California Comprehensive Annual Financial Report - City of Temecula

More documents

Recommendations

Info

City of Temecula Notes to Financial Statements (Continued) Note 1: Summary of Significant Accounting Policies (Continued) The City’s fund structure also includes the following fund types: PROPRIETARY FUNDS The Internal Service Funds are used to account for activities and services performed for other departments within the City on a cost reimbursement basis. Specific activities accounted for included risk management and insurance programs, replacement of city vehicles, information systems services, central mailing and reprographic services and city maintenance facilities operations. FIDUCIARY FUNDS The Agency Fund is used to account for assets temporarily held by the City in a fiduciary capacity for various Community Facilities Districts. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. Fiduciary funds use the economic resources measurement focus. e. Cash and Investments Investments are stated at fair value (quoted market price or best available estimate thereof, see Note 3). A substantial portion of the City's investments are in short-term, highly liquid instruments, with original maturities of three months or less. For purposes of the statement of cash flows, all cash and investments held by the internal service funds are considered to be short term and, accordingly, are classified as cash and cash equivalents. f. Land Held for Resale Land held for resale represents land that was acquired in accordance with the objectives of the Agency. Land held for resale is generally valued at cost. In instances where an anticipated sales price is known to be lower than cost, a write down is recorded. A portion of fund balance is reserved for land held for resale to indicate that a portion of fund balance is not available for future expenditures. g. Inventories and Prepaid items Inventories of materials and supplies are carried at cost. The City uses the consumption method of accounting for inventories. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements. The fund balances in the governmental fund types have been reserved for amounts equal to the prepaid items in the fund-level statements, since these amounts are not available for appropriation. h. Capital Assets Capital assets (including infrastructure) are recorded at cost where historical records are available and at an estimated original cost where no historical records exist Contributed capital· assets are valued at their estimated fair market value at the date of contribution. Generally, capital asset purchases in excess of $5,000 are capitalized if they have an expected useful life of 1 year or more. Infrastructure assets with a cost exceeding $100,000 are capitalized. 37
City of Temecula Notes to Financial Statements (Continued) Note 1: Summary of Significant Accounting Policies (Continued) Capital assets include additions to public domain (infrastructure), certain improvements including pavement, curb and gutter, sidewalks, traffic control devices, streetlights, sewers, storm drains, bridges and right-of-way corridors within the City. The City has valued and recorded all infrastructure asset data in its entirety as of June 30, 2009. Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method in the Government-wide Financial Statements and in the Fund Financial Statements of the Proprietary Funds. Depreciation is charged as an expense against operations and accumulated depreciation is reported on the respective Statement of Net Assets. The lives used for depreciation purposes of each capital asset class are: Buildings Improvements other than buildings Vehicles, machinery and equipment Furniture and fixtures Infrastructure 40 years 40 years 3 – 25 years 4 – 25 years 25 – 75 years i. Compensated Absences In accordance with GASB Statement No. 16, an employee benefits payable liability is recorded for unused vacation and similar compensatory leave balances. The employees' entitlement to these balances are attributable to services already rendered and it is probable that virtually all of these balances will be liquidated by either paid time off or payments upon termination or retirement. Under GASB Statement No. 16, a liability is recorded for unused sick leave balances only to the extent that it is probable that the unused balances will result in termination payments. Other amounts of unused sick leave are excluded from the liability since their payment is contingent solely upon the occurrence of a future event (illness) that is outside the control of the City and the employee. A proprietary fund liability is accrued for all leave benefits relating to the proprietary funds. In the government-wide financial statement, amounts expected to be liquidated within one year are classified as current with the remaining amount included as long term liabilities. j. Claims and Judgments When it is probable that a claim liability has been incurred at year-end, and the amount of the loss can be reasonably estimated, the City records the estimated loss, net of any insurance coverage under its self-insurance program. This liability, including an estimate of claims which have been incurred but not reported, has been accrued by the City's Internal Service Fund. Small dollar claims and judgments are recorded as expenditures when paid. 38
Page 1 and 2:
City of Te m e c u California Compr
Page 4 and 5:
CITY OF TEMECULA COMPREHENSIVE ANNU
Page 6:
STATISTICAL SECTION CITY OF TEMECUL
Page 9 and 10: City of Temecula Letter of Transmit
Page 21 and 22: City of Temecula CITY ORGANIZATIONA
Page 24 and 25: Brandon W. Burrows, C.P.A Donald L.
Page 26 and 27: City of Temecula Management’s Dis
Page 38 and 39: CITYOF TEMECULA COMPREHENSIVE ANNUA
Page 40 and 41: CITY OF TEMECULA STATEMENT OF ACTIV
Page 42: CITY OF TEMECULA BALANCE SHEET GOVE
Page 45 and 46: CITY OF TEMECULA STATEMENT OF REVEN
Page 47 and 48: CITY OF TEMECULA RECONCILIATION OF
Page 49 and 50: CITY OF TEMECULA BUDGETARY COMPARIS
Page 51 and 52: CITY OF TEMECULA STATEMENT OF NET A
Page 53 and 54: CITY OF TEMECULA STATEMENT OF CASH
Page 56 and 57: CITY OF TEMECULA NOTES TO FINANCIAL
Page 58 and 59: City of Temecula Notes to Financial
Page 86: City of Temecula Notes to Financial
Page 89 and 90: CITY OF TEMECULA NON-MAJOR GOVERNME
Page 91 and 92: CITY OF TEMECULA COMBINING BALANCE
Page 99 and 100: CITY OF TEMECULA COMBINING STATEMEN
Page 111 and 112:
CITY OF TEMECULA BUDGETARY COMPARIS
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
CITY OF TEMECULA COMBINING STATEMEN
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
102
Page 127 and 128:
CITY OF TEMECULA COMBINING BALANCE
Page 129 and 130:
106
Page 131 and 132:
108
Page 133 and 134:
CITY OF TEMECULA NET ASSETS BY COMP
Page 135 and 136:
CITY OF TEMECULA FUND BALANCES OF G
Page 137 and 138:
CITY OF TEMECULA GOVERNMENT-WIDE RE
Page 139 and 140:
CITY OF TEMECULA GENERAL GOVERNMENT
Page 141 and 142:
118
Page 143 and 144:
CITY OF TEMECULA PRINCIPAL SECURED
Page 145 and 146:
CITY OF TEMECULA PROPERTY TAX LEVIE
Page 147 and 148:
124
Page 149 and 150:
CITY OF TEMECULA RATIO OF OUTSTANDI
Page 151 and 152:
CITY OF TEMECULA LEGAL DEBT MARGIN
Page 153 and 154:
CITY OF TEMECULA PLEDGED REVENUE CO
Page 155 and 156:
CITY OF TEMECULA LARGEST EMPLOYERS
Page 157 and 158:
CITY OF TEMECULA FULL-TIME CITY EMP
Page 159 and 160:
CITY OF TEMECULA COMPARATIVE CITY I
Page 161:
138
show all

California Comprehensive Annual Financial Report - City of Temecula

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?