Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Proprietary Fund Financial Statements Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises (a) where the intent is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges, or (b) where the City has decided that periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Wastewater Enterprise Fund – To account for revenues and expenses associated with maintaining the sanitary sewer and storm drain systems within the City. Big Blue Bus Enterprise Fund – To account for revenues and expenses related to operation of the City's Municipal Bus Lines. Internal Service Funds – To account for the financing of goods or services provided by one department or agency to other departments or agencies of the City or to other governments, on a cost-reimbursement basis. 27
CITY OF SANTA MONICA, CALIFORNIA Statement of Net Assets Proprietary Funds June 30, 2009 28 Total Nonmajor Total internal Big Blue enterprise enterprise service Assets Wastewater Bus funds funds funds Current assets: Cash and investments $ 22,799,350 24,472,034 41,376,283 88,647,667 69,343,507 Restricted cash and investments — 4,673,686 10,210,605 14,884,291 — Receivables (net, where applicable, of allowances for uncollectibles): Accounts 2,104,753 11,940,210 5,764,869 19,809,832 31,271 Interest 145,547 105,812 357,936 609,295 408,457 Inventory — 914,516 150,210 1,064,726 52,219 Prepaids 11,675 103,669 14,802 130,146 — Total current assets 25,061,325 42,209,927 57,874,705 125,145,957 69,835,454 Noncurrent assets: Restricted cash and investments 1,324,579 — 1,315,049 2,639,628 — Restricted cash with fiscal agent 513,406 — — 513,406 — Due from other governments, restricted 9,654 — 534,129 543,783 — Capital assets (note 7): Land 3,189,132 61,085,563 8,156,718 72,431,413 — Buildings 251,447 48,249,260 20,840,586 69,341,293 — Improvements other than buildings 421,868 2,901,760 19,643,286 22,966,914 — Machinery and equipment 1,177,713 90,255,790 5,782,182 97,215,685 34,717,339 Infrastructure 223,585,422 — 55,403,751 278,989,173 — Construction in progress 21,900 68,592,162 3,630,316 72,244,378 100,040 228,647,482 271,084,535 113,456,839 613,188,856 34,817,379 Less: accumulated depreciation (39,974,250) (87,500,779) (55,134,077) (182,609,106) (20,305,622) Net capital assets 188,673,232 183,583,756 58,322,762 430,579,750 14,511,757 Advances to other funds (note 11) 88,875 — — 88,875 — Bond issuance costs, net 429,116 — — 429,116 — Total noncurrent assets 191,038,862 183,583,756 60,171,940 434,794,558 14,511,757 Total assets $ 216,100,187 225,793,683 118,046,645 559,940,515 84,347,211 (Continued)
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Comprehensive Annual Financial Report - City of Santa Monica

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