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
Amounts reported for business-type activities in the government-wide statement of net assets are
different from those reported for enterprise funds in the fund statement of net assets. The following
provides a reconciliation of those differences:
Assets
Total business- Other
Total type internal adjustments Statement of
enterprise service and net assets
funds funds (1) eliminations totals
Cash and investments $ 74,819,633 28,297,761 — 103,117,394
Receivables (net, where applicable,
of allowances for uncollectibles):
Accounts 21,570,743 77,208 — 21,647,951
Interest 930,208 249,806 — 1,180,014
Internal balances — (527,261) (11,839,657) (12,366,918)
Inventory 1,260,677 67,471 — 1,328,148
Prepaids 102,450 — — 102,450
Restricted cash and investments 20,941,196 — — 20,941,196
Restricted cash with fiscal agent 535,909 — — 535,909
Due from other governments, restricted 9,654 — — 9,654
Advances to other funds 6,603,197 — (6,603,197) —
Bond issuance costs, net 469,222 — — 469,222
Capital assets 403,897,681 13,117,144 — 417,014,825
Total assets 531,140,570 41,282,129 (18,442,854) 553,979,845
Liabilities
Accounts payable $ 9,312,042 281,471 — 9,593,513
Accrued liabilities 5,366,105 173,657 (2,513,834) 3,025,928
Accrued interest payable 564,476 — — 564,476
Contracts payable (retained percentage) 91,041 — — 91,041
Deferred revenue 4,332,035 — — 4,332,035
Liabilities payable from restricted assets 7,853,854 — — 7,853,854
Advances from other funds 18,442,854 — (18,442,854) —
Compensated absences due within one year — — 1,521,158 1,521,158
Compensated absences due in more than one year — — 992,676 992,676
Claims payable due within one year — 455,605 — 455,605
Claims payable due in more than one year — 1,485,033 — 1,485,033
Long-term debt due within one year 1,759,830 — — 1,759,830
Long-term debt due in more than one year 26,314,702 — — 26,314,702
Total liabilities 74,036,939 2,395,766 (18,442,854) 57,989,851
Net Assets
$ 457,103,631 38,886,363 — 495,989,994
1)
Internal service funds are used by management to charge the costs of vehicle
management, information technology and risk management to individual funds.
The assets and liabilities of the vehicle management and self-insurance bus internal
service funds are included in business-type activities in the statement of net assets.
$ 39,413,624
Adjustment for Internal Service Funds are necessary to "close" those funds for
charges to and payments from participating governmental-type activities to
completely cover the Internal Service Funds' costs for the year.
$
(527,261)
46