4 - City of Cerritos

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FINANCIAL ANALYSIS OF THE CITY’S FUNDS (CONTINUED) Proprietary Funds (Continued) Operating expenses exceeded operating revenues in each of the major proprietary funds resulting in a decline in net assets. The City has not implemented a rate increase in the past five years, calling upon existing net assets to subsidize operations. GENERAL FUND BUDGETARY HIGHLIGHTS During the fiscal year, there was a $0.9 million decrease in appropriations between the original and final amended budget. City management mandated budget reductions within all departmental budgets due to the effects of the economic recession on the City’s major revenue streams. For the second consecutive year, all line items were reviewed with special emphasis on necessary expenditures, while items such as travel, training, and supplies were reduced. The sale of assets from the Cerritos Redevelopment Agency to the City created a variance in capital outlay expenditures, when compared to appropriations, of $13.3 million. As stated above, the decrease in appropriations was necessary because General Fund revenues have declined over the past few years, and though the City’s revenue base has begun a slow rebounding, the reduced revenue base continues to require reductions in departmental expenditures. General Fund revenues declined $0.7 million, or 1.1% from fiscal year 2009-10. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets The City of Cerritos’ investment in capital assets for its governmental and business-type activities as of June 30, 2011, amounts to $334.2 million (net of accumulated depreciation), a decrease of $4.3 million from the prior fiscal year. This investment in capital assets includes land, streets, water, sewer and storm drain systems, buildings and improvements, machinery and equipment, vehicles, public works of art, parking structures, water rights and electric rights. The following table presents the capital assets of the City of Cerritos at June 30, 2011. City of Cerritos Capital Assets (in millions) Governmental activities Business-type activities Total 2011 2010 2011 2010 2011 2010 Land $ 85.8 $ 84.0 $ - $ - $ 85.8 $ 84.0 Parking structure rights 3.8 3.8 - - 3.8 3.8 Right-of-way 49.2 49.2 - - 49.2 49.2 Public art 4.4 4.4 - - 4.4 4.4 Trees 1.3 1.4 - - 1.3 1.4 Construction in progress 0.2 0.2 - - 0.2 0.2 Buildings and structures 121.2 126.0 3.1 3.2 124.3 129.2 Improvements other than buildings 4.7 4.3 - - 4.7 4.3 Infrastructure/water mains and lines/sewer mains 15.7 15.8 27.4 28.2 43.1 44.0 Water rights - - 1.7 1.8 1.7 1.8 Electric Rights - - 11.3 11.8 11.3 11.8 Furniture and equipment 2.9 3.1 1.5 1.3 4.4 4.4 Total $ 289.2 $ 292.2 $ 45.0 $ 46.3 $ 334.2 $ 338.5 10
CAPITAL ASSET AND DEBT ADMINISTRATION (CONTINUED) Capital Assets (Continued) Major capital asset events during the fiscal year included the following: Installation of solar panels at the corporate yard in the amount of $0.5 million. Street resurfacing on Norwalk Boulevard and South Street of $0.6 million. Detailed information relating to capital assets can be found in Note 6 to the basic financial statements. Long-term debt At the end of the current fiscal year, the City had total debt outstanding of $166.3 million. The majority of this debt is Redevelopment Agency revenue bonds ($160.9 million). City of Cerritos Long-Term Debt (in millions) 2011 2010 Los Cerritos-Revenue Bonds $ 37.1 $ 39.8 Los Coyotes-Revenue Bonds 122.3 127.4 Add Deferred Amounts 1.5 1.6 Subtotal – Revenue Bonds 160.9 168.8 Note Payable 1.0 1.0 Compensated Absences 2.7 2.7 Claims Payable-General Liability 1.7 1.9 Total Long-Term Debt $ 166.3 $ 174.4 Detailed information relating to long-term debt can be found in Note 8 to the basic financial statements. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET The current economic situation has appeared to be “the downturn without an end”, affecting virtually every aspect of commercial activity, including housing, retail, credit and employment. The State of California’s budget deficit, estimated in the billions, continues to create uncertainty for all governmental agencies in California. The City of Cerritos is not immune to this uncertainty. Despite the continuation of the most sweeping nationwide economic downturn in eighty years and the effects of the State of California’s budgetary crises, the City of Cerritos has been able to maintain its vibrant business community, and as a result, the community has enjoyed a high level of fiscal stability due to the success and visibility of its commercial sector. The City has been able to maintain its levels of service to the community by positioning itself to withstand fluctuations in the economic environment. The combined tax revenues, particularly sales tax and income from investments and ground leases have made it possible to progress with the planned level of development while maintaining a high degree of financial stability. 11
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4 - City of Cerritos

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