Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) Governmental Funds For the fiscal year ended June 30, 2009 19 Capital projects funds Earthquake Special Revenue Downtown Recovery Nonmajor Total General Source Redevelopment Redevelopment governmental governmental Fund Fund Project Fund Project Fund funds funds Revenues: Property taxes $ 36,763,026 — — — — 36,763,026 Incremental property taxes — — 797,550 53,000,885 17,491,314 71,289,749 Sales taxes 28,296,696 — — — — 28,296,696 Other taxes 100,991,562 — — — 4,648,073 105,639,635 Licenses and permits 20,315,341 — — — 82,850 20,398,191 Intergovernmental 652,174 2,241,479 — — 33,514,843 36,408,496 Charges for services 28,122,186 308,205 — — 10,807,998 39,238,389 Fines and forfeitures 14,113,906 — — — — 14,113,906 Investment income 5,411,464 5,846,459 92,295 2,085,633 2,019,481 15,455,332 Rental income 5,388,721 — — — 79,225 5,467,946 Settlement income — 4,429,738 — — — 4,429,738 Other 7,510,002 2,725,879 7,561 529,915 17,877,844 28,651,201 Total revenues 247,565,078 15,551,760 897,406 55,616,433 86,521,628 406,152,305 Expenditures: Current: General government 44,733,450 336,753 — — 172,477 45,242,680 Public safety 93,282,777 — — — 3,702,309 96,985,086 General services 45,437,347 12,278,251 — — 13,248,216 70,963,814 Cultural and recreation services 33,498,492 23,470 — — 19,523,848 53,045,810 Library 10,024,203 — — — 74,860 10,099,063 Housing and community development 29,377,311 105,577 286,696 40,736,829 43,223,836 113,730,249 Debt service expenditures: Principal — — — — 8,375,000 8,375,000 Interest — — 560,691 — 7,825,827 8,386,518 Total expenditures 256,353,580 12,744,051 847,387 40,736,829 96,146,373 406,828,220 Excess (deficiency) of revenues over (under) expenditures (8,788,502) 2,807,709 50,019 14,879,604 (9,624,745) (675,915) Other financing sources (uses): Transfers in (note 11) 72,076,580 — — — 19,255,724 91,332,304 Transfers out (note 11) (15,135,727) (56,940,051) (343,624) (9,517,708) (9,696,258) (91,633,368) Line of credit proceeds — — — — 15,485,324 15,485,324 Total other financing sources (uses) 56,940,853 (56,940,051) (343,624) (9,517,708) 25,044,790 15,184,260 Net change in fund balances 48,152,351 (54,132,342) (293,605) 5,361,896 15,420,045 14,508,345 Fund balance (deficit) at beginning of year 148,801,879 106,062,579 (15,050,909) 48,110,666 138,216,105 426,140,320 Fund balance (deficit) at end of year $ 196,954,230 51,930,237 (15,344,514) 53,472,562 153,636,150 440,648,665 See accompanying notes to basic financial statements.
CITY OF SANTA MONICA, CALIFORNIA Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the fiscal year ended June 30, 2009 Net change in fund balances – total governmental funds $ 14,508,345 Amounts reported for governmental activities in the statement of activities are different because: Capital assets 1) The acquisition of capital assets requires the use of current financial resources but has no effect on net assets 37,516,792 2) The cost of capital assets is allocated over their estimated useful lives and reported as depreciation expense in the statement of activities (22,552,850) 3) The disposal of capital assets is recorded as an expense in the statement of activities but is not recorded in the fund statements (16,441,777) Measurement focus: 4) Change in accrued interest payable 191,901 5) Principal payments on long-term bonded debt use current financial resources but have no effect on net assets 8,375,000 6) Line of credit draws are recorded as other financing source in the fund statements but but are recorded as a long term debt on the statement of net assets (15,485,324) 7) Long loans notes payable were recorded as other income on the fund statements but but are recorded as a long term debt on the statement of net assets (400,000) 8) Bond premiums are recorded as other financing source in the fund statements but are amortized in the statement of activities 20,366 9) Bond discounts are recorded as other financing uses in the fund statements but are amortized in the statement of activities (12,485) 10) Costs of issuance are recorded as an expenditure in the fund statements but are amortized in the statement of activities (165,158) 11) Deferred loss on refunding recorded as an expenditure in the fund statements but is amortized in the statement of activities (201,951) 12) The increase in compensated absences liability does not require the use of current financial resources but is recorded as an expense in the statement of activities (505,569) 13) Elimination of interest related to interfund loans that are recorded as an expenditure on the fund statements but eliminated on the government-wide statements 942,420 14) Revenue recognized for fund statements had been previously recognized in the statement of activities (6,943,827) 15) Revenue not recognized for fund statements recognized in the statement of activities 86,154,302 16) The increase in OPEB liability does not require the use of current financial resources but is recorded as an expense in the statement of activities (1,173,000) 17) The increase in pollution remediation liability does not require the use of current financial resources but is recorded as an expense in the statement of activities (92,315,000) Internal service funds: 18) Certain internal service funds are used by management to charge the costs of vehicle management, information technology, and risk management to individual funds. The net revenue of certain internal service funds is reported with governmental activities 1,809,515 Change in net assets (statement of activities, governmental activities) $ (6,678,300) See accompanying notes to basic financial statements. 20
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Comprehensive Annual Financial Report - City of Santa Monica

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