Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2009 Major Features of City of Santa Monica's Government-wide and Fund Financial Statements Fund Statements Government-wide Statements Governmental Funds Proprietary Funds Fiduciary Funds Scope Entire City gov ernment (except fiduciary funds) The ac tivies of the City that are not proprietary or fiduciary, such as police, fire, and library Activities the City operates similar to private businesses such as the water and sewer system , parking facilities and bus line Instances in which the City is the trustee or agent for someone else's resources Required financial statements - Statem ent of net as sets - Balance sheet - Statement of net assets - Statem ent of activities - Statement of revenues, - Statement of revenues, expenditures, and changes expenses, and changes in in fund balances net assets - Statement of cash flows - Statement of fiduciary net assets - Statement of changes in fiduciary net assets Accounting basis and measurem ent focus Acc rual accounting and econom ic resourc es foc us Modified accrual accounting and current financial resources focus Accrual accounting and economic resources focus Because the C ity only has Agency funds, there is no measurement focus. Type of asset/liability information All ass ets and liabilities, both financial and c apital, short term and long-term Only assets expected to be us ed up and liabilities that come due during the year or soon thereafter; no capital as sets or long-term debt included All assets and liabilities, both financial and capital, and shortterm and long-term All assets and liabilities, both short-term and long-term; the City's fiduciary funds do not currently contain capital assets, although they can Type of inflow/outflow information All revenues and expenses during year, regardles s of when c as h is rec eiv ed or paid Rev enues for which cash is received during or soon within 90 days of year end; expenditures when goods or serv ic es have been received and payment is due All revenues and expenses during year, regardless of when cash is received or paid All revenues and expenses during year, regardless of when cash is received or paid Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to statements of a private-sector business. The statement of net assets presents information on all the City’s assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The statement of activities presents information showing how the City’s net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods. The government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include public safety (police and fire), streets, library, cultural and recreation, parks, planning and zoning, housing and community development, and general administrative support. The business-type activities of the City include water, wastewater, stormwater, solid waste management, pier, civic auditorium, airport, special aviation services, cemetery, bus lines and parking structures and lots. 4
CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2009 Component units are included in the basic financial statements and consist of legally separate entities for which the City is financially accountable and that have either the same governing board as the City or a governing board appointed by the City of Santa Monica City Council. The blended component units include the Redevelopment Agency of the City of Santa Monica, the Parking Authority of the City of Santa Monica, and the Housing Authority of the City of Santa Monica. Three related organizations, the Pier Restoration Corporation, the Bayside District Corporation, and the Santa Monica Arts Foundation, are not included in the basic financial statements. While the City is financially accountable and each have a governing board appointed by the City of Santa Monica City Council, the economic resources held by these related organizations are not significant to the City. The fund financial statements provide detailed information about the City’s most significant funds—not the City as a whole. The government-wide financial statements can be found on pages 15 and 16 of this report. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmental-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the City’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statements of revenues, expenditures, and changes in fund balance provide reconciliation to the government-wide financial statements in order to facilitate this comparison between governmental funds and governmental activities. The City maintains 24 individual governmental funds for financial reporting purposes. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the General, Special Revenue Source, Downtown Redevelopment Project, and Earthquake Recovery Redevelopment Project funds, which are considered to be major funds. Data for the other 20 governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the non-major funds supplementary section of this report. The City Council adopts an annual appropriated budget for its General Fund, 12 of 14 special revenue funds (no budget is adopted for the Rent Control Fund and Asset Seizure Fund), and 5 capital project funds. A budgetary comparison statement has been provided for the General Fund, Special Revenue Source Fund, and Downtown Redevelopment Project Fund in the basic financial statements. The governmental funds financial statements can be found on pages 18 through 25 of this report. 5
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Comprehensive Annual Financial Report - City of Santa Monica

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