1997 CAFRI
CITY OF ROSEMEAD
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California
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CIVIC PRIDE
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C~RP~RATED
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 305 1997
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
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Fiscal Year Ended June 30, 1997
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TABLE OF CONTENTS
INTRODUCTORY SECTION
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Letter of Transmittal
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List of Principal Officials
xiii
Organizational Chart
xiv
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Certificate of Award for Outstanding Financial Reporting
xv
Certificate of Achievement for Excellence in Financial Reporting
xvi
FINANCIAL SECTION
Independent Auditors' Report
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General Purpose Financial Statements:
Combined Balance Sheet - All Fund Typed and Account Groups
2- 3
Combined Statement of Revenue, Expenditures and Changes in
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Fund Balances - All Governmental Fund Types
4- 5
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Combined Statement of Revenue, Expenditures and Changes in
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Revenue and Debt Service Fund Types
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Statement of Revenue, Expenses and Changes in Fund Balance -
Pension Trust Fund
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S
tatement of Cash Flows - Pension Trust Fund
10
Notes to Financial Statements
11 - 28
Combining and Individual Funds and Account Groups Financial
Statements (Supplementary Information):
GENERAL FUND:
Balance Sheet
31
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CITY OF ROSEMEAD, CALIFORNIA
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1997
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TABLE OF CONTENTS (cont.)
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FINANCIAL SECTION (cont.)
Paae
Combining and Individual Funds and Account Groups
,
(Supplementary Information): (cont.)
GENERAL FUND: (cont.)
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Statement of Revenue, Expenditures and Changes in Fund
Balance
32
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Revenue Detail - Budget and Actual
33
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Expenditure Detail - Budget and Actual
34
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PECIAL REVENUE FUNDS:
Combining Balance Sheet - All Special Revenue Funds
39 - 40
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Combining Statement of Revenue, Expenditures and Changes
in Fund Balances - All Special Revenue Funds
41 - 43
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Statement of Revenue, Expenditures and Changes in
Fund Balance - Traffic Safety Fund
44
Statement of Revenue, Expenditures and Changes in
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Fund Balance - State Gas Tax Fund
45
Statement of Revenue, Expenditures and Changes in
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Fund Balance - Air Quality Management District
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Statement of Revenue, Expenditures and Changes in
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Fund Balance - Local Transportation Fund
47
Statement of Revenue, Expenditures and Changes in
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Fund Balance - Public Transportation' Fund
48
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE'ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1997
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) pag-e
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 49
Statement of Revenue, Expenditures and Changes in
Fund Balance - 1976 Community Parklands Grant Fund 50
Statement of Revenue, Expenditures and.,Changes in
Fund Balance - Street Lighting Fund 51
Statement of Revenue, Expenditure's°and Changes in
Fund Balance - Narcotics Seizure Fund 52
Statement of Revenue, Expenditures and Changes in
Fund Balance - Low-Moderate Income Housing Fund 53
Statement of Revenue, Expenditures and Changes in
Fund Balance - Rosemead Housing Development Corporation 54
Statement of Revenue, Expenditures and Changes in
Fund Balance - California Wildlife Fund 55
Statement of Revenue, Expenditures and Changes in
Fund Balance - Federal Highwy Grants Fund 56
CAPITAL PROJECTS FUND:
Balance Sheet - Capital Projects Fund 59
Statement of Revenue, Expenditures and Changes in
Fund Balance 60
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1997
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Paae
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
CAPITAL PROJECTS FUND (cont.):
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual 61
DEBT SERVICE FUND:
Balance Sheet - Debt Service Fund 63
Statement of Revenue, Expenditures and Changes in
Fund Balance 64
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual 65
FIDUCIARY FUND TYPES:
Combining Balance Sheet 67
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds 68
ACCOUNT GROUPS:
Statement of General Fixed Assets 71
Statement of Changes of General'Fixed Assets 72
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1997
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION
General Governmental Expenditures by Function - All Governmental
Fund Types 75- 76
General Revenues by Source - All Governmental Fund Types 77- 78
Other Tax Revenues by Source - All Governmental Fund Types 79 - 80
Assessed Valuations of Taxable Property 81 - 82
Special Assessment Levies and Collections - Lighting and
Maintenance District 83
Computation of Legal Debt Margin 84
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Total General Expenditures 85 - 86
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Assessed Valuation 87
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt Per Capita 88
Property Tax Rates - All Overlapping Governments 89
Schedule of Direct and Overlapping Bonded Debt 90
Demographic Statistics 91 - 92
Principal Taxpayers 93
Schedule of Insurance in Force 94
Construction Activity 95
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1997
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION (cont.)
Miscellaneous Statistics
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Vicinity Map 97
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MAYOR:
JAYT IMPERIAL
MAYOR PRO TEM:
ROBERT W. BRUESCH
COUNCILMEMBERS:
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MARGARETCLARN
GARY A. TAYLOR
JOE VASOUEZ
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D December 4, 1997
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Pos,,emcad
8838 E. VALLEY BOULEVARD • P.O. BOX 399
ROSEMEAD, CALIFORNIA 91770
TELEPHONE (818) 288-6671
TELECOPIER 8183079218
The Honorable Mayor
and Members of the
Rosemead City Council
Councilmembers:
Submitted for your information and consideration is the Annual Financial Report for
the fiscal year ended June 30, 1997. 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.
I 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
t Mayor and a Mayor Pro-Tem each year from its membership.
The Council is responsible for enacting local legislation, establishing general policy for
the City and adopting annual budgets. The Council's duties include the appointments
of a City Manager, City Attorney, City Clerk, City Treasurer, and the selection of
citizens to serve on the City's Planning Commission and Traffic Commission. The
' City Council also acts as the Redevelopment Agency and Rosemead Housing
Development Corporation Board, and oversees the responsibility for the operation and
accountability of the Redevelopment Agency, Building Rehabilitation Appeals, and the
Rosemead Housing Development Corporation.
The City of Rosemead has a population of 55,128 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 1996-97
Administration: As noted last year, twenty-one (21) of the City's full-time employees
voted to form a formal collective bargaining unit represented by the Service
Employees International Union, Local 347. Since that time, negotiations between the
City and the represented employees have occurred regularly. Many significant
differences remain before finalization of a Memorandum of Understanding (MOU)
between the City and the bargaining unit. The financial impact of the negotiations
will not be known until a successful resolution of the differences that now exist.
Additionally, the City received some good news during the past fiscal year in that the
State Legislature was not forced to look toward local government revenues when
balancing the State budget. In fact, the Legislature actually returned to cities a
significant portion of fines and forfeitures revenues lost originally in Fiscal Year 1990-
91. Specifically, cities will receive a larger portion of the base fines paid by persons
issued moving violations by local law enforcement, as well as 50% of the fees paid
by persons choosing to attend traffic school. It is estimated that the City of
Rosemead will receive additional General Fund revenues totaling $150,000 annually
as a result of the new legislation. The legislation goes into effect July 1, 1998.
Engineering: The City completed several capital improvement projects during the
fiscal year. The City completed two (2) separate contracts for street resurfacing and
street lighting improvements. Combined, a total of twenty-four (24) street segments
were resurfaced. In addition, the street lighting systems were upgraded where
necessary. The projects were funded through a combination of Gas Tax, Proposition
"C", Community Development Block Grant (CDBG), and Redevelopment Agency
funds.
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Eighteen (18) street segments were included in the annual slurry seal project. The
slurry seal application is utilized to prolong the useful life of a street by approximately
seven years.
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Two (2) traffic signal modification projects were completed, one at Marshall Street
and Rosemead Boulevard, and one at Marshall Street and Walnut Grove Avenue.
Both projects will provide additional protected left-turn phasing. Additionally, to
improve traffic and pedestrian safety, two (2) new traffic signals were installed, one
at Mission Avenue and Encinita Avenue, and one at New Avenue and Newmark
Avenue.
In addition, several multi-year projects are in various phases of design. The projects
include the beautification and undergrounding of the utility services on San Gabriel
Boulevard, Walnut Grove, and Del Mar Avenue. The City is also continuing to work
on the Valley Boulevard Improvement Project as well as the Highcliff Street and Lorica
Street widening projects. These projects will be under construction during the Fiscal
Year 1997-98.
Planning: During the past year, majority of the construction projects have been
residential. However, commercial and industrial activity has been increasing. Several
industrial warehouses were completed, each valued at approximately $550,000. A
new Burger King Restaurant and a Polio Loco Restaurant were completed on Garvey
Avenue, both valued at $250,000 approximately. One office building, approximately
$432,000, on Rosemead Boulevard close to completion.
The Rosemead-El Monte School District's new Adult School on Rosemead Boulevard
is now open and operational. Additionally, the Rosemead Elementary School District
is looking at sites in Rosemead to build their new administrative offices.
A 31-unit single family development has broken ground at Del Mar and Graves
Avenue. A 11-unit residential planned development on Hellman Avenue is completed.
Other residential projects were generally two (2) to four (4) lot subdivisions and
residential additions.
Parks and Recreation: The City completed various park and recreation improvements
during the fiscal year. Rosemead Community Recreation Center improvements
included termite control and replacement of a floor machine. Rosemead Pool included
a purchase of a new surge tank clay valve. Rosemead Park improvements included
the completion of the play area and picnic shelters.
Garvey Park Improvements included a purchase of a large capacity ride-on mower.
Sally Tanner Park Improvements included remodeling the interior restrooms.
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PROSPECTS FOR THE FUTURE
While the City is continuing in its successful efforts to reduce reliance on General
Fund revenues, it appears that the current economy in the area and the region will
result in a flat revenue base over;the long term. Asia result, it will become necessary
to examine economic developrtient opportunities when they present themselves.
Though the sales tax base is stable and'the City has received some "good" news from
Sacramento over the past year with respect to the State's overall economic health,
it appears that the sales tax base will become increasingly unreliable during he next
decade. Particular areas of concern include bankruptcy proceedings announced
recently by Montgomery Wards and the softening retail economy in general.
The City is continuing with the development of the 20,000 square foot 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 county wide
recreational facilities bond measure (Proposition A) approved by the voters on
November 5, 1996. The Rosemead City Council, acting as the Rosemead Housing
Development Corporation Board,'has retained an architect for the project, and design
of the recreation center is now underway. The senior housing units will be
constructed adjacent to the recreation center and will be phased-in over the next
three to five years.
Specific projects include the use of Air Quality Management District funds to finance
installation of left-turn phasing at the intersection of Mission Drive and Rosemead
Boulevard.
The Highcliff Street and Lorica Street reconstruction projects will commence in Fiscal
Year 1997-98. The project includes widening the street to City standards of 36 feet
from curb to curb. New sidewalks, street trees and installation of'street lights. The
. 11 City will utilize CDBG and Redevelopment funds for these projects.
Storm drain improvements in San Gabriel Boulevard are proposed to be completed in
Fiscal Year 1997-98. The project will extend the existing storm drain system further
south to address a pending problem at the intersections of San Gabriel Boulevard and
Fern Avenue and at Garvalia Avenue. Additionally, construction is anticipated to
begin in late 1998 on storm drains improvement in Delta and Kelburn Avenues.
To mitigate deficiencies in a part of the City's sewer system, design will begin in
1997-98 in preparation for construction of a relief sewer mainline in Del Mar Avenue.
In the City's continuing efforts to provide a sufficient street system for the public,
additional projects to resurface various streets throughout the City will be completed
as identified by the City's Pavement Management System.
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Majority of the developments in.the..planning stages are from mini-malls. However,
the owners of Rosemead Square'aIre 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 regarding potential commercial
development of various right-of-way sites.
Rosemead Community Recreation Center future improvements includes re-
upholstering the lobby furniture, improving cabinets in the pre-school room, and
replacing seniors pool table. Rosemead Park improvements includes pre-fabricated
restrooms to replace existing facilities and improving cabinets in the pre-school room.
Rosemead Pool projects includes purchase of a new electrical panels.
Garvey Park improvements includes a purchase of play equipments and installation
of wind screens for five (5) tennis courts. Garvey Pool improvements includes re-
tiling, sand and depth markers, recaulking interior pool, and re-tiling shower rooms.
Zapopan Center improvements includes purchase of a new refrigerator and a bingo
board, revamping the kitchen cabinets, and improving shelves and cabinets in the pre-
school room.
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REPORTING ENTITY AND ITS SERVICES
The reporting entity is comprised of all funds a`nd account groups of the City of
Rosemead, Rosemead Redevelopment Agency, and Rosemead Housing Development
Corporation.
' The Rosemead Redevelopment Agency finances streets, parks, and utility
improvements within the Redevelopment project area as well as in some selected,
areas outside the project area which benefit the project area. The Rosemead Housing
Development Corporation provides for conservation and financing of Low and
Moderate Income Housing within the City limits. The City of Rosemead provides a
broad range of services to its citizens including general government, public safety,
street construction and maintenance, sanitation, building safety, parks and
' recreational facilities, and cultural services. .
Some of the functions typically provided by municipal government are, as in the City
' of Rosemead, provided by special districts. These districts, which usually encompass
an area larger than the City itself, include the Consolidated Fire Protection District of
Los Angeles County, the Los Angeles County Library District, 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
maintenance, and animal control.
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REPORTING STANDARDS '
The financial reports have been prepared in conformance with the generally accepted ,
accounting principles as set forth by the Governmental Accounting Standards Board
(GASB), applicable pronouncements of the American Institute of Certified Public '
Accountants, and the full financial disclosure guidelines of the Governmental Finance
Officers Association of the United States and Canada.
FINANCIAL STATEMENT
The City requires that its financial statements be audited by a Certified Public
Accountant selected by the City Council. This requirement has been,satisfied, and '
the Auditor's opinion is included in the financial section of this report.
In addition, the City is required to undergo an annual single audit in conformity with '
the provisions of the Single Audit Act and U.S. Office of Management and Budget
Circular A-133, "Audits of States, Local Governments and Non-profit organizations."
This requirement has also been satisfied and there were no material exceptions noted
in the report.
The Comprehensive Annual Report is divided into the following three sections:
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1. Introductory Section - which includes this transmittal letter, the City's
Organization Chart, and a list of the principal officials.
2. Financial Section - which includes the auditor's opinion, general purpose
financial statements, and the combining and individual fund and account group
financial statements.
3. Statistical Section - which includes relevant financial and non-financial data
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.presenting historical trends and other information about the City.
NOTES TO THE FINANCIAL STATEMENTS
Th
e Notes to the Financial Statements, which are part of the General Purpose
Financial Statements within the Financial Section, are an integral part of the financial
report and are essential to the fair presentation and adequate disclosure of the
financial position of the City, Redevelopment Agency, and the Rosemead Housing
Development Corporation. The note's should be read along with the financial
statements to gain a more thoroughly understanding of the information contained
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within this report. Your attention is specifically directed to the presentation of the
City's significant accounting policies.
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The fiscal operations of the City. are primarily accounted for in the Governmental
' Funds which include the General, Special Revenue, Debt Service and Capital Project
Funds
' The 1996-97 Fiscal Year revenues for the Governmental Fund types totaled
$18,900,460. Presented above are the revenues by major source, which includes the
' percentage each source represents of the total revenues and the increase (decrease)
from the prior year.
' The most notable change in revenues is the increase shown in Intergovernmental
revenues, which is the result of CDBG funds and Community Oriented Policing
Services grant funds. The most notable decrease in revenues is the Use of Money
' and Property. The decrease in revenues is primarily due to less Capital Project Funds
available to invest.
The 1996-97 Fiscal Year expenditures for the Governmental Fund -types totaled
$16,811,389. Listed on the adjacent page is a recapitulation of these expenditures
' 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 1996-97 over 1995-96 is reflected
in Public Recreation function. Majority of the increase is due to completion of the
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play area and picnic shelters at Rosemead Park. The most notable expenditure
decrease is the Public Works function, which primarily is due to completion of street
improvement projects during Fiscal 'Year 1995-96.
GENERAL FUND
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The City of Rosemead remains in a strong financial position as of June 30, 1997 with
a surplus of approximately ten million dollars (s 10.'0 million). There were no residual
equity transfers from any funds during the fiscal year. However, prior years total
residual equity transfers from the Street Lighting Fund were approximately seven
hundred seventy-five thousand ($775,000).
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GENERAL FIXED ASSETS
As of June 30, 1997, the general fixed assets of the City totaled thirteen million two
hundred fifty-six thousand one hundred thirty-one dollars ($13,256,131). This
amount represents the original cost of the assets, net of additions and deductions
from July 1, 1996 to June 30, 1997, and is considerably less than their present
value. The system of accounting presently recommended by the Governmental
Accounting Standards Board does not allow for the recording of depreciation of
general fixed assets as an expense of governmental funds
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O 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:
~I 1. Assets have been protected from losses arising from unauthorized use or
disposition.
2. Financial records can be relied upon for preparing adequate financial
statements and maintaining accountability for assets.
All internal control evaluations occur according to the above criteria. We believe that
the City's controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
BUDGETARY CONTROL
In addition to internal accounting controls, the City also maintains budgetary controls.
The objective of these budgetary controls are to insure compliance with the City's
budget policy embodied in the annual appropriated budget approved by the city
Council. Activities of the general fund, special revenue funds, debt service fund, and
capital projects fund are included in the annual approved budget.
Budgetary control is maintained at a functional level by division within departments
through use of object level account appropriations. Actual expenditures are
compared to these appropriations.
I The City Manager is authorized to transfer budgeted amounts between funds within
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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 exceed 3.75% of the total assessed
valuation of all real and personal property within the city. The City of Rosemead
presently has no bonded indebtedness.
The Rosemead Redevelopment Agency issued $34,275,000 Tax Allocation Bonds
(Series A) and $2,435,000 Taxable Tax Allocation Refunding Bonds (Series B) in
November 1993 to finance public improvements within the Redevelopment Agency's
project area and a portion of the bond proceeds were used to defease the 1991 Tax
Allocation Bonds and the 1987 Tax Allocation Notes. The 1993 Bonds (Series A and
B) interest payments are due semi-annually on October 1 and April 1, and principal
payments due annually on October 1.
In October 1991, the Agency funded its Low-Moderate Income Housing Set Aside
fund with $6,813,850 from the proceeds of the 1987 Tax Allocation Notes. The
Agency prefunded the Low-Moderate Housing Income Set-Aside Fund to satisfy the
set-aside requirement for fiscal years 1996-97 through 2021-23, approximately
$451,187 per year.
GANN LIMIT
In 1979, Proposition 4, the "Gann" initiative,
was passed. This measure was intended to
control government spending by establishing
a spending limit which is calculated from the
base year 1978-79 and adjusted annually by
the Consumer Price Index and population
changes. This limitation applies only to
appropriations subject to the limitation as
defined under Article XIIIB of the California
Constitution. We are pleased to inform you
that the City is in the enviable position of
being well within 35% of the calculated
appropriation limit at June 30, 1997. The
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City's 1997-98 estimated revenues and budgeted expenditures indicate that by June
30, 1998 the City will be approximately 36% of the limit.
I 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,
1996. 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 eight (8) 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, 1996. The Certificate of Achievement is a prestigious national
award recognizing conformance with the highest 'standards for preparation of state.
and local government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish
an easily readable and efficiently organized Comprehensive Annual Financial Report,
' whose contents conform to program standards. Such CAFR must satisfy both
generally accepted accounting principles and applicable legal requirements.
' A Certificate of Achievement is valid for a period of one year only. The City of
Rosemead has received a Certificate of Achievement last year.. We believe our
current report continues to conform to the Certificate of Achievement program
' requirements, and we are submitting it to GFOA.
' ACKNOWLEDGMENTS
' The preparation of this report could not have been accomplished without the efficient
and dedicated efforts of the entire Rosemead Finance Department. The department's
effort to upgrade the quality of financial reporting for the City of Rosemead has led
' to improved quality of financial information available to the City Council and citizens.
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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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CITY OF ROSEMEAD, CALIFORNIA
CITY OFFICIALS
June 30, 1997
ELECTED OFFICIALS:
City Council:
Jay T. Imperial
Mayor
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Robert W. Bruesch
Margaret F. Clark
Mayor Pro Tern
Councilwoman
Gary A. Taylor
Councilman
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Joe Vasquez
....Councilman
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APPOINTED OFFICIALS:
Planning Commissioners:
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Duc Loi
Chairman
Rudolfo Ruiz
Vice Chairman
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William Alarcon
Commissioner
Robert Breen
Commissioner
Merced "Bill" Ortiz
Commissioner
Traffic Commissioners:
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Victor Ruiz
Chairman
Daniel Time
Vice Chairman
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Carmine Baffo
....Commissioner
Holly Knapp
Commissioner
Edward Quintanilla
Commissioner
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Frank G.Tdpepi
City Manager
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Hubert E. Foutz
City Treasurer
Robert L. Kress
City Attorney
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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, 1996
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.
\a Ofy~ x
ON MATES
i rt~o
aNO'. . .
f GNAOA ~
b OWOUMN s President
SEAL ~J
Ulf// ~UExecutive Direet'~oAr^•'t'/_Lt
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McGLADREY&PULLEN,LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
I
To the Honorable Mayor and
Members of the City Council
City of Rosemead
Rosemead, California
RSM
international
We have audited the accompanying general purpose financial statements of the City of Rosemead,
California, as of and for the year ended June 30, 1997. These general purpose financial statements are
the responsibility of the City's management. Our responsibility is to express an opinion on these general
purpose financial statements based on our audit.
' We conducted our audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation:%'We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the City of Rosemead, California, as of June 30, 1997, 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.
1 In accordance with Government Auditing Standards, we have also issued a report dated September 30,
1997 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.
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Our audit was made for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The combining, individual fund and account group 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.
Pasadena, California
September 30, 1997
Suite 300
140 South Lake Avenue
Pasadena, California 91101-2651
(626) 795-7950 FAX (626) 795-9820
i
,~k
Worldwide
Services
Through
RSM International
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL. PURPOSE FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1997
CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1997
Governmental Fund
Special
Debt
Capital
Assets and Other Debits
General
Revenue
Service
Projects
Assets
Cash and investments
$ 10,207,644 $
6,119,855
S 2,344,420
S 18,687,263
Receivables
1,220,124
421,198
11,193
549,233
Due from other funds
29,736
-
-
1,634
Property and equipment
_
Prepaid expenses
920
Other Debits
Amount available in debt service fund
_
Amount to be provided for retirement of general
long-term debt
-
Total assets and other debits
$ 11,458,424 $
6.541,053
$ 2,355,613
$ 19,238,130
Liabilities, Municipal Equity and Other Credits
Liabilities
Accounts payable and accrued liabilities
$ 1,451,976 S
424,111
$ -
$ 198,766
Arbitrage rebate payable
_
_
_
Due to other funds
31 1,370
Deferred revenue
-
246,682
-
Refundable deposits
_
_
Deferred compensation
_
_
_
_
Tax allocation notes and bonds
_
Accrued vacation pay and compensatory time
7,703
-
-
Accrued litigation settlement
_
Total liabilities
1,459,679
702,163
-
198,766
Municipal Equity and Other Credits
Investment in general fixed assets
-
-
_
_
Fund balance:
Reserved:
Long-term receivable
717,796
Debt service
-
-
'),355,613
Low-moderate income housing
-
4,251,917
Employees retirement
_
_
_
_
Unreserved:
Designated for:
Capital projects
-
19,039,364
Building and equipment replacement
1,720,000
_
Litigation settlements
1,000,000
Self-insurance
300,000
Contingencies
3,000,000
Undesignated
3,260,949
1,586,973
Total municipal equity and other credits
9,998,745,
5,838,890
2,355,613
19,039,364
Total liabilities, municipal equity and
j
other credits
S 11,458,424 $
6,541 053
$ 2,355,613
$ M238,130
See Notes to Financial Statements.
2
Fiduciary
Fund Types Account Groups Total (Memorandum Only)
' General
Trust and General Long-term
Agency Fixed Assets Debt 1997 1996
$ 825,592 $ _ $ _ $ 38,184,774 $ 35,744,155
2,201,748 2,692,497
31,370 769,465
' 13,256,131 13,256,131 13,074,309
920
' _ - 2,355,613 2,355,613 2,355,343
33,923,171 33,923,171 34,217,633
$ 825,592 $ 13,256,131 $ 36,278,784 $ 89,953,727 $ 88,853,402
' $ _ $ _ $ $ 2,074,853 $ 1,928,939
180,000
31,370 769,465
246,682 244,663
95,568 95,568 86,228
517,848 517,848 625,630
- 35,905,000 35,905,000 36,185,000
297,011 304,714 277,195
76,773 76,773 112,347
613,416 36,278,784 39,252,808 40,409,467
- 13,256,131 - 13,256,131 13,074,309 '
e - - - 717,796 687,269
2,355,613 2,355,343
- 4,251,917 3,967,172
212,176 212,176 226,085
- 19,039,364 19,008,754
1,720,000 1,720,000
- 1,000,000 750,000
_ 300,000 280,000
3,000,000 2,680,000
- 4,847,922 3,695,003
212,176 13,256,131 - 50,700,919 48,443.935
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$ 825,592 $ 13,256,131 $ 36,278,784 $ 89,953,727 $ 88,853,402
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 1997
Governmental Fund
Revenue
Property taxes and special assessments
Other taxes
Licenses and permits
Intergovernmental
Charges for services
Fines, forfeitures and penalties
Use of money and property
Other
Expenditures
Current:
General government
Public safety
Public works
Public health
Public recreation
Community service
Capital outlay
Debt service:
Principal
Interest
Arbitrage rebate expenditure
Revenue over (under) expenditures
Other Financing Sources (Uses)
Operating transfers:
From other funds
(To) other funds
Revenue and other financing sources over
(under) expenditures and other financing (uses)
Fund Balance, beginning
Fund Balance, ending
See Notes to Financial Statements.
Special
Debt
Capital
-General
Revenue
Service
Projects
$
$ 382,609
$
$ 2,845,775
3,952,511
-
-
760,037
-
3,860,776
3,672,184
576,033
8,000
276,281
87,657
_
568,410
422,877
135,601
1,288,447
30,921
3,398
-
28,943
10,024,969
4,576,725
135,601
4,163,165
1,812,609
190,748
-
50,250
4,561,894
360,303
-
_
47,007
2,543,754
-
758,811
45,966
-
_
-
2,144,066
-
_
1,014,080
962,885
-
47,683
-
_
280,000
1,991,333 '
9.673,305 4,057,690 2,271,333 809,061
351,664 519,035 (2,135,732) 3,354,104
1,097,300 443,439 2,136,002 ,
(53,247) (300,000) - (3,323 494)
1,044,053 143,439 2,136,002 (3,323,494) ,
1,395,717
662,474
270
30,610
8,603,028
5,176,416
2,355,343
19,008,754
S 9,998,745
S 5,838,890
S 2,355,613
S 19,039,364
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Total (Mem
orandum Only)
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1997
1996
S
3,228,384
S 3,037,093
3,952,511
3,664,031
760,037
760,191
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7,532,960
584,033
6,155,519
539,055
363,938
365,400
2,415,335
2,667,346
63,262
138,159
18,900,460
17,326,794
0
2,053,607
1,946,848
4,922,197
4,733,426
Q
3,349,572
3,788,669
45,966
44,863
2,144,066
1,869,684
1,976,965
1,867,352
O
47,683
119,184
280,000
1,991,333
265,000
2,006,154
180,000
16,811,389
16, 821,180
2,089,071
505,614
0
3
,676,741
3,516,417
(3,676,741)
(1516,417)
e
-
-
2,089,071
505,614
0
35,143,541
34,637,927
0 S
37,232,612
S 35,143,541
O
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0
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CITY OF ROSEMEAD, CALIFORNIA i
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, 1997 ,
Revenue
Budget
General
Actual
Over (Under)
Budget
Special Revenue
Budget Actual
'
Property taxes and special assessments
$ -
$ -
S
$ 360,000
$ 382
609
Other taxes
3,884,050
3,952,511
68,461
,
'
Licenses and permits
738,100
760,037
21,937
Intergovernmental
3,338,900
3,860,776
521,876
5,554,680
3,672,184
Charges for services
554,035
576,033
21,998
8,000
8000
,
Fines, forfeitures and penalties
281,500
276,281
(5,219)
60,000
87,
657
Use of money and property
365,200
568,410
203,210
288
300
,
422
877
Other
71,750
30,921
(40,829)
,
5,300
,
3,398
Expenditures
9,233,535
10,024,969
791,434
6,276,280
4,576,725
Current:
General government
2
092
700
1
812
60
'
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,
,
,
9
(280,091)
620,800
190
748
Public safety
4,689,299
4,561,894
(127,405)
359,350
,
360
303
Public works
Public health
96,640
47,007
(49,633)
5,155,410
,
2,543,754
48,000
45,966
(2,034)
_
,
Public recreation
2,181,990
2,144,066
(37,924)
Community service
1,072,100
1,014,080
(58,020)
1,138,720
962
885
Appropriations reserves
17,611
-
(17,611)
,
Capital outlay
4,500
47,683
43,183
Debt service:
Principal
Interest
_
'
-
10,202,840
9,673,305
(529,535)
7,274,280
4,057,690
Revenue over (under)
expenditures
(969305)
351,664
1,320,969
(998,000)
519,035
'
Other Financing Sources (Uses)
.
Operating transfers:
,
From other funds
1,097,300
1,097,300
-
701,420
443
439
(To) other funds
(91,420)
(537247)
38,173
(760,000)
,
(300,000)
1,005,880
1,044,053
38,173
(58 580)
143,439
,
Revenue and other financing
sources over (under) expendi-
tures and other financing
(uses) S 36,575
Fund Balance, beginning
Fund Balance, ending
See Notes to Financial Statements.
1,395,717 S 1359,142 S (1,056,580)
8,603,028
S 9,998.745
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662,474 ,
5,176,416
$ 5,838,890
O
Special
e
Revenue
Over (Under)
Debt Service
Budget
Budget
Actual
$
22,609
$
$
1
(1,882,496)
27,657
134,577
130,000
135,601
(1,902)
-
-
(1,699,555)
130,000
135,601
(430,052)
-
953
(2,611,656)
(175,835)
_
280,000
280,000
1,998,613
1991 1,333
(3,216,590)
2,278,613
2 271 333
aµ.
muer) Over (Under)
get Budget Actual Budget
$ 3,300,000 $ 2,845,775 $ (454,225)
5,601 441,571 1,288,447 846,876
49,900 50,250 350
7,028,200 758,811 (6,269,389)
2,500 (2,500)
(7,280)
(7 280) 7 080 600
809,061 (6,271,539)
15,517,035
(2,148,613) (2,135,732)
12,881
(3,339,029)
3,354,104 6,693,133
'
(257,981)
2,278,613 2,136,002
(142,611)
460,000
- -
(3,225,913)
(3,323,494) (97
581)
202,019
2,278,613 2.136-002
na~All
o o<nio
,
1,719,054 $ 130,000 270 S (129,730) S (6,564,942) 30,610 $ 6,595,552
' 2,355,343 19,008,754
$ 2,355,613 $ 19,039,364
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CITY OF ROSEMEAD, CALIFORNIA
Il
COM13INED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL- GENERAL, SPECIAL REVENUE, DEBT SERVICE AND CAPITAL
PROJECT FUNDS, CONTINUED 1
June 30, 1997
Total (Memorandum Only)
Over (Under)
'
Revenue Budget Actual Budget
Property taxes and special assessments
S 3,660,000
$ 3,228,384
$ (431
616)
Othertaxes
3,884,050
31952,511
,
68
461
Licenses and permits
738,100
760,037
,
21
937
Intergovernmental
8,893,580
7,532,960
,
(1,360,620)
Charges for services
562,035
584,033
21
998
Fines, forfeitures and penalties
341,500
363,938
,
22
438
Use of money and property
1,225,071
2,415,33 5
,
1
190
264
Other
77,050
63,262
,
,
(13,788)
Expenditures
19,381,386
18,900,460
(480,926)
Current:
General government
2,763,400
2,053,607
(709,793)
Public safety
5,048,649
4,922,197
(126
452)
Public works
12,280,250
3.349,572
,
(8,930
678)
Public health
48,000
45,966
,
(2
034)
Public recreation
2,181,990
2,144,066
,
(37,924)
Community service
2,210,820
1,976,965
(233,855)
Appropriations reserves
17,611
-
(17
611)
Capital outlay
7,000
47,683
,
40
683
Debt service:
,
Principal
280,000
280,000
-
Interest
1,998,613
1,991,333
(7,280)
26,836.333
16,811,389
(10,024,944)
Revenue over (under)
expenditures
(7,454,947)
2,089,071
9,544,018
Other Financing Sources (Uses)
Operating transfers:
From other funds
4,077333
3,676,741
(400,592)
(To) other funds
(47077,333)
(3,676,741)
400,592
Revenue and other financing
sources over (under) expendi-
tures and other financing
(uses)
S (7,454,947)
2,089,071
S 9,544,018
Fund Balance, beginning
Residual Equity Transfer
357143,541
Fund Balance, ending
S 37 232,612
See Notes to Financial Statements.
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN FUND BALANCE -
Year Ended June 30, 1997
xt
PENSION TRUST FUND
Operating revenue, interest and other investment income
$ 10,469
Operating expenses:
Administrative fees
3,659
Pension benefits
20,719
'
24,378
Net (loss)
(13,909)
'
Fund b alance, beginning
226,085
Fund balance, ending
$ '212,176-
See Notes to Financial Statements.
9
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CASH FLOWS - PENSION TRUST FUND
Year Ended June 30, 1997
Cash Flows from Operating Activities
Net (loss) $ (13,909)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Administrative expenses payable 3,659
Unrealized interest and investment income (10,469)
Net cash (used in) operating activities (20,719)
Cash Flows Provided by Investing Activities
Proceeds from the sale and maturity of annuity contracts
Net increase in cash and cash equivalents
Cash, beginning
Cash, ending
See Notes to Financial Statements.
20,719
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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
Reporting Entity
As required by generally accepted accounting principles, these financial statements present the
government and its component units, entities for which the government is considered to be financially
accountable. Blended component units, although legally separate entities, are, in substance, part of the
government's operations and are controlled, by common governing boards; therefore, data from these
units are 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.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STA
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Sigrrifcmrt 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 aself-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 consisient with legal and managerial requirements. Account
groups are a reporting device to account for certain assets and liabilities of the governmental funds not
recorded directly in those funds. . I
The government has the following fund types and account groups:
Governmental Funds are used to account for the general government activities. Governmental fund
types use the flow of current financial resources measurement focus and the modified accrual basis of
accounting. Under the modified accrual basis of accounting, revenue is recognized when susceptible to
accrual (i.e., when they are measurable and available). "Measurable" means the amount of the
transaction can be determined and "available" means collectible within the current period or soon enough
thereafter to pay liabilities of the current period. The government considers all revenue available if it is
collected within 60 days after year end. Expenditures are recorded when the related fund liability is
incurred, except for unmatured interest onlgeneral long-term debt, which is recognized when due, and
certain compensated absences and claims a d judgments, which are recognized when the obligations are
expected to be liquidated with expendable'awailable financial resources.
i
In determining when to recognize intergovernmental revenue (grants, subsidies and shared revenue), the
legal and contractual requirements of the individual programs are used as guidance. There are, however,
essentially two bases for this revenue recognition's 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.
,i
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. Estimated losses on'insurance claims are charged to expense in the period
the loss is determinable.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
' Note 1. Reporting Entity, Nature of Operations, Description of Funds acrd Account Groups,
and Significant Accounting Policies, Continued
' The Agency finds 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
e assessments, expendable trusts and major capital projects) that are legally restricted, to expenditures for
specified purposes. The Special Revenue Funds and their, purposes are as follows:
The Traffic Safety Fund_ accounts for the receipt of.vehicle code':fines.which are expended for traffic
safety enforcement.
' The State Gas Tax Fund accounts for funds, collectedfrom'the State of California which are used-for
street construction, street maintenance, engineering and administrative costs.
The Air Quality'Management District Fund accounts for the City's share of automobile registration
fees collected from the State by the South Coast Air Quality Management District. The funds are used
in improving transportation systems and to reduce reliance on private vehicles.. .
The Local Transportation' Fund accounts for State grants used to finance the construction' of- '
bikeways and sidewalks.
a 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.
1 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.Rosemead Redevelopment Agency.
Fiduciary Fund Types
'
Fiduciary Funds account for assets held by the government in a trustee capacity or as an agent on behalf
of others. Trust funds account for assets held by the government under the terms of a formal trust
agreement. The City's Fiduciary Fund Types are as follows:
The Pension Trust Fund, a nonexpendable trust fund, accounts for the activity of the retirement plan ,
for employees of the City using the accrual basis of accounting.
The Agency Funds account 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
and deferred compensation plans for qualified employees. The Agency funds are custodial in nature
and do not present results of operations or have a measurement focus. Agency funds are refundable ,
deposits and deferred compensation.
Account Groups '
The General Fixed Assets Account Group is used to account for the City's fixed assets.
i '
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.
I
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'
U
0
0
0
I
0
0
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 following is a summary of significant accounting policies:
Cash investments and other investments
The City pools cash and investment resources of some of its funds in order to facilitate the management
of cash. Cash applicable to a particular fund is readily identifiable. The balance in the pooled cash
accounts is available to meet current operating requirements. All investments are stated at cost or
amortized cost except those of the Deferred Compensation Plan and Pension Trust Fund, which are
stated at market value. Investment earnings are allocated based on the source of funds.
Receivables
Property 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
a 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
All property and equipment of the City are accounted for in the general fixed assets account group.
O Public domain (infrastructure) general fixed assets, consisting of certain improvements other than
buildings, such as roads, sidewalks and bridges, are not capitalized. Property and equipment acquired or
constructed for general governmental operations are recorded as expenditures in the fund making the
O expenditure and capitalized in the general fixed assets account group.
All general fixed assets which were purchased or constructed are stated at cost. Assets acquired by gift
O or bequest are recorded at their fair market value at the date of transfer. No depreciation is recorded on
general fixed assets.
O Fund balances
The reserved portion of the fund balances represents that amount which has been legally identified for
the specific purpose or it represents that amount which is not available to liquidate current liabilities.
O The unreserved portion represents the amount available for budgeting future operations.
0
11
01
1 15
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS t
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
Vacation pay and compensatory time
'
City employees accumulate vacation hours which may be paid upon termination
death or retirement
,
.
Employees can accumulate up to three we of'accrued vacation per year depending on the length of
t
employment. Employees can accumulate up to 1,60 hours of sick leave. Any hours in excess of 160 are
considered to be vested and are paid to the employee based on a vesting schedule. In addition
,
employees can accrue compensatory time.
,
The vested portion of vacation and sick leave by employees at June 30, 1997 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.
"Memorandum Only "total columns
'
Included on the combined financial statements are total columns captioned "Memorandum Only" to
indicate that they are presented only for informational purposes. Adjustments to eliminate interfund
,
transactions have not been recorded in arriving at such amounts and the memorandum totals are not
intended to fairly present the financial position or results of operations of the reporting entity taken as a
whole.
Additionally, the 1996 totals presented in the "Memorandum Only" columns are included to provide a
summarized comparison with comparable 1997 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. Certain revenue for the year ended June 30, 1996 has been
reclassified, with no effect on net revenue over expenditures, to be consistent with the classifications
adopted for the fiscal year ended June 30, 1997.
Note 2. Budget Matters I
The annual budget adopted by the City Council provides for the general operation of the City. It includes '
proposed expenditures and estimated revenue for all governmental fund types.
Budgets presented in this report for comparison to actual amounts are presented in accordance with '
generally accepted accounting principles. Reported budget amounts represent the original adopted
budget as amended.
The City Manager is authorized to make transfers of appropriations within a department. Transfers of '
appropriations between departments require the approval of the governing council. The legal level of
budgetary control is the department level. The governing council made several supplemental budgetary '
appropriations throughout the year, none considered to be material.
In all funds, unexpended budgeted amounts lapse at the end of the budget year.
16 i '
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
' Note 3. Cash and Investments
The components of cash and investments at June 30, 1997 are as follows:
' Cash in bank $ 2,323,768
Time certificates. of deposit 2,961,784
Cash subtotal 5,285,552
Other investments 4,313,873
Cash with fiscal agent 2,344,420
Guaranteed investment contracts 11,009,930
Investment in State Treasury's Investment Pool 14,500,975
Investment in annuity contracts 730,024
Investments subtotal 32,899,222
Cash and investments total $ 38,184,774
Cash
At year end, the ca "
crying amount of the City's and Agency's deposits (i.e., cash in bank and time
certificates of deposit) was $5,285,552 and the bank balance was $5,393,285. Of the $5,393,285 bank
balance, $611,819 was covered by federal depository insurance, and $4,781,466 was uninsured and
' uncollateral ized.
In accordance with State statutes, the 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 associations to collateralize governmental entities' deposits by pledging
government securities as collateral. The market value of pledged securities must equal at least 1 10% of a
t City's deposits. California law also allows financial institutions to secure City deposits by pledging first
trust deed mortgage notes having a collateral value of 150% of an Agency'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 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.
Investments
! State statutes authorize the City to invest any available funds in securities issued or guaranteed by the
United States Treasury or agencies of the United States, bank certificates of deposit, bankers
' acceptances, negotiable certificates of deposit, the State Treasurer's Investment Pool, repurchase
agreements, commercial paper and bonds, registered warrants or treasury notes of the State of California
and its local agencies.
' 17
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 3. Cash and ILtvestments, Continued
Investments include cash with fiscal agent for $2,344,420, which is invested in a guaranteed investment
contract which accrues interest monthly at an interest rate of 5.8%, maturing October 1, 2013.
Investments in annuity contracts included $212,176 and $517,848 invested in the Pension Trust Fund and
Deferred Compensation Plan, respectively. These investments were carried at market value.
Investments also included $11,009,930 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 1, 1999.
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 Carrying
Investment Type 1 2
Market
3 Amount
U.S.eovemment and
Value
government agency
securities $ $ S 2,464,268 S 2,464,268 S
2,511
910
State and municipal bonds 657,570 657,570
,
679
691
Commercial paper and
,
bonds 1,192,035. 1,192,035
1,104,390
'
S $ $ 4,313,873 4,313,873
4,295,991
Cash with fiscal agent 2,344,420
2
344,420
,
Guaranteed Investment
,
Contracts 11,009,930
11
332
740
Investment in State
Treasurer's Investment
,
,
Pool 14,500,975
Investment in annuity .
14,500,975
contracts 730,024
730,024
'
Total other investments S 32,899,222 S
33,204,150
The three preceding risk description categories are defined as follows:
Category Description
i
I . Investments that are insured, registered or for which the securities are held by t
he City or
its agent in the City's name.
2 Uninsured and unregistered investments for which the securities are held by cou
nter-
party's trust department (if a bank) or agent, in Ifie City's name.
'
3 Uninsured and unregistered investments for which the securities are held by cou
nter-
party's Trust Department (if a bank) or agent, but not in the City's name.
18
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
I Note 4. Receivables
I Receivables as of June 30, 1997 consist of the following:
u
1
Property tax increment $
Accrued interest
Due from local utility
companies (A)
Due from other governmental
agencies
Transient occupancy tax
Other
Special
General Revenue Debt Service
142,734 40,694 11,193
631,399 - _
171,097 380,504
200,452 -
Capital
Projects Total
232,540 $ 232,540
316,693 511,314
- 631,399
551,601
200,452
74,442
' $ 1,220,124 $ 421,198 $ 11,193 $ 549,233 $ 2,20] 748
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 into collect this receivable from the
utility company in 40 annual installments of $12,345, with the final installment due June 30, 2027.
' 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 June 30, 1992. The Agency then contributed the
receivables to the City. The City is to collect the receivables from the utility company in 15
noninterest-bearing annual installments of $35,987 and $1,958, with the final installments due
' June 30, 2005 and September 30, 2006.
During the year ended June 30, 1994, the Agency approved an additional reimbursement
' agreement with a local utility company, advancing the utility company funds required to install a
water main and fire service improvements. The total amount advanced was $311,600. The
Agency then contributed the receivable to the City at the present 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.
I
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MI
1 19
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 5. Irrterjund Receivables and Payables
Interfund receivables and payables as of June 30, 1997 are as follows:
Funds
General Fund
Special Revenue Funds:
Traffic safety
Local Transportation Fund
Public Transportation Funds
Community Development Block Grant
Capital Projects Fund
Note 6. Property and Equipment
2,468
6,529
11,469
10,904
31,370
$ 31,370 $ 31,370
Changes in property and equipment during the year ended June 30, 1997 were as follows:
Land
Buildings and improvements
Vehicles
Furniture and office equipment
Special equipment and machinery
Other improvements
Note 7. Employee Pension Plans
Interfund
Receivables Payables
29,736
Balance, Balance,
June 30, 1996 Acquisitions Disposals June 30, 1997
$ 4,730,565 $
- $
S 4,730,565
5,617,201
24,491
5,641,692
252,264
-
252,264
1,126,272
72,462
1,198,734
495,415
70,790
566,205
852,592
14,079
866,671
$ 13,074,309 $ 181,822 $ S 13,256,131
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 (PEAS). The value of the annuity contract for retired
employees was $212,176 as of June 30, 1997.
I
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20
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I
I PERS also provides death and disability benefits to participating employees.
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 7. Employee Pension Plans, Continued
Effective November 1, 1992, the City became a member of PERS, an agent multiple-employer public
employee retirement system that acts as a common investment and administrative agent for cities in the
State. The City's payroll for employees covered by PERS for the calendar year ended December 31,
1996 was $1,144,905 and total payroll was $1,736,935.
All full-time City employees are eligible to participate in PERS. Benefits vest after five years of service.
City employees who retire at or after age 60 with five years of credited service are entitled to an annual
retirement benefit, payable monthly for life. Retirement benefits are calculated using a formula which
multiplies years of credited service by a sliding scale (based on age) by the employee's highest annual
salary during service.
' Benefit provisions and all other requirements are established by State statute and City ordinance.
Employees are required to contribute 7% of their salary to the plan. The City contributes the employee's
' portion as well as the remain ing-coritribution requirement required to fund the plan.
PERS has in its investments no securities in the form of bonds, notes, leases receivable, loans or any
other instrument representing debt of the City or any of the other governments included as part of the
City's reporting entity, or any parties related to the City or the other governments included as part of the
City's reporting entity.
Funding status and progress: The amount shown as the pension benefit obligation is a standardized
disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary
' increases and step-rate benefits; estimated to be payable,in the future as a result of employee service to
date. The measure is intended to help users assess the funding status of the system on a going concern
basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make
' comparisons among employers. The measure is the actuarial present value of credited projected benefits
and is independent of the funding method used to determine contributions to the system.
' The total PERS pension benefit obligation was computed as of June 30, 1996 as part of an actuarial
valuation performed. Significant actuarial assumptions used to determine the pension benefit obligation
include:
' A rate of return on the investment of present and future assets of 8.5% per year compounded
annually.
Projected salary increases of 4.5% per year compounded annually, attributable to inflation.
No increases attributable to seniority/merit.
No postretirement benefit increases.
1
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' 21
1
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS '
Note 7. Employee Pension Plans, Continued
A comparison of the pension benefit obligation applicable to the City's employees with the plan assets as '
of June 30, 1996 is as follows:
Pension benefit obligation: ,
Retirees and beneficiaries receiving benefits and terminated
employees not yet receiving benefits $ 382,165
Current employees:
Accumulated employee contributions including allocated
investment earnings $ 326,607
Employer-financed, vested 1,575,896 '
Employer-financed, nonvested 14,408 1,916,911
Total pension benefit obligation 2,299,076
Net assets available for benefits, at cost (market value
$2,472,126) 2,302,007 '
Overfunded pension benefit obligation $ (2,931)
Actuarially determined contribution requirements and contribution made '
PERS uses the Entry Age Normal Actuarial Cost Method, which is a projected benefit cost method. That
is, it takes into account those benefits that are expected to be earned in the future as well as those already
accrued. According to this cost method, the normal cost for an employee is the level amount which
would fund the projected benefit if it were paid annually from date of employment until retirement. ,
PERS uses a modification of the Entry Age Cost Method in which the employer's total normal cost is
expressed as a level percentage of payroll. PERS also uses the level percentage of payroll method to
amortize any unfunded actuarial liabilities. The amortization period of the unfunded actuarial liability is '
not longer than 30 years for contracting public agencies.
The significant actuarial assumptions used to compute the actuarially determined contribution '
requirement are the same as those used to compute the pension benefit obligation as described earlier in
this Note.
1
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2 2 '
CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
' Note 7. Employee Pension Plans, Continued
' The contribution to the plan for the fiscal year ended June 30, 1997 totaling $184,622 was made in
accordance with actuarially determined requirements computed through an actuarial valuation perforated
as of June 30, 1996. The contribution consisted of:
' Normal cost (4.717% of current covered payroll) $ 61,230
Amortization of the unfunded actuarial accrued liability (10.405% of
' current covered payroll) 123,392
$ 184,627
Amounts contributed on behalf of.
City (8.122% of current covered payroll) $ 98,574
' Employees (7% of current covered payroll) 86,048
$ 184,622
' Trend information
' Trend information gives an indication of the progress made in accumulating sufficient assets to pay
benefits when due. Historical information for the last available three years is as follows:
Unfunded
(Overfunded)
Pension Contribu-
Benefit Obli- tion to
' gation as System as
Unfunded (Over. Percentage Percentage of
Year Net Assets funded) Pension of Covered Covered
Ended Available Pension Benefit Percentage Benefit Annual Covered Annual Annual
June 30 for Benefits Obligation Refunded Obligation Payroll Payroll Payroll
1994 S 1,580,000 S 1,814,350 87.1 % S 234,340 S 1,301,610 18.0 % 15.491 %
1995 1,882.390 2,021,200 93.1 138,815 1,331,870 10.4 15.491
1996 2,302,000 2,299,070 100.1 2,931 1,330,160 (0.2) 15.491
Showing unfunded pension benefit obligation as a percentage of annual covered payroll approximately
adjusts for the effects of inflation for analysis purposes.
Ten-year historical trend information showing the System's progress in accumulating sufficient assets to
' pay benefits when due is presented in the System's June 30, 1997 comprehensive annual financial report.
rl
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23
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 8. Deferred Compensation Agreements
The City has a deferred compensation plan which is organized under Internal Revenue Code 457. The
plan allows eligible employees to defer a portion of their gross income to future years not to exceed the
lesser of $7,500 or 25% of the participant's includible compensation. The deferred compensation is not
available to employees until termination, retirement, death or unforeseeable emergency. The deferred
compensation and accumulated earnings thereon totaled $517,848 at June 30, 1997.
The deferred compensation plan is fully funded by the City as the deferred compensation is earned by the
employees. Plan assets and the related liability to employees are accounted for in an agency fund at the
current market value of the annuity contracts and time certificates of deposit.
All amounts of compensation deferred under the plan, all property and rights purchased with those
amounts, and all income attributable to those amounts, property or rights are, (until paid or made
available to the employee or other beneficiary) solely the property and rights of the City (without being
restricted to the provisions of benefits under the plan), subject only to the claims of the City's general
creditors. Participants' rights under the plan are equal to those of general creditors of the City in an
amount equal to the fair market value of the deferred account for each participant.
The City has no liability for losses under the plan, but does have the duty of due care that would be
required of any ordinary prudent investor. The administrative and reporting functions of the plan are
being handled by an insurance company.
Note 9. Self-insurance 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 City carries commercial liability insurance and
bonds its employees. The City carries no insurance coverage for natural disasters. Beginning in 1977,
the City of Rosemead became a member of the Southern California Joint Powers Insurance Authority
(the Authority) (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 of Rosemead, 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 pro 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
24
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CITY OF ROSEMEAD, CALIFORNIA
ri,, k..
NOTES TO FINANCIAL STATEMENTS -
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 199313) to finance a portion of the cost of the redevelopment area known as Project Area No. 1.
The bonds bear interest ranging from 4.6% to 5.6% and 5.2% to 5.9% for Series 1993A and B,
respectively. From the proceeds, $14,652,398 of Series A and $2,382,551 of Series B proceeds, 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 on or after October 1, 2033, and Series
1993B bonds mature on or after 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.
Compensated absences
That portion of the liability for the vested compensated 'absences~totaling $297,011 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, 1997:
' Accrued
Tax Allocation Tax Allocation Vacation and
Bonds Series Bonds Series Litigation Compensatory
1993A 19938 Settlement Time Total
Balance, June 30, 1996 $ 34,275,000 $ 1,910,000 $ 112,347 $ 275,629 $ 36,572,976
Payments of principal - (280,000) - - (280,000)
Additions 21,382 21,382
Reductions in settlement (35,574) (35,574)
' Balance, June 30, 1997 $ 34,275,000 $ 1,630,000 $ 76,773 $ 297,011 $ 36,278,784
I
' 25
CITY OF ROSEMEAD, CALIFORNIA '
NOTES TO FINANCIAL STATEMENTS ,
Note 10. Long-term Debt, Continued
'
The annual requirements, principal and interest to amortize the outstanding debt as of June 30
1997 are
,
as follows:
,
Accrued
Series 1993 Vacation and
'
During the Year A and B Litigation Compensa-
Ending June 30, Bonds Settlement tory Time Interest Total
1998 $ 295,000 $ 37,666 S 297,011 S 1,989,427 S 2,619,104
,
1999 310,000 39,107 - 1,971,450 2,320,557
2000 330,000 - - 1,951,663 2
281
663
,
,
2001 345,000 - - 1,932,853 2,277,853
'
2002 370,000 - - 1,912,843 2,282,843
Years thereafter 34,255,000 - - 39.846,587 74,101,587
'
S 35,905,000 S 76,773 S 297,011 $ 49,604,823 $ 85,883,607
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, 1997, $16,470,000 is considered defeased, consisting of $9,660
149 of
,
bonds outstanding and $6,809,851 of interest.
'
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26
,
CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
Note 11. Budget Overevpenditures and Deficit
i
' Expenditures exceeded Appropriations for the year ended June 30, 1997 in the following departments:
Amount
' of Over-
General Fund Appropriations Expenditures expenditures
•
' Travel and meetings $ 26,000 $ 27,841 $ 1,841
City council 64,380 64,767 387
City treasurer 12,000 12,059 59
' City garage 36,200 45,055 8,855
Animal regulation 50,000 67,934 17,934
Parking control 114,400 117,35.9 2,959
Crossing guard 86,070 90,867 4,797
Narcotics forfeiture 110 110
Street and highway construction - 8,939 8,939
Recreation 577,270 594,279 17,009
' Building regulation 449,300 458,867 9,567
Community improvements 93,940 105,809 11,869
Capital outlay 4,500 47,683 43,183
' Traffic Safety Fund
Public safety 60,000 87,657 27,657
Air Quality Management District Fund
' Community Service 3,800 3,815 15
' Note 12. Commitments and Contingent Liabilities
Low-Moderate Income Housing Set-Aside Fund
1 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 the set-aside requirement
amounts incurred June 30, 1986 through June 30, 1991 and during the fiscal years ended June 30, 1994,
1995 and 1996 are allowed to be deferred until the fiscal year ended June 30, 2023 as a result of a
housing deficit repayment plan devised by the Agency as required by law. As of June 30, 1997, the
accumulated set-aside amount not yet funded was approximately $4,947,000.
Litigation
' The City was a defendant in a lawsuit along with 13 other cities, the County of Los Angeles, five county
garbage collection districts and the State of California for reimbursement of landfill cleanup costs of
hazardous waste dumped between 1948 and 1984. The plaintiffs claimed that the cities either accepted
for transport or arranged for disposal or treatment of municipal waste which contained hazardous
materials. The plaintiffs also claimed that these materials have been released from the landfill into the
' environment.
' 27
CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 12. Commitments and Contingent Liabilities, Continuer!
The City and the plaintiffs reached a settlement of the above referenced matter for $946,726. The City's
insurers have agreed to pay $447,467, with the City paying the balance of $499,259. Of this amount,
$300,000 was deposited in an escrow account in January 1994. The remaining amount of $199,259 will
be paid over the next five years with interest at various rates not to exceed 5%. The present value of the
remaining payments as of June A 1997~~vas$76073. This amount is included in the City's long-term
debt account group as of June 30, 1997.
In addition, the City enacted a user fee, imposed on residential and commercial refuse bills, to help offset
the settlement.
In late July 1995, the 13 cities involved in the above litigation received a claim for indemnity. The
Fortune 500 companies who utilized the landfill are now being sued for traditional tort damages to their
persons and property. The Fortune 500 companies have in turn filed claims with the 13 cities asserting
that, if they are liable, then the cities are proportionately liable up to an aggregate total of $3,000,000 for
claims in excess of $40,000,000. The cities r egotiated a settlement agreement with the homeowners
plaintiffs which requires the cities, including the City of Rosemead, to pay an aggregate total of
$300,000, approximately $11,500 per city. The settlement calls for the homeowners to indemnify the
cities against any liability to the industrial defendants and/or to dismiss these defendants. The settlement
has been approved by the court and signed by all counsel and all but one homeowner family. The City
expects the remaining family will sign very soon. '
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 30, 1997, the agreement continues
to remain on hold.
A'ote 13. Pronouncement Issued but A'ot Yet Adopted
In November 1994, the Governmental Accounting Standards Board (GASB) issued Statement of
Governmental Accounting Standards No. 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. Statement No. 27 is required to be adopted for years beginning after June 15,
1997. The City has not completed its assessment of the effect that the adoption of Statement No. 27 will
have on its financial statements.
In January 1997, the GASB issued Statement of Governmental Accounting Standards No. 31, Accounting
and Financial Reporting for Certain Invesnneats and for External brnestmeat Pools. This Statement
establishes new financial reporting standards for investments held by government external investment
pools, interest-earning investment contracts, open-end mutual funds and debt and equity securities.
Statement No. 31 is required to be adopted for years beginning after June 15, 1997. The effect of
adopting this Statement would have been to increase investments and fund balance by approximately
$305,000 at June 30, 1997.
1
I
28
1
CITY OF ROSEMEAD, CALIFORNIA
COMBINING AND INDIVIDUAL FUNDS
AND ACCOUNT GROUPS
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1997
I
THIS PAGE INTENTIONALLY LEFT BLANK
29
I
I
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1
I
1
i
1
1
I
1
1
1
1
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, 1997
1997 1996
ASSETS
Cash and investments $10,207,644 $7,975,718
Receivables 1,220,124 1,174,257
Due from other funds 29,736 769,465
Prepaid expenses 920
Total Assets $11,458,424 $9,919,440
LIABILITIES AND MUNICIPAL EQUITY
Liabilities
Accounts payable and accrued liabilities
$1,451,976
$1,124,846
Due to other governmental agencies
Deferred compensation
190,000
Accrued vacation pay and compensatory time
7,703
1,566
Total Liabilities
$1,459,679
$1,316,412
Municipal Equity and Other Credits:
Fund Balance:
Reserved:
Long-term receivable
$717,796
$687,269
Unreserved:
Designated:
Building and equipment replacement
1,720,000
1,720,000
Litigation settlements
1,000,000
750,000
Self-insurance
300,000
280,000
Contingencies
3,000,000
2,680,000
Undesignated
3,260,949
2,485,759
Total Fund Balance
$9,998,745
$8,603,028
Total Liabilities, Municipal Equity and Other Credits
$11,458,424
$9,919,440
31
1
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
1997
1996
REVENUES:
Other Taxes
$3,952,511
$3,664,031
Licenses and permits
760,037
760,191
Intergovernmental
3,860,776
3,177,566
Charges for services
576,033
531,055
Fines, forfeitures and penalties
276,281
303,930
Use of money and property
568,410
460,479
Other
30,921
102,536
Total Revenue
$10,024,969
$8,999,788
EXPENDITURES:
Current:
General government
$1,812,609
$1,808,268
Public safety
4,561,894
4,419,427
Public works
47,007
63,806
Public health
45,966
44,863
Public recreation
2,144,066
1,868,823
Community service
1,014,080
955,219
Capital outlay
47,683
55,206
Total Expenditures
$9,673,305
$9,215,612
Revenue over (under) expenditures
$351,664
($215,824)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$1,097,300
$1,157,737
(To) other funds
(53,247)
Total Other Financing Sources (Uses)
$1,044,053
$1,157,737
Revenues and Other Financing
Sources over (under) expenditures
$1,395,717
$941,913
HIND BALANCE, BEGINNING
8,603,028
7,387,388
Residual equity transfer
273,727
FUND BALANCE, ENDING
$9 998 745
$8,603,028
32
CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
REVENUE DETAIL - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1997
Over
(Under)
Budget
Actual
Budget
1996
TAXES
Maintenance district
$1,500
$1,575
$75
$1,291
Real estate transfer tax
35,000
47,904
12,904
40,404
Sales and use tax
2,550,000
2,550,967
967
2,309,758
Franchise fees
577,550
574,497
(3,053)
577,004
Transient occupancy tax
720,000
777,568
57,568
735,574
$3,884,050
$3,952,511
$68,461
$3,664,031
LICENSES AND PERMITS
Business license fees
$35,000
$34,578
($422)
$36,547
Building permit fees
525,000
511,039
(13,961)
525,405
Public work permit
63,000
76,133
13,133
62,941
Tentative map fees
' 2,500
5,975
3,475
8,610
Development review fees
3,000
17,260
14,260
5,767
Final map fees
25,000
25,365
365
33,229
Occupancy permit fees
56,000
58,490
2,490
55,987
Sewer connection
25,000
28,624
3,624
29,513
Strong motion fees
2,000
2,573
573
2,192
Rehabilitation permit fees
1,600
-
(1,600)
-
$738,100
$760,037
$21,937
$760,191
INTERGOVERNMENTAL
Financial aid to local agencies
$900,000
$1,017,845
$117,845
$1,037,006
Motor vehicle in lieu tax
2,000,000
'
2,192,695
192,695
2,071,934
Other vehicle taxes
12,900
856
(12,044)
852
COPS Grant
76,000
352,029
276,029
56,774
Other State grants
350,000
297,351
(52,649)
11,000
$3,338,900
$3,860,776
$521,876
$3,177,566
CHARGES FOR SERVICES
Filing and certification fees
$40,000
$54,503
$14,503
$59,410
Other current charges
240 625
249,735
9,110
224,124
Recreation fees
246,210
226,876
(19,334)
235,175
Assessments
4,000
25,586
21,586
6,510
Special community events
23,200
19,333
(3,867)
5,836
$554,035
$576,033
$21,998
$531,055
FINES, FORFEITURES AND
PENALTIES
Court fines and forfeitures
$281,500
$276,281
($5,219)
$303,930
USE OF MONEY AND PROPERTY
Interest earned on investments
$310,000
$505,143
$195,143
$403,084
Rental Income
55,200
63,267
8,067
57,395
$365,200
$568,410
$203,210
$460,479
OTHER
SANE program
$32,500
$12,500
($20,000)
$32,077
Repairs to and sale of City property
1,100
3,552
2,452
6,274
Miscellaneous
38,150
14,869
(23,281)
64,185
$71,750
$30,921
($40,829)
$102,536
Total Revenues
$9,233,535
$10,024,969
$791,434
$8.999.788
33
~ q
LJ
1
I
CITY OF ROSEMEAD, CALIFORNIA
GENERALFUND.
EXPENDITURE DETAIL - BUDGET AND ACTUAL
Fiscal Yiar Ended June 30, 1997
Over
(Under)
Budget
Actual
Budget
1996
GENERAL GOVERNNE,NT
Travel and meeting
$26,000
$27,841
$1,841
$27,753
City council
64,380
64,767
387
64,427
City administration
764,930
554,615
(210,315)
671,716
City clerk
136,280
109,869
(26,411)
71,833
Finance
241,330
231,670
(9,660)
204,522
City treasurer
12,000
12,059
59
12,875
City attorney
132,960
124,482
(8,478)
95,584
General government buildings
387,200
366,414
(20,786)
361,008
Community promotion
291,420
275,837
(15,583)
266,396
City garage
36,200
45,055
8,855
32,154
$2,092,700
$1,812,609
($280,091)
$1,808,268
PUBLIC SAFETY
Law enforcement
$4,419,929
$4,276,631
($143,298)
$4,173,429
Animal regulation
50,000
67,934
17,934
51,443
Parking control
114,400
117,359
2,959
115,200
Crossing guard
86,070
90,867
4,797
76,862
Emergency services
18,900
8,993
(9,907)
2,211
Narcotics forfeiture
-
110
110
90
Street lighting
192
$4,689,299
$4,561,894,M..
($127,405)
$4,419,427
PUBLIC WORKS
Engineering and administration
$36,640
$36,452
($188)
$35,875
Street and highway construction
e 8;939
8,939
27,041
Traffic signs and striping maintenance
60,000
1,616
(58,384)
890
$96,640
$47,007
($49,633)
$63,806
PUBLIC HEALTH
Public health services
$48,000
$45,966
($2,034)
$44,863
PUBLIC RECREATION
Administration
$191,400
$187,735
($3,665)
$176,641
Parks
1,109,090
1,104,630
(4,460)
824,550
Recreation
577,270
594,279
17,009
566,891
Aquatics
300,230
253,630
(46,600)
297,355
Dinsmoor Heritage House
4,000
3,792
(208)
3,386
$2,181,990
$2,144,066
($37,924)
$1,868,823
COMMUNITY SERVICE
Planning
$207,760
$204,899
($2,861)
$172,956
Building regulation
449,300
458,867
9,567
448,651
Engineering
321,100
244,505
(76,595)
250,551
Community improvements
93,940
105,809
11,869
83,061
$1,072,100
$1,014,080
($58,020)
$955,219
CAPITAL OUTLAY
$4,500
$47,683
$43,183
$55,206
APPROPRIATION RESERVES
$17,611
($17,611)
Total Expenditures
$10,202,840
$9,673,305
($529,535)
$9,215,612
1 34
TIES PAGE INTENTIONALLY LEFT BLANK
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
Established to account for Community I
United States Department of Housing and
1976 COMMUNITY PARKLANDS GRANT
Established to account for funds to be used for
STREET LIGHTING FUND
i
FUND
ment Block Grants received from the
Development.
projects.
Established to account for the operation of street lights within the City.
I
37
I
SPECIAL REVENUE FUNDS (cont'd)
I
i
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I
1
I
I
1
1
1
1
I
I
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.
38
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
CITY OF ROSEMEAD, CALIFOR
NIA
SPECIAL REVENUE FUNDS
!
COMBINING BALANCE SliEE
T
June 30, 1997
!
Air Quality
Local
Public
Community
!
Traffic
State Management
Trans-
Trans-
Development
Safety
Gas Tax District
portation
portation
Block Grant
Fund
Vind: Fund
Fund
Fund
Fund
$ -
$551,266 $92,651
$4,674
$684,630
$155,000
2,468
8,000 13,850
1,855
92,033
240,601
$2,468
$559,266 $106,501
$6,529
$776,663
$395.601
!
2,468
$125,573 $2,700
6,529
$72,760
11,469
$138,015
10,904
!
246,682
$2,468
$125,573 $2,700
$6,529
$84,229
$395,601
!
433,693 103,801
692,434
$ -
$433,693 $103,801
$692,434
$ -
!
$2.468
$559.266 $106,501
$6,529
$776,663
$395
601
.
!
39
-rdcs~z~'4a., .c .s+erlt"v'wt
1976
Community
Low-Moderate
Rosemead
'
Parklands
Street
Narcotics
Income Hous-
Housing
California
Grant
Lighting
Seizure
ing Set-Aside
Development
Wildlife
Totals
Fund
Fund
Fund
Fund
Corporation
Grant
1997
1996
$43,408
$286,991
$10,150
$4,211,223
$79,826
$36
$6,119,855
$5,378,192
1
21,697
40,694
421,198
1,138,113
$43,408
$308,688
$10,150
$4,251,917
$79,826
$36
$6,541,053
$6,516,305
$ -
$42,018
$10,150
$ -
$32,895
$ -
$424,111
$326,286
31,370
768,940
246,682
244,663.
$42,018
$10,150
$ -
$32,895
$ -
702,163
1,339;889
'
1
$ -
$ -
$ -
$4,251,917
$4,251,917
$3,967,172
43,408
266,670
46,931
36
1,586,973
1,209,244
$43,408
$266,670
$ -
$4,251,917
$46,931
$36
$5,838,890
$5,176
416
'
,
$43,408
$308.688
$10,150
$4,251,917
$79,826
$36
$6,541,053
$6.516.305
40
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 1997
Air Quality
Local
Public
Traffic
State
Management
Trans-
Trans-
Safety
Gas Tax
District
portation
portation
Fund
Fund
Fund
Fund
Fund
REVENUES:
Special assessments
$ _
$ _
$ _
$
Intergovernmental
975,184
57,154
22,262
1,038,697
Charges for services
8,000
Fines, forfeiture and penalties
87,657
Use of money and property
27,160
36,470
Other
242
Total Revenues
$87,657
$1,010.586
$57,154
$22.262
$1,075,167
EXPENDITURES:
Current:
General government
$ _
$
Public safety
87,657
Public works
-
940,952
1107157
29,396
843,432
Public Recreation
Community services
-
3,815
Capital outlay
_
Total Expenditure
$87,657
$940,952
$113,972
$29,396
$843,432
Revenue over (under)
expenditures
$ -
$69,634
($56,818)
($7,134)
$231,735
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds $ - $ - $ - $7,134 $ -
(To) other funds
$ $7,134
Revenue and other financing
sources over (under) expenditures
FUND BALANCE, BEGINNING
RESIDUAL EQUITY TRANSFER
FUND BALANCE, ENDING
$ - $69,634 ($56,818) $ - $231,735
364,059 160,619 460,699
$433,693 $103.801 $ - $692.434
41
T1 1
X11 ,
1976
'
Community
Community
Low-Moderate
Rosemead
Development
Parklands
Street
Narcotics
Income Housing
Housing
Block Grant
Fund
Grant
Fund
Lighting
Fund
Seizure
Fund
Set-Aside
Fund
Development
Corporation
'
$ -
$ -
$382,609
$ -
$ _
$ _
1,578,887
'
2,115
246
194,553
162,333
3
156
,
'
$1,578,887
$2,115
$382,609
$246
$194
553
$165
489
,
,
$ _
$ -
$ -
226,287
46,359
$190,748
619,817
'
959,070
$1,578,887
$226,287
$46,359
$190
748
,
'
$2,115
$156,322
($46;113)
$194,553
($25,259)
$
$
-
$ -
46,113
$240,192
$150,000
(150,000)
(150
000)
,
$ -
$ -
$ -
$46.113
$90,192
$ -
$2,115
$156,322
$ -
$284,745
($25,259)
'
-
41,293
110,348
3,967,172
72,190
'
$ -
$43.408
$266,670
$4,251,917
$46
931
,
'
42
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 1997
REVENUES:
Special assessments
Intergovernmental
Charges for services
Fines, forfeiture and penalties
Use of money and property
Other
EXPENDITURES:
Current:
General government
Public safety
Public works
Public Recreation
Community services
Capital outlay
California
Wildlife
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
(To) other funds
Revenue and other financing
sources over (under) expenditures
FUND BALANCE, BEGINNING
RESIDUAL EQUITY TRANSFER
FUND BALANCE, ENDING
1997
$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
1
$443,439
(300,000)
$143,439
$662,474
36 5,176,416
r
$36
43
$5,838,890
1996
$365,184
2,977,953
8,000
61,470
294,473
165,314
$3,872,394
$94,723
313,999
1,863,689
861
912,133
$3,185,405
$686,989
$224,782
(435,219)
($210,437)
$476,552
4,973,591
(273,727)
$5,176,416
s p,9 t,re:.6 i'rvtti, .
CITY OF ROSEMEAD, CALIFORNIA
11r ,
' TRAFFIC SAFETY FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
REVENUES:
' Fines, forfeiture and penalties
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
1
Over
(Under)
Budget Actual Budget 1996
$60,000 $87,657 $27,657 $61,470
$60,000 $87,657 $27,657 $61,470
$60,000
$87,657
$27,657
$61,470
$60,000
$87,657
$27,657
$61470
$
$
$
$
$
$
$ -
44
CITY OF ROSEMEAD, CALIFORNIA
STATE GAS TAX FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
REVENUES:
Intergovernmental
Charges for services
Use of money and property
Other
Total Revenues
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
Budget
$907,500
8,000
_ 0
$915,500
$1,177,300
($261,800)
$43,070
($218.730)
Over
(Under)
Actual
Budget
$975,184
$67,684
8,000
27,160
27,160
242
242
$1,010,586
$95,086
$940,952 ($236,348)
$940,952 ($236,348)
$69,634 $331,434
$ - ($43,070)
$69,634
364,059
$433,693
$288,364
45
1996 '
$951,914
8,000
21,937
$981,851
$960,289 ,
7,503
$967,792 '
$14,059 '
$14,059 '
350,000
$364,059 ,
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
'
AIR QUALITY MANAGEMENT DISTRICT FUND
STATEMENT OF REVENUE, EXP
ENDITURES
AND CHANGES IN FUND BA
LANCE
Fiscal Year Ended June 30,
1997
Over
(Under)
Budget
Actual
Budget
1996
REVENUES:
'
Intergovernmental
$60,000
$57,154
($2,846)
$58,175
Use of money and property
0
Other
150
(150)
166
'
Total Revenues
$60,150
$57,154
($2,996)
$58,341
'
EXPENDITURES:
Public works
$201,000
$110,157
($908
)
$4
Community Services
3,800
3,815
15
3,762
Total Expenditures
$204,800
$113,972
($90,828)
$44,922
'
Revenues over (under) expenditures
($144,650)
($56,818)
($87,832)
$13,419
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From (To) other funds
Revenue and other financing sources
over(under)expenditures
($144
650)
($56
818)
$87
832
$13
4
,
,
,
,
19
FUND BALANCE, BEGINNING
160,619
147,200
'
FUND BALANCE
ENDING
,
$103,801
$160,619
46
'
C
ITY OF ROSEMEAD, CALIFORNIA
LOCAL TRANSPORTATION FUND
'
STAT
EMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
'
,
Over
(Under)
Budget Actual
Budget
1996
'
REVENUES:
' Intergovernmental
$22,260 $22,262
$2
$41,264
Other
150
(150)
'
Total Revenues
$22,410 $22,262
($148)
$41,264
,
EXPENDITURES:
Public works
$37,000 $29,396
,
Total Expenditures
7,000 $29,396
=3
Revenues over (under) expenditures
($14,590) ($7,134)
$148
$41,264
'
OTHER FINANCING SOURCES (USES):
Operating transfers:
'
From (To) other funds
$ - $7,134
$7,134
($85,219)
Revenue and other financing sources
,
over (under) expenditures
($14,590)
$6,986
($43,955)
FUND BALANCE, BEGINNING
43,955
'
I
FUND BALANCE, ENDING
i
r
47 f
1
CITY OF ROSEMEAD, CALIFORNIA
'
PUBLIC TRANSPORTATION FUND
STA
TEMENT OF,REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
Over
Budget Actual
(Under)
Budget
1996
REVENUES:
Intergovernmental
$1,000,000 $1,038,697
$38,697
$970,492
Use of money and property
36,470
36,470
16,890
Total Revenues
$1,000,000 $1,075,167
$75,167
$987,382
EXPENDITURES:
Current:
Public works
$1,310,110 $843,432
($466,678)
$806;663
'
Total Expenditures
$1,310,110 $843,432
($466,678) _
$806,663
Revenues over (under) expenditures
($310,110) $231,735
($541,845)
$180,719
'
OT
HER FINANCING SOURCES (USES):
Operating transfers:
S
From (To) other funds
$ _ $ _
$
Revenue and other financing sources
'
over(under)expenditures
B
($310,110) $231,735
$541,845
$180,719
FUND
ALANCE, BEGINNING
460,699
279,980. -
'
FUND BALANCE, ENDING
$692,434
$4W699
'
48
CITY OF ROSEMEAD, CALIFORNIA
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
REVENUES:
Intergovernmental
Total Revenues
EXPENDITURES:
Current:
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
Over
(Under)
Budget Actual Budget
$2,541,920 $1,578,887 ($963,033)
$2,541,920 $1,578,887 ($963,033)
$1,407,000 $619,817 ($787,183)
1,134,920 959,070 (175,850)
$2,541,920 $1,578,887 ($963,033)
1996 '
$956,072 '
$956,072
$55,577 ,
900,868
$956,445 '
($373)
$373 '
1
49
. ,r' ua F r
41
CITY OF ROSEMEAD, CALIFORNIA
1976 COMMUNITY PARKLANDS GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30, 1997
'
Over
(Under)
Budget Actual
Budget
1996
REVENUES:
Intergovernmental
$0
Use of money and property 100 2,115
2,015
2,130
Total Revenues $100 $2,115
$2,015
$2,130
EXPENDITURES:
'
Public Recreation
' $861
Total Expenditures $ $
$861
'
Revenues over(under)expenditures $100 $2,115
$2,015
$1,269
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
'
Revenue and other financing sources
over(under)expenditures $100 $2,115
$2,015
$1,269
'
FUND BALANCE, BEGINNING 41,293
40,024
FUND BALANCE, ENDING $43,408
$41,293
'
50
CITY OF ROSEMEAD, CALIFORNIA
STREET LIGHTING FUND
STATEMENT OF'REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
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
-Budget
$360,000
$360,000
$251,000
$109,000
$109,000
53.
Over
(Under)
Actual Budget
$382,609 $22,609
$226,287
$156,322
$156,322
110,348
$266,670
i
($24,713)
$47,322
$47,322
1996 '
$365,184 '
$365,184
$206,155
$206,155
$159,029 ,
$159,029 '
225,046
(273,727)
$110,348 ,
CITY OF ROSEMEAD; CALIFORNIA
IZURE FUND
NARCOTICS SEIi
STATEMENT,OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
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
Budget Actual
246
$246
$48,350
$46,359
$48,350
$46,359
($48,350)
($46,113)
48,350 $46,113
52
Over
(Under)
Budget 1996
$0
246 302
$246 $302
($1,991)
$46,374
($1,991)
$46,374
$2,237
($46,072)
s.. .
($2,237)
$24,409
($21,663)
21,663
CITY OF ROSEMEAD, CALIFORNIA
LOW-MODERATE INCOME HOUSING FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
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
Over
(Under)
Budget Actual
Budget 1996
$132,200. $194,553
$62,353 $253,214
$132,200 $194,553
$62,353 $253,214
$132,200 $194,553
$62,353 $253,214
($610,000) $90.192 $700,192 ($200,000)
_ $47( 7,800) $284,745 $762545 $53,214
3,967,172 3,913,958
$4.251.917 $3.967,172
53
C
ITY. OF ROSEMEAD, CALIFORNIA
'
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF REVENUE, EXPENDITURES
A
ND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
Over
'
Budget Actual
(Under)
Budget
1996
REVENUES:
Use of money and property
$156,000 $162,333
$162,333
Other
5,000 3,156
(1,844)
165,148
Total Revenues
$161,000 $165,489
$160,489
$165,148
EXPENDITURES:
General government
$620,800 $190,748
($430,052)
$94,723'
Capital Outlay
Total Expenditures
$620,800 $190,748
($430,052).
$94,723
'
Revenues over(under)expenditures
($459,800) ($25,259)
($590,541)
$70,425
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
$460,000
($460,000)_
$50,000
'
Total Other Financing Sources (Uses)
$460,000
($460,000)
$50,000
Revenue and other financing sources
over(under)expenditures
$200 ($25
259)
($25
459)
$120
425
,
,
,
FUND BALANCE, BEGINNING
72,190
(48,235)
!
FUND BALANCE
ENDING
,
$46,931
$72,190
54
CITY OF ROSEMEAD, CALIFORNIA
CALIFORNIA WILDLIFE FUND
STATEMENT OF REVENUE, EXTENDITURES
AND CHANGES W FUND BALANCE
Fiscal Year Ended June 30, 1997
Budget
Actual
REVENUES:
Intergoverruuental
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
FUND BALANCE, ENDING
$36
55
Over
(Under)
Budget
1
1
1
1996 1
$36 '
$36
i
$36 1
$ i
$36 1
$36
1
i
1
1
1
1
1
1
CITY OF ROSEMEAD, CALIFORNIA
' FEDERAL HIGHWAY GRANTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
REVENUES:
' Intergovernmental
Use of money and property
Total Revenues
EXPENDITURES:
' Public works
Total Expenditures
Revenues over (under) expenditures
' OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
Revenue and other financing sources
over (under) exTenditures
' FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Budget
$1,023,000
$1,023,000
$1,023,000
$1,023,000
Over
(Under)
Actual Budget
($1,023,000)
($1,023,000)
56
($1,023,000)
($1,023,000)
1996
THIS PAGE INTENTIONALLY LEFT BLANK
s
1
I
1
I
i
57
I
1
1
[1
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.
I
1
1
1
II
1 58
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
BALANCESHEET
June 30, 1997
ASSETS
1997
1996
Cash and investments
Receivables
Due from other funds
Total Assets
$18,687,263
549,233
1,634
$19,238,130
$19,298,152
368,934
$19,667,086
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Arbitrage rebate payable
Due to City of Rosemead
Due to other funds
Total Liabilities
$198,766
$477,807
180,000
525
Municipal Equity and Other Credits:
Fund Balance:
Unreserved:
Designated for capital projects
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
$198,766 $658,332
19,039,364
$19,039,364
19,008,754
$19,008,754
$19,238,130 $19,667,086
59
1
CITY OF ROSEMEAD, CALIFORNIA
' CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
' AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
' 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
' 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
1
60
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
1996
$2,671,909
1,749,265
31,659
$4,452,833
$1,861,174
37,891
5,966
180,000
63,978
$2,149,009
$2,303,824
(3,081,198)
($3,081,198)
($777,374)
19, 786,128
$19,008,754
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1997
REVENUE
Property taxes and special assessments
Use of money and property
Other
EXPENDFIURES
Improvements to project area
Professional fees
City administrative services
Intergovernmental
Arbitrage rebate expense
Capital outlay
Investment loss
Revenue over (under) expenditures
Budget
$3,300,000
441,571
$3,741,571
$7,028,200
38,000
11,900
2,500
$7,080,600
($3,339,029)
Over
(Under)
Actual
Budget
1996
$2,845,775
($454,225)
$2,671,909
1,288,447
846,876
1,749,265
28,943
28,943
31,659
$4,163,165
$421,594
$4,452,833
$758,811
($6,269,389)
$1,861,174
20,544
(17,456)
43,857
29,706
180,000
(2,500)
63,978
$809,061
($6,289,345)
$2,149,009
$3,354,104
$6,710,939
$2,303,824
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
(3,225,913)
($3,225,913)
($6,564,942)
61
(3,323,494) (97,581) (3,081,198)
($3,323,494) ($97,581) ($3,081,198)
$30,610 $6,595,552 ($777,374)
19,008,754 19,786,128
$19,039,364 $19,008,754
1
i
1
1
1
1
i
i
1
1
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.
62
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
BALANCESHEET
June 30, 1997
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
1997 1996
$2,344,420 $2,344,150
11,193 11,193
$2,355,613 $2,355,343
Total Liabilities, Municipal Equity and Other Credits
$2,355,613 $2,355,343
$2,355,613 $2,355,343
$2,355,613 $2,355,343
63
CITY OF ROSEMEAD, CALIFORNIA
' DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
' AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1997
'
REVENUES:
Interest
Total Revenue
EXPENDITURES:
' Debt service:
Principal
Interest
Certificate of refunding
Issuance costs
' Total Expenditures
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
' Operating transfers:
From other funds
(To) other funds
' Total Other Financing Sources (Uses)
Revenues and Other Financing
Sources over (under) expenditures
' FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
1
64
1997 1996
$135,601 $1,779
$135,601 $1,779
$280,000 $265,000
1,991,333 2,006,154
$2,271,333 $2,271,154
($2,135,732) ($2,269,375)
$2,136,002 $2,133,898
$2,136,002 $2,133,898
$270
($135,477)
2,355,343
2,490,820
$2,355,613
$2,355,343
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1997
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)
Bud et Actual Budget 1996
$130,000 $135,601 $5,601 $1,779
$130,000 $135,601 $5,601 $1,779
$280,000
1
$280,000
$265,000
1,998,6
3
1,991,333
(7,280)
2,006,154
$2,278,613
$2,271,333
($7,280)
$2,271,154
($2,148,613)
($2,135,732)
$12,881
($2,269,375)
$2,278,613 $2,136,002 ($142,611)
$2,133,898
$2,278,613 $2,136,002 ($142,611)
$2,133,898
$130,000 $270 ($129,730)
($135,477)
2,355,343
2,490,820
$2,355,613
$2,355,343
65
1
1
1
1
1
1
11 >j;
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 and deferred compensation plans for qualified employees.
66
'
CITY OF ROSEMEAD, CALIFORNIA
FIDUCIARY FUNDS
,
COMBINING BALANCE SHEET
June 30,1997
Pension Agenc
y Funds
'
Trust Refundable
Deferred
Totals
Fund Deposits
Compensation
1997
1996
ASSETS
,
Cash and cash investments
$212,175 $95,568
$517,848
$825,591
$747
943
Receivables
,
'
Total Assets
$212,175 $95,568
$517.848
$825.591
$747,943
LIABILITIES AND MUNICIPAL EQU
ITY
Liabilities:
'
Due to other funds
$ _
$
Refundable deposits
95,568
95,568
86
228
Deferred compensation
517,848
517,848
,
435,630
,
Total Liabilities
$ - $95,568
$517,848
$613,416
$521,858
Municipal Equity:
'
Fund balance, reserved for
employees' retirement
$212,176 $ -
$ -
$212,176
$226,085
t
Total Liabilities and Municipal Equity
$212.176 $95,568
$517.848
$825,592
$747,943
67
1
1
I
1
I
CITY OF ROSEMEAD, CALIFORNIA
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN
ASSETS AND LIABILITIES
Fiscal Year Ended June 30, 1997
REFUNDABLE DEPOSIT FUND:
' Assets
Cash and cash investments
Receivable
' Total Assets
Liabilities
Refundable deposits
I
EMPLOYEES DEFERRED
' COMPENSATION FUND:
Assets
Cash and cash investments
' Investments in deferred
compensation plan
' Total Assets
Liabilities
' Deferred compensation
ALL AGENCY FUNDS:
' Assets
Cash and cash investments
Investments in deferred compensation
I Total Assets
' Liabilities
Refundable deposits
Deferred compensation
I
Balance
July 1, 1996 Additions
Balance
Deductions June 30, 1997
$86,228
$34,851
$25,511
$95,568
$86,228
$34,851
$25,511
$95,568
$86,228
$34,851
$25,511
$95,568
$86,228
$34,851
$25,511
$95,568
$8,704 $377 $3,641 $5,440
426,926 85,482 512,408
$435,630 $85,859 $3,641 $517,848
$435,630 $85,859 $3,641 $517,848
$94,932
$35,228
$29,152
$101,008
426,926
85,482
512,408
$521,858
$120,710
$29,152
$613,416
$86,228
$34,851
$25,511
$95,568
435,630
85,859
3,641
517,848
$521,858
$120,710
$29,152
$613,416
68
THIS PAGE INTENTIONALLY LEFT BLANK
i
69
1
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.
70
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF GENERAL FIXED ASSETS
June 30, 1997
I
I
GENERAL FIXED ASSETS
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
Balance
July 1, 1996 Additions
$8,627,668
102,612 108,095
54,767 -
1,353 -
84,010 -
(2,364) -
736,395 73,727
3,469,868 -
1997 1996
$4,730,565
5,641,692
252,264
1,198,734
566,205
866,671
$4,730,565
5,617,201
252,264
1,126,272
495,415
852,592
$13,256,131 $13,074,309
Balance
Deletions June 30, 1997
$8,627,668
- 210,707
- 54,767
- 1,353
- 84,010
- (2,364)
- 810,122
- 3,469,868
Ending Balance $13,074,309 $181,822 $13,256,131
71
'
CITY OF ROSEMEAD, CALIFORNIA
'
STATEMENT OF CHANGES OF GENERAL FIXED ASSETS
Fiscal Year Ended June 30
1997
,
'
Balance
Balance
Function and Activity
July 1, 1996
Additions
Deletions
June 30, 1997
'
Land
Prior year balance
$542,926
$542,926
Redevelopment agency
2,350,308
2,350,308
'
Housing development corporation
1,837,331
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
1,933,339
24,491
-
1,957,830
Housing development corporation
1,632,536
-
-
1,632,536
Total buildings and improvements
$5,617,201
$24,491
$5
641
692
,
,
Vehicles
Prior year balance
$230,588
$230,588
General government
24,040
24,040
Transportation
(2,364)
(2,364
'
Total vehicles
$252,264
$252
264
,
Furniture and office equipment
'
Prior year balance
$427,588
$427,588
General government
33,834
11,519
-
45,353
Public safety
-
4,008
-
4
008
'
Community development
9,626
-
,
9,626
Cultural & leisure
2,466
7,699
-
10,165
Redevelopment agency
652,758
49,236
-
701,994
Total furniture and office
'
equipment
$1,126,272
$72,462
$1,198,734
Special equipment and machinery
'
Prior year balance
$490,765
$490,765
Public safety
37,169
37,169
'
Community development
Cultural & leisure
4
650
2,054
31
567
2,054
36
,
,
,217
Total special equipment and
machinery
$495,415
$70,790
$566205
Other improvements
Prior year balance
$748,492
$748,492
'
General government
-
4,927
4,927
Public safety
9,464
9,464
Cultural & leisure
94,636
9,152
103,788
Total other improvements
$852,592
$14,079
$866
671
,
Total general fixed assets
$13,074,309
$181,822
$13,256,131
72
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i
Notes: The City of Rosemead does not
have revenue bonds; therefore, the
Revenue Bond Coverage - Last
Ten Fiscal Years schedule is not
included.
S
T
A
T
S
C
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1 74
CITY OF ROSEMEAD, CALIFORNIA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Public
Public
General
Public
Year
Safety
Works
Government
Health
1987-88
$3,397,611
$5,360,172
$1,354,625
$525,187
1988-89
3,651,535
7,624,877
1,611,328
605,353
1989-90
3,809,631
8,536,328
1,712,102
856,298
1990-91
3,994,221
6,374,969
2,215,912
1,014,349
1991-92
4,268,763
8,757,535
2,710,801
95,495
1992-93
4,264,366
3,598,687
2,429,325
1,677
1993-94
4,596,592
4,096,433
2,545,662
17,665
1994-95
4,666,871
4,400,953
1,918,204
39,852
1995-96
4,733,426
3,788,669
1,946,848
44,863
1996-97
4,922,197
3,349,572
i .
2,053,607
45,966
Public
Recreation
$1,409,388
1,529,628
1,775,194
1,838,493
1,959,686
1,858,238
1,719,424
1,901,397
1,869,684
2,144,066
(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.
fI
I
i
75
1
' Community
Services
' $906,17E
' 1,528,37E
1,510,545
2,070,346
' 1,592,156
1,411,467
' 2,092,836
2,090,216
' 1,867,352
' 1,976,965
$25
$20
$15
' $10
' $5
$0
Capital
Debt
Inter-
Outlay
Service
governmental
Other
Total
$36,184
$1,912,681
$339,240
$15,241,264
840,338
2,640,807
7,459
-
20,039,703
123,443
2,618,539
-
-
20,942,080
160,397
2,602,350
-
-
20,271,039
144,180
2,588,617
-
-
22,117,233
36,384
2,569,813
580,791
213,721
16,964,469
1,897,838
6,026,877
175,295
(59,745)
23,108,879
1,713,742
2,279,153
175,330
2,210,624
21,396,342
119,184
2,271,154
-
180,000
16,821,180
47,683
2,271,333
-
-
16,811,389
Millions
76
1992-93 1993-94 1994-95 1995-96 1996-97
®Public Works WPublic Safety ®Debt Services
®General Govt. OPublic Recr. OComm. Serv.
®Misc.
CITY OF ROSEMEAD, CALIFORNIA
GENERAL REVENUES BY SOURCE (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Property
Special
Other
Licenses
Inter-
Year
Tax
Assessments
Taxes
and Permits
governmental
1987-88
$2,905,521
$241,257
$3,351,856
$512,699
$3,464,227
1988-89
3,921,667
273,777
3,591,798
496,966
4,518,697
1989-90
3,204,232
303,374
4,176,257
533,050
3,725,299
1990-91
3,059,892
347,061
4,245,201
479,084
4,557,510
1991-92
3,746,398
384,036
3,787,547
554,935
4,824,498
1992-93
3,379,446
395,646
3,866,690
579,124
5,174,436
1993-94
3,185,746
342,315
4,011,829
812,096
5,985,542
1994-95
3,411,909
386,814
3,907,616
699,234
6,733,543
1995-96
2,671,909
365,184
3,664,031
760,191
6,155,519
1996-97
2,845,775
382,609
3,952,511
760,037
7,532,960
(1)
Includes General, Special Revenues, Capital
Projects, and Debt Service Funds.
77
1
1
1
1
Fines,
Use of
Charges for
Forfeitures
Money and
Services
and Penalties
Property
Other
Total
$293,903
$449,495
$2,621,930
$212,503
$14,053,391
338,686
477,896
2,788,346
97,468
16,505,301
284,851
524,001
2,389,057
191,389
15, 331, 510
228,615
355,047
1,844,552
165,237
15,282,199
366,345
278,253
1,625,706
391,194
15,958,912
347,262
313,980
1,258,827
318,603
15,634,014
429,932
338,786
1,887,659
307,415
17,301,320
564,962
317,969
1,383,762
387,606
17,793,415
539,055
365,400
2,667,346
138,159
17,326,794
584,033
363,938
2,415,335
63,262
18,900,460
Millions
$20
$15
$10
$5
$0
78
1992-93 1993-94 1994-95 1995-96 1996-97
®Intergovt. Prop. Tax ®0ther Taxes =Use of M & P MMisc. OUc. & Permits ®Fnes, For. & Pen.
CITY OF ROSEMEAD, CALIFORNIA
OTHER TAX REVENUES BY SOURCE
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Maintenance
Real Estate
Year
District
Taxes
1987-88
$2,155
$105,223
1988-89
2,200
147,115
1989-90
698
142,520
1990-91
1,157
62,734
1991-92
1,309
55,567
1992-93
2,427
38,974
1993-94
1,192
36,696
1994-95
1,336
36,739
1995-96
1,291
40,404
1996-97
1,575
47,904
~
e
Trailer Coach
Tax
2,926
1,334
4,206
2,474
2,810
Sales and
Use Tax
$2,656,680
2,665,676
3,205,342
3,069,138
2,679,103
2,647,816
2,704,229
2,582,644
2,309,758
2,550,967
79
1
1
1
Transient
Franchise
Occupancy
Fees
Tax
Total
$336,628
$251,170
$3,351,856
461,620
312,261
3,591,798
494,223
332,140
4,176,257
556,710
551,256
4,245,201
525,327
523,767
3,787,547
547,920
626,743
3,866,690
550,555
719,157
4,011,829
568,020
718,877
3,907,616
577,004
735,574
3,664,031
574,497
777,568
3,952,511
80
CITY OF ROSEMEAD, CALIFORNIA
ASSESSED VALUATIONS OF TAXABLE PROPERTY
Last Ten Fiscal Years
State Assessed
Fiscal
Personal
Unitary and Operating (1)
Year
Land
Improvements
Property
Non-unitary Property
1987-88
$423,556,926
$667,096,486
$60,746,385
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
I
160,638,918
1993-94
789,170,566
869,204,989
16,509,734
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
(1) Effective with fiscal year 1988-89, Unitary and Operating Non-unitary assessed valuation
are listed separately. i
Source: Los Angeles County Auditor-Controller, Tax Division
81
1
1
1
WY,
Land
Locally Assessed
Improvements
Personal
Property
Total
Property
Exemptions
Net
Property
Value
$11,518,291
$44,963,801
$1,207,881,889.
$26,639,873'
$1,181,242,016
- 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
NET PROPERTY VALUE
Millions
$2000
$1500
$1000
$500
$0
IW768
82
1a ,eaeea ,see, iwl- 1W2 1x-95 19 1% 7
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
LIGHTING AND MAINTENANCE DISTRICT
Last Ten Fiscal Years
Assessment
Fiscal Year
Levy
1987-88
$250,406
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
Current
Assessment
Collected
$241,257
275,977
304,072
355,366
385,345
398,073
343,507
388,150
366,475
384,184
Percentage
Collected
Currently
96.35%
96.59
96.44
112.88
109.85
102.49
98.91
114.43
104.63
102.75
r
83
1
CITY OF ROSEMEAD, CALIFORNIA
1 COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1997
1
1
1 Total assessed valuation
1 Debt limit: 3.75% of total assessed valuation
' Amount of debt applicable to debt limit:
Total bonded debt $35,905,000
Less tax allocation notes exempt by law 35,905,000
' Total amount of debt application
to debt limit
1 Legal debt margin
I
1
1
1
1
1
1
1
1
1 84
$ 1,852,503,857
$ 69,468,895
$ 0
$ 69,468,895
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
i t I-f
Last Ten Fiscal Years
Debt Service
Total (1)
To Total
Fiscal
Total Debt
General
General
Year
Principal
Interest
Service'
Expenditures
Ex
enditures
p
1987-88
$1,000,000
$902,173
$1,902,173
$15,241,264
12.48 %
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
2,279153
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
(1) Includes all Governmental Fund Types. Premium for defeasement of bonds not included
85
0
0
0
D
0
a
a
0
0
0
0
0
0
0
0
0
0
0
0
$25
$20
$15
$10
$5
$0
1987-88
$25.
$20
$15
$10
$5
$0
1992-93
TOTAL B.ONDED-DEBT.TO
TOTAL GENERAL EXPENDITURES
. Millions .
86
1988-89 1989-90 1990-91 1991-92
Millions
1993-94 1994-95 1995-96 1996-97
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT TO TOTAL ASSESSED VALUATION
Last Ten Fiscal Years
Debt Service
Total
To Total
j
Fiscal
Total Debt
Assessed
Assessed
Year
Principal'
.Interest
Service
- Valuation
Valuation
1987-88
$1,000,000
$902,173
$1,902,173
$1,181,242,016
0.16 %
1988-89
1,420,000
1,218,143
2,638,143
1,227,774,062
0.21
1989-90
1,515,000
•11101,760
2,616,760
1,389,491,653
' 0.19
1990-91
1,630,000
972,350
2,6021350
1,493,702;235
0.17
Y .
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
1,852,503,857
0.12
Z
f
87
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT PER CAPITA
Last Ten Fiscal Years
'
Fiscal
Year
Principal
Interest
1987-88
$1,000,000
$902,173
1988-89
1,420,000
1,218,143
1989-90
1,515,000
1,101,760
'
1990-91
1,630,000
972,350
'
1991-92
1,760,000
828,617
1992-93
1,900,000
669,813
'
1993-94
2,055,000
1,137,474
'
1994-95
260,000
2,019,153
1995-96
265,000
2,006,154
'
1996-97
280,000
1,991,333
1
88
Debt Service
Total Debt
Service
Population
To Total
Population
$1,902,173
47,425
$40.11
2,638,143
47,707
55.30
2,616,760
51,156
51.15
.2,602,350
52,247
49.81
2,588,617
52,812
49.02
2,569,813
52,922
48.56
3,192,474
53,798
59.34
2,279,153
53,639
42.49
2,271,154
54,487
41.68
2,271,333
55,128
41.20
CITY OF ROSEMEAD, CALIFORNIA
PROPERTY TA
X RATES - ALL OVERLAPPING GOVERNM
ENTS
,
(Per $100 of Assessed Valuati
.
on)
!V (
,
Last Ten Fiscal Years
,
Los
Los Angel
es County
,
Fiscal
City of
Angeles
School Water
Flood
Sanitation
Year
Rosemead
County
Districts Districts
Control
District
Total
1987-88
0
1.005051
0.129215 0.064613
0.012257
0
1.211136
1988-89
0
1.002781
0.115568 0.048900
0.010487
0
1
177736
.
,
1989-90
0
1.002242
0.109700 0.048900
0.006944
0
1.167786
1990-91
0
1.002104
0.072543 0.061533
0.005786
0
1.141966
'
1991-92
0
1.001409
0.078219 0.044300
0.003397
0
1.127325
1992-93
0
1.001713
0.144909 0.014100
0.004212
0
1.164934
1993-94
0
1.001713
0.073026 0.044100
0.004212
0
1.123051
,
1994-95
0
1.001993
0.080512 0.038900
0.006041
0
1.127446
1995-96
0
1.001604
0 0.038900
0.001991
0
1.042495
'
1996-97
0
1.001604
0 0.038900
0.001991
0
1.042495
Source: Tax Rates By Tax Rate Areas Los Angeles County Tax Collector
89
t
. T'11MfN A:FY" .`VY[ti: }a'Y .
CITY OF ROSEMEAD; CALIFORNIA
' SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
1 1996-97 Assessed Valuation:
1
1
1
1
!J
June 30, 1997
$1,473,253,335 (after deducting $241,004,234
redevelopment incremental valuation)
Direct and Overlapping Tax and Assessment Debt:
Ap
plicable
Debt 6/30197
Los An County
0.329 %
$205,115
Los Angeles County Flood Control District
0.341
184,600
Metropolitan Water District
0.183
1,063,569
San Gabriel Valley Municipal Water District
0.005
270
Los Angeles County Regional Park and Open Space District
0.329
559,629
City of Rosemead
100.000
Total Direct and Overlapping Tax and Assessment Debt:
$2,013,183
Overlapping General Fund Obligation Debt:
Los Angeles County General Fund Obligations
0.329 %
$6,079
873
Los Angeles County Pension Obligations
0.329
,
8,067,269
Los Angeles County Superintendent of Schools
Certificates of Participation
0.329
26
023
Los Angeles County Flood Control District
,
Certificates of Participation
0.341
705
069
Los Angeles County Sanitation District #2 Authority
0.002
,
803
Los Angeles County Sanitation District #15 Authority
7.087
2,168,867
Los Angeles Community College District
Certificates of Participation
0.285
188,656
Pasadena Area Community College Certificates of Participation
3.075
247,076
Montebello Unified School District Certificates of Participation
1.778
355,975
San Gabriel Unified School District Certificates of Participation
0.867
80,035
El Monte Union High School District Certificates of Participation
14.045
1,169,949
El Monte School District and Certificates of Participation
0.004
199
Rosemead School District Certificates of Participation
66.018
1716468
San Gabriel Valley Mosquito Abatement
District Certificates of Participation
3.197
51,951
Total Gross Direct and Overlapping General Fund Debt:
$20,858,213
Less: Los Angeles County Certificates of Participation (100%
self-supporting from leasehold revenues on properties in
Marina Del Rey)
399,719
Total Net Direct and Overlapping Bonded Debt:
$20 458 494
Gross Combined Total Debt .
$22,871,396 (1)
Net Combined Total Debt
$22,471,677
(1) Excludes tax and revenue anticipation notes, revenue, mortgage re
venue and tax
allocation bonds and non-bonded capital lease obligations.
Ratios to Assessed Valuations: Direct Debt
0.00 %
Total Overlapping Tax & Assessment
0.12 %
Gross Combined Total Debt
1.55 %
Net Combined Total Debt
1.53 %
State School Building Aid Repayable as of 6/30/97: $ 71
Source: California Municipal Statistics, Inc.
1 90
CITY OF ROSEMEAD, CALIFORNIA
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
Fiscal Year
Population
Income
Households Per Capita
Unemploy-
ment Rate
- (1)_
(2) (3)
(3)
1987-88
47,425
13,687 $17,863
5.4 %
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
6.9
Source:
(1) California State Department of Finance, Office of Demographic Research
(2) City of Rosemead, Planning Department
' (3) California State Department of Finance, Finance and Economic Research Unit
' Information presented is for the County of Los Angeles, which includes the City of Rosemead.
Income Per Capita and Unemployment Rate specifically for the City of Rosemead is not available.
` Data not available at this time.
91
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0
Iu'
i
60
50
40
30
20
10
0
60
50
40
30
20
10
0
- I..
DEMOGRAPHIC STATISTICS
Thousands
Thousands
92
1987-88 1988-89 1989-90 199091 1991-92
Olncome Per Capita 0Households 0 Population
1992-93 1993-94 1994-95 1995-96
EDIncome PerCapita 13 Households OPopulation
?e` °.iQ. .il.?'.yC.'-4:ss'iaS~L.Y'9,s?'` rvGY`'•a'~°.~~;~.i_"'S d kz'-+=d 3"` MA_?
CITY OF ROSEMEADI
PRINCIPAL TAXPAYERS
June 30, 1997
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
Assessed
Valuation :
Valuation
$204;3191473
11.03 %
20,600,000
1.11
13,030,000
0.70
6,710,113
0.36
3,800,000
0.21
3,115,124
0.17
2,700,000
0.15
2,544,738
0.14
2,150,131
0.12
1,937,104
0.11
$260,906,683
114.10%
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-properly tax city. .
93
CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF INSURANCE IN FORCE
'
June 30, 1997
'
Policy
Expiration
Number
Date
Type of Coverage
'
Southern California Joint Powers
Insurance Authority
07/01/97
General Liability
State Compensation Insurance Fund
228962-90
12/31/97
Workers Compensation
Coverage
'
Kelley, Jiggins, Towle & Blue
05743382
10/10/98
Public Employees
Blanket Bond
Kelley, Jiggins, Towle & Blue
9922993-03
10/19/98
Boiler and Machinery
'
Kelley, Jiggins, Towle & Blue
2781100
10/10/98
Notary Public Bond
Error & Ommissions
'
Kelley, Jiggins, Towle & Blue
CP8119571C
07/01198
Property Insurance
'
Source: City Finance Department
94
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CITY OF ROSEMEAD, CALIFORNIA
CONSTRUCTION ACTIVITY
'
Last Ten Fiscal Years
i
1
Number of
Building Permit
Number of
Fiscal
Residential
_ _Valuations (In Thousands)
Building
Year
Dwelling Units
Residential Nonresidential
Total
Permits Issued
!
1987-88
143
$15,384,272 $19,972,636
$35,356,908
737
1988-89
154
1
14,707,466 3,997,523
18,704,989
782
1989-90
76
14,571,516 15,132,741
29,704,257
794
i
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
i
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
i
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
1
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1.
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1
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9
i
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1
CITY OF ROSEMEAD, CALIFORNIA
' MISCELLANEOUS STATISTICS
'
June 30, 1997
The City of Rosemead is located in Los Angeles County, California approximately nine miles east of the City of Los
Angeles. Incorporated in 1959, the City of Rosemead now encompasses a total land mass of 5.5 square miles
and operates as a general law city under a Council - City Manager form of
government. The Rosemead
Redevelopment Agency, activated on January 4, 1972, includes 511 acres within he City's 5.5 square miles.
Population
55,128
'
Land Area
5.5 square miles
Streets & Alleys
74.42 miles
Parks
50 acres
Percentage of Land Use:
Residential
64 %
'
Public Facilities
14
Commercial (stores & shops)
9
Mixed Commercial/Residential
7
'
Office & Light Industrial
6
100 %
Public Facilities:
'
Community Centers
Swimming Pools
2
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 (swom personnel)
35
Major Employers and Number of Employees:
Southern California Edison Company
3,500
'
California Federal Bank
450
Ball Corporation
400
Crown City Plating
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.
I
96
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1
City of
ROSEMAD
101 Pasad n
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The CITY OF ROSEMEAD is located in LoslAngeles County, approximately nine 1
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
1
approximate population of 55,128,
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