Comprehensive Annual Financial Report - City of Cerritos

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City of Cerritos Statement of Net Assets Proprietary Funds June 30, 2010 Governmental Business-Type Activities - Enterprise Funds Activities - Water Reclaimed Electric Total Enterprise Internal Fund Water Utility Funds Service Funds ASSETS Current Assets: Cash and investments $ 4,107,021 $ - $ 26,380 $ 4,133,401 $ 15,501,407 Accounts receivable 1,015,256 143,755 481,268 1,640,279 - Interest receivable 9,532 - 61 9,593 35,978 Prepaid expenses 38,580 3,930 2,538,764 2,581,274 - Total Current Assets 5,170,389 147,685 3,046,473 8,364,547 15,537,385 Noncurrent Assets: Capital assets: Construction in progress - - - - - Building and structures 4,947,697 1,315,000 - 6,262,697 - Water mains and lines 27,788,342 13,068,932 - 40,857,274 - Equipment 4,023,715 120,278 - 4,143,993 - Water rights acquired 2,259,378 - - 2,259,378 - Electric utility rights acquired - - 14,105,000 14,105,000 - Accumulated depreciation (17,921,130) (6,950,121) (2,350,833) (27,222,084) - Total Noncurrent Assets 21,098,002 7,554,089 11,754,167 40,406,258 - Total Assets 26,268,391 7,701,774 14,800,640 48,770,805 15,537,385 LIABILITIES Current Liabilities: Accounts payable 473,770 14,980 491,159 979,909 44,070 Accrued salaries and benefits 66,290 7,150 73,440 - Deposits payable 56,632 - - 56,632 - Due to other funds - 131,615 - 131,615 - Compensated absences 64,484 - - 64,484 - Total Current Liabilities 661,176 153,745 491,159 1,306,080 44,070 Noncurrent Liabilities: Advance from other funds - - 8,184,752 8,184,752 - Compensated absences 193,453 - - 193,453 - Total Noncurrent Liabilities 193,453 - 8,184,752 8,378,205 - Total Liabilities 854,629 153,745 8,675,911 9,684,285 44,070 NET ASSETS Invested in capital assets 21,098,002 7,554,089 11,754,167 40,406,258 - Unrestricted 4,315,760 (6,060) (5,629,438) (1,319,738) 15,493,315 Total Net Assets $ 25,413,762 $ 7,548,029 $ 6,124,729 $ 39,086,520 $ 15,493,315 See accompanying Notes to Basic Financial Statements. 28
City of Cerritos Statement of Revenues, Expenses and Changes in Net Assets Proprietary Funds For the Year Ended June 30, 2010 Governmental Business-Type Activities - Enterprise Funds Activities - Water Reclaimed Electric Total Enterprise Internal Fund Water Utility Funds Service Funds OPERATING REVENUES: Sales of water: Regular $ 5,631,671 $ 698,021 $ - $ 6,329,692 $ - Wholesale 1,142,858 - - 1,142,858 - Sales of electricity: Regular - - 3,532,311 3,532,311 - Resale - - 430 430 - Gas sales - - 245,160 245,160 - Fire lines 241,557 - - 241,557 - Charges for services 16,314 - - 16,314 - Other agency contribution - - 859,809 859,809 - Other revenues 234 - - 234 - Total Operating Revenues 7,032,634 698,021 4,637,710 12,368,365 - OPERATING EXPENSES: Management 2,557,940 306,010 172,090 3,036,040 - Production and distribution 4,767,936 48,380 - 4,816,316 - Operations 922,710 611,590 5,005,091 6,539,391 - Inspections 362,390 43,660 - 406,050 - Billings and collection 282,658 31,960 - 314,618 - Administrative costs - - - - 745,760 Depreciation 797,325 309,683 470,166 1,577,174 - Total Operating Expenses 9,690,959 1,351,283 5,647,347 16,689,589 745,760 OPERATING INCOME (LOSS) (2,658,325) (653,262) (1,009,637) (4,321,224) (745,760) NONOPERATING REVENUES (EXPENSES): Investment income 97,579 - 276 97,855 344,810 Interest expense - - (876,937) (876,937) - Gain (loss) on sale of equipment - - - - - Total Nonoperating Revenues (Expenses) 97,579 - (876,661) (779,082) 344,810 INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS (2,560,746) (653,262) (1,886,298) (5,100,306) (400,950) CAPITAL CONTRIBUTIONS AND TRANSFERS: Capital contributions 109,677 - - 109,677 - Transfers in - 137,299 - 137,299 - Transfers out (137,299) - - (137,299) - Total Capital Contributions and Transfers (27,622) 137,299 - 109,677 - Change in Net Assets (2,588,368) (515,963) (1,886,298) (4,990,629) (400,950) NET ASSETS: Beginning of the Year 28,002,130 8,063,992 8,011,027 44,077,149 15,894,265 End of the Year $ 25,413,762 $ 7,548,029 $ 6,124,729 $ 39,086,520 $ 15,493,315 See accompanying Notes to Basic Financial Statements. 29
Page 1: City of Cerritos, California Compre
Page 5 and 6: City of Cerritos Comprehensive Annu
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Page 14 and 15: City of Cerritos ORGANIZATIONAL CHA
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Page 18 and 19: Honorable Mayor and Members of the
Page 20 and 21: OVERVIEW OF THE FINANCIAL STATEMENT
Page 22 and 23: GOVERNMENT-WIDE FINANCIAL ANALYSIS
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Page 26 and 27: FINANCIAL ANALYSIS OF THE CITY’S
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CITY OF CERRITOS Required Supplemen
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City of Cerritos Combining Balance
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Capital Special Revenue Fund Projec
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City of Cerritos Combining Statemen
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Capital Special Revenue Fund Projec
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City of Cerritos Schedule of Revenu
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City of Cerritos Statement of Net A
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City of Cerritos Statement of Cash
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City of Cerritos Net Assets By Comp
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City of Cerritos Changes In Net Ass
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City of Cerritos Change in Net Asse
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City of Cerritos Fund Balances of G
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City of Cerritos Governmental Activ
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City of Cerritos Assessed Value of
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City of Cerritos Direct and Overlap
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City of Cerritos Property Tax Levie
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City of Cerritos Ratios of Outstand
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City of Cerritos Schedule of Direct
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City of Cerritos Legal Debt Margin
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City of Cerritos Demographic and Ec
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City of Cerritos Operating Indicato
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Comprehensive Annual Financial Report - City of Cerritos

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