Comprehensive Annual Financial Report - City of Cerritos

City of Cerritos
Changes in Fund Balances of Governmental Fund
Last Eight Fiscal Years
(modified accrual basis of accounting)
Fiscal Years
2002-03 2003-04 2004-05 2005-06
Revenues:
Taxes $ 54,231,835 $ 54,173,653 $ 56,891,838 $ 58,539,846
Licenses and permits 1,582,962 1,620,309 1,673,017 1,844,753
Fines and forfeitures 780,388 1,154,385 1,224,282 1,207,626
Investment and rental income 18,862,717 12,260,022 16,749,519 17,847,889
Market value investment fluctuation - - - -
Revenues from other agencies 12,253,101 11,102,756 11,948,199 14,104,013
Current fees and services 10,648,407 9,549,672 10,197,847 10,333,249
Franchises 1,011,506 1,123,865 1,072,893 1,146,324
Other revenue 949,829 636,494 1,269,811 748,401
Total revenues 100,320,745 91,621,156 101,027,406 105,772,101
Expenditures:
Current:
Legislative and administrative 8,575,389 10,333,065 11,657,197 4,098,818
Community development 4,033,261 3,316,869 4,122,251 4,607,205
Public works 17,727,961 17,492,649 18,056,952 19,659,561
Water and power - - - -
Community and safety services 15,989,974 18,074,542 17,877,074 18,740,162
Administrative services 10,457,027 10,691,994 10,520,783 20,349,051
Cerritos Center for the Performing Arts 12,130,813 12,326,532 10,966,179 10,331,228
Land transferred to developer - - - -
Capital outlay 17,259,976 8,581,890 8,661,850 15,495,350
Prefund other post employment benefits obligation - - - -
Debt service:
Principal retirement 2,855,000 4,200,000 4,725,000 5,105,000
Interest 15,021,364 16,404,229 16,099,412 16,341,796
Bond issuance costs 2,212,463 - - -
Total expenditures 106,263,228 101,421,770 102,686,698 114,728,171
Excess of revenues over
(under) expenditures (5,942,483) (9,800,614) (1,659,292) (8,956,070)
Other Financing Sources (Uses):
Transfers in 54,542,346 12,234,072 10,558,209 19,901,653
Transfers out (54,753,609) (12,422,358) (10,895,374) (20,244,200)
Issuance of debt 121,426,395 - - 1,025,000
Payment to refunding bond escrow agent (53,478,228) - - -
Total other financing sources (uses) 67,736,904 (188,286) (337,165) 682,453
Net change in fund balances 61,794,421 (9,988,900) (1,996,457) (8,273,617)
Fund balances - July 1 147,713,995 209,508,416 199,519,516 197,523,059
Fund balances - June 30 $ 209,508,416 $ 199,519,516 $ 197,523,059 $ 189,249,442
Debt service as a percentage
of noncapital expenditures 22.57% 22.19% 22.15% 21.61%
The City has elected to show only eight years of data for this schedule coinciding with the implementation of GASB 34 in fiscal year 2002-2003.
Source: Finance Division, City of Cerritos
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