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 />
expenditures which may be disallowed by the granting agencies cannot be determined at this time,<br />
although the <strong>City</strong> expects such amounts, if any, to be immaterial.<br />
Construction Commitments<br />
The <strong>City</strong> has a number <strong>of</strong> construction projects currently underway. Purchase orders, contracts and<br />
other commitments for these projects are recorded in order to reserve the portion <strong>of</strong> the applicable<br />
appropriation and are recorded at year-end as reservations <strong>of</strong> fund balances. Approximately $143<br />
million will be payable upon future performance under these contracts.<br />
Operating Lease Revenue/Expenses<br />
The <strong>City</strong> has entered into operating lease arrangements as lessor for property. The following schedule is<br />
an analysis <strong>of</strong> the <strong>City</strong>’s investment in property under operating leases by major classes as <strong>of</strong> June 30,<br />
2008:<br />
Land $ 133,785,085<br />
Buildings 18,226,752<br />
Improvements other than buildings 10,302,396<br />
Infrastructure 8,213,438<br />
170,527,671<br />
Less: Accumulated depreciation (19,906,282)<br />
Total $ 150,621,389<br />
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