Comprehensive Annual Financial Report - City of Santa Monica

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.
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