Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Comprehensive Annual Financial Report For the fiscal year ended June 30, 2009 Table of Contents Page INTRODUCTORY SECTION Letter of Transmittal .......................................................................................................................... v Officials of the City of Santa Monica ................................................................................................ xiii Organizational Chart – City of Santa Monica ................................................................................... xiv GFOA Certificate of Achievement for Excellence in Financial Reporting ....................................... xv FINANCIAL SECTION Independent Auditors' Report ............................................................................................................ 1 Management’s Discussion and Analysis (Required Supplementary Information) ............................ 3 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets .............................................................................................................. 15 Statement of Activities ................................................................................................................ 16 Fund Financial Statements: Balance Sheet – Governmental Funds ........................................................................................ 18 Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits) – Governmental Funds ................................................................................................................ 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................................................ 20 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual (Non-GAAP Basis) – General Fund ........................................................................................ 21 Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual (Non-GAAP Basis) – Special Revenue Source Fund .............................................................. 25 Statement of Net Assets – Proprietary Funds .............................................................................. 28 Statement of Revenues, Expenses, and Changes in Fund Net Assets – Proprietary Funds ........ 30 Statement of Cash Flows – Proprietary Funds ............................................................................ 31 Statement of Fiduciary Assets and Liabilities – Fiduciary Funds ............................................... 34 Notes to Basic Financial Statements: Note 1 – Summary of Significant Accounting Policies ............................................................ 35 Note 2 – Budgetary and Legal Compliance .............................................................................. 43 Note 3 – Reconciliation of Fund Financial Statements to Government-Wide Financial Statements ................................................................................................................... 44 Note 4 – Pollution Remediation ................................................................................................ 47 Note 5 – Cash and Investments ................................................................................................. 47 Note 6 – Notes Receivable ........................................................................................................ 55 Note 7 – Capital Assets ............................................................................................................. 61 Note 8 – Unearned Revenue ..................................................................................................... 62 Note 9 – Long-Term Liabilities ................................................................................................ 64 Note 10 – Fund Deficits .............................................................................................................. 67 Note 11 – Interfund Transactions ................................................................................................ 68 Note 12 – Restricted Net Assets .................................................................................................. 70 Note 13 – Reserved and Designated Fund Balances ................................................................... 71 i
CITY OF SANTA MONICA, CALIFORNIA Comprehensive Annual Financial Report For the fiscal year ended June 30, 2009 Table of Contents, Continued Page Note 14 – Litigation and Contingencies ...................................................................................... 77 Note 15 – Self-Insurance ............................................................................................................. 80 Note 16 – Employee Benefit Programs ....................................................................................... 81 SUPPLEMENTARY INFORMATION NON-MAJOR FUNDS / OTHER FINANCIAL INFORMATION Combining and Individual Fund Statements and Schedules: Combining Balance Sheet – Nonmajor Governmental Funds by Fund Type ................................ 92 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds by Fund Type ............................................................................................ 93 Combining Balance Sheet – Nonmajor Governmental Funds – Special Revenue Funds .............. 94 Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) – Nonmajor Governmental Funds – Special Revenue Funds ............................................................ 96 Schedule of Revenues, Expenditures and Changes in Fund Balance (Deficit) – Budget and Actual (Non-GAAP Basis) – Nonmajor Governmental Funds – Special Revenue Funds: Clean Beaches and Ocean Parcel Tax ...................................................................................... 98 Beach Recreation ..................................................................................................................... 99 Housing Authority ................................................................................................................... 100 Disaster Relief Fund ................................................................................................................ 101 Tenant Ownership Rights Charter Amendment (TORCA) ...................................................... 102 Community Development Block Grant (CDBG) ..................................................................... 103 Miscellaneous Grants ............................................................................................................... 104 Citizens Option for Public Safety ............................................................................................ 105 Air Quality Management District (AQMD) ............................................................................. 106 Parks and Recreation .............................................................................................................. 107 Gas Tax .................................................................................................................................... 108 Combining Balance Sheet – Nonmajor Governmental Funds – Capital Projects .......................... 110 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds – Capital Projects ..................................................................... 111 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Non-GAAP Basis) – Major and Nonmajor Governmental Funds – Capital Projects Funds: Downtown Redevelopment Project ......................................................................................... 112 Earthquake Recovery Redevelopment Project ......................................................................... 113 Capital Projects ........................................................................................................................ 114 Low/Mod Housing Projects ..................................................................................................... 115 Ocean Park Redevelopment Project ......................................................................................... 116 Combining Balance Sheet – Nonmajor Governmental Funds – Debt Service ............................... 118 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds – Debt Service ......................................................................... 119 Combining Balance Sheet – Nonmajor Governmental Funds – Permanent Funds ........................ 120 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds – Permanent Funds .................................................................. 121 Statement of Net Assets – Nonmajor Enterprise Funds ................................................................. 124 Statement of Revenues, Expenses and Changes in Fund Net Assets – Nonmajor Enterprise Funds ........................................................................................................ 126 ii
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Comprehensive Annual Financial Report - City of Santa Monica

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