUCATION RECREATION

PUBLICSAFETY SHELLFISH

NAVYHOUSING

$ $Cash .Investments ..Receivables:

Sewer, beach and sidewalk assessments .IntergovernmentaL .Loan .Other ..

25 TOTAL ASSETS . $

659

659

$

$

$ 7527 153

8111,189

53

1,216 $ 1,092

$

$

6515

521

$

$

134

134 $

23

23

$

$

LIABILITIES:Accounts payable .Due to other funds ..Deferred revenue ..

TOTAL LIABILITIES .

$236659

895

$ 21106

1,189

1,316

$ 113849

962

$ 57

18

75

$ 31721

41

$ $1,100

1,100

FUND BALANCES:Unreserved and undesignated . (236) (100) 130 446 93 23 (1,100)

TOTAL LIABILITIES AND FUND BALANCES .. $ 659 $ 1,216 $ 1,092 $ 521 $ 134 $ 23 $

(Continued)





SCHEDULE 6(20f3)

PUBLICSCHOOLLUNCH

WATERPOLLUTIONCONTROL

AUTHORITY MISCELLANEOUSDOWNTOWN

PARKING DONATIONS LIBRARY TOTAL

ASSETS

Cash............................................................................................ $ 663 $ 9 $ $ $ $ 1 $ 754Investments................................................................................. 268 1,401 162 108 374 73 3,238Receivables:

Sewer, beach and sidewalk assessments................................... 417 1,076Intergovernmental.. ................................................................... 67 878Loan.......................................................................................... 1,189Other......................................................................................... 9 62

'-l Other. ................................................................... 39 39....TOTAL ASSETS........................................................................ $ 1,046 $ 1,827 $ 162 $ 108 $ 374 $ 74 $ 7,236


LIABILITIES:Accounts payable...................................................................... $ $ 123 $ 38 $ $ 8 $ $ 363Due to other funds.................................................................... 32 31 2,371Deferred revenue...................................................................... 128 417 25 2,457

TOTAL LIABILITIES........................................................... 160 540 94 8 5,191

FUND BALANCES:Reserved for encumbrances...................................................... 81 81Unreserved and undesignated................................................... 886 1,206 68 108 366 74 1,964

TOTAL FUND BALANCES................................................. 886 1,287 68 108 366 74 2,045

TOTAL LIABILITIES AND FUND BALANCES.................... $ 1,046 $ 1,827 $ 162 $ 108 $ 374 $ 74 $ 7,236

(Continued)




PERMANENT FUNDS

SCHEDULE 6(30f3)

ASSETS

DEBTSERVICE

FUND

H.SMlTHRICHARDSON

CONSERVATIONFUND

SIMEONANDCARRlE

PEASE LIDRARYFUND FUND

TOTALPERMANENT

FUNDS

TOTALNONMAJOR

GOVERNMENTALFUNDS

Cash .Investments ..Receivables:

Sewer, beach and sidewalk assessments .Intergovemmental. ..Loan .Other ..

Other ..

$443

14

$333

$ $21 25

$379

$ 7544,060

1,076878

1,1897639

t:jTOTAL ASSETS ..


LIABILITIES:Accounts payable ..Due to other funds .Deferred revenue .

TOTAL LIABILITIES ..

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 .

$

$

$

457

299

299

158

158

158

457

$

$

$

333

30

30

303

333

333

$

$

$

21

20

20

21

21

$

$

$

25

20

20

5

25

25

$

$

$

379

70

70

309

379

379

$

$

$

8.072

6622,3712,457

5,490

8115870

309

2,273

2,582

8,072

(Concluded)

SCHEDULE 7(lofJ)

TOWN OF FAIRFIELD CONNECTICUT

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDSFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)


SPECIALASSESSMENTS

COMMUNITYDEVELOPMENTBLOCK GRANT

SPECIALEDUCATION RECREATION

PUBLICSAFETY SHELLFISH

NAVYHOUSING

\j

REVENUES:Intergovernmental .

Charges for services .Sewer, beach and sidewalk assessments .

Income from investments .

TOTAL REVENUES .

EXPENDITURES:

Current:General government.. .Public safety .

Health and welfare .Culture and recreation .Education .



$

120

120

120

$ 66051

711

667

667

44

$ 5,780

1,456

7,236

7,240

7,240

(4)

$1,153

1,153

906

906

247

$ 211

211

402

402

(191)

$ $46

46

8

8

38

OTHER FINANCING SOURCES (USES):Transfers out. .


(110) (75) (15)

(11 0) (75) (15)

NET CHANGE IN FUND BALANCES . 10 44 (79) 232 (191) 38

FUND BALANCES - JULy 1,2008 . (246) (144) 209 214 284 23 (1,138)

FUND BALANCES - JUNE 30, 2009 . $ 236 $ 100 $ 130 $ 446 $ 93 $ 23 $ (1,100)

(Continued)

SCHEDULE 7(2of3)

TOWN OF FAffiFIEIJ>, CONNECTICUT

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESNONNUUORGOVERNMENTALFUNDSFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)


PUBLICSCHOOLLUNCH

WATERPOLLUTIONCONTROL

AUTHORITY MISCELLANOUSDOWNTOWN

PARKING DONATIONS LIBRARY TOTAL

:;;:

REVENUES:Intergovernmental... .Charges for services .Sewer, beach and sidewalk assessments ..Income from investments .Contributions .Other .

TOTAL REVENUES .

$ 4332,706

7

3,146

$4,753

6

166

4,925

$ 345

39

$59

59

$ $ $ 7,11810,229

1206 19

295 12 307166

295 18 17,959


General government. .Public saftey .Public works .Health and welfure .Culture and recreation .Education .

Debt service .



2670

3,952 33

3,050 (85)170

3,050 4,122 11 33

96 803 28 26

8125

100

125

170

15

15

3

42484

3,990767921

10,205170

16,579

1,380

OTHER FINANCING SOURCES (USES):Transfers out.. . ~~ m~


FUND BALANCES - JULY 1,2008 .

FUND BALANCES - JUNE 30, 2009 .. $

96

790

886 $

253

1,034

1,287 $

28

40

68 $

26

82

108 $

170

196

366 $

71

74 $

630

1,415

2,045

(Continued)

SCHEDULE 7(30f3)

TOWN OF FAIRFIEIJ). CONNECTICUT

COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFOR THE YEAR ENDED JUNE 30, 2009

. (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 ..Other .

TOTAL REVENUES .


General government.. .Public safety ..Public works .Health and welfare ..Culture and recreation ..Education .

Debt service .

TOTAL EXPENDITURES ..

58

58

1,466

1,466

$

74

74

$ $ $

74

74

$ 7,11810,287

12019

307167

18,018

116484

3,990767921

10,2051,636

18,119

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES . (1,408) (74L L (73)_ (lOI)

1,478 1,478(750)

1,478 728

70 (74) I (73) 627

88 407 20 25 452 1,955

1<0 ~ n, $ 21 $ 25 $ 379 $ 2,582

(Concluded)

FUND BALANCES - JUNE 30, 2009.......................... $ ,"V ~ N"

OTHER FINANCING SOURCES (USES):Transfers in .Transfers out. .

FUND BALANCES - JULY 1,2008 ..




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


(THOUSANDS)

SCHEDULE 8

REVENUES:Charges for services .Income from investments .Other. ..

TOTAL REVENUES .

$

ORIGINALBUDGET

4,646

4,646

$

FINALBUDGET

4,646

4,646

VARIANCEWITHFINAL

ACTUAL BUDGET

$ 4,753 $ 1076 6

166 166

4,925 279

EXPENDITURES


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 1,2008 .

FUND BALANCE - JUNE 30, 2009 '" .

RECONCILIATION TO GAAP BASIS - SCHEDULE 7

BALANCE, BUDGETARY BASIS - JUNE 30, 2009........

Encumbrances outstanding at June 30, 2008liquated during the year, June 30, 2009 .

Encumbrances outstanding at June 30, 2009 charged tobudgetary expenditures .

$

$

4,476

14228

4,646

4,191

12

(81)

4,476 4,021

142 14228 28

4,646 4,191

734

(550)

$ 184 $

1,022

$ 1,206

FUNDBALANCE

$ 1,206

81

455

455

734

(550)

184

BALANCE JUNE 30, 2009 - GAAP BASIS . $ 4,122

76

$ 1,287

SCHEDULE 9


SCHEDULE OF CHANGES IN SEWER ASSESSMENT RECEIVABLEFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)

UNCOLLECTED CURRENT NET UNCOLLECTEDASSESSMENTS YEAR AMOUNT ASSESSMENTS

DESCRIPTION JULy 1,2008 ADDITIONS COLLECTIBLE COLLECTIONS JUNE 30, 2009

Regular Sewers $ 5 $ $ 5 $ 2 $ 3

Project #15 Sewers 120 120 20 100

Project #16 Sewers 44 44 8 36

Project #17 Sewers 338 338 41 297





Project #98 Sewers 5 5 5

TOTAL $ 763 $ $ 763 $ 104 $ 659

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).


AGENCY FUNDSTUDENT ACTIVITY FUND

STATEMENT OF CHANGES IN ASSETS AND LIABILITYFOR THE YEAR ENDED JUNE 30, 2009

(THOUSANDS)

SCHEDULE 10

BALANCEJULy 1,2008 ADDITIONS DEDUCTIONS

BALANCEJUNE 30, 2009

ASSETS

Cash ......................................... $ 802 $ 2,389 $ 2,390 $ 801Investments................................. 63 4 4 63

TOTAL ASSETS $ 865 $ 2,393 $ 2,394 $ 864

LIABILITY

Accounts payable.......................... $ 865 $ 2,393 $ 2,394 $ 864

78

Capital Assets

Used in the

Operation of

Governmental

Funds


CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDSSCHEDULE BY FUNCTION AND ACTIVITY


SCHEDULE 11

FUNCTION / ACTIVITY

GENERAL GOVERNMENT .

FINANCE .

PUBLIC SAFETy .

PUBLIC WORKS .

HEALTH AND WELFARE '" .

CULTURE AND RECREATION .

EDUCATION .

;C; TOTALS .

ASSETS OFFICE ANDLAND HELD FOR CONSTRUCTION BUILDINGS VEHICLES OTHER INFRASTRUCTURE TOTAL

SALE IN PROGRESS EQUIPMENT

$ 22,175 $ 909 $ $ 5,516 $ 223 $ 20 $ 152 $ 28,995

3,750 (2,154) 2,476 20 853 4,945

25 3,363 4,612 6,660 1,446 16,106

49 19,631 51,512 7,292 7,335 121,489 207,308

386 386

3,303 1,355 19,735 174 2,463 27,030

8,206 2,346 331,606 320 1,350 112 343,940

$ 37508 $ 909 $ 24541 $ 415.457 $ 15,075 $ 13.467 $ 121,753 $ 628.710

TOWN OF FAIRFIEI,D. CONNECTICUT

CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDSSCHEDULE OF CHANGES BY FUNCTION AND ACTIVITY


SCHEDULE 12

FUNCTION / ACTIVITYBALANCE

JULY 1,2008 ADDITIONS DEDUCTIONSBALANCE

JUNE 30, 2009

GENERAL GOVERNMENT........... $ 28,995 $ $ $ 28,995

FINANCE.................................. 3,387 1,558 4,945

PUBLIC SAFETY........................ 15,294 976 164 16,106

PUBLIC WORKS ........................ 199,542 8,002 236 207,308

HEALTH AND WELFARE............ 386 386

CULTURE AND RECREATION...... 26,761 12,177 11,908 27,030

EDUCATION............................. 338,385 202,115 196,560 343,940

TOTALS ................................... $ 612,750 $ 224,828 $ 208,868 $ 628,710

80

StatisticalSection

This part of the Town's comprehensive annual fmancial report presents detailed information as a context forunderstanding what the information in the fmancial statements, note disclosures, and required supplementaryinformation 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 fmancialperformance 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 fmancial activities take place.

OPERATING INFORMATION (TABLES 16 -17)

These schedules cqntain service and infrastructure data to help the reader understand how the information inthe Town's fmancial 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 comprehensive annualfmancial reports for the relevant year.

TABLEt

TOWN OF FATRFffiI.D, CONNECTICUT

NET ASSETS BY COMPONENTLAST SEVEN YEARS (1)

(THOUSANDS)(UNAUDITED)

FISCAL YEAR

2008 2007 2006 2005 2004 2003 2002

GOVERNMENTAL ACTIVITIES:Invested in capital assets, net of related debt... .Restricted '" .Unrestricted , '" .

TOTAL GOVERNMENTAL ACTIVITIES NET ASSETS... '"

$

$

240,836 $ 191,534 $ 208,403 $ 182,706 $ 161,742 $ 140,593 $ 111,077379 485 5,726 569 449 388 412

3,681 40,939 3,176 29,006 32,509 33,747 38,413

244,896 $ 232,958 $ 217,305 $ 212,281 $ 194,700 $ 174,728 $ 149,902

00......

(1) Less than ten years of data due to the implementation date ofGASB 34.

TABLE 2(lof2)

TOWN OF FAIRFIEI.D CONNECTICUT

CHANGES IN NET ASSETSLAST SEVEN YEARS (1)


FISCAL YEAR ENDED

2008 2007 2006 2005 2004 2003 2002

~

EXPENSES:Governmental activities:

General government... . .

Public safety .Public works '" .Health and welfare '" .Culture and recreation '" ., .

Interest expense , '" '" ..

Total Governmental activities expenses '" .

PROGRAM REVENUES:Charges for services:

General government... . .

Public sarety '" .Public works '" .Health and welfare '" '" .Culture and recreation .Education .

Operating grants and contributions .Capital grants and contributions '" .

Total Governmental activities program revenues .

NET EXPENSE:Governmental activities '" .

$ 15,865 $ 9,390 $ 9,675 $ 10,344 $ 11,300 $ 10,279 $ 13,2542,404 3,303 3,528 3,156 2,950 2,809 3,063

32,931 31,651 29,516 25,479 24,167 23,497 21,99420,146 18,851 21,931 17,357 18,331 16,553 16,199

8,172 8,734 7,622 7,518 6,926 6,133 5,6858,468 8,197 8,075 7,686 6,692 6,458 5,929

167,843 140,313 134,381 125,010 117,822 104,403 96,4858,109 10,161 9,260 8.057 6,719 5,948 4.580

263,938 230,600 223,988 204,607 194.907 176.080 167,189

3,029 3,419 4,785 5,158 4,277 2,732 1,908348 431 307

5,254 4,543 4,028 432 415 326 3264,699 7,021 7,513 10,095 8,782 7,441 7,065

181 210 122 222 181 176 1904,894 4,407 3,020 2,882 2,988 2,775 2,8874,202 3,497 3,352 3,281 2,850 2,763 2,697

22,649 15,125 14,798 12,447 12,182 11,764 10,0531,316 6,820 4,970 13,127 24,399 2,550 2,756

46,572 45,473 42,895 47,644 56,074 30,527 27,882

(217.366) (185,127) (181,093) (156,963) (138,833) (145,553) (139,307)

(l) Less than ten years of data due to the implementation date of GASB 34.(Continued)

TOWN OF FAIRFIEI.P, CONNECTlCI!T

CHANGES IN NET ASSETSLAST SEVEN YEARS (I)


FISCAL YEAR ENDED

TABLE 2(20f2)

2008 2007 2006 2005 2004 2003 2002

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

Property taxes..................................................................... $ 219,608 $ 193,514 $ 180,575 $ 167,042 $ 152,888 $ 145,393 $ 133,018Grants and contributions not restricted to specific programs............. 3,919 3,760 3,782 4,536 4,377 5,522 6,105InvestInent income....................................... '" ..................... 736 3,297 1,120 2,164 1,171 2,833 2,955Miscellaneous..................................................................... 391 209 640 369 27 155

Total Governmental activities ... ,................................................ 224,654 200,780 186,117 173,742 158,805 153,775 142,233

CHANGE IN NET ASSETS:Governmental activities................................... ,..................... $ 7,288 $ 15,653 $ 5,024 $ 16,779 $ 19,972 $ 8,222 $ 2,926

e:l (l) Less than ten years of data due to the implementation date of GASB 34. (Concluded)

TABLE 3TOWN OF FAIRFIELD CONNECTICUT

FUND BALANCES, GOVERNMENTAL FUNDSLAST TEN YEARS


FISCAL YEAR ENDED JUNE 30,

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

I,~$ 2,62_8__$_ 2,937 ._$_ 2,157 $ 2,118 2,182 $ 1,739 $ 2,177GENERAL FUND:

Reserved , .Unreserved:

Designated .Undesignated .

954

10.263500 1,100 1,800 2,653 3,059 6,996

9,049 8,472 6,793 6,048 6,352 7,8324,5758,459

4,6587.515

1,589

5,5827.655

Total unreserved , . 10,26I__ 9,549 9,577. 8,593 8.701 9,411 14,828 13,034 12,173 13.237

TOTAL GENERAL FUND . 1I,2~ 11,538__ 12,20L__ ll,530 10,858 11.529 17,010 14,773 14.350 14,826

~

ALL OTHER GOVERNMETAL FUNDS:Reserved:

Encumbrances .Inventory ,., .Commitments '" .Debt service funds .Endo\VIncnt. '" .Capital outlay .

Unreserved reported in:Special revenue funds .Capital funds .Pennanent funds .

TOTAL ALL OTHERGOVERNMENAL FUNDS .

81 12 66 2 43 154 659 1947 43 50 28 43

2,356 24,904 48,275 40,703 24,184158 88 1,352 (551) (920)70 70 70 70 385 415 363 384 511

634 794 1,329

1,964 1,403 1,105 (756) (3,938) 2,981 4,408 6,086 6,542(11,693) (9,289) (26,556) (47,149) (87,100) (63,047) (78,341) (32,295) (23,706)

309 382 415 361

(<JJll)_ (7,llil__ (2:J,5_411)__ (45,6§7)__ (66,5m____ (10,545) (31,364) (284) (16.591)

6042

515

5,146(4,843)

920

GRAND TOTAL . 2,106 4.204 (11,348) $ (34,137) $ (55,721) $ 984 $ (14,354) $ 14,489 $ (2,241) 15.746

REVENUES:Property taxes .Intergovemmental. .Charges for services .Investment income .Contributions " '" '" .

TABLE 4TOWN OF FAIRFIELD CONNECTICUT

CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDSLAST TEN YEARS


FISCAL YEAR ENDED

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

218,781 $ 202,652 $ 192,784 $ 181,083 $ 167,315 $ 153,247 $ 146,606 $ 133,534 $ 124,463 $ 118,91928,178 54,234 26,262 23,880 29,192 40,850 18,766 18,192 18,252 16,68722,539 24,452 23,407 22,216 22,679 20,138 17,025 15,787 15,492 15,118

1,301 2,559 2,557 1,120 1,603 1,218 1,805 2,093 2,883 2,336307 198 85 291391 516 209 640 596 232 734 304 254 217

TOTAL REVENUES '" '" . 271,'12L 284,_61_1__ 245,304 229,:l3~ _~21,385 215,685 184,936 169,910 161,344 153,277

~

EXPENDITURES:Current:General government. .Finance .Public saftey .Public works .Healtb and welfare .Culture and recreation .Education .

Capital outlay... . .Debt service:

Interest. .


15,451 12,288 10,963 10,442 9,726 9,611 9,701 10,266 9,524 8,7653,579 3,385 3,108 3,318 3,039 2,870 2,755 3,009 2,906 2,819

29,711 28,918 27,940 25,831 25,099 24,326 23,103 21,806 22,058 22,04218,385 19,124 17,529 17,636 17,104 17,517 17,191 15,082 14,229 13,7058,047 9,243 7,897 7,393 7,497 6,904 6,050 5,626 5,829 5,3897,959 8,005 7,345 7,435 7,419 6,493 6,441 5,754 6,137 5,864

161,797 179,313 139,970 131,282 121,028 111,530 102,280 94,570 88,058 82,45610,086 9,182 15,591 34,547 68,614 65,728 62,227 28,793 21,642 18,420

12,464 12,464 12,464 10,297 9,523 10,314 8,199 6,330 5,586 4,46610,716 11,677 7,946 8,525 10,559 5,802 5,243 3,261 3,358 3,103

278,~ ._293,599 __ 25Q,753 256,706 279,608 261,095 243,190 194,497 179,327 167,029

EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES '" '" '" . (6~ (ll,2ill-. ~449J__ G.I,'l"I§) . _(58,223)_ (4~410) (58,254) (24,587) (17,983) (13,752)

3,040

12,04540,00013,935

(14,035)(31)

1,448

29,411

1,820

60,00032,130

(33,202)

15,040

(14,670)(212)

1,360

45,00026,175

3,316

24,24546,230

(49,251)

4,600

3821,681 4,060

4,862 4,714 3,001 4,728 3,099 6,805 1,066 2,480 969 812(4~ ...~ -----.11,001)__ f1,~ (3,099)_&805) (1,066) (2,480) (969) (812)

OTHER FINANCING SOURCES (USES):Issuance ofdebt.. .Issuance ofrefunding bonds .Capitallease obligations .Payment to refunded bon~ escrow agent. .Discount on refunding bonds .Premium on bonds and notes .Sale of assets .Transfers in .Transfers aut. .

NET OTHER FINANCING SOURCES (USES) '" . 4,600 24,540__ :lll,238 49,060. 1,518 60,748 29,411 41,317 15,085

NET CHANGE IN FUND BALANCES . 2.098) 15,552 22.789 21,584 56.705) 15,338 28.843 16.730 17.983 1.333

DEBT SERVICE AS A PERCENTAGE OF NONCAPITALEXPENDITURES . 9% 9% 10% 17% 28% 27% 28% 16% 14% 13%


ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTYLAST TEN YEARS


TABLE 5

REAL ESTATE PERSONAL PROPERTY TOTALPERCENTAGE

OF TOTALASSESSED

(3) (4) VALUE TO TOTALYEAR (1) (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

2000 $ 3,944,314 $ 7,888,628 $ 525,769 $ 751,098 $ 4,470,083 $ 8,639,726 51.74% 26.70

2001 3,981,517 8,750,585 576,258 823,225 4,557,775 9,573,810 47.61% 27.60

2002 4,002,515 8,781,158 598,676 855,252 4,601,191 9,636,410 47.75% 29.20000-

10,136,226 65.41% 20.302003 6,588,547 626,950 895,643 7,215,497 11,031,869

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 11,051,602 15,788,003 661,116 944,451 11,712,718 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 11,292,411 16,132,015 637,602 910,860 11,930,013 17,042,875 70.00% 18.58

Source: Town ofFairfield, Assessor's Office

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

(1) Assessed values are net of exemptions; 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% of market value, is used to estimate market value since personal property is revalued every year.

TABLE 6TOWN OF FAlRFlliLD, CONNECTICUT

PRlNCIPAL PROPERTY TAXPAYERSCURRENT YEAR AND NINE YEARS AGO

(UNAUDITED)

2009 2000

PERCENTAGE PERCENTAGENATURE OF ASSESSED NET TAXABLE ASSESSED NET TAXABLE

NAME BUSINESS VALUE RANK GRAND LIST (l) VALUE RANK GRAND LIST (l)

General Electric Company Corporate Headquarters $ 89,383,676 I 0.75% $ 64,190,362 I 1.43%

Lenoci, Alfred et als Real Estate Investors 57,604,467 2 0.48% 26,580,640 3 0.59%

Aquarion Water Co Public Utility 53,146,194 3 0.45% 49,880,560 2 1.11%

Kleban Holding Co Real Estate Investors 40,142,678 4 0.34%

Roberts, Samuel et al Real Estate Investors 38,240,370 5 0.32% 18,682,446 4 0.42%

Conn Light and Power Public Utility 30,392,163 6 0.25%

00 Southport Village Partners Real Estate Investors 29,186,390 7 0.24%'1

Scinto, Robert D Real Estate Investors 23,555,700 8 0.20% 8,043,490 8 0.18%

Jack, Bradley and Karin Residential Homeowner 23,331,040 9 0.20%

Trust Realty et als Residential Homeowner 17,952,760 10 0.15%

United Illuminating Company Electric Utility 1I,Q75:616 5 0.25%

Garofalo Albert Real Estate Developer 10,047,019 7 0.22%

Handy and Harmon Precious Metals Processor 10,770,015 6 0.24%

Pollack, NormanlWestfair Pollack Real Estae Developer 7,685,895 9 0.17%

Fairfield Theatres Movie Entertainment

BJ'S Wholesale Club Wholesale Merchandiser 7,609,540 10 0.17%

---

TOTAL $ 402,935,438 3.38% $ 214,565,583 4.78%

Source: Assessor's Office, Town ofFairfield

Based on the October 2007 and October 2000 Grand lists of $11,874,286,362 and $4,413,974,907, 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

2000 26.70 $ 117,676 $ 116,491 98.99% $ 1,183 $ 117,674 100.00% $ 2

2001 27.60 123,558 122,001 98.74% 1,554 123,555 100.00% 3

2002 29.20 132,904 131,261 98.76% 1,636 132,897 99.99% 7

gg 2003 20.30 144,836 143,833 99.31% 988 144,821 99.99% 15

2004 21.50 150,234 149,077 99.23% 1,134 150,211 99.98% 23

2005 23.40 166,371 165,003 99.18% 1,212 166,215 99.91% 156

2006 24.80 178,723 177,192 99.14% 1,312 178,504 99.88% 219

2007 16.67 191,857 190,021 99.04% 1,229 190,021 99.04% 352

2008 17.41 202,188 200,151 98.99% 1,363 201,514 99.67% 674

2009 18.58 218,377 215,786 98.81% - 215,786 98.81% 2,591

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

Source: Town ofFairfield Tax office

TOWN OF FAffiFIELD, CONNECTICUT

RATIOS OF OUTSTANDING DEBT BY TYPELAST TEN YEARS

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

TABLES

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

2000 $ 63,100 $ 4,291 $ 3,040 $ 70,431 0.14% $ 1,228

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

00'0 2002 93,815 3,789 2,432 100,036 0.10% 1,723

2003 87,810 32,949 2,128 122,887 0.08% 2,129

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

YEARENDEDJUNE 30

--2000

2001

\Q 2002c::>

2003

2004

2005

2006

2007

2008

2009

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

$ 63,100 $ 4,291 $ 3,040 $ 70,431 0.82% $ 1,228

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

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

TOWN OF FAIRFIELD. CONNECTlCllT

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

FOR THE YEAR ENDED JUNE 30, 2009(THOUSANDS)(UNAUDITED)

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

REIMBURSEMENT OF REVENUE LOST ON:Tax Relieffor Elderly Freeze Grant.. , '" '" '" , .

TOTALBASE .

$

$

TABLE 10

218,165

21

218,186

GENERALPURPOSE SCHOOLS

91

SEWERURBAN

RENEWALPENSIONDEFICIT

TABLE 11

TOWN OF FAlRFIELD, CONNECTICUT

LEGAL DEBT MARGIN INFORMATIONLAST TEN YEARS

(THOUSANDS)(UNAUDITED

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

2000 $ 1,983,551 $ 97,804 $1,885,747 4.93%

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%

92

TABLE 12


DEMOGRAPHIC AND ECONOMIC STATISTICSLAST TEN YEARS

(UNAUDITED)

(2) (1) (3) (4)EDUCATION

LEVEL INYEAR YEARS OFENDED (1) PERSONAL PER CAPITA MEDIAN FORMAL SCHOOL UNEMPLOYMENTJUNE 30 POPULATION INCOME INCOME AGE SCHOOLING ENROLLMENT RATE

2000 57,340 $ 100,920 $ 43,670 38.5 N/A 7,787 1.50%

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%

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%

(1) Source: State ofConnecticut, Department ofHealth Services, US Census.

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

(3) Town ofFairfield, Board ofEducation.

(4) Department ofLabor, State ofConnecticut.

N/A - Information not available

TABLE!3

TOWN OF FAffiFffiW, CONNECTICllT

PRINCIPAL EMPLOYERSCURRENT YEAR AND NINE YEARS AGO

(UNAUDITED)

2009 2000

PERCENTAGE PERCENTAGEOF TOTAL CITY OF TOTAL CITY

EMPLOYER EMPLOYEES RANK EMPLOYMENT EMPLOYEES RANK EMPLOYMENT

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

Fairfield University 816 2 3.09% 709 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 Depol 240 7 0.91% 182 9 0.67%

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

Heim Universal 140 9 0.53% 165 10 0.61%

BTs Wholesale Club 135 10 0.51% 250 7 0.92%

Handy & Harman 250 6 0.92%

TOTAL 5,306 20.12% 4,758 17.50%

Source: Fairfield Chamber ofCommerce.

94

TABLE 14

TOWN OF FAIRFIELD, CONNECTIClJT

FULL-TIME EQUIVALENT TOWN GOVERNMENT EMPLOYEES BY FUNCTIONIPROGRAMLAST TEN YEARS

(UNAUDITED)

FUNCTION I PROGRAM 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Administrative and General GovernmentBoard ofSelectman 4 5 5 5 5 5 5 5 5 4Town Clerk 6 6 6 6 6 6 6 6 6 6Administrative Services 0 0 0 0 0 0 0 0 1 1Registrar ofVoters 1 1 1 1 1 1 0 0 0 0Town Planning and Zoning 6.6 7 7 7 7 7 7 7 7 7Conservation 8 10 10 10 9 9 9 9 9 9Legal Services 0 0 0 0 0 0 0 0 0 1Human Resources 4 4 3 3 3 3 4 4 4 4Community & Economic Development 1 1 1 1 1 1 1 1 1 1

FinanceFinance 8.4 10 10 10 10 10 10 10 10 10Purchasing 2 3 3 3 3 3 3 3 3 5Assessor 6.5 7 7 7 7 7 7 7 6 7Tax Collector 6.5 7 7 7 7 7 7 7 7 7

'0lnformation Systems 4 3 3 3 5 5 5 5 5 5

v,Public Safety

Fire 95 97 97 96 98 88 101 92 89 88Police 108 114 114 112 111 114 112 110 112 105Animal Control 3 3 3 3 3 3 3 3 3 2Emergency Communications Center 15 15 15 15 13 15 16 16 9 13

Public WorksPublic Works Administration 4 5 5 6 6 6 6 6 6 7Pnblic Works Operations 70 79 79 78 80 79 78 78 78 77Building 7 7 7 7 7 7 7 7 6 6Engineering 7 7 7 6 6 6 6 6 5 6

Health Social Human ServicesHealth 32 34 33 33 33 32 30 30 30 29Social and Human Services 2 3 1 1 2 2 2 2 2 2Youth Services 0 0 0 0 0 0 0 0 0 0Solid Waste & Recycling 2 2 2 2 2 2 3 3 3 3

Library 30 31 31 29 30 30 30 30 30 29

RecreationParks and Recreation 6 6 6 6 6 6 6 5 5 5South Pine Creek GolfCourse 1 1 I 1 1 2 2 2 2 2H. Smith Richardson GolfCourse 6 6 6 6 6 5 5 5 5 5

GRAND TOTAL 446 474 470 464 468 461 471 459 449 446

Source: Town Human Resources Department.

TOWN OF FAIRFIELD, CONNECTIClJT

FULL-TIME EQUIVALENT EMPLOYEES BY FUNCTIONIPROGRAMLAST TEN YEARS

(UNAUDITED)

TABLE 15

FUNCTION I PROGRAM

TOWN

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

'00\

Administrative and General Government. .....

Finance .

Public Safety .

Public Works .

Health, Social, Human Services '" .

Library .

Recreation ..

TOTAL ..

BOARD OF EDUCATION

Teaching Staff '" .

Administration , .

Other Staff '" ..

TOTAL ..

30.60 34.00 33.00 33.00 32.00 32.00 32.00 32.00 33.00 33.00

27.40 30.00 30.00 30.00 32.00 32.00 32.00 32.00 31.00 34.00

221.00 229.00 229.00 226.00 225.00 220.00 232.00 221.00 213.00 208.00

88.00 98.00 98.00 97.00 99.00 98.00 97.00 97.00 95.00 96.00

36.00 39.00 36.00 36.00 37.00 36.00 35.00 35.00 35.00 34.00

30.00 31.00 31.00 29.00 30.00 30.00 30.00 30.00 30.00 29.00

13.00 13.00 13.00 13.00 13.00 13.00 13.00 12.00 12.00 12.00

446.00 474.00 470.00 464.00 468.00 461.00 471.00 459.00 449.00 446.00

906.35 886.80 876.75 865.20 847.90 808.30 785.00 767.95 736.80 700.70

44.80 44.80 43.80 43.80 43.60 39.80 38.80 36.80 32.60 30.70

426.10 410.70 404.20 399.10 412.70 382.30 359.60 353.33 348.29 330.02

1,377.25 I.342.30 1,324.75 I.308.10 1,304.20_ 1.230.40 ~83.40___ 1.158.08 ,--.-lJll,§9 1,061.42

TOTAL .. 1,823.25 1,816.30 1,794.75 1,772.10 1,772.20 1.<;91.40 , L654.40 .._ 1,617.08 1.566.69 1,507.42

Source: Town and Board ofEducation Human Resource Departments.

TABLE 16

TOWN OF FAIRFIELD, CONNECTIClIT

OPERATING INDICATORS BY FUNCTIONIPROGRAMLAST TEN YEARS

(UNAUDITED)

FUNCTION I PROGRAM 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Public safetyFire

Incidents 9,038 6,141 7,759 9,458 NIA NIA NIA NIA NIA NIAUnit responses 15,II I 10,525 13,308 19,021 NIA NIA NIA NIA NIA NIAFire Marshall Inspectious 845 577 710 1,168 NIA NIA NIA NIA NIA NIA

PoliceCriminal arrests 814 1,826 1,362 1,084 1,151 1,269 1,329 1,447 NIA NIAParking violations 8,413 10,086 9,902 9,332 9,516 8,478 6,905 6,690 7,II3 8,125Citations 5,532 6,II6 5,649 5,445 5,278 4,750 3,774 4,500 NIA NIA

Public worksStreet resurfacing (paved miles) 9.59 11,96 17.07 10.60 8.80 8.01 9.97 8.86 5.08 7.80Potholes repaired 2,875 2,260 1,553 2,127 3,759 2,687 3,154 697 1,087 834

Refuse collection

'0Refuse collected (tons per day) 90.87 133.10 144.56 149.51 175.26 160.33 133.21 122.47 130.69 103.49

"l Recyclables collected (tons per day) 4.84 5.38 5.68 7.22 7.79 8.06 7.32 8.30 8.39 9.84

Parks and recreationFitness Center daily admissions 126 162 298 351 317 272 241 173 165 159

LibraryVolumes in collection 353,279 N/A 345,274 331,526 337,262 337,334 382,953 379,471 297,024 248,470Total volumes borrowed 996,000 933,948 885,493 873,055 714,171 722,443 831,186 754,272 692,267 705,243

EducatiouSchool enrollment 9,880 9,709 9,424 9,195 8,957 8,723 8,480 8,284 8,042 7,787

Source: Various Town Departments.


TABLE 17

TOWN OF FAIRFIELD. CONNECTICJJT

CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAMLAST TEN YEARS

(UNAUDITED)

FUNCTION / PROGRAM 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

PARKS AND RECREATION:

Playgrounds 24 24 24 24 23 23 23 23 23 23Baseball/softball diamonds 24 24 24 24 23 23 23 22 22 22Soccer/football fields 19 19 19 19 16 13 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 21 21 21 21 21 21 21 21 21 21

PUBLIC WORKS:

Highway department'000 Streets (miles) 273 273 273 273 273 273 273 NIA NIA NIA

Streetlights 4,172 4,171 4,168 4,155 4,150 4,146 4,138 NIA NIA NIA

Wastewater

Sanitary sewers (miles) 187.00 187.00 187.00 187.00 187.00 187.00 187.00 187.00 187.00 187.00Storm sewers (miles) 125.73 125.31 124.75 124.57 124.16 123.53 123.16 122.41Treatroent capacity (tllOusands ofgallons/day) 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 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 I I I IMiddle schools 3 3 3 3 3 3 3 3 3 3Elementary schools II II II II II 10 10 10 10 10

Source: Town capital asset records and various Town Departments.


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