1996 CAFRI
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CITY OF ROSEMEAD
California
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 1996
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1996
TABLE OF CONTENTS
INTRODUCTORY SECTION page
Letter of Transmittal
List of Principal Officials xiii
Organizational Chart xiv
Certificate of Award for Outstanding Financial Reporting xv
Certificate of Achievement for Excellence in Financial Reporting xvi
FINANCIAL SECTION
Independent Auditors' Report 1
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Typed and Account Groups 3
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - All Governmental Fund Types 5
Combined Statement of Revenue, Expenditures and Changes in
Fund Balances - Budget and Actual - General, Special
Revenue and Debt Service Fund Types 7
Statement of Revenue, Expenses and Changes in Fund Balance -
Pension Trust Fund 10
Statement of Cash Flows - Pension Trust Fund 1 1
Notes to Financial Statements 12
Combining and Individual Funds and Account Groups Financial
Statements (Supplementary Information):
GENERAL FUND:
Balance Sheet 32
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1996
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Eagia
Combining and Individual Funds and Account Groups
(Supplementary Information): (cont.)
GENERAL FUND: (cont.)
Statement of Revenue, Expenditures and Changes in Fund
Balance 33
Revenue Detail - Budget and Actual 34
Expenditure Detail - Budget and Actual 35
SPECIAL REVENUE FUNDS:
Combining Balance Sheet - All Special Revenue Funds 40
Combining Statement of Revenue, Expenditures and Changes
in Fund Balances - All Special Revenue Funds 42
Statement of Revenue, Expenditures and Changes in
Fund Balance - Traffic Safety Fund 45
Statement of Revenue, Expenditures and Changes in
Fund Balance - State Gas Tax Fund 46
Statement of Revenue, Expenditures and Changes in
Fund Balance - Air Quality Management District 47
Statement of Revenue, Expenditures and Changes in
Fund Balance - Local Transportation Fund 48
Statement of Revenue, Expenditures and Changes in
Fund Balance - Public Transportation Fund 49
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1996
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Eaga
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 50
Statement of Revenue, Expenditures and Changes in
Fund Balance - 1976 Community Parklands Grant Fund 51
Statement of Revenue, Expenditures and Changes in
Fund Balance - Street Lighting Fund 52
Statement of Revenue, Expenditures and Changes in
Fund Balance - Narcotics Seizure Fund 53
Statement of Revenue, Expenditures and Changes in
Fund Balance - Low-Moderate Income Housing Fund 54
Statement of Revenue, Expenditures and Changes in
Fund Balance - Rosemead Housing Development Corporation 55
Statement of Revenue, Expenditures and Changes in
Fund Balance - California Wildlife Fund 56
CAPITAL PROJECTS FUND:
Balance Sheet - Capital Projects Fund 58
Statement of Revenue, Expenditures and Changes in
Fund Balance 59
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1996
TABLE OF CONTENTS (cont.)
FINANCIAL SECTION (cont.) Raga
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 60
DEBT SERVICE FUND:
Balance Sheet - Debt Service Fund 62
Statement of Revenue, Expenditures and Changes in
Fund Balance 63
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual 64
FIDUCIARY FUND TYPES:
Combining Balance Sheet 66
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds 67
ACCOUNT GROUPS:
Statement of General Fixed Assets 70
Statement of Changes of General Fixed Assets 71
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CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1996
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION
General Governmental Expenditures by Function - All Governmental
Fund Types 74
General Revenues by Source - All Governmental Fund Types 76
Other Tax Revenues by Source - All Governmental Fund Types 78
Assessed Valuations of Taxable Property 80
Special Assessment Levies and Collections - Lighting and
Maintenance District 82
Computation of Legal Debt Margin 83
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Total General Expenditures 84
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt to Assessed Valuation 86
Ratio of Annual Debt Service Expenditure for Total Bonded
Debt Per Capita 87
Property Tax Rates - All Overlapping Governments 88
Schedule of Direct and Overlapping Bonded Debt 89
Demographic Statistics 90
Principal Taxpayers 92
Schedule of Insurance in Force 93
Construction Activity 94
CITY OF ROSEMEAD, CALIFORNIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Fiscal Year Ended June 30, 1996
TABLE OF CONTENTS (cont.)
STATISTICAL SECTION (cont.)
Miscellaneous Statistics
Page.
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Vicinity Map 96
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MAYOR:
MARGARET CLARK
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MAYOR PRO TEM:
JAY T. IMPERIAL
COUNCILMEMBERS:
JOE VASQUEZ
ROBERT W. BRUESCH
GARY A. TAYLOR
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December 1, 1996
The Honorable Mayor
and Members of the
Rosemead City Council
Councilmembers:
Ppsemcad
8838 E. VALLEY BOULEVARD • P.O. BOX 399
ROSEMEAD, CALIFORNIA 91770
TELEPHONE (818) 288-6671
TELECOPIER 8183079218
Submitted for your information and consideration is the Annual Financial Report for
the fiscal year ended June 30, 1996. 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.
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GENERAL INFORMATION
The City of Rosemead was incorporated on August 4, 1959, and operates as a
general law city. It has a Council-Manager form of government, with five council
members elected at large for four-year overlapping terms. The Council selects a
Mayor and a Mayor Pro-Tem each year from its membership.
The Council is responsible for enacting local legislation, establishing general policy for
the City and adopting annual budgets. The Council's duties include the appointments
of a City Manager, City Attorney, City Clerk, City Treasurer, and the selection of
citizens to serve on the City's Planning Commission and Traffic Commission. The
City Council also acts as the Redevelopment Agency and Rosemead Housing
Development Corporation Board, and oversees the responsibility for the operation and
accountability of the Redevelopment Agency, Building Rehabilitation Appeals, and the
Rosemead Housing Development Corporation.
The City of Rosemead has a population of 54,487 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 1995-96
Administration: One of the priorities for the coming fiscal year will be an examination
of the cumulative impact of "Proposition 218" (approved by the voters on November
5, 1996). Current General Fund revenue sources that may require voter approval
include a 2% increase in the City's Transient Occupancy Tax (TOT), approved by the
City Council in 1993, and a Street Lighting assessment paid by property owners in
the north half of the City. The revenues from both total nearly $400,000 annually.
However, the City staff is researching whether or not the latter will require voter
ratification, thus limiting the potential revenue shortfall resulting from "Proposition
218" to less than $150,000 annually.
During the past year, twenty-one (21) of the City's full-time employees voted to form
a collective bargaining unit to be represented by the Service Employees International
Union, Local 347. This is a new bargaining unit and the first in the City's history.
The financial impact of this action will not be determined until meet and confer
negotiations commence in early 1997.
Additionally, the City during the past year resolved its outstanding issues with the Los
Angeles County Community Development Commission with a one-time General Fund
reimbursement of Community Development Block Grant (CDBG) expenditures made
in Fiscal Year 1991-92 and Fiscal Year 1992-93. That settlement has eliminated an
unfunded liability totalling $316,400.
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 forty-four (44) 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
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Ten (10) 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.
Two (2) traffic signal modification projects were designed and awarded, 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. In
order to avoid possible conflicts with the school operations, the projects will be
constructed during the summer of 1996 after school is out for the season.
In addition, several multi-year projects are in various phases of design. The projects
8 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. These projects will be under
construction during the next couple years.
Planning: During the past year, majority of the construction projects have been
a residential. A 31-unit single family development is currently prepared to break ground
at Del Mar Avenue and Graves Avenue. Other residential projects were generally two
(2) to four (4) lot subdivisions and residential additions.
Two (2) new institutional facilities opened in Rosemead over the past year. Alhambra
School District's Adult School moved into anew office building on Garvey Avenue.
The Hsi Lai University replaced the Narramore Christian College.
Three (3) commercial projects were completed during Fiscal Year 1995-96. A Mobil
gas station was demolished and replaced with a new MobilMart gas station.
Rosemead Square, the City's largest retail center, undergone a facade remodeling and
Garvey Wholesale Beverages relocated and cleaned up an old industrial site.
Parks and Recreation: The City completed various park and recreation improvements
8 during the fiscal year. Rosemead Community Recreation Center improvements
included replacement of an existing air conditioning and heating units and
replacement carpet in the office. Rosemead Pool improvements included replastering
and repainting the pool.
Klingerman Park improvements included acquisition and installation of new play
equipment. Garvey Park Improvements included rebuilding the play areas, replacing
existing air conditioning and heating units, and regrading two (2) ball diamonds.
' Zapopan Park improvements included resurfacing existing basketball court and
addition of a new court.
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PROSPECTS FOR THE FUTURE
The City continues in its ongoing efforts to reduce costs and its dependence on
General Fund revenues for many services. While those efforts have been largely
successful to date, some troubling trends remain as issues to be addressed in the
coming fiscal year. Large sales tax producers, such as Toys R Us and Montgomery
Ward have experienced "down" years, and the regional economic outlook, while
improving, remains mixed.
Future projects include the development of a 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 countywide
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
two (2) traffic signals at the intersection of Mission Drive and Incognita Avenue and
New Avenue and Newmark Avenue.
The Abilene Street reconstruction project will commence in Fiscal Year 1996-97. 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 City will utilize CDBG
funds for the project.
Storm drain improvements in San Gabriel Boulevard are proposed to be completed in
Fiscal Year 1996-97. The project will.extend the existing storm drain system further
south to address a poinding problem at the intersections of San Gabriel Boulevard and
Fern Avenue and at Garvalia 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.
Majority of the developments in the planning stages are from mini-malls and an
expansion of existing retail center.
Rosemead Community Recreation Center future improvements includes termite control
and replacement floor machine. Rosemead Park improvements includes pre-fabricated
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i restrooms to replace existing facilities'. Rosemead Pool projects includes purchase of
a new surge tank clay valve.
i Garvey Park Improvements includes a purchase of a large capacity ride-on mover,
i play equipments, and remodeling of the Clubhouse kitchen cabinets. Garvey Pool
improvements includes re-tiling, sand and depth markers, recaulking interior pool, and
re-tiling shower rooms.
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REPORTING ENTITY AND ITS SERVICES
i The reporting entity is comprised of all funds and account groups of the City of
Rosemead, Rosemead Redevelopment Agency, and Rosemead Housing Development
i Corporation.
i 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
i 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,
i street construction and maintenance, sanitation, building safety, parks and
recreational facilities, and cultural services.
i 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
i 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
i by County departments under contract with the City are police protection, street
maintenance, and animal control.
i REPORTING STANDARDS
i 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.
i FINANCIAL STATEMENT
i The City requires that its financial statements be audited by a Certified Public
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Accountant selected by the City Council. This requirement has been satisfied, and i
the Auditor's opinion is included in the financial section of this report. i
In addition, the City is required to undergo an annual single audit in conformity with
the provisions of the Single Audit Act of 1984 and U.S. Office of Management 'and
Budget Circular A-128, "Audits of State and Local Governments." 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: i
1. Introductory Section - which includes this transmittal letter, the City's i
Organization Chart, and a list of the principal officials.
2. Financial Section - which includes the auditor's opinion, general purpose i
financial statements, and the combining and individual fund and account group
financial statements. i
3. Statistical Section - which includes relevant financial and non-financial data
presenting historical trends and other information about the City. ,
NOTES TO THE FINANCIAL STATEMENTS i
The Notes to the Financial Statements, which are part of the General Purpose i
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 i
Development Corporation. The notes should be read along with the financial
statements to gain a more thoroughly understanding of the information contained
within this report. Your attention is specifically directed to the presentation of the
City's significant accounting policies.
The fiscal operations of the City are primarily accounted for in the Governmental i
Funds which include the General, Special Revenue, Debt Service and Capital Project
Funds
The 1995-96 Fiscal Year revenues for the Governmental Fund types totaled i
$17,326,794. Presented on the adjacent page are the revenues by major source,
which includes the percentage each source represents of the total revenues and the i
increase (decrease) from the prior year.
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' The most notable change in revenues is the increase shown in Use of Money and
Property revenues, which is the result of 1994-95 investments in Guaranteed
Investment Contracts. The most notable decrease in revenues is the Property Tax
Increment and Special Assessments. The decrease in revenues is primarily due to
taxpayer's refunds coupled with lower assessed valuations.
The 1995-96 fiscal year expenditures for the Governmental Fund types totaled
$16,821,180. Listed on the following page is a recapitulation of these expenditures
by major function. The chart reflects expenditures by function as a percentage to the
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in Public Safety function. Majority of the increase is due to additional traffic law
enforcement deputies. The most notable expenditure decrease is the Other function,
which primarily is due to prior year's investment losses.
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total The most expenditures significant i and the increase in incremental expenditures change for 1995-96 from the prior over 1994-95 fiscal yearis reflected
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GENERAL FUND
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The City of Rosemead remains in a strong financial position as of June 30, 1996 with ,
a surplus of approximately eight million six hundred thousand dollars ($8.6 million).
There was a residual equity transfer from the Street Lighting Fund of approximately '
two hundred seventy-four thousand dollars ($274,000). In fiscal year 1993-94 a
similar residual equity transfer from the Street Lighting Fund amounted to five
hundred thousand dollars ($500,000).
GENERAL FIXED ASSETS
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As of June 30, 1996, the general fixed assets of the City totaled thirteen million ,
seventy-four thousand three hundred nine dollars ($13,074,309). This amount
represents the original cost of the assets, net of additions and deductions from July
1, 1995 to June 30, 1996, 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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ACCOUNTING SYSTEM
1 The City's accounting records are maintained on the modified accrual basis of
accounting for the governmental fund types and agency funds. Revenue is
recognized in the accounting period in which it becomes both available and
measurable. Available means collectible within the current period or soon enough
thereafter to pay current liabilities. The accrual basis of accounting is used for
Pension Trust Fund, which recognizes revenues when earned and expenses when
incurred.
A system of internal accounting controls have been developed and regularly reviewed
by the independent certified public accountant who audits the accounting records of
the City. This system has been designed to provide reasonable, but not absolute
assurance that:
1. Assets have been protected from losses arising from unauthorized use or
disposition.
2. Financial records can be relied upon for preparing adequate financial
statements and maintaining accountability for assets.
All internal control evaluations occur according to the above criteria. We believe that
the City's controls adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
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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
a 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
e capital projects fund are included in the annual approved budget.
Budgetary control is maintained at a functional level by division within departments
O through use of object level account appropriations. Actual expenditures are
compared to these appropriations.
The City Manager is authorized to transfer budgeted amounts between funds within
the same department. Any new appropriations must be authorized by City Council.
All unexpended budgeted funds unexpended 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 refunded 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, 1996. The
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City's 1996-97 estimated revenues and budgeted expenditures indicate that by June
30, 1997 the City will be approximately 38% of *the limit.
OTHER INFORMATION
The City of Rosemead was pleased to receive a Certificate of Award for Outstanding
Financial Reporting from the California Society of Municipal Finance Offices (CSMFO)
for the City's Comprehensive Annual Financial Report, Fiscal Year Ended June 30,
1995. 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 has been awarded this
Certificate for the last seven (7) 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, 1995. 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.
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ACKNOWLEDGMENTS
The preparation of this report could not have been accomplished without the efficient
and dedicated efforts of the entire Rosemead Finance Department. The department's
effort to upgrade the quality of financial reporting for the City of Rosemead has led
to improved quality of financial information available to the City Council and citizens.
We would like to thank the members of the City Council for their continued support,
leadership and concern for the financial stability of the community.
Respectfully submitted,
Frank G. Tripepi
City Manager
Karen L. Ogawa
Finance Director
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ELECTED OFFICIALS:
City Council:
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APPOINTED OFFICIALS:
CITY OF ROSEMEAD, CALIFORNIA
CITY OFFICIALS
June 30, 1996
Margaret F. Clark Mayor
Jay T. Imperial Mayor Pro Tern
Robert W.Bruesch ........................Councilman
Gary A. Taylor Councilman
Joe Vasquez .............................Councilman
A Planning Commissioners:
Merced 'Bill' Ortiz Chairman
Duc Loi Vice Chairman
William Alarcon Commissioner
1 Robert Breen Commissioner
Rudolfo Ruiz Commissioner
Traffic Commissioners:
Holly Knapp Vice Chairman
Frank E. Larson Commissioner
Daniel Tirre Commissioner
Victor Ruiz Commissioner
Frank G.Tripepi City Manager
Hubert E. Foutz City Treasurer
Robert L. Kress ..............................................City Attorney
Nancy Valderrama City Clerk
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Rosemead,
California
For its Comprehensive Annual
'Financial Report
for the Fiscal Year Ended
June 30, 1995
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.
Ci~1N
Preside t
v Executive Director
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® McGLADREY&PULLEN, LLP
. Certified Public Accountants and Consultants
RSM
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INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of Rosemead
Rosemead, California
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, 1996. 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 "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, 1996, and the results
of its operations and the cash flows of its pension trust fund for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated October 21, 1996
on our consideration of the City of Rosemead's internal control structure and a report dated October 21,
1996 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
e taken as a whole. The combining, individual find 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.
I
' San Bernardino, California
October 21, 1996
' Suite 300
140 South Lake Avenue
Pasadena, California 91101-2651
' (818) 795-7950 FAX(818)793-9820
Worldwide
Services
Through
RSM International
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL PURPOSE FINANCIAL STATEMENTS
YEAR ENDED JUNE 309 1996
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
June 30, 1996
Assets and Other Debits
Assets
Cash and investments
Receivables
Due from other funds
Property and equipment
Other Debits
Amount available in debt service fund
Amount to be provided for retirement of general
long-term debt
Total assets and other debits
7
Governmental Fund Types
'
Special
Debt
Capital
General
Revenue
Service
Projects
S 7,975,718
S 5,378,192
S 2,344,150
S 19,298,152
'
1,174.257
1,138,113
11,193
368,934
769
465
-
-
-
,
S 9.919.440
S 6,516305
S 2.355.343
S 19,667,086
Liabilities, Municipal Equity and Other Credits '
I IICU&h IJSUCU 111 CXCCJh UI UAl1A Udidl=
Accounts payable and accrued liabilities
Arbitrage rebate payable
Due to other funds
Due to other governmental agencies
Deferred revenue
Refundable deposits
Deferred compensation
Tax allocation notes and bonds
Accrued vacation pay and compensatory time
Accrued litigation settlement
Total liabilities
Municipal Equity and Other Credits
Investment in general fixed assets
Fund balance:
Reserved:
Lon. term receivable
Debt service
Low-moderate income housing
Employees retirement
Unreserved:
Designated for:
Capital projects
Building and equipment replacement
Litigation settlements
Self-insurance
Contingencies
Undesignated
Total municipal equity and other credits
Total liabilities, municipal equity and
other credits
See Notes to Financial Statements.
D - D - D - D -
1,124,846 326,286 477,807
- - 180,000
768,940 525
244,663
190,000
1,566
1,316,412 1,339,889 658,332
687,269
- - 2,355,343
3,967,172
- - - 19,008,754
1,720,000 - - -
750,000 - - -
280.000 - - -
2,680,000 - - -
2,485,759 1,209,244 - -
8.603,028 5,176,416 2,355,343 19,008,754
S 9,919,440 S 6,516,305 S 2,355,343 S 19,667,086
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Fiduciary
Fund Types
Account
Groups
Total (Memor
andum Only)
'
Trust and
General
General
Long-term
Agency
Fixed Assets
Debt
1996
1995
' $
747,943
$
$
$
35,744,155
$ 34,592,282
2,692,497
3,724,491
769,465
1,816,654
13,074,309
-
13,074,309
12,831,946
-
2,355,343
2,355,343
2,490,820
'
-
-
34,217,633
34,217,633
34,334,786
$
747,943
$ 13,074309
$ 36,572,976
$
88,853,402
$ 89,790,979
$
$
$
$
-
$ 894,599
1,928,939
1,515,319
'
180,000
769,465
1,816,654
-
320,000
'
244,663
242,938
86.228
-
86,228
104,592
435,630
-
-
625,630
357,828
-
36,185,000
36,185,000
36,450,000
275,629
277,195
239,146
-
112,347
112,347
142,242
521,858
-
36,572,976
40,409,467
42,083,318
-
13,074,309
-
13,074,309
12,831,946
O
_
-
-
687,269
717,796
2,355,343
2,490,820
3,967,172
3,913,958
226,085
-
226,085
237,788
-
-
-
19,008,754
19,786,128
1,720,000
969,000
-
750,000
500,000
_
280,000
280,000
-
-
2,680,000
2,680,000
-
-
3,695,003
3,300.225
226,085
13,074,309
48,443,935
47,707,661
$
747,943
$ 13,074,309
$ 36,572,976
$
88,853,402
$ 89,790,979
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE -
ALL GOVERNMENTAL FUND TYPES
Year Ended June 30, 1996
Governmental Fund Types
Revenue
Property taxes and special assessments
Other taxes
Licenses and permits
Intergovernmental
Charges for services
Fines, forfeitures and penalties
Use of money and property
Arbitrage rebate
Other
Expenditures
Current:
General government
Public safety
Public works
Public health
Public recreation
Community service
intergovernmental
Capital outlay
Debt service:
Principal
Interest
Arbitrage rebate expenditure
Investment loss
Revenue over (under) expenditures
Other Financing Sources (Uses)
Operating transfers:
From other funds
(To) other funds
Special Debt
Capital
General
Revenue Service
Projects
S -
S 365,184 S
S 2,671,909
3,664,031
-
-
760,191
- -
-
3,177,566
2,977,953 -
-
531,055
8,000 -
-
303,930
61,470 -
-
460,479
294,473 1,779
1,749,265
102536
165,314 -
31,659
8.999,788
3,872,394 1,779
4,452,833
1,808,268
94,723 -
43,857
4,419,427
313,999
-
63,806
1,863,689
1,861,174
44,863
-
1.868,823
861
955,219
912,133
55,206
63,978
265,000
2,006,154 -
180,000
9,215,612, 3,185,405 2,271,154 2,149,009
(215,824) 686,989 (2,269,375) 2303,824
1,157,737 224,782 2,133,898
j. (435,219) - (3,081,198)
1,157,737 (210,437) 2,133,898 (3,081,198)
Revenue and other financing sources over
(under) expenditures and other financing (uses)
Fund Balance, beginning
Residual Equity Transfer
Fund Balance, ending
See Notes to Financial Statements.
941,913 476,552 (135,477) (777,374)
7.387,388 ! 4,973,591 2,490,820 19,786,128
273,7271 (273,727) - -
S 8,603,028 S 5,176,416 S 2,355,343 S 19,008,754
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'
1996
1995
' S
3,037,093
S 3,798,723
3,664,031
3,907,616
760,191
699,234
6,155,519
6,733,543
'
539,055
564,962
365,400
317,969
2,505,996
1,383,762
'
-
153,976
299,509
233,630
17,326, 794
17,793,415
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1,946,848
4,733,426
1,918,204
4,666,871
3,788,669
4,400,953
44,863
39,852
'
1,869,684
1,901,397
1,867,352
2,090,216
-
175,330
119,184
1,713,742
265,000
260,000
2,006,154
2,019,153
180,000
2,364,600
16,821,180
21,550,318
o
505,614
(3,756,903)
O
3,516,417
5,829,861
(3,516,417)
(5,829,861)
505,614
(3,756,903)
927
34
637
94
38
830
,
,
,
3
S
35,143,541
S 34,637,927
'
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CITY OF ROSEMEAD, CALIFORNIA
COMI3INED 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, 1996
General Special Revenue '
Over (Under)
Revenue Budget Actual Budget Budget Actual
Property taxes and special assessments
Othertaxes
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
Appropriations reserves
Capital outlay
Debt service:
Principal
Interest
Arbitrage rebate expense
Revenue over (under)
expenditures
Other Financing Sources (Uses)
Operating transfers:
From other funds
(To) other funds
Revenue and other financing
sources over (under) expendi-
tures and other financing
(uses)
Fund Balance, beginning
Residual Equity Transfer
Fund Balance, ending
See Notes to Financial Statements.
$ -
$ - $
- $
360,000
$ 365,184
'
3,883,000
3,664,031
(218,969)
-
-
817,100
760,191
(56,909)
-
-
3AU70
3,177566
176,696
4,099,555
2,977,953
472,290
531,055
58,765
8,000
5,000
,
229,500
303,930
74,430
60,000
61,470
330,200
460,479
130,279
162,050
294,473
89,650
102,536
12,886
150,150
165.314
'
8,822,610
8,999,788
177,178
4,839,755
3,872,394
1,706,589
1,808,268
101,679
17,600
94,723
4,566,570
4,419,427
(147,143)
346,860
313,999
85,120
63,806
(21,314)
3,322,962
1,863.689
'
40,000
44,863
4,863
-
-
2,198,729
1,868,823
(329,906)
-
861
1,378,403
955,219
(423,184)
1,246,430
912,133
73,352
-
(73,352)
-
'
39,254
55,206
15,952
10,088,017
9,215,612
(872,405)
4,933,852
3,185,405
(1,265,407)
(215,824)
1,049,583
(94,097)
686,989
,
1,097,300 1,157,737 60,437 224,782 '
- - - (435219)
1,097,300 1,157,737 60,437 (210,437)
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S (168,107) 941,913 $ 1,110,020 $ (94,097)
7,387,388
273,727
S 8,603,028
476,552
'
4,973,591
(273,727)
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$ 5,176,416
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Special
Revenue
Debt Service
Capital Projects
Over (Under)
Over (Under)
Over (Under)
Budget
Budget
Actual
Budget
Budget
Actual
Budget
' S
5.184 S
=
S =
S
S 3,303,540
S 2,671,909
S (631.631)
(1,121,602)
-
-
-
-
-
-
1.470
_
131423
130,000
1,779
(128221)
685,080
1,749,265
1.064.185
15,164
31,659
3E659
(967,361)
130,000
1,779
(128,221)
3,988,620
4,452,833
464,213
' 77,123 52,400 43,857 (8,543)
(32,861) - -
(1,459,273) 3,995,400 1,861,174 (2,134.226)
861
' (334,297)
64,200 63,978 (222)
= 265,000 265,000 _ _
2,005,503 2,006,154 651
- - - - 180,000 180.000
(1,748,447) 2270,503 2,271,154 651 4,112,000 2,149,009 (1,961991)
781,086 (2,140,503) (2,269,375) (128,872) (123,380) 2,303,824 2,427,204
224,782 2,270,503 2,133,898 (136,605)
(435,219) - - (3367,803) (3,081,198) 286.605
(210,437) 2270,503 2,133,898 (136,605) (3,367,803) (3,081,198) 286,605
fAtr,
S
$ 570.649 S 130,000
(135,477) S (265,477) S (3,491,183)
2,490,820
(777,374) $ 1713,809
19,786,128
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S 19,008,754
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CITY OF ROSEMEAD, CALIFORNIA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET AND ACTUAL - GENERAL, SPECIAL REVENUE, DE13T SERVICE AND CAPITAL
PROJECT FUNDS, CONTINUED
June 30, 1996
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
Appropriations reserves
Capital outlay
Debt service:
Principal
Interest
Arbitrage rebate expense
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Total (Memorandum Only)
Over (Under) '
Actual Budge[
$ 3,663,540 S 3,037,093 S (626,447)
3,883,000
3,664,031
(218,969)
817,100
760,191
(56,909)
7,100,425
6,155,519
(944,906)
480290
539,055
58,765
289,500
365,400
75,900
1,307,330
2,505,996
1,198,666
239,800
299,509
59,709
17,780,985
17,326,794
(454,191)
1,776,589
1,946,848
170,259
4,913,430
4,733,426
(180,004)
7,403,482
3,788,669
(3,614,813)
40,000
44,863
4,863
2,198,729
1,869,684
(329,045)
2,624,833
1,867,352
(757,481)
73,352
-
(73,352)
103,454
119,184
15,730
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265,000 265,000 -
22005,503 2,006,154 651 t
- 180,000 180,000
21,404,372 16,821,180 (4,583,192)
Revenue over (under)
expenditures
Other Financing Sources (Uses)
Operating transfers:
From other funds
(To) other funds
Revenue and other financing
sources over (under) expendi-
tures and other financing
(uses)
Fund Balance, beginning
Residual Equity Transfer
Fund Balance, ending
See Notes to Financial Statements.
(3,623387) 505,614 4,129,001
3,367,803 3,516,417 148,614
(3,367,803) (3,516,417) (148,614)
S (31623,387) 505,614 S 4,129,001
34,637,927
$ 35,143,541
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF REVENUE, EXPENSES AND CFIANGES IN FUND BALANCE - PENSION TRUST FUND
Year Ended June 30, 1996
Operating revenue, interest and other investment income
$ 12,645
Operating expenses:
'
Administrative fees
3,629
Pension benefits
20,719 .
24,348
Net (loss)
(11,703)
'
Fund balance, beginning
237,788
'
Fund balance, ending
$ 226,085
See Notes to Financial Statements.
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CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF CASH FLOWS - PENSION TRUST FUND
Year Ended June 30, 1996
ish Flows from Operating Activities
Net (loss)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Administrative expenses payable
Unrealized interest and investment income
Net cash (used in) operating activities
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.
11
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$ (11,703)
3,629 '
(12,645)
(20,719) '
20,719 t
e
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CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, A'ature 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 Agency has 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 STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Dese-iption of Funds and Account Groups,
and Significant Accounting Policies, Continued
Measurement Focus, Basis of Accounting and Basis of Presentation
The accounts of the City and its component units are organized and operated on the basis of funds and
account groups. A fund is an independent fiscal and accounting entity with a self-balancing set of
accounts. Fund accounting segregates funds according to their intended purpose and is used to aid
management in demonstrating compliance with finance-related legal and contractual provisions. The
minimum number of funds are maintained consistent with legal and managerial requirements. Account
groups are a reporting device to account for certain assets and liabilities of the governmental funds not
recorded directly in those funds.
The 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 on general long-tern debt, which is recognized when due, and
certain compensated absences and claims and judgments, whict are recognized when the obligations are
expected to be liquidated with expendable available financial resources.
In determining when to recognize intergovernmental revenue (grants, subsidies and shared revenue), the
legal and contractual requirements of the individual programs are used as guidance. There are, however,
essentially two bases for this revenue recognition. In one, moneys must be expended on the specific
purpose or project before any amounts will be paid to the City; therefore, revenue is recognized based
upon the expenditures recorded. In the other, moneys are virtually unrestricted as to purpose of
expenditure and nearly irrevocable, i.e., revocable only for failure to comply with prescribed compliance
requirements, e.g., equal employment opportunity. These resources are reflected as revenue at the time
of receipt, or. earlier if they meet the criterion of availability. Other major revenue that is determined to
be susceptible to accrual includes taxes and interest. Major revenue that is determined not to be
susceptible to accrual because it is either not available soon enough to pay liabilities of the current period
or not objectively measurable include licenses, permits, fines and forfeitures.
Expenditures are recorded when the liability is incurred, except for interest on long-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.
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.
13
CITY OF ROSEMEAD, CALIFORNIA
' NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds amt Account Groups,
and Significant Accounting Policies, Continued
' The General Fund accounts for all financial resources except those required to be accounted for in
another fund. These resources are devoted to financing the general services that the City performs for its
' citizens.
Special Revenue Funds account for the proceeds of specific revenue sources (other than special
' assessments, expendable trusts and major capital projects) that are legally restricted to expenditures for
specified purposes. The Special Revenue Funds and their purposes are as follows:
' The Traffic Safety Fund accounts for the receipt of vehicle code fines which are expended for traffic
safety enforcement.
The State Gas Tax Fund accounts for funds collected from the State of California which are used for
street construction, street maintenance, engineering and administrative costs.
' The Air Quality Management District Fund accounts for the City's share of automobile registration
fees collected from the State by the South Coast Air Quality Management District. The funds are used
in improving transportation systems and to reduce reliance on private vehicles.
1 The Local Transportation Fund accounts for State grants used to finance the construction of
bikeways and sidewalks.
The Public Transportation Funds account for the Citys'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.
B The 1976 Community Parklands Grant Fund accounts for funds to be used for park projects.
The Street. Lighting Fund accounts for the operation of street lights within the City.
The Narcotics Seizure Fund accounts for the funds. received from the County of Los Angeles from the
confiscation of cash and other valuables seized during drug related police raids. The funds are used to.
further enhance the City's drug related crime prevention and detection programs.
e 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..
1
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
A'ote 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
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 Fi_ved Assets Account Group is used to account for the City's fixed assets.
The General Long-term Debt Account Group is used to account for general long-term debt and
certain other liabilities that are not specific liabilities of proprietary or trust funds.
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 eamings are allocated based on the source of funds.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups,
and Significant Accounting Policies, Continued
Receivables
Property taxes attach as an enforceable lien on property as of March I. Taxes are levied on July I and
are payable in two installments on December 10 and April 10. The County of Los Angeles bills and
collects the property taxes and remits them to the City in installments during the year. Property taxes
received within 60 days after the City's fiscal year end are considered "measurable" and "available" and
are accrued in the City's financial statements.
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.
Public domain (infrastructure) general fixed assets, consisting of certain improvements other than
buildings, such as roads, sidewalks and bridges, are not capitalized. Property and equipment acquired or
constructed for general governmental operations are recorded as expenditures in the fund making the
expenditure and capitalized in the general fixed assets account group.
All general fixed assets which were purchased or constructed are stated at cost. Assets acquired by gift
or bequest are recorded at their fair market value at the date of transfer. No depreciation is recorded on
general fixed assets.
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.
The unreserved portion represents the amount available for budgeting future operations.
Vacation pay and compensatory time
City employees accumulate vacation hours which may be paid upon termination, death or retirement.
Employees can accumulate up to three weeks of accrued vacation per year depending on the length of
employment. Employees can accumulate up to 160 hours of sick leave. Any hours in excess of 160 are
considered to be vested and are paid to the employee based on a vesting schedule. In addition,
employees can accrue compensatory time.
The vested portion of vacation and sick leave by employees at June 30, 1996 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.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note]. Reporting Entity, Nature of Operations, Description of Funds mtd Account Groups,
and Significant Accounting Policies, Continued
"Memorandum Only" total columns
Included on the combined financial statements are total columns captioned "Memorandum Only" to
indicate that they are presented only for informational purposes. Adjustments to eliminate interfund
transactions have not been recorded in arriving at such amounts and the memorandum totals are not
intended to fairly present the financial position or results of operations of the reporting entity taken as a
whole.
Additionally, the 1995 totals presented in the "Memorandum Only" columns are included to provide a
summarized comparison with comparable 1996 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 expenditures for the year ended June 30, 1995 have
been reclassified, with no effect on net revenue over expenditures, to be consistent with the
classifications adopted for the fiscal year ended June 30. 1996.
Note Z Budget Matters
The annual budget adopted by the City Council provides for the general operation of the City. It includes
proposed expenditures and estimated revenue for all governmental fund types.
Budgets presented in this report for comparison to actual amounts are presented in accordance with
generally accepted accounting principles. Reported budget amounts represent the original adopted
budget as amended.
The City Manager is authorized to make transfers of appropriations within a department. Transfers of
appropriations between departments require the approval of the governing council. The legal level of
budgetary control is the department level. The governing council made several supplemental budgetary
appropriations throughout the year, none considered to be material.
In all.funds, unexpended budgeted amounts lapse at the end of the budget year.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 3. Carh and Investments
The components of cash and investments at June 30, 1996 are as follows:
Cash in bank $ 2376,633
Time certificates of deposit 2,457,771
Cash subtotal 4,834,404
Other investments
4,146,825
Cash with fiscal agent
2,344,152
Guaranteed issuance contracts
14,583,729
Investment in State Treasury's Investment Pool
9,173,331
Investment in annuity contracts
661,714
Cash and investments total $ 35,744;155
Cash
At year end, the carrying amount of the City's and Agency's deposits (i.e., cash in bank and time
certificates of deposit) was $4,834,404 and'[he bank balance was $4,916,112. Of the $4,916,112 bank
balance, $480,935 was covered by federal depository insurance, and $4,435,177 was uninsured and
uncollateralized.
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 110% of a
City's deposits. California law also allows financial institutions to secure City deposits by pledging first
trust deed mortgage notes having a collateral value of'] 50% 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 find'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.
Investments include cash with fiscal agent for $2,344,152, which is invested in a guaranteed insurance
contract which accrues interest monthly at an interest rate of 5.8%, maturing October 1, 2013.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 4. Cash and Investments, Continued
Investments in annuity contracts included $226,085 and $435,629 invested in the Pension Trust Fund and
Deferred Compensation Plan, respectively. These investments were carried at market value.
Investments also included $14,583,729 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.
Investment Type
U.S. govern ment and
government
agency securities
State and municipal
bonds
Corporate bonds
Cash with fiscal agent
Guaranteed Investment
Contracts
Investment in State
Treasurer's Invest-
ment Pool
Total other investments
Category Carrying Market
2 3 Amount Value
5 S - S 2,067,732 S 2,067,732 S 2,107,430
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890,520 890,520 892,000
1,188.573 1,188,573 1,077,956
S S S 4.146,825 4,146,825 4,077,386
2,344,152 2,344,152
14,583,729 14,583,729
9,173,331 9,173,331
$ 30,248,037 $ 30,178,598
The three preceding risk description categories are defined as follows:
Category
Investments that are insured, registered or for which the securities are held by the City
or its agent in the City's name.
2 Uninsured and unregistered investments for which the securities are held by counter-
party's trust department (if a bank) or agent, in the City's name.
d
3 Uninsured and unregistered investments for which the securities are held by counter-
party's Trust Department (if a bank) or agent, but not in the City's name.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 4. Receivables
Receivables as of June 30, 1996 consist of the following:
Special
General Revenue
1;
Capital
Debt Service Projects Total
Property tax increment S
- S -
Accrued interest
117.080 46.663
Due from local utility
companies'"'
687,269 -
Due from other governmental
agencies
133,197 1,091,450
Transient occupancy tax
193,267 -
Other
43,444 -
S - S 25,252 S 25,252
11,193 343,682 518,618
687,269
1,224,647
193,267
43,444
S 1,174,257 $ 1,138,113 S 11,193 S 368,934 S 2,692,497
During the year ended June 30, 1987, the Agency approved a reimbursement agreement with a
local utility company, advancing the utility company funds required to install a water line and a
water main extension. The total amount advanced was $493,807. The Agency then contributed the
receivable to the City at the present valued amount. The City is to collect this receivable from the
utility company in 40 annual installments of $12,345, with the final installment due June 30, 2027.
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 $212,43 L' The
0 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.
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CITY OF ROSEMEAD, CALIFORNIA 0
NOTES TO FINANCIAL STATEMENTS
Note 5. Interftind Receivables and Pgvables
lnterfund receivables and payables as of June 30, 1996 are as follows:
m
lnterfund
Funds
Receivables Pavables
General Fund
$ 769,465 $
Special Revenue Funds:
Traffic Safety
8,158
v
Local Transportation Fund
-
Community Development Block Grant
759,382
Narcotics
-
California Wildlife Grant
1,400
768,940
Capital Projects Fund
- 525
$ 769,465 $ 769,465
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Note 6. Property and Equipment
Changes in property and equipment during the year ended June 30, 1996 were as follows
Balance.
Balance,
June 30, 1995
Acquisitions Disposals
June 30, 1996
Land
$ 2,893,234
$ $
S 2,893,234
Buildings and improvements
7,384,369
70,163 -
7,454,532
Vehicles
240,940
36,972 25,648
252,264
Furniture and office equipment
981,840
144,432 -
1,126,272
Special equipment and machinery
494,247
1,168
495,415.
Other improvements
837,316
15,276
852,592
$ 12,831,946 $ 268,011 $ 25,648 S 13,074,309
Note 7. Employee Pension Plans
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 contributions to this plan for the fiscal year ended June 30,
1996. 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 $226,085 as of June 30, 1996.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
I Note 7. Employee Pension Plats, Continuer!
' 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.
1995 was $1,175,661 and total payroll was $1,757,783.
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.
PERS also provides death and disability benefits to participating employees.
' 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 remaining contribution 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 meluded 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, 1995 as part of an actuarial,-.
valuation performed. Significant actuarial assumptions used to determine the pension benefit obligation
include:
S 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.
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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, 1995 is as follows:
Pension benefit obligation:
Retirees and beneficiaries receiving benefits and terminated
employees not yet receiving benefits $ 319,611
Current employees:
Accumulated employee contributions including allocated
investment eamings $ 224,349
Employer-financed, vested 1,447,675
Employer-financed, nonvested 29,574 1,701,598
Total pension benefit obligation 2,021,209
Net assets available for benefits, at cost (market value
$2,000,984) 1,882,394
Unfunded pension benefit obligation $ 138,815
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.
i'
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.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
1 !Vote 7. Employee Pension Plans, Continued
The contribution to the plan for the fiscal year ended June 30, 1996 totaling $183,055 was made in
accordance with actuarially determined requirements computed through an actuarial valuation performed
as of June 30, 1995. The contribution consisted of:
Normal cost (6.761% of current covered payroll) $
79,894
Amortization of the unfunded actuarial accrued liability (8.73% of
current covered payroll)
103,161
'
$
183,055
'
Amounts contributed on behalf of:
City (8.491% of current covered payroll)
100,337
Employees (7% of current covered payroll)
82,718
'
$
183,055
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Trend information Gives an indication of the progress made in accumulating sufficient
assets to pay
benefits when due. Historical information for the years available 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
June30 for Benefits Obligation Refunded Obligation Payroll Payroll
Pa
roll
a
y
1993 $ 1,148,500 $ 288,240 398.3 % $ (860260) S 1,318,110 (65.3) %
15.491 %
1994 1.580,000 1,814,350 87.1 234,340 1,301,610 18.0
15.491.
1995 1,882,390 2,021,200 93.1 138,810 1,331,870 10.4
15.491
Showing unfunded pension benefit obligation as a percentage of annual covered payroll a
pproximately
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adjusts for the effects of inflation for analysis purposes.
I 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 $435,630 at June 30, 1996.
1 24
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 8. Deferred Compensation Agreements, Continued
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. 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.
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 10. Long-term Debt
Ta-v allocation bonds, Series 1993 A and B
In November 1993, the Rosemead Redevelopment Agency issued tax allocation bonds in the amount of
$34,275,000 (Series 1993A) and taxable tax allocation refunding bonds in the amount of $2,435,000
(Series 1993B) to finance a portion of the cost of the 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: $812342 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 aliseitces totaling $275,629 which is. not expecte&
to be paid from available resources is reported in the General Long-term Debt Account Group.
Other long-tern[ debt
The City has included amounts in the long-term debt group of accounts for the litigation settlement.
The following is a summary of the general long-term debt transactions for the year ended June 30, 1996:.
Accrued
Tax Allocation.
Tax Allocation
Vacation and
-
Bonds Series
Bonds Series
Litigation
Compensaton
1993A
19938
Settlement
Time
Total
Balance, June 30, 1995
$ 34,275,000
S 2,175,000
S 142,242
S 233,364
$ 36,825,606
Payments of principal
-
(265,000)
-
-
(265,000)
Additions
42,265
42,265
Reductions in settlement
(29,895)
-
(29,895)
Balance, June 30, 1996 $ 34,2751000 S 1,910,000 S 112,347 S 275,629 S 36,572,976
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Note 10. Long-terse Debt, Continued ■I
The annual requirements, principal and interest to amortize the outstanding debt as of June 30, 1996 are
as follows: i
During the Year
Ending June 30,
1997
1998
1999
2000
2001
Years thereafter
Accrued
Series 1993
Vacation and
A and B
Litigation
Compensa-
Bonds
Settlement
tory Time
Interest
Total
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$ 280,000
$ 35,574
S 275,629
S 2,006,477
$ 2,597,680
295,000
37,666
-
1,989,427
2,322,093
310,000
39,107
-
1,971,450
2,320,557
a
330,000
-
-
1,951,663
2.281,663
345,000
-
1,932,853
2,277,853
34,625,000
-
-
41,759,430
76,384,430
S 36,185,000
$ 112,347
S 275,629
S 51.611,300
S 88,184.276
Defeasance ojprior debt
The Agency has advance refunded prior bond issues, which are considered defeased and, accordingly, D
the long-term debt liability has been removed from the general Iona 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, 1996, $19,215.000 of bonds outstanding are considered defeased.
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CITY OF ROSEMEAD, CALIFORNIA
I NOTES TO FINANCIAL STA
Note 11. Budget Overexpenditures and Deficit
' Expenditures exceeded Appropriations for the year ended June 30, 1996 in the following departments:
Amount
' of Over-
Appropriations Expenditures expenditures
General Fund
' Travel and meetings $ 18,000 $ 27,753 $ 9,753
City administration 451,480 671,716 220,236
City clerk 71,150 71,833 683
' City treasurer 12,000 12,875 875
City garage 30,540 32,154 1,614
Animal regulation 50,000 51,443 1,443
Narcotics forfeiture 90 90
Street lighting 192 192
Traffic signs and striping maintenance - 890 890
' Aquatics 292,000 297.355 5,355
Capital outlay 39,254 55,206 15,952
Traffic Safety Fund
Public safety 60,000 61,470 1,470
Community Parklands Grant Fund
Public recreation - 861 861
Note 12. Commitments and Contingent Liabilities
O Low-moderate Income Housing Set-aside Fund
O 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 through June 30, 1991 and during the fiscal years ended June 30, 1994, 1995 and 1996
e 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 laws. As of June 30, 1996, 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.
1 28
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CITY OF ROSEMEAD, CALIFORNIA
NOTES TO FINANCIAL STATEMENTS
Nate 12. Conunihments and Contingent Liabilities, Continued
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 [he 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 30, 1996 was $112,347. This amount is included in the City's long-term
debt account group as of June 30, 1996.
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 City 6f Rosemead has denied the claim. An application for leave
to file a late claim was also denied. At the present, there is not enough information to assess the ultimate
outcome.
Advance agreement
In February 1996, the Agency approved an agreement with a local utility company to advance the utility
company $117,600 required to install water'distribution mains within the Agency redevelopment area.
The agreement was put on hold by the Agency and, as of October 21, 1996, the agreement continues to
remain on hold.
Note 13. Pronouncement Issued But Not Yet Adopted
In November 1994, the Governmental Accounting Standards Board 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, with
early implementation encouraged. The City has not completed its assessment of the effect that the
adoption of Statement No. 27 will have on its financial statements.
1
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CITY OF ROSEMEAD, CALIFORNIA
COMBINING AND INDIVIDUAL FUNDS
AND ACCOUNT GROUPS
FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 1996
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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.
31
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
1
BALANCESHEET
June 30, 1996
1
1
1996
1995
ASSETS
C
h
d i
1
as
an
nvestments
$7,975,718
$5,460,274
Receivables
1,174,257
1,807,728
Due from other funds
769,465
1,126,693
1
Total Assets
$9,919,440
$8,394,695
1
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
1
Accounts payable and accrued liabilities
$1,124,846
$681,525
Due to other governmental agencies
-
320,000
Deferred compensation
190,000
-
Accrued vacation pay and compensatory time
1,566
5,782
Total Liabilities
$1,316,412
$1,007,307
1
Municipal Equity and Other Credits:
Fund Balance:
1
Reserved:
Long-term receivable
$687,269
$717,796
1
Unreserved:
Designated:
Building and equipment replacement
1,720,000
969,000
1
Litigation settlements
750,000
500
000
,
Self-insurance
Contingencies
Undesignated
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
32
I
280,000
280,000
2,680,000
2,680,000
2,485,759
2,240,592
$8,603,028 $7,387,388
$9,919,440 $8,394,695
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CITY OF ROSEMEAD, CALIFORNIA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30
1996
,
1996
1995
REVENUES:
Other Taxes
$3,664,031
53,907,616
Licenses and permits
760,191
699,234
'
Intergovernmental
3,177,566
2,928,590
Charges for services
531,055
548,962
Fines, forfeitures and penalties
303,930
280,636
Use of money and property
460,479
289,451
Other
102,536
146,262
Total Revenue
$8,999,788
$8,800,751
EXPENDITURES:
Current:
General government
$1,808,268
$1,725,808
Public safety
4,419,427
4,335,271
t
Public works
63,806
87,381
Public health
44,863
39,852
Public recreation
1,868,823
1,767,173
Community service
955,219
1,204,558
Capital outlay
55,206
53,433
Total Expenditures
$9,215,612
$9,213,476
Revenue over (under) expenditures
($215,824)
($412,725)
OTHER FINANCING SOURCES (USES):
Operating transfers:
From other funds
$1,157,737
$1,371,557
(To) other funds
(252,106)
t
l Oth
T
Fi
i
S
U
$1
157
737
$1
119
45
o
a
er
nanc
ng
ources (
ses)
,
,
,
,
1
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Revenues and Other Financing
Sources over (under) expenditures
$941,913
$706,726
'
FUND BALANCE, BEGINNING
7,387,388
6,680,662
Residual equity transfer
273,727
FUND BALANCE, ENDING
$8,603,028
$7,387,388
'
33
CITY OF ROSEMEAD, CALIFORNIA
GENEBALFUND
REVENUE DETAIL - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1996
Over
(Under)
Budget
Actual
Budget
1994
TAXES
Maintenance district
$1,500
$1,291
($209)
$1,336
Real estate transfer tax
35,000
40,404
5,404
36,739
Trailer coach fees
500
-
(500)
-
Sales and use tax
2,550,000
2,309,758
(240,242)
2,582,644
Franchise fees
576,000
577,004
1,004
568,020
Transient occupancy tax
720,000
735,574
15,574
718,877
$3,883,000
$3,664,031
($218,969)
$3,907,616
LICENSES AND PERMITS
Business license fees
$40,000
536,547
($3,453)
$39,676
Building permit fees
630,000
525,405
(104,595)
470,999
Public work permit
37,000
62,941
25,941
67,206
Tentative map fees
12,500
8,610
(3,890)
2,186
Development review fees
1,000
5,767
4,767
3,116
Final map fees
16,000
33,229
17,229
23,485
Occupancy permit fees
55,000
55,987
987
56,370
Sewer connection
22,000
29,513
7,513
34,095
Strong motion fees
2,000
2,192
192
2,101
Rehabilitation permit fees
1,600
-
(1,600)
$817,100
$760,191
($56,909)
$699,234
INTERGOVERNMENTAL
Financial aid to local agencies
$850,000
$1,037,006
$187,006
$807,644
Motor vehicle in lieu tax
2,150,000
2,071,934
(78,066)
1,959,222
Other vehicle taxes
870
852
(18)
869
COPS Grant
-
56,774
56,774
_
Other State grants
-
11,000
11,000
160,855
53,000,870
$3,177,566
$176,696
$2,928,590
CHARGES FOR SERVICES
Filing and certification fees
$35,000
$59,410
$24,410
$47,858
Other current charges
179,180
224,124
44,944
225,940
Environmental impact reports
100
-
(100)
400
Recreation fees
231,060
235,175
4,115
224,286
Assessments
4,100
6,510
2,410
25,363
Special community events
22,850
5,836
(17,014)
25,115
$472,290
5531,055
$58,765
$548,962
FINES, FORFEITURES AND
PENALTIES
Court Imes and forfeitures
5229,500
5303,930
$74,430
$280,636
USE OF MONEY AND PROPERTY
Interest earned on investments
$275,000
$403,084
$128,084
$227,893
Rental Income
55,200
57,395
2,195
61,558
$330,200
$460,479
$130,279
$289,451
OTHER
SANE program
$45,000
$32,077
($12,923)
$42,124
Repairs to and sale of City property
1,100
6,274
5,174
1,107
Miscellaneous
43,550
64,185
20,635
103,031
$89,650
$102,536
$12,886
$146,262
Total Revenues
$8,822,610
_58,999,788
$177,178
$8.800.751
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CITY OF ROSEMEAD, CALIFORNIA
GENERALFUND
EXPENDITURE DETAIL - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1996
Over
(Under)
Budget
Actual
Budget
1995
GENERAL GOVERNMENT
Travel and meeting
$18,000
$27,753
$9,753
$24,392
City council
68,540
64,427
(4,113)
59,961
City administration
451,480
671,716
220,236
456,339
City clerk
71,150
71,833
683
83,456
Finance
223,857
204,522
(19,335)
205,309
City treasurer
12,000
12,875
875
13,022
City attorney
146,000
95,584
(50,416)
163,829
General government buildings
404,200
361,008
(43,192)
390,979
Community promotion
280,822
266,396
(14,426)
299,868
City garage
30,540
32,154
1,614
28,653
$1,706,589
$1,808,268
$101,679
$1,725,808
PUBLIC SAFETY
Law enforcement
$4,281,960
$4,173,429
($108,531)
$4,083,079
Animal regulation
50,000
51,443
1,443
47,553
Parking control
121,400
115,200
(6,200)
118,484
Crossing guard
89,210
76,862
(12,348)
75,743
Emergency services
24,000
2,211
(21,789)
10,412
Narcotics forfeiture
-
90
90
-
Street lighting
-
192
192
-
$4,566,570
$4,419,427
($147,143)
$4,335,271
PUBLIC WORKS
Engineering mid administration
$36,620
535,875
($745)
$48,992
Street and highway construction
48,500
27,041
(21,459)
3,219
Traffic signs and striping maintenance
-
890
890
35,170
$85,120
$63,806
($21,314)
$87,381
PUBLIC HEALTH
Public health services
$40,000
$44,863
$4,863
$39,852
PUBLIC RECREATION
Administration
$181,359
$176,641
(54,718)
$168,235
Parks
1,150,480
824,550
(325,930)
.740,400
Recreation
570,990
566,891
(4,099)
549,923
Aquatics
292,000
297,355
5,355
305,294
Dinsmoor Heritage House
3,900
3,386
(514)
3,321
$2,198,729
$1,868,823
($329,906)
$1,767,173
COMMUNITY SERVICE
Planning
$204,395
$172,956
($31,439)
$218,723
Building regulation
525,700
448,651
(77,049)
378,261
Engineering
304,600
250,551
(54,049)
227,979
Community improvements
343,708
83,061
(260,647)
379,595
$1,378,403
$955,219
($423,184)
$1,204,558
CAPITAL OUTLAY
$39,254
$55,206
$15,952
$53,433
APPROPRIATION RESERVES
$73,352
($73,352)
Total Expenditures
$10,088,017
$9,215,612
(5872,405)
$9,213,476
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1 SPECIAL REVENUE FUNDS
Special Revenue Funds account for the proceeds of specific revenue sources (other than
1 special assessments, expendable trusts and major capital projects) that are legally restricted
to expenditures for specified purposes.
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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 FUND
Established to account for the City's share of additional sales tax collected in the County
of Los Angeles as a result of Proposition A and C. The funds are used to finance public
transportation projects.
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
Established to account for Community Development Block Grants received from the
United States Department of Housing and Urban Development.
1976 COMMUNITY PARKLANDS GRANT FUND
Established to account for funds to be used for park projects.
STREET LIGHTING FUND
Established to account for the operation of street lights within the City.
38
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1 SPECIAL REVENUE FUNDS (cont'd)
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
1
1
I
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.
1 39
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30,1996
Air Quality
Local
Public
Community
Traffic
State
Management
Trans-
Trans-
Development
Safety
Gas Tax
District
portation
portation
Block Grant
Fund
Fund
Fund
Fund
Fund
Fund
ASSETS
Cash and cash investments
$ -
$440,906
$165,974
$ -
$442,979
$155,000
Receivables
8,158
8,000
15,100
94,044
966,148
Due from other funds
Total Assets
$8,158
$448,906
$181,074
$537,023
$1,121,148
LIABILITIES AND
MUNICIPAL EQUITY
Liabilities:
Accounts payable
$ -
$84,847
$20,455
S_
$76,324
$117,103
Due to other funds
8,158
759,382
Deferred revenue
-
-
-
-
-
244,663
Total Liabilities
58,158
$84,847
$20,455
$76,324
$1,121,148
Municipal Equity:
Reserved for low-moderate
income housing
$ -
$ _
S_
$ _
$ _
$ _
Unreserved, undesignated
364,059
160,619
460,699
Total Equity
$ -
$364,059
$160,619
$460,699
$ -
Total Liabilities and
Municipal Equity
$8,158
$448 906
$181,074
$537,023
$1,121,148
40
1976
Community
Low-Moderate
Rosemead
'
Parklands
Grant
Street
Lighting
Narcotics
Seizure
Income Ifous-
ing Set-Aside
Housing
Development
California
Wildlife
Fund
Fund
Fund
Fund
Corporation
Grant
'
$41,293
$110,348
$10,287
$3,920,509
$89,460
$1,436
46,663
'
$41
293
$110
348
$10
287
$3
172
967
$89
460
$1
436
,
,
,
,
,
,
,
$10,287
$17,270
1,400
$10,287
$ -
$17,270
$1,400
'
$ -
S_
S_
$3,967,172
S-
41,293
110,348
72,190
36
'
$41
293
$110
348
$
967
172
$3
$72
190
$36
,
,
-
,
,
,
$41,293
$110 348
$10,287
$3,967,172
$89,460
$1,436
1
'
41
Totals
1996 1995
$5,378,192 $4,826,440
1,138,113 1,514,753
0 689,961
$6 516 305 $7 031 154
$326,286 $647,898
768,940 1,166,727
244,663 242,938
$3,967,172
$3,913,958
1,209,244
1,059,633
$5,176,416
$4,973,591
$6,516,305 $7,031,154
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 1996
Air Quality
Local
Public
Traffic
State
Management
Trans-
Trans-
Safety
Gas Tax
District
portation
portation
Fund
Fund
Fund
Fund
Fund
REVENUES:
Special assessments
$ -
Intergovernmental
-
951,914
58,175
41,264
970,492
Charges for services
-
8,000
Fines, forfeiture and penalties
61,470
Use of money and property
-
21,937
16,890
Other
-
166
Total Revenues
$61,470
$981,851
$58,341
$41,264
$987,382
EXPENDITURES:
Current:
General government
$ -
$ -
$ _
$ _ $ _
Public safety
61,470
Public works
-
960,289
41,160
806,663
Public Recreation
Community services
7,503
3,762
Capital outlay
_
Investment loss
-
Total Expenditure
$61,470
$967.792
$44,922
$806,663
Revenue over (under)
expenditures
$ -
$14,059
$13,419
$41,264 $180,719
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
(85,219)
$ - $ -
$ -
($85,219)
$ -
$14,059
$13,419
($43,955)
$180,719
350,000
147,200
43,955
279,980
$364,059 $160,619 $460,699
42 1
11%
'
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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
'
$365,184
956,072
'
2,130
302
253,214
165,148
'
$956,072
$2,130
$365,184
$302
$253,214
$165,148
$ -
$ -
$
$
$94,723
'
206,155
46,374
55,577
-
'
900,868
861
-
'
$956
445
$861
$206
155
,
,
$46,374
$94,723
'
($373)
$1,269
$159,029
($46,072)
$253,214
$70,425
$373
$ -
$ -
24,409
$ -
$200,000
'
(200,000)
(150,000)
$373
$ -
$ -
$24,409
($200,000)
$50,000
'
$1,269
$159,029
($21,663)
$53,214
$120,425
40,024
225,046
21,663
3,913,958
(48,235)
'
273,72
$41,293
$110 348
$3,967,172
$72,190
'
43
CITY OF ROSEMEAD, CALIFORNIA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
Fiscal Year Ended June 30, 1996
California
Wildlife
Grant
REVENUES:
Special assessments $ -
Intergovernmental 36
Charges for services -
Fines, forfeiture and penalties -
Use of money and property -
Other -
$36
EXPENDITURES:
Current:
Capital outlay
Investment loss -
$36
Totals
1996 1995
$365,184
2,977,953
8,000
61,470
294,473
165,314
$3,872,394
$386,814
3,804,953
16,000
37,333
266,945
41,671
$4,553,716
$94,723
313,999
1,863,689
861
912,133
$3,185,405
$686,989
$119,497
331,600
2,960,435
134,224
885,658
461,876
1,637,238
$6,530,528
($1,976,812)
OTHER FINANCING SOURCES (USES):
$224,782
(435,219)
($210,437)
$2,314,443
(2,486,594)
($172,151)
$36
FUND BALANCE, BEGINNING
RESIDUAL EQUITY TRANSFER -
FUND BALANCE, ENDING $36
$476,552
4,973,591
(273,727)
$5.176.416
44
($2,148,963)
7,122,554
$4,973,591
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CITY OF ROSEMEAD, CALIFORNIA
TRAFFIC SAFETY FUND
STATEMENT,OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' Fiscal Year Ended June 30, 1996
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 1995
$60,000 $61,470 $1,470 $37,333
$60,000 S61,470 $1,470 $37,333
$60,000
$61,470
$1,470
$37,333
560,000
S61,470
51,470
$37,333
S-
S -
$
$
$
S-
S-
S-
a5
CITY OF ROSEMEAD, CALIFORNIA
STATE GAS TAX FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
REVENUES:
Intergovernmental
Charges for services .
Use of money and property
Total Revenues
EXPENDITURES:
Public Works
Community Services
Total Expenditures
Revenues over (under) expenditures
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
Revenue and other financing sources
over(under)expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
1995
$842,500
$951,914
$109,414
5940,006
8,000
8,000
16,000
1,200
21,937
20,737
18,515
5851,700
$981,851
$130,151
$974,521
$1,090,300
5960,289
($130,011)
$988,799
7,500
7,503
3
8,561
$1,097,800"
$967,792
(5130,008)
$997,360
(5246,100)
514,059
$260,159
($22,839)
S-
(5246,100)
$14,059
5260,159
(522,839)
43,188
350,000
306,812
372,839
6202,9121
$364.059
S566,971
5350.000
46
b.r:r lu ~'4'1.i
'
CITY OF ROSEMEAD, CALIFORNIA
AIR QUALITY MANAGEMENT DISTRICT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
'
Fiscal Year Ended June 30, 1996
'
Over
(Under)
Budget Actual
Budget
1995
REVENUES:
'
Intergovernmental
Use of money and property
$60,000 $58,175
3,600
($1,825)
(3,600)
$60,026
Other
150 166
16
'
Total Revenues
$63,750 S58,341
($5,409)
$60,026
EXPENDITURES:
'
Public works
$160,000 S41,160
($118,840)
$14,513
Community Services
3,762
3,762
1,261
'
Total Expenditures
$160,000 $44,922
($115,078).
$15,774
Revenues over(under)expenditures (596,250) 513,419
($109,669)
$44,252
OTHER FINANCING SOURCES
(USES):
Operating transfers:
From (To) other funds
S. $ -
$ -
$ -
Revenue and other financing s
ources
'
over(under)expenditures
(596,250) $13,419
$109,669
$44,252
FUND BALANCE, BEGINNING
125,350 147,200
21,850
102,948
FUND BALANCE, ENDING
529,100 5160,619
5131,519
$147,200
47
CITY OF ROSEMEAD, CALIFORNIA
LOCAL TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
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) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
540,113
541,264
$1,151
850
(850)
540,963
S41,264
5301
S-
S-
S-
S-
S-
541,264
(5301)
S- (585,219) (585,219)
S- (543,955) ($84,918)
43,955 43,955
S- S- S-
48 1
1
1
1
1995 1
0
$0
$113,218 1
$113,218
($113,218) 1
1
5113,218
S-
1
43,955
$43.955
1
1
1
1
1
i
1
1
CITY OF ROSEMEAD, CALIFORNIA
' PUBLIC TRANSPORTATION FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
REVENUES:
' Intergovernmental
Use of money and property
' Total Revenues
EXPENDITURES:
' Current:
Public works
Community services
Capital Outlay
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
5950,000
5970,492
$20,492
4,700
16,890
12,190
5954,700
5987,382
$32,682
51,104,650
(S149,950)
$806,663
$180,719
$1,009,481
18,442
$1,027,923
(5297,987) $1,197,781
(5330,669)
($149,950)
$180,719
5330,669
176,343
279,980
103,637
526 393
$460,699
5434,306
49
(S169,858)
5-
(5169,858)
449,838
$279,980
CITY OF ROSEMEAD, CALIFORNIA
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
REVENUES:
Intergovernmental
Total Revenues
EXPENDITURES:
Current
Public works
Community services
Capital Outlay
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
52,206,942 S956,072 ($1,250,870)
82,206,942 5956,072 (51,250,870)
5968,012 555,577 ($912,435)
1,238,930 900,868 (338,062)
$2,206,942 5956,445 ($1,250,497)
S- (!3373)(S373)
5373 5373
S- S- S-
S- S-
50
a
1995 D
$1,329,695 a
$1,329,695
a
5449,280 O
875,836
4,702
$1,329,818
($123)
$123
S '
1
CITY OF ROSEMEAD, CALIFORNIA
' 1976 COMMUNITY PARKLANDS GRANT FUND
STATEMENT-OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' Fiscal Year Ended June 30, 1996
REVENUES:
Intergovernmental
Use of money and property
Total Revenues
EXPENDITURES:
' Public Recreation
Total Expenditures
' Revenues over (under) expenditures
' OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
' Revenue and other financing sources
over (under) expenditures
' FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
1995
$o
$12,400
2,130
2,130
4,225
$2,130
$2,130
$16,625
$861
5861
$23,215
$861
$861
$23,215
$1,269
$1,269
($6,590)
S-
S-
$1,269
$1,269
($6,590)
25,064
40,024
14,960
46,614
$25,064
$41293
$16,229
$40,024
51
CITY OF ROSEMEAD, CALIFORNIA
STREET LIGHTING FUND
,
STATEMENT OF REVENUE, EXPENDITURES
A
ND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
'
,
Over
(Under)
Budget Actual
Budget
1995
,
REVENUES:
Special Assessment
5360,000 5365,184
$5,184
$386,814
Total Revenues
5360,000 5365,184
$5,184
5386,814
'
EXPENDITURES:
Public safety
5236,000 5206,155
(S29,845)
$245,446
Total Expenditures
5236,000 $206,155
($29,845)
$245,446
Revenues over (under) expenditures
$124,000 5159,029
535,029
5141,368
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
_ S- $ _
$ _
$ _
Revenue and other financing sources
over (under) expenditures
5124,000 5159,029
535,029
5141,368
FUND BALANCE, BEGINNING
208,378 225,046
16,668
83,678
'
RESIDUAL EQUITY TRANSFER
- (273,727)
FUND BALANCE, ENDING
5332,378 5110,348
$51,697
$225,046
'
S
S
2
5
CITY OF ROSEME.AD, CALIFORNIA
'
NARCOTICS SEIZURE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
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
Over
(Under)
Budget 1995
S-
$o
S-
302
302
3,655
S-
5302
$302
$3,655
$50,860
$46,374
($4,486)
548,821
550,860
$46,374
(54,486)
548,821
(550,860)
($46,072)
S4,788
(S45,166)
S -
524,409
S-
($50,860)
($21,663)
54,788
(545,166)
14,429
21,663
7,234
66,829
($36,431)
S-
512,022
521,663
53
CITY OF ROSEMEAD, CALIFORNIA
LOW-MODERATE INCOME HOUSING FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
REVENUES:
Use of money and property
Total Revenues
Budget
$151,700
Over
(Under)
Actual Budget 1995
$253,214 $101,514 $222,108
$253,214 $101,514 $222,108
EXPENDITURES:
General government
Investment loss
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
S- $150
461,876
S- $462,026
$151,700 $253,214 $101,514 ($239,918)
($200,000) ($200,000) ($2,200,000)
$151,700
4,267,903
$4,419,603
$53,214
3,913,958
53,967,172
($98,486)
(353,945)
(S452,431)
($2,439,918)
. 6,353,876
$3,913,958
' CITY OF ROSEMEAD, CALIFORNIA
' ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
' Fiscal Year Ended June 30, 1996
' REVENUES:
' Other
Total Revenues
EXPENDITURES:
General government
' Capital Outlay
Total Expenditures
' Revenues over (under) expenditures
' OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds
' Total Other Financing Sources (Uses)
Revenue and other financing sources
over(under)expenditures
FUND BALANCE, BEGINNING
' FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
1995
5150,000
$165,148
$15,148
$41,671
5150,000
5165,148
515,148
$41,671
$17,600
594,723
$77,123
$119,347
-
1,632,536
$17,600
$94,723
$77,123
$1,751,883
$132,400
570,425
561,975
($1,710,212)
S-
S50,000
$50,000
S2,060,000
S-
550,000
$50,000.
$2,060,000
$120,425
S 120,425
$349,788
(48,235)
(48,235)
(398,023)
S-
_ S72-,190
$72,190
(548,235)
55
'
CITY OF ROSEMEAD, CALIFORNIA
CALIFORNIA WILDLIFE FUND
'
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
'
'
Over
(Under)
Budget Actual
Budget
1995
REVENUES:
Intergovernmental S- S36
S36
$92,654
Total Revenues S- S36
S36
$92,654
EXPENDITURES:
Public Recreation S- S-
S-
$93,217
Total Expenditures S-
S-
$93,217
S
Revenues over (under) expenditures S- S36
$36
(5563)
,
OTHER FINANCING SOURCES (USES):
Operating transfers:
From (To) other funds S- S-
S.
5563
Revenue and other financing sources
over (under) expenditures S36
S36
S-
FUND BALANCE, BEGINNING
FUND B
ALANCE, ENDING S36
S36
S-
t
I
56
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.
57
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
BALANCESHEET
June 30, 1996
ASSETS
1996
1995
Cash and investments
Receivables
Due from other funds
Total Assets
LIABILITIES AND MUNICIPAL EQUITY
$19,298,152
368,934
$21,217,659
298,016
$19,667,086 $21,515,675
Liabilities:
Checks in excess of bank balance $ $894,599
Accounts payable and accrued liabilities 477,807 185,896
Arbitrage rebate payable 180,000
Due to City of Rosemead 525 225,478
Due to other funds 423,574
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Unreserved:
Designated for capital projects
Total Fund Balance
Total Liabilities, Municipal Equity and Other Credits
$658,332 $1,729,547
19,008,754
$19,008,754
$19,667,086
i
19,786,128
$19,786,128
$21,515,675
58
CITY OF ROSEMEAD, CALIFORNIA
'
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
'
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
REVENUES:
Property tax increment
Interest
' Other
Total Revenue
' EXPENDITURES:
Current:
1 Improvements to project area
Professional fees
City administrative services
Intergovernmental
Arbitrage rebate (credit)
Capital outlay
Investment loss
Total Expenditures
Revenue over (under) expenditures
' OTHER FINANCING SOURCES (USES):
Proceeds from sale of bonds, net of
discounts of $701,815
1 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
59
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
S-
(3,081,198)
($3,081,198)
($777,374)
19,786,128
$19,008,754
$3,411,909
624,549
45,697
$4,082,155
$1,353,137
66,462
6,437
175,330
(153,976)
23,071
1,902,724
$3,373,185
$708,970
(3,091,161)
($3,091,161)
($2,382,191)
21,948,754
219,565
$19,786,128
CITY OF ROSEMEAD, CALIFORNIA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE -'BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1996
Over
(Under)
Budget
Actual
Budget
1995
REVENUE
Property taxes and special assessments
$3,303,540
$2,671,909
($631,631)
$3,411,909
Use of money and property
685,080
1,749,265
1,064,185
624,549
Other
31,659
31,659
45,697
$3,988,620
$4,452,833
$464,213
$4,082,155
EXPENDITURES
Improvements to project area
$3,595,400
$1,861,174
($2,134,226)
$1,353,137
Professional fees
52,400
43,857
(8,543)
66,462
City administrative services
734,172
Intergovernmental
-
175,330
Arbitrage rebate expense
180,000
180,000
(153,976)
Capital outlay
64,200
63,978
(222)
23,071
Investment loss
_
-
1,902,724
$4,112,000
$2,149,009
($1,962,991)
$4,100,920
Revenue over(under)expenditures
($123,380)
$2,303,824
$2,427,204
($18,765)
OTHER FINANCING SOURCES (USES):
Proceeds from sale of bonds, net of
discounts of $701,815
Operating transfers:
From other funds
(To) other funds
(3,367,803)
(3,081,198)
286,605
(2,143,861)
Total Other Financing Sources (Uses)
($3,367,803)
($3,081,198)
$286,605
($2,]43,861)
Revenue and other financing sources
over(under)expenditures
($3,491,183)
($777,374)
$2,713,809
($2,162,626)
FUND BALANCE, BEGINNING
17,963,253
19,786,128
1,822,875
21,948,754
FUND BALANCE, ENDING
$14,472 070
$19,008,754
$4,536,684
$19,786,128
60
1
i
i
i
i
i
1
i
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.
61
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
BALANCESHEET
June 30, 1996
1996 1995
ASSETS
Cash and investments with fiscal agent $2,344,150 $2,390,426
Receivables 11,193 100,394
Total Assets $2,355,343 $2,490,820
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Accounts payable and accrued liabilities
Total Liabilities
Municipal Equity and Other Credits:
Fund Balance:
Reserved:
Debt service $2,355,343 $2,490,820
Total Fund Balance $2,355,343 $2,490,820
Total Liabilities, Municipal Equity and Other Credits $2,355,343 $2,490,820
62
1 CITY OF ROSEMEAD, CALIFORNIA
' DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
Fiscal Year Ended June 30, 1996
' REVENUES:
Interest
Total Revenue
EXPENDITURES:
Debt service:
Principal
Interest
Certificate of refunding
Issuance costs
Total Expenditures
' Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
' Proceeds from sale of bonds, net of discounts
of $701,815
Payments to refunding escrow agent
' 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
63
1996 1995
$1,779 $202,817
$1,779 $202,817
$265,000
$260,000
2,006,154
2,019,153
$2,271,154
$2,279,153
($2,269,375)
($2,076,336)
2,133,898 2,143,861
$2,133,898
($135,477)
2,490, 820
$2,355,343
S2,143,861
$67,525
2,423,295
$2,490,820
CITY OF ROSEMEAD, CALIFORNIA
DEBT SERVICE FUND
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Fiscal Year Ended June 30, 1996
REVENUE
Interest
Other
EXPENDITURES
Issuance Costs
Debt Service:
Principal
Interest
Certificate refunding
Revenue over (under) expenditures
OTHER FINANCING SOURCES (USES):
Proceeds from sale of bonds, net of
discounts of $701,815
Advance refunding
Operating transfers:
From other funds
(To) other funds
Total Other Financing Sources (Uses)
Revenue and other financing sources
over (under) expenditures
FUND BALANCE, BEGINNING
FUND BALANCE, ENDING
Over
(Under)
Budget
Actual
Budget
1995
$130,000
$1,779
($128,221)
$202,817
$130,000
$1,779
($128,221)
$202
817
,
2,005,503
2,006,154
651
2,019,153
265,000
265,000.
260,000
$2,270,503
$2,271,154
$651
$2,279,153
($2,140,503)
($2,269,375)
($128,872)
($2,076,336)
2,270,503
2,133,898
(136,605)
2,143,860
$2,270,503
$2,133,898
($136,605)
$2,143,860
$130,000
($135,477)
($265,477)
$67,524
5,335,805
2,490,820
(2,844,985)
2,423,296
$5,465,805
$2,355,343
($3,110,462)
$2,490.820
64
i.
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.
C-5
CITY OF ROSEMEAD, CALIFORNIA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
June 30,1996
ASSETS
Cash and cash investments
Receivables
Total Assets
LIABILITIES AND MUNICIPAL EQUITY
Liabilities:
Due to other funds
Refundable deposits
Deferred compensation
Total Liabilities
Municipal Equity:
Fund balance, reserved for
employees' retirement
Total Liabilities and Municipal Equity
Pension Agency Funds
Trust Refundable Deferred
Fund Deposits Compensation
Totals
1996 1995
$226,085 586,228 $435,630 5747,943 $697,483
3,600
$226,085 $86.228 $435,630 $747.943 $701.083
86,228
435,630
$ - $86,228 $435,630
$226,085 5 - $ -
$226,085 $86.228 5435,630
$875
86,228 104,592
435,630 357,828
$521,858 $463,295
5226,085 $237,788
$747,943 $701 083
66
'
CITY OF ROSEMEAD, CALIFORNIA
'
ALL AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN
'
ASSETS AND LIABILITIES
Fiscal Year Ended June 30
1996
,
1
Balance
Balance
July 1, 1995
Additions
Deductions
June 30, 1996
'
REFUNDABLE DEPOSIT FUND:
Assets
Cash and cash investments
$101,867
$27,230
$42,869
$86,228
Receivable
3,600
3,600
'
Total Assets
$105,467
$27 230
$46,469
$86,228
Liabilities
'
Refundable deposits
$104,592
$27,230
$45,594
$86,228
875
875
'
$105,467
$27,230
$46,469
$86,228
EMPLOYEES DEFERRED
COMPENSATION FUND:
Assets
Cash and cash investments
$11,777
$8,327
$11,400
$8,704
'
Investments in deferred
compensation plan
346,051
80,875
426,926
'
Total Assets
$357,828
$89,202
$11,400
$435,630
Liabilities
Deferred compensation
$357,828
$89,202
$11,400
$435,630
'
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68
1
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.
69
CITY OF ROSEMEAD, CALIFORNIA
STATEMENT OF GENERAL FIXED ASSETS
June 30, 1996
1996
1995
General Fixed Assets
Land
$2,893,234
$2,893,234
Buildings and improvements
7,454,532
7,384,369
Vehicles
252,264
240,940
Furniture and office equipment
1,126,272
981,840
Special equipment and machinery
495,415
494,247
Other improvements
852,592
837,316
Total General Fixed Assets
$13,074,309
$12,831,946
SOURCES OF FUNDS
Beginning Balance $12,831,946 $10,840,705
General Fund 29,851 37,830
Community Development Block Grant 0 54,767
Community Parklands Grant 0 1,353
California Wildlife Grant 0 84,010
Redevelopment Agency 212,512 180,664
Rosemead Housing Development Corporation 1,632,617
Ending Balance $13,074,309 $12,831,946
70
'
CITY OF ROSEMEAD,
CALIFORNIA
STATEMENT OF CHANGES OF G
ENERAL FIXED
ASSETS
'
Fiscal Year Ended Ju
ne 30, 1996
Balance
Balance
Function and Activity
July 1, 1995
Additions
Deletions
June 30, 1996
Land
Prior year balance
$2,893,234
$2,893,234
Housing Development Corporation
'
Total land
$2
893
234
$2
893
234
,
,
,
,
Buildings and improvements
Prior year balance
$3,470,907
$3,470,907
General government
11,971
-
-
11,971
Community Services
50,064
-
-
50,064
'
Public Recreation
1,991
-
-
1,991
Redevelopment Agency
379,568
70,163
449,731
Housing Development Corporation
3,469,868
-
-
3,469,868
Total buildings and improvements
$7,384,369
$70,163
$7,454,532
Vehicles
Prior year balance
$230,588
$230,588
General government
12,716
36,972
25,648
24,040
Transportation
(2,364)
(2,364)
'
T
t
l
hi
l
$240
940
$36
972
$25
648
$252
264
a
ve
c
es
o
,
,
,
,
Furniture and office equipment
'
Prior year balance
$793,682
$793,682
General government
32,092
1,742
33,834
Community Development
9,496
130
9,626
Cultural & leisure
2,255
211
2,466
Redevelopment Agency
144,315
142,349
286,664
Total furniture and office
equipment
$981,840
$144,432
$1,126,272
Special equipment and machinery
'
Prior year balance
$490,765
$490,765
Cultural & leisure
3,482
1,168
4,650
Total special equipment and
machinery
$494,247
$1,168
$495,415
Other improvements
Prior year balance
$748,492
$748,492
Public Safety
9,464
9,464
'
Cultural & leisure
88,824
5,812
94,636
Total other improvements
$837,316
$15,276
$852,592
1
T
l
l f
d
3
9
genera
ixe
ota
assets
$12,8
1,
46
$268,011
$25,648
$13,074,309
71
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72
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
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
T
C
A
L
11
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73
CITY OF ROSEMEAD, CALIFORNIA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Public
Public
General
Public
Public
Year
Safety
Works
Government
Health
Recreation
1986-87
$3,311,878
$7,576,458
$1,228,759
$375,345
$1,483,732
1987-88
3,397,611
5,360,172
1,354,625
525,187
1,409,388
1988-89
3,651,535
7,624,877
1,611,328
605,353
1,529,628
1989-90
3,809,631
8,536,328
1,712,102
856,298
1,775,194
1990-91
3,994,221
6,374,969
2,215,912
1,014,349
1,838,493
1991-92
4,268,763
8,757,535
2,710,801
95,495
1,959,686
1992-93
4,264,366
3,598,687
2,429,325
1,677
1,858,238
1993-94
4,596,592
4,096,433
2,545,662
17,665
1,719,424
1994-95
4,666,871
4,400,953
1,918,204
39,852
1,901,397
1995-96
4,733,426
3,788,669
1,946,848
44,863
1,869,684
(1) General Governmental expenditures includes expenditures of the General, Special Revenue
Capital Projects, and Debt Service Funds only. Operating Transfers Out have been exclude
from all years.
74
1
' Community
Services
$1,239,472
' 906,176
1,528,378
1,510,545
2,070,348
1,592,156
' 1,411,467
2,092,838
' 2,090,216
' 1,867,352
' $25
$20
' $15
$10
$5
$0
Capital
Debt
Inter-
Outlay
Service
govemmental
Other
Total
$1,319,863
$16,535,507
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
Millions
75
1991-92 1992-93 1993-94 199495 1995-96
MPublic Works NPublic Safety ®DebtServices ®General Govt.
MPublic Recr. Comm. Serv. ®Misc.
CITY OF ROSEMEAD, CALIFORNIA
GENERAL REVENUES BY SOURCE (1)
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Property
Special
Other
Licenses
Year
Tax
Assessments
Taxes
and Permits
1986-87
$4,235,972
$215,186
$3,048,707
$480,52
1987-88
2,905,521
241,257
3,351,856
512,69
1988-89
3,921,667
273,777
3,591,798
496,96
1989-90
3,204,232
303,374
4,176,257
533,05
1990-91
3,059,892
347,061
4,245,201
479,08
1991-92
3,746,398
384,036,
3,787,547
554,93
1992-93
3,379,446
395,646
3,866,690
579,12
1993-94
3,185,746
342,315
4,011,829
812,09
1994-95
3,411,909
386,814
3,907,616
699,23
1995-96
2,671,909
365,184
3,664,031
760,19
(1)
Includes General, Speci
al Revenues, and Capital Projects Funds.
76 1
'
Inter-
governmental
,
9 $5,309,161
9 3,464,227
,
6 4,518,697
0 3,725,299
'
4 4,557,510
'
5 4,824,498
4 5,174,436
'
6 5,985,542
'
4 6,733,543
1 6,155,519
s
1
' Charges for
Services
' $268,037
' 293,903
338,686
' 284,851
228,615
' 366,345
' 347,262
429,932
t 564,962
' 539,055
$20
$15
' $10
$5
Fines,
Use of
Forfeitures
Money and
and Penalties
Property
Other
Total
$444,131
$1,900,145
$38,420
$15,940,288
449,495
2,621,930
212,503
14,053,391
477,896
2,788,346
97,468
16,505,301
524,001
2,389,057
191,389
15, 331, 510
355,047
1,844,552
165,237
15,282,199
278,253
1,625,706
391,194
15,958,912
313,980
1,258,827
318,603
15,634,014
338,786
1,887,659
307,415
17,301,320
317,969
1,383,762
387,606
17,793,415
365,400
2,505,996
299,509
17,326,794
Millions
77
CITY OF ROSEMEAD, CALIFORNIA
OTHER TAX REVENUES BY SOURCE
ALL GOVERNMENTAL FUND TYPES
Last Ten Fiscal Years
Fiscal
Maintenance
Real Estate
Trailer Coach
Sales and
Year
District
Taxes
Tax
Use Tax
1986-87
$7,300
$83,170
$3,618
$2,452,123
1987-88
2,155
105,223
-
2,656,680
1988-89
2,200
147,115
2,926
2,665,676
1989-90
698
142,520
1,334
3,205,342
1990-91
1,157
62,734
4,206
3,069,138
1991-92
1,309
55,567
2,474
2,679,103
1992-93
2,427
38,974
2,810
2,647,816
1993-94
1,192
36,696
-
2,704,229
199495
1,336
36,739
-
2,582,644
1995-96
1,291
49,404
-
2,309,758
78 1
'
Transient
Franchise
Occupancy
'
Fees
Tax
Total
$269,760
$232,736
$3,048,707
'
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
'
79
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
1986-87
$372,828,816
$600,750,171
$57,430,515
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
160,638,918
1993-94
789,170,566
869,204,989
10,509,734
138,033,544
1994-95
820,044,812
884,095,866
11,198,234
140,532,446
1995-96
837,930,509
857,272,720
11,534,790
139,789,581
(1) Effective with fiscal year 1988-89, Unitary and Operating Non-unitary assessed valuation
are listed separately.
i
I
i
Source: Los Angeles County Auditor-Controller, Tax Division
i
80
1
1
t
Locally Assessed
Net
Personal
Property
Property
Land
Improvements
Property
Total
Exemptions
Value
'
$
- $11,393,530
$38,789,686
$1,081,192,718
$26,507,377
$1,054,685,341
'
-
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
NET PROPERTY VALUE
Millions
'
$2000
'
$1500
'
$1000
$500
$0
sl
CITY OF ROSEMEAD, CALIFORNIA
'
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
.
LIGHTING AND MAINTENANCE DISTRICT
,
Last Ten Fiscal Years
Current
Percentage
,
Assessment Assessment
Collected
Fiscal Year
Levy Collected
Currently
,
1986-87
$223,795 $215,186
96.15%
1987-88
250,406 241,257
96.35
,
1988-89
285,712 275,977
96.59
1989-90
315,287 304,072
96.44
1990-91
314,824 355,366
112.88
'
1991-92
350,800 385,345
109.85
1992-93
388,417 398,073
102.49
1993-94
347
298
,
,
343,507
98.91
.
1994-95
339,205 388,150
114.43
'
1995-96
350,258 366,475
104.63
3
t
1
82
I
CITY OF ROSEMEAD, CALIFORNIA
' COMPUTATION OF LEGAL DEBT MARGIN
June 30, 1996
1
' Total assessed valuation
Debt limit: 3.75% of total assessed valuation
Amount of debt applicable to debt limit:
Total bonded debt $36,185,000
Less tax allocation notes exempt by law 36,185,000
t Total amount of debt application
1
to debt limit
' Legal debt margin
83
$ 1,857,871,711
$ 69,670,189
$ 0
$ 69,670,189
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE'
FOR TOTAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
Debt Service
Total (1)
To Total
Fiscal
Total Debt
General
General
Year
Principal
Interest
Service
Expenditures
Expenditures
_
1986-87
$950,000
$346,875
$1,296,875
$16,535,507
7.84 %
1987-88
1,000,000
902,1173
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
2,279,153
21,550,318
10.58
1995-96
265,000
2,006,154
2,271,154
16,821,180
13.50
(1) Includes all Governmental Fund Types. Premium for defeasement of bonds not included.
84
1
1
1
$25
$20
$15
$10
$5
$0
1986-87
$25
$20
$15
$10
$5
$0
1991-92
TOTAL BONDED DEBT TO
TOTAL GENERAL EXPENDITURES
Millions
1987-88 1988-89 1989-90 1990-91
Millions
1992-93 1993-94 1994-95 1995-96
85
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
.FOR TOTAL BONDED DEBT TO TOTAL ASSESSED VALUATION
Last Ten Fiscal Years
. , , ,
Fiscal
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
Principal
$950,000
1,000,000
1,420,000
1,515,000
1,630,000
1,760,000
1,900,000
2,055,000
260,000
265,000
$346,875
902,173
1,218,143
1,101,760
972,350
828,617
669,813
1,137,474
2,019,153
2,006,154
Total Debt
Service
$1,296,875
1,902,173
2,638,143
2,616,760
2,602,350
2,588,617
2,569,813
3,192,474
2,279,153
2,271,154
,1
t
Total
Assessed
Valuation
$1,054,685,341
1,181,242,016
1,227,774,062
1,389,491,653
1,493,702,235
1,661,779,820
1,775,098,110
1,829,614,357
1,870,779,583
1,857,871,711
Debt Service
To Total
Assessed
Valuation
0.12 %
0.16
0.21
0.19
0.17
0.16
0.15
0.17
0.12
0.12
86
1
1
CITY OF ROSEMEAD, CALIFORNIA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURE
FOR TOTAL BONDED DEBT PER CAPITA
Last Ten Fiscal Years
Debt Service
Fiscal
Total Debt
To Total
Year
Principal
Interest
Service
Population
Population
1986-87
$950,000
$346,875
$1,296,875
46,893
$28
1987-88
1,000,000
902,173
1,902,173
47,425
40.11
1988-89
1,420,000
1,218,143
2,638,143
47,707
55.30
1989-90
1,515,000
1,101,760
2,616,760
51,156
51.15
1990-91
1,630,000
972,350
2,602,350
52,247
49.81
1991-92
1,760,000
828,617
2,588,617
52,812
49.02
1992-93
1,900,000
669,813
2,569,813
52,922
48.56
1993-94
2,055,000
1,137,474
3,192,474
53,798
59.34
1994-95
260,000
2,019,153
2,279,153
53,639
42.49
1995-96
265,000
2,006,154
2,271,154
54,487
41.68
87
CITY OF ROSEMEAD, CALIFORNIA
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
(Per $100 of Assessed Valuation)
Last Ten Fiscal Years
Los
Los Angeles County
Fiscal
City of
Angeles
School
Water
Flood
Sanitation
Year
Rosemead
County
Districts
Districts
Control
District
Total
1986-87
0
1.000000
0.142800
0.078762
0.013598
0
1.235160
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
0.0,61533
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
Source: Tax Rates By Tax Rate Areas Los Angeles County Tax Collector
88
I
CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 1996
1995-96 Assessed Valuation: $1,467,118,075 (after deducting $250,964,055
redevelopment incremental valuation)
1
1
1
1
Direct and Overlapping Tax and Assessment Debt:
% Applicable Debt 6/30/96
Los Angeles County 0.326 % $217,100
Los Angeles County Flood Control District 0.377 233,646
Metropolitan Water District 0.183 1,106,958
City of Rosemead 100.000
Total Direct and Overlapping Tax and Assessment Debt: $1,557,704
Overlapping General Fund Obligation Debt
Los Angeles County General Fund Obligations
0.326 %
$6,419,540
Los Angeles County Pension Obligations
0.326
8,189,617
Los Angeles County Superintendent of Schools
Certificates of Participation
0.326
33,175
Los Angeles County Flood Control District
Certificates of Participation
0.377
814,716
Los Angeles County Sanitation District #2 Authority
0.002
817
Los Angeles County Sanitation District #15 Authority
7.964
2,480,196
Los Angeles Community College District
Certificates of Participation
0.288
193,349
Pasadena Area Community College
Certificates of Participation
3.038
254,129
Montebello Unified School District
Certificates of Participation
1.886
402,969
San Gabriel Unified School District
Certificates of Participation
0.915
85,380
El Monte Union High School District
Certificates of Participation
13.908
560,492
El Monte School District and
Certificates of Participation
0.005
67
San Gabriel Valley Municipal Water District and
Mosquito Abatement District Certificates of
Participation .005 &
3.189
54,050
Total Gross Direct and Overlapping General Fund Debt:
$19,488,497
Less: Los Angeles County Certificates of Participation (100%
self-supporting from leasehold revenues on properties in
Marina Del Rey)
418,242
Total Net Direct and Overlapping Bonded Debt:
$19,070,255
Gross Combined Total Debt
$21,046,201 (1)
Net Combined Total Debt
$20,627,959
(1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax
' allocation bonds and non-bonded capital lease obligations.
Ratios to Assessed Valuations: Direct Debt 0.00 %
' Total Overlapping Tax & Assessment 0.11 %
Gross Combined Total Debt 1.43 %
Net Combined Total Debt 1.41 %
' State School Building Aid Repayable as of 6/30/96: $ 665
Source: California Municipal Statistics, Inc.
89
CITY OF ROSEMEAD, CALIFORNIA
DEMOGRAPHIC STATISTICS
Last Ten Fiscal Years
Income
Unemploy-
Fiscal Year
Population
Households
Per Capita
ment Rate
(1)
(2)
(3)
(3)
1986-87
46,893
13,529
$16,988
5.9 %
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
7.9
i
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.
90
DEMOGRAPHIC STATISTICS
Thousands
60
50
40
30
20
10
0
Thousands
60
50
40
30
20
10
0
91
1986-87 1967-86 1988-89 1989-90 1990-91
OlncomePerCapita OHouseholds OPopulation
r`V^^f Y,V.V YS 'S1::Y3i~ Ml.u He+'.s Y1. .'fi}F wY1:t.4W vi4^i :=:T?U"f :''MS~.
1991-92 1992-93 1993-94 1994-95
OIncome PerCapita 131-louseholds OPopulation
CITY OF ROSEMEAD
PRINCIPAL TAXPAYERS
June 30, 1996
Assessed
Valuation
Southern California Edison Company
$204,319,473
California Federal Savings
29,400,000
Chicago Title Insurance & Trust
13,030,000
Diamond Square
6,636,449
Rosemead Sheraton Hotel
4,5151-000
Vikon Center
4,200,000
Lucky Plaza
3,383,564,
ABC Plaza
2,516,802
Travelodge - South
2,126,527
Travelodge - East
1,915,840
$272,043,652
Percentage
of Total City's
Assessed
Valuation
11.00 %
1.58
0.70
0.36
0.24
0.23
0.18
0.14
0.11
0.11
14.65 %
Note: Principal property taxpayers and assessed valuations presented here reflect the
Rosemead Redevelopment Agency Project Area only as the City of Rosemead
is a non-property tax city.
92
' CITY OF ROSEMEAD, CALIFORNIA
SCHEDULE OF INSURANCE IN FORCE
' June 30, 1996
' Southern California Joint Powers
Insurance Authority
' State Compensation Insurance Fund
Kelley, Jiggins, Towle & Blue
' Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
Kelley, Jiggins, Towle & Blue
1
' Source: City Finance Department
Policy
Number
228962-90
05743382
9922993-03
2781100
Expiration
Date Type of Coverage
07/01/96 General Liability
12/31/96
10/10/97
10/19/97
10/10/97
CP8119571C 07/01/97
93
Workers Compensation
Coverage
Public Employees
Blanket Bond '
Boiler and Machinery
Notary Public Bond
Error & Ommissions
Property Insurance '
CITY OF ROSEMEAD, CALIFORNIA
CONSTRUCTION ACTIVITY
Last Ten Fiscal Years
Number of
Building Permit
Number of
Fiscal
Residential
Valuations
(In Thousands)
Building
Year
Dwelling Units
Residential
Nonresidential
Total
Permits Issued
1986-87
114
$18,613,860
$11,244,838
$29,858,698
541
1987-88
143
15,384,272
19,972,636
35,356,908
737
1988-89
154
14,707,466
3,997,523
18,704,989
782
1989-90
76
14,571,516
15,132,741
29,704,257
794
1990-91
52
13,764,492
9,308,610
23,073,102
726
1991-92
62
16,145,335
15,522,368
31,667,703
827
1992-93
13
8,012,092
10,499,324
18,511,416
877
1993-94
22
10,047,264
7,651,470
17,698,734
858
1994-95
37
10,880,831
3,552,722
14,433,553
608
1995-96
42
12,267,012
2,094,550
14,361,562
652
94
I
CITY OF ROSEMEAD, CALIFORNIA
MISCELLANEOUS STATISTICS
June 30, 1996
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
Land Area
Streets & Alleys
Parks
Percentage of Land Use:
Residential
Public Facilities
Commercial (stores & shops)
Mixed Commercial/Residential
Office & Light Industrial
Public Facilities:
Community Centers
Swimming Pools
'
Libraries
Gymnasiums
Ball Diamonds (lighted)
'
Tennis Courts (lighted)
Education Facilities:
Elementary Schools
Secondary Schools
High Schools
1
I
Fire Protection: '
Number of firefighters and officers
Police Protection: "
Parking Control (personnel)
Police Protection (sworn personnel)
Major Employers and Number of Employees:
Southern California Edison Company
California Federal Bank
Ball Corporation
Crown City Plating
54,487
5.5 square miles
74.42 miles
50 acres
64 %
14
9
7
6
100 %
2
2
2
1
4
5
10
3
2
37
4
35
3,500
450
400
300
The City of Rosemead is part of the Los Angeles County Fire Protection District which provides fire fighting, fire
prevention, and plan check services for the City.
" The City of Rosemead contracts with the Los Angeles County Sheriffs Department for all police services with the
exception of parking control which is provided by City personnel.
1 95
Q
i
City of
R®SEMEA
01 Pasad n
Los Angeles
1
1
1 1
210 M San Bernardin)
® 0 1
Riverside 1
IN Anaheim 91
L g Bea ® 05 1
1
i
1
5 1
San Di go 11
1
The CITY OF ROSEMEAD is located in Los Angeles County, approximately
nine miles east of downtown Los Angeles. Incorporated in 1959, the CITY
OF ROSEMEAD now encompasses a total land mass of 5.5 square miles 1
with an approximate population of 54,487
96 I