Comprehensive Annual Financial Report - City of Santa Monica

More documents

Recommendations

Info

CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2008 Proprietary funds. Proprietary funds provide the same type of information as the government-wide financial statements, but in more detail. The proprietary fund financial statements provide separate information for the wastewater and bus operations, which are considered to be major funds of the City. The City maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its vehicle operations, risk management program and information technology and communications operations. The vehicle operations and insurance services for bus operations primarily benefit business-type activities and are included within business-type activities in the government-wide financial statements. All other risk management functions, information technology and communication services primarily benefit governmental funds and are included within governmental activities in the government-wide financial statements. Individual fund data for the internal service funds is provided in the supplementary information section of this report. The proprietary funds financial statements can be found at pages 28 through 32 of this report. Fiduciary funds. Fiduciary funds, which consist solely of trust and agency funds, are used to account for resources held for the benefit of parties outside the City. Fiduciary funds are not included in the government-wide financial statements because the resources are not available to support the City’s operations. The accounting used for fiduciary funds is much like that used for proprietary funds. The fiduciary funds financial statements can be found on page 34 of this report. Notes to the basic financial statements. The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements begin on page 35 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets exceeded liabilities by $1.5 billion at the close of the current fiscal year. As shown below, the largest portion of the City’s net assets, $963.4 million or 63.7%, reflects the City’s investment in capital assets less any related outstanding debt used to acquire those assets. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate liabilities. An additional portion of the City of Santa Monica’s net assets, $233.9 million or 15.5% represent resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets, $314.4 million or 20.8%, may be used to meet the government’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, the City of Santa Monica is able to report positive balances in all three categories of net assets, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior fiscal year. 6
CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2008 A summary of the government-wide statement of net assets follows: CITY OF SANTA MONICA Net Assets (in millions) Governmental activities Business-type activities Total 2007-08 2006-07 2007-08 2006-07 2007-08 2006-07 Current and other assets $ 623.7 677.3 137.0 141.1 760.7 818.4 Capital assets 724.9 686.1 417.0 403.6 1,141.9 1,089.7 Total assets 1,348.6 1,363.4 554.0 544.7 1,902.6 1,908.1 Current and other liabilities 134.3 138.9 25.5 18.6 159.8 157.5 Long-term liabilities 198.6 206.4 32.5 34.4 231.1 240.8 Total liabilities 332.9 345.3 58.0 53.0 390.9 398.3 Net assets: Invested in capital assets, net of related debt 574.0 506.3 389.4 374.6 963.4 880.9 Restricted 232.3 273.1 1.6 2.5 233.9 275.6 Unrestricted 209.4 243.0 105.0 114.6 314.4 357.6 Total net assets $ 1,015.7 1,022.4 496.0 491.7 1,511.7 1,514.1 7
Page 1 and 2: City of Santa Monica Comprehensive
Page 3 and 4: City of Santa Monica, California Ye
Page 5 and 6: CITY OF SANTA MONICA, CALIFORNIA Co
Page 7: CITY OF SANTA MONICA, CALIFORNIA Co
Page 10 and 11: Master Plan; (2) an ongoing commitm
Page 12 and 13: needs of City infrastructure and fa
Page 15 and 16: OFFICIALS OF THE CITY OF SANTA MONI
Page 17 and 18: Certificate of Achievement for Exce
Page 19 and 20: The Honorable Mayor and City Counci
Page 21 and 22: CITY OF SANTA MONICA, CALIFORNIA Ma
Page 23: CITY OF SANTA MONICA, CALIFORNIA Ma
Page 33 and 34: City of Santa Monica, California Ye
Page 35 and 36: CITY OF SANTA MONICA, CALIFORNIA St
Page 37 and 38: CITY OF SANTA MONICA, CALIFORNIA Ba
Page 39 and 40: CITY OF SANTA MONICA, CALIFORNIA Re
Page 45 and 46: THIS PAGE INTENTIONALLY LEFT BLANK
Page 55 and 56: CITY OF SANTA MONICA, CALIFORNIA No
Page 75 and 76:
CITY OF SANTA MONICA, CALIFORNIA No
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
THIS PAGE INTENTIONALLY LEFT BLANK
Page 103 and 104:
CITY OF SANTA MONICA, CALIFORNIA Re
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
CITY OF SANTA MONICA, CALIFORNIA Co
Page 112 and 113:
Total nonmajor Citizens special Mis
Page 114 and 115:
Total nonmajor Citizens special Mis
Page 116 and 117:
CITY OF SANTA MONICA, CALIFORNIA Sc
Page 118 and 119:
CITY OF SANTA MONICA, CALIFORNIA St
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
CITY OF SANTA MONICA, CALIFORNIA In
Page 148 and 149:
Page 150 and 151:
CITY OF SANTA MONICA, CALIFORNIA Fi
Page 152 and 153:
Page 154 and 155:
City of Santa Monica, California Ye
Page 156 and 157:
CITY OF SANTA MONICA, CALIFORNIA Fo
Page 158 and 159:
CITY OF SANTA MONICA, CALIFORNIA Ch
Page 160 and 161:
CITY OF SANTA MONICA, CALIFORNIA Fu
Page 162 and 163:
CITY OF SANTA MONICA, CALIFORNIA Ch
Page 164 and 165:
CITY OF SANTA MONICA, CALIFORNIA As
Page 166 and 167:
CITY OF SANTA MONICA, CALIFORNIA Pr
Page 168 and 169:
CITY OF SANTA MONICA, CALIFORNIA Ta
Page 170 and 171:
CITY OF SANTA MONICA, CALIFORNIA Ra
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
CITY OF SANTA MONICA, CALIFORNIA Pr
Page 180 and 181:
CITY OF SANTA MONICA, CALIFORNIA Op
Page 182:
show all

Comprehensive Annual Financial Report - City of Santa Monica

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?