HomeMy WebLinkAbout1990-1991 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.
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C. G. UHLENBERG & co.
CERTlFIED PUBUC ACCOUNTANTS
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CITY CF SAN RAFAEL
FINANCIAL STATEMENTS
JUNE 30, 1991
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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
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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.
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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.
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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 $21,825,399
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$ 132,879 $ 8,411
I 2,253,576
95,000
14,653,000
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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.
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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.
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..... 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
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(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
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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.
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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.
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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)
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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)
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Unsecured
March 1
July 1
July 1
August 31
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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.
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