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CITY OF ROSEMEAD
California
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 305 2001
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~ I CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE
~ ANNUAL FINANCIAL
~ REPORT
' FISCAL YEAR ENDED JUNE 30, 2001
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' Prepared by the Finance Department
Karen L. Ogawa, Finance Director
' CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
' Fiscal Year Ended June 30, 2001
I TABLE OF CONTENTS
INTRODUCTORY SECTION
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Letter of Transmittal
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List of Principal Officials
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Organizational Chart
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Certificate of Award for Outstanding Financial Reporting
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Certificate of Achievement for Excellence in Financial Reporting
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FINANCIAL SECTION
Independent Auditors' Report
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General Purpose Financial Statements:
Combined Balance Sheet - All Fund Typed and Account Groups
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Combined Statement of Revenue, Expenditures and Changes in
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Fund Balances - All Governmental Fund Types
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Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - Budget and Actual - General, Special
' Revenue, Debt Service and Capital Project Fund Types 7-10
Statement of Changes in Plan Net Assets - Pension Trust Fund 11
' Notes to Financial Statements 12 - 29
Combining and Individual Funds and Account Groups Financial
Statements (Supplementary Information):
' GENERAL FUND:
I Balance Sheet 33
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 2001
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.)
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
GENERAL FUND: (cont.)
Statement of Revenue, Expenditures and Changes in Fund
Balance
Revenue Detail - Budget and Actual
Expenditure Detail - Budget and Actual
SPECIAL REVENUE FUNDS:
Combining Balance Sheet - All Special Revenue Funds
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances - All Special Revenue Funds
Statement of Revenue, Expenditures and Changes in
Fund Balance - Traffic Safety Fund
Statement of Revenue, Expenditures and Changes in
Fund Balance - State Gas Tax Fund
Statement of Revenue, Expenditures and Changes in
Fund Balance - Air Quality Management District
Statement of Revenue, Expenditures and Changes in
Fund Balance - Local Transportation Fund
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 2001
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Paqe
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
SPECIAL REVENUE FUNDS: (cont.)
Statement of Revenue, Expenditures and Changes in
Fund Balance - Public Transportation Fund 53
Statement of Revenue, Expenditures and Changes in
Fund Balance - Community Development Block Grant Fund 54
Statement of Revenue, Expenditures and Changes in
Fund Balance -1976 Community Parklands Grant Fund 55
Statement of Revenue, Expenditures and Changes in
Fund Balance - Street Lighting Fund 56
Statement of Revenue, Expenditures and Changes in
Fund Balance - Narcotics Seizure Fund 57
Statement of Revenue, Expenditures and Changes in
Fund Balance - Low-Moderate Income Housing Fund 58
Statement of Revenue, Expenditures and Changes in
Fund Balance - Rosemead Housing Development Corporation 59
Statement of Revenue, Expenditures and Changes in
Fund Balance - California Wildlife Fund 60
Statement of Revenue, Expenditures and Changes in
Fund Balance - Federal Highway Grants Fund 61
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 2001
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.)
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
CAPITAL PROJECTS FUND:
Balance Sheet - Capital Projects Fund
Statement of Revenue, Expenditures and Changes in
Fund Balance
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual
DEBT SERVICE FUND:
Balance Sheet - Debt Service Fund
Statement of Revenue, Expenditures and Changes in
Fund Balance
Statement of Revenue, Expenditures and,Changes in
Fund Balance - Budget and Actual
FIDUCIARY FUND TYPES:
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Combining Balance Sheet
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Combining Statement of Changes in Assets and
Liabilities - All Agency Funds
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 2001
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Pa4e
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
ACCOUNT GROUPS:
Statement of General Fixed Assets 75
Statement of Changes of General Fixed Assets 76 - 77
STATISTICAL SECTION
General Governmental Expenditures by Function - All Governmental
Fund Types 79 - 80
General Revenues by Source - All Governmental Fund Types 81 - 82
Other Tax Revenues by Source - All Governmental Fund Types 83 - 84
Assessed Valuations of Taxable Property 85 - 86
Special Assessment Levies and Collections - Lighting and
Maintenance District 87
Computation of Legal Debt Margin 88
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Total General Expenditures 89
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Assessed Valuation 91
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 2001
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION (cont.)
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt Per Capita
Property Tax Rates - All Overlapping Governments
Schedule of Direct and Overlapping Bonded Debt
Demographic Statistics
Principal Taxpayers
Schedule of Insurance in Force
Construction Activity
Miscellaneous Statistics
Vicinity Map
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MAYOR:
JAY T. IMPERIAL
MAYOR PRO TEM:
ROBERT W. BRUESCH
COUNCILMEMBERS:
MARGARET CLARK
GARYA. TAYLOR
JOEVASOUEZ
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December 1, 2001
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The Honorable Mayor
and Members of the
Rosemead City Council
Councilmembers:
Poscmcad
8838 E. VALLEY BOULEVARD • P.O. BOX 399
ROSEMEAD, CALIFORNIA 91770
TELEPHONE (626) 569-2100
FAX (626) 307-9218
Submitted for your information and consideration is the Annual Financial Report for
the fiscal year ended June 30, 2001. This is a combined report of the City of
Rosemead, Rosemead Redevelopment Agency and the Rosemead Housing
Development Corporation. The report is prepared by the City's Finance Department
and made available to residents, the City Council, and the investment community.
The responsibility for both the accuracy and completeness of the financial report rests
with the City. To the best of our knowledge the information presented is accurate in
all material aspects and includes all disclosures necessary to enable the reader to gain
an understanding of the City's financial activities.
GENERAL INFORMATION
The City of Rosemead was incorporated on August 4, 1959, and operates as a
general law city. It has a Council-Manager form of government, with five council
members elected at large for four-year overlapping terms. The Council selects a.
Mayor and a Mayor Pro-Tem each year from its membership.
The Council is responsible for enacting local legislation, establishing general policy for
the City and adopting annual budgets. The Council's duties include the appointments
of a City Manager, City Attorney, City Clerk, City Treasurer, and the selection of
citizens to serve on the City's Planning Commission and Traffic Commission. The
City Council also acts as the Redevelopment Agency and Rosemead Housing
Development Corporation Board, and oversees the responsibility for the operation and
accountability of the Redevelopment Agency, Building Rehabilitation Appeals, and the
Rosemead Housing Development Corporation.
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The City of Rosemead has a population of 55,351 living in an area enc„mpassing 5.5
square miles. The City is located in the central Northwestern section of Los Angeles
County, approximately nine miles east of downtown Los Angeles. The City shares
common boundaries with the municipalities of San Gabriel, Temple City, El Monte,
South El Monte, Montebello, and Monterey Park. Two major freeways, the San
Bernardino (1-10) and the Pomona (60) intersect the City in an east\west direction
providing convenient access to all areas of Southern California. In addition, major rail
and public bus lines provide convenient regional transportation options.
Sales tax is the City's major revenue source and is based on light manufacturing,
commercial, and local retail business. This accounts for approximately 22% of the
land use within the City. The remaining 78% of land area used for residential
purposes (64%), and by public facilities activities (14%).
HIGHLIGHTS OF FISCAL YEAR 2000-01
Administration: The statewide growth slowdown has been painful for local
businesses, the city and local residents. The state and the Los Angeles region are
coping with a variety of forces, including the sharp slowing of the U.S. economy, a
full-blown state energy crisis, the unexpectedly rapid and deep tech sector crash, and
the aftermath of September 11' events. Despite the fact that the state has
outperformed the rest of the nation in most economic indicators, the effects of the
energy crisis and the September 11' attacks have undermined consumer confidence,
tourism and other business activities. Nevertheless, there were some positive forces
at work in 2001 for the region and community.- These include new housing
construction and public infrastructure projects, as well as, development of new retail
businesses that will generate additional sales tax revenues.
The energy crisis has been a source of much concern, as bankruptcy of Southern
California Edison (SCE) would have had a devastating effect on our local finances and
operations. SCE tax revenues contribute greatly to our local budget. Our very
economy and quality of life depend upon the jobs, community involvement and
economic activity resulting from SCE's being headquartered in our City. The
bankruptcy of SCE would have had a chilling impact on our local economic base, not
to mention the entire state economy and business climate. Bankruptcy was averted
only after. the California Public Utility Commission (CPUC) reached agreement with
SCE on terms for restoring SCE to financial health. However the state's impasse over
how to handle the financial aftermath of the crisis remains a major cause for concern,
and severely compounds the state's massive deficit predicament.
The budget picture in Sacramento cast a dark cloud over local government budgets
and prospects for the upcoming year appear' even bleaker than most analysts
anticipated. Negative economic projections issued by the Legislative Analyst Office
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I plant trees on Marybeth Avenue, as a well as to fund the Street Resurfacing and
coupled with recommended cuts in State programs suggested by the Department of
Finance put numerous local government programs on the proverbial chopping block
for upcoming budget action.
The most vulnerable city revenue is the state general fund "backfill" for the vehicle
license fee (VLF) tax reduction made in 1999. Despite state assurances made to
protect local government from any revenue loss from the tax cut, the backfill is being
actively considered in various scenarios to close the anticipated deficit.
Engineering: The City completed several capital improvement projects during the
fiscal year. CDBG funds where used to construct a storm drain on Grand Avenue
between Rubio Wash and Walnut Grove Avenue, to mitigate flooding in the northwest
corner of the City. CDBG funds were also used to resurface approximately 2.1 miles
of streets and provide concrete repairs, including the installation of handicap ramps at
various locations throughout the City.
Gas Tax and State Transportation Improvement Program (STIP) funds were used. to
Slurry Seal projects.
' During the fiscal year, concrete repairs, miscellaneous sidewalk construction, and
slurry seal was performed at various locations throughout the City as well as
approximately 4,000 linear feet of conduit installed for new streetlights.
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Planning: Major remodeling and renovation of Rosemead's largest shopping center
(Rosemead Place) is currently under construction. Improvements include the
remodeling of the former Montgomery Wards structure for a change of occupancy to
a Target store with approximately 136,000 square feet and a total valuation of $4.75
million. The property owners of this center have also proposed to remodel the second
floor space above the Target store that will consist of 60,000 square feet of leaseable
office space with a total valuation of $350,000 (phase II). Other improvements in the
center include an IHOP restaurant ($340,000 valuation) that is near completion, a
completed Starbucks Coffee, and several other new tenants that are in the process of
negotiating lease agreements. The decision by the Target Corporation to locate at
this center has added tremendous value to the center and staff anticipates that
vacant tenant spaces at this center will re-lease quickly with quality tenants. A traffic
study is currently underway to study the surrounding road systems and formulate
potential traffic improvements to alleviate any congestion that may occur as a result
of these new tenants.
The City has also granted entitlements and issued final building permits to several
other new commercial businesses this year including the following: A new pre-
owned car sales lot that was constructed underneath the power transmission lines
owned by Southern California Edison on Valley Boulevard with a valuation of
$203,000; Jack in the Box completed their new restaurant at San Gabriel and
Garvey Avenue with a valuation of $243,000; and Rite Aid Corporation has
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resolved their financial difficulties and has opened their new retail/drug store at the
corner of Valley Boulevard and Ivar Avenue. That is valued at approximately
$800,000.
This year includes completion of three significant single-family residential
developments. Phase 11 of a 31-unit development consisted of 17 additional
homes at the northwest corner of Del Mar and Graves Avenues. A seven-lot
subdivision located on Burton Avenue and a six-lot subdivision on Hellman
Avenue. These homes were sold prior to or immediately upon completion, with
prices ranging from $350,00 to $500,000 dollars per dwelling.
Parks and Recreation: The City completed various park and recreation improvements
during the fiscal year. Rosemead Community Recreation Center improvements
included installation of cabinets and storage facilities, new lobby counter and
acquisition of new tables.
At Rosemead Park, improvements were made throughout the park and at both the
small and large pools. Park improvements included the resurfacing and re-striping of
the basketball courts along with new backboards and rims. The ballfield restroom
walls were tiled. During the winter, the entire irrigation system was redesigned and
built in time for the "Rosemead Youth Association" baseball season.
Major additions were made both to the children's pool and the 50 meter pool. Both
pools drain and supply lines were replaced and were replastered. Additional
improvements included replacing the lights in the dressing rooms, new lobby
carpeting, along with the replacement of the pump motor for the small pool.
The gym and pool buildings at Garvey Park had new graphics applied and new ADA
approved drinking fountains were added in the pool area. New tennis court nets were
installed and new tables were purchased.
Zapopan improvements consisted of roof repairs, new carpeting, desk and tables for
the Senior Lunch program. Three portable canopies were purchased that will be used
throughout the City for various events.
PROSPECTS FOR THE FUTURE
The City has implemented a first-time homebuyer program through the Rosemead
Housing Development Corporation. The program is intended to assist potential
homeowners in the community with up to $20,000 in down payment assistance. To
date the City has assisted ten (10) residents in purchasing a home within the
community.
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' The City is continuing with the development of a 20,000 square foot recreation
center in conjunction with a 72 unit senior housing project on the City owned parcel
' at 9118 Garvey Avenue. The City's contractor, Fassberg Construction Company, has
completed approximately 25% of the project. The City is funding the project with a
variety of funds including Redevelopment Agency's Low-Moderate Income Housing
' Set-Aside funds, Community Development Block Grant (CDBG), HOME funds and the
proceeds from a county wide recreational facilities bond measure (Proposition A)
approved by the voters on November 5, 1996. The project is scheduled to be
' completed in July 2002.
' Several street resurfacing projects are proposed for Fiscal Year 2001-02, whereby
several street segments will be resurfaced in early spring 2002. The street lighting
system will be upgraded where necessary on various streets in the City. A slurry seal
' project is also proposed during Fiscal Year 2001-02. A project to repair damaged
concrete will commence in Spring 2002. Before the end of winter 2001, storm drain
in Ralph and Olney Avenue will be constructed to mitigate flooding problems. The
' pavement striping on Garvey Avenue will be refurbished in the Spring.
New traffic signals will be installed at the Garvey Avenue Community Center and at
the Hellman/Jackson intersection. Traffic signal upgrades will be made throughout
the City during Fiscal 2001-02; these include the installation of battery backup
systems and lighting emitting diodes (LEDs).
' The engineering design of several other projects will get underway or continue in
Fiscal Year 2001-02. These include the street resurfacing on various streets, street
' light upgrades and replacement of two bridges.
' A second Redevelopment Project Area was approved by the City Council in July of
last year and this Plan withstood the appeal periods and is now a formal Project
Area. The City may now participate in redevelopment activities under California
' Redevelopment Law, which will help to revitalize both Valley and Rosemead
Boulevards as well as increase the tax base of the City. Many exciting projects
are anticipated to take place along the City's two major boulevards.
' Due to deregulation of the public utility business over the past two years,
Southern California Edison is currently in negotiations with Walmart to sell a large
' parcel (more than 24 acres) located on Walnut Grove Avenue. The City
anticipates that the entitlement process for a Walmart store will be complete
within the next three to nine months if Walmart continues to show a strong
' interest in the site. Southern California Edison also sold a second excess property
in the City of approximately six acres to a current business owner within
' Rosemead. This new owner plans to develop this site into approximately
122,000 square feet of manufacturing/industrial uses, estimated to be valued at
$8.7 million.
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Other preliminary proposals within the project area on Valley Boulevard include a
new, 55 room, Comfort Suites hotel, and relocation of the McDonalds restaurant,
a new medical office building, and a drive-through Walgreens drug store. Also,
two separate residential subdivisions are proposed along Mission Drive (12 unit
and a 17 unit).
The recently vacated Toys R Us building located on Rosemead Boulevard at the
San Bernardino Freeway is also within the new Redevelopment project area. This
property presents the City with a prime redevelopment project with prospects of
attracting a large tax generating business. This parcel is approximately five acres
in size with close proximity and visibility to Interstate 10 (San Bernardino
Freeway).
Rosemead Community Recreation Center future improvements include 200 new
stacking chairs, replacement refrigerator, and additional cabinets. Rosemead Park
improvements include replacement of existing rubber surfaces a various locations in
the park.
Garvey Park improvements includes installation of new rubber surfacing around the
largest playground system, replacing 12 tennis court benches, recover 4 gym
benches, and replacement of signage throughout the park.
Zapopan Park Improvements includes installation of a new rubber surfacing around
the playground system and a steam table.
REPORTING ENTITY AND ITS SERVICES
The reporting entity is comprised of all funds and account groups of the City of
Rosemead, Rosemead Redevelopment Agency, and Rosemead Housing Development
Corporation.
The Rosemead Redevelopment Agency finances streets, parks, and utility
improvements within the Redevelopment project area as well as in some selected
areas outside the project area, which benefit the project area. The Rosemead
Housing Development Corporation provides for conservation and financing of Low and
Moderate Income Housing within the City limits. The City of Rosemead provides a
broad range of services to its citizens including general government, public safety,
street construction and maintenance, sanitation, building safety, parks and
recreational facilities, and cultural services. Some of the functions typically provided
by municipal government are, as in the City of ;Rosemead, provided by special
districts. These districts, which usually encompass~an area larger than the City itself,
include the Consolidated Fire Protection District of Los Angeles County, the Los
Angeles County Library District, and the Los Angeles County Sanitation District.
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' Other Governmental functions paid for by the City but performed by County
' departments under contract with the City are police protection, street maintenance,
and animal control.
I REPORTING STANDARDS
The financial reports have been prepared in conformance with the generally accepted
accounting principles as set forth by the Governmental Accounting Standards Board
(GASB), applicable pronouncements of the American Institute of Certified Public
t Accountants, and the full financial disclosure guidelines of the Governmental Finance
Officers Association of the United States and Canada.
I FINANCIAL STATEMENT
' The City requires that its financial statements be audited by a Certified Public
Accountant selected by the City Council. This requirement has been satisfied, and
' the Auditor's opinion is included in the financial section of this report.
In addition, the City is required to undergo an annual single audit in conformity with
' the provisions of the Single Audit Act and U.S. Office of Management and Budget
Circular A-133, "Audits of States, Local Governments and Non-profit organizations."
This requirement has also been satisfied and there were no material exceptions noted.
' in the report.
The Comprehensive Annual Report is divided into the following three sections:
' 1. Introductory Section - which includes this transmittal letter, the City's
' Organization Chart, and a list of the principal officials.
2. Financial Section - which includes the auditor's opinion, general purpose
' financial statements, and the combining and individual fund and account group
financial statements.
3. Statistical Section - which includes relevant financial and non-financial data
presenting historical trends and other information about the City.
NOTES TO THE FINANCIAL STATEMENTS
' The Notes to the Financial Statements, which are part of the General Purpose
Financial Statements within the Financial Section, are an integral part of the financial
' report and are essential to the fair presentation and adequate disclosure of the
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financial position of the City, Redevelopment Agency, and the Rosemead Housing
Development Corporation. The notes should be read along with the financial
statements to gain a more thoroughly understanding of the information contained
within this report. Your attention is specifically directed to the presentation of the
City's significant accounting policies.
The fiscal operations of the City are primarily accounted for in the Governmental
Funds, which include the General, Special Revenue, Debt Service and Capital Project
Funds.
The 2000-01 Fiscal Year revenues for the Governmental Fund types totaled
$22,214,986. Presented above are the revenues by major source, which includes the
percentage each source represents of the total revenues and the increase (decrease)
from the prior year.
The most notable change in revenues is an increase in Intergovernmental revenues,
which is the result of Community Development Block Grant funds and other State
grant funds.
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1 The 2000-01 Fiscal Year expenditures for the Governmental Fund types totaled
$20,828,469. Listed above is a recapitulation of these expenditures by major
1 . function. The chart reflects expenditures by function as a percentage to the total
expenditures and the incremental change from the prior fiscal year.
1 The most significant increase in expenditures for 2000-01 over 1999-2000 is
reflected in Public Works. Majority of the increase is due to street resurfacing, storm
1 drain and traffic signal projects.
1 GENERAL FUND
1 The City of Rosemead remains in a strong financial position as of June 30, 2001 with
a surplus of approximately sixteen million seven hundred thousand dollars (516.7).
There were no residual equity transfers from any funds during the fiscal year.
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GENERAL FIXED ASSETS
1 As of June 30, 2001, the general fixed assets of the City totaled sixteen million four
1 hundred seventy-two thousand six hundred fifty-three dollars 16,472,653). This
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amount represents the original cost of the assets, net of additions and deductions
from July 1, 2000 to June 30, 2001, and is considerably less than their present
value. The system of accounting presently recommended by the Governmental
Accounting Standards Board does not allow for the recording of depreciation of
general fixed assets as an expense of governmental funds.
ACCOUNTING SYSTEM
The City's accounting records are maintained on the modified accrual basis of
accounting for the governmental fund types and agency funds. Revenue is
recognized in the accounting period in which it becomes both available and
measurable. Available means collectible within the current period or soon enough
thereafter to pay current liabilities. The accrual basis of accounting is used for
Pension Trust Fund, which recognizes revenues when earned and expenses when
incurred.
A system of internal accounting controls have been developed and regularly reviewed
by the independent certified public accountant who audits the accounting records of
the City. This system has been designed to provide reasonable, but not absolute
assurance that:
1. Assets have been protected from losses arising from unauthorized use or
disposition.
2. Financial records can be relied upon for preparing adequate financial
statements and maintaining accountability for assets.
All internal control evaluations occur according to the above criteria. We believe that
the City's controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
BUDGETARY CONTROL
In addition to internal accounting controls, the City also maintains budgetary controls.
The objective of these budgetary controls are to insure compliance with the City's
budget policy embodied in the annual appropriated budget approved by the city
Council. Activities of the general fund, special revenue funds, debt service fund, and
capital projects fund are included in the annual approved budget.
Budgetary control is maintained at a functional level by division within departments
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' through use of object level account appropriations. Actual expenditures are
compared to these appropriations.
The City Manager is authorized to transfer budgeted amounts between funds within
the same department. Any new appropriations must be authorized by City Council.
' All unexpended budgeted funds lapse at the end of the budget year. The exception is
the capital projects fund because the budgeted appropriations relate to all future
' appropriations as well as current year appropriations.
I CASH MANAGEMENT
The City and the Agency maintain separate cash and investment pools. Each fund's
or fund's type's share of the pool balance is reported in the financial statements as
"cash and cash investments." Earnings from the pooled investments are allocated
' monthly to each participating fund based on a formula that takes into consideration
each fund's average investment in the pool.
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DEBT ADMINISTRATION
' The City of Rosemead, as a general law city, is restricted from incurring general
obligation bonded indebtedness which would exceed 3.75% of the total assessed
' valuation of all real and personal property within the city. The City of Rosemead
presently has no bonded indebtedness.
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The Rosemead Redevelopment Agency issued $34,275,000 Tax Allocation Bonds
(Series A) and $2,435,000 Taxable Tax Allocation Refunding Bonds (Series B) in
November 1993 to finance public improvements within the Redevelopment Agency's
project area and a portion of the bond proceeds were used to defease the 1991 Tax
Allocation Bonds and the 1987 Tax Allocation Notes. The 1993 Bonds (Series A and
B) interest payments are due semi-annually on October 1 and April 1, and principal
payments due annually on October 1.
In October 1991, the Agency funded its Low-Moderate Income Housing Set Aside
fund with $6,813,850 from the proceeds of the 1987 Tax Allocation Notes. The
Agency prefunded the Low-Moderate Housing Income Set-Aside Fund to satisfy the
set-aside requirement for fiscal years 1996-97 through 2021-22, approximately
$451,187 per year.
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RISK MANAGEMENT
The City of Rosemead has been a member of the California Joint Powers Authority
since it's inception in 1976. Members are insured for $50,000,000 per occurrence
for General and Automotive Liability and the same amount for Special Liability, which
includes errors and omissions. There are over 80 cities statewide that are members
of the Authority. The City Manager acts as the Risk Manager and one member of
Council is a delegate to the Authority.
GANN LIMIT
In 1979, Proposition 4, the "Gann" initiative,
was passed. This measure was intended to
control government spending by establishing a
spending limit, which is calculated from the
base year 1978-79 and adjusted annually by
the Consumer Price Index and population
changes. This limitation applies only to
appropriations subject to the limitation as
defined under Article XIIIB of the California
Constitution. We are pleased to inform you
that the City is, in the enviable position of
being well within 34% of the calculated
appropriation limit at June 30, 2001. The
City's 2001-02 estimated revenues and
budgeted expenditures indicate that by June
30, 2002 the City will be approximately 32%
of the limit.
OTHER INFORMATION
The City of Rosemead was pleased to receive a Certificate of Award for Outstanding
Financial Reporting from the California Society of Municipal Finance Offices (CSMFO)
for the City's Comprehensive Annual Financial Report, Fiscal Year Ended June 30,
2000. This Certificate is awarded to governmental units who publish an easily
readable, efficiently organized, comprehensive annual financial report which conforms
to program standards and satisfies both generally accepted accounting principles and
applicable legal requirements. The City of Rosemead was awarded this Certificate for
the last twelve (12) consecutive years.
This Certificate is valid for a period of one year, only. We believe that the City's
current comprehensive annual financial report continues to meet the Certificate of
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Achievement program requirements and are again submitting it to the CSMFO to
determine its eligibility for another certificate.
The Government Finance Officers Association of the United States and Canada
(GFOAY awarded a Certificate of Achievement for Excellence in Financial Reporting to
the City of Rosemead for its Comprehensive Annual Financial Report for the fiscal
year ended June 30, 2000. The Certificate of Achievement is a prestigious national
award recognizing conformance with the highest standards for preparation of state
and local government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish
an easily readable and efficiently organized Comprehensive Annual Financial Report,
whose contents conform to program standards. Such CAFR must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of
Rosemead has received a Certificate of Achievement last year. We believe our
current report continues to conform to the Certificate of Achievement program
requirements, and we are submitting it to GFOA.
ACKNOWLEDGMENTS
The preparation of this report could not have been accomplished without the efficient
' and dedicated efforts of the entire Rosemead Finance Department. The department's
effort to upgrade the quality of financial reporting for the City of Rosemead has led to
improved quality of financial information available to the City Council and citizens.
' We would like to thank the members of the City Council for their continued support,
leadership and concern for the financial stability of the community.
' Respectfully submitted,
~L
Z~ .
Frank G. Tnpepi
City Manager
Karen L. Ogawa~
' Finance Director
I xiii
CITY OF ROSEMEAD, CALIFORNIA
CITY OFFICIALS
June 30, 2001
ELECTED OFFICIALS:
City Council:
Jay T. Imperial
Robert W. Bruesch
Margaret F. Clark
Gary A. Taylor
Joe Vasquez
Mayor
Mayor Pro Tern
Councilwoman
Councilman
Councilman
APPOINTED OFFICIALS:
Planning Commissioners:
Traffic Commissioners:
William Alarcon
Chairman
Duc Loi
Vice Chairman
Robert Breen
Commissioner
Merced "Bill" Ortiz
Commissioner
Rudolfo Ruiz
Commissioner
Victor Ruiz Chairman
Holly Knapp Vice Chairman
Carmine Baffo Commissioner
Diana Herrera Commissioner
Edward Quintanilla Commissioner
Frank G. Tripepi City Manager
Frank G. Tripepi City Treasurer
Robert L. Kress City Attorney
Nancy Valderrama City Clerk
xiv
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1
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Rosemead,
California
' For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
' June 30, 2000
A Certificate of Achievement for Excellence in Financial
' Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
e and financial reporting.
I
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UC4 OfFjp~ / /
~ DYIfED 3TA ~
AND w
GNAO" resident
mNPONATMN S
SEAL
Uj/ Executive Director
xvii
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McGLADREY& PULLEN, LL P
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of Rosemead
Rosemead, California
RSM
international
We have audited the accompanying general purpose financial statements of the City of Rosemead,
California (the City), as of and for the year ended June 30, 2001, as listed in the table of contents. These
general purpose financial statements are the responsibility of the City of Rosemead's management. Our
responsibility is to express an opinion on these general purpose financial statements based on our audit.
' We conducted our audit in accordance with auditing standards generally accepted in the United States of
America 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 financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
' and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the City, as of June 30, 2001, and the results of its operations and the
cash flows of its pension trust fund for the year then ended in conformity with accounting principles
' generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated October 16, 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. That report is an integral part of an
audit performed in accordance with Government Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The combining and individual fund statements and schedules listed in the table of
' contents as supplementary information are presented for purposes of additional analysis on pages to
and are not a required part of the general purpose financial statements of the City. Such information
has been subjected to the auditing procedures applied in the audit of the general purpose financial
' statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose
financial statements taken as a whole.
' Pasadena, California
October 16, 2001
TI-IIS PAGE INTENTIONALLY LEFT BLANK
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CITY OF ROSE, MEAD, CALIFORNIA
GENERAL PURPOSE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2001
CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 2001
Governmental Fund Types
Special
Debt
Capital
Assets and Other Debits
General
Revenue
Service
Projects
Assets
Cash and investments
$ 15204,788
$ 9,255,725
_
$
$ 13,665,778
Receivables
2,122,761
2,484,988
32,834
175,707
Prepaid items
_
_
-
Restricted cash and investments
-
-
2.323,333
-
Due from other funds
1,903,870
-
-
5
Property and equipment
-
Other Debits
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
-
-
-
_
Total assets and other debits
$ 19,231,419,
$ 11,740,713
$ 2356,167
$ 13,840,890
Liabilities, Municipal Equity and Other Credits
Liabilities
Accounts payable and accrued liabilities $ 1,263,435 $ 724,911 $ - $ 294,197
Due to other funds - 1,903,875 - -
Deferred revenue 1,227,814 97,203 - -
Refundable deposits - -
Tax allocation notes and bonds - - -
Accrued vacation pay and compensatory time 69,480 - - -
Total liabilities 2,560,729 2,725,989 - 294,197
Municipal Equity and Other Credits
Investment in general fixed assets
Fund balance:
Reserved:
Prepaid items
Long-term receivable
Debt service
Low-moderate income housing
Employees' retirement
Unreserved:
Designated for:
Capital projects
Building and equipment replacement
Litigation settlements
Selfinsurance
Contingencies
Undesignated
Total municipal equity and other credits
Total liabilities, municipal equity and
other credits
See Notes to Financial Statements.
490,316 - - -
- 2,356,167
6,136,067 - -
- i - - 13,546,693
1,800,000 -
1,000,000 - - -
300,000 - - -
4,000,000 - - -
r
9,080,374 2,878,657 - -
16,670,690 j 9,014,724 2,356,167 13,546,693
1
$ 19.231,419 1$ 11,740,713 $ 2,356,167 $ 13,840,890
3
Fiduciap
Totals
Fund Type
Accoun
t Groups
(Memorandum Only)
General
General
Trust and
Fixed
Long-term
Agency
Assets
Debt
2001
2000
'
$ 271,908
S -
S -
S 38,397.599 S
36.412.526
_
-
4,816.290
3,966,819
'
=
72,887
2,323,333
2,324.304
1,903,875
1,574,442
-
16.472653
-
16,472,653
14,620.614
_
-
2.356.167
2,356,167
2.335.495
'
-
-
31598.590
32,598,590
33.021.115
$ 271,908
S 16,472,653
S 34,954,757
S 98,868,507 $
94.428202
$ _
S -
$ -
S 2,282,543 S
1,576.648
-
-
1,903,875
1,574,442
1,325,017
766,219
110.444
-
-
110,444
108,778
'
_
_ -
34,625.000
329.757
34,625,000
399,237
34,970MO
432,620
110,444
-
34.954,757
40.646,116
39,428,707
-
16,472653
-
16,472,653
14.620.614
'
_
-
-
172,887
490,316
531.191
_
-
-
2,356,167
2.335.495
_
_
-
6,136,067
6.358.788
161,464
161,464
177,124
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- 13,546,693
14.304.023
- 1,800,000
1.800,000
- 1,000,000
1.000,000
- 300,000
300,000
4,000,000
4,000,000
_ _ - 11,959,031
9.399.373
161.464 16.472.653 - 58,222,391
54,999.495
$ 271.908 $ 16.472.653 $ 34.954.757 S 98,868,507 S 94.428202
4
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 2001
eneral
i
Governmental Fund Types
Special Debt
Revenue Service
Capital
Projects
Revenues:
Property taxes and special assessments
$ -
S 424,580
$ -
S 2,945,877
Other taxes
4,629,225
-
-
Intergovemmental
5,426,544
3,846,900
-
55,795
Licenses and permits
797,493
-
-
-
Charges for services
429,540
15,024
495
Fines, forfeitures and penalties
310,946
315,181
-
-
Use of money and property
1,086.312
642,964
157,977
1,076,039
Other
54,094
-
-
-
Total, revenues
12,734,154
5,244,649
157,977
4,078,206
Expenditures:
Current:
General government
2.188,950
701,286
132,786
Public safety
4.823,556
822,472
-
Public works
463,491
1596,697
1,378,299
Public health
59,293
Public recreation
2,372.023
-
-
Community services
1,235,664
665,460
Capital outlay
120,645
-
-
Debt service:
Principal
-
345,000
Interest
-
1,922,847
Total expenditures
11,263,622
5,785,915
2,267,847
1,511,085
Revenues over (under)
.
expenditures
1.470.532
(541266)
(27109,870)
2,567,121
Other financing sources (uses):
Operating transfers:
From other funds
11103,500
1,388,048
2,130,542
(To) other funds
(347,639)
; (950,000)
-
(31324,451)
Total other financing
sources (uses)
755,861
438,048
2,130,542
(3,324,451)
Revenues and other financing
sources over (under)
expenditures and other
financing (uses)
2,226,393
!(103,218)
20,672
(757,330)
Fund balance, be-inning
14,444,297
I
9,117,942
2,335,495
14.304,023
Fund balance, ending
S 16,670,690
S 9,014,724
S 2,356,167
S 13,546,693
See Notes to Financial Statements.
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Totals
(Memorandum Only)
2001
2000
S 3,370,457
3,419,173
4,629,225
47266,791
9,329,239
7,359,001
797,493
917,350
445,059
662.094
626,127
448,675
2,963,292
2,068,706
54,094
80,540
22,214,986
19,222,330
3,023,022
2.200,867
5,646,028
5,069,851
5,438,487
4,306,657
59,293
-
2,372,023
2,241859
1,901,124
L516,717
120,645
202,060
345,000
330,000
1,922,847
1,942.258
20,828,469
17,811,269
1,386,517 1,411,061
4,622,090 3,732.080
(4,6227090) (3,732,080)
1,386,517 1,41 1,061
40,201,757 38,790,696
S 41,588,274 S 40,201,757
I
6
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 2001
Property taxes and special assessments
Other taxes
Intergovernmental
Licenses and permits
Charges for services
Fines, forfeitures and penalties
Use of money and property
Other
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Public health
Public recreation
Community services
Capital outlay
Debt service:
Principal
Interest
Total expenditures
Revenues over (under) expenditures
Other financing sources (uses):
Operating transfers:
From other funds
(To) other funds
Revenues and other financing sources over (under)
expenditures and other financing (uses)
Fund balance, beginning
Fund balance, ending
See Notes to Financial Statements.
General
Variance
Favorable
Budget Actual (Unfavorable)
$
$
$
4,062,500
4,629,225
566,725
4,159,500
5,426,544
1,267,044
955,600
797,493
(158,107)
389,030
429,540
40,510
230,000
310,946
80,946
666,200
1.086,3 12
420,112
28.600
54,094
25,494
10,491,430
12.734,154
2,242,724
'2,318,250
1188,950
129,300
4,972,000
4,823,556
148,444
565,140
463,491
101,649
70,100
59,293
10,807
2387,090
2,372,023
15,067
?,056,640
1,235,664 -
820,976
111,300
120,645
(9345)
12,480,520 11.263 ,622 1,216,898
(1.989,090) 1,470,532 3,459;622
2,062,610 1,103,500 (959,110)
- (347,639) (347,639)
2.062,610 755,861 (1,306,749)
S 73,520 2226,393 $ 2,152.873
14,444,297
iI $ 16,670,690
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Special Revenue
Debt Service
Variance
Variance
Favorable
Favorable
Budget
Actual
(Unfavorable) Budget
Actual
(Unfavorable)
$ 360,000
$ 424,580
$ 64,580 S
$
$
7,091,298
3,846,900
(3,244398)
8,000
15,024
7.024
100,000
315,181
215,181
312,890
642,964
330,074 135,000
157,977
22,977
5,000
-
(5,000) -
-
-
7,877,188
5,244,649
(1631539) 135,000
157,977
22,977
5,173,540 701,286 4,472,254
100,000 822,472 (722,472)
6,239,170 3,596,697 2,642,473 =
2,160,522 665,460 1,495,062
5.124,820 1,388,048 (3,736,772) 2,267,848
5,219,130) (950,000) 4,269,130 -
$ (57890354) (103218) $ 5,787.136 $ 135,000
9,117,942
S 9,014,724
2,130,542 (137,306)
20,672 $ (114,328)
2,335,495
$ 2,356,167
8
345,000 345,000
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
ALL GOVERNMENTAL FUND TYPES, CONTINUED
Year Ended June 30, 2001
Capital Project
Variance
Favorable
Rudeet Actual (Unfavorable)
Property taxes and special assessments
Othertaxes
Intergovernmental
Licenses and permits
Charges for services
Fines and forfeitures
Use of money and property
Other
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Public health
Public recreation
Community services
Capital outlay
Debt service:
Principal
Interest
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
i Operating transfers:
From other funds
(To) other funds
i Revenues and other financing sources over (under)
expenditures and other financing (uses)
i Fund balance, beginning
Fund balance, ending
i See Notes to Financial Statements.
i
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S 2,8W000 S 2.945,877 S 145,877
55,795 55,795
495 495
160.000 1,076,039 916,039
2,960,000 4,07876 1,118,206
62,100 132,786 (70,686)
9,721,090 1,378,299 8,342,791
9,783
,190
1,511,085
8,272,105
(6,823
,190)
2,567,121
9,390,311
7,429,419 - (7,429,419)
(8,376,719) (3,324,451) 5,052,268
(947,300) (3,324,451) (2,377,151)
S (7,770,490) (757,330) S 7,013,160
14,304,023
S 13,546,693
10
CITY OF ROSEMEAD
STATEMENTS OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUND
Year Ended June 30, 2001
(With Comparative Actual Amounts for the Year Ended June 30, 2000)
2001 2000
Additions:
Interest income on cash and investments S 8,006 S 10,027
Total additions 8,006 10,027
Deductions:
Benefits paid to participants and beneficiaries
Administrative expenses
Total deductions
Net (decrease) in plan net assets
Net assets held in trust for pension benefits, beginning
Net assets held in trust for pension benefits, ending
See Notes to Financial Statements.
20,040
20.
210
3,626
3,
617
23,666
23,
827
(15,660)
(137
800)
177,124
190,
924
S 161,464 S
177,
124
11
CITY OF ROSEMEAD
' NOTES TO FINANCIAL STATEMENTS
t Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies
' Reporting entity: As required by generally accepted accounting principles, these financial statements
present the government and its component units, entities for which the government is considered to be
financially accountable. Blended component units, although legally separate entities, are, in substance,
part of the government's operations and are controlled by common governing boards enabling the City to
impose its will on its component units: therefore, data from these units is combined with data of the
primary government. The blended component units included in the City of Rosemead (the City) reporting
entity are the Rosemead Redevelopment Agency (the Agency) and the Rosemead Housing Development
Corporation (the Corporation), which is a component unit of the Agency. The component units have the
same fiscal year as the City. Separately issued financial statements for the component units can be
obtained from the City Clerk.
Nature of operations:
' City of Rosemead: The City was incorporated in August 1959 under the general laws of the State of
California. The City operates under an elected Council/City Manager form of government. It provides a
' broad range of services to its citizens, including general government, public safety, streets, sanitation and
health, cultural and park facilities, and social services.
Many of the functions often provided by municipal government are, in the City, provided by special
' districts. Examples of some of these special districts, which usually encompass areas larger than the City
itself, are the Fire Protection District, the Library District and the County Flood Control District. Certain
other governmental functions are paid for by the City, but performed by a variety of other public and
private agencies under contract. Some of the contracts now in effect are for police, street maintenance
and animal control.
Rosemead Redevelopment Agency: The Agency's purpose is to prepare and carry out plans for the
improvement, rehabilitation and redevelopment of blighted areas within the City.
The Agency finances street, park and utility improvements, and also acquires and constructs major capital
facilities, all within the Rosemead Project Area No. 1.
Rosemead Housing Development Corporation: The Corporation accounts for the construction,
financing and operations of low-moderate income housing. It is a California nonprofit benefit corporation
organized under Section 501(c)(3) of the Internal Revenue Code.
' Fund Accounting:
Measurement focus, basis of accounting and basis of presentation: The accounts of the City and its
component units are organized and operated on the basis of funds and account groups. A fund is an
independent fiscal and accounting entity with a self-balancing set of accounts. Fund accounting
segregates funds according to their intended purpose and is used to aid management in demonstrating
' compliance with finance-related legal and contractual provisions. The minimum number of funds are
maintained consistent with legal and managerial requirements. Account groups are a reporting device to
account for certain assets and liabilities of the Governmental Funds not recorded directly in those funds.
I
12
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies, Continued
The City has the following fund types and account groups:
Governmental Funds are used to account for the general government activities. Governmental Fund
Types use the flow of current financial resources measurement focus and the modified-accrual basis of
accounting. Under the modified-accrual basis of accounting, revenue is recognized when susceptible to
accrual (i.e., when they are measurable and available). "Measurable" means the amount of the transaction
can be determined and "available" means collectible within the current period or soon enough thereafter
to,pay liabilities of the current period. The government considers all revenue available if it is collected
within 60 days after year end. Expenditures are recorded when the related fund liability is incurred,
except for unmatured interest on general long-term debt, which is recognized when due. and certain
compensated absences and claims and judgments, which are recognized when the obligations are
expected to be liquidated with expendable available financial resources.
In determining when to recognize intergovernmental revenue (grants, subsidies and shared revenue), the
legal and contractual requirements of the individual programs are used as guidance. There are, however.
essentially two bases for this revenue recognition. In one, moneys must be expended on the specific
purpose or project before any amounts will be paid to the City; therefore, revenue is recognized based
upon the expenditures recorded. In the other, moneys are virtually unrestricted as to purpose of
expenditure and nearly irrevocable, i.e., revocable only for failure to comply with prescribed compliance
requirements, e.g., equal employment opportunity. These resources are reflected as revenue at the time of
receipt, or earlier if they meet the criterion of availability. Other major revenue that is determined to be
susceptible to accrual includes taxes and interest. Major revenue that is determined not to be susceptible
to accrual because it is either not available soon enough to pay, liabilities of the current period or not
objectively measurable include licenses, permits, fines and forfeitures.
Expenditures are recorded when the liability is incurred, except for interest on long-tern debt and sick
pay, which are recorded when paid. Vacation pay is recorded as an expenditure in the year it is earned to
the extent it is paid in that year or within 90 days after year end; otherwise, it is recorded as an
expenditure when it is paid. Estimated losses on insurance claims are charged to expense in the period
the loss is determinable.
Agency funds are custodial in nature and do not present results of operations or have a measurement
focus. Agency funds are accounted for using the modified-accrual basis of accounting. The City's
Agenev fund is used to account for assets that the City holds for others in an agency capacity.
Pension trust fund The accrual basis of accounting is used for the Pension Trust Fund utilizing the flow
of economic resources measurement focus and uses the accrual basis of accounting. Under the accrual
basis of accounting, revenue is recognized when earned and expenses are recorded when incurred.
i
Governmental Fund Types:
i
The General Fund accounts for all financial resources except those required to be accounted for in
another fund. These resources are devoted to financing the general services that the City performs for
its citizens.
13 I
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
' Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies, Continued
Special RevenueFunds account for the proceeds of specific revenue sources (other than special
assessments, expendable trusts and major capital projects) that are legally restricted to expenditures for
specified purposes. The Special Revenue Funds and their purposes are as follows:
The Traffic Safety Fund accounts for the receipt of vehicle code fines which are expended for traffic
safety enforcement.
1 The State Gas Tax Fund accounts for funds collected from the State of California which are used for
street construction, street maintenance, engineering and administrative costs.
The Air Quality Management District Fund accounts for the City's share of automobile registration
fees collected from the State by the South Coast Air Quality Management District. The funds are
' used in improving transportation systems and to reduce reliance on private vehicles.
The Local Transportation Fund accounts for state grants used to finance the construction of
bikeways and sidewalks.
The Public Transportation Fund accounts for the City's share of additional sales tax collected in the
County of Los Angeles as a result of Propositions A and C. The funds are used to finance public
' transportation projects.
The Community Development Block Grant Fund accounts for Community Development Block
' Grants received from the United States Department of Housing and Urban Development.
The 1976 Community Parklands Grant Fund accounts for funds to be used for park projects.
' The Street Lighting Fund accounts for the operation of street lights within the City.
The Narcotics Seizure Fund accounts for the funds received from the County of Los Angeles from
the confiscation of cash and other valuables seized during drug-related police raids. The funds are
used to further enhance the City's drug-related crime prevention and detection programs.
The Low-Moderate Income Housing Set-aside Fund accounts for the 20% of gross property tax
increment revenue received by the Agency to fund future projects involving the replacing or
rehabilitation of low-moderate income housing within City limits.
I
The Rosemead Housing Development Corporation accounts for the construction and financing of
low-moderate income housing. It is a California nonprofit public benefit corporation organized under
Section 501(c)(3) of the Internal Revenue Code.
The California Wildlife Grant Fund accounts for a state grant for preapproved specified park
projects.
The Federal Highway Grant Fund accounts for Federal Highway/Transportation Acts which are
used for preapproved highway projects. Application and funding processes are administered by
CalTrans.
14
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies, Continued
The Debt Service Fund accounts for the accumulation of resources for the payment of general long-
term debt principal, interest and related costs.
Capital Projects Fund (Redevelopment Fund) accounts for financial resources to be used for the
improvement and rehabilitation of the community redevelopment project areas and acquisition or
construction of major capital facilities within the Agency.
Fiduciary Fund Types:
Fiduciary Funds account for assets held by the government in a trustee capacity or as an agent on
behalf of others. Trust funds account for assets held by the government under the terms of a formal
trust agreement. The City's Fiduciary Fund Types are as follows:
The Pension Trust Fund, a, nonexpendable trust fund. accounts for the activity of the retirement plan
for employees of the City using the accrual basis of accounting.
The Agency Fund accounts for the assets held in a trustee capacity or as an agent. The cash being
held primarily represents amounts placed on deposit for refundable permits and performance bonds.
The Agency fund is custodial in nature and does not present results of operations or have a
measurement focus.
Account Groups:
The General Fixed Assets Account Group is used to account for the City's fixed assets.
The General Long-term Debt Account Group is used to account for general long-term debt and
certain other liabilities that are not specific liabilities of proprietary or trust funds.
Management has the ultimate responsibility for the appropriateness of the accounting policies and
procedures used by the City.
Significant accounting policies:
Cash investments and other investments: The City pools cash and investment resources of some of its
funds in order to facilitate the management of cash. Cash applicable to a particular fund is readily
identifiable. The balance in the pooled cash accounts is available to meet current operating requirements.
Investments are stated at fair value. Fair value is the amount at which a financial instrument could be
exchanged in a current transaction between willing parties, other than in a forced liquidation. The fair
value of the investments is generally based on published market prices and quotations from major
investment firms. Investment earnings are allocated based on the source of funds.
15
I All other receivables are reported at their gross value and, where appropriate, are reduced by the
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies, Continued
Receivables: Property taxes attach as an enforceable lien on property as of March 1. Taxes are levied on
Jul), 1 and are payable in two installments on December 10 and April 10. The County of Los Angeles
bills and collects the property taxes and remits them to the City in installments during the year. Property
taxes received within 60 days after the City's fiscal year end are considered "measurable" and "available"
and are accrued in the City's financial statements.
estimated portion that is expected to be uncollectible.
' Property and equipment: All property and equipment of the City are accounted for in the general fixed
assets account group. Public domain (infrastructure) general fixed assets, consisting of certain
improvements other than buildings, such as roads, sidewalks and bridges, are not capitalized. Property
and equipment acquired or constructed for general governmental operations are recorded as expenditures
in the fund making the expenditure and capitalized in the general fixed assets account group.
' All general fixed assets which were purchased or constructed are stated at cost. Assets acquired by gift or
bequest are recorded at their fair market value at the date of transfer. No depreciation is recorded on
general fixed assets.
Deferred revenue: The City reports deferred revenues on its combined balance sheet. Deferred
revenues arise when potential revenue does not meet both the "measurable" and "available" criteria for
recognition in the current period. Deferred revenues also arise when the City receives resources before it
has legal claim to them, as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the City
has a legal claim to the resources, the liability for deferred revenue is removed from the combined balance
' sheet and revenue is recognized.
Nonexchange transactions: Beginning July 1, 2000, the City adopted Government Accounting
' Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for Non-exchange
Transactions. GASB Statement No. 33 requires that governments record and report assets, liabilities,
revenues and expenditures for the four types of nonexchange transactions, including restating prior
financial information, as follows:
1. Derived Tax Revenues - Assessments imposed on exchange transactions (e.g., income, sales tax,
and other assessments on earnings or consumption). Assets are recognized when the underlying
exchange occurs or resources are received, whichever occurs first. Revenues are recognized when
the underlying exchange transaction occurs and resources are available.
' 2. Imposed Nonexchange Revenues - Assessments imposed on nongovernmental entities, including
individuals, other than assessments on exchange transactions (e.g., property taxes and fines). Assets
are recognized when the government has an enforceable legal claim to the resources or resources are
' received, whichever occurs first. Revenues are recognized when the use of the resources is required
or first permitted by time requirements, or at the same time as the assets if the government has not
established time requirements and resources are available.
1 16
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies, Continued
Government Mandated Nonexchange Transactions - A'government at one level provides resources
to a government at another level and requires the recipient to use the resources for a specific purpose
(e.g., federal programs that state or local governments are mandated to perform). Assets are
recognized when all applicable eligibility requirements are met or resources are received, whichever
occurs first. Revenues are recognized when all applicable eligibility requirements are met and
resources are available.
4. Voluntary Nonexchange Transactions - Legislative or contractual agreements, other than exchanges,
entered into willingly by the parties to the agreement (e.g., certain grants and private donations).
Assets are recognized when all applicable eligibility requirements are met or resources are received,
whichever occurs first. Revenues are recognized when all applicable eligibility requirements are met
and resources are available.
There was no material effect on the City's fund balance as a result of the adoption of this standard.
However, the City restated its balance sheet as of June 30, 2000 by increasing accounts receivable and
deferred revenue in the amount of $254,250 for the following revenue sources:
Sales and use taxes
Franchise fees - utilities
Parking citations
$ 53,750
124,500 '
76,000
$ 254.250
Fund balances: The reserved portion of the fund balances represents that amount which has been legally
identified for the specific purpose or that amount which is not available to liquidate current liabilities.
The unreserved portion represents the amount available for budgeting future operations. Designated fund
balances represent tentative plans for future use of financial resources.
Vacation pay and compensatory time:. City employees accumulate vacation hours which may be paid
upon termination, death or retirement. Employees can accumulate up to three weeks of accrued vacation
per year depending on the length of employment. Employees can accumulate up to 160 hours of sick
leave. Any hours in excess of 160 are considered to be vested and are paid to the employee based on a
vesting schedule. In addition, employees can accrue compensatory time.
The City allows employees who have earned vacation time an opportunity to have the City buy back up to
two weeks of vacation time per year. In order to participatelin the Vacation Buy-Back Program, an
employee must take at least 40 consecutive hours of vacation at one time.
The vested portion of vacation and sick leave by employees at June 30, 2001 that is expected to be paid
within 90 days after vear end is included in accrued liabilities in the General Fund. The amount not
expected to be paid within 90 days is included in the General Long-term Debt Account Group.
17
I CITY OF ROSEMEAD
1 NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Fund Accounting and Significant Accounting
Policies, Continued
' "Memorandum Only" total columns: Included on the combined financial statements are total columns
.captioned "Memorandum Only" to indicate that they are presented only for informational purposes.
Adjustments to eliminate interfund transactions have not been recorded in arriving at such amounts and
' the memorandum totals are not intended to fairly present the financial position or results of operations of
the reporting entity taken as a whole.
' Additionally, the 2000 totals presented in the "Memorandum Only" columns are included to provide a
summarized comparison with comparable 2000 amounts and are not intended to present all information
necessary for a fair presentation of financial position and results of operations in accordance with
1 generally accepted accounting principles.
Comparative data/reclassification: Comparative total data for the prior year have been presented in
selected sections of the accompanying financial statements in order to provide an understanding of the
changes in the government's financial position and operations and are not intended to present all
information necessary for a fair presentation of financial position or results of operations in accordance
with generally accepted accounting principles. Also, certain amounts presented in the prior year data
I have been reclassified in order to be consistent with the current year's presentation
Budget matters: The annual budget adopted by the City Council provides for the general operation of
' the City. It includes proposed expenditures and estimated revenue for all Governmental Fund Types.
Budgets presented in this report for comparison to actual amounts are presented in accordance with
' generally accepted accounting principles. Reported budget amounts represent the original adopted budget
as amended.
' The City Manager is authorized to make transfers of appropriations within a department. Transfers of
appropriations between departments require the approval of the governing council. The legal level of
budgetary control is the department level. The governing council made several supplemental budgetary
appropriations throughout the year, none considered to be material.
' In all funds, unexpended budgeted amounts lapse at the end of the budget year.
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 2. Cash and Investments
The components of cash and investments at June 30. 2001 are as follows:
Cash $ 4,138,274
Time certificates of deposit 3.089,598
Cash total 7.227,872
Investment in State Treasurer's Investment Pool 30,558,263
Investment in annuity contracts 161,464
Investment in U.S. government and government agency securities 450,000
Investments total 31,169.72 7
Cash and investments total $ 38397,599
Cash: The City maintains cash and investment pools that are available for use by all funds. Each fund's
or fund type's share of the pool balance is reported in the financial statements as cash and cash
investments. Earnings from the pooled investments are allocated monthly to each participating fund
based on a formula that takes into consideration each fund's average investment in the pool.
At year end, the carrying amount of the City's deposits (i.e., cash in bank and time certificates of deposit)
was $7,227,872 and the bank balance was $8,069.759.
In accordance with state statutes, the City maintains deposits at those depository institutions insured by
the Federal Depository Insurance Corporation. The California Government Code requires California
banks and savings and loan associations to collateralize governmental entities' deposits by pledging
government securities as collateral. The market value of pledged securities must equal at least 110% of a
city's deposits. California law also allows financial institutions to secure City deposits by pledging first
trust deed mortgage notes having a collateral value of 150% of an the entity's total deposits.
The cash and nonnegotiable certificates of deposit are classified in three categories of credit risk as
follows: Category one includes deposits that are insured or collateralized with securities held by the
entity or by its agent in the entity's name: Category two includes deposits that are collateralized with
securities held by the pledging financial institution's Trust Department or agent in the entity's name;
Category three includes deposits that are uncollaterahzed:
Category I Category 2 Category 3 Total
Deposits:
Cash $ 633,530
Certificates of deposit 200,000
4.980,161
Investments: State statutes authorize the City to invest any, available funds in securities issued or
guaranteed by the United States Treasury or agencies of the United States, bank certificates of deposit,
bankers' acceptances, negotiable certificates of deposit, the State Treasurer's Investment Pool (LAIF),
repurchase agreements, commercial paper and bonds, registered warrants or treasury notes of the State of
California and its local agencies.. An advisory board has been established to monitor the LAIF's
compliance with regulations and investment alternatives established by the state.
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 2. Cash and Investments, Continued
Investments in annuity contracts included $161,464 invested in the Pension Trust Fund. This investment
was carried at fair value.
The City participates in a voluntary external investment pool, LAIF, which is managed by the State
Treasurer. LAIF has oversight provided by the Local Agency Investment Advisory Board. The Board
consists of five members as designated by state statute. The Chairman of the Board is the State Treasurer
or his designated representative. The fair value of the City's shares in the pool approximates the fair value
of the position in the pool.
At June 30, 2001, the City's pooled investments in LAIF in the amount of $30,558,263 are not subject to
' custodial credit risk categorization. The total estimated fair value invested by all public agencies in LAIF
is $54,496.268.373. Of that amount, 95.5% is invested in nonderivative financial products, and 4.5% in
derivative financial products.
' Restricted cash and investment All restricted cash and investments of the City are held by trustees or
an escrow agent. The California Government Code provides that these funds, in the absence of specific
' governing provisions to the contrary, may be invested'in accordance with the resolution or indentures that
specify the allowable investment of bond proceeds and funds earmarked for bond repayment.
Other investments are categorized in the three categories of credit risk and fair value as follows:
' Category one includes investments that are insured, registered or for which the securities are held by the
City or its agent in the City's name; Category two includes investments that are uninsured and
unregistered for which the securities are held by the counterpart's Trust Department (if a bank) or agent
in the City's name; Category three includes investments that are uninsured and unregistered for which
the securities are held by the counterparty's Trust Department (if a bank) or agent, but not in the City's
name:
' The City's investments, including restricted cash and investments as of June 30, 2001, are categorized in
the following schedule:
Category Uncate- Fair
Investment Type 1 2 3 gorized Value
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U.S. government and
governement agency
securities $ 450,000
Investment in State Treasurer's
Investment Pool -
Investment in annuity
contracts
Restricted cash and investments:
Guaranteed investment
contract
Total other investments
- $ 450,000
30.558.263 30,558,263
161,464 161.464
2,323,333 2,323,333
;33,043,060 $33.493.060
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 3. Receivables
Receivables as of June 30, 2001 consist of the following:
Othertaxes
Due from other
agencies
Accrued interest
Due from local utility
companies (A)
Other
General
S 718,805 S
462,636
193,585
490,316 - - - 490,316
257,419 106,879 - 8,596 372,894
-§--2,122,761 $ 2,484,988 S 32,834 $ 175,707 S 4,816,290
Special Debt Capital
Revenue Service Projects Total
- S - S - S 718,805
2304,981 - - 1767,617
73,128 32,834 167,111 466,658
During the fiscal year ended June 30, 1987, the Agency approved a reimbursement agreement with
a local utility company, advancing the utility company funds required to install a water line and a
water main extension. The total original amount advanced was $550,200. The Agency then
contributed the receivable to the City at the present value amount of $456,766. The City is to
collect this receivable from the utility company in 40 annual noninterest-bearing installments of
$12,345, with the final installment due June 30, 2027.
During the fiscal year ended June 30, 1990, the Agency approved a similar reimbursement
agreement with a local utility company, advancing the utility company funds required to replace
various water mains. The total amounts advanced under this agreement were $334,705 during the
fiscal year ended June 30, 1990 and $29,372 during the fiscal year ended June 30, 1991. The
Agency then contributed the receivables to the City at the present value amount of $163,340 and
$17,744, respectively. The City is to collect the receivables from the utility company in 15 annual
noninterest-bearing installments of $21,097 and $1,958, with the final installments due from
June 30, 2004 to June 30, 2006.
During the fiscal year ended June 30, 1991, the Agency approved an additional reimbursement
agreement with a local utility company, advancing the utility company funds required to install a
water main and fire service improvements. The total amount advanced was $311,600. The Agency
then contributed the receivable to the City at the present value amount of $212.427. The City is to
collect this receivable from the utility company in 15 annual noninterest-bearing installments of
$20,773, with the final installment due June 30, 2006.
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
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Note 4.
nter
'
Interfund receivables and payables as of June 30,
2001 are as follows:
Interfund
Funds
Receivables
Payables
General Fund
$ 1901870 $
Special Revenue Funds:
Community Development Block Grant
882,211
Federal Highway Grant
959,000
Traffic Safety
_
62,664
1,903,875
'
Capital Projects Fund
5
-
$ 1,903,875 $
1,903,875
' Note 5. Property and Equipment
' Changes in property and equipment during the fiscal year ended June 30, 2001 were as follows:
Balance Balance
' July 1, 2000 Acquisitions Disposals June 30, 2001
Land $ 2,814,234 $ 284,429 $ $ 3,098,663
Buildings and improvements 8,282.127 11,510 8,293,637
Vehicles 268,722 83.820 6,438 346,104
Furniture and office equipment 1,701,798 4,557 .4,369 1,701,986
' Special equipment and machinery 685,250 22,614 = 707,864
Other improvements 868,483 868,483
Construction in progress - 1.455,916 1,455,916
$14.620,614 $ 17862,846 $ 10.807 $16,472,653
In 1998 the Redevelopment Agency entered into a ground lease with the Army Corp of Engineers to
provide for parking and access adjacent to the Rio Hondo Flood Control Channel in order for the Agency
to proceed with the construction of a second Senior Citizen Housing project, which will consist of 72
housing units, and an adjacent 20,000-square-foot Community Center. The property for this project was
' purchased years ago by the Agency for $1.66 million, of which $1.0 million was reimbursed to the
Agency by the City's Federal HOME funds. The costs incurred on this project will be allocated between
the Corporation (Senior Citizen Housing project), the Agency and the City (Community Center).
i The Senior Housing project construction was started during the fiscal year ended June 30, 2001; whereby
approximately $568.000 of costs was incurred on the Senior Citizen Housing project through that date.
The total estimated cost to complete the Senior Citizen Housing project, including the $568,000 of costs
already incurred, as of June 30, 2001 is approximately $7.2 million.
22
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 5. Property and Equipment, Continued
The Community Center project construction began during the fiscal year ended.June 30, 2001. Of the
$888,000 cost incurred during the year the Agency and the. City paid for approximately 5637,000 and
$251,000, respectively. The total estimated cost to complete the Community Center project, including the
$888,000 of costs already incurred, as of June 30, 2001 is approximately $5? million.
Note 6. Employee Pension Plans
Defined contribution pension plan: The City had a defined contribution pension plan which covered
substantially all retired employees which was funded by a group annuity contract. Plan participants
became vested upon the dissolution of the plan on September 8, 1992. There were no subsequent
contributions to this plan. On September 8, 1992, participants of the plan who were current employees
had their share of the annuity contract transferred to the California Public Employee Retirement System
(CalPERS). The value of the annuity contract for retired employees is $161,464 as of June 30, 2001.
Defined benefit pension plan:
Plan description: The City contributes to the CalPERS, an agent multiple-employer public employee
defined benefit pension plan. CalPERS provides retirement and disability benefits, annual cost-of-living
adjustments and death benefits to plan members and beneficiaries. CalPERS acts as a common
investment and administrative agent for participating public employers within the state of California.
Benefit provisions, as well as other requirements, are established by state statutes within the Public
Employees' Retirement Law. The City selects optional be provisions from the benefit menu by
contract with CalPERS and adopts those benefits through local ordinance. CalPERS issues a publicly
available financial report that includes financial statements and required supplementary information. That
report may be obtained from their executive office at 400 P Street, Sacramento,. California 95814.
Funding policy: Participants are required to contribute 7% of their annual covered salary. The City
makes the contributions required of City employees on their behalf and for their account. The City is
required to contribute at an actuarially determined rate: the current rate is 5.42% of annual covered
payroll for miscellaneous employees. The contribution requirements of plan members and the City are
established and may be amended by CalPERS.
Annual pension cost: For the fiscal year ended June 30, 2001, the Citys annual pension cost of
$210,241 for CalPERS was equal to the City's required and actual contributions. The required
contribution was determined as part of the latest actuarial valuation, June 30, 1999, using the entry age
actuarial cost method with the contributions determined as a percent of pay. The actuarial assumptions
included (a) 8.25% investment rate of return (net of administrative expenses): (b) projected salary
increases that vary by duration of service ranging from 3.75% to 14.20% and (c) 3.75% cost-of-living
adjustment. Both (a) and (b) include an inflation component of 3.50%. The actuarial value of CalPERS'
assets was determined using techniques that smooth the effects of short-term volatility in the market value
of investments over a three-year period. CAPERS' unfunded actuarial accrued liability is being amortized
as a level percentage of projected payroll on a closed basis. The average remaining amortization period at
June 30, 2001 was 30 years.
23
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 6. Employee Pension Plans, Continued
Three-year trend information for CalPERS:
Fiscal Years Ended June
Annual
Percentage
Pension Cost
of APC Net Pension
(APC)
Contributed Obligation
1999
$ 241,318
100% $
'
2000
220,693
100%
2001
210,241
100%
Required Supplementary Information
Funded Status of Plan
Entry Age Unfunded/
Normal Acturarial (Over-
Annual UAAL"
Valuation
Accrued Value of funded) Funded
Covered asa % of
Date
Liability Assets Liability Ratio
Payroll Payroll
June30, 1997 $ 3,293,741 $ 2,823,263 $ 470,478 85.7% $ 1,291,438 36.431%
' June '30, 1098 3,688,114 3,530,640 157,474 95.7 1,281,785 12.286
June 30, 1999 4,291,707 4,234.061 57.646 98.7 1,374,273 4.195
' Unfunded Actuarial Accrued Liability
Supplementary retirement plan
' Plan description: In addition, effective July 1, 2000, the City entered into an agreement with Phase II
Systems whereby the City will contribute to a supplemental Employee Pension Plan (the Plan II), a cost-
sharing multiple-employer defined benefit pension plan administered by Phase II Systems. The Plan will
provide a supplemental 1% retirement benefit to Plan members and beneficiaries. Phase II Systems issues
a publicly available financial report that includes financial statements and required supplementary
' information for the Plan. That report may be obtained by writing to Phase Il Systems, 3961 MacArthur
Boulevard, Suite 200, Newport Beach, California 92660, or by calling 1-800-540-6369.
' Funding policy: Plan members are not.required to contribute any of their annual covered salary, as the
City will be required to contribute the actuarially determined rate. The estimated rate is 10.24% of annual
covered payroll for the fiscal year ending June 30, 2002. The City expects to fund the initial actuarial
calculated accrued benefit over the first few years of the plan.
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 6. Employee Pension Plans, Continued i
Annual pension cost: For the fiscal year ended June 30, 2001, the City's annual pension cost of
$155,839 for the Plan was equal to the City's required and actual contributions. The first actuarial
valuation for the Plan is scheduled for the year ended June 30, 2002.
Postemployment healthcare plan I
On Jul), 10, 2001, the City adopted a resolution whereby, effective July 1, 2002, retired City employees
will be entitled to receive amounts from the City necessary to pay the cost of his, or her, enrollment,
including the enrollment of spouses and eligible family members, in a health benefit plan, up to a
maximum of the rate that PERSCare charges to family enrollments. This healthcare premium subsidy
will be available to any City employee who reaches retirement age and retires from the City and who does
not then work for another government employer. The City has not addressed how it will fund this
program as of June 30, 2001.
Note 7. Insurance
Self-insurance pool pursuant to joint powers agreement: The City is a member of the California Joint '
Powers Insurance Authority (Authority). The Authority is composed of 84 California public entities and
is organized under ajoint powers agreement pursuant to California Government Code 5600 et seq. The ,
purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to
purchase excess insurance or reinsurance, and to arrange for group-purchased insurance for property and
other coverages. The Authority's pool began covering claims of its members in 1978. Each member
government has an elected official as its representative on the Board of Directors. The Board operates ,
through a nine-member Executive Committee.
The City participates in the Authority's general liability program for which each member government '
pays a primary deposit to cover estimated losses for a fiscal year (claims year). Six months after the close
of a fiscal year, outstanding claims are valued. A retrospective deposit computation is then made for each
open claims year. Costs are spread to members as follows: the first $20,000 of each occurrence is '
charged directly to the member: costs from $20,001 to $500,000 are pooled based on a member's share of
costs under $20,000; costs from $500,001 to $5,000,000 are pooled based on payroll. Costs of covered
claims above $5,000,000 are currently paid by reinsurance. The protection for each member is '
$50,000,000 per occurrence and $50.000,000 annual aggregate. During the past three fiscal (claims)
years, the general liability program has not had settlements orjudgments that exceeded pooled or insured
coverage. There have been no significant reductions in pooled or insured liability coverage from ,
coverage in the prior year.
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CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 7. Insurance, Continued
Other coverage: The City participates in the workers' compensation program administered by State
Insurance Compensation Fund. Annual premiums are first estimated based on estimated losses for the
upcoming fiscal year. Subsequent to the close of the fiscal year, outstanding claims are valued resulting
in retrospective adjustments. The coverage under this arrangement includes statutory liability, under
California Workers' Compensation Law and any liability under law for damages arising from
employment. Settled claims have not exceeded coverage for these risks in any of the last three fiscal
(claims) years.
The City has also purchased property protection insurance from a casualty insurance company. However,
the City does not carry insurance coverage for natural disasters. There is a $1,000 per loss deductible.
Premiums for the coverage are paid annually and are not subject to retroactive adjustments.
Note 8. Long-term Debt
Tax allocation bonds, Series 1993A and B: In November 1993, the Agency issued tax allocation bonds
in the amount of $34.275,000 (Series 1993A) and taxable tax allocation refunding bonds amounting to
$2.435,000 (Series 199313) to finance a portion of the cost of the redevelopment area known as Project
Area No. 1. The bonds bear interest ranging from 4.6% to 5.6% and 5.2% to 5.9% for Series 1993A and
B, respectively. Series 1993A bonds mature after October 1. 2001 and before October 1, 2033, and Series
1993B bonds mature on or before October 1, 2001.
In addition, the 1993 Series A bond issue reallocated $6,813,850 of proceeds from the 1991 bond issue
deposited in the Low-Moderate Income Housing Set-aside Fund in October 1991. The reallocation had
the effect of satisfying the present value effect of the $423,574 borrowed from the Educational Revenue
Augmentation Fund (ERAF) in fiscal year ended June 30, 1993 and satisfying the present value effect of
the set-aside requirements as follows: $812,342 for fiscal year ended June 30, 1992, $847,147 for fiscal
year ended June 30, 1993 and $469,142 for each of the fiscal years ended June 30, 1997 through June 30,
2022. Additional low-moderate housing set-aside commitments are addressed in Note 10.
The Tax Reform Act instituted certain arbitrage restrictions with respect to the issuance of tax-exempt
bonds. Arbitrage regulations deal with the investment of all tax-exempt bond proceeds at an interest yield
greater than the interest yield paid to bondholders. Generally, all interest paid to bondholders can be
retroactively rendered taxable if applicable rebates are not paid to the federal government at least every
five years.
' During the current year, the City performed calculations of excess investment earnings on various bonds
and financings in accordance with arbitrage regulations. The City has determined that no arbitrage rebate
liability exists as of June 30, 2001.
Compensated absences: That portion of the liability for the vested compensated absences totaling
$329,757, which is not expected to be paid from available resources, is reported in the General Long-term
I Debt Account Group
1 26
CITY OF ROSEMEAD '
NOTES TO FINANCIAL STATEMENTS '
Note 8. Long-term Debt, Continued '
Other long-term debt: The following is a summary of the general long-term debt transactions for the '
fiscal year ended June 30, 2001:
Tax Allocation
Tax Allocation
Accrued
Vacation and
'
Bond Series
Bond Series
Compensatory
1993A
199313
Time
Total
'
Balance, June 30, 2000
$ 34,275,000
$ 695,000
$ 386,610
$ 35,356,610
Payments of principal
-
(345,000)
-
(345,000)
Reductions
-
(56,853)
(56,853)
'
Balance, June 30, 2001
$ 34,275,000
$ 350,000
$ 329,757
$ 34,954,757
The annual requirements, pri
ncipal and interest to amortize the outstanding debt as of June 30, 2001 are
'
as follows:
During Fiscal Years Ending June 30,
2002
2003
2004
2005
2006
Years thereafter
Accrued
Vacation and
Series 1993A Compensa-
and B Bonds tory time
Interest Total
$ 370,000 $ 329,757 $ 1,902,058 $ 2,601,815
425,000 -
1,881,073
2,306,073
445,000 -
1,859,748
2,304,748
465,000 -
1,836,765
2,301,765
490,000 -
1,812,168
2,302,168
32,430,000
31,511,199
63,941,199
$34,625,000 $ 329,757
$40,803,011
$751757,768
27
'
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
'
Note 9. Budget Overexpenditures
'
Expenditures exceeded appropriations for the
departments:
fiscal year ended
June 30,_ 2001
in the following
Amount
'
of Over-
Appropriations
Expenditures
expenditures
General Fund
'
General government
City council
$ 136,350
$ 153,075
$ 16,725
City administration
644,620
683,473
38,853
'
Community promotion
292,300
308,221
15,921
Public safety
Animal regulation
50,000
71,608
21,608
'
Crossing guard
120,900
121,176
276
Public works
Traffic signs and striping maintenance
-
60,958
60,958
'
Public recreation
Parks
1,032,150
1.033.957
1,807
'
Recreation
Dinsmoor Heritage House
776,480
3,850
795,283
8,120
18,803
4,270
Capital Outlay
111,300
120,645
9,345
'
Traffic Safety Fund
Public safety
100,000
315,181
215,181
State Gas Tax Fund
'
Public works
Public Transporation Fund
1,552,100
1,568,814
16,714
Public works
9417380
1.022,644
81,264
Federal Highway Grant Fund
Public works
140,010
140,010
Capital Projects Fund
'
General government
62,100
132,786
70,686
' Note 10. Commitments and Contingent Liabilities
Low-Moderate Income Housing Set-aside Fund: Under state law, the Agency is required to set aside a
' portion of its property tax increment revenue for low-moderate income housing. The Agency has made
findings that, for the years ended June 30, 1986 through 1991, it was allowed to defer funding of the set-
aside. The set-aside amounts incurred during the fiscal years ended June 30, 1994, 1995, 1996, 1997 and
' 1998 were also deferred until the fiscal year ending June 30, 2023, as provided by the Agency's adoption
of the housing deficit repayment plan. As of June 30, 2001, the accumulated set-aside amount not yet
funded was approximately $4,947,000. As required by law, the Agency devised a plan to fund the
' accumulating amount.
1
28
CITY OF ROSEMEAD
NOTES TO FINANCIAL STATEMENTS
Note 10. Commitments and Contingent Liabilities, Continued
Litigation: The City is a member of the LA County Liability Trust Fund (Trust Fund), which was set up
to pay for litigation involving the Los Angeles County Sheriffs' Department within any of the 40 cities
that are served by the Los Angeles County Sheriffs' Department. The Trust Fund was and is being funded
by the 40 cities based upon each city's allocated surcharge, calculated as a percentage of each city's
contribution to the total contracted amount with the County paid to Los Angeles County for the use of its
deputies. Based upon the agreement signed by all of the 40 cities at the time the Trust Fund originated,
the cities will be jointly liable for any and all claims filed against a Los Angeles County Sheriffs' deputy,
regardless of the location within the 40 cities.
In 1998 the County of Los Angeles lost a litigation matter which resulted in a $25,000,000 judgment
against the Los Angeles County Sheriffs' Department, which Los Angeles County has since paid.
Approximately $20,000,000 is still due Los Angeles County from cities with the liability pool, including
the City of Rosemead. The City believes its share of this liability is approximately 3%, or $600,000,
which will be paid by the Trust Fund to Los Angeles County over the next ten years and accrue at 4%
interest. No additional liability will be incurred by the City. However, if the City decided to terminate its
association with the Trust Fund, it would become immediately liable for its share of the remaining
liability.
Advance agreement: In February 1995, the Agency approved an agreement with a local utility company
to advance the utility company $117,600 required to install water distribution mains within the Agency
redevelopment area. The agreement was put on hold by the Agency and, as of October 16, 2001, the
agreement remains on hold.
Note 11. Pronouncement Issued but Not Yet Adopted
In June 1999, the GASB issued Statement of Governmental Accounting Standards No. 34, Basic
Financial Statements - and Management's Discussion and Analysis - for Slate and Local
Governme is. This Statement establishes a new financial reporting model for state and local
governments. This new model requires that, at a minimum, the basic financial statements of a
government include (1) management's discussion and analysis (MD&A) as a component of required
supplementary information (RSI), (2) both government-wide financial statements and fund financial
statements, (3) notes to the financial statements and (4) RSI other than MD&A. The comprehensive
amoral financial report will still need to include appropriate combining and individual fund statements and
schedules as part of the financial section, as well as separate introductory and statistical sections. In
addition, the City will be required to disclose the details about the full cost of providing government
services and to allocate expenses and revenue to allow calculation of net costs program by program. The
City will also need to report all capital assets, including infrastructure assets, and begin to track
depreciation on these items year to ,year. The City will be required to implement the new financial model
for its fiscal year ending June 30, 2003. However, for purposes of the retroactive reporting of major
networks and subsystems of general infrastructure assets, theCity will be required to implement this
reporting as of fiscal year ending June 30, 2007. Lastly, the City's component units (i.e., the Rosemead
Redevelopment Agency and the Rosemead Housing Development Corporation) must implement GASB
No. 34 no later than the City's implementation. The City has not completed its assessment of the effect
that the adoption of Statement No. 34 will have on its financial statements.
29
L
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I
CITY OF ROSEMEAD, CALIFORNIA
COMBINING AND INDIVIDUAL FUNDS
AND ACCOUNT GROUPS
FINANCIAL STATEMENTS
YEAR ENDED JUN 30, 2001
30
THIS PAGE INTENTIONALLY LEFT BLANK
31
I
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I
GENERAL FUND
The General Fund accounts for all financial resources except those required to be
accounted for in another fund. These resources are devoted to financing the general
services that the City performs for its citizens.
1
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1
1
1
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32
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
BALANCE SHEET
June 30, 2001
ASSETS
Cash and investments
Receivables
Prepaid items
Due from other funds
Total Assets
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Due to other funds
Deferred revenue
Accrued vacation pay and compensatory time
Total Liabilities
Municipal Egiuity and Other Credits:
Fund Balance:
Reserved:
Long-term receivable
Unreserved:
Designated:
Prepaid itums
Building and equipment replacement
Litigation settlements
Self-insurance
Contingencies
Undesignated
Total Fund Balance
Total Liabilities. Municipal Equit and Other Credits
2001 2000
515204,788 $12,729,784
2,122,761 1,817,052
172.887
1,903,870 1,574,442
$19,231,419 516,294.165
51,263,435 $1,134,415
1.227.814 669.443
69,480 46,010
52.56(1,729 $1,849,868
$490.316 $531,191
172.887
1,800,000
L800,000
1,000,0(10
L000,000
30(000
300,000
4.000.000
4.000000
9.08(1.374
6,640.219
$16.670.690 $14.444297
$19.231.419 $16.294.165
33
'
CITY OF ROSEMEAD, CALIFORNL4
GENERAL FUND
STATEI\IENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30, 2001
'
00
2000
1
2
REVENUES:
Other Taxes
$4,629,225
$4,266,791
Licenses and permits
5,426,544
4,281,790
Intergovernmental
797,493
917,350
'
Charges for services
429,540
662,094
Fines, forfeitures and penalties
310,946
173,293
'
Use of money and property
1,086,312
664,682
Other
54,094
46,359
Total Revenue
$12,734,154
$11,012,359
'
EXPENDITURES:
Current:
General government
$2,188,950
$1,959,506
'
Public safety
4,823,556
4,500,649
Public works
463,491
88,276
Public health
59,293
Public recreation
2,372,023
2,242,859
Community service
1,235,664
1,218,164
Capital outlay
120,645
201,981
Total Expenditures
$11,263,622
$10,211,435
'
Revenue over (under) expenditures
$1,470,532
$800,924
t
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From other funds
$1,103,500
347
639
$1,097,300
262
532
(To) other funds
,
)
(
,
)
(
Total Other Financing Sources (Uses)
$755,861
$834,768
'
Revenues and Other Financin-
Sources over (under) expenditures
$2,226,393
$1,635,692
'
FUND BALANCE, BEGINNING
14,444,297
12,808,605
'
FUND BALANCE, ENDING
$16,670,690
$14,444,297
1 34
CITY OF ROSEMEAD, CALIFORNIA
GENERALFUND
REVENUE DETAIL- BUDGET AND ACTUAL
Fiscal Year Ended June 30, 2001
Over
(Under)
Budget
Actual
Budget
2000
TAXES
Maintenance district
$1,500
$1,542
$42
$1,439
Real estate transfer tax
51,000
87,524
36,524
66,456
Sales and use tax
2,580,000
2.945,565
365,565
2,717,017
Franchise fees
620,000
695,582
75,582
625,880
Transient occupancy tax
810,000
899,012
89,012
855,999
$4,062,500
$4,629225
$566,725
$4266,791
LICENSES AND PERMITS
Business license fees
$38,000
$43,490
$5,490
$39,893
Building permit fees
750,000
573,038
(176,962)
722,096
Public work permit
50,000
52,895
2,895
41,310
Tentative map fees
5,000
8,830
3,830
1,950
Development review fees
1,000
-
(1,000)
-
Final map fees
20,000
22,625
2,625
15,725
Occupancy permit fees
56,000
53,336
(2,664)
56,403
Sewer connection
30,000
41282
11,282
35,185
Strong motion fees
4,000
1,997
(2,003)
4,788
Rehabilitation permit fees
1,600
-
(1,600)
-
$955,600
$797,493
($158,107)
$917,350
INTERGOVERNMENTAL
Financial aid to local agencies
$1,050,000
$1261,833
$211,833
$1,106,595
Motor vehicle in lieu tax
2,500,000
3,122,792
622,792
2,851,244
Other vehicle taxes
900
1,121
221
1,016
Law enforcement grants
358,600
352210
(6390)
104,935
State transportation grants
243,000
405,944
162,944
0
Other intergovernmental
7,000
282,644
275,644
218,000
$4,159,500
$5,426,544
$1,267,044
$4281,790
CHARGES FOR SERVICES
Filing and certification fees
Other current charges
Environmental impact reports
Recreation fees
Assessments
Special community events
FINES, FORFEITURES AND
PENALTIES
Court fines and forfeitures
USE OF MONEY AND PROPERTY
Interest earned on investments
Rental Income
OTHER
SANE program
Repairs to and sale of City, property
Miscellaneous
$50,000
$59,385
$9,385
$52,907
91200
91151
1,951
296,723
100
-
(100)
650
225,180
236,660
11,480
243,590
2,500
11,664
9.164
15,697
20,050
28,680
8,630
52,527
5389,030
$429,540
$40,510
$662,094
$230.000
5310,946
$80,946
$173293
$600,000
66200
$666200
$12.500
100
16,000
c'e <nn
$1,014,475
71,837
$1,086312
i
$12;500
14,607
26,987
$54,094
$414,475
5,637
CA,/ 11'
14,507
10,987
$25,494
$593,379
71,303
5664,682
$12,500
1,420
32,439
Tnc acn
Total Revenues $10.491,430 $12,734,154 $2242,724 511,012,359
35
CALIFORNIA
CITY OF ROSEMEAD
,
'
GENERALFUND
EXPENDITURE DETAIL - BUDGET AND ACTUAL
Fiscal Ycar Ended
,Imw 30, 211111
Orcr
(Under)
Buda-ct
Actual
Budp;et
2000
GENERAL GOVERNMENT
City council
$1363511
$153(175
$16725
$120,843
City administi alien
644,620
683,473
38.853
659,307
City clerk
170.050
130,S92
(39,158)
109,107
_
Finance
349330
333,569
(15761)
333,278
City trcasurcr
300
lit
(149)
City attorney
14S200
139.560
(8,640)
132913
General eovernment huildin¢s
445,400
407.141
(38259)
273,584
Community promotion
2923,00
309221
13,921
296,639
City earaee
131,700
2.867
(98,833)
34,345
52318250
$2.188.950
(5139.300)
S1,959,506
PI JBLIC SAFETY
Law enforcement
$46213350
S4A64242
(5156.109)
S4,192.807
Animal regulation
51111011
71.609
21.608
40,440
Parking control
170.450
157.499
(12,951)
149,799
Crossme guard
120.91111
121.176
276
113,215
Emereenoy services
101100
9.031
(.1269)
4,388
S4.971-000
S4.823 556
(S148.444)
54,500.649
PUBLIC WORKS
ing and administration
Enuincc
S36.640
$35.630
(S1,010)
S36,163
r
Street and hi0iwaN' ennstrucnnn
525.51111
366 903
(161.597)
50,673
Trafllc signs and slnpine maintenance
6095S
60,958
I A40
5565.140
S463A91
(S101,649)
SS8,276
PCJBLIC HEALTH
Public health services
570.100
S59293
(S 10.807)
-
PlJBLJC RECREATION
Administration
5260,010
S259.396
($624)
$223,157
Parks
1,032,1511
1,0333,957
3807
953,319
Recreation
776.480
795283
18S03
763,462
Aquatics
314-600
275377
(39323)
299,684
Dinsmoor Heritage House
3550
8.120
4 270
4.237
S2397090
52372-023
I5 067)
S2242.859
COMMI.INITY SERVICE
Planning
5366.8911
$313,113
(553,767)
S247,147
Building regulation
612.400
552299
(30,101)
611,023
L^nemecnnF
259.100
196,112
(62988)
235,819
Conmuutity improvements
S 19,260
144.140
(674.120)
124.175
$21156.6411
51235,664
($820.976)
$1218,164
CAPITAL OUTLAY
$111.300
5120.645
S9345
$201.981
APPROPRIATION RESERVES
-
-
-
-
Total Espendimres
512480520
511263.622
(S12W898)
S10211.435
'
36
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37
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SPECIAL REVENUE FUNDS
Special Revenue Funds account for the proceeds of specific revenue sources (other than
special assessments, expendable trusts and major capital projects) that are legally restricted
to expenditures for specified purposes. V
u
I
i
1
38
SPECIAL REVENUE FUNDS
TRAFFIC SAFETY FUND
Established to account for the receipt of vehicle code tines which are expended for traffic
safety enforcement.
STATE GAS TAX FUND
Established to account for funds collected from the State of California which are used for
street construction, street maintenance, engineering and administrative costs.
AIR QUALITY MANAGEMENT DISTRICT FUND
Established to account for funds collected from the State of California which are used for
improving transportation systems and to reduce the reliance on private vehicles.
LOCAL TRANSPORTATION FUND
Established to account for state grants used to finance the construction of bikeways and
sidewalks.
PUBLIC TRANSPORTATION FUNDS
Established to account for the City's share of additional sales tax collected in the County of
Los Angeles as a result of Proposition A and C. The funds are used to finance public
transportation projects.
I
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
Established to account for Community Development Block Grants received from the
United States Department of Housing and Urban'Development.
1976 COMMUNITY PARKLANDS GRANT FUND
Established to account for funds to be used for park projects.
STREET LIGHTING FUND
Established to account for the operation of street lights within the City.
39
I
SPECIAL REVENUE FUNDS (cont'd)
NARCOTICS SEIZURE FUND
Established to account for the funds received from the County of Los Angeles from the
confiscation of cash and other valuables seized during drug related police raids. The funds
are used to further enhance the City's drug related crime prevention and detection
programs.
LOW-MODERATE INCOME HOUSING SET-ASIDE FUND
Established to account for the 20% of gross property tax increment revenue received by
the Agency to fund future projects involving the replacing or rehabilitation of low and
moderate income housing within City limits.
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
' Established to account for the construction and financing of low and moderate income
housing. It is a California nonprofit benefit corporation organized under Section 501(c)(3)
of the Internal Revenue Code of 1956.
CALIFORNIA WILDLIFE GRANT FUND
' Established to account for a state grant for pre-approved specified park projects.
I FEDERAL HIGHWAY GRANTS
' Established to account for the Federal Highway/Transportation Acts which are used for
pre-approved highway projects. Application and funding processes are administered by
Caltrans.
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40
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
CODIBIN NG BALANCE SHEET
(continued on nest page)
June 30, 2001
ASSETS
Cash and cash investments
Receivahles
Total Assets
LIABILITIES AND
MUNICIPAL EQUITY
Liabilities:
Accounts pavable
Due to other funds
Deferred revenue
Total Liabilities .
Municipal Equity:
Reserved for lose-moderate
income housing
Unreserved, undesignated
Total Equity
Total Liabilities and
Municipal Equity
Air Quality
Local
Public
Communit.
Traffic
Stale
Management
Trans-
Trans-
Development
Safely
Gas Tax
District
portaliun
purtatiun
Block Grant
Fund
Find
Fund
Fund
Fund
Fund
$ -
$12?,672
$272;040
$ -
$1,892,259
$ -
62,664
"1"000
161766
-
116,451
1,150,764
$62,664
$131,672
$258.806
$2,008,710
$1,150,764
$ - $131,672 $22,975 $121,431
62,664
$62.<64 $131.672 $22,975 $121,431
$171,350
882,211
97,203
$1,150,764
$ - S-
265,831 - 1,887,279 -
i
$265,931 $I,8S7,279 $ -
I
$62664 $131,672 $2SH,906 $2,008710 $1,150,764
I
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41
CALIFORNIA
CITY OF ROSEMEAD
,
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET con(inucd
June 30, 21)(11
1976
Cum nunity
Loa'-N1Oderate
Rosemead
'
Parklands
Street
Narcotics
Income Hous-
Housing
California
Grant
Lighting
Seizure
ing Set-Aside
Development
Wildlife
Fund
Fund
Fund
Find
Corporation
Grant
x54,21)1
$334,461
511.544
$6o62,939
$5f,14,573
$3C,,
36,215
-
73,125
-
-
$54,201
53711,676
$11,544
$6,136067
$504.573
$36
-
$29,98,()
$11.544
S-
$173,959
$29,950
$11 .544
1 -
5173,959
$ -
'
$
$ -
$ -
$6,136,067
54,201
340,696
320,614
36
$54,201
$340.fi9(r
56,1361)67
$330,614
$36
$54,201
$3711,676
$11,544
S6, 136,00
$504,573
$36
42
THIS PAGi; INTENTIONALLY LEFT BLANK
43
I CITY OF ROSEMEAD, CALIFORNIA
'
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET continued
(continued from Precious pale)
Junc 30, 2001
'
Federal
Higl ma. Totals
Grants 2001
2000
ASSETS
Cash and cash im estinents
$9,255,725
$9177602
Receivables
1.021,000 2,454,98X
1,691,111
Total Assets
S1.021 600 x11,7411,712
$1(1.X68,713
'
LIABILITIES AND
MUNICIPAL EQUITY
Liabilities:
Accounts pavable
$62,000 $724.911
$3S3926
Due to other finds
939Ani~ 1,903,876
1,770 069
Detened revenue
97,203
96,776
Total Liabilities
$1621.0011 $3,726.9X9
1,750,771
Municipal Equih:
Resened lo, loss-moderate
'
income housing
56.136,067
$6,368,758
Umesen,ed, undesignated
2,87X,657
2,759,154
Total Equiq,
$9614,724
$9,117,941
Total Liabilities and
Municipal Equity
$LO21,000 $11,740,713
$10868713
'
44
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
. (continued on next page)
Fiscal Year Ended June 30, 2001
Air Quality
Local
Public
Traffic
State
Management
Trans-
Trans-
Safety
Gas Tax
District
portation
portation
Fund
Fund
Fund
Fund
Fund
REVENUES:
Special assessments
$ -
$ -
$ -
$ -
$
Intergovernmental
1,030,138
63,655
1,345,898
Charges for services
-
15,024
-
-
Fines, forfeiture and penalties
315,181
-
-
Use of money and property
19,014
15,381
101,142
Other
Total Revenues $315,181 $1,064,176 $79,036 $1,447,040
EXPENDITURES:
Current
General government
$ -
$ -
$ -
$ -
$ -
Public safety
315,181
-
-
-
-
Public works
-
1,568,814
69,461
3,610
1,022,644
Community services
-
3,000
Capital Outlay
-
Total Expenditure
$315,181
$1,568,814
$72,461
$3,610
$1,022,644
Revenue over (under)
expenditures
$ -
($504,638)
$6,575
($3,610)
$424,396
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$ -
117,309
$ -
.1,065
$ -
(To) other funds
-
-
-
-
-
$ -
I
$117,309
S_
$1,065
$ -
Revenue and other financing
sources over (under) expenditures
$ -
($387,329)
$6,575
($2,545)
$424,396
FUND BALANCE, BEGINNING
1
387,329,
259,256
2,545
1,462,883
FUND BALANCE, ENDING
$ -
$ =
$265,831
$ -
$1,887,279
45
1
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 2001
1976
Community
community
Development
Parklands
Street Narcotics
Block Grant
Grant
Lighting Seizure
Fund
Fund
Fund Fund
1,407,209
$1,407,209
792,158
662,460
$1,454,618
($47,409)
$ - $424,580
3,125
3,125 $4247580
$0
- 465,445 41,846
$465,445 $41,846
$3,125 ($40,865) ($41,846)
Low-Moderate
Income Housing
Set-Aside
Fund
336,870
$336,870
$336,870
Rosemead
Housing
Development
Corporation
167,432
$167,432
$701,286
$701,286
($533,854)
47,409
$ -
$ -
41,846
$240,409
800,000
(800,000)
(150,000)
$47,409
$41,846
($559,591)
$650,000
$ -
$3,125
($40,865)
($222,721)
$116,146
-
51,076
381,561
6,358,788
214,468
$ -
$54,201
$340,696
$6,136,067
$330,614
46
THIS PAGE INTENTIONALLY LEFT BLANK
i
47
I
1
REVENUES:
'
t
i
l
s
assessmen
Spec
a
Intergovernmental
'
Charges for services
Fines, forfeiture and penalties
Use of monev and property
Other
EXPENDITURES:
Current:
General government
Public safety
'
Public works
Community services
Capital Outlay
1
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES continued
(continued from previous page)
Fiscal Year Ended June 30, 2001
California
Federal
Wildlife
Highway
Totals
Grant
Grants
2001
2000
$424,580
$428,609
3,846,900
3,077,211
15,024
315,181
275,382
642,964
532,006
0
4,190
$5.244,649
$4,317,398
$701,286
$150,091
822,472
569,202
140,010
3,596,697
2,221,928
665,460
298,553
79
$140,010
$5,785,915
$3,239,853
($541,266)
$1,077,545
OTHER FINANCING SOURCES (USES):
' Operating transfers:
From other funds
(To) other funds
Revenue and other financing
'
sources over (under) expenditures
'
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
1
$140,010 $1,388,048 $499,051
(950,000) (150,000)
$140,010 $438,048 $349,051
($101218) $1,426,596
36 9,117,942 7,691,346
$36 $9,014,724 $9,117,942
48
CITY OF ROSE)\IIEAD, CALIFORNIA
TRAFFIC SAFETY FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Fines, forfeiture and penalties
Total Revenues -
EXPENDITURES:
Public safety
Total Expenditures
Revenues over (tinder) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Budget Actual
$100,000 $315,181
$100,000 $315,181
$ -
'
Over
(Under)
Budget
2000
'
$215,181
$275,382
$215,181
$275,382
'
$215,181
$275,382
'
$215,181
$275,382
'
$ -
$ -
$
$
'
I
I
{
fI
1
S
1
'
49
I
O
CALIFORNIA
E
D
CITY OF ROSEM
A
,
STATE GAS TAX FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
' REVENUES:
Intergovernmental
Charges for services
' Use of money and property
Total Revenues
' EXPENDITURES:
Rtblic Works
' Community Services
Total Expenditures
' Revenues over (under) expenditures
OTIIER FINANCING SOURCES (USES
Operating transfers:
' From (To) other funds
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
' FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
2000
$987,500
$1,030,138
$42,638
$923,025
8,000
15,024
7,024
-
850
19,014
18,164
19,155
$996,350
$1,064,176
$67,826
$942,180
$1,552,100
$1,568,814
$16,714
$840,944
$1,552,100
$1,568,814
$16,714
$840,944
($555,750)
($504,638)
$51,112
$101,236
$117,309 $117,309 $ -
($555,750) ($387,329) $168,421 $101,236
387,329 286,093
$387,329
50
CITY OF ROSEMEAD, CALIFORNIA
AIR QUALITY MANAGEMENT DISTRICT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
. Fiscal Year Ended June 30, 2001
REVENUES:
Intergovernmental
Use of money and property
Total Revenues
EXPENDITURES:
Public works
Community Services
Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other finds
Revenue and other fnancine sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Budget Actual
$60,000 $63,655
4,000 15,381
$220,000 $69,461
3,000 3,000
$223,000 $72,461
($159,000) $6,575
($159,000) $6,575
259,256
$265,831
,I
)
i
i
51
Over
(Under)
Budget 2000
$3,655
$63,593
11,381
28,033
$15,036
$91,626
($150,539)
0 3,000
($165,575) $88,626
$165,575
$88,626
170.630
$259,256
'
CITY OF ROSEMEAD, CALIFORNIA
'
LOCAL TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
1
' REVENUES:
Intergovernmental
Use of money and property
Total Revenues
EXPENDITURES:
Pnhlic works
' Total Expenditures
' Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
' Revenue and other financing sources
over (under) expenditures
' FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
1
Over
(Under)
Budget
Actual
Budget
2000
$20,000
($20,000)
$43,158
$20,000
$0
($20,000)
$43,158
$20,000
$3,610
($16,390)
$40,613
$20,000
$3,610
($16,390)
$40,613
($3,610)
($3,610)
$2,545
$ -
1,065
1,065
$ -
($2,545) ($2,545)
2,545
52
$2,545
CITY OF ROSEMEAD, CALIFORNIA
PUBLIC TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Intergovernmental
Use of money and property
Total Revenues
EA"PENDITURES:
Current:.
Public works
Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other fiords
To other funds
Total Other Financing Sources (Uses)
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Budget Actual
$1,170,000 $1,345,898
88,900 101,142
$941,380 $1,022,644
$317,520 $424,396
106,960
106,960
$317,520 $424,396
I
1,462.883
$1.887,279
i
Over
(Under)
Budget
$175,898
12,242
$81,264
($106,876)
$106,876
2000
$1,244,451
56,771
$622,385
$622,385
$678,837
$678,837
784,046
$1,462,883
53 1
i
i
i
1
1
i REVENUES:
Intergovernmental
i Total Revenues
CITY OF ROSEMEAD, CALIFORNIA
CONVvIUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
i EXPENDITURES:
Current:
Public works
i Community services
Total Expenditures
i Revenues over (under) expenditures
i OTHER FINANCING SOURCES (USES):
Operating transfers:
i From other fiords
Revenue and other financing sources
i over (under) expenditures
FUND BALANCE, BEGINNING
i FUND BALANCE, ENDING
1
1
1
1
Budget
$4,853,798
$4,853,798
$2,810,000
2,157,522
($113,724)
($113,724)
54
Over
(Under)
Actual Budget 2000
$1,407,209 ($3,446,589) $802,984
$1,407,209 ($3,446,589) $802,984
$792,158
($2,017,842)
$604,375
662,460
(1,495,062)
295,553
79
$1,454,618
($3,512,904)
$900,007
($47,409),
$66,315
($97,023)
47,409 47,409 97,023
$113,724
CITY OF ROSEMEAD, CALIFORNIA
1976 COMMUNITY PARKLANDS GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Intergovernmental
Use of money and property
Total Revenues
EXPENDITURES:
Public Recreation
Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
Revenue and other fmancing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget Actual Budget 2000
2,540 3,125 2,741
$3,125
$2,741
$3,125
51,076
$54,201
$2,741
48,335
$51,076
S5
CI
t STATE
REVENUES:
Special Assessment
Total Revenues
EXPENDITURES:
Public safety
' Total Expenditures
Revenues over (tinder) expenditures
OTHER FINANCING SOURCES (USES):
' Operating transfers:
From (To) other funds
' Revenue and other financing sources
over (under) expenditures
' FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
1
1
TY OF ROSEMEAD, CALIFORNIA
STREET LIGHTING FUND
MENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
Over
(Under)
Budget Actual Budget
$360,000 $424,580 $64,580
$360,000 $424,580 $64,580
$640,000 $465,445 ($174,555)
$640,000 $465,445 ($174,555)
($280,000) ($40,865) $239,135
$ $
($280,000) ($40,865) $239,135
381,561
$340,696
56
2000
$428,609
$241,922
$186,687
$186,687
194,874
$381,561
CITY OF ROSEMEAD, CALIFORNIA
NARCOTICS SEIZURE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Intergovernmental
Use of money and property
Total Revenues
EXPENDITURES:
Public Safety
Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Budget Actual
Over
(Under)
Budget 2000
$55,690
$41,846
($13,844)
$51,898
$55,690
$41,846
($13,844)
$51,898
($55,690)
($41,846)
$13,844
($51,898)
$55,690 $41,846 ($13,844) $51,898
$
57
CALIFORNIA
CITY OF ROSEMEAD
,
LOW-MODERATE INCOME HOUSING FUND
STATENIENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Intergovernmental
Use of money and property
' Total Revenues
' EXPENDITURES:
General government
' Total Expenditures
' Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
' To other fiords
Total Other Financing Sources (Uses)
' over (under) expenditures
FUND BALANCE, BEGINNING
' FUND BALANCE, ENDING
Budget Actual
55,250 336,870
$55,250 $336,870
$55,250 $336,870
Over
(Under)
Budget 2000
281,620 265,106
$281,620 $265,106
$281,620
$265,106
$240,409
$240,409
$236,519
(4,962,170)
(800,000)
4,162,170
($4,962,170)
($559,591)
$4,402,579
$236,519
($4,906,920)
($222,721)
$4,684,199
$501,625
6,358,788
5,857,163
$6,136,067
$6,358,788
58
CITY OF ROSEIIIEAD, CALIFORNIA
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Use of money and property
Other
Total Revenues
EXPENDITURES:
General government
Total Expenditures
Revenues over (under) expencitures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other fimds
To other funds
Total Other Financing Sources (Uses)
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual Budget
2000
$161,350
$167,432 $6,082
$160,200
5,000
(5,000)
4,190
$166,350
$167,432 $1,082
$164.390
$5,173,540
$701,286
($4,472,254)
$150,091
$5,173,540
$701,286
($4,472,254)
$150,091
($5,007,190)
($533,854)
($4,473,336)
$14,299
$4,962,170
$800,000 ($4,162,170)
(150,000)
(150,000)
(150,000)
$4,812,170
$650,000 ($4,162,170)
($150,000)
($195,020)
$116,146 $311,166
($135,701)
214,468
$330,614
350,169
$214,468
59 `1
a
LIFORNIA
C
A
CITY OF ROSEMEAD,
CALIFORNIA WILDLIFE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
a
REVENUES:
Intergovernmental
Total Revenues
' EXPENDITURES:
Public Recreation
' Total Expenditures
Revenues over (under) expenditures
1
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
' Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Budget Actual
Over
(Under)
Budget 2000
i
$
$113,611
36
36
$36
$36
60
CITY OF ROSEMEAD, CALIFORNIA
FEDERAL HIGHWAY GRANTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
REVENUES:
Intergovernmental
Use of money and property
Total Revenues
Budget
Over
(Under)
Actual Budget 2000
EXPENDITURES:
public works
Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other fiords
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
$140,010
$140,010
$113,611
$140,010
$140,010
$113,611
$0
($140,010)
($140,010)
61
I
I
I
I
I
CAPITAL PROJECTS FUND
(Redevelopment Fund)
The Capital Projects Fund accounts for financial resources to be used for the acquisition or
construction of major capital facilities within the Redevelopment Agency.
0
0
I
I
I
I
1
H
I
62
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
BALANCE SHEET
June 30, 2001
ASSETS
Cash and investments
Receivables
Due from other funds
Total Assets
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Due to other funds
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance: ,
Unreserved:
Designated for capital projects
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
2001 2000
$13,665,178
175,707
5
$14,219,238
447,465
$13,840.890 $14,666,703
$294,197 $158,307
204,373
$294,197 $362,680
$13,546,693 $14,304,023
$13,546,693 $14,304,023
$13,840,890 $14,666,703
63
a
a
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 2001
2001
REVENUES:
Property taxes and special assessments $2,945,877
Intergovernmental 55,795
Charges for services 495
Use of money and property 1,076,039
Total Revenue
EXPENDITURES:
Current:
General Government
Public Works
Total Expenditures
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
(To) other funds
Total Other Financing Sources (Uses)
Revenues and Other Financing
Sources over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
2000
$2,990,564
733,370
29,991
$4,078,206 $3,753,925
$132,786
1,378,299
$1,511,085
$2,567,121
(3,324,451)
$91,270
1,996,453
$2,087,723
$1,666,202
(3,319,548)
($37324,451) ($3,319,548)
($757,330) ($1,653,346)
14304,023 15,957,369
$13.546,693 $14304,023
64
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June, 30, 2001
REVENUE
Property taxes and special assessments
Intergovernmental
Charges for services
Use of money and property
EXPENDITURES
Current
General government
Public works
Revenue over (under). expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
(To) other funds
Total Other Financing Sources (Uses)
Revenue and other financin_ sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
2000
$2,800,000
$2,945,877
$145,877
$2,990,564
55,795
55,795
495
495
733,370
160,000
1,076,039
916,039
29,991
$2,960,000
$4,078,206
$1,118,206
$3,753,925
$62,100
$132,786
$70,686
$71,088
9,721,090
1,378,299
(8,342,791)
2,016,635
$9,783,190
$1,511,085
($8,272,105)
$2,087,723
($6,823,190)
$2,567,121
$9,390,311
$1,666,202
7,429,419
($7,429,419)
,
(8,376,719)
(3,324,451)
5,052,268
(3,319,548)
($947,300)
($3,324,451)
($2,377,151)
_($3,319,548)
($7,770,490)
($757,330)
$7,013,160
($1,653,346)
14,304,023 15,957,369
$13,546,693 $14,304,023 '
i
I
i
1
1
65 1
I
l it
1
1
F
DEBT SERVICE FUND
1 The Debt Service Fund account for the accumulation of resources for the payment of general long-
term debt principal, interest and related costs.
I
0
1
1
r
1
1
1
1
i
1
1
66
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
BALANCESHEET
June 30, 2001
2001
2000
ASSETS
Restricted cash and investment
$2,323,333
$2,324,304
Receivables
32,834
11,191
Total Assets
$2,356,167
$2,335,495
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
$
$ -
Total Liabilities
$
$ -
Municipal Equity and Other Credits:
Fund Balance:
Reserved:
Debt service
$2,356,167
$2,335,495
Total Fund Balance
$2,356,167
$2,335,495
Total Liabilities, Municipal Equity and Other Credits
$2,356,167
$2,335,495
67
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALAN
CE
Fiscal Year Ended June 30, 2001
2001
2000
'
REVENUES:
ert
d
o
f
U
$157
977
$138,648
y
pr
p
money an
se o
,
'
Total Revenue
$157,977
$138,648
EXPENDITURES:
Debt service:
Principal
$345,000
$330,000
Interest
1,922,847
1,942,258
Total Expenditures
$2,267,847
$2,272,258
Revenue over(under)expenditures
($2,109,870)
($2,133,610)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$2,130,542
$2,135,729
'
(To) other funds
Total Other Financing Sources (Uses)
$2,130,542
$2,135,729
'
Revenues and Other Financing
Sources over (under) expenditures
$20,672
$2,119
'
FUND BALANCE, BEGINNING
2,335,495
2,333,376
'
FUND BALANCE, ENDING
$2,356,167
$2,335,495
t
'
68
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 2001
REVENUE
Interest
Other
EXPENDITURES
Debt Service:
Principal
Interest
Certificate refunding
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
(To) other funds
Total Other Financing Sources (Uses)
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget Actual Budget 2000
$135,000 $157,977 $22,977 $138,648
$135,000 $157,977 $22,977 $138,648
$345,000
$345,000
$330,000
1,922,848
1,922,847
(1) 1,942,258
$2,267,848
$2,267,847
($1) $2,272,258
($2,132,848)
($2,109,870)
$22,978 ($2,133,610)
$2,267,848 $2,130,542 ($137,306) $2,135,729
$2,267,848 $2,130,542 ($137,306) $2,135,729
$135,000 $20,672 ($114,328)
2,335,495
$2,356,167
$2,119
2,333,376
$2,335,495
69
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FIDUCIARY FUND TYPES
PENSION TRUST FUND
Established to account for the activity of the retirement plan for employees of the City.
AGENCY FUND
Established to account for the assets held in trustee capacity or as an went. The cash
being held primarily represents amounts placed on deposit for refundable permits and
performance bonds.
70
CITY OF ROSEMEAD, CALIFORNIA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 2001
ASSETS
Cash and cash investments
Receivables
Total Assets
Pension
Trust
Refundable Totals
Fund
Deposits 2001 2000
$161,464
$110,444 $271,908 $285,902
$161,464
$110,444 $271,908 $285,902
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Due to other funds
Refundable deposits
Total Liabilities
Municipal Equity:
Fund balance, reserved for
employees' retirement
Total Liabilities and Municipal Equity
110,444 110,444 108,778
$ - $110,444 $110,444 $108,778
$161,464
$ -
$161,464
$177,124
$161,464
$110,444
$271,908
$285,902
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CITY OF ROSEMEAD, CALIFORNIA
AGENCY FUND
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Fiscal Year Ended June 30, 2001
Balance Balance
Ju1S 1, 2000 Additions Deductions June 30, 2001
Assets
Cash and cash investments $108,778 $1,666 $110,444
Receivable
Total Assets $108,778 $1,666 $ $110,444
Liabilities
Due to other funds $ $0
Refundable deposits 108,778 1,666 110,444
$108,778 $1,666 $110,444
72
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ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Established to account for all property and equipment except for public domain fixed assets
(e.g., streets, bridges, sidewalks, curbs, gutters and storm drainage systems).
GENERAL LONG-TERM DEBT ACCOUNT GROUP
Established to account for the outstanding principal balances of all long-term debt expected
to be financed from governmental fund types.
74
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF GENERAL FIXED ASSETS
June 30, 2001
GENERAL FIXED ASSETS
Land
Buildings and improvements
Vehicles
Furniture and office equipment
Special equipment and machinery
Other improvements
Construction in progress
Total General Fixed Assets
SOURCES OF FUNDS
Prior Years Balance
General Fund
Community Development Block Grant
Community Parklands Grant
California Wildlife Grant
Redevelopment Agency
Rosemead Housing Development
Corporation
Ending Balance
2001 2000
$3,098,663
8,293,637
346,104
1,701,986
707,864
868,483
$4,651,565
6,444,796
268,722
1,701,799
685,249
868,483
1,455,916
$16,472,653 $14,620,614
Balance
July 1, 2000
Additions
Deletions
$4,425,295
610,029
110,991
$6,438
54,767
251,152
1,353
84,010
5,975,293
933,090
$4,369
3,469,867
i
567,613
t
$14,620,614
V,862,846
$10,807
Balance
June 30, 2001
$4,425,295
714,582
305,919
1,353
84,010
6,904,014
4,037,480
$16,472,653
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CHANGES OF GENERAL FIXED ASSETS
(continued on next page)
Fiscal Year Ended June 30, 2001
Balance
Function and Activity
July 1, 200(1 Additions
Land
Prior year balance
$542,926
Redevelopment agency
2,271,308 284,429
Housing development corporation
1,837,331 -
Total land
$4,651,565 $284,429
Buildings and improvements
Prior year balance
$1,987,300
General government
11,971 -
Community services
50,064 -
Public recreation
1,991 -
Redevelopment agency
2,760,934 11,510
Housing development corporation
1,632,536 -
Total buildings and improvements
$6,444,796 $11,510
Vehicles
Prior year balance
General government
Total vehicles
Furniture and office equipment
Prior year balance
General government
Public safety
Community development
Cultural & leisure
Redevelopment agency
Total furniture and office
equipment
Special equipment and machinery
Prior year balance
General Government
Public safety
Transportation
Community development
Cultural & leisure
Total special equipment and
machinery
$228,224
40,498
$268,722
$427,588
207,323
74,365
28,682
20,789
943,051
Balance
Deletions June 30, 2001
$542,926
2,555,737
1,837,331
$4,935,994
$1,987,300
11,971
50,064
1,991
2,772,444
1,632,536
$6,456,306
$228,224
83,820 6,438 117,880
$83,820 $6,438 $346,104
4,557
$1,701,798 $4,557
$427,588
207,323
74,365
33,239
20,789
4,369 938,682
$4,369 $1,701,986
$490,765
$490,765
$947 22.614
- 23,561
123,682 -
- 123,682
$646 -
646
$2,054 -
- 2,054
67,156 -
- 67,156
$685,250 $22,614
$707,864
76
CITY OF ROSE!\?EAD, CALIFORNIA
STATEMENT OF CHANGES OF GENERAL FIXED ASSETS
(continued from previous page)
Fiscal Year Ended June 30, 2001
Function and Activity
Balance
July 1, 2000
Other improvements
Prior year balance
$748,492
General government
$4,927
Public safety
9,464
Cultural & leisure
105,600
Total other improvements
$868,483
Balance
Additions Deletions June 30, 2001
$748,492
4,927
9,464
105,600
$868,483
Construction in progress
Community development $251,152 $251,152
Redevelopment agency - 637,151 - 637,151
Housing development corporation - 567,613 - 567,613
Total other improvements $1,455,916 $1.455,916
Total general fixed assets $14,620,614 $1,862,846 $10,807 $16,472,653
77
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Notes: The City of Rosemead does not
have revenue bonds; therefore, the
Revenue Bond Coverage - Last
Ten Fiscal Years schedule is not
included.
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Public
Public
General
Public
Year
Safety
Works
Government
Health
1991-92
$4,268,763
$8,757,535
$2,710,801
$95,495
1992-93
4,264,366
3,598,687
2,429,325
1,677
1993-94
4,596,592
4,096,433
2,545,662
17,665
1994-95
4,666,871
4,400,953
1,918,204
39,852
1995-96
4,733,426
3,788,669
1,946,348
44,863
1996-97
4,922,197
3,349,572
2,053,607
45,966
1997-98
4,655,943
3,287,310
1,800,080
45,381
1998-99
5,259,501
8,524,188
1,948,412
43,844
Public
Recreation
$1,959,686
1,858,238
1,719,424
1,901,397
1,869,684
2,144,066
1,906,179
2,030,237
1999-00 5,069,851 4,306,657 2,200,867
2000-01 5,646,028 5,438,487 3,023,022 59,293
(1) General Govenimental expenditures includes expenditures of the General, Special Revenue,
Capital Projects, and Debt Service Funds only. Operating Transfers Out have been excluded
from all years.
2,242,859
2,372,023
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Community
Capital
Debt
Inter-
Services
Outlay
Service
governmental
Other
Total
$1,592,156
$144,180
$2,588,617
$22,117,233
1,411,467
36,384
2,569,813
580,791
213,721
16,964,469
2,092,838
1,897,838
6,026,877
175,295
(59,745)
23,108,879
090
216
2
1,713,742
2,279,153
175,330
2,210,624
21,396,342
,
,
1,867,352
119,184
2.271,154
-
180,000
16,821,180
1,976,965
47,683
2,271,333
-
-
16,811,389
2,060,701
56,182
2,279,054
-
-
16,090,830
2,085,868
419,087
2,270,187
-
-
22,581,324
1,516,717
202,060
2,272,258
-
-
17,811,269
1,901,124
120,645
2,267,847
-
-
20;828,469
Millions
$25
$20
$15
$10
$5
$0
1996-97 1997-98 1998-99 1999-2000 2000-01
Public Works ®Public Safety oDebt Services ®General Govt. !Public Recr.
Comm. Serv. ®Misc.
80
CITY OF ROSEMEAD, CALIFORNIA
GENERAL REVENUES BY SOURCE (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Year
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
(1)
Property
Special
Other
Licenses
Inter-
Tax
Assessments
Taxes
and Permits
governmental
$3,059,892
$347,061
$4,245,201
$479,084
$4,557,510
3;746;398
384,036
3,787,547
554,935
4,824,498
3,379,446
395,646
3,866,690
579,124
5,174,436
3.185,746
342,315
4;011,829
812,096
5,985,542
3,411;909
386,814
3,907,616
699,234
6,733,543
2,671,969
365;184
3,664,0-1
760,191
6,155,519
2.845;775
382,609
I
3.952,511
i
760,037
7,532,960
2;770,865
418502
4,134,533
739,162
6,758,226
2,870,290
367.277
3,999,539
964,567
10,120,540
2,990.564
428,609
4,266;791
917,350
7,359;001
2945,877
424,580
4,629;225
797,493
9,329,239
Includes General, Special Revenues, Capital Projects, and Debt Service Funds
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Fines,
Use of
Charges for
Forfeitures
Money and
Services
and Penalties
Property
Other
Total
$228,615
$355,047
$1,844,552
$165,237
$15,282,199
366,345
278,253
1,625,706
391,194
15,958,912
347,262
313,980
1,258,827
318,603
15,634,014
429,932
338,786
1,887,659
307,415
17,301,320
564,962
317,969
1,383,762
387,606
17,793,415
539,055
365,400
2,667,346
138,159
17,326,794
584,033
363,938
2,415,335
63,262
18,900,460
499,492
349,322
2,497,294
71,628
18,239,024
643,385
625,756
2,244,326
155,534
21,991,214
662,094
448,675
2,068,706
80,540
19,222,330
445,059
626,127
2,963,292
54,094
22,214,986
Millions
$20
$15
$10
$5
$0
1996-97 1997-98 1998-99 1999-2000 2000-01
ivIntergovt. =Prop. Tax o0therTaxes =Use of M & P =Misc. OLic. & Permits =Fines, For. & Pen. 1
82
CITY OF ROSEMEAD, CALIFORNIA
OTHER TAX REVENUES BY SOURCE
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Maintenance
Real Estate Trailer Coach
Sales and
Year
District
Taxes Tax
Use Tax
1991-92
$1,309
$55,567 $2,474
$2,679,103
1992-93
2,427
38,974 2,810
2,647,816
1993-94
1,192
36,696 -
2,704,229
1994-95
1,336
36,739 -
2,582,644
1995-96
1,291
40,404 -
2,309,758
1996-97
11575
47,904 -
2,550,967
1997-98
1,366
46,600 -
2,658,370
1998-99
11248
58,767 -
2,529,135
1999-00
1,439
66,456 -
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2,717,017
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Transient
Franchise
Occupancy
Fees
Tax
Total
$525,327
$523,767
$3,787,547
547,920
626,743
3,866,690
550,555
719,157
4,011,829
568,020
718,877
3,907,616
577,004
735,574
3,664,031
574,497
777,568
3,952,511
605,586
822,611
4,134,533
600,899
809,490
3,999,539
625,880
855,999
4,266,791
84
CITY OF ROSEMEAD, CALIFORNIA
ASSESSED VALUATIONS OF TAXABLE PROPERTY
Last Ten Fiscal Years
State Assessed
Fiscal
Personal
Unitary and Operating (1)
Year
Land
Improvements
Property
Non-unitary Property
1991-92
$687,981,018
$783,764,885
$8,531,233
$157,129,799
1992-93,
753,698,398
832,424,224
11,587,587
160,638,918
1993-94
789,170,566
869,204,989
10,509,734
138,033,544
1994-95
820,044,812
884,095,866
11,198,234
140,532,446
1995-96
837,930,509
857,272,720
11,534,790
139,789,581
1996-97
839,391,647
858,050,748
10,568,291
137,886,292
1997-98
841,497,520
.852,913,158
11,363,160
140,328,015
1998-99
852,261,064
856,431,323
10,742,661
141,741,081
1999-00
875,890,808
882,240,913
9,580,437 -
139,870,251
2000-01 919,681,140 913,554,831 8,798,983 130,370,296
(1) Effective with fiscal year 1988-89, Unitary and Operating Non-unitary assessed valuation
are listed separately.
Source: Los Angeles County Auditor-Controller, Tax Division
85
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ocally Assessed
Personal
'
Land Improvements
Property
- $13,991,213
$40,321,969
'
- 13,854,565
34,011,333
'
- 15,022,792
29,128,797
- 13,103,797
26,191,169
'
- 14,186,602
25,615,938
- 14,583,278
25,615,938
'
- 13,161,523
25,688,653
- 13,954,969
26,590,993
- 14,389,698
30,053,289
- 14,217,867
34,031,964
Net
Property
Property
Total
Exemptions
Value
$1,691,720,117
$29,940,297
$1,661,779,820
1,806,215,025
31,116,915
1,775,098,110
1,851,070,422
21,456,065
1,829,614,357
1,895,166,324
24,386,741
1,870,779,583
1,886,330,140
28,458,429
1,857,871,711
1,886,096,194
33,592,337
1,852,503,857
1,984,952,029
28,607,474
1,956,344,555
1,901,722,091
28,559,132
1,873,162,959
1,952,025,396 -
33,003,778
1,919,021,618
2,020,655,081
40,082,928
1,980,572,153
NET PROPERTY VALUE
Millions
$2500
'
$2000-
$1500
'
$1000
'
$500
'
$01991-92 1992-93 1993-94 199495
86
1995-% 1996-97 1997-99 199&99 1999-2000 200001
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
LIGHTING AND MAINTENANCE DISTRICT
Last Ten Fiscal Years
Current
Percentage
Assessment
Assessment
Collected
Fiscal Year
Levy
Collected
Currently
1991-92
$350,800
$385,345
109.85 %
1992-93
388,417
398,073
102.49
1993-94
347,298
343,507
98.91
1994-95
339,205
388,150
114.43
1995-96
350,258
366,475
104.63
1996-97
373,885
384,184
102.75
1997-98
377,243
419,868
111.30
1998-99
383,237
368,525
96.16
1999-00
396,460
430,048
108.47
2000-01
414,275
426,122
102.86
{
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CITY OF ROSEMEAD, CALIFORNIA
COMPUTATION OF LEGAL DEBT MARGIN
June 30, 2001
Total assessed valuation
Debt limit: 3.75% of total assessed valuation
Amount of debt applicable to debt limit:
Total bonded debt
Less tax allocation notes exempt by law
Total amount of debt application
to debt limit
Legal debt margin
88
$34,625,000
34,625,000
$ 1,980,572,153
$ 74,271,456
$ 74,271,456
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Debt Service
Total (1)
To Total
Fiscal
Total Debt
General
General
Year
Principal
Interest
Service
Expenditures
Expenditures
1991-92
$1,760,000
$828,617
$2,588,617
$22,117,233
11.70 %
1992-93
1,900,000
669,813
2,569,813
16,964,469
15.15
1993-94
2,055,000
1,137,474
3,192,474
23,108,879
13.81
1994-95
260,000
2,019,153
2,279,153
21,550,318
10.58
1995-96
265,000
2,006,154
2,271,154
16,821,180
13.50
1996-97
280,000
1,991,333
2,271,333
16,811,389
13.51
1997-98
295,000
1,984,054
2,279,054
16,090,830
14.16
1998-99
310,000
1,960,187
2,270,187
22,581,324
10.05
1999-00
330,000
1,942,258
2,272,258
17,811,269
12.76
2000-01
345,000
1,922,847
2,267,847
20,828,469
10.89
(1) Includes all Governmental Fund Types. Premium for defeasement of bonds not included.
89 `
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$25
$20
$15
$10
$5
$0
1991-92
$25
$20
$15
$10
$5
$0
1996-97
TOTAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES
Millions
90
1992-93 1993-94 1994-95 1995-96
Millions
1997-98 1998-99 1999-2000 1
2000
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL
BONDED DEBT TO TOTAL ASSESSED VALUATION
Last Ten Fiscal Years
Debt Service
Total
To Total
Fiscal
Total Debt
Assessed
Assessed
Year
Principal
Interest
Service
Valuation
Valuation
'
1991-92
$1,760,000
$828,617
$2,588,617
$1,661,779,820
0.16 %
1992-93
1,900,000
669,813
2,569,813
1,775,098,110
0.15
'
1993-94
2,055,000
17137,474
3,192,474
1,829,614,357
0.17
1994-95
260,000
2,019,153
2,279,153
1,870,779,583
0.12
,
1995-96
265,000
2,006,154
2,271,154
1,857,871,711
0.12
1996-97
280,000
1,991,333
2,271,333
1,852,503,857
0.12
'
1997-98
295,000
1,984,054
2,279,054
1,956,344,555
0.12
1998-99
310,000
1,960,187
2,270,187
1,873,162,959
0.12
'
1999-00
330,000
1,942,258
2,272,258
1,919,021,618
0.12
'
2000-01
345,000
1,922,847
2,267,847
1,980,572,153
0.11
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CITY OF ROSEMEAD, CALIFORNIA
'
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT PER
CAPITA
'
Last Ten Fiscal Years
Debt Service
'
Fiscal
Total Debt
To Total
Year
Principal
Interest
Service
Population
Population
1991-92
$1,760,000
$828,617
$2,588,617
52,812
$49.02
1992-93
1,900,000
669,813
2,569,813
52,922
48.56
1993-94
2,055,000
1,137,474
3,192,474
53,798
59.34
1994-95
260,000
2,019,153
2,279,153
53,639
42.49
'
1995-96
265,000
2,006,154
2,271,154
54,487
41.68
1996-97
280,000
1,991,333
2,271,333
55,128
41.20
1997-98
295,000
1,984,054
2,279,054
55,760
40.87
1998
99
310
000
960
187
1
187
2
270
664
56
40
06
-
,
,
,
,
,
,
.
'
1999-00
330,000
1,942,258
2,272,258
57,328
39.64
'
2000-01
345,000
1,922,847
2,267,847
55,351
40.97
92
CITY OF ROSEMEAD, CALIFORNIA
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Valuation)
Last Ten Fiscal Years
Los
Los Angeles County
Fiscal
City of
Angeles
School
Water
Flood
Sanitation
Year
Rosemead
County
Districts
Districts
Control
District
Total
1991-92
0
1.001409
0.078219
0.044300
0.003397
0
1.127325
1992-93
0
1.001713
0.144909
0.014100
0.004212
0
1.164934
1993-94
0
1.001713
0.073026
0.044100
0.004212
0
1.123051
1994-95
0
1.001993
0.080512
0.038900
0.006041
0
1.127446
1995-96
0
1.001604
0
0.038900
0.001991
0
1.042495
1996-97
0
1.001604
0
0.038900
0.001991
0
1.042495
1997-98
0
1.001604
0
0.038900
0.001991
0
1.042495
1998-99
0
1.001604
0
0.038900
0.001991
0
1.042495
1999-2000
0
1.001604
0
0.038900
0.001991
0
1.042495
2000-01
0
1.001604
0
0.038900
0.001991
0
1.042495
Source:
Tax Rates By
Tax Rate Areas, Los Angeles County Tax
Collector
93
'
CITY OF ROSEMEAD, CALIFORNIA
'
SCHEDULE OF DIRECT AND OVERLAPPING BOND
ED DEBT
June 30, 2001
'
d V
l
2000-01 Assesse
a
uation: $1,618,080,561 (after deducting $232,121,296
redevelopment incremental valuation)
Direct and Overlapping Tax and Assessment Debt:
% Applicable
Debt 6/30/01
Los Angeles County
0.311
%
$131,786
Los Angeles County Flood Control District
0.321
75,884
Metropolitan Water District
0.165
870,342
San Gabriel. Valley Municipal Water District
0.015
180
Los Angeles Community College District
0.265
1,391,250
Montebello Unified School District
1.691
1,007,589
El Monte School District
0.004
560
Garvey School District
44.573
3,565,797
Rosemead School District
66.608
5,328,640
Los Angeles County Regional Park and Open Space District
0.311
1,362,242
City of Rosemead
100.000
Total Direct and Overlapping Tax and Assessment Debt:
$13,734,270
Overlapping General Fund Obligation Debt:
Los Angeles County General Fund Obligations
0.311
%
$5,234,029
'
Los Angeles County Pension Obligations
0.311
5,973,011
Los Angeles County Superintendent of Schools Certificates of Participation
0.311
98,913
'
Los Angeles County Flood Control District Certificates of Participation
Los Angeles County Sanitation District 42 Authority
0.321
0.005
540,066
- 1,850
Los Angeles County Sanitation District #15 Authority
6.878
1,940,641
Los Angeles Community College District Certificates of Participation
0.265
172,555
Pasadena Area Community College Certificates of Participation
_
2.840
186,446
Montebello Unified School District Certificates of Participation
1.691
282,989
San Gabriel Unified School District Certificates of Participation
0.922
77,522
'
E1 Monte Union High School District Certificates of Participation
14.519
735,387
El Monte School District and Certificates of Participation
0.004
35
Garvey School District Certificattes of Participation
44.573
1,288,160
Rosemead School District Certificates of Participation
66.608
2,860,814
San Gabriel Valley Mosquito Abatement District Certificates of Participation
3.156
42,606
Total Gross Direct and Overlapping General Fund Debt:
$19,435,024
'
Less: Los Angeles County Certificates of Participation (100% self-supporting
Prom leasehold revenues on properties in Marina Del Rey)
354,913
Total Net Direct and Overlapping Bonded Debt:
$19,080,111
'
Gross Combined Total Debt
$33,169,294 (1)
Net Combined Total Debt
$32,814,381
(1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax
'
allocation bonds and non-bonded capital lease obligations.
Ratios to Assessed Valuations: Direct Debt
0.00
%
Total Overlapping Tax & Assessment
0.74
%
'
Gross Combined Total Debt
2.05
%
Net Combined Total Debt
2.03
%
'
State School Building Aid Repayable as of 6/30/01 $ 0
Source: California Municipal Statistics, Inc.
'
94
CITY OF ROSEMEAD, CALIFORNIA
DEMOGRAPHIC STATISTICS
Fiscal Year
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
Population
(1)
52,812
52,922
53,798
53,639
54,487
55,128
55,760
56,664
57,328
55,351
Last Ten Fiscal Years
Households
(2)
14,169
14,193
14,190
14,195
14,238
14,254
14,278
14,313
14,345
14,350
Income
Per Capita
(3)
$20,967
21,434
21,661
21,562
23,501
24,945
25,719
-26,773
28276
Unemploy-
ment Rate
(3)
8.0
9.6
9.7
7.4
7.9
6.9
6.5
5.6
5.4
5.9
Source:
(1) California State Department of Finance, Office of Demographic Research
(2) City of Rosemead, Planning Department
* (3) California State Department of Finance, Finance and Economic Research Unit
" Information presented is for the County of Los Angeles, which includes the City of Rosemead.
Income Per Capita and Unemployment Rate specifically for the City of Rosemead is not available.
* * Data not available at this time.
95 1
1
e
e
60
50
40
30
20
10
0
60
50
40
30
20
10
0
DEMOGRAPHIC STATISTICS
Thousands
Thousands
96
1991-92 1992-93 1993-94 1994-95 1995-96
oHouseholds olnoomePer Capita oPopulation
1996-97 1997-98 1998-99 1999-2000
oHouseholds 0Income Per Capita El Population 1
CITY OF ROSEMEAD
PRINCIPAL TAXPAYERS
June 30, 2001
Southern California Edison Company
Countrywide
Chicago Title Insurance & Trust
Diamond Square
Vikon Center
Lucky Plaza
Quanjude Center
Irish Communications/Construction
NEC San Gabriel/Garvey
Garvey Wholesale Liqour
Assessed
Valuation
$204,319,473
8,892,988
8,330,000
7,110,560
3,800,000
2,700,000
2,602,232
2,609,754
2,117,862
1,999,664
$244,482,533
Percentage
of Total City's
Assessed
Valuation
10.32 %
0.45
0.42
0.36
0.19
0.14
0.13
0.13
0.11
0.10
12.35 %
Note: Principal property taxpayers and assessed valuations presented here reflect the
Rosemead Redevelopment Agency Project Area only as the City of Rosemead
is a non-property tax city.
97,
i
CITY OF ROSEMEAD, CALIFORNIA
' SCHEDULE OF INSURANCE.IN FORCE
' June 30, 2001
t Southern California Joint Powers
Insurance Authority
' State Compensation Insurance Fund
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
. Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Source: City Finance Department
t
1
Policy
Number
228962-90
05743382
9922993-03
2781100
CP8119571C
98
Expiration
Date Type of Coverage
7/1/2002
General Liability
12/31/2002
Workers Compensation
Coverage
7/1/2002
Public Employees
Blanket Bond
10/19/2002
Boiler and Machinery
7/1/2002
Notary Public Bond
Error & Omissions.
7/1/2002
Property Insurance
CITY OF ROSEMEAD, CALIFORNIA
CONSTRUCTION ACTIVITY
Last Ten Fiscal Years
Number of
Building Permit
Number of
Fiscal
Residential
Valuations (
In Thousands)
Building
Year
Dwelling Units
Residential
Nonresidential
Total
Permits Issued
1991-92
62
$16,145,335
$15,522,368
$31,667,703
827
1992-93
13
8,012,092
10,499,324
18,511,416
877
1993-94
22
10,047,264
7,651,470
17,698,734
858
1994-95
37
10,880,831
3,552,722
14,433,553
608
1995-96
42
12,267,012
2,094,550
14,361,562
652
1996-97
24
9,787,980
4,325,690
14,113,670
611
1997-98
35
7,270,943
14,133,409
21,404,352
522
1998-99
28
8,973,771
11,726,986
20,700,757
595
1999-00
42
23,062,147
5,247,903
28,310,050
478
2000-01
24
13,440,052
12,273,661
25,713,713
423
99
1
I CITY OF ROSEMEAD, CALIFORNIA
MISCELLANEOUS STATISTICS
June 30, 2001
The City of Rosemead is located in Los Angeles County, California approximately nine miles east of the City of Los
Angeles. Incorporated in 1959, the City of Rosemead now encompasses a total land mass of 5.5 square miles and
' operates as a general law city under a Council - City Manager form of government. The Rosemead Redevelopment
Agency, activated on January 4, 1972, includes 511 acres within he City's 5.5 square miles.
' Population 55,351
Land Area 5.5 square miles
' Streets & Alleys 74.42 miles
Parks 50 acres
Percentage of Land Use:
'
Residential
64 %
Public Facilities
14
Commercial (stores & shops)
9
Mixed Commercial/Residential
7
Office & Light Industrial
6
100%
1
Public Facilities:
Community Centers
2
Swimming Pools
2
'
Libraries
2
Gymnasiums
1
Ball Diamonds (lighted)
4
'
Tennis Courts (lighted)
5
Education Facilities:
Elementary Schools
10
Secondary Schools
3
High Schools
2
'
i
*
F
re Protection:
Number of firefighters and officers
37
'
Police Protection:
Parking Control (personnel)
3
Police Protection (sworn personnel)
38
Major Employers and Number of Employees:
Southern California Edison Company
4,500
'
Countrywide Mortgage
800
Hermetic Seal Corporatioin
450
* The City of Rosemead is part of the Los Angeles County Fire Protection District which provides fire fighting, fire
prevention, and plan check services for the City.
' The City of Rosemead contracts with the Los Angeles County Sheriffs Department for all police services with the
exception of parking control which is provided by City personnel.
100
City of Rosemead
California
5
Pasadena
101
Santa
Monica I I Los
10
10
10
/ 605 57
W Covina
60
Whittier
Fullerton
Anaheim
Long Beach
San Bernardino
10
Riverside
N
Orange
San
N~\4,' Diego
The CITY OF ROSEMEAD is located in Los Angeles County,
approximately nine miles east of downtown Los Angeles.
Incorporated in 1959, the CITY OF ROSEMEAD now encompasses
a total land mass of 5.5 square miles with an approximate
population of 55,351
5
101 1