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 />
(9) LONG-TERM LIABILITIES<br />
Changes in long-term liabilities:<br />
Long-term liability activity for the year ended June 30, 2008, was as follows:<br />
Balance at<br />
July 1, 2007 Additions Reductions<br />
Balance at<br />
June 30, 2008<br />
Due within<br />
one year<br />
Due beyond<br />
one year<br />
Governmental Activities:<br />
Revenue bonds $ 75,770,000<br />
— 3,870,000 71,900,000 4,020,000 67,880,000<br />
Tax allocation bonds 78,115,000 — 2,545,000 75,570,000 2,670,000 72,900,000<br />
General obligation bonds 21,800,000 — 1,660,000 20,140,000 1,685,000 18,455,000<br />
Less deferred amounts:<br />
For issuance discounts (226,968) — (12,485) (214,483) — (214,483)<br />
For issuance premiums 288,842 — 20,366 268,476 — 268,476<br />
Deferred loss on refunding (4,015,883) — (224,272) (3,791,611) — (3,791,611)<br />
Total bonds payable<br />
171,730,991 — 7,858,609 163,872,382 8,375,000 155,497,382<br />
Compensated absences 8,645,940 6,110,636 5,162,032 9,594,544 5,174,471 4,420,073<br />
Claims payable 26,032,048 6,504,480 7,420,115 25,116,413 5,837,864 19,278,549<br />
Subtotal governmental<br />
activities 206,408,979 12,615,116 20,440,756 198,583,339 19,387,335 179,196,004<br />
Business-type activities:<br />
Certificates <strong>of</strong> participation 420,000 — 420,000 — — —<br />
Loans payable 3,617,046 — 253,808 3,363,238 259,830 3,103,408<br />
Revenue bonds 28,715,000 — 1,455,000 27,260,000 1,500,000 25,760,000<br />
Less deferred amounts:<br />
For issuance discounts (116,839) — (8,013) (108,826) — (108,826)<br />
For issuance premiums 229,731 — 19,278 210,453 — 210,453<br />
Loss on refunding (2,882,006) — (231,673) (2,650,333) — (2,650,333)<br />
Total loans and bonds<br />
payable<br />
29,982,932 — 1,908,400 28,074,532 1,759,830 26,314,702<br />
Compensated absences 2,926,046 1,712,165 2,124,377 2,513,834 1,521,158 992,676<br />
Claims payable 1,529,118 833,433 421,913 1,940,638 455,605 1,485,033<br />
Subtotal business-type<br />
activities 34,438,096 2,545,598 4,454,690 32,529,004 3,736,593 28,792,411<br />
Total $ 240,847,075 15,160,714 24,895,446 231,112,343 23,123,928 207,988,415<br />
Compensated absences are predominantly liquidated by General Fund resources.<br />
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