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1992-1993 Annual Audit Report'I~"( CITY _ 1 OF .zS=LE<_l! SAN RAFAEL AGENOA ITEM NO.: ... _.17.. .................................................. . MEETING DATI!: ..... ~.§.b~.1J..Cl:.~y .... ..? .. f.... ... l~ .. ~ .. 4. ... _ POBOX 60. SAN RAFAEL. CALIF 94915/PHONE 14151456.1112 REPORT TO MAYOR AND CITV COUNCIL SU~ECT: 1992/1993 Annual Audit Report -eUBMITTED BYa...~-6...~~. APPROVED BY: ........................ ~J... ........................ _ .............. . Ransom Coleman, Finance Director . Clty Manager OAT.: January 31, 1994 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 June 30, 1993 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 third 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. t;.7 : 6 ~6 ~3 2 '--dh~ A.J..J:)-G:J3H, Rpt2Coun\9293Audt ~._=L ______ ._ -ile No. -'-'---'---'---'-4~rJ// _ r Z "1~ ___________ _ Coundi MO:;;('ing ___ .. _ ____ _ ~. t7 ~A'_ '::.~.~ __ & •• ~~~ DisDo'at/on .......... . * * * £661 '0£ HNnf S.LNHWH.L V.LS iVI:>NVNId ( , ( ( } } 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. CPA. ROBERT E McDONALD. C ,P ,A , PEGGY H , CHEN. C P .A .JEFFREY.J IRA. C P ,A . We have audited the accompanying general purpose fmancial statements of the City of San Rafael, California, as of and for the fiscal year ended June 30, 1993, as listed in the accompanying table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these fmancial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, and 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 fmancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fmancial 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. In our opinion, the general purpose fmancial statements referred to above presents fairly, in all material respects, the financial position of the City of San Rafael, California, at June 30, 1993, 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 as 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 fmancial statements and, accordingly, we express no opinion thereon. e.d. ~ /tr: November 30, 1993 Redwood City, California 647 Veterans Boulevard, Redwood City, CA 94063 (415) 365-2323/FAX (415) 365-8394 ) ) CITY OF SAN RAFAEL FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30,1993 TABLE OF CONTENTS PAGE NO. INDEPENDENT AUDITOR'S REPORT . . . . . . . . . . . . . . . . . . . . 1 COMBINED FINANCIAL STATEMENTS -(GENERAL PURPOSE FINANCIAL STATEMENTS): Combined Balance Sheet -All Fund Types and Account Groups ................................ 2 Combined Statement of Revenues, Expenditures and Changes in Fund Balances -All Governmental Fund Types and Fiduciary Fund Type ...................... 3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual (Budget Basis) -General, Special Revenue, and Debt Service Funds ., . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 NOTES TO FINANCIAL STATEMENTS 5 -16 SUPPLEMENTARY INFORMATION: Schedule 1 -Long-Term Debt. . . . . . . . . . . . . . . . . . . . . . . . . . 17 Schedule 2 -Long-Term Obligation Transactions and Debt Service Requirements .......................... 18 Schedule 3 -Fund Balances ........................... 19 General Fund: Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Statement of Revenues, Expenditures and Changes in Fund Balance .............................. 21 Special Revenue Funds: Combining Balance Sheet .................... . Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . . . . . . . . . . . . Capital Projects Funds: Combining Balance Sheet .......................... . Combining Statement of Revenues, Expenditures and Changes in Fund Balances ...................... . 22 -23 24 -25 26 -27 28 -29 Debt Service Funds: Combining Balance Sheet .......................... . Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . . . . . . . . . . . . . . . . . . Trust and Agency Funds: Combining Balance Sheet .......................... . Combining Statement of Revenues, Expenditures and Changes in Fund Balances -Expendable Trust Funds . . . . . . . . . . Statement of Changes in Assets and Liabilities -Agency Fund . . . . . Public Employees Retirement System Analysis of Funding Progress ..................................... . 30 -31 32 -33 34 35 36 37 - - -ASSETS AND OTHER DEBITS Cash and investments (Note 2) Cash with fiscal agent (Note 2) Accounts receivable Assessments receivable -deferred Loan receivable 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 4) Deferred compensation liability (Note 7) Deposits and advances Deferred revenue Outstanding claims (Note 4) Long-term debt (Note 4) Total Liabilities FUND EQUITY: Investment in fixed assets (Note 3) Fund balances (Note 5): Reserved Unreserved: Designated Undesignated '-.' CITY OF SAN RAFAEL COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS JUNE 30, 1993 GENERAL FUND $5,138,514 581,842 5,026 GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUNDS FUNDS $12,949,495 522,181 $12,672,310 229,051 DEBT SERVICE FUNDS $ 1,959,747 2,533,773 659,295 1,539,137 FIDUCIARY FUND TYPES TRUST AND AGENCY FUND $ 5,476,186 $ ACCOUNT GROUPS GENERAL GENERAL FIXED LONG-TERM ASSETS OBLIGATIONS $ 31,572,776 5,018,898 2,202,225 TOTAL (MEMORANDUM ONLy) $ 38,196,252 2,533,773 1,992,369 1,539,137 5,026 31,572,776 5,018,898 2,202,225 27,290,970 27,290,970 1,959,779 1,959.779 $5,725.382 $13,471,676 $12.901,361 $ 6.691.952 $ 5,476.186 $ 31,572.776 $ 36.471,872 $ 112.311,205 $ 515,143 $ 705,997 $ 31,396 $ 87,791 $ 9,418 $ $ $ 1,349,745 516,224 1,959,779 2,476,003 4,640,667 4,640,667 ~~ ~~ W~ 1,539,137 1,539,137 2,202,225 2,202,225 32.309.868 32.309.868 1,031,367 746,437 81,396 1,626.928 4.650.085 36,471,872 44.608.085 1,901,290 2,792,725 31,572,776 31,572.776 47,545 209,974 3,161,210 826,101 6,146,120 8,361,537 12,609,991 1,903,814 25,668,067 4,316,157 4.316,157 Total Fund Balances 4.694.015 12.725.239 12.819.965 5.065.024 826.101 36.130.344 Total Fund Equity 4.694.015 12.725.239 12.819.965 5.065,024 826,101 31,572.776 67.703.120 TOTAL LIABILITIES AND FUND EQUITY $5.725.382 $13,471,676 $12.901.361 $ 6.691,952 $ 5,476.186 $ 31,572.776 $ 36,471,872 $ 112.311.205 See notes to general purpose financial statements. 2 , CITY OF SAN RAFAEL COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND FIDUCIARY FUND TYPE REVENUES: Taxes and special assessments Licenses and permits Fines and forfeitures Uses of money and property Intergovernmental Charges for current services Other revenue 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 (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Sale of fixed assets Other transfers Bond proceeds Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30,1993 GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS FUNDS FUNDS DEBT SERVICE FUNDS FIDUCIARY FUND TYPE TRUST AND AGENCY FUND TOTAL (MEMORANDUM ONLy) $ 19,403,704 $ 44,712 $ $ 3,353,699 $ $ 22,802,115 460,960 499,786 960,746 456,264 456,264 267,614 708,643 827,516 1,622,392 57,935 3,484,100 3,595,079 1,189,261 6,919 1,398 4,000 4,796,657 1,147,474 3,175,573 4,323,047 269,996 122,347 179,963 14,414 62,009 648,729 25,601,091 5,740,322 1,014,398 4,991,903 123,944 37,471,658 4,017,526 586,977 4,604,503 14,268,361 14,268,361 5,352,906 33,292 5,386,198 484,472 2,112,610 2,597,082 1,018,368 927,925 645,859 164,954 2,757,106 106,544 3,599,978 1,269,091 138,139 5,113,752 2,534,000 2,534,000 3,027,241 3,027,241 25,248,177 7,260,782 1,914,950 5,699,380 164,954 40,288,243 352,914 0,520,460) (900,552) (707,477) (41,010) (2,816,585) 155,073 155,073 (27,223) (27,223) 180,630 180,630 440,547 8,913,322 10,678 85,840 828,354 10,278,741 (510,538) (8,367,452) (349,488) (222,909) (828,354) 00,278,741) (69,991) 700,943 (338,810) 16,338 308,480 OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES 282,923 FUND BALANCES AT BEGINNING OF YEAR 4,411,092 PRIOR PERIOD ADJUSTMENTS (Note 12) FUND BALANCES AT END OF YEAR (819,517) 13,544,756 (1,239,362) 14,050,416 (691,139) 6,023,704 (41,010) 867,111 (2,508,105) 38,897,079 8.911 (267,541) (258.630) 5,065,024 3 '--" CITY OF SAN RAFAEL COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL (BUDGET BASIS) -GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUNDS FOR THE FISCAL YEAR ENDED JUNE 3D, 1993 BUDGET REVENUES: GENERAL ACTUAL (BUDGET BASIS) VARIANCE FAVORABLE (UNFAVORABL~ BUDGET SPECIAL REVENUE DEBT SERVICE ACTUAL VARIANCE ACTUAL VARIANCE (BUDGET FAVORABLE (BUDGET FAVORABLE BASIS) (UNFAVORABLE) BUDGET BASIS) (UNFAVORABLE) Taxes and special assessments Licenses and pennits $20,255,000 $19,648,208 $ (606,792) $ $ $ $ 89,250 $ 1,320,571 $ 1,231,321 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 charge Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Sale of fixed assets Other transfers Bond proceeds Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES 412,000 460,960 48,960 500,000 499,786 (214) 500,000 456,264 (43,736) 199,000 26,203 (172,797) 32,000 322,669 290,669 1,239,016 1,239,016 2,915,000 3,258,590 343,590 985,500 1,102,580 117,080 750 1,398 648 1,253,000 1,153,800 (99,200) 2,066,087 2,134,175 68,088 65,000 304,983 239,983 122,347 122,347 14,414 14,414 25,599,000 25,309,008 (289,992) 3,583,587 4,181.557 597,970 90,000 2,575,399 2,485,399 4,014,238 3,975,473 38,765 658,719 841,643 (182,924) 14,955,913 14,118,968 836,945 193,930 41,411 152,519 5,626,568 5,296,861 329,707 475,508 484,472 (8,964) 2,164,987 2,074,840 90,147 978,889 901,546 77,343 714,673 1,024,649 (309,976) 221,559 (221,559) 134,667 106,544 28,123 1,742,406 3,228,701 (1,486,295) 165,000 1,450,000 (1,285,000) 18,400 2·,058,503 (2,040,103) 26,185,783 24,883,864 1.301.919 5,474,715 7,211,244 (1,736,529) 183,400 3,730,062 (3,546,662) (586,783) 425,144 (1,591.911) (1.891,128) (3,029,687) 2,334,499 (93,400) (1,154,663) 6,032,061 18,513 18,513 (27,223) (27,223) 180,630 180,630 440,547 8,913,322 8,913,322 85,840 85,840 (510,538) (8,367,452) (8,367,452) . (222,909L . _(222,909) (69,991) 564,383 564,383 16,338 16,338 AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER (2,465,304) $ 2,898,882 $ (93,400) $ 6,048,399 FINANCING USES $ (586,783) FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENTS FUND BALANCES AT END OF YEAR 355,153 4,411,092 $ 4,766,245 $1,591.911) 11,891,128) 13,544,756 $ 11,079,452 See notes to general purpose financial statements. 4 (1,138,325) 6,023,704 (267,541) $ 4,617,838 S.1N3W3.1V.1S 'IVI;)NVNI.!I 3S0dlIlld 'IV1I3N3D 0.1 S3.10N ( 1. ) CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1993 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 fmancial activities of the City and th~ City of the San Rafael Redevelopment Agency (the Agency). The fmancial 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 fmancial statements as they are administered by boards separate from and independent of the City (see Note 9). 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 fmancial statements in this report into categories as follows: Governmental Funds The General Fund is the general operating fund of the City. It is used to account for all fmancial 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. Capital Projects Funds are used to account for fmancial 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 the measurement of the results of operations. 5 \ 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 fmancing 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. 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. 6 ) 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 Special Revenue Debt Service $355,153 $(2,465,304) $(1,138,325) (64,893) 436,891 649,764 (7,337) 1.208,896 (202,578) 282,923 (819,517) (691.139) 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, 1993 is recorded in the general long-term obligations account group. Sick pay vesting was discontinued for employees hired after 1978. 7 i 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) Unsecured March 1 July 1 July 1 August 31 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 fmancial 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, 1993. 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 Note State of California Local Agency Investment fund Government Agency Securities Medium Term Notes 8 All pooled certificates of deposit and bank balances are entirely insured or collateralized. The California Government Code requires California banks and savings and loan associations to secure an agency's deposits by pledging government securities as collateral. The market value of the pledged securities must equal at least 110% of an agency's deposits. California law also allows financial institutions to secure local agency deposits by pledging first trust deed mortgage notes leaving a value of 150% of a local agency's deposits. The City may waive collateral requirements for deposits which are fully insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC) or the Federal Savings and Loan Insurance Corporation (FSLIC). Cash and investments at June 30, 1993, consisted of the following: Cash Cash: Demand accounts at banks $ 958,187 Petty cash 6,560 Deposits: Certificates of Deposit 202,000 Investments : Medium Term Notes 4,729,609 Cash with Fiscal Agent 2,543,773 Restricted cash on deposit with bank trust departments - Deferred Compensation 4,640,667 California Local Agency Investment Fund 25,449,214 California Arbitrage Management Program 2,200,015 Total Cash and Investments $ 40,730,025 The disposition of these monies by funds was as follows: Funds: General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Fiduciary Funds TOTAL 9 $ 5,138,514 12,949,495 12,672,310 4,493,520 5.476,186 $ 40,730,025 Market Value $ 958,187 6,560 202,000 4,729,609 2,543,773 4,640,667 25,449,214 2,200,015 $ 40,730,025 , Credit Risk, Carrymg Amount. and Market Value of Deposits The City Deposits are classified as to credit risk by three categories as follows: Category 1 includes deposits insured or collateralized with securities held by the City or by the City's agent in the City's name. Category 2 includes deposits collateralized with securities held by the pledging institution's trust department or agent in the City's name. Category 3 includes deposits which are uncollateralized, or collateralized but the pledged securities are not held in the City's name. The carrying amounts of the applicable City deposits pursuant to the above categories defined in GASB No.3 are as follows: Categoa Carrying Market 2 3 Amount Value Certificates of Deposit ~100,000 ~102,000 ~ ~202,000 ~202,000 TOTALS ~100,OOO ~102,OOO ~ ~202,OOO ~202,OOO Credit Risk Carrying Amount, and Market Value of Investments Investments made by the City are classified as to credit risk by three categories as follows: Category 1 includes investments that are insured or registered or for which securities are held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counter party's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counter party, or by its trust department or agent but not in the City's name. The carrying amounts of the applicable City investments pursuant to the above categories defmed in GASB No.3 are as follows: 10 ) 3. 4. ) CategorY Carrying Market 2 3 Amount Value Medium-Term Notes $ 4,729,609 $ $ $ 4,729,609 $ 4,729,609 Cash with Fiscal Agent 2,543,773 2,543,773 2,543,773 Deferred Compensation $ 4,729,609 $ 2,543,773 $ 4,640,667 4,640,667 California Arbitrage Management Program 2,200,015 2,200,015 California Local Agency Investment Fund 25,449,214 25,449,214 TOTALS $ 39563,278 $39563,278 FIXED ASSETS A summary of changes in general flxed assets follows: Balance Balance July 1, 1992 Additions Deductions June 30, 1993 Land and buildings $20,319,423 $ 90,141 $ $20,409,564 Rolling equipment 3,391,987 776,333 240,024 3,928,296 Furniture and equipment 3,876,095 849,134 685,212 4,040,017 Improvements other than buildings 3,194,899 3,194,899 Investment in general fixed assets $30,782,404 $ 1,715,608 $ 925,236 $31,572,776 LONG-TERM DEBT A schedule of long-term debt at June 30, 1993 is shown in Schedule 1. A schedule of long-term obligation transactions and debt service requirements are shown in Schedule 2. The City is "obligated in some manner" (as defmed 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, 1993 is $204,249. At June 30, 1993, 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 fmance the purchase of certain property, by the Redevelopment Agency. 11 ) A schedule of long-tenn obligations transactions for the year ended June 30, 1992 and future debt service requirements is shown in Schedule 2. 5 . FUND BALANCES Fund balances consist of reserved and unreserved amounts. Reserved fund balances represent that portion of a fund balance which is not appropriable for expenditure or is legally segregated for a specific future use . The remaining portion is unreserved fund balance. Portions of unreserved fund balance may be designated to indicate tentative plans for financial resource utilization in a future period, such as for general contingencies or capital projects. Such plans or intent are subject to change, have not been legally authorized and may not result in expenditures. A detailed schedule of the fund balances at June 30, 1993 is shown in Schedule 3 . 6. 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 defmed 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 benefits 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 18.94% of payroll to the Fund for public safety personnel and 9.44% for other covered employees for the year ended June 30, 1993. The City's covered payroll for employees participating in the Fund for the year ended June 30, 1993 was $13,545,646. The City's 1993 payroll for all employees was $15,616,383. The City, due to a collective bargaining agreement, also has a legal obligation to contribute half of the employee's contribution up to a maximum of 7 % of payroll for safety employees and 5 % of payroll for all other employees. Employees have an obligation to contribute the remaining portion. Funding Status and Progress The "pension benefit obligation" is determined for each participating employer by the Fund's actuary and is a standardized disclosure measure that results from applying actuarial assumptions to estimate the present value of pension benefits, adjusted for the effects of projected salary increases and step rate benefits, to be payable in the future as a result of employee service to date . The measure is intended to help users assess the funding status of the City's portion of the Fund to which contributions are made on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits and is independent of the funding method used . The pension benefit obligation was computed as part of an actual valuation performed as of July 1, 1987 and updated as of July 1, 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. 12 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-fmanced, nonvested Total pension benefit obligation Net assets available for benefits, at cost Unfunded pension benefit obligation $ 34,887,700 7,936,700 25,616,400 1,317,500 68,758,300 68,149,500 $ 608,800 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 $3,369,493 was made in accordance with the actuarially determined requirements computed as of July 1, 1992. The City contributed $2,171,890 (18.94% of current covered payroll). The employees' contribution was $534,329 (9.44% of current covered payroll) of which the City paid $663,274. The contribution rate for normal cost is determined using the Entry Age Normal Actuarial Cost Method, a projected benefit cost method. It takes into account those benefits that are expected to be earned in the future as well as those already accrued. The Fund also uses the level percentage of payroll method to amortize the unfunded actuarial liability over a thirty-year period. Significant actuarial assumptions used in the 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. 13 ) For the City's share of the Fund, trend infonnation for the years ended June 30, 1992, 1991 and 1990 follows: 1992 1991 1990 Net assets available for benefits, at cost $68,149,500 $ 53,797,751 $ 52,557,110 Pension benefit obligation 68,758,300 62,134,700 57,141,500 Net assets available for benefits as a percentage of pension benefit obligation 99% 87% 92% Unfunded pension benefit obligation 608,800 8,336,949 4,584,390 Annual covered payroll 13,759,522 13,759,522 12,470,300 Unfunded pension benefit obligation as a percentage of annual covered payroll 4% 61% 37% Employer's contributions, made in accordance with actuarially detennined requirements, as a percentage of annual covered payroll was 16 %, 16 % and 17 % for 1992, 1991, and 1990, respectively. Post-employment Health Care Benefits In addition to providing pension benefits, the government provides certain health care benefits for retired employees and their spouses. Substantially all of the City's employees may become eligible for these benefits if they are receiving a retirement benefit from the Marin County Employees Retirement Fund within 120 days of retirement from City employment. The cost of retiree health care benefits is recognized as an expenditure as claims are paid. For 1993, those costs total $249,337. 7 . 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, pennits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until tennination, retirement, death, or unforeseeable emergency. 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. 14 8 . RISK MANAGElVIENT 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. 9 . 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 (the 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 council member, and one member of the board of supervisors. The California Joint Powers Risk Management Authority (the 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. The summary of annual fmancial information as of and for the fiscal year ended June 30, 1992 (date of most recent available audited fmancial 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. LITIGATION Task Force $ 1,648,764 126,033 1,522,731 1,206,095 701,123 504,972 Risk Management Authority $ 41,927,389 21,545,254 19,578,598 6,326,849 6,188,255 4,239,369 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 fmancial statements of the City. 15 ) 12. PRIOR PERIOD ADJUSTMENTS Capital Projects Fund The adjustment to the fund balance of $8,911 was due to an underaccrual of receivables. Debt Service Fund The adjustment to the fund balance of $267,541 was due to an underaccrual of payables. 16 NOI.LVWlIO.iNI XlIV.LN3W31ddilS ( CITY OF SAN RAFAEL LONG-TERM DEBT JUNE 30, 1993 General Obligation Bonds (a) Open space bonds Total General Obligation Bonds Tax Allocation Bonds (b) 1977 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 Mariposa Road Assessments Total Special Assessment Bonds (with governmental commitment) Other Long-term Debt Total Long-term Debt Paid Through Debt Service -Tax Allocation MATURITY 1993 1995 2017 1992 1997 1998 2006 2011 2011 2005 2005 2008 2025 Debt service payments are generally made from the following sources: (a) Property taxes recorded in the General Fund (b) Incremental property taxes recorded in the Redevelopment Agency (Capital Projects) Fund (c) Special assessment revenues recorded in the various Special Assessment (Debt Service) Funds INTEREST RATES 4.00 -5.00 5.25 -6.00 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 -8.0 10.00 -10.85 4.50 -6.90 8.00 SCHEDULE 1 17 AUTHORIZED AND ISSUED $ 2,250,000 4,660,000 18,615,000 2,067,280 75,965 217,393 357,326 4,435,920 3,365,000 6,445,000 9,171,065 233,688 · -" OUTSTANDING JUNE 30, 1993 $ 185.000 185.000 1,700,000 17,835,000 19,535,000 10,000 20,000 84,000 266,000 3,320,000 5,260,000 3,100,000 233,688 12,293,688 169,000 $ 32,182,688 Balance at June 30, 1992 Additions: Vacations and sick leave obligations (net) Outstanding claims (net) Capital lease purchases Refundings Retirements -principal repayments Balance at June 30, 1993 '- CITY OF SAN RAFAEL LONG-TERM OBLIGATION TRANSACTIONS AND DEBT SERVICE REQUIREMENTS JUNE 30, 1993 GENERAL TAX SPECIAL OTHER LIABILITY OBLIGATION ALLOCATION ASSESSMENT LONG-TERM LEASE BONDS BONDS BONDS DEBT TOTAL DEBT PURCHASES $355,000 $20,815,000 $13,144,000 $ 169,000 $ 34,483,000 $ 436,427 190,493 233,688 233,688 Lt70.000L ... __ (L~J!Q.QQQ)_ 0.084.000) . __ -. (2.534.000) (499.740) VACATION AND SICK LEAVE OUTSTANDING OBLIGATIONS CLAIMS $2,765,410 $1,853,835 (805,631) 348,390 $185.000 $19.535.000 $12.293.688 $ 169.000 $ 32.182.688 $ 127.180 $1,959.779 $2.202.225 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: 1994 1995 1996 1997 1998 Thereafter GENERAL OBLIGATION BONDS $194,250 TAX ALLOCATION BONDS SPECIAL ASSESSMENT BONDS LIABILITY LEASE PURCHASES OTHER LONG-TERM DEBT TOTAL $ 2,050,831 $ 1,566,569 $ 47,468 $ $ 3,859,118 2,071,559 1,570,165 31,813 3,673,537 2,069,436 1,566,533 24,403 3,660,372 1,448,926 1,570,652 22,560 3,042,138 1,447,659 1,565,745 20,380 3,033,784 28.523.274 14.343.910 169.000 43.036.184 Total $194.250 $37.611,685 $22.183.574 $146.624 $ 169.000 $60.305.133 SCHEDULE 2 18 Fund balances: Reserved: Encumbrances Debt service Refunds and projects Insurance claims Inventory/petty cash Accounts receivable Total Reserved Unreserved and designated for: Construction Debt service Traffic mitigation Working capital Total Unreserved and Designated Unreserved and Undesignated '-~ TOTAL FUND BALANCES GENERAL $ 77,605 1,815,099 8,586 CITY OF SAN RAFAEL FUND BALANCES JUNE 30, 1993 GOVERNMENTAL FUND TYPES SPECIAL CAPITAL REVENUE PROJECTS DEBT SERVICE '--" FIDUCIARY FUND TYPE TRUST AND AGENCY TOTAL (MEMORANDUM ONLy) $ 47,545 $ 500 $ $ $ 125,650 3,161,210 3,161,210 826,101 826,101 1,815,099 8,586 209.474 209.474 1,901,290 47,545 209,974 3.161,210 826.101 6,146,120 12,609,991 12,609,991 1,903,814 1,903,814 8,361,537 8,361,537 2,792,725 2,792,725 2,792,725 8,361,537 12,609,991 1,903,814 25,668,067 4,316,157 . 4,310,157 $4,694,015 $12,725,239 $12,819,965 $ 5,065,024 $ 826.101 $36,130,344 SCHEDULE 3 19 - ) .J - - -ASSETS - - - Cash and investments Accounts receivable Due from other funds Inventory TOTAL ASSETS CITY OF SAN RAFAEL GENERAL FUND BALANCE SHEET JUNE 30, 1993 - - -LIABILITIES AND FUND BALANCE LIABILITIES: Accounts payable Accrued salaries and benefits Total Liabilities FUND BALANCE: Reserved Unreserved: Designated Total Fund Balance TOTAL LIABILITIES AND FUND BALANCE 20 $4,872,488 581,842 266,026 5~026 $ 5,725,382 $ 515,143 516,224 1,031,367 1,901,290 2,792,725 4,694,015 $ 5,725,382 I j CITY OF SAN RAFAEL GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE FOR THE FISCAL YEAR ENDED JUNE 30,1993 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 Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES AND OTHER FINANCING USES FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR 21 $19,403,704 460,960 456,264 267,614 3,595,079 1,147,474 269,996 25,601,091 4,017,526 14,268,361 5,352,906 484,472 1,018,368 106,544 25,248,177 352,914 440,547 (510,538) (69,991) 282,923 4.411,092 $ 4,694,015 ASSETS: Cash and investments Accounts receivable TOTAL ASSETS '- RECREATION ASSESSMENT REVOLVING DISTRICT FUND FUND PARKING SERVICE FUND CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1993 GAS TAX FUND CHll.DCARE FUND EQUIPMENT SPECIAL REPLACEMENT REVENUE FUND FUND PROPERTY MISCELLANEOUS OTHER DISPOSAL SPECIAL MITIGATION FUND REVENUE FUNDS $ 4,772 $3,041 $209,994 $746,945 $14,020 $1,275,944 $936,450 $ 587,725 $ 1,134,548 $6,432,381 9, 63Jl__ ______ 157 53.694 14.402 1.275.944 1.188.242 $6.432.381 GRANT FUNDS $2,385 385 ---LIABILITIES AND FUND BALANCES --- LIABILITIES: Accounts payable Deposits and advances Total Liabilities FUND BALANCES: Reserved Unreserved: Designated Undesignated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES $12,566 $2,182 $ 3,594 $552.506 $14,020 $ 20,901 $ 28.449 40.440 $ $ 12.768 $ 2.624 12,566__ 2,182__ 3,594 . __ 552.506_14.020 20.90168...8_89 12,768 2,624 1,836 859 9,843 35,007 6,429,757 196.714 194.439 1,220.036 867,~61 587,725 1,175.474 $ 299 299 2,086 1.836 859 206.557 194.439 1.255.043 867.561 587.725 1.175.474 6.429.757 2.086 $14.402 $3.041 $210.151 $746.945 $14,020 $1.275.944 $936.450 $ 587.725 $1.188.242 $6.432.381 $2.385 (Continued) -1 22 - - -ASSETS - - - Cash and investments Accounts receivable $ '- RECREATION GRANT FUND $ PARK MITIGATION FUND CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET JUNE 30, 1993 LmRARY FUND FALKIRK GRANT FUND 2ND STREET TRAFFIC HAZARD MITIGATION ELIMINATION FUND FUND INTEGRATED ON-LINE LmRARY SYSTEM FUND FEDERAL LITERACY GRANT FUND TOTALS $ 51,595 $ 30,878 $ 1,526,185 $ $ -$ (7,368) $ 12,949,495 458.700 522.181 TOTAL ASSETS $ $ $ 51.595 $ 30.878 $ 1.984.885 $ $ -$ (7.368) $ 13.471.676 - - -LIABILITIES AND FUND BALANCES - - - LIABILITIES: Accounts payable Deposits and advances Total Liabilities FUND BALANCES: Reserved Unreserved: Designated Undesignated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES $ $ $ 418 $ 31 $ 55,191 $ $ 50 $ 398 $ 705,997 40.440 418 31 55.191 50 398 746,437 47,545 1,929,694 8,361,537 51.177 30.847 (50) (7,766)'Utli,157 51.177 30.847 1.929.694 (50) __ (7,766L ____ i2.l2~239 $ 51.595 (Concluded) - 2 23 \.... CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1993 RECREATION ASSESSMENT PARKING GAS EQUIPMENT SPECIAL PROPERTY MISCELLANEOUS OTHER REVOLVING DISTRICT SERVICE TAX CHILD CARE REPLACEMENT REVENUE DISPOSAL SPECIAL ¥ITIGATION GRANT 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 FUND FUND FUND FUND FUND FUND FUND FUND REVENUE FUNDS FUNDS $ $35,039 $ $ $ $ $ $ $ 9,673 $ $ 499,786 11,527 22,743 870 54,301 30,069 35,618 315,517 7,895 940,051 84,114 89,078 686.883 1,273.895 388.732 6.953 419.851 3,403 613 106.686 15.048 686.883 35.039 511,313 962.794 1.359.492 54.301 388.732 30.069 248.008 735.368 26.346 564,317 33,292 732,249 1,358,561 381,053 121,179 276,215 30,679 15.726 563,064 669 521.533 371.277 30.405 1,036,406 1,500 732.249 33.292 580 .043 563,064 1.359,230 521.533 381.053 492.456 306.620 1.036,406 32.179 OVER (UNDER) EXPENDITURES (45.366) 1.747 (68,730) 399,730 262 (467.232) 7.679 (462,387) (58.612) . (301,038) (5.833) OTHER FINANCING SOURCES (USES): Sale of fixed assets Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OrnER FINANCING SOURCES OVER (UNDER) EXPENDITURES 18,513 136,560 53,731 550.750 421,000 1,111,105 6,730,795 7,919 (6.591) (350,000) (301) (234.756) (13.579) 47.140 (350,000) (301) 569,263 (234,756) 421.000 1.234,086 6.730.795 7,919 AND OrnER FINANCING USES 1.774 1,747 (68.730) 49,730 (39) 102,031 (227,077) (41,387) 1,175,474 6,429,757 2,086 FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR 62 !a88) 275.287 .144.709 ____ 3~__ 1.153,012 1.094,638 629.112 1.175.474 2.086 (Continued) -1 24 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 (UNDER) EXPENDITURES OrnER FINANCING SOURCES (USES): Sale of fixed assets Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OrnER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND $ '-- CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30,1993 RECREATION PARK GRANT MmGATION FUND FUND $ $ 21,800 INTEGRATED 2ND STREET ON-LINE FEDERAL FALKIRK TRAFFIC HAZARD LmRARY LITERACY LmRARY GRANT MITIGATION ELIMINATION SYSTEM GRANT FUND FUND FUND FUND FUND FUND TOTALS $ $ $ $ $ $ 44,712 499,786 228,873 1,230 708,643 61,124 14,894 1,189,261 79,418 316,438 3,175,573 122.347 79,418 61.J2~ _____ ~'l~,llL 1.230 14.894 5,740,322 73,741 43,961 22,660 586,977 33,292 2,112,610 1,097 927,925 1.059.398 3,599.978 21.800 73.741 43.961 1.059.398 1.097 22.660 7.260.782 (21.800) 5.677 17.163 (514,087) 133 (7.766) (1.520,460) 155,073 38,022 8,913,322 (38.563) (539.633) (7.919) (7.175.520) (590) (8.367,452) (38.563) (501.611) (7.919) (7.175,520) (590) 700.943 OrnER FINANCING USES (60,363) (501,611) (2,242) 17,163 (7,689,607) (590) 133 (7,766) (819,517) FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR 60.363 501.611 53.419 13.684 9.619.301 590 (183) 13,544.756 $ $ $ 51,177 $ 30.847 $ 1.929.694 $ -$ (50) $ (7.766) $ 12.725.239 (Concluded) - 2 25 ---ASSETS --- Cash and investments Accounts receivable TOTAL ASSETS '--... - --LIABll..ITIES AND FUND BALANCES LIABll..ITIES: Accounts payable Deposits and advances Total Liabilities FUND BALANCES: Reserved Unreserved: Designated Total Fund Balances TOTAL LIABll..ITIES AND FUND BALANCES SPECIAL ASSESSMENT BOND FUND $ 241,959 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1993 OPEN SPACE FUND $ 345,270 547 FRANCISCO ASSESSMENT BOND FUND $ 6,690 $ ... ....., PARKS FUND PEACOCK GAP ASSESSMENT DISTRICT FUND $ 139,548 $ 241.959 $ 345,817 $ 6,690 $ $ 139,548 $ $ $ $ $ 241,959 345,817 6,690 139,548 241,959 345,817 6,690 139,548 $ 241.959 $ 345,817 $ 6,690 $ $ 139,548 (Continued) -1 26 , ---ASSETS --- Cash and investments Accounts receivable TOTAL ASSETS \.- ---LIABILITIES AND FUND BALANCES LIABILITIES: Accounts payable Deposits and advances Total Liabilities FUND BALANCES: Reserved Unreserved: Designated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES SUN VALLEY OPEN SPACE ASSESSMENT FUND $15,253 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1993 REDEVELOPMENT ADMINISTRATION FUND LOW AND MODERATE HOUSING FUND CIVIC CENTER NORTH GATE REFUNDING FUND , ... REDEVELOPMENT AGENCY REFUNDING FUND TOTALS $5,488,116 $ 21,649 $58,898 $6,354,927 $12,672,310 209.474 3.300 15.730 229.051 $15.253 $5.697.590 $ 24.949 $58.898 $6.370.657 $12.901,361 $ $ 11,198 $ 3.225 $ $ 16.973 $ 31,396 50.000 _____ ~OOO 61.198 3.225 16.973 81.396 209.974 209,974 15.253 5.426.418 21.724 58.898 6.353.684 12.609.991 15.253 5.636.392 21,724 58.898 6.353.684 12.819.965 $15.253 $5.697.590 $ 24.949 $58.898 $6.370.657 $12.901,361 (Concluded) -2 27 '- CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1993 REVENUES: Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Current: Other Capital outlay Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENT RESIDUAL EQUITY TRANSFER FUND BALANCES AT END OF YEAR SPECIAL ASSESSMENT BOND FUND $ $ 241,959 PEACOCK GAP OPEN FRANCISCO ASSESSMENT SPACE ASSESSMENT PARKS DISTRICT FUND BOND FUND FUND FUND 6,412 $ 352 $ 291 $ 6,700 3,502 6A1L__ 352 291 10,202 91,424 91.424 (8..i.QJ~_ 352 __ _ _ 291 10,202 (85,012) 430,829 (819) (322,597) 01.121) (819J (322,597)____ 01.121) (467) (322,306) (919) 7,157 322,306 140,467 $ 241.959 $ 345,817 $ 6,690 $ $ 139,548 (Continued) -1 28 ~. '--' ~ CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30,1993 REVENUES: Uses of money and property Intergovernmental Other revenue Total Revenues EXPENDITURES: Current: Other Capital outlay Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENT RESIDUAL EQUITY TRANSFER FUND BALANCES AT END OF YEAR SUN VALLEY OPEN SPACE ASSESSMENT FUND $ 776 776 776 REDEVELOPMENT ADMINISTRATION FUND LOW AND MODERATE HOUSING FUND CIVIC CENTER/ NORTH GATE REFUNDING FUND REDEVELOPMENT AGENCY REFUNDING FUND TOTALS $ 515,646 $ 19,800 $ 3,197 $ 274,342 $ 827,516 6,919 6,919 8.529 157.732 10.200 179.963 524.175 177.532 3.197 291.461 1.014.398 645,859 645,859 379,941 228,938 568,788 1,269,091 1.025.800 228.938 568.788 1.914.950 (501.625) (51.406) 3.197 (277 .327) (900.552) 10,678 10,678 (2.544) (12,407) (349,488) (2.544) (12,407) 10.678 (338.810) (1,768) 17,021 (501,625) 8,392,682 (1,089) (51,406) (2,180,446) (2.253.576) 2.253.576 (9,210) 68,108 (266,649) 6,610,333 10,000 (1,239,362) 14,050,416 8,911 $15.253 $ 5.636.392 $ 21.724 $ 58.898 $ 6.353.684 $ 12.819.965 (Concluded) - 2 29 -- - - -ASSETS - - - Cash and investments Cash with fiscal agent Accounts receivable Assessments receivable -deferred TOTAL ASSETS GENERAL OBLIGATION FUND $206,164 2,388 CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING BALANCE SHEET JUNE 30, 1993 KERNER ASSESSMENT 8/29 REFUNDING FUND EAST FRANCISCO BOULEVARD FUND PEACOCK FUND -' KERNER SUN VALLEY MARIPOSA FUND FUND FUND $305,973 $24 ,777 $ 810,432 $ 148,837 $ 72,335 $177,804 472,553 589,889 50,076 263 5.532 470.370 678.096 36,469 $208.552 $305.973 $30.309 $1,803,431 $1,416.822 $109.067 $177.804 -LIABILITIES AND FUND BALANCES --- LIABILITIES: Accounts payable Deferred revenue Total Liabilities FUND BALANCES: Reserved for debt service Unreserved: Designated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES $ $ $ $ $ $ $ 87,791 5.532 470.370 678.096 36,469 5 • .532 470.370 678.096 36,469 87.791 472,553 589,889 90,013 208,552 305.973 __ ___ 24.177 860,508 148.837 72.598 208,552 305,973 24,777 1,333.061 738.726 72,598 90.013 $208.552 $305,973 $30.309 $1,803,431 $1,416.822 $109.067 $177.804 (Continued) -1 30 - - -ASSETS - - - Cash and investments Cash with fiscal agent Accounts receivable Assessments receivable -deferred TOTAL ASSETS '-- - - -LIABILITIES AND FUND BALANCES LIABILITIES: Accounts payable Deferred revenue Total Liabilities FUND BALANCES: Reserved for debt service Unreserved: Designated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES CIVIC CENTER! NORTH GATE FUND CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING BALANCE SHEET JUNE 30, 1993 1915 ACT BONDS FUND REDEVELOPMENT AGENCY FUND REDEVELOPMENT AGENCY REFUNDING FUND TOTALS $ 215,806 $ (12,381) $ 10,000 $ $1,959,747 169,428 55,777 692,838 553,288 2,533,773 986 12,381 44,491 548,710 659,295 334,252 14,418 1,539,137 $ 720,472 $ 70,195 $ 747,329 $1,101,998 $6,691,952 $ $ $ $ $ 87,791 334,252 14,418 1.539,137 334,252 14,418 1,626,928 169,428 737,329 1,101,998 3,161,210 216,792 55,777 10,000 1,903,814 386,220 55,777 747,329 1,101,998 5,065,024 $ 720,472 $ 70,195 $ 747,329 $1,101,998 $6,691,952 (Concluded) - 2 31 ....... --J CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 3D, 1993 REVENUES: Taxes and special assessments Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Capital outlay Principal retirement Interest and fiscal charges Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Other transfers Bond proceeds Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES FUND BALANCES AT BEGINNING OF YEAR PRIOR PERIOD ADJUSTMENT FUND BALANCES AT END OF YEAR KERNER ASSESSMENT EAST GENERAL 8/29 FRANCISCO OBLIGATION REFUNDING BOULEVARD PEACOCK KERNER SUN VALLEY MARIPOSA FUND FUND FUND FUND FUND FUND FUND $ 92,111 $ $10,344 $ 743,646 $ 485,382 $ 27,036 $ 12,439 13,885 147,663 23,012 2,924 4,264 1,398 4.754 93,509 18.639 10.344 891,309 508.394 29.960 16.703 138,139 170,000 710,000 230,000 9,000 11,691 2.719 417.955 435.604 25.081 22,239 181,691 2.719 1,127.955 665.604 34.081 160.378 (88.182) 18.639 7.625 (236,646) (157.210) (4,121) (143,675) (88,182) 296,734 819 11,121 5,892 (5.892) (187,443) 2,543 180,630 53,058 (5.892) 819 (176.322) 5.892 2.543 233.688 12,747 8,444 (412,968) (151,318) (1,578) 90,013 293,226 16,333 1,746,029 890,044 74,176 $ 208.552 $305,973 $24,777 $ 1,333,061 $ 738,726 $ 72.598 $ 90.013 (Continued) -1 32 -- REVENUES: Taxes and special assessments Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Capital outlay Principal retirement Interest and fiscal charges Total Expenditures '-- EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Other transfers Bond proceeds Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES " CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 3D, 1993 CIVIC CENTER! NORTHGATE FUND 1915 ACT BONDS FUND REDEVELOPMENT AGENCY FUND REDEVELOPMENT AGENCY REFUNDING FUND TOTALS $ 323,606 $ 60 ,170 $588 ,029 $ 1,010,936 $ 3,353,699 10,650 24,022 1,395,972 1,622 ,392 1,398 9,660 14,414 343,916 60,170 612,051 2,406,908 4,991,903 138,139 45,000 90,000 500,000 780,000 2,534,000 254,346 8,219 101,583 1,747,804 3,027,241 299,346 98,219 601,583 2,527,804 5,699,380 44.570 (38,049) 10,468 (120,896) (707,477) 12,407 (27,223) (27,223) 180,630 85,840 (18,896) (10,678) ________ (222,909) 12,407 (46 ,119) (10,678) 16,338 FUND BALANCES AT BEGINNING OF YEAR 56,977 339,337 (84,168) 139,945 10,468 704,878 (131,574) 1,523,002 (691,139) 6,023,704 PRIOR PERIOD ADJUSTMENT (10,094) 31.983 (289,430) (267.541) FUND BALANCES AT END OF YEAR $ 386,220 $ 55,777 $747,329 $ 1.101.998 $ 5,065,024 (Concluded) - 2 33 '-- - - -ASSETS - - - Cash and investments TOTAL ASSETS - - -LIABILITIES AND FUND BALANCES LIABILITIES: Accounts payable Deferred compensation liability Total Liabilities FUND BALANCES: Reserved Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES AGENCY FUND DEFERRED COMPENSATION CITY OF SAN RAFAEL TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET JUNE 3D, 1993 EXPENDABLE TRUST FUNDS MISCELLANEOUS BUSINESS LIBRARY FIDUCIARY IMPROVEMENT FIDUCIARY FUND FUND FUND -...; DAVIDSON REQUEST FUND TOTALS $4,640,667 $ 29,007 $ 29,909 $ 10,801 $765,802 $5,476,186 $4,640,667 $ 29,007 $ 29,909 $ 10,801 $765,802 $5,476,186 $ $ $ $ $ 9,418 $ 9,418 4,640,667 4,640,667 4,640,667 9,418 4,650,085 29,007 29,909 10,801 756,384 826,101 29,007 29,909 10,801 756,384 826,101 $4,640,667 $ 29,007 $ 29,909 $ 10,801 $765,802 $5,476,186 34 ..... ,/ CITY OF SAN RAFAEL EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1993 REVENUES: Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Other Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER FINANCING USES FUND BALANCES AT BEGINNING OF YEAR FUND BALANCES AT END OF YEAR MISCELLANEOUS FIDUCIARY FUND $ 608 608 BUSINESS IMPROVEMENT FUND LmRARY FIDUCIARY FUND DAVIDSON REQUEST FUND TOTALS $ $ 19,917 $ 37,410 $ 57,935 4,000 4,000 62.009_ ____ 62.009 66.009_ _____ 19.917 37.410 123.944 1,472 34,591 19,505 109,380 164,954 1,472 34,597 19,505 109,380 164,954 (864) 31,412 412 (71,970) (41,010) 828,354 828,354 (828.354) (828.354) (828,354) 828,354 (864) 31,412 (827,942) 756,384 (41,010) 29,871 (1,503) 838.743 867,111 $ 29,007 $ 29,909 $ 10,801 $756,384 $ 826.101 35 ) CITY OF SAN RAFAEL AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE FISCAL YEAR ENDED JUNE 30, 1993 Balance June 30, 1992 Additions Deductions DEFERRED COMPENSATION ASSETS: Cash and investments TOTAL ASSETS LIABILITIES: Deferred compensation plan payable TOTAL LIABILITIES $ 3,934,958 $ 3,934,958 $ 3,934,958 $ 3,934,958 $1,648,443 L21b734 $1,648,443 $ 942,734 $1.648,443 L21b734 $1,648,443 L21b734 36 Balance June 30, 1993 $ 4,640,667 $ 4,640,667 $ 4,640,667 $ 4,640,667 '-- NET ASSETS CITY OF SAN RAFAEL MARIN COUNTY EMPLOYEES' RETIREMENT SYSTEM REQUIRED SUPPLEMENTARY INFORMATION ANALYSIS OF FUNDING PROGRESS UNFUNDED ESTIMATED FISCAL AVAILABLE PENSION BENEFIT PENSION BENEFIT ANNUAL COVERED YEAR FOR BENEFITS OBLIGATIONS PERCENT AGE FUNDED 1987 $34,270,472 $44,443,000 77% 1988 38,223,191 47,800,000 80 1989 42,787,972 57,900,000 82 1990 52,557,110 57,141,500 92 1991 53,797,751 62,134,700 87 1992 68,149,500 68,758,300 99 Source : MCERS Note: All available information is present and each preceding fiscal year information will be added until ten years of trend information is reached. 37 OBLIGATION PAYROLL $10,172,528 $10,680,121 9,576,809 11,180,372 9,112,028 12,229,560 4,584,390 12,470,300 8,336,949 13,759,522 608,800 13,619,000 ...; UNFUNDED PENSION BENEFIT OBLIGATION AS A PERCENTAGE OF COVERED PAYROLL 95% 86 75 37 61 4