Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2009
1)
Capital assets used in governmental activities are not current financial resources
and, therefore, are not reported in the balance sheet. Capital assets of internal
service funds of $827,977, net of accumulated depreciation, are not included in
this amount.
$ 964,035,711
Less accumulated depreciation (241,194,389)
722,841,322
Bond issue costs to be amortized over the life of the debt 2,575,274
Accrued liabilities, OPEB costs, are not due and payable in the current period (2,415,000)
and therefore, are not reported in the balance sheet
Long-term liabilities are not due and payable in the current period and,
therefore, are not reported in the balance sheet.
Tax allocation bonds $ (72,900,000)
General obligation bonds (18,455,000)
Revenue bonds (67,880,000)
Loans payable (400,000)
Line of credit (15,485,324)
Deferred loss on refunding 3,589,661
Accrued interest on long-term debt (3,631,318)
Unamortized premium on long-term debt (248,110)
Unamortized issue discount on long-term debt 201,998
Employee compensated absences (10,100,113)
Accrued pollution remediation costs (92,315,000)
Total long-term liabilities (277,623,206)
$ 445,378,390
2)
Internal service funds are used by management to charge the costs of
information technology and communications operations, self-insurance
comprehensive, auto and workers' compensation to individual funds. The assets
and liabilities of these internal service funds are included in the governmental
activities on the statement of net assets.
$
14,987,637
Adjustments for Internal Service Funds are necessary to "close" those funds by
recording charges to and payments from business-type activities to completely
cover the Internal Service Funds' costs for the year.
$
1,661,504
16,649,141
3) Other adjustments and eliminations:
Other long-term assets are not available to pay for current period expenditures
and, therefore, are deferred in the funds and recognized as revenue in the
statement of activities.
$ 106,337,103
$ 106,337,103
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