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
(9) LONG-TERM LIABILITIES
Changes in long-term liabilities:
Long-term liability activity for the year ended June 30, 2009, was as follows:
Balance at
July 1, 2008 Additions Reductions
Balance at
June 30, 2009
Due within
one year
Due beyond one
year
Governmental Activities:
Loans payable (1) $ 400,000
— — 400,000 — 400,000
Line of credit — 15,485,324 — 15,485,324 — 15,485,324
Revenue bonds 71,900,000 — 4,020,000 67,880,000 3,020,000 64,860,000
Tax allocation bonds 75,570,000 — 2,670,000 72,900,000 2,800,000 70,100,000
General obligation bonds 20,140,000 — 1,685,000 18,455,000 1,710,000 16,745,000
Less deferred amounts:
For issuance discounts (214,483) — (12,485) (201,998) — (201,998)
For issuance premiums 268,476 — 20,366 248,110 — 248,110
Deferred loss on refunding (3,791,611) — (201,951) (3,589,660) — (3,589,660)
Total loans and bonds
payable 164,272,382 15,485,324 8,180,930 171,576,776 7,530,000 164,046,776
Compensated absences (2) 9,594,544 5,299,527 4,793,958 10,100,113 5,073,777 5,026,336
Claims payable 25,116,413 9,124,787 8,293,919 25,947,281 7,013,023 18,934,258
Subtotal governmental
activities 198,983,339 29,909,638 21,268,807 207,624,170 19,616,800 188,007,370
Business-type activities:
Loans payable 3,363,238 — 259,830 3,103,408 266,008 2,837,400
Revenue bonds 27,260,000 — 1,500,000 25,760,000 1,545,000 24,215,000
Less deferred amounts:
For issuance discounts (108,826) — (8,013) (100,813) — (100,813)
For issuance premiums 210,453 — 19,278 191,175 — 191,175
Loss on refunding (2,650,333) — (231,673) (2,418,660) — (2,418,660)
Total loans and bonds
payable 28,074,532 — 1,539,422 26,535,110 1,811,008 24,724,102
Compensated absences 2,513,834 2,055,935 1,656,962 2,912,807 1,909,237 1,003,570
Claims payable 1,940,638 2,344,914 1,379,129 2,906,423 1,938,009 968,414
Subtotal business-type
activities 32,529,004 4,400,849 4,575,513 32,354,340 5,658,254 26,696,086
Total $ 231,512,343 34,310,487 25,844,320 239,978,510 25,275,054 214,703,456
(1) Previously reported as short term loans payable.
(2) Compensated absences are predominately liquidated by General Fund resources.
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