Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2008 Encumbrances Encumbrances outstanding at year-end are reported as reservations of fund balances since they do not constitute expenditures or liabilities. Cash Liquidity The City’s Charter provides for a cash liquidity reserve to assure the payment of the operating expenses of the City on a cash basis. Civic Center Bonds Reflects the balance of bond proceeds plus accumulated interest at June 30, 2008 which is legally restricted for parking improvements within the Civic Center area. Notes Receivable Reflects the balances due on loans that are long-term in nature and do not represent available expendable resources of the City. Specific Continuing Capital Projects Reflects the amount needed to fund the full cost of uncompleted capital projects at June 30, 2008. Mall Assessment District Reflects the balance of assessment revenues accumulated for future debt service for bonds related to the Third Street mall and Downtown Assessment District. Traffic Mitigation Represents the unspent balance of developer fees restricted for traffic mitigation projects. Long-Term Receivable from State and FEMA Reflects the balances due from the State of California and FEMA for costs incurred after the January 17, 1994 Northridge Earthquake that is long-term in nature and does not represent available expendable resources of the City. Rail Construction Represents the balance of Proposition A local return funds in the City’s Miscellaneous Grants Fund to be used exclusively for rail transportation improvements along the Santa Monica corridor. Low- and Moderate-Income Housing Represents unspent balance of funds from various sources restricted for use for low- and moderateincome housing. Childcare Center Represents unspent balance of developer fees restricted for future childcare center. Parks Represents unspent balance of developers fees restricted for parks projects. Traffic Represents balance of developer fees restricted for traffic mitigation projects. 69
CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2008 Arts Represents balance of funds received from various sources to be used for arts projects. Third Street Mall/Downtown Parking Represents balance of funds received from various sources to be used for Third Street mall/downtown parking. Animal Shelter Represents unspent balance of contributions from citizens that are restricted for use for the City’s Animal Shelter. Homeless Contributions Represents balance of funds received from various sources to be used for homeless services. Roads Represents balance of funds received from various sources for road projects. Santa Monica Place Redevelopment Represents reimbursement funds for professional services restricted for the redevelopment of Santa Monica Place. Debt Service Represents balance of funds held by trustees for future debt service and associated payments in the Debt Service and Capital Projects Funds. Perpetual Care Represents balance of funds held by the City restricted for use for expenses associated with perpetual care of the City's Cemetery and Mausoleum. 70
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Comprehensive Annual Financial Report - City of Santa Monica

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