Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2008
1)
Capital assets used in governmental activities are not current financial resources
and, therefore, are not reported in the balance sheet. Capital assets of internal
service funds of $625,455, net of accumulated depreciation, are not included in
this amount.
$ 953,312,341
Less accumulated depreciation (228,993,184)
724,319,157
Bond issue costs to be amortized over the life of the debt 2,740,432
OPEB costs are not due and payable in the current period and, therefore, (1,242,000)
are not reported in the balance sheet
Long-term liabilities are not due and payable in the current period and,
therefore, are not reported in the balance sheet.
Tax allocation bonds $ (75,570,000)
General obligation bonds (20,140,000)
Revenue bonds (71,900,000)
Deferred loss on refunding 3,791,611
Accrued interest on long-term debt (3,823,218)
Unamortized premium on long-term debt (268,476)
Unamortized issue discount on long-term debt 214,483
Employee compensated absences (9,594,544)
Total long-term liabilities (177,290,144)
$ 548,527,445
2)
Internal service funds are used by management to charge the costs of
information technology and communications operations, self-insurance
comprehensive, auto and workers' compensation to individual funds. The assets
and liabilities of these internal service funds are included in the governmental
activities on the statement of net assets.
$
14,312,365
Adjustments for Internal Service Funds are necessary to "close" those funds by
recording charges to and payments from business-type activities to completely
cover the Internal Service Funds' costs for the year.
$
527,261
14,839,626
3) Other adjustments and eliminations:
The interfund capitalized lease receivable recorded on the balance sheet but
eliminated on the statement of net assets.
Other long-term assets are not available to pay for current period expenditures
and, therefore, are deferred in the funds and recognized as revenue in the
statement of activities.
$
$
(1,120,000)
27,304,208
26,184,208
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