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 />
The following is a schedule <strong>of</strong> both future minimum lease rental revenue to be received by the <strong>City</strong> as<br />
lessor and lease payments to be made by the <strong>City</strong> as lessee under operating leases that have initial or<br />
remaining noncancelable lease terms in excess <strong>of</strong> one year as <strong>of</strong> June 30, 2008:<br />
Fiscal year ended June 30 Rental revenue Lease payments<br />
2009 $ 6,525,755<br />
2,351,597<br />
2010 5,744,563 2,151,651<br />
2011 5,037,687 1,831,025<br />
2012 4,555,152 1,250,627<br />
2013 4,261,034 754,529<br />
2014 - 2018 16,866,881 3,676,499<br />
2019 - 2023 11,750,037 59,220<br />
2024 - 2028 10,450,676 −<br />
2029 - 2033 6,454,147 −<br />
2034 - 2038 4,835,779 −<br />
2039 - 2043 2,803,099 −<br />
2044 - 2048 2,803,099 −<br />
2049 - 2053 2,803,099 −<br />
2054 - 2058 2,803,099 −<br />
2059 - 2063 2,803,099 −<br />
2064 - 2068 1,261,395 −<br />
The total long-term lease rental revenues and expenditures/expenses for the year ended June 30, 2008,<br />
were $6,063,766 and $1,919,476, respectively.<br />
Line <strong>of</strong> Credit<br />
On May 1, 2008, the Redevelopment Agency <strong>of</strong> the <strong>City</strong> entered into a line <strong>of</strong> credit agreement with<br />
Bank <strong>of</strong> America. The agreement calls for an initial line <strong>of</strong> credit up to $50 million which may be<br />
increased at the Agency’s request and the bank’s option to $75 million. The line is available through<br />
June 2013 and is subject to quarterly interest payments at LIBOR plus 1.25%.<br />
As <strong>of</strong> June 30, 2008 the <strong>City</strong> has not drawn on the line.<br />
(15) SELF INSURANCE<br />
The <strong>City</strong> is exposed to various risks <strong>of</strong> loss related to torts; theft <strong>of</strong>, damage to, and destruction <strong>of</strong><br />
assets; errors and omissions; injuries to employees and others; and natural disasters. The <strong>City</strong> has<br />
chosen to establish risk financing internal service funds where assets are set aside for claim settlements<br />
associated with such risks <strong>of</strong> loss up to certain limits and has obtained excess liability coverage through<br />
the Authority for California Cities Excess Liability (ACCEL), a joint powers authority <strong>of</strong> twelve<br />
medium-size California municipalities. ACCEL is a member <strong>of</strong> the California State Association <strong>of</strong><br />
Counties Excess Insurance Authority for the purpose <strong>of</strong> providing access to excess workers’<br />
75
Change language