Financial Report - Moreno Valley

City of Moreno Valley
Notes to Financial Statements
Year Ended June 30, 2011 (Continued)
Note 9: Other Post Employment Benefits (OPEB) (Continued)
Required Supplementary Information – Funded Status of Plan
Latest Information Available
Actuarial
Annual UAAL as
Accrued Actuarial Value Unfunded Funded Covered Percent of
Valuation Date Liability of Assets Liability Ratio
Payroll Payroll
06/30/08 $ 9,338,000 $ - $ 9,338,000
0.0% $ 29,794,978
31.3%
01/01/10 13,600,000 2,386,000 11,214,000 17.6% 22,465,000
49.9%
Note 10: Fund Equity and Net Asset Restatements
Beginning Fund Balance and Net Assets has been restated as follows:
Note 11: Fund Deficits
Nonmajor Governmental Funds:
State Gasoline Tax
To restate the gas tax receivable that
was overstated from prior fiscal years $ (239,074)
Child Care Grant
To correct program revenue
relating to the prior fiscal year. (4,185)
Total Fund Balance and
Net Asset Restatements $ (243,259)
The following funds contained a deficit fund balance as of June 30, 2011:
Major Governmental Funds:
Community Redevelopment
Agency Debt Service $ 33,003,719
Non-Major Governmental Funds:
Special Revenue Funds:
Law Enforcement 196
Child Care Grant Fund 18,325
Neighborhood Stabilization Program 517,250
Homelesness Prevention Program 11,656
Capital Projects Funds:
Auto Mall Capital/Administration 3,364
TUMF Capital Projects 210,834
The Community Redevelopment Agency Debt Service deficit fund balance is a result of the
accumulation of advances from the General Fund for operating and capital expenditures.
The Law Enforcemnt, Child Care Grant, Neighborhood Stabilization Program, Homelessness
Prevention Program, Auto Mall Capital/Administration, and TUMF Capital Projects Funds
deficit fund balances are a result of reimbursement monies not yet received.
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