Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
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CITY OF SANTA MONICA, CALIFORNIA<br />
Notes to Basic <strong>Financial</strong> Statements, Continued<br />
For the fiscal year ended June 30, 2008<br />
(3) RECONCILIATION OF FUND FINANCIAL STATEMENTS TO GOVERNMENT-WIDE<br />
FINANCIAL STATEMENTS<br />
Amounts reported for governmental activities in the government-wide statement <strong>of</strong> net assets are<br />
different from those reported for governmental funds in the fund balance sheet. The following provides<br />
a reconciliation <strong>of</strong> those differences:<br />
Total<br />
Assets<br />
Total<br />
governmental<br />
funds<br />
Long-term<br />
assets and<br />
liabilities (1)<br />
governmental<br />
activities<br />
internal service<br />
funds (2)<br />
Other<br />
adjustments<br />
and<br />
eliminations (3)<br />
Statement <strong>of</strong> net<br />
assets totals<br />
Cash and investments $ 444,159,032<br />
— 38,783,727 — 482,942,759<br />
Receivables (net, where applicable,<br />
<strong>of</strong> allowances for uncollectibles):<br />
Accounts 7,569,371 — 5,421 — 7,574,792<br />
Notes 62,702,984 — — — 62,702,984<br />
Property taxes 5,272,603 — — — 5,272,603<br />
Interest 3,282,011 — 391,191 — 3,673,202<br />
Other governments 14,513,046 — — — 14,513,046<br />
Internal balances — — 527,261 11,839,657 12,366,918<br />
Due from other funds 3,402,840 — — (3,402,840) —<br />
Inventory 938,999 — — — 938,999<br />
Prepaids 865,899 — 26,296 — 892,195<br />
Cash with fiscal agent 30,055,545 — — — 30,055,545<br />
Capitalized lease receivable 1,120,000 — — (1,120,000) —<br />
Advances to other funds 51,442,493 — — (51,442,493) —<br />
Bond issuance costs, net — 2,740,432 — — 2,740,432<br />
Capital assets — 724,319,157 625,455 — 724,944,612<br />
Total assets $ 625,324,823 727,059,589 40,359,351 (44,125,676) 1,348,618,087<br />
Liabilities and Fund Balances/Net Assets<br />
Liabilities:<br />
Accounts payable $ 11,742,998<br />
— 189,570 — 11,932,568<br />
Accrued liabilities 6,626,568 1,242,000 213,742 — 8,082,310<br />
Accrued interest payable — 3,823,218 — — 3,823,218<br />
Short-term loan payable 400,000 — — — 400,000<br />
Contracts payable (retained percentage) 1,864,610 — — — 1,864,610<br />
Due to other funds 3,402,840 — — (3,402,840) —<br />
Due to other governments 3,859,917 — — — 3,859,917<br />
Deferred revenue 130,884,052 — — (27,304,208) 103,579,844<br />
Deposits payable from restricted assets 800,682 — — — 800,682<br />
Compensated absences due within one year — 4,420,073 — — 4,420,073<br />
Compensated absences due in more than<br />
one year — 5,174,471 — — 5,174,471<br />
Claims payable due within one year — — 5,837,864 — 5,837,864<br />
Claims payable due in more than one year — — 19,278,549 — 19,278,549<br />
Long-term debt due within one year — 8,375,000 — — 8,375,000<br />
Long-term debt due in more than one year — 155,497,382 — — 155,497,382<br />
Advances from other funds 39,602,836 — — (39,602,836) —<br />
Total liabilities 199,184,503 178,532,144 25,519,725 (70,309,884) 332,926,488<br />
Total fund balances/net assets 426,140,320 548,527,445 14,839,626 26,184,208 1,015,691,599<br />
Total liabilities and fund balance/net assets $ 625,324,823 727,059,589 40,359,351 (44,125,676) 1,348,618,087<br />
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