Comprehensive Annual Financial Report - City of Santa Monica

More documents

Recommendations

Info

CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2009 Proprietary funds. Proprietary funds provide the same type of information as the government-wide financial statements, but in more detail. The proprietary fund financial statements provide separate information for the wastewater and bus operations, which are considered to be major funds of the City. The City maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its vehicle operations, risk management program and information technology and communications operations. The vehicle operations and insurance services for bus operations primarily benefit business-type activities and are included within business-type activities in the government-wide financial statements. All other risk management functions, information technology and communication services primarily benefit governmental funds and are included within governmental activities in the government-wide financial statements. Individual fund data for the internal service funds is provided in the supplementary information section of this report. The proprietary funds financial statements can be found at pages 28 through 32 of this report. Fiduciary funds. Fiduciary funds, which consist solely of trust and agency funds, are used to account for resources held for the benefit of parties outside the City. Fiduciary funds are not included in the government-wide financial statements because the resources are not available to support the City’s operations. The accounting used for fiduciary funds is much like that used for proprietary funds. The fiduciary funds financial statements can be found on page 34 of this report. Notes to the basic financial statements. The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements begin on page 35 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net assets may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets exceeded liabilities by $1.5 billion at the close of the current fiscal year. As shown below, the largest portion of the City’s net assets, $997.5 million or 64.7%, reflects the City’s investment in capital assets less any related outstanding debt used to acquire those assets. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate liabilities. An additional portion of the City of Santa Monica’s net assets, $188.8 million or 12.3% represent resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net assets, $354.6 million or 23.0%, may be used to meet the government’s ongoing obligations to citizens and creditors. At the end of the current fiscal year, the City of Santa Monica is able to report positive balances in all three categories of net assets, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior fiscal year. 6
CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2009 A summary of the government-wide statement of net assets follows: CITY OF SANTA MONICA Net Assets (in millions) 2008-09 2007-08 2008-09 2007-08 2008-09 2007-08 Current and other assets $ 632.0 623.7 143.1 137.0 775.1 760.7 Capital assets 723.7 724.9 444.3 417.0 1,168.0 1,141.9 Total assets 1,355.7 1,348.6 587.4 554.0 1,943.1 1,902.6 Current and other liabilities 136.7 134.3 23.1 25.5 159.8 159.8 Long-term liabilities 210.0 198.6 32.4 32.5 242.4 231.1 Total liabilities 346.7 332.9 55.5 58.0 402.2 390.9 Net assets: Invested in capital assets, Governmental activities Business-type activities Total net of related debt 579.4 574.0 418.2 389.4 997.6 963.4 Restricted 187.1 232.3 8.7 1.6 195.8 233.9 Unrestricted 242.5 209.4 105.0 105.0 347.5 314.4 Total net assets $ 1,009.0 1,015.7 531.9 496.0 1,540.9 1,511.7 7
Page 1: Comprehensive Annual Financial Repo
Page 5 and 6: CITY OF SANTA MONICA, CALIFORNIA Co
Page 7: THIS PAGE INTENTIONALLY LEFT BLANK.
Page 10 and 11: amount of borrowed property taxes i
Page 12 and 13: five-year forecasts, and an underst
Page 14 and 15: Cash Management Policies and Practi
Page 16 and 17: OFFICIALS OF THE CITY OF SANTA MONI
Page 18 and 19: Certificate of Achievement for Exce
Page 23 and 24: CITY OF SANTA MONICA, CALIFORNIA Ma
Page 25: CITY OF SANTA MONICA, CALIFORNIA Ma
Page 36 and 37: CITY OF SANTA MONICA, CALIFORNIA St
Page 48 and 49: CITY OF SANTA MONICA, CALIFORNIA Pr
Page 54 and 55: CITY OF SANTA MONICA, CALIFORNIA Fi
Page 56 and 57: CITY OF SANTA MONICA, CALIFORNIA No
Page 76 and 77:
CITY OF SANTA MONICA, CALIFORNIA No
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
City of Santa Monica, California Ye
Page 112 and 113:
CITY OF SANTA MONICA, CALIFORNIA Ca
Page 114 and 115:
CITY OF SANTA MONICA, CALIFORNIA Co
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
CITY OF SANTA MONICA, CALIFORNIA Sc
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
THIS PAGE INTENTIONALLY LEFT BLANK
Page 146 and 147:
CITY OF SANTA MONICA, CALIFORNIA St
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158:
Page 161 and 162:
CITY OF SANTA MONICA, CALIFORNIA Fo
Page 163 and 164:
CITY OF SANTA MONICA, CALIFORNIA Ch
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
CITY OF SANTA MONICA, CALIFORNIA Ge
Page 171 and 172:
CITY OF SANTA MONICA, CALIFORNIA Di
Page 173 and 174:
CITY OF SANTA MONICA, CALIFORNIA Pr
Page 175 and 176:
CITY OF SANTA MONICA, CALIFORNIA Ra
Page 177 and 178:
CITY OF SANTA MONICA, CALIFORNIA Di
Page 179 and 180:
CITY OF SANTA MONICA, CALIFORNIA Wa
Page 181 and 182:
CITY OF SANTA MONICA, CALIFORNIA Re
Page 183 and 184:
CITY OF SANTA MONICA, CALIFORNIA Pr
Page 185 and 186:
CITY OF SANTA MONICA, CALIFORNIA Op
Page 187:
show all

Comprehensive Annual Financial Report - City of Santa Monica

Create successful ePaper yourself

Delete template?

Save as template?