Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Statement of Revenues, Expenses and
Changes in Fund Net Assets
Proprietary Funds
For the fiscal year ended June 30, 2008
30
Total
Nonmajor Total internal
Big Blue enterprise enterprise service
Wastewater Bus funds funds funds
Operating revenues - charges for services $ 12,797,786 13,898,980 48,003,878 74,700,644 31,440,872
Operating expenses:
Personnel services 3,602,989 33,914,845 17,593,734 55,111,568 3,740,717
Administrative indirect 781,762 2,557,075 3,297,830 6,636,667 492,718
Contractual services 4,501,609 3,465,022 5,715,821 13,682,452 32,135
Repairs and maintenance 699,189 1,470,980 3,528,895 5,699,064 1,827,392
Materials and supplies 1,350,216 6,392,685 8,060,092 15,802,993 1,503,757
Utilities 35,672 418,922 1,007,446 1,462,040 69,736
Water purchases — — 3,950,104 3,950,104 —
Casualty, property and liability costs 243,000 1,491,265 800,366 2,534,631 48,600
Claims expense, net of claims reserve
adjustments — — — — 7,583,641
Insurance and bonds — — — — 3,309,769
Miscellaneous fees and costs — — — — 1,247,687
Administrative fees and costs — — — — 160,691
Depreciation 6,011,310 14,232,445 2,718,758 22,962,513 2,427,615
Other 1,496,622 466,353 3,243,688 5,206,663 —
Total operating expenses 18,722,369 64,409,592 49,916,734 133,048,695 22,444,458
Operating income (loss) (5,924,583) (50,510,612) (1,912,856) (58,348,051) 8,996,414
Nonoperating revenues (expenses):
Operating grants 1,723 — — 1,723 —
Sales tax proceeds — 32,186,846 — 32,186,846 —
Investment income 799,940 606,091 2,190,178 3,596,209 2,218,445
Interest expense (1,074,360) — (338,334) (1,412,694) —
Gain (loss) on disposal of capital assets (410,811) (967,704) (154,119) (1,532,634) 22,900
Other 371,116 1,747,871 1,276,974 3,395,961 656
Total nonoperating revenues (expenses) (312,392) 33,573,104 2,974,699 36,235,411 2,242,001
Gain (loss) before capital
contributions and transfers (6,236,975) (16,937,508) 1,061,843 (22,112,640) 11,238,415
Capital contributions - cash — 19,590,403 440,000 20,030,403 —
Transfers in (note 11) 3,888,064 786,520 5,204,774 9,879,358 677,752
Transfers out (note 11) — (377,300) (6,442,364) (6,819,664) (658,000)
Change in net assets (2,348,911) 3,062,115 264,253 977,457 11,258,167
Net assets at beginning of year, 189,330,637 177,671,909 89,123,628 456,126,174 42,467,821
Net assets at end of year $ 186,981,726 180,734,024 89,387,881 457,103,631 53,725,988
$ 977,457 Change in net assets
3,309,315 Net adjustment to reflect the consolidation
of internal service fund activities related to
See accompanying notes to basic financial statements. enterprise funds
$ 4,286,772 Change in net assets of business-type activities