Comprehensive Annual Financial Report - City of Santa Monica

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CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2009 Comprehensive Land Use Plan Represents funds for a comprehensive land use plan. Homelessness Capital Projects Represents balance of funds previously appropriated for various services to homeless persons designated by City Council to be used for homeless service programs. Navy/Ozone/Longfellow Improvements Represents funds designated by Council for future improvements to borderline neighborhoods. Economic Uncertainty Represents funds designated to mitigate potential revenue losses due to economic uncertainty. Fire Vehicle Replacement Represents funds designated by Council for a fire vehicle replacement program. Green Energy Represents funds for green energy projects. Fuel Set-Aside Represents funds for fluctuations in fuel prices. Future Expenditures Represents funds designated for future expenditures. Continuing Capital Projects Reflects the amount needed to fund the full cost of uncompleted capital projects at June 30, 2009. Unrealized Gain Represents management’s intent not to liquidate investments to realize the reported gains in the following year. Library System Improvements Represents funds designated for future library system improvements. PERS Represents funds designated for future payments to PERS. Operating Contingency Represents funds designated for operating contingency. (14) LITIGATION AND CONTINGENCIES Litigation The City is regularly subject to certain legal proceedings and claims that arise in the normal course of City operations. Many of these have not yet been fully adjudicated. In the opinion of the City Attorney, there are adequate legal defenses to these actions and it is not anticipated that there will be any adverse material effect on the financial position of the City. 77
CITY OF SANTA MONICA, CALIFORNIA Notes to Basic Financial Statements, Continued For the fiscal year ended June 30, 2009 Grants The City recognizes as revenue grant monies received as reimbursement for costs incurred in certain Federal and State programs it administers. Although the City’s Federal grant programs have been audited through June 30, 2009 in accordance with the requirements of the Federal Single Audit Act of 1997 and the related U.S. Office of Management and Budget Circular A-133, these programs may be subject to financial and compliance audits by the reimbursing agencies. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although the City expects such amounts, if any, to be immaterial. Construction Commitments The City has a number of construction projects currently underway. Purchase orders, contracts and other commitments for these projects are recorded in order to reserve the portion of the applicable appropriation and are recorded at year-end as designations of fund balances. Approximately $152 million will be payable upon future performance under these contracts. Operating Lease Revenue/Expenses The City has entered into operating lease arrangements as lessor for property. The following schedule is an analysis of the City’s investment in property under operating leases by major classes as of June 30, 2009: Land $ 144,038,074 Buildings 41,400,505 Improvements other than buildings 10,302,396 Machinery and equipment 1,782,774 Infrastructure 8,213,438 205,737,187 Less: Accumulated depreciation (30,471,485) Total $ 175,265,702 The following is a schedule of both future minimum lease rental revenue to be received by the City as lessor and lease payments to be made by the City as lessee under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of June 30, 2009: 78
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Comprehensive Annual Financial Report - City of Santa Monica

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