Comprehensive Annual Financial Report - City of Santa Monica

More documents

Recommendations

Info

Cash Management Policies and Practices. The City’s Investment Policy (Policy) sets broad legal guidelines which govern the investment of cash balances. The Policy, established in accordance with State law, has been certified by the Association of Public Treasurers, United States and Canada. The Policy is reviewed annually and approved by the City Council. The primary objectives of all City investments, in priority order, are safety and preservation of principal, liquidity to meet cash flow needs, and a market rate of return after the first two objectives have been met. Within this framework, the City has developed an Investment Plan (Plan) which guides strategy and structure of the portfolio. The Plan sets targets for the portfolio by investment type as well as benchmarks to measure return. Debt Administration. At June 30, 2009, the City's general obligation bond rating was the highest possible with an Aaa from Moody’s; AAA from Fitch; and AAA from Standard and Poor’s. All other City indebtedness is considered to be at least investment grade. The City’s bonded debt applicable to its debt limit consisted of: $18.5 million of Main Library Improvements Project General Obligation Bonds; $23.1 million in Public Safety Facility Lease Revenue Bonds; $37.3 million in Civic Center Parking Structure Bonds; $72.9 million in Earthquake Recovery Redevelopment Project Tax Allocation Bonds and Ocean Park Redevelopment Projects Tax Allocation Refunding Bonds; and $7.5 million in Parking Authority Lease Revenue Bonds. A calculation of the City's debt limit is detailed in Table 14 of the Statistical Section of this CAFR. The City has other long-term payment obligations, which are not bonded debt, e.g., claims payable. These are detailed in Note 9 in the notes to the basic financial statements. Risk Management. The City established a Risk Management program in 1986 to minimize the exposure of the City’s assets and resources (both human and financial) to accidental loss. The program is staffed by a full-time Risk Manager and includes risk identification and evaluation, risk control, risk transfer, and risk financing. Services include administration of claims filed by the public and employees and safety training and loss prevention. Additional information about the City’s risk management practices can be found in Note 15 of the notes to the basic financial statements. Pension and Other Postemployment Benefits (OPEB). The City contributes to the California Public Employees’ Retirement System (CalPERS), an agent multiple-employer public employee defined benefit pension plan. CalPERS provides retirement and disability benefits, annual cost-of-living adjustments and death benefits to plan members and beneficiaries. CalPERS acts as a common investment and administrative agent for participating public entities within the state of California. Benefit provision and all other requirements are established by the State statute. The amount of the City’s required annual contribution is determined actuarially. It is the policy of the City to fully fund the annual required contribution to ensure that the plan will be able to fully meet its obligation to retired employees. In addition, in accordance with agreements with various bargaining units, the City provides other postemployment benefits to retirees. Funded on a pay-as-you-go-basis, a net OPEB obligation of $2.4 million is reflected in the Statement of Net Assets as of June 30, 2009. In addition to the CalPERS pension benefits and other postemployment benefits to retirees described above, the City contributes to postemployment medical premium reimbursement plans for employees. These plans were established by employees to mitigate the impacts of postemployment medical costs and are managed by trustees from the various employee groups. Additional information regarding the City's pension benefits and other postemployment benefits can be found xi
in Note 16 of the notes to the basic financial statements. AWARDS The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its CAFR for the fiscal year ended June 30, 2008. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of State and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized CAFR whose contents conform to program standards. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The City of Santa Monica has received a Certificate of Achievement for each of the last twenty-five years. We believe our current CAFR also conforms to the Certificate of Achievement program requirements. In keeping with past practice, a copy of this CAFR will be placed on file in the City libraries and sent to City management personnel, bond rating agencies, and other agencies which have expressed an interest in the financial affairs of the City. It is also available at www.smgov.net/finance. ACKNOWLEDGEMENTS The preparation and development of this report would not have been possible without the year-round work of the Finance Department staff and their special efforts, working in conjunction with the City’s independent auditors, to produce this report. I would like to take this opportunity to compliment and thank the staff members of both the City and our independent auditors who were associated with the preparation of this report. I would also like to thank the City Council for their continued interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner. Respectfully submitted, Carol Swindell Director of Finance/City Treasurer xii
Page 1: Comprehensive Annual Financial Repo
Page 5 and 6: CITY OF SANTA MONICA, CALIFORNIA Co
Page 7: THIS PAGE INTENTIONALLY LEFT BLANK.
Page 10 and 11: amount of borrowed property taxes i
Page 12 and 13: five-year forecasts, and an underst
Page 16 and 17: OFFICIALS OF THE CITY OF SANTA MONI
Page 18 and 19: Certificate of Achievement for Exce
Page 23 and 24: CITY OF SANTA MONICA, CALIFORNIA Ma
Page 36 and 37: CITY OF SANTA MONICA, CALIFORNIA St
Page 48 and 49: CITY OF SANTA MONICA, CALIFORNIA Pr
Page 54 and 55: CITY OF SANTA MONICA, CALIFORNIA Fi
Page 56 and 57: CITY OF SANTA MONICA, CALIFORNIA No
Page 64 and 65:
CITY OF SANTA MONICA, CALIFORNIA No
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
City of Santa Monica, California Ye
Page 112 and 113:
CITY OF SANTA MONICA, CALIFORNIA Ca
Page 114 and 115:
CITY OF SANTA MONICA, CALIFORNIA Co
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
CITY OF SANTA MONICA, CALIFORNIA Sc
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
THIS PAGE INTENTIONALLY LEFT BLANK
Page 146 and 147:
CITY OF SANTA MONICA, CALIFORNIA St
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158:
Page 161 and 162:
CITY OF SANTA MONICA, CALIFORNIA Fo
Page 163 and 164:
CITY OF SANTA MONICA, CALIFORNIA Ch
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
CITY OF SANTA MONICA, CALIFORNIA Ge
Page 171 and 172:
CITY OF SANTA MONICA, CALIFORNIA Di
Page 173 and 174:
CITY OF SANTA MONICA, CALIFORNIA Pr
Page 175 and 176:
CITY OF SANTA MONICA, CALIFORNIA Ra
Page 177 and 178:
CITY OF SANTA MONICA, CALIFORNIA Di
Page 179 and 180:
CITY OF SANTA MONICA, CALIFORNIA Wa
Page 181 and 182:
CITY OF SANTA MONICA, CALIFORNIA Re
Page 183 and 184:
CITY OF SANTA MONICA, CALIFORNIA Pr
Page 185 and 186:
CITY OF SANTA MONICA, CALIFORNIA Op
Page 187:
show all

Comprehensive Annual Financial Report - City of Santa Monica

Create successful ePaper yourself

Delete template?

Save as template?