Comprehensive Annual Financial Report - City of Santa Monica

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Cash Management Policies and Practices. The City’s Investment Policy (Policy) sets broad legal guidelines which govern the investment of cash balances. The Policy, established in accordance with State law, has been certified by the Association of Public Treasurers, United States and Canada. The Policy is reviewed annually and approved by the City Council. The primary objectives of all City investments, in priority order, are safety and preservation of principal, liquidity to meet cash flow needs, and a market rate of return after the first two objectives have been met. Within this framework, the City has developed an Investment Plan (Plan) which guides strategy and structure of the portfolio. The Plan sets targets for the portfolio by investment type as well as benchmarks to measure return. Debt Administration. At June 30, 2009, the City's general obligation bond rating was the highest possible with an Aaa from Moody’s; AAA from Fitch; and AAA from Standard and Poor’s. All other City indebtedness is considered to be at least investment grade. The City’s bonded debt applicable to its debt limit consisted of: $18.5 million of Main Library Improvements Project General Obligation Bonds; $23.1 million in Public Safety Facility Lease Revenue Bonds; $37.3 million in Civic Center Parking Structure Bonds; $72.9 million in Earthquake Recovery Redevelopment Project Tax Allocation Bonds and Ocean Park Redevelopment Projects Tax Allocation Refunding Bonds; and $7.5 million in Parking Authority Lease Revenue Bonds. A calculation of the City's debt limit is detailed in Table 14 of the Statistical Section of this CAFR. The City has other long-term payment obligations, which are not bonded debt, e.g., claims payable. These are detailed in Note 9 in the notes to the basic financial statements. Risk Management. The City established a Risk Management program in 1986 to minimize the exposure of the City’s assets and resources (both human and financial) to accidental loss. The program is staffed by a full-time Risk Manager and includes risk identification and evaluation, risk control, risk transfer, and risk financing. Services include administration of claims filed by the public and employees and safety training and loss prevention. Additional information about the City’s risk management practices can be found in Note 15 of the notes to the basic financial statements. Pension and Other Postemployment Benefits (OPEB). The City contributes to the California Public Employees’ Retirement System (CalPERS), an agent multiple-employer public employee defined benefit pension plan. CalPERS provides retirement and disability benefits, annual cost-of-living adjustments and death benefits to plan members and beneficiaries. CalPERS acts as a common investment and administrative agent for participating public entities within the state of California. Benefit provision and all other requirements are established by the State statute. The amount of the City’s required annual contribution is determined actuarially. It is the policy of the City to fully fund the annual required contribution to ensure that the plan will be able to fully meet its obligation to retired employees. In addition, in accordance with agreements with various bargaining units, the City provides other postemployment benefits to retirees. Funded on a pay-as-you-go-basis, a net OPEB obligation of $2.4 million is reflected in the Statement of Net Assets as of June 30, 2009. In addition to the CalPERS pension benefits and other postemployment benefits to retirees described above, the City contributes to postemployment medical premium reimbursement plans for employees. These plans were established by employees to mitigate the impacts of postemployment medical costs and are managed by trustees from the various employee groups. Additional information regarding the City's pension benefits and other postemployment benefits can be found xi
in Note 16 of the notes to the basic financial statements. AWARDS The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its CAFR for the fiscal year ended June 30, 2008. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of State and local government financial reports. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized CAFR whose contents conform to program standards. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The City of Santa Monica has received a Certificate of Achievement for each of the last twenty-five years. We believe our current CAFR also conforms to the Certificate of Achievement program requirements. In keeping with past practice, a copy of this CAFR will be placed on file in the City libraries and sent to City management personnel, bond rating agencies, and other agencies which have expressed an interest in the financial affairs of the City. It is also available at www.smgov.net/finance. ACKNOWLEDGEMENTS The preparation and development of this report would not have been possible without the year-round work of the Finance Department staff and their special efforts, working in conjunction with the City’s independent auditors, to produce this report. I would like to take this opportunity to compliment and thank the staff members of both the City and our independent auditors who were associated with the preparation of this report. I would also like to thank the City Council for their continued interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner. Respectfully submitted, Carol Swindell Director of Finance/City Treasurer xii
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Comprehensive Annual Financial Report - City of Santa Monica

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