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1994 CAFRI i 1 1 1 i 1 i 1 1 1 1 1 1 1 1 1 1 1 CITY OF ROSEMEAD California COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 309 1994 11 I 1 1 1 CITY OF ROSEMEAD, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 1994 TABLE OF CONTENTS INTRODUCTORY SECTION Page Letter of Transmittal List of Principal Officials X111 Organizational Chart x i v Certificate of Award for Outstanding Financial Reporting xv Certificate of Achievement for Excellence in Financial Reporting xvii 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 9 Statement of Cash Flows - Pension Trust Fund 10 Notes to Financial Statements - 11 Combining and Individual Funds and Account Groups Financial Statements (Supplementary Information): GENERAL FUND: Balance Sheet 30 CITY OF ROSEMEAD, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 1994 TABLE OF CONTENTS (cont.) FINANCIAL SECTION (cont.) P a 2a Combining and Individual Funds and Account Groups (Supplementary Information): (cont.) GENERAL FUND: (cont.) Statement of Revenue, Expenditures and Changes in Fund Balance 31 Revenue Detail - Budget and Actual 32 Expenditure Detail - Budget and Actual 33 SPECIAL REVENUE FUNDS: Combining Balance Sheet - All Special Revenue Funds 38 Combining Statement of Revenue, Expenditures and Changes in Fund Balances - All Special Revenue Funds 40 Statement of Revenue, Expenditures and Changes in Fund Balance - Traffic Safety Fund 42 Statement of Revenue, Expenditures and Changes in Fund Balance - State Gas Tax Fund 43 Statement of Revenue, Expenditures and Changes in Fund Balance - Air Quality Management District 44 Statement of Revenue, Expenditures and Changes in Fund Balance - Local Transportation Fund 45 Statement of Revenue, Expenditures and Changes in Fund Balance - Public Transportation Fund 46 I I 1 1 1 1 1 1 1 1 1 CITY OF ROSEMEAD, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 1994 TABLE OF CONTENTS (cont.) FINANCIAL SECTION (cont.) Page 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 47 Statement of Revenue, Expenditures and Changes in Fund Balance - 1976 Community Parklands Grant Fund 48 Statement of Revenue, Expenditures and Changes in Fund Balance - Street Lighting Fund 49 Statement of Revenue, Expenditures and Changes in Fund Balance - Narcotics Seizure Fund 50 Statement of Revenue, Expenditures and Changes in Fund Balance - California Wildlife Fund 51 Statement of Revenue, Expenditures and Changes in Fund Balance - Low-Moderate Income Housing Fund 52 Statement of Revenue, Expenditures and Changes in Fund Balance - Rosemead Housing Development Corporation 53 Statement of Revenue, Expenditures and Changes in Fund Balance - Federal Highways Grants 54 CAPITAL PROJECTS FUND: Balance Sheet - Capital Projects Fund 56 1 CITY OF ROSEMEAD, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 1994 TABLE OF CONTENTS (cont.) FINANCIAL SECTION (cont.) Paae Combining and Individual Funds and Account Groups (Supplementary Information): (cont.) CAPITAL PROJECTS FUND: Statement of Revenue, Expenditures and Changes in Fund Balance 57 Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual 58 DEBT SERVICE FUND: Balance Sheet - Debt Service Fund 60 Statement of Revenue, Expenditures and Changes in Fund Balance 61 Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual 62 FIDUCIARY FUND TYPES: Combining Balance Sheet 64 Combining Statement of Changes in Assets and Liabilities - All Agency Funds 65 ACCOUNT GROUPS: Statement of General Fixed Assets 68 Statement of Changes of General Fixed Assets 69 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF ROSEMEAD, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 1994 TABLE OF CONTENTS (cont.) STATISTICAL SECTION General Governmental Expenditures by Function - All Governmental Fund Types 72 General Revenues by Source - All Governmental Fund Types 74 Other Tax Revenues by Source - All Governmental Fund Types 76 Assessed Valuations of Taxable Property 78 Special Assessment Levies and Collections - Lighting and Maintenance District 80 Computation of Legal Debt Margin 81 Ratio of Annual Debt Service Expenditure for Total Bonded Debt to Total General Expenditures 82 Ratio of Annual Debt Service Expenditure for Total Bonded Debt to Assessed Valuation 84 Ratio of Annual Debt Service Expenditure for Total Bonded Debt Per Capita 85 Property Tax Rates - All Overlapping Governments 86 Schedule of Direct and Overlapping Bonded Debt 87 Demographic Statistics 88 Principal Taxpayers 90 Schedule of Insurance in Force 91 Construction Activity 92 CITY OF ROSEMEAD, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 1994 TABLE OF CONTENTS (cont.) STATISTICAL SECTION (cont.) Miscellaneous Statistics Page 93 Vicinity Map 94 O t t t r t N T R O D U C T 0 N 1 MAYOR: ROBERTW.BRUESCH ' MAYOR PRO TEM: GARY A. TAYLOR COUNCILMEMBERS: MARGARETCLARK ' JAY IMPERIAL JOEVASOUEZ 1 I 1 1 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-Tern each year from its membership. ' The Council is responsible for enacting local legislation, establishing general policy or the city and adopting the annual budget. 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. I December 1, 1994 The Honorable Mayor and Members of the Rosemead City Council Councilmembers: Rosefftcaa 8838 E. VALLEY BOULEVARD • P.O. BOX 399 ROSEMEAD, CALIFORNIA 91770 TELEPHONE (818) 288-6671 TELECOPIER 8183079218 Submitted for your is the Annual Financial Report for the year ended June 30, 1994. This is a combined report of the City of Rosemead and the Rosemead Redevelopment Agency. 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. The City of Rosemead has a population of 53,798 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 1993-94 Administration: The City has continued to consolidate costs and reconsidered various programs in an effort to reduce expenditures without a reduction in the quantity and types of services provided. During the past year, for example, the City fully implemented an "in house" graffiti removal program. The result, so far, has been a substantial reduction in operating costs for the program and an increase in the quality and responsiveness of the program. In addition, the Governor signed into law last September a bill that will allow redevelopment agencies to fund graffiti removal beginning January 1, 1995. City staff will be looking into that possibility as an additional method of saving general fund and CDBG expenditures. Engineering: The City completed several capital improvement projects during the fiscal year. The Walnut Grove Avenue, Mission Drive, and Valley Boulevard storm drain system included construction of approximately 5,000 linear feet of storm drain mainline. State Proposition "C" funds were used to fund the Temple City Boulevard resurfacing project, traffic signal installation at the intersection of Temple City Boulevard and Marshall Street. Air Quality Management District funds were used to upgrade the traffic signal at the intersection of Temple City Boulevard and Loftus to facilitate vehicular movement. Completion of the Glenmead Storm Drain project consisted of the installation of approximately 6,000 feet of storm drain mainline on various street throughout the City. The storm drain project was funded by the Los Angeles County Flood Control District and administered by the Department of Public Works. -ii- I Mannino. Contrary to the prior year when the majority of commercial development ' was'. concentrated on Garvey Avenue, this year's commercial development has occurred throughout the City. The most significant developments completed this year was a Dialysis Center on Hellman Avenue. Other commercial developments include ' an office rehabilitation on Temple City Boulevard and a mini-mall on San Gabriel Boulevard. Residential developments under construction were eleven (11) single family units on Claudia Circle and numerous two (2) and three (3) lot subdivisions throughout the ' City. Even though the City is roughly four percent (4%) below last year's level established ' in Fiscal Year 1992-93, the City is keeping pace with the surrounding cities of the Los Angeles County. ' Parks and Rar•.raation- Rosemead Park has undergone regrading of two (2) baseball infields, construction of a snack bar and restroom facilities, and purchase of aluminum bleachers. ' Parks and Recreation repaired the warehouse roofs at the Maintenance Yard. ' PROSPECTS FOR THE FUTURE I For the first time in three years, the City is able to discuss its revenue situation in ' terms that do not necessarily appear to be negative. The State of California, Department of Finance, indicated last month that the general revenue situation and key economic indicators are meeting the figures projected in the current State budget. ' As a result, the automatic budget cuts that many feared will not take place this fiscal year. In addition there is some evidence that the California economy is finally ' beginning the slow ascent toward recovery, thus creating a more favorable outlook for the City's revenue situation. ' The Rosemead City Council took action in 1993 to accept designation as a metropolitan city, and in 1994 the City attained the Community Development Block Grant (CDBG) entitlement status. Beginning in Fiscal Year 1994-95, the City will t participate in the federal CDBG program as an entitlement City administered by the Department of Housing and Urban Development (HUD) rather than under the county. The City's action could result in an increase of more than twenty-five percent (25%) ' in revenues and expand local control over the program. The change will also increase the administrative allocation and expand eligible activities related to Planning and Housing reporting requirements. The effect will be a higher level of services to the I -iii- community with little or no impact on the General Fund. As a alternative to using General Funds, the City has scheduled the use of Special Revenues to fund many of its street improvement projects. The Grand Avenue Bridge, which sustained major structural damages from a fire in 1991, will. be reconstructed with the majority of funds from the Federal Highways Repair and Rehabilitation Grant and the remainder of costs to be funded by State Gas Tax revenues. Air Quality Management District funds will be usea to fund the traffic signal at the intersection of Rosemead Boulevard and Marshall Street for modifications to include a protected left turn phasing for all directions. Construction the Bartlett, Burton, and Muscatel Avenue storm drain is expected to commence in Fiscal Year 1994-95. The project will consist of extending the existing storm drain at Garvey Avenue to approximately 1,400 feet north along each street and construction of sidewalk improvements on the west side of Delta Avenue between Garvey and Fern Avenue. Phase One of the Del Mar Avenue, San Gabriel Boulevard, and Walnut Grove Avenue Beautification will commence in Fiscal Year 1994-95. The projects include undergrounding of several overhead utilities, streetscape/landscape improvements to the parkway, new raised medians, and resurfacing of the streets. The project will be completed over the next few years. Various streets throughout the City will be repaired and resurfaced, reflecting the City's continuing efforts to maintain the City's streets. Several residential developments which were placed on hold a few years ago are now in the planning stages and will be reviewed in the near future. Commercial developments are expected to be minimal in Fiscal Year 1994-95. Zapopan Center improvements includes acquiring table and chairs, cabinets, wallpaper, additional lobby seating, and replacing carpet in the office. Zapopan Park improvements includes regrading, new irrigation system, play equipment, and replacing fencing around various structures. Rosemead Community Center improvements include replacing existing roof, acquiring wall mirrors, tables and chairs. Two (2) play areas and basketball courts will be resurfaced at Rosemead Park. Rosemead Pool is scheduled for pool boilers to be replaced. -iv- 1 1 1 1 1 1 1 1 1 I REPORTING ENTITY AND ITS SERVICES ' The reporting entity is comprised of all funds and account groups of the City of Rosemead, Rosemead Redevelopment Agency, and Rosemead Housing Development ' Corporation. The Rosemead Redevelopment Agency finances streets, parks, and utility ' improvements within the Redevelopment project area as well as in some selected areas outside the project area which benefit the project area. The Rosemead Housing Development Corporation provides for conservation and financing of Low and ' Moderate Income Housing within the City limits. The City of Rosemead provides a broad range of services to its citizens including general government, public safety, street construction and maintenance, sanitation, building safety, parks and ' recreational facilities, and cultural services. Some of the functions typically provided by municipal government are, in the City of Rosemead, provided by special districts. These districts, which usually encompass an area larger than the City itself, include the Consolidated Fire Protection District of ' Los Angeles County, the Los Angeles County Library District, the Los Angeles County Sanitation District. Other Governmental functions paid for by the City but performed by County departments under contract with the City are police protection, street I maintenance, and animal control. I REPORTING STANDARDS The financial reports have been prepared in conformance with the generally accepted t 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. The implementation of Statement No. 3 of the National Council on Governmental Accounting defining the governmental reporting entity as including the City and its related entities over which the City Council has continuing oversight responsibility, has resulted in the preparation of this financial report's format of consolidating the financial data of the ' City, Redevelopment Agency, and the Rosemead Housing Development Corporation. ' FINANCIAL STATEMENT ' The City requires that its financial statements be audited by a Certified Public Accountant selected by the City Council. This requirement has been satisfied, and the Auditor's opinion is included in the financial section of this report. I -v- 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: ' 1. Introductory Section - which includes this transmittal letter, the City's Organization Chart, and a list of the principal officials. 1 2. Financial Section - which includes the auditor's opinion, general purpose , financial statements, and the combining and individual fund and account group financial statements. 3. Statistical Section - which includes relevant financial and non-financial data , presenting historical trends and other information about the City. 1 NOTES TO THE FINANCIAL STATEMENTS The Notes to the Financial Statements, which are part of the General Purpose Financial Statements within the Financial Section, are an integral part of the financial report and are essential to the fair presentation and adequate disclosure of the financial position of the City, Redevelopment Agency, and the Rosemead Housing Development Corporation. The notes should be read along with the financial statements to gain a more thoroughly understanding of the information contained within this report. Your attention is specifically directed to the presentation of the City's significant accounting policies. The fiscal operations of the City are primarily accounted for in the Governmental Funds which include the General, Special Revenue, Debt Service and Capital Project Funds The 1993-94 Fiscal Year revenues for the Governmental Fund types totaled $17,301,320. Listed on the adjacent page is a recap of these revenues by major source including the percentage each source represents of total revenues, and the increase (decrease) over the prior year. The most notable change in revenues is the increase shown in Intergovernmental revenues, which is the result of an increase in Federal Highway Grants. The most notable decrease change in revenues is the decrease shown in the Property Tax Increment, Special Assessment revenues. The majority of the decrease is primarily due to the decrease in Property Tax Increment revenues. -vi- 1 L I 1 C I 1 The Redevelopment Agency will lose approximately one hundred seventy-five thousand three hundred thirty dollars ($175,330) in Property Tax Increment revenues in Fiscal Year 1994-95 due to the State legislative action, which the State will be transferring Tax Increment revenues to the Educational Revenue Augmentation Fund (ERAF). ' The 1993-94 fiscal year expenditures for the Governmental Fund types totaled $23,108,879. Listed on the adjacent page is a recap of these expenditures by major function including the percentage each represents to the total, also the dollar amount ' of increase or (decrease) over the prior fiscal year. ' The most significant increase in expenditures for 1993-94 over 1992-93, as shown on the adjacent page is due to an increase in Debt Service, which is due to the issuance of the 1993 Bonds (Series A and B). The most significant decrease in expenditures is Intergovernmental, which primarily is due to the City no longer having to transfer funds, as mandated by the State to the Educational Revenue Augmentation Fund (ERAF). 1 I -vii- I GENERAL FUND 1 1 1 I 1 1 1 1 I The City of Rosemead remains in a strong financial position as of June 30, 1994 with ' a surplus of approximately six million three hundred thousand dollars ($6.3 million). There was an increase of General Fund's surplus from the prior year by approximately five hundred sixty thousand dollars ($560,000). This was primarily due to a residual ' equity transfer from the Street Lighting Fund and from increases in fees and charges and through the use of Special Revenues, which is an alternative of using General Funds, to fund many of its street improvement projects. 1 GENERAL FIXED ASSETS I As of June 30, 1994, the general fixed assets of the City totaled ten million eight -viii- 1 ' hundred forty thousand seven hundred five dollars ($10,840,705). This amount represents the original cost of the assets, net of additions and deductions from July ' 1, 1993 to June 30, 1994, 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 t assets as an expense of governmental funds. I ACCOUNTING SYSTEM ' The City's accounting records are maintained on the modified accrual basis of accounting for the governmental fund types, the Pension Trust Fund, and agency funds. Revenue is recognized in that 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. ' A system of internal accounting controls have been developed and regularly reviewed by the independent certified public accountant who audits the accounting records of ' the City. This system has been designed to provide reasonable, but not absolute assurance that: ' 1. Assets have been protected from losses arising from unauthorized use or disposition. ' 2. Financial records can be relied upon for preparing adequate financial statements and maintaining accountability for assets. ' All internal control evaluations occur according to the above criteria. We believe that the City's controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. ' BUDGETARY CONTROL In addition to internal accounting controls, the City also maintains budgetary controls. ' The objective of these budgetary controls are to insure compliance with the City's budget policy embodied in the annual appropriated budget approved by the city Council. Activities of the general fund, special revenue funds, debt service fund, and capital projects fund are included in the annual approved budget. Budgetary control is maintained at a functional level by division within departments ' through use of object level account appropriations. Actual expenditures are compared to these appropriations. ' -ix- I 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. 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. 1 L -x- ' J I 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 33% of the calculated appropriation limit at June 30, 1994. The City's 1994-95 estimated revenues and ' budgeted expenditures indicate that by June 30, 1995 the City will be approximately 39% of the limit. 1 OTHER INFORMATION The City of Rosemead was pleased to receive a Certificate of Award for Outstanding t Financial Reporting from the California Society of Municipal Finance Offices (CSMFO) for the City's Comprehensive Annual Financial Report, Fiscal Year Ended June 30, 1993. This Certificate is awarded to governmental units who publish an easily t 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 six 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, 1993. The Certificate of Achievement is a prestigious national ' award recognizing conformance with the highest standards for preparation of state and local government financial reporting. -xi- I In order to be awarded a Certificate of Achievement, a government unit must publish 1 an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program standards. Such CAFR must satisfy both 1 generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement ,is valid for a period of one year only. The City of ' Rosemead has received a Certificate of Achievement last year. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA. ACKNOWLEDGMENTS 1 The preparation of this report could not have been accomplished without the efficient 1 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. 1 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. 1 Respectfully submitted, 1 1 Frank G. Tnpepi 1 City Manager 1 Karen L. Ogawa 1 Finance Director 1 i C 1 _Xii- 1 ' ELECTED OFFICIALS: City Council: APPOINTED OFFICIALS: CITY OF ROSEMEAD, CALIFORNIA CITY OFFICIALS June 30, 1994 Robert W. Bruesch Mayor Gary A. Taylor Mayor Pro Tern Margaret F. Clark Councilwoman Jay T. Imperial Councilman Joe Vasquez .............................Councilman I Planning Commissioners: Marvin H. Lowrey Chairman Rudolfo Ruiz Vice Chairman Robert Breen Commissioner ' Merced 'Bill' Ortiz Commissioner Duc Loi Commissioner I Traffic Commissioners: 1 I Holly Knapp Chairman Daniel Tirre Vice Chairman William Alarcon Commissioner Eldon Beezley Commissioner Frank E. Larson Commissioner Frank G.Tripepi City Manager Hubert E. Foutz City Treasurer Nancy Valderrama City Clerk Robert L. Kress ..............................................City Attorney 1 -xiii- O ~ W U W N J O Q 2 O LL a ~ N F 2 U Q O 2 O _Xiv_ t I I I I i 1 I I A I 1 I a ~ ~e a1 _ ~ € Y . p, r \ ~ e ct U v s n ca 't k C! (y' Y V u .",j Q rlool L* %**X' R -XV- 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, 1993 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. CE aF U t` F m ~f W mmVAM SfA1FS i e /)x y G""°" President COAPMTK)N $FAp. Executive Director -xvi- 1 1 1 F N A N C A I 1 1 M my"@ McGLADREY & PULLEN Certified Public Accountants and Consultants INDEPENDENT AUDITORS' REPORT i 1 1 i 1 1 1 1 1 1 1 1 1 To the Honorable Mayor and Members of the City Council City of Rosemead Rosemead, California We have audited the accompanying general purpose financial statements of the City of Rosemead, California, as of and for the year ended June 30, 1994, as listed in the table of contents. 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. 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, 1994, 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. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund financial 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. San Bernardino, California 1 October 27, 1994 1 C. -00~ -1- THIS PAGE INTENTIONALLY LEFT BLANK I 1 1 1 1 CITY OF ROSEMEAD, CALIFORNIA GENERAL PURPOSE FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 1994 -z- CITY OF ROSEMEAD, CALIFORNIA COMBINED BALANCE SHEET ' ALL FUND TYPES AND ACCOUNT GROUPS June 30. 1994 t Fiduciary Governmental Fund Types Fund Types Trust Special Debt Capital and Assets General Revenue Service Projects Agency Cash and cash investments $ 543.910 $ 4,480.852 $ - $ 4,922,418 $ 98,335 Cash and investments with fiscal agent - - 2,322,901 - - Other investments 4,535,233 2,982,925 - 17,008,262 - Investments in deferred compensation plans - - - - 276,853 Investments in annuity contracts _ _ - - 247,513 Receivables 1,171,796 961,769 100.394 771,084 - Due from other funds 718,608 565,950 - - - Property and equipment _ _ Amount available in debt service fund Amount to be provided for retirement of general long-term debt _ _ _ _ _ Total assets $ 6.969.547 S 8.991.496 $ 2.423.295 $ 22.701.764 $ 622.701 Liabilities, Municipal Equity and Other Credits Liabilities Accounts payable and accrued liabilities $ 702,206 $ 916,746 $ - $ 26,680 $ - Arbitrage rebate payable - - - 153976 - Due to other funds - 712,204 - 572,354 - Due to other governmental agencies - 239,992 - - - Refundable deposits _ _ - 83,518 Deferred compensation - - - - 291,670 Deferred revenue Tax allocation notes Accrued vacation pay and compensatory time 1,927 - - - - Accrued litigation settlement _ Due to other governments _ _ _ _ _ Total liabilities 704.133 1,868.942 - 753,010 375,188 Municipal Equity and Other Credits Investment in general fixed assets Fund balance: Reserved: Long-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. 730,141 6,353,876 2,423,295 247,513 - - - 21,948,754 969,000 - - - - 500,000 - - - 280,000 - - - 2,680,000 - - _ 1,106,273 768,678 - - - 6,265,414 7,122,554 2,423,295 21,948,754 247,513 $ 6,969.547 $ 8.991.496 $ 2.423.295 $ 22.701,764 $ 622.701 -3- 1 I I Account Groups Total (Memorandum Only) General General ' Fixed Long-Term Assets Debt 1994 1993 $ - $ - $ 10,045.515 S 5,746,888 ' _ 2,322,901 3,889,464 - 24,526,420 14.601,636 - - 276.853 240,236 ' - - 247,513 3,005,043 249,552 2,683,809 1,284,558 1,039,350 10,840,705 - 10,840,705 8,627,668 - 2,423,295 2,423,295 3,922,838 - 34,774,850 34,774,850 15,756,855 ' S 10.840.705 $ 37.198.145 S 89.747.653 $ 56.758 296 ' S - S - $ 1,645,632 S 1,605,388 153,976 213721 - - 1,284,558 1,039,350 ' - - 239,992 83,518 237,331 98,473 291,670 258,095 - - 150,000 36,710,000 36,710,000 18,430,240 142,634 144,561 128,849 - 170,181 170,181 950,000 - 175.330 175,330 175.288 - 37,198,145 40,899,418 23,286,735 ' 10.840.705 - 10,840,705 8,627,668 - - 730,141 760,954 ' - - 2,423,295 6,353,876 3,922,838 7,633,478 247,513 249,552 _ 21,948,754 5,112,604 969,000 969,000 - 500,000 500,000 _ 280,000 280,000 2,680,000 - 1,874,951 5,415,467 10,840,705 - 48,848,235 33,471,561 $ 10,840,705 S 37.198,145 S 89.747.653 S 56.758.296 1 -4- CITY OF ROSEMEAD, CALIFORNIA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES June 30. 1994 1 Governmental Fund Type s S ecial D bt C it l ' p e ap a Revenues General Revenue Service Projects Property taxes and special assessments $ - $ 342,315 $ $ 3,185,746 Other taxes 4,011,829 - Licenses and permits 812 096 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 Intergovernmental Capital outlay Debt service: Principal Interest Certificate refunding Issuance costs Arbitrage rebate expense (credits) 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 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. 2,643,582 3,341,960 428,883 ' 1,049 231,551 107,235 428,049 324,596 168,395 966,619 168,533 , 73,006 - 65,876 8,724.523 4,190,161 168,395 4,218,241 2,023,405 431,117 91,140 ' 4,187,980 408,612 - - 371,754 2,903,248 821,431 17,665 - - ' 1,711,251 8,173 - 1,011,108 1,081,730 - - - 39,541 1,837,331 175,295 - 20,966 ' - 2,055,000 - 1,137,474 - 2,651,000 ' - 183,403 - (59,745) 9,362,704 6,670,211 6,026,877 ' 1,049,087 (638,181) (2,480,050) (5,858,482) 3,169,154 ii - 18,374,765 17,633,419 - (17,034,949) - , 1,097,300 1,916,187 3,019,123 (397,561) (1,668,626) - (3,966,423) ' 699,739 247,561 4,358,939 13,666,996 61,558 (2,232,489) (1,499,543) 16,836,150 5,703,856 9,855,043 3,922,838 5,112,604 500,000 (500,000) $ 6,265,414 $ 7,122,554 $ 2,423,295 $ 21,948 754 I I -5- 1 t Total (Memorandum Only) 1994 1993 $ 3,528,061 $ 3,775,092 4,011,829 3,866,690 812.096 579,124 5,985,542 5,174,436 429,932 347,262 338,786 313,980 1,887,659 1,258.827 307,415 318,603 17,301,320 15,634,014 2,545,662 2,429,325 4,596,592 4,264,366 4,096,433 3,598,687 17,665 1,677 1,719,424 1,858,238 2,092,838 1,411,467 175,295 580,791 1,897,838 - 2,055,000 36,384 1,137,474 1,900,000 2,651,000 669,813 183,403 - (59,745) ' 213,721 23,108,879 16,964,469 (5,807,559) (1,330,455) 36,008,184 (17,034,949) _ 6,032,610 3,762,635 (6,032,610) (3,762,635) 18,973,235 13,165,676 (1,330,455) 24,594,341 25,712,365 - 212,431 $ 37.760.017 $ 24,594,341 -6- . 11 CITY OF ROSEMEAD, CALIFORNIA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL, SPECIAL REVENUE AND DEBT SERVICE FUND TYPES June 30, 1994 GENERAL FUND Special Revenue Over Over (Under) (Under) Revenues Budget Actual Budget Budget Actual Budget Property taxes and special assessments $ - $ - $ - $ 380,000 S Other taxes 3,810,300 4,011,829 201,529 - Licenses and permits 852,900 812,096 (40,804) - Intergovernmental 2,680,341 2,643,582 (36,759) 4,949,290 Charges for services 364,750 428,883 64,133 1,000 Fines, forfeitures and penalties 215,006 231,551 16,551 61,000 Use of money and property 183,276 428,049 244,773 24,490 Other 50,250 168,533 118,283 500 8.156.817 8.724.523 567.706 5.416 M) 342,315 3,341,960 1,049 107,235 324,596 73.006 (1,607,330) 49 46,235 300,106 Expenditures Current: General government Public safety Public works Public health Public recreation Community service Intergovernmental Capital outlay Appropriations reserves Debt service: Principal Interest Certificate refunding Issuance costs Arbitrage rebate expense (credits) 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 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. 1,903,930 2,023,405 119,475 331,440 4,462,420 4,187,980 (274,440) 439,100 379,630 371,754 (7,876) 8,206,300 7,500 17,665 10,165 - 1,940,416 1,711,251 (229,165) 128,628 1,181,366 1,011,108 (170,258) 1,517,540 43,128 39,541 (3,587) 23,000 100,000 - (100,000) - 431,117 99,677 408,612 (30,488) 2,903,248 (5,303,052) 8,173 (120,455) 1,081,730 (435,810) 1,837,331 1,814,331 10,018,390 9,362,704 (655.686) 10,646,008 6,670,211 (3,975,797) (1,861,573) (638,181) 1,223,392 (5,229,728) (2,480,050) 2,749,678 947,300 1,097,300 150,000 4,472,500 1,916,187 (2,556,313) - (397,561) (397,561) (4,472,500) (1,668,626) 2,803,874 947,300 699,739 (247,561) - 247,561 247,561 $ (914,273) 61,558 $ 975,831 $ (5,229,728) (2,232,489) $ 2,997,239 5,703,856 9,855,043 500,000 (500,000) $ 6,265,414 $ 7,122,554 -7- r 1 1 1 Debt Service CAPITAL PROJECTS Over Over (Under) (Under) Budget Actual Budget Budget Actual Budget $ $ $ $ 3,200,000 $ 3,185,746 5 (14,254) 60,000 168,395 108,395 181,500 966,619 785,119 - - 35,000 65.876 30,876 60,000 168.395 108,395 3,416,500 4,218.241 801,741 1,065,570 91,140 (974,430) 1,296,000 821,431 (474,569) 175,295 175,295 20,966 20,966 2,055,000 2,055,000 - _ 496,781 1,137,474 640,693 - - 2,651,000 2,651,000 - 183,403 183,403 - - - - - (59,745) (59,745) 2,551,781 6,026,877 3,475,096 2,361,570 1,049,087 (1,312,483) (2,491,781) (5,858,482) (3,366 701) 1,054,9 0 3,169,154 2,114,224 - 18,374,765 18,374,765 - 17,633,419 17,633,419 - (17,034,949) (17,034,949) - - _ 2,551,781 3,019,123 467,342 - - - - (2,551,781) (3,966,423) (1,414 642) 2,551,781 4,358,939 1,807,158 (2,551,781) 13,666,996 16,218,777 $ 60,000 (1,499,543) $ (1,559.543) $ (1,496,851) 16,836,150 $ 18,333,001 3,922,838 5,112,604 $ 2,423,295 $ 21,948,754 -8- CITY OF ROSEMEAD, CALIFORNIA STATEMENT OF REVENUE, EXPENSES AND CHANGES IN FUND BALANCE PENSION TRUST FUND Year Ended June 30, 1994 Operating revenue, interest and other investment income $ 22,332 Operating expenses: Administrative fees 3,652 Pension benefits 20,719 24,371 Net (loss) (2,039) Fund Balance, beginning 249,552 Fund Balance, ending $ 247,513 See Notes to Financial Statements -9- 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 CITY OF ROSEMEAD, CALIFORNIA STATEMENT OF CASH FLOWS PENSION TRUST FUND Year Ended June 30, 1994 Cash Flows From Operating Activities Net (loss) $ (2,039) Adjustments to Reconcile Net (Loss) to Net Cash Used By Operating Activities: Administrative expenses payable 3,652 Unrealized interest and investment income (22,332) Net cash (used in) operating activities (20,719) Cash Flows Provided By Investing Activities Proceeds from the sale and maturity of annuity contracts 20,719 Net increase in cash and cash equivalents - Cash, beginning Cash, ending $ See Notes to Financial Statements. -10- 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 Keportmg hntity: 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 so data from these units are combined with data of the primary government. The blended component units included in the City of Rosemead reporting entity are the Rosemead Redevelopment Agency (the Agency) and the Rosemead Housing Development 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. ' 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 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. After due consideration of each criteria, especially the substance of the City's relationship with these organizations/entities and using professional judgment, management has decided to exclude certain organizations and activities from the City's combined financial statements because significant oversight responsibility does not exist. The Fire Protection District, the Library District and the County Flood Control District are not considered component units of the City because the City's governing body is not financially accountable for these legally separate organizations. Nature of operations: City of Rosemead: The City is a no property tax City which 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. Description of funds and account ro The accounts of the repotting entity are organized on the basis of ' funds or account groups, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts which comprise its assets, liabilities, equity, revenue and expenditures. The various funds and account groups are presented as follows: ' I -11- ' CITY OF ROSEMEAD, CALIFORNIA ' NOTES TO FINANCIAL STATEMEN -S I Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and Significant Accounting Policies (Continued) Governmental Fund Types: ' The General Fund accounts for all financial resources except those required to be accounted for in another fund. These resources are devoted to financing the general services that the City performs for its citizens. Special Revenue Funds account for the proceeds of specific revenue sources (other than special assessments, expendable trusts and major capital projects) that are legally restricted to expenditures for specified purposes. The Special Revenue Funds and their purposes are as follows: 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:. gfreif maintenance, engineering and administrative costs. The Air Quality Management 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 the reliance on private vehicles. The Local Transportation Fund accounts for state grants used to finance the construction of bikeways and sidewalks. ' The Public Transportation Funds account for the City's share of additional sales tax collected in the County of Los Angeles as a result of Propositions A and C. The funds are used to finance public transportation projects. The Community Development Block Grant Fund accounts for Community Development Block Grants received from the United States Department of Housing and Urban Development. The 1976 Community Parklands Grant Fund accounts for funds to be used for park projects. The Street Lighting Fund accounts for the operation of street lights within the City. The Narcotics Seizure Fund accounts for the funds received from the County of Los Angeles from the confiscation of cash and other valuables seized during drug related police raids. The funds are used to further enhance the City's drug related crime prevention and detection programs. The California Wildlife Grant Fund accounts for a state grant for preapproved specified park projects. 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 -12- CITY OF ROSEMEAD, CALIFORNIA , NOTES TO FINANCIAL STATEMENTS ' Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and Significant Accounting Policies (Continued) ' The 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 Federal Highway Grants Fund accounts for the Federal Highway/Transportation Acts which are ' used for pre-approved highway projects. Application and funding processes are administered by Caltrans. The Debt Service Fund accounts for the accumulation of resources for the payment of general long-tetra debt principal, interest and related costs. Capital Projects Fund (Redevelopment Fund) accounts for financial resources to be used for the acquisition or construction of major capital facilities within the Rosemead Redevelopment Agency. Fiduciary Fund Types: , The Pension Trust Fund, a nonexpendable trust fund, accounts for the activity of the retirement plan for ' employees of the City. The Agency Fund accounts for the assets held in a trustee capacity or as an agent. The cash being held primarily represents amounts placed on deposit for refundable permits and performance bonds and deferred compensation plans for qualified employees. Account Groups: ' The General Fixed Assets Account Group accounts for all property and equipment except for public domain ' fixed assets (e.g., streets, bridges, sidewalks, curbs, gutters and storm drainage systems). The General Long-Term Debt Account Group accounts for the outstanding principal balances of all long-term debt expected to be financed from governmental fund types. Significant accounting policies: Basis of accounting: Governmental fund types and agency funds are accounted for using the modified accrual basis of accounting. 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. I I -13- I I 1 1 LJ 1 C 1 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) In determining when to recognize intergovernmental revenues (grants, subsidies and shared revenues), 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, monies must be expended on the specific purpose or project before any amounts will be paid to the City; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies 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 revenues at the time of receipt or earlier if they meet the criterion of availability. Other major revenues that are determined to be susceptible to accrual include taxes and interest. Major revenues that are determined to not be susceptible to accrual because they are either not available soon enough to pay liabilities of the current period or are not objectively measurable include hotel occupancy taxes, 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. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when incurred. 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. No loss is recognized when market values decline below costs since it is generally the policy of the City to hold such investments until they mature. Investment earnings are allocated based on the source of funds. Receivables: Property taxes receivable represent the portion of the March 1, 1993 levy which was collected after June 30, 1994 and before August 31, 1994. Property taxes attach as an enforceable lien on property as of March 1 and are due and payable in two equal installments on the following-November 1 and February 1. Unpaid taxes become delinquent on December 10 and April 10. All other receivables are reported at their gross value and, where appropriate, are reduced by the estimated portion that is expected to be uncollectible. Properly 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. -14- CITY OF ROSEMEAD, CALIFORNIA NOTES TO FINANCIAL STATEMENTS I I I Note 1. Reporting Entity, Nature of Operations, Description of Funds and Account Groups, and Significant Accounting Policies (Continued) 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 alancgc_: 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 comoenc_atory 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, 1994 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 repaid within 90 days is included in the General Long-Term Debt Account Group. "Memorandum Only" total columns: Included on the combined financial statements are total columns captioned "Memorandum Only" to indicate that they are presented only for informational purposes. Adjustments to eliminate interfund transactions have not been recorded in arriving at such'amounts and the memorandum totals are not intended to fairly present the financial position or results of operations of the primary government and reporting entity taken as a whole. Additionally, the 1993 totals presented in the "Memorandum Only" columns are included to provide a summarized comparison with comparable 1994 amounts and are not intended to present all information necessary for a fair presentation of financial position and results of operations in accordance with generally accepted accounting principles. Note 2. Budget Matters The annual budget adopted by the City Council provides for the general operation of the City. It includes proposed expenditures and estimated revenues for all governmental fund types. Actual expenditures may not exceed appropriations at the department level. . 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. Budget amendments were nominal for the year. The City Manager is authorized to transfer budgeted amounts between funds within the same department. In all funds, unexpended budgeted amounts lapse at the end of the budget year. -15- C' 1 1 I CITY OF ROSEMEAD, CALIFORNIA NOTES TO FINANCIAL STATEMENTS Note 3. Cash and Investments The components of cash and cash investments at June 30, 1994 are as follows: Cash in bank Time. certificates of deposit $ 5,779,618 4,265,897 ' $ 10,045,515 The City and the Agency maintain cash and investment pools that are available for use by all funds. Each ' fund's or fund type's share of the pool balance is reported in the financial statements as "cash and cash investments." Earnings from the pooled investments are allocated monthly to each participating fund based on a formula that takes into consideration each fund's average investment in the pool. ' At year end, the carrying amount of the City and the Agency's deposits were $10,045,515 (cash and cash investments, above) and the bank balance was $10,425,732. ' A summary of collateral ization of the bank balances is presented below: Insured or collateralized with securities held by the City or its agent in the City's name $ 710,315 Uncollateralized , this category ' includes any bank balance that is collateralized with securities held by the pledging financial institution or by its trust department or agent, but not in the City's name, ' although balances so collateralized meet the requirements of state law 9,715,417 ' $ 10,425,732 I I State statutes authorize the City and the Agency 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. Cash and investments with fiscal agent as of June 30, 1994 consisted of $1,101 of money market funds (all of which was insured or collateralized with securities held by the City or its agent in the City's name) and $2,321,800 invested in a Guaranteed Insurance Contract which earns interest semiannually at a 5.80% interest rate, maturing October 1, 2023. -16- CITY OF ROSEMEAD, CALIFORNIA ' NOTES TO FINANCIAL STATEMENTS , 1 Note 3. Cash and Investments (Continued) 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. government and government agency securities State and municipal bonds Corporate bonds Investment in State Treasurer's Investment Pool Total other investments Category Carrying Market 1 2 3 Amount Value $ $ - $ 8,859,725 $ 8,859,725 $ 6,511,867 - 19,535 19,535 18,900 - 9,907,752 9,907,752 8,459,308 $ - $ - $ 18,787,012 18,787,012 14,990,075 The three preceding risk description categories are defined as follows: 5,739,408 5,739,408 $ 24,526,420 $ 20,729,483 Category Description 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 counterparty's trust department (if a bank) or agent in the City's name 3 Uninsured and unregistered investments for which the securities are held by counterparty's trust department (if a bank) or agent but not in the City's name Annuity contracts and cash in bank include $276,853 and $14,817, respectively, in the City's deferred compensation plan as of June 30, 1994. The annuity contracts are recorded at market value and would be included in Category #3. I I I I -17- I CITY OF ROSEMEAD, CALIFORNIA ' NOTES TO FINANCIAL STATEMENTS Note 4. Receivables Receivable f J 30 1994 i f s as o une , cons st o the following: ' Special Debt Capital General Revenue Service Projects Total Property tax increment $ - $ - $ - $ 395,310 $ 395,310 ' Accrued interest 101,673 25,512 100,394 375,774 603,353 Due from local utility companies 730,141 - - - 730,141 Due from other governmental agencies - 936,257 936,257 Transient occupancy tax 179,094 179,094 Other 160,888 - - - 160,888 $ 1,171,796 $ 961,769 $ 100,394 $ 771,084 $ 3,005,043 ' 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 $493,801. 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 amount advanced under this agreement was $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 S1,958, with the final installments due June 30, 2005 and September 30, 2006. ' During the year ended June 30, 1993, the Agency approved an additional reimbursement agreement with a local utility company, advancing the utility company funds required to install a water main and fire service improvements. The total amount advanced was $311,600. The Agency then contributed the receivable to ' the City at the present valued amount of $212,431. The City is to collect this receivable from the utility company in 15 annual installments of $20,773, with the final installment due June 30, 2006. 1 L 1 -18- CITY OF ROSEMEAD, CALIFORNIA NOTES TO FINANCIAL STATEMENTS Note 5. Interfund Receivables and Payables Interfund receivables and payables as of June 30, 1994 are as follows: Interfund Receivables P General Fund Special Revenue Funds: Federal Highway Grants Traffic Safety State Gas Tax Local Transportation Fund Community Development Block Grant Low-Moderate Income Housing Set-Aside Fund Public Transportation Fund I Capital Projects Fund $ 718,608 $ 510,216 - 10,020 21,173 - 76,398 50,796 - 73,316 423,574 • - 44,805 67,856 565,950 712,204 572,354 $ 1,284,558 $ 1,284,558 Note 6. Property and Equipment Changes in property and equipment during the year ended June 30, 1994 were as follows: Balance Balance June 30, June 30, 1993 Acquisitions Disposals 1994 Land Buildings and improvements Vehicles Furniture and office equipment Special equipment and machinery Other improvements $ 2,893,234 $ 3,000 $ $ 2,896,234 3,470,907 2,153,092 5,623,999 230,588 40,717 29,414 241,891 793,682 38,700 - 832,382 490,765 3,482 494,247 748,492 3,460 751,952 $ 8,627,668 $ 2,242,451 $ 29,414 $ 10,840,705 -19- I CITY OF ROSEMEAD, CALIFORNIA 1 NOTES TO FINANCIAL STATEMENTS 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, 1994. 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 (PERS). The value of the annuity contract for ' retired employees was $276,853 as of June 30, 1994. 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, 1993 was $1,150,563 and total payroll was $1,733,668. ' 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 50 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 included as part of the City's reporting entity. ' Funding status and progress: PERS has not determined the City's "pension benefit obligation", 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. Significant actuarial assumptions that will be used to determine the pension benefit obligation include: ' • A rate of return on the investment of present and future assets of 8.75% per year compounded annually. • Projected salary increases of 5.25% per year compounded annually, attributable to inflation. ' • Additional projected salary increases of 1.75% per year, attributable to seniority/merit. • No postretirement benefit increases. ' Information regarding the funded status of the pension plan applicable to the City's employees as of June 30, 1993 was not available. 1 -20- CITY OF ROSEMEAD, CALIFORNIA NOTES TO FINANCIAL STATEMENTS 1 Note 7. Employee Pension Plans (Continued) Actuariallv determined contribution requirements and contributions made : PERS's funding policy provides for actuarially determined periodic contributions at rates that, for individual employees, increase gradually over time so that sufficient assets will be available to pay benefits when due. The contribution rate for normal cost is ' determined using the Entry Age Normal Actuarial Cost method. PERS uses the level percentage of payroll method to amortize the unfunded liability by June 30, 2000. The City's calculated contributions to PERS for calendar year ended December 31, 1993 were $178,234, which ' was 15.49% of covered payroll. 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 tax defer a portion of their gross income to future years not to exceed the lesser of $7,500 or 25% of the participant's includable compensation. The deferred compensation is not available to ' employees until termination, retirement, death or unforeseeable emergency. The deferred compensation and accumulated earnings thereon totaled $291,670 at June 30, 1994. 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 (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 the 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. ' -21- 1 I I CITY OF ROSEMEAD, CALIFORNIA NOTES TO FINANCIAL STATEMENTS Note 9. Self-insurance Program (Continued) The City of Rosemead, through the Authority, has a self-insured retention of $20,000. The amount exceeding the self-insured retention level will be shared pro-ratably among the pool up to a maximum of $500,000. Any losses above $500,000 are covered by excess insurance. 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. Note 10. Long-term Debt Tax allocation bonds Series 1993 A and B: In November 1993, the Rosemead Redevelopment Agency issued tax allocation bonds in the amount of $34,275,000 (Series 1993A) and taxable tax allocation refunding bonds in the amount of $2,435,000 (Series 1993B) to finance a portion of the cost of the 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 1993 A 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. As a result, the 1987 and 1991 tax allocation bonds are considered to be defeased and the liability for those bonds has been removed from-the general long-term debt account group. Series 1993A bonds mature on or after October 1, 2001, and Series 1993B bonds mature on or after October 1, 1994. The Agency's advance refunding of the 1987 and 1991 tax allocation notes increased its total debt service payments over the next forty years by $19,200,000 and resulted in an economic gain (difference between the present values of the debt service payments on the old and new debt) of approximately $85,000. The annual requirements, principal and interest, to amortize the outstanding tax allocation bonds debt as of June 30, 1994 are as follows: During the Year Ending June 30, Series 1993A Principal Bonds Interest Series 1993B Principal Bonds Interest Total 1995 $ - $ 1,892,193 $ 260,000 $ 126,960 $ 2,279,153 1996 - 1,892,193 265,000 113,310 2,270,503 1997 - 1,892,193 280,000 99,140 2,271,333 1998 - 1,892,193 295,000 84,190 2,271,383 1999 - 1,892,193 310,000 67,995 2,270,188 Years thereafter 34,275,000 44,577,067 1,025,000 157,905 80,034,972 Total $ 34,275,000 $ 54,038,032 $ 2,435,000 $ 649,500 $ 91,397,532 -22- CITY OF ROSEMEAD, CALIFORNIA , NOTES TO FINANCIAL STATEMENTS ' Note 10. Long-term Debt (Continued) ' The Agency received proceeds from the Series A and B bonds of $33,589,000 and $2,418,685, respectively. ' Of these amounts, $14,652,398 of Series A and $2,382,551 of Series B proceeds, along with the existing reserve amount of $2,651,000, were used to retire the $11,725,240 tax allocation bonds of 1991 and the , $4,650,000 (remaining balance as of November 2, 1993) tax allocation notes of 1987. In addition, the $6,813,850 deposited in the Low-Moderate Income Housing Set-Aside Fund in October 1991 , was reallocated as follows: Satisfied the Housing Set-Aside requirements for the fiscal years ended June 30, 1992 and 1993 totaling ' $812,342 and $847,147, respectively, Repayment of the ERAF loan from the Housing Fund in the amount of $423,574, which is payable on ' June 30, 2003 (assuming a present value factor equal to the Agency's Series 1993A Bonds), The fiscal year ending June 30, 1994, 1995 and 1996 obligation is deferred until the fiscal year ending ' June 30, 2023, as provided by the Agency's adoption of a housing deficit repayment plan, and Satisfies the Housing Set-Aside requirements for the fiscal years ending June 30, 1997 through June 30, ' 2022 at a rate of $451,187 per year (assuming a present value factor equal to the Agency's Series 1993A bonds). Tax increment shift to find education in California: In June 1993, the State of California adopted Budget , Trailer Bill SB1135 requiring redevelopment agencies to help offset the cost of education in California. The Trailer Bill affected cities by 5.675% of net property tax increment of the 1990-1991 fiscal year, which equates to approximately $175,000 for the Agency. This amount was paid by May 10, 1994 from the Low-Moderate , Income Housing Set-Aside Fund. An additional $175,330 is due in May 1995. Compensated absences: That portion of the liability for the vested compensated absences totaling $142,634 ' which is not expected to be paid from available resources is reported in the General Long-term Debt Account Group. Other long-term debt: The City has included amounts in the long-term debt group, of accounts for the litigation settlement and amounts owed the State of California, which were a result of the state budget (see Note 12). I ' -23- F ' ¢ z O U `n ~W U G d °a o W F F U Z a C M G v C T w C 0 c A QO c 0 y d ~ C v Ci U w 0 Ac y V c 14 a C o W Z F F T O w w 7 C y 1 ~ o c E u 6E E o U c o u oa ~ o y v a ~m ~ O F ~ u. v O ~ y a ~e F L h C L U ~ CO Ci o y v a~O1 X G ^ etl 0.7 F o ~ O rl F ~ M 00 O~ O O~ O V'1 N ~ ~O V M W N O~ O 00 v1 O~ vi o0 r M - 00 r r O~ ~O N OO r M O~ N ~O v ~ r ^ M M 69 69 V ~D vv 0 i O r a C a N 0 r v N i h N fA n W ~ o o ~ N N M h h M r v r 25 Z5 r o ~o a r r us V) O M h sa Vi . V ~ U DO D\ 4 y q o a ~ 5 ° C w V 0 'O^ ti p U U 9 " a A ¢ a a m W -24- CITY OF ROSEMEAD, CALIFORNIA ' NOTES TO FINANCIAL STATEMENTS , Note 10. Long-term Debt (Continued) The annual requirements, principal and interest to amortize the outstanding debt as of June 30, 1994 are as ' follows: Series 1993 During the Year A and B Ending June 30, Bonds California Accrued Budget Vacation and Trailer Litigation Compensatory Bill SB1135 Settlement Time I Interest Totals 1995 $ 260,000 S 175,330 S 27,939 $ 142,634 $ 2,031,066 $ 2,636,969 1996 265,000 - 29,895 - 2,015,460 2,310,355 1997 280,000 - 35,574 1,999,197 2,314,771 1998 295,000 - 37,666 1,981,757 2,314,423 1999 310,000 - 39,107 1,962,925 2,312,032 Years thereafter 35,300,000 - - - 44,734,972 80,034,972 $ 36,710,000 $ 175,330 $ 170,181 $ 142,634 $ 54,725,377 $ 91,923,522 Note 11. Budget Overexpenditures Expenditures exceeded appropriations for the year ended June 30, 1994 in the following special revenue funds: Narcotics Seizure Fund Traffic Safety Fund Proposition C Note 12. Commitments and Contingent Liabilities Amount of Over- Appropriations Expenditures expenditures 1 I $ 9,100 $ 16,979 $ 7,879 60,000 107,235 47,235 ' 820,800 965,317 144,517 Low-Moderate Income Housing Set-Aside Fund: Under state law, the Agency is required to set aside a portion of its property tax increment revenues for low and moderate income housing. The Agency has made findings that for the year ended June 30, 1991, it was allowed to defer funding of the set aside. As of June 30, 1994, the accumulated set-aside amount not yet funded was approximately $4,737,431. The law requires the Agency to devise a plan to fund the accumulating amount and to begin funding it by 1996. I -25- 1 I CITY OF ROSEMEAD, CALIFORNIA 1 NOTES TO FINANCIAL STATEMENTS 1 i 11 I Note 12. Commitments and Contingent Liabilities (Continued) -Litigation: The City is 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 claim that the cities either accepted for transport or arranged for disposal or treatment of municipal waste which contained hazardous materials. The plaintiffs also claim that these materials have been released from the land fill into the environment. On October 29, 1992, the court issued its ruling against the defendant cities on the issue of liability. The City and the Transportation Leasing plaintiffs reached a settlement of the above referenced matter for $946,726. However, the case is currently being appealed by the defendants. The City's insurers have agreed to pay $447,467, with the City paying the balance of $499,259. Of this amount, $300,000 was deposited in an escrow account in January 1994. The remaining amount of $199,259 will be paid over the next five years at various interest stated rates not to exceed 5%. The present value of the remaining payments as of June 30, 1994 was $170,181. This amount is included in the City's long-term debt group of accounts as of June 30, 1994. In addition, the City enacted a user fee, imposed on residential and commercial refuse bills to help offset the settlement. 1 -26- I I THIS PAGE INTENTIONALLY LEFT BLANK I 1 1 I I 1 I I -27- I I 1 i I I LJ I CITY OF ROSEMEAD, CALIFORNIA COMBINING AND INDIVIDUAL FUNDS AND ACCOUNT GROUPS FINANCIAL STATEMENTS YEAR ENDED JUNE 309 1994 - I I THIS PAGE INTENTIONALLY LEFT BLANK I I 1 0 I I I -28- 1 1 1 GENERAL FUND The General Fund accounts for all financial resources except those required to be accounted for in another fund. These resources are devoted to financing the general services that the City performs for its citizens. -29- CITY OF ROSEMEAD, CALIFORNIA GENERAL FUND BALANCESHEET June 30, 1994 ASSETS 1994 $543,910 4,535,233 1,171,796 718,608 $6,969,547 1993 $10,121 5,266,675 1,691,190 156,093 $7,124,079 Cash and cash investments Other investments Receivables Due from other funds Total Assets LIABILITIES AND MUNICIPAL EQUITY Liabilities: Accounts payable and accrued liabilities Due to other funds Deferred revenue Accrued vacation pay and compensatory time Total Liabilities Municipal Equity and Other Credits: Fund Balance: Reserved: Long-term receivable Unreserved: Undesignated Designated Total Fund Balance Total Liabilities, Municipal Equity and Other Credits $702,206 $1,170,547 94,992 150,000 1,927 4,684 $704,133 $1,420,223 $730,141 $760,954 1,106,273 3,193,902 4,429,000 1,749,000 $6,265,414 $5,703,856 $6,969,547 $7,124,079 -30- I I I I CITY OF ROSEMEAD, CALIFORNIA GENERALFUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Other Taxes Licenses and permits Intergovernmental Charges for services Fines, forfeitures and penalties Use of money and property Other Total Revenue EXPENDITURES: Current: ' General government Public safety Public works Public health Public recreation ' Community service Capital outlay I Total Expenditures Revenue over (under) expenditures OTHER FINANCING SOURCES (USES): Operating transfers: From other funds (To) other funds I Total Other Financing Sources (Uses) Revenues and Other Financing Sources over (under) expenditures FUND BALANCE, BEGINNING RESIDUAL EQUITY TRANSFER FUND BALANCE, ENDING $4,011,829 812,096 2,643,582 428,883 231,551 428,049 168,533 $8,724,523 $2,023,405 4,187,980 371,754 17,665 1,711,251 1,011,108 39,541 $9,362,704 ($638,181) S1,097,300 (397,561) $699,739 $61,558 $5,703,856 500,000 $6,265,414 -31- ...I $3,866,690 579,124 2,372,483 346,859 216,215 338,453 88,823 $1,952,089 3,916,602 81,578 1,677 1,858,238 1,002,917 7,300 ($1,011,754) $1,097,300 (40,019) $1,057,281 $45,527 $5,445,898 212,431 $5,703,856 CITY OF ROSEMEAD, CALIFORNIA GENERALFUND REVENUE DETAIL - BUDGET AND ACTUAL Fiscal Year Ended June 30, 1994 Over (Under) Budget Actual Budget 1993 TAXES Maintenance district $1,300 $1,192 ($108) $2,427 Real estate transfer tax 43,000 36,696 (6,304) 38,974 Trailer coach fees 2,500 - (2,500) 2,810 Sales and use tax 2,500,000 2,704,229 204,229 2,647,816 Franchise fees 563,500 550,555 (12,945) 547,920 Transient occupancy tax 700,000 719,157 19,157 626,743 $3,810,300 $4,011,829 $201,529 $3,866,690 LICENSES AND PERMITS Business license fees $37,500 $38,745 $I,245 $40,171 Building permit fees 723,900 669,676 (54,224) 433,479 Public work permit 30,000 36,967 6,967 29,213 Tentative map fees - 4,200 15,405 11,205 13,485 Development review fees 1,300 - (1,300) 850 Final map fees 20,000 16,582 (3,418) 19,670 Occupancy permit fees 14,000 14,639 639 19,413 Sewer connection 22,000 20,082 (1,918) 22,843 $852,900 $812,096 ($40,804) $579,124 INTERGOVERNMENTAL Financial aid to local agencies $291,261 $774,534 $483,273 $433,996 Motor vehicle in lieu tax 1,773,000 1,840,261 67,261 1,933,602 Other vehicle taxes 850 556 (294) 889 Cigarette tax - - - 3,996 F.A.U. Grant - 615,230 28,231 (586,999) - $2,680,341 $2,643,582 ($36,759) $2,372,483 CHARGES FOR SERVICES Filing and certification fees 14000 34137 $20,137 $31,584 Other current charges 138,000 148,996 10,996 28,139 Environmental impact reports 100 - (100) 100 Recreation fees 197,500 247,640 50,140 227,832 Assessments 15,150 (1,890) 20,129 Special community events - - - 39,075 $364,750 $428,883 $64,133 $346,859 FINES, FORFEITURES AND PENALTIES Court fines and forfeitures $215,000 $231,551 $16,551 $216,215 USE OF MONEY AND PROPERTY Interest earned on investments $135,500 $373,997 $238,497 $287,013 Rental income 47,776 54,052 6,276 51,440 $183,276 $428,049 $244,773 $338,453 OTHER SANE program $40,000 $45,813 $5,813 $49,733 Repairs to and sale of City property 100 (1,456) (1,556) 2,025 Miscellaneous 10,150 124,176 114,026 37,065 $50,250 $168,533 $118,283 $88,823 Total Revenue $8,156,817 $8,724,523 $567,706 $7,808,647 -32- 0 I 0 1 I I i I GENERAL GOVERNMENT Travel and meeting City council City adminstration City clerk Finance City treasurer City attorney General government buildings Community promotion City garage ' PUBLIC SAFETY Animal regulation PUBLIC WORKS Law enforcement ' Parking control Crossing guard Emergency services CITY OF ROSEMEAD, CALIFORNIA GENERAL FUND EXPENDITURE DETAIL - BUDGET AND ACTUAL Fiscal Year Ended June 30, 1994 Budget Actual $12,000 66,500 482,651 110,970 231,035 11,610 251,800 430,000 251,760 55,604 Engineering and administration ' Street construction Traffic signs and striping maintenance 1 PUBLIC HEALTH Public health services PUBLIC RECREATION Administration Parks Recreation ' Aquatics Dinsmoor Heritage House t 1 [1 1 COMMUNITY SERVICE Planning Building regulation Engineering Community improvements CAPITAL OUTLAY APPROPRIATION RESERVES Total Expenditures 51,903,930 $4,228,960 40,000 124,480 54,780 14,200 54,462,420 S66,630 313,000 $379,630 57,500 5221,880 836,026 595,930 283,680 2,900 $1,940,416 S206,085 640,000 243,100 92,181 $1,181,366 543,128 S100,000 S12,336 59,905 491,990 89,427 182,053 11,245 500,502 408,239 233,860 33.848 52,023,405 $3,959,800 42,296 130,179 43,492 12,213 $4,187,980 $60,868 310,869 17 5371,754 jII"'.V $175,622 719,406 550,537 262,039 3,647 S1,711,251 $156,211 532,732 242,139 80,026 51,011,108 539,541 $10,018,390 59,362,704 -33- Over (Under) Budget 1993 5336 $10,465 (6,595) 61,373 9,339 583,269 (21,543) 68,173 (48,982) 194,697 (365) 11936 248,702 211631 (21,761) 398052 (17,900) 390,268 (21,756) 22,225 $119,475 $1,952,089 ($269,160) 53,709,619 2,296 36,114 5,699 115,447 (11,288) 50,744 (1,987) 4,678 (5274,440) $3,916,602 ($5,762) $35,475 (2,131) 45,745 17 358 ($7,876) $81,578 510,165 $1,677 ($46,258) $132,860 (116,620) 800,327 (45,393) 575,356 (21,641) 349,695 7n7 ~JGGJ VJ~ JI,UJ V,LJV ($49,874) (107,268) (961) (12,155) $209,607 403,095 292,726 97,489 ($170,258) $1,002,917 ($3,587) $7,300 to i vo,uw~ (5655,686) 58,820,401 I 1 THIS PAGE INTENTIONALLY LEFT BLANK I 1 1 1 C~ 1 I -34- I 1 1 1 1 SPECIAL REVENUE FUNDS 1 Special Revenue Funds account for the proceeds of specific revenue sources (other than 1 speical assessments, expendable trusts and major capital projects) that are legally restricted to expenditures for specified purposes. 1 i C 1 C 1 1 1 1 1 1 1 -35- 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 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. -36- 1 1 1 I 1 I 1 1 I SPECIAL REVENUE FUNDS (cont'd) NARCOTICS SEIZURE FUND Established to account for the funds received from the County of Los Angeles from the confiscation of cash and other valuables seized during drug related police raids. The funds are used to further enhance the City's drug related crime prevention and detection programs. CALIFORNIA WILDLIFE GRANT FUND Established to account for a state grant for pre-approved specified park projects. LOW-MODERATE INCOME HOUSING SET-ASIDE FUND Established to account for the 20% of gross property tax increment revenue received by the Agency to fund future projects involving the replacing or rehabilitation of low and moderate income housing within City limits. ROSEMEAD HOUSING DEVELOPMENT CORPORATION Established to account for the construction and financing of low and moderate income housing. It is a California nonprofit benefit corporation organized under Section 501(c)(3) of the Internal Revenue Code of 1986. FEDERAL HIGHWAY GRANTS FUND Established to account for the Federal Highway/Transportation Acts which are used for pre-approved highway projects. Application and funding processes are administered by Caltrans. -37- CITY OF ROSEME D A , CALIFORNIA SPECIAL REVENUE FUNDS COMBINING BALANCE SIIEET ' June 30, 1994 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 $ - $487,422 $88,448 $ - $409,957 $155,000 Other investments Receivables 10,020 8,000 14,500 19,251 84,946 228,257 Due from other funds 21,173 76,398 44,805 Total Assets $10,020 $516,595 $102,948 $95,649 $539,708 $383,257 LIABILITIES AND MUNICIPAL EQUITY Liabilities: Accounts payable Due to other funds Due to other governmental agencies Total Liabilities $ - S143,756 S_ $898 $22,014 10,020 50,796 67,856 I I $69,949 ' 73,316 - - - - - 239,992 510,020 $143,756 S- 551,694 $89,870 $383,257 Municipal Equity: Reserved for low-moderate income housing S - S_ S_ S_ $ - S_ Unreserved, undesignated 372,839 102,948 43,955 449,838 Total Equity $ - 372,839 102,948 43,955 449,838 $ - Total Liabilities and Municipal Equity S100020 $516,595 5102,948 $95649 $539,708 $383,257 -38- 1 1 1 1 1 1976 Community Parklands Street Grant Lighting Low-Moderate Narcotics Income Hous- Seizure ing Set-Aside Fund Fund Rosemead Housing Federal Development Highway Corporation Grants Totals 1994 1993 $46,614 $102,812 $76,843 $2,921,865 $191,891 $4,480,852 $5,620,435 2,982,925 2,982,925 3,618,590 25,512 571,283 961,769 519,563 423,574 565,950 882,287 $46,614 $102,812 576,843 $(,,353,876 $191,891 $571,283 $8,991,496 $10,640,875 $19,134 $10,014 S- $589,914 $61,067 $916,746 $396,293 510,216 712,204 152,208 239,992 237,331 $19,134 $10,014 589,914 571,283 1,868,942 785,832 $ - $ - S - $6,353,876 $6,353,876 $7,633,478 46,614 83,678 66,829 (398,023) 768,678 2,221,565 $46,614 $83,678 $66,829 $6,353,876 ($398,023) 57,122,554 $9,855,043 $46614 $]02,812 $76,843 $63538 $191,891 $571,283 $8,991,496 $10.640,875 -39- CITY O F RO SEMEA D, CALIFORNI A SPECIAL REVENUE FUNDS COMBINING STAT EMENT OF REVENUE, EXPENDITURES ' AND CHANGES IN F UND BALANCES Fiscal Year Ended June 30,1994 ' 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 REVENUES: ' Special assessments Intergovernmental - 936,417 72,465 37,233 906,039 818,523 Charges for services - 568 152 205 124 ' Fines, forfeiture and penalties _ 107,235 Use of money and property - 18,704 304 31,928 Other - 1,900 , 'Total Revenues $107,235 5955,689 $72,617 $37,537 $940,072 $818,647 , EXPENDITURES: Current: General government $ - $ - $ - - $ - $411,728 ' Public safety 107,235 55,011 Public works Public Recreation 975,519 8,173 22,026 965,317 86,246 t Community services - - - - 655,255 426,475 Capital outlay Total Expenditure $107,235 $983,692 $55,011 $22,026 $1,620,572 $924,449 Revenue over (under) expenditures ($28,003) $17,606 $15,511 ($680,500) ($105,802) OTHER FINANCING SOURCES (USES): Operating transfers: ' From other finds $ - S_ S_ S - $27,528 105,802 (To) other funds (18,626) $ 6 - ($18, 26) $ - $ - $27,528 $105,802 Revenue and other financing ' sources over(under)expenditures $ - ($46,629) $17,606 $15,511 ($652,972) $ - FUND BALANCE, BEGINNING 419,468 85,342 28,444 1,102,810 ' RESIDUAL EQUITY TRANSFER FUND BALANCE, ENDING S- $372,839 $102,948 543 955 $449,838 $ - t -40- ' 1 1 t 1 1976 Community Low-Moderate Rosemead Parklands Street Nan.otics Income Housing Housing Federal Grant Lighting Seizure Set-Aside Development Highway Totals Fund Fund Fund Fund Corporation Grants 1994 1993 $ - $342,315 $ - $ - $ - $ - $342,315 $395,646 571,283 3,341,960 2,801,953 - 1,049 403 - 107,235 97,765 12,671 3,000 257,989 - 324,596 446,967 65,561 5,545 - 73,006 109,678 $12,671 $342,315 $3,000 $323,550 $5,545 $571,283 $4,190,161 $3,852,412 $ - S_ $281 $19,108 $ - $431,117 $427,575 229,387 16,979 - 408,612 347,764 854,140 2,903,248 2,078,291 - 8,173 - 1,081,730 408,550 1,837,331 - 1,837,331 23,914 $229,387 $16,979 S281 S1,856,439 $854,140 $6,670,211 $3,286,094 $12,671 $112,928 ($13,979) $323,269 ($1,850,894) ($282,857) ($2,480,050) $566,318 $ - $ - $ - S_ $1,500,000 $282,857 $1,916,187 $417,548 - - - (1,500.000) (150,000) - (1,668,626) (527,529) $ - S_ S_ ($1,500,000) $1,350,000 $282,857 5247,561 $1( 09,981) $12,671 $112,928 ($13,979) ($1,176,731) ($500,894) ($2,232,489) $456,337 33,943 470,750 80,808 7,530,607 102,871 - 9,855,043 9,398,706 (500,000 ) - (500,000) $46 614 $83,678 $66,829 $0,,353,87(, (5398,023) $7,122,554 $9,855,043 -41- CITY OF ROSEMEAD, CALIFORNIA TRAFFIC SAFETY FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Fines, forfeiture and penalties Total Revenue Budget Actual $90,000 $107,235 $90,000 $107,235 Over (Under) Budget $17,235 $17,235 EXPENDITURES: Public safety Total Expenditure Revenue over (under) expenditures FUND BALANCE, BEGINNING FUND BALANCE, ENDING $90,000 $90,000 $107,235 $107,235 $17,235 $17,235 -42- 1 1993 ' $97,765 ' $97,765 1 $97,765 $97,765 , 1 CITY OF ROSEMEAD, CALIFORNIA STATE GAS TAX FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Over (Under) Budget Actual Budget 1993 Intergovernmental $937,500 $936,417 ($1,083) $874,435 Charges for services 568 568 Use of money and property 8,000 18,704 10,704 17,338 Total Revenue $945,500 $955,689 $10,189 $891,773 EXPENDITURES: Public Works $1,137,600 $983,692 ($153,908) $845,602 Total Expenditure $1,137,600 $983,692 ($153,908) $845,602 Revenue over(under)expenditures ($192,100) ($28,003) $164,097 $46,171 OTHER FINANCING SOURCES (USES): Operating transfers: From (To) other funds Revenue and other financing sources over (under) expenditures FUND BALANCE, BEGINNING FUND BALANCE, ENDING $ - ($18,626) ($18,626) $18,627 ($192,100) ($46,629) $145,471 $64,798 445,770 419,468 (26,302) 354,670 $253,670 $372,839 $119,169 $419,468 -43- CITY OF ROSEMEAD, CALIFORNIA AIR QUALITY MANAGEMENT DISTRICT FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Intergovernmental Charges for services Total Revenue Budget $60,000 $60,000 $72,465 152 $72,617 Over (Under) Budget 1 1993 , $43,654 $43,654 $43,654 ' t $43,654 , 41,688 $85,342 1 $12,465 152 $12,617 EXPENDITURES: Public works Total Expenditure Revenue over (under) expenditures OTHER FINANCING SOURCES (USES): Operating transfers: (To) other funds Revenue and other financing sources over (under) expenditures FUND BALANCE, BEGINNING FUND BALANCE, ENDING $123,000 $55,011 ($67,989) $123,000 $55,011 ($67,989) ($63,000) $17,606 ($80,606) ($63,000) 71,688 $8,688 $17,606 85,342 $102,948 $80,606 13,654 $94,260 -44- 1 CITY OF ROSEMEAD, CALIFORNIA LOCAL TRANSPORTATION FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 Over (Under) Budget Actual Budget 1993 REVENUES: Intergovernmental $18,000 $37,233 $19,233 Use of money and property 940 304 (636) 1,551 Total Revenue $18,940 $37,537 $18,597 $1,551 EXPENDITURES: Public works $55,000 $22,026 ($32,974) $31,634 Total Expenditure $55,000 $22,026 ($32,974) $31,634 Revenue over(under)expenditures $36,060 $15,511 ($51,571) ($30,083) OTHER FINANCING SOURCES (USES): Operating transfers: From other funds (To) other funds Revenue and other financing sources over (under) expenditures FUND BALANCE, BEGINNING FUND BALANCE, ENDING (36,060) 62,747 $26,687 15,511 28,444 $43,955 51,571 (34,303) $17,268 (30,083) 58,527 $28,444 -45- CITY OF ROSEMEAD, CALIFORNIA PUBLIC TRANSPORTATION FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Intergovernmental Charges for services Use of money and property Other Total Revenue EXPENDITURES: Current: Public works Commuinity services Capital Outlay Total Expenditure Revenue over(under)expenditures OTHER FINANCING SOURCES (USES): Operating transfers: (To) other funds Revenue and other financing sources over(under)expenditures FUND BALANCE, BEGINNING FUND BALANCE, ENDING Over (Under) Budget Actual Budget 5910,000 5906,039 ($3,961) 500 205 (295) 13,050 31,928 18,878 1,900 1,900 5923,550 $940,072 $16,522 5820,800 5965,317 5144,517 651,490 655,255 3,765 23,000 (23,000) 51,495,290 $1,620,572 5125,282 (5571,740) (5680,500) $108,760 S- $27,528 S - (S571,740) (5652,972) (5108,760) 1,084,166 1,102,810 18,644 5512,426 $449,838 (S62,588) -46- 1 1 1 1 1993 , 5950,146 8 1 52,726 6 1,001 $1,003,961 1 1 $965,261 20,927 1 $986,188 1 $17,773 1 ($27,529) 1 ($9,756) 1 1,112,566 $1,102,810 1 i 1 i 1 1 1 1 1 1 1 i 1 1 1 i 1 1 i 1 1 i i 1 CITY OF ROSEMEAD, CALIFORNIA COMMUNITY DEVELOPMENT BLOCK GRANT FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Intergovernmental Charges for services Total Revenue Budget Actual $1,525,490 $818,523 124 $1,525,490 $818,647 $440,990 $411,728 520,000 86,246 564,500 426,475 $1,525,490 $924,449 ($706,967) $926,195 315 ($706,967) $926,510 EXPENDITURES: Current: General government Public works Commuinity services Total Expenditure Revenue 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 ($105,802) Over (Under) Budget 1993 ($29,262) . $397,464 168,017 408,550 ($29 262) $974,031 ($105,802) ($47,521) -47- CITY OF ROSEMEAD, CALIFORNIA 1976 COMMUNITY PARKLANDS GRANT FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANCES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Intergovernmental Use of money and property Total Revenue EXPENDITURES: Capital Outlay Total Expenditure Revenue 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 $0 470 12,671 12,201 $470 $12,671 $12,201 $22,550 ($22,550) $22.550 ($22,550) ($22,080) $12,671 $34,751 ($22,080) $12,671 $34,751 34,364 33,943 (421) $12,284 $46,614 $34,330 1 1 1 1 1993 1 1,579 1 $1,579 1 $1,579 1 $ ! $1,579 ! 32,364 ! $33,943 i 1 -48- 1 1 1 t 1 1 1 1 CITY OF ROSEMEAD, CALIFORNIA STREET LIGHTING FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Over (Under) Budget Actual Budget 1993 Special Assessment $380,000 $342,315 ($37,685) $395,646 Total Revenue $380000 $342,315 ($37,685) $395,646 EXPENDITURES: Public safety $247,000 $229,387 ($17,613) $249,999 Total Expenditure $247,000 $229,387 ($17,613) $249,999 Revenue over (under) expenditures $133,000 $112,928 ($20,072) $145,647 OTHER FINANCING SOURCES (USES): Operating transfers: From (To) other funds Revenue and other financing sources over (under) expenditures FUND BALANCE, BEGINNING RESIDUAL EQUITY TRANSFER FUND BALANCE, ENDING $133,000 467,303 $600303 -49- $112,928 470,750 (500,000) $83,678 ($20,072) 3,447 (500,000) ($516,625) $145,647 325,103 $470,750 CITY OF ROSEMEAD, CALIFORNIA NARCOTICS SEIZURE FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Intergovernmental Use of money and property Total Revenue EXPENDITURES: General government Capital outlay Total Expenditure Revenue 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 $1,000 ($1,000) 2,500 3,000 500 $3,500 $3,000 ($500) $9,100 $16,979 $7,879 $9,100 $16,979 $7,879 ($5,600) ($13,979) ($8,379) ($5,600) ($13,979) ($8,379) 79,269 80,808 1,539 $73,669 $66,829 ($6,840) -50- 1 1993 , $7,559 ' 3,206 $10,765 $712 1,623 $2,335 $8,430 $8,430 72,378 ' $80,808 ' 1 CITY OF ROSEMEAD CALIFORNIA , ' STA CALIFORNIA WILDLIFE FUND TEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 Over (Under) 1 Budget Actual Budget 1993 REVENUES: Intergovernmental $90,680 ($90,680) ($36) 680 $90 $ $90 680 $36 Total Revenue , - ( , ) ) ( i EXPENDITURES: Capital Outlay $88,828 ($88,828) $1,364 ' Total Expenditure $88,828 ($88,828) $1,364 Revenue over (under) expenditure s $1,852 ($1,852) ($1,400) OTHER FINANCING SOURCES (USES): Operating transfers: From (To) other funds $260 $ - (260) 1,400 Revenue and other financing sources over (under) expenditures $2,112 ($2,112) FUND BALANCE, BEGINNING (2,112) 2,112 ' FUND BALANCE ENDING , ' -51- CITY OF ROSEMEAD, CALIFORNIA LOW-MODERATE INCOME HOUSING FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Use of money and property Other Total Revenue EXPENDITURES: General government Total Expenditure Revenue 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 S- $257,989 5257,989 470 65,561 65,091 $470 5323,550 5323,080 S- 5281 $281 S- S281 $281 $470 $323,269 $322,799 (54,472,030) ($1,176,731) $3,295,299 7,530,607 7,530,607 (54,472,030) 56,353,876 S10,825,906 -52- 1 1993 t $370,567 108,677 ' $479,244 $47 , $47 $479,197 ($350,000) $129,197 7,401,410 , $7,530,607 1 I 1 1 1 1 1 CITY OF ROSEMEAD, CALIFORNIA ROSEMEAD HOUSING DEVELOPMENT CORPORATION STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Other Total Revenue Over (Under) Budget Actual Budget 5500 55,545 $5,045 1993 S- EXPENDITURES: General government Capital Outlay Total Expenditure Revenue 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 5500 55,545 55,045 S- $183,000 $19,108 ($163,892) 529,352 4,290,000 1,837,331 (2,452,669) 67,777 $4,473,000 $1,856,439 (52,616,561) 597,129 (54,472,500) (51,850,894) ($2,621,606) ($97,129) 54,472,500 51,350,000 (53,122,500) $200,000 S- (5500,894) (5500,894) 5102,871 102,871 102,871 S- ($399,023) (5398,023) 5102,871 -53- CITY OF ROSEMEAD, CALIFORNIA FEDERAL HIGHWAY GRANTS FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Intergovernmental Total Revenue EXPENDITURES: Public works Total Expenditure Revenue 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 1 1 1 1993 ' S- S- , S ' S , S- ' t S1,390,400 $571,283 ($819,117) 51,390,400 $571,283 ($819,117) $1,390,400 S1,390,400 S- 5854,140 5854,1411 ($282,857) (5536,260) ($536,260) ($282,857) 282,857 282,857 S- S- S- S- S- S- -54- e I 1 1 I CAPITAL PROJECTS FUND (Redevelopment Fund) I The Capital Projects Fund accounts for financial resources to be used for the acquisition or ' construction of major capital facilities within the Redevelopment Agency. 1 I I I I I U I I 1 -55- CITY OF ROSEMEAD, CALIFORNIA CAPITAL PROJECTS FUND BALANCESHEET June 30, 1994 1994 1993 ASSETS Cash and cash investments $4,922,418 Other investments 17,008,262 5,716,371 Receivables 771,084 439,682 Due from other funds 970 Total Assets $22,701,764 $6,157,023 LIABILITIES AND MUNICIPAL EQUITY Liabilities: Accounts payable and accrued liabilities $26,680 $38,548 Arbitrage rebate payable 153,976 213,721 Due to City of Rosemead 572,354 99,764 Due to other funds 692,386 Total Liabilities $753,010 $1,044,419 Municipal Equity and Other Credits: Fund Balance: Unreserved: Designated for capital projects Total Fund Balance Total Liabilities, Municipal Equity and Other Credits 21,948,754 $21,948,754 5,112,604 $5,112,604 $22,701,764 $6,157,023 -56- 0 0 0 1 1 CITY OF ROSEMEAD, CALIFORNIA CAPITAL PROJECTS FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 REVENUES: Property tax increment Interest Other 1994 $3,185,746 966,619 65,876 $4,218,241 1993 $3,379,446 342,905 118,419 $3,840,770 Total Revenue EXPENDITURES: Current: Improvements to project area Professional fees City administrative services Intergovernmental Arbitrage rebate expense Capital outlay Total Expenditures Revenue over (under) expenditures OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds, net of discounts of $701,815 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 -57- $821,431 $1,438,818 57,123 36,716 981,317 960,245 175,295 580,791 (59,745) 213,721 20,966 5,170 $1,996,387 $3,235,461 $2,221,854 $605,309 $17,633,419 (3,019,123) (2,247,787) $14,614,296 ($2,247,787) $16,836,150 5,112,604 $21,948,754 ($1,642,478) 6,755,082 $5,112,604 CITY OF ROSEMEAD, CALIFORNIA CAPITAL PROJECTS FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL Fiscal Year Ended June 30, 1994 Over (Under) Budget Actual Budget REVENUE Property tax increment $3,200,000 $3,185,746 ($14,254) Interest 181,500 966,619 785,119 Other 35,000 65,876 30,876 EXPENDITURES $3,379,446 342,905 118,419 Improvements to project area $1,296,000 $821,431 ($474,569) $1,438,818 Professional fees 53,000 57,123 4,123 36,716 City administrative services 947,300 981,317 34,01;7_ 960,245 Intergovernmental 175,295 175,295 580,791 Arbitrage rebate expense (59,745) (59,745) 213,721 Capital Outlay 65,270 20,966 (44,304) 5,170 $2361,570 $1,996,387 ($365,183) $3,235,461 Revenue over(under)expenditures $1,054,930 52,221,854 $1,166,924 $605,309 OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds, net of discounts of $701,815 $17,633,419 17,633,419 Operating transfers: From other funds (To) other funds (2,551,781) (3,019,123) (467,342) (2,247,787) Total Other Financing Sources (Uses) (52,551,781) $14,614,296 $17,166,077 ($2,247,787) Revenue and other financing sources over(under)expenditures ($1,496,851) $16,836,150 $18,333,001 ($1,642,478) FUND BALANCE, BEGINNING 3,855,653 5,112,604 1,256,951 6,755,082 FUND BALANCE, ENDING $2,358,802 $21,948,754 $19,589,952 $5,112,604 -58- D 0 0 0 I 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. 1 1 -59- CITY OF ROSEMEAD, CALIFORNIA DEBT SERVICE FUND BALANCESHEET June 30, 1994 ASSETS Cash and investments with fiscal agent Receivables Total Assets LIABILITIES AND MUNICIPAL EQUITY Liabilities: Accounts payable and accrued liabilities Total Liabilities Municipal Equity and Other Credits: Fund Balance: Reserved: Debt service Total Fund Balance Total Liabilities, Municipal Equity and Other Credits 1994 1993 $2,322,901 $3,889,464 100,394 33,374 $2,423,295 $3,922,838 $ S2,423,295 $3,922,838 $2,423,295 $3,922,838 $2,423,295 $3,922,838 -60- a 0 0 1 1 CITY OF ROSEMEAD, CALIFORNIA DEBT SERVICE FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Fiscal Year Ended June 30, 1994 1994 1993 REVENUES: Interest $168,395 $130,502 Other 1,683 Total Revenue $168,395 $132,185 EXPENDITURES: Debt service: Principal $2,055,000 $1,900,000 Interest 1,137,474 669,813 Certificate of refunding 2,651,000 - Issuance costs 183,403 - Total Expenditures $6,026,877 $2,569,813 Revenue over (under) expenditures ($5,858,482) ($2,437,628) OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds, net of discounts of $701,815 $18,374,766 Payments to refunding escrow agent (17,034,949) Operating transfers: From other funds 3,019,123 2,247,787 (To) other funds Total Other Financing Sources (Uses) $4,358,940 $2,247,787 Revenues and Other Financing Sources over (under) expenditures ($1,499,542) ($189,841) FUND BALANCE, BEGINNING 3,922,838 4,112,679 FUND BALANCE, ENDING $2,423,296 $3,922,838 -61- ' CI TY OF ROSEMEAD, CALIFORNIA DEBT SERVICE F UND STATE MENT OF REVENUE, EXPENDITURES , AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL Fiscal Year Ended June 30, 1994 Over (Under) t Budget Actual Budget 1993 REVENUE Interest $60,000 $168,395 $108,395 $156,000 Other $60,000 $168,395 $108,395 $156,000 ' EXPENDITURES Issuance Costs Debt Service: $183,403 $183,403 , Principal 2,055,000 2,055,000 1,900,000 Interest 496,781 1,137,474 640,693 669,813 Certificate refunding 2,651,000 2,651,000 ' $2,551,781 $6,026,877 $3,475,096 $2,569,813 Revenue over(under)expenditures ($2,491,781) ($5,858,482) ($3,366,701) ($2,413,813) OTHER FINANCING SOURCES (USES): Proceeds from sale of bonds, net of discounts of $701,815 S- $18,374,766 18,374,766 Advance refunding (17,034,949) (17,034,949) ' Operating transfers: From other funds 2,551,781 3,019,123 467,342 2,569,813 (To) other funds Total Other Financing Sources (Uses) 52,551,781 $4,358,940 $1,807,159 $2,569,813 Revenue and other financing sources 1 over(under)expenditures $60,000 (S1,499,542) ($1,559,542) $156,000 FUND BALANCE, BEGINNING 3,855,653 3,922,838 67,185 4,173,385 FUND BALANCE, ENDING $3,915,653 $2,423,296 ($1,492,357) $4,329,385 -62- I , 0 a u 0 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. -63- CITY OF ROSEMEAD, CALIFORNIA FIDUCIARY FUNDS COMBINING BALANCE SHEET June 30, 1994 ASSETS Cash and cash investments Investments in deferred compensation plan Investments in annuity contracts Total Assets Pension Agency Funds Trust Refundable Deferred Fund Deposits Compensation Totals LIABILITIES AND MUNICIPAL EQUITY Liabilities: Refundable deposits Deferred compensation Total Liabilities Municipal Equity: Fund balance, reserved for employees retirement Total Liabilities and Municipal Equity 1994 1993 $83,518 $14,817 $98,335 $116,332 276,853 276,853 240,236 247,513 247,513 249,552 $247,513 $83,518 $291,670 $622 701 $606,120 $ - $83,518 S- 291,670 $247,513 $ - $ - $247,513 $873:318 $291,670 $83,518 $98,473 291,670 258,095 $247,513 $249,552 $622,701 $606,120 -64- D 0 a a CITY OF ROSEMEAD, CALIFORNIA ALL AGENCY FUNDS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Fiscal Year Ended June 30, 1994 REFUNDABLE DEPOSIT FUND: Assets Cash and cash investments Liabilities Refundable deposits EMPLOYEESDEFERRED COMPENSATION FUND: Assets Cash and cash investments Investments in deferred compensation plan Total Assets Liabilities Deferred compensation Balance Balance July 1, 1993 Additions Deductions June 30, 1994 $98,473 $ $14,955 $83 518 $98,473 $ $14,955 $83,518 $17,859 $560 $3,602 $14,817 240,236 38,838 2,221 276,853 $258,095 $39,398 $5,823 $291,670 $258,095 $39,398 $5,823 $291,670 -65- I i I THIS PAGE INTENTIONALLY LEFT BLANK I I 11 -66- 0 0 0 u 0 a a i i i 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. -67- CITY OF ROSEMEAD, CALIFORNIA STATEMENT OF GENERAL FIXED ASSETS June 30, 1994 General Fined Assets Land $2,896,234 Buildings and improvements 5,623,999 Vehicles 241,891 Furniture and office equipment 832,382 Special equipment and machinery 494,247 Other improvements 751,952 Total General Fixed Assets $10840,705 SOURCES OF FUNDS Beginning Balance $8,627,668 General Fund 34,931 Public Transportation Fund (2,364) Redevelopment Agency 343,219 Rosemead Housing Development Corporation 1,837,251 Ending Balance $10,840,705 $2,893,234 3,470,907 230,588 793,682 490,765 748,492 $8,627,668 -68- D a 0 D 0 0 0 1 CITY OF ROSEMEAD, CALIFORNIA STATEMENT OF CHANGES OF GENERAL FIXED ASSETS Fiscal Year Ended June 30, 1994 Function and Activity Land Prior year balance Housing Development Corporation Total land Buildings and improvements Prior year balance General government Redevelopment Agency Housing Development Corporation Total buildings and improvements Vehicles Prior year balance General government Transportation Total vehicles Furniture and office equipment Prior year balance General government Cultural & leisure Redevelopment Agency Total furniture and office equipment Special equipment and machinery Prior year balance Cultural & leisure Total special equipment and machinery Other improvements Prior year balance Cultural & leisure Total other improvements Total general fixed assets Balance Balance July 1, 1993 Additions Deletions June 30, 1994 $2,893,234 $2,893,234 3,000 3,000 $2,893,234 $3,000 $2,896,234 $3,470,907 $3,470,907 11,971 11,971 306,869 306,869 1,834,252 1,834,252 0 ,470,907 $2,153,092 $5,623,999 $230,588 $230,588 22,796 9,129 13,667 17,921 20,285 (2,364) $230,588 $40,717 $29,414 $241,891 $793,682 $793,682 95 95 2,255 2,255 36,350 36,350 $793,682 $38,700 $832,382 $490,765 $490,765 3,482 3,482 $490,765 $3,482 $494,247 $748,492 $748,492 3,460 $3,460 $748,492 3,460 $8,627,668 -69- $751,952 $2,242,451 $29,414 $10,840,705 THIS PAGE INTENTIONALLY LEFT BLANK -70- 1 t t t s Notes: The City of Rosemead does not have revenue bonds, therefore, the Revenue Bond Coverage - Last Ten Fiscal Years schedule is not included. S T A T S C A L 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK -71- 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 1984-85 $2,730,594 $3,566,007 $1,129,129 $138,033 $1,277,711 1985-86 3,044,452 3,282,592 1,161,133 240,599 1,411,281 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 (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. -72- 1 1 0 0 Community Capital Services Outlay t $679,109 604,797 ' 1,239,472 ' 906,176 36,184 1,528,378 840,338 1 44 1,510,545 23, 3 ' 2,070,348 160,397 1,592,156 144,180 4 1,411,467 36,38 2,092,838 1,897,838 1 Millions ' $10 ' $e $6 $4 ' $2 $0 Debt Inter- Service govemmental Other Total $2,043,462 $11,564,045 1,297,837 - 11,042,691 1,319,863 - - 16,535,507 1,912,681 - 339,240 15,241,264 2,640,807 7,459 - 20,039,703 2,618,539 - - 20,942,080 2,602,350 - - 20,271,039 2,588,617 - - 22,117,233 2,569,813 580,791 213,721 16,964,469 6,026,877 175,295 (59,745) 23,108,879 1993-94 ' CITY OF ROSEMEAD, CALIFORNIA GENERAL REVENUES BY SOURCE (1) ' ALL GOVERNMENTAL FUND TYPES Last Ten"Fiscal Years ' Fiscal Property Special Other Licenses Inter- ' Year Tax Assessments Taxes and Permits governmental 1984-85 $2,301,028 $160,997 $2,953,090 $365,544 $3,938,028 ' 1985-86 1,655,865 193,097 2,903,490 429,481 3,925,603 ' 1986-87 4,235,972 215,186 3,048,707 480,529 5,309,161 1987-88 2,905,521 241,257 3,351,856 512,699 3,464,227 ' 1988-89 3,921,667 273,777 3,591,798 496,966 4,518,697 1989-90 204 3 232 374 4 303 176 257 , , , , , 533,050 3,725,299 1990-91 3,059,892 347,061 4,245,201 479,084 4,557,510 ' 1991-92 3,746,398 384,036 3,787,547 554,935 4,824,498 1992-93 3,379,446 395,646 3,866,690 579,124 5,174,436 ' 1993-94 3,185,746 342,315 4,011,829 812,096 5,985,542 ' (1) Includes General, Special Revenues, and Capital Projects Funds. t 1 t 1 1 _74 ' tl t Fines, Use of Charges for Forfeitures Money and Services and Penalties Property Other Total $279,992 $318,040 $2,441,046 $12,757,765 263,558 313,147 2,311,866 89,719 12,085,826 268,037 444,131 1,900,145 38,420 15,940,288 293,903 449,495 2,621,930 212,503 14,053,391 338,686 477,896 2,788,346 97,468 16,505,301 284,851 524,001 2,389,057 191,389 15,331,510 228,615 355,047 1,844,552 165,237 15,282,199 366,345 278,253 1,625,706 391,194 15,958,912 ..347,262 313,980 1,258,827 318,603 15,634,014 429,932 338,786 1,887,659 307,415 17,301,320 Millions $7 $6 $5 $4 $3 $2 $1 $0 1989-90 1990-91 1991-92 1992-93 1993-94 rE2lnIecrgovt.. OT Prop. Tax DOtherTaxes E2Use of M & P s. ®Lic. & Permits MFines, For. & Pen. _75_ CITY OF ROSEMEAD, CALIFORNIA OTHER I AX REVENUES BY SOURCE ALL GOVERNMENTAL FUND TYPES Last Ten Fiscal Years Fiscal Maintenance Real Estate Year District Taxes 1984-85 $39,150 1985-86 4,061 49,308 1986-87 7,300 83,170 1987-88 2,155 105,223 1988-89 2,200 147,115 1989-90 698 142,520 1990-91 1,157 62,734 1991-92 1,309 55,567 1992-93 2,427 38,974 1993-94 1,192 36,696 -76- Trailer Coach Tax $1,052 1,351 3,618 2,926 1,334 4,206 2,474 2,810 1 1 Sales and ' Use Tax ' $2,425,925 2,339,127 ' 2,452,123 t 2,656,680 2,665,676 ' 3,205,342 3,069,138 2,679,103 2,647,816 ' 2,704,229 ' 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Franchise Fees $301,383 293,302 269,760 336,628 461,620 494,223 556,710 525,327 547,920 550,555 Transient Occupancy Tax $185,580 216,341 232,736 251,170 312,261 332,140 551,256 523,767 626,743 719,157 Total $2,953,090 2,903,490 3,048,707 3,351,856 3,591,798 4,176, 257 4,245,201 3,787,547 3,866,690 4,011,829 -77- CITY OF ROSEMEAD, CALIFORNIA ' ASSESSED VALUATIONS OF TAXABLE PROPERTY ' Last Ten Fiscal Years Fiscal 1983-84 1984-85 (2) Land Improvements $261,079,758 $357,506,952 rulAul lal Property $4,753,925 Unitary and Operating (1) ' Non-unitary Property $ - ' 1985-86 337,467,010 554,010,610 30,623,894 7 171 515 57 430 1986-87 372,828,816 600, 50, , , 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 1 974 252 533 780 652 418 433 6 569 160 283 765 989-90 , , , , , , , , 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 (1) Effective with fiscal year 1988-89, Unitary and Operating Non-unitary assessed valuation (2) Assessed are listed separately. 1984-85 Assessed Valuation detail not available. Source: Los Angeles County Auditor-Controller, Tax Division -78- 1 1 Locally Assessed Personal Land Improvements Property ' $17 006 686 $11 771 608 $ , , , , 10,441,676 44,234,638 11,393,530 38,789,686 1 11,518,291 44,963,801 11,690,310 42,915,285 14,019,566 48,546,323 - 13,855,289 41,336,467 13,991,213 40,321,969 13,854,565 34,011,333 - 15,022,792 29,128,797 Total Property Exemptions Net Property Value $652,798,249 $19,081,156 $633,717,093 708,325,166 976,777,828 18,142,141 958,635,687 1,081,192,718 26,507,377 1,054,685,341 1,207,881,889 26,639,873 1,181,242,016 1,255,945,408 28,171,346 1,227,774,062 1,415,812,119 26,320,466 1,389;491,653 1,522,017,208 28,314,973 1,493,702,235 1,691,720,117 29,940,297 1,661,779,820 1,806,215,025 31,116,915 1,775,098,110 1,851,070,422 21,456,065 1,829,614,357 1 NET PROPERTY VALUE Millions $2000 $1500 $1000 $500- $0 1 1984-85 1985-86 198&87 1987-88 -79- 1988-89 1989-90 199491 1991-92 1992-93 199394 CITY OF ROSEMEAD, CALIFORNIA SPECIAL ASSESSMENT LEVIES AND COLLECTIONS LIGHTING AND MAINTENANCE DISTRICT Last Ten Fiscal Years Assessment Fiscal Year Levy 1984-85 $187,936 1985-86 206,704 1986-87 223,795 1987-88 250,406 1988-89 285,712 1989-90 315,287 1990-91 314,824 1991-92 350,800 1992-93 388,417 1993-94 347,298 Current Assessment Collected $160,997 193,097 215,186 241,257 275,977 304,072 355,366 385,345 398,073 343,507 -80- u Percentage Collected Currently 85.67 93.42 96.15 96.35 96.59 96.44 112.88 109.85 102.49 98.91 1 CITY OF ROSEMEAD, CALIFORNIA COMPUTATION OF LEGAL DEBT MARGIN June 30, 1994 Total assessed valuation Debt limit: 3.75% of total assessed valuation Amount of debt applicable to debt limit: Total bonded debt $36,710,000 Less tax allocation notes exempt by law 36,710,000 Total amount of debt application to debt limit Legal debt margin $ 1,829,614,357 $ 68,610,538 $ 0 $ 68,610,538 1 -81- 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 Expenditure Expenditure 1984-85 $1,570,000 $473,462 $2,043,462 $11,564,045 17.67 % 1985-86 875,000 404,000 1,279,000 11,042,691 11.58 1986 87 950 000 346 875 1 296 875 16 507 535 7 84 ' - , , , , , , . 1987-88 1,000,000 902,173 1,902,173 15,241,264 12.48 , 1988-89 1,420,000 1,218,143 2,638,143 20,039,703 13.16 1989-90 1,515,000 1,101,760 2,616,760 20,942,080 12.50 , 1990-91 1,630,000 972,350 2,602,350 20,271,039 12.84 1991-92 1,760,000 828,617 2,588,617 22,117,233 11.70 1992-93 1,900,000 669,813 2,569,813 16,964,469 15.15 , 1993-94 2,055,000 1,137,474 3,192,474 23,108,879 15.72 (1) Includes all Governmental Fu nd Types. Prem ium for defeasement of bonds not in cluded. ' -82- ' Y 1 $25 $20 $15 $10 $5 $0 1984-85 $25 $20 $15 $10 $5 $0 1989-90 TOTAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES Millions 1985-86 1986-87 1987-88 1988-89 Millions 1990-91 1991-92 1992-93 1993-94 -83- ' CITY OF ROSEMEAD, CALIFORNIA RATIO OF ANNUAL D EBT SERVICE EX PENDITURE , FOR TOTAL BONDED DEBT TO TOTAL ASSE SSED VALUATION Last Ten Fiscal Years ' Debt Service Total To Total Fiscal Total Debt Assessed Assessed , Year Principal Interest Service Valuation Valuation 1984-85 $1,570,000 $473,462 $2,043,462 $708,325,166 0.29 % ' 1985-86 875,000 404,000 1,279,000 958,635,687 0.13 1986 87 950 000 346 875 1 296 875 341 1 054 685 0 12 , - , , , , , , , . 1987-88 1,000,000 902,173 1,902,173 1,181,242,016 0.16 1988-89 1,420,000 1,218,143 2,638,143 1,227,774,062 0.21 1989-90 1,515,000 1,101,760 2,616,760 1,389,491,653 0.19 ' 1990-91 1,630,000 972,350 2,602,350 1,493,702,235 0.17 ' 1991-92 1,760,000 828,617 2,588,617 1,661,779,820 0.16 1992-93 1,900,000 669,813 2,569,813 1,775,098,110 0.15 ' 1993-94 2,055,000 1,137,474 3,192,474 1,829,614,357 0.17 , -84- ' 1 ' CITY OF ROSEMEAD, CALIFORNIA 1 RATI O OF ANNUAL DEBT SERVICE EXPENDITURE FOR TOTAL BONDED DEBT PER CAPITA Last T en Fiscal Years Debt Service Fiscal Total Debt To Total Year Principal Interest Service Population Population ' 1984-85 $1,570,000 $473,462 $2,043,462 46,208 4,422.31 1985-86 875,000 404,000 1,279,000 46 627 2 743.05 ' , , 1986-87 950,000 346,875 1,296,875 46,893 2,765.60 1987-88 1,000,000 902,173 1,902,173 47,425 4,010.91 ' 1988-89 1,420,000 1,218,143 2,638,143 47,707 5,529.89 1989-90 1,515,000 1,101,760 2,616,760 51,156 5,115.26 ' 1990-91 1,630,000 972,350 2,602,350 52,247 4,980.86 1991-92 1,760,000 828,617 2,588,617 52,812 4,901.57 1992-93 1,900,000 669,813 2,569,813 52,922 4,855.85 ' 1993-94 2,055,000 1,137,474 3,192,474 53,798 5,934.19 1 1 -85- 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 (1) Angeles School Water Flood Sanitation Year Rosemead County Districts Districts Control District Total 1984-85 0 1.000578 0.176862 0.134921 0.015867 0.000989 1.329217 1985-86 0 1.000442 0.166341 0.102660 0.016081 0.000875 1.286399 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 0.061533 0.005786 0 1.141966 1991-92 0 1.001409 0.078219 0.044300 0.003397 0 1.127325 1992-93 0 1.001713 0.144909 0.014100 0.004212 0 1.164934 1993-94 0 1.001713 0.073026 0.044100 0.004212 0 1.123051 Source: Tax Rates By Tax Rate Areas Los Angeles County Tax Col lector -86- I 1 i I 1 LJ 1 1 E. H, 1 I I, II 1 CITY OF ROSEMEAD, CALIFORNIA SCHEDULE OF DIRECT AND OVERLAPPING BONDED DEBT June 30, 1994 1993-94 Assessed Valuation: $1,427,669,461 (after deducting $263,911,352 redevelopment incremental valuation) Direct and Overlapping Bond Debt: % Applicable Los Angeles County 0.316 % Los Angeles County Building Authorities 0.316 Los Angeles County Superintendent of Schools Certificates of Participation 0.316 Los Angeles County Flood Control District 0.326 Los Angeles County Flood Control District Certificates of Participation 0.326 Los Angeles County Sanitation District #2 Authority 0.001 Los Angeles County Sanitation District #15 Authority 7.229 Metropolitan Water District 0.178 Los Angeles Community College District Certificates of Participation 0.274 Pasadena Area Community College Certificates of Participation 3.141 Montebello Unified School District Certificates of Participation 2.053 El Monte Union High School District Certificates of Participation 13.198 El Monte School District and Certificates of Participation 0.004 San Gabriel Valley Municipal Water District and Mosquito Abatement District Certificates of Participation .004 & 3.241 City of Rosemead 100.000 Total Gross Direct and Overlapping Bonded Debt: Less: Los Angeles County Certificates of Participation ( 100% self-supporting from leasehold revenues on properti es in Marina Del Rey) Total Net Direct and Overlapping Bonded Debt: Debt 6/30/94 $235,009 8,893,010 51,512 287,097 766,051 415 2,289,009 1,152,995 188,704 272,796 484,717 263,960 97 58,496 $14,943,868 (1) 425,921 $14,517,947 (1) Excludes tax and revenue anticipation notes, revenue, mortgage revenue and tax allocation bonds and non-bonded capital lease obligations. 1 Ratios to Assessed Valuations: iI I Direct Debt Total Gross Debt Total Net Debt State School Building Aid Repayable as of 6/30/94 Source: California Municipal Statistics, Inc. 0.00 % 1.05 % 1.02 % $ 717,259 1 -87- CITY OF ROSEMEAD, CALIFORNIA DEMOGRAPHIC STATISTICS Last Ten Fiscal Years Fiscal Year 1984-85 1985-86 1986-87 1987-88 1988-89 1989-90 1990-91 1991-92 1992-93 1993-94 Population (1) 46,208 46,627 46,893 47,425 47,707 51,156 52,247 52,812 52,922 53,798 Households (2) 13,350 13,510 13,529 13,687 13,841 13,870 14,153 14,169 14,193 14,190 Income Per Capita (3) $15,118 16,058 16,988 17,863 18,790 19,906 20,786 20,967 21,434 Unemploy- ment Rate (3) 7.0 % 6.7 Source: 5.9 5.4 4.9 4.7 5.8 8.0 9.6 9.7 (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 U * Information presented is for the County of Los Angeles, which includes the City of Roseme Income Per Capita and Unemployment Rate specifically for the City of Rosemead is not av -88- 1 e 50 40 30 20 10 0 60 50 40 30 20 10 0 DEMOGRAPHIC STATISTICS Thousands Thousands N Income Per Capita Households OPopulation -89- 1964-85 1985-86 1986-87 1987-88 1988-89 M Income Per Capita MHouseholds ®Population 1989-90 1990-91 1991-92 1992-93 CITY OF ROSEMEAD PRINCIPAL TAXPAYERS June 30, 1994 Assessed Valuation Southern California Edison Company $204,319,473 California Federal Savings 47,051,349 Chicago Title Insurance & Trust 16,838,874 Diamond Square 6,429,810 Vikon Center 5,542,051 Lucky Plaza 3,278,208 ABC Plaza 2,438,437 Friendly Inn 2,349,217 San Gabriel Center 2,083,860 East-West Savings Plaza 1,879,259 $292,210,538 Percentage of Total City's Assessed. Valuation 11.51 % 2.65 0.95 0.36 0.31 0.18 0.14 0.13 0.12 16.46% 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. -90- 1 t 1 CITY OF ROSEMEAD, CALIFORNIA SCHEDULE OF INSURANCE IN FORCE June 30, 1993 Southern California Joint Powers Insurance Authority Policy Number State Compensation Insurance Fund 228962-90 Kelley, Jiggins, Towle & Blue Kelley, Jiggins, Towle & Blue Kelley, Jiggins, Towle & Blue Kelley, Jiggins, Towle & Blue Source: City Finance Department 05743382 Expiration 07/01/95 12/31/94 10/10/95 9922993-03 10/19/95 2781100 10/10/95 CP8119571C 07/01/95 -91- Type of Coverage General Liability 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 i Fiscal Residential Valuations (In Thousands) Building Year Dwelling Units Residential Nonresidential Total Permits Issued ' 1984-85 152 6,091,723 13,450,688 19,542,411 581 1985-86 92 10,697,897 20,577,307 31,275,204 568 t 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 ' -92- I 1 CITY OF ROSEMEAD, CALIFORNIA MISCELLANEOUS STATISTICS June 30, 1994 1 1 1 i 1 1 1 1 The City of Rosemead is located in Los Angeles County, California approximately nine miles east of the City of Lo 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: 1 Elementary Schools Secondary Schools High Schools 1 1 i 1 1 1 1 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 Savings Sirena Chicago Title Crown City Plating Sargent-Fletcher Ball Corporation 53,798 5.5 square miles 74.42 miles 50 acres 64 % 14 9 100 % 10 3 2 37 4 33 3,659 500 340 380 355 325 400 * 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 th exception of parking control which is provided by City personnel. 1 -93- 101 Pasadden Los Angeles City of )SEMEAD TT 210 i San Bernardino ■ iverside Anaheim Lftg B 15 1 San DiAg The CITY OF ROSEMEAD is located in Los Angeles County, approximately nine miles east of downtown Los Angeles. Incorporated in 1959, the CITY OF ROSEMEAD now encompasses a total land mass of 5.5 square miles with an approximate population of 53,798 9 I 1 1 1 i 1 i 1 1 1 i 1 1 1 i 1 i 1 i