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1991-1992 Annual Audit ReportCITY ,. II . ! OF -=z .• I I I AGENDA ITEM NO.: .................... .4 ............................................... ~ .. . SAN RAFAEL MEETING DATE: December 21, 1992 .... -... _, .......................................................... . P.o. BOX 151560, SAN RAFAEL, CA 94915-1560/PHONE; (415) 485-3065 REPORT TO MAYOR AND CITY COUNCIL sueuECT: 1991/92 ANNUAL AUDIT REPORT SUBMITTED BY : .~~~ .... APP~OVED BY: ........................... ~ ................................. . Ransom Coleman, F~nance D~rector CI M ty ana"er DATE: December 17, 1992 RECOMMENDATION: Accept the report. SUMMARY/BACKGROUND: C. G. Uhlenberg & Company has completed the audit for the city. We have an unqualified opinion from the auditors that these financial statements present fairly the financial position of the City and the Agency as of 6/30/92 in conformity with generally accepted accounting principles. The enclosed report is a combined financial statement that includes the Redevelopment Agency and the City. This is the second year that C. G. Uhlenberg & Company has audited our records, and we are very satisfied with their work. If you have any questions concerning the audit, a representative from C. G. Uhlenberg & Company will be present at the meeting. r?-L _-.- F;le No. ·-:--:.-·i.d.tL:J.,P.-----, ft1 ___ "'. eli ~ile8·,mg ... 7 ~ '~~ Coun . ., ••• \)iSDositioll •. _ #/, ... ... -~ .... %'-.-' ~:-;(" t .. ;}; I 1 1 1 I ] ] CITY OF SAN RAFAEL FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 3D, 1992 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT ................................ . COMBINED FINANCIAL STATEMENTS -OVERVIEW (GENERAL PURPOSE FINANCIAL STATEMENTS) : Combined Balance Sheet -All Fund Types and Account Groups ..................................... . Combined Statement of Revenues, Expenditures and Changes in Fund Balances -All Governmental Fund Types and Expendable Trust Funds ................... . Combined Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual (Budget Basis) -General, Budgeted Special Revenue, and Budgeted Debt Service Funds ........... . NOTES TO FINANCIAL STATEMENTS ............................... . Schedule 1 -Long-Term Debt ............................... . Schedule 2 -Long-Term Obligation and Debt Service Requirements ............................................ . Schedule 3 -Fund Balances ................................ . SUPPLEMENTARY INFORMATION: General Fund: Balance Sheet .......................................... . Statement of Revenues, Expenditures and Changes in Fund Balances ..................................... . Special Revenue Funds: Combining Balance Sheet ................................ . Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................. . Capital Projects Funds: Combining Balance Sheet ................................ . Statement of Revenues, Expenditures and Changes in Fund Balances ..................................... . Debt Service Funds: Combining Balance Sheet ................................ . Combining Statement of Revenues, Expenditures and Changes in Fund Balance .............................. . Trust and Agency Funds: Combining Balance Sheet ................................ . Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................. . Statement of Changes in Assets and Liabilities ......... . Public Employees Retirement System Analysis of Funding Progress ............................................. . PAGE NO. 1 - 2 3 4 5 6 -18 19 20 21 22 23 24 -25 26 -27 28 -29 30 -31 32 -33 34 -35 36 37 38 39 J J CGU c. G. UHLENBERG & co. CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT Honorable Mayor and Members of the City Council of the City of San Rafael San Rafael, California ROBERT E BARSANTI. C PA ROBERT E M c DONALD. C PA PEGGY H CHEN . CPA .JEFFREY .J LRA.CPA 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 3D, 1992, 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 1 I I J 1 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, 1992, 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 express no opinion thereon. C.,d~ fer.- November 3, 1992 Redwood City, California - 2 - ,-'-- - - -ASSETS AND OTHER DEBITS Cash and investments (Note 2) Cash with fiscal agent Accounts receivable Assessments receivable -deferred Loan receivable Advance from other funds (Note 12) Due from other funds Inventory Prepaid items 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) Due to other funds Advance to other funds 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 TOTAL LIABILITIES AND FUND EQUITY '---~ '----' '-------' ----- CITY OF SAN RAFAEL COMBINED BALANCE SHEET · ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1992 FIDUCIARY GOVERNMENTAL FUND TYPES FUND TYPE SPECIAL CAPITAL DEBT TRUST AND GENERAL REVENUE PROJECTS SERVICE AGENCY FUND FUNDS FUNDS FUNDS FUND ACCOUNT GROUPS GENERAL GENERAL FIXED LONG -TERM ASSETS OBLIGATIONS TOTAL (MEMORANDUM ONLY) $4,804,557 $13,120,605 $12,396,392 $ 2,550,070 $4,803,986 $ $ $ 37,675,610 2,548,726 1,274,915 1,518,360 1,535,000 2,253,576 2,548,726 77,973 691,053 412,339 92,950 1,518,360 1,535,000 2,253,576 310,608 10,882 848,710 600 30,872,404 5,984,206 1,853,831 310,60r 10,88L 848,710 30,782,404 5,984,206 1,853,831 28,935,221 28,935,221 2,765,410 2,765,410 $5,204,020 $13,811,658 $16,597,307 $ 7,558,816 $ 4,804,586 $30,872,404 $39,538,668 $118,297,459 $ 306,051 $ 100,227 $ 12,192 $ 4,371 $ 2,517 $ $ $ 425,358 467,164 2,765,410 3,232,574 3,934,958 3,934,958 112,104 186,123 12,381 310,608 2,253,576 2,253,576 19,713 54,571 95,000 169,284 1,518,360 1,518,36f 1,853,831 1,853,83\ 34,919,427 34,919,427 792,928 266,902 2,546,891 1,535,112 3,937,475 39,538,668 48,617,976 2,434,630 1,976,462 202,107 4,200,726 2,548,726 30,782,404 867,111 30,782,404 10,253,300 9,619,301 12,290,589 3,474,978 27,361,330 3,723,348 (2,440,899) 1,282,449 4,411,092 13,544,756 14,050,416 6,023,704 867,111 30,782,404 69,679,483 4,411,092 13,544,756 14,050,416 6,023,704 867,111 30,782,404 69,679,492 $5,204,020 $13,811,658 $16,597,307 $ 7,558,816 $ 4,804,586 $30,782,404 $39,539,668 $118,297,459 See notes to general purpose financial statements. - 3 - ~---.1 ... --' 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 Debt service: Principal retirement Interest and fiscal charges Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds Sale of fixed assets Defeasance of debt Operating transfers -In Operating transfers -Out --- Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR '-... --------~ CITY OF SAN RAFAEL COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES- ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 1992 GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUNDS FUNDS DEBT SERVICE FUNDS FIDUCIARY FUND TYPE TRUST AND AGENCY FUNDS TOTAL (MEMORANDUM ONLY) $19,781,051 $ 37,247 $ $3,876,482 $ -$23,694,780 372,194 432,591 804,785 463,451 463,451 395,422 771,288 583,963 481,591 51,808 2,284,072 2,793,264 1,127,863 22,387 1,4 13 42,000 3,986,927 1,319,823 3,194,875 4,514,698 480,921 83,935 145,441 70,013 61,808 842,118 25,606,126 5,647,799 751,791 4,429,499 155,616 36,590,831 3,995,650 275,503 4,271,153 14,073,750 14,073,750 5,457,476 37,906 5,495,382 509,711 2,058,038 2,567,749 245,668 245,668 955,802 654,836 786,260 221,142 155,485 2,773,525 646,950 1,413,634 721,751 2,782,335 2,167,000 2,167,000 1,829,296 1,829,296 25,885,007 4,439,917 1,508,011 4,217,438 155,485 36,205,858 (278,881) 1,207,882 (756,220) 212,061 131 384,973 21,274,496 21,274,496 24,052 24,052 (16,045,903) (16,045,903) 296,680 641,799 6,610,333 6,669,221 14,218,033 (634,499) (303,080) (30,295) (13,250,159) (14,218,033) (337,819) 362,771 6,580,038 (1,352,345) 5,252,645 5,823,818 8,226,598 (1,140,284) 7,163,988 (616,700) 5,027,792 $ 4,411,092 1,570,653 11,974,103 $13,544,756 $14,050,416 $6,023,704 See notes to general purpose financial statements. -4 - 131 866,980 5,637,618 33,259,461 $867,111 $38,897,079 - ~ ~ '--~ ~ 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 Other Capital outlay Debt Service: Principal retirement Interest and fiscal charges Total Expenditures EXCESS OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds Defeasance of debt Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR CITY OF SAN RAFAEL 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, 1992 GENERAL BUDGETED SPECIAL REVENUE BUDGETED DEBT SERVICE ACTUAL VARIANCE -ACTUAL VARIANCE -ACTUAL VARIANCE - (BUDGET FAVORABLE (BUDGET FAVORABLE (BUDGET FAVORABLE BUDGET BASIS) (UNFAVORABLE) BUDGET BASIS) (UNFAVORABLE) BUDGET BASIS) (UNFAVORABLE) $20,735,000 $19,766,297 $ (968,703) $ $ $ $ 182,000 $ 902,258 $ 720,258 224,000 370,551 146,551 350,000 432,591 82,591 625,000 481,346 (143,654) 257,000 312,986 55,986 31,000 36,160 5,160 111,388 111,388 3,102,000 2,785,024 (316,976) 967,100 1,002,021 34,921 8,000 1,413 (6,f 1,155,000 1,316,435 161,435 2,104,448 1,914,385 (190,063) 25,000 479,652 454,652 1,546 1,546 26,123,000 25,512,291 (610,709) 3,452,548 3,386,703 (65,845) 190,000 1,015,059 825,059 3,955,832 3,995,650 (39,818) 285,321 275,503 9,818 14,635,154 14,073,750 561,404 5,404,384 5,457,476 (53,092) 502,154 509,711 (7,557) 2,194,478 2,010,678 183,800 994,429 955,802 38,627 658,805 646,950 11,855 880,160 703,949 176,211 65,369 (65,369) 173,000 863,000 (690,000) 676,215 622,806 53,409 26,150,758 25,639,339 511,419 3,359,959 2,990,130 369,829 849,215 1,551,175 (701,960) (27,758) (127,048) (99,290) 92,589 396,573 303,984 (659,215) (536,116) 123,099. 17,529,526 17,529,526 (1,068,945) (12,201,704) (11,132,759) 296,000 296,680 680 20,393 20,393 12,328 12,328 (607,440) (634,499) (27,379) (303,080) (303,080) (6,620,333) (6,620,333) (311,440) (337,819) (26,379) 303,080 (282,687) 20,393 (1,068,945) (1,280,183) (211,238) $ (339,198) (464,867) $ (125,669) 5,027,792 $ 4,562,925 $ (210,491) 113,886 $ 324,377 314,362 $ 428,248 See notes to general purpose financial statements. - 5 - $(1,728,160) (1,816,299) $ (88,139) 2,817,911 $1,001,612 NOT E S T 0 GENERAL PUR P 0 S E FIN A N C I A L S TAT E MEN T S , 1 1 ] I 1. CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30 L 1992 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Special 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 - I J 1 } 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 - I I Budgets and Budgetary Accounting -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 $(464,867) 27,132 (178,965) $(616,700) 8 - $ Special Revenue 113,886 (8,380) 1,465,147 $1,570,653 Debt Service $(1,816,299) 676,015 $(1,140,284) 1 1 J , 1 1 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 Unpaid 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, 1992 is recorded in the general long-term obligations account group. Sick pay vesting was discontinued for employees hired after 1978. Property Tax Levy 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 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 I J J 1 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 AND INVESTMENTS 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, 1992. 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). -10 - 1 i ] 1 Cash and investme. __ s at June 30, 1992, consis_~d of the following: 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 Agency Investment Fund California Arbitrage Management Program Total Cash and Investments Cash $ (282,480) 3,935 202,000 799,072 2,548,726 3,934,958 26,383,260 6,634,865 $40,224,336 Market Value $ (282,480) 3,935 202,000 801,224 2,550,671 3,934,958 26,383,260 6,652,438 $40,246,006 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 $ 4,804,557 13,120,605 12,396,392 5,098,796 4,803,986 $40,224,336 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. -11 - 1 J J ] I , 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 $ 100,000 $ 102,000 $ - $ 202,000 $ 202,000 TOTAL ~ 100 1 000 ~ 102 1 000 ~ -$ 202 1 000 ~ 202 1 000 Credit Risk Carrying Amount 1 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: Category 1 2 Medium-Term Notes $799,072 $ Cash with Fiscal Agent 2 1 548 1 726 $799 1 072 $ 2 1 548 1 726 Deferred Compensation California Arbitrage Management Program California Local Agency Investment Fund TOTAL -12 - _3 $ ~ Carrying Market Amount Value $ 799,072 $ 801,224 2 1 548 1 726 2 1 550 1 671 3 1 347 1 798 3 1 35L895 3,934,958 3,934,958 6,634,864 6,652,438 26 1 383 1 260 26,383 1 260 $40 1 300 1 880 $40,322 1 551 I I I ] J J 1 3. FIXED ASSETS 4. 5. A summary of changes in general fixed assets follows: Balance Balance July 1, 1991 Additions Deletions June 30, 1992 Land and buildings $20,319,423 $ $ $20,319,423 Rolling equipment 3,324,258 226,671 158,942 3,391,987 Furniture and equipment 3,821,919 78,139 23,963 3,876,095 Improvements other than buildings 3,194,899 3,194,899 Investment in general fixed assets $30,660,499 $ 304,810 $182,905 $30,782,404 SALE OF LAND On August 31, 1991, the Redevelopment Agency sold the land it purchased in March 1990 to a third party for the acquisition price of $2,435,000. Under the purchase agreement, $900,000 was paid in cash at the close of escrow and the balance of $1,535,000 is due in a note receivable no later than May 31, 1993. The note is secured by a first deed of trust on the property and bears interest at a rate of 10% per year. Interest is paid monthly. LONG-TERM OBLIGATIONS A schedule of long-term debt at June 30, 1992 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, 1992 is $287,054. At June 30, 1992, 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. During the fiscal year the City defeased its 1985 Tax Allocation bonds of $10,905,000. The debt was defeased via the sale of refunding and refinancing bonds. As a result, the City issued $18,615,000 in 1992 Tax Allocation bonds. -13 - I 1 J 1 J A schedule of long-term obligations transactions for the year ended June 3D, 1992 and future debt service requirements is shown in Schedule 2. 6. FUND 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 3D, 1992 is shown in Schedule 3. 7. EMPLOYEES' RETIREMENT PLAN Plan Description All permanent employees are eligible to participate in the Marin County Employees' 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 20.86% of payroll for public safety personnel and 10.78% for other covered employees for the year ended June 3D, 1992. The City's covered payroll for employees participating in the Fund for the year ended June 3D, 1992 was $13,759,522. The City's 1992 payroll for all employees was $17,343,051. 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. -14 - I I 1 J The pension benefit obligation was computed as part of an actual valuation performed as of July 1, 1987 and updated as of July 1, 1990. The significant actuarial assumptions used in the 1990 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, 1992 follows: 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, $64,156,634) Public Safety $19,251,500 4,539,400 18,170,400 665 L 600 $42,626,900 Unfunded pension benefit obligation Other Total $11,211,600 $30,463,100 1,805,600 6,006,900 483 L 700 $19,507,800 6,345,000 24,177,300 1,149,300 62,134,700 53,797,751 $ 8,336,949 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, 1992 of $3,409,743 was made in accordance with the actuarially determined requirements computed as of July 1, 1990. The City contributed $2,207,717 (16.05% of current covered payroll). The employees' contribution was $1,202,026 (8.74% of current covered payroll) of which the City paid $588,885. 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. -15 - 1 J i J 1 I J 8 . ) Significant actuarial assumptions used in the 1992 valuation to compute the actuarially determined contribution requirement are the same as those used to compute the pension benefit obligation as described above. 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, 1991, 1990 and 1989 follows: 1991 1990 1989 Net assets available for benefits, at cost Pension benefit obligation Net assets available for benefits as a percentage of pension benefit obligation $53,797,751 62,134,700 $52,557,110 57,141,500 $42,787,972 51,900,000 87% 92% 82% Unfunded pension benefit obligation Annual covered payroll Unfunded pension benefit obligation as a percentage of annual covered 8,336,949 13,759,522 4,584,390 12,470,300 9,112,028 12,229,560 payroll 61% 37% Employer's contributions, made in accordance with actuarially determined requirements, as a percentage of annual covered payroll was 16%, 16% and 17% for 1992, 1991, and 1990, respectively. Post-employment Health Care Benefits 75% 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 1992, those costs total $153,873. DEFERRED COMPENSATION 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 - I 1 J i J J 1 J 9. 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. 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 $1,905,802 for the payment of insurance claims. The claims liability of $1,853,831, 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. INVESTMENT 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 Management Authority pools self- insurance losses of charter and associate members, develops risk management programs, and provides for administration of pooled coverage claims. -17 - ] J The summary of annual financial information as of and for the year ended June 30, 1991 (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. ADVANCES Task Force $1,648,764 126,033 1,522,731 1,206,095 701,123 504,972 Risk Management Authority $39,208,726 33,929,098 5,279,628 3,630,324 473,082 3,154,242 On June 30, 1992, 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. 12. 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 - ---'----' CITY OF SAN RAFAEL LONG-TERM DEBT JUNE 30. 1992 MATURITY INTEREST RATES General Obligation Bonds (a) Terra Linda recreation Open space bonds Total General Obligation Bonds Tax Allocation Bonds (b) 1977 Series 1985 Series 1992 Series Total Tax Allocation Bonds Special Assessment Bonds (with governmental commitment)(c) East San Rafael Drainage No. 1 East Francisco Boulevard Lucas Valley Sun Valley Northgate/Civic Center Northgate/Civic Center -Refunding 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 Debt service payments are generally made from the following sources: (a) Property taxes recorded in the General Fund 1991 1993 1995 2010 2017 1992 1997 1998 2006 2011 2011 2005 2005 2025 (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 4.00% 4.00 -5.00 5.25 -6.00 6.70 -9.20 3.25 -6.45 6.00 8.00 -11.00 5.50 -5.75 5.50 -8.50 7.00 -9.70 5.25 -7.60 5.75 -8.00 10.00 -10.85 8.00 SCHEDULE 1 -19 - AUTHORIZED AND ISSUED $ 233,000 2,250,000 4,660,000 12,000,000 18,615,000 2,067,280 75,965 217,393 357,326 4,435,920 3,365,000 6,445,000 9,171,065 - OUTSTANDING JUNE 30. 1992 $ 355.000 355.000 2,200,000 18.615.000 20.815.000 95,000 20,000 89,000 275,000 3,365,000 5,490,000 3.810.000 13.144.000 169.000 $34,483.000 '--- Balance at June 30, 1991 (as restated) (A), (B) Additions: Vacations and sick leave obligations (net) Outstanding claims (net) Capital lease purchases Refundings Retirements -principal repayments Balance at June 30, 1992 '---.... ~ GENERAL ----..... '----' "" __ oJ CITY OF SAN RAFAEL LONG-TERM OBLIGATION TRANSACTIONS AND DEBT SERVICE REQUIREMENTS JUNE 30. 1992 TAX SPECIAL OTHER LIABILITY OBLIGATION ALLOCATION ASSESSMENT LONG-TERM LEASE BONDS BONDS BONDS DEBT TOTAL DEBT PURCHASES $ 528.000 $13.795,000 $14,653,000 $169,000 $29,145,000 $537,628 18,615,000 3,365,000 21,980,000 {173,OOOI {11,595,OOOI {4,874,0001 {16,642,0001 {1 01,2011 $ 355.000 $ 20.815.000 $13.144.000 $169.000 $34.483.000 $436.427 VACATION AND SICK LEAVE OUTSTANDING OBLIGATIONS CLAIMS $1,684,180 $2,105,092 1,081,230 (251,261) $2.765.410 $1.853.831 (A) The balance of outstanding claims as of June 30, 1992, has been restated to include all liability and workers' compensation claims outstanding. Debt service requirements, including interest, follow: Year Ending June 30: 1993 1994 1995 1996 1997 Thereafter Total GENERAL OBLIGATION BONDS $187,750 194,250 $382.000 TAX ALLOCATION BONDS SPECIAL ASSESSMENT BONDS LIABILITY LEASE PURCHASES OTHER LONG-TERM DEBT TOTAL $ 2,585,393 $ 1,676,396 $135,866 $ -$ 4,585,405 2,041,204 1,566,569 135,170 3,937,193 2,043,185 1,570,165 133,826 3,747,176 2,045,366 1,566,533 89,217 3,701,116 1,425,356 1,570,672 2,996,028 29.672.792 15.909.635 169.000 45,751,427 $39.813.296 $23.859.970 $494.079 $169.000 $64.718.345 SCHEDULE 2 -20- Fund balances: Reserved: Encumbrances Note receivable Debt service Refunds and projects Insurance claims Advances Inventory/petty cash Accounts receivable Due from other funds Total Reserved ~ Unreserved and designated for: Construction Debt service Traffic Mitigation Working capital Total Unreserved and Designated Unreserved and Undesignated '---' TOTAL FUND BALANCES '----' ,--....J CITY OF SAN RAFAEL FUND BALANCES JUNE 30, 1992 GOVERNMENTAL FUND TYPES SPECIAL CAPITAL GENERAL REVENUE PROJECTS '---J DEBT SERVICE FIDUCIARY FUND TYPE TRUST AND AGENCY TOTAL (MEMORANDUM ONLY) $ 207,338 $ 202,107 $ 451 $ $ -$ 409,896 1,535,000 1,535,000 2,548,726 2,548,726 867,111 867,111 1,905,802 1,905,802 2,253,576 2,253,576 10,882 10,882 411,699 411,699 310,608 310,608 2,434,630 202,107 4,200,726 2,548,726 867,111 10,253,300 12,290,589 12,290,589 3,474,978 3,474,978 9,619,301 9,619,301 1,976,462 1,976,462 1,976,462 9,619,301 12,290,589 3,474,978 27,361,330 3,723,348_(2,440,899) 1,282,449 $4,411,092 $13,544,756 $14,050,416 $6,023,704 $867,111 $38,897,079 SCHEDULE 3 -21 - --- "-' 1 , J I 1 j CITY OF SAN RAFAEL GENERAL FUND BALANCE SHEET JUNE 30, 1992 ASSETS Cash and investments Accounts receivable Due from other funds Inventory TOTAL ASSETS 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 $4,804,557 77,973 310,608 10,882 $5,204,020 $ 306,051 467,164 19,713 792,928 2,434,630 1, 976,462 4,411, 092 $5,204,020 1 \ J 1 , CITY OF SAN RAFAEL GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1992 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 FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR -23 - GENERAL FUND $19,781,051 372,194 463,451 395,422 2,793,264 1,319,823 480,921 25,606,126 3,995,650 14,073,750 5,457,476 509,711 245,668 955,802 646,950 25,885,007 (278,881) 296,680 (634,499) (337,819) (616,700) 5,027,792 $ 4,411,092 ASSETS Cash and investments Accounts receivable TOTAL ASSETS '-----' ~ '-----' "--J CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1992 BAYPOINT LAGOONS RECREATION ASSESSMENT PARKING GAS EQUIPMENT SPECIAL PROPERTY REVOLVING DISTRICT SERVICES TAX CHILDCARE REPLACEMENT REVENUE DISPOSAL FUND FUND FUND FUND FUND FUND FUND FUND $ 8,764 $1,384 $281,104 $215,833 $ 78 $1,153,464 $1,100,939 $629,112 4,628 _____ 6,m 48,668 $13,392 $1,384 $281,104 $215,833 $6,851 $1,153,464 $1,149,607 $629,112 - - -LIABILITIES AND FUND BALANCE --- LIABILITIES: Accounts payable Due to other funds Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Undesignated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE $13,330 $2,272 $ 5,817 $ 71,124 $6,812 $ 452 $ 398 $ 54,571 13,330 2,272 ___ 5.817 71,124 6,812 452 54,969 62 21,333 39 180,673 (888) 253,954 144,709 972,339 1,094,638 629,112 62 (888) ___ 275,287 144,709 39 1, 153,012 1,094,638 629,112 $13,392 $1,384 $281,104 $215,833 $6,851 $1,153,464 $1,149,607 $629,112 -24 -(Continued) - 1 ASSETS Cash and investments Accounts receivable TOTAL ASSETS '----' '----' .... --' CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1992 2ND STREET INTEGRATED RECREATION PARK FALKIRK TRAFFIC HAZARD ON-LINE LIBRARY GRANT MITIGATION LIBRARY GRANT MITIGATION ELIMINATION SYSTEM FUND FUND FUND FUND FUND FUND FUND TOTAL $ $501,611 $53,441 $13,684 $9,160,601 $590 $ -$13,120,605 171,487 458,700 797 691,053 $171,487 $501,611 $53,441 $13,684 $9,619,301 $590 $ 797 $13,811,658 - --LIABILITIES AND FUND BALANCE - - - LIABILITIES: Accounts payable Due to other funds Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Undesignated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE $ 111,124 $ $ 22 $ $ $ -$ - 980 $ 100,227 112,104 54,571 111,124 22 980 266,902 202,107 9,619,301 9,619,301 60,363 501,611 53,419 13,684 590 (183) 3,723,348 60,363 501,611 53,419 13,684 9,619,301 590 (183) 13,544,756 $171,487 $501,611 $53,441 $13,684 $9,619,301 $590 $ 797 $13,811,658 -25 -(Concluded) - 2 - ---' REVENUES: Taxes and special assessments Licenses and permits Uses of money and property Intergovernmental Charges for current services Other revenue 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): Sale of fixed assets operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR '---' CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30. 1992 J RECREATION REVOLVING FUND BAYPOINT LAGOON ASSESSMENT DISTRICT FUND PARKING SERVICES FUND GAS TAX FUND CHILDCARE FUND EQUIPMENT REPLACEMENT FUND SPECIAL REVENUE FUND PROPERTY DISPOSAL FUND RECREATION GRANT FUND $ $37,247 $ $ $ $ $ $ $ 432,591 13,800 22,179 71,702 52,570 37,209 909,981 92,040 125,842 683,318 1,222,868 430,549 706 840 3.300 683.318 37.247 447.097 932.160 1.315.748 75.002 483.119 37.209 125.842 275,503 37,906 688,674 1,322,004 47,360 501,176 3.146 ~J~5 ____ 620.964 3.134 492.422 1.025 691.820 37.906 352.208 620.964 1.325.138 492.422 501.176 1.025 47.360 (8.502) (659) 94.889 311.196 (9.390) (419.420) (18.057) 36.184 78.482 9,664 10,729 (1.100) (4,680) (296,000>-~run 24,052 621,406 8,564 (4,680) (296,000>-_9,429 645,458 62 (659) 90,209 15,196 39 228,038 (18,057) 36,184 78,482 (229) 185.078 129,513 _ 924,974 _ 1.112,695 592,928 __ (~1J9) $ 62 $ (888) $275,287 $ 144,709 $ 39 $1,153,012 $1,094,638 $629,112 $ ~363 -26 -(Continued) - 1 '--~ REVENUES: Taxes and special assessments Licenses and permits Uses of money and property Intergovernmental Charges for current services Other 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): Sale of fixed assets Operating transfers -In Operating transfers -Out ~ CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30. 1992 PARK MITIGATION FUND s 28,535 136,112 $ LIBRARY FUND 166 107,684 FALFIRK GRANT FUND TRAFFIC MITIGATION FUND 2ND STREET INTEGRATED HAZARD ON-LINE ELIMINATION LIBRARY SYSTEM FUND FUND TOTAL S $ $ - $ $ 37,247 432,591 545,127 771,288 1,127,863 614,344 3,194,875 73~a_ 5.551 83.935 164.647 107.850 73.538 1.159.471 5.551 5.647.799 101,264 46,662 275,503 37,906 2,058,038 5,734 654,836 216.238 1.413.634 101.264 46.662 216.238 5.734 4.439.917 164.647 6.586 26.876 943.233 (183) 1.207.882 24,052 641,799 (303.080) Total Other Financing Sources (Uses) 362.771 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR 164,647 6,586 26,876 943,233 (183) 1,570,653 336.964 46.833 (13.192) 8.676.068 590 11.974.103 $ 501.611 $ 53.419 S 13.684 $9.619.301 $590 $ (183) $13.544.756 -27 -(Concluded) - 2 ---ASSETS --- Cash and investments Accounts receivable Land held for sale Advance from other funds TOTAL ASSETS ---LIABILITIES AND FUND BALANCE LIABILITIES : Accounts payable Due to other funds Advance to other funds Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Des ignated Undesignated Total Fund Balance TOTAL LIABILITIES l..--.I AND FUND BALANCE ~----.... "- SPECIAL ASSESSMENT BOND FUND $241,959 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1992 OPEN SPACE FUND $430,189 640 EAST FRANCISCO ASSESSMENT BOND FUND $7,157 PEACOCK GAP ASSESSMENT PARKS DISTRICT FUND FUND $322,498 $140,467 $241,959 $430,829 $7,157 $322,498 $140,467 $ -$ -$ -$ 192 $ - 192 241,959 430,829 7,157 322,306 140,467 241,959 430,829 7,157 322,306 140,467 $241,959 $430,829 $7,157 $322,498 $140,467 -28 -(Continued) -1 - - -ASSETS - - - Cash and investments Accounts receivable Land held for sale Advance from other funds '--oJ TOTAL ASSETS '---.- - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts pavable Due to other funds Advance to other funds Deposits and advances Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Undesignated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE ... -_ ... '---..--.. .. CITY OF SAN RAFAEL CAPITAL PROJECTS FUND COMBINING BALANCE SHEET JUNE 30, 1992 SUN VALLEY LOW AND CIVIC CENTERI REDEVELOPMENT OPEN SPACE REDEVELOPMENT MODERATE NORTHGATE AGENCY ASSESSMENT ADMINISTRA TlON HOUSING REFUNDING REFUNDING FUND FUND FUND FUND FUND TOTAL $17,021 $4,558,660 $ $68,108 $6,610,333 $12,396,39: 151,246 260,453 4 ' 13! 1,535,000 1,5 __ ,JO( 2,253,576 .. _____ 2,253,571 $17,021 $8,498,482 $ 260,453 $68,108 6,610,333 $16,597,30: $ -$ 10,800 $ 1,200 $ -$ $ 12,19; 186,123 186,12: 2,253,576 2,253,57f 95,000 95,00( 105,800 2,440,899 2,546,891 3,940,273 260,453 4,;-72E 17,021 4,452,409 68,108 6,61 0,333 12,290,58~ (2,440,899) (2,440,89~ 17,021 8,392,682 (2,180,446) 68,108 6,610,333 14,050,4H $17,021 $8,498,482 $ 260,453 $68,108 $6,610,333 $16,597,30] -29 -(Concluded) -2 '-~ - 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 FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR .... ~ ----' -'" .. --' CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1992 SPECIAL ASSESSMENT BOND FUND $ 493 493 OPEN SPACE FUND $ 9,317 EAST FRANCISCO ASSESSMENT BOND FUND $ 402 PARKS FUND $ 1,596 22,303 PEACOCK GAP ASSESSMENT DISTRICT FUND $ 7,725 79,041 9,317 402 23,899 86,766 27 170 25.493 27 25.493 170 (493) 9,317 375 (1,594) 86,596 (101) (5,930) (101) (5,930) (493) 9,317 274 (1,594) 80,666 242.452 421,512 6,883 323,900 59,801 $241,959 $430,829 $7,157 $322,306 $140.467 -30 -(Continued) -1 '----- 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 FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR I_~ ---...... '-" ... _ ... ..J ~--, ~----J ..... CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1992 SUN VALLEY OPEN SPACE ASSESSMENT FUND $ 1,226 REDEVELOPMENT ADMINISTRATION FUND $ 559,169 $ LOW AND MODERATE HOUSING FUND 84 CIVIC CENTERI NORTHGATE REFUNDING FUND $ 4,528 REDEVELOPMENT AGENCY REFUNDING FUND $ TOTAL $ 583,963 22,387 66.400 145.441 1,226 625,569 84 4,528 751,791 1,187 621,856 142,125 20.402 786,260 696,258 721,751 1,187 1,318,114 142,125 20.402 1,508,011 39 (692,545) (142,04lJ __ .. (15,874) (756,220) 6,610,333 6,610,333 (2.470) (13,228) (8,566) (30,295) (2.470) (13,228) (8,566) 6,610,333 6,580,038 (2.431 ) (705,773) (142,041) (24.440) 6,610,333 5,823,818 19.452 9,098.455 (2,038.405) 92,548 8,226,598 $17,021 $ 8,392,682 $(2,180.446) $ 68,108 $6,610,333 $14,050.416 -31 -(Concluded) -2 ---ASSETS --- Cash and investments Cash with fiscal agent Accounts receivable ',--, Assessments receivable -deferred Prepaid expense TOTAL ASSETS L-.... ---LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Due to other funds Deferred revenue Total Liabilities FUND BALANCE: Reserved for debt service Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE ~ GENERAL OBLIGATION FUND $296,800 ~ CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING BALANCE SHEET JUNE 30, 1992 KERNER ASSESSMENT 8/86 REFUNDING FUND $293,226 EAST FRANCISCO BOULEVARD FUND $16,333 5,65B PEACOCK GAP FUND $1,025,168 643,015 80,569 448,088 KERNER FUND $ 319.432 572.052 682.011 SUN VALLEY FUND $ 74.318 32.542 $296,800_ $293,226 $21.991 $2.196.840 $1.573.495 $106.860 $ 66 $ -$ $ 2.723 $ 1.440 $ 142 5,658 448,088 682.011 32,542 66 5,658 450.811 683.451 32.684 643.015 572.052 296,734 293.226 16.333 1.103.014 317.992 74.176 296.734 293.226 16.333 1.746.029 890.044 74.176 $296.800 $293.226 $21,991 $2.196.840 $1.573.495 $106.860 -32 -(Continued) - 1 - --ASSETS - -- Cash and investments Cash with fiscal agent Accounts receivable Assessments receivable -deferred Prepaid expense TOTAL ASSETS - --LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Due to other funds Deferred revenue Total Liabilities FUND BALANCE: Reserved for debt service Unreserved: Designated Total Fund Balance '--- TOTAL LIABILITIES AND FUND BALANCE "--'----' CIVIC CENTER! NORTH GATE FUND $165,437 173,900 336,054 '--- CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING BALANCE SHEET JUNE 30, 1992 $ 1915 ACT BONDS FUND - 139,945 12,381 14,007 $ REDEVELOPMENT AGENCY FUND 10,000 694,87B REDEVELOPMENT AGENCY REFUNDING FUND $ 349,356 324,936 848,710 TOTAL $ 2,550,070 2,548,726 92,950 1,518,360 848,710 $675,391 $166,333 $ 704,878 $1,523,002 $ 7,558,816 $ -$ $ $ $ 4,371 12,381 12,381 336,054 14,007 1,518,360 336,054 26,388 1,535,112 173,900 139,945 694,878 324,936 2,548,726 165,437 10,000 1,198,066 3,474,978 339,337 139,945 704,878 1,523,002 6,023,704 $675,391 $166,333 $ 704,878 $1,523,002_ $ 7,558,816 -33 -(Concluded) - 2 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 (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds Defeasance of debt Operating transfers -In Operating transfers -Out L...--J Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR '--- CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1992 KERNER ASSESSMENT EAST GENERAL 8/86 FRANCISCO OBLIGATION REFUNDING BOULEVARD PEACOCK FUND FUND FUND GAP FUND $ 99,807 $ -$ 6,20B $ 821,621 17,B43 241,814 1,413 1,013 69,000 KERNER SUN VALLEY FUND FUND $ 537,OBO $38,966 51,572 3,546 101,220 18,856 6,208 1,132,435 588,652 42,512 150,430 173,000 5,000 885,000 300,000 9,000 20,375 2,276 529,301 464,209 25,671 193,375 7,276 1,564,731 764,209 34,671 (92,155) 18,856 (1,068) (432,296) (175,557) 7,841 122,334 101 5,930 9,493 2,470 (9,493) (9,493) 101 128,264 9,493 ____ 2,470 (92,155) 9,363 (967) (304,032) (166,064) 10,311 388,889 283,863 17,300 2,050,061 1,056,108 63,865 $296,734 $293,226 $16.333 $1. 7~6J929 ____ $_8Jl()J044 $74,176 -34 -(Continued) - 1 - 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): Proceeds from sale of bonds Defeasance of debt Operating transfers -In Operating transfers -Out -----.... Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES AND OTHER FINANCING SOURCES (USES) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR --- CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1992 REDEVELOPMENT CIVIC CENTERI 1915ACT AGENCY NORTHGATE BONDS REDEVELOPMENT REFUNDING $ FUND FUND AGENCY FUND FUND TOTAL 318.138 $ 64.145 $ 802,451 $ 1.188.066 $3.876,482 55,428 111.388 481,591 1,413 70.013 373.566 64.145 913.839 1.188.066 4,429,499 5,343 65,369 221,142 105.000 690.000 2,167,000 171.853 13.180 602,431 1.829.296 177.196 118.180 1.357.800 4.217,438 196.370 (54.035) (443.961) 1.188.066 212,061 3,297,700 (3,844,199) 8.566 17.529.526 324.936 21.274,496 (12.201.704) (16.045.903) 12.328 6.630.333 6.669.221 (6.620.333) (6,620,333) ~~3,250, 159) (537.933) (1,280,183) 334.936 (1.352,345) (341.563) (54.035) (1.724.144) 1.523.002 (1.140.284) 680.900 193.980 2,429.022 7.163.988 $ 339.337 $139.945 $ 704.878 $ 1.523.002 $ 6.023,704 -35 -(Concluded) - 2 - - -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 ~ -----..; CITY OF SAN RAFAEL TRUST AND AGENCY COMBINING BALANCE SHEET JUNE 30. 1992 AGENCY FUND MISCELLANEOUS DEFERRED FIDUCIARY COMPENSATION FUND $3.934.958 $29.871 $3.934.958 $29.871 ~ EXPENDABLE TRUST FUNDS BUSINESS LIBRARY IMPROVEMENT FIDUCIARY FUND FUND $ 343 $838.814 600 $ 943 $838.814 _~ -J TOTAL $4.803.986 600 $4.804.586 $ $ -$ 2.446 $ 71 $ 2.517 3.934.958 3.934.958 3.934.958 2.446 71 3.937.475 29.871 (1.503) 838.743 867.111 29.871 (1.503) 838.743 867.111 $3.934.958 $29.871 $ 943 $838.814 $4.804.586 -36 - REVENUES: Uses of money and property Intergovernmental 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 ---' .. ----.. CITY OF SAN RAFAEL EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30, 1992 MISCELLANEOUS FIDUCIARY FUND $ 386 386 916 916 BUSINESS IMPROVEMENT FUND LIBRARY FIDUCIARY FUND TOTAL $ -$ 51,422 $ 51.808 42,000 42,000 61,808 61,808 103,808 51,422 155,616 112,729 41,840 155,485 112,729 41,840 155,485 (530) _ (8,92JJ_ 9,582 131 30,401 7,418 829,161 866,980 $29,871 $(1,503) $838,743 $867,111 -3 7 • 1 1 CITY OF SAN RAFAEL AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE FISCAL YEAR ENDED JUNE 30, 1992 DEFERRED COMPENSATION ASSETS: Cash and investments TOTAL ASSETS LIABILITIES: Deferred compensation Balance June 30, 1991 Additions Balance Deletions June 30, 1992 $3,263,587 $1,442,466 $771,095 $3,934,958 $3,263,587 $1,442,466 $771,095 $3,934,958 plan payable $3,263,587 $1,442,466 $771,095 $3,934,958 TOTAL LIABILITIES $3,263,587 $1,442,466 $771,095 $3,934,958 -38 - I. --' '----' '----' NET ASSETS FISCAL AVAILABLE YEAR FOR BENEFITS 1987 $34,270,472 1988 38,223,191 1989 42,787,972 1990 52,557,110 1991 53,797,751 Source: MCERS CITY OF SAN RAFAEL« CALIFORNIA MARIN COUNTY EMPLOYEES' RETIREMENT SYSTEM REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS UNFUNDED ESTIMATED PENSION BENEFIT PENSION BENEFIT ANNUAL COVERED OBLIGATIONS PERCENTAGE FUNDED OBLIGATION PAYROLL $44,443,000 77% $10,172,528 $10,680,121 47,800,000 80 9,576,809 11,180,372 57,900,000 82 9,112,028 12,229,560 57,141,500 92 4,584,390 12,470,300 62,134,700 87 8,336,949 13,759,522 UNFUNDED PENSION BENEFIT OBLIGATION AS A PERCENTAGE OF COVERED PAYROLL 95% 86 75 37 61 Note: All available information is present and each preceeding fiscal year information will be added until ten years of trend information is reached. -39 -