HomeMy WebLinkAbout2000-2001 Comprehensive Annual Financial ReportCity
of
San Rafael
San Rafael, California
General Purpose Financial Statements
and Independent Auditors' Report
For the year ended June 30, ,2001
C~L
CapOllcci , Cropper & Larson. LLP
Cel'tified PubliC Accountants
City of San Rafael
General Purpose Financial Statements
For the year ended June 30, 2001
Table of Contents
Page
Independent Auditors' Report ................................................................................................... 1
General Purpose Financial Statements:
Combined Balance Sheet -All Fund Types and Account Groups and
Discretely Presented Component Unit ........................................................................... 4
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances -All Governmental Fund Types and
Expendable Trust Funds ................................................................................................... 6
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances -Budget and Actual-General Fund, Special Revenue Funds,
Debt Service Funds with Budgets, and Expendable Trust Funds with Budgets ...... 8
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings -All Proprietary Fund Types and
Discretely Presented Component Unit ........................................................................... 10
Combined Statement of Cash Flows -All Proprietary Fund Types and
Discretely Presented Component Unit ........................................................................... 11
Notes to General Purpose Financial Statements .................................................................. 13
Required Supplementary Information:
Marin County Employees' Retirement System -Schedule of Funding Progress ........... 61
Supplemental Information:
General Fund:
Description .......................................................................................................................... 65
Comparative Balance Sheets ............................................................................................. 66
Comparative Statements of Revenues, Expenditures and
Changes in Fund Balances ......................................................... , ................................ 67
Statement of Revenues, Expenditures and
Changes in Fund Balances -Budget and ActuaL ................ ; .................................. 68
City of San Rafael
General Purpose Financial Statements
For the year ended June 30, 2001
Table of Contents, Continued
Supplemental Information, Continued:
Special Revenue Funds:
Page
Description .......................................................................................................................... 69
Combining Balance Sheet ................................................................................................. 72
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances .......................................................................................... 76
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances -Budget and ActuaL ................................................... 80
Debt Service Funds:
Description ............................................................................ ; ........... ; ................................. 89
Combining Balance Sheet ................................................................................................. 90
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances ..................................................................................... , .... 92
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances -Budget and Actual (With Budgets) ......................... 94
Capital Projects Funds:
Description .......................................................................................................................... 97
Combining Balance Sheet ................................................................................................. 98
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances .................................................................................. 100
Internal Service Funds:
Description .......................................................................................................................... 103
Combining Balance Sheet ................................................................................................. 104
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings ............................................................................ 106
Combining Statement of Cash Flows .............................................................................. 108
Expendable Trust Funds:
Description ............................................................. , ............................................................. 111
Combining Balance Sheet ................................................................................................. 112
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances .................................................................................. 113
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances -Budget and Actual (With Budgets) ................. 114
ii
ICGL
Caporicci, Cropper & Larson , LLP
Cet'lifted Public Accountants
Offices located in:
Bay Area
Orange County
Sacramento
INDEPENDENT AUDITORS' REPORT
To the 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 (City) as of and for the year ended June 30, 2001, 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 did not audit the financial statements of the San Rafael Sanitation District (District), which
is presented as a discrete component unit in the accompanying financial statements. Those financial
statements were audited by other auditors whose report has been furnished to us, and our opinion on
the general purpose financial statements, insofar as it relates to the amounts included for the District
in the accompanying general purpose financial statements, is based on the report of the other
auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United
States and the standards applicable to financial audits contained in 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 general purpose financial statement presentation. We believe that our
audit and the report of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the report of other auditors, the general purpose financial
statements referred to above present fairly, in all material respects, the financial position of the City
as of June 30, 2001, and the results of its operations and cash flows of its proprietary fund types for
the year then ended in conformity with accounting principles generally accepted in the United States.
As discussed in Note 1 to the general purpose financial statements, the City changed in 2001 its
method of accounting and financial reporting for non-exchange transactions to conform to
Governmental Accounting Standards Board Statement No. 33.
In accordance with Government Auditing Standards, we have also issued a report dated December 7,
2001 on our consideration of the City's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants.
Toll Free Tel: (877) 862-2200
Bay Area
1111 Broadway, Suite 2300
Oakland, California 94607
Orange COWlty
3184-D Airway Avenue
Costa Mesa, California 92626
Toll Free Fax: (866) 436-{)927
Sacramento
777 Campus Commons Rd., Suite 200
Sacramento, California 95825
To the Honorable Mayor and Members of the City Council
of the City of San Rafael
San Rafael, California
Page Two
Our audit was made for the purpose of forming an OpInIOn on the general purpose financial
statements taken as a whole. The accompanying combining, individual fund and account group
financial statements and schedules listed as supplemental information in the foregoing table of
contents are presented for purposes of additional analysis and are not a required part of the general
purpose financial statements of the City. This information is the responsibility of the City's
management. The information has been subjected to the auditing procedures applied in the audit of
the general purpose financial statements and, in our opinion, based on our audit and the report of
other auditors, is fairly presented in all material respects in relation to the general purpose financial
statements taken as a whole.
lJ~'ee( J ~~ i L~~ (tp
Oakland, California
December 7, 2001
SlN3W3lVlS iVI:>NVNB 3S0cIlIOcI iV1I3N3~
City of San Rafael
Combined Balance Sheet
All Fund Types, Account Groups and Discretely Presented Component Unit
June 30, 2001
(With comparative totals for June 30, 2000)
Governmental Fund TITes
Special Debt
General Revenue Service
ASSETS AND OTHER DEBITS
Assets:
Cash and investments (Note 2) $ 5,413,876 $ 18,843,701 $ 2,061,238
Receivables (Note 3) 5,723,556 955,656
Due from other funds (Note 5) 83,403 35,000
Due from other governments
Prepaid expenses
Other current assets
General fixed assets (Note 6)
Component unit fixed assets, net (Note 6)
COP issuance costs, net
Total assets 11,220,835 19,834,357 2,061,238
Other Debits:
Amount available in debt service funds
Amount to be provided for retirement of general long-term debt
Total other debits
Total assets and other debits $ 11,220,835 $ 19,834,357 $ 2,061,238
LIABILITIES, FUND EQUITY, AND OTHER CREDITS
Liabilities:
Accounts payable $ 1,007,453 $ 1,398,499 $
Connection fees payable
Developer deposits payable 46,899 1,500
Arbitrage payable
Insurance claims payable (Note 17)
Interest payable
Due to other funds (Note 5) 1,011,138
Deferred revenue (Note 4) 157,330
Capital lease obligations (Note 7)
Compensated absences (Note 7)
Certificates of participation (Note 7)
Notes payable (Note 7)
Special assessment debt (Note 7)
Bonds payable (Note 7)
Total liabilities 1,054,352 2,568,467
Fund Equity and Other Credits:
Investment in general fixed assets
Contributed capital (Note 12)
Retained earnings
Fund balances (Note 10):
Reserved 4,010,745 3,404,649 2,061,238
Unreserved:
Designated 3,757,328 13,190,344
Undesignated 2,398,410 670,897
Total fund equity and other credits 10,166,483 17,265,890 2,061,238
Total liabilities, fund equity, and other credits $ 11,220,835 $ 19,834,357 $ 2,061,238
See accompanying notes to general purpose financial statements.
4
Capital
Projects
$ 26,560,313
2,179,395
952,666
29,692,374
$ 29,692,374
$ 734,154
25,000
338,867
59,931
40,000
1,197,952
28,494,422
28,494,422
$ 29,692,374
Totals Component
Proprietary Fiduciary Primary Unit Totals
Fund Type Fund Tl:J2 e Account Grou,Es Government San Rafael (Memorandum Onl:1:)
Internal Expendable General General Long-(Memorandum Sanitation
Service Trust Fixed Assets Term Debt Onlr) District 2001 2000
$ 7,412,748 $ 469,546 $ $ $ 60,761,422 $ 5,001,698 $ 65,763,120 $ 60,511,027
8,858,607 8,824 8,867,431 7,262,779
1,071,069 1,071,069 400,085
51 ,122 51,122 33,103
15,481 15,481 23,812
34,400 34,400 27,396
38,973,530 38,973,530 38,973,530 38,011,483
22,644,006 22,644,006 22,279 ,917
83,824 83,824 44,764
7,412,748 469,546 38,973,530 109,664,628 27,839,355 137,503,983 128,594,366
2,061,238 2,061,238 2,061,238 2,054,908
52,076,631 52,076,631 52,076,631 53,343,536
54,137,869 54,137,869 54,137,869 55,398,444
$ 7,412,748 $ 469,546 $ 38,973,530 $ 54,137,869 $ 163,802,497 $ 27,839,355 $ 191,641,852 $ 183,992,810
$ 75 ,839 $ 4,593 $ $ $ 3,220,538 $ 547,224 $ 3,767,762 $ 2,168,677
163,812 163,812 125,750
73,399 73,399 50,000
338,867 338,867
2,754,026 2,754,026 2,754,026 2,398,463
30,012 30,012 109,315
1,071,069 1,071,069 400,085
197,330 197,330 95,240
420,500 420,500 420,500 52,309
3,889,365 3,889,365 3,889,365 3,698,131
4,427,987 4,427,987 3,856,706
169,000 169,000 169,000 2,669,000
1,055,000 1,055,000 1,055,000 1,265,000
48,604,004 48,604,004 48,604,004 50,214,004
2,829,865 4,593 54,137,869 61,793,098 5,169,035 66,962,133 67,102,680
38,973,530 38,973,530 38,973,530 38,011,483
7,377,012 7,377,012 7,461,602
4,582,883 4,582,883 15,293,308 19,876,191 16,985,029
3,000 37,974,054 37,974,054 38,733,597
461,953 17,409,625 17,409,625 10,777,534
3,069,307 3,069,307 4,920,885
4,582,883 464,953 38,973,530 102,009,399 22,670,320 124,679,719 116,890,130
$ 7,412,748 $ 469,546 $ 38,973,530 $ 54,137,869 $ 163,802,497 $ 27 ,839 ,355 $ 191,64L852 $ 183,992,810
5
City of San Rafael
Combined Statement of Revenues, Expenditures and Changes in Fund Balances
All Governmental Fund Types and Expendable Trust Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Governmental Fund Types
General Special
Fund Revenue
REVENUES:
Taxes and special assessments $ 32,270,051 $ 2,024,746 $
Licenses and permits 722,082 122,711
Fines and forfeitures 1,310,708 26,909
Uses of money and property 740,760 1,446,214
Intergovernmental 5,105,977 3,038,183
Charges for current services 908,654 10,985,260
Other revenues 90,043
Total revenues 41,148,275 17,644,023
EXPENDITURES:
Current:
General government 5,402,171 281,197
Public safety 19,889,700 4,548,000
Public works and parks 4,788,883 3,736,052
Community development/ redevelopment 1,816,471 169,041
Culture and recreation 1,496,042 4,875,490
Capital outlay 90,029 2,813,240
Capital improvement/special projects 378,772 3,749,525
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures 33,862,068 20,172,545
REVENUES OVER (UNDER) EXPENDITURES 7,286,207 (2,528,522)
OTHER FINANCING SOURCES (USES):
Operating transfers in (Note 5) 1,413,998 4,185,780
Operating transfers out (Note 5) (5,745,732) (898,596)
Total other financing sources (uses) (4,331,734) 3,287,184
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES 2,954,473 758,662
FUND BALANCES:
Beginning of year 7,212,010 16,507,228
End of year $ 10,166,483 $ 17,265,890 $
See accompanying notes to general purpose financial statements.
6
Debt
Service
4,489,349
56,864
4,546,213
1,786,000
2,746,333
4,532,333
13,880
(7,550)
(7,550)
6,330
2,054,908
2,061,238
Capital
Projects
$ 969,583
1,720,443
1,043,988
125,893
4,576,643
8,436,550
144,820
1,468,722
20,400
6,807,408
8,441,350
(4,800)
1,470,456
(1,178,356)
292,100
287,300
28,207,122
$ 28,494,422
Fiduciary
Fund Type
Expendable
Trust
$
25,612
35,000
17,761
78,373
53,975
10,193
64,168
14,205
14,205
450,748
$ 464,953
$
Totals
(Memorandum Only)
2001
39,753,729
844,793
1,337,617
3,989,893
9,223,148
12,019,807
4,684,447
71,853,434
5,737,343
24,437,700
8,669,755
3,454,234
6,381,725
2,923,669
10,935,705
1,786,000
2,746,333
67,072,464
4,780,970
7,070,234
(7,830,234)
(760,000)
4,020,970
54,432,016
$
2000
36,267,264
846,005
1,466,685
2,616,579
9,061,449
10,590,021
7,014,228
67,862,231
5,725,859
23,756,604
7,607,760
2,914,886
6,217,506
486,424
19,479,314
1,875,000
2,700,668
70,764,021
(2,901,790)
7,846,585
(8,333,854)
(487,269)
(3,389,059)
57,821,075
$ 58,452,986 $ 54,432,016
7
City of San Rafael
Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -General Fund, Special Revenue Funds, Debt Service Funds with Budgets,
and Expendable Trust Funds with Budgets
For the year ended June 30,2001
General Fund Special Revenue Funds
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments $31,524,020 $ 32,270,051 $ 746,031 $ 2,033,629 $ 2,024,746 $ (8,883)
Licenses and permits 628,440 722,082 93,642 126,000 122,711 (3,289)
Fines and forfeitures 1,289,456 1,310,708 21,252 82,000 26,909 (55,091)
Uses of money and property 411,448 740,760 329,312 606,781 1,446,214 839,433
Intergovernmental 4,763,719 5,105,977 342,258 5,064,057 3,038,183 (2,025,874)
Charges for current services 805,490 908,654 103,164 9,883,820 10,985,260 1,101,440
Other revenues 74,765 90,043 15,278
Total revenues 39,497,338 41,148,275 1,650,937 17,796,287 17,644,023 (152,264)
EXPENDITURES:
Current:
General government 5,611,413 5,402,171 209,242 333,871 281,197 52,674
Public safety 19,474,681 19,889,700 (415,019) 4,494,218 4,548,000 (53,782)
Public works and parks 4,562,437 4,788,883 (226,446) 3,757,757 3,736,052 21,705
Community development/redevelopment 1,928,395 1,816,471 111,924 169,041 (169,041)
Culture and recreation 1,623,572 1,496,042 127,530 4,789,446 4,875,490 (86,044)
Capital outlay 179,841 90,029 89,812 2,760,387 2,813,240 (52,853)
Capital improvement/special projects 946,154 378,772 567,382 8,702,622 3,749,525 4,953,097
Debt service:
Principal retirement
Interest and fiscal charges
Total expenditures 34,326,493 33,862,068 464,425 24,838,301 20,172,545 4,665,756
REVENUES OVER (UNDER)
EXPENDITURES 5,170,845 7,286,207 2,115,362 (7,042,014) (2,528,522) 4,513,492
OTHER FINANCING SOURCES (USES):
Operating transfers in (Note 5) 1,423,998 1,413,998 (10,000) 4,285,780 4,185,780 (100,000)
Operating transfers out (Note 5) (5,745,732) (5,745,732) (1,008,596) (898,596) 110,000
Total other financing
sources (uses) (4,321,734) (4,331,734) (10,000) 3,277,184 3,287,184 10,000
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ 849,111 2,954,473 $ 2,105,362 $ (3,764,830) 758,662 $ 4,523,492
FUND BALANCES:
Beginning of year 7,212,010 16,507,228
End of year $10,166,483 $17,265,890
See accompanying notes to general purpose financial statements.
8
Debt Service Funds Expendable Trust Funds Totals
(with Budgets) (with Budgets) (Memorandum Only)
Variance Variance Variance
Favorable Favorable Favorable
Bud~ Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 4,509,325 $ 4,489,349 $ (19,976) $ $ $ $ 38,066,974 $38,784,146 $ 717,172
754,440 844,793 90,353
1,371,456 1,337,617 (33,839)
51,652 56,864 5,212 22,210 23,815 1,605 1,092,091 2,267,653 1,175,562
35,000 35,000 9,862,776 8,179,160 (1,683,616)
10,689,310 11,893,914 1,204,604
17,000 17,761 761 91,765 107,804 16,039
4,560,977 4,546,213 (14,764) 74,210 76,576 2,366 61,928,812 63,415,087 1,486,275
52,000 53,975 (1,975) 5,997,284 5,737,343 259,941
23,968,899 24,437,700 (468,801)
8,320,194 8,524,935 (204,741)
1,928,395 1,985,512 (57,117)
30,960 5,828 25,132 6,443,978 6,377,360 66,618
2,940,228 2,903,269 36,959
9,648,776 4,128,297 5,520,479
1,796,000 1,786,000 10,000 1,796,000 1,786,000 10,000
2,753,907 2,746,333 7,574 2,753,907 2,746,333 7,574
4,549,907 4,532,333 17,574 82,960 59,803 23,157 63,797,661 58,626,749 5,170,912
11,070 13,880 2,810 (8,750) 16,773 25,523 (1,868,849) 4,788,338 6,657,187
5,709,778 5,599,778 (110,000)
(7,550) (7,550) _(6,754,328) (6,651,878) 102,450
(7,550) (7,550) (1,044,550) (1,052,100) (7,550)
$ 11,070 6,330 $ (4,740) $ (8,750) 16,773 $ 25,523 $ (2,913,399) 3,736,238 $ 6,649,637
1,971,423
$ 1,977,753
415,782
$ 432,555
9
26,106,443
$29,842,681
City of San Rafael
Combined Statement of Revenues, Expenses and Changes in Retained Earnings
All Proprietary Fund Types and Discretely Presented Component Unit
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Component
Unit
Primary San Rafael Totals
Government Sanitation District (Memorandum Only)
Internal Enterprise
Service Fund 2001 2000
OPERATING REVENUES:
Charges for current services $ 3,104,777 $ $ 3,104,777 $ 3,398,451
Refunds 95,560 95,560 73,013
Sewer charges 5,033,015 5,033,015 4,729,783
Connection fees 101,632 101,632 124,876
Other operating revenues 4,486 4,486 79,633
Total operating revenues 3,200,337 5,139,133 8,339,470 8,405,756
OPERATING EXPENSES:
Contract services 115,906 115,906
Insurance premiums and claims 2,643,102 2,643,102 2,807,992
Capital outlay 4,434 4,434
Capital improvement projects 226,515 226,515
Sewage collection 1,418,561 1,418,561 1,632,159
Sewage treatment 1,970,028 1,970,028 1,866,300
Depreciation and amortization 837,418 837,418 786,445
General and administrative 203,602 203,602 206,402
Total operating expenses 2,989,957 4,429,609 7,419,566 7,299,298
OPERATING INCOME 210,380 709,524 919,904 1,106,458
NONOPERATING REVENUES (EXPENSES):
Property taxes 493,661 493,661 442,365
Operating transfers in 850,000 850,000 487,269
Aid from governmental agencies 73,490 73,490 65,332
Gain on sale of fixed assets 8,260 8,260
Contribution to the District 206,008 206,008
Operating transfers out (90,000) (90,000)
Investment income 358,614 171,235 529,849 286,537
Interest expense (184,600) (184,600) (268,760)
Total nonoperating revenues 1,118,614 768,054 1,886,668 1,012,743
NET INCOME 1,328,994 1,477,578 2,806,572 2,119,201
Add: depreciation expense on assets
acquired by contributed capital 290,598 290,598 28M78
Less: contributed capital received (206,008) (206,008)
Increase in retained earnings 1,328,994 1,562,168 2,891,162 2,405,679
RETAINED EARNINGS:
Beginning of year 3,253,889 13,731,140 16,985,029 14,579,350
End of year $ 4,582,883 $ 15,293,308 $ 19,876,191 $ 16,985,029
See accompanying notes to general purpose financial statements.
10
City of San Rafael
Combined Statement of Cash Flows
All Proprietary Fund Types and Discretely Presented Component Unit
For the year ended June 30,2001
(With comparative totals for the year ended June 30, 2000)
Primary Component
Government Unit
Internal Enterprise
Service Fund
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating income $ 210,380 $ 709,524
Adjustments to reconcile operating income to net cash
provided by operating activities:
Depreciation and amortization 837,418
Changes in current assets and liabilities:
Receivables (6,898)
Due to other governments (18,019)
Prepaid expenses and other current assets (48,152)
Accounts payable and other current liabilities 67,763 479,828
Insurance claims payable 355,563
Net cash provided by operating activities 633,706 1,953,701
CASH FLOWS FROM NONCAPIT AL
FINANCING ACTIVITIES:
Operating transfers in 850,000
Operating transfers out (90,000)
Residual equity transfers from other funds
Property taxes 493,661
Aid from governmental agencies 73,490
Net cash provided by noncapital
financing activities 760,000 567,151
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Cash paid for capital acquisitions (995,499)
Interest received from certificates of participation
principal cash 22,745
Principal payments on certificates of participation 571,281
Interest paid on certificates of participation (184,600)
Net cash (used) by capital
financing activities (586,073)
CASH FLOWS FROM INVESTING ACTIVITIES:
Gain on sale of fixed assets 8,260
Investment income 358,614 148,490
Net cash provided by investing activities 358,614 156,750
Net increase in cash and investments 1,752,320 2,091,529
CASH AND INVESTMENTS:
Beginning of year 5,660,428 2,910,169
End of year $ 7,412,748 $ 5,001,698
See accompanying notes to general purpose financial statements.
11
Totals
(Memorandum Only)
2001 2000
$ 919,904 $ 1,106,458
837,418 786,445
(6,898)
(18,019)
(48,152) (53,932)
547,591 86,898
355,563 240,338
2,587,407 2,166,207
850,000 487,269
(90,000)
1,293,252
493,661 442,365
73,490 65,332
1,327,151 2,288,218
(995,499) (635,731)
22,745 19,766
571,281 (210,000)
(184,600) (268,760)
(586,073) (1,094,725)
8,260
507,104 266,771
515,364 266,771
3,843,849 3,626,471
8,570,597 4,944,126
$ 12,414,446 $ 8,570,597
£1
S~Nawa~ V ~S 'lVIJNVNH aSO«:UIficl 'lV}mNa~ O~ Sa~ON
vI
City of San Rafael
Notes to General Purpose Financial Statements
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the City of San Rafael (City) have been prepared in conformity
with generally accepted accounting principles (GAAP) as applied to governmental units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles.
A. Reporting Entity
The City maintains a Council-Manager form of government and provides the following
services: public safety (police and fire), public works, community development, library,
parks, recreation, childcare, and general administrative services.
As required by GAAP, these general purpose financial statements present the City (the
primary government) and its component units. Component units generally are legally
separate entities for which a primary government is financially accountable. Financial
accountability ordinarily involves meeting both of the following criteria set forth in GASB
Statement No. 14: the primary government is accountable for the potential component unit,
and the primary government is able to impose its will upon the potential component, or there
is a possibility that the potential component unit may provide specific financial benefits or
impose specific financial burdens on the primary government.
In addition to having the same governing board, the City is financially accountable for the
San Rafael Redevelopment Agency and the San Rafael Joint Powers Financing Authority, and
management activities of both entities are conducted by City staff. The two legally separated
entities are, in substance, part of the City's operations and are, therefore, blended into the
City's general purpose financial statements.
The component units discussed in this note are included in the City's reporting entity
because of the significance of its operational or financial relationships with the City. Each
component unit has a June 30 year end. Separately issued component unit financial
statements can be obtained at the City of San Rafael, Finance Division, 1400 Fifth Avenue,
Room 204, San Rafael, California 94901.
Blended Component Units:
San Rafael Redevelopment Agency -The San Rafael Redevelopment Agency (Agency)
was established under the provisions of the Community Redevelopment Law (California
Health and Safety Code, commencing with Section 33000) primarily to assist in the
clearance and rehabilitation of areas determined to be in a declining condition in the City.
Financial activity of the Agency commenced in July 1983. Under the Agency's
Redevelopment Plan (Plan), approved in November 1982, the Agency proposes to assist
15
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
in the development of the property located in the central San Rafael business core and
east San Rafael. The Agency receives incremental tax revenues on the developed
property due to increases in assessed value. The Agency functions as an independent
entity. The City Council serves as the governing board of the Agency.
The Agency's assets, liabilities, revenues and expenditures (other than those applicable to
its fixed assets and long-term debt) are blended into the capital projects funds and debt
service funds. The Agency's fixed assets are included in the General Fixed Assets
Account Group. The Agency's long-term debts are blended into the General Long-Term
Debt Account Group.
San Rafael Toint Powers Financing Authority -The San Rafael Joint Powers Financing
Authority (Authority) was created by the City of San Rafael pursuant to Articles 1 and 2
of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California for
the purpose of assisting in the financing and refinancing of certain assessment district
activities of the City.
All of the Authority's assets, liabilities, revenues and expenditures are blended into the
capital projects funds and the debt service funds. The Authority's long-term debts are
blended into the General Long-Term Debt Account Group.
Discretely Presented Component Unit:
San Rafael Sanitation District -The San Rafael Sanitation District (District) was formed in
1947 under Section 4700 of the California Health and Safety Code to provide wastewater
transmission over the southern two-thirds of the City and adjacent unincorporated areas.
The City contracts with the District to maintain the collection systems in the City and
unincorporated areas.
The District is governed by a three member Board of Directors who are appointed to
four-year terms. The City Council of the City appoints two out of the three board
members and has the ability to remove the two board members at will.
The District's activities are reported as a discretely presented component unit in a
separate column in the general purpose financial statements which includes the District's
assets, liabilities, revenues, expenses, results of operations and cash flows. The District's
fiscal year end is June 30 and its separately issued component unit financial statements
can be obtained at Central Marin Sanitation Agency, Finance Department, 1301 Andersen
Drive, San Rafael, California 94901.
16
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
B. 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 with its own self-balancing accounts that
comprise its assets, liabilities, fund equity, revenues and expenditures or expenses. These
funds and account groups are established for the purpose of carrying out specific activities or
certain objectives in accordance with specific regulations, restrictions or limitations.
Governmental 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 presented in the general purpose financial statements are grouped into
categories as follows.
Governmental Fund Types:
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 or administratively
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 .
Proprietary Fund Types:
Internal Service Funds are used to account for the financing of goods or services provided
by one department or program to other departments or programs of the City, or to other
governments, on a cost-reimbursement basis.
Enterprise Funds are used to account for operations where it is the stated intent that costs
of providing services to the general public on a continuing basis be financed or recovered
primarily through user charges.
17
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
Fiduciary Fund Type:
Expendable Trust Funds are accounted for in the same manner as governmental funds.
All trust funds of the City are classified as expendable.
Account Groups:
The General Fixed Assets Account Group is used to maintain control and cost information
on capital assets acquired to perform general government functions.
The General Long-Term Debt Account Group is used to record the unmatured principal
of tax allocation bonds, special assessment bonds, notes, compensated absences, the
principal amount of future lease payments due under lease purchase agreements and
other long-term liabilities.
C. Measurement Focus
All governmental funds and expendable trust funds are accounted for on a spending or
"current financial resources" measurement focus. This means that generally only current assets
and current liabilities are included on their balance sheets, with the exception that the
noncurrent portion of long-term receivables are reported on their balance sheets, offset by
fund balance reserve accounts or deferred revenue.
Statements of revenues, expenditures and changes in fund balances for governmental funds
generally present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets.
All proprietary funds are accounted for on a cost of services or "economic resources"
measurement focus. This means that all assets and liabilities (whether current or noncurrent)
associated with the activity are included on the balance sheets. Their reported fund equity
presents total net assets. Proprietary fund operating statements present increases (revenues)
and decreases (expenses) in total net assets.
18
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
D. Basis of Accounting
All governmental funds and expendable trust funds are accounted for using the modified
accrual basis of accounting. Under the modified accrual basis of accounting, revenues are
recognized in the accounting period in which they become both measurable and available to
finance expenditures of the current period. Accordingly, revenues are recorded when
received in cash except that revenues subject to accrual are recognized as income when due.
Accrued revenues include property taxes, taxpayer-assessed tax revenues (sales taxes,
transient occupancy taxes, franchise taxes, etc.) and earnings on investments. Grant
revenues have been recorded according to the provisions of GASB, whereby grant funds
received before the revenue recognition criteria have been met are reported as a receivable.
Expenditures are recorded in the accounting period in which the related fund liability is
incurred except for unmatured principal and interest on long-term debt, which are
recognized when due, and compensated absences, which are recorded as a fund liability and
an expenditure when expected to be liquidated with expendable available financial
resources.
All proprietary funds are accounted for using the accrual basis of accounting. Their
revenues are recognized when they are earned and become measurable; expenses are
recognized when they are incurred. The City applies all F ASB statements that do not conflict
with or contradict GASB guidance.
E. Budgets
The City adopts a budget on a biannual basis, to be effective July 1 for the ensuing and
subsequent fiscal years. The two year budget reflects estimated revenues and expenditures
for each 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. Expenditures may not exceed appropriations at the
departmental level, which is the legal level of control. 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.
19
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
The City legally adopts budgets for all its governmental funds, except for the East Francisco
Boulevard Assessment District, 1915 Act Bonds and 1997 Reassessment Bonds Debt Service
Funds, because the City is only required to make debt service payments in the event of
bondholder default. No budget was created for the Recreation Fiduciary Expendable Trust
Fund because unanticipated contribution/ donation was received at the end of fiscal year.
Because not all debt service funds have annual budget, the actual amounts that appear in the
accompanying Combined Statement of Revenues, Expenditures and Changes in Fund
Balances -All Governmental Fund Types and Expendable Trust Funds and Combined
Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual -
General Fund, Special Revenue Funds, Debt Service Funds with Budgets and Expendable
Trust Funds with Budgets do not agree. A reconciliation of key information for the debt
service funds and expendable trust funds between the two statements is presented below:
Debt Service Funds:
Actual amounts on the Combined Statement of
Revenues, Expenditures and Changes in Fund
Balances -Budget and Actual
Funds without annual budgets:
East Francisco Boulevard Assessments District
1915 Act Bonds
1997 Reassessment Bonds
Amounts on Combined Statement of Revenues,
Expenditures and Changes in Fund Balances
Expendable Trust Funds:
Actual amounts on the Combined Statement of
Revenues, Expenditures and Changes in Fund
Balances -Budget and Actual
Funds without annual budgets:
Recreation Fiduciary
Amounts on Combined Statement of Revenues,
Expenditures and Changes in Fund Balances
20
Revenues and
Other Financing
Sources Over
(Under) Expenditures
and Other
Financing Uses
$ 6,330
$ 6,330
$ 16,773
(2,568)
$ 14[.205
Fund Balances
$
$
$
$
1,977,753
13,701
67,387
2,397
2,061,238
432,555
32,398
464,953
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
The basis of accounting applied to the budget data presented for the General Fund, special
revenue funds, and the debt service funds and expendable trust funds is the modified accrual
basis of accounting, and also conforms to GAAP. The capital projects funds 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.
Supplemental appropriations for the fiscal year ended June 30, 2001, were as follows:
Original Supplemental Final
Fund Budget A EEroEriations Budget
General Fund $ 30,863,529 $ 3,462,964 $ 34,326,493
Special Revenue Funds 15,080,861 9,757,440 24,838,301
Debt Service Funds 4,542,357 7,550 4,549,907
Expendable Trust Funds 82,960 82,960
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. Encumbrances outstanding at year
end are reported as reservations of fund balances since they do not constitute expenditures or
liabilities and are carried forward in the subsequent year's budget. All unencumbered
appropriations lapse at year end.
F. Cash, Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City considers pooled cash
and investment amounts with original maturities of three months or less to be cash
equivalents.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, highly liquid market investments with maturities
of one year or less at time of purchase are stated at amortized cost. All other investments are
stated at fair value. Market value is used as fair value for those securities for which market
quotations are readily available.
21
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
The City participates in an investment pool managed by the State of California titled Local
Agency Investment Fund (LAIF), which has invested a portion of the pool funds in
Structured Notes and Asset-Backed Securities. LAIF's investments are subject to credit risk
with the full faith and credit of the State of California collateralizing these investments. In
addition, these Structured Notes and Asset-Backed Securities are subject to market risk as to
change in interest rates.
G. Short-Tenn Interfund ReceivabZes/payabZes
During the course of operations, numerous transactions occur between individual funds for
goods provided or services rendered. These receivables and pay abies are classified as II due
from other funds" or II due to other funds" on the balance sheet. Short-term loans are
classified as interfund receivables or payables.
H. Property Tax Levy Collection and Maximum Rates
The State of California (State) Constitution Article XIIIA provides that the combined
maximum property tax rate on any given property may not exceed one percent (1 %) 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 XIIIA and
may be adjusted by no more than two percent (2%) 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 (1 %) tax levy among the counties, cities, school districts, and
other districts.
Marin County assesses, bills for, and collects property taxes as follows:
Lien dates
Levy dates
Due dates
Delinquent as of
Secured
January 1
July 1
50% on November 1 and
50% on February 1
December 10 (for November)
April 10 (for February)
Unsecured
January 1
July 1
July 1
August 31
The term II 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.
22
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
Property taxes levied are recorded as revenue when received in the fiscal year of levy
because of the adoption of the /I alternate method of property tax distribution," known as 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:
55 % remitted on December 15
40% remitted on April 15
5% remitted on June 15
1. Taxpayer-Assessed Taxes Accrual
In accordance with GASB Statement No. 22, Accounting for Taxpayer-Assessed Tax Revenues in
Governmental Funds, the City recognizes taxpayer-assessed taxes in governmental funds as
follows:
Sales Taxes -The City accrues actual advances from the State Board of Equalization
received in July and August of the subsequent fiscal year, as these amounts are both
measurable and available to the City to meet its financial obligation for the current
period.
Public Safety Sales Tax (Proposition 172 Sales Tax) -The City accrues July and August
receipts of the public safety sales tax on the basis consistent with the accrual of regular
sales taxes.
Transient Occupancy Taxes -The City collects transient occupancy taxes on a quarterly
basis. The taxes assessed for the quarter ended June 30 are due by July 31 of the
subsequent fiscal year. The City accrues all transient occupancy taxes for the June 30 th
quarter received subsequent to the fiscal year end.
Gas Taxes -The City accrues gas taxes assessed for the month ended June 30, as these
amounts are both measurable and available to the City a month after the fiscal year end.
Franchise Fees -The City collects cable franchise fees on a quarterly basis and refuse
franchise fees on a monthly basis. The taxes assessed for the quarter ended June 30 are
due by July 31 of the subsequent fiscal year. The City accrues all franchise fees for the
June 30th period received subsequent to the fiscal year end.
23
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
J. General Fixed Assets
General fixed assets are recorded as expenditures of the various governmental funds at the
time of purchase and are subsequently capitalized for memorandum purposes in the General
Fixed Assets Account Group. Such assets include land, buildings, building improvements,
furniture and equipment.
Public domain "infrastructure" fixed assets, such as roads, streets and sidewalks, bridges,
curbs and gutters, drainage systems, lighting systems, and similar assets, are not capitalized.
No depreciation is provided on general fixed assets.
All fixed assets are valued at historical cost or estimated historical cost if actual historical cost
is not available. Donated fixed assets are valued at their estimated fair market value on the
date donated. Fixed assets acquired by lease obligations are valued at the present value of
future lease payments at the inception of the lease.
The collection systems and facilities of the District are stated at cost less accumulated
depreciation. Assets contributed have been recorded at the fair market value at the date
received. Maintenance and repairs are charged to expense as incurred. Improvements are
capitalized and depreciated over the remaining useful lives of the related fixed asset.
Depreciation is computed using the straight-line method over the useful lives of the assets.
A summary of the useful lives of the fixed assets of the District is as follows:
Subsurface lines
Sewage collection facilities
General plant and administrative facilities
K. Long-Term Lease Accounting
50 years
5 -50 years
3 -15 years
Fixed assets acquired through long-term lease contracts are capitalized at the time the
contract is executed. The related assets and liabilities are recorded in the appropriate fund or
account group.
L. Compensated Absences
The City accounts for compensated absences (unpaid vacation, sick leave, compensatory
time, and administrative 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
24
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
and vested, but unused, compensated absences expected to be paid subsequent to the end of
current fiscal year, is recorded in the General Long-Term Debt Account Group. Effective July
2001, the requirement that employees hired before 10/79 be eligible for a portion of unused
sick leave will be eliminated. No expenditure was recorded for these amounts.
M. Claims and Judgments
Claims and judgments that normally would be liquidated with expendable available
resources are accounted for in the internal service funds.
N. Appropriation Limit
Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative),
the City is restricted as to the amount of annual appropriations from proceeds of taxes. For
the fiscal year ended June 30, 2001, based on calculations by City's management, proceeds of
taxes did not exceed related appropriations. Further, Section 5 of Article XIIIB allows the
City to designate a portion of fund balances for general contingencies to be used for any
purpose.
O. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect certain
reported amounts and disclosures. Accordingly, actual results could differ from those
estimates.
P. Total Columns on Combined Statements
Total columns on the combined statements are captioned "Memorandum Only" to indicate
that they are presented only to facilitate financial analysis and do not present financial
position, results of operations or cash flows in conformity with generally accepted accounting
principles. Such data is not comparable to a consolidation. Interfund eliminations have not
been made.
Q. Reclassifications
Certain reclassifications have been made to prior year financial data in order to conform with
the current year presentation.
25
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES, Continued
R. Implementation o/New GASB Pronouncement
In 2001, the City adopted a new accounting standard in order to conform to Governmental
Accounting Standards Board Statement No. 33, Accounting and Financial Reporting for Non-
Exchange Transactions.
GASB No. 33 established recording assets and revenues when the underlying exchange
occurred, enforceable legal claim had arisen, all eligibility requirements had been met or
when resources were received, whichever was first. By adopting this Standard, the City
recognized assets and revenues from Non-Exchange Transactions which included sales taxes,
property taxes, other taxes, fines and forfeitures, certain grants and entitlements, and certain
government mandates. These Non-Exchange Transactions were accounted for as susceptible
to accrual using the measurable and available criteria.
2. CASH AND INVESTMENTS
The City maintains a cash and investment pool, which includes cash balances and authorized
investments of all funds, which the City Treasurer invests to enhance interest earnings. The
pooled interest earned is allocated quarterly to each fund based on an average of quarterly
opening and closing balances of cash and investments.
A. Cash Deposits
The carrying amounts of the City's cash deposits were $1,855,562 at June 30, 2001. Bank
balances at June 30, 2001 were $2,518,565 which were fully insured and collateralized with
securities held by the pledging financial institutions in the City's name as discussed below.
The California Government Code requires California banks and savings and loan associations
to secure the City's cash deposits by pledging securities as collateral. This Code states that
collateral pledged in this manner shall have the effect of perfecting a security interest in such
collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered
to be held in the City's name.
The market value of pledged securities must equal at least 110% of the City's cash deposits.
California law also allows institutions to secure City deposits by pledging first trust deed
mortgage notes having a value of 150% of the City's total cash deposits. The City may waive
collateral requirements for cash deposits which are fully insured up to $100,000 by the Federal
Deposit Insurance Corporation. The City, however, has not waived the collateralization
requirements.
26
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
2. CASH AND INVESTMENTS, Continued
B. Investments
The City is authorized by State statutes and in accordance with the City's Investment Policy
(the Policy), adopted on December 18, 2000, to invest in the following:
D U.s. Government Obligations
D U.s. Government Agencies and Instruments
D Repurchase Agreements
D Bankers Acceptances
D Commercial Paper
D Medium-Term Corporate Notes
D Certificates of Deposit
D Negotiable Certificates of Deposit
D California Local Agency Investment Fund (LAIF)
D Mutual Funds
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, investments were stated at fair value using the
aggregate method resulting in the following investment income:
Investment Income:
Interest income
Net unrealized gain (loss) in changes in
fair value of investments
Total investment income
27
$ 3,349,027
31,836
$ 3,380,863
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
2. CASH AND INVESTMENTS, Continued
C. Risk Category
In accordance with GASB Statement No.3, cash deposits and investments are categorized
separately to give an indication of the level of risk assumed by the City. Cash deposits and
investments not subject to such categorization under GASB Statement No.3 are identified as
"uncategorized."
The City's cash deposits and investments are categorized in the following manner:
Deposits:
Category 1 -Insured or collateralized with securities held by the entity or by its agent in
the entity's name.
Category 2 -Collateralized with securities held by the pledging financial institution's
trust department or agent in the entity's name.
Category 3 -Deposits which are uninsured or uncollateralized.
Investments:
Category 1 -Insured or registered or securities held by the entity or its agent in the
entity's name.
Category 2 -Uninsured and unregistered, with securities held by the counterparty's trust
department or agent in the entity's name.
Category 3 -Uninsured and unregistered, with securities held by the counterparty, or by
its trust department or agent, but not in the entity's name.
Uncategorized -Certain cash deposits and investments are not subject to
categorization under GASB Statement No.3.
28
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
2. CASH AND INVESTMENTS, Continued
Pooled cash and investments were classified by risk category as follows at June 30, 2001:
Category Category Category Fair
1 2 3 Uncategorized Value
City Treasury:
Demand Deposits:
Cash Deposits $ 1,855,562 $ $ $ $ 1,855,562
Certificates of Deposit 490,517 490,517
Total demand deposits 2,346,079 2,346,079
Investments:
Securities of U.S. Government
Agencies 5,511,724 5,511,724
Corporate bonds and notes 8,371,731 8,371,731
Local Agency Investment Fund 25,980,875 25,980,875
Total investments 13,883,455 25,980,875 39,864,330
Total City treasury 2,346,079 13,883,455 25,980,875 42,210,409
Cash and Investments with
Fiscal Agent 18,551,013 18,551,013
Total cash and investments $ 2,346,079 $ 13,883,455 $ 18,551,013 $ 25,980,875 $ 60,761,422
The City's investments with Local Agency Investment Fund (LAIF) at June 30, 2001, included a
portion of the pool funds invested in Structured Notes and Asset-Backed Securities. These
investments include the following:
• Structured Notes are debt securities (other than asset-backed securities) whose cash flow
characteristics (coupon rate, redemption amount, or stated maturity) depend upon one
or more indices and/ or that have embedded forwards or options.
• Asset-Backed Securities, the bulk of which are mortgage-backed securities, entitle their
purchasers to receive a share of the cash flows from a pool of assets such as principal
and interest repayments from a pool of mortgages (such as CMO's) or credit card
receivables.
As of June 30, 2001, the City had $25,980,875 invested in LAIF, which had invested 4.506% of
the pool investment funds in Structured Notes and Asset-Backed Securities. The LAIF fair
value factor of 1.002237525 was used to calculate the fair value of investments in LAIF.
29
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
2. CASH AND INVESTMENTS, Continued
Cash and investments stated at fair value held in the City Treasury grouped by maturity date
at June 30,2001, are shown below:
Maturity
Current to one year
One to two years
Two to three years
Three to four years
Four to five years
Total
D. Cash and Investments with Fiscal Agent
$
$
Fair Value
31,509,217
1,504,360
517,865
1,636,771
7,042,196
42,210,409
The funds deposited with fiscal agent can be held in cash or invested in various securities. The
fiscal agent can invest in securities as outlined in trust agreements, provided the investments
are within the limits imposed by State statutes upon the entity. At June 30, 2001, cash and
investments with fiscal agent totaling $18,551,013 were recorded at fair value.
E. Component Unit -Sanitation District Cash and Investments
All of the District's cash is deposited with the County of Marin's pooled cash and
investments account, except cash related to the certificates of participation which is invested
in an open-end mutual fund held in trust by the District's custodial agent. The carrying
amount and fair value of the pooled cash and investments account and the open-end mutual
fund at June 30, 2001, amounted to $3,806,971 and $1,194,652, respectively, totaling
$5,001,623. In accordance with Category 3, both of these types of investments are not
required to be categorized as to credit risk. Fair values for the pooled cash and investments
were provided by the County of Marin as the pool's sponsor. The fair value of the open-end
mutual fund was based upon the unit share price at June 30, 2001.
Cash and investments at June 30, 2001, consisted of the following:
Cash and investments $ 5,001,623
Petty cash 75
Total ~ 5,001,698
Umestricted cash:
Cash $ 3,807,046
Restricted cash:
Certificates of participation 1,194,652
Total ~ 5,001,698
30
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
3. RECEIVABLES
As of June 30, 2001, receivables consisted of the following:
Accounts $ 1,701,408
Taxes 5,151,973
Grants 287,975
Interest 721,313
Loans 995,938
Total $ 8,858,607
A. Accounts Receivable
Accounts receivable consisted of amounts accrued in the funds in the ordinary course of
operations. The total amount of accounts receivable as of June 30, 2001, was as follows:
General Fund $ 558,356
Special Revenue Funds:
Recreation Revolving 140,471
Parking Services 19,535
Household Hazmat Facility 272,209
Public Safety 15,896
Total special revenue funds 448,111
Capital Projects Funds:
Capital Improvement 194,488
Park Capital Projects 5,453
1995 Bonds Capital Project 495,000
Total capital projects funds 694,941
Total $ 1,701,408
31
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
3. RECEIVABLES, Continued
B. Taxes Receivable
As of June 30, 2001, the following taxes receivable were outstanding:
Special Capital
General Revenue Projects
Fund Funds Funds
Property taxes $ 373,403 $ $ 945,608
Sales taxes 2,948,943
Transient occupancy taxes 320,000
Franchise fees 314,023
Miscellaneous taxes & fees 143,580 106,416
Totals $ 4,099,949 $ 106,416 $ 945,608
C. Grants Receivable
The total amount of grants receivable as of June 30, 2001, were as follows:
D. Interest Receivable
Special Revenue Funds:
Childcare
Library
Grants
Total
$ 2,584
175,475
109,916
$ 287,975
As of June 30, 2001, interest receivable consisted of the followings:
General Fund $ 674,163
Capital Projects Funds:
Low and Moderate Income Housing 20,663
1999 Bonds Capital Project 26,487
Total $ 721,313
32
Totals
$ 1,319,011
2,948,943
320,000
314,023
249,996
$ 5,151,973
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
3. RECEIV ABLES, Continued
E. Loans Receivable
The City had the following loans receivable at June 30, 2001:
General Fund:
Loan from City Manager
Employees' Computer Loans
Total general fund
Special Revenue Funds:
Traffic and Housing Mitigation:
One "H II Street Associates
Parkland Dedication:
Muir Terrace Homes
Total special revenue funds
Capital Projects Funds:
Park Capital Projects:
Marin Bocce Federation
Low and Moderate Income Housing:
Marin Housing Development
Centertown Associates
Balloon Mortgage Loan
Total capital projects funds
Total
$ 363,757
27,331
391,088
91,428
21,726
113,154
40,000
100,000
225,536
126,160
491,696
$ 995,938
On August 1, 1996, the City made a 30-year loan to the City Manager in the amount of
$392,040, at an interest rate equivalent to the Local Agency Investment Fund interest rate, for
the purchase of a home. The loan is secured by the Deed of Trust. The principal and interest
are payable monthly commencing September 1, 1996 through August 31,2026. As of June 30,
2001, the outstanding balance of the loan was $363,757.
On August 1, 1997, the City made a 30-year loan to the Chief of Police in the amount of
$400,000, at an interest rate equivalent to the Local Agency Investment Fund interest rate, for
the purchase of a home. The loan is secured by the Deed of Trust. The loan was paid in full
as of June 30,2001.
Effective February 1, 2000, the City agreed to loan employees up to $2,500 for the purchase of
computer software and hardware. The loan program, which stipulates that employees may
not have more than one loan outstanding, provides financial assistance from the City in the
form of a no interest loan repaid through automatic payroll deductions. As of June 30, 2001, the
outstanding balance of the employees' computer loans was $27,331.
33
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
3. RECEIVABLES, Continued
E. Loans Receivable, Continued
$100,000 loan from One "H" Street Associates at 0% interest rate with annual payments of
$2,857 and with final payment due January 18, 2034. The loan is in connection with the
affordable housing project located at One "H" Street. As of June 30, 2001, the outstanding
balance of the loan was $91,428.
In April 1996, Muir Terrace Homes entered in agreement with the City to defer all
development fee payments except the Traffic Mitigation fee is waived for the Below Market
Rate units. The payments are due when the developer has sold all the units for low-mod
income housing. The outstanding balance of the loan receivable at June 30, 2001 was $21,726.
The City entered an interest free loan with the Marin Bocce Federation to finance the San
Rafael Bocce Center projects. The loan is due in annual installments, due and by June 30 of
each year in the amount of $5,000. The outstanding balance at June 30, 2001 was $40,000.
$100,000 from Marin Housing Development at 0% interest rate. All principal and interest
shall be due on January 30, 2005. As of June 30, 2001, the balance of the loan was $100,000.
$303,000 loan from Centertown Associates, Ltd. at 3% interest rate due semiannually. The
final payment is due on July 1, 2065. The remaining loan receivable at June 30, 2001 was
$225,536.
On May 18, 2001, the San Rafael Redevelopment Agency entered a five-year balloon
mortgage loan agreement with Brendan Mitchell in the amount of $126,160. The annual
interest rate of the loan is 7.875%. The principal and interest are payable monthly in the
amount of $915 on the first day of each month commencing July 1, 2001. The entire
outstanding balance is due and payable on or before June 30, 2006. At June 30, 2001, the
outstanding balance of the loan was $126,160.
34
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
4. DEFERRED REVENUE
As of June 30, 2001, deferred revenue as related to certain receivables was recorded as follows:
Special Revenue Funds:
Recreation Revolving $ 135,604
Parkland Dedication 21,726
Capital Projects Funds:
Park Capital Projects 40,000
Total $ 197,330
5. INTERFUND TRANSACTIONS
A. Interfund Receivables and Payables
As of June 30, 2001, balances of interfund receivables and payables were as follows:
Due To Other Funds
Capital Proj ects
Special Revenue Funds Fund
Traffic and Development Park Capital
Housing Mitigation Services Libra2: Project Totals
General $ $ $ 78,403 $ 5,000 $ 83,403
'" SpeciaJ Revenue Fund: "0
I'::
;:l Parkland Dedication 35,000 35,000 "" .... .,
Capi tal Project Funds: ..s
0 Bedroom Tax 19,931 19,931 e
0 Low and Moderate Income Housing .... 200,000 200,000 "" .,
1995 Bonds Capital Projects ;:l 732,735 732,735
0
Totals $ 200,000 $ 732,735 $ 78,403 $ 59,931 $ 1,071,069
35
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
5. INTERFUND TRANSACTIONS, Continued
B. Operating Transfers
Operating transfers for the year ended June 30, 2001, were as follows:
Special Revenue Funds
Street
Maintenance
Recreation Equipment and Public
General Revolving Replacements Cleaning Saleti: Stormwater
Cenenll 907,852 914,268 $ 171,000 $ 1,718,211 $ 20,000 $ 626,175
Spe ci:!1 Rev enue Funds:
Parking Services 56,396
Gas Tax 400,000
Child care 100,000
Sewer Maintenance 78,408
Grants 27,000
Emergency Medical Services 236,792
De b t Service Funds:
:; Peacock Gap 0
~ Assessment District 2,537
~ Mariposa Assessment District 151
I-1997 Financing Authority
Revenue Bonds 4862
C:lpit:ll Projects Funds :
Assessment Districts 56,900
1995 Bonds Ca pital Project
1999 Bond Capital Project
Intern a l Service Fund:
Liability Insurance 90,000
Totals $ 1,413,998 $ 914,268 $ 171,000 $ 2,118,211 $ 20,000 $ 773,075
Capital Projects Funds Internal Service Funds
1985 Capital
Project 1992 Bonds
Capital and Capital Building Workers'
Grants ImErovement Administration Projects Maintenance Comeensation Totals
189,226 $ 349,000 $ $ $ 450,000 400,000 $ 5,745,732
56,396
400,000
100,000
78,408
27,000
236,792
2,537
151
4,862
56,900
220,000 220,000
901,456 901,456
90,000
$ 189,226 $ 349,000 $ 901,456 $ 220,000 $ 450,000 $ 400,000 $ 7,920,234
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
6. FIXED ASSETS
A summary of the City's changes in general fixed assets for the year ended June 30, 2001,
follows:
Changes of
Capitalization
Balance Amount
July: 1, 2000 Additions Deletions Adjustments
Land and buildings $ 22,224,349 $ $ (1,987) $ (10,404)
Rolling equipment 6,046,409 1,528,102 (421,214) (1,971)
Furniture and equipment 6,380,475 556,808 (50,468) (636,197)
Improvements other
than buildings 3,360,250 ~622~
Totals $ 38,011,483 $ 2,084,910 $ ~473,669~ $ ~649,1942
A summary of the District's fixed assets at June 30, 2001, follows:
Land and easements
Subsurface lines
Sewage collection facilities
General plant and administration
Construction in progress
Total
Less accumulated depreciation
Total
37
$ 115,329
12,152,655
22,700,473
41,785
754,661
35,764,903
(13,120,897)
$ 22,644,006
Balance
June 30, 2001
$ 22,211,958
7,151,326
6,250,618
3,359,628
$ 38,973,530
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
7. LONG-TERM DEBT
The City records long-term debt of goverrunental funds in the General Long-Term Debt
Account Group. Other goverrunental fund obligations not expected to be financed with
current available financial resources are also recorded in the General Long-Term Debt
Account Group.
Long-term debt outstanding at June 30, 2001, was as follows:
Balance Balance
July 1, 2000 Additions Deletions June 30, 2001
San Rafael Joint Powers Financing
Authority:
1997 Authority Revenue Bonds $ 4,315,000 $ $ {430,000l $ 3,885,000
San Rafael Redevelopment Agency
Tax Allocation Bonds:
Series 1992 15,100,000 (480,000) 14,620,000
Series 1995 7,855,000 (200,000) 7,655,000
Series 1999 22,944,004 {500,000~ 22,444,004
Total Tax Allocation Bonds 45,899,004 {1,180,000~ 44,719,004
Special Assessment Bonds
(with governmental commitment):
Peacock Gap Refunding 1,125,000 (195,000) 930,000
Mariposa Road Assessment 140,000 {15,000) 125,000
Total Special Assessment Bonds 1,265,000 {210,000l 1,055,000
Note Payable 169,000 169,000
Capitalized Lease Obligations 52,309 560,369 (192,178) 420,500
Compensated Absences 3,698,131 191,234 3,889,365
Total long-term debt $ 55,398,444 $ 751,603 $ (2,012,178) $ 54,137,869
Component Unit -San Rafael Sanitation
District:
2001 Certificates of Participation $ $ 4,427,987 $ $ 4,427,987
1991 Certificates of Participation 3,856,706 {3,856,706l
Totals $ 3,856,706 $ 4,427,987 $ {3,856,706) $ 4,427,987
38
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
7. LONG· TERM DEBT, Continued
A. 1997 Authority Revenue Bonds -Original Issue $5,250,000
On January 28, 1997, the San Rafael Joint Powers Financing Authority issued the 1997
Authority Revenue Bonds in the amount of $5,250,000 bearing interest at rates from 4.00% to
6.00%. The proceeds of the bonds were used to consolidate and refund the previously issued
Limited Obligation Refunding Bonds. The bonds mature annually each September 2 from
1997 to 2011, in amounts ranging from $20,000 to $555,000. Interest is payable semiannually
on March 2 and September 2. The bonds are subject to redemption on any March 2 or
September 2 in advance of maturity at the option of the City upon payment of the principal
and interest accrued thereon to the date of redemption, plus a redemption premium ranging
from 2.00% to 5.00%. Revenues from the repayment of the Refunding Bonds and the reserve
account are utilized to meet debt service requirements of the Revenue Bonds. The Refunding
Bonds are secured by unpaid reassessments confirmed against private property within the
Reassessment District. The outstanding balance of the bonds was $3,885,000 as of June 30,
2001. --...
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, PrinciEal Interest Totals
2002 $ 455,000 $ 11,375 $ 466,375
2003 470,000 11,985 481,985
2004 495,000 12,870 507,870
2005 520,000 13,780 533,780
2006 545,000 14,715 559,715
2007-2011 1,130,000 32,236 1,162,236
2012 270,000 8,100 278,100
Totals $ 3,885,000 $ 105,061 $ 3,990,061
39
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
7. LONG-TERM DEBT, Continued
B. 1992 Tax Allocation Refunding Bonds -Original Issue $18,615,000
On May 1, 1992, the San Rafael Redevelopment Agency (Agency) issued Tax Allocation
Refunding Bonds in the amount of $18,615,000. The proceeds of the bonds were used to
refund $10,905,000 outstanding principal of the Agency's Central San Rafael Redevelopment
Project Tax Allocation Bonds, Series 1985, to fund the construction of new improvements
within the Project Area. The 1992 bonds mature annually each December 1 from 1992 to
2017, in amounts ranging from $340,000 to $1,350,000 and bear interest at rates ranging from
3.25% to 6.45%. Interest is payable semiannually on June 1 and December 1. The bonds
maturing after December 1, 2002 are subject to the optional redemption prior to maturity, in
whole or in part, on any date on or after December 1, 2002, at a price equal to the principal
amount, plus accrued interest on the redemption date, plus a premium ranging from 0.00%
to 2.00%. The bonds are secured by an irrevocable pledge of certain tax revenues and other
funds. As of June 30, 2001, the outstanding balance of the bonds was $14,620,000.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Princi£al Interest Totals
2002 $ 505,000 $ 931,741 $ 1,436,741
2003 535,000 901,946 1,436,946
2004 570,000 869,311 1,439,311
2005 605,000 834,256 1,439,256
2006 640,000 796,746 1,436,746
2007-2011 3,865,000 3,320,305 7,185,305
2012-2016 5,280,000 1,908,555 7,188,555
2017-2018 2,620,000 256,065 2,876,065
Totals $ 14,620,000 $ 9,818,925 $ 24,438,925
40
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
7. LONG-TERM DEBT, Continued
C. 1995 Tax Allocation Bonds -Original Issue $8,895,000
On October I, 1995, the San Rafael Redevelopment Agency (Agency) issued Tax Allocation
Bonds in the amount of $8,895,000. The proceeds of the bonds were used to finance certain
redevelopment activities of the Agency relating to the Central San Rafael Redevelopment
Project Area. The bonds mature annually each December 1 from 1995 to 2021, in amounts
ranging from $170,000 to $610,000 and bear interest at rates ranging from 3.50% to 6.00%.
Interest is payable semiannually on June 1 and December 1. The bonds are subject to
optional redemption prior to maturity, in whole or in part, either in inverse order of maturity
or on a pro rata basis among maturities, on any date on or after December I, 2003, at a price
equal to the principal amount, plus accrued interest on the redemption date plus a premium
ranging from 0.00% to 2.00%. The bonds are secured, on a parity with the 1992 bonds, by a
pledge and lien on tax revenues and amounts on deposit in certain funds and accounts held
by the fiscal agent. The outstanding balance of the bonds was $7,655,000 as of June 30, 2001.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Princi,eal Interest Totals
2002 $ 210,000 $ 421,468 $ 631,468
2003 215,000 412,435 627,435
2004 225,000 402,750 627,750
2005 235,000 392,224 627,224
2006 250,000 380,760 630,760
2007-2011 1,450,000 1,697,140 3,147,140
2012-2016 1,905,000 1,239,190 3,144,190
2017-2021 2,555,000 584,850 3,139,850
2022 610,000 18,300 628,300
Totals $ 7,655,000 $ 5,549,117 $ 13,204,117
41
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
7. LONG-TERM DEBT, Continued
D. 1999 Tax Allocation Bonds -Original Issue $23,504,004
On June 16, 1999, the San Rafael Redevelopment Agency (Agency) issued Tax Allocation
Bonds in the amount of $23,504,004. The bonds were issued as Current Interest Bonds in the
aggregate principal amount of $21,115,000 and as Capital Appreciation Bonds in the original
amount of $2,389,004. The proceeds of the bonds were used to finance certain redevelopment
activities of benefit to the Agency's Central San Rafael Redevelopment Project Area. The
Current Interest Bonds mature annually each December 1 from 2000 to 2022, in amounts
ranging from $560,000 to $1,460,000 and bear interest at rates ranging from 4.50% to 5.00%.
Interest is payable semiannually on June 1 and December 1. The Current Interest Bonds
maturing on or after December I, 2008, are subject to optional redemption prior to maturity,
in whole or in part, either in inverse order of maturity or on a pro rata basis among
maturities, on any date on or after December I, 2007, at a price equal to the principal amount,
plus accrued interest on the redemption date, plus a premium ranging from 0.00% to 2.00%.
The Capital Appreciation Bonds mature annually after December 1 from 2018 to 2022, in
amounts ranging from $1,440,000 to $2,070,000 and bear interest at rates ranging from 5.58%
to 5.60%. Interest on the Capital Appreciation Bonds will compound on each interest
premium date and will be payable solely at maturity. The bonds are secured, on parity with
the 1992 and 1995 bonds, by a pledge and lien on tax revenues and amounts on deposit in
certain funds and accounts held by the fiscal agent. The outstanding balance of the bonds
was $22,444,004 as of June 30, 2001.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Princi,ral Interest Totals
2002 $ 525,000 $ 974,475 $ 1,499,475
2003 550,000 949,600 1,499,600
2004 575,000 922,881 1,497,881
2005 605,000 894,856 1,499,856
2006 630,000 865,525 1,495,525
2007-2011 3,655,000 3,834,332 7,489,332
2012-2016 4,670,000 2,818,250 7,488,250
2017-2021 7,398,794 1,491,875 8,890,669
2022-2023 3,835,210 144,250 3,979,460
Totals $ 22,444,004 $ 12,896,044 $ 35,340,048
42
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
7. LONG-TERM DEBT, Continued
E. Peacock Gap Reassessment District Limited Obligation Refunding Improvement Bonds -
Original Issue $2,405,000
On October 7, 1993, the City issued Limited Obligation Refunding Improvement Bonds for
the Peacock Gap Reassessment District in the amount of $2,405,000. The proceeds of the
bonds were used to constitute a trust fund for the redemption and payment of principal and
interest on the City of San Rafael Improvement Bonds of the Peacock Gap Improvement
District, dated September 4, 1984. Interest is payable semi-annually on each March 2 and
September 2, commencing March 2, 1994, at rates ranging from 4.00% to 5.75%. As of
June 30, 2001, the outstanding balance of the bonds was $930,000.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Princi.eal Interest Totals
2002 $ 170,000 $ 48,608 $ 218,608
2003 180,000 39,068 219,068
2004 190,000 28,798 218,798
2005 195,000 17,920 212,920
2006 195,000 6,181 201,181
Totals $ 930,000 $ 140,575 $ 1,070,575
F. Mariposa Road Assessment District Limited Obligation Improvement Bonds -Original
Issue $233,688
On January 6, 1993, the City issued Limited Obligation Refunding Improvement Bonds for
the Mariposa Road Assessment District in the amount of $233,688. The proceeds of the bonds
were used to finance the grading and paving of Mariposa Road, to fund a Reserve Fund, and
to pay the costs of issuance on the bonds. The bonds are issued as Serial Bonds and mature
in various amounts on each September 2 commencing September 2, 1994 and ending
September 2, 2008. Interest shall be payable commencing on March 2, 1993, and
semiannually thereafter on September 2 and March 2 of each year until maturity, at rates
ranging from 4.50% to 6.90%. As of June 30,2001, the outstanding balance of the bonds was
$125,000.
43
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
7. LONG-TERM DEBT, Continued
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Princi£al Interest Totals
2002 $ 15,000 $ 7,906 $ 22,906
2003 15,000 6,938 21,938
2004 15,000 5,955 20,955
2005 15,000 4,958 19,958
2006 15,000 3,946 18,946
2007-2009 50,000 5,514 55,514
Totals $ 125,000 $ 35,217 $ 160,217
G. Note Payable
At June 30, 2001, Notes Payable consisted 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 Agency.
H. Capitalized Lease Obligations
The City leased one Fire Department ambulance in the amount of $113,814 including interest
of $16,106. The lease is for five years beginning in 1998 through capital leasing arrangements.
The lease expires in 2003.
The City leased one fire truck in the amount of $558,370 including interest of $57,620. The
annual lease payment of $186,124 for three years, including interest per year, started on
April 10, 2001. The lease expires in 2003.
The City leased two copiers. Copier one is in the amount of $16,800. The monthly lease
payment is $280 for five years. The lease expires in 2004. Copier two is in the amount of
$11,880. The monthly lease payment is $198 for five years. The lease expires in 2006.
The City leased furniture in the amount of $30,939. The monthly lease payment of $619 for
five years started in July 2000. The lease expires in 2006.
44
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
7. LONG-TERM DEBT, Continued
The future minimum lease obligations are due as follows:
Year Ending
June 30, Ambulance Fire Truck Coriers
2002 $ 22,763 $ 186,123 $ 7,169
2003 11,381 186,124 6,636
2004 5,888
2005 2,490
2006 200
Minimum lease payments 34,144 372,247 22,383
Less amount
representing interest {I,873 l {29,328l p,161 l
Present value of minimum
lease payments $ 32,271 $ 342,919 $ 19,222
1. Compensated Absences
Furniture Totals
$ 7,260 $ 223,315
7,426 211,567
7,471 13,359
7,379 9,869
619 819
30,155 458,929
{4,067l {38,429}
$ 26,088 $ 420,500
The City's liability for vested and unpaid compensated absences (accrued vacation, sick
leave, compensatory time and administrative leave) expected to be paid subsequent to the
fiscal year end, is reported in the General Long-Term Debt Account Group. At June 30, 2001,
the balance of compensated absences in the governmental fund types totaled $3,889,365.
J. Component Unit -San Rafael Sanitation District -2001 Certificates of Participation -
Original Issue $4,710,000
The District and its Financing Corporation on May 1, 2001 issued $4,710,000 of Certificates of
Participation at discount of $35,121. The Certificates are to be used (1) to refund in whole the
outstanding Series 1991 Certificates of Participation, (2) to finance the District's share of a
new construction corporation yard, (3) to fund in whole or in part, a reserve fund for the
Certificates, and (4) to pay certain costs of issuing the Certificates. The Certificates are fully
registered with principal due annually on August 1 and interest payable semiannually on
February 1 and August 1. The Certificates are subject to optional prepayment on any date on
or after August 1, 2009. Terms of the Trust Agreement call for a call premium at 101 % to
exercise optional prepayment between August 1, 2009 and July 31, 2010, and no premium
August 1,2010 and after.
45
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
7. LONG-TERM DEBT, Continued
The transaction advance refunded the 1991 Certificates by placing an amount in an
irrevocable escrow fund sufficient to retire the debt on August I, 2001, terminating and
legally defeasing the 1991 Certificates. The excess of the reacquisition price over the net
carrying amount of the debt defeased resulted in a deferred amount on refunding of
$246,892. The deferred amount on refunding as well as the discount are carried as a
reduction of the certificates of participation to be amortized on a straight-line basis over the
life of the new debt as a component of interest expense. The transaction reduced total cash
flows by $44,969 and resulted in an economic gain of $263,736.
The annual debt service requirements on these bonds are as follows:
Year Ending
June 30, Princi£al Interest Totals
2002 $ 325,000 $ 131,818 $ 456,818
2003 330,000 168,237 498,237
2004 345,000 157,010 502,010
2005 350,000 145,020 495,020
2006 365,000 132,142 497,142
2007-2011 2,995,000 448,775 3,443,775
Totals $ 4,710,000 $ 1,183,002 $ 5,893,002
Total debt outstanding as of June 3D, 2001, net of discounts and deferred amount on refunding
were as follows:
Principal outstanding at June 30, 2001
Less:
Discount
Deferred amount on refunding
Net bonds outstanding at June 30, 2001
46
$
$
4,710,000
(35,121)
(246,892)
4,427,987
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
8. TAX AND REVENUE ANTICIPATION NOTES
The California Statewide Communities Development Authority (Authority) is a public entity
organized pursuant to an Amended and Restated Joint Exercise of Powers Agreement among
a number of California counties, cities, and special districts. The Authority is authorized to
issue bonds and to finance working capital for local agencies within the State of California.
The Authority has a California Communities Cash Flow Financing Program that provides
cash flow financing for California counties, cities, and other local agencies meeting certain
criteria. The City is participating in this program under the 2000 Tax and Revenue
Anticipation Bonds. The Authority, on behalf of participating agencies, has issued
$520,755,000 in a series of bonds. The City's participation level is $2,500,000. The proceeds of
the bond sale have been place in a twelve-month guaranteed investment contract that will
yield a return of 7.32%. The maturity date for the note is June 29, 2001. The City paid the
note in full in June 2001.
9. NONCITY OBLIGATIONS
The following bond issues are not reported in the City's financial statements, because these
are special obligations payable solely from and secured by specific revenue sources described
in the resolutions and official statements of the respective issues. Neither the faith and credit
nor the taxing power of the City, the Redevelopment Agency, the State of California or any
political subdivision thereof, is pledged for payment of these bonds.
San Rafael Redevelopment Agency
Multifamily Housing Revenue Bonds
California Statewide Communities
Development Authority Revenue Bonds
Original
Amount
$ 3,590,529
5,605,000
Outstanding
June 3D, 2001
$ 3,590,529
5,605,000
10. FUND BALANCES RESERVATIONS AND DESIGNATIONS
Fund balances consist of reserved and umeserved 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 umeserved fund
balances. Portions of umeserved fund balances 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.
47
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
10. FUND BALANCES RESERVES AND DESIGNATIONS, Continued
A detailed schedule of the fund balances at June 30, 2001, is shown as follows:
Fiduciary
Governmental Fund Types Fund Type
Special Debt Capital Expendable
General Revenue Service Projects Trust
Reserved:
Encumbrances $ 18,695 $ 591,246 $ $ 312,125 $
Petty cash 3,800 3,000
General plan 501,137
Department savings 401,670
Employee M.O.U. 1,602,425
Loans receivable 363,757 126,428 471,627
Employee benefits 618,000
Debt service 2,061,238
Improvement projects 190,411 677,249 19,447,278
Information systems projects 113,090 1,499,581
Equipment replacement 1,615,725
Buildings and structures 31,600
Facility closures 50,000
Assessment districts/ open space 12,401 823,849
Mello Roos assessment 300,000
Educational Revenue Augmentation Fund 168,469
Housing 2,555,201
School payments 308,000
Corporation yard 3,076,761
Total reserved 3,981,454 3,404,649 2,061,238 28,494,422 3,000
Unreserved, Designated:
Library / endowments 3,757,328 311,183 424,982
Public safety 473,635
Grant projects 133,958
Park projects 621,366 36,971
Gas tax projects 942,036
Street projects 1,341,881
Traffic mitigation 9,366,285
Total designated 3,757,328 13,190,344 461,953
Unreserved, Undesignated 2,427,701 670,897
Totals $ 10,166,483 $ 17,265,890 $ 2,061,238 $ 28,494,422 $ 464,953
48
Totals
$ 922,066
6,800
501,137
401,670
1,602,425
961,812
618,000
2,061,238
20,314,938
1,612,671
1,615,725
31,600
50,000
836,250
300,000
168,469
2,555,201
308,000
3,076,761
37,944,763
4,493,493
473,635
133,958
658,337
942,036
1,341,881
9,366,285
17,409,625
3,098,598
$ 58,452,986
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
11. EXCESS OF EXPENDITURES OVER APPROPRIATIONS
Appropriations Expenditures Excess
Special Revenue Funds:
Recreation Revolving $ 1,936,545 $ 1,973,645 $ 37,100
Baypoint Lagoons Assessment District 26,981 45,370 18,389
Library Fund 290,662 330,693 40,031
Public Safety 155,273 191,208 35,935
Development Services 200,000 901,776 701,776
Parkland Dedication 87,270 143,771 56,501
Emergency Medical Services 2,852,169 2,950,881 98,712
Debt Service Fund:
Peacock Gap Assessment District 271,572 285,901 14,329
Expendable Trust Fund:
Business Improvement 52,000 53,975 1,975
12. CONTRIBUTED CAPITAL
Changes in the District's balances of contributed capital were as follows:
Component Unit:
San Rafael Sanitation District
Balance
July 1,2000
Depreciation
Attributable to
Contributed Capital
Balance
June 30, 2001
$ 7,461,602 $ (84,590) $ 7,377,012
49
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
13. EMPLOYEES' RETIREMENT PLAN
A. Plan Description
The City contributes to the Marin County Employees' Retirement Fund (Fund). All full-time
and permanent part-time employees are eligible to participate.
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 10 years of service
and having attained the age of 50, or 30 years of service (20 years for safety employees)
regardless of age. These benefits provisions and all other requirements are established under
the County Employees Retirement Law of 1937. The City's retirement plan is included in a
separately issued report from the Marin County Employees' Retirement Fund, which can be
obtained from William M. Mercer, Incorporated, 3 Embarcadero Center, Suite 1500, San
Francisco, CA 94111-4015.
B. Funding Policy
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 City contributed 5.02% of payroll to the Fund for public safety personnel and 4.53% for
other covered employees for the year ended June 30, 2001. The City, due to a collective
bargaining agreement, also has a legal obligation to contribute one-half of the employees'
contribution up to a maximum of 7% of payroll for safety employees and a maximum of 5%
of payroll for all other employees. Employees have an obligation to contribute the remaining
portion.
C. Annual Pension Cost
The City's annual pension cost to the Fund for the year ended June 30, 2001, of $2,187,000
was equal to the City's required and actual contributions. The annual required contribution
was determined as part of the actuarial valuation performed as of June 30, 2000. The
employer rates 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 significant
assumptions used in the 2000 actuarial valuation include an assumed rate of return on
investment assets of 8.25%, and annual payroll increases of 4.12% per year reflecting 4.25%
for inflation and approximately 1.00% for merit and longevity. The actuarial value of assets
was determined using techniques that smooth the effects of short-term volatility in the
50
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30,2001
13. EMPLOYEES' RETIREMENT PLAN, Continued
market value of investments over a period of five years. The Fund also uses the level
percentage-open method to amortize the unfunded actuarial liability which had fourteen
years left in the amortization period. It is assumed that payroll increases at an annual
inflation rate of 4.25% over the amortization period.
D. Three-Year Historical Trend Information
Fiscal Year Annual Pension Percentage of Net Pension
EndinL Cost {APQ APC Contributed Obligation
6/30/99 $ 2,480,000 100% $
6/30/00 2,503,855 100%
6/30/01 2,187,000 100%
14. PUBLIC AGENCY RETIREMENT SYSTEM (DEFINED CONTRIBUTION
RETIREMENT PLAN)
The City contributes to the Public Agency Retirement System (PARS), which is a defined
contribution retirement plan. A defined contribution retirement plan provides retirement
benefits in return for services rendered, provides an individual account for each participant,
and specifies how contributions to the individual's accounts are to be determined instead of
specifying the amount of benefits the individual is to receive. The plan is administered by
Phase II located at P.O. Box 10009, Costa Mesa, California 92627.
Under a defined contribution pension plan, the benefits a participant will receive depend
solely on the amount contributed to the participant's account, the returns earned on
investments on those contributions, and forfeitures of other participant's benefits that may be
allocated to such participant's account.
As established by the plan, all eligible employees of the City will become a participant in the
plan from the date that they are hired. An eligible employee is any employee who, at any
time during which the employer maintain this plan, is not accruing a benefit under the Marin
County Employees' Retirement Fund.
Contributions made by an employee and the employer vest immediately. As determined by
the plan, each employee must contribute 3.75% of gross earnings to the plan. The City
contributes an additional 3.75% of the employee's gross earnings.
51
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
14. PUBLIC AGENCY RETIREMENT SYSTEM (DEFINED CONTRIBUTION
RETIREMENT PLAN), Continued
During the year, the City contributed $64,001 and employees contributed $64,001. The total
covered payroll of employees participating in the plan for the year ended June 30,2001, was
$1,706,673. The total payroll for the year was $28,689,408.
15. POST-EMPLOYMENT HEALTH CARE BENEFITS
The City provides certain health care benefits for retired employees and their spouses. The
benefit provisions were established under the authority of the 1937 Act, Section 31450, et. seq.
of the Government Code. 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. At June 30, 2001, 192
retirees received post-employment health care benefits. Those expenditures are reduced by
reimbursements from the Marin County Retirement Office of the annual amount set forth in
the County Retirement Rules and Regulations 1937 Act as amended and in Sections 31450 et.
seq. of the Government Code. The cost of retiree health care benefits is recognized as an
expenditure as claims are paid. For the fiscal year ended June 30, 2001, those costs totaled
$204,668.
16. SEGMENT INFORMATION FOR ENTERPRISE FUND
The City's Enterprise Fund is comprised only of the discretely presented component unit -
San Rafael Sanitation District. Segment information for the fiscal year ended June 30, 2001, is
as follows:
Types of goods or services provided
Operating revenues
Depreciation and amortization expense
Operating income
Tax revenues
Nonoperating revenues (expenses)
Net income
Fixed asset additions
Net working capital
Total assets
Long-term obligations payable from operating revenues
Total fund equity
52
Wastewater
Transmission
$ 5,139,133
837,418
709,524
493,661
768,054
1,477,578
1,152,483
4,454,301
27,839,355
4,427,987
22,670,320
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
17. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters. The
City is self-insured up to a maximum of $500,000 for each general liability claim, $250,000 for
each workers' compensation claim, and $25,000 for each property damage claim. The City
participates in a public agency risk sharing pool (California Joint Powers Risk Management
Authority) for general liability claims in excess of the self-insured amounts up to $14,500,000.
The City purchases commercial insurance for workers' compensation claims in excess of the
self-insured amount up to $9,750,000. The City also purchases commercial insurance for
property damage claims in excess of the self-insured amount up to $33,576,352. The City
accounts for and finances its uninsured risks of loss in the internal service funds. The City
had established a claims liability of 2,754,026 at June 30, 2001, based on the requirement of
GASB Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related
Insurance Issues, 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. Settled claims have not exceeded this coverage in any of the past three fiscal
years.
Changes in the general and workers' compensation claims liabilities for the fiscal years ended
June 30, 1999, 2000, and 2001, are as follows:
Balance at Current Year Balance at
General Beginning of Claims and Changes Claim End of
Liabili~ Fiscal Year In Estimates Payments Fiscal Year
1998-99 $ 805,634 $ 2,009,846 $ (2,216,282) $ 599,198
1999-00 599,198 252,464 (565,313) 286,349
2000-01 286,349 263,884 (365,530) 184,703
Worker's Balance at Current Year Balance at
Compensation Beginning of Claims and Changes Claim End of
Liabili~ Fiscal Year In Estimates Payments Fiscal Year
1998-99 $ 1,103,107 $ 3,947,015 $ (3,491,195) $ 1,558,927
1999-00 1,558,927 1,383,422 (830,235) 2,112,114
2000-01 2,112,114 1,410,416 (953,207) 2,569,323
53
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
17. RISK MANAGEMENT, Continued
The California Toint Powers Risk Managem ent Authority -which began operations in
February 1986, is a governmental self-insurance cooperative organized under a joint power
agreement consisting of 23 members which represent over 120 public agencies in California.
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 $234,094 in premiums to the Risk Management Authority
during the fiscal year ended June 30, 2001. Condensed financial information for the
California Joint Powers Risk Management Authority for the fiscal year ended June 30, 2001,
was as follows:
Assets $ 65,276,721
Liabilities $ 28,515,193
Equity:
Retained earnings 36,761,528
Total liabilities and equity $ 65,276,721
Revenues $ 14,081,774
Expenses 2,181,279
Refunds to members (2,799,446)
Net increase in retained earnings $ 13,463,607
18. JOINT VENTURES, JOINTLY GOVERNED ORGANIZATIONS AND RELATED
PARTY TRANSACTIONS
A. Joint Ventures
The City participates in various organizations 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 Integrated On-Line Library System (System) -was formed to provide for
the procurement, ownership, operation, maintenance, and governance of an integrated on-
line library system that is jointly owned and operated by the cities of San Rafael, Mill Valley,
Sausalito, and the County of Marin. The Governing Board of the System consists of the
library director or designated alternate of each participant in the System. In accordance with
the cost sharing formula developed by the library directors of the participants, the City's
54
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
IS. JOINT VENTURES, JOINTLY GOVERNED ORGANIZATIONS AND RELATED
PARTY TRANSACTIONS, Continued
share of the acquisition cost in the amount of $108,007 represents 18.98% of ownership in the
System. Operating costs for the System are also shared by each participant by applying the
cost sharing formula. Financial statements of the System can be obtained at the County
Librarian, Marin Count Free Library, Civic Center, Administration Building, San Rafael,
California 94903.
The Marin Street Light Acquisition Joint Powers Authority (MSLAJPA) -was formed by the
County of Marin and twelve local agencies to acquire street light facilities, operate the
facilities during the pendency of an eminent domain action against PG&E, and the
subsequent transfer of the facilities to the individual local agencies. The Governing Board
consists of five members from the participating agencies. Each of the local agency's share of
contribution was based on the number of street lights to be acquired in the local agency's
individual jurisdiction in relation to the total number of street lights to be acquired by the
MSLAJPA.
The Marin Emergency Radio Authority -was formed on February 28, 1998 by the County of
Marin and 25 local agencies within the County to plan, finance, implement, manage, own,
and operate a County-wide public safety and emergency radio system. The Governing Board
consists of one representative from each member. On February 1, 1999, the Authority issued
the 1999 Revenue Bonds in the amount of $26,940,000 with interest rates ranging from 4.75%
to 5.01 %, maturing on August 15, 2016, to finance the acquisition and installation of the
system. The costs of maintenance, operation, and debt service will be divided on a pro rata
share based on an agreed-upon formula established by a majority of the Governing Board.
The members entered into a Project Operating Agreement on February 1, 1999. Under the
Operating Agreement, members are obligated to contribute service payments to cover the
Authority'S operation and debt service. The City's portion of the obligation is 16.913%. The
first operating service payment was in July 1999. The first debt service payment is scheduled
for August 2002. The City has established a reserve in its internal service funds to pay future
service payments.
B. Jointly Governed Organizations
The Countywide Planning Agency -was established by the County of Marin and ten local
cities to implement countywide performance standards for traffic, housing, water and sewer
facilities, and environmental protection to ensure that residential and commercial growth
does not exceed local water, sewer and transportation capacities. The Governing Board of
the Countywide Planning Agency consists of one member of the County Board of
Supervisors and one member of the City Council of each participating city.
55
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
18. JOINT VENTURES, JOINTLY GOVERNED ORGANIZATIONS AND RELATED
PARTY TRANSACTIONS, Continued
The Marin County Cable Rate Regulation Joint Powers Authority -was established to
regulate the rates for cable television service and equipment and to advise the participants in
their exercise of their license authority. The Governing Board of the Marin County Cable
Rate Regulation Joint Powers Authority consists of one member from each of the seven
participating local cities.
The Mal"in County Major Crimes Task Force -was established by 12 local law enforcement
agencies to provide funding and policy direction of a unit of peace officers and support
personnel to detect, apprehend, and prosecute major crimes, including highly mobile
criminal narcotic traffickers, thus reducing major narcotic activity and combating its
influence tmoughout the County. The Governing Board of the Marin County Major Crimes
Task Force consists of nine members: one city council member, one member of the Marin
County Board of Supervisors, two city managers, two chief law enforcement officials, two
residents of Marin County, and the Marin County Administrator.
The Marin County Hazardous and Solid Waste Joint Powers Authority -was established by
the County, local cities, and waste franchising districts to finance, prepare, and implement
source reduction and recycling elements on a county-wide integrated waste management
plan as required by State Assembly Bill 939.
Friends of San Rafael - a California nonprofit Public Benefit Corporation -was established to
help finance and accomplish the City's efforts to erect, construct and maintain public
buildings, roads, monuments, plazas, parks, gardens, safety features and similar public
improvements and infrastructure.
56
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
19. SAN RAFAEL SANITATION DISTRICT
The San Rafael Sanitation District, a discretely presented component unit, condensed
financial statements as of and for the year ended June 30, 2001, are presented below.
Balance Sheet
Current Assets :
Cash and investments $ 5,001,698
Other current assets 193,651
Total current assets 5,195,349
General Fixed Assets, Net of
Accumulated Depreciation 22,644,006
Total assets $ 27,839,355
Current Liabilities:
Accounts and other pay abies $ 741,048
Total current liabilities 741,048
Long-Term Debt:
Certificates of participation 4,427,987
Total long-term debt 4,427,987
Total liabilities 5,169,035
Fund Equity:
Contributed capital 7,377,012
Retained earnings 15,293,308
Total fund equity 22,670,320
Total liabilities and fund equity $ 27,839,355
57
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
19. SAN RAFAEL SANITATION DISTRICT, Continued
Statement of Revenues, Expenses and
Changes in Retained Earnings
Operating Revenues $
Operating Expenses:
Sewage collection and treabnent
Depreciation and amortization
Other operating expenses
Total operating expenses
Operating income
Nonoperating revenues (expenses), net
Net income
Add back depreciation expense on assets
acquired by contributed capital
Less contributed capital received
Increase in retained earnings
Retained earnings -July 1, 2000
Retained earnings -June 30, 2001 $
20. CONTINGENT LIABILITIES
5,037,501
3,388,589
837,418
203,602
4,429,609
869,686
1,477,578
290,598
(206,008)
1,562,168
13,731,140
15,293,308
The City is a defendant is various lawsuits. Although the outcome of these lawsuits is not
presently determinable, it is the opinion of the City's legal counsel that resolution of these
matters will not have a material adverse effect on the financial condition of the City.
58
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
21. SUBSEQUENT EVENTS
San Rafael Redevelopment Agency Variable Rate Demand Multifamily Housing Revenue
Bonds -Series 2001A -Original Issue $3,000,000
On September 19, 2001, the San Rafael Redevelopment Agency (Agency) issued Variable
Rate Demand Multifamily Housing Revenue Bonds, series 2001 A, in the amount of
$3,000,000. The proceeds of the bonds are used to provide financing for the acquisition and
rehabilitation of a multifamily residential property located in the City. The principal on the
bonds is payable upon the presentation and surrender of the bonds when due. Interest on
the bonds is payable during a weekly interest rate period on the first business day of each
month, commencing on October I, 2001. The bonds are subject to mandatory tender and
redemption prior to their stated maturity date. The bonds are secured by a pledge of
revenues and additionally secured by an irrevocable direct pay letter of credit. Therefore,
the City and Agency have no direct or contingent liability or moral obligation for the
payment of the bonds.
San Rafael Redevelopment Agency Multifamily Housing Revenue Bonds, Series 2001A -
Original Issue $3,220,000
On December 3, 2001, the San Rafael Redevelopment Agency (Agency) issued Multifamily
Housing Revenue Bonds, series 2001A, in the amount of $3,220,000. The proceeds of the
bonds are used to make a loan to Sanraf Associates, a California Limited Partnership, to
provide financing for the acquisition and rehabilitation of a multifamily rental project located
in the City and known as San Rafael Commons Apartments. The principal on the bonds is
payable upon the presentation and surrender of the bonds when due. Interest on the bonds is
payable during a weekly interest rate period on the first business day of each month,
commencing on January 2, 2002. The bonds are subject to mandatory tender and redemption
prior to their stated maturity date. The bonds are secured by a pledge of revenues and
additionally secured by an irrevocable direct pay letter of credit. Therefore, the City and
Agency have no direct or contingent liability or moral obligation for the payment of the
bonds.
59
City of San Rafael
Notes to General Purpose Financial Statements, Continued
For the year ended June 30, 2001
21. SUBSEQUENT EVENTS, Continued
City of San Rafael Variable Rate Revenue Bonds -Series 200lA, 200lB, and 200lC -Original
Issue $275,000,000
On November 15, 2001, the City of San Rafael issued Variable Rate Revenue Bonds, series
200lA, 200lB, and 200lC in the amount of $275,000,000. The proceeds of the bonds are used
to provide financing for the acquisition, improvement and equipping of the health facilities
known as San Rafael Medical Center. The principal on the bonds is payable upon the
presentation and surrender of the bonds when due. Interest on the bonds is payable during a
long-term interest rate period, a Commercial Paper interest rate period, or a weekly interest
rate period. The bonds are subject to mandatory tender and redemption prior to their stated
maturity date. The bonds are secured by a loan agreement Kaiser Foundation Hospitals and
from certain funds held under the indenture. Therefore, the City and Agency have no direct
or contingent liability or moral obligation for the payment of the bonds.
60
19
NOI.LYWllOtlNI AllY ~NaWalddnS GalllnOall
City of San Rafael
Required Supplemental Information
For the year ended June 30, 2001
MARIN COUNTY EMPLOYEES' RETIREMENT SYSTEM
SCHEDULE OF FUNDING PROGRESS
Actuarial
Actuarial Actuarial Accrued Excess
Valuation Value Liability (AAL) Assets Funded Covered
Date * of Assets Entry Age OverAAL Ratio Payroll
6/30/98 $131,142,000 $124,239,000 $ 6,903,000 106% $20,361,000
6/30/99 151,466,000 134,247,000 17,219,000 113% 23,293,000
6/30/00 171,663,000 156,806,000 14,857,000 109% 23,372,000
* Latest information available.
62
Excess Assets
OverAAL
As a % of
Payroll
33.9%
73.9%
63.6%
£9
NOll. VW}[OtlNI lV l.N3:W3:1ddnS
v9
''luvZq +.!az li llvuoH ual U ! a$vd sP-f,L
GENERAL FUND
The General Fund accounts for all financial resources and transactions except those required to be
accounted for in other funds.
65
City of San Rafael
Comparative Balance Sheets
General Fund
June 30, 2001 and 2000
ASSETS
Cash and investments
Accounts receivable
Taxes receivable
Interest receivable
Loans receivable
Due from other funds
Prepaid expenses
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Developer bonds payable
Deferred revenue
Notes payable
Total liabilities
Fund Balances:
Reserved:
Encumbrances
Unrealized investment gains
Petty cash
General plan
Department savings
Employee M.O.U.
Loans receivable
Employee benefits
Improvement projects
Information systems projects
Educational Revenue Augmentation Fund
Unreserved, designated
Unreserved, undesignated
Total fund balances
Total liabilities and fund balances
$
$
$
$
66
2001 2000
5,413,876 $ 5,753,107
558,356 198,542
4,099,949 3,261,457
674,163 563,955
391,088 777,078
83,403 51,715
10,419
11,220,835 $ 10,616,273
1,007,453 $ 874,688
46,899 23,500
6,075
2,500,000
1,054,352 3,404,263
18,695 60,267
29,291
3,800 3,800
501,137 600,099
401,670 301,382
1,602,425 1,335,618
363,757 777,078
618,000 407,000
190,411 264,072
113,090 93,216
168,469 109,831
3,757,328
2,398,410 3,259,647
10,166,483 7,212,010
11,220,835 $ 10,616,273
City of San Rafael
Comparative Statements of Revenues, Expenditures and Changes in Fund Balances
General Fund
For the years ended June 30,2001 and 2000
2001
REVENUES:
Taxes and special assessments $ 32,270,051
Licenses and permits 722,082
Fines and forfeitures 1,310,708
Use of money and property 740,760
Intergovernmental 5,105,977
Charges for current services 908,654
Other revenues 90,043
Total revenues 41,148,275
EXPENDITURES:
Current:
General government 5,402,171
Public safety 19,889,700
Public works and parks 4,788,883
Community development/redevelopment 1,816,471
Culture and recreation 1,496,042
Capital outlay 90,029
Capital improvement/special projects 378,772
Total expenditures 33,862,068
REVENUES OVER EXPENDITURES 7,286,207
OTHER FINANCING SOURCES (USES):
Operating transfers in 1,413,998
Operating transfers out (5,745,732)
Total other financing uses (4,331,734)
REVENUES AND OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES 2,954,473
FUND BALANCES:
Beginning of year 7,212,010
End of year $ 10,166,483
67
2000
$ 29,153,714
730,769
1,365,706
331,685
5,100,520
1,633,091
216,749
38,532,234
5,460,614
19,282,491
4,436,507
1,611,976
1,443,920
2,728,934
34,964,442
3,567,792
1,564,125
(5,967,365)
(4,403,240)
(835,448)
8,047,458
$ 7,212,010
City of San Rafael
Statement of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual
General Fund
For the year ended June 30, 2001
Variance
Favorable
Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments $ 31,524,020 $ 32,270,051 $ 746,031
Licenses and permits 628,440 722,082 93,642
Fines and forfeitures 1,289,456 1,310,708 21,252
Use of money and property 411,448 740,760 329,312
Intergovernmental 4,763,719 5,105,977 342,258
Charges for current services 805,490 908,654 103,164
Other revenues 74,765 90,043 15,278
Total revenues 39,497,338 41,148,275 1,650,937
EXPENDITURES:
Current:
General government 5,611,413 5,402,171 209,242
Public safety 19,474,681 19,889,700 (415,019)
Public works and parks 4,562,437 4,788,883 (226,446)
Community development/redevelopment 1,928,395 1,816,471 111,924
Culture and recreation 1,623,572 1,496,042 127,530
Capital outlay 179,841 90,029 89,812
Capital improvement/special projects 946,154 378,772 567,382
Total expenditures 34,326,493 33,862,068 464,425
REVENUES OVER (UNDER) EXPENDITURES 5,170,845 7,286,207 2,115,362
OTHER FINANCING SOURCES (USES):
Operating transfers in 1,423,998 1,413,998 (10,000)
Operating transfers out (5,745,732) (5,745,732)
Total other financing uses ( 4,321,734) (4,331,734) (10,000)
REVENUES AND OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES $ 849,111 2,954,473 $ 2,105,362
FUND BALANCES:
Beginning of year 7,212,010
End of year $ 10,166,483
68
SPECIAL REVENUE FUNDS
Special Revenue Funds account for taxes and other revenues set aside in accordance with law or
administrative regulation that are restricted to expenditures for specified purposes. Funds included are:
Recreation Revolving Fund -Established to administer the Recreation Department's program and facility
rental charge.
Baypoint Lagoons Assessment District Fund -The Baypoint Lagoons Lighting and Landscape District was
formed to protect and enhance wildlife habitat and water quality in Baypoint (Spinnaker) Lagoon and the
adjacent diked salt marsh.
Parking Services Fund -Established to maintain parking garages, lots and spaces in the Downtown Parking
District (established over 40 years ago), and to pay for parking enforcement, meter collection, and downtown
officer services.
Gas Tax Fund -Established to receive and expend the City's allocation of the State gasoline taxes.
Childcare Fund -Established to administer and account for childcare programs at eleven sites throughout the
City.
Equipment Replacement Fund -Established to facilitate the replacement of the City's fleet of vehicles and
rolling equipment, plus personal computer systems, including licensing and maintenance.
Street Maintenance and Cleaning Fund -Established to maintain the City's streets, public properties and
rights of way.
Sewer Maintenance Fund -Established under the terms of the JP A to provide all necessary maintenance to
the Sanitation District's gravity collection sewer system.
Household Hazmat Facility Fund -Established to account for State mandated hazardous materials
information, collection, and reporting. Expenditures included inspection of businesses for compliance with
regulations. This fund also serves as the depository for a countywide Household Hazardous Waste Program.
Loch Lomond Assessment District Fund -Established to provide maintenance for stormwater and geotechnic
mitigation facilities. A Mello Roos District was formed to fund this maintenance.
Library Fund -Established to account for restricted library activities that are intended to be self-funding.
69
OL
SPECIAL REVENUE FUNDS, Continued
Public Safety Fund -Established for special police services, which are intended to be self-funding.
Stormwater Fund -Established to provide for a self-funding storm drain maintenance program plus separate
programs through the County and Bay Area to educate residents about urban runoff pollution.
Traffic and Housing Mitigation Fund -Established to maintain long-term developer deposits for major
housing and street improvement projects.
Development Services Fund -Established to account for development activities that are supported by external
sources of funds. This fund does not account for the operating costs of building, planning, and engineering,
which are located in the General Fund.
Grants Fund -Established to account for grants for the Library, Childcare, Police, and Falkirk Cultural
Center.
Parkland Dedication Fund -Established to account for long-term developer deposits used to enhance and
maintain the park structure within City limits.
Emergency Medical Services Fund -Established to account for the Emergency Medical Services and
Transportation program that provides services to all segments of the community.
71
City of San Rafael
Combining Balance Sheet
Special Revenue Funds
June 30, 2001
(With comparative totals for June 30, 2000)
ASSETS
Cash and investments
Accounts receivable
Taxes receivable
Grants receivable
Loans receivable
Due from other funds
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Developer bonds payable
Due to other funds
Deferred revenue
Total liabilities
Fund Balances:
Reserved:
Encumbrances
Loans receivable
Improvement projects
Equipment replacement
Parking equipment
Building and structures
Facility closures
Assessment districts/ open space
Mello Roos assessment
Unreserved:
Designated:
Library /Endowments
Public safety
Grant projects
Park projects
Gas tax projects
Street projects
Traffic mitigation
Undesignated
Total fund balances
Total liabilities and fund balances
Recreation
Revolving
$ 165,702
140,471
$ 306,173
$ 7,768
135,604
143,372
6,223
156,578
162,801
$ 306,173
72
Baypoint
Lagoons
Assessment Parking Gas
District Services Tax
$ 12,401 $ 457,217 $ 866,303
19,535
106,416
$ 12,401 $ 476,752 $ 972,719
$ $ 7,060 $ 30,683
7,060 30,683
308,550
12,401
942,036
161,142
12,401 469,692 942,036
$ 12,401 $ 476,752 $ 972,719
/ Street
E' \ qUlpment Maintenance Sewer
Childcare Replacement and Cleaning Maintenance
$ 17,298 $ 2,487,458 $ 638,784 $ 45,719
2,584
$ 19,882 $ 2,487,45~ I $ 638,784 $ 45,719
$ 18,581 $ 602,832 $ 23,029 $
18,581 602,8327 23,029
581,951
1,302,675
615,755 45,719
1,301
1,301 1,884,626 615,755 45,719
$ 19,882 $ 2,487,458 $ 638,784 $ 45,719
73
$
$
$
$
Household
Hazmat
Facility
223,418
272,209
495,627
157,616
157,616
2,000
4,500
31,600
50,000
249,911
338,011
495,627
Loch Lomond
Assessment
District Library
$ 401,965 $
175,475
$ 401,965 $ 175,475
$ $ 17,457
78,403
95,860
300,000
79,615
101,965
401,96V 79,615
$ 401,965 $ 175,475
(Continued)
City of San Rafael
Combining Balance Sheet
Special Revenue Funds, Continued
June 30, 2001
(With comparative totals for June 30,2000)
ASSETS
Cash and investments
Accounts receivable
Taxes receivable
Grants receivable
Loans receivable
Due from other funds
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Developer bonds payable
Due to other funds
Deferred revenue
Total liabilities
Fund Balances:
Reserved:
Encumbrances
Loans receivable
Improvement projects
Equipment replacement
Parking equipment
Building and structures
Facility closures
Assessment districts / open space
Mello Roos assessment
Unreserved:
Designated:
Library / endowments
Public safety
Grant projects
Park projects
Gas tax projects
Street projects
Traffic mitigation
Undesignated
Total fund balances
Total liabilities and fund balances
Public
Safety
$ 44,352
15,896
$ 60,248
$ 7,226
7,226
53,022
53,022
$ 60,248
74
Traffic and
Housing Development
Stormwater Mitigation Services
$ 750,864 $ 9,801A14 $ 1,440,920
91,428
$ 750,864 $ 9,892,842 $ lA40,920
$ 70,457 $ 235,129 $ 29,436
1,500
200,000 732,735
70,457 435,129 763,671
91A28
677,249
680,407
9,366,285
680,407 9A57,713 677,249
$ 750,864 $ 9,892,842 $ 1A40,920
Emergency Totals
Parkland Medical
Grants Dedication Services 2001 2000
$ 482,901 $ 621,366 $ 385,619 $ 18,843,701 $ 16,213,100
448,111 611,960
106,416 1,207
109,916 287,975 231,066
21,726 113,154 94,286
35,000 35,000 42,654
$ 592,817 $ 678,092 $ 385,619 $ 19,834,357 $ 17,194,273
$ 155,116 $ $ 36,109 $ 1,398,499 $ 598,031
1,500 1,500
1,011,138 39,369
21,726 157,330 48,145
155,116 21,726 36,109 2,568,467 687,045
1,072 591,246 648,218
35,000 126,428 94,286
677,249 1,257,936
1,615,725 1,968,544
205,700
31,600 30,000
50,000 30,000
12,401 31,520
300,000 250,000
231,568 311,183 61,241
71,103 349,510 473,635 114,540
133,958 133,958 280,473
621,366 621,366 720,822
942,036 1,293,458
1,341,881
9,366,285 7,859,252
670,897 1,661,238
437,701 656,366 349,510 17,265,890 16,507,228
$ 592,817 $ 678,092 $ 385,619 $ 19,834,357 $ 17,194,273
(Concluded)
75
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Special Revenue Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Baypoint
Lagoons
Recreation Assessment Parking
Revolving District Services
REVENUES:
Taxes and special assessments $ $ 25,330 $
Licenses and permits 108,676
Fines and forfeitures
Uses of money and property 6,274 921 26,347
Intergovernmental
Charges for current services 1,070,886 729,548
Other revenues
Total revenues 1,077,160 26,251 864,571
EXPENDITURES:
Current:
General government 227,486
Public safety 328,603
Public works and parks 45,370 96,909
Community development/ redevelopment
Culture and recreation 1,954,568
Capital outlay 19,077
Capital improvement/special projects
Total expenditures 1,973,645 45,370 652,998
REVENUES OVER (UNDER)
EXPENDITURES (896,485) (19,119) 211,573
OTHER FINANCING SOURCES (USES):
Operating transfers in 914,268
Operating transfers out (56,396)
Total other financing sources (uses) 914,268 (56,396)
REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES 17,783 (19,119) 155,177
FUND BALANCES:
Beginning of year 145,018 31,520 314,515
End of year $ 162,801 $ 12,401 $ 469,692
76
Gas
Tax
$
82,907
1,080,248
1,163,155
83,504
15,744
1,015,329
1,114,577
48,578
(400,000)
(400,000)
(351,422)
1,293,458
$ 942,036
(rV)
6 0 \
vJ>r
Street Household Loch Lomond
Equipment Maintenance Sewer Hazmat Assessment
Childcare Re.r.lacement and ~leaning _ Maintenance
---
Facility District Library
$ $ $ $ $ $ 60,848 $
14,035
1,108 192,826 68,117 12,000 29,604 20,023 48,372
258,410 390,261 11,640 275,466
2,093,853 955,740 408 806,796 809,908 25,229
2,353,371 1,148,566 458,786 818 ,796 865,187 80,871 349,067
46,138
882,945
27,432 1,855,079 742,023 55
2,239,685 330,693
14,104 1,888,269 1,467 21,331
783,025
2,253,789 1,961 ,839 2,639,571 742,023 904,276 55 330,693
99,582 (813,273) (2,180,785) 76,773 (39 ,089 ) 80,816 18,374
171,000 2,118,211
(100,000) (78,408)
(100,000) 171 ,000 2,118,211 (78,408)
(418) (642,273) (62,574) (1,635) (39,089) 80;816 18,374
1,719
$ 1,301 $
2,526,899 678,329
1,884,62,6/ $ 615,755
47,354 377,100 321,149 61,241
$ 45,719 $ 338,011 $ 401,965 $ 79,615
(Continued)
77
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Special Revenue Funds, Continued
For the year ended June 30, 2001
(With comparative totals for the year ended June 30,2000)
Traffic and
Public Housing
Safety Stormwater Mitigation
REVENUES:
Taxes and special assessments $ $ $
Licenses and permits
Fines and forfeitures 25,909 1,000
Uses of money and property 2,480 27,650 717,570
Intergovernmental 74,488
Charges for current services 23,746 816,583 1,715,615
Other revenues
Total revenues 126,623 845,233 2,433,185
EXPENDITURES:
Current:
General government
Public safety 120,996
Public works and parks 885,680
Community development/ redevelopment
Culture and recreation
Capital outlay 70,212 2,681
Capital improvement/special projects 307,153 929,010
Total expenditures 191,208 1,195,514 929,010
REVENUES OVER (UNDER)
EXPENDITURES (64,585) (350,281) 1,504,175
OTHER FINANCING SOURCES (USES):
Operating transfers in 20,000 773,075
Operating transfers out
Total other financing sources (uses) 20,000 773,075
REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES (44,585) 422,794 1,504,175
FUND BALANCES:
Beginning of year 97,607 257,613 7,953,538
End of year $ 53,022 $ 680,407 $ 9,457,7l3
78
Development
Services
$
110,143
210,946
321,089
169,041
732,735
901,776
(580,687)
(580,687)
1,257,936
$ 677,249
$
$
Grants
31,772
947,670
147,124
1,126,566
7,573
271,917
336,320
40,278
585,461
1,241,549
(114,983)
189,226
(27,000)
162,226
47,243
390,458
437,701
$
$
Emergency
Parkland Medical
Dedication Services
$ 1,938,568
59,909 8,191
17,658 1,561,220
77,567 3,507,979
2,943,539
14,224
7,342
129,547
143,771 2,950,881
(66,204) 557,098
(236,792)
(236,792)
(66,204) 320,306
722,570 29,204
656,366 $ 349,510
Totals
$
2001
2,024,746
122,711
26,909
1,446,214
3,038,183
10,985,260
17,644,023
281,197
4,548,000
3,736,052
169,041
4,875,490
2,813,240
3,749,525
20,172,545
(2,528,522)
4,185,780
(898,596)
3,287,184
758,662
16,507,228
$ 17,265,890
79
$
2000
1,670,513
115,236
80,500
905,905
3,818,343
8,956,620
478,606
16,025,723
217,481
4,474,113
3,171,253
50,095
4,740,492
486,424
5,955,837
19,095,695
(3,069,972)
4,171,529
(1,349,838)
2,821,691
(248,281)
16,755,509
$ 16,507,228
(Concluded)
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -Special Revenue Funds
For the year ended June 30, 2001
Recreation Revolving Baypoint Lagoons Assessment District
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments $ $ $ $ 27,500 $ 25,330 $ (2,170)
Licenses and permits
Fines and forfeitures
Uses of money and property 3,674 6,274 2,600 400 921 521
Intergovernmental
Charges for current services 1,033,421 1,070,886 37,465
Other revenues
Total revenues 1,037,095 1,077,160 40,065 27,900 26,251 (1,649)
EXPENDITURES:
Current:
General government
Public safety
Public works and parks 26,981 45,370 (18,389)
Community development/ redevelopment
Culture and recreation 1,905,333 1,954,568 (49,235)
Capital outlay 31,212 19,077 12,135
Capital improvement/special projects
Total expenditures 1,936,545 1,973,645 (37,100) 26,981 45,370 (18,389)
REVENUES OVER (UNDER)
EXPENDITURES (899,450) (896,485) 2,965 919 (19,119) (20,038)
OTHER FINANCING SOURCES (USES):
Operating transfers in 914,268 914,268
Operating transfers out
Total other financing
sources (uses) 914,268 914,268
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ 14,818 17,783 $ 2,965 $ 919 (19,119) $ (20,038)
FUND BALANCES:
Beginning of year 145,018 31,520
End of year $ 162,801 $ 12,401
80
Parking Services
Variance
Favorable
Budget Actual (Unfavorable) Budget
$ $ $ $
114,000 108,676 (5,324)
10,869 26,347 15,478 51,612
1,091,500
685,500 729,548 44,048
810,369 864,571 54,202 1,143,112
224,678 227,486 (2,808)
349,097 328,603 20,494
103,718 96,909 6,809 82,113
1,470,000
677,493 652,998 24,495 1,552,113
132,876 211,573 78,697 (409,001)
(56,396) (56,396) ___ _ (400,000)
(56,396) (56,396) (400,000) ----
$ 76,480 155,177 $ 78,697 $ (809,001)
314,515
$ 469,692
Gas Tax
Variance
Favorable
Actual (Unfavorable) Budget
$ $ $
82,907 31,295 2,906
1,080,248 (11,252) 235,738
2,208,148
1,163,155 20,043 2,446,792
83,504 (1,391)
2,307,462
15,744 (15,744) 28,351
1,015,329 454,671
1,114,577 437,536 2,335,813
48,578 457,579 110,979
(400,000) ___ _ (110,000)
(400,000) (110,000) ----
(351,422) $ 457,579 $ 979
1,293,458
$ 942,036
81
zp o'~
--
,
Childcare
Variance
Favorable
Actual (Unfavorable)
$ $
1,108 (1,798)
258,410 22,672
2,093,853 (114,295)
2,353,371 (93,421)
2,239,685 67,777
14,104 14,247
2,253,789 82,024
99,582 (11,397)
(100,000) 10,000
(100,000) 10,000
(418) $ (1,397)
1,719
$ 1,301
I (Continued)
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -Special Revenue Funds, Continued
For the year ended June 30, 2001
Equipment Replacement Street Maintenance and Clearing
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments $ $ $ $ $ $
Licenses and permits
Fines and forfeitures
Uses of money and property 103,034 192,826 89,792 24,785 68,117 43,332
Intergovernmental 1,499,157 390,261 (1,108,896)
Charges for current services 908,436 955,740 47,304 2,300 408 (1,892)
Other revenues
Total revenues 1,011,470 1,148,566 137,096 1,526,242 458,786 (1,067,456)
EXPENDITURES:
Current:
General government 101,864 46,138 55,726
Public safety
Public works and parks 27,432 (27,432) 1,882,764 1,855,079 27,685
Community development/ redevelopment
Culture and recreation
Capital outlay 2,547,551 1,888,269 659,282 5,000 1,467 3,533
Capital improvement/special projects 2,089,000 783,025 1,305,975
Total expenditures 2,649,415 1,961,839 687,576 3,976,764 2,639,571 1,337,193
REVENUES OVER (UNDER)
EXPENDITURES (1,637,945) (813,273) 824,672 (2,450,522) (2,180,785) 269,737
OTHER FINANCING SOURCES (USES):
Operating transfers in 171,000 171,000 2,118,211 2,118,211
Operating transfers out
Total other financing
sources (uses) 171,000 171,000 2,118,211 2,118,211
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ (1,466,945) (642,273) $ 824,672 $ (332,311) (62,574) $ 269,737
FUND BALANCES:
Beginning of year 2,526,899 678,329
End of year $ 1,884,626 $ 615,755
82
Sewer Maintenance Household Hazmat Facility Loch Lomond Assessment District
Variance Variance Variance
Favorable Favorable Favorable
Budget Actual (Unfavorable) Bud~et Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $ $ $ $ 60,129 $ 60,848 $ 719
12,000 14,035 2,035
12,000 12,000 28,174 29,604 1,430 11,382 20,023 8,641
15,000 11,640 (3,360)
855,750 806,796 (48,954) 880,320 809,908 (70,412)
867,750 818,796 (48,954) 935,494 865,187 (70,307) 71,511 80,871 9,360
922,250 882,945 39,305
806,603 742,023 64,580 5,506 55 5,451
10,916 21,331 (10,415)
806,603 742,023 64,580 933,166 904,276 28,890 5,506 55 5,451
61,147 76,773 15,626 2,328 (39,089) (41,417) 66,005 80,816 14,811
(78,408) (78,408) ___ _
(78,408) (78,408) ____________________________ _
$ (17,261) (1,635) $ 15,626 $ 2,328 (39,089) $ (41,417) $ 66,005 80,816 $ 14,811
47,354 377,100 321,149.-/
$ 45,719 $ 338,011 $ 401,965.-'"
(Continued)
83
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -Special Revenue Funds, Continued
For the year ended June 30, 2001
Library Public Safety
Variance
Favorable
Budget Actual (Unfavorable) Budget Actual
REVENUES:
Taxes and special assessments $ $ $ $ $
Licenses and permits
Fines and forfeitures 25,909
Uses of money and property 38,069 48,372 10,303 335 2,480
Intergovernmental 254,425 275,466 21,041 127,300 74,488
Charges for current services 16,000 25,229 9,229 3,700 23,746
Other revenues
Total revenues 308,494 349,067 40,573 131,335 126,623
EXPENDITURES:
Current:
General government
Public safety 90,273 120,996
Public works and parks
Community development/ redevelopment
Culture and recreation 285,502 330,693 (45,191)
Capital outlay 5,160 5,160 65,000 70,212
Capital improvement/ special projects
Total expenditures 290,662 330,693 (40,031) 155,273 191,208
REVENUES OVER (UNDER)
EXPENDITURES 17,832 18,374 542 (23,938) (64,585)
OTHER FINANCING SOURCES (USES):
Operating transfers in 20,000 20,000
Operating transfers out
Total other financing
sources (uses) 20,000 20,000
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ 17,832 18,374 $ 542 $ (3,938) (44,585)
FUND BALANCES:
Beginning of year 61,241 97,607
End of year $ 79,615 $ 53,022
84
Variance
Favorable
(Unfavorable)
$
25,909
2,145
(52,812)
20,046
(4,712)
(30,723)
(5,212)
(35,935)
(40,647)
$ (40,647)
Budget
$
2,000
28,001
835,445
865,446
850,072
928,248
1,778,320
(912,874)
773,075
773,075
$ (139,799)
Stormwater Traffic and Housing Mitigation Development Services
Variance
Favorable
Actual (Unfavorable) Budget
$ $ $
1,000 (1,000)
27,650 (351) 224,513
877,500
816,583 (18,862) 575,000
845,233 (20,213) 1,677,013
885,680 (35,608)
2,681 (2,681)
307,153 621,095 3,251,553
1,195,514 582,806 3,251,553
(350,281) 562,593 (1,574,540)
773,075
773,075
422,794 $ 562,593 $ (1,574,540)
257,613
$ 680,407
Variance
Favorable
Actual (Unfavorable) Bud.l2.et
$ $ $
717,570 493,057 28,600
(877,500)
1,715,615 1,140,615 200,000
2,433,185 756,172 228,600
929,010 2,322,543 200,000
929,010 2,322,543 200,000
1,504,175 3,078,715 28,600
1,504,175 $ 3,078,715 $ 28,600
7,953,538
$ 9,457,713
85
Variance
Favorable
Actual (Unfavorable)
$ $
110,143 81,543
210,946 10,946
321,089 92,489
169,041 (169,041)
732,735 (732,735)
200,000
901,776 (701,776)
(580,687) (609,287)
(580,687) $ (609,287)
1,257,936
$ 677,249
(Continued)
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -Special Revenue Funds, Continued
For the year ended June 30, 2001
Grants Parkland Dedication
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments $ $ $ $ $ $
Licenses and permits
Fines and forfeitures 80,000 (80,000)
Uses of money and property 15,484 31,772 16,288 22,943 59,909 36,966
Intergovernmental 963,437 947,670 (15,767)
Charges for current services 267,000 147,124 (119,876) 12,800 17,658 4,858
Other revenues
Total revenues 1,325,921 1,126,566 (199,355) 35,743 77,567 41,824
EXPENDITURES:
Current:
General government 7,329 7,573 (244)
Public safety 309,536 271,917 37,619
Public works and parks
Community development/ redevelopment
Culture and recreation 277,419 336,320 (58,901) 13,730 14,224 (494)
Capital outlay 38,090 40,278 (2,188)
Capital improvement/special projects 690,281 585,461 104,820 73,540 129,547 (56,007)
Total expenditures 1,322,655 1,241,549 81,106 87,270 143,771 (56,501)
REVENUES OVER (UNDER)
EXPENDITURES 3,266 (114,983) (118,249) (51,527) (66,204) (14,677)
OTHER FINANCING SOURCES (USES):
Operating transfers in 289,226 189,226 (100,000)
Operating transfers out (127,000) (27,000) 100,000
Total other financing
sources (uses) 162,226 162,226
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ 165,492 47,243 $ (118,249) $ (51,527) (66,204) $ (14,677)
FUND BALANCES:
Beginning of year 390,458 722,570
End of year $ 437,701 $ 656,366
86
Emergency Medical Services
Variance
Favorable
Budget Actual (Unfavorable)
$ 1,946,000 $ 1,938,568 $ (7,432)
8,191 8,191
1,400,000 1,561,220 161,220
3,346,000 3,507,979 161,979
2,823,062 2,943,539 (120,477)
29,107 7,342 21,765
2,852,169 2,950,881 (98,712)
493,831 557,098 63,267
(236,792) (236,792) ___ _
(236,792) (236,792) ----
Budget
$ 2,033,629
126,000
82,000
606,781
5,064,057
9,883,820
17,796,287
333,871
4,494,218
3,757,757
4,789,446
2,760,387
8,702,622
24,838,301
(7,042,014)
4,285,780
(1,008,596)
3,277,184
$ 257,039 320,306 $ 63,267 $ (3,764,830)
29,204
$ 349,510
Totals
Variance
Favorable
Actual (Unfavorable)
$ 2,024,746 $ (8,883)
122,711 (3,289)
26,909 (55,091)
1,446,214 839,433
3,038,183 (2,025,874)
10,985,260 1,101,440
17,644,023 (152,264)
281,197 52,674
4,548,000 (53,782)
3,736,052 21,705
169,041 (169,041)
4,875,490 (86,044)
2,813,240 (52,853)
3,749,525 4,953,097
20,172,545 4,665,756
(2,528,522) 4,513,492
4,185,780 (100,000)
(898,596) 110,000
3,287,184 10,000
758,662 $ 4,523,492
16,507,228
$17,265,890
87
(Concluded)
88
DEBT SERVICE FUNDS
The Debt Service Funds are used for the accumulation of resources for, and the payment of, general long-term
principal and interest. Funds included are:
East Francisco Boulevard Assessments District Fund -Established to accumulate funds for the payment of
principal and interest. The related bonds were defeased in 1995.
Peacock Gap Assessment District Fund -Established to accumulate funds for the payment of principal and
interest for the 1993 Bonds which matures in 2005. The proceeds were used to refund the 1984 Bonds, which
provided for the construction of public improvements in the project area . Financing is to be provided by
property tax increments generated within the specific geographic region described by the bond assessment
district.
1915 Act Bonds Fund -Established to account for the debt service managed by the County of Marin. The
debt service relates to Lucas Valley road improvements.
Mariposa Assessment District Fund -Established to accumulate funds for the payment of principal and
interest for the 1993 Bond, which matures in 2008. The proceeds were used to finance the grading and paving
of Mariposa Road.
1997 Reassessment Bonds Fund -Established to account for the refunding of the 1984 Kerner Boulevard
Bond, the 1986 Sun Valley Bond, and the 1991 Civic Center/Northgate Bond.
1997 Financing Authority Revenue Bonds Fund -Established to accumulate funds for the payment of
principal and interest for the 1997 Revenue Bonds which matures in 2011. The proceeds were used to
purchase the previously issued special assessment bonds. Financing is to be provided by property tax
increments generated within the specific geographic region described by the bond assessment district.
1992 Agency Refunding Bonds Fund -Established to accumulate funds for the payment of principal and
interest for the 1992 Agency Tax Allocation Refunding Bonds that matures in 2017. The proceeds of the
bonds were used to refund the 1985 Bond and to fund certain public capital improvements.
1995 Agency Bonds Fund -Established to accumulate funds for the payment of principal and interest for the
1995 Agency Tax Allocation Bonds that matures in 2021.
1999 Agency Bonds Fund -Established to accumulate funds for the payment of principal and interest for the
1999 Agency Tax Allocation Bonds that matures in 2023.
89
City of San Rafael
Combining Balance Sheet
Debt Service Funds
June 30, 2001
(With comparative totals for June 30, 2000)
ASSETS
Cash and investments
Taxes receivable
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Fund Balances:
Reserved for bond redemption
Total fund balances
Total liabilities and fund balances
East Francisco
Boulevard
Assessments
District
$ 13,701 $
$ 13,701 $
$ $
13,701
13,701
$ 13,701 $
90
Peacock
Gap 1915 Mariposa
Assessment Act Assessment
District Bonds District
333,480 $ 67,387 $ 36,580
333,480 $ 67,387 $ 36,580
$ $
333,480 67,387 36,580
333,480 67,387 36,580
333,480 $ 67,387 $ 36,580
1997
Reassessment
Bonds
1997
Financing
Authority
Revenue Bonds
$ 2,397 $ 976,156
$ 2,397 $ 976,156
$ $
2,397 976,156
2,397 976,156
$ 2,397 $ 976,156
$
1992
Agency
Refunding
Bonds
48 $
1995
Agency
Bonds
631,489
$ 48 $ 631,489
$ $
48 631,489
48 631,489
$ 48 $ 631,489
91
$
$
$
$
1999
Agency
Bonds
$
$
$
$
Totals
2001
2,061,238 $
2000
2,058,424
1,359
2,061,238 $ 2,059,783
$ 3,345
1,530
4,875
2,061,238 2,054,908
2,061,238 2,054,908
2,061,238 $ 2,059,783
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Debt Service Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30,2000)
East Francisco Peacock
Boulevard Gap 1915
Assessments Assessment Act
District District Bonds
REVENUES:
Taxes and special assessments $ $ 219,885 $
Fines and forfeitures
Uses of money and property 14,241
Total revenues 234,126
EXPENDITURES:
Debt service:
Principal retirement 195,000
Interest and fiscal charges 90,901
Total expenditures 285,901
REVENUES OVER (UNDER)
EXPENDITURES (51,775)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out (2,537)
Total other financing uses (2,537)
REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES (54,312)
FUND BALANCES:
Beginning of year 13,701 387,792 67,387
End of year $ 13,701 $ 333,480 $ 67,387
92
Mariposa
Assessment
District
$ 24,885
1,525
26,410
15,000
10,437
25,437
973
(151)
(151)
822
35,758
$ 36,580
1997
Reassessment
Bonds
$
2,397
1997
Financing
Authority
Revenue Bonds
$ 691,411
41,031
732,442
396,000
273,356
669,356
63,086
(4,862)
(4,862)
58,224
917,932
$
1992
Agency
Refunding
Bonds
1,425,661
46
1,425,707
480,000
945,661
1,425,661
46
46
2
$
$ 2,397 $ 976,156 $ 48 $
1995
Agency
Bonds
629,978 $
21
629,999
200,000
428,449
628,449
1,550
1,550
629,939
631,489 $
1999
Agency
Bonds
1,497,529 $
1,497,529
500,000
997,529
1,497,529
$ =====
93
Totals
2001
4,489,349 $
56,864
4,546,213
1,786,000
2,746,333
4,532,333
13,880
(7,550)
(7,550)
6,330
2000
4,480,024
20,479
37,893
4,538,396
1,875,000
2,700,668
4,575,668
(37,272)
1,403
(7,316)
(5,913)
(43,185)
2,054,908 2,098,093
2,061,238 $ 2,054,908
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -Debt Service Funds (With Budgets)
For the year ended June 30, 2001
Peacock Gap Assessment District Mariposa Assessment District
Variance Variance
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
REVENUES:
Taxes and special assessments $ 222,615 $ 219,885 $ (2,730) $ 26,000 $ 24,885 $ (1,115)
Fines and forfeitures
Uses of money and property 20,147 14,241 (5,906) 1,652 1,525 (127)
Total revenues 242,762 234,126 (8,636) 27,652 26,410 (1,242)
EXPENDITURES:
Debt service:
Principal retirement 200,000 195,000 5,000 15,000 15,000
Interest and fiscal charges 71,572 90,901 (19,329) 10,496 10,437 59
Total expenditures 271,572 285,901 (14,329) 25,496 25,437 59
REVENUES OVER (UNDER)
EXPENDITURES (28,810) (51,775) (22,965) 2,156 973 (1,183)
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out (2,537) (2,537) (151) (151)
Total other financing
sources (uses) (2,537) (2,537) (151) (151)
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ (28,810) (54,312) $ (25,502) $ 2,156 822 $ (1,334)
FUND BALANCES:
Beginning of year 387,792 35,758
End of year $ 333,480 $ 36,580
94
1997 Financing Authority Revenue Bonds 1992 Agency Refunding Bonds 1995 Agency Bonds
$
Budget
689,210
11,353
700,563
401,000
270,839
671,839
28,724
$ 28,724
$
Variance
Favorable
Actual (Unfavorable) Budget
691,411
41,031
732,442
396,000
273,356
669,356
63,086
$ 2,201 $ 1,425,661
29,678 13,500
31,879 1,439,161
5,000 480,000
(2,517) 950,161
2,483 1,430,161
34,362 9,000
(4,862) (4,862) ___ _
(4,862) (4,862) ___ _
58,224 $ 29,500 $ 9,000
917,932
$ 976,156
Variance
Favorable
Actual (Unfavorable) Budget
$ 1,425,661
46
1,425,707
480,000
945,661
1,425,661
46
$
46 $
2
$ 48
95
$
(13,454)
(13,454)
4,500
4,500
629,978
5,000
634,978
200,000
434,978
634,978
(8,954) =$====
$
Actual
629,978
21
629,999
200,000
428,449
628,449
1,550
Variance
Favorable
(Unfavorable)
$
(4,979)
(4,979)
6,529
6,529
1,550
1,550 $ 1,550
629,939
$ 631,489
(Continued)
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual -Debt Service Funds (With Budgets), Continued
For the year ended June 30, 2001
1999 Agency Bonds Totals
Variance
Favorable
Budget Actual (Unfavorable) Budget Actual
REVENUES:
Taxes and special assessments $ 1,515,861 $ 1,497,529 $ (18,332) $ 4,509,325 $ 4,489,349
Fines and forfeitures
Uses of money and property 51,652 56,864
Total revenues 1,515,861 1,497,529 (18,332) 4,560,977 4,546,213
EXPENDITURES:
Debt service:
Principal retirement 500,000 500,000 1,796,000 1,786,000
Interest and fiscal charges 1,015,861 997,529 18,332 2,753,907 2,746,333
Total expenditures 1,515,861 1,497,529 18,332 4,549,907 4,532,333
REVENUES OVER (UNDER)
EXPENDITURES 11,070 13,880
OTHER FINANCING SOURCES (USES):
Operating transfers in
Operating transfers out (7,550)
Total other financing
sources (uses) (7,550)
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES $ $ $ 11,070 6,330
FUND BALANCES:
Beginning of year 1,971,423
End of year $ $ 1,977,753
96
Variance
Favorable
(Unfavorable)
$ (19,976)
5,212
(14,764)
10,000
7,574
17,574
2,810
(7,550)
(7,550)
$ (4,740)
(Concluded)
CAPITAL PROJECTS FUNDS
Capital Projects Funds were established for all resources used for the acquisition and improvement of capital
facilities of the City. Funds included are:
Open Space Fund -Established for the acquisition of open space.
Capital Improvement Fund -Established for the costs associated with major capital improvement projects not
tied to specific funds elsewhere. Improvements could include medians, parkways, sidewalks, and other
public assets.
Bedroom Tax Fund -Established to collect funds from multiple-unit housing used to pay for maintaining and
developing parks within local neighborhoods.
Assessment Districts Fund -Established to account for ongoing construction and improvement needs within
the following assessment districts: Peacock Gap, Kerner Boulevard, Sun Valley/Lucas Valley Open Space,
East San Rafael Drainage Assessment Districts 1 and 2, East Francisco Boulevard, and Bahia de Rafael.
Park Capital Projects Fund -Established to account for capital improvements for all City owned parks,
whether paid for by City funds, grants, donations, or partnerships with the community.
1985 Capital Project and Administration Fund -Established to account for all financial resources related to
project planning, support services, and economic development efforts for the Redevelopment Agency except
those required to be accounted for in the Low and Moderate Income Housing Fund by law.
Low and Moderate Income Housing Fund -Established to account for the 20% set-aside required by the State
for low and moderate income housing projects of the Redevelopment Agency.
1992 Bonds Capital Project Fund -Established to account for additional major capital projects of the
Redevelopment Agency's 1992 refunding project bond.
1995 Bonds Capital Project Fund -Established to account for major capital projects of the Redevelopment
Agency's 1995 project bond, such as the Lindero Street Undergrounding and Corporation Yard relocation.
1999 Bonds Capital Project Fund -Established to account for new capital projects of the Redevelopment
Agency's 1999 project bond, such as capital needs at the local schools and colleges, utility under grounding
along West Francisco and renovation of the Pickleweed Community Center Fields.
97
City of San Rafael
Combining Balance Sheet
Capital Projects Funds
June 30, 2001
(With comparative totals for June 30, 2000)
ASSETS
Cash and investments
Accounts receivable
Taxes receivable
Interest receivable
Loans receivable
Due from other funds
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Developer bonds payable
Arbitrage payable
Due to other funds
Deferred revenue
Total liabilities
Fund Balances:
Reserved:
Encumbrances
Loans receivable
Improvement projects
Information system projects
Assessment districts / open space
Arbitrage payments
Housing
School payments
Corporation yard
Total fund balances
Total liabilities and fund balances
Capital
Open Space Improvement
$ 600,175 $ 5,707,572
194,488
$ 600,175 $ 5,902,060
$ $ 216,191
216,191
8,400
1,995,977
1,499,581
600,175
2,181,911
600,175 5,685,869
$ 600,175 $ 5,902,060
98
Park
Bedroom Assessment Capital
Tax Districts Projects
$ 109,222 $ 223,674 $ 70,507
5,453
40,000
19,931
$ 129,153 $ 223,674 $ 115,960
$ $ $
59,931
40,000
99,931
129,153 16,029
223,674
129,153 223,674 16,029
$ 129,153 $ 223,674 $ 115,960
Low and
1985 Capital Moderate 1992 Bonds 1995 Bonds 1999 Bonds Totals
Project and Income Capital Capital Capital
Administration Housing Project Project Project 2001 2000
$ 255,438 $ 1,735,167 $ 547,950 $ 944,499 $ 16,366,109 $ 26,560,313 $ 27,464,935
495,000 694,941 173,642
945,608 945,608 933,363
20,663 26,487 47,150 87,402
451,696 491,696 325,536
200,000 732,735 952,666 305,716
$ 255,438 $ 3,353,134 $ 547,950 $ 2,172,234 $ 16,392,596 $ 29,692,374 $ 29,290,594
$ 39,166 $ 44,394 $ 4,113 $ 147,911 $ 282,379 $ 734,154 $ 658,266
25,000 25,000 25,000
338,867 338,867
59,931 359,186
40,000 41,020
64,166 44,394 4,113 147,911 621,246 1,197,952 1,083,472
1,882 301,843 312,125 68,879
451,696 451,696 325,536
189,390 543,837 1,129,473 15,463,350 19,467,209 12,742,281
1,499,581 824,193
823,849 832,965
77,150
2,555,201 2,555,201 2,967,670
308,000 308,000 3,900,068
894,850 3,076,761 6,468,380
191,272 3,308,740 543,837 2,024,323 15,771,350 28,494,422 28,207,122
$ 255,438 $ 3,353,134 $ 547,950 $ 2,172,234 $ 16,392,596 $ 29,692,374 $ 29,290,594
99
City of San Rafael
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Capital Projects Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Capital Bedroom Assessment
Open Space Improvement Tax Districts
REVENUES:
Taxes and special assessments $ $ $ 23,975 $
Uses of money and property 47,784 371,591 5,Q30
Intergovernmental 348,988
Charges for current services
Other revenues 2,625,895 6,020
Total revenues 47,784 3,346,474 35,025
EXPENDITURES:
Current:
Public works 144,820
Community development/ redevelopment
Capital outlay 14,332
Capital improvement/ special projects 1,162,483
Total expenditures 1,321,635
REVENUES OVER (UNDER)
EXPENDITURES 47,784 2,024,839 35,025
OTHER FINANCING SOURCES (USES):
Operating transfers in 349,000
Operating transfers out (56,900)
Total other financing sources (uses) 349,000 (56,900)
REVENUES AND OTHER
FINANCING SOURCES OVER
(UNDER) EXPENDITURES AND
OTHER FINANCING USES 47,784 2,373,839 35,025 (56,900)
FUND BALANCES:
Beginning of year 552,391 3,312,030 94,128 280,574
Residual equity transfers out
End of year $ 600,175 $ 5,685,869 $ 129,153 $ 223,674
100
Park
Capital
Projects
$
4,768
488
5,256
5,256
5,256
10,773
$ 16,029
1985 Capital
Project and
Administration
$
125,893
100,127
226,020
944,984
6,068
951,052
$
Low and
Moderate
Income
Housin_g_
945,608
218,030
200,000
67,643
1,431,281
154,311
1,261,436
1,415,747
1992 Bonds 1995 Bonds
Capital Capital
Project Project
$ $
495,000
983,325
1,478,325
30,560
1,576,928
30,560 1,576,928
(725,032) 15,534 (30,560) (98,603)
901,456 220,000
(220,000)
901,456 220,000 (220,000)
176,424 15,534 189,440 (318,603)
14,848 3,293,206 354,397 2,342,926
$
1999 Bonds
Capital
Project
$
1,073,240
793,145
1,866,385
338,867
2,806,561
3,145,428
Totals
2001
969,583
1,720,443
1,043,988
125,893
4,576,643
8,436,550
144,820
1,468,722
20,400
6,807,408
8,441,350
$
(1,279,043) (4,800)
(901,456)
(901,456)
(2,180,499)
17,951,849
1,470,456
(1,178,356)
292,100
287,300
28,207,122
2000
963,013
1,312,052
107,586
310
6,296,756
8,679,717
1,252,815
10,794,543
12,047,358
(3,367,641)
2,109,528
(1,009,335)
1,100,193
(2,267,448)
31,767,822
(1,293,252)
$ 191,272 $ 3,308,740 $ 543,837 $ 2,024,323 $ 15,771 ,350 $ 28,494,422 $ 28,207,122
101
lOT
'J[UVzq +.!"ZlillvUOHU"lU! "Svd S!lf.L
INTERNAL SERVICE FUNDS
Internal Service Funds account for the financing of goods or services provided by a department for other
departments on a cost reimbursement basis. Funds included are:
Building Maintenance Fund -Established to account for construction projects and cyclical large dollar
maintenance tasks (i.e., roof, painting) completed on City owned buildings.
Liability Insurance Fund -Established to maintain sufficient reserves for outstanding claims. All costs
associated with liability premiums are paid from this fund.
Workers' Compensation Fund -Established to maintain sufficient reserves for injury claims. All costs
associated with workers' compensation, including safety training, wellness programs, claim expenses, and
insurance premiums are paid from this fund.
Dental Insurance Fund -Established to maintain sufficient reserves for dental claims. All costs associated
with dental claims and administration are paid from this fund.
Radio Replacement Fund -Established to maintain sufficient reserves for radio replacement and pays for
operating and debt service to MERA.
103
City of San Rafael
Combining Balance Sheet
Internal Service Funds
June 30, 2001
(With comparative totals for June 30, 2000)
ASSETS
Cash and investments
Total assets
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Insurance claims payable
Total liabilities
Fund Equity:
Retained earnings:
Unreserved
Total fund equity
Total liabilities and equity
Building
Maintenance
$ 1,280,870 $
$ 1,280,870 $
$ 47,317 $
47,317
1,233,553
1,233,553
$ 1,280,870 $
104
Liability Workers' Dental
Insurance Compensation Insurance
1,161,128 $ 3,139,538 $ 341692
1,161,128 $ 3,139,538 $ ,34,692
19,123 $ 7,671 $ 1,728
184,703 2,569,323
203,826 2,576,994 1,728
957,302 562,544 32,964
957,302 562,544 32,964
1,161,128 $ 3,139,538 $ 34,692
$
$
$
$
Radio
Replacement
1,796,520
1,796,520
1,796,520
1,796,520
1,796,520
$
$
$
$
Totals
2001
7,412,748
7,412,748
75,839
2,754,026
2,829,865
4,582,883
4,582,883
7,412,748
$
$
$
$
2000
5,660,428
5,660,428
8,076
2,398,463
2,406,539
3,253,889
3,253,889
5,660,428
105
City of San Rafael
Combining Statement of Revenues, Expenses and Changes in Retained Earnings
Internal Service Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Building Liability Workers'
Maintenance Insurance Compensation
OPERATING REVENUES:
Charges for current services $ 563,257 $ 810,744 $ 1,123,705
Refunds 70,513 26,877
Total operating revenues 563,257 881,257 1,150,582
OPERATING EXPENSES:
Contract services 28,201
Insurance premiums and claims 737,241 1,574,291
Capital outlay 4,434
Capital improvement projects 226,515
Total operating expenses 259,150 737,241 1,574,291
OPERATING INCOME 304,107 144,016 (423,709)
NONOPERATING REVENUES:
Operating transfers in 450,000 400,000
Operating transfers out (90,000)
Investment income 49,145 89,309 127,841
Total nonoperating revenues 499,145 (691) 527,841
NET INCOME 803,252 143,325 104,132
RETAINED EARNINGS:
Beginning of year 430,301 813,977 458,412
Residual equity transfers in
End of year $ 1,233,553 $ 957,302 $ 562,544
106
Dental
Insurance
$ 337,912
(1,830)
336,082
331,570
331,570
4,512
909
909
5,421
27,543
$ 32,964
$
$
Radio
Replacement
269,159
269,159
87,705
87,705
181,454
91,410
91,410 --
272,864
1,523,656
1,796,520
$
$
Totals
2001
3,104,777
95,560
3,200,337
115,906
2,643,102
4,434
226,515
2,989,957
210,380
850,000
(90,000)
358,614
U18,614
1,328,994
3,253,889
4,582,883
$
$
2000
3,398,451
73,013
3,471,464
94,258
2,555,622
158,112
2,807,992
663,472
487,269
188,671
675,940
1,339,412
621,225
1,293,252
3,253,889
107
City of San Rafael
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Building
Maintenance
CASH FLOWS FROM OPERATING
ACTIVITIES:
Operating income (loss) $ 304,107
Change in current assets and liabilities:
Accounts payable 47,317
Insurance claims payable
Net cash provided by
operating activities 351,424
CASH FLOWS FROM NONCAPIT AL
FINANCING ACTIVITIES:
Operating transfers in 450,000
Operating transfers out
Residential equity transfers from other funds
Net cash provided by noncapital 450,000
financing activities
CASH FLOWS FROM INVESTING
ACTIVITIES:
Investment income 49,145
Net cash provided by investing activities 49,145
Net increase in cash and investments 850,569
CASH AND INVESTMENTS:
Beginning of year 430,301
End of year $ 1,280,870
108
Liability Workers' Dental
Insurance Compensation Insurance
$ 144,016 $ (423,709) $ 4,512
12,329 6,389 1,728
(101,646) 457,209
54,699 39,889 6,240
400,000
(90,000)
(90,000) 400,000
89,309 127,841 909
89,309 127,841 909
54,008 567,730 7,149
1,107,120 2,571,808 27,543
$ 1,161,128 $ 3,139,538 $ 34,692
$
$
Radio
Replacement
Totals
181,454 $
181,454
91,410
91,410
272,864
2001
210,380
67,763
355,563
633,706
850,000
(90,000)
760,000
358,614
358,614
1,752,320
1,523,656 5,660,428
1,796,520 $ 7,412,748
$
$
2000
663,472
. (12,026)
240,338
891,784
487,269
1,293,252
1,780,521
188,671
188,671
2,860,976
2,799,452
5,660,428
109
on
EXPENDABLE TRUST FUNDS
Trust and Agency funds account for assets held by the City in a trustee capacity or as an agent for
individual, private organizations, and other governmental units. Funds included are:
Business Improvement Fund -Established to account for activities held in Downtown San Rafael, such as the
Farmers Market.
Library Fiduciary Fund -Established to account for various memorial funds including the Davidson
Bequest, which the City Council allocates annual amounts to purchase additional library books.
Recreation Fiduciary Fund -Established to account for the Recreation Memorial Fund.
111
City of San Rafael
Combining Balance Sheet
Expendable Trust Funds
June 30, 2001
(With comparative totals for June 30, 2000)
ASSETS
Cash and investments
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Total liabilities
Fund Balances:
Reserved:
Petty cash
Unreserved, designated for:
Library / endowments
Park projects
Total fund balances
Total liabilities and fund balances
Expendable Trust Funds
Business Library Recreation
Improvement Fiduciary Fiduciary
$ 7,573 $ 429,575 $ 32,398
$ 7,573 $ 429,575 $ 32,398
$ $ 4,593 $
4,593
3,000
424,982
4,573 32,398
7,573 424,982 32,398
$ 7,573 $ 429,575 $ 32,398
112
Totals
2001 2000
$ 469,546 $ 450,864
$ 469,546 $ 450,864
$ 4,593 $ 116
4,593 116
3,000 3,000
424,982 406,916
36,971 40,832
464,953 450,748
$ 469,546 $ 450,864
City of San Rafael
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
Expendable Trust Funds
For the year ended June 30, 2001
(With comparative totals for the year ended June 30, 2000)
Expendable Trust Funds Totals
Business Library Recreation
Improvement Fiduciary Fiduciary 2001
REVENUES:
Uses of money and property $ 921 $ 22,894 $ 1,797 $ 25,612 $
Intergovernmental 35,000 35,000
Other revenues 16,761 1,000 17,761
Total revenues 52,682 23,894 1,797 78,373
EXPENDITURES:
Current:
General government 53,975 53,975
Culture and recreation 5,828 4,365 10,193
Total expenditures 53,975 5,828 4,365 64,168
REVENUES OVER (UNDER)
EXPENDITURES (1,293) 18,066 (2,568) 14,205
FUND BALANCES:
Beginning of year 8,866 406,916 34,966 450,748
End of year $ 7,573 $ 424,982 $ 32,398 $ 464,953 $
113
2000
29,044
35,000
22,117
86,161
47,764
33,094
80,858
5,303
445,445
450,748
City of San Rafael
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual -Expendable Trust Funds (With Budgets)
For the year ended June 30, 2001
Business Improvement
Budget Actual
REVENUES:
Uses of money and property $ $ 921
Intergovernmental 35,000 35,000
Other revenues 17,000 16,761
Total revenues 52,000 52,682
EXPENDITURES:
Current:
General government 52,000 53,975
Culture and recreation
Total expenditures 52,000 53,975
REVENUES OVER (UNDER)
EXPENDITURES $ (1,293)
FUND BALANCES:
Beginning of year 8,866
End of year $ 7,573
114
Variance
Favorable
(Unfavorable)
$ 921
(239)
682
(1,975)
(1,975)
$ (1,293)
Budget
$ 22,210
22,210
30,960
30,960
$ (8,750)
Library Fiduciary
Variance
Favorable
Actual (Unfavorable) Budget
$ 22,894 $
1,000
23,894
5,828
5,828
18,066 $
406,916
$ 424,982
684
1,000
1,684
25,132
25,132
$ 22,210
35,000
17,000
74,210
52,000
30,960
82,960
26,816 $ (8,750)
115
$
$
Totals
Actual
23,815
35,000
17,761
76,576
53,975
5,828
59,803
Variance
Favorable
(Unfavorable)
$ 1,605
761
2,366
(1,975)
25,132
23,157
16,773 $ 25,523
415,782
432,555