1998 CAFRI
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CITY OF ROSEMEAD
California
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 305 1998
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1998
TABLE OF CONTENTS
INTRODUCTORY SECTION Paae
Letter of Transmittal i - xii
List of Principal Officials xiii
Organizational Chart xiv
Certificate'of Award for Outstanding Financial Reporting xv
Certificate of Achievement for Excellence in Financial Reporting xvi
FINANCIAL SECTION
Independent Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Typed and Account Groups 2-3
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - All Governmental Fund Types 4-5
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - Budget and Actual - General, Special
Revenue, Debt Service and Capital Project Fund Types 6-8
Statement of Revenue, Expenses and Changes in Fund Balance -
Pension Trust Fund 9
Statement of Cash Flows - Pension Trust Fund 10
Notes to Financial Statements 11 - 27
Combining and Individual Funds and Account Groups Financial
Statements (Supplementary Information):
GENERAL FUND:
Balance Sheet 31
CITY OF ROSE MEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1998
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Pape
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
GENERAL FUND: (cont.)
Statement of Revenue, Expenditures and Changes in Fund
Balance 32
Revenue Detail - Budget and Actual 33
Expenditure Detail - Budget and Actual 34
SPECIAL REVENUE FUNDS:
Combining Balance Sheet - All Special Revenue Funds 39 - 42
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances - All Special Revenue Funds 43 - 46
Statement of Revenue, Expenditures and Changes in
Fund Balance - Traffic Safety Fund 47
Statement of Revenue, Expenditures and Changes in
Fund Balance - State Gas Tax Fund 48
Statement of Revenue, Expenditures and Changes in
Fund Balance - Air Quality Management District 49
Statement of Revenue, Expenditures and Changes in
Fund Balance - Local Transportation Fund 50
Statement of Revenue, Expenditures and Changes in
Fund Balance - Public Transportationl Fund 51
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL1FINANCIAL REPORT
Fiscal Year Ended June 30, 1998
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Paae .
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
SPECIAL REVENUE FUNDS: (cont.)
Statement of Revenue, Expenditures and Changes in
Fund Balance - Community Development Block Grant Fund 52
Statement of Revenue, Expenditures and Changes in
Fund Balance - 1976 Community Parklands Grant Fund 53
Statement of Revenue, Expenditures and Changes in
Fund Balance - Street Lighting Fund 54
Statement of Revenue, Expenditures and Changes. in
Fund Balance - Narcotics Seizure Fund 55
Statement of Revenue, Expenditures and Changes in
Fund Balance - Low-Moderate Income Housing Fund 56
Statement of Revenue, Expenditures and Changes in
Fund Balance - Rosemead Housing Development Corporation 57
Statement of Revenue, Expenditures and Changes in
Fund Balance - California Wildlife Fund 58
Statement of Revenue, Expenditures and Changes in
Fund Balance - Federal Highwy Grants Fund 59
CAPITAL PROJECTS FUND:
Balance Sheet - Capital Projects Fund 61
Statement of Revenue, Expenditures and Changes in
Fund Balance 62
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1998
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TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.)
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
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CAPITAL PROJECTS FUND (cont.):
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 ah.d Actual
FIDUCIARY FUND TYPES:
Combining Balance Sheet
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds
ACCOUNT GROUPS:
Statement of General Fixed Assets
Statement of Changes of General Fixed Assets
Pape
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1998.
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION
General Governmental Expenditures by Function - All.Govern mental
Fund Types 77 - 78
General Revenues by Source - All Governmental Fund Types 79- 80
Other Tax Revenues by Source - All Governmental Fund Types 81 - 82
Assessed Valuations of Taxable Property 83 - 84
Special Assessment Levies and Collections - Lighting and
Maintenance District 85
Computation of Legal Debt Margin 86
Ratio of Annual Debt Service Expenditure for Total"Bonded
Debt to Total General Expenditures 87- 88
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Assessed Valuation 89
Ratio of Annual Debt Service Expenditure for Total Bonded :
Debt Per Capita 90
Property Tax Rates - All Overlapping Governments 91
Schedule of Direct and Overlapping Bonded Debt 92
Demographic Statistics 93 - 94
Principal Taxpayers 95
Schedule of Insurance in Force 96
Construction Activity . 97
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1998
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION (cont.)
Miscellaneous Statistics
Vicinity Map
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MAYOR:
ROBERT W. BRUESCH
MAYOR PRO TEM:
JOE VASQUEZ
COUNCILMEMBERS:
MARGARETCLARK
JAY T. IMPERIAL
GARY A. TAYLOR
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December 7, 1998
The Honorable Mayor
and Members of the
Rosemead City Council
Councilmembers;.
P,,Wmead
8838 E. VALLEY BOULEVARD • P.O. BOX 399
ROSEMEAD, CALIFORNIA 91770
TELEPHONE (626) 288-6671
FAX (626) 307-9218
Submitted for your information and consideration is the Annual Financial Report for
the fiscal year ended June 30, 1998. 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.
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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.
The City of Rosemead has a population of 55,760 living in an area encompassing 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 1997-98
Administration: Over the past two years, the City has negotiated with a formal .
bargaining unit comprised of twenty-one (21) full-time employees. Over the time,
negotiations reached impasse and the employees voted-to de-certify and have the
City Manager represent them in negotiations. Accordingly, the potential negative
financial impact, as the result of collective bargaining, has been eliminated.
On a less positive note, it appears that the State of California's financial picture is
relatively gloomy despite reports of a robust and growing economy statewide. In a
report issued by the Legislative Analyst's office in November 1998, the .State
anticipates a revenue shortfall of at least $600 million during the current fiscal-year...
The State will not revise its revenue forecast until April when income tax receipts can
be tallied accurately.
That uncertainty, coupled with the election of a new Governor who has stated that
public education is his highest priority, does not bode well for local governments.
Even during the past fiscal year, which was abundant in revenues when compared
to past years, the cities received no restitution of funds taken during the lean times
of the early 1990s. In fact, the Legislative action in 1998 to reduce vehicle license
fees (VLF) will likely provide the impetus for mope financial turmoil for cities. (The
Legislature committed to cities a "backfill" for revenues lost as the result of the VLF
reduction.) However, given the scenario that the state may not meet its revenue
projections, it is probable that cities may feel some financial impact if the "backfill"
revenues are not prioritized during the next budgetI negotiation in Sacramento. In all,
it appears that cities will be forced to work very diligently to maintain the status quo.
Engineering: The City completed several capital improvement projects during the
fiscal year. One street resurfacing project was performed, wherein eleven (11) street
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' segments were resurfaced. In addition, street lighting systems were upgraded where
deemed necessary. A traffic signal modification project was completed at Mission
Drive and Rosemead Boulevard, which provided additional protected left-turn phasing.
To mitigate deficiencies in a segment of the City's sewer system, construction of the
Del Mar Sewer Collector, between Garvey Avenue and Hellman Avenue, commenced
late in- the past fiscal year.
In addition to the projects constructed, several multi-year projects are in various
phases of design.. The projects include street improvements on Valley Boulevard,
street resurfacing and street lighting projects, Lorica. Street reconstruction and
widening, and undergrounding of utilities on Walnut Grove. Avenue, San-Gabriel
Boulevard and Del Mar Avenue. The majority of these projects will be under
construction in. Fiscal Year 1998-99.
Planning: During the past year, majority of the construction projects have been
commercial or industrial buildings. The recently. completed commercial center at
8350 Garvey is currently leased to Chief Auto Parts and Domino's Pizza.. The new
medical office at 7546 Garvey Avenue is valued at. $250,000. Several industrial
warehouses completed are valued each at $300,000 approximately.
As for major commercial tenant improverne'nts, Southern California Edison is
undergoing a two year, $35-40 million interior renovation of their corporate
headquarters. Countrywide Corporation purchased the vacant Cal Fed building and
has just completed a $900,000 third floor renovation. Currently; a $1.3 million
second floor renovation is in plan check.
1 The first phase of a 31 unit single family development at Del Mar and Graves Avenue
was completed in Fiscal Year 1997-98. A second phase is presently. in plan check.
Parks and Recreation: The City completed various park and recreation improvements.
during the fiscal year. Rosemead Community Recreation Center improvements
' included re-upholstered the lobby furniture, refinishing of cabinets.in the pre-school
room, and replacement of a pool table.
' Rosemead Park improvements included pre-fabricated restrooms to replace existing
facilities and refinishing of cabinets in the pre-school room. Rosemead Pool projects
included purchase of a new electrical panels.
' Garvey Park improvements included a purchase of play equipment and installation of
wind screens for five (5) tennis courts. It also included tiling and recaulking of
Garvey Pool, installation of sand and depth markers, and tiling the.shower rooms.
The Garvey Park Clubhouse is being remodeled using a combination of Proposition A
and Redevelopment funds. The project includes interior re-modeling of the existing .
' facility and a 980 square foot addition to be used as a Public Safety Annex. The
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addition will be used by the Youth Effectiveness System (YES) program, the. Gang '
Alternative Prevention Program (LAPP) and the Rosemead Sheriff's team.
Zapopan Center improvements included purchase of a new refrigerator and a bingo ,
board, revamped the kitchen cabinets, and improved shelves and cabinets in the pre- '
school room.
PROSPECTS FOR THE FUTURE '
During the past fiscal year, the City 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 down payment
assistance. The program was implemented in June, and, thus far, the City has
assisted four (4) residents.in purchasing a home within the community
In addition, the City is continuing with the development of the 20,000 square foot a
recreation center and an additional senior housing units on the City owned parcel at
9118 Garvey Avenue. The City plans to fund 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
countywide recreational facilities bond measure (Proposition A) approved by the D
voters on November 5, 1996. The Rosemead City Council, acting as the Rosemead
Housing Development Corporation Board,-has retained an architect and design of the
project is now underway. Seventy-two (72) senior housing units will be constructed 0
adjacent to the recreation center over the next two years.
The Valley Boulevard and Lorica Street Improvement projects will commence early a
1998-99 Fiscal Year. The improvements on Valley Boulevard will include removing
the existing planters between Muscatel and Loma Avenues, reconstruction of the
sidewalks, installations of new decorative street lights in the downtown business
district, planting of parkway trees, construction of a concrete intersection and street
resurfacing. This project will be funded by Intermodal Surface Transportation
Efficiency Act (ISTEA), Proposition "C", Gas Tax, Community Development Block
Grant (CDBG), State-Local Transportation Partnership (SLTPP), and Street Light
District funds.
Lorica Street improvements includes dedication as a public street, reconstruction and
widening of curbs, gutter and sidewalk, installation of street lights and planting of
parkway trees. Construction cost will be funded with CDBG funds,
Undergrounding of 'utilities on San Gabriel Boulevard between" Garvey -Avenue and ,
Hellman Avenue will commence in the Fall of 11998: Undergrounding of utilities on
Walnut Grove Avenue will begin, pending resolution of right-a-way issues, late in the
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fiscal year. a3;
To mitigate flooding on Kelburn Avenue, the vicinity of Garvey Park and Delta and
Earle Avenues, storm drains will be constructed on these 'streets beginning in Spring
of 1999.
Majority of the developments in the planning stages are from mini-malls. However,
the owners of Rosemead Square are seriously discussing plans to. add floor area and
several new tenants. These changes would include revising the traffic circulation to
make the center more accessible to customers.
California Edison is discussing with the City the potential commercial development
of various right-of-way sites which front upon Garvey Avenue and Valley Boulevard.
Rosemead Community Recreation Center future improvements includes.purchases of
office equipment, commercial grade carpet cleaner, repainting and wallpaper
throughout the center, replacing room partitions, and, installation of rubberized surface
for the pre-school play area. Rosemead. Park improvements include renovation of
restrooms and replacement of picnic shelters throughout the park.
Rosemead Pool improvements includes installation of a heat exchanger for the pool
boilers and new fence post and chain link fence. Garvey Pool improvements includes
replacement deck office doors, exterior painting ofpool building, and replacement
diving boards.
Zapopan Park Improvements includes wrought iron fence and gate," resurfacing
basketball court and replacement swing set. Zapopan Center improvements includes
purchases of office equipment and portable sound system.
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.
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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.
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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
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Los Angeles County, the Los Angeles County Library jDistrict, the Los.Angeles County
Sanitation District. Other Governmental functions paid for by the City but performed
by County departments under contract with the City are police protection, street
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maintenance, and animal control.
REPORTING STANDARDS
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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 they American Institute of Certified Public
Accountants, and the full financial disclosure guidelines of the Governmental Finance
Officers Association of the United States and Canada.
FINANCIAL STATEMENT
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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
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the Auditor's opinion is included in'th'e financlal'section of this report.
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In addition, the City is required to undergo an annual single audit in conform
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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.
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The Comprehensive Annual Report is divided into the following three sections:
1. Introductory Section - which includes this transmittal letter, the City's
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Organization Chart, and a list of the principal officials.
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2. Financial Section - which includes the auditor's opinion, genera
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.
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NOTES TO THE FINANCIAL STATEMENTS
The Notes to the Financial Statements, which are part of the General Purpose
,
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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
financial position of the City, Redevelopment.Agency, and the Rosemead Housing
1 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.
1 The 1997-98 Fiscal Year revenues for the Governmental Fund types totaled
$18,239,024. 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.
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The most notable change in revenues is the decrease shown in Intergovernmental
revenues, which is the result of Community Development Block Grant.funds and other
State grant funds. The most notable increase in revenues is Other Taxes. The
increase in revenues is primarily due to an increase in Sales and Use.Taxes.
The 1997-98 Fiscal Year expenditures for the Governmental Fund types totaled
$16,090,830. Listed on the adjacent page is a recapitulation of these expenditures
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by major function.- The chart reflects expenditures by function as a percentage to the
total expenditures and the incremental change from the prior fiscal year.
The most significant increase in expenditures for 1997-98 over 1996-97 is reflected
in Community Services. Majority of the increase is due to Residential Rehabilitation
activities. The most notable expenditure decrease' is the Public Safety function,
which .primarily is due to restructuring' Law Enforcement contracts.
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GENERAL FUND
The City of Rosemead remains in a strong financial position as of June 30, 1998 with
a surplus of approximately eleven million seven hundred thousand dollars ($11.7
million). There were no residual equity transfers from any funds during the fiscal year.
GENERAL FIXED ASSETS
As of June 30, 1998, the general fixed.assets of the City totaled thirteen million five
hundred fifty-three thousand seventeen dollars ($13,553,017). This amount
represents the original cost of the assets, net of additions and deductions from July
1, 1997 to June..30, .1998, and is considerably less'than their present value. The
system of accounting presently recommended 15y the Governmental Accounting
Standards Board does not allow for the recording of depreciation of general fixed
assets as an expense of governmental funds. ' .
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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.
Ail 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
' 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.
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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.
DEBT ADMINISTRATION
The City of Rosemead, as a general law city, is restricted from incurring general
obligation bonded indebtedness which would ecceod 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.
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 we're 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
5451,187 per year.
GANN LIMIT
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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 ,G
defined under Article X1116 of the California
Constitution. We are pleased to inform you
that the City is in the enviable 'position of
being "well within 35% of the 'calculated
appropriation limit.at June 30, 1998. The
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City's 1998-99 estimated revenues and budgeted expenditures indicate that by June
30, 1999 the City will be approximately 35f 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,
1997. 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 nine (9) 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
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
(GFOA) 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, 1997. 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
t 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.
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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,
Frank G. Tripepi
City Manager
Karen L. Ogawa
Finance Director
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ELECTED OFFICIALS:
City Council:
APPOINTED OFFICIALS:
CITY OF ROSEMEAD, CALIFORNIA
CITY OFFICIALS
June 30, 1998
A
Robert W. Bruesch Mayor
Joe Vasquez .............................Mayor Pro Tern
Margaret F. Clark Councilwoman
Jay T. Imperial.... • Councilman
Gary A. Taylor Councilman
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1 Planning Commissioners:
Traffic Commissioners:
Rudolfo Ruiz Chairman
William Alarcon Vice Chairman
Robert Breen Commissioner
Duc Loi Commissioner
Merced 'Bill' Ortiz Commissioner
Vacant Chairman
Holly Knapp ..............................Vice Chairwoman
Carmine Baffo Commissioner
Edward Quintanilla Commissioner
Victor Ruiz Commissioner
.Frank G.Tripepi
City Manager
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Hubert E. Foutz
City Treasurer
Robert L. Kress
City Attorney
Nancy Valderrama
City Clerk
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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, 1997
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
and financial reporting.
ppGE OFFi~
DMIFD SfA16 y
w41 D~ ~NH V
fA11°d President
a~ rARPD0.ltOA S
rxrt°co
Executive Director
xvi
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' ING. McGLADREY&PULLENLLP RSM
Certified Public Accountants and Consultants international
' INDEPENDENT AUDITOR'S REPORT
' To the Honorable Mayor and
' Members of the City Council
City of Rosemead
Rosemead, California
We have audited the accompanying general purpose financial statements of the City of Rosemead,
California, as of and for the year ended June 30, 1998. These general purpose financial statements are
the responsibility of the City's management. Our responsibility is to express an opinion on these general
purpose financial statements based on our audit.
;a
We conducted our audit in accordance with generally accepted auditing standards and the standards
B 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 of Rosemead, California, as of June 30, 1998, and the results
of its operations and the cash flows of its pension trust fund for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated September 18,
1998 on our consideration of the City of Rosemead's internal control over financial reporting and our
' tests of its compliance with certain provisions of laws, regulations, contracts and grants. .
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 and are not a
required part of the general purpose financial statements of the City of Rosemead, California. 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.
/Z do
' Pasadena, California
September 18, 1998
I
Suite 300
130 South Lake Avenue
Pasadena, California 91101-2651
(626) 795-7950 FAX(626)795-9820
1
Worldwide
Services
Through
RSM International
THIS PAGE INTENTIONALLY LEFT BLANK
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL PURPOSE FINANCIAL STATEMENTS
YEAR ENDED JUNE 309 1998
CITY OF ROSEMEAD, CALIFORNIA ,
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1998 I I
Governmental Fund Types '
Special
Debt
Capital
'
Assets and Other Debits
General
Revenue
Service
Projects
Assets
"
Cash and investments
S
11,454,939
$
7,059,810
S 2.322.681
S 18,394,832
Receivables
1,234,137
698,441
30,593
287,784
Due from other funds
205,393
-
-
-
Property and equipment
-
-
-
-
Prepaid items
-
-
-
-
Other Debits
Amount available in debt service fund
-
Amount to be provided for retirement of general
long-term debt
-
-
Total assets and other debits
S
12,894,469
S
7,758.251
S 2,353,274
S 18,682,616
Liabilities, Municipal Equity and Other Credits
Liabilities
-
-
-
Accounts payable and accrued liabilities
S
1,0675246
S
344,841
S -
S 309,914
Due to other funds
-
198,399
-
6,994
Deferred revenue
126,729
246,682
-
-
Refundable deposits
-
-
-
Deferred compensation
-
-
-
-
Tax allocation notes and bonds
-
-
-
-
Accrued vacation pay and compensatory time
6,999
-
-
-
Accrued litigation settlement
-
-
-
Q
Total liabilities
1,200,974
789,922
316,908
Municipal Equity and Other Credits
8
Investment in general fixed assets
-
-
-
-
Fund balance:
Reserved:
Long-term receivable
606,932
-
Debt service
-
-
2,353,274
Low-moderate income housing
-
4,565,862
-
Employees retirement
-
-
-
Unreserved:
Designated for:
Capital projects
-
-
-
18,365,708
Building and equipment replacement
1,720,000
-
-
-
'
Litigation settlements
1,000,000
-
-
-
Selfinsurance
Contingencies
300,000
3,000,000
-
-
-
-
-
-
,
Undesignated
5,066,563
2,402,467
-
-
Total municipal equity and other credits
112693,495
6,968,329
2353,274
18,365,708
,
Total liabilities, municipal equity and
other credits
S
12,894,469
S
7,758,251
S 2,353,274
S 18,682,616
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Fiduciary
Fund Types
Account Groups
General
Trust and
General
Long-term
Total (Memorandum Only)
Agency
Fixed Assets
Debt
1998
1997
$
305,449
$ _
$ -
$ 39,537,711 $
38,184,774
2,250,955
2,201,748
-
205,393
31,370
13,553,017
-
13,553,017
13,256,131
920
2,353,274
2,353,274
2,355,613
-
-
33,633,441
33,633,441
33,923,171
$
305,449
$ 13,553,017
$ 35,986,715
$ 91,533,791 $
89,953,727
$
$
$
$ 1,722,001 $
2,074,853
205,393
31,370
373,411
246,682
102,008
=
102,008
95,568
517,848
-
35,610,000
35,610,000
35,905,000
-
-
339,794
346,793 ;.d •
. 304,714
-
36,921
36,921
76,773
102,008
35,986,715
38,396,527
39,252,808
13
553
017
-
13
553
017
13
256
131
,
,
,
,
,
,
-
-
606,932
717,796
2,353,274
2,355,613
-
-
-
4,565,862
4,251,917
203,441
-
-
203,441
212,176
_
-
-
18,365,708
19,039,364
'
1,720,000
1,720,000
-
-
-
1,000,000
1.000,000
'
-
-
-
-
-
300,000
3,000,000
300,000
3,000,000
_
7,469,030
4,847,922
203,441
13,553,017
-
53,137,264
50,700,919
$
305,449
$ 13,553,017
$ 35,986,715
$ 91,533,791 $
89,953,727
3
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 1998
General
Governmental Fund Types
Special Debt
Revenue Service
Capital
Projects
Revenue
Property taxes and special assessments
S -
S 418,502
S
S 2,770,865
Othertaxes
4,134,533
-
-
Licenses and permits
739,162
-
Intergovernmental
3,479,407
3,278,819
Charges for services
489,792
9,700
Fines, forfeitures and penalties
279,104
70,218
Use of money and property
643,925
498,701
141,574
1,213,094
Other
26,613
160
-
44,855
9,792,536
4,276,100
141,574
4,028,814
Expenditures
Current:
General government
1,631,462
121,052
47,566
Public safety
4.309,219
346,724
_
Public works
189,453
1,747,433
1,350,424
Public health
45,381
-
Public recreation
1,906,179
-
Community service
1,011,882
1,048,819
Capital outlay
56,182
_
Debt service:
Principal
295,000
Interest
1,984,054
9,149,758
3,264,028
2,279,054
1,397,990
Revenue over(under)expenditures
642,778
1,012,072
(2,137,480)
2,630,824
Other Financing Sources (Uses)
Operating transfers:
From other funds
1,097,300
564,573
2,135,141
(To) other funds
(45,328)
(447,206)
-
(3,304,480)
1.051.972'
117367
2.135.141
(9.104 4RO)
Revenue and other financing sources over
(under) expenditures and other financing (uses) 1,694,750 1,129,439 (2,339) (673,656)
Fund Balance, beginning 9,998,745 5,838.890 2,355,613 19,039,364
Fund Balance, ending S 11,693,495 S 6,968,329 S 2,353,274 S 18,365,708
See Notes to Financial Statements.
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1 Total (Memorandum Only)
1998 1997
S
3,189,367
S 3,228,384
4,134,533
3,952,511
739,162
760,037
6,758,226
7,532,960
499,492
584,033
e
349,322
363,938
2,497,294
2,415,335
71,628,
63,262
18,239,024
18,900,460 -
1,800,080
2,053,607
4,655,943
4,922,197
3,287,310
45,381
3,349,572
45,966
1,906,179
2,144,066
2,060,701
1,976,965
56,182
47,683
295,000
280,000
1,984,054
1,991,333
t
16,090,830
16,811,389 -
2,148,194
2,089,071
3,797,014
3,676,741
'
(3,797,014)
(3,676,741)
2,148,194
2,089,071
'
37,232,612
35,143,541
S
39,380,806
S 37,232,612
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL - GENERAL, SPECIAL REVENUE, DEBT SERVICE AND CAPITAL
PROJECT FUNDS
Year Ended June 30, 1998
General
Special Revenue
Over (Under)
Budget
Actual
Budget
Budget
Actual
Revenue
Property taxes and special assessments $
-
$ -
S - $
360,000
$ 418.502
Other taxes
3,854,500
4,134,533
280,033
-
-
Licenses and permits
743,900
739,162
(4,738)
-
-
Intergovernmental
3,142,870
3,479,407
336,537
6,172,824
3,278,819
Charges for services
526,200
489,792
(36,408)
8,100
9,700
Fines, forfeitures and penalties
281,500
279,104
(2,396)
60,000
70,218
Use of money and property
418,200
643,925
225,725
309,350
498,701
Other
48,600
26.613
(21,987)
5,150
160
9,015,770
9,792,536
776,766
6,915,424
4,276,100
Expenditures
-
Current:
General government
1,788,790
1,631,462
(157,328)
1,238,750
121.052
Public safety
4,524,770
4,309,219,
(215,551)
559,350
346.724
Public works
112,640
189,453
76,813
5,206,620
1,747,433
Public health
59,000
45.381
(13,619)
-
-
Public recreation
2,101,650
1,906,179
(195,471)
-
-
0
Community service
17017,980
1,011,882
(6,098)
1,766,424
1,048,819
Appropriations reserves
Capital outlay
100,000
59,550
-
56,182
(100,000)
(3,368)
-
-
a
Debt service:
Principal
-
-
-
-
-
Interest
-
-
-
-
-
.a
9,764,380
9,149,758
(614,622)
8,771,144
3,264,028
Revenue over (under)
expenditures
(748,610)
642,778
1,391,388
(1,855,720)
1,012,072
a
Other Financing Sources (Uses)
Operating transfers:
From other funds
1,097,300
1,097,300
-
1,492,550
564,573
(To) other funds
(242,550)
(45,328)
197,222
(1,400,000)
(447,206)
854,750
1,051,972
197,222
92,550
117,367
'
Revenue and other financing
sources over (under) expendi-
tures and other financing
(uses)
Fund Balance, beginning
Fund Balance, ending
See Notes to Financial Statements.
S 106,140 1,694,750 S 1,588,610 S (1,763,170)
9,998,745
S 11,693,495
6
1,129,439
5,838,890 '
S 6,968,329 ,
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Special
Revenue
Debt Service
Capital Projects
Over (Under)
Over (Under)
Over (Under)
Budget
Budget
Actual
Budget
Budget
Actual
Budget
S
58,502
S
S
`e S
2,700,000
S 2,770,865
S 70,865
(2,894,005)
1,600
10,218
-
-
-
189,351
130,000
141,574
11;574
345,000
1,213,094
868,094
(4,990)
-
-
-
-
44,855
44,855
O
(2,639,324)
130,000
141,574
11,574
3,045,000
4,028,814
983,814
(1,117,698)
44,900
47,566
2,666
(212,626)
(3,459,187).
6,682,250
1,350,424
(5,331,826)
(717,605)
295,000
295,000
1,984,053
1,984,054
1
-
-
(5,507,116)
2,279,053
2,279,054
1
6,727,150
1,397,990
(5,329,160)
2,867,792
(2,149,053)
(2,137,480)
11,573
(3,682,150)
2,630,824
6,312,974.
(927,977)
2,279,050
2,135,141
(143,909)
IS 2,892,609. S 129,997 (2,339) S (132,336) S (6,908,500) (673,656) S 6,234,844
' 2,355,613 19,039,364
S 2,353,274 S 18,365,708
7
CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL - GENERAL, SPECIAL REVENUE, DEBT SERVICE AND CAPITAL
,
PROJECT FUNDS, CONTINUED
June 30, 1998
Total (Memorandum Only)
Over (Under)
Budget Actual Budget
Revenue
Property taxes and special assessments
S 1060,000
S 3,189,367
S 129,367
Othertaxes
3,854,500
4,134.533
280,033
Licenses and permits
743,900
739,162
(4,738)
Intergovernmental
9,315,694
6.758,226
(2,557,468)
Charges for services
534.300
499,492
(34,808)
Fines, forfeitures and penalties
341,500
349,322
7,822
Use of money and property
1,202,550
2,497,294
1.294,744
Other
53,750
71,628
17,878
19,106,194
18,239,024
(867,170)
Expenditures
Current:
General government
3,072,440
1,800,080
(1,272,360)
Public safety
5,084,120
4,655,943
(428,177)
Public works
12,001,510
3.287,310
(8,714,200)
Public health
59,000
45,381
(13,619)
Public recreation
2,101,650
1,906,179
(195,471)
Community service
2,784,404
2,060,701
(723,703)
Appropriations reserve
'100,000
-
(100,000)
Capital outlay
59,550
56,182
(3,368)
Debt service:
Principal
295,000
295,000
Interest
1,984,053
1,984,054
1
27,541,727
16,0907830
(11,450,897)
Revenue over (under)
expenditures
(8.435,533)
2,148,194
10,583,727
Other Financing Sources (Uses)
Operating transfers:
From other funds
4,868,900
3,797,014
(1,071,886)
(To) other funds
(4,868,900)
(3,797,014)
1,071,886
Revenue and other financing
sources over (under) expendi-
tures and other financing
(uses) S (8,435,533) 2,148,194 S 10,583,727
Fund Balance, beginning
Residual equity transfer 37,232,612
Fund Balance, ending S 39,380,806
See Notes to Financial Statements.
8
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CITY OF ROSEMEAD, CALIFORNIA
'
STATEMENT OF. REVENUE, EXPENSES AND CHANGES IN PLAN ASSETS -
PENSION TRUST FUND
Year Ended June 30, 1998'
Operating revenue, interest and other investment income
$ 15,643
Operating expenses:
Administrative fees
3,659
Pension benefits
20,719
24,378
Net (loss)
(8,735)
Fund balance, beginning
212,176
Fund balance, ending
S 203,441
See Notes to Financial Statements.
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CASH FLOWS - PENSION TRUST FUND
Year Ended June 30, 1998
ash Flows from Operating Activities
Net (loss) $ (8,735)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Administrative expenses payable 3,659
Net cash (used in) operating activities (5.076)
Cash Flows Provided by Investing Activities
Proceeds from the sale and maturity of annuity contracts 20,719
Unrealized interest and investment income (15,643)
Net cash provided by investing activities 5,076
Cash, beginning
Cash, ending $
See Notes to Financial Statements.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, mid.
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 tite
government's operations and are controlled by common governing boards; 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. The component unit financial'
statements can be obtained from the City Clerk.
Nature of operations
City of Rosemead
The City-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 Los Angeles County
departments under contract. Some of the contracts now in effect are for police, street maintenance and
animal control.
Rosemead Redevelopment Agency
The Agency finances street, park and utility improvements. It 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 and moderate income
housing. It is a California nonprofit benefit corporation organized under Section 501(c)(3) of the Internal
Revenue Code.
11
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and
Significant Accounting Policies, Continued
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.
The govemment has the following fund types and account groups:
Governmental Funds are used to account for the general ggvcrnment 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 govemment 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 intergovern mental 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-term 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.
the loss is determinable.
Estimated losses on insurance claims are charged
to expense in the period
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and
Significant Accounting Policies, Continued
The Agency funds are custodial in nature and do not present results of operations or have a measurement
focus.
The accrual basis of accounting is used for the Pension Trust Fund utilizing the flow of economic
resources measurement focus. Under the accrual basis of accounting, revenue is recognized when earned
and expenses are recorded when incurred. The- Pension Trust Fund applies applicable FASB
' pronouncements issued prior to November 1989 to its financial accounting and reporting.
Governmental Fund Types
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.
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. The Special Revenue Funds and their purposes are as follows:
1 The Traffic Safety Fund accounts for the receipt of vehicle code' fines which are expended for traffic
safety enforcement.
' The State Gas Tax Fund accounts for funds collected froifl 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 use&
in improving transportation systems and to reduce reliance on private vehicles.
' The Local Transportation Fund accounts for state grants used to finance the constructiomof bikeways; .
and sidewalks.
' The Public Transportation Funds account 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.
' 13
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and,
Significant Accounting Policies, Continued
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 and moderate income housing within'City limits.
.
The Rosemead Housing Development Corporation accounts for the construction and financing of low
and 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 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 lAgency.
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 areas fgllows:
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 Agencv 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.
14
C~
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CITY OF ROSEMEAD, CALIFORNIA
1
1
1
1
1
1
1
1
NOTES TO FINANCIAL STATEMENTS
: . ,
Note 1. Reporting Entity, Nature of Operations, Description, of Funds and Account Groups, and
Significant Accounting Policies, Continuer)
The following is a summary of significant accounting policies:
Changes in Accounting Principle
As of July 1, 1997, the City of Rosemead adopted Government Accounting Standards Board (GASB)
Statement No. 31, Accounting and Financial Reporting 'for Certain Investments and for External
Investment Pools. GASB Statement No. 31 requires that investments be reported at their fair value and
that all changes in fair value be reflected in income for the period in which they occur. The adoption of
this Statement had no material effect on the financial'statements for fiscal year ended June 30, 19981
As of July 1, 1997, the City of Rosemead adopted GASB Statement 27, Accounting for Pensions by State
and Local Governmental Employers. This Statement establishes standards for measurement, recognition
and display of pension expense and related liabilities, assets and disclosures in the financial statements of
state and local government employers. The adoption of this Statement had no material effect on the
financial statements for fiscal year ended June 30, 1998.
The City of Rosemead has also adopted GASB No. 32, Accounting and Financial Reporting for Internal
Revenue Code Section 457 Deferred Compensation Plans. This Statement establishes accounting and
financial reporting standards for Internal Revenue Code Section-457 deferred competsation plans-of
state and local governmental employers. The effect of this Statement was to eliminate the asset and
corresponding liability from the City's books for the year ended June 30, 1998. Also, because the Board
was unaware of any additional risks to plan sponsors, under'ike' revised Internal Revenue Code provision, -
any related financial statement disclosures for the deferred compensation plan have been omitted for the '
fiscal year ended June 30, 1998.
Management has the ultimate responsibility for the appropriateness of the accounting policies and
procedures used by the City.
Cash investments and other investments
' As of July 1, 1997, the City of Rosemead adopted GASB No. 31, Accounting and Financial Reporting:
for Certain Investments and for External Investment' Pools. GASB No. 31 requires that investments be
reported at their fair value and that all changes in fair value be reflected in income for the'period in "
' which they occur. The City records all investments at fair value, with the exception of Government
Investment Contracts and Commercial Paper and Bonds which are carried at cost. The 'City has
identified these investments as either being nonnegotiable, having a maturity of one year or less, having a
' redemption value that was fixed and not linked to some sort of index or other market-determined factor,
and the investments are. with reputable organizations with good credit standing so'that the value of the
investments was not significantly impaired as of year end.
' 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. Investment earnings are allocated based on
the source of funds.
15
CITY OF ROSEMEAD, CALIFORNIA '
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and
'
Significant Accounting Policies, Continued
Receivables
'
Propem taxes attach as an enforceable lien on property as of March 1. Taxes are levied on July I 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.
a
All other receivables are reported at their gross value and, where appropriate, are reduced by the
estimated portion that is expected to be uncollectible.
Property and equipment
a
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 govemmental operations are recorded as expenditures in the fund making the. ,
expenditure and capitalized in the general fixed assets account group..
11
if
t
All general fixed assets which were purchased or constructed are stated at cost. Assets acquired by g
or bequest are recorded at their fair market value at the date of transfer. No depreciation is recorded on
general fixed assets.
Fund balances
The reserved portion of the fund balances represents'that amount which has been legally identified for
O
the specific purpose or it represents that amount which is not, available. to liquidate current liabilities.
The unreserved portion represents the amount available for budgeting future operations.
Vacation pay and compensatory time I
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
on a vesting schedule. In addition,
considered to be vested and are paid to the employee bas
1
e
employees can accrue compensatory time.
The vested portion of vacation and sick leave by employees at June 30, 1998 that is expected to be paid
within 90 days after year 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.
16 E
I
'
' CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
' Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and
Significant Accounting Policies, Continued
"Memorandum Only" total columns
Included on the combined financial.statements are total columns captioned "Memorandum Only" to .
1 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 1997 totals presented in the "Memorandum Only" columns are included to provide a
' summarized comparison with comparable 1998 amounts and are not intended to present all information .
necessary for a fair presentation of financial position and results of operations in accordance with
generally accepted accounting principles.
Note 1., 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 actualramounts 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
D budgetary control is the department level. The governing council made several supplemental. budgetary
appropriations throughout the year, none considered to be material.
B In all funds, unexpended budgeted amounts lapse at the end of the budget year.
1 17
CITY OF ROSEMEAD, CALIFORNIA '
NOTES TO FINANCIAL STATEMENTS ,
Note 3. Cash and Investments '
The components of cash and investments at June 30, 1998 are as follows:
Cash in bank $ 2,782.353 '
Time certificates of deposit 2,987,350 '
Cash total 5,769,703
Other investments
4,768,750
Cash with fiscal agent
2,322,683
Guaranteed investment contracts
61134,383
Investment in State Treasurer's Investment Pool
20,338,751
'
Investment in annuity contracts
203,441
Investments total
33,768,008
Cash and investments total
$ 39,537,711
Cash
At year end, the carrying amount of the City's and Agency's deposits (i.e.,
cash in bank and time
certificates of deposit) was $5,769,703 and the bank balance was $5,761,994.
Of-the $5,761,994 bank
" balance; $729,801 'was covered by federal depository insurance and $5,032,193 was collateralized by
depository collateral pools as described in the following paragraph.
u ,
0
In accordance with state statutes, the City and Agency maintains deposits at those depository institutions
insured by the Federal Depository . Insurance Corporation. The California Government Code requires
California banks and savings and loan associatioits'to collateralize governmental entities' deposits by
pledging government securities as collateral. The market value of pledged securities must equal at least
110% of a city's deposits. California law also allows financial institutions to secure City deposits by o
pledging first trust deed. mortgage notes having 'a collateral value of 150% of an the entity's total
deposits.
The City and the Agency maintain cash and investment pools that are available for use by all funds.
Each fund's or fund type's share of the pool balance is reported id-the financial statements as cash and
cash investments. Earnings from the pooled investments are allocated monthly to each participating fund
based on a formula that takes into consideration each fund's average investment in the pool.
Investments '
State statutes authorize the City to invest any available funds in securities issued or guaranteed by the
United States Treasury or agencies of the 'Le$ed Stat_s,1 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 advistory board has been established to monitor the LAIF's compliance with '
regulations and investment alternatives established by the state.
18 '
' CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
I Note i. Cask and Investments, Continued
' Investments include cash with a fiscal agent for $2,322,683, which is invested in a guaranteed investment
contract accruing interest monthly at an interest rate of 5.8%, maturing October I, 2013.
' Investments in annuity contracts included $203,441 invested in the Pension Trust Fund. This investment
was carried at market value. Investments also included $6,134,383 of amounts invested in various
guaranteed investment contracts which accrue interest quarterly at interest rates ranging from 7.18% to
' 7.41%, maturing through October I, 1999.
The management of the state of California Pooled Money Investment Account (referred to as LAIF) has ,
indicated to the Ciry that as of June 30, 1998 the amortized cost value of the pool was $31,920,000.841
' and the estimated fair value of the pool was $31,932,227,970. The City's share of the,fair value. is .
$20,338,751. Included in the state of California Pool is 95.63% invested in certain derivatives or similar
products and 4.37% invested in nonderivative financial products. The City's share of LAIF is not subject
to custodial credit risk categorization.
Other investments are. categorized in the following schedule to give an indication of the level of risk
assumed by the entity at year end.
Category Carving Fair
Investment Type I 2 3 Amount Value
U.S. government and
government agency r.,
B securities' $ $ 1-3;990,498 S 3,940,498 $ 3,940,498
State and municipal bonds 499,595' 499,595 499,595
Commercial paper and
bonds 328,657 328,657 328.657
$ $ $ 4,768,7504 4,768,750 4,768,750
a Cash with fiscal agent 2,322.683 2,3225683
Guaranteed investment
contracts 6,134,383 6.297,612 '
Investment in State
Treasurer's Investment
Pool 20,338,751 20,33 8,751
Investment in annuity
contracts 203,441. 203,441
' Total other investments S 33,768,008 $ 33,931,237
' 19
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STA
Note 3.- Cash and Investments, Continued
The three preceding risk description categories are defined as follows:
Category Description
1' Investments that are insured, registered or for which the securities are held by the City or
t
its agent in the City's name.
2 Uninsured and unregistered investments for which the securities are held by counter-
party's Trust Department (if a bank) br agent in the City's name.
3 Uninsured and unregistered investments for which the securities are held by counter-
party's Trust Department (if a bank) or agent, but 'not in the City's name.
:4
Note 4. Receivables
Receivables as of June 30, 1998 consist of the following
3 , , I
Special
Capital
-
,
General
Revenue
Debt Service Projects
Total
Property tax increment
S -
S -
. $ - S 43,747-
$ 43,747
Accrued interest
197,571
71,703
30,593 244,037
483,904
Due from local utility
i
companies (A)
606,932
- -
606,932
Due from other governmental
agencies
224,132
626,738
850,870
Transient occupancy tax
206,595
206,595
Other
58,907
58.907
S 1,234,137 S 698,441 S 30,593 S 287,784 S 2.250,955
IA' During the 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 amount advanced was $493,807. The Agency then contributed the
receivable to the City at the present valued amount. The City is to collect this receivable from the
utility company in 40 annual installments of $12,345, with the final installment due June 30, 2027.
1. .
During the 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 year ended
June 30, 1990 and $29,372 during the year ended June230, 1992. The Agency then contributed the
receivables to the City. The City is to cgllect'the receivables from the utility company in 15
noninterest-bearing annual installments of $35,987 and S1,958, with the final installments due
June 30, 2005 and September 30, 2006.
20
I
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
I Note 4. Receivables, Continued
During the year ended June 30, 1994, the Agency approved an additional
reimbursement
'
agreement with a local utility company, advancing the utility company funds req
uired 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 valued amount of $212,431. The
'
City is to collect this receivable from the utility company in 15 annual installments of $20,773,
with the final installment due June 30, 2006.
Note 5. Interfund Receivables and Payables
'
Interfund receivables and payables as of June 30, 1998 are as follows:
Interfund
t
Funds Receivables
Payables
General Fund $ 205,393
$
Special Revenue Funds:
Traffic Safety -
8,548
California Wildlife Grant
1,400
Community Development Block Grant
188,451
198,399
Capital Projects Fund
6;994•,
$ 205,393
$ 205,393
Note 6. Property and'Equipment
Changes in property and equipment during the year ended June 30, 1998 were as follows
:
Balance,
Balance,
June 30, 1997 Acquisitions Disposals
June 30, 1999
Land $ 4,730,565 $ - $
S 4,730,565
Buildings and, improvements 5,641,692 143,622.
5,785,314
'
Vehicles 252,264 29,026 22,4.17
Furniture and office equipment 1,198,734 115,562
258,873
1,314,296 ;
Special equipment and machinery 566,205 29,281
-595,486
Other
improvements
866,671
_ 1,812
868,483
'
,
.
$ 13,256,131 $ 319,303 $ 22,417
S 13,553,017
1 21
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STA
Note 7. Employee Pension Plans
Defined contribution pension plan
The City had a defined contribution pension plan which covered substantially all retired employees and
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 (CaIPERS). The value of the annuity contract for
retired employees was $203,441 as of June 30, 1998.
Plan description
The Cih%s defined benefit pension plan, PERS, provides retirement and disability benefits, annual
cost-of-living adjustments, and death benefits to plan members and beneficiaries. The PERS is part of
the Public Agency portion of the California Public Employees Retirement System (CalPERS), an agent
multiple-employer plan administered by CalPEKS, which acts as a common investment and
administrative agent for participating public employers within the state of California. A menu of benefit
provisions as well as other requirements are established by state statutes within the Public Empoyees'
Retirement Law. The City of Rosemead selects optional benefit provisions from the benefit menu by
contract with CalPERS and adopts those benefits through local ordinance. CalPERS "issues a separate
comprehensive annual financial report. Copies of:CalPERS; annual financial report may be obtained
from the CalPERS Executive Office, 400 P Street, Sacramento, California 95814
Funding policy
Active plan members in the PERS are required to contribute 7% of their annual covered salary. The City
of Rosemead is required to contribute the actuarially determined remaining amounts necessary to fund
the benefits for its members. The actuarial methods and assumptions used are those adopted by the
CalPERS Board of Administration. The required employer contribution rate for fiscal 1995-1996 was
55o to 6%. The contribution requirements of plan members are established by state statute and the
employer contribution rate is established and may be amended by CalPERS.
Annual pension cost
For fiscal year 1995-1996, the City of Rosemead's annual pension cost was $94,186 and the City of
Rosemead actually contributed $94,186. The required contribution for fiscal year 1995-1996 was
determined as part of the June 30, 1995 actuarial Valuation using the entry age normal actuarial cost
method with the contributions determined as a percent of pay. The actuarial assumptions included (a)
8.5% investment rate of return (net of administrative expenses); (b) projected salary increases that vary
by duration of service ranging from 4.5% to 14.95% and (c) 4.5% cost-of-living adjustment. Both (a)
and (b) include an inflation component of 4.5%. The actuarial value of PERS 's assets was determined
using a technique that smoothes the effect of short-term volatility in the market value of investments
over a two- to five-year. period depending on the `size of investment gains andior losses. PERS's
unfunded actuarial accrued liability (or excess -assets) is being amortized as a level percentage of
projected payroll on a closed basis. The remaining amortization 'period at June 30, 1996 was 27 years.
22
I NOTES TO FINANCIAL STA'
CITY OF ROSEMEAD, CALIFORNIA
y
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Note 7. Employee Pension Plans, Continued
The City had no transition pension liability resulting from the adoption of GASB Opinion No. 27,
,4ccounling for Pension of State and Local Governmental Emplovers, on July 1, 1997.
Annual
Percentage %
Pension Cost
of APC Net Pension
Fiscal Year Ended June 30,
(APC)
Contributed Obligation
1994
$ 97,850
100 % $
1995
106,135
100
1996
94,186
100
Required Supplementary Information
Funded Status of Plan
Entry Age
Unfunded/
-
Normal
Actuarial
(Over-
Annual
UAAL
Valuation
Accrued
Value of
funded)
Funded
Covered
as a % of
bate
Liability
Assets
Liability
Ratio
Payroll
Payroll
6/30/94
$ 2,227,244
S 1,580,229
S 647,015
70.9 %
$ 1,298,022
49.846 %
6/30/95
2,449,214
1,882,392
566,822
76.9
1,311,860
43.208
6/30/96
2,765,067
2,302,007. ,
463,060 ,
83.3
1,218,455
38.004
Note 8. Deferred Compensation Plan
The City has adopted a deferred compensation plan in accordance with Section 457 of the Internal
Revenue Code. Generally, all eligible employees may defer receipt of a portion of their salary until
future years. The employees are not liable for income taxes on amounts deferred until the.funds are
withdrawn. At June 30, 1998 and 1997, assets of the plan totaled approximately $652,000 and $518,000
respectively. ,
In prior years, all of the plan assets until paid or made available to the employee on their beneficiary,
were the sole property of the Authority, subject to the claims of the Authority's general creditors. - The.
plan was amended during the year ended June 30, 1998; in accordance with recent changes in the Internal
Revenue Code, so that all assets are now held for exclusive benefit of the participants and their
beneficiaries. Therefore, the plan assets and corresponding liability to the participants are no longer
recognized in the accompanying financial statements.
23
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STA
Note 9. Self-insarance Program
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets:
errors and omissions; and injuries to employees. The Citvl carries commercial liability insurance and
bonds its employees. The City carries no insurance coverage for'natural disasters. Beginning in 1977,
the City became a member of the Southern California Joint Poitiers Insurance Authority (the Authority) It- - 1 11
(a joint powers authority of 77 California cities) for the purpose of pooling their losses and claims of
workers' compensation and general liability with those' of other member cities. The Authority is
governed by a Board of Directors which is composed of one representative and an alternate selected by
the City Council of each city. Each Board member has one vote regarding control of all budgeting,
financial and management issues coming before the Board of Directors.
The City, through the Authority, has a self-insured retention of $20,000. The amount exceeding the
self-insured retention level, excluding costs for "property damage only" occurrences which have a total
incurred value of $2,000 or less, will be shared pm ratably among the pool based upon each member's
share of cost under $30,000 up to a maximum of $500,000. Any losses above $500,000, including
claims adjusting costs and administrative expenses, are shared pro rata based upon each member's share
of aggregate payroll. The City has employers' liability insurance up to $5,000,000 per occurrence. 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 years.
i
Note 10. Long-term Debt
Tax allocation bonds, Series 1993 A and B
In November 1993, the Rosemead Redevelopment Agency issued tax allocation bonds in the amount of
$34,275,000 (Series 1993A) and:taxable tax allocation refunding' bonds in the amount of $2,435,000
(Series 1993B) to. finance a portion of the cost of the rede~,elopment 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. From the proceeds, $14,652,398 of Series A and $2,382,551 of Series B, along with the
existing reserve amount of $2,651,000 on deposit with the fiscal agent, were used to purchase U.S.
government securities. Those securities were deposited in an irrevocable trust with an escrow agent to
provide for all future debt service payments on the 1987 and 1991 tax allocation bonds which are,
therefore, considered defeased. Series 1993A bonds mature after October 1, 2001 and before October 1,
2033, and Series 199313 bonds mature on or before October 1; 2001.
In addition, the 1993 bond issue reallocated the $6,813,850 of the proceeds from the 1991 bond issue
deposited in the Low-Moderate Income Housing Fund in October 1991. The reallocation had the effect
of satisfying the $423,574 borrowed from the ERAF in fiscal year ended June 30, 1993 and satisfying 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
24
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 10. Long-term Debt, Continued
Compensated absences
That portion of the liability for the vested compensated absences totaling $339,794,which is not expected
to be paid from available resources is reported in the General Long-term Debt Account Group.
Other long-term debt
The City has included amounts in the long-term debt account groups for a litigation settlement.
The following is a summary of the general long-term debt transactions for the year ended June 30, 1998:
'
Accrued
Tax Allocation
Tax Allocation
Vacation and
Bonds Series
Bonds. Series
Litigation
Compensaton,
'
1993A
19936
Settlement
Time
Total
1997
June 30
Balance
S 34,275,000
S 1,630,000
S 76,773
S 297,011
$ 36,278.784
.
,
,
Payments of principal
(295,000)
(39,852)
(334,852)
Additions
-
-
-
42,783
42.783
t
Balance, June 30, 1998 .
S 341275,000
$ 1,335,000
S 36,921
S 339,794
S 35,986,715
The annual requirements,
principal and int
erest to amortize the outstandi
ng debt as of J
une 30, 1998 are
e
as follows:
t
Accrued
Series 1993
Vacation and
8
During the Year
A and B
Litigation
Compensa-
Ending June 30, -
Bonds
Settlement
tory Time
Interest
Total
1999
$ 310,000
S 36,921
$ 339,794
S 1,962,034
S 2,648,749
2000
330,000
-
1,942,258
2,272,258
2001
345,000
1,922,848
2,267,848
2002
370,000
1,902,518
2,272,518
2003
425,000
1,891,273
2,316,273
Years thereafter
33,830,000
-
-
37,955,315
71,785,315
S 35,610,000
S 36,921
S 339,794
$ 47,576.246
S 83,562,961
' Defeasance of prior debt
The Agency has advance refunded prior bond issues which are considered defeased and, accordingly, the
long-term debt liability has been removed from the General Long-term Debt Account Group. The
Agency is, however, contingently liable if, for any reason, the funds on deposit are not sufficient to retire
the defeased debt. On June 30, 1998, $7,732,335 of outstanding bonds are considered defeased.
1 25
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATE
Note]]. Budget Overewpenditures rind Deficit
Expenditures exceeded appropriations for the year ended June 30, 1998 in the following.departments:
General Fund
Travel and meetings
City administration
Animal regulation
Parking control
Narcotics forfeiture
Street and highway construction
Traffic signs and striping maintenance
Building regulation
Community improvements
Traffic Safety Fund
Public safety
Air Quality Management District Fund
Public works
Note 12. Commitments and Contingent Liabilities
Low-Moderate Income Housing Set-Aside Fund
-Amount
of Over-
Appropriations Expenditures expenditures
$ 23,000
$ 28,178 $
5,178
492,100
514,411
22,311
50,000
.57,138
7,138
125,200
146,358
21,158
-
42
42
76,000
146,310.
70,310
-
9,989
9,989
444.800
488,156
43,356
93,120
106,016
12,896
60,000
70.218
10,218
24,500
51,289
26,789
Under state law, the Agency is required to set aside a portion of its property tax increment revenue for
low- and 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, 19,96 and 1997 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, 1998, 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.
Litigation
The City is a member of the "LA County Liability Trust Fund" which was set up to pay for litigation
involving the Los Angeles County Sheriffs' Department within any of the 41 cities that are serviced by
the LA County Sheriffs. The Trust Fund was and is being funded by the 41 cities based upon an
additional 6% charge on the amount paid to Los Angeles County for the use of its deputies within the
City. Based upon the agreement signed by all of the 41 cities at the time the Trust Fund originated, the
cities will be jointly liable for any and all claims filed against an Los Angeles Sheriffs' Deputy, no matter
which of the 41 cities that claim arose from.
26
' CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
' Nate 11. Commitments and Contingent Liabilities, Continued
' In 1998 the County of Los Angeles lost a litigation matter which resulted in a $25,000,0000 judgment
against the Los Angeles County Sheriffs' Department which Los Angeles County has since paid. Now
Los Angeles County is looking to collect this money back from the 41 cities which were members of the
trust fund.
' At this time it is too early for the City to predict the financial impact of its share of the settlement which .
must be paid to the County of Los Angeles, nor do they know what length of time the settlement
' payments, if any, will be spread over. As a result, the City has not recorded any liability relating to this
matter in its June 30, 1998 financial statements.
' 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 September 18, 1998, the agreement continues
to remain on hold.
Note 13. Year 2000 Issue
The Year 2000 issue is the result of shortcomings in many electronic data processing systems and other
electronic equipment that may adversely affect the govemment's operations as early as fiscal year ending
June 30, 1999.
The City of Rosemead has completed an inventory of its in-house computer systems and other electronic
equipment (i.e., irrigation systems, traffic signals, etc.) within City limits that may be affected by the
Year 2000 issue and that are necessary to conducting the City's operations. Currently, the City, is in the
remediation stage in that bid specifications have been drawn up to purchase, from outside vendors,
hardware and software believed to be Year 2000 compliant for the financial reporting systems. the City
has budgeted $50,000 to obtain and implement a complete Year 2000 financial reporting system during
the fiscal year ending June 30, 1999. Testing and validation of the systems will need to be completed
after the hardware and software are installed.
a
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1
CITY OF ROSEMEAD, CALIFORNIA
COMBINING AND INDIVIDUAL FUNDS
AND ACCOUNT GROUPS
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1998'
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.
30
CITY OF ROSEMEAD, CALIFORNIA
GENERALFUND
BALANCESHEET
June 30, 1998
1998 1997
ASSETS
Cash and investments $11,454,939 $10,207,644
Receivables 1,234,137 1,220,124
Due from other funds 205,393 29,736
Prepaid expenses 920
Total Assets $12,894,469 $11,458,424
LIABILITIES AND MUNICIPAL EQUITY
Liabilities
Accounts payable and accrued liabilities
$1,067,246
$1,451,976
Due to other governmental agencies
Deferred revenue
126,729
Accrued vacation pay and compensatory time
6,999
7,703
Total Liabilities
$1,200,974
$1,459,679
Municipal Equity and Other Credits:
Fund Balance:
Reserved:
Long-term receivable
$606,932
$717,796
Unreserved:
Designated:
Building and equipment replacement
1,720,000
1,720,000
Litigation settlements
1,000,000
1,000,000
Self-insurance
300,000
300,000
Contingencies
3,000,000
3,000,000
Undesignated
5,066,563
3,260,949
Total Fund Balance
$11,693,495
$9,998,745
Municipal Equity and Other Credits
Total Liabilities
$12,894,469
$11,458,424
,
31
1
t
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
1998
1997
REVENUES:
Other Taxes
$4,134,533
$3,952,511
Licenses and permits
739,162
760,037
Intergovernmental
3,479,407
3,860,776
Charges for services
489,792
576,033
Fines, forfeitures and penalties
279,104
276,281
Use of money and property
643,925
568,410
Other
26,613
30,921
Total Revenue
$9,792,536
$10,024,969
EXPENDITURES:
Current:
General government
$1,631,462
$1,812,609
Public safety
4,309,219
4,561,894
Public works -
189,453.
47,007
Public health
45,381
45,966
Public recreation
1,906,179
2,144,066
Community service
1,011,882
1,014,080
Capital outlay
56,182
47,683.
Total Expenditures
$9,149,758
$9,673,305
Revenue over(under)expenditures
$642,778
$351,664
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$1,097,300
$1,097,300
(To) other funds
(45,328)
(53,247)
Total Other Financing Sources (Uses)
$1,051,972
$1,044,053
Revenues and Other Financing
Sources over (under) expenditures
$1,694,750
$1,395,717
FUND BALANCE, BEGINNING
9,998,745
8,603,028
FUND BALANCE, ENDING
$11,693,495
$9,998,745
32
CITY OF ROSEMEAD, CALIFORNIA
GENERALF
UND
REVENUE DETAIL - BUDGET AND ACTU
AL
Fiscal Year Ended J
une 30, 1998
Over
(Under)
Budget
Actual
Budget
1997
TAXES
Maintenance district
$1,500
$1,366
($134)
$1,575
Real estate transfer tax
40,000
46,600
6,600
47,904
Sales and use tax
2,500,000
2,658,370
158,370
2,550,967
Franchise fees
578,000
605,586
27,586
574,497
Transient occupancy tax
735,000
822,611
87,611
777,568
$3,854,500
$4,134,533
$280,033
$3,952,511
LICENSES AND PERMITS
Business license fees
$35,000
$39,149
$4,149
$34,578
Building permit fees
525,000
529,417
4,417
511,039
Public work permit
56,000
46,792
(9,208)
76,133
Tentative map fees
7,500
6,940
(560)
5,975
Development review fees
5,500
1,499
(4,001)
17,260
Final map fees
25,000
16,775
(8,225)
25,365
Occupancy permit fees
56,000
58,656
2,656
58,490
Sewer connection
30,000
37,544
7,544
28,624
Strong motion fees
2,300
2,390
90
2,573
Rehabilitation permit fees
1,600
-
(1,600)
-
$743,960
$739,162
($4,738)
$760,037
INTERGOVERNMENTAL
Financial aid to local agencies
$900,000
$1,054,459
$154,459
$1,017,845
Motor vehicle in lieu tax
2,000,000
2,372,031
372,031
2,192,695
Other vehicle taxes
11,800
857
(10,943)
856
COPS Grant
69,070
52,060
(17,010)
352,029
Other State grants
162,000
(162,000)
297,351
$3,142,870
$3,479,407
$336,537
$3,860,776
CHARGES FOR SERVICES
Filing and certification fees
$50,000
$50,005
$5
$54,503
Other current charges
224,600
214,363
(10,237)
249,735
Recreation fees
224,506
185,528
(38,972)
226,876
Assessments
3,000
16,784
13,784
25,586
Special community events
24,100
23,112
(988)
19,333
$526,200
$489,792
($36,408)
$576,033
FINES, FORFEITURES AND
PENALTIES
Court fines and forfeitures
$281,500
$279,104
($2,396)
$276,281
USE OF MONEY AND PROPERTY
Interest eared on investments
$360,000
$582,970
$222,970
$505,143
Rental Income
58,200
60,955
2,755
63,267
$418,200
$643,925
$225,725
$568,410
OTHER
SANE program
$32,500
$12,500
($20,000)
$12,500
Repairs to and sale of City property
1,100
1,040
(60)
3,552
Miscellaneous
15,000
13,073
(1,927)
14,869
$48,600
$26,613
($21,987)
$30,921
Total Revenues
$9,015,770
$9,792,536
$776,766
$10,024,969
33
7
t
CI
TY OF ROSE MEAD
CALIFORNIA
,
GENERAL FUND
EXPENDITURE DETAIL - BUDGET AND ACTUAL
Fiscal Year Ended June 30,1998!:
Over
(Under)
Budget
Actual
Budget
1997
GENERAL GOVERNMENT
'
Travel and meeting
$23,000
$28,178
$5,178:
$27,841
City council
66,300
65,347
(953)
64,767
City administration
492,100
514,411
22,311
554,615
'
City clerk
91,330
81,317
(10,013)
109,869
Finance
246,800
223,128
(23,672)
231,670
City treasurer
12,000
11,757
(243)
12,059
'
City attorney
124,100
98,037
(26,063)
124,482
General government buildings
417,500
323,785
(93,715)
366,414
Community promotion
273,110
250,287
(22,823)
275,837
City garage
42,550
35,215
(7,335)
45,055
$1,788,790
$1,631,462
($157,328)
$1,812,609
'
PUBLIC SAFETY
'
Law enforcement
Animal regulation
$4,227,270
50,000
$4,007,316
57,138
($219,954)
7,138
$4,276,631
67,934
Parking control
125,200
146,358
21,158
117,359
' Crossing guard
102,900
91,688
(11,212)
90,867
Emergency services
19,400
6,677
(12,723)
8,993
Narcotics forfeiture
42
42
110
Street lighting
-
-
-
-
$4,524,770
$4,309,219
($215,551)
$4,561,894
'
PUBLIC WORKS
Engineering and administration
$36,640
$33,154
($3,486)
$36,452
Street and highway construction
76,000
136,310
70,310
8,939
Traffic signs and striping maintenance
9,989
9,989
1,616
$112,640
$189,453
$76,813
$47,007
a
PUBLIC HEALTH
Public health services
$59,000
$45,381
($13,619)
$45,966
PUBLIC RECREATION
Administration
$194,900
$192,834
($2,066)
$187,735
Parks
982,650
847,260
(135,390)
1,104,630
Recreation
610,300
592,582
(17,718)
594,279
'
Aquatics
309,800
270,130
(39,670)
253,630
Dinsmoor Heritage House
4,000
3,373
(627)
3,792
$2,101,650
$1,906,179
($195,471)
$2,144,066.
COMMUNITY SERVICE
Planning
$208,460
$195,248
($13,212)
$204,899
Building regulation
444,800
488,156
43,356
458,867
'
Engineering
271,600
222,462
(49,138)
244,505
Community improvements
93,120
106,016
12,896
105,809
$1,017,980
$1,011,882
($6,098)
$1,014,080
'
CAPITAL OUTLAY
$59,550
$56,182
($3,368)
$47,683
APPROPRIATION RESERVES
$100,000
($100,000)
758
9
9
($614
622)
673
305
$9
Total Expenditures
$9,764,380
,14
,
$
,
,
,
1 34
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35
1
1
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.
36
SPECIAL REVENUE FUNDS
TRAFFIC SAFETY FUND
Established to account for the receipt of vehicle code fines 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.
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.
37
' SPECIAL REVENUE FUNDS (cont'd)
1
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 1986.
' CALIFORNIA WILDLIFE GRANT FUND
' Established to account for a state grant for pre-approved specified park projects.
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.
1 38
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1998
ASSETS
Cash and cash investments
Receivables
Total Assets
LIABILITIES AND
MUNICIPAL EQUITY
Liabilities:
Accounts payable
Due to other funds
Deferred revenue
Total Liabilities
Municipal Equity:
Reserved for low-moderate
income housing
Unreserved, undesignated
Total Equity
Total Liabilities and
Municipal Equity
Air Quality
Local
Public
Community
Traffic
State
Management
Trans-
Trans-
Development
Safety
Gas Tax
District
portation
portation
Block Grant
Fund
Fund
Fund
Fund
Fund
Fund
$704,996
$95,353
$7
$1,046,078
$128,847
8,548
8,856
15,556
100,354
458,126
$8,548
$713.852
$110909
$7
$1,146,432
$586,973
$70,014
$2,535
$85,096
$151,840
8,548
188,451
246,682
$8,548
$70014
$85,096
$586,973
643,838
108,374
7
1,061,336
$ -
$633,838
$108,374
$7
$1,061,336
$8,548
$713,852
$110,909
$7
$1,146,432
$586,973
39 p,
I
CITY OF ROSEMEAD, CALIFO
RNIA
SPECIAL REVENUE FUNDS
'
COMBINING BALANCE SHEET
June 30, 1998
1976
Community
Low-Moderate
Rosemead
Parklands
Street
Narcotics Income Hous-
Housing
California
Grant
Lighting
Seizure ing Set-Aside
Development
Wildlife
Fund
Fund
Fund Fund
Corporation
Grant
'
$45,876
$428,687
$10,025 $4,494,159
$104,346
$1,436
35,298
71,703
-
862
346
$104
436
$1
$45,876
$463,985
$10,025 $4,565,
,
,
'
$ -
$9,624
$10,025 $ -
$15,707
$ -
1,400
$9,624
$10,025
$15,707
$1,400
1
$ _
$ _
$ - $4,565,862
'
45,876
454,361
88,639
36
$45,876
$454,361
$4,565,862
$88,639
$36
'
$45,876
$463,985
110.025 $4,565,862
$104 346
$1 436
1
1
'
40
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41
ALIFORNIA
CITY OF ROSEMEAD, C
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30, 1998
1
Federal
Highway Totals
Grants 1998
1997
'
ASSETS
Cash and cash investments
$7,059,810
$6,119,855
Receivables
698,441
421,198
1
053
$6
541
Total Assets
S. $7,758,25
,
,
'
LIABILITIES AND
MUNICIPAL EQUITY
Liabilities:
Accounts payable
$ - $344,841
$424,111
Due to other funds
198.399
31,370
'
Deferred revenue
246,682
246,682
Total Liabilities
789,922
702,163
Municipal Equity:
Reserved for low-moderate
income housing
$4,565,862
$4,251,917
'
Unreserved, undesignated
2.402,467
1,586,973
Total Equity
$6,968,329
$5,838,890
'
Total Liabilities and
Municipal Equity
$7,758,251
$6,541,053
t
'
42
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June'30, 1998
REVENUES:
Special assessments
intergovernmental
Charges for services
Fines, forfeiture and penalties
Use of money and property
Other
Total Revenues
EXPENDITURES:
Current:
General government
Public safety
Public works
Community services
Capital outlay
Total Expenditure
Revenue over (under)
expenditures
Traffic
State
Safetv
Gas Tax
Fund
Fund
Air Quality
Local
Management
Trans-
District
portation
Fund
Fund
$ -
991,722 59,719
9,700
70,218
36,167
$70,218 $1,037,589 $59,719
7
Public
Trans-
portation
Fund
1,103,705
55,553
$7 $1,159,258
$ - $ - $ - $ -
70,218
827,444 51,289 2,473 790,356
3,857
$70.218 $827,444 $55,146 $2,473 $790,356
$ - $210,145 $4,573 ($2,466) $368,902
0
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$ -
$ -
$ -
$2,473
147,206
(To) other funds
(147,206)
$ _
$2,473
$ -
Revenue and other financing
sources over (under) expenditures
$ -
$210,145
$4,573
$7
$368,902
FUND BALANCE, BEGINNING
433,693
103;801
692,434
FUND BALANCE, ENDING
$ -
$643 838
$108,374
$7
$1,061,336
43
NIA
CITY OF ROSE
MEAD, CALIFOR
SPECIAL R
EVENUE FUNDS
COMBINING
STATEMENT
OF REVENUE, EXPENDITURES
AND CHANGES
IN FUND BALANCES
Fiscal Year Ended June 30, 1998
1976
Community
Community
Low-Moderate
Rosemead
Development
Parklands
Street
Narcotics Income Housing
Housing
Block Grant
Grant
Lighting
Seizure Set-Aside
Development
'
Fund
Fund
Fund
Fund Fund
Corporation
$ -
$ -
$418,502
$ - $
$
1,120,833
2,840
2,468
241,906
162,600
160
'
$1,120,833
$2,468
$418,502
$2,840 $241,906
$162,760
$ _
$ -
$ _
$121,052
-
230,811
45,695
75,871,
1,044,962
-
'
052
$121
$1,120,833
$230,811
$45,695
,
'
$ -
$2,468
$187,691
($42,855) $241,906
$41,708
$ -
$
42,855 $222,039
$150,000
(150,000)
(150,000)
$ _
$ _
$ -
$42,855 $72,039
$ -
$2,468
$187,691
$ - $313,945
$41,708
'
917
4
251
46
931
43,408
266,670
,
,
,
'
$ -
$45.876
$454,361
$4.565.862
$88,639
'
44
THIS PAGE INTENTIONALLY LEFT BLANK
45
O CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 1998
California
Wildlife
' Grant
REVENUES:
' Special assessments $
Intergovernmental
Charges for services
Fines, forfeiture and penalties
' Use of money and property
Other
EXPENDITURES:
Current:
General goverrimcm
' Public safety
Public works
Community services
' Capital outlay _
' OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
' (To) other funds _
Federal
Highway
Totals
1998 1997
$418,502
3,278,819
9,700
70,218
498,701
160
$4,276,100
$121,052
346,724
1,747,433
1,048,819
$3,264,028
$1,012,072
$ - $ - $564,573
(447,206)
$ - $117,367
' Revenue and other financing
sources over (under) expenditures
FUND BALANCE, BEGINNING
' FUND BALANCE, ENDING $ _ $
t
' 46
$1,129,439
5,838,854
$6.968.293
$382,609
3,672,184
8,000
87;657
422,877
3,398
$4,576,725
$190,748
360,303
2,543,754
962,885
$4,057,690
$519,035
$443,439
(300,000)
$143,439
$662,474
5.176,416
$5.838,890
CITY OF ROSEMEAD, CALIFORNIA
TRAFFIC SAFETY FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
Over
(Under)
Budget Actual Budget 1997
REVENUES:
Fines, forfeiture and penalties $60,000 $70,218 310,218 $87,657
Total Revenues $60,000 $70,218 $10,218 $87,657
EXPENDITURES:
Public safety
Total Expenditures
Revenues over (under) 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
$60,000
$70,218
$10,218
$87,657
$60,000
$70,218
$10,218
$87,657
47
CITY OF ROSEMEAD, CALIFORNIA
' STATE GAS TAX FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
REVENUES:
Intergovernmental
Charges for services
Use of money and property
Other
1 Total Revenues
t EXTENDITURES:
Public Works
Community Services
' Total Expenditures
Revenues over (under) 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
Over
(Under)
Budget
Actual
Budget
$907,500
$991,722
$84,222
8,000
9,700
1,700
2,500
36,167
33,667
$918,000
$1,037,589
$119.589
$1,165,120
$827,444
($337,676)
$1,165,120
$827,444
($337,676)
($247,120)
$210,145
$457,265
1997
$975,184 .
8,000
27,160
242
$1,010,586
$940,952
$940,952
$69,634
($247,120)
$210,145
433,692
__$643,837
$457.265
48
$69,634
364,059
$433,693
CITY OF ROSEMEAD, CALIFORNIA
AIR QUALITY MANAGEMENT DISTRICT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
Over
(Under)
Budget
Actual Budget
REVENUES:
Intergovernmental
$60,000
$59,719 ($281)
Use of money and property
4,500
(4,500) .
Other
150
(150)
Total Revenues
$64,650
$59.719 ($4,931)
EXPENDITURES:
Public works
Community Services
Total Expenditures
Revenues over (under) 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
1997
$57,154
$110,157
3,815
49
$24,500
3,900
$28,400
$36,250
($56,818)
$36,250 $4,573 ($31 677) ($56,818)
103,801
$108,374 ($56,818)
$51,289
3,857
$4,573
$26,789
(43)
$26,746
$31,677
i
CITY OF ROSEMEAD, CALIFORNIA
i LOCAL TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
i Fiscal Year Ended June 30, 1998
REVENUES:
i Intergovernmental
Charges for services
Use of money and property
i Total Revenues
i EXPENDITURES:
Public works
Total Expenditures
i Revenues over (under) expenditures
i OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
Revenue and other financing sources
over (under) expenditures
' FUND BALANCE, BEGINNING
i FUND BALANCE, ENDING
1
1
1
Budget Actual
Over
(Under)
Budget 1997
$20,000 ($20,000) $22,262
100 (100)
7 7
$20,100 $7 ($20,093) $22,262
$20,000
$2,473
($17,527)
$29,396
$20,000
$2,473
($17,527)
$29,396
$100
($2,466)
$2,566
($7,134)
$ - $2,473 $2,473 $7,134
$100 $7 ($93) $
$7 $
50
CITY OF ROSEMEAD, CALIFORNIA
PUBLIC TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
Over
(Under)
Budget
Actual
Budget
1997
REVENUES:
Intergovernmental
$960,000
$1,103,705
$143,705
$1,038,697
Use of money and property
21,000
55,553
34,553
36,470
Total Revenues
$981,000
$1,159,258
$178,258
$1,075,167
EXPENDITURES:
Current'.
Public works
$1,567,550
$790,356
($777,194)
$843,432
Total Expenditures
$1,567,550
$790,356.
($777,194)
$843,432
Revenues over(under)expenditures
($586,550)
$368,902
($955,452)
$231,735
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
$242,550
$ -
($242,550)
$ -
Revenue and other financing sources
over (under) expenditures
($344,000)
$368,902
$712,902
$231,735
FUND BALANCE, BEGINNING
692,434
FUND BALANCE, ENDING
$1,061,336
$231,735
51
CITY OF ROSEMEAD, CALIFORNIA
' COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' Fiscal Year Ended June 30, 1998
' REVENUES:
Intergovernmental
Total Revenues
' EXPENDITURES:
Current:
' Public works
Conununity services
Total Expenditures
' Revenues over (under). expenditures
' OTHER FINANCING SOURCES (USES):
Operating transfers:
From (ro) other funds
Revenue and other financing sources
over(under)expenditures
' FUND BALANCE, BEGINNING
' FUND BALANCE, ENDING
Over
(Under)
Budget Actual Budget 1997
$3,153,974 $1,120,833 ($2,033,141) $1,578,887.
$3,153,974 $1,120,833 ($2,033,141) $1,578,887
$1,391,450 $75,871
1,762,524 1,044,962
$3,153,974 $1.120,833
52
($1,315,579) $619,817
(717,562) .959,070
($2,033,141) $1.578,887
CITY OF ROSE117EAD, CALIFORNIA
1976 COMMUNITY PARKLANDS GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
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 financing sources
over(under)expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget Actual Budget 1997
$o
2,468
2,468
2,115
$2,468
$2,468
$2,115
$2,468
$2,468
$2,115
$
$
$ -
$2,468
$2,468
$2,115
43,408
$45,876
$2,115
53
. e d11 -
CALIFORNIA
EMEAD
,
CITY OF ROS
STREET LIGHTING FUND
'
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
REVENUES:
Special Assessment
Total Revenues
' EXPENDITURES:
Public safety
' Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
' Operating transfers:
From (To) other funds
' Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
' RESIDUAL EQUITY TRANSFER
' FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
1997
$360,000
$418,502
$58,502
$382,609
$360,000
$418,502
$58,502
$382,609
$451,000
$230,811
($220,189)
.$226,287.
$451,000
$230,811
($220,189)
$226,287
($91,000)
$187,691
$278,691
$156,322
($91,000)
$187,691
266,670
$454 361
54
$ $
$278.691 $156,322
$156,322
CITY OF ROSEMEAD, CALIFORNIA
NARCOTICS SEIZURE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
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 (To) other funds
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
1997
$48,350
$2,840
($45,510)
0
246
$48,350
$2,840
($45,510)
$246
$18,350
$45,695
($2,655)
$46,359
$48,350
$45,695
($2,655)
$46,359
($42,855)
($42,855)
($46,113)
$42,855 $42,855
$46,113
55
' CITY OF ROSEMEAD, CALIFORNIA
LOW-MODERATE INCOME HOUSING FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' Fiscal Year Ended June 30, 1998
' REVENUES:
Use of money and property
Total Revenues
' EXPENDITURES:
General government
' Total Expenditures
Revenues over (under) 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
Over
(Under)
Budget
Actual
Budget
1997
$120,000
$241,906
$121,906
$194,553
$120,000
$241,906
$121,906
$194,553
$
$120,000
$241,906
$121,906
$194,553
($1,250,000)
$72,039
$1,322,039
$90,192.
($1.130,000)
$313,945
$1,443,945
$284,745
4,251,917
$4,565,862
56
$284,745'
u
CITY OF ROSEMEAD, CALIFORNIA
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
1
Over
(Under)
Budget
Actual
Budget
1997
REVENUES:
Use of money and property
$161,350
$162,600
$162,333
$162,333
Other
5,000
160
(4,840)
3,156
Total Revenues
$166,350
$162,760
$157,493
$165,489
EXPENDITURES:
General government
$1,238,750
$121,052 -
($1,117,698)
$190,748
Public Nvorks
15,000
(15,000)
Total Expenditures
$1,253,750
$121,052
($1,132,698)
$190,748
Revenues over(under)expenditures
($1,087,400)
$41,708
($1,290,191)
($25,259)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
$1,100,000
($1,100,000)
Total OtherFiuancingSources (Uses)
$1.100,000
($1,100,000)
Revenue and other financing sources
over(under)expenditures
$12,600
$41,708
$29,108
($25,259)
FUND BALANCE, BEGINNING
46,931
FUND BALANCE, ENDING
$88.639
($25,259)
57
f )r'
CALIFORNIA
TY.OF ROSEMEAD
C
,
I
CALIFORNIA WILDLIFE FUND
'
STATEMENT OF REVENUE, EXPENDITURES
A
ND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
'
'
Over
(Under)
'
Budget Actual
Budget
1997
I i
REVENUES:
Intergovemmental
'
$
Total Revenues
$
'
'
EXPENDITURES:
Public Recreation
'
Total Expenditures
$
$
$
Revenues over (under) expenditures
$
$
$
OTHER FINANCING SOURCES (USES):
Operating transfers: .
'
From (To) other funds
$
$ -
$
$ '
Revenue and other financing sources
'
over(under)expenditures
$
$
'
$
FUND BALANCE, BEGINNING
36
.36
'
FUND BALANCE, ENDING
$36
$36
I
i
'
58
CITY OF ROSEMEAD, CALIFORNIA
FEDERAL HIGHWAY GRANTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
Over
(Under)
Budget
Actual
Budget
1997
REVENUES:
Intergovernmental
$1,023.000
($1,023,000)
Use of money and property
Total Revenues
$1,023,000
($1,023,000)
EXPENDITURES:
Public works
$1,023,000
($1,023,000)
Total Expenditures
_$1,023,000
($1,023,000)
Revenues over (under) 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
59
1
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.
60
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
BALANCE SHEET
June 30, 1998
1998 1997
ASSETS
Cash and investments $18,394,832 $18,687,263
Receivables 287,784 549,233
Due from other funds 1,634
Total Assets $18,682,616 $19,238,130
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Arbitrage rebate payable
Due to City of Rosemead
Due to other funds
$309,914
6,994
$316,908
$198,766
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Unreserved:
Designated for capital projects
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
$198,766
18,3 65,708 19,03 9,364
$18,365,708 $19,039,364
$18,682,616 $19,238,130
61
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1998
REVENUES:
Property taxes and special assessments
Use of money and property
Other
Total Revenue
EXPENDITURES:
Current:
Improvements to project area
Professional fees
City administrative services
1 Intergovernmental
Arbitrage rebate (credit)
Capital outlay
' 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
PRIOR PERIOD ADJUSTMENT
FUND BALANCE, ENDING
62
1997
$2,770,865
1,213,094
44,855
$4,028,814
$1,350,424
40,360
7,206
$1,397,990
$2,630,824
(3,304,480)
($3,304,480)
($673,656)
19,039,364
$18,365,708
1997
$2,845,775
1,288,447
28,943
$4,163,165
$758,811
20,544
29,706
$809,061
$3,354,104
(3,323,494)
($3,323,494) '
$30,610
19,008,754
$19,039,364
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT'OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE'- BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1998
REVENUE
Property taxes and special assessments
Use of money and property
Other
EXPENDITURES
Improvements to project area
Professional fees
City administrative services
Intergovernmental
Arbitrage rebate expense
Capital outlay
Investinerit loss
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
1997
$2,700,000
$2,770,865
$70,865
$2,845,775
345,000
1,213,094
868,094
1,288,447
44,855
44,855
28,943
$3,045,000
$4,028,814
$983,814
$4,163,165
$6,682,250
$1,350,424
($5,331,826)
$758,811
35,000
40,360
5,360
20,544
9,900
7,206
29,706
$6.727,150
$1,397,990
($5,326,466)
$809,061
($3,682,150)
$2630,824
$6,310,280
$3,354,104
(3,226,350)
__($6.908 50O
(3,304,480) (78,130) (3,323,494)
($3,304,480) _($78,130) ($3,323,494)
($673,656) $6,234,844 $30,610
19,039,364 19,008,754
$18.365,708
$19,039,364
63
e
s
t
t
1
1
DEBT SERVICE FUND
The Debt Service Fund account for the accumulation of resources for the payment of general long-
term debt principal, interest and related costs.
64
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
BALANCESHEET
June 30, 1998
ASSETS
Cash and investments with fiscal agent
Receivables
Total Assets
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Reserved:
Debt service
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
65
1998 1997
$2,322,681 $2,344,420
30,593 11,193
$2,353,274 $2,355,613
$2,353,274
$2,355,613
$2,353,274
$2,355,613
$2,353,274
$2,355,613
Y
e
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
a
Fiscal Year Ended June 30, 1998
a
a REVENUES:
Interest
a Total Revenue
EXPENDITURES:
a Debt service:
Principal
Interest
a Certificate of refunding
Issuance costs
a Total Expenditures
Revenue over (under) expenditures
a OTHER FINANCING SOURCES (USES):
a Operating transfers:
From other funds
(To) other funds
a Total Other Financing Sources (Uses)
a Revenues and Other Financing
Sources over (under) expenditures
a FUND BALANCE, BEGINNMG
FUND BALANCE, ENDING
a
a
a
a
a
66
1998 1997
$141,574 $135,601
$141,574 $135,601
$295,000 $280,000
1,984,054 1,991,333
$2,279,054 $2,271,333
($2,137,480) ($2,135,732)
$2,135,141 $2,136,002
$2,135,141 $2,136,002
($2,339)
2,355,613
$2,353,274
$270
2,355,343
$2,355,613
F
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1998
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 1997
$130,000 $141,574 $11,574 $135,601
$130,000 $141,574 $11,574 $135,601
$295,000
$295,000
$280,000
1,984,053
1,984,054
1
1,991,333
$2,279,053
$2,279,054
- $1
$2,271,333
($2,149,053)
($2,137,480)
$11,573
($2,135,732)
$2,279,050 $2,135,141 ($143,909) $2,136,002
$2,279,050 $2,135,141 ($143,909) $2,136,002
$129,997 ($2,339) ($132,336) $270
2,355,613 2,355,343
$2,353,274 $2,355,613
67
Y
1
1
8
O
1
1
,
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 agent. The cash
being held primarily represents amounts placed on deposit for refundable permits and
performance bonds.
68
CITY OF ROSEMEAD, CALIFORNIA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30, 1998
ASSETS
Pension
Trust
Fund
Refundable
Deposits
Totals
Cash and cash investments
Receivables
Total Assets
1998 1997
$203,441
$102,008
$305,449
$825,591
$203,441
$102,008
$305,449
$825,591
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Refundable deposits
Deferred compensation
Total Liabilities
$102,008 $102,008 $95,568
517,848
$102,008 $102,008 $613,416
Municipal Equity:
Fund balance, reserved for
employees' retirement $203,441 $ $203,441 $212,176
Total Liabilities and Municipal Equity $203,441 $102,008 $305 449 $825,592
69
e
a Assets
Cash and cash investments
Receivable
Total Assets
1 Liabilities
Refundable deposits
1
t
CITY OF ROSEMEAD, CALIFORNIA
AGENCY FUND
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Fiscal Year Ended June 30, 1998
Balance Balance
July 1, 1997 Additions Deductions June 30, 1998
$95,568
$14,058
$7,618
$102,008
$95,568
$14,058
$7,618
$102,008
$95,568
$14,058
$7,618
$102,008
$95,568
$14,058
$7,618
$102,008
70
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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.
72
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF GENERAL FIXED ASSETS
June 30, 1998
GENERAL FIXED ASSETS
1998 1997
$4,730,565
5,785,314
258,873
1,314,296
595,486
868,483
$4,730,565
5,641,692
252,264
1,198,734
566,205
866,671
Land
Buildings and improvements
Vehicles
Furniture and office equipment
Special equipment and machinery
Other improvements
Total General Fixed Assets
SOURCES OF FUNDS
Prior Years Balance
General Fund
Community Development Block Grant
Community Parklands Grant
California Wildlife Grant
Public Transportation Fund
Redevelopment Agency
Rosemead Housing Development Corporation
Ending Balance
$13,553,017 $13,256,131
Balance
Balance
July 1, 1997
Additions
Deletions June 30, 1998
$8,627,668
$8,627,668
210,707
80,718
$22,417 269,008
54,767
- 54,767
1,353
- 1,353
84,010
- 84,010
(2,364)
- (2,364)
810,122
238,585
- 1,048,707
3;469,868
- 3,469,868
$13,256,131
$319,303
$22,417 $13,553,017
73
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CHANGES OF GENERAL FIXED ASSETS
Fiscal Year Ended June 30, 1998
e Balance Balance
Function and Activity Jul), 1, 1997 Additions Deletions June 30, 1998
Land
Prior year balance
$542,926
$542,926
Redevelopment agency
Housing development corporation
2,350,308
1,837,331
_
2,350,308
1,837,331
Total land
$4,730,565
$4,730,565
Buildings and improvements
Prior year balance
$1,987,300
$1,987,300
General government
11,971
11,971
Community services
50,064
50,064
Public recreation
1,991
1,991
Redevelopment agency
1,957,830
143,622
2,101,452
Housing development corporation
1,632,536
1,632,536
Total buildings and improvements
$5,641,692
$143,622
$5,785,314
Vehicles
t
Prior year balance
$230,588
$230,588
General government
24,040
29,026
22,417
30,649
Transportation
(2,364)
(2,364)
'
Total vehicles
$252,264
$29,026
$22,417
$258,873
Furniture and office equipment
'
Prior year balance
$427,588
$427,588
Generalgovernmcnt
45,353
11,645
56,998
Public safety
4,008
-
-
4,008
Community development
9.626
1,558
-
11,184
'
Cultural & leisure
101165
7,396
17,561
Redevelopment agency
701,994
94,963
-
796,957
Total furniture and office
'
equipment
$1,198,734
$115,562
$1,314,296
Special equipment and machinery
'
Prior year balance
$490,765
$490,765
Public safety
$37,169
5,974
43,143
Community development
$2,054
-
2,054
'
Cultural & leisure
36,217
23,307
59,524
Total special equipment and
machinery
$566,205
$29,281
$595,486
t
Other improvements
Prior vear balance
$748,492
$748,492
General government
$4,927
4,927
'
Public safety
9,464
9,464
Cultural & leisure
103,788
1,812
105,600
Total other improvements
$866,671
$1,812
$868,483
t
Total general fixed assets
$13256,131
$319,303
$22,417
$13,553,017
'
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Notes: The City of Rosemead does not I
have revenue bonds; therefore, the
Revenue Bond Coverage - Last
Ten Fiscal Years schedule is not
included.
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76
CITY OF ROSEMEAD, CALIFORNIA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Public
Public
General
Public
Public
Year
Safety
Works
Government
Health
Recreation
1988-89
$3,651,535
$7,624,877
$1,611,328
$605,353
$1,529,628
1989-90
3,809,631
8,536,328
1,712,102
856,298
1,775,194
1990-91
3,994,221
6,374,969
2,215,912
1,014,349
1,838,493
1991-92
4,268,763
8,757,535
2,710,801
95,495
1,959,686
1992-93
4,264,366
3,598,687
2,429,325
1,677
1,858,238
1993-94
4,596,592
4,096,433
2,545,662
17,665
1,719,424
1994-95
4,666,871
4,400,953
1,918,204
39,852
1,901,397
1995-96
4,733,426
3,788,669
1,946,848
44,863
1,869,684
1996-97
4,922,197
3,349,572
2,053,607
45,966
2,144,066
1997-98
4,655,943
3,287,310
1,800,080
45,381
1,906,179
(1) General Governmental expenditures includes expenditures of the General, Special Revenue,
Capital Projects, and Debt Service Funds only. Operating Transfers Out have been excluded
from all years.
77
Community
Services
$1,528,378
1,510,545
348
2
070
,
,
8
1,592,156
1,411,467
2,092,838
2,090,216.
1,867, 352
1,976,965
2,060,701
Capital
Outlay
$840,338
123,443
160,397
144,180
36,384
1,897, 838
1,713,742
119,184
47,683
56.182
Millions
' $25
$20
'
$15
' $10
$5
$0
1
OPublic Works MPublic Safety ODebt Services ®General Govt.
OPublic Recr. OComm. Serv. OMisc.
Debt
Service
$2,640,807
2,618,539
2,602,350
2,588,617
2,569,813
6,026,877
2,279,153
2,271,154
2,271,333
2,279,054
Inter-
governmental
$7,459
580,791
175,295
175,330
Other
Total
$20,039,703
-
20,942,080
20,271,039
22,117,233
213,721
16,964,469
(59,745)
23,108,879,
2,210,624
21,396,342
180,000.
16,821,180
16, 811,389
16,090,830
78
1993-94 1994-95 1995-96 1996-97 1997-98
CITY OF ROSEMEAD, CALIFORNIA
GENERAL REVENUES BY SOURCE (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Property
Special
Other
Licenses
Year
Tax
Assessments
Taxes
and Permits
1988-89
$3,921,667
$273,777
$3,591,798
$496,966
1989-90
3,204,232
303,374
4,176,257
533,050
1990-91
3,059,892
347,061
4,245,201
479,084
1991-92
3,746,398
384,036
3,787,547
554,935
1992-93
3,379,446
395,646
3,866,690
579,124
1993-94
3,185,746
342,315
4,011,829
812,096
1994-95
3,411,909
386,814
3,907,616
699,234
1995-96
2,671,909
365,184
3,664,031
760,191
1996-97
2,845,775
382,609
3,952,511
760,037
1997-98
770,865
418,502
4,134,533
739,162
(1)
Includes General, Speci
al Revenues, Capital
Projects, and Debt Service Funds.
79
r
Inter-
oovernmental
$4,518,697
3,725,299
4,557,510
4,824,498
5,174,436
5,985,542
6,733,543
6,155,519
7,532,960
6,758,226
1
e. Charges for
Services
8 $338,686
284,851
a 228,615
e 366,345
347,262
v 429,932
564,962
539,055
584,033
499,492
$20
a
$,s
0
e $5
r
$0
Fines,
Use of
Forfeitures
Money and
and Penalties
Property
Other
Total -
$477,896
$2,788,346
$97,468
$16,505,301
524,001
2,389,057
191,389
15,331,510
355,047
1,844,552
165,237
15,282,199
278,253
1,625,706
391,194
15,958,912.
313,980
1,258,827
318,603
15,634,014,
338,786
1,887,659
307,415
17,301,320
317,969
1,383,762
387,606
17,793,415.
365,400
2,667,346
138,159
17,326,794
363,938
2,415,335
63,262
18;900,460. .
349,322
2,497,294
71,628
16,239,024
Millions
1993.94 1994-96 1895-96 199697 1997-98
1 Dlntergovt. I•Prop. Tax C30ther Taxes ®Use of M & P ®Misc. OLic. & Permits OFines, For. & Pen.
80
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
1988-89
$2,200
$147,115
$2,926
$2,665,676
1989-90
698
142,520
1,334
3,205,342
1990-91
1,157
62,734
4,206
3,069,138
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
1,575
47,904
-
2,550,967
1997-98
1,366
46,600
' r
-
2,658,370
s;
M.
81
8
1
Franchise
Fees
Transient
Occupancy
Tax
$461,620
$312,261
494,223
332,140
556;710
551,256
525,327
523,767
547,920
626,743
550,555
719,157
568,020
718,877
577,004
735,574
574,497
777,568
605,586
822,611
Total
$3,591,798
4,176, 257
4,245,201
3,787,547
3,866,690
4,011, 829
3,907,616
3,664,031
3,952,511
4,134, 533
82
I
CITY OF ROSEMEAD, CALIFORNIA
ASSESSED VALUATIONS OF TAXABLE PROPERTY
Last Teri Fiscal Years
Fiscal
Personal
Unitary and Operating (1)
Year
Land
Improvements
Property
Non-unitary Property
1988-89
$443,973,950
$589,616,183
$8,095,040
$159,654,640
1989-90
533,974,252
652,418,780
6,569,433
160,283,765
1990-91
618,578,205
722,428,113
8,491,869
117,327,265
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
(1)
Effective with fiscal year 1988-89, Unitary and Operating Non-uni
tary assessed valuation
are listed separately.
Source: Los Angeles County Auditor-Controller, Tax Division
83
e
Land
Locally Assessed
Net
Personal
Property
Property
Improvements
Property
Total
Exemptions
Value
- $11,690,310
$42,915,285
$1,255,945,408
$28,171,346
$1,227,774,062
14,019,566
48,546,323
1,415,812,119
26,320,466
1,389,491,653
13,855,289
41,336,467
1,522,017,208
28,314,973 <
1,493,702,235
13,991,213
40,321,969
1,691,720,117
29,940,297
1,661,779,820
13,854,565
34,011,333
1,806,215,025
31,116,915
1,775,098,110
15,022,792
29,128,797
1,851,070,422
'21,456,065
1,829,614,357
13,103,797
26,191,169
1,895,166,324
24,386,741
1,870,779,583
14,186,602
25,615,938
1,886,330,140
28,458,429
1,857,871,711
14,583,278
25,615,938
1,886,096,194
33,592,337
1,852,503,857..
13,161,523
25,688,653
1,984,952,029
28,607,474
1,956,344,555
84
NET PROPERTY VALUE
Millions
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
LIGHTING AND MAINTENANCE DISTRICT
Last Ten Fiscal Years
Assessment
Fiscal Year
Levy
1988-89
$285,712
1989-90
315,287
1990-91
314,824
1991-92
350,800
1992-93
388,417
1993-94
347,298
1994-95
339,205
1995-96
350,258
1996-97
373,885
1997-98
377,243
Current
Assessment
Collected
$275,977
304,072
355,366
385,345
398,073
343,507
388,150
366,475
384,184
419,868
85
Percentage
Collected
Currently
96.59%
96.44
112.88
109.85
102.49
98.91
114.43
104.63
102.75
111.30
CITY OF ROSEMEAD, CALIFORNIA
COMPUTATION OF. LEGAL DEBT MARGIN
June 30,1998
1
Total assessed valuation
Debt limit: 3.75% of total assessed valuation
Amount of debt applicable to debt limit:
Total bonded debt $35,610,000
Less tax allocation notes exempt by law 35,610,000
Q Total amount of debt application
to debt limit
Legal debt margin
1
'
86
$ 1,956,344,555
$ 73,362,921
$ 0
$ 73,362,921
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
e
1988-89
$1,420,000
$1,218,143
$2,638,143
$20,039,703
13.16 %
1989-90
1,515,000
1,101,760
2,616,760
20,942,080
12.50
1990-91
1,630,000
972,350
2,602,350
20,271,039
12.84
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
i
(1) Includes all Governmental Fund Types. Premium for defeasement of bonds not included.
87
.r
1
e
$25
$20
$15
$10
$5
$0
1988-89
$25
$20
$15
$10
$5
$0
1993-94
TOTAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES
Millions
1989-90 1990-91 1991-92 1992-93
Millions
1994-95 1995-96 1996-97 1997-98
88
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT TO"TOTAL ASSESSED VALUATION
Last'Ten Fiscal Years
• i
'
Debt Service
Total
To Total
Fiscal
Total Debt
Assessed
Assessed
Year
Principal
Interest
Service
Valuation
Valuation
1988-89
$1,420,000
$1,218,143
$2,638,143
$1,227,774,062
0.21 %
1989-90
1,515,000
1,101,760
2,616,760
1,389,491,653
0.19
1990-91
1,630,000
972,350
2,602,350
,1,493,702,235.
0.17
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
1,137,474
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
AL. -
1,852,503,857
0.12
1997-98
295,000
1,984,054
2,279,054
1,956,344,555
0.12
F
89
' 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
0
1988-89
$1,420,000
$1,218,143
$2,638,143
$47,707
$55
1989-90
1,515,000
1,101,760
2,616,760
51,156
51.15
8
47
81
49
1990-91
1,630,000
972,350
2,602,350
52,2
.
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
34
59
1993-94
2,055,000
1,137,474
3,192,474
53,798
.
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
41
20
1996-97
280,000
1,991,333
2,271,333
55,128
.
1997-98
295,000
1,984,054
2,279,054
55,760
40.87
90
CITY OF ROSEMEAD, CALIFORNIA
PROPERTY TAX RATES -ALL OVERLAPPING GOVERNMENTS
(Per $166 of Assessed Valuation)
Last Ten Fiscal Years
Fiscal
City of
Year
Rosemead
1988-89
0
1989-90
0
1990-91
.0
1991-92
0
1992-93
0
1993-94
0
1994-95
0
1995-96
0
1996-97
0
1997-98
0
Los
Los Angeles County
Angeles
School
Water
Flood
Sanitation
County
Districts
Districts
Control
District
Total
1.002781
0.115568
0.048900
0.010487
0
1.177736
1.002242
0.109700
0.048900
0.006944
0
1.167786
1.002104
0.072543
0.061533
0.005786
0
1.141966
1.001409
0.078219
0.044300
0.003397
0
1.127325
1.001713
0.144909
0.014100
0.004212
0
1.164934
1.001713
0.073026
0.044100
0.004212
0
1.123051
1.001993
0.080512
0.038900
0.006041
0
1.127446
1.001604
0
0.038900
0.001991
0
1.042495
1.001604
0
0.038900
0.001991
0
1.042495
1.001604
0
0.038900
0.001991
0
1.042495
Source: Tax Rates By Tax Rate Areas Los Angeles County Tax Collector
91
CITY OF ROSEMEAD, CALIFORNIA
1.. ;
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 1998
'
1997-98 Assessed Valuation: $1,480,287,583 (after deducting $235,7
28,957 .
redevelopment incremental valuation)
Direct and Overlapping Tax and Assessment Debt:
% Ap
plicable
Debt 6130197
Los Angeles County
0.328 %
$189,666
Los Angeles County Flood Control District
0.342
158,654
e
Metropolitan Water District
0.181
1,004,740
San Gabriel Valley Municipal Water District
0.016
704
Los Angeles County Regional Park and Open Space District
0.328
1,673,407
e
City of Rosemead
100.000
Total Direct and Overlapping Tax and Assessment Debt:
$3,027,171
Overlapping General Fund Obligation Debt:
Los Angeles County General Fund Obligations
0.328 %
$5,702,060
Los Angeles County Pension Obligations
0.328
7,792,730
Los Angeles County Superintendent of Schools
O
Certificates of Participation
0.328
15,892
Los Angeles County Flood Control District
`
Certificates of Participation
0.342
674,219
Los Angeles County Sanitation District #2 Authority
0.005.
1,970
Los Angeles County Sanitation District #15 Authority
7.067
2,123,176
Los Angeles Community College District
Certificates of Participation
0.287
187,153
Pasadena Area Community College Certificates of Participation
2.993
230,162 _
Montebello Unified School District Certificates of Participation
1.839.
414,051
San Gabriel Unified School District Certificates of Participation
0.908
82,548
'
El Monte Union High School District Certificates of Participation
13.861
1,045,812
El Monte School District and Certificates of Participation
0.004
182
Rosemead School District Certificates of Participation
64.614
2,978,705
San Gabriel Valley Mosquito Abatement
District Certificates of Participation
3139
48,968
Total Gross Direct and Overlapping General Fund Debt:
$21,297,628
B
Less: Los Angeles County Certificates of Participation (100%
self-supporting from leasehold revenues on properties in
Marina Del Rey)
519,683
Total Net Direct and Overlapping Bonded Debt:
$20,777,945
Gross Combined Total Debt
$24,324,799 (1)
Net Combined Total Debt
$23,805,116
'
(1) Excludes tax and revenue anticipation notes, revenue, mortgage r
evenue and tax
allocation bonds and non-bonded capital lease obligations.
Ratios to Assessed Valuations: Direct Debt
0.00 %
'
Total Overlapping Tax & Assessment
0.18 %
Gross Combined Total Debt
1.64 %
Net Combined Total Debt
1.61 %
State School Building Aid Repayable as of 6/30/98: $ 0
I Source: California Municipal Statistics, Inc
1 92
CITY OF ROSEMEAD, CALIFORNIA
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
Income
Unemploy-
Fiscal Year
Population
Households
Per Capita
ment Rate.
(1)
(2) )
(3)
(3)
1988-89
47,707
13,841
$18,790
4.9 %
1989-90
51,156
13,870
19,906
4.7
1990-91
52,247
14,153
20,786
5.8
1991-92
52,812
14,169
20,967
8.0
1992-93
52,922
14,193
21,434
9.6
1993-94
53,798
14,190
21,661
9.7
1994-95
53,639
14,195
21,562
7.4
1995-96
54,487
14,238
23,501
7.9.
1996-97
55,128
14,254
24,945
6.9
1997-98
55,760
14,278
6.5
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.
93
0
O
60
50
40
30
20
10
0
60
50
40
30
20
10
0
DEMOGRAPHIC STATISTICS
Thousands
Thousands
94
1988.89 1989.90 1990.91 1991-92 1992-93
Olncome Per Capita OHouseholds OPopulation
1993-94 1994-95 1995-96 1996-97
El Income Per Capita OHouseholds C:]Populatlon
CITY OF ROSEMEAD
PRINCIPAL TAXPAYERS
June 30, 1998
Southern California Edison Company
California Federal Savings
Chicago Title Insurance & Trust
Diamond Square
Vikon Center
Quanjude Duck
Lucky Plaza
ABC Plaza
Travelodge - South
Travelodge - East
Percentage
of Total City's
Assessed
Valuation
10.44 %
1.05
0.54
0.35
0.19
0.13
0.14
0.09
0.17
0.08
13.118%
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.
Assessed
Valuation
.$204 ,319,473. _
20,6b0,Ob0
10, 500, 000
6, 844, 315
31800,000
2,542,950
2,700,000
1,759, 000
3,277,308
1,632,000
$257975,046
95
.a Pr'1:., P: i f''..
CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF INSURANCE IN FORCE
June 30, 1998
Policy
Expiration
D
Number
Date
Type of Coverage
Southern California Joint Powers
Insurance Authority
07/01/99
General Liability
State Compensation Insurance Fund
228962-90
12/31/98
Workers Compensation
Q
Coverage
Kelley, Jiggins, Towle & Blue
05743382
07/01/99
Public Employees
'
o
Blanket Bond
o
Kelley, Jiggins, Towle & Blue
9922993-03
10/19/99
Boiler and Machinery::.
Towle & Blue
Jiggins
Kelley
2781100
07/01/99
Notary Public Bond:
Q
,
,
Error & Ommissioris"
Kelley, Jiggins, Towle & Blue
CP8119571C
07/01/99
Property Insurance
a
e
Source: City Finance Department
'
96
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
1988-89
154
$14,707,466
$3,997,523
$18,704,989
782
1989-90
76
14,571,516
15,132,741
29,704,257
794
1990-91
52
13,764,492
9,308,610
23,073,102
726
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
97 C
I
CITY OF ROSEMEAD, CALIF
ORNIA
MISCELLANEOUS STATIS
TICS
. June 30, 1998
o
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
55760
Land Area
Streets & Alleys
5.5 square miles
74.42 miles
Parks
50 acres
Percentage of Land Use:
Residential
64 %
Public Facilities
14
8
Commercial (stores & shops)
9
Mixed Commercial/Residential
7
Office & Light Industrial
6
Public Facilities:
100 %
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
'
Fire Protection: '
Number of firefighters and officers
37
Police Protection: "
Parking Control (personnel)
4
Police Protection (sworn personnel)
38
'
Major Employers and Number of Employees:
Southern California Edison Company
3,300
'
Ball Corporation
Crown City Plating
410
300
. ' 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.
1 98
i
5
101
Santa
Monica 10
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 55,760. ,
99
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