Comprehensive Annual Financial Report - City of Santa Monica

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