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1990-1991 Annual Audit ReportAGENDA ITEM NO.: ................... !? .......................................... . MEETING DATE: ......... P..e..ce.mh .er ... 16.l ... 19..9.1 POBOX 60. S AN RAFAE L. C ALIF 9 4 9 1 5 /PH ONE (4 15) 456·1112 REPORT TO MAYOR AND CITY COUNCIL SUBJECT: 1990/91 ANNUAL AUDIT REPORT DATE: December 10, 1991 RECOMMENDATION: Accept the report. SUMMARY/BACKGROUND: C. G. Uhlenberg & Company has completed the audit for the city. We have an opinion from the auditors that these financial statements present fairly the financial position of the city and the Agency as of 6/30/91 in conformity with generally accepted accounting principles. The enclosed report is a combined financial statement that includes the Redevelopment Agency and the city. This year's report includes more detail than in previous years. This is the first year C. G. Uhlenberg has audited our records, and their report shows the detail for some funds that were previously combined into one total for reporting purposes. If you have any questions concerning the audit, a representative from C. G. Uhlenberg & Company will be present at the meeting. ( , " C. G. UHLENBERG & co. CERTlFIED PUBUC ACCOUNTANTS j J J J CITY CF SAN RAFAEL FINANCIAL STATEMENTS JUNE 30, 1991 * * * I 1 } J ) ) CIlY OF SAN RAFAEL FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 1991 TABLE OF CONTENTS EXHIBITS: PAGE NO. INDEPENDENT AUDITOR'S REPORT...................................... 1 - 2 COMBINED FINANCIAL STATEMENTS -OVERVIEW (GENERAL PURPOSE FINANCIAL STATEMENTS): A-I Combined Balance Sheet -All Fund Types and Account Groups...................................................................................... 3 A-2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances -All Governmental Fund Types and Expendable Trust Funds........................... 4 A-3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual (Budget Basis) -General, Budgeted Special Revenue, and Budgeted Debt Service Funds................... 5 NOTES TO FINANCIAL STATEMENTS....................................... 6 -18 Schedule 1 -Long-Term Debt....................................... 19 Schedule 2 -Long-Term Obligation and Debt Service Requirements.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 20 Schedule 3 -Fund Balances........................................ 21 SUPPLEMENTARY INFORMATION: General Fund: 8-1 Balance Sheet .............................................................................................. ".... 22 B-2 Statement of Revenues, Expenditures and Changes in Fund Balances...... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 23 Special Revenue Funds: C-l Combining Balance Sheet ..•••.•••...••..........•....•.......... 24 -25 C-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ••.•.•.•.........••.••...•..••..•.••. 26 -27 Capital Projects Funds: D-l Combining Balance Sheet........................................ 28 -29 D-2 Statement of Revenues, Expenditures and Changes in Fund Balances............................................. 30 -31 Debt Service Funds: E-l Combining Balance Sheet........................................ 32 -33 E-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balance ...................•....•..... ~ ....•.. 34 -35 Trust and Agency Funds: F-l Combining Balance Sheet........................................ 36 F-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances..................................... 37 F-3 Statement of Changes in Assets and Liabilities................. 38 G-l Public Employees Retirement System Analysis of Funding Progress. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 CGU c. G. UHLENBERG & co. CERTIFIED PUBLIC ACCOUNTANTS INJEPENlENT AlDITOO' S REPOOT Honorable Mayor and Members of the City Council of the City of San Rafael San Rafael, California ROBERT E. BARSANTI. CPA ROBERT E. McDONALD. C P .A . PEGGY H. CHEN. C .P.A JEFFREY J. IRA, c.P.A. WILLIAM P. HAYS. C .PA. RICHARD J . CORTOPASSI. C.P.A We have audited the accompanying general purpose financial statements of the City of San Rafael, California, as of and for the fiscal year ended June 30, 1991, as listed in the table of contents. These financial statements are the responsibility of the City·s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 647 Veterans Boulevard, Redwood City, CA 94063 (415) 365-2323/FAX (415) 365-8394 J J } } J In our opinion, the general purpose financial statements referred to above presents fairly, in all material respects, the financial position of the City of San Rafael, California, at June 30, 1991, and the results of its operations for the fiscal year then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The supplementary schedules identified in the accompanying table of contents is presented for purposes of additional analysis. The information contained in the supplementary schedules has not been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, accordingly, we ~~press ~, ~. November 19, 1991 Redwood City, California thereon. I~ -2 - CITY IF SAN RAFAEL COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1991 - - -ASSETS AND OTHER DEBITS - - - Cash and investments (Note 2) Restricted cash and investments (Note 2) Accounts receivable Assessments receivable -deferred Land held for sale (Note 4) Advance from other funds (Note 12) Inventory Fixed assets (Note 3) Amount available in debt service funds Amount available for outstanding claims Amount to be provided for retirement of: General long-term debt Vacation and sick leave obligations TOTAL ASSETS AND OTHER DEBITS - - -LIABILITIES AND FUND EQUITY - - - LIABILITIES: Accounts payable Accrued salaries and benefits (Note 5) Deferred compensation liability (Note 8) Advance to other funds (Note 12) Deposits and advances Deferred revenue Outstanding claims (Note 5) Long-term debt (Note 5) Total Liabilities FUND EQUITY: Investment in fixed assets Fund balances (Note 6): Reserved Unreserved: Designated Undesignated Total Fund Balances Total Fund Equity ••.••.....• GOVERNMENTAL SPECIAL GENERAL REVENUE FUND FUNDS $5,634,814 $11,580,789 297,745 678,140 12,178 $5,944,737 $12,258,929 $ 436,941 $ 255,255 480,004 29,571 916,945 284,826 2,464,340 36,345 2,563,452 8,676,068 3,261,690 5,027,792 11,974,103 5,027,792 11,974,103 TOTAL LIABILITIES AND FUND EQUITY $5L~~~LZ~Z= $1~L~58L~29 == See notes to general purpose financial statements. - 3 - FUND TyPES ........... . CAPITAL DEBT PROJECTS SERVICE FUNDS FUNDS $ 5,423,293 $ 2,565,025 4,594,993 596,185 12,381 14,653,000 2,435,000 2,253,576 $10.1..708 ,054 $21,825,399 J $ 132,879 $ 8,411 I 2,253,576 95,000 14,653,000 1 2,481,455 14,661,411 J 4,985,540 4,594,993 3,241,059 2,568,995 8 z226 z599 7 z163 z988 8 z226 z599 7 z163 z988 = $10,708~54 $21.1..825 ,399 FIDUCIARY . . FUND TYPE .. TRUST AND AGENCY FUND $4,132,314 600 $ 4,132.1..914 $ 2,347 3,263,587 3,265,934 866,980 866 z980 866 z980 ..... ACCOUNT GROUPS ..... GENERAL GENERAL FIXED LONG-TERM ASSETS OBLIGATIONS $ $ 30,660,499 7,163,988 2,105,092 22,518,640 1,684,180 $30,660,499 $33,471,900 $ $ 1,684,180 2,105,092 29,682,628 33,471,900 30,660,499 30 z660 z499 TOTAL (MEMORANDUM ONLY) $ 29,336,235 4,594,993 1,585,051 14,653,000 2,435,000 2,253,576 12,178 30,660,499 7,163,988 2,105,092 22,518,640 1,684,180 $119,002,432 $ 835,833 2,164,184 3,263,587 2,253,576 124,571 14,653,000 2,105,092 29,682,628 55,082,471 30,660,499 12,948,198 17,049,574 3 z261 z690 33 z259 z462 63 z919 z961 $ 4,132.1..~14 __ i~Q.l..66Q.l..~~~ ___ i~~~Zl.l..~QQ __ ~1~~Q~.1..43~ CITY OF SAN RAFAB... COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Taxes and special assessments Licenses and permits Fines and forfeitures Uses of money and property Intergovernmental Charges for current services Other Sale of fixed assets Total Revenues EXPENDITURES: Current: General government Public safety Public works and parks Recreation Claims Other Capital Outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENTS (Note 13) FUND BALANCES -ADJUSTED FUND BALANCES AT END OF YEAR ...............•. GOVERNMENTAL SPECIAL GENERAL REVENUE FUND FUNDS $19,530,105 341,933 642,298 478,226 2,877,816 1,089,890 312,898 25,273,166 3,725,002 13,753,388 5,678,566 515,547 236,913 962,827 971,328 25,843,571 (570,405) 312,825 (460,180) (147,355) (717,760) 5,602,089 143,463 5,745,552 $ 31,067 336,205 1,004,154 944,927 2,773,581 44,045 3,263 5,137,242 296,680 31,296 2,110,180 617,209 1,946,255 5,001,620 135,622 520,594 (391,895) 128,699 264,321 11,709,782 11,709,782 See notes to general purpose financial statements. - 4 -J FIDUCIARY FUND TyPES .•••.•..........•• • • FUND TYPE •• CAPITAL DEBT EXPENDABLE PROJECTS SERVICE TRUST TOTAL FUNDS FUNDS FUNDS (MEMORANDUM ONLY) $ $3,997,794 $ $23,558,966 678,138 642,298 842,959 287,341 90,195 2,702,875 75,951 3,490 3,902,184 3,863,471 7,897 998 69,034 434,872 3,263 926,807 4,289,623 159,229 35,786,067 4,021,682 13,753,388 5,709,862 2,625,727 236,913 686,468 25,000 202,012 2,493,516 1,717,299 4,634,882 1,917,000 1,917,000 2,521,768 2,521,768 2,403,767 4,463,768 202,012 37,914,738 (1,476,960) (174,145) (42,783) (2,128,671) 370,290 797,717 2,001,426 (184,008) (965,343) (2,001,426) 186,282 (167,626) (1,290,678) (341,771) (42,783) (2,128,671) 9,538,653 7,505,759 909,763 35,266,046 (21,376) 122,087 9,517,277 7,505,759 909,763 35,388,133 $ 8 226 599 $7 163 988 $866 980 ____ ~ ___ ~ _______ L __ L:::..:::. ________ L_ _ ____ $33L25~462 CITY OF SAN RAFAB... COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGET BASIS) -GENERAL BUDGETED SPECIAL REVENUE AND BUDGETED DEBT SERVICE FUNDS FOR THE FISCAL YEAR ENDED JUNE 30,1991 REVENUES: Taxes and special assessments Licenses and permits Intergovernmental Charges for current services Fines and forfeitures Interest and rents Miscellaneous Other Total Revenues EXPENDITURES: Current: General government Public safety Public works and parks Recreation Other Capital outlay Debt service: Principal retirement Interest and fiscal charges Total Expenditures EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENT FUND BALANCES -ADJUSTED FUND BALANCES AT END OF YEAR ••••••••••••• GENERAL •••••••••••••• BUDGET $19,072,000 254,000 650,000 275,000 2,942,000 1,061,000 20,000 24,274,000 3,994,014 13,962,490 5,715,905 511,752 967,111 1,539,819 26,691,091 (2,417,091) 296,000 (392,840) (96,840) (2,513,931) 3,365,393 3,365,393 ACTUAL (BUDGET BASIS) . VARIANCE - FAVORABLE (UNFAVORABLE) $19,530,105 $ 341,933 616,688 297,950 2,870,776 1,077,662 271,231 25,006,345 3,725,002 13,753,388 5,678,566 515,547 962,827 971,328 25,606,658 (600,313) 312,825 (460,180) (147,355) (747,668) 3,365,393 143,463 3,508,856 458,105 87,933 (33,312) 22,950 (71,224) 16,662 251,231 732,345 269,012 209,102 37,339 (3,795) 4,284 568,491 1,084,433 1,816,778 16,825 (67,340) (50,515) 1,766,263 143,463 143,463 $ 851 462 $ 2 761 188 $1 909 726 _______ L2 _______ L ___ L _______ ~ __ L ______ _ See notes to general purpose financial statements. - 5 - 1 I ..... BUDGETED SPECIAL REVENUE ...•.• ...... BUDGETED DEBT SERVICE ....•••. ACTUAL VARIANCE -ACTUAL VARIANCE - (BUDGET FAVORABLE (BUDGET FAVORABLE BUDGET BASIS) (UNFAVORABLE) BUDGET BASIS) (UNFAVORABLE) $ $ $ $ 194,800 $1,872,128 $1,677,328 345,000 335,234 (9,766) 31,000 53,017 22,017 740,780 855,157 114,377 200 3,490 3,290 2,027,090 1,765,560 (261,530) 15 15 620 339 (281) 3,144,490 3,009,307 (135,183) 195,000 1,875,633 1,680,633 277,200 296,680 (19,480) 2,084,208 1,900,790 183,418 6,000 6,000 829,720 628,336 201,384 775,000 810,000 (35,000) 1 2 158 2595 1 2103 2777 54 2818 3 2 191,128 2 2 825,806 365,322 1 2 939,595 1,913,777 25 2 818 (46 2 638) 183 2501 230 2139 (1 2744 2595) (38 2144) 1 2706 2451 6,000 46,654 40,654 96,740 96,740 (302 2800) (302 2500) I (296,500) (255,846) 40,654 96,740 96 z740 J J (343,138) (72,345) 270,793 (1 z744,595) 58,596 1,803 z191 373,424 373,424 2,759,315 2,759,315 373,424 373,424 2,759,315 2,759,315 $ 30 286 $ 301 079 $ 270 793 $ 1 014 720 $2 817 911 $1 803 191 ______ _~ ______ .l. ____________ .l. _________ .L:::._.l. ______ .L:::.=__:....L _______ :::..l. ___ .l. __ _ NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS J CITY OF SAN RAfAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1991 1. ~y OF SIGNIFICANT Accn.NTINi PO...ICIES Description of the Reporting Entity -The general purpose financial statements of the City of San Rafael (the City) include the financial activities of the City and the City of San Rafael Redevelopment Agency (the Agency). The financial operations of the Agency are closely related to the City, and the City Council has a continuing oversight responsibility for the Agency. The oversight responsibility is determined on the basis of budget adoption, taxing authority, funding and appointment of the governing board. Financial statements for the San Rafael Sanitation District are not included as it is administered by a board separate from the City Council. This entity determines its own budget, enters into contracts, has the legal right to acquire and dispose of property and produce its own financial statements. Description of Joint Venture Participation -The City participates in two joint venture activities through formally organized and separate entities. The financial activities of the California Joint Powers Risk Management Authority and the Marin County Major Crimes Task Force are not included in the accompanying general purpose financial statements as they are administered by boards separate from and independent of the City (see Note 10). Description of Funds and Account Groups -The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped in the financial statements in this report into categories as follows: Governmental Funds General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. S ecial Revenue Funds are used to account for the proceeds of specific revenue sources other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. - 6 - Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. Fiduciary Funds Trust and Agency Funds are used to account for assets held by the City as a trustee or agent for individuals, private organizations, other governments, and/or other funds. All trust funds are expendable. Expendable trust funds are accounted for in the same manner as governmental funds. Agency funds are custodial in nature and do not involve measurement of the results of operations. Account Groups General Fixed Assets Account Group -Fixed assets are accounted for in the general fixed assets account group rather than in governmental funds. No depreciation has been provided on general fixed assets. Public domain (infrastructure) assets such as roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capitalized. General Long-Term Obligations Account Group -Long-term liabilities expected to be financed from governmental funds are accounted for in the general long-term obligations account group, not in the governmental funds. Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. All governmental funds, expendable trust funds and agency funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Expenditures under the modified accrual basis of accounting are recognized when the related fund liability is incurred, except for principal and interest on general long-term obligations which is recognized when paid. -7 - ] Bud ets and Bud etar Accountin -The City annually adopts a budget for its general fund excluding certain workers' compensation and liability claims) and certain special revenue and debt service funds to be effective July 1 for the ensuing fiscal year. From the effective date of the budget, which is adopted at the department level, the amounts stated therein as proposed expenditures become appropriations to the various City departments. The City Council may amend the budget by resolution during the fiscal year. The City Manager is authorized to transfer budgeted amounts between accounts, departments or funds; the Council must approve any increase in the City's total budget. Several supplemental appropriations were approved during the course of the year. All unencumbered appropriations lapse at year-end. Annual budgets for revenues are adopted on a cash basis (budget basis). The City also adopts budgets annually for its Capital Projects Funds. Such budgets are based on a project time frame, rather than a fiscal year "operating" time frame, reappropriating unused appropriations from year to year until project completion. The City does not adopt budgets for trust and agency funds, certain special revenue grant funds, the special revenue equipment replacement fund, special assessment debt service funds and special assessment capital projects funds. The City's budgetary process is based on the cash basis of accounting for certain transactions. The results of operations are presented in the budget and actual comparison statement in accordance with the budgetary process (budget basis) to provide a meaningful comparison to budget. The results of actual operations on a budgetary basis are reconciled to the results of operations on a generally accepted accounting principles (GAAP) basis by fund type as follows: Excess of revenues and other sources over (under) expenditures and other uses (budget basis) Adjustments arising from differences between cash basis and modified accrual basis Adjustments to record excess of revenues and other sources over (under) expenditures and other uses for unbudgeted funds Excess of revenues and other sources over (under) expenditures and other uses (GAAP basis) General $(747,668) 47,730 (17,822) Special Revenue Debt Service $ (72,345) $ 58,596 13,512 323,154 (400,367) i(Zl~l ____ i~~ $(341,771) - 8 - Encumbrance accounting, under which purchase orders, contracts, and other commitments for expenditures are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of the budgetary process. Investments are stated at cost, which approximates current (market) value, except for investments of the Deferred Compensation Plan Agency Fund, which are stated at current (market) value. Restricted Cash and Investments -Certain proceeds of various special assessment bonds, as well as certain resources set aside for their repayment, are classified as restricted cash and investments on the balance sheet because their use is limited to debt service by applicable bond covenants. Fixed assets are stated at historical cost or estimated historical cost when actual cost is not available. Land held for sale is stated at cost which approximates net realizable value. Accumulated Un aid Vacation and Sick Leave -The City accounts for compensated absences unpaid vacation and sick leave) expected to be currently payable as accrued payroll and benefits liability in the governmental funds to which they relate. The balance of the earned and vested, but unused, compensated absences expected to be paid subsequent to June 30, 1990 is recorded in the general long-term obligations account group. Sick pay vesting was discontinued for employees hired after 1978. Pro ert Tax Lev Collection and Maximum Rates -The State of California State) Constitution Article XIII A provides that the combined maximum property tax rate on any given property may not exceed one percent of its assessed value unless an additional amount for general obligation debt has been approved by voters. Assessed value is calculated at 100 percent of market value as defined by Article XIII A and may be adjusted by no more than two percent per year unless the property is sold, transferred or improved. The State Legislature has determined the method of distribution of receipts from a one percent tax levy among the counties, cities, school districts and other districts. Marin County assesses properties, bills for, and collects property taxes as follows: Lien dates Levy dates Due dates Delinquent as of Secured March 1 July 1 50% on November 1 50% on February 1 December 10 (for November) April 10 (for February) -9 - Unsecured March 1 July 1 July 1 August 31 J The term "unsecured" refers to taxes on personal property other than real estate, land and buildings. These taxes are secured by liens on the property being taxed. Property taxes levied are recorded as revenue and receivables, net of estimated uncollectibles, in the fiscal year of levy. "Total (Memorandum Only)" Information -Columns on the accompanying combined financial statements captioned "Total (Memorandum Only)" do not present consolidated financial information. They are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. Interfund eliminations have not been made in the aggregation of this data. 2. CASH AN) INVESTt£NTS Cash balances from all funds are combined and invested to the extent possible pursuant to the City Council approved Investment Policy and Guidelines and state Government Code. The earnings from these investments are allocated monthly to each fund based on an average of monthly opening and closing balances of cash and investments. Investments are stated at cost except for those of Deferred Compensation Plans which are shown at the current market value. The market value information is provided as quoted on June 30, 1991. This is for information only (except for Deferred Compensation Plans) to assess the actual value if the City were to liquidate the investments before maturity. The City has no such intentions and will hold the investments to maturity. Authorized Investments per the City's Investment Policy and state Government Code are: Certificates of Deposit Bankers Acceptances Commercial Paper Repurchase Agreement Treasury Bills and Notes state of California Local Agency Investment fund Government Agency Securities Medium Term Notes All pooled certificates of deposit and bank balances are entirely insured or collateralized. The California Government Code requires California banks and savings and loan associations to secure an agency's deposits by pledging government securities as collateral. The market value of the pledged securities must equal at least 110% of an agency's deposits. California law also allows financial institutions to secure local agency deposits by pledging first trust deed mortgage notes leaving a value of 150% of a local agency's deposits. The City may waive collateral requirements for deposits which are fully insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC) or the Federal Savings and Loan Insurance Corporation (FSLIC) . Cash and investments at June 30, 1991 consisted of the following: -10 - Cash: Demand accounts at banks Petty cash Deposits - Certificates of Deposit Investments: Medium Term Notes Cash with Fiscal Agent Restricted cash on deposit with bank trust departments - Deferred Compensation California local investment agency fund Total Cash and Investments Cash Market Value $ (302,294) 3,835 4,266,015 3,329,092 4,594,993 3,263,587 18,776,000 $33,931,228 $ (302,294) 3,835 4,266,015 3,336,630 4,600,714 3,263,587 18,776,000 $33,944,487 This disposition of these monies by funds was as follows: Funds: General fund Special revenue funds Capital projects funds Debt service funds Fiduciary funds TOTAL $ 5,634,814 11,580,789 5,423,293 7,160,018 4,132,314 $33,931,228 Credit Risk, Carrying Amount, and Market Value of Deposits The City Deposits are classified as to credit risk by three categories as follows: Category 1 includes deposits insured or collateralized with securities held by the City or by the City's agent in the City's name. Category 2 includes deposits collateralized with securities held by the pledging institution's trust department or agent in the City's name. category 3 includes deposits which are uncollateralized, or collateralized but the pledged securities are not held in the City's name. The carrying amounts of the applicable City deposits pursuant to the above categories defined in GASB No. 3 are as follows: Category Carrying Market 1 2 3 Amount Value Certificates of Deposit $lz169 z015 $3 z097 z000 $ -$4 z266 z015 $4 z266 z0l5 TOTAL iL.!.69 .L01 2-i~!I97~!IQ $ -$4.Lf26 ,015 $4,266,015 ----- -11 - ) Credit Risk Carrying Amount, and Market Value of Investments Investments made by the City are classified as to credit risk by three categories as follows: category 1 includes investments that are insured or registered or for which securities are held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counter party's trust department or agent in the City's name. category 3 includes uninsured and unregistered investments for which the securities are held by the counter party, or by its trust department or agent but not in the City's name. The carrying amounts of the applicable City investments pursuant to the above categories defined in GASB No. 3 are as follows: Categor~ Carrying Market 1 2 3 Amount Value Medium-Term Notes $3,329,092 $ $ $ 3,329,092 $ 3,336,630 Cash with Fiscal Agent 4,594,993 4,594,993 4,600,714 Deferred Compensation 3 2263 2 587 3 2263 2 587 3 2263 2587 TOTAL $3 1329 1092 ~41594L993 $3 1263 1587 $11 1187 1672 $11 1200,931 3. FIXED ASSETS A summary of changes in general fixed assets follows: Balance Balance Jul~ 12 1990 Additions Oeletions June 30 2 1991 Land and buildings $20,319,423 $ $ $20,319,423 Rolling equipment 3,221,506 302,255 199,503 3,324,258 Furniture and equipment 2,913,957 1,033,717 125,755 3,821,919 Improvements other than buildings 3 2194 2 899 3 2194 2899 Investment in general fixed assets ~6492785 $1 1 335 2972 $325 1 258 $30 1660 2499 -12 - 4. lAND HELD HR SALE In March 1990, the Redevelopment Agency purchased land for $2,435,000. This property will be sold to a third party for the same price within three years. During the intervening period, the Redevelopment Agency is collecting monthly lease payments from the third party ($219,120 in 1990-91). The lease payments approximate the interest that would have been earned on the money used to purchase the land had it been invested in the state of California Local Agency Investment Fund. 5. L~TERM CD..IGATI(H) A schedule of long-term debt at June 30, 1991 is shown in Schedule 1. The City is "obligated in some manner" (as defined by GASB No. 6) for special assessment debt because it must cover delinquencies of special assessments bonds with other resources until foreclosure proceeds are received or because it has been indicated that it may do so. Long-term debt does not include special assessment debt issued under the 1911 Bond Act as the City is not liable in any manner for repayment. The County of Marin acts as the City's agent for property owners in collecting the assessments and forwarding the collections to bondholders. The outstanding balance of the 1911 Bond Act as of June 30, 1991 is $330,430. At June 30, 1991, the other long-term debt consists of a $169,000 promissory note bearing interest at 8% with principal and accrued interest due and payable in November 2024. The note was assumed to finance the purchase of certain property, by the Redevelopment Agency. A schedule of long-term obligations transactions for the year ended June 30, 1991 and future debt service requirements is shown in Schedule 2. 6. ~D EQUITY Fund balances consist of reserved and unreserved amounts. Reserved fund balances represent that portion of a fund balance which is not appropriable for expenditure or is legally segregated for a specific future use. The remaining portion is unreserved fund balance. Portions of unreserved fund balance may be designated to indicate tentative plans for financial resource utilization in a future period, such as for general contingencies or capital projects. Such plans or intent are subject to change, have not been legally authorized and may not result in expenditures. A detailed schedule of the fund balances at June 30, 1991 is shown in Schedule 3. -13 - J 7. EWLOYEES I RETIRBt:NT PlAN Plan Description All permanent employees are eligible to participate in the Marin County Employees I Retirement Fund (the Fund). The Fund is an agent multiple-employer defined benefit retirement plan that acts as a common investment and administrative agent for various local governmental agencies within the County of Marin. The Fund provides retirement, disability, and death benefit based on the employee's years of service, age and final compensation. Employees vest after five years of service and are eligible to receive retirement benefits after 20 years of service for safety employees and at the age of 50 for other covered employees. These benefit provisions and all other requirements are established by County ordinance. The City contributed to the Fund 22.49% of payroll for public safety personnel and 10.95% for other covered employees for the year ended June 30, 1991. The City's covered payroll for employees participating in the Fund for the year ended June 30, 1991 was $12,470,300. The City's 1991 payroll for all employees was $16,153,672. The City, due to a collective bargaining agreement, also has a legal obligation to contribute half of the employee's contribution up to a maximum of 7% of payroll for safety employees and 5% of payroll for all other employees. Employees have an obligation to contribute the remaining portion. Funding status and Progress The "pension benefit obligation" is determined for each participating employer by the Fund's actuary and is a standardized disclosure measure that results from applying actuarial assumptions to estimate the present value of pension benefits, adjusted for the effects of projected salary increases and step rate benefits, to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of the City's portion of the Fund to which contributions are made on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used. The pension benefit obligation was computed as part of an actual valuation performed as of July 1, 1987 and updated as of July 1, 1989. The significant actuarial assumptions used in the 1989 update to compute the pension benefit obligation were an assumed rate of return on investment assets of 8%, and annual payroll increases of 10% per year before four years of service, and 6% per year thereafter. Total unfunded pension benefit obligation applicable to the City's employee groups at July 1, 1991 follows: -14 - Pension Benefit Obligation: Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits Current employees: Accumulated employee contributions and allocated investment earnings Employer-financed, vested Employer-financed, nonvested Total pension benefit obligation Net assets available for benefits, at cost (current (market) value, $58,924,000) Unfunded pension benefit obligation Public Safety Other Total $17,704,500 $10,310,600 $28,015,100 4,289,400 16,595,000 607,900 1,706,200 5,486,100 441,800 5,995,600 22,081,100 1,049,700 $39,196~ $17,944,700 57,141,500 52,557,110 $ 4,584,390 Actuarially Determined Contributions Required and Contributions Made The funding policy of the Fund provides for actuarially determined periodic contributions by the City at rates such that sufficient assets will be available to pay Fund benefits when due. The contribution to the Fund for the year ended June 30, 1991 of $3,458,146 was made in accordance with the actuarially determined requirements computed as of July 1, 1989. The contribution consisted of (a) $2,710,266 normal cost (21.73% of current covered payroll) and (b) $747,880 amortization of the unfunded actuarial liability (6.00% of current covered payroll). The City contributed $2,285,031 (18.32% of current covered payroll). The employees' contribution was $1,173,115 (9.41% of current covered payroll) of which the City paid $581,028. The contribution rate for normal cost is determined using the Entry Age Normal Actuarial Cost Method, a projected benefit cost method. It takes into account those benefits that are expected to be earned in the future as well as those already accrued. The Fund also uses the level percentage of payroll method to amortize the unfunded actuarial liability over a thirty-year period. Significant actuarial assumptions used in the 1991 valuation to compute the actuarially determined contribution requirement are the same as those used to compute the pension benefit obligation as described above. -15 -t j 1 8. Three-Year Historical Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Four-year trend information for the Fund may be found in the City's supplementary section of the annual report. For the City's share of the Fund, trend information for the years ended June 30, 1990, 1989 and 1988 follows: Net assets available for benefits, at cost Pension benefit obligation Net assets available for benefits as a percentage of pension benefit obligation Unfunded pension benefit obligation Annual covered payroll Unfunded pension benefit obligation as a percentage of annual covered payroll 1990 $52,557,110 57,141,500 92% 4,584,390 12,470,300 63% 1989 $42,787,972 51,900,000 82% 9,112,028 12,229,560 75% 1988 $38,223,191 47,800,000 80% 9,576,809 11,180,372 86% Employer's contributions, made in accordance with actuarially determined requirements, as a percentage of annual covered payroll was 16%, 17% and 17% for 1991, 1990, and 1989, respectively. Post-employment Health Care Benefits In addition to providing pension benefits, the government provides certain health care benefits for retired employees and their spouses. Substantially all of the City's employees may become eligible for these benefits if they are receiving a retirement benefit from the Marin County Employees Retirement Fund within 120 days of retirement from City employment. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For 1991, those costs total $138,454. DEFERRED ~TION PLAN The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. -16 - All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to the claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. 9. RISK MANAGEMENT The City is self-insured for general liability purposes for the first $500,000 per occurrence and for workers' compensation purposes for the first $300,000 per occurrence. The City purchases commercial insurance for workers' compensation claims in excess of self-insurance coverage, and is a member of the California Joint Powers Risk Management Authority for liability claims in excess of self-insurance coverage. Settled claims have not exceeded this coverage in any of the last two fiscal years. The General Fund has reserved $2,150,709 for the payment of insurance claims. The claims liability of $2,105,092, shown in the General Long-Term Obligation Account Group, is based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. 10. INVESTM:NT IN JOINT VENTURES The City participates in two joint venture activities through formally organized and separate entities established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, these entities exercise full powers and authorities within the scope of the related Joint Powers Agreement including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued. Obligations and liabilities of the separate entities are not those of the City. * The Marin County Major Crimes Task Force (Task Force) was established by twelve local law enforcement agencies to conduct narcotics investigations in Marin County. The Task Force has an oversight committee consisting of three city managers, one councilman, and one member of the board of supervisors. The California Joint Powers Risk Management Authority (Risk Management Authority) which began operations in February 1986, is a governmental self-insurance cooperative organized under a joint power agreement. The Risk Managment Authority pools self-insurance losses of charter and associate members, develops risk management programs, and provides for administration of pooled coverage claims. -17 - 1 J ) The summary of annual financial information as of and for the year ended June 30, 1990 (date of most recent available audited financial statements) for the Task Force and the Risk Management Authority is as follows: Total assets Total liabilities Total fund balance/retained earnings Total revenues Total expenditures/expenses Net increase 11. CIVIC CENTER BON) REFlNlIt«; Task Force $1,024,452 31,742 992,710 1,096,924 639,685 457,239 Risk Management Authority $39,208,726 33,929,098 5,279,628 2,522,325 395,704 2,126,621 On June 17, 1991, the City Council approved the sale of $3,365,000 of refunding bonds for the 1985 Civic Center Assessment ~istrict. The new bonds were issued on July 1st, and the 1985 bonds were called as of September 2, 1991. Prior to June 30th, surplus and reserve funds from the 1985 bond issue were either transferred to the fiscal agent (Bank of America) or to other City funds as provided in the bond resolution. The outstanding balance of the Civic Center bonds as of June 30, 1991 was $3,570,000. 12. ADVANCES On June 30, 1991, advances from the Redevelopment Administration Fund to the Low and Moderate Housing Fund amounted to $2,253,576. This amount represents expenditures for low and moderate housing, made, in prior years, out of the Redevelopment Administration Fund. 10. PRIOR PERIOO ADJUSTttENTS The General Fund had an adjustment to it's beginning fund balance of $143,463. This was due to the overaccrual of accounts payable in prior years. . The Special Assessment Bond Fund had an adjustment to it's beginning balance of $(39,376). This was due to a current year adjustment of a prior year audit adjustment. The Redevelopment Administration Fund had an adjustment to it's beginning fund balance of $(496,418). This was due to a prior year overstatement of advances from other funds and a prior year overstatement of accounts payable. The Low and Moderate Housing Fund had an adjustment to it's beginning fund balance of $514,418. This was due to a prior year overstatement of advances to other funds, and a prior year understatem~nt of accounts receivable. 14. LITIGATION There are several pending lawsuits in which the City is involved. The City's Attorneys estimate that the potential claims against the City not covered by insurance resulting from such litigation would not materially affect the financial statements of the City. -18 - General Obligation Bonds (a) Terra Linda recreation Open space bonds CITY (F SAN RAFAEL LONG-TERM DEBT JUNE 30, 1991 Total General Obligation Bonds Tax Allocation Bonds (b) 1977 Series 1985 Series Total Tax Allocation Bonds Special Assessment Bonds (with governmental commitment)(c) East San Rafael Drainage No. 1 East San Rafael Drainage No. 1 Phase 2 East San Rafael Drainage No. 2 East Francisco Boulevard Lucas Valley Sun Valley Northgate/Civic Center Kerner Boulevard Refunding Peacock Gap Improvement Total Special Assessment Bonds (with governmental commitment) Other Long-term Debt Total Long-term Debt Paid Through Debt Service -Tax Allocation MATURITY 1991 1993 1995 2010 1992 1990 1990 1997 1998 2006 2011 2005 2005 2025 Debt service payments are generally made from the following sources: (a) Property taxes recorded in the General Fund (b) Incremental property taxes recorded in the Redevelopment Agency (Capital Projects) Fund (c) Special assessment revenues recorded in the various Special Assessment (Debt Service) Funds SCHEIU£ 1 -19 - J INTEREST RATES 4.00% 4.00 -5.00 5.25 -6.00 6.70 -9.20 6.00 7.00 5.00 8.00 -11.00 5.50 -5.75 5.50 -8.50 7.00 -9.70 5.75 -8.00 10.00 -10.85 8.00 AUTHORIZED AND ISSUED $ 233,000 2,250,000 4,660,000 12,000,000 2,067,280. 107,410 457,527 75,965 217 ,393 357,326 4,435,920 6,445,000 9,171,065 OUTSTANDING JUNE 30, 1991 $ 8,000 520,000 528,000 2,675,000 11,120,000 13,795,000 190,000 25,000 99,000 284,000 3,570,000 5,790,000 4,695,000 14,653,000 169,000 CITY OF SAN RAFAEL LONG-TERM OBLIGATION TRANSACTIONS AND DEBT SERVICE REQUIREMENTS JUNE 30, 1991 Balance at June 30, 1990 (as restated) (A), (B) Additions: Vacations and sick leave obligations (net) Outstanding claims (net) Capital lease pur~hases Retirements -principal repayments Balance at June 30, 1991 GENERAL OBLIGATION BONDS $ 693,000 (165,000) $ 528,000 TAX ALLOCATION BONDS $14,440,000 (645,000) $13,795,000 SPECIAL ASSESSMENT BONDS $15,760,000 (1,107,000) $14,653,000 (A) During the year ended June 30, 1991, the City determined that the June 30, 1990 balance for Vacation and Sick Leave Obligation was understated by $259,490. The June 30, 1990 balance has been restated to reflect the proper amount of the liability. (B) The balance of outstanding claims as of June 30, 1990 has been restated to include all liability and workers' compensation claims outstanding. Debt service requirements, including interest, follow: Year ending June 30: 1992 1993 1994 1995 1996 Thereafter Total SCl-£Dl.LE 2 -20 - General Obligation Bonds $197,470 185,900 192,400 Tax Allocation Bonds $ 1,754,673 1,752,710 1,763,235 1,766,040 1,769,778 17 ,687 ,535 OTHER LIABILITY VACATION AND LONG-TERM LEASE SICK LEAVE OUTSTANDING DEBT TOTAL DEBT PURCHASES OBLIGATIONS CLAIMS $169,000 $31,062,000 $ $1,514,937 $1,764,592 169,243 340,500 568,245 (1,917,000) (30,617) $169,000 $29,145,000 $537,628 $1,684,180 $2,105,092 Special Liability Other Assessment Lease Long-Term Bonds Purchases Debt Total J $ 1,874,655 $135,866 $ $ 3,962,664 1,849,340 135,866 3,923,816 1,749,370 135,170 3,840,175 1 1,744,368 133,826 3,644,234 1,745,375 89,217 3,604,370 20 z 376 z 329 642 z200 38 z706 z 064 J $29 1 339 1 437 $629.1..945 $642 1 200 $57 1 681 1 323 ] CITY OF SAN RAFAB- Fund balances: Reserved: Encumbrances Debt service Refunds and projects Insurance claims Advances Inventory/petty cash Accounts receivable Land held for resale Total Reserved Unreserved and designated for: Construction Debt service Traffic Mitigation Working capital Total Unreserved and Designated Unreserved and Undesignated FUND BALANCES JUNE 30, 1991 .••••.•••••••..•••.••• GOVERNMENTAL SPECIAL GENERAL REVENUE $ 298,118 $ 36,345 2,150,709 15,513 2,464,340 36,345 8,676,068 2,563,452 2,563,452 8,676,068 3,261,690 TOTAL FUND BALANCES $5,027,792 $11,974,103 SCHEDULE 3 -21 - FUND TyPES ••••........•.••••••• CAPITAL DEBT PROJECTS SERVICE $ 21,511 $ 4,594,993 2,253,576 275,453 2,435,000 4,985,540 4,594,993 3,241,059 2,568,995 3,241,059 2,568,995 $8,226,599 $7,163,988 J FIDUCIARY ••• FUND TYPE ... TRUST AND AGENCY $ 866,980 866,980 $866,980 TOTAL (MEMORANDUM ONLY) $ 355,974 4,594,993 866,980 2,150,709 2,253,576 15,513 275,453 2,435,000 12,948,198 3,241,059 2,568,995 8,676,068 2,563,452 17,049,574 3,261,690 $33,259,462 CITY (F SAN RAFAB.. - - -ASSETS - - - Cash and investments Accounts receivable Inventory TOTAL ASSETS GENERAL FUND BALANCE SHEET JUNE 30, 1991 - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Accrued salaries and benefits Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE -22 - GENERAL FUND $5,634,814 297,745 12,178 $5,944,737 $ 436,941 480,004 916,945 2,464,340 2,563,452 5,027,792 $5,944,737 CITY (F SAN RAFAEL GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Taxes and special assessments Licenses and permits Fines and forfeitures Uses of money and property Intergovernmental Charges for current services Other Total Revenues EXPENDITURES: Current: General government Public safety Public works and parks Recreation Claims other Capital Outlay Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENTS FUND BALANCES -ADJUSTED FUND BALANCES AT END OF YEAR -23 - GENERAL FUND $19,530,105 341,933 642,298 478,226 2,877,816 1,089,890 312,898 25,273,166 3,725,002 13,753,388 5,678,566 515,547 236,913 962,827 971,328 25,843,571 (570,405) 312,825 (460,180) (147,355) (717,760) 5,602,089 143,463 5,745,552 i2LQll~9f CITY (F SAN RAFAa SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1991 - --ASSETS --- Cash and investments Accounts receivable TOTAL ASSETS - --LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Undesignated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE --- RECREATION REVOLVING FUND . $6,926 $6 2 926 $6,926 6,926 $6 2 926 BAYPOINT LAGOONS ASSESSMENT DISTRICT FUND $ 941 $ 941 $1,170 1,170 (229) (229) $ 941 -24 -(Continued) - 1 PARKING SERVICES FUND $213,889 2 2 773 $216 2 662 $ 31,584 31 2 584 185,078 185 2 078 $216,662 J J GAS TAX FUND $201,645 24,375 $226,020 $ 96,507 96,507 129,513 129,513 $226,020 CHILDCARE FUND $ 145 9,226 $9,371 $9,371 9,371 $9,371 EQUIPMENT REPLACEMENT FUND $929,288 $929,288 $ 4,314 4,314 36,345 888,629 924,974 $929,288 SPECIAL REVENUE FUND $1,095,124 52,456 $1,147,580 $ 5,314 29,571 34,885 1,112,695 1,112,695 $1,147,580 PROPERTY DISPOSAL FUND $592,928 $592,928 $ 592,928 592,928 $592,928 - - -ASSETS - - - Cash and investments Accounts receivable TOTAL ASSETS CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1991 - --LIABILITIES AND FUND BALANCE --- LIABILITIES: Accounts payable Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Undesignated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE RECREATION GRANT FUND $(113,009) 130,610 $ 17 ,601 $ 35,720 35,720 (18,119) (18,119) $ 17,601 -25 -(Concluded) - 2 PARK MITIGATION FUND $336,964 $336,964 $ 336,964 336,964 $336,964 LIBRARY FUND $47,089 $47,089 $ 256 256 46,833 46,833 $47,089 FALKIRK GRANT FUND $(11,226) $(11,226) $ 1,966 1,966 (13,192) (13,192) $(11,226) TRAFFIC MITIGATION FUND $8,279,495 458,700 $8,738,195 $ 62,127 62,127 8,676,068 8,676,068 $8,738,195 2ND STREET HAZARD ELIMINATION FUND $590 $590 $ - 590 590 $590 TOTAL $11,580,789 678,140 $12,258,929 $ 255,255 29,571 284,826 36,345 8,676,068 3,261,690 11,974,103 $12,258,929 CITY CF SAN RAFAB... SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Taxes and special assessments Licenses and permits Uses of money and property Intergovernmental Charges for current services Other revenue Sale of fixed assets Total Revenues EXPENDITURES: Current: General government Public works and parks Recreation Other Capital Outlay Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR -26 - RECREATION REVOLVING FUND $ 714,844 714,844 711,446 8,943 720,389 (5,545) 2,417 (1,000) 1,417 (4,128) 4,128 $ BAYPOINT LAGOON ASSESSMENT DISTRICT FUND $31,067 31,067 31,296 31,296 (229) (229) $ (229) (Continued) - 1 I PARKING GAS EQUIPMENT SPECIAL PROPERTY SERVICES TAX CHILDCARE REPLACEMENT REVENUE DISPOSAL FUND FUND FUND FUND FUND FUND 1 $ $ $ $ $ $ 336,205 18,312 34,348 77,204 75,187 54,754 770,002 85,155 1,063,614 401,467 339 6,982 3 2 263 354 2 517 804 2 350 1 2 149 2 108 87 2 449 476 z654 54 2 754 296,680 1,189,344 421,798 615 2 892 3 z501 375 zo97 296 2 680 615 2 892 1 2192 2 845 375 2 °97 421 2 798 57 z837 188 z458 (43 z737) (287,648) 54 z856 54,754 44,237 394,240 (4 2 °00) (296,000) (1 z5Oo) (89 z395) (4 2 °00) (296 z000) 42 2737 394 2 240 (89 z395) 53 z837 (107 z542) (1 2 000) 106 2 592 54 z856 (34 z641) J 131 z241 237 2 055 1,000 818,382 1 zo57 2 839 627 z569 J $185 zo78 $ 129,513 $ $ 924 z974 $1 2 112 z695 $592 L 928 CITY OF SAN RAFAB- SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1991 RECREATION PARK GRANT MITIGATION FUND FUND REVENUES: Taxes and special assessments $ $ Licenses and permits Uses of money and property 31,063 Intergovernmental 89,770 Charges for current services 111,245 Other revenue Sale of fixed assets Total Revenues 89,770 142,308 EXPENDITURES: Current: General government Public works and parks Recreation 209,390 Other Capital Outlay Total Expenditures 209 z390 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES (119 z620) 142 z308 OTHER FINANCING SOURCES (USES): Operating transfers -In 79,700 Operating transfers -Out Total Other Financing Sources (Uses) 79 z700 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) (39 z920) 142 z308 FUND BALANCES AT BEGINNING OF YEAR 21 z801 194 z656 FUND BALANCES AT END OF YEAR $ (181.119 ) $336 z964 -27 -(Concluded) - 2 J 2ND STREET FALKIRK TRAFFIC HAZARD I LIBRARY GRANT MITIGATION ELIMINATION FUND FUND FUND FUND TOTAL 1 $ $ $ $ -$ 31,067 336,205 178 713,108 1,004,154 944,927 139,117 343,294 2,773,581 36,724 44,045 3 2263 139 2295 36 2724 1 2°56 2402 5 2137 2242 296,680 31,296 2,110,180 125,235 70,176 617 ,209 942 2822 1 2946 2255 125 2235 7°2 176 942 2822 5 2°01 2620 14,060 (33 2452) 113,580 135 2622 520,594 (391 2895) 128 2699 14 2°60 (33 2452) 113 2580 264 2321 J 32 2773 2°2 260 8 2562 2488 590 11 2709 2782 $ 46 2 833 $(13 L192) $8L676~68 $590 $l1 L974 L103 J - - -ASSETS - - - Cash and investments Accounts receivable Land held for sale Advance from other funds CITY IF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1991 TOTAL ASSETS - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Advance to other funds Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE PUBLIC FACILITIES MAINTENANCE FUND $ - $ - $ - $ - -28 -(Continued) - 1 SPECIAL ASSESSMENT BOND FUND $242,452 $242,452 $ 242,452 242,452 $242,452 EAST PEACOCK GAP OPEN FRANCISCO ASSESSMENT SPACE ASSESSMENT PARKS DISTRICT FUND BOND FUND FUND FUND 1 $420,687 $6,883 $252,648 $59,801 825 71,252 $421,512 $6,883 $323,900 $59,801 $ $ -$ $ - } 421,512 6,883 323,900 59,801 421,512 6,883 323,900 59,801 $421,512 $6,883 $323,900 $59,801 ASSETS Cash and investments Accounts receivable Land held for sale Advance from other funds TOTAL ASSETS CITY OF SAN RAFAB- CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1991 - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Advance to other funds Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE SUN VALLEY OPEN SPACE ASSESSMENT FUND $19,452 $19,452 $ - 19,452 19,452 $19,452 -29 -(Concluded) - 2 CIVIC CENTER! NORTHGATE ASSESSMENT DISTRICT FUND $ - $ - $ - $ - \ LOW AND CIVIC CENTER/ REDEVELOPMENT MODERATE NORTH GATE ADMINISTRATION HOUSING REFUNDING FUND FUND FUND TOTAL I $4,336,632 $ (43,002) $127,740 $ 5,423,293 263,655 260,453 596,185 1 2,435,000 2,435,000 2 z253 1576 2 1253 1576 I $9 2288 2 863 $ 217 1451 $127 z740 $10,708,054 $ 95,408 $ 2,280 $ 35,191 $ 132,879 2,253,576 2,253,576 95,000 95 1000 190 1408 2 1255 1856 35 2 191 2 1481 1455 4,725,087 260,453 4,985,540 4 1373 1368 (2,298 1858) 92,549 3,241,059 9,098 2 455 (2 1°38 1405) 92,549 8 1226 1599 $9,288,863 $ 217,451 $127,740 $10,708,054 CITY (F SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Current: Other Capital outlay Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENT FUND BALANCE -ADJUSTED FUND BALANCE AT END OF YEAR -30 - PUBLIC FACILITIES MAINTENANCE FUND $ 86,647 86,647 (86,647) 89,395 89,395 2,748 (2,748) (2,748) $ (Continued) -1 SPECIAL ASSESSMENT BOND FUND $ 4,731 4,731 (4,731) (4,731) 286,559 (39,376) 247,183 $242,452 EAST PEACOCK GAP OPEN FRANCISCO ASSESSMENT SPACE ASSESSMENT PARKS DISTRICT FUND BOND FUND FUND FUND 1 $ 10,865 $ 537 $ 2,671 $ 4,722 55,951 1 10 2865 537 58 2622 42722 218 2630 218 2630 10 2865 537 (160 2008) 42722 (119) (79 2700) (15 2465) (119) (79 2700) (15 2465) 10 2865 418 .(239 2708) (10 2743) 410 2647 6 2465 563,608 70 2544 410 2647 6 2465 563 2608 70,544 $421,512 $6,883 $ 323 2900 $ 59,801 CITY (F SAN RAFAEL CAPITAL PROJECTS FUNOS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Current: Other Capital outlay Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENT FUND BALANCES -ADJUSTED FUND BALANCE AT END OF YEAR -31 - SUN VALLEY OPEN SPACE ASSESSMENT FUND $ 1,671 1,671 1,671 (945) (945) 726 18,726 18,726 $19,452 (Concluded) - 2 CIVIC CENTER! NORTHGATE ASSESSMENT DISTRICT FUND $ 137,378 137,378 137,378 (137,378) (137,378) $ LOW AND CIVIC CENTER/ REDEVELOPMENT MODERATE NORTH GATE ADMINISTRATION HOUSING REFUNDING FUND FUND FUND TOTAL 1 $ 814,149 $ 7,297 $ 1,047 $ 842,959 20,000 75,951 7,897 7,897 822 2046 27 2297 1 2°47 926 2807 624,562 57,175 686,468 1 2303 2824 73 2007 35 2191 1 2717 2299 1 2928 2386 130 2182 35 2191 2 2403 2767 (1,106,340) (102 2885) (34 2144) (1 2476 2960) 143,517 370,290 (70 2955) (16 2824) (184 2008) (70 2955) 126 2693 186 2282 (1 2177 2295) (102 2885) 92 2549 (1 229°2 678 ) 10 2772 2168 (2,449 2938) 9 2538 2653 (496 2418) 514 2418 (21 2376) 10 2275 2750 (1 2935 2520) 9 2517 2277 $ 9,098,455 $(2,038,405) $ 92 2549 $ 8 2226,599 1 CITY (F SAN RAFAEL DEBT SERVICE FUND COMBINING BALANCE SHEET JUNE 30, 1991 - - -ASSETS - - - Cash and investments Restricted cash and investments Accounts receivable Assessments receivable -deferred TOTAL ASSETS - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Deferred revenue Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE GENERAL OBLIGATION FUND $388,956 $388,956 $" -67 67 388,889 388,889 $388,956 -32 -. (Continued) - 1 KERNER ASSESSMENT 8/86 REFUNDING FUND $283,863 $283,863 $ 283,863 283,863 $283,863 EAST FRANCISCO BOULEVARD FUND $17,302 25,000 $42,302 $ 2 25,000 25,002 17,300 17,300 $42,302 PEACOCK GAP FUND $1,298,511 754,919 4,695,000 $6,748,430 $ 3,369 4,695,000 4,698,369 754,919 1,295,142 2,050,061 $6,748,430 KERNER FUND $ 521,378 536,172 5,790,000 $6,847,550 $ 1,442 5,790,000 5,791,442 536,172 519,936 1,056,108 $6,847,550 SUN VALLEY FUND $ 64,148 284,000 $348,148 $ 283 284,000 284,283 63,865 63,865 $348,148 CITY OF SAN RAFAEL DEBT SERVICE FUND COMBINING BALANCE SHEET JUNE 30, 1991 - - -ASSETS - - - Cash and investments Restricted cash and investments Accounts receivable Assessments receivable -deferred TOTAL ASSETS - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Deferred revenue Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE CIVIC CENTER/ NORTHGATE FUND $ - $ - $ - $ - -33 -(Concluded) - 2 CIVIC CENTER/ NORTHGATE REFUNDING FUND $ 680,900 3,570,000 $4,250,900 $ 3,570,000 3,570,000 680,900 680,900 $4,250,900 1 1915 ACT BONOS FUND $(12,381) 193,980 12,381 289,000 $482,980 $ 289,000 289,000 193,980 193,980 $482,980 REDEVELOPMENT AGENCY FUND $ 3,248 2,429,022 $2,432,270 $ 3,248 3,248 2,429,022 2,429,022 $2,432,270 TOTAL $ 2,565,025 4,594,993 12,381 14,653,000 $21,825,399 $ 8,411 14,653,000 14,661,411 4,594,993 2,568,995 7,163,988 $21,825,399 CITY (F SAN RAFAEL DEBT SERVICE FUND COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Taxes and special assessments Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Current: Other operating expenses Principal retirement Interest and fiscal charges Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR -34 - GENERAL OBLIGATION FUND $186,292 3,490 189,782 165,000 28,740 193,740 (3,958) 26,685 26,685 22,727 KERNER ASSESSMENT 8/86 REFUNDING FUND $ 23,383 983 24,366 24,366 (3,549) (3,549) 20,817 366,162 263,046 $388 ~89 :=====$=28=3:::!,=86=3=== (Continued) - 1 EAST FRANCISCO BOULEVARD PEACOCK KERNER SUN VALLEY FUND GAP FUND FUND FUND $ 6,470 $ 882,660 $ 662,065 $34,666 1 140,518 67,162 4,526 I 6,470 1,023,178 729,227 39,192 25,000 5,000 690,000 200,000 14,000 2,844 554,046 473,387 25,077 7,844 1,269,046 673,387 39,077 (1,374) (245,868) 55,840 115 119 15,465 3,549 944 119 15,465 3,549 944 r (1,255) (230,403) 59,389 1,059 18,555 2,280,464 996,719 62,806 $17,300 $2 1 050,061 ~05~108 $63,865 J CITY OF SAN RAFA8- DEBT SERVICE FUND COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: Taxes and special assessments Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Current: Other operating expenses Principal retirement Interest and fiscal charges Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR -35 - CIVIC CENTER/ NORTHGATE FUND $ 382,077 51,752 $ 433,829 60,000 341,243 401,243 32,586 (961,794) (961,794) (929,208) 929,208 (Concluded) - 2 CIVIC CENTER/ NORTHGATE REFUNDING FUND $ 680,900 680,900 680,900 $680,900 1 1 I 1 1915 ACT BONDS FUND $157,728 157 1728 138,000 21 1394 159,394 (11 666 ) (1 1666) 195 1646 $193,980 REDEVELOPMENT AGENCY FUND TOTAL $1,685,836 $3,997,794 287,341 3,490 15 998 1 1685 1851 4 1289 1623 25,000 645,000 1,917,000 1 1°75 1°37 2 1521 1768 1 172°1°37 4,463 1768 (34,186) (174 1145) 70,055 797,717 (965 1343) 7°1°55 (167 1626) 35 1869 (341 1771) 2 1393 1153 7 1505 1759 $2,429,022 $7,163,988 CITY OF SAN RAFAa TRUST AND AGENCY COMBINING BALANCE SHEET JUNE 30, 1991 -ASSETS - - - Cash and investments Accounts receivable TOTAL ASSETS - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Deferred compensation liability Total Liabilities FUND BALANCE: Reserved Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE -36 - ..• AGENCY FUND ••• DEFERRED COMPENSATION $3,263,587 $3,263,587 $ 3,263,587 3,263,587 $3,263,587 1 J 1 ......•....... EXPENDABLE TRUST FUNDS ........•... MISCELLANEOUS BUSINESS LIBRARY FIDUCIARY IMPROVEMENT FIDUCIARY FUND FUND FUND $30,401 $30,401 $ - 30 z401 30 z401 $30 2 401 $9,165 600 $9,765 $2,347 2 z347 7,418 7 z418 $9 2 765 $829,161 $829,161 $ 829 z161 829 z161 $829 L 161 TOTAL $4,132,314 600 $4,132,914 $ 2,347 3 z263 z587 3 z265 z934 866 z980 866%980 $4 2 132 2 914 CITY (F SAN RAFAEL EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1991 REVENUES: . Uses of money and property Other Total Revenues EXPENDITURES: Other Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR -37 - MISCELLANEOUS FIDUCIARY FUND $ 526 2,236 2,762 2,762 27,639 $30,401 J I ] BUSINESS IMPROVEMENT FUND $19,348 63,066 82,414 74,996 74,996 7,418 $ 7,418 LIBRARY FIDUCIARY FUND TOTAL $ 70,321 $ 90,195 3,732 69,034 74,053 159,229 127,016 202,012 127,016 202,012 (52,963) (42,783) 882,124 909,763 $829,161 $866,980 CITY (F SAN RAFAB- AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE FISCAL YEAR ENDED JUNE 30, 1991 DEFERRED COMPENSATION ASSETS: Cash and investments TOTAL ASSETS LIABILITIES: Deferred compensation plan payable TOTAL LIABILITIES Balance Balance June 30, 1990 Additions Deletions June 30, 1991 $2,705,907 $747,371 $189,691 $3,263,587 $2,705,907 $747,371 $189,691 $3,263,587 $2,705,907 $747,371 $189,691 $3,263,587 $2,705,907 $747,371 $189,691 $3,263,587 -38 - '------ CITY OF SAN RAFAEL, CALIFORNIA MARIN COUNTY EMPLOYEES I RETIREMENT SYSTEM REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS UNFUNDED PENSION NET ASSETS UNFUNDED ESTIMATED BENEFIT OBLIGATION FISCAL AVAILABLE PENSION BENEFIT YEAR FOR BENEFITS OBLIGATIONS 1987 1988 1989 1990 $34,270,472 38,223,191 42,787,972 52,557,110 Source: MCERS $44,443,000 47,800,000 57,900,000 57,141,500 PENSION BENEFIT ANNUAL COVERED AS A PERCENTAGE PERCENTAGE FUNDED OBLIGATION PAYROLL OF COVERED PAYROLL 77% 80 82 92 $10,172,528 9,576,809 9,112,028 4,584,390 $10,680,121 11,180,372 12,229,560 12,470,300 18% 17 17 16 Note: All available information is present and each preceeding fiscal year information will be added until ten years of trend information is reached. -39 -