HomeMy WebLinkAbout1991-1992 Annual Audit ReportCITY ,. II . ! OF -=z .•
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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.
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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.
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26 -27
28 -29
30 -31
32 -33
34 -35
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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
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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, 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
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- - -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
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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.
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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
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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.
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866,980
5,637,618
33,259,461
$867,111 $38,897,079
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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.
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$(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
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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.
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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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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)
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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 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)
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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 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).
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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.
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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
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$
~
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
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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
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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
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TOTAL FUND BALANCES
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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
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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
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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
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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
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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
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ASSETS
Cash and investments
Accounts receivable
TOTAL ASSETS
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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
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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 -