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 A summary of the government-wide statement of changes in net assets follows: CITY OF SANTA MONICA Changes in Net Assets (in millions) Governmental activities Business-type activities Total 2008-09 2007-08 2008-09 2007-08 2008-09 2007-08 Revenues Program revenues: Charges for services $ 80.0 78.4 79.1 74.7 159.1 153.1 Operating grants and contributions 30.2 34.8 34.2 32.2 64.4 67.0 Capital grants and contributions 20.4 4.9 53.2 20.0 73.6 24.9 General revenues: Sales tax 28.3 32.4 - - 28.3 32.4 Property tax 107.3 101.3 - - 107.3 101.3 Other taxes 105.0 108.4 - - 105.0 108.4 Settlement income 89.9 1.0 - - 89.9 1.0 Investment earnings 16.2 22.0 4.2 4.5 20.4 26.5 Other general revenues 8.9 8.0 4.2 3.4 13.1 11.4 Total revenues 486.2 391.2 174.9 134.8 661.1 526.0 Expenses General government 46.7 38.8 - - 46.7 38.8 Public safety 100.7 91.9 - - 100.7 91.9 General services 161.2 111.2 - - 161.2 111.2 Cultural and recreation 44.0 33.8 - - 44.0 33.8 Library 11.4 11.4 - - 11.4 11.4 Housing and community development 115.8 92.0 - - 115.8 92.0 Interest on long term debt 7.3 7.6 - - 7.3 7.6 Water - - 16.0 15.5 16.0 15.5 Solid waste management - - 19.2 16.3 19.2 16.3 Pier - - 5.2 4.9 5.2 4.9 Wastewater - - 19.6 20.1 19.6 20.1 Civic auditorium - - 3.9 3.7 3.9 3.7 Airport - - 5.7 5.2 5.7 5.2 Storm water management - - 0.7 0.4 0.7 0.4 Cemetery - - 2.0 1.7 2.0 1.7 Big Blue Bus - - 70.9 65.2 70.9 65.2 Parking authority - - 1.6 0.3 1.6 0.3 Total expenses 487.1 386.7 144.8 133.3 631.9 520.0 Excess (deficiency) of revenues over expenses before transfers (0.9) 4.5 30.1 1.5 29.2 6.0 Transfers (5.8) (2.8) 5.8 2.8 - - Increase (decrease) in net assets (6.7) 1.7 35.9 4.3 29.2 6.0 Beginning net assets as restated 1,015.7 1,014.0 496.0 491.7 1,511.7 1,505.7 Ending net assets $ 1,009.0 1,015.7 531.9 496.0 1,540.9 1,511.7 8
CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2009 Governmental Activities. Governmental activities decreased the City’s governmental activities net assets by $6.7 million for the current fiscal year. It should be noted that this decline in governmental activities net assets is due, in part, to transfers of $5.8 million to proprietary funds. In addition, general services expenditures were $50.1 million higher than the prior fiscal year primarily due to accrued pollution remediation costs of $92.3 million. Business-type Activities. Business-type activities increased the City’s business-type activities net assets by $35.9 million. A key element for this growth in net assets was the increase of $33.2 million in capital grants and contributions for the current fiscal year. FINANCIAL ANALYSIS OF THE CITY'S MAJOR FUNDS As noted earlier, the City uses fund accounting to demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of the City’s governmental funds is to provide information on nearterm inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financial requirements. In particular unreserved fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, the City’s governmental funds reported total fund balances of $440.6 million, $14.5 million or 3.4% increase in comparison with the prior year. Approximately $264.4 million or 60.0% total fund balances constitutes unreserved (designated and undesignated) fund balance, which is available to meet the City’s current and future needs. The remainder of fund balance is reserved to indicate that it is not available for new spending because it has been committed to a variety of restricted purposes. Restrictions, commitments, or other limitations do not significantly affect the availability of fund resources for future use. General Fund The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the unreserved (designated and undesignated) fund balance of the General Fund was $155.5 million, while total fund balance was $197.0 million, which was $48.2 million or 32.4% greater than the prior year’s General Fund total fund balance. As a measure of the General Fund’s liquidity, it may be useful to compare both unreserved fund balance and total fund balance to total fund expenditures. Unreserved fund balance represents 60.7% of total General Fund expenditures, while total fund balance represents 76.8% of total General Fund expenditures. The City’s management designates unreserved fund balance to a particular function, project or activity. Fund balance may also be designated for purposes beyond the current year. However, designated fund balance is available for appropriation at any time. Of the $155.5 million General Fund unreserved fund balance, 95.1% is designated. The most significant designations are $56.4 million for future expenditures, $30.3 for continuing capital projects, $25.3 million for operating contingency, $8.2 million for economic uncertainty, and $9.6 million for compensated absences. Unreserved and undesignated fund balance at year-end was $7.7 million. This amount constitutes funds available for spending at the government’s discretion. The General Fund fund balance increased $48.2 million during the fiscal year ended June 30, 2009. A variety of variances from the prior year--both positive and negative--contribute to the increase as follows: 9
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Comprehensive Annual Financial Report - City of Santa Monica

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