California Comprehensive Annual Financial Report - City of Temecula

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City of Temecula Management’s Discussion and Analysis - continued Fiscal Year Ended June 30, 2009 --------------------------------------------- Community Development had savings of $740,912 primarily due to reduction in the demand for services, resulting in savings in project staff and outside consultant services. Public Works had expenditure savings of $1,001,822 primarily due to savings in the routine street maintenance program. Transfers out had savings of $13,999,881 primarily due to the timing of transfers needed to fund construction of the civic center project. Capital Asset and Debt Administration Capital Assets The City of Temecula’s investment in capital assets for its governmental activities as of June 30, 2009, amounts to $612.8 million (net of accumulated depreciation). This investment in capital assets includes land, buildings and system, improvements, machinery and equipment, park facilities, roads, highways, and bridges. The total increase in the City of Temecula’s investment in capital assets for the current fiscal year was 6 percent. Major capital asset events during the current fiscal year include the following: • The City began construction on a comprehensive project to build a new Civic Center in Old Town. In addition to building a new Civic Center, the City also completed the related construction to underground overhead utility lines and completed certain street improvements and pavement rehabilitation projects. • Construction is also underway to complete a parking structure, office, and retail project related to the Old Town Civic Center project. • Construction is nearly completed for the Pechanga Parkway Phase II project, which includes widening, payment rehabilitation, curb and gutter, storm drain systems, medians, landscape and irrigation, and traffic signals. • Pavement rehabilitation projects for both Rancho California and Del Portola roads. Design has been completed and construction is now in progress. • Completed construction of Murrieta Creek Multi-Purpose Trail from Rancho California Road to Winchester Road, between Diaz Road and Murrieta Creek, including multi-use trails, benches, hardscape, landscaping, and irrigation. • Construction has been completed on the Temecula Community Center Expansion project, which added over 3,600 of office and meeting space. • The City also continued to make significant progress on the French Valley Parkway and Interstate 15 Interchange Project, Butterfield Stage Road, Winchester Road Beautification, Overland Drive Bridge at Murrieta Creek, Pedestrian/Bike Bridge Over Santa Gertrudis Creek, Temecula Park and Ride, and the State Route 79 South/I-15 Interchange. See Independent Auditors’ Report 11
City of Temecula Management’s Discussion and Analysis - continued Fiscal Year Ended June 30, 2009 --------------------------------------------- City of Temecula Summary of Changes in Capital Assets For the Year Ending June 30, 2009 Balance at June 30, 2008 Increase Decrease Balance at June 30, 2009 Description Governmental Activities: Capital assets, not being depreciated: Land $ 64,473,842 $ 554,850 $ (44,850) $ 64,983,842 Right of way 68,523,656 214,973 - 68,738,629 Construction in Progress 33,611,658 26,151,885 (1,446,450) 58,317,093 Total capital assets, not being depreciated 166,609,156 26,921,708 (1,491,300) 192,039,564 Capital assets, being depreciated: Building 66,870,560 - - 66,870,560 Improvements other than buildings 40,319,034 2,969,530 (500,000) 42,788,564 Vehicles, machinery and equipment 9,705,579 1,139,999 - 10,845,578 Furniture and fixtures 2,642,170 61,122 - 2,703,292 Infrastructure 432,466,361 22,535,793 (343,899) 454,658,255 Total capital aseets, being depreciated 552,003,704 26,706,444 (843,899) 577,866,249 Less accumulated depreciation for: Buildings (7,902,667) (1,482,289) - (9,384,956) Improvements other than buildings (5,126,073) (1,588,622) - (6,714,695) Vehicles, machinery and equipment (6,651,242) (1,082,951) - (7,734,193) Furniture and fixtures (1,540,138) (495,322) - (2,035,460) Infrastructure (119,752,007) (11,660,609) 139,000 (131,273,616) Total accumulated depreciation (140,972,127) (16,309,793) 139,000 (157,142,920) Total capital aseets, being depreciated 411,031,577 10,396,651 (704,899) 420,723,329 Total Capital assets, net $ 577,640,733 $ 37,318,359 $ (2,196,199) $ 612,762,893 Additional detail on capital assets is available in Note 4 to the financial statements on pages 44-45. Long-Term Debt At the end of the current fiscal year, the City of Temecula had a total long-term debt outstanding of $91.8 million which is comprised of tax allocation bonds and certificates of participation backed by the full faith and credit of the tax increment and special assessments allocated. See Independent Auditors’ Report 12
Page 1 and 2: City of Te m e c u California Compr
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CITY OF TEMECULA NON-MAJOR GOVERNME
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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 COMPARATIVE CITY I
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California Comprehensive Annual Financial Report - City of Temecula

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