Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Nonmajor Governmental Fund Financial Statements Special Revenue Funds are used to account for specific revenues that are legally restricted to expenditures for specified purposes. The nonmajor special revenue funds used by the City in this report are listed below: Clean Beaches and Ocean Parcel Tax Fund – To account for activity related to implementation of Watershed Management Plan and the passage of Measure V in November 2006. Beach Recreation Fund – To account for beach parking and concession revenues and expenditures related to beach maintenance and recreation activities. Housing Authority Fund – To account for the receipt and expenditure of Federal and State funds related to housing programs. Disaster Relief Special Revenue Fund (Special Revenue Fund Type) – To account for Federal and State disaster relief revenues and expenditures associated with recovery from the January 17, 1994 Northridge Earthquake. Tenant Ownership Rights Charter Amendment (TORCA) Fund – To account for filing fee and conversion tax revenues and expenditures related to various housing programs authorized by Chapter XX of the City Charter. Community Development Block Grant (CDBG) Fund – To account for Federal entitlements under the Housing and Community Development Act of 1974, as amended. The City Council annually allocates CDBG funds to various programs. Miscellaneous Grants Fund – To account for the receipt and expenditure of Federal, State and County awarded grants and special allocations provided to the City. Citizens Option for Public Safety Fund – To account for the receipt and expenditure of the Citizens Option for Public Safety program established by AB3229 of 1996. Rent Control Fund – To account for revenues and expenditures of the Rent Control Board. Air Quality Management District (AQMD) Fund – To account for the receipt and expenditure of Air Quality Management District funds. Parks & Recreation Fund – To account for funds collected under the City's Unit Dwelling Tax. These funds are to be used for the acquisition, improvement and expansion of public parks, playgrounds and recreational facilities. Asset Seizure Fund – To account for the receipt and expenditure of equitable sharing program funds. Gas Tax Fund – To account for State and County gasoline tax allocations and any Federal funds provided to the City for street-related purposes. 85
CITY OF SANTA MONICA, CALIFORNIA Capital Projects Funds are used to account for the accumulation of resources to be used for the acquisition or construction of major capital facilities of the City and Redevelopment Agency. The nonmajor capital projects funds used in this report are listed below: Capital Projects Fund – Primarily financed through transfers from the General Fund for acquisition, construction and major renovation of City infrastructure and facilities. Low-and Moderate-Income Housing (Downtown, Earthquake Recovery and Ocean Park Projects) – Under requirements of the State of California Health and Safety Code, the Redevelopment Agency of the City of Santa Monica is required to set aside 20% of tax increment revenues for housing projects benefiting low-and moderate-income households. Ocean Park Redevelopment Project Fund – To account for the revenues and expenditures of the Ocean Park Project area of the Redevelopment Agency of the City of Santa Monica. This thirty-three acre project consists of two areas: 1A and 1B. The redevelopment plan for the twenty-five acres of Area 1A was approved in June 1960 and work was completed in May 1987. The project contains two 17-story high-rise apartment buildings of 500 units and a park. The redevelopment plan for the eight acres of Area 1B was approved in January 1961 and work was completed in 1983. The project contains two senior citizen residential apartment complexes and a former utility building now used for other purposes. Debt Service Funds are used to accumulate resources for, and the payment of, general long-term debt principal, interest and related costs. The debt service funds used by the City in this report are listed below: City Fund – To account for accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs for library, public safety facility and parking authority bonds. Redevelopment Agency Fund – To account for accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs for the Ocean Park, downtown and earthquake recovery bonds. Permanent Funds are used to report resources that are legally restricted to the extent that only earnings, and not principal, may be used for restricted purposes. The specific permanent funds used by the City in this report are listed below: Cemetery Perpetual Care Fund – To account for all funds received by the City from cemetery users for the perpetual care of the cemetery grounds. Mausoleum Perpetual Care Fund – To account for all funds designated for perpetual care of the mausoleum located at the City cemetery. 86
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Comprehensive Annual Financial Report - City of Santa Monica

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