CITY OF SANTA MONICA, CALIFORNIA Notes to Basic <strong>Financial</strong> Statements, Continued For the fiscal year ended June 30, 2008 operated in accordance with <strong>City</strong> policies. The <strong>City</strong>’s Risk Manager also provides budget guidance and case reserves and claims analysis. It is the <strong>City</strong>'s intent to maintain cash reserves in the self-insurance funds equal to or greater than estimated losses. Use <strong>of</strong> Estimates The preparation <strong>of</strong> basic financial statements in conformance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the basic financial statements and accompanying notes. Actual results may differ from those estimates. (2) BUDGETARY AND LEGAL COMPLIANCE The <strong>City</strong> Council is required to adopt an annual budget resolution by June 30 each fiscal year for the General Fund and each special revenue fund (except the Rent Control and Asset Seizure Funds). The <strong>City</strong> Council also approves any revisions that alter the total expenditures <strong>of</strong> any major object or program category (salaries, supplies including capital outlay or capital improvements) by department within the same fund (the legal level <strong>of</strong> budgetary control). The <strong>City</strong> Council also approves annual operating budgets for the <strong>City</strong>’s proprietary, capital projects and internal service funds to facilitate management evaluation and control. The budget is prepared on a non-GAAP budgetary basis, which considers encumbrances outstanding at year end as an expenditure <strong>of</strong> that year. Encumbrances outstanding at the beginning <strong>of</strong> a fiscal year, which were recognized as budgetary expenditures in the prior year, are recognized as GAAP-basis expenditures but not as budgetary expenditures unless re-appropriated. It is the <strong>City</strong>’s policy to only reappropriate capital encumbrances and unencumbered balances <strong>of</strong> specific capital appropriations. In addition, capital leases are budgeted on a cash basis, whereas GAAP requires the full amount <strong>of</strong> the leased asset purchased to be shown as an expenditure <strong>of</strong> the current year. Appropriations in governmental funds outstanding at year end lapse, except for encumbered amounts, for which fund balances are reserved at year-end for governmental funds. A <strong>Comprehensive</strong> <strong>Annual</strong> <strong>Financial</strong> <strong>Report</strong> Budget Supplement is prepared to reconcile expenditures/expenses at the legal level <strong>of</strong> control to the summarized amounts presented in the <strong>Comprehensive</strong> <strong>Annual</strong> <strong>Financial</strong> <strong>Report</strong> and can be obtained from the Finance Department. 43
CITY OF SANTA MONICA, CALIFORNIA Notes to Basic <strong>Financial</strong> Statements, Continued For the fiscal year ended June 30, 2008 (3) RECONCILIATION OF FUND FINANCIAL STATEMENTS TO GOVERNMENT-WIDE FINANCIAL STATEMENTS Amounts reported for governmental activities in the government-wide statement <strong>of</strong> net assets are different from those reported for governmental funds in the fund balance sheet. The following provides a reconciliation <strong>of</strong> those differences: Total Assets Total governmental funds Long-term assets and liabilities (1) governmental activities internal service funds (2) Other adjustments and eliminations (3) Statement <strong>of</strong> net assets totals Cash and investments $ 444,159,032 — 38,783,727 — 482,942,759 Receivables (net, where applicable, <strong>of</strong> allowances for uncollectibles): Accounts 7,569,371 — 5,421 — 7,574,792 Notes 62,702,984 — — — 62,702,984 Property taxes 5,272,603 — — — 5,272,603 Interest 3,282,011 — 391,191 — 3,673,202 Other governments 14,513,046 — — — 14,513,046 Internal balances — — 527,261 11,839,657 12,366,918 Due from other funds 3,402,840 — — (3,402,840) — Inventory 938,999 — — — 938,999 Prepaids 865,899 — 26,296 — 892,195 Cash with fiscal agent 30,055,545 — — — 30,055,545 Capitalized lease receivable 1,120,000 — — (1,120,000) — Advances to other funds 51,442,493 — — (51,442,493) — Bond issuance costs, net — 2,740,432 — — 2,740,432 Capital assets — 724,319,157 625,455 — 724,944,612 Total assets $ 625,324,823 727,059,589 40,359,351 (44,125,676) 1,348,618,087 Liabilities and Fund Balances/Net Assets Liabilities: Accounts payable $ 11,742,998 — 189,570 — 11,932,568 Accrued liabilities 6,626,568 1,242,000 213,742 — 8,082,310 Accrued interest payable — 3,823,218 — — 3,823,218 Short-term loan payable 400,000 — — — 400,000 Contracts payable (retained percentage) 1,864,610 — — — 1,864,610 Due to other funds 3,402,840 — — (3,402,840) — Due to other governments 3,859,917 — — — 3,859,917 Deferred revenue 130,884,052 — — (27,304,208) 103,579,844 Deposits payable from restricted assets 800,682 — — — 800,682 Compensated absences due within one year — 4,420,073 — — 4,420,073 Compensated absences due in more than one year — 5,174,471 — — 5,174,471 Claims payable due within one year — — 5,837,864 — 5,837,864 Claims payable due in more than one year — — 19,278,549 — 19,278,549 Long-term debt due within one year — 8,375,000 — — 8,375,000 Long-term debt due in more than one year — 155,497,382 — — 155,497,382 Advances from other funds 39,602,836 — — (39,602,836) — Total liabilities 199,184,503 178,532,144 25,519,725 (70,309,884) 332,926,488 Total fund balances/net assets 426,140,320 548,527,445 14,839,626 26,184,208 1,015,691,599 Total liabilities and fund balance/net assets $ 625,324,823 727,059,589 40,359,351 (44,125,676) 1,348,618,087 44
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