California Comprehensive Annual Financial Report - City of Temecula

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City of Temecula Letter of Transmittal - continued CAFR Fiscal Year Ended June 30, 2009 --------------------------------------------- Cash Management Policies and Practices The City Council annually adopts an investment policy, which is intended to minimize credit and market risks, while maintaining a competitive yield on its portfolio. During the 2008-09 fiscal year, idle funds were deposited in accordance with this policy in demand deposit accounts and invested primarily in a pooled investment account administered by the State of California. At all times, the investment policy was adhered to, and safety and liquidity objectives were placed above rates of return considerations in making deposits and investments. All deposits during the year were either insured by the Federal Deposit Insurance Corporation, or collateralized. The majority of the City’s investments were in the Local Agency Investment Fund (state pool). The state pool cannot be categorized in terms of credit risk in accordance with the guidelines of the Governmental Accounting Standards Board. Nevertheless, given the size and liquidity of the pool, the investment policies governing the pool, and the investment expertise of the pool's management, it is believed that these investments clearly conformed to the City's investment policy. Risk Management The City's insurance policies cover property, general liability, and worker's compensation exposures through basic deductibles, $150,000 self-insured retention, and flat fees, respectively. In the case of general liability coverage, the City's maximum coverage per occurrence is $10 million, while the aggregate coverage is $10 million, maximum. The City's Risk Management program focuses on proactive identification of exposures to eliminate any potential impacts to public safety and welfare. This is accomplished through effectively monitoring City programs, particularly those in the Community Services and Public Works Departments, and by providing clear guidance to correct those situations where exposures have been identified. Additionally, the City works closely with all contracted insurance carriers to ensure that the transfer of liability occurs timely, when applicable. Pension and Other Post-Employment Benefits The City of Temecula has a defined benefit pension plan that provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. The plan is part of the Public Agency portion of the California Public Employees’ Retirement System (CalPERS), an agent multipleemployer plan administered by CalPERS, which acts as a common investment and administrative agent for participating public entities within the State of California. An actuarial basis is used to determine the amount necessary to fund the benefits for its xv
City of Temecula Letter of Transmittal - continued CAFR Fiscal Year Ended June 30, 2009 --------------------------------------------- members. The City pays 100 percent for the employer and employee share of funding this plan. In 2008, the City contracted with CalPERS Employer Trust Fund to pre-fund the retiree health liability. The City contracts with private deferred compensation administration firms to act as agent of the City to fulfill all the City’s administrative responsibilities. The amount deferred is not available to employees until termination, retirement, death or unavoidable emergency. The City offers these plans to the employees, but does not fund these plans. Project employees (part-time, temporary) are provided pension benefits through a defined contribution plan. Federal legislation requires contribution of at least 7.5 percent to a retirement plan. The City and the employee each contribute 3.75% of the employee’s salary into the plan. The City’s contribution is fully vested immediately. Medical Benefits are provided at time of retirement for all represented employees of the City who meet the eligibility requirements as defined as a PERS service or industrial disability retirement. ACKNOWLEDGMENTS Preparation of the City's Comprehensive Annual Financial Report is an undertaking of the Finance Department. Special credit is due to Rudy Graciano, Revenue Manager, Pascale Brown, Accounting Manager, Jennifer Crummel, Senior Accountant, and Judy McNabb, Administrative Assistant, as well as the entire Finance Department staff. Their year-long hard work and dedication have made this report possible. I would like to express my appreciation to the City Manager, the City Council, and the Finance Committee for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner. Sincerely, Genie Roberts, CPA Genie Roberts, CPA Director of Finance xvi
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CITY OF TEMECULA COMBINING BALANCE
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CITY OF TEMECULA COMBINING STATEMEN
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CITY OF TEMECULA GENERAL GOVERNMENT
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CITY OF TEMECULA PRINCIPAL SECURED
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CITY OF TEMECULA PROPERTY TAX LEVIE
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CITY OF TEMECULA RATIO OF OUTSTANDI
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CITY OF TEMECULA LARGEST EMPLOYERS
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CITY OF TEMECULA FULL-TIME CITY EMP
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CITY OF TEMECULA COMPARATIVE CITY I
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California Comprehensive Annual Financial Report - City of Temecula

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