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
GASB 49 requires the City to recognize remediation liabilities and expenditures once estimable.
$85,481,000 of the MTBE settlement is deferred on the fund financials but is recognized on the
government-wide financial statement because it has been received and will fully fund the remediation.
The interest on advances reported in the General Fund and the nonmajor governmental funds represent
interfund activity eliminated in the government-wide financial statements. This interest is earned and
included in promissory note balances at year-end. Revenues related to receivables of $636,312 in the
Miscellaneous Grants Fund and $36,990 in the Community Development Block Grant (CDBG) Fund
are deferred in the fund financial statements because they were not available to liquidate liabilities of the
current period. However, these amounts are recognized for government-wide financial statement
purposes because all requirements for revenue recognition have been met.
The components of unearned revenue are as follows:
Fund financial
statements
Eliminate
interfund
activity
Recognized in
governmentwide
financials
Governmentwide
financial
statements
Governmental funds:
General Fund:
Interest on advances $ 15,122,399 (15,122,399) — —
Unearned user fees 504,347 — — 504,347
Rental advances 101,206 — — 101,206
Total General Fund 15,727,952 (15,122,399) — 605,553
Special Revenue Source Fund:
Settlement proceeds 94,191,645 — (85,481,000) 8,710,645
Nonmajor governmental funds:
Other receivables (1) 7,286,543 — (673,302) 6,613,241
Admin fees 12,650 — — 12,650
Interest on advances 5,060,402 (5,060,402) — —
Total nonmajor governmental funds: 12,359,595 (5,060,402) (673,302) 6,625,891
Total governmental funds 122,279,192 (20,182,801) (86,154,302) 15,942,089
Enterprise funds:
Wastewater Fund:
Rental advances 17,004 — — 17,004
Big Blue Bus Fund:
Bus tokens/Metrocard 14,667 — — 14,667
LACMTA funds received prior to
meeting all eligibility requirements 1,518,363 — — 1,518,363
Total Big Blue Bus Fund 1,533,030 — — 1,533,030
Pier Fund:
Rental advances 262,245 — — 262,245
Total enterprise funds 1,812,279 — — 1,812,279
Total unearned revenue $ 124,091,471 (20,182,801) (86,154,302) 17,754,368
(1) Represents grants receivable for which all of the eligibility requirements have not been met.
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