Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Major Governmental Fund Financial Statements
General Fund – To account for all financial resources necessary to carry out basic governmental
activities of the City that are not accounted for in another fund. The General Fund supports essential City
services such as police and fire protection, street maintenance, libraries, parks and open space
management.
Special Revenue Source Fund (Special Revenue Fund Type) – To account for receipt and expenditure
of monies collected for specific uses.
Downtown Redevelopment Project Fund (Capital Projects Fund Type) – To account for the revenues
and expenditures of the downtown redevelopment project area of the Redevelopment Agency of the City
of Santa Monica. The redevelopment plan for this 9.9-acre project was approved in January 1976 and
work was completed in 1980. The project area is located at the southern end of the City’s Third Street
Promenade in the downtown core of Santa Monica. It consists of Santa Monica Place and two adjoining
parking structures with 2,020 parking spaces.
Earthquake Recovery Redevelopment Project Fund (Capital Projects Fund Type) – To account for
the revenues and expenditures of the earthquake redevelopment project area of the Redevelopment
Agency of the City of Santa Monica. The redevelopment plan for this 2,307-acre project was approved in
June 1994. The project area includes approximately 90 percent of all red-tagged and 80 percent of all
yellow-tagged buildings damaged by the January 17, 1994 Northridge Earthquake. Recovery project work
is ongoing.
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