CITY OF SANTA MONICA, CALIFORNIA Nonmajor Enterprise Fund <strong>Financial</strong> Statements Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises (a) where the intent is that the costs (expenses, including depreciation) <strong>of</strong> providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges, or (b) where the <strong>City</strong> has decided that periodic determination <strong>of</strong> revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Water Fund – To account for revenues and expenses <strong>of</strong> providing water service to the citizens <strong>of</strong> the <strong>City</strong>. Solid Waste Management – To account for revenues and expenses <strong>of</strong> operating the <strong>City</strong>'s refuse collection, street sweeping and cleaning, and recycling programs. Pier Fund – To account for revenues and expenses connected with management and development <strong>of</strong> the <strong>Santa</strong> <strong>Monica</strong> Pier. Civic Auditorium Fund – To account for revenues and expenses connected with management <strong>of</strong> the <strong>Santa</strong> <strong>Monica</strong> Civic Auditorium. Airport Fund – To account for revenues and expenses connected with management <strong>of</strong> the <strong>Santa</strong> <strong>Monica</strong> Municipal Airport. Stormwater Management Fund – To account for revenues and expenses associated with storm water management. Cemetery Fund – To account for revenues and expenses associated with operation <strong>of</strong> Woodlawn Cemetery. Special Aviation Fund – To account for revenues and expenses associated with aviation-related State funds provided to the <strong>City</strong>. Parking Authority Fund – To account for revenues and expenses associated with operating the various parking structures and parking lots owned by the <strong>City</strong> Parking Authority. 119
CITY OF SANTA MONICA, CALIFORNIA Statement <strong>of</strong> Net Assets Nonmajor Enterprise Funds June 30, 2008 120 Total nonmajor Solid Civic Special Parking enterprise Assets Water Waste Pier Auditorium Airport Stormwater Cemetery Aviation Authority funds Current assets: Cash and investments $ 16,719,809 1,580,198 7,054,171 2,414,294 419,678 239,951 230,596 237,302 11,341,653 40,237,652 Restricted cash and investments 278,008 6,665,999 293,759 151,853 2,633,478 — — — — 10,023,097 Receivables (net, where applicable, <strong>of</strong> allowances for uncollectibles): Accounts 2,510,917 2,939,437 21,143 8,949 198,031 32,158 103,242 — — 5,813,877 Interest 188,051 101,165 89,258 34,720 33,442 16,234 3,118 2,455 134,275 602,718 Inventory 421,049 — — — — — — — — 421,049 Prepaids 7,510 — — — — — — — — 7,510 Total current assets 20,125,344 11,286,799 7,458,331 2,609,816 3,284,629 288,343 336,956 239,757 11,475,928 57,105,903 Noncurrent assets: Restricted cash and investments 931,501 — — — — 81,924 — — 300,000 1,313,425 Capital assets: Land 21,006 — — — 8 — 4 — 8,338,700 , 8,359,718 , Buildings 1,728,130 298,198 2,242,457 5,657,651 8,018,907 — 1,499,450 — 1,674,714 21,119,507 Improvements other than buildings 992,137 173,736 4,750,699 430,780 12,558,166 146,690 204,936 509,940 169,306 19,936,390 Machinery and equipment 2,025,330 554,160 289,427 1,892,403 478,617 35,750 166,155 275,000 7,237 5,724,079 Infrastructure 36,436,832 — 8,213,438 — — 10,403,980 — — 55,054,250 Construction in progress 243,026 658,545 396,890 329,530 — 68,929 190,747 — 26,857 1,914,524 41,446,461 1,684,639 15,892,911 8,310,364 21,055,698 10,655,349 2,061,292 784,940 10,216,814 112,108,468 Less accumulated depreciation (20,718,624) (853,954) (9,159,478) (4,908,844) (13,311,594) (1,744,046) (1,078,291) (756,036) (965,588) (53,496,455) Net capital assets 20,727,837 830,685 6,733,433 3,401,520 7,744,104 8,911,303 983,001 28,904 9,251,226 58,612,013 Total noncurrent assets 21,659,338 830,685 6,733,433 3,401,520 7,744,104 8,993,227 983,001 28,904 9,551,226 59,925,438 Total assets $ 41,784,682 12,117,484 14,191,764 6,011,336 11,028,733 9,281,570 1,319,957 268,661 21,027,154 117,031,341 (Continued)
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