Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
CITY OF SANTA MONICA, CALIFORNIA<br />
Notes to Basic <strong>Financial</strong> Statements, Continued<br />
For the fiscal year ended June 30, 2008<br />
Encumbrances<br />
Encumbrances outstanding at year-end are reported as reservations <strong>of</strong> fund balances since they do not<br />
constitute expenditures or liabilities.<br />
Cash Liquidity<br />
The <strong>City</strong>’s Charter provides for a cash liquidity reserve to assure the payment <strong>of</strong> the operating expenses<br />
<strong>of</strong> the <strong>City</strong> on a cash basis.<br />
Civic Center Bonds<br />
Reflects the balance <strong>of</strong> bond proceeds plus accumulated interest at June 30, 2008 which is legally<br />
restricted for parking improvements within the Civic Center area.<br />
Notes Receivable<br />
Reflects the balances due on loans that are long-term in nature and do not represent available<br />
expendable resources <strong>of</strong> the <strong>City</strong>.<br />
Specific Continuing Capital Projects<br />
Reflects the amount needed to fund the full cost <strong>of</strong> uncompleted capital projects at June 30, 2008.<br />
Mall Assessment District<br />
Reflects the balance <strong>of</strong> assessment revenues accumulated for future debt service for bonds related to the<br />
Third Street mall and Downtown Assessment District.<br />
Traffic Mitigation<br />
Represents the unspent balance <strong>of</strong> developer fees restricted for traffic mitigation projects.<br />
Long-Term Receivable from State and FEMA<br />
Reflects the balances due from the State <strong>of</strong> California and FEMA for costs incurred after the January 17,<br />
1994 Northridge Earthquake that is long-term in nature and does not represent available expendable<br />
resources <strong>of</strong> the <strong>City</strong>.<br />
Rail Construction<br />
Represents the balance <strong>of</strong> Proposition A local return funds in the <strong>City</strong>’s Miscellaneous Grants Fund to<br />
be used exclusively for rail transportation improvements along the <strong>Santa</strong> <strong>Monica</strong> corridor.<br />
Low- and Moderate-Income Housing<br />
Represents unspent balance <strong>of</strong> funds from various sources restricted for use for low- and moderateincome<br />
housing.<br />
Childcare Center<br />
Represents unspent balance <strong>of</strong> developer fees restricted for future childcare center.<br />
Parks<br />
Represents unspent balance <strong>of</strong> developers fees restricted for parks projects.<br />
Traffic<br />
Represents balance <strong>of</strong> developer fees restricted for traffic mitigation projects.<br />
69
Change language