Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
Comprehensive Annual Financial Report - City of Santa Monica
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CITY OF SANTA MONICA, CALIFORNIA<br />
Notes to Basic <strong>Financial</strong> Statements, Continued<br />
For the fiscal year ended June 30, 2009<br />
Amounts reported for business-type activities in the government-wide statement <strong>of</strong> net assets are<br />
different from those reported for enterprise funds in the fund statement <strong>of</strong> net assets. The following<br />
provides a reconciliation <strong>of</strong> those differences:<br />
Assets<br />
Total business- Other<br />
Total type internal adjustments Statement <strong>of</strong><br />
enterprise service and net assets<br />
funds funds (1) eliminations totals<br />
Cash and investments $ 88,647,667 29,207,138 — 117,854,805<br />
Receivables (net, where applicable,<br />
<strong>of</strong> allowances for uncollectibles):<br />
Accounts 19,809,832 28,863 — 19,838,695<br />
Interest 609,295 167,503 — 776,798<br />
Internal balances — (1,661,504) (13,973,539) (15,635,043)<br />
Inventory 1,064,726 52,219 — 1,116,945<br />
Prepaids 130,146 — — 130,146<br />
Restricted cash and investments 17,523,919 — — 17,523,919<br />
Restricted cash with fiscal agent 513,406 — — 513,406<br />
Due from other governments, restricted 543,783 — — 543,783<br />
Advances to other funds 88,875 — (88,875) —<br />
Bond issuance costs, net 429,116 — — 429,116<br />
Capital assets, net 430,579,750 13,683,780 — 444,263,530<br />
Total assets 559,940,515 41,477,999 (14,062,414) 587,356,100<br />
Liabilities<br />
Accounts payable $ 6,475,283 659,576 — 7,134,859<br />
Accrued liabilities 5,383,100 — (2,912,807) 2,470,293<br />
Accrued interest payable 539,917 — — 539,917<br />
Contracts payable (retained percentage) 363,237 — — 363,237<br />
Due to other governments 2,700,000 — — 2,700,000<br />
Due to other funds 1,376,554 — (1,376,554) —<br />
Deferred revenue 1,812,279 — — 1,812,279<br />
Liabilities payable from restricted assets 8,094,494 — — 8,094,494<br />
Advances from other funds 12,685,860 — (12,685,860) —<br />
Compensated absences due within one year — — 1,909,237 1,909,237<br />
Compensated absences due in more than one year — — 1,003,570 1,003,570<br />
Claims payable due within one year — 1,938,009 — 1,938,009<br />
Claims payable due in more than one year — 968,414 — 968,414<br />
Long-term debt due within one year 1,811,008 — — 1,811,008<br />
Long-term debt due in more than one year 24,724,102 — — 24,724,102<br />
Total liabilities 65,965,834 3,565,999 (14,062,414) 55,469,419<br />
Net Assets<br />
$ 493,974,681 37,912,000 — 531,886,681<br />
1)<br />
Internal service funds are used by management to charge the costs <strong>of</strong> vehicle<br />
management, information technology and risk management to individual funds.<br />
The assets and liabilities <strong>of</strong> the vehicle management and self-insurance bus internal<br />
service funds are included in business-type activities in the statement <strong>of</strong> net assets.<br />
$ 39,573,504<br />
Adjustment for Internal Service Funds are necessary to "close" those funds for<br />
charges to and payments from participating governmental-type activities to<br />
completely cover the Internal Service Funds' costs for the year.<br />
$<br />
(1,661,504)<br />
46