Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Statement of Net Assets
June 30, 2009
Governmental Business-type
activities activities Total
Assets
Cash and investments (note 5) $ 480,883,523 117,854,805 598,738,328
Receivables (net, where applicable, of allowances for uncollectibles):
Accounts 9,122,842 19,838,695 28,961,537
Interest 2,397,969 776,798 3,174,767
Property taxes 5,227,525 — 5,227,525
Notes (note 6) 80,299,802 — 80,299,802
Other governments 7,232,423 — 7,232,423
Internal balances 15,635,043 (15,635,043) —
Inventory 1,381,715 1,116,945 2,498,660
Prepaids 320,072 130,146 450,218
Restricted cash and investments (note 5) — 17,523,919 17,523,919
Restricted cash with fiscal agent (note 5) 26,971,390 513,406 27,484,796
Due from other governments, restricted — 543,783 543,783
Bond issuance costs, net 2,575,274 429,116 3,004,390
Capital assets not being depreciated (note 7):
Land 150,943,593 72,431,413 223,375,006
Land held under easement 72,237,823 — 72,237,823
Construction in progress 14,360,900 72,344,418 86,705,318
Capital assets being depreciated (note 7):
Buildings 287,060,577 69,341,293 356,401,870
Improvements other than buildings 76,068,294 22,966,914 99,035,208
Utility systems 5,317,913 — 5,317,913
Machinery and equipment 31,425,538 129,951,547 161,377,085
Infrastructure 328,602,549 278,989,173 607,591,722
Less accumulated depreciation (242,347,888) (201,761,228) (444,109,116)
Total capital assets, net 723,669,299 444,263,530 1,167,932,829
Total assets 1,355,716,877 587,356,100 1,943,072,977
Liabilities
Accounts payable 10,443,111 7,134,859 17,577,970
Accrued liabilities 97,976,307 2,470,293 100,446,600
Accrued interest payable 3,631,317 539,917 4,171,234
Contracts payable (retained percentage) 2,474,232 363,237 2,837,469
Unearned revenue (note 8) 15,942,089 1,812,279 17,754,368
Due to other governments 5,734,148 2,700,000 8,434,148
Liabilities payable from restricted assets 463,204 8,094,494 8,557,698
Long-term liabilities:
Compensated absences due within one year (note 9) 5,073,777 1,909,237 6,983,014
Compensated absences due in more than one year (note 9) 5,026,336 1,003,570 6,029,906
Claims payable due within one year (note 9 and 15) 7,013,023 1,938,009 8,951,032
Claims payable due in more than one year (note 9 and 15) 18,934,258 968,414 19,902,672
Loans and bonds payable due within one year (note 9) 7,530,000 1,811,008 9,341,008
Loans and bonds payable due in more than one year (note 9) 164,046,776 24,724,102 188,770,878
Accrued OPEB liability (note 16) 2,415,000 — 2,415,000
Total liabilities 346,703,578 55,469,419 402,172,997
Net Assets
Invested in capital assets, net of related debt 579,367,093 418,157,537 997,524,630
Restricted for (note 12):
Housing and community development 80,623,586 — 80,623,586
Clean beaches and ocean parcel tax 3,883,155 — 3,883,155
Miscellaneous grants 21,024,279 — 21,024,279
Debt service 17,932,584 — 17,932,584
Development projects 42,867,711 — 42,867,711
Perpetual care - nonexpendable 7,054,258 — 7,054,258
Rail system & Prop 1B — 8,745,119 8,745,119
MTBE Settlement 13,718,258 — 13,718,258
Unrestricted 242,542,375 104,984,025 347,526,400
Total net assets $ 1,009,013,299 531,886,681 1,540,899,980
See accompanying notes to basic financial statements.
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