HomeMy WebLinkAbout1994-1995 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.
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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
-
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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