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COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For the Fiscal Year Ended
June 30, 2014
City of San Rafael, California
P.O. Box 151560
1400 Fifth Avenue
San Rafael, California 94915-1560
Prepared by the Finance Department of the City of San Rafael
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CITY OF SAN RAFAEL, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2014
Table of Contents
INTRODUCTORY SECTION
TABLE OF CONTENTS
Letterof Transmittal....................................................................................................................................v
Mission Statement and Vision Statement....................................................................................................
x
CityCouncil and Staff................................................................................................................................xi
LocationMap.............................................................................................................................................xii
OrganizationalChart .................................................................................................................................xiii
Certificate of Award for Excellence in Financial Reporting....................................................................xiv
FINANCIAL SECTION
Independent Auditor's Report..................................................................................................................
l
Management's Discussion and Analysis..................................................................................................5
Basic Financial Statements:
Government -wide Financial Statements:
Statementof Net Position.............................................................................................................23
Statementof Activities..................................................................................................................24
Fund Financial Statements:
Major Governmental Funds:
BalanceSheet............................................................................................................................28
Balance Sheet - Reconciliation of Governmental Fund Balances to
Net Position of Governmental Activities..............................................................................29
Statement of Revenues, Expenditures, and Changes in Fund Balances....................................30
Reconciliation of the Net Change in Fund Balances - Total Governmental
Funds with the Statement of Activities.................................................................................31
Proprietary Funds:
Statement of Net Position..........................................................................................................34
Statement of Revenues, Expenses, and Changes in Fund Net Position....................................35
Statementof Cash Flows...........................................................................................................36
CITY OF SAN RAFAEL, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2014
Table of Contents
FINANCIAL SECTION (Continued)
Fiduciary Funds:
Statement of Fiduciary Net Position.........................................................................................38
Statement of Changes in Fiduciary Net Position.......................................................................39
Notes to Basic Financial Statements..................................................................................................41
Required Supplementary Information:
Schedules of Revenues, Expenditures and Changes in Fund Balances — Budget and Actual -
Budgetary Basis
GeneralFund.............................................................................................................................84
Traffic and Housing Mitigation Special Revenue Fund............................................................85
GasTax Special Revenue Fund.................................................................................................86
Supplementary Information:
Non -major Governmental Funds:
CombiningBalance Sheets...........................................................................................................92
Combining Statements of Revenues, Expenditures, and Changes
inFund Balance.....................................................................................................................98
Budgeted Non -major Government Funds:
Combining Schedules of Revenues, Expenditures, and Changes
in Fund Balances Budget and Actual......................................................................104
Internal Service Funds:
Combining Statements of Net Position.......................................................................................114
Combining Statements of Revenues, Expenses and Changes in Fund Net Position ..................116
Combining Statements of Cash Flows........................................................................................118
Agency Funds:
Combining Statements of Changes in Assets and Liabilities .....................................................122
CITY OF SAN RAFAEL, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Year Ended June 30, 2014
Table of Contents
STATISTICAL SECTION
Financial Trends:
Net Position by Component - Last Ten Fiscal Years............................................................................. 126
Changes in Net Position - Last Ten Fiscal Years....................................................................................128
Fund Balances of Governmental Funds - Last Ten Fiscal Years............................................................132
Changes in Fund Balance of Governmental Funds - Last Ten Fiscal Years ......................................... 134
Revenue Capacity:
Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years ............................ 136
Property Tax Rates - All Direct and Overlapping Governments- Last Ten Fiscal Years ...................... 137
Principal Property Tax Payers - Current Year and Nine Years Ago ...................................................... 138
Property Tax Levies and Collections - Last Ten Fiscal Years............................................................... 139
Debt Capacity:
Ratio of Outstanding Debt by Type - Last Ten Fiscal Years................................................................. 140
Computation of Direct and Overlapping Debt........................................................................................ 141
Computation of Legal Bonded Debt Margin.......................................................................................... 142
Revenue Bond Coverage Parking Facility - Last Ten Fiscal Years ....................................................... 143
Demographic and Economic Information:
Demographic and Economic Statistics - Last Ten Fiscal Years............................................................ 144
Principal Employers - Last Six Years.................................................................................................... 145
Operating Information:
Full -Time Equivalent City Government Employees by Function
- Last Ten Fiscal Years....................................................................................................................... 146
Operating Indicators by Function/Program - Last Ten Fiscal Years ..................................................... 148
Capital Asset Statistics by Function/Program - Last Ten Fiscal Years ................................................. 150
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September 29, 2014
Honorable Mayor, Members of the City Council and Residents of San Rafael:
The Comprehensive Annual Financial Report (CAFR) of the City of San Rafael for the year ended June 30,
2014, is hereby submitted as required by local ordinances, State statutes and bond covenants. This financial
report has been prepared in conformance with Generally Accepted Accounting Principles as promulgated
by the Governmental Accounting Standards Board (GASB) and includes the report of the independent
certified public accounting firm, Maze and Associates Accountancy Corporation, who has issued an
unqualified ("clean") opinion on the City of San Rafael's financial statements for the fiscal year ended
June 30, 2014.
"Che independent audit of the financial statements is part of a broader, federally mandated "Single Audit"
designed to meet the needs of federal grantor agencies. The standards governing Single Audit engagements
require the independent auditor to report on the audited agency's internal controls and compliance with
legal requirements, with special emphasis on such controls and requirements involving the administration
of federal awards. These reports will be available in the City's separately issued Single Audit Report.
Responsibility for both the data accuracy, and the completeness and fairness of the presentation, rests with
management. To the best of our knowledge and belief, the data presented is accurate in all material respects
and is reported in a manner that presents fairly the financial position and results of operations of the various
funds and component units of the City of San Rafael. Further, the CAFR is prepared in accordance with
procedures and policies set by the Government Finance Officers Association. The analysis of the financial
condition and the result of operations are in the Management's Discussion and Analysis document in the
financial section. The CAFR is organized into three sections:
1. Introductory section, which is unaudited, includes this letter of transmittal, an organizational chart and a
list of the City of San Rafael's elected and appointed officials.
2. Financial section, includes the general-purpose financial statements, related footnote disclosures, and
the combining and individual fund and account group financial statements and schedules, as well as the
independent auditors' report.
3. Statistical section, which is unaudited, includes selected financial and demographic information,
presented on a multi-year basis. Generally, ten-year data is presented for expenditures, revenues,
assessed valuation for local properties and construction activity.
1400 Fiero Avenue - PO Box 151560 - Sot+ RAPAPL, CA 94 91 5-15 60
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REPORTING ENTITY —PROFILE OF THE GOVERNMENT
The City of San Rafael is located 17 miles north of San Francisco in Marin County. Protected by its
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Rafael is close to other attractions, including Muir Woods, Mount Tamalpais, four other State parks, as
well as San Francisco, Oakland and the wine country.
Downtown San Rafael is the location of many community events, including May Madness Classic Car
Parade. a 26 week Farmers Market Festival on "rhursdav Niahts. Second Fridav Art Walks_ Twilieht
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Marin Center presents numerous ballets, concerts, speaking engagements, and the award winning Marin
County Fair. The Falkirk Cultural Center provides art exhibits and children's programming. The City is also
home to the distinguished Dominican University of California.
The City of San Rafael provides a full range of municipal services required by statute or charter, namely:
through a separate Redevelopment Agency until its dissolution on February 1, 2012. The City of San
Rafael accepted the role of Successor Agency to the Redevelopment Agency per Council action on
January 3, 2012.
of financing redevelopment and other projects. 'Me San Rafael Sanitation District is a discretely presented
component unit of the City of San Rafael and is presented independent of City financial information. For a
further explanation of these entities, refer to Footnote No. 1 in the Financial Section of the CAFR.
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 agencies exercise full powers and authorities within the scope of the related Joint Powers
Agreement including the preparation of annual budgets, accountability for all funds, and the power to
make and execute contracts. Obligations and liabilities of the separate entities are not those of the City.
For a further explanation of these separate entities, refer to Footnote No. 12 in the CAFR.
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