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
(7) Transfer to fund transportation related projects.
(8) Transfer for the payment of debt service.
(9) Transfer for the payment of debt service and to subsidize housing program expenditures.
(10) Transfer to subsidize wastewater expenses.
(11) Transfer to subsidize environmental programs, stormwater and treatment facility expenses.
(12) Transfer to subsidize transportation related expenses.
(13) Transfer to subsidize pier, airport and medical trust expenses.
(14) Transfer to subsidize economic development expenditures and debt service payments.
(15) Transfer to subsidize water and environmental remediation expenses.
(16) Transfer to subsidize stormwater management expenses.
(17) Transfer to subsidize cemetery management expenses.
(12) RESTRICTED NET ASSETS
Restricted net assets are net assets whose use is subject to constraints externally imposed. The
following categories of net assets are restricted as to use by agreements with creditors, developers,
grantors, or laws or regulations of other governments: debt service, Clean Beaches and Ocean Parcel
Tax, Housing Authority, Community Development Block Grant, Citizens Option for Public Safety, Air
Quality Management District, development projects, Asset Seizure, streets projects, low- and moderateincome
housing, MTBE settlement, perpetual care, miscellaneous medical coverage and construction of
rail system. The remaining categories of funds, Tenant Ownership Rights Charter Amendment and Rent
Control, are restricted as to use by law.
Net assets for governmental activities at June 30, 2008, are restricted as follows:
Housing Authority $ 2,985,478
Tenant Ownership Rights Charter Amendment 17,554,518
Community Development Block Grant 13,719,302
Citizens Option for Public Safety 244,015
Rent Control 1,704,023
Air Quality Management District 183,758
Asset Seizure 376,017
Streets projects 1,512,032
Low- and moderate-income housing 35,697,213
Total housing and community development 73,976,356
Clean Beaches and Ocean Parcel Tax 2,536,009
Miscellaneous grants 18,512,612
Debt service 18,953,165
Development projects 38,400,473
Perpetual care - nonexpendable 7,726,238
MTBE Settlement 72,176,249
Total restricted net assets $ 232,281,102
Of the net assets for business-type activities at June 30, 2008, totaling $495,989,994, $1,625,057 is
restricted for construction of a rail system.
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