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 1. Revenues reflect a net decrease of $2.6 million over the prior fiscal year primarily from a 12.5% decrease in sales taxes ($4.1 million) resulting from decreased sales in the City, a 3.1% decrease in other taxes ($3.3 million) due to decreases in transient occupancy tax, utilities users’ tax and business license tax, a 9.1% increase in charges for services ($2.3 million) due to increased zoning application and variance fees and interfund services provided and used and a 46.8% increase in other revenues ($2.4 million) due to various miscellaneous revenues. 2. Expenditures were $16.3 million higher than the prior fiscal year primarily due to increased general government, public safety, and general services expenditures. These increases were partially offset by a reduction in housing and community development expenditures. Transfers in increased by $60.7 million due to transfer of MTBE settlement monies from the Special Revenue Source Special Revenue Fund. Special Revenue Source Special Revenue Fund The Special Revenue Source Fund fund balance decreased by $54.1 million from the prior year. The decrease was primarily due to a transfer of MTBE settlement monies to the General Fund. Downtown Redevelopment Project Fund The Downtown Redevelopment Project Fund fund deficit increased by $0.3 million from the prior year. This increase was primarily due to decreased capital improvement project expenditures and increased incremental property tax revenues received in the current year. Earthquake Recovery Redevelopment Project Fund The Earthquake Recovery Redevelopment Project Fund fund balance increased by $5.4 million from the prior year. This increase was primarily due to increased property tax increment of $4.2 million and decreased capital improvement project expenditures of $21.0 million from the prior year. Nonmajor Governmental Funds All other governmental funds’ fund balances increased $15.4 million or 11.2% from the previous fiscal year. This increase was primarily due to an increase of $12.1 million in revenues. Proprietary funds. The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The total net assets of the enterprise funds increased by $36.9 million. This was due primarily to increases in operating revenues of $4.4 million, an increase in sales tax proceeds of 2.0 million and a $33.2 million increase in capital contributions received. Total net assets of internal service funds at June 30, 2009 increased $0.8 million. In the prior year, the fund balance increased $11.3 million. This fiscal year operating revenues decreased $5.4 million and expenditures increased $5.2 million, so that revenues essentially equaled expenditures. 10
CITY OF SANTA MONICA, CALIFORNIA Management’s Discussion and Analysis, Continued Year ended June 30, 2009 Wastewater Enterprise Fund The total net assets of the Wastewater Fund increased by $1.7 million primarily due to an increase in operating revenue of $1.0 million and decreases of personnel services expense of $1.6 million, decreases in contractual services expense of $2.1 million and an increase in transfers in of $3.3 million. Big Blue Bus Enterprise Fund The total net assets of the Big Blue Bus increased $36.0 million. There were increases in depreciation expense of $3.1 million, increased sales tax proceeds of $2.0 million, and an increase in capital contributions – cash of $33.6 million. General Fund Budgetary Highlights Differences between the original budget versus the final amended budget and the final amended budget versus the actual are briefly summarized as follows: The final revenue budget is greater than the original budget by $1.8 million. The final budget for total revenues exceeded actual results by $0.8 million primarily due to final budget for sales taxes and other taxes exceeding actual results by $2.8 million and $5.2 million, respectively, and partially offset by actual results for property taxes and other income exceeding final budget by $1.4 million and $3.7 million, respectively. The final expenditure budget is greater than the original budget by $47.8 million. The increase is comprised primarily of a $43.0 million re-appropriation of continuing capital improvement project budgets from FY 2007-08 to FY 2008-09. Final budgeted expenditures exceeded actual expenditures by $39.3 million mostly due to unspent continuing capital improvement project budgets. CAPITAL ASSET AND DEBT ADMINISTRATION Capital Assets. The City’s investment in capital assets as of June 30, 2009, amounted to $1.2 billion (net of accumulated depreciation) an increase of $26.1 million from the prior year balance. This investment in a broad range of capital assets, including land, infrastructure, structures and improvements, equipment, and construction in progress, is detailed as follows: 11
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