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1994-1995 Annual Audit Report• t CITY OF AGENDA ITEM No: 3 SAN RAFAEL MEETING DATE: 12-18-95 REPORT TO MAYOR AND CITY COUNCIL SUBJECT: 1994/95 Audit Report SUBMITTED BY: ~~J~,,-Approved by: ~ Jt..~ Ransom Coleman, Finance Director Suzy Go ,Acting City Manager Date: 12-12-95 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, 1995 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 fifth year that C.G. Uhlenberg & Company has audited our records and we are very satisfied with their work. However since this is the fifth year, we will go out to bid for the 1995/96 audit. It has been our policy to go out to bid after five years. If you have any questions concerning the audit, a representative from C.G. Uhlenberg & Company will be present at the meeting. File No. -.-.-......... 8..:~:::L . __ . _________ ....... __ _ COUlicil Mcel'il1g .--.---.l ;?j!..~f'3..s:.. ....... _ i)' .~. ~e! ;::/eL Aft~ ~ ___ ' ISDOSltlOn •••••• :..:: ••• _~~___ -:-.":7'~'. * * * ~661 '0£ tINflf S.IN3:WH.I V.IS 'IVI;)NVNId '!:frY ilVlI NYS ilO llI:J f CITY OF SAN RAFAEL FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 1995 T ABLE OF CONTENTS PAGE NO. INDEPENDENT AUDITOR'S REPORT...................................................................... 1 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 -19 SUPPLEMENTARY INFORMATION: Schedule 1 -Long-Term Debt....... .... ........... ........................ ....... ......................... .... 20 Schedule 2 -Long-Term Obligation Transactions and Debt Service Requirements ............ ......... ....... ....... ............................................. 21 Schedule 3 -Fund Balances................. .................................................................... 22 Special Revenue Funds: Combining Balance Sheet................ ................................................................... 23 -24 Combining Statement of Revenues, Expenditures and Changes in Fund Balances............................................................................ 25 -26 Debt Service Funds: Combining Balance Sheet............... ................. ................................................... 27 -28 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .... ........... ................................ ...... ....................... 29 -30 Capital Projects Funds: Combining Balance Sheet.. ......... .................... ............. ....... .................... ............ 31 -32 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .......... ..... ........ ... ...... .... ...... ....................... ..... 33 -34 Trust and Agency Funds : Combining Balance Sheet................................................................................... 35 Combining Statement of Revenues, Expenditures and Changes in Fund Balances -Expendable Trust Funds ................................... 36 Statement of Changes in Assets and Liabilities -Agency Fund.................... ....... 37 Public Employees Retirement System Analysis of Funding Progress ....................... 38 % c. G. UHLENBERG & co. CERTIFIED PUBLIC ACCOUNTANTS ROBERT E. BARSANTI, C.P.A. PEGGY H. CHEN . C .P.A . JEFFREY J , IRA. C ,P.A . INDEPENDENT AUDITOR'S REPORT Honorable Mayor and Members of the City Council of the City of San Rafael San Rafael, California We have audited the accompanying general purpose financial statements of the City of San Rafael, California (the City), as of and for the fiscal year ended June 30, 1995, as listed in the foregoing table of contents. These general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these general purpose financial 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 general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose 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 . In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of San Rafael, California, at June 30, 1995, 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 listed in the foregoing 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. (!,.d~ Itr. September 11, 1995 Redwood City, California 647 Veterans Boulevard, Redwood City, CA 94063 T'l1 I I. 't ~ \ ..., /' c ..,..,., ") I r. __ . (I. 1 C, '21': r::. 0'2 n I. ASSETS AND OTHER DEBITS Cash and investments Cash with fiscal agent Accounts receivable Deferred assessments receivable Loans receivable Due from other funds Inventory Prepaid items Fixed assets Amount available in debt service funds 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 and accrued salaries Due to other funds Deferred compensation plan Deposits and advances Deferred revenue Outstanding claims Capital leases Long-term debt Total Liabilities FUND EQUITY: Investment in fixed assets Fund balances: Reserved Unreserved: Designated Undesignated Total Fund Balances Total Fund Equity TOTAL LIABILITIES AND FUND EQUITY CITY OF SAN RAFAEL COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS FOR TIffi FISCAL YEAR ENDED JUNE 30, 1995 GOVERNMENTAL FUND TYPES SPECIAL -DEBT -CAPITA.L GENERAL REVENUE SERVICE PROJECTS FUND FUNDS FUNDS FUNDS 56,290,639 512,425,065 51,009,443 512,872,308 2,150,286 1,230,621 754,183 161,856 1,563,353 200,000 280,268 40,000 5,026 47,306 550,183 FIDUCIARY FUND TYPES I'ROSI'AND AGENCY FUNDS 56,595,015 ACCOUNT GROUPS GENERAL -_. GENERAL FIXED ASSETS LONG-TERM DEBT ACCOUNT GROUP ACCOUNT GROUP 5 5 32,898,261 3,709,912 TOTALS (MEMORANDUM ONLY) 5 39,192,470 2,150,286 2,146,660 1,563,353 480,268 40,000 5,026 597,489 32,898,261 3,709,912 23,116,395 23,116,395 2.084.467. 2.084.467 57.613.592 513.379.248 55.273.265 513.314.432 56.595.015 532.898.261 528.910.774 5107.984.587 5 754,014 5 408,023 5 40,000 101,251 1,563,353 11,876 5 121,029 5 6,145,902 5 5 2,084,467 5 3,367,533 40,000 6,145,902 101,251 1,563,353 11,876 61,307 61,307 26.765.000 26.765.000 765.890 549.274 1,563.353 121,029 6,145.902 28.910.774 38.056.222 2,633,855 4,213,847 32.898.261 . _ 32.89.B.261 3,854,590 3,709,912 12,156,848 449,113 22,804,318 3,831,370 1,036,555 9,081,772 5.144.014 5.144.014 6.847.702 12.829.974 3.709.912 13.193,403 449.113 37.030.104 6.847.702 12.829.974 3.709.912 13.193.403 449.113 32.898,261 69.928.365 57.613.592 513.379.248 55.273.265 513.314,432 56.595.015 532.898.261 528.910.774 5107.984.587 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 ACCOUNT GROUPS REVENUES: Taxes and special assessments Licenses and pennits 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 (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): 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 -JULY I, 1994 PRIOR PERIOD ADJUSlMENTS FUND BALANCES -JUNE 30, 1995 GENERAL FUND FOR THE FISCAL YEAR ENDED JUNE 30, 1995 GOVERNMENTAL FUND TYPES SPECIAL REVENUE DEBT SERVICE FUNDS FUNDS CAPITAL PROJECTS FUNDS FIDUCIARY FUND TYPES TRUST AND AGENCY FUNDS TOTALS (MEMORANDUM ONLY) $20,601,279 $ 41,013 $3,208,864 $ 652,171 $ $24,503,327 419,424 499,810 919,234 370,599 370,599 478,987 634,574 128,424 653,736 22,397 1,918,118 3,533,792 1,727,190 524 5,261,506 1,543,108 3,051,802 4,594,910 213,283 1.076,379 220,110 64,720 1.574,492 27.160,472 7,030,768 3,337,288 1,526,541 87,117 39.142,186 4,236,474 837,711 81,951 5,156,136 15,615,151 32,979 15,648,130 5,751,898 23,135 5,775,033 525,823 2,558,810 3,084,633 925,270 1,632,115 546,087 56,771 3,160,243 1,665,058 1,717,939 3,382,997 2,276,688 2,276,688 1.942,959 1,942,959 27,054,616 6,749,808 4,219,647 2,264,026 138,722 40,426,819 105,856 280,960 (882,359) (737,485) (51,605) (1,284,633) 477,174 479,721 227,722 309,500 1,494,117 (409,433) (847,462) (208,557) (28,665) (1,494,117) 67,741 (367,741) 19,165 (280,835) 173,597 5,986,505 (86,781) 12,934,247 (863,194) 4,532,205 (456,650) 13,650,053 (51,605) 500,718 ( 1,284,633) 37,603,728 687,600 (17,492) 40,901 711,009 $ 6,847,702 $12,829,974 $3,709,912 $ 13,193,403 $449.113 $37,030,104 See notes to general purpose financial statements. 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 REVENUES: Taxes and special assessments Licenses and pennits Fines and forfeitures Uses of money and property Intergovernmental Charges for current services Other Total Revenues EXPENDITIJRES: Current: General government Public safety Public works and parks Recreation Other Capital Outlay Debt Service : Principal retirement Interest and fisea1 charges Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTHER FINANCING SOURCES (USES): Bond proceeds Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITIJRES AND OTHER FINANCING USES FUND BALANCES -JULY I, 1994 PRIOR PERIOD ADJUSTMENTS ADJUSTMENTS TO BUDGETARY BASIS FUND BALANCES -JUNE 30, 1995 FOR THE FISCAL YEAR ENDED JUNE 30, 1995 , GENERAL FUND SPECIAL REVENUE FUNDS DEBT SERVICE FUNDS ACTUAL V ARlANCE ACTIJAL V ARlANCE ACTIJAL VARIANCE (BUDGET FAVORABLE (BUDGET FAVORABLE (BUDGET FAVORABLE BUDGET BASIS) (UNFAVORABLE) BUDGET BASIS) (UNFAVORABLE) BUDGET BASIS) (UNFAVORABLE) $ 19,710,000 $ 19,895,353 $ 185,353 S S 41,013 $ 41,013 $ $3,208,864 $ 3,208,864 475,000 419,424 (55,576) 510,000 496,973 (13,027) 475,000 341,465 (133,535) 255,000 251,116 (3,884) 43,450 681,954 638,504 128,424 128,424 3,220,000 3,779,803 559,803 1,043,500 1,667,989 624,489 1,254,000 1,477,538 223,538 2,313,438 3,050,025 736,587 200,000 195,613 (4,387) 1,091,182 1,091,182 25,589,000 26,360,312 771.312 3,910,388 7,029,136 3,118,748 3,337,288 3,337,288 4,341,887 15,670,861 5,767,767 527,241 944,370 4,235,672 15,612,184 5,750,805 525,725 925,090 106,215 58,677 16,962 1,516 19,280 1,584,936 38,310 2,559,252 4,230,742 5,293,593 1,149,413 33,466 26,554 2,563,453 1,406,405 1,668,074 435,523 4,844 (26,554) (4,201) 2,824,337 3,625,519 920,000 2,276,688 (1,356,688) 1,159,000 1,943,20L. (784,~01) 27,252,126 27,049.476 202,650 13,706,833 6,847,365 6,859.468 2,079,000 4,219,889 (2,140,889) (1,663,126) (689,164) 973,962 (9,796,445) 181,771 9,978,216 (2,079,000) (882,601) 1,196,399 $ (1,663,126) 477,174 477,174 779,721 779,721 227,722 227,722 (409,433) (409,433) (847,462) _ _. (847,462) (208,557). (208,557) 67~741._ .67,741 (67,741L_ (67,741) 19,165 19,165 (621,423) 5,986,505 687,600 795,020 $ 6,847,702 $ 1.041,703 $ (9,796,445) 114,030 13,874,283 (17,492) (165,513) S 13,805,308 See notes to general purpose financial statements. 4 $ 9,910,475 $ (2,079,000) (863,436) 4,532,205 40,901 242 $3,709,912 $ 1,215,564 - S1.N:lIW'JI1. V1.S 'IVI3NVNI.iI 'JISOdlllld 'IVlI'JIN'JI~ 01. S'JI1.0N CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 1. SUl\1MARY 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. 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 The 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. 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 . Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. 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 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATE:MENTS JUNE 30, 1995 Account Groups The General Fixed Assets Account Group is used to account for fixed assets 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. The General Long-Term Debt Account Group is used to account for general long-term debt and certain other liabilities expected to be financed from governmental funds, 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 are 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. 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. 6 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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 (Deficiency) of revenues and other fmancing sources over (under) expenditures and other financing uses (budget basis) Adjustments arising from differences between cash basis and modified accrual basis Excess (Deficiency) of revenues and other fmancing sources over (under) expenditures and other fmancing uses (GAAP basis) General Special Revenue Debt Service $ (621,425) $ 114,030 $ (863,436) 795 .. 020 (165,513) 242 $ 173,595 $ (51,483) $ (863,194) 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. 7 I CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Inventory of Supplies -Inventory is valued at average cost which approximates cost as determined on a first-in-first-out basis. Inventory in the General Fund consists of expendable supplies held for consumption by all departments of the City. The cost is recorded as an expenditure or expense in the appropriate fund at the time individual inventory items are withdrawn for use (consumption method). The General Fund inventory amount is equally offset by a fund balance reserve which indicates that it does not constitute "available spendable resources ." Fixed assets are stated at historical cost or estimated historical cost when actual cost is not available. 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, 1995, is recorded in the general long-term debt 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% 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 Delinquency as of March 1 July 1 Secured 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 when received, in the fiscal year of levy, because of the adoption of the "alternate method of property tax distribution," known as 8 ) CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 the Teeter Plan, by the City and the County of Marin. The Teeter Plan authorizes the auditor-controller of the County of Marin to allocate 100% of the secured property taxes billed, but not yet paid. The County of Marin remits tax monies to the City in three installments, as follows: 50% remitted on December 15 45% remitted on April 15 5% remitted on June 15 "Totals (Memorandum Only)" Information -Columns on the accompanying combined financial statements captioned "Totals (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, 1995 . 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 Guidelines 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. 9 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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, 1995, consisted of the following: Cash Market Value Cash: Demand accounts at banks Petty cash Investments: Bankers Acceptances Medium-Term Notes U. S. Agency Securities 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 $ (540,038) 6,700 2,953,702 3,452,810 20,780,104 2,150,286 6,145,902 5,891,114 502,176 $41.342,756 The disposition of these monies by funds was as follows: Funds: General Special Revenue Debt Service Capital Projects Fiduciary TOTAL $ 6,290,639 12,425,065 3,159,729 12,872,308 6.595,015 $ 41.342,756 Credit Risk Carrying Amount and Market Value ofInvestments $ (540,038) 6,700 2,953,702 3,461,635 20,974,025 2,150,286 6,145,902 5,891,114 502,176 $ 41.545.502 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. 10 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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 Governmental Accounting Standards Board (GASB) Statement No. 3 are as follows: Bankers Acceptances Medium-Tenn Notes U. S. Agency Securities Cash with Fiscal Agent Total Cash Deferred Compensation California Local Agency Investment Fund California Arbitrage ManagementPrograrn TOTALS 1 $ 2,953,702 $ 3,452,810 20,780,104 CategQ!y 2 2.150.286 $ 27.186.616 $ 2,150.286 3. ACCOUNTS RECEIVABLE Carrying 3 Amount $ -$ 2,953,702 3,452,810 20,780,104 2.150.286 $ -29,336,902 (533,338) 6,145,902 5,891,114 502.176 $ 41.342.756 Accounts receivable at June 30, 1995, consisted of the following: Property taxes Accrued interest Charges for services Intergovernmental Other receivables TOTAL General Fund $ 778,584 294,717 66,570 44,945 45,805 $1,230,621 Special Revenue Funds $ 1,821 675,724 76,639 $ 754,184 11 Capital Project Funds $ 139,731 22,125 $161,856 Market Value $ 2,953,702 3,461,635 20,974,025 2.150.286 29,539,648 (533,338) 6,145,902 5,891,114 502.176 $ 41.545.502 Totals $ 778,584 434,448 68,391 720,669 144,569 $2,146,661 J CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 4 . FIXED ASSETS 5. A summary of changes in general fixed assets follows: Balance at JulY...L 1994 Additions Land and buildings $20,409,564 $ 52,329 Rolling equipment 4,157,713 567,459 Furniture and equipment 4,266,326 488,825 Improvements other than buildings ~194.899 91.833 Investment in general fixed assets $32,028.502 $1.200.446 LONG-TERM DEBT Deletions $ 57,457 221,774 51,456 $330~687 Balance at June 30~ 1995 $20,404,436 4,503,398 4,703,695 3,286.732 $32.898.261 The City records long-term debt of governmental funds in the general long-term debt account group. Other governmental fund obligations not expected to be financed with current available financial resources are also recorded in the general long-term debt account group. A schedule of long-term debt at June 30, 1995, 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 defined by GASB Statement No.6) for special assessment debt (1) because the City must cover delinquencies of special assessment bonds with other resources until foreclosure proceeds are received or (2) because the City 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, 1995, is $114,793. At June 30, 1995, 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. 12 6. 7. CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 DUE FROMIDUE TO OTHER FUNDS A summary of due from/due to other funds follows: Fund Due From Due To General Fund $40,000 $ Special Revenue Funds: Miscellaneous Special Revenue Fund --±Q.,OOO Total $40,000 $40,000 CAPITAL LEASES The City leases various equipment through capital leasing arrangements in the governmental funds. The assets and obligations for agreements of the governmental funds are recorded in the general fixed asset account group and the general long-term debt account group, respectively. The equipment acquired through capital leases totaled $108,061 at June 30, 1995. The future minimum lease obligations as of June 30, 1995, were as follows: Year Ending June 30, 1996 1997 1998 Total Minimum lease payments Less: Amount representing interest Present value of minimum lease payments $25,501 22,793 20,380 68,674 7,367 $61,307 8. 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. 13 ) CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 A detailed schedule of the fund balances at June 30, 1995, is shown in Schedule 3. 9. EMPLOYEES' RETIREMENT PLAN Plan Description All permanent employees are eligible to partlclpate 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 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, 1995. The City's covered payroll for employees participating in the Fund for the year ended June 30, 1995, was $14,280,891. The City's 1995 payroll for all employees was $18,318,141. The City, due to a collective bargaining agreement, also has a legal obligation to contribute half of the employees' 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, 1994. The significant actuarial assumptions used in the 1994 actuarial valuation to compute the pension benefit obligation were an assumed rate of return on investment assets of 8%, and annual payroll increases of 4.5% per year before five years of service, and 2% per year thereafter for miscellaneous employees under age 40 or 0.5% per year thereafter for safety employees. 14 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 Total unfunded pension benefit obligation applicable to the City's employee groups at July 1, 1994, 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 Unfunded pension benefit obligation $42,339,000 9,089,000 24,902,000 15,628,000 91,958,000 78,189,294 $13,768,706 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, 1994, of $3,334,588 was made in accordance with the actuarially determined requirements computed as of July 1, 1994. The City contributed $2,775,773 (19.44% of current covered payroll). The employees' contribution ~as $558,815 (3.91 % of current covered payroll). 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. It is assumed that payroll increases at an annual inflation rate graded from 3% to an ultimate rate of 5% over 5 years over the amortization period. As of July 1, 1994, 12 years are left in the amortization period. Significant actuarial assumptions used in the 1994 valuation to compute the actuarially determined contribution requirement are the same as those used to compute the pension benefit obligation as described above. 15 ) CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30,1995 Three-Year Historical Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Eight-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, 1994, 1993 and 1992 follows: 1993 1992 1991 Net assets available for benefits, at cost $ 78,189,294 $67,709,149 $ 59,981,950 Pension benefit obligation 91,958,000 74,282,100 68,758,300 Net assets available for benefits as a percentage of pension benefit obligation 85% 91% 87% Unfunded pension benefit obligation 13,768,706 6,572,951 8,776,350 Estimated annual covered payroll 13,945,000 13,230,660 13,759,522 Unfunded pension benefit obligation as a percentage of annual covered payroll 99% 50% 64% Employer's contributions, made in accordance with actuarially determined requirements, as a percentage of annual covered payroll was 19%, 19% and 20% for 1994, 1993 and 1992, 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 1995, those costs total $271,036. 10. DEFERRED COMPENSATION PLAN The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. 16 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 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. The City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the fu~re. 11 . 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 $250,000 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 $1,221,885 for the payment of insurance claims based on the requirements of GASB 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. 17 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 A reconciliation of changes in the aggregate liabilities for claims for the fiscal year ended June 30, 1994 and 1995 is as follows: Unpaid claims and claim adjustments at June 30, 1994 Incurred claims and claim adjustment expenses: Provisions for insured events of the current year Increase in provision for insured events of prior years Payments: Total incurred claims and claim adjustments expenses Claims and claim adjustment expenses attributable to insured events of the current year Claims and claim adjustment expenses attributable to insured events of the prior year Total payments Total unpaid claims and claim adjustments expenses at June 30, 1995 12. JOINT POWER AUTHORITIES $1,593,490 488,645 23,628 512,273 (421,948) (461,930) (883,878) $1,221,885 The City partlclpates in two joint power authorities 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 City paid l8 CITY OF SAN RAFAEL NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS JUNE 30, 1995 $161,797 in premiums to the Risk Management Authority during the fiscal year ended June 30, 1995. 13. LITIGA nON 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. 14. CHANGE IN ACCOUNTING PRINCIPLE During the fiscal year ended June 30, 1995, the City changed its accounting practice to conform with the provisions of GASB Statement No. 22, which requires the accrual of certain revenues, including sales taxes, if the revenues were both measurable and available. The City adopted the policy to accrue one month's sales tax revenues which was measurable and available prior to the issuance of the City's financial statements. As a result of this change in accounting principle, the City's excess of revenues over expenditures in its General Fund was reduced by $7,200. 15. PRIOR PERIOD ADmSTMENTS General Fund The adjustment to the fund balance of $687,600 was due to the change in accounting principle to accrue sales tax revenues. The first collection of sales tax revenues in the fiscal year ended June 30, 1995, was restated as prior year's revenues. Special Revenue Funds The adjustment to the fund balance of $17,492 was due to an over accrual of accounts receivable in the prior year. Debt Service Funds The adjustment to the fund balance of $40,901 was due to an over accrual of prepaid interest expenses in the prior year. 19 (aal.l<Ul VNil) NOll. VWlIO.[NI XlIVl.Nawa'1ddilS CITY OF SAN RAFAEL LONG-TERM DEBT JUNE 30, 1995 MATURl1Y Tax Allocation Bonds (a): 1977 Series 1992 Series Total Tax Allocation Bonds Special Assessment Bonds (with governmental commitment) (b): East San Rafael Drainage No . 1 Lucas Valley Sun Valley Northgate/Civic Center -Refunding Kerner Boulevard Refunding Peacock Gap Refunding Mariposa Road Assessments Total Special Assessment Bonds (with governmental commitment) Other Long-tenn Debt Total Long-tern1 Debt 1995 2017 1992 1998 2006 2011 2005 2005 2008 2025 Debt service payments are generally made from the following sources: (a) Incremental property taxes recorded in the Redevelopment Agency (Capital Projects) Fund (b) Special assessment revenues recorded in the various Special Assessment (Debt Service) Funds SCHEDULE 1 20 INTEREST RATES 5 .25 -6.00 3.25 -6.45 6.00 5.50 - 5 .75 5.50 -8.50 5.25 -7.60 5.75 -8.0 4.00 -4.75 4.50 -6.90 8.00 AUlliORIZED AND ISSUED 4,660,000 18,615,000 2,067,280 217,393 357,326 3,365,000 6,445,000 2,405,000 233,688 OUTSTANDING JUNE 30. 1995 $ 600,000 17.140.000 17.740.000 10,000 59,000 217,000 3,050,000 3,200,000 2,115,000 205.000 8.856.000 169.000 $26.765.000 CITY OF SAN RAFAEL LONG-TERM OBLIGATION TRANSACTIONS AND DEBT SERVICE REQUIREMENTS JUNE 30, 1995 Balance at June 30, 1994 Additions: Vacation and sick leave obligations (net) Retirements: Principal repayments Balance at June 30, 1995 TAX ALLOCATION BONDS $18,660,000 SPECIAL ASSESSMENT BONDS $10,212,688 01HER LONG-TERM DEBT TOTAL DEBT $169,000 $29,041 ,688 LIABIU1Y LEASE PURCHASES $86,491 920,QOOL356,688 2,276,688 25,184 VACATION AND SICK LEAVE OBUGA TIONS $1,686,184 398,283 $17,740,000 $ 8,856,000 $169,000 $26,765.000 $61.307 $2,084.467 Debt service requirements, including interest, follows: Year Ending JW1e 30: 1996 1997 1998 1999 2000 Thereafter Total TAX ALLOCATION BONDS SPECIAL ASSESSMENT BONDS OTIIER LONG-TERM DEBT LIABIU1Y LEASE PURCHASES TOTAL $ 2,045,366 $ 1,595,803 $ $25,501 $ 3,666,670 1,425,356 1,594,243 22,793 3,042,392 1,424,614 1,588,790 20,380 3,033,784 1,427,057 1,591,980 3,019,037 1,422,407 1,566,014 2,988,421 25,389,723 8.050.786 169.000 33,609,509 $33,134,523 $15,987,616 $169.000 $ 68.674 $49,359,813 SCHEDULE 2 21 Fund balances: Reserved: Encumbrances Debt service Refunds and projects Redevelopment Insurance claims Inventory/petty cash/prepaids Receivables Total Reserved Unreserved and designated for: Construction Traffic mitigation Working capital Total Unreserved and Designated Unreserved and Undesignated TOTAL FUND BALANCES GENERAL CITY OF SAN RAFAEL FUND BALANCES JUNE 30, 1995 GOVERNMENTAL FUND TYPES SPECIAL DEBT REVENUE SERVICE CAPITAL PROJECTS FIDUCIARY FUND TYPES TRUST AND AGENCY TOTALS $ 85,317 $ 71,631 $ $ 706 $ $ 157,654 3,697,932 3,697,932 3,764,109 11,980 449,113 4,225,202 10,738,654 10,738,654 1,221,885 1,221,885 56,032 56,032 1.270,621 994,184 442,124 2,706,929 2,633,855 4,829,924 3,709,912 11,181,484 449,113 22,804,288 200,693 1,036,585 1,237,278 3,630,677 3,630,677 4,213,847 4.213,847 4,213,847 3,831,370 1.036,585 9,081.802 5.144,014 ~ ___ ___ -__ __ 5,144,014 $6,847,702 $13,805,308 $3,709,912 $12,218,069 $ 449,113 $37,030,104 SCHEDULE 3 22 ASSETS Cash and investments Accounts receivable Loans receivable RECREATION REVOLVING FUND $(57,550) 1,820 CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMB~GBALANCESHEET JUNE 30, 1995 ASSESSMENT DISTRICT FUND $3,713 PARKING SERVICES FUND $263,229 15,588 GAS TAX FUND $681,618 CHILDCARE FUND S 99,406 10,971 EQUIPMENT REPLACEMENT FUND S 1,602,732 SPECIAL REVENUE FUND S 1,014,116 MISCELLANEOUS SPECIAL REVENUE FUNDS $693,003 285,064 TOTAL ASSETS $(55,730) $3,713 $278,817 $681,618 $ 110,377 $1,602,732 $1,014,116 $ 978,067 LIABILITIES AND FUND BALANCES LIABILITIES: Accounts payable and accrued salaries $ 8,776 Due to other funds Deposits and advances $3,713 $ 3,984 $ 11,870 $ 13,458 $ 2,899 $ 1,214 $ 2,289 101,251 Total Liabilities 8,776 3,713 3,984 11,870 13,458 2,899 102,465 2,289 FUND BALANCES: Reserved Unreserved: Designated Undesignated Total Fund Balances TOTAL LIABILITIES (64,506) 274,833 26,085 96,919 1,599,833 911,651 327,670 200,693 643,663 _ .. _ 447,415 (64,506) 274,833 669,748 96,919 1,599,833 911,651 975,778 AND FUND BALANCES $(55,730) $3,713 $278,817 $681,618 $110,377 $1,602,732 $1,014,116 $978,067 (Continued) - 1 23 ASSETS Cash and investments Accounts receivable Loans receivable TOTAL ASSETS LIABILITIES AND FUND BALANCES LIABILITIES: OTHER MITIGATION FUNDS $8,038,900 358,700 GRANT FUNDS $51,707 26,237 CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMB~GBALANCESHEET JUNE 30, 1995 LIBRARY FUND $33,104 HOUSEHOLD AZMAT FACILITY FUND $(52,330) 52,330 FALKIRK GRANT FUND $ 26,526 TRAFFIC MITIGATION FUND INTEGRATED ON·LINE LmRARY SYSTEM FUND FEDERAL LITERACY GRANT FUND TOTALS $ 29,869 $495 $(3,473) $ 12,425,065 3,473 754,183 200,000 200,000 $8,397,600 $77,944 $33,\04 $ $ 26,526 $229,869 $495 $. $ 13,379,248 Accounts payable and accrued salaries $ 353,895 $ 5,925 $ $ $ $ $ • $ • $ 408,023 40,000 101.251 Due to other funds Deposits and advances Total Liabilities FUND BALANCES : Reserved Unreserved: Designated Undesignated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES 40,000 353,895 5,925 40,000 549,274 360,587 72,019 33,104 (13,473) 229,868 3,854,590 3,630,677 3,831,370 4,052,441 495 5,144,014 8,043,705 72,019 33,104 (13,473) 229,868 495 12,829,974 $8,397,600 $77,944 533,104 $ 5 26,527 5229,868 $495 S 513,379,248 (Concluded) - 2 24 CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES: Taxes and special assessments Licenses and permits Uses of money and property Intergovernmental Charges for current services Other RECREATION REVOLVING FUND $ 769,920 238 ASSESSMENT DISTRICT FUND $26,474 PARKING GAS SERVICES TAX FUND FUND $ $ 499,810 13,921 34,600 988,367 28 37.936 MISCELLANEOUS EQUIPMENT SPECIAL SPECIAL CHILDCARE REPLACEMENT REVENUE REVENUE FUND FUND FUND FUNDS $ $ $ $ 14,539 4,916 77,285 35,076 37,609 86,088 204,390 1,719,056 154,356 37,152 655,214 322.908 Total Revenues 770.158 26,474 513,759 1,060,903 1,810,060 732,499 189,432 616,598 EXPENDITURES: Current: General government Public safety Public works and parks Recreation Other 837,781 559,659 23,135 1,721,029 15,157 21,498 145,475 342,544 Capital Outlay 6,381 662.480 13.838 678,655 212,185 Total Expenditures 844.162 23.135 559.659 662,480 1,734,867 678.655 145,475 591.384 EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES (74.004) 3,339 (45,900) 398,423 75.193 53.844 43,957 25,214 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 (74,004) FUND BALANCES-JULY 1, 1994 9,498 3,339 (3,339) (45,900) 320,733 121,021 (350,000) (2, 174) (96~588) (350,000) (2,174) 24,433 48,423 621,325 73,019 23,900 53,844 1,545,989 43,957 867,694 49,647 943,623 PRIOR PERIOD ADJUSTMENTS 07,492) FUND BALANCES -JUNE 30, 1995 $ (64,506) $ $274,833 $ 669,748 $ 96,919 $1,599,833 $ 911,651 $ 975,778 (Continued) - 1 25 CITY OF SAN RAFAEL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES: Taxes and special assessments Licenses and pennits 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 OTIiER FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTIiER FINANCING SOURCES OVER (UNDER) EXPENDITURES OTHER MITIGATION FUNDS GRANT FUNDS LmRARY FUND HOUSEHOLD AZMAT FACILITY FUND FALKIRK GRANT FUND mAFFIC MITIGATION FUND INTEGRATED ON-LINE LmRARY SYSTEM FUND FEDERAL LITERACY GRANT FUND TOTALS $ $ $ $ $ $ $ -$ - $ 41,013 499,810 402,955 20,611 7,601 634,574 285,974 52,329 106,569 3,473 1,727,190 342,073 29,245 3,051,802 52,430 7,625 1.076,379 797,458 314,210 29,245 52,329 106,569 7,601 3,473 7,030,768 262,888 7 837,711 11,481 32,979 23,135 2,558,810 942,644 47,793 153,659 1,632,115 35,152 73 52,329 3,965 1,665,058 977,796 274,442 47,793 52,329 153,659 3,965 7 6,749,808 (180,338) 39,768 (18,548) (47,090) 3,636 3,466 280,960 358,700 479,721 (40,000) ... (358,700J __ ~ (8{7,462) 358,700 (40,000) (358,700) (367,741) AND OTIiER FINANCING USES 178,362 39,768 32,251 (18,548) 51,652 (87,090) 73,617 (355,064) 584,932 3,466 (3,466) (86,781) 12,934,247 (17,492) FUND BALANCES -JULY 1, 1994 7,865,343 495 PRIOR PERIOD ADJUSTMENTS FUND BALANCES -JUNE 30, 1995 $8,043,705 $ 72,019 $ 33,104 $ $ (13,473) $ 229,868 $495 $ - $ 12,829,974 (Concluded) - 2 26 - ASSETS Cash and investments Cash with fiscal agent Deferred assessments receivable Prepaid items TOTAL ASSETS LIABILITIES AND FUND EQUIlY LIABILITIES : Deferred revenue Total Liabilities FUND BALANCE: Fund Balances: Reserved Unreserved: Designated Undesignated Total Fund Balances TOTAL LIABILITIES AND FUNDEQUIlY CITY OF SAN RAFAEL DEBT SERVICE FUNDS COME~GBALANCESHEET JUNE 30, 1995 KERNER ASSESSMENT REFUNDING FUND $196,778 EAST FRANCISCO BOULEVARD FUND $11,980 4,665 PEACOCK GAP FUND $ - KERNER FUND $ 55,210 637,866 678,296 SUN VALLEY MARIPOSA FUND FUND $51,506 $36,953 34,220 23,037 $196,778 $16,645 $ -$1.371.372 $ 85,726 $59,990 $ $ 4,665 $------=-~~L678,296__ _ $_34,220 $ 23,037 4,665 678,296 34,220 23,037 196,778 11,980 693,076 51,506 36,953 196,778 11,980 693,076 51.506 36,953 $196,778 $16,645 $ -$1.371.372 $ 85,726 $59,990 (Continued) -1 27 ... ASSETS Cash and investments Cash with fiscal agent Deferred assessments receivable Prepaid items TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES: Deferred revenue Total Liabilities FUND BALANCE: Fund Balances: Reserved Unreserved: Designated Undesignated Total Fund Balances TOTAL LIABILITIES AND FUND EQUITY CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBnITNGBALANCESHEET JUNE 30, 1995 PEACOCK GAP REFUNDING FUND $429,717 470,056 CIVICCENTERI NORTIlGATE FUND $227,299 170,659 337,355 1915 ACT BONDS FUND $ 81,056 15,724 REDEVELOPMENT AGENCY FUND $ 725,990 REDEVELOPMENT AGENCY REFUNDING FUND $ 534,715 TOTALS $1,009,443 2,150,286 1,563,353 15.750 534.433 550.183 $899.773 $735.313 $96.780 $741.740 $1,069.148 $5.273.265 $470.056 $337.355 $15.724 $ $ $1.563.353 470.056 337,355 15.724 1.563.353 429,717 397,958 81,056 741,740 1,069,148 3,709,912 429.717 397.958 81,056 741,740 1,069.148 3.709.912 $899.773 $735.313 $96.780 _ $74L7_40 __ $~69,148 $5.273.265 (Concluded) -2 28 --- CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES: Taxes and special assessments Uses of money and property Total Revenues EXPENDITURES: Debt Service : Principal retirement Interest and fiscal charges Total E~:penditures 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 -JULY 1, 1994 PRIOR PERIOD ADTIJSTMENTS FUND BALANCES -JUNE 30 , 1995 KERNER ASSESSMENT REFUNDING FUND EAST FRANCISCO BOULEVARD FUND PEACOCK GAP FUND KERNER FUND SUN VALLEY MARIPOSA FUND FUND $ $ 4,864 $ -$ 464,375 $ 34,211 $ 23,727 5,813 34,596 2,165 1,565 5.liD __ .4,864 498,971 36.376 25.292 15,000 800,000 37,000 28,688 1.'155__ _ .. _ -. 333,448 25,444 16.892 16,455 __ _ 1,133 ,448 62.444 45,580 5,813 (11,591) (634,4 77) (26,068) (20,288) 65,000 780 134,057 2,836 777 (134,057) (750) (65,000) (1.350) (450) (69,057) 30 69,057 1.486 (63,244) 260,022 (11,561) 23,541 (565,420) 1,258,496 (24,582) 76,088 327 (19,961) 56,914 $ 196,778 $ 11,980 $ -$ 693,076 $ 51,506 $36,953 (Continued) -1 29 CITY OF SAN RAFAEL DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES: Taxes and special assessments Uses of money and property Total Revenues EXPENDITURES: Debt Service: Principal retirement Interest and fiscal charges 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 -JULY 1, 1994 PRIOR PERIOD ADJUSTMENTS FUND BALANCES -JUNE 30, 1995 PEACOCK GAP REFUNDING FUND CIVIC CENTER! NORTHGATE FUND 1915 ACT BONDS FUND REDEVELOPMENT AGENCY FUND REDEVELOPMENT AGENCY REFUNDING FUND TOTALS $ 292,209 $349,853 $31,731 $595,825 $1,412,069 $3,208,864 18,086 18.131 35.439 12,629 128,424 310,295 367,984 31.731 631,264 1.424,698 3,337,288 290,000 175,000 11,000 565,000 355,000 2,276,688 134,046 244,593 4,025 77.405 1.105,651 1.942,959 424,046 419,593 15,025 642.405 1.460,651 4,219,647 (113,751) (51.609) 16,706 (11.141) (35,953) (882.359) 3,488 5,509 1,438 13,837 227,722 (4,400) (2,550) (208.557) (912) 2,959 1.438 13,837 19,165 (114,663) 544,380 (48,650) 446,608 16,706 64,350 (9,703) 710,542 (22,116) 1,091,264 (863,194) 4,532,205 40,901 40,901 $ 429,717 $397,958 $81.056 $741.740 $1.069,148 $3,709,912 (Concluded) -2 30 ASSETS Cash and investments Accounts receivable Loans receivable TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES : Accounts payable and accrued salaries Total Liabilities FUND BALANCES: Reserved Unreserved : CAPITAL IMPROVEMENT FUND $ 996,574 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBnrrNGBALANCESHEET JUNE 30, 1995 SPECIAL ASSESSMENT BOND FUND $375,379 OPEN SPACE FUND $425,581 500 EAST FRANCISCO ASSESSMENT BOND FUND $ 6,367 PARKS FUND $(6,040) 6,040 PEACOCK GAP ASSESSMENT DISTRICT FUND $ 153,427 PEACOCK GAP REFUNDING FUND $ 10,837 $ 996,574 $ 375 ,379 $ 426,081 $ 6,367 $ $ 153,427 $ 10,837 $ 21.240 $ $ $ -$ -$ _ $ 21.240 975,334 500 6,040 Designated 375,379 425,581 6,367 (6,040) 153,427 10,837 Total Fund Balances 975,334 375,379 426,081 6,367 153,427 10,837 TOTAL LIABILITIES AND FUND EQUITY $ 996,574 $ 375,379 $ 426,081 $ 6,367 $ $ 153,427 $ 10,837 (Continued) - 1 31 ASSETS Cash and investments Accounts receivable Loans receivable TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES: Accounts payable and accrued salaries Total Liabilities FUND BALANCES: Reserved Unreserved: Designated Total Fund Balances TOTAL LIABILITIES AND FUND EQUITY SUN VALLEY OPEN SPACE ASSESSMENT FUND $10,667 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET JUNE 30, 1995 MARIPOSA ASSESSMENT DISTRICT REDEVELOPMENT AGENCY ADM1NISTRA TION FUND LOW AND MODERATE HOUSING FUND CIVIC CENTER NORTHGATE REFUNDING FUND REDEVELOPMENT AGENCY REFUNDING FUND TOTALS $13,122 $ 4,168,719 15,585 $ 825,160 $ 47,215 $ 5,845,300 $ 12,872,308 . 139,731 161,856 280.268 280.268 $ 10.667 $ 13.122 $ 4.184,304 $ 1.105,428 $ 47,215 $ 5,985,031 $ 13,314,432 $ $ $ 8,336 $ 1,350 $ $ 90.103 $ 121,029 8.336 l.350 90.103 121.029 4,175,968 1,104,078 5,894,928 12,156,848 10,667 13.122 47,215 1.036,555 10,667 13,122 4,175,968 1.104,078 47,215 5,894,928 13.193,403 $10,667 $13.122 $4.184,304 $1.105,428 $47,215 $5,985,031 $13,314,432 (Concluded) -2 32 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES: Taxes and special assessments 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 -JULY 1, 1994 FUND BALANCES -JUNE 30, 1995 CAPITAL IMPROVEMENT FUND $ 47,380 SPECIAL ASSESSMENT BOND FUND $ OPEN SPACE FUND $ 9,498 EAST FRANCISCO ASSESSMENT BOND FUND $ - 172 PARKS FUND $ 64.688 65.750 6.040 PEACOCK GAP ASSESSMENT DISTRICT FUND $ 7,519 47.380 64.688 75.248 172 6.040 7.519 3,262 312.082 45.000 312.082 45.000 3.262 (264.702) 19.688 75.248 172 . _2.778 7.519 PEACOCK GAP REFUNDING FUND $ 524 524 524 300,000 750 4,400 (780) (3,488) 300.000 (30) 912 35,298 19,688 75,248 142 2,778 7,519 1,436 940.036 355.691 350.833 6.225 (2.778) 145.908 9,401 $ 975.334 $ 375.379 $ 426.081 $ 6.367 $ $ 153,427 $ 10.837 (Continued) - 1 33 CITY OF SAN RAFAEL CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES: Taxes and special assessments Uses of money and property Intergovernmental Other Total Revenues EXPENDITURES: Current: Other Capital Outlay Total Expenditures EXCESS (DEFICIENCy) OF REVENUES OVER (UNDER) EXPENDITURES OTIffiR FINANCING SOURCES (USES): Operating transfers -In Operating transfers -Out Total Other Financing Sources (Uses) EXCESS (DEFICIENCy) OF REVENUES AND OTIffiR FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTIffiR FINANCING USES FUND BALANCES -JULY 1, 1994 FUND BALANCES -JUNE 30, 1995 SUN VALLEY OPEN SPACE ASSESSMENT MARIPOSA ASSESSMENT DISTRICT REDEVELOPMENT AGENCY ADMINISTRATION FUND LOW AND MODERATE HOUSING FUND CIVIC CENTER NORTHGATE REFUNDING REDEVELOPMENT AGENCY REFUNDING FUND FUND FUND TOTALS $ $ $ $ 652,171 $ $ S 652,171 299 231,856 34,838 2,336 319,838 653,736 524 69.787 13.845 220.110 299 30I.Ml__ 700.854 2.336 319.838 1.526.541 542,825 546,087 217.JI6_ _ __ 424.543 718.998 1.717.939 760J41_ _ ___ 424,543 718.998 2.264.026 299 (458.498) 276.311 2.336 (399.160) (737,485) 1,350 450 2,550 309,500 (2.836) (777) (1,438) (5.509) (13.837) (28.665) (1.486) (327) (1,438) (2.959) (13.837) (280.835) (1,187) (327) (459,936) 276,311 (623) (412,997) (456,650) 11,854 13,449 4.635.904 827.767 47.838 6,307.925 13.650.053 $10.667 $13.122 $4,175.968 $1.104.078 $ 47,215 $ 5,894,928 $13,193.403 (Concluded) - 2 34 ASSETS Cash and investments TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES: Deferred compensation plan Total Liabilities FUND BALANCES : CITY OF SAN RAFAEL TRUST AND AGENCY FUNDS COMB~GBALANCESHEET JUNE 30, 1995 AGENCY FUND DEFERRED COMPENSATION EXPENDABLE TRUST FUNDS MISCELLANEOUS BUSINESS LIBRARY FIDUCIARY IMPROVEMENT FIDUCIARY FUND FUND FUND DAVIDSON BEQUEST FUND TOTALS $6,145,902 $25.552 $11.168 $19.984 $ 392.409 $6,595,015 $6,145,902 $25,552 $11.168 $19.984 $392.409 $6,595,015 $6,145,902 $ $ $ $ $6,145 ,902 6,145,902 6,145,902 Reserved 25,552 11.168 19,984 392.409 449,113 Total Fund Balances~ 25,552 11,168 19,984 392.409 449,113 TOTAL LIABILITIES AND FUND EQUITY $6,145,902 $25,552 $11.168 $19.984 $ 392.409 $6,595,015 35 CITY OF SAN RAFAEL EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 REVENUES : Uses of money and property Other Total Revenues EXPENDITURES: Current: General government Other Total Expenditures EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES FUND BALANCES -JULY 1, 1994 FUND BALANCES -JUNE 30, 1995 MISCELLANEOUS FIDUCIARY FUND $ 264 264 BUSINESS IMPROVEMENT FUND LIBRARY FIDUCIARY FUND DAVIDSON BEQUEST FUND TOTALS $ $ 902 $ 21,231 $ 22,397 50.886 10.093 3.741 64.720 50.886 10.995 24.972 87.1 17 81,951 81,951 3,915 51,192 1,664 56,771 3,915 51,192 1,664 81,951 138,722 (3,651) (306) 9,331 (56,979) (51,605) 29.203 11,474 10,653 449,388 500,718 $25.552 $11,168 $19,984 $392,409 $449.113 36 ~ ) CITY OF SAN RAFAEL AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES FOR THE FISCAL YEAR ENDED JUNE 30, 1995 Balance at Balance at June 30~ 1994 Additions Deductions June 30~ 1995 DEFERRED COMPENSATION ASSETS: Cash and investments $ 5,142,003 $1,358,155 $354~256 $ 6, 145,902 TOTAL ASSETS $ 5,142,003 $1,358,155 $354~256 $6,145,902 LIABILITIES: Deferred compensation plan $ 5,142,003 $1,358,155 $354~256 $ 6, 145,902 TOTAL LIABILITIES $ 5,142,003 $1,358,155 $354~256 $ 6,145,902 37 NET ASSETS CITY OF SAN RAFAEL MARJN COUNTY EMPLOYEES' RETIREMENT SYSTEM REQUIRED SUPPLEMENTARY INFORMATION ANAL YSIS OF FUNDING PROGRESS UNFUNDED ESTIMATED FISCAL AVAILABLE PENSION BENEFIT PENSION BENEFIT ANNUAL COVERED YEAR FOR BENEFITS OBLIGATIONS PERCENTAGE FUNDED OBLIGATION 1987 $34,270,472 $44,443,000 77% $10,172,528 1988 38,223,191 47,800,000 80 9,576,809 1989 42,787,972 57,900,000 82 9,112,028 1990 52,557,110 57,141,500 92 4,584,390 1991 53,797,751 62,134,700 87 8,336,949 1992 59,981,950 68,758,300 87 8,776,350 1993 67,709,149 74,282,100 91 6,572,951 1994 78,189,294 91,958,000 85 13,768,706 Source: MeERS Note: All available infOImation is present and each preceding fiscal year ended infonnation will be added until ten years of trend infonnation is reached. 38 PAYROLL $10,680,121 11,180,372 12,229,560 12,470,300 13,759,522 13,619,000 13,230,660 13,945,000 UNFUNDED PENSION BENEFIT OBLIGATION AS A PERCENTAGE OF COVERED PAYROLL 95% 86 75 37 61 64 50 99