CITY OF SANTA MONICA, CALIFORNIA Statement t t <strong>of</strong> f Revenues, Expenditures and d Changes in Fund Balances (Deficits) it ) Governmental Funds For the fiscal l year ended d d June 30, 2008 19 Capital projects funds Earthquake Special lRevenue Downtown Recovery Nonmajor Total General Source Redevelopment Redevelopment governmental governmental Fund Fund Project Fund Project Fund funds funds Revenues: Property p y taxes $ 36,067,632 , , — — — — 36,067,632 , , Incremental property taxes — — 1,168,638168 638 48,810,455810 455 16,168,953168 66,148,046 Sales taxes 32,356,941 , , — — — — 32,356,941 , , Other taxes 104,250,391 — — — 5,305,919 109,556,310 Licenses and permits 20,109,435 — — — 93,650 20,203,085 Intergovernmental 446,800 — — — 32,560,261 261 33,007,061 061 Charges for services 25,778,223 297,328 — — 10,151,092 36,226,643 Fines and d forfeituresf 14,567,262 — — — — 14,567,262 Investment income 5,799,315 11,359,869 63,584 2,043,715 2,183,588 21,450,071 Rental lincome 5,696,255 — 1,220,200 200 — 90,517 7,006,972 Settlement income — 1,012,863 — — — 1,012,863 Other 5,117,139 139 2,136,900 1,450,143 143 133,039 7,854,276 16,691,497691 Total revenues 250,189,393 14,806,960 3,902,565 50,987,209 74,408,256408 394,294,383 383 Expenditures: Current: General government 40,722,122 , 333,335 335 — — 288,769 41,344,226 , Public safety 88,308,262 — — — 1,244,431 431 89,552,693 General lservicesi 36,943,004 , , 63,498,519 , , — — 15,708,986 , , 116,150,509 , , Cultural and recreation services 32,316,853316 53,632 — — 13,665,140 140 46,035,625 625 Libraryy 10,219,930 , , — — — 25,180 , 10,245,110 , , Housing and community development 31,538,299 144,418418 756,101 61,704,273 24,309,636 118,452,727 Debt service expenditures: p Principal — — — — 8,075,000 000 8,075,000 000 Interest — — 861,972 — 8,079,860 8,941,832 Total expenditures 240,048,470048 470 64,029,904 904 1,618,073 61,704,273 71,397,002 438,797,722 722 Excess (deficiency) <strong>of</strong> revenues over (under) expenditures 10,140,923140 (49,222,944) 944) 2,284,492284 492 (10,717,064) 064) 3,011,254 (44,503,339) 339) Other financing sources (uses): Transfers in (note 11) 11,408,818 818 665,165 — — 34,421,428421 428 46,495,411495 411 Transfers out (note 11) (28,417,466) 466) (429,968) 968) (1,465,353) (9,381,849) 849) (9,880,221) (49,574,857) Ttl Total other financing i sources (uses) (17,008,648) 235,197 (1,465,353) (9,381,849) 849) 24,541,207 207 (3,079,446) Net change h in fund dbalances (6,867,725) 725) (48,987,747) 747) 819,139139 (20,098,913) 098 913) 27,552,461 (47,582,785) 785) Fund balances b l (deficits) i ) at beginning i g <strong>of</strong> f year, as restated (note 4) 155,669,604 604 155,050,326 (15,870,048) 048) 68,209,579 110,663,644 644 473,723,105723 Fund balances b l (deficits) i ) at end d <strong>of</strong> f year $ 148,801,879801 879 106,062,579062 (15,050,909) 48,110,666 138,216,105 105 426,140,320 See accompanying p y g notes to basic financial statements.
CITY OF SANTA MONICA, CALIFORNIA Reconciliation <strong>of</strong> the Statement <strong>of</strong> Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the fiscal year ended June 30, 2008 Net change in fund balances – total governmental funds $ (47,582,785) Amounts reported for governmental activities in the statement <strong>of</strong> activities are different because: Capital assets 1) The acquisition <strong>of</strong> capital assets requires the use <strong>of</strong> current financial resources but has no effect on net assets 62,393,967 2) The cost <strong>of</strong> capital assets is allocated over their estimated useful lives and reported as depreciation expense in the statement <strong>of</strong> activities (21,888,104) 3) The disposal <strong>of</strong> capital assets is recorded as an expense in the statement <strong>of</strong> activities but is not recorded in the fund statements (1,550,899) Measurement focus: 4) Change in accrued interest payable 143,996 5) Principal payments on long-term bonded debt use current financial resources but have no effect on net assets 8,075,000 6) Bond premiums are recorded as other financing source in the fund statements but are amortized in the statement <strong>of</strong> activities 20,366 7) Bond discounts are recorded as other financing uses in the fund statements but are amortized in the statement <strong>of</strong> activities (12,485) 8) Costs <strong>of</strong> issuance are recorded as an expenditure in the fund statements but are amortized in the statement <strong>of</strong> activities (210,252) 9) Deferred loss on refunding recorded as an expenditure in the fund statements but is amortized in the statement <strong>of</strong> activities (224,272) 10) The increase in compensated absences liability does not require the use <strong>of</strong> current financial resources but is recorded as an expense in the statement <strong>of</strong> activities (948,604) 11) Elimination <strong>of</strong> interest related to interfund loans that are recorded as an expenditure on the fund statements but eliminated on the government-wide statements 1,079,518 12) Revenue recognized for fund statements had been previously recognized in the statement <strong>of</strong> activities (4,464,561) 13) Revenue not recognized for fund statements recognized in the statement <strong>of</strong> activities 144,898 14) The increase in OPEB liability does not require the use <strong>of</strong> current financial resources but is recorded as an expense in the statement <strong>of</strong> activities (1,242,000) Internal service funds: 15) Certain internal service funds are used by management to charge the costs <strong>of</strong> vehicle management, information technology, and risk management to individual funds. The net revenue <strong>of</strong> certain internal service funds is reported with governmental activities 7,948,852 Change in net assets (statement <strong>of</strong> activities, governmental activities) $ 1,682,635 See accompanying notes to basic financial statements. 20
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